Core Viewpoint - The storage sector is experiencing a strong surge, with SanDisk's stock rising over 22% and Micron Technology also seeing gains of over 3% following SanDisk's impressive earnings report for Q2 of fiscal year 2026, which significantly exceeded market expectations [2][4]. Company Performance - SanDisk reported Q2 fiscal year 2026 revenue of $3.025 billion, a year-over-year increase of 61% [4] - The company's net profit under GAAP was $803 million, reflecting a 672% increase year-over-year [4] - GAAP diluted earnings per share reached $5.15, up 615% compared to the previous year [4] - The gross margin under GAAP was 50.9%, an increase of 18.6 percentage points from the same period last year, surpassing market expectations [4] - For Q3 fiscal year 2026, SanDisk expects revenue between $4.4 billion and $4.8 billion, with a GAAP gross margin forecast of 64.9% to 66.9% [4] Industry Impact - The rising prices in the storage sector are impacting the downstream consumer electronics industry, with Apple experiencing a stock drop of over 2% at one point [5] - Apple's Q1 fiscal year 2026 revenue was $143.756 billion, a 16% year-over-year increase, with a net profit of $42.1 billion, also up 16% [8] - Apple's gross margin was reported at 48.2%, exceeding previous guidance [8] - The company anticipates a revenue growth of 13% to 16% for the next quarter, with a gross margin forecast of 48% to 49% [8] Supply Chain and Demand - Apple is facing supply chain constraints due to strong demand, particularly for the iPhone 17 series, which has driven significant revenue growth [9] - The company is currently in a supply catch-up mode to meet high customer demand, with challenges in predicting when supply and demand will balance [9] - The storage price increases are expected to have a limited impact on Apple's Q1 gross margin but may affect Q2 [9] Financial Position - As of the end of the quarter, Apple held $145 billion in cash and securities, repaid $2.2 billion in maturing debt, and reduced commercial paper by $6 billion, resulting in total debt of $91 billion [10] - The company returned nearly $32 billion to shareholders during the quarter, including $3.9 billion in dividends and $25 billion through stock buybacks [10]

Core Viewpoint - The China Securities Regulatory Commission has guided the release of revised guidelines for the preparation of sustainability reports by listed companies, emphasizing the importance of environmental issues such as pollutant emissions, energy utilization, and water resource management [1][2]. Group 1: Guidelines and Implementation - The revised guidelines include three specific areas: "pollutant emissions," "energy utilization," and "water resource utilization," aimed at enhancing the sustainability awareness and disclosure practices of listed companies [1][2]. - The mandatory disclosure requirements will take effect on May 1, 2024, with companies needing to submit their first sustainability report by April 30, 2026 [1]. - The guidelines are designed to be compatible with international standards while integrating Chinese practices, covering 21 topics related to environmental, social, and governance (ESG) issues [1]. Group 2: Market Impact and Company Performance - In 2025, nearly 1,900 listed companies disclosed sustainability reports, achieving an overall disclosure rate of approximately 35%, an increase of about 10 percentage points from the previous two years [2]. - The MSCI China A-share index saw a significant increase in ESG ratings, with 34.3% of companies improving their ratings, and the number of companies rated AAA or AA rising from 7.2% to 14.13% [3]. - The total scale of sustainable index products reached approximately 125 billion, more than doubling since the end of 2020, indicating a growing interest in ESG investments [3]. Group 3: Future Directions and Support - The exchanges will focus on market training, rule consultation, and implementation services to support companies in their sustainability reporting efforts [4]. - Feedback from the public consultation on the new guidelines was largely positive, indicating broad recognition of their guiding role and content [4].

同时，行业周期红利与政策支持为券商业绩反转提供了重要支撑。2025年A股市场日均成交额稳步提 升，两融余额屡创历史新高，天风证券依托区域优势，充分承接市场成交回暖红利。同时，40亿元定增 落地进一步夯实了公司资本实力，资产负债结构持续优化，为自营、两融等业务扩容奠定基础。政策层 面，并购重组改革深化、北交所做市业务扩容等积极信号，进一步打开了公司业务增长空间。 市场人士分析认为，天风证券2025年扭亏为盈是战略转型、业务升级与行业周期共振的必然结果。随 着"二次创业"战略的持续推进，公司在经纪、投行、自营等核心业务领域的竞争力不断提升，叠加当前 券商板块估值处于历史低位，在资本市场改革深化下，公司有望在行业结构性机会中持续受益。 公司表示，2025年以来，天风证券积极调整投资策略，强化风险控制，全年投资收益显著回升，迎来业 绩反转的关键之年。2025年前三季度，公司手续费及佣金净收入同比增长19.92%；投行业务完成债券 承销规模871亿元，其中企业债承销规模位列市场第8；"城市投行"服务模式成效显著。 上证报中国证券网讯（记者 荆淮侨）1月30日晚间，天风证券发布2025年业绩预告，预计公司全年实现 归母净 ...

