又有个股走出"地天板"走势。 A股市场今天（1月16日）上午窄幅震荡，电子板块领涨，成为上午市场主要亮点之一，该板块多股涨停或涨幅超过10%。 热门个股方面，近期商业航天板块的大牛股*ST铖昌（001270）今日开盘跌停，随后1分钟内强势拉升涨停，走出"地天板"走势。 港股市场恒生指数今天上午明显高开，后收窄涨幅。港股通标的股中，德林控股大涨，盘中涨幅超过26%。 A股电子板块领涨 A股市场今天上午窄幅震荡，主要指数波动幅度不大。截至中午收盘，上证指数下跌0.22%，深证成指下跌0.10%，创业板指下跌 0.01%。 行业板块方面 ，若按照申万一级行业划分，电子板块领涨，板块盘中涨幅超过2%，该板块中包含多只芯片股。天岳先进盘 中"20cm"涨停，派瑞股份、科翔股份、晶升股份、蓝箭电子、佰维存储等多股盘中涨幅超过10%。康强电子、可川科技等多股盘 中涨停，另有多股跟涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 688234 | 天岳先进 | 111.19 | 18.53 | 20.00% | | 300831 | 派瑞股份 ...

市场的预期在改变！ 1月16日早盘，在中字头拉升的过程当中，市场迎来了一波调整。与此同时，A50在冲高之后亦有明显 回落，港股走势亦是如此。这与昨晚结构性"降息"之后的情绪截然不同。市场三大预期已然生变。 降息预期 1月15日，国务院新闻办公室举行新闻发布会，央行在新闻发布会宣布，下调再贷款、再贴现利率 25bp，各类再贷款一年期利率降至1.25%，其他期限档次利率同步调整。当天傍晚，市场因此情绪高 涨。但从今天的市场表现来看，似乎与昨天预期的又不一样。 参考央行过去两轮结构性工具降息操作： 第一，12月的M1增速回落，虽其有高基数背景下，且单月增量2.6万亿元。但仍出现了涉及"流动性传 导""企业投资意愿"的争议。 第二，在昨天结构性"降息"之后，市场的情绪一度很高。但亦有券商研究认为，结构性工具降息加量， 使得春节前降息的可能性下降，降准则仍有可能。 第三，在商业航天、AI应用的情绪收敛之后，投资者对于市场的赚钱效应预期亦发生变化。今天早 上，智能电网的热度虽高，但明显要弱于前期两条赛道的热度。 流动性预期 1月15日晚间发布的12月份金融数据显示，M1增速回落。这一数据的重要性在于，A股有"M1定买卖的 ...

Core Insights - The brokerage asset management industry is undergoing significant changes due to two major events: the transition of public collective investment schemes by the end of 2025 and obstacles in obtaining public fund licenses for brokerage asset management firms [1] - In response to these challenges, firms are focusing on "fixed income +" and multi-asset strategies as their primary growth areas, while also exploring alternative assets like REITs, derivatives, and commodities to enhance revenue sources [1] Group 1: Strategic Focus - In 2026, brokerage asset management institutions are prioritizing "fixed income +" and multi-asset allocation to meet investor demand for stable returns in a low-interest-rate environment [3] - Some firms plan to develop differentiated competitive advantages by focusing on specific areas such as FOF, equity, quantitative strategies, cross-border investments, and retirement products [3] Group 2: Fixed Income Strategy - "Fixed income +" remains a traditional strength for brokerage asset management, with firms aiming to create a product lineup with varying risk characteristics [4] - First Capital Asset Management plans to focus on low-volatility "fixed income +" products, emphasizing ESG fixed income and thematic product lines [4] - Other firms like Caifeng Asset Management and Guoxin Asset Management are also enhancing their fixed income strategies, with plans to expand their product offerings and maintain traditional credit enhancement advantages [4][5] Group 3: Multi-Asset and Diversification - Many institutions are emphasizing multi-asset and diversified strategies as key components of their annual plans [5] - Guangzheng Asset Management aims to leverage its platform and digital capabilities to expand its offerings in "fixed income +", multi-strategy, and distinctive equity products [5] - Zhongtai Asset Management is focusing on FOF, active equity, and "fixed income +" products, including various themed funds and mixed funds with equity limits [5][6] Group 4: Passive Investment Tools - Passive investment is a significant trend in the asset management sector, with firms actively developing index-enhanced and ETF products [8] - Guojin Asset Management is working on tool-based FOF and index-enhanced strategies to improve asset allocation efficiency [8] - First Capital Asset Management is focusing on quantitative strategies and plans to develop convertible bond strategies and ETF rotation strategies [9] Group 5: Alternative Assets - In the current low-interest-rate environment, alternative assets like REITs, commodities, and derivatives are becoming crucial for expanding revenue sources and optimizing business structures [10] - First Capital Asset Management has been a pioneer in public REITs investment and plans to deepen its involvement in this area [11] - Guoxin Asset Management has integrated commodities, REITs, and derivatives into its research framework, focusing on systematic investment strategies [12]

