1月14日，广州市委财经委员会召开会议。市委书记、市委财经委员会主任冯忠华强调，要推动工业稳 盘挖潜，坚持生产、销售两端协同发力，全力服务重点企业扩大生产、抢占市场，推动汽车、电子、医 药等重点行业平稳增长，培育壮大 低空经济、智能驾驶、 人工智能等新增长点，筑牢经济稳增长底 盘。要推动服务业扩能提质，分类施策支持平台企业发展，促进金融业稳健增长，以"好房子"建设推动 房地产市场平稳健康发展，推动批发业稳存量拓增量，更好发挥服务业重要支撑作用。要推动投资扩量 增效，发挥好专项债、新型政策性金融工具等作用，持续推动工业、城市更新、基础设施等领域投资加 力扩量，大力激发民间投资活力，推动项目建设加快形成更多实物工作量。 ...

Market Performance - On January 14, the Hang Seng Index rose by 0.56%, closing at 26,999.81 points, with a net inflow of HKD 28.65 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on January 14 was HKD 1,606.16 billion, with a net buying amount of HKD 28.65 billion [1] Stock Activity - In the Shanghai-Hong Kong Stock Connect, Alibaba-W had the highest trading volume at HKD 165.92 billion, followed by Tencent Holdings and SMIC with trading amounts of HKD 40.03 billion and HKD 29.60 billion, respectively [1] - Tencent Holdings recorded a net buying amount of HKD 12.24 billion, while China Mobile had the highest net selling amount of HKD 9.13 billion, closing down by 0.19% [1] Shenzhen-Hong Kong Stock Connect - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading volume of HKD 87.98 billion, followed by Tencent Holdings and Alibaba Health with trading amounts of HKD 25.24 billion and HKD 22.69 billion, respectively [2] - Alibaba Health had the highest net buying amount of HKD 11.61 billion, with a closing increase of 18.96% [2] ETF Performance - The Food and Beverage ETF (Product Code: 515170) has seen a decrease of 0.71% over the past five days, with a price-to-earnings ratio of 20.06 times and a net redemption of HKD 40.35 million [4] - The Gaming ETF (Product Code: 159869) increased by 10.84% over the past five days, with a price-to-earnings ratio of 43.58 times and a net redemption of HKD 180 million [4] - The Sci-Tech 50 ETF (Product Code: 588000) rose by 3.88% over the past five days, with a price-to-earnings ratio of 176.27 times and a net subscription of HKD 620 million [4] - The Cloud Computing 50 ETF (Product Code: 516630) increased by 17.69% over the past five days, with a price-to-earnings ratio of 104.56 times and a net redemption of HKD 11.55 million [5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月14日，江苏国信收跌0.53%，收盘价为7.49元，发生1笔大宗交易，合计成交量4700万股，成交金额 3.52亿元。 第1笔成交价格为7.49元，成交4,700.00万股，成交金额35,203.00万元，溢价率为0.00%，买方营业部为 华泰证券股份有限公司苏州竹园路证券营业部，卖方营业部为南京证券股份有限公司南京大钟亭证券营 业部。 进一步统计，近3个月内该股累计发生5笔大宗交易，合计成交金额为4.45亿元。该股近5个交易日累计 上涨0.27%，主力资金合计净流出3861.31万元。 责任编辑：小浪快报 ...

Group 1 - The core announcement indicates that FIRST CREDIT (08215) will have its listing status canceled by the Hong Kong Stock Exchange effective from January 16, 2026, at 9:00 AM [1]

Group 1 - Zhonghui Fuhong (Tianjin) Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 547 million yuan, focusing on private equity investment, investment management, and asset management activities [1] - The partnership is co-funded by Zhonghui Life Insurance Co., Ltd., Shanghai Fosun Pharmaceutical Industry Development Co., Ltd. (a wholly-owned subsidiary of Fosun Pharma), and Hongyi Private Equity Fund Management (Tianjin) Partnership (Limited Partnership) [1] - The registered office is located in the Tianjin Free Trade Zone, specifically in the Central Business District [2]

在强化科金协同方面，发挥好科技金融统筹推进机制作用，强化政策落实、制定增量政策、开展总结评 估。建立健全重点科技领域融资对接机制。 在完善科技金融政策举措方面，推动银行、保险公司和创投机构创新金融产品及服务模式，加强对国家 重大科技任务和重点科技领域的金融支持。制定推动科技保险发展的政策，推广实施"创新积分制 2.0"，持续提高科技型中小企业融资获得感。 在深化科技金融创新实践方面，央地协同，加强三大国际科技创新中心等重点地区综合金融服务，鼓励 各地开展科技金融政策先行先试，共同做好科技金融大文章。 （原标题：权威访谈·开局"十五五"｜坚持创新驱动 引领发展新质生产力——访科技部党组书记、部长 阴和俊） 人民财讯1月14日电，科技部党组书记、部长阴和俊接受专访时表示，2026年，我们将与金融管理部门 和金融机构紧密合作，持续加强对国家重大科技任务和科技型中小企业的金融服务。 ...

