"最近确实很忙，你看这些箱子都是刚到的货，店里都快摆不下了。" 茅台重庆渝中自营门店的熊林经理一边和电话那头的客户确认购酒需求，一边向进店咨询的笔者打招呼。 1月30日，重庆小雨。位于解放碑商圈的贵州茅台（600519）重庆渝中自营门店上午刚一开门，便迎来了络绎不绝的顾客。很多消费者是前来提取在i茅台 申购成功的飞天53%vol 500ml贵州茅台酒（即大众所说的53度飞天茅台），也有不少人是咨询、购买其他茅台产品。 笔者在现场看到，店里有几十箱各类茅台产品刚刚到货，几乎摆满了过道，等待顾客提货或送货上门。笔者在前台仅仅观察十分钟左右，就有十几名顾客 进店提货。 "最近是春节前夕，需求确实非常旺盛，1月初以来我们门店的到店人次同比增加了41%，单日最高到店300人左右。"熊经理介绍。 2026年1月，茅台拉开了一场"以消费者为中心"的全面市场化改革，在产品、价格、渠道、服务等方面推出多项重要改革举措，目的是让消费者可以公 平、便捷、保真购酒。 对于普通消费者而言，茅台今年的市场化改革，最容易感知到的便是有机会以1499元/瓶的价格在i茅台上申购到53度飞天茅台。 2026年1月1日，53度500ml飞天茅台等 ...

近日，湖北多家精神病医院被曝虚构诊疗项目、套取医保资金，引发广泛关注。据《新京报》报道，涉事医院包括襄阳融诚医 院、襄阳宏安医院、襄阳恒泰康医院、宜昌夷陵康宁精神病医院等。 天眼查显示，襄阳恒泰康医院有限公司由湖南恒泰康康复医疗产业发展有限公司100%持股，而湖南恒泰康康复医疗产业发展有 限公司由湖南爱尔健康产业发展有限公司81.9978%持股。襄阳恒泰康医院成立于2019年，企业注册资本500万元，实缴资本500 万元，控股股东为湖南恒泰康康复医疗产业发展有限公司。 据《新京报》，襄阳多家医院将没有病的正常人，收进精神病医院免费住院，以此骗取医保基金。其中就提及陈邦实际控制的 襄阳恒泰康医院。公开资料显示，襄阳恒泰康医院于2019年开业，位于襄阳市高新区，该医院为二级精神专科医院。 据公开资料，陈邦是军人出身，退伍后做过器材代理、文化传播，还做过房地产，涉足颇广。其资产版图主要围绕连锁医疗和 相对应的商业地产展开。陈邦主要通过爱尔医疗投资集团有限公司间接控制多家医疗企业。其中，最著名的就是连锁眼科医院 爱尔眼科，以及此次事件涉及的恒泰康康复医疗集团。 天眼查截图 | 爱尔 | 湖南爱尔健康产业发展有限公 | ...

Core Viewpoint - The gold market experienced significant volatility, with a historic price drop and subsequent rebound, leading to a substantial reduction in the scale of domestic gold-themed ETFs by approximately 42.7 billion yuan in one week [1][2]. Group 1: Market Performance - On January 29, the international gold price reached a historic high of nearly 5,600 USD/oz, followed by a drop of over 15% [1][2]. - The London gold price fell from 5,413.805 USD/oz to 4,964.83 USD/oz over the week, marking a decline of 8.29% [2]. - Domestic gold prices mirrored international trends, with the Shanghai Gold Exchange's SGE gold price peaking at 1,256 CNY/g, reflecting a year-to-date increase of approximately 29% [2]. Group 2: ETF Market Impact - The total scale of 20 domestic gold-themed ETFs decreased to 348.954 billion yuan, a reduction of about 42.7 billion yuan [1][2]. - Approximately 1.89% of gold-themed ETF funds opted for redemption, resulting in a net outflow of about 6.6 billion yuan, primarily due to a decline in net asset value [1][3]. - The significant drop in ETF scale was largely attributed to passive reductions from falling net values, amounting to approximately 36.1 billion yuan [3]. Group 3: Investor Behavior - Despite the ETF scale reduction, there was no panic selling among domestic investors; the adjustments were seen as short-term emotional responses [3][5]. - On January 30, the day of the gold price crash, 23.38 million yuan was still net subscribed, indicating attempts by some investors to "buy the dip" [3]. - The funds that withdrew were primarily short-term speculative funds, stable short-term allocation funds, and passive following funds [4]. Group 4: Long-term Investment Logic - Analysts believe the recent price fluctuations are a technical adjustment rather than a reversal of long-term trends, with the underlying investment logic for gold remaining intact [5][6]. - Key supporting factors for gold's long-term value include the unchanged Fed rate cut cycle, ongoing central bank gold purchases, and gold's role as a hedge against international order risks [5][7]. - Investment strategies suggest maintaining a long-term perspective on gold, with recommendations to allocate about 20% of investment portfolios to gold assets for risk hedging [6][7].

