沪深两市成交额高达2.55万亿，较上一个交易日放量5011亿。 1月5日，A股主要指数集体高开后震荡走强，沪指时隔34个交易日重回4000点。截至收盘，沪指涨1.38%，深成指涨2.24%，创业板指涨 2.85%。科创综指涨3.61%。 | | | 【资金流向】 主力资金全天净流入电子、医疗器械、保险等板块，净流出通信、航天航空、光伏设备等板块。 具体到个股来看，胜宏科技、兆易创新、贵州茅台获净流入19.40亿元、16.52亿元、10.26亿元。 净流出方面，航天电子、中国卫星、航天发展遭抛售20.34亿元、17.08亿元、14.09亿元。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | www | 4023.42c | 54.58 | 1.38% | | 399001 | 深证成指 | 5 | 13828.63c | 303.61 | 2.24% | | 399006 | 创业板指 | S | 3294.55c | 91.38 | 2.85% | | 000680 | 科创综指 ...

今天格力一则消息，将空调"铝代铜"争议推上热搜。格力电器承诺家用空调不涨价，并再次重申公司暂 无"铝代铜"相关计划。董明珠表示，已研究相关技术，但还没有达到铜的同等技术保障。此前，多家空 调企业发表联合声明称，将共同维护行业整体形象与竞争力，为空调"铝代铜"技术突破与高质量发展注 入动力。 "铝代铜"争议的背后是铜价创纪录上涨带来的全行业成本焦虑。国际市场上，LME铜价2025年全年涨幅 达42.52%，而铜占空调原材料成本约21%，当前铝的价格只有铜的1/3不到，成本优势显著。 从行业现状来看，寻求成本控制手段迫在眉睫，"铝代铜"看似是一根救命稻草。然而消费者这边，他们 对产品质量的要求不会因为行业困境而降低，铜在性能上的优势让大家对 "铝代铜"后的质量心存担 忧。 这背后反映出行业在发展中面临的巨大挑战，成本和质量就像天平的两端，稍有不慎就会失衡。行业不 能只盯着成本，否则失去消费者信任，最终自食恶果。"铝代铜"并非洪水猛兽，但前提是确保质量底 线。企业要积极创新，寻找既能降低成本又能保证质量的办法。只有这样，空调行业才能在这场风暴中 存活并发展下去，为消费者提供优质产品。 ...

Core Viewpoint - The visit of South Korean President Lee Jae-myung to China marks a significant diplomatic effort to establish a more predictable framework for Sino-Korean relations amid ongoing U.S.-China strategic competition [7]. Group 1: Economic Delegation and Trade Dynamics - Accompanying President Lee is a large economic delegation of over 200 members, led by the Korea Chamber of Commerce and Industry, including leaders from major corporations like Samsung, SK Group, Hyundai, and LG [1]. - The bilateral trade structure between China and South Korea has undergone a significant transformation, with South Korea's trade surplus with China being disrupted, indicating a structural turning point in their economic relationship [5]. - In 2024, the bilateral trade volume is projected to reach $272.91 billion, reflecting a 2% increase, but a trade deficit of $6.83 billion is expected for the second consecutive year, down from $18 billion in 2023 [4]. Group 2: Changes in Trade Structure - The traditional trade model, where South Korea provided high-end intermediate goods and China handled manufacturing, is being altered as China reduces its dependency on South Korean imports in sectors like semiconductors and chemical materials [5]. - The shift in China's export structure, focusing more on Southeast Asia and other countries, has weakened South Korea's role as a key supplier of components [5]. - South Korea's export structure is highly concentrated, making it vulnerable to shocks, particularly in sectors like semiconductors and displays, which could lead to a reversal in trade dynamics [5]. Group 3: Future Cooperation and Risks - Future Sino-Korean trade is unlikely to revert to the previous vertical division of labor, instead moving towards a model of "limited competition and functional complementarity," with potential growth areas in renewable energy, biotechnology, and digital services [5]. - The primary risk in Sino-Korean relations is not competition but the potential for irrational decoupling due to misjudgments or policy shifts, highlighting the need for high-level communication to stabilize expectations [8]. - The visit is seen as an opportunity for South Korea to redefine its strategic role, aiming to act as a bridge in technology and rules rather than being passively affected by great power competition [8].

