Core Viewpoint - BlackRock warns that the market is significantly underestimating the persistent inflation risks in the US and UK, which will hinder central banks' ability to cut interest rates [1] Group 1: Investment Strategy - BlackRock Tactical Opportunities Fund has been selling US and UK government bonds since the end of last year due to anticipated persistent inflation pressures [1] - Fund manager Tom Becker has increased short positions in long-dated US Treasuries and UK government bonds, indicating a belief that inflation will remain high [1][2] Group 2: Market Consensus and Divergence - The current market consensus is based on the expectation that prices will eventually decline, allowing for interest rate cuts, with traders pricing in approximately 50 basis points of cuts by the end of the year [2] - Becker's short-selling actions highlight a divergence between institutional investors and mainstream market views, suggesting that the market may be overly optimistic about the path of inflation [3] Group 3: Bond Yield Analysis - The 10-year US Treasury yield is currently at 4.2%, which is lower than the 4.8% high reached in January, indicating that existing yield levels may not be attractive enough given the current inflation outlook [3] - In the UK, government bond yields have significantly decreased, nearing their lowest levels in over a year, but Becker warns that high wage levels may prevent inflation from returning to the Bank of England's 2% target [6] Group 4: Inflation Challenges - Becker suggests that the challenges of inflation in the UK may not be as resolved as recent rebounds in the market imply, indicating that optimism in the UK bond market may be premature [7]

"不允许他们这样做——戴蒙所做的，他不被允许这样做。" 摩根大通回应称，公司遵循联邦规则，这些规则要求银行"关闭给公司带来法律或监管风险的账户"。 该行与其他银行一样，在2021年特朗普支持者攻击国会大厦后数周内撤回了对特朗普的业务支持。摩根 大通表示支持特朗普政府近期完善相关法律、防止"银行业被武器化"的努力。 这起诉讼标志着特朗普与华尔街关系的最新裂痕。在特朗普的减税和放松监管政策为美国银行业带来史 上最赚钱的年份之一后，他本月对金融机构发起一连串攻击，其中包括要求大幅削减信用卡利率至可能 严重损害盈利的水平。而戴蒙作为业界元老级人物，长期在华尔街与白宫之间充当和事佬角色，如今却 成为总统的起诉对象。 "去银行化"指控与监管博弈 这起诉讼由律师Alejandro "Alex" Brito发起，他此前曾协助特朗普起诉多家媒体机构。诉状指称，戴蒙 及其领导的这家"觉醒"（woke）华尔街机构在特朗普首个任期结束后，出于政治动机切断了与其商业 帝国的联系。 作为回应，摩根大通指出其遵循的是旨在规避声誉风险的联邦规则。此前，特朗普政府监管机构货币监 理署（OCC）在前署长Jonathan Gould的领导下曾发现 ...

Core Insights - The competition in high bandwidth memory (HBM) technology is intensifying, with major storage chip manufacturers accelerating their focus on customized HBM4E solutions [1] - Samsung Electronics is significantly increasing its R&D investment, aiming to complete the design of its customized HBM4E by mid-2026, indicating a shift from standardized products to high-performance customized solutions [1] - The industry anticipates that HBM4E will be launched in 2027, followed by HBM5 in 2029, as major manufacturers like SK Hynix and Micron are also progressing on similar timelines [1][4] Group 1: Samsung's Strategy - Samsung has established dedicated teams for both standardized and customized HBM designs and has recently hired 250 engineers specifically for customized projects, targeting major tech clients like Google, Meta, and NVIDIA [1] - Samsung is currently in the backend design phase of HBM4E, which constitutes 60% to 70% of the overall design cycle, focusing on physical design after the RTL logic development [3] - The company plans to utilize a 2nm process for its customized HBM, aiming for higher performance, following the 4nm process used for its current HBM4 logic die [3] Group 2: Competitors' Approaches - SK Hynix and Micron are relying on deepening their collaboration with TSMC to address the challenges of customization, with both companies expected to complete their customized HBM4E development around the same time as Samsung [4] - SK Hynix is working closely with TSMC to develop next-generation HBM logic dies and is adopting a 12nm process for mainstream server logic dies, upgrading to a 3nm process for high-end designs [4] - Micron has commissioned TSMC to manufacture its HBM4E logic dies, aiming for production in 2027, but is facing structural disadvantages due to its decision to stick with existing DRAM processes [4]