为加强新能源汽车废旧动力电池回收和综合利用全链条监督管理，构建规范、安全、高效回收利用体 系，1月16日，工业和信息化部、国家发展改革委、生态环境部、交通运输部、商务部、市场监管总局 六部门发布消息称，已于近日联合印发《新能源汽车废旧动力电池回收和综合利用管理暂行办法》（下 称《管理办法》）。 《管理办法》自2026年4月1日起施行，同时废止4项原有相关规定，为新能源汽车及动力电池行业发展 提供全新制度遵循。 工业和信息化部节能与综合利用司司长王鹏表示，近年来，随着新能源汽车产业快速发展，新能源汽车 动力电池进入规模化退役阶段，需要进一步规范废旧动力电池回收和综合利用活动。《管理办法》坚持 问题导向，聚焦废旧动力电池回收、综合利用以及相关活动，重点加强了动力电池信息溯源管理、回收 管理以及废旧动力电池的综合利用管理，并明确了监督管理和法律责任。 值得关注的是，《管理办法》明确不再采用"梯次利用"概念，这意味着拆解废旧动力电池生产出来的产 品，必须符合所在领域的质量标准要求。 六部门出手。 具体来看，《管理办法》旨在全渠道抓好电池生产、车辆报废、换电运营、维修更换等各类废旧动力电 池产生源头的规范管理，重点设计 ...

Group 1 - The core point of the news is the significant drop in lithium carbonate futures prices, with the main contract for May 2026 reaching 146,200 yuan per ton, hitting the daily limit down with a decline of 8.99% [1][2] - Major lithium-related stocks, including Tianqi Lithium and Ganfeng Lithium, experienced declines in their share prices, reflecting the impact of falling lithium carbonate prices on the market [1][3] - The trading volume for the main contract was reported at 340,600 lots, indicating active market participation despite the price drop [2] Group 2 - Tianqi Lithium's stock price decreased by 2.87% to 59.56 yuan, with a net outflow of 175 million yuan [3] - Ganfeng Lithium's stock price fell by 2.56% to 70.16 yuan, with a net outflow of 227 million yuan [3] - Other related stocks, such as Jiangte Motor and Tibet Mining, also saw declines in their stock prices, indicating a broader negative sentiment in the lithium sector [3]

Market Overview - Major indices opened higher but the Shanghai Composite Index turned negative. The power equipment and electronics sectors showed significant gains [1]. - The State Grid Corporation announced a record fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase compared to the previous plan [1]. Sector Performance - The semiconductor sector saw strong performance, with stocks like Pirey Co., Chip Source Micro, and Tianyue Advanced rising over 10% [2]. - The storage chip concept was robust, with stocks such as Jingce Electronics, Blue Arrow Electronics, and Baiwei Storage leading the gains [3]. Individual Stock Highlights - *ST Chengchang resumed trading and quickly hit the daily limit, marking 11 consecutive limit-up days. The company indicated that the commercial aerospace sector is still in its early stages, with uncertainties in satellite launches [4]. - Tian Sheng New Materials approached the daily limit after resuming trading, planning a private placement that would change its controlling shareholder [4]. - Zhi Te New Materials experienced a significant drop of over 19% after a rapid increase in stock price, indicating market overheating and a lack of involvement in AI or aerospace sectors [6]. New Listings and Financing - N Kema opened with a price increase of over 300%, focusing on the development and production of friction materials [7]. - Hengyun Chang initiated a public offering of 16.93 million shares at a price of 92.18 yuan, with a price-to-earnings ratio of 48.39 [8]. - As of January 15, the market's financing balance reached 2.70124 trillion yuan, marking a continuous increase over nine trading days, with notable net purchases in stocks like Zhongji Xuchuang and Lixun Precision [8][9]. Technical Indicators - A MACD golden cross signal has formed, indicating positive momentum in certain stocks [10].

