Market Overview - The U.S. stock market showed mixed results with the Dow Jones index falling by 0.58% to 49,098.71 points, while the S&P 500 index rose by 0.03% to 6,915.61 points, and the Nasdaq index increased by 0.28% to 23,501.24 points [1] - For the week, the Dow Jones index declined by 0.58%, the S&P 500 index fell by 0.35%, and the Nasdaq index decreased by 0.06% [2] Geopolitical and Economic Factors - The U.S. House of Representatives passed a budget bill for fiscal year 2026, which was signed by President Trump, reducing the risk of a government shutdown at the end of January [4] - However, due to a snowstorm, the Senate postponed a vote on a temporary spending bill, and a consensus with the House must be reached by January 30 to fully mitigate shutdown risks [4] - The Trump administration announced a 25% tariff on all countries trading with Iran, which has heightened geopolitical tensions and may increase market risk aversion [4] - U.S. inflation expectations for January were lower than anticipated, and the manufacturing PMI preliminary value was slightly below expectations, while the services PMI preliminary value remained stable, indicating a mixed economic recovery [4] Company Performance - Intel, a major chip manufacturer, experienced a significant drop of 17%, closing at $45.085, with a total market capitalization of $225.2 billion [5] - Intel's quarterly earnings report indicated a weak performance outlook, with CEO Pat Gelsinger stating that the company could not meet market demand for its products and that production yields were below expected targets [6] - Citigroup lowered Intel's target stock price from $50 to $48 [7] Precious Metals Market - Precious metals continued to surge amid geopolitical tensions and a weak U.S. dollar, with gold prices reaching a historic high of over $4,990, marking an increase of over 8% for the week [8] - Silver and platinum also hit record highs, with weekly gains exceeding 14% and nearly 19%, respectively [8] - As of the latest data, COMEX gold was up 1.42% at $4,983.1 per ounce, COMEX silver rose by 7.15% to $103.26 per ounce, and spot platinum increased by 2.7% to $2,704.3 per ounce [9]

来源：新华社 （原标题：中国足协宣布聘任决定） 中国足协再度聘任范普维尔德担任技术总监 范普维尔德曾在2018年底受聘成为中国足协首位外籍技术总监，并于2022年6月因个人原因不再与中国 足协续约。 他还曾担任比利时足协技术总监、摩洛哥足协技术总监等职务，在国家足球技术发展总体设计、男女足 国家队建设、青少年足球发展、教练员培养等方面具有丰富经验。 中国足协表示，范普维尔德未来将重点聚焦中国足球技术发展路线设计、国家队技战术水平提升、青训 体系顶层设计、教练员培养体系完善、技术发展国际事务联络及天赋青少年球员海外发展等领域。 中国足协23日宣布，根据中国足球中长期技术发展的规划，以及协会工作实际需要，再次聘任比利时人 克瑞斯·范普维尔德担任中国足协技术总监。 图源：中国足协微博 ...

【导读】白银还在涨！ 白银去年上涨约147%，主要受强劲需求、金属精炼产能扩张受限，以及市场持续供给短缺推动。 分析师表示，地缘政治紧张、美元整体偏弱、以及市场对美联储今年将转向宽松的预期，都是宏观层面去美元化趋势的一部分，并仍在影响黄 金需求。"白银的基本面叙事比黄金更有说服力……或许它不像黄金那样是储备资产，但它同样受益于避险资金流入以及美元走弱"。 英特尔股价暴跌 23日晚间，美股三大指数涨跌不一。道指下跌，纳指以及标普500指数上涨。 兄弟姐妹们啊，今晚又见证历史了。 白银突破100美元/盎司整数关口 1月23日晚间，纽约白银期货、伦敦现货白银双双突破100美元历史性关口！ 陈立武在采访中表示，需求"相当强劲"，公司正在全力解决制造问题。但他也指出，英特尔在第四季度消耗了大量库存。 陈立武说："我们的良率和制造生产水平没有达到我的标准，我们需要改善。" 此前英特尔一直处在华尔街乐观情绪推动的上涨浪潮中。近几个月投资者大量买入，押注新产品将进一步改善财务表现。英特尔还获得了美国 政府、英伟达以及软银集团等高关注度投资。 Wedbush Securities分析师Matt Bryson表示："市场对英特尔 ...