Core Viewpoint - Suzhou Goodway anticipates a recovery in heterojunction battery operating rates in 2026 due to high silver prices and the adoption of silver-coated copper paste in Topcon and BC batteries [1] Group 1 - The company has reported that its silver-coated copper products have been tested by multiple clients, with one client already achieving mass production [1] - The company holds an optimistic outlook on shipment trends for 2026 [1]

财富管理"新旧动能"加速转换。 头部券商投顾数量优势显著。截至去年年底，共有22家券商的投顾人员规模超过千人，国泰海通投顾数 量5990人排名第一，中信证券以4817人紧随其后，广发证券、中国银河、中信建投、华泰证券、国信证 券等5家券商投顾数量超三千人。 Wind统计数据显示，截至2月3日，证券投资顾问人数已突破8.78万人，距离9万人大关仅一步之遥。与 2024年末的8.06万人相比，投顾队伍净增人数已超过7000人，刷新了历史纪录。 在证券行业整体"瘦身"、从业总人数回落的大背景下，这一结构性调整的背后，是行业发展逻辑的变 革。 "降费对券商行业形成了短期收入承压，长期生态重塑的核心格局，代销收入、分仓佣金等传统业务直 面冲击，同时倒逼行业加速向买方投顾与综合财富管理转型。"中航证券分析师薄晓旭认为，在此背景 下，以资产配置、持仓复盘、市场解读为核心的买方投顾服务成为行业竞争核心。ETF等低费率产品竞 争力进一步凸显，成为券商代销布局的重点方向。 易方达财富副董事长、首席投资官安伟则表示，ETF投资看似简单，但实际隐藏着较高的认知门槛与策 略复杂度。在客户资产配置需求不断提升的背景下，有必要通过专业的投 ...

Core Insights - Clawdbot, now known as "OpenClaw," is an open-source AI assistant that has rapidly gained popularity in the tech community, achieving over 100,000 stars on GitHub within days and boosting sales of Apple Mac Mini [1][10] - The project signifies a shift from "conversational AI" to "agent-based AI," reflecting market expectations for next-generation AI applications capable of autonomous planning and execution of complex tasks [3][12] Technology and Functionality - Clawdbot operates on a three-part logic system: instructions, gateway, and execution, allowing users to issue commands via an app, which are processed locally through a gateway [3][12] - The AI assistant is designed to run locally, interact in real-time, possess memory, and evolve autonomously, functioning as a 24/7 assistant [3][12] - The MiniMax M2.1 model, praised for its capabilities in complex logical reasoning and coding, is a key component that enhances Clawdbot's performance [3][12] Market Impact - The launch of Clawdbot has triggered a surge in Mac Mini purchases, with notable figures in the tech industry, including Google's AI product head, purchasing the device to experience Clawdbot [14] - Major cloud service providers in China, such as Tencent Cloud and Alibaba Cloud, have quickly introduced one-click deployment services to facilitate rapid adoption among enterprises and developers [15] Industry Trends - Clawdbot's emergence accelerates the transition to the AI Agent era, with implications for hardware, cloud security, and AI infrastructure [17] - The project highlights the potential for private deployment models to drive growth in consumer hardware, VPS, and cloud security sectors [17] - The phenomenon of AI agents creating their own social forums, such as Moltbook, indicates a new dimension in AI interaction, where agents operate independently of human oversight [16] Future Perspectives - The development of Clawdbot raises questions about the future of AI programming, with its creator revealing that the project was nearly entirely generated by AI, suggesting a potential shortcut to achieving AGI [18] - The concept of "self-solving" capabilities in AI is gaining traction, with predictions that 2026 could mark a pivotal year for AGI, driven by the maturation of long-term intelligent agents [18]