Core Viewpoint - Shenzhen-based jewelry company Jie Wo Rui is facing a cash withdrawal crisis, affecting thousands of investors and involving significant amounts of money [1][14]. Company Overview - Jie Wo Rui was established on June 6, 2014, with a registered capital of 11 million RMB, operating in the wholesale and manufacturing sectors related to precious metals and jewelry [4]. - The company primarily engages in the sale of gold products, diamonds, jewelry, jade, and silver products, along with domestic trade and precious metal refining [4]. Business Model - Jie Wo Rui operates two main business models: 1. **Recycling Business**: Investors send gold materials to the platform and receive payment based on the recycling price, with options for storage and trade-in services [4][5]. 2. **Pricing Business**: Investors can lock in the ownership of gold/silver by paying a small deposit, with the requirement to pay the remaining balance upon withdrawal [5][12]. Crisis Details - The crisis appears to stem from the company's silver pricing business, which involved high leverage and speculative trading practices, leading to a liquidity crisis [11][12]. - Investors reported difficulties in withdrawing funds, with the platform limiting daily withdrawals to 500 RMB, which were often not processed [13][14]. Regulatory and Legal Concerns - The business model of Jie Wo Rui may violate regulations related to illegal futures trading and gambling, as it has transformed traditional physical gold trading into a high-leverage speculative tool [18]. - The platform's operations have raised concerns about its compliance with financial regulations, particularly regarding its high leverage and lack of transparency [12][18]. Impact on Industry - The crisis has implications for the broader gold trading market, potentially affecting numerous jewelers and consumers who rely on Jie Wo Rui for transactions [16][17]. - The event highlights the risks associated with unregulated financial practices in the gold trading sector, particularly in the context of rising speculative investments [14][18].

Group 1: Robotics Sector - The robotics concept stocks experienced a significant surge, with Tianqi Co., Ltd. (002009) and Baida Precision Engineering (603331) hitting the daily limit up, while Ruixin Technology and ST Saiwei rose over 11% [1][2] - Notable stocks in the robotics sector included: - Sikan Technology (688583) with a 20% increase - Ruixin Technology (300828) up by 11.13% - ST Saiwei (300044) rising by 11.07% - Oke Yi (688308) increasing by 10.28% - Changfei Optical Fiber (601869) and Tianqi Co., Ltd. both up by 10% [2] Group 2: Robotics Innovation Center - On January 29, the Beijing Humanoid Robot Innovation Center's pilot verification platform was officially launched, marking the first humanoid robot pilot verification platform in Beijing [3] - The platform includes small-batch production lines and testing laboratories, capable of providing comprehensive pilot services from core components to complete machines, with a production capacity of 5,000 humanoid robots annually [3] Group 3: Paper Industry - The paper sector also saw gains, with Yueyang Forest Paper hitting the daily limit up, while other stocks like Songyang Resources, Minshida, and Hengda New Materials followed suit [3][4] - Key performers in the paper industry included: - Yueyang Forest Paper (600963) with a 10.04% increase - Songyang Resources (603863) up by 9.44% - Minshida (920394) rising by 6.91% [4]

中国人民银行会同国家发展改革委、金融监管总局制定的《人民币现金收付及服务规定》自2026年2月1 日起施行。《规定》要求，采取人工方式收款、提供面对面服务以及线上预约、交易，线下完成服务或 货物交付，且具备当面收款条件的，收费单位、经营主体应支持现金支付，保持合理的零钱备付；采取 无人值守、机具设备等自助服务模式，以及采用"一卡通"结算、进行统一管理的园区、厂区、景区、学 校等场所，经营主体应在醒目位置标识支付方式、现金收取转换方式及服务联系电话。采取转换手段收 取现金，不得收取手续费或设置限制条件，造成转换不便。 2月，一批新规将施行，哪些新规将影响你我生活？ 采取转换手段收取现金不得收取手续费或设置限制条件 金融机构应当将适当的产品通过适当的渠道销售给适合的客户 国家金融监督管理总局发布的《金融机构产品适当性管理办法》将于2026年2月1日起施行。《办法》要 求，金融机构应当将适当的产品通过适当的渠道销售给适合的客户。《办法》明确适当性规则，根据不 同产品属性特征提出针对性要求。对于投资型产品，要求划分产品风险等级、进行投资者风险承受能力 评估，将投资者分为专业投资者与普通投资者，进行差异化的适当性管理。 ...

1月30日，A股三大指数早盘涨跌不一，截至午间休市，沪指跌1.19%，深证成指跌0.96%，创业板指涨 0.8%。沪深北三市半日成交19514亿元，较上日缩量836亿元。 盘面上，亚太交易时段国际金银价跳水，黄金股、有色资源股大幅回调，中金黄金等多股跌停。另一方 面，粮食、农业股逆势走强，登海种业等股封板。算力硬件股盘中同样拉升，天孚通信（300394）大涨 超10%创出历史新高，中际旭创、新易盛涨超4%。 行业层面，近期，海外推理和训练算力需求旺盛，亚马逊云和谷歌云双双涨价。推理侧， MoltBot（原 ClawdBot）、Claude Code等Agent产品加速落地，对于云计算资源的需求显著增加，2026年年初以来 Token调用量已经连续2-3周高速增长。训练侧，Grok-5、Veo4等模型仍然在持续迭代，工业界持续探索 Scaling上限，从而支撑训练算力需求。 中信证券研报认为，尽管当前AI应用大规模商业化落地能见度仍然不足，但展望未来3-6个月，随着推 理端AI应用落地的密集催化叠加训练端模型的持续迭代，预判算力需求仍有望进一步上行，一旦美股 财报季算力需求得到确认，前期压制算力板块情绪与估值的 ...

