Core Insights - The Federal Reserve's Beige Book indicates that eight out of twelve districts experienced slight to moderate economic growth, with three districts reporting no change and one district showing a slight decline [1] Economic Activity - Overall economic activity has improved compared to the previous three reporting periods, where most districts reported little to no change [1] - Most banks reported slight to moderate growth in consumer spending, attributed mainly to the holiday shopping season [1] Consumer Spending - Several districts noted stronger spending among high-income groups, particularly in luxury goods, travel, tourism, and experiential activities [1]

多位美联储地区联储主席最近重申年内温和降息的可能性，同时强调央行独立性对维持物价稳定不可或 缺。费城联储主席保尔森（Anna Paulson）和芝加哥联储主席古尔斯比（Austan Goolsbee）分别阐述了 对经济前景和货币政策的看法，明尼阿波利斯联储主席卡什卡利（Neel Kashkari）明确主张本月末的货 币政策会议应维持利率不变。 美东时间14日周三，保尔森在费城大区商会活动上重申，如果通胀降温且劳动力市场企稳，美联储可能 今年晚些时候进一步小幅降息。这与她本月初的表态基本一致。古尔斯比在接受媒体采访时为美联储的 独立性辩护，称"美联储的独立性对这个国家的长期通胀率至关重要"。卡什卡利强调，无论下任美联储 主席是谁，联储的政策必须基于数据而非政治指令，集体决策机制是抵御干预的防线。 保尔森和卡什卡利均拥有2026年美联储货币政策委员会FOMC会议的投票权，古尔斯比拥有2025年的会 议投票权。他们的表态凸显了，面临特朗普政府的大幅降息压力，美联储的官员们仍坚持基于经济数据 而非政治偏好制定利率政策的立场。目前市场普遍预期，美联储1月27日至28日的FOMC会议将决定按 兵不动、暂停降息。 保尔森重 ...

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。 Anthropic与OpenAI就IPO采取初步行动，Spacex已经为IPO面试了多家银行。（纽约时报） 风险提示及免责条款 ...

花旗认为，英伟达在AI推理应用中采用的上下文内存存储技术，预计将加剧NAND闪存市场的供应短 缺。 据追风交易台，花旗最新报告指出，英伟达推出的推理上下文内存存储（ICMS）架构将显著拉动 NAND闪存需求，为存储芯片制造商带来结构性机遇，并可能进一步推升NAND价格。建议密切关注存 储产业链供需格局变化，相关厂商有望持续受益于此轮需求增长。 英伟达宣布其Vera Rubin平台将采用搭载BlueField-4芯片的ICMS架构，通过卸载KV Cache突破内存瓶 颈、提升AI推理性能。该架构单台服务器需额外配置1152TB SSD NAND，报告预计2026年、2027年将 分别带来占全球NAND需求总量2.8%、9.3%的新增需求。此举将进一步加剧全球NAND供应短缺，同时 为三星电子、SK海力士、闪迪、铠侠、美光科技等头部NAND供应商创造显著市场机会。 ICMS：AI推理的存储瓶颈解决方案 报告指出，大规模AI推理面临显著的内存瓶颈。Transformer模型的核心内存优化机制——KV Cache， 通过存储已计算的键值对来避免重复运算，并根据性能与容量需求分层存储：活跃KV缓存存放于GPU HBM（ ...

美国最高法院再次没能就特朗普关税政策的官司做出裁决。标普目前跌0.6%，纳指维持1%的跌幅，半 导体指数跌1.1%。 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。 ...

Group 1 - The total annualized sales of existing homes in the U.S. for December reached 4.35 million units, exceeding the expected 4.22 million units and the previous value of 4.13 million units [1] - Month-over-month, the existing home sales increased by 5.1%, significantly higher than the expected increase of 2.2% and the previous increase of 0.5% [1]

Physic I e a 4,400 was Products 19 2017 11 11 11 2 11 2 1 2 a for the work in the provins and in the faller is and in and in a with ward in the name of anyward with and works. Posts of historial and and and the states of the fi spel 3 t. . Call .. 监管的达摩克利斯之剑落下，携程正面临前所未有的挑战。 1月14日，国家市场监督管理总局发布公告称，近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌滥用市场 支配地位实施垄断行为立案调查。 调查消息公布后，携程在资本市场立即受到冲击。携程当日港股收盘下跌6.49%，市值蒸发显著，在美股盘前携程股价一度下跌超15.70%。 面对调查，携程迅速作出官方回应，表示将"积极配合监管部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环境"。携程方面强调，目 前各项业务均正常运行，将持续 ...

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。 据美国福克斯新闻14日报道，美国国务院将暂停办理75个国家的所有签证，"以打击那些可能成为公共 负担的申请对象"。 报道披露，受影响国家包括索马里、俄罗斯、阿富汗、巴西、伊朗、伊拉克、埃 及、尼日利亚、泰国、也门等。（新华社） 风险提示及免责条款 ...

Group 1 - The company issued 1,609,000 new shares at a price of HKD 320.61 per share on January 14, 2026, as part of the employee stock option plan for 2023, with 1,544,100 shares settled in non-cash form and 64,900 shares settled in cash [2] - The company repurchased a total of 1,006,000 shares on January 14, 2026, at a price range of HKD 626 to HKD 638 per share, amounting to a total of HKD 636 million, with the purpose of cancellation [2] - The total number of shares repurchased to date is 111 million, representing 1.21% of the total shares authorized for repurchase, with a total repurchase authorization of 919 million shares [2] Group 2 - The initial number of issued shares was 9.121 billion, which increased to 9.123 billion by the end of the reporting period, with 1,006,000 shares pending cancellation [2]

Core Viewpoint - The article highlights the ambitious goal set by Zhang Xinghai, the founder and chairman of Seres, to achieve the next one million vehicle deliveries within two years, following the milestone of one million deliveries reached by the AITO brand [1][4]. Group 1: Company Performance and Strategy - Seres has established a deep partnership with Huawei, which has significantly influenced its business model and growth trajectory [3][6]. - The financial data reveals that Seres has paid Huawei a total of 75 billion yuan in procurement fees over three and a half years, with 20 billion yuan paid in the first half of 2025 alone, representing 33% of Seres' revenue during that period [6]. - Despite high procurement costs, Seres maintained a gross margin of 26.5% in the first half of 2025, which increased to 29.4% by the third quarter, positioning it as a leader among new energy vehicle manufacturers [6]. Group 2: Market Position and Competition - The AITO M9 has dominated the luxury car market, with 70% of sales in its segment, indicating the effectiveness of the investment made in the partnership with Huawei [6]. - There is a growing concern in the market regarding Seres' dependency on Huawei, as competition increases with other brands entering the "Hongmeng Intelligent Driving" ecosystem [9][10]. Group 3: Future Plans and Investments - Zhang Xinghai's urgency to achieve the two-million delivery goal reflects a strategic move to secure Seres' future position and independence within the automotive industry [12]. - The company has ramped up its R&D spending to 5.06 billion yuan in the first three quarters of 2025, nearly matching the total for 2024, to strengthen its technological capabilities beyond Huawei's influence [11]. - Seres is also exploring diversification by investing in areas outside of automotive, such as intelligent robotics, to reduce reliance on Huawei and enhance its market presence [11][12].