2025年工业利润实现正增长 税收收入中，前4大税种收入均保持增长。其中个人所得税16187亿元，增长11.5%；证券交易印花税 2035亿元，增长57.8%；出口退税21337亿元，增长10.7%。 国有土地使用权出让收入41518亿元，下降14.7%，自2022年以来连续第四年下滑。 装备制造业和高技术制造业是全年利润增长的主要支撑。2025年，规模以上装备制造业利润较上年增长 7.7%，拉动全部规模以上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最 强的板块。规模以上高技术制造业利润较上年增长13.3%，高于全部规模以上工业12.7个百分点。智能 电子产品创造消费新潮流，带动智能消费设备制造行业利润较上年增长48.0%。 近期，工业和信息化部对工业经济稳增长密集作出部署，将"全力巩固工业经济稳中向好态势"列为2026 年首要任务。工信部部长李乐成表示，今年将实施传统产业焕新行动和发展壮大新兴产业打造新动能行 动，全面提升产业科技创新能力。巩固拓展"内卷式"竞争综合整治成效，进一步增强经营主体动力活 力。 【点评】2025年工业利润呈现"前低后高、震荡波动"走势，全年利润最终实现正 ...

Core Viewpoint - The transformation journey of Meibang Apparel (美邦服饰) is challenging, with significant financial losses projected for 2025 and a shift in brand strategy under the leadership of founder Zhou Chengjian [2][4]. Financial Performance - Meibang Apparel expects a net loss of 230 million to 300 million yuan for 2025, indicating an increase in losses compared to previous periods [2]. - In 2024, the company's revenue dropped nearly 50% to 680 million yuan, with a net loss of 195 million yuan [4]. - For the first half of 2025, the company reported revenue of 227 million yuan, a year-on-year decline of 45.2%, and a net profit attributable to shareholders of 9.93 million yuan, down 87.1% [4]. Strategic Adjustments - The company is undergoing a product strategy adjustment, focusing on reducing historical inventory and increasing promotional discounts, which has impacted revenue and gross margin [2]. - Zhou Chengjian has returned as chairman and initiated significant reforms, including a brand repositioning from "trendy casual" to "trendy outdoor" and a logo upgrade [2]. - The "Grab Bird Plan" was introduced as a marketing strategy, but the company has since started to diversify its product categories again, moving towards retro, streetwear, urban commuting, and outdoor exploration [4]. Market Challenges - Despite the popularity of the outdoor segment, industry insiders believe Meibang lacks the inherent outdoor brand DNA to compete effectively with established brands [5]. - The company's attempt to position itself as a "cost-effective alternative" to high-end outdoor brands has faced challenges, with consumers questioning its outdoor credibility [5]. - Zhou Chengjian acknowledges that while the marketing efforts were successful in generating buzz, they did not translate into commercial success, indicating a need for ongoing reflection and improvement [4][6].

当地时间周五（30日），美国总统特朗普宣布美联储新任主席人选——凯文·沃什。这位长期批评美联 储的人士，将迎来把自己的货币政策体系理念付诸实践的契机，与此同时，当下白宫正试图加强对利率 制定的掌控。 隔夜，美股震荡下行，美元汇率和债券收益率则应声走强，黄金价格大幅跳水。市场预期沃什会支持降 息，但远不会像其他潜在提名者那样采取激进的宽松货币政策。一是他拥有美联储任职履历，二是华尔 街普遍认为，他不会一味听命于特朗普。 分裂的美联储 长期以来，美联储一直被视为全球金融市场的稳定力量，这在很大程度上得益于其公认的政治独立性。 而特朗普正不断采取行动试探这份独立性，其中包括本月司法部决定对鲍威尔展开刑事调查。此举为任 何继任者的参议院确认程序埋下了重重障碍。 随着特朗普公布提名，美国国会内部已经出现质疑声。共和党参议员汤姆・蒂利斯表示，在调查尚未结 束的情况下，他不会支持特朗普提名的任何美联储主席人选。民主党参议员伊丽莎白·沃伦对特朗普决 定提名沃什表达关切。质疑沃什是否能够在不受白宫影响的情况下领导美联储。"特朗普已表示，任何 与他意见不合的人都不可能成为美联储主席，"她呼吁共和党人暂缓推进沃什的提名，直至司法部 ...