Core Viewpoint - The Chinese government is intensifying its regulatory efforts in the platform economy, focusing on issues such as unfair competition, platform rules, and irrational competition in the live-streaming and food delivery sectors [1][2][3]. Group 1: Regulatory Actions - The State Administration for Market Regulation (SAMR) is enhancing anti-monopoly and unfair competition enforcement, aiming to eliminate local protectionism and market segmentation [1][5]. - In 2025, SAMR conducted a review of fair competition, urging policy-making bodies to rectify measures that hinder a unified market and fair competition [5][6]. - A total of 14,600 cases of unfair competition were investigated, with significant actions taken against price wars and subsidy battles in various sectors [6][7]. Group 2: Platform Economy Governance - Key areas of focus for platform governance include addressing prominent issues in platform rules and fees, combating chaos in live-streaming e-commerce, and regulating irrational competition in food delivery platforms [2][3]. - SAMR has implemented measures to rectify issues such as "only refunds," "mandatory shipping insurance," and "lowest price guarantees," which have been misused by platforms [2][3]. - The introduction of the "Live Streaming E-commerce Supervision Management Measures" aims to strengthen ongoing regulation in the live-streaming sector [3][4]. Group 3: Market Impact and Future Directions - The competitive landscape in the food delivery sector has intensified, with major platforms like Meituan, Alibaba, and JD.com increasing their sales and marketing expenses significantly, totaling 61.4 billion yuan in 2025 [6][7]. - The head of a restaurant company noted that large-scale subsidies from platforms are unsustainable, leading to increased concentration in the industry, favoring larger brands over smaller ones [7]. - Moving into 2026, SAMR plans to enhance enforcement actions, focusing on eliminating regulations that obstruct national market unity and fair competition [7].

盘后，亚马逊跌幅扩大至10%，其公布的最新财报显示，第四财季净利润211.9亿美元，同比增长6% 芯片股涨跌互现，ARM涨超5%，应用材料涨逾2%，科天半导体涨超1%，拉姆研究涨逾1%。高通跌超8%，西部数据、超威半导体跌逾3%。消息面上， 芯片巨头高通、Arm齐发预警，芯片将挤压智能手机产能。 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.9%。蔚来涨超6%领跑，盘前其公告称，预计首次录得单季度经调整经营利润；百胜中国、文远知 行、唯品会涨超3%，小米、理想、美团涨超2%。 下跌方面，中概新能源股表现不佳，亿鹏能源跌超18%，阿特斯太阳能跌超8%；叮咚买菜跌超14%，盘前消息，美团拟7.17亿美元收购叮咚；霸王茶姬跌 超5%，阿里巴巴、新东方跌1%。 美东时间周四，美股三大指数集体跌超1%，道指跌近600点，纳指跌超360点，科技股普跌，中概股逆势飘红；国际金银价格刷新日低，现货白银重挫近 20%；国际油价集体飘绿，比特币跌至6.4万美元。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 48908.72 | 22540.59 | 6798.40 | | ...

