【导读】昨日股票ETF市场净流出1044亿元，沪深300指数为主方向 1月26日，沪指全天横盘震荡，贵金属板块逆市大涨，医药股集体走强，商业航天概念股调整。 在市场"降温"背景下，昨日股票ETF市场延续净流出态势，沪深300ETF净流出近700亿元，上证50ETF、中证500ETF、中证1000ETF等龙头产品也有百亿 元体量资金净流出。 与宽基ETF形成鲜明对比，行业主题ETF与商品ETF昨日净流入居前，化工、有色金属、半导体设备等行业主题ETF，以及黄金ETF等净流入居前。 昨日股票ETF市场净流出1044亿元 沪深300指数为主方向 数据显示，截至1月26日，全市场1316只股票ETF（含跨境ETF）总规模达4.45万亿元。在昨日股市震荡下跌行情中，股票ETF市场净流出资金达1044.37亿 元。 从大类型来看，昨日宽基ETF净流出居前，达1164.77亿元；规模变化方面，宽基ETF规模下降1238.06亿元。 具体到指数维度，昨日沪深300ETF净流出居前，达695.72亿元。其中，华泰柏瑞、易方达、华夏、嘉实基金旗下沪深300ETF合计净流出接近700亿元，4 只龙头产品净流出资金位居全市场前四强。 ...

站在2026年的全新起点，宏观环境的节奏如何把握？科技变革的机遇在哪里？如何在复杂多变的市场环境中精准布局、寻觅超额收益？ 近日，股票投资领先的多资产管理专家景顺长城基金举办"Alpha Insights" 2026年度投资策略会，会议汇聚了景顺长城投研团队众多骨干，以及景顺集团的 投资专家和券商分析师代表，他们共同分享对2026年投资的最新思考。 以下为本次论坛的主要观点摘录。 科技、出海、"反内卷"、内需等方向 蕴藏巨大的投资机会 景顺长城基金总经理康乐在开场致辞中指出，2025年，中国经济在外部不确定性中展现了韧性，工业、服务业与出口表现超预期，资本市场在政策护航与 科技产业驱动下，呈现向上生命力。 展望2026年，在积极宏观政策与逆周期调节力度加码的背景下，中国经济有望实现"十五五"良好开局。他认为，新一轮科技革命正以前所未有的深度和广 度重塑全球经济与产业格局，将为中国经济注入全新动能，科技、出海、内需等方向依然蕴藏巨大投资机会。 4. 红利资产。随着其他资产涨幅扩大，红利的配置价值与作为组合波动率稳定器的作用凸显。 对于海外市场，王勇对港股持乐观态度，对美股持中性观点，并关注欧洲与日本的财政扩张。 ...

Core Viewpoint - The market is expected to shift from "expectation speculation" in 2025 to "performance verification" in 2026, with a focus on structural opportunities despite potential volatility [1] Equity Market - The A-share market is anticipated to exhibit a range-bound pattern in 2026, supported by global liquidity easing and RMB appreciation, with an emphasis on structural opportunities [2] - Technology growth is identified as a key sector for the year, driven by the accelerating penetration of AI, which will boost demand across semiconductor equipment, materials, and storage [2] - Three main areas for investment are highlighted: 1. High-growth sectors including CPU and optical communication, alongside non-ferrous metals like copper, aluminum, gold, and rare earths, benefiting from strategic metal demand and supply constraints [2] 2. Recovery sectors such as aviation and tourism, showing signs of improvement, with low valuation stocks in chemicals and construction materials poised for significant price elasticity [3] 3. Thematic investments in commercial aerospace, solid-state batteries, and AR healthcare, with a focus on order fulfillment and revenue growth [3] - Precious metals are expected to continue their bull market, supported by central bank and ETF purchases, alongside safe-haven demand [3] Bond Market - The bond market is projected to experience a "low-level wide fluctuation" pattern, with a focus on defensive strategies and some flexibility [4] - Key factors influencing interest rate fluctuations include the pace of economic demand recovery, real estate risks, and inflation narratives [4] - Specific strategies for bond types include: - City investment bonds, where the pricing logic is shifting from "guaranteed repayment" to "state-owned enterprise credit," necessitating a focus on risk management [5] - Convertible bonds, where supply-demand mismatches create opportunities for stock selection and index enhancement [5] - REITs, which require careful selection for new issues and attention to secondary market pricing opportunities [5] Quantitative Strategy - The outlook for quantitative strategies in 2026 is optimistic, driven by liquidity, factor effectiveness recovery, and market rotation [6] - Sufficient liquidity is noted, with market trading volumes nearing 40 trillion, providing a conducive environment for quantitative strategies [6] - The return of factor effectiveness is expected to support stock selection and judgment, as corporate earnings are projected to recover [6] - Market rotation across themes such as technology and cyclical sectors is anticipated to create opportunities for excess returns through style rotation strategies [6]

