Core Viewpoint - The U.S. Department of Commerce has withdrawn a proposal to restrict the import of Chinese-made drones, which was initially aimed at addressing "national security" concerns. This decision follows backlash from both Chinese manufacturers and U.S. consumers regarding the restrictions imposed by the Federal Communications Commission (FCC) on foreign-made drones and components [1][3]. Group 1: U.S. Regulatory Actions - The FCC had previously placed all foreign-made drones and their components on a "covered list," citing "unacceptable risks to national security," which led to significant opposition from China and dissatisfaction among U.S. consumers [1][3]. - The FCC announced that it would exclude some "non-Chinese manufactured drones" from the restrictions imposed last month [1]. - The Department of Commerce submitted the proposal to limit imports of Chinese drones for White House review on October 8 of the previous year and officially withdrew it on January 8 [1]. Group 2: Industry Impact and Reactions - DJI, a major Chinese drone manufacturer, expressed regret over the FCC's decision to include all non-U.S. manufactured drones on the "covered list," arguing that it restricts consumer choice and undermines fair market competition [4]. - The company emphasized that its products have been validated for safety and reliability by global markets and independent third-party organizations [4]. - Following the announcement of the restrictions, there was significant backlash in the U.S., with many drone operators relying on DJI equipment for their businesses, leading to concerns about the impact on their livelihoods [5].

Core Insights - The data for Northbound capital holdings in the Chinese stock market for Q4 2025 shows a clear picture of foreign investment trends, indicating a sustained positive outlook from foreign investors towards Chinese equities [1][3]. Group 1: Northbound Capital Holdings - As of the end of Q4 2025, Northbound funds held a total of 3,257 stocks, with a combined holding of approximately 1,077.09 billion shares and a total market value of about 2.59 trillion yuan, reflecting an increase of 1,476.05 million shares from Q3 2025 [3]. - Compared to the end of 2024, Northbound capital's total market value increased by approximately 380 billion yuan, with a gradual upward trend in holdings throughout 2025 [3]. - In December 2025, foreign capital inflow into Chinese stocks accelerated to 3.5 billion USD, up from 2.3 billion USD in November, marking a significant turnaround from a net outflow of 26 billion USD in 2024 [3]. Group 2: Major Holdings and Sector Preferences - The top holding for Northbound funds as of Q4 2025 was Ningde Times, with a market value of 254.34 billion yuan, significantly higher than the second-largest holding, Midea Group, at 77.05 billion yuan [4]. - Other notable holdings included Kweichow Moutai, China Merchants Bank, and Zijin Mining, with a noticeable shift in the top ten holdings compared to the end of 2024, as some stocks like BYD and Mindray Medical dropped out of the list [4]. - In terms of sector distribution, the top three sectors for Northbound capital were power equipment, electronics, and non-ferrous metals, indicating a shift from the previous year's focus on power equipment, banking, and food and beverage [5]. Group 3: Net Buying and Selling Trends - Ningde Times led the net buying list with an inflow of 45.63 billion yuan, followed by Northbound Huachuang and BYD with 24.89 billion yuan and 13.03 billion yuan, respectively [6]. - Conversely, Kweichow Moutai, Changjiang Electric, and Agricultural Bank were the top three stocks for net selling, with outflows of 32.30 billion yuan, 16.21 billion yuan, and 12.27 billion yuan, respectively [6]. Group 4: Future Outlook - Looking ahead to 2026, institutions generally expect foreign capital holdings in Chinese stocks to further increase, with Goldman Sachs estimating potential buying funds could reach 10 billion USD, indicating a positive outlook for the Chinese stock market [7].

Core Insights - The precious metals market has experienced significant fluctuations since the beginning of 2026, with rising prices for gold and silver attracting widespread attention [1] Group 1: Gold and Silver ETF Performance - As of January 7, 2026, all 14 gold ETFs in the market recorded gains of over 2%, with some like ICBC Gold ETF and Huaxia Gold ETF exceeding 2.5% [3] - The net asset value of gold ETFs has been increasing, with significant inflows noted, particularly in the last week where certain ETFs saw growth of over 10,000 shares [3] - The total management scale of ETFs tracking SGE gold reached 230.285 billion yuan, while those tracking Shanghai gold reached 23.682 billion yuan, marking further growth from the end of 2025 [3] Group 2: Market Volatility and Risk Warnings - Recent volatility in gold and silver prices has been attributed to fluctuating expectations regarding Federal Reserve interest rate cuts and geopolitical factors, leading to increased volatility in precious metals [4] - The Shanghai Futures Exchange has implemented measures to mitigate risks, including limiting the maximum number of contracts for silver futures and adjusting margin requirements [4] - The fund company Guotai Asset Management has issued multiple risk warnings regarding the high premium of its silver futures product, indicating potential valuation corrections and risks of losses for investors [5] Group 3: Long-term Value of Precious Metals - Despite short-term volatility, the long-term strategic value of gold remains strong due to factors such as weakening dollar credit, ongoing central bank purchases, and expanding physical gold consumption [6] - Analysts predict that gold and silver will maintain a strong performance in the first half of 2026, although short-term price fluctuations are expected due to dollar volatility and monetary policy changes [6] - Investors are advised to remain rational and aware of market risks while considering precious metal investments, emphasizing the importance of asset allocation based on individual risk tolerance [6]