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the shared electric bike sector in Hong Kong. The company has carved out a niche in the competitive market by focusing on the underserved county-level markets in China, but it faces significant challenges in terms of policy, market competition, operational compliance, and business growth [1][3][11]. Market Position and Strategy - As of September 2025, Songguo Travel has deployed over 450,000 shared electric bikes across 422 cities and counties in China, capturing an 18.7% market share in the county-level market, ranking first [1]. - Despite its success in county markets, Songguo Travel holds only a 6.6% share of the overall market, ranking fourth among competitors, with the top three companies holding market shares of 23.7%, 22.0%, and 21.7% respectively [3]. - The company plans to expand its operations into higher-tier cities starting in 2024, which will expose it to fierce competition from established players like Hello, Meituan, and Didi Qingju [3][4]. Operational Challenges - In higher-tier cities, Songguo Travel's bikes are less visible and have lower usage rates compared to competitors, leading to a decline in order volume despite an increase in bike deployment [4]. - The company faces significant barriers to entry in these markets, including strict regulations and total quantity controls imposed by local governments [4][6]. Regulatory Environment - The shared electric bike sector operates under a challenging regulatory framework, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on deployment [6]. - Songguo Travel's business model relies on operating in a "grey area" of local policies, with many of its deployed bikes lacking proper government approval [6][7]. Financial Performance - The company has shown signs of revenue stagnation, with total revenues of 953 million yuan and 963 million yuan for 2023 and 2024 respectively, and a slight decline in daily order volume from approximately 1.1 million to 1.01 million [10]. - Despite a slight profit of 26.4 million yuan in the first three quarters of 2025, the company acknowledges that maintaining profitability in the short term may be challenging [10]. - The company's valuation has decreased from a peak of 1.382 billion USD in 2021 to 996 million USD in 2025, reflecting a nearly 30% drop [10]. Competitive Landscape - Songguo Travel's unique value proposition lies in its localized operations in county markets, but it lacks the ecosystem synergies that larger competitors possess, which can leverage shared services to enhance user engagement [11]. - The upcoming IPO is seen as a critical step for the company to secure capital and address competitive pressures, but it faces numerous challenges from regulatory scrutiny and market competition [11].

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the shared electric bike sector in Hong Kong. The company has carved out a niche in the overlooked county market, but faces significant challenges in policy, competition, compliance, and growth as it seeks to expand into higher-tier cities [1][2][4]. Group 1: Market Position and Strategy - Songguo Travel has successfully penetrated the county market, holding an 18.7% market share in this segment, but its overall market share remains low at 6.6%, ranking fourth in the industry [1][2]. - The company plans to shift its focus to higher-tier cities starting in 2024, where it will face intense competition from established players like Hello, Meituan, and Didi Qingju [2][3]. - Despite increasing the number of bikes deployed, the company has experienced a decline in total order volume, attributed to its strategic pivot to higher-tier cities [3][4]. Group 2: Regulatory Environment and Compliance Issues - The shared electric bike sector is subject to stringent regulatory scrutiny, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on operations [4][5]. - Songguo Travel operates in a "grey area," with many of its 422 operational cities lacking formal agreements with local governments. The company has acknowledged that it has not secured necessary approvals in several locations [4][5]. - Reports of non-compliance, such as unregistered bikes and unauthorized deployments, have emerged, raising concerns about the company's operational legitimacy [4][6]. Group 3: Financial Performance and Growth Challenges - The company has shown signs of stagnation, with revenues of 9.53 billion yuan and 9.63 billion yuan for 2023 and 2024, respectively, indicating minimal growth. The first three quarters of 2025 saw revenues of 7.46 billion yuan [7]. - Despite an increase in the number of cities, bikes, and registered users, the daily order volume has decreased from approximately 1.1 million at the end of 2023 to about 1.01 million by September 2025 [7]. - The company's valuation has dropped significantly from 1.382 billion USD in 2021 to 996 million USD in 2025, reflecting a nearly 30% decrease amid a challenging market environment [7][8]. Group 4: Competitive Landscape and Market Perception - Analysts note that while Songguo Travel has unique value as a standalone player, it lacks the ecosystem advantages of larger competitors, which can leverage shared bikes as part of broader service offerings [8]. - The upcoming IPO is seen as a critical step for the company to secure capital and address competitive pressures, but it faces numerous challenges, including regulatory hurdles and market saturation [8].

