核心零部件价格飙升正成为全球笔电（笔记本电脑）市场的"拦路虎"。近日，TrendForce集邦咨询最新 发布的产业调查显示，受CPU阶段性缺货涨价、存储器价格暴涨双重冲击，叠加PCB、电池等多类零部 件成本同步上行，2026年第一季度全球笔电出货量预计将环比减少14.8%，远未达到品牌厂商的初始预 期。与此同时，全年出货预估已从先前的年减5.4%下修至年减9.4%，行业短期面临显著不确定性。 深度研究院院长张孝荣指出，从基本面来看， 零部件价格普涨，一是因为原材料涨价（如铜、锂、金 银等）；二是需求变大，AI电脑和企业换新机需求正在增大；三是工厂产能跟不上，再加上国际炒家 囤积居奇，这些原因叠加，导致内存、CPU、电路板、电池等出现全线涨价的预期。 在天使投资人、人工智能专家郭涛看来，本轮多品类零部件同步涨价，核心驱动是AI算力需求的结构 性冲击与产业链资源再分配。在存储端，头部厂商将大量产能转向高利润的AI服务器专用存储产品， 导致消费级存储供应大幅减少；在CPU端，先进制程产能向AI芯片倾斜，消费级CPU出现阶段性供给缺 口。同时，PCB、电池等零部件受上游基础材料涨价影响，而AI数据中心建设进一步推升了 ...

Core Viewpoint - Beijing Xingchen Tianhe Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, capitalizing on the exponential growth in AI storage demand driven by large model training and intelligent applications [1][2]. Industry Overview - The demand for data storage performance, capacity, and compatibility is experiencing exponential growth, making AI storage a core infrastructure [1]. - The Chinese distributed AI storage market is projected to grow from 10 billion yuan in 2024 to 63.1 billion yuan by 2030, with a compound annual growth rate (CAGR) of 35.9% [2]. - The installed capacity in this market is expected to expand from 10.3 exabytes in 2024 to 60.5 exabytes by 2030, with a CAGR of 34.3% [2]. Company Position - Xingchen Tianhe holds a 10.4% market share, ranking second in China's distributed AI storage market and is the largest independent supplier [1][2]. - The company has experienced significant revenue growth, with revenues of 167 million yuan in 2023, 173 million yuan in 2024, and 195 million yuan for the first nine months of 2025, marking a 65.4% increase compared to the same period in 2024 [5]. Competitive Landscape - Major competitors include Huawei and Inspur, which leverage their comprehensive hardware advantages and extensive channel networks [3]. - Independent storage vendors need to create differentiated barriers by focusing on technology, scenarios, and ecosystems to avoid price competition [3]. Business Model - Xingchen Tianhe's core business focuses on providing enterprise-level AI storage solutions, helping companies efficiently integrate data and operations during their AI transformation [2][7]. - The company offers solutions through two delivery models: a pure software model and an integrated hardware-software model [7]. Challenges and Risks - The rising component prices are causing supply chain imbalances, potentially leading to a market shakeout where smaller vendors may struggle to survive [4][5]. - Data storage security risks are evolving, requiring a comprehensive lifecycle approach to risk management, particularly in the context of AI [8][9].

美国劳工部1月9日发布数据显示，2025年12月，美国新增5万个非农就业岗位，失业率为4.4%，较上月 下降0.2个百分点。白雪认为，最新公布的12月非农新增就业人数虽然继续小幅降温，但并未"失速"， 这在一定程度上缓解了美联储对就业进一步走弱的担忧。 中经记者 谭志娟 北京报道 2026年1月29日凌晨，美联储结束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在3.5% —3.75%不变。此举意味着，美联储在经历自2025年9月以来的连续三次降息后，本次选择按兵不动。 值得注意的是，在此次参与利率决策投票的12名票委中，美联储理事斯蒂芬·米兰（Stephen Miran）和 克里斯托弗·沃勒（Christopher Waller）投出反对票，二人主张降息25个基点。 东方金诚研究发展部高级副总监白雪对《中国经营报》记者表示："本次会议声明与鲍威尔讲话均显 示，美联储对当前经济形势更加乐观。这与近期经济、就业数据走势相印证，是本次会议暂停降息的主 要原因。" 记者注意到，本次声明删除了"就业风险增加"等表述，并指出经济形势有所改善，尤其在失业率上升方 面出现企稳迹象。这一变化在一定程度上暗示，美联储决 ...