面对火热行情，多家券商发布研究报告对2026年锂价走势进行分析预测。中信建投认为碳酸锂供需矛盾已从供给 施压转向消费驱动，基本面大幅改善，但未给出具体价格区间；国泰君安期货指出多重因素交织下价格重心上 移、区间震荡，预计2026年碳酸锂价格上限约13.3万元/吨；五矿证券预计2026年市场步入"紧平衡"，锂价有望企 稳回升；赣锋锂业表示若需求增速超30%，供应无法平衡，价格可能突破15万元/吨甚至20万元/吨；华泰证券观点 相对保守，认为2026年碳酸锂基本面定价区间或在8 - 9万元/吨，指出即使2025年有短暂供需短缺，2026年市场或 仍将小幅过剩。 这个逼近15万元/吨关键心理关口的价格，已成为新能源产业链最受关注的"价格锚"，直接影响着从上游锂矿开采 到下游新能源汽车与储能电站的成本与利润分配。 三大引擎驱动价格上涨的核心力量 业内人士分析指出，储能需求爆发、供给端约束以及政策引导下的产业秩序重构是此轮碳酸锂价格上涨的三大核 心驱动力。 储能市场表现极为亮眼。国内储能发展逻辑从行政推动的"强制配储"转向以投资回报率为核心的"经济性驱动"， 内蒙古、甘肃等10多个省份出台容量电价补偿机制，改善了储能项 ...

Core Viewpoint - The copper industry is experiencing significant growth in 2025, driven by rising copper prices, an increase in high-value product ratios, and expansion into overseas markets, leading to impressive financial results for listed companies in the sector [1] Group 1: Company Performance - Zijin Mining, as a leading player in the industry, expects a net profit of 51 to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62% [3] - The increase in Zijin Mining's profit is attributed to a rise in production and sales prices of key mineral products, with gold production expected to reach approximately 90 tons, copper production around 1.09 million tons, and silver production about 437 tons in 2025 [3] - Other copper companies are also reporting strong performance, with 15 out of 16 listed companies achieving profitability in the first three quarters of 2025, and 14 companies reporting year-on-year net profit growth, with some like Chuanjiang New Material and Jintian Co. achieving profit doubling [4] Group 2: Market Trends - The overall performance of copper companies is improving due to sustained market demand and rising copper prices, prompting companies to expand their copper-related production capacities [4] - For instance, Xibu Mining's subsidiary, Yulong Copper, anticipates a copper concentrate output of 151,000 tons for the entire year of 2025, with future capacity expected to reach 180,000 to 200,000 tons per year after the completion of its third-phase project [4] - Experts believe that copper prices are likely to remain stable or continue to rise, providing ongoing profit opportunities for copper companies, especially with the growing demand from emerging industries such as renewable energy and electronic information [4]

Core Viewpoint - The U.S. non-farm employment report for December 2025 revealed disappointing job growth, which has raised concerns about data confidentiality and market expectations regarding Federal Reserve interest rate cuts [1][3][4]. Employment Data Summary - The U.S. non-farm employment population increased by only 50,000 in December, significantly below the market expectation of 65,000 [3]. - The unemployment rate decreased from 4.6% to 4.4%, while the total non-farm employment increase for the year was 584,000, marking the worst annual performance since the COVID-19 pandemic [3]. Market Reaction Summary - Despite the poor employment data, U.S. stock markets rose, with the S&P 500 index reaching a historical high [4]. - Gold and silver prices increased, with gold nearing $4,500 and silver approaching $80 [4]. - The U.S. dollar reached its highest level since December 10 of the previous year, and U.S. Treasury yields remained stable [4]. Federal Reserve Expectations Summary - The employment report has effectively dashed market expectations for a Federal Reserve interest rate cut in January, with the probability of no rate cut rising to 95% [4]. - Analysts suggest that the Federal Reserve is more focused on the unemployment rate rather than overall data noise, indicating that future rate decisions will depend on upcoming unemployment trends [4].