来源：人民日报客户端、政事儿 据人民日报客户端消息，1月27日上午，中国科学院大学星际航行学院揭牌仪式在中国科学院与"两弹一星"纪念馆举行，标志该学院正式成立。中国科学 院战略高技术研究局局长朱俊强院士任星际航行学院院长。 未来10至20年，是我国星际航行领域跨越式发展的关键窗口期，原始创新基础研究和技术突破将重塑深空探索格局，深刻影响国家竞争力。成立星际航行 学院，是中国科学院大学抢占科技制高点任务、布局星际航行领域人才培养的关键举措，将为国家深空探测、空间科学研究等战略需求提供人才支撑。 2025年11月，中国科学院大学决定成立星际航行学院。学院将构建涵盖航空宇航科学与技术、行星科学等14个一级学科/专业类别的课程体系，在97门既 有课程基础上，新增22门核心课程，涵盖星际动力与推进原理、星际航行环境感知与利用、行星动力学与宜居性、星际社会学与治理等前沿方向，实现科 学、技术与应用深度融合。 教学实践方面，学院将依托怀柔科学城现有前沿科学、关键技术、战略应用3类平台，新建无人机智能巡飞模拟平台、空间科学卫星全流程教学实践平 台、星际航行天地协同实验教学与创新平台等6个特色平台，为学生提供沉浸式培养环境。 ...

据新华社消息，中国常驻联合国代表傅聪26日在安理会国际法治公开辩论会上作补充发言，回击美国代 表在发言中污蔑中国在南海所谓"扩张性非法声索"的错误言论。 白银，突发大跳水！特朗普出手，狂飙！ （原标题：中方：坚决反对，不得不做出严正回应） 来源：新华社 ...

Market Overview - US stock markets closed higher with the Dow Jones up 0.64% at 49,412.4 points, S&P 500 up 0.5% at 6,950.23 points, and Nasdaq up 0.43% at 23,601.36 points, reflecting positive investor sentiment amid recent economic data [1] - Major tech stocks saw mixed performance, with Apple and Facebook rising over 2%, Google up over 1%, and Microsoft nearly 1%, while Amazon, Nvidia, and Tesla experienced declines, with Tesla down over 3% [3][4] Corporate Bond Market - Despite the volatility caused by tariff threats from the Trump administration, investors are aggressively purchasing corporate bonds, leading to the lowest borrowing costs for blue-chip companies relative to US Treasuries this century [4] - Year-to-date, corporate borrowers have raised over $172 billion from the US investment-grade bond market, marking the fastest growth since 2020 [4] Tariff Announcement - President Trump announced plans to raise tariffs on various goods from South Korea to 25% due to the South Korean legislature's failure to ratify a previously agreed trade deal [5] - The tariff increase will affect products such as automobiles, timber, and pharmaceuticals, which were previously taxed at 15% [5] Commodity Prices - Gold and silver prices reached historic highs, with gold briefly surpassing $5,000 per ounce before settling at $5,040.1 per ounce, a decrease of 0.83% [6][7] - Silver prices saw a peak increase of over 10% during trading but later retracted, closing at $106.4 per ounce, down 7.88% [6][7] Natural Gas Prices - Natural gas prices surged over 40%, with near-month contracts breaking the $7 per million British thermal units mark for the first time since 2022 [8] - A significant winter storm across the US has led to a spike in heating demand and disrupted approximately 12% of the country's natural gas production [12]

