Core Insights - The technology sector remains a key growth driver for the U.S. market, with expectations that it will account for nearly half of the S&P 500's earnings growth by 2026, despite a projected decline in overall earnings growth from 9.2% to 5.5% when excluding tech [1] Group 1: Tesla's Financial Performance - Tesla reported Q4 2025 earnings and revenue that exceeded market expectations, but its annual revenue saw a decline for the first time, highlighting challenges in its core automotive business [3] - Q4 2025 total revenue was approximately $25.7 billion, down about 3% year-over-year, with automotive revenue declining 11% to $17.7 billion [3] - For the full year 2025, Tesla's total revenue decreased from $97.7 billion in 2024 to $94.8 billion, a drop of 3%, attributed to reduced vehicle deliveries and declining regulatory credit income [3] Group 2: Meta and Microsoft's Earnings - Meta and Microsoft both reported revenues that exceeded expectations, but their stock market reactions were markedly different, with Microsoft shares dropping over 6% while Meta shares rose nearly 9% [5] - Meta's capital expenditures reached $22.1 billion in Q4 2025, totaling $72.2 billion for the year, a significant increase from $39.2 billion in 2024, with revenues of $59.89 billion for the quarter and $200.1 billion for the year [11] - Microsoft reported a record high capital expenditure of $37.5 billion in Q2 2026, a 66% year-over-year increase, with revenues of $81.3 billion, a 17% increase, but concerns arose regarding the sustainability of growth relative to its high spending [11][12] Group 3: Apple's Upcoming Earnings - Apple is set to release its earnings report, with analysts expecting a revenue increase of approximately 11.1% to between $138.1 billion and $138.4 billion for the upcoming quarter [14] - The previous quarter saw Apple generate $102.5 billion in revenue, a 7.9% year-over-year increase, slightly above Wall Street expectations [14] - Despite positive earnings expectations, Apple's stock has only risen 7.8% over the past 52 weeks, underperforming the S&P 500 and tech sector ETFs [15]

2026年，券商债券融资开局火热。 1月28日，首创证券、国联民生证券同日公告获批发债，额度各不超过30亿元，前者为短期公司债，后者为永续次级债。 开年至今不足一个月，东方财富、长江证券、申万宏源、广发证券等多家券商已密集斩获发债批文，头部机构融资规模优势明显。 券商密集发债 1月28日，首创证券发布公告称，公司近日收到中国证监会批复，同意公司向专业投资者公开发行短期公司债券的注册申请，本次债券面值余额不超过 30亿元。 同日，国联民生证券公告，公司近日收到中国证监会批复，同意公司向专业投资者公开发行面值总额不超过30亿元永续次级债券的注册申请。 值得注意的是，这两家机构均非开年首次获批发债。其中，首创证券在1月8日已率先获批发行不超过50亿元的永续次级公司债券。国联民生证券近期更 是动作频频，1月27日公告公司及子公司民生证券分别获批发行不超过180亿元、80亿元公司债，短短两日又添新额度。 开年以来，券商发债获批案例密集落地，行业融资节奏明显提速。1月26日，东北证券、西部证券同步公告获批，发债额度分别为不超过100亿元、180 亿元。此前，东方财富、长江证券、申万宏源、广发证券等多家机构也已先后拿到发债 ...

Core Viewpoint - Insurance capital is increasingly participating in Hong Kong IPOs as a response to low interest rates and asset allocation pressures, with significant investments from major insurance firms like Taikang Life and Ping An Life [1][4]. Group 1: Insurance Capital Participation - In 2026, four insurance institutions, including Taikang Life and Ping An Life, have participated in cornerstone investments for seven Hong Kong IPOs, totaling approximately 9.88 billion HKD [1][2]. - Taikang Life has invested a total of 716 million HKD across six IPOs, with individual investments in companies like Mingming Hen Mang and Wallen Technology [3][4]. - Other insurance firms, such as Ping An Life and Xinhua Asset (Hong Kong), have also engaged in cornerstone investments, indicating a broader trend among insurance capital [4]. Group 2: Market Dynamics and Investment Strategy - The shift in insurance capital's participation in Hong Kong IPOs is attributed to a combination of asset allocation pressures and changes in market conditions, with a focus on high-quality, growth-oriented companies [4][5]. - The current environment allows insurance capital to acquire long-term equity assets through IPO participation, which is seen as a more efficient method to gain exposure to the market [5]. - The focus of insurance capital is on sectors like hard technology and new consumption, aligning with national strategic directions and offering potential for long-term returns [6][7]. Group 3: Future Outlook - The trend of insurance capital participating in Hong Kong IPOs is expected to continue in 2026, driven by low interest rates and supportive policies for long-term capital inflow [9]. - Future participation is likely to become more selective, focusing on leading companies and verifiable profit paths, transitioning from broad participation to strategic allocation [9].

