方伟：医药板块或迎温和补涨重点关注CRO与器械领域 基金经理方伟对2026年医药板块的整体表现持偏乐观态度，认为板块有望迎来温和补涨行情。即将发布 的2025年年报和2026年一季报，将成为验证行业复苏节奏的重要窗口，后续或结合财报数据重新评估行 业发展节奏，而从当前来看，仍需持续紧密跟踪基本面的边际变化。 方伟表示，今年创新药板块内部的核心研究逻辑未发生明显改变，依旧围绕出海交易（BD）、重磅品 种关键数据披露以及国内未满足临床需求的靶点挖掘阿尔法收益。在创新药产业链中，方伟关注医药研 发外包（CRO）方向，尤其是以国内业务为主的药物研发外包企业，认为可考虑左侧布局覆盖全临床 试验环节的CRO上市公司，这类标的当前绝对估值或低于长期合理估值水平。同时，A股医药设备和器 械板块因具备较强的科技属性，研发费用率与创新药企业相近，或契合今年市场对科技主线的配置偏 好，也成为其重点关注的核心方向之一。 对于医疗器械赛道中的细分领域，方伟认为，脑机接口领域发展前景值得期待，未来潜在应用场景较为 丰富。待市场情绪逐步平复后，脑机接口领域或有望进入阿尔法选股阶段，成为机构更易参与的窗口 期。 金烨：周期板块表现分化优质化 ...

Core Viewpoint - The price of silver has been on an upward trend since 2026, reaching historical highs, which has significantly increased market demand for investment and collection of silver products [1][2]. Group 1: Silver Price Trends - As of January 23, 2026, spot silver prices have surpassed $99 per ounce, with a year-to-date increase of over 37% [1]. - The main silver futures contract in Shanghai has also broken through the 25,000 yuan per kilogram mark, setting new historical records [1]. - The surge in silver prices has led to a notable increase in customer traffic and transaction volume in markets dealing with silver coins and collectibles [1][2]. Group 2: Market Dynamics - Major banks, including Industrial and Agricultural Banks, are experiencing temporary shortages of silver products due to increased demand driven by rising silver prices [2]. - The frequency of transactions for physical silver products, such as silver coins and bars, has significantly increased in both the collection market and trading platforms [2]. - The investment attributes of silver coins, particularly the Panda silver coin, are influenced by both the price of silver and their collectible value, which can lead to confusion among investors [2][3]. Group 3: Investment Characteristics - The Panda silver coin has seen a price increase from approximately 200 yuan at the beginning of 2025 to 715 yuan by January 22, 2026, representing a cumulative increase of 257% [3]. - Younger investors tend to focus on the price alignment with silver prices, preferring lower premium coins, while older consumers often prioritize long-term collection [4][6]. - The dual attributes of the Panda silver coin—its value as a precious metal and its collectible nature—create complexities in investment decisions [6][8]. Group 4: Investment Strategies and Risks - Investors are advised to prioritize silver products with a strong alignment to silver prices and to be cautious of high premiums associated with collectible items [6][8]. - The market for silver coins is characterized by significant volatility, with prices influenced by both silver market trends and speculative trading [9][10]. - Experts recommend avoiding impulsive buying during price surges and suggest a more measured approach to investing in silver, including strategies like dollar-cost averaging [10].

新华财经北京1月23日电周五三大指数集体收涨，北证50指数大涨超3%。截至收盘，沪指报4136.16 点，涨0.33%，成交13369亿元；深证成指报14439.66点，涨0.79%，成交17484亿元；创业板指报 3349.50点，涨0.63%，成交8226亿元。沪深京三市成交额达到31184亿元，较上一交易日放量4017亿 元。 板块方面，光伏设备、能源金属、电池、有色金属、贵金属、珠宝首饰、非金属材料、风电设备板块涨 幅居前，保险板块逆市走弱。 盘面热点 盘面上，光伏概念爆发，隆基绿能、钧达股份、协鑫集成、明阳智能、拓日新能等30余股涨停。商业航 天概念反复活跃，十余只成分股涨停，金风科技、润贝航科、西部材料涨停。AI应用概念走高，浙文 互联4天2板。贵金属概念延续强势，白银有色4连板，中国黄金、豫光金铅涨停。医药商业概念表现活 跃，益丰药房涨停。下跌方面，保险、银行板块跌幅居前。 个股方面，全市场超3900只个股上涨，其中121只个股涨停。 消息面上 碳酸锂期货主力合约突破18万元／吨大关 广期所碳酸锂期货主力合约突破18万元／吨大关，涨幅6.5%，报180300元／吨，创2023年9月以来新 高。 ...

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新华财经北京1月23日电 新华500指数（989001）1月23日收盘上涨4.84点，涨幅0.09%，报5336.85点。 （文章来源：新华财经） 成分股方面，美畅股份、迈为股份、捷佳伟创、晶科能源收于约20%涨停，晶盛机电、容百科技、天合光能、蓝思科技、禾迈股份、先导智能涨逾10%，益 丰药房、明阳智能、隆基绿能、中国卫星、金风科技、爱旭股份、四维图新、福斯特、铜陵有色收于约10%涨停；深南电路、华峰化学、中国长城、中际旭 创、沪电股份等跌幅靠前。 新华500指数本周（2025年1月19日至1月23日）累计上涨0.41%。 走势上看，新华500指数（989001）23日早间小幅高开，指数盘初震荡上扬，早盘期间最高涨0.39%，此后呈宽幅整理态势，收盘时微幅上涨。 指数盘中最高触及5352.68点，最低触及5316.89点，成分股全天总成交额报11196亿元，总成交额较上一交易日小幅放量。 ...