Group 1 - Longyun Co., Ltd. plans to acquire 58% equity of Yuheng Film and Television Group through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [2][5] - The stock of Longyun Co., Ltd. will be suspended from trading starting January 26, with a closing price of 17.85 yuan per share and a total market value of 1.666 billion yuan as of January 23 [2] - The shareholders of Yuheng Film and Television include Shanghai Bingchang Enterprise Management Center (57.55%), Longyun Co., Ltd. (42%), and Duan Zekun (0.45%) [5][7] Group 2 - The acquisition aims to enhance Longyun Co., Ltd.'s content marketing resources, leveraging Yuheng Film and Television's capabilities in content production and various media formats [8] - Longyun Co., Ltd. reported a 26.42% increase in revenue to 373.03 million yuan for the first three quarters of 2025, but a significant decline in net profit by 2569.94% to -65.06 million yuan [8][9] - The company is currently facing challenges with "increased revenue but decreased profit," attributed to intensified competition, declining gross margins, and rising expenses [11]

Group 1 - Longyun Co., Ltd. plans to acquire 58% equity of Yuheng Film and Television Group through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [1][3] - The stock of Longyun Co., Ltd. was suspended from trading starting January 26, with a closing price of 17.85 yuan per share and a total market value of 1.666 billion yuan as of January 23 [1] - The shareholders of Yuheng Film include Shanghai Bingchang Enterprise Management Center (57.55%), Longyun Co., Ltd. (42%), and Duan Zekun (0.45%) [3] Group 2 - Longyun Co., Ltd. signed a cooperation intention agreement with Shanghai Bingchang and Duan Zekun on January 23, aiming to make Yuheng Film a wholly-owned subsidiary after the acquisition [5] - The major shareholder of Shanghai Bingchang is Duan Peizhang, who is also the controlling shareholder of Longyun Co., Ltd., indicating a close relationship between the parties involved [5] Group 3 - Longyun Co., Ltd. is currently facing a "revenue growth without profit" situation, with a 26.42% year-on-year increase in revenue to 373 million yuan for the first three quarters of 2025, while the net profit attributable to shareholders decreased by 2569.94% to -65.06 million yuan [8][10] - The company’s revenue for the reporting period was 117.11 million yuan, reflecting a 32.07% increase compared to the same period last year [9]

Group 1 - Wang Huaiqing has been elected as the new chairman of Huatai Securities, with a term of three years starting from the board's approval date [5][6] - The board also approved a capital increase of up to 9 billion HKD for its wholly-owned subsidiary, Huatai International Financial Holdings, to support overseas business development [2][10] - The new board and executive team have been established, with key positions filled, including Jiang Xiaoyang as chairman and Zhu Qian as general manager of Huatai Asset Management [11][12] Group 2 - Wang Huaiqing has extensive experience in finance and state-owned enterprise management, having worked in various roles within the Jiangsu provincial government and financial institutions [5][6] - The new board's specialized committees have been formed, with Wang Huaiqing serving as the chair of the Development Strategy Committee [7][8] - The executive team includes experienced members who have long served within the company, ensuring a deep understanding of its culture and business model [12] Group 3 - Huatai Securities is accelerating its internationalization strategy, with the capital increase for Huatai International seen as a significant step in enhancing its global business footprint [10] - The asset management division reported a revenue of 1.21 billion CNY and a net profit of 713 million CNY in the first half of 2025, with a management scale of 627.03 billion CNY, reflecting a year-on-year growth of 23.92% [12]

【导读】王会清当选华泰证券新任董事长 来源：中国基金报 记者 孙越 同日，华泰证券资管也发布公告，新任董事长和总经理人选正式敲定，由江晓阳担任董事长，朱前担任 总经理。 1月23日晚间，华泰证券第七届董事会第一次会议决议出炉，会议同意选举王会清为公司第七届董事会 董事长，董事会及高管团队亦完成换届。此外，董事会同意向全资子公司华泰国际金融控股有限公司增 资不超过90亿港元，以支持境外业务发展。 王会清当选新任董事长 今日晚间，华泰证券发布公告，选举王会清为公司董事长，任期自本次董事会审议通过之日起三年。 从过往履历看，王会清在江苏国资体系内深耕十余年，具有丰富的金融和国企管理经验。公开信息显 示，王会清出生于1970年2月，江苏射阳人，拥有财政学专业、法律硕士学位，注册会计师，律师资格 （通过国家司法考试）等专业资质。他自1992年起参加工作，曾先后在江苏省财政厅、工商局、国资委 等机关任职。 值得关注的是，华泰证券首席执行官周易获得续聘，继续担任公司首席执行官及执行委员会主任。周易 自2019年起担任该职务，其间推动了华泰证券科技赋能和数字化转型战略的实施。 2009年9月起，王会清进入江苏省国际信托有限责 ...