Core Insights - The Ministry of Commerce and nine other departments have jointly issued the "2026 'Buy New Year' Special Activity Plan" to boost consumption during the upcoming Spring Festival, focusing on the entire consumption chain including food, accommodation, transportation, tourism, shopping, and entertainment [1][18] - The plan encourages local governments to increase subsidies for trade-in programs during the Spring Festival and enhance support for offline retail, while also promoting exhibitions of automobiles, home appliances, and smart products [1][18] Consumption Trends - In Shenzhen, the policy is translating into vibrant consumption scenes, with tech products becoming popular among consumers [2][19] - The Huaqiangbei Electronics World is bustling with shoppers primarily looking for tech gifts, reflecting a shift in consumer preferences towards cultural and spiritual enjoyment rather than traditional shopping [3][21] - The rapid adoption of digital technology is fostering a consumer habit of linking online experiences with offline purchases, solidifying the foundation for tech-themed consumption activities [3][21] Sales Performance - Huaqiangbei is hosting the "New Year Consumption Season" event, featuring a variety of products including smart toys and digital appliances, which has significantly increased foot traffic and sales [6][24] - Daily foot traffic in Huaqiangbei remains around 750,000, with a 10%-15% increase in traffic due to promotional activities, and sales of tech products have surged by approximately 30% compared to normal days [9][26] Broader Economic Impact - The consumption boom is positively affecting surrounding industries, with restaurant and service sectors seeing an 8% increase in revenue [10][27] - Shenzhen's local brands, such as Huawei and DJI, are performing well globally, enhancing the city's appeal as a consumer destination [10][28] Upcoming Events and Initiatives - Shenzhen plans to focus on international consumption, AI consumption, and various cultural events throughout 2026 to enhance its consumption landscape [11][28] - The city will also host an AI toy-themed consumption event featuring over 200 new products, integrating display, experience, and consumption [12][29] Cultural Activities - Traditional activities like flower markets are being upgraded to attract both local and external consumers, with significant online interest noted for flower market stalls [14][30] - Non-heritage activities are gaining popularity, with various malls launching events that showcase traditional crafts and foods, enhancing the festive atmosphere [15][31] Cross-Regional Collaboration - The "Deep Zhong City, Good Goods Sharing" event will facilitate cross-regional consumption, allowing consumers in Shenzhen to purchase goods from Zhongshan, thereby deepening industrial and consumption connectivity [16][32] Strategic Recommendations - To maintain consumer interest, Shenzhen should leverage its unique blend of technology and tradition, continuously innovating in event content and formats to avoid consumer fatigue [17][33]

Core Viewpoint - The gold market experienced significant volatility, with international gold prices reaching a historical high before a sharp decline and subsequent rebound, leading to a substantial reduction in the scale of domestic gold-themed ETFs [1][11]. ETF Market Impact - Domestic gold-themed ETFs saw a total reduction of approximately 427 billion yuan over the week, bringing the total scale down to 3,489.54 billion yuan [4][15]. - Approximately 1.89% of gold-themed ETF funds opted for redemption, resulting in a net outflow of about 66 billion yuan, primarily due to a decline in net asset value [1][5]. - The scale reduction was largely attributed to passive shrinkage from declining net values, amounting to around 361 billion yuan [1][5]. Market Sentiment and Investor Behavior - Analysts noted that there was no panic selling among domestic investors; rather, the adjustments were seen as short-term emotional responses [1][5]. - On January 30, despite a significant drop in gold prices, there was still a net subscription of 23.38 billion yuan in some ETFs, indicating attempts by investors to "buy the dip" [5][16]. - The outflows were primarily driven by short-term speculative funds, stable short-term allocation funds, and passive following funds, with the latter showing a tendency to react to market movements [6][17]. Long-term Investment Logic - The long-term investment logic for gold remains intact, supported by three core factors: the unchanged Fed's interest rate cycle, ongoing global central bank gold purchases, and gold's role as a hedge against international order risks and sovereign credit currency risks [8][20]. - Institutions generally agree that the recent price fluctuations are a technical adjustment rather than a reversal of long-term trends, with concerns about rapid price increases being a significant factor [7][19]. Future Market Outlook - Institutions have differing views on future gold prices, with UBS predicting a target price of 7,200 USD/oz in a bullish scenario and 4,600 USD/oz in a bearish scenario [9][21]. - Analysts suggest that gold should be viewed as part of a diversified asset portfolio rather than a single heavy investment, emphasizing the importance of long-term perspectives in investment strategies [10][22].