Core Insights - The Chinese commercial space industry is entering a critical development phase, with 2026-2027 identified as a key validation window for medium to large liquid rocket companies, marking the first flights of several rockets and the practical testing of reusable technology [1][3] - The demand for satellite internet and the need for cost-effective launch capabilities are becoming core competitive advantages, with companies needing to achieve a payload capacity of at least 2.8 tons for profitability in near-polar orbits [1][4] - Engine technology advancements, particularly full-flow staged combustion and 3D printing, are seen as the most certain investment logic within the industry [1][5] Group 1: Market Dynamics - The transition from small solid rockets to medium and large liquid reusable rockets is causing profound changes in the supply chain, with core components like 3D printing and large tanks gaining market attention due to their reliability and cost-effectiveness [2] - The success record and payload capacity of commercial rockets are fundamental standards for assessing their commercial value, with a shift towards liquid rockets and reusable technology driven by large-scale satellite networking demands [3][4] Group 2: Technical Developments - The engine evolution is trending towards higher thrust and full-flow staged combustion, with current engines primarily using gas generator cycles, while future designs are expected to adopt more efficient technologies [5][8] - The demand for increased payload capacity is pushing the need for engines with thrust levels reaching 120 tons, and companies are exploring innovative recovery methods to reduce costs [4][5] Group 3: 3D Printing Impact - 3D printing has become a core production capability in commercial aerospace, significantly reducing production cycles and weight, with over 60% of parts in new rocket engines being produced through this technology [9][10] - The Chinese 3D printing market is projected to reach approximately 41.5 billion yuan in 2024, with the aerospace sector accounting for about 16.7% of this market [9][10] Group 4: Structural and Control System Innovations - Rocket structural components are evolving towards larger sizes to meet increased payload demands, with materials like stainless steel and carbon fiber composites being adopted to reduce weight and costs [12] - The control systems are also being upgraded to meet the high-frequency launch requirements of commercial space, with a shift from traditional electric servos to electromechanical hydraulic systems [12]

中国人寿公告宣布重大股权投资计划。 中国人寿保险股份有限公司（以下简称"中国人寿"）于2026年1月23日发布重要公告称，公司拟作为有 限合伙人，与多方共同设立一家合伙企业。 这意味着，这家"寿险巨无霸"正在拓展其在战略性新兴产业的投资布局。组建专业架构的合伙企业 根据公告，中国人寿、浦东创投、国投先导及国寿基础（各方均作为有限合伙人）拟与创智和瑞（作为 普通合伙人）及领智盈上海（作为特殊有限合伙人）订立合伙协议，借以成立合伙企业。 该基金主要通过参股型直接股权投资方式，投资于成长期企业或战略新兴产业，投资领域主要为人工智 能、集成电路和生物医药三大先导行业中的科技创新企业。公告特别指出，拟投资于人工智能领域的比 例不低于实缴出资额的70%。设立双委员会治理机制 在治理结构方面，合伙企业将设立投资决策委员会和投资顾问委员会。投资决策委员会由七名委员组 成，由管理人国寿资本委派。投资顾问委员会由五名委员组成，中国人寿、浦东创投、国投先导、领智 盈上海及国寿资本将各委派一名委员。界定为需申报的关联交易 中国人寿在港股公告中说明了本次交易的性质。集团公司作为公司的控股股东，亦是国寿资本的间接控 股股东，而国寿基础及 ...

Core Viewpoint - The United States is seeking to rewrite its defense agreement with Denmark, aiming to eliminate any restrictions on its military presence in Greenland, which has become a focal point in negotiations to satisfy President Trump's territorial control demands [1][2]. Group 1: U.S. Negotiation Objectives - U.S. negotiators are looking to modify key terms in the 1951 defense agreement, which currently requires consultation with Denmark and Greenland before any significant military changes [2]. - The U.S. aims to ensure "complete autonomy" in military planning without restrictions, as indicated by sources familiar with the negotiations [2]. - President Trump announced a "future agreement framework" for Greenland during a meeting with NATO Secretary General Mark Rutte, with further details expected to be revealed in two weeks [2]. Group 2: Danish Response - Danish Prime Minister Mette Frederiksen expressed a cautious but open attitude towards "further expansion" of the 1951 defense treaty, emphasizing the need for appropriate and respectful discussions [3]. - The existing agreement already imposes minimal restrictions on the U.S., and both Denmark and Greenland have historically encouraged a stronger U.S. military presence [3]. - Former U.S. Deputy Assistant Secretary of Defense for Arctic and Global Resilience, Iris Ferguson, noted that Greenland is also interested in increased U.S. military presence due to the economic support it provides [3].