Core Viewpoint - The trend of lowering deposit rates and the cancellation of additional benefits by private banks indicates a shrinking space for "profit-sharing" in the deposit sector, leading to challenges in maintaining stable liability structures and profitability [1][4]. Group 1: Deposit Rate Adjustments - Private banks have been continuously lowering deposit rates, with recent announcements such as Anhui Xin'an Bank reducing its 3-month deposit rate from 1.45% to 1.25% [2]. - The cancellation or reduction of additional benefits like deposit points and interest coupons has become common, reflecting a broader trend of diminishing deposit "welfare" [2][3]. - Analysts note that the withdrawal of subsidy-type arrangements has led to a significant decline in the overall returns of deposit products [2]. Group 2: Competitive Landscape - Despite the recent reductions in deposit rates, private banks still maintain a slight advantage over state-owned banks, with some private banks offering rates between 1.6% and 1.8% compared to state-owned banks' rates below 1.5% [3]. - However, this interest rate advantage is diminishing due to stricter regulations and rising liability costs, leading to a narrowing of the interest rate gap between private and state-owned banks [3][4]. Group 3: Liability Challenges - Private banks face complex pressures on their liabilities, with a net interest margin of 3.83% reported for the first three quarters of 2025, which is higher than that of state-owned banks [4]. - The overall decline in market interest rates limits the ability of private banks to attract deposits through high-interest offerings, while regulatory constraints on innovative deposit products further weaken their competitive edge [5]. - Increased sensitivity among customers regarding the stability of small and medium-sized banks poses additional challenges for private banks in retaining and attracting deposits [5].

中经记者 郝亚娟 张漫游 上海北京报道 记者梳理发现，近期理财公司招聘热度持续攀升，且招聘方向高度集中，权益投资、多资产投资成为核 心招聘领域，量化方向人才需求也同步升温，多家机构纷纷抛出橄榄枝。 人才招聘密集发力 聚焦权益与多资产领域 上银理财发布岗位招聘，招聘权益投资方向投资经理，负责含权益产品组合配置管理。根据产品风险预 算构建投资组合，并动态调整，保障组合收益与风险测算符合产品属性。具备3年以上银行、基金、证 券或保险公司等专业投资机构从事公募基金研究和FOF组合管理经验。 交银理财也发布招聘资深多资产投资经理，具备8年及以上行业及专业工作经验，其中具有3年以上在银 行理财、公募基金等从事多资产市场投资的经历，业绩优秀者优先；具备扎实的多资产研究功底和优秀 的多资产组合构建能力。 《中国经营报》记者注意到，近期理财公司密集加大对权益、量化及多资产方向投研人员的招聘力度。 多位受访的行业人士表示，此次理财公司人才招聘的集中发力，并非阶段性调整，也不是短期应对市场 变化的临时举措，而是因为理财行业正从规模竞争向能力竞争转型，投研能力的重要性日益凸显。 盈米基金研究院研究员袁剑楠分析，当前存款利率持续下行， ...

中经记者 钟楚涵 孙吉正 上海报道 目前，丽人丽妆正在面临业绩下滑的困境。近日，丽人丽妆公告显示，预计2025年的亏损将扩大至6320 万—7900万元。在此前2024年，丽人丽妆亏损2440万元。同时，在营收规模上，丽人丽妆也已经较巅峰 时期大幅缩水。 对于丽人丽妆业绩持续下滑，上海财经大学数字经济研究院副院长崔丽丽向《中国经营报》记者表 示："在当前主流电商运营方法向直播及相关平台转型的过程中，以货架电商为主的服务商在这方面的 业务多多少少都受到了影响，转型不是很及时。另外，自有品牌的孵化进展不是很快，品牌打造的效果 还没有达到能够撑起营收的程度。" 依赖天猫渠道 自有品牌尚在培育期 在2024年年报中，对于营收同比下滑，丽人丽妆表示，主要系公司与部分合作品牌转变运营模式、与部 分品牌终止合作运营以及部分合作品牌销售收入未达预期所致。 近日，丽人丽妆表示，预计2025年实现归属于上市公司股东的净利润为-7900万—-6320万元，将出现亏 损。对于亏损的原因，丽人丽妆方面表示，主要系公司自有品牌处于产品创新及经营推广期，研发及营 销推广持续投入，未产生相应的经济效益，自有品牌店铺经营亏损所致。 实际上，近 ...