徽商、浙商、晋商等商帮的以义取利，"居安思危，思则有备"等审慎原则，"苟日新，日日新，又日 新"等创新精神……千百年来，中华民族在经济活动中凝聚而成的信用观、财富观、义利观、风险观、 创新观和法治观，为金融高质量发展提供了文化沃土和精神滋养。 一个国家、一个民族的强盛，必须以文化的兴盛为支撑。文化能够为金融发展提供动力和要素支撑。当 前，世界各国在金融领域的竞争，不只包括金融机构、金融市场、金融基础设施等"硬实力"竞争，更有 理念、价值观、行为规范等"软实力"竞争。积极培育中国特色金融文化，是有效防范金融风险、提升国 际竞争力的必然要求，也是推动我国从金融大国走向金融强国的必然要求。 文化培育是一项系统工程，包括理念、价值观等层面。中国特色金融文化的培育，要在尊重金融发展规 律的基础上，持续发力、久久为功。对监管部门来说，要发挥引领督导作用，将中国特色金融文化培育 融入防风险、强监管、促高质量发展各项工作中。对金融机构而言，要设计制度流程、完善考核机制， 将"五要五不"要求体现在管理理念、业务经营、内控合规等各方面。当前，在全国多地，金融系统培育 和践行中国特色金融文化的实践已展现成效。 培育和践行中国特色金 ...

Group 1 - The report indicates that the U.S. economic cycle is marked by a shift in the pricing model of dollar assets, transitioning from economic growth to inflation levels following the inversion of the U.S. Treasury yield curve [2][5][12] - The imposition of tariffs in 2018 and 2025 has led to fluctuations in the dollar asset pricing model, with high tariffs impacting demand for U.S. Treasury bonds more significantly than the strength of the dollar [2][5][28] - The demand for U.S. Treasury bonds from overseas investors is driven by yield spreads and duration needs, while the demand for U.S. equities is influenced by differences in labor productivity due to intangible asset investments [2][6][28] Group 2 - Over the past 20 years, the demand for overseas dollar assets has shifted from risk diversification to a focus on labor productivity differences, which may lead to significant asset price bubbles [3][6] - The report highlights that the private sector's balance sheets and cash flows have improved, supporting actual consumption demand, which alters the macroeconomic risks faced by the U.S. economy [5][27] - The report emphasizes that the marginal risk switch is hindered, leading to a new pricing model for dollar assets that oscillates between unexpected inflation risks and unexpected economic growth downturn risks [5][27] Group 3 - The impact of tariffs on the pricing of dollar assets is significant, as they are seen as a demand shock that hinders the return of offshore dollars, particularly affecting the demand for long-term U.S. Treasury bonds [28][31] - The report notes that the structure of overseas demand for U.S. Treasury bonds has shifted from official institutions to the private sector, indicating a change in the dynamics of dollar asset demand [34][35] - The report also discusses how the imposition of tariffs has a more pronounced negative effect on the demand for U.S. equities compared to U.S. Treasury bonds, as it raises costs for the private sector and increases recession risks [42][44] Group 4 - The evolution of overseas dollar asset demand shows that private sector investors have increasingly replaced official institutions as the main holders of U.S. assets, driven by the pursuit of higher returns and duration supply [52][70] - The report highlights that the labor productivity differences between the U.S. and other developed economies have led to a sustained increase in overseas investment in U.S. equities, as U.S. companies benefit from higher profit margins [70][75] - The report concludes that the shift in overseas dollar asset demand reflects a correction of previous trends where emerging markets diversified away from dollar assets, returning to a focus on labor productivity differences [77][78]

Core Insights - Company Qichacha has been recognized as one of the "Top 100 New Economic Unicorns" by Internet Weekly, alongside notable brands such as Douyin Group, Ant Group, DJI Innovation, and JD Technology [1][2] Group 1: Company Overview - Qichacha is a leading commercial big data platform in China, leveraging its strong data processing capabilities and extensive data resources to expand its application scenarios and lead the development trend of commercial big data [2][3] - The company provides specialized services for enterprise users, including precise customer acquisition, corporate strength modeling, due diligence, risk control, judicial investigation, public opinion monitoring, and supply chain management [3][4] Group 2: Market Position and Growth - Qichacha has maintained stable growth in various data aspects, with average monthly active users exceeding 80 million according to third-party data [4] - As of June 2025, Qichacha has established partnerships with numerous industry leaders, covering five major state-owned banks, twelve joint-stock commercial banks, over eighty insurance companies, more than fifty securities firms, two hundred law firms, and hundreds of Fortune 500 companies in China [4] Group 3: Industry Impact - The application range of commercial big data is expected to expand further, encompassing areas from supply chain management to market marketing, customer relationship maintenance, and product innovation design, driven by policies promoting the marketization and valuation of data elements [3] - Qichacha's data products are positioned to play a crucial role in creating a more open, shared, and efficient commercial data ecosystem [3]

Core Viewpoint - Alibaba's stock price continues to rise, leading to a strong performance of its related stocks in the Hong Kong market, with significant gains observed across multiple companies [1] Group 1: Stock Performance - Lion Group Holdings saw a remarkable increase of 45.91%, reaching a latest price of 3.750 HKD and a total market capitalization of 1.718 billion HKD, with a year-to-date gain of 113.07% [2] - Alibaba Health recorded a rise of 16.06%, with a latest price of 7.590 HKD and a total market capitalization of 122.766 billion HKD, reflecting a year-to-date increase of 50.30% [2] - Yunfeng Financial experienced a gain of 9.57%, with a latest price of 3.780 HKD and a total market capitalization of 15.344 billion HKD, marking a year-to-date increase of 19.62% [2] - Yabo Technology Holdings increased by 3.04%, with a latest price of 0.237 HKD and a total market capitalization of 2.766 billion HKD, showing a year-to-date gain of 17.91% [2] - China Dynamics rose by 2.25%, with a latest price of 0.455 HKD and a total market capitalization of 2.682 billion HKD, reflecting a year-to-date increase of 3.41% [2]