Group 1 - The Sci-Tech Innovation 50 Index opened lower on January 23, followed by a narrow adjustment, and eventually closed with a slight increase of 0.78% at 1553.71 points, with a total trading volume of approximately 110.8 billion yuan [1] - The overall Sci-Tech Innovation Index rose by 1.85% to 1899.78 points, with a total trading volume of about 334.9 billion yuan [1] - On January 23, 600 stocks in the Sci-Tech Innovation Board saw an average increase of 2.28% and an average turnover rate of 3.87%, with a total trading volume of 334.9 billion yuan and an average fluctuation of 4.77% [1] Group 2 - In terms of individual stock performance, stocks such as Ruihua Technology, Laplace, Zhenlei Technology, and Jinko Solar reached their daily limit, showing significant gains [1] - Conversely, Jucheng Co. experienced a decline of 7.87%, marking the largest drop among the stocks [1] - In trading volume, Lanke Technology led with a total of 12.04 billion yuan, while ST Pava had the lowest trading volume at 1.258 million yuan [2] Group 3 - Regarding turnover rates, Aerospace Huanyu had the highest turnover rate at 22.28%, while Bairen Medical recorded the lowest at 0.18% [3]

Core Viewpoint - Mingyang Smart Energy has successfully listed its inter-institutional REITs on the Shanghai Stock Exchange, marking a significant milestone as the first inter-institutional REITs established by a private energy public REIT issuer in China [1][2]. Group 1: Company Developments - The listing of Mingyang Smart Energy's inter-institutional REITs creates a dual asset activation platform of "public REITs + inter-institutional REITs" for the company [1]. - The issuance scale of the inter-institutional REITs is 812.67 million yuan, attracting a diverse group of investors including insurance asset management, bank wealth management, and local state-owned capital [1]. - The underlying asset of the REIT is a 150MW wind farm located in Jingbian County, Yulin City, Shaanxi Province, which enhances the asset's scarcity [1]. Group 2: Industry Insights - The listing is seen as a significant step in promoting the multi-level REITs market construction strategy in China, aligning with the national "14th Five-Year Plan" [2]. - The inter-institutional REITs highlight the importance of "asset credit" and "equity attributes," providing a new equity financing channel for private energy enterprises by revitalizing existing assets [2]. - The collaboration between Mingyang Smart Energy and CITIC Construction Investment aims to enhance REITs professional service capabilities and support the construction of a multi-level REITs market in China, contributing to the energy structure transformation [2].

2025年我国PTA出口量382万吨，同比下跌14%，是近七年内PTA年度出口量首次下降，但仍然处于历史 次高水平。 2026年PTA出口或仍是机遇与阻力并存：一方面，国内一体化装置配套优势助力中国PTA出口；但另一 方面，国外PTA新产能投产、贸易壁垒等因素利空中国PTA出口。 具体来看，中国PTA企业开新停旧，行业整体成本优势进一步提升，利于中国PTA出口。印度市场的恢 复也短暂利好PTA出口，但2026年印度有125万吨/年、150万吨／年两套PTA装置计划投产。其中125万 吨产能可能3-4月试车，参考2025年土耳其新产能投产之后的市场变化，预估印度PTA新产能投产之 后，中国对印度的PTA出口量将再度下降。部分国家对中国PTA的贸易壁垒再现，虽然影响暂时有限但 需要关注后期是否有更多的类似情况出现。 另外部分国外买家递盘较低，导致出口PTA利润稀薄，将减弱中国PTA企业出口的积极性。 综上所述，关注印度PTA新产能的投产计划，在其PTA新产能投产之前，预估中国PTA出口整体乐观， 但在其新产能平稳运行之后，预估2026年下半年中国PTA出口量将明显回落。 （文章来源：新华财经） 2026年PTA出 ...

在1月20日至22日的调查中，所有83位经济学家都预测利率不变。约85%的经济学家（79位经济学家中 有67位）表示，利率将在2026年前保持不变。这一比例高于上月调查中的约75%，以及11月调查中的三 分之二。 在被问及管理委员会的下一步行动时，36位受访者中大多数人表示将是加息，而不是再次降息。 （文章来源：新华财经） 新华财经北京1月23日电路透调查显示，尽管今年年初动荡不安，但经济学家们对2026年欧元区经济增 长、通胀和利率的预测基本保持稳定。通胀率徘徊在欧洲央行2%的目标附近，预计将成为货币政策的 锚点。 据预测，欧洲央行将在2月5日的会议上连续第五次维持存款利率（目前也在2%）不变。 ...

新华财经北京1月23日电据商务部官网消息，1月22日至23日，全国市场运行和消费促进工作会议在北京 召开。会议总结2025年和"十四五"时期市场运行和消费促进工作，分析消费形势，交流经验做法，部署 2026年重点工作。商务部副部长盛秋平出席并讲话。 会议强调，2026年是"十五五"开局之年，做好市场运行和消费促进工作意义重大。各级商务主管部门要 坚持扩大内需这个战略基点，认真编制扩大消费"十五五"规划，坚持"政策+活动"双轮驱动，深入实施 提振消费专项行动，打造"购在中国"品牌，推进建设强大国内市场。推动商品消费扩容升级，提质增效 实施消费品以旧换新，促进汽车、家居等大宗消费。加快培育服务消费新增长点，释放服务消费潜力。 培育壮大新型消费，积极推进首发经济，发展数字消费、绿色消费、健康消费。创新多元化消费场景， 深化国际消费中心城市建设，推进国际化消费环境建设试点工作，大力发展离境退税。组织开展"购在 中国"城市专场和地方站活动，办好"乐购新春"春节特别活动，开展好有奖发票试点工作。做好生活必 需品市场监测和保供工作。 （文章来源：新华财经） 会议指出，2025年，各级商务主管部门认真贯彻落实党中央、国务院决 ...