【导读】本周43只新基金启动募集，权益类仍为主力军 中国基金报记者 天心 2026年1月最后一周，新基发行继续放量。 本周（1月26日—1月30日）五个交易日，新基金市场延续开年以来的红红火火，发行数量达到43只。权益基金仍为发 行主力军，FOF和"固收+"品种亦保持暖意。 本周43只新基金发行 在2026年1月份最后一周，周一（1月26日）仍是新基金发行的关键日，本周新发基金中有31只集中在周一发行，占比 超七成；周二、周三、周四各有5只、5只、2只新基金启动募集。 指数型股票基金有16只，股票ETF、普通指数基金各占6只，指数增强基金有4只，其中股票ETF和普通指数基金多为跟 踪行业细分指数的新基金，包括富国中证工业有色金属主题ETF、万家国证新能源车电池ETF、华宝中证光伏产业指 数、新华中证云计算50ETF联接等，指数增强基金则主要为中证500、沪深300、创业板、中证A500等宽基指数的增强 品种。 FOF同样暖意洋洋，本周有5只新品登台亮相，包括博时盈泰臻选6个月持有、南方稳源优选3个月持有、华富淳信稳健 3个月持有等，以目标风险FOF为主，稳健是主旋律，持有期集中在3个月和6个月。 此外，本周还 ...

Group 1 - The core point of the article is that Jumpshare Star has completed a B+ round financing of 5 billion yuan, setting a record for single financing in the large model sector over the past 12 months [1] - Jumpshare Star announced that Yin Qi has officially taken over as the chairman of the company, responsible for overall strategic direction and technological development [1] - Yin Qi has extensive experience in the AI field and will work with the core management team, including CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and CTO Zhu Yibo [1] Group 2 - Jumpshare Star aims to become one of the best companies in the foundation model field in China, focusing on matching talent, business models, and capital to achieve its mission [2] - The company’s business model revolves around the integration of AI or large models with terminal applications, targeting both B2B and B2C markets [2] - Yin Qi emphasizes the importance of talent density as fundamental to supporting the vision of AGI and the commercialization of the company’s goals [2]

（原标题：高估值赛道产品审批收紧，考验公募产品布局能力） 市场持续上涨、热点轮动，监管正逐步收紧对高估值赛道权益基金的审批。业内人士认为，此举将降低 同质化竞争以及单一赛道过度拥挤的风险，保护投资者利益。基金公司应顺应监管逆周期调节的导向， 提升产品布局能力。 "监管层通过动态调整产品注册节奏，从供给端实施逆周期调节，抑制非理性跟风投资，是为了更好保 护投资者的利益，构建更有利于长期投资的市场环境。"王铁牛称。 在南开大学金融学教授田利辉看来，热门赛道基金审批节奏调整，其核心逻辑是"逆周期调节"与"投资 者适当性管理"的深度融合。 "当前，部分科技创新赛道估值已处于历史较高分位，资金若在情绪高点通过新发基金集中涌入，极易 催生局部泡沫，加剧市场波动。"田利辉指出，监管此举的目的是主动平抑这种"顺周期"募资冲动，防 止行业"产品供给"与"价值发现"基本功能的错位。从更深层看，这也是从源头治理"风格漂移"等顽疾， 引导行业从追逐短期热点的"题材驱动"，回归遵循契约精神的"策略驱动"。 公募应提升逆周期产品布局能力 受访人士认为，监管从产品供给端着手进行逆周期调节，有利于抑制同质化竞争，降低单一赛道过度拥 挤的风险 ...

Market Overview - The A-share market opened higher on January 26, with the Shanghai Composite Index up 0.41%, the Shenzhen Component Index up 0.05%, and the ChiNext Index down 0.36% [1] - The Hong Kong market saw the Hang Seng Technology Index drop over 1%, with companies like Xiaopeng Motors, Kuaishou, and Bilibili falling more than 3% [1] Precious Metals Sector - The precious metals sector continued its strong performance, with stocks like Hunan Gold and Shengda Resources hitting the daily limit, and Yuguang Gold Lead achieving two consecutive limits [3] - Key stocks in the precious metals sector included: - Hunan Gold: 10.02% increase - Shengda Resources: 10.01% increase - Yuguang Gold Lead: 9.98% increase [4] Basic Metals Sector - The basic metals sector also saw gains, with New Weiling rising over 14% and several other stocks like Yongjie New Materials and Xingye Silver Tin hitting the daily limit [5] - Notable performances included: - New Weiling: 14.44% increase - Yongjie New Materials: 10.01% increase - Xingye Silver Tin: 9.80% increase [6] Solar Energy Sector - The solar energy sector opened significantly higher, with stocks like Oputai rising over 25% and Dongfang Risen achieving a 20% limit [9] - Key stocks in the solar sector included: - Oputai: 25.86% increase - Dongfang Risen: 19.99% increase - Tuo Ri New Energy: 10.07% increase [10] News Impact - Spot gold prices broke through $5080 per ounce, reaching a new high, while the Shanghai Futures Exchange silver contract hit a limit, currently priced at 27,634 yuan per kilogram, up 14.55% [7] - Elon Musk announced at the Davos Forum that SpaceX and Tesla plan to build a total of 200GW of solar capacity in the U.S. over the next three years, with each company contributing 100GW [11]