Core Viewpoint - The report highlights that 215 stocks have gained attention from brokerages in January, with 35 stocks experiencing a monthly increase of over 30%, indicating strong market performance and potential investment opportunities [1][4]. Group 1: Stock Performance - Among the 215 stocks, notable performers include Zhuoyi Information, which surged nearly 99%, and Dike Co., which rose nearly 83% [1]. - Other significant gainers include Baiwei Storage (over 63%), Robotech (62.61%), and Mingyang Smart Energy (60.22%) [2][3]. Group 2: Potential Stocks - Three stocks that have not yet reached their target prices include Keli Ke, with a maximum upside potential exceeding 38%, and a latest closing price of 23.88 yuan [6]. - The target price for Keli Ke is set between 31.03 and 33.17 yuan by Guosen Securities [6]. - Other stocks with potential include Chipone Technology, with a target price of 243.00 yuan, and Pruis, with a target price of 93.00 yuan [6].

国际金价崩盘跳水之际，这几天金饰克价继续跌，从1700元掉到1500元。在国内头部金饰品牌克价一度 冲破1700元大关之后，价格迎来了持续的回落。1月31日，周大福金饰报价1625元/克，周生生金饰报价 1618元/克。而1月29日周大福金饰报价1706元/克、周生生金饰报价1708元/克，1月30日周大福金饰报价 1685元/克、周生生金饰报价1683元/克。 （文章来源：第一财经） 以此计算，周大福金饰克价在1日内跌了60元、2日跌了81元。周生生金饰克价1日跌了65元，2日跌了90 元。 ...

(本文来自第一财经) 据中国中车公众号，近期，中国中车集团发现市场上有不法分子冒用公司名义，通过名为"中国中车 CRRC""中国中车"和"中车风电"等的应用程序（APP），采用传销式运作模式，虚构投资标的，宣扬每 日付息、到期返本、高额回报等所谓理财项目，进行非法融资诈骗活动。此举严重侵害公司声誉及合法 权益，对社会公众财产安全构成重大威胁。公司现严正声明如下： 公司与名为"中国中车CRRC""中国中车"和"中车风电"的APP无任何关联；该APP具有显著非法特征，请 公众务必提高警惕，切勿上当；请社会各界及广大公众提高警惕，增强风险防范意识。公司未授权任何 人以微信群、朋友圈形式发布理财信息、内部项目和投资理财APP链接，请广大公众提高警惕，切勿通 过该类APP或类似非法渠道进行任何形式的资金投入。如您已不慎参与并遭受损失，请立即向所在地公 安机关报案。 ...

浦东新区区委宣传部负责人表示，浦东新区在去年底就成立了"来浦东 过大年"工作专班，统筹市区多 方力量，全面调度各方资源，全力抓好新春氛围营造、活动组织策划、资源供给保障、媒体宣传推广等 重点工作，让广大市民游客春节期间来浦东感受全城共庆的新春氛围，饱览穿越千年的文博大展，观赏 精彩纷呈的重磅演出，打卡新春专属的景区活动，体验热闹非凡的年味庆典。"来浦东 过大年"新春系 列活动的启动，将传播中华优秀传统文化与促进消费扩大内需更好地结合起来，进一步汇聚大流量、点 燃旺人气、带动新消费、提升新价值。 1月30日晚，"来浦东 过大年"新春系列活动启动，向全球游客发出邀约，并创新推出首届"浦东中国年 味节"，着力打造年节文化IP。 同时，"来浦东 过大年"新春系列活动还与前期已经启动的浦东"新春嘉年华"消费季活动协同，两大迎 新IP一同联动至3月，全面实施票根联动、旅游专线、联合宣推等系列举措，打造各具特色、相互引流 的文旅商体展迎新活动，以"悠长假期+传统年味+场景体验"，激活新春消费市场，放大消费效应。 "我们一直在探索如何将传统和创新更好地融合。"浦东中国年味节总策划陈败表示，"陆家嘴不仅代表 着城市的高度，更应 ...

国家统计局服务业调查中心首席统计师霍丽慧解读2026年1月中国采购经理指数，制造业采购经理指数 有所下降，生产继续保持扩张，1月份，部分制造业行业进入传统淡季，加之市场有效需求仍显不足， 制造业PMI为49.3%，景气水平较上月下降。非制造业商务活动指数有所回落，金融市场活跃度较高。1 月份，受建筑业等行业景气度下降等因素影响，非制造业商务活动指数为49.4%，比上月下降0.8个百分 点，非制造业总体景气水平有所回落。服务业景气度小幅回落。服务业商务活动指数为49.5 %，比上月 下降0.2个百分点。从行业看，货币金融服务、资本市场服务、保险等行业商务活动指数均高于65.0%， 市场活跃度较高；房地产业商务活动指数降至40.0%以下，景气水平总体偏弱。从市场预期看，服务业 业务活动预期指数为57.1%，比上月上升0.7个百分点，表明服务业企业对近期市场发展信心有所增强。 （文章来源：第一财经） ...

