岁末年初的金融市场，两件看似无关的事件，勾勒出郑州银行的战略迁徙轨迹： 一边是西棠项目的11亿元房地产贷款迎来胜诉，但面对早已深陷失信名单的被告，债权大概率沦为"纸 面财富"，郑州银行也坦言"早已计提损失"； 另一边是旗下的浚县、鄢陵两家村镇银行相继完成"村改支"，县域布局进一步走向深化。 在退与进之间，这家扎根中原的城商行，似乎正加速从地产依赖的泥沼中抽身，向县域这片抗周期能力 更强的新蓝海，寻找增长动能。 地产旧账 2025年最后一天，郑州中院对郑州银行与金威实业11亿元金融借款案的一审判决，给这场持续数年的纠 纷画上了句号。 依照判决，被告金威实业需在十日内（截至2026年1月10日）偿付本息11亿元，被告河南中光城市运营 管理、永威置业、崔红旗、李伟、李玲玲等对此承担连带清偿责任。 但工商信息显示，金威实业实缴资本为零，曾经的核心资产西棠项目已通过保交楼处置殆尽，无任何可 执行财产，而担保方崔红旗、李伟早已深陷失信名单。 只是拿到了胜诉判决的郑州银行，仍极有可能面临"执行无门"的尴尬。 西棠项目的悲剧，正是郑州银行地产不良的切片之一。 2020年，彼时的郑州房地产市场尚有余温，拥有锅炉厂旧址土地资源的 ...

根据公司声明，Meta将暂停原定于今年年初在英国、法国、意大利和加拿大推出该产品的计划。公司 表示，目前的库存水平难以支撑国际市场的同步拓展，短期内将集中资源优先满足美国订单，并重新评 估国际市场的供货时间表。 Meta Platforms周二宣布，由于美国本土市场需求出现"前所未有"的爆发，加之库存受限，公司决定推 迟其Ray-Ban Display智能眼镜的全球扩张计划。这一战略调整凸显了该款AI硬件产品超出预期的市场热 度，同时也暴露了供应链面临的产能瓶颈。 这款引发市场追捧的产品是Meta首款面向消费者的AI眼镜。CEO Mark Zuckerberg在去年9月正式揭晓了 这款售价799美元的Ray-Ban Display智能眼镜。 作为一款集成了神经技术的可穿戴设备，该眼镜通过腕带进行控制，允许用户观看视频或回复信息，被 视为Meta在增强现实与人工智能融合领域的重要布局。这种无需手持的交互方式和AI功能的结合，显 然在消费市场引发了强烈共鸣，从而导致了目前的供应短缺。 合作伙伴受益与行业竞争加剧 Meta自2019年起便与Ray-Ban制造商EssilorLuxottica展开合作研发智能眼镜，并 ...

Core Viewpoint - Citigroup warns of a "severe supply shortage" in the global storage chip market by 2026, driven by the surge in AI-related memory demand, leading to significant price increases for DRAM and NAND chips [1][2]. Price Projections - Citigroup has revised its 2026 average selling price (ASP) forecast for DRAM from a 53% increase to an 88% increase, while NAND's forecast has been adjusted from 44% to 74% [1][2]. - Specifically, the ASP for server DRAM is expected to skyrocket by 144% year-on-year, with the price of a 64GB DDR5 RDIMM projected to reach $620 in Q1 2026, a 38% increase from previous estimates [2]. Market Dynamics - The report indicates that the pricing power has shifted entirely to sellers, with a structural data growth driving the anticipated supply shortage rather than temporary supply chain disruptions [2]. - Citigroup emphasizes that the market will enter a highly seller-dominated environment, with major players like Samsung gaining significant pricing power [4]. Company Impact - Citigroup has significantly upgraded its profit outlook for Samsung Electronics, predicting an operating profit of 155 trillion KRW in 2026, a 253% increase year-on-year, up from a previous estimate of 115 trillion KRW [4]. - The favorable pricing environment for DRAM and NAND is expected to enhance Samsung's profitability, leading to an increase in its target price from 170,000 KRW to 200,000 KRW [4]. Comparative Analysis - Nomura Securities previously projected a "super cycle" in the storage market, estimating a 98% growth in market size to $445 billion by 2026, but their price increase forecasts are significantly lower than Citigroup's [5]. - Nomura anticipates a 46% increase in DRAM prices and a 65% increase in NAND prices, highlighting a fundamental difference in demand understanding compared to Citigroup's more aggressive forecasts [5]. Supply Constraints - The shortage of cleanroom availability is identified as a long-term bottleneck for supply expansion, limiting the ability of manufacturers to respond quickly to the anticipated demand surge [8]. - Even if manufacturers decide to expand production, significant supply-side growth is expected to be constrained until mid-2027 due to cleanroom shortages and technological transitions that may reduce wafer capacity [8].