【导读】高估值赛道审批逆周期调节，考验公募产品布局能力 市场持续上涨、热点轮动，监管正逐步收紧对高估值赛道权益基金的审批。业内人士认为，此举将降低 同质化竞争以及单一赛道过度拥挤的风险，保护投资者利益。基金公司应顺应监管逆周期调节的导向， 提升产品布局能力。 高估值赛道产品审批收紧 数据显示，过去一年，有31只AI主题基金申报但仍处于待审批状态，有15只提交申请材料超3个月未受 理，其中，1只产品早在去年2月就提交了材料；在半导体、机器人主题产品中，约20%的产品上报超3 个月未受理。 王铁牛表示，这一政策导向将产生三重利好：一是引导资金从短期博弈转向长期价值投资，避免高收 益、高风险产品扎堆引发负反馈；二是优化资源配置，降低同质化竞争对新兴产业的挤压作用，推动资 金流向有业绩且估值较低的领域；三是通过风险等级动态调整，强化投资者适当性管理，降低盲目追涨 导致的亏损风险。 田利辉表示，这一审慎举措短期内是为市场"降躁"，长期看是为行业"固本"。最直接的利好是保护了投 资者。对于市场，此举有助于降低单一赛道过度拥挤带来的系统性风险，推动资源配置更广泛、估值更 合理的领域，提升资本市场服务实体经济的均衡性与韧性。 ...

Core Viewpoint - Ba Yi Steel is facing significant financial challenges, with projected net assets for the end of 2025 expected to be between -1.95 billion and -1.76 billion yuan, which may trigger delisting risk warnings from the Shanghai Stock Exchange [2] Financial Performance - The company anticipates a net profit attributable to shareholders of -2.05 billion to -1.85 billion yuan for 2025, with non-recurring net profit expected to be between -2.10 billion and -1.90 billion yuan [2] - For the first three quarters of 2025, Ba Yi Steel reported a net profit of -572 million yuan, indicating a projected fourth-quarter loss of -1.48 billion to -1.28 billion yuan, compared to a loss of 307 million yuan in the same period last year [2] - The company's net assets were reported at -476 million yuan as of September 30, 2025, following a profit of 125 million yuan in the third quarter [2] Industry Context - The steel industry is currently undergoing a "reduction in quantity and optimization of stock" adjustment period, characterized by weak supply and demand, tightening environmental policies, and price discrepancies between raw materials and steel [3] - The company is experiencing operational pressures due to regional market challenges, including low production efficiency in winter and imbalances in supply and demand, compounded by homogeneous competition and ineffective capacity utilization [3] Strategic Response - In response to its financial difficulties, Ba Yi Steel aims to enhance its risk resilience and development capacity through a comprehensive strategy focused on cost reduction, quality improvement, market expansion, and transformation [5] - The company plans to strengthen cost control, accelerate inventory turnover, and secure profits from forward orders, while also optimizing production efficiency and expanding market channels, particularly in Central Asia and the Northwest region [5]

【导读】现货黄金突破5030美元关口，再创历史新高 朋友们，今天一睁眼，黄金又双叒叕创历史新高了。 | 10.00 | LU.40 | J.JU | 11:10 | 11.UV | | | | --- | --- | --- | --- | --- | --- | --- | | 总量:1.61万 | | | | | 18:38 5023.5 | 2 | | | | | | 2507 | | | | | | | | | 18:38 5023.5 | 7 | | | | | | | 18:38 5023.3 | o | | | | | | 1254 | | | | | | | | | 18:38 5023.4 | 2 | | | | | | K | | | 白银方面，现货白银首次突破100美元！最高价报106.541美元/盎司，创历史新高。 截至发稿，现货白银报104.85美元/盎司。 今早，现货黄金直线冲高，最高达5036.23美元/盎司，再创历史新高。 截至记者发稿，现货黄金报5033.63美元/盎司，日涨幅达0.91%。 | | | 1:51 | 5034.000 | U | | --- | --- | ...