Core Insights - After nearly 20 years of remarkable sales growth in the Chinese market, Nippon Paint faces challenges with a projected revenue decline in 2025, marking a potential shift from short-term fluctuations to long-term trends [1] Group 1: Revenue Decline Reasons - The primary reason for the revenue decline is attributed to the architectural coatings business, which accounts for over 80% of total revenue, particularly the engineering segment (TUB) that has shown a significant downward trend [2] - The TUB segment's decline is linked to an over-reliance on residential real estate, neglecting industrial real estate, as evidenced by a 23% decrease in new residential construction area in 2024 [2] - In contrast, industrial real estate is on the rise, with new construction expected to reach 700 million square meters by 2026, prompting Nippon Paint to pivot towards this sector [2] Group 2: Strategic Transformation - To regain growth, Nippon Paint recognizes the need for transformation, shifting focus from first- and second-tier cities to lower-tier markets and diversifying product offerings beyond latex paint [3] - The "More than Paint" strategy initiated in 2014 has evolved, with a new emphasis on innovation and service rather than solely product sales, exemplified by the introduction of "Magic Paint" [3][4] - The "Magic Paint" is a standardized artistic coating that addresses consumer demands for quality and consistency, supported by a network of certified applicators [4][5] Group 3: New Growth Opportunities - Despite revenue challenges, Nippon Paint maintains a double-digit profit margin, attributed to strategic adjustments and a refusal to engage in price wars [8] - The industrial coatings segment is emerging as a new growth driver, with strong demand in automotive, marine, and packaging coatings, projected to reach a market value of 302.4 billion yuan in 2024 [8][9] - Nippon Paint is expanding its technological ecosystem to meet the needs of the new energy sector, including solutions for low-altitude economy and electric vehicle battery coatings [9][12] Group 4: Organizational Changes and Future Outlook - Recent investments include a new automotive coatings production base in Tianjin, with an investment exceeding 700 million yuan, enhancing production capacity by over 30% [13] - Organizational restructuring is underway to support business expansion, transitioning to a model that integrates various business lines and enhances service delivery [13] - While growth may not be as rapid in 2026, significant progress is anticipated by 2027, with a focus on B2B opportunities as the market evolves [13]

在韩国企业界"豪华"访华阵容的背后，是中韩贸易结构巨变下，韩国企业来华寻找新机遇、拓展新市场的必然选择。 4日，韩国总统李在明抵达中国，开启就任以来的首次访问。 随同李在明此访的还有一支更为抢眼的、由韩国最大民间经济团体大韩商工会议牵头组建的200多人的经济代表团，团员包括三星电子会长李 在镕、SK集团会长崔泰源、现代汽车集团会长郑义宣、LG集团会长具光谟等。 5日上午，中韩商务论坛在北京举行，论坛由大韩商工会议所与中国贸促会共同主办。 首尔科学综合研究生院大学主任教授黄菲告诉第一财经记者，这是中韩贸易结构巨变下，韩国企业来华寻找新机遇、拓展新市场的必然选 择。 中韩经贸经历拐点 2019年12月时任韩国总统文在寅访华时也曾携带过经贸代表团，当时的规模约为100人左右。据韩国海关的数据，2019年中韩双边货物进出口 额为2434.3亿美元。其中，韩国对中国出口1362亿美元；自中国进口1072.3亿美元，韩国与中国的贸易顺差289.7亿美元。 在2023年前韩国对华贸易均处于顺差地位，顺差额度一度在2013年达到628亿美元的峰值，此后便呈现下降态势。2024年，中韩双边进出口额 为2729.1亿美元，虽增长 ...