Core Viewpoint - The company, Dengyun Co., Ltd. (002715.SZ), is facing regulatory scrutiny and financial challenges following the arrest of its actual controller for illegal fundraising activities, leading to a warning from the Guangdong Securities Regulatory Bureau and a decline in its financial performance [1]. Group 1: Regulatory Issues - The Guangdong Securities Regulatory Bureau issued a warning letter to Dengyun Co., Ltd. and its responsible individuals due to the company's failure to timely submit board reviews and fulfill information disclosure obligations regarding guarantees for its subsidiary [2]. - The Shenzhen Stock Exchange also sent a regulatory letter to Dengyun Co., Ltd. and related parties, requiring them to ensure accurate, complete, and timely information disclosure to prevent similar incidents in the future [2]. Group 2: Financial Performance - In 2023, Dengyun Co., Ltd. experienced a significant decline in its financial performance, with the net profit attributable to shareholders turning from profit to loss, and it is projected to further decline in 2025 [1][5]. - The company anticipates a net profit of between -18 million to -13 million yuan for 2025, compared to a profit of 5.1315 million yuan in the same period last year, indicating a substantial downturn [5]. - The decline in profits is attributed to a significant drop in production and sales in the gold mining business, leading to a sharp decrease in gross margins [5]. Group 3: Business Strategy - Dengyun Co., Ltd. is shifting its focus back to the automotive parts industry after previously acquiring Beijing Huanglong for gold mining operations, citing difficulties in managing both sectors simultaneously [4]. - The company is undergoing a strategic asset transfer, selling 75% of its stake in Beijing Huanglong to mitigate the financial impact of ongoing construction and operational challenges in the gold mining sector [3][4].

Group 1 - The core point of the article is the announcement by State Grid's financial subsidiary, State Grid Yingda (600517.SH), regarding the sale of its 100% stake in Yingda Futures to China National Petroleum Corporation Capital (000617.SZ) for 1.129 billion yuan [1] - The transaction has received approval from the State-owned Assets Supervision and Administration Commission of the State Council, but still requires approval from the China Securities Regulatory Commission for the qualification of China National Petroleum Corporation Capital as the controlling shareholder of Yingda Futures [1] - Prior to this transaction, a share transfer agreement was signed on December 26, 2025, between China National Petroleum Corporation and State Grid Yingda International Holdings Group, where 379 million A-shares (3.00% of total shares) of China National Petroleum Corporation Capital were transferred to State Grid Yingda International Holdings Group [1]

中国金币集团有限公司发布公告称，近期贵金属原材料价格持续大幅攀升，特提醒广大贵金属纪念币集 藏爱好者，理性参与投资，注意管控风险。 （编辑：杨井鑫 审核：朱紫云 校对：燕郁霞） 中经记者 郝亚娟 夏欣 上海 北京报道 1月29日，现货黄金站上5500美元/盎司关口。 随着金价持续走高，熊猫金银币的投资需求也随之显著升温。 ...

记者注意到，近年来最高法院知识产权法庭处理的高额赔偿案件数量和赔偿金额都明显增长。对此郃中 林回应称，近年来高额赔偿案件越来越多的原因，首先是因为《知识产权强国建设纲要（2021—2035 年）》明确提出，全面建立并实施侵权惩罚性赔偿制度，加大损害赔偿力度。近年来，民法典和知识产 权专门法均规定了知识产权侵权惩罚性赔偿，并提高了法定赔偿数额。高额判赔是积极落实政策和严格 执行法律的必然结果。其次，严格保护知识产权，是适应知识产权客体的无形性、侵权行为的隐蔽性、 当前市场上侵权行为仍易发多发等因素的规律使然。再次，我国进入高质量发展阶段，知识产权越来越 成为企业核心资产和市场竞争利器，其市场价值越来越大，侵权行为危害程度也随之增大。 近年来，法庭受理案件越来越聚焦"高精尖"技术领域,涉战略性新兴产业案件数量和占比逐年攀升，高 额赔偿案件数量和赔偿金额随之都有较大幅度增长。其中，技术秘密高额赔偿案件占比较高；但专利高 额赔偿案件也屡见不鲜，赔偿额过1亿元的也有3件，超1000万元的至少有33件。数据显示，仅2025年， 法庭就在30案中适用惩罚性赔偿，共计11.3亿元，案均约3800万元；在32案中确定1000万 ...