Group 1: Manufacturing PMI - In January, the Manufacturing Purchasing Managers' Index (PMI) is at 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [3][6] - Large enterprises have a PMI of 50.3%, down 0.5 percentage points, remaining above the critical point; while medium and small enterprises have PMIs of 48.7% and 47.4%, down 1.1 and 1.2 percentage points respectively, both below the critical point [6] - The production index is at 50.6%, down 1.1 percentage points but still indicates expansion in manufacturing production [6] - The new orders index is at 49.2%, down 1.6 percentage points, suggesting a slowdown in market demand for manufacturing [6] - The raw materials inventory index is at 47.4%, down 0.4 percentage points, indicating a continued decrease in major raw material inventories [6] - The employment index is at 48.1%, down 0.1 percentage points, reflecting a slight decline in employment conditions in manufacturing [6][7] Group 2: Non-Manufacturing PMI - In January, the Non-Manufacturing Business Activity Index is at 49.4%, a decrease of 0.8 percentage points from the previous month [8] - The construction industry business activity index is at 48.8%, down 4.0 percentage points, while the service industry business activity index is at 49.5%, down 0.2 percentage points [8] - The new orders index for non-manufacturing is at 46.1%, down 1.2 percentage points, indicating a decline in market demand [8] - The input prices index is at 50.0%, down 0.2 percentage points, indicating stable input prices for non-manufacturing activities [8] - The sales prices index is at 48.8%, up 0.8 percentage points, indicating a narrowing decline in overall sales prices [9] - The employment index for non-manufacturing is at 46.1%, remaining stable, with the construction employment index at 41.1%, up 0.1 percentage points [10] Group 3: Composite PMI - The Composite PMI Output Index is at 49.8%, down 0.9 percentage points, indicating a general slowdown in production and business activities compared to the previous month [10]

Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has alleviated market concerns regarding the independence of the Federal Reserve, leading to a rise in the dollar and a significant drop in precious metals prices [2][4]. Market Reaction - The COMEX silver price for February delivery plummeted over 35%, reaching a low of $74 per ounce, while COMEX gold for February fell more than 10%, nearing $4,700 [2]. - The sell-off extended to the entire precious metals market, with LME platinum and palladium futures both declining over 15%, entering a technical bear market alongside silver [2]. Analysis of the Sell-off - Analysts attribute the panic selling to profit-taking and overcrowded trading positions, with leveraged positions exacerbating market volatility [2][4]. - Krishna Guha from Evercore ISI noted that the market is trading on "Warsh's hawkish expectations," which has contributed to the stabilization of the dollar and the subsequent decline in gold and silver prices [4]. - Matt Maley from Miller Tabak indicated that the current market behavior has lost rationality, suggesting that the recent drop is likely due to "forced selling" as silver has been a popular asset among day traders [4]. Investor Sentiment and Positioning - Richard Hunter from Interactive Brokers highlighted that the previous bets on dollar depreciation have shown signs of solidification, catching investors seeking safe-haven assets off guard [4]. - Federico Manicardi from JPMorgan pointed out that precious metals had previously risen in tandem with global economic recovery expectations and benefited from a reallocation of funds towards major U.S. tech stocks [4]. Market Dynamics - The World Gold Council reported that global gold demand reached a record high last year, with a shift in buying power from central banks to various investors, contributing to the historic price surge [8]. - The report projected that global gold demand would exceed 5,000 tons by Q4 2025, valued at $555 billion, marking a 45% year-on-year increase [8]. - Despite a slowdown in central bank purchases, the need for diversification in foreign exchange reserves remains, driven by concerns over U.S. trade policies [8]. Future Projections - JPMorgan's quantitative analyst proposed that if private investors increase their gold allocation from 3% to 4.6%, gold prices could theoretically rise to between $8,000 and $8,500 per ounce [9]. - However, the analyst cautioned that the current overbought status of gold and silver suggests a risk of profit-taking and price reversion in the short term [9]. - Long-term bullish logic for gold remains intact, with $5,000 per ounce seen as a reasonable support level for adjustments [9].