三是宏观层面的宽松预期为板块反弹带来了一定的想象空间。机构认为，市场已在博弈美联储未来的量 化宽松（QE）路径。一旦美联储开启QE，中国货币政策空间或将打开，有望推动实体经济资产负债表 修复与居民财富效应提升，从而驱动消费升级，开启白酒新一轮周期。 1月29日，白酒板块一根久违的长阳线，不仅击穿了箱体，更是点燃了市场情绪。这究竟是跌深反弹的 昙花一现，还是周期拐点的信号初现？且看机构近期研判。 1月29日，白酒板块在午后迎来久违的强劲拉升，申万白酒指数涨超5%，多只个股表现亮眼。机构分 析，这或是行业短期景气信号、低估值与宏观宽松预期等多重因素共振的结果。 一是春节动销"小阳春"初现，高端白酒批价已构筑"价格底"。随着2026年春节备货进入冲刺阶段，白酒 终端动销已渐次启动。太平洋证券研报认为，当前飞天茅台散瓶批价稳中有升，维持在1560元左右，五 粮液普五批价也趋于稳定。与此同时，茅台通过"i茅台"及专卖店团购拓宽消费群体，已初步交易出价 格底部，且传统渠道动销量未见明显下滑，预计全渠道有小幅增长。 二是板块估值处于历史极低分位，为反弹提供了较高的安全边际与赔率。华金证券研报数据显示，白酒 板块估值分位数低 ...

2026年开年以来，海外资金大幅加仓中国资产，景顺中国科技ETF、中国海外互联网ETF、锐联中国科技创新ETF等多只在美上市的中国股票ETF规模持 续攀升。多家知名外资机构在近日举办的2026年投资策略会上表示，尽管经历了2025年的强劲上涨，中国股票估值仍具吸引力，上行趋势有望进一步延 续。 中国资产迎显著资金净流入 今年1月，中国股票资产迎来海外资金的大手笔加仓，其中科技类资产尤其受到青睐。 高盛最新发布的全球资金流向报告显示，在截至1月14日的近一个月内，全球资金净流入股票基金1055.18亿美元，其中中国内地股票基金获得166.59亿美 元净流入。 与此同时，在美上市的多只中国股票ETF规模也呈现显著增长。富途数据显示，截至1月28日，景顺中国科技ETF资产规模为31.82亿美元，相较于去年底 的28.18亿美元增长近13%。该ETF前十大重仓股包括腾讯控股、百度集团、华虹半导体、地平线机器人、商汤-W等多只科技股龙头。 | 产规模 | | | --- | --- | | 次 | E | | 日期 | 资产规模(美元) | 变动比例 | | --- | --- | --- | | 2026/01/28 ...

Group 1 - The Ministry of Transport will hold a press conference on January 30, 2026, to discuss the economic operation of the transportation sector in 2025 [2] - The People's Bank of China reported that the weighted average interest rate for newly issued commercial personal housing loans in Q4 2025 was 3.06% [4] - The Industrial and Information Technology Ministry is drafting a water management regulation for industrial enterprises, emphasizing strict water management for large-scale users [4] Group 2 - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on travel and residence services [6] - The total scale of the Kunshan Artificial Intelligence Industry Fund, launched on January 29, 2026, is 5 billion yuan, with an initial scale of 2 billion yuan [4] - The commercial space industry in China is set to upgrade with the development of reusable rockets and heavy-lift launch vehicles, addressing the demand for satellite deployment [9] Group 3 - Beijing's humanoid robot innovation center has launched a testing platform, which is expected to enhance the production and sales of humanoid robots [10] - Companies like Siling Zhidrive and Jinwo Co. are positioned to benefit from the growth in the humanoid robot sector due to their manufacturing capabilities [10] - Foton Motor expects a net profit of approximately 1.33 billion yuan for 2025, a year-on-year increase of about 1551% [13] Group 4 - Century Huatong anticipates a net profit of 5.55 billion to 6.98 billion yuan for 2025, representing a year-on-year growth of 357.47% to 475.34% [15] - Shenghe Resources expects a net profit of 790 million to 910 million yuan for 2025, an increase of 281.28% to 339.20% year-on-year [17] - China Shipbuilding Industry expects a net profit of 7 billion to 8.4 billion yuan for 2025, reflecting a year-on-year increase of approximately 65.89% to 99.07% [19]