Core Viewpoint - The article highlights concerns regarding misleading advertising practices by the company Baicaowei, particularly in the marketing of its nut gift boxes, which contain a significant amount of non-nut products, potentially violating consumer protection laws [1][6]. Group 1: Product Details - The "Baicaowei Nut Gift Box" weighs 958 grams, but includes only 33 grams of walnut kernels, with 660 grams being beverages and the remainder consisting of snacks [2][3]. - The 958-gram gift box is priced at 32.9 yuan, while a larger 1366-gram box is available for 39.9 yuan, containing less than 100 grams of nuts and 990 grams of beverages [2][3]. Group 2: Consumer Concerns - Consumers have raised questions about the appropriateness of labeling the product as a "nut gift box" when the majority of its contents are not nuts, suggesting potential consumer deception [5]. - Legal experts indicate that such marketing practices may constitute false advertising under the Anti-Unfair Competition Law of the People's Republic of China, as they mislead consumers regarding the product's primary ingredients [6]. Group 3: Legal Implications - The company's advertising may infringe upon consumer rights by failing to provide accurate information about the product's composition, particularly the low proportion of nuts [6]. - Consumers misled by the product's labeling may seek remedies such as refunds or compensation, and regulatory authorities could impose penalties for false advertising [6].

【导读】疯狂的白银 大家好啊，今晚继续关注海外市场的表现，白银，又涨疯了。 白银暴涨 1月26日晚间，现货白银涨势不止，向上触及112美元/盎司，日内一度涨超8%。纽约期银也一度突破112美元/盎司，日内涨超10%。 有分析师指出，本周白银的上涨，还受到华盛顿与欧洲盟友关系出现裂痕的推动；同时，结束俄乌战争的最新谈判尝试迄今未能取得 突破。对美联储独立性的挑战，也进一步点燃了避险买需。 ING集团大宗商品策略师Ewa Manthey表示："在政策不确定性加剧的背景下，美元走弱、实际利率下行，以及投资者对硬资产偏好增 强，共同强化了对白银的支撑。"她指出，相较黄金，白银波动更大——这既源于其市场规模更小，也与其兼具工业金属与投资金属的 双重属性有关，从而放大了近期行情的幅度。 与此同时，全球白银市场已连续五年处于供应缺口。随着白银价格不断走高，散户买盘持续涌入。 此外，在特朗普表示其已完成对下一任美联储主席候选人的面试后，贵金属也获得支撑——这一表态再度引发市场对央行独立性的担 忧。特朗普对美联储的再度抨击、对委内瑞拉的军事干预，以及"吞并"格陵兰岛的威胁，进一步助推所谓"货币贬值交易"（debasement ...

Core Viewpoint - Efort is planning to acquire equity in Shengpu through a combination of issuing shares and cash payment, with the transaction not expected to constitute a major asset restructuring or related party transaction [1][3][6]. Group 1: Transaction Details - Efort has signed a share acquisition intention agreement with the transaction counterpart, aiming to gain control of Shengpu [6]. - The company's stock will be suspended from trading starting January 27, 2026, for a period not exceeding 10 trading days [3][6]. Group 2: Financial Performance - Efort's 2025 annual performance forecast indicates an expected revenue of between 889 million and 950 million CNY, representing a year-on-year decline of 30.82% to 35.19% [6]. - The company anticipates a net loss attributable to shareholders of between 450 million and 550 million CNY for 2025, with losses expected to widen by 186.34% to 249.97% year-on-year [6]. Group 3: Company Background - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, primarily serving industries such as new energy and automotive electronics [5]. - Efort primarily engages in the research, production, and sales of core components, complete machines, and system integration for industrial robots [5].

美国政府又又又要"关门"了…… 另一家预测平台Kalshi上的同类合约同样显示，1月31日（联邦政府多数部门资金到期日）前发生政府关门的概率已急剧上升。 多位民主党参议院反对 去年12月，美国国会通过一项联邦政府临时拨款法案，结束了持续43天的美国联邦政府史上最长"停摆"。值得注意的是，临时拨款法案本月底到期，国会 必须在月底前通过新的拨款法案，否则许多联邦政府机构将再次"关门"。 此前，共和党占多数的国会众议院已通过政府拨款法案，但该法案仍需参议院审议批准。由于席卷美国大部分地区的暴风雪，参议院投票预计要到周二 晚间才能开始。 当地时间1月26日早盘，Polymarket的数据显示，押注美国政府在1月底前发生新一轮停摆的概率高达78%，而上周五这一概率还不到10%。Polymarket的数 据显示，相关押注的总交易量约为750万美元。 黄金、白银再度拉升 去年的美国政府"停摆"，造成数十万政府雇员被迫停薪，美国航空系统陷入半瘫痪，数千万民众面临断粮风险，正常生活和商业活动遭受严重冲击。"停 摆"更是冲击对美政治体系的信心，在国际上，美国信誉已然受损。 北欧两大养老金 正加速清仓美债，其中瑞典Alecta已抛 ...