多只银行股暴涨。 当地时间1月15日（周四），美股三大股指全线上涨，截至收盘，道指上涨0.60%，标普500指数上涨0.26%，纳指上涨0.25%。 大型科技股多数上涨，台积电涨超4%，英伟达涨超2%，AMD涨近2%，亚马逊、博通、Meta小幅上涨；谷歌A、苹果、微软、特斯拉小幅下跌。 消息面上，台积电发布的季度业绩显示，得益于人工智能硬件需求的持续强劲，公司利润增长显著超越市场预期。财报显示，2025年第四季度，台积电净 利润为5057亿新台币，同比增长35%，创出新高；公司合并营收为1.46万亿新台币，同比增长20.5%，市场预估为1.03万亿新台币；营业利润为5649亿新台 币，同比增长32.7%，市场预估5272.3亿新台币；营业利益率为54%，市场预估50.9%；毛利率为62.3%，同比提升3.3个百分点，市场预估60.6%。 台积电预计，2026年第一季度销售额为346亿美元至358亿美元，超出市场预估的332.2亿美元。预计2026年第一季度毛利率为63%至65%，超出市场预估的 59.6%。此外，台积电预计，2026年以美元计销售额将增长近30%。 银行股普涨，贝莱德、摩根士丹利涨近6%，高盛 ...

Group 1 - The People's Bank of China (PBOC) will lower the re-lending and re-discount rates by 0.25 percentage points starting January 19, 2026, with new rates set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year re-lending respectively [2] - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, indicating room for further reductions in reserve requirements [2] - The PBOC aims to support the commercial real estate market by lowering the minimum down payment ratio for commercial property loans to 30% [3] Group 2 - The total social financing stock was reported at 442.12 trillion yuan at the end of 2025, reflecting an 8.3% year-on-year increase [3] - The broad money supply (M2) reached 340.29 trillion yuan, with an annual growth rate of 8.5% [3] - The total amount of RMB loans increased by 16.27 trillion yuan in 2025, with a year-on-year growth of 6.4% [3] Group 3 - The Ministry of Commerce emphasizes the potential for cooperation between China and Canada in promoting economic globalization and trade liberalization [4] - The Ministry of Human Resources and Social Security aims to enhance the inclusivity and flexibility of enterprise annuity systems to cover more employees [4] - From January 1, 2026, to December 31, 2027, interest income from bonds obtained by foreign institutions in the domestic bond market will be temporarily exempt from corporate income tax and value-added tax [4][5] Group 4 - The Shanghai Futures Exchange announced adjustments to the margin requirements, price limits, and trading limits for tin futures [6] - Shenzhen's Industrial and Information Technology Bureau has launched an action plan to support the development of artificial intelligence One Person Companies (OPC) from 2026 to 2027 [6][7] - China Aerospace Science and Technology Corporation plans to enhance its operational capabilities and advance major projects such as manned lunar missions and deep space exploration in 2026 [7] Group 5 - SAIC Motor Corporation expects a net profit increase of 438% to 558% year-on-year for 2025 [8] - Saint Noble Bio anticipates a net profit increase of 204.42% to 280.53% year-on-year for 2025 [8] - *ST Aowei may face delisting due to its stock price falling below par value [8]