西子洁能公告，公司拟作为有限合伙人与普通合伙人禧筠资本、浙江方向共同投资设立浙江禧筠西洁股 权投资基金合伙企业(有限合伙)，该基金总认缴出资金额为2.4亿元，公司认缴出资人民币1亿元，占该 基金本次总认缴出资金额的41.67%。 ...

Core Viewpoint - The recent personnel changes at Black Sesame (000716) following the transfer of control signify a critical phase in the company's governance restructuring after state-owned assets took over [2][3]. Group 1: Personnel Changes - The resignation of Chairman Li Yujun and several board members is part of a governance adjustment, with all resignations attributed to "work adjustments" [3][5]. - Li Yujun will continue to serve as a director after stepping down as chairman until a new chairman is appointed, while other resigning members will retain positions in the company or its subsidiaries [3][5]. - This personnel shift is widely interpreted as a necessary governance adjustment following the change in control of Black Sesame [5]. Group 2: Control Transfer - The control transfer was completed in December 2025, when the former controlling shareholder, Guangxi Heiwulv Food Group, sold 20% of its shares to Guangxi Lvfa Health Industry Group for approximately 942 million yuan at a price of 6.25 yuan per share [6][7]. - Following this transfer, the actual controller changed from the previous group to the Guangxi State-owned Assets Supervision and Administration Commission, marking the beginning of a state-owned era for Black Sesame [7]. Group 3: Financial Performance - Black Sesame has faced significant financial challenges, with revenues declining from 40.25 billion yuan in 2021 to 24.65 billion yuan in 2024, representing a nearly 40% decrease over four years [9][10]. - The company reported a cumulative net loss of 1.28 billion yuan over the same period, despite a slight recovery in net profit in 2023 and 2024 [9][10]. - In the first three quarters of 2025, revenue fell by 7.52% year-on-year to 1.469 billion yuan, and net profit dropped by 83.67% to 6.82 million yuan, indicating ongoing operational difficulties [10][13]. Group 4: Business Challenges - The decline in performance is attributed to weak growth in core business and unsuccessful diversification attempts, with traditional products like Black Sesame paste losing appeal among younger consumers [11][12]. - The company has attempted to diversify by launching new products and entering e-commerce, but these efforts have not yielded the expected results, with e-commerce revenue declining by 6.75% in the first half of 2025 [12]. - Financial pressures are evident, with short-term borrowings of 720 million yuan compared to cash reserves of only 147 million yuan, indicating significant short-term debt obligations [13]. Group 5: Performance Commitments - As part of the control transfer, performance commitments were established, requiring Black Sesame to achieve net profits of no less than 950 million yuan, 1.05 billion yuan, and 1.15 billion yuan from 2026 to 2028, with specific non-recurring profit targets as well [14]. - Given the current performance trajectory, meeting these commitments poses a considerable challenge for the company [14].

近年来，我国持续推进社会信用体系建设，征信业"政府+市场"双轮驱动格局业已形成，2026年被定义为"数据要素价值释放年"，以个人信用为基础的 新经济形态开始显现。 1月29日，浙江省信用中心、浙江大学经济学院、钱塘征信有限公司联合发布《个人信用经济发展报告》（下称《报告》）。作为聚焦"个人信用经 济"的首份行业专项报告，描绘了个人信用经济这一新兴经济形态，指出在数据要素价值加速释放的背景下，我国个人信用行业正迎来历史性发展机遇。 个人信用进入"自主管理"新时代 构建全周期个人信用管理服务 "今年央行实施一次性个人信用修复政策，支持个人高效便捷重塑信用，公众愈发关注自身的个人信用维护。我们也希望能为用户提供更为丰富的全周 期的信用服务。"报告撰写组成员钱塘征信董事长陈隆表示。 对此，《报告》提出构建全周期个人信用管理服务"双闭环"的新思路：一是"产品闭环"，覆盖构建信用服务全周期，包含信用守护、修复、激励、教育 与约束等多方面，避免了单一集中在事后的惩戒，实现覆盖个人信用全周期的动态管理，构建个人信用的良性循环。 二是"服务闭环"，信用服务将贯穿人生全周期，从18岁后生成首份信用报告，持续覆盖求职、租房、购车购 ...

在"十四五"收官"十五五"开局的关键节点，中国汽车行业交出亮眼成绩单，也迎来了战略布局的关键节点。 2026年1月，中国汽车工业协会数据显示，2025年我国汽车产销分别完成3453.1万辆和3440万辆，同比增长10.4%和9.4%，连续17年稳居全球第一；其中 新能源汽车销量达1649万辆，渗透率攀升至47.9%。 行业格局重塑之下，各大车企相继公布2026年销量目标，而政策调整、技术迭代与全球竞争等多重因素，也让2026年中国车市充满变数与挑战。 比亚迪稳，吉利冲 自主头部车企凭