Core Viewpoint - The 2026 Beijing International Commercial Aerospace Exhibition showcased leading private commercial aerospace companies, highlighting advancements in reusable rocket technology and satellite communication capabilities in China [1][2]. Group 1: Company Developments - Blue Arrow Aerospace presented the world's first continuously successful liquid oxygen-methane rocket, the Zhuque-2, and the Zhuque-3 model, which has completed China's first reusable rocket orbital launch verification [2][3]. - Galaxy Aerospace showcased its flexible solar wing technology and the Lingxi-03 satellite model, which is designed for mobile direct connection, aiming to compete with SpaceX's Starlink [2][3]. - Zhongke Aerospace displayed its reusable spacecraft, the Lihong-2, which is intended for space tourism, indicating advancements in safe travel between Earth and space [3][6]. Group 2: Market Trends - The global commercial aerospace IPO market is accelerating, with significant advancements in satellite manufacturing and rocket launch capabilities led by companies like SpaceX and Blue Origin [4][5]. - In the U.S., Rocket Lab, which went public in 2021, reported a revenue of $436 million in 2024, marking a 78% year-over-year increase, with a current market valuation of $47.4 billion [5][6]. - Blue Arrow Aerospace is progressing rapidly towards its IPO, having entered the "inquired" stage as of January 22, 2026, with its application for the Science and Technology Innovation Board accepted on December 31, 2025 [6].

大家好，简单关注一下美国、日本联手干预日元的消息。 周末，日元汇率大约在159附近徘徊，随后出现剧烈反转大幅走强，涨至四周高点155.7，日内涨超 1.6%。 她周日在辩论中表示："作为首相，我不应对本应由市场决定的事项发表评论，但对于投机性与高度异 常的波动，我们将采取一切必要措施予以应对。" 随后市场猜测不断升温，认为日本当局可能正准备入市干预外汇，以遏制日元下跌，甚至可能罕见地获 得美国协助。 Pepperstone高级研究策略师迈克尔·布朗表示："汇率询价通常是采取行动前的最后一次警告。高市政府 对投机性外汇波动的容忍度，似乎远远低于前任政府。" 所谓"汇率询价"，是指官方向交易商询问：如果当局入市交易，他们可以拿到什么价格。这是一种货币 当局用来释放"已准备入市"的信号工具。 随着日元逼近"1美元兑160日元"，交易员一直对日本当局可能出手干预保持警惕。 分析人士表示，美国货币当局介入原本被视为"日本方面事务"的情况并不常见，但并非没有先例。 这类询价往往被视为对交易员的警告：当局认为日元交易走势过度，并准备通过直接在市场上买入或卖 出以影响汇率。通常在波动率明显上升、单靠口头喊话难以压制市场时，这 ...

（原标题：大反转！日本、美国突然联手干预日元） 随后市场猜测不断升温，认为日本当局可能正准备入市干预外汇，以遏制日元下跌，甚至可能罕见地获 得美国协助。 大家好，简单关注一下美国、日本联手干预日元的消息。 周末，日元汇率大约在159附近徘徊，随后出现剧烈反转大幅走强，涨至四周高点155.7，日内涨超 1.6%。 消息面上，纽约联邦储备银行对美元/日元汇率进行了"汇率询价"（rate check）。 分析人士表示，美国货币当局介入原本被视为"日本方面事务"的情况并不常见，但并非没有先例。 这类询价往往被视为对交易员的警告：当局认为日元交易走势过度，并准备通过直接在市场上买入或卖 出以影响汇率。通常在波动率明显上升、单靠口头喊话难以压制市场时，这类询价更可能出现。 此外，日本首相高市早苗在日元走弱、国债收益率飙升之际，再次向金融市场发出警告，称政府已准备 好采取行动。 她周日在辩论中表示："作为首相，我不应对本应由市场决定的事项发表评论，但对于投机性与高度异 常的波动，我们将采取一切必要措施予以应对。" 分析人士称，这一举动可能触发美元迅速下跌，并可能表明在美元兑日元持续强势了数周之后，美日两 国货币当局或许正在 ...