Core Viewpoint - Xiaomi is focusing on increasing the average selling price of smartphones as a primary operational goal for 2026, while significantly boosting investments in artificial intelligence to transform its entire business line and setting an annual delivery target of 550,000 electric vehicles [1][2]. Group 1: Smartphone Business - Xiaomi's strategy to counter the rising costs of storage chips involves increasing the average selling price (ASP) of smartphones, with a clear focus on high-end models [3][4]. - The upcoming Xiaomi 17 Ultra will be priced 500-700 RMB higher than the Xiaomi 15 Ultra, reflecting this strategy [3]. - The company aims to increase its market share in China by 1 percentage point annually, emphasizing the strategic importance of the Chinese market for its high-end strategy [4]. Group 2: AIoT Business - The AIoT segment is positioned as a profit stabilizer for Xiaomi, with expectations of approximately 20% year-on-year revenue growth in 2025 and a margin expansion of 2-2.5 percentage points [5]. - Xiaomi plans to increase the number of its retail stores from about 500 in 2025 to over 1,000 in 2026, while expanding product categories and exploring partnerships with cross-border e-commerce platforms [5]. - Currently, overseas AIoT revenue accounts for about 30%, with overseas smartphone revenue at 60%, indicating potential for future growth in AIoT [5]. Group 3: Electric Vehicle Business - Xiaomi has raised its delivery target for electric vehicles to 550,000 units for 2026, significantly up from the previous target of 410,000 units for 2025 [6][7]. - The growth is driven by increased manufacturing capacity and consumer confidence in new models, including the SU7 facelift and a third model set for release in the second half of 2026 [6]. - The company aims for a healthy gross margin of over 20% in the electric vehicle segment, although margins may be lower in 2026 due to tax incentives and changes in product mix [6][7]. Group 4: R&D Investments - Xiaomi plans to invest 200 billion RMB in R&D from 2026 to 2030, focusing on AI, autonomous driving, and chip development [8][9]. - AI investments are expected to account for 25% of the 320-330 billion RMB R&D budget in 2025, with a commitment to maintaining reasonable levels of investment [9]. - The company has a strong focus on developing its own chips, with significant investments already made in the XRING O1 chip, which is expected to enhance its capabilities in the electric vehicle sector [11].

1月7日，外交部发言人毛宁主持例行记者会。 英国《金融时报》记者提问，美国总统特朗普表示，美国将从委内瑞拉获得5000万桶此前受制裁的石 油，这些石油将由美国代表委内瑞拉进行销售。其中部分原油原本是可能会被直接售予中国的。中方对 此有何评论？ 毛宁表示，委内瑞拉是主权国家，对本国的自然资源和一切经济活动拥有充分的永久主权。美国悍然对 委内瑞拉动武，并要求委内瑞拉处置自身石油资源时"美国优先"，是典型的霸凌行径，严重违反国际 法，严重侵犯委内瑞拉主权，严重损害委内瑞拉人民的权利。中方对此强烈谴责。 "我要强调的是，中国和其他国家在委内瑞拉的合法权益必须得到保护。"毛宁说。 本文来源：上观新闻 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。 毛宁表示，委内瑞拉是一个主权国家，对本国自然资源和经济活动拥有充分的永久主权。美国的有关要 求违反国际法，侵犯委内瑞拉的主权，损害委内瑞拉人民的权利。中国和委内瑞拉之间的合作是两个主 权国家的合作受到国际法和有关法律的保护，中 ...

Core Market Trends - Asian stock markets have entered a "technically overbought" zone, leading to a pause in the upward trend driven by the AI boom and expectations of Federal Reserve rate cuts [1] - U.S. stock index futures showed mixed results, while European markets opened with varied performance [2] - Precious metals experienced significant declines, with gold, silver, and palladium all dropping, and oil prices also under pressure [1][2] Commodity Market Adjustments - The Bloomberg Commodity Index (BCOM) is set for annual weight rebalancing from January 8 to 14, which is expected to trigger substantial passive fund reallocations [1][4] - The anticipated sell-off due to this rebalancing is projected to account for 9% of total silver holdings and 3% of total gold holdings, creating significant downward pressure on prices [1][4] Precious Metals Impact - The adjustment is causing notable selling pressure in the precious metals sector, particularly for silver, which faces a sell-off equivalent to 9% of its total holdings [4] - This "non-fundamental" selling triggered by index rules is forcing speculative funds to exit before the event, exacerbating short-term price volatility [4] Oil Market Developments - The announcement by the Venezuelan government to deliver 30 to 50 million barrels of oil to the U.S. has raised concerns about increased supply, contributing to a decline in WTI crude oil prices [9] - Goldman Sachs analysts noted that while short-term supply prospects are uncertain, a potential recovery in Venezuelan oil production could exert significant downward pressure on global oil prices in the long term [9]