Core Viewpoint - Longyun Co., Ltd. plans to acquire 58% equity of Yuheng Film and Television Group through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [1][2]. Group 1: Acquisition Details - Longyun Co., Ltd. announced on January 23 that it intends to purchase 58% of Yuheng Film and Television's equity, leading to Yuheng becoming a wholly-owned subsidiary [4]. - The shareholders of Yuheng Film and Television include Shanghai Bingchang Enterprise Management Center (57.55%), Longyun Co., Ltd. (42%), and Duan Zekun (0.45%) [2][4]. - The transaction involves related parties, as Duan Peizhang, the controlling shareholder of Longyun, is related to Duan Zekun [4]. Group 2: Business Context - Longyun Co., Ltd. is currently engaged in digital marketing, advertising agency services, and liquor sales, with Yuheng Film and Television expected to enhance its content marketing resources [6]. - Yuheng Film and Television's business includes investments, production, promotion, distribution, and content marketing across various media formats, including TV dramas and films [6]. - The acquisition aims to leverage Yuheng's content production capabilities to improve Longyun's marketing services and accelerate its business transformation [6]. Group 3: Financial Performance - For the first three quarters of 2025, Longyun Co., Ltd. reported a revenue increase of 26.42% to 373 million yuan, while the net profit attributable to shareholders decreased by 2569.94% to -65.06 million yuan [6][9]. - The decline in net profit is attributed to intensified competition, a decrease in gross margin, and increased expenses [9].

中国基金报记者 忆山 公募基金业绩比较基准新规正式落地！ 1月23日，中国证监会发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》）。 直击行业痛点 有利于提升投资者获得感 业绩比较基准是管理人基于产品定位和投资目标而为基金设定的业绩参考标准，一般由指数、合约价格、利率等要素构成，是基金合同的基本要素。从功 能作用看，业绩比较基准是基金投资的"锚"和"尺"，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等重要作用。 但当前我国公募基金在业绩比较基准方面还存在以下问题： 一是法规制度缺乏专门性、系统性的规定，仅在信息披露、特殊产品设计等监管规则有零散要求，约束力不强。 二是多数管理人尚未建立覆盖业绩比较基准的全链条内控机制，托管、销售等机构也未有效监督和使用基准。 三是部分主动管理权益类基金业绩大幅偏离业绩比较基准，个别产品甚至出现"风格漂移"，对投资者获得感造成较大影响。 业内人士表示，《指引》通过强化基准约束，直击"风格漂移""基金盲盒"等行业痛点，有利于公募基金行业回归长期价值投资，提升投资者获得感。 突出业绩比较基准的表征作用 《指引》共六章二十一条，分为总则、基准 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) announced adjustments to the trading rules for nickel, lead, and zinc futures, effective January 27, 2026, which includes changes to price limits and margin requirements [1][4]. Group 1: Adjustments to Futures Contracts - Nickel futures will have a price limit adjustment to 10%, with the margin for hedging positions set at 11% and for general positions at 12% [4][5]. - Aluminum, lead, and zinc futures will see their price limit adjusted to 8%, with hedging margin at 9% and general margin at 10% [4][5]. - Stainless steel futures will have a price limit of 6%, with hedging margin at 7% and general margin at 8% [4][5]. Group 2: Market Reactions and Implications - Following the announcement, nickel prices surged nearly 4% in the afternoon session, influenced by Indonesia's potential approval of a significant nickel ore production quota of approximately 260 million tons by 2026 [5][7]. - Nickel has been notably absent from the recent bull market in non-ferrous metals, with only a 3% increase since the beginning of 2024, contrasting sharply with gains in precious metals and other industrial metals [7]. - The cancellation of export tax rebates for certain lithium battery materials starting April 1, 2026, is prompting companies in the ternary materials sector to adjust production schedules, anticipating a surge in exports in the first quarter [7]. Group 3: Strategic Developments in Trading Rules - The adjustments to trading rules are part of a broader initiative to enhance the linkage between spot and futures markets, aiming to align SHFE's regulations more closely with international exchanges like LME and CME [8]. - The increase in price limits is intended to provide more room for market sentiment while the higher margin requirements are expected to raise speculative costs, potentially leading to a shift of short-term funds towards industrial clients and professional institutions [8].