Core Viewpoint - The sales performance of new energy vehicle (NEV) brands, including NIO, Tesla, and Zeekr, remains strong despite upcoming policy changes regarding purchase tax and subsidies in 2026 [3][4][5] Group 1: Sales Performance - NIO's store in Shanghai experienced high customer traffic and demand for test drives during the New Year holiday, indicating robust consumer interest [1] - Other new energy vehicle brands, such as Tesla and Zeekr, also reported increased customer flow during the same period, suggesting a general trend across the industry [3] Group 2: Policy Changes - In 2026, two significant policy changes will affect the NEV market: the reduction of the vehicle purchase tax from full exemption to a 5% rate, and a shift in subsidy structure from fixed amounts to percentage-based subsidies [3] - Despite these changes, sales data from the New Year period indicate that the impact on market sales has been limited, as many new energy vehicles fall within the price range that still qualifies for full subsidies [3] Group 3: Manufacturer Responses - NIO has introduced a subsidy of 2,000 yuan to offset the increased purchase tax for its models, such as the Firefly priced at 119,800 yuan [4] - Zeekr has implemented a direct price reduction strategy to counteract the tax increase, offering significant discounts on tax payments [4] - Xiaomi Auto is focusing on attractive financing options, particularly for SUV models, to mitigate the impact of the new tax policy [4] Group 4: Market Coverage - Over 20 car manufacturers, including major players like Li Auto, NIO, and Zeekr, have adopted purchase tax "safety net" policies to support consumers [5] - Tesla, while a leading player in the NEV market, has not introduced any such measures, yet its sales performance remains unaffected during the holiday period [5]

尽管存在各种不足，德国在20世纪后半叶进行的文明重建工作仍然堪称典范。 【编者按】德国人是如何从第二次世界大战的毁灭性打击中恢复过来，又如何从大屠杀的耻辱中重新站起来？ 与其他探究德国如何应对纳粹历史的学术著作不同，《文明的重建：战后德国五十年》主要聚焦一个迷失方向的民族如何从过去的错误 中汲取实际教训，以及他们为创建一个注重人权的新社会所做出的斗争。这种视角富有挑战性地分析了德国人逐步形成的民族与性格特 征，为世界史研究提供了新的可能性。 经出版社授权，第一财经节选该书导论《文明的断裂》，以飨读者。 纳粹的独裁统治造成了巨大的文明断裂，这给所有战后史的写作都提出了一个重大问题：在滔天罪行发生以后，德国人该如何重返那个 1933年之前就已初具规模的公民社会？政治学者彼得·格雷夫·冯·基尔曼斯埃格的见解很独到，他说："恰恰是这场浩劫让德国人拥有了 追求民主的能力。"保守派观察家认为，20世纪40年代后期，随着货币改革的实行、《基本法》的颁布、联邦德国的建立，决定性的改 变已经发生。相反，自由派知识分子则批评转变的不足，强调必须由社民党和自民党协同推进改革，必须经过20世纪60年代的代际反 抗。同样，马克思主义者 ...

Group 1 - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index rising 1.07% to close at 4011 points, driven by factors such as a stable RMB, loose domestic liquidity, and positive economic recovery expectations [2][3] - Institutional investors, particularly insurance funds and ETFs, are showing a strong willingness to increase their positions, indicating a favorable outlook for the A-share market in January [2][3] - Emerging sectors such as semiconductors, artificial intelligence, and new energy are highlighted as key areas for potential growth, which may drive the market upward [2][3] Group 2 - The current macroeconomic environment is supportive, with a stable RMB attracting foreign capital back to A-shares and Hong Kong stocks, leading to a revaluation of "RMB assets" [3] - The beginning of the year typically sees increased credit issuance from banks, which is expected to improve the real economy and corporate liquidity [3] - The upcoming year 2026 is anticipated to be a year of multiple positive factors, reinforcing the bullish foundation of the market, with coordinated fiscal and monetary policies creating a favorable liquidity environment [3]

Core Viewpoint - The number of companies listed on the Sci-Tech Innovation Board has officially surpassed 600, marking a significant milestone in the integration of technology and capital in China [1] Group 1 - The Sci-Tech Innovation Board has become the preferred platform for hard technology companies to go public, reflecting its role as a testing ground for the registration-based reform [1] - Over the past six years, the board has not only injected capital into enterprises but also allowed investors to share in the development dividends [1] - The achievement of 600 listed companies signifies a vibrant intersection of technology and capital in China, establishing a high ground for innovation in key sectors [1]

耐普矿机公告，公司已获得中国证监会关于向不特定对象发行可转换公司债券的注册批复。 ...