由于估值具有吸引力、BD（业务发展）与IPO活动回暖，以及密集的核心催化剂点位，生物制药板块在2026年正展现出强劲的增长潜力。尽管该 行业的整体营收和盈利增长预期略低于市场平均水平，但其低风险属性与强大的管线期权价值，使其成为投资者平衡科技股配置的理想替代方 案。 据追风交易台消息，花旗分析师Jarwei Fang团队6日发布研究报告，认为2025年美国生物制药板块表现不俗，成功打破了连续两年的低迷。其中纳 斯达克生物技术指数（NBI）上涨32%，标准普尔医药指数（DRG）上涨20%，均跑赢标普500指数17%的涨幅。随着政策不确定性在2025年下半 年逐步消除，市场情绪已从防御转向进攻。 目前，大盘制药股的预测市盈率仍低于标普500指数，显示出估值修复空间。花旗预计，美联储在2026年可能进一步降息，将为生物制药板块提供 宏观利好。特别是高增长的领头羊企业如礼来、Gilead和Vertex，有望凭借强劲的商业化执行力继续跑赢大盘。 生物制药行业的增长逻辑正在发生深刻变化。GLP-1药物的市场渗透从糖尿病、肥胖症向心血管及神经系统领域外溢；人工智能在药物研发与临 床实验设计中的应用进入收获期；加之DTP（直 ...

在美联储货币政策转向宽松、全球地缘政治风险加剧以及央行持续购金的多重驱动下，摩根士丹利大幅上调金价预期，预计这一传统避险资产将 在2026年继续刷新历史高点，直至冲刺每盎司4800美元大关。 摩根士丹利在1月5日发布的研究报告中指出，黄金价格正受到宏观经济和政策转变的强力支撑。这些因素包括美联储预期的宽松周期、美联储领 导层的变动，以及各国央行和投资基金持续买入。此前，现货黄金已在2025年创下历史性涨幅，年终收涨64%，创下自1979年以来的最强年度表 现。 但在1月7日，贵金属市场遭遇重挫，现货黄金一度失守4450美元/盎司关口。据华尔街见闻，彭博商品指数（BCOM）即将于1月8日至14日启动年 度权重再平衡，市场正面临被动基金"技术性抛售"带来的流动性冲击压力，黄金面临短期看跌反转风险。 长期方面，地缘政治的不确定性进一步点燃了市场对避险资产的需求。据央视新闻报道，当地时间1月3日中午（北京时间1月4日凌晨），美国总 统特朗普、国防部长赫格塞思在佛罗里达州海湖庄园就美军对委内瑞拉动武、将委内瑞拉总统马杜罗控制并移送出境举行记者会。 随着委内瑞拉局势升级，包括美国军事力量介入及该国领导人被捕的消息传出，不 ...

Core Insights - Elon Musk agrees with TSMC's concerns about chip oversupply, predicting that the limiting factor for the AI industry will shift from chip manufacturing to the ability to power and operate these chips, with key bottlenecks in power supply, transformer configuration, and cooling system deployment [1][3] Group 1: AI Infrastructure Challenges - Musk emphasizes that deploying AI chips involves more than just transporting GPUs to power plants; it requires addressing three core issues: gigawatt-level power supply, high-voltage power conversion, and efficient cooling systems [2] - The data center industry is undergoing a critical transition from air cooling to liquid cooling, which carries significant risks, such as potential losses of up to $1 billion if cooling systems fail [2] Group 2: Power Supply vs. Chip Production - Musk predicts that by Q3 2026, the core bottleneck will transition from chip manufacturing to the capability to operate these chips, as AI chip production is expanding exponentially while the supporting power infrastructure is only growing linearly [3] - The disparity between the rapid increase in chip output and the slow growth of power supply means that many high-performance AI chips may remain unused due to inadequate power conversion and cooling systems [3]

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。 工信部印发《工业互联网和人工智能融合赋能行动方案》。其中提出，提高工业互联网平台智能化水 平。基于深度学习、大模型等技术，强化工业互联网平台的要素连接、智能分析、资源配置等能力。鼓 励工业互联网平台企业加快基于人工智能的低代码、无代码技术创新，提升工业APP开发效率和系统集 成能力。探索依托工业互联网平台打造"模型池"的路径，培育上线一批工业模型产品。推动平台底层架 构、数据协议与人工智能适配兼容，深化国产智能体标准协议创新应用，发展"工业互联网平台+智能 体"等创新模式，打造一批面向生产网络优化、人机交互、智能设备健康管理、产业链优化等典型场景 的工业智能体应用。 ...