【环球网财经综合报道】1月8日晚间，香港金融市场迎来一则重磅消息。汇丰控股（HK00005）与恒生银行（HK00011）在香港联交所披露联合公告，宣布 汇丰亚太私有化恒生银行的计划在当日举行的恒生银行法院会议及股东大会上顺利获得通过。这一决策犹如一颗巨石投入平静湖面，在香港金融界激起层层 涟漪。 根据公告内容，在取得香港高等法院的批准并满足相关条件后，恒生私有化计划将于2026年1月26日正式生效，预计于1月27日从港交所撤销上市地位。恒生 银行自1972年成功上市以来，已在公开交易市场走过了53个春秋。此次私有化意味着这家老牌银行将结束其漫长的公开交易历程，转身成为汇丰控股的全资 附属公司，开启发展新篇章。 恒生银行在香港金融领域占据着举足轻重的地位。其市值超2500亿元，多年来凭借稳健的经营和优质的服务，赢得了广大投资者的信赖与支持。此次私有化 决定，无疑是在当前复杂多变的金融环境下，汇丰控股基于自身战略布局和恒生银行长远发展所做出的重大抉择。 除了私有化进程备受关注外，恒生银行在指数成分股中的变动也牵动着市场的神经。恒生指数公司早在去年12月30日就明确表示，倘若恒生银行私有化建议 获得批准，该股将于2 ...

这些"沾露珠、带泥土、冒热气"的精品 佳作,让奋进的中国形象变得可亲、可敬。在 这幅波澜壮阔的时代长卷上,每一个奋斗的身 影都是不可或缺的笔触，每一份平凡的坚守都 在积蓄高质量发展的磅礴力量。 世界也得以透过一个个具体而鲜活的"奋 斗的你我"，看见一个真实、立体、全面的 "奋进的中国"。这不仅展现出一个古老文明 的深厚底蕴，更折射出一个文化大国在新时代 的自信姿态与责任担当,为应对全球性挑战贡 献着独特的东方智慧。 映界平 -凡生活中闪烁的奋斗 明 7 近期,以"奋斗的你我,奋进的中 国"为主题的2025中国正能量网络精品征 集展播活动正在火热进行。这不仅是一场 内容的遴选,更是一次精神的溯源、一次 文化的远航,如同一面时代之镜,既映照 出波澜壮阔的奋斗征程,也映照着平凡生 活中闪烁的奋斗微光。 这面时代之镜让我们触摸到发展与情感的 深层共鸣。我们既看见了14297.5亿斤粮食丰 收背后浸润的辛勤汗水，也见证了5万公里高 铁运营里程背后彰显的科技自强;既领略了 50.4万高新技术企业勾勒的创新图景，也聆听 到409.52亿元国产影片票房中回荡的奋斗欢 歌。 还有那些令人动容的时刻，福建舰和山东 舰伏波相伴、神 ...

Group 1 - President Trump held a press conference with executives from major U.S. oil companies, promising them that Venezuela is now "absolutely safe" for investment [1][3] - Trump claimed that U.S. military actions in Venezuela provide unprecedented opportunities for American oil companies, stating that oil extraction will occur at an unprecedented speed [3] - No major U.S. oil companies committed to large-scale new investments in Venezuela during the meeting, reflecting a cautious attitude [3] Group 2 - ExxonMobil's CEO emphasized that Venezuela lacks investment conditions until there are significant changes in its commercial framework and legal system [3] - ConocoPhillips' CEO mentioned the need to discuss financing issues with banks to raise the billions of dollars required for restoring energy infrastructure [3] - Smaller oil companies expressed their willingness to invest in Venezuela during the press conference [4]

来源：新闻晨报 "有人不行了，快打120，我去找支援！" 1月5日早高峰 上海轨交11号线 打破了繁忙的节奏 原来 一名年轻孕妇在走出车厢后 突发身体不适 直接跪倒在地 危急时刻 嘉定新城站站厅内 一名乘客焦急的呼喊 热心乘客与站点工作人员接力救援 最终让孕妇转危为安 嘉定新城站站务员严晨龙回忆 只见一名身着粉色上衣的年轻女子 瘫跪在地，脸色煞白，呼吸急促 "她断断续续告诉我，自己怀孕了，现在喘不上气，感觉快要晕过去了。" 严晨龙见状 一边蹲下安抚 一边紧急呼叫值班站长支援 当时一名乘客神情慌张地冲向他 边跑边喊"救命" 严晨龙心头一紧 立刻跟随乘客奔向事发现场 由于早高峰路面交通繁忙，丁文杰通过电话与120急救人员保持沟通，商定最优接驳路线，为救援争取 宝贵时间，"我们主动告知急救人员，该乘客是孕妇，可就近送往嘉定区妇幼保健院。" 不到十分钟，救护车抵达现场。在车站工作人员与热心乘客的协助下，孕妇被平稳抬上担架送往医院。 经诊断，该孕妇因车厢内外温差过大、空气流通不畅引发缺氧与低血糖症状，经及时救治已无大碍，胎 儿情况稳定。 考虑到早高峰客流密集，车站工作人员并未贸然移动孕妇，而是疏散围观人群，确保空气流通 ...