日本金融市场周五经历了高度紧张的一天，日元兑美元汇率在植田和男记者会后短时间内剧烈波动，先跌后涨，引发市场对当局可能进行汇率检 查或干预的广泛猜测。这一波动为本已紧张的一周画上了充满悬念的句号。 日本央行行长植田和男结束政策决定后的记者会后，日元一度贬值至159.23，随后数分钟内迅速反转，最高升至157.37，涨幅达0.7%，全天波动 幅度超过1.2%。这一突然的反转令市场措手不及，交易员纷纷猜测背后原因。 在发布会之后的采访中，当财务大臣片山皋月被问及日本是否干预市场时拒绝回应，仅表示"我们时刻保持紧迫感地关注"，令市场对波动原因的 判断陷入迷雾。日元接近160这一关键点位，使得投资者高度警觉——这是2024年日本当局四次出手干预时的大致水平。 市场高度紧张源于日元持续逼近敏感水平。法国农业信贷银行策略师Valentin Marinov表示： "很容易得出结论，我们可能正处于官方干预的早期阶段。市场反应也显示出，当日元交易如此接近'沙中之线'——过去发生干预的点 位时，市场有多么紧张。" 植田和男传递混合信号 日本央行周五维持政策利率在0.75%不变，但上调了中长期通胀预测。据华尔街见闻此前文章，植田和男 ...

Core Viewpoint - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. expects a revenue growth of over 36% to 12.385 billion RMB in 2025, driven by strong sales of etching and film equipment [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 2.08 billion to 2.18 billion RMB in 2025, representing a year-on-year increase of approximately 28.74% to 34.93% [1] - Core net profit, excluding non-recurring gains and losses, is projected to be between 1.5 billion and 1.6 billion RMB, with a growth range of 8.06% to 15.26% [1] - The company expects a significant increase in non-recurring gains, with equity investment income estimated at 611 million RMB, up from 198 million RMB the previous year [3] Group 2: Business Growth and R&D Investment - The company plans to invest 3.736 billion RMB in R&D for 2025, a 52.32% increase from the previous year, which is significantly higher than the average for companies listed on the Sci-Tech Innovation Board [2] - The core plasma etching equipment continues to gain recognition from domestic and international clients, with cumulative shipments of etching equipment expected to exceed 6,800 units by the end of 2025 [2] - The film equipment business is experiencing explosive growth, with LPCVD and ALD equipment revenue reaching approximately 506 million RMB, a staggering increase of 224.23% [1][2] Group 3: Supply Chain and Production Capacity - The company has expanded its production and R&D bases in Nanchang and Shanghai, covering approximately 140,000 and 180,000 square meters, respectively [3] - To ensure stable equipment delivery rates, the company is actively developing key component suppliers to enhance supply chain security [3] Group 4: Technological Advancements - The company has made significant progress in the development of CCP and ICP equipment, achieving single-atom level precision in processing [2] - In the compound semiconductor sector, the company maintains a leading position in GaN-based MOCVD equipment and is actively developing SiC applications [4]

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》。中国基金业协会同步发布《公开募集证 券投资基金业绩比较基准操作细则》。证监会有关部门负责人表示，这次改革直指"基准模糊""风格漂 移""基金盲盒"等行业痛点，是落实推动公募基金高质量发展行动方案的又一重大举措，助力优化"长钱 长投"的市场生态，为资本市场高质量发展注入持久动力。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - The company expects a net profit of between 2.08 billion to 2.18 billion yuan in 2025, representing a year-on-year growth of approximately 28.74% to 34.93% [1] Financial Performance - The projected net profit for 2025 is estimated to be between 2.08 billion yuan and 2.18 billion yuan [1] - This indicates a significant growth rate compared to the previous year, with an expected increase of 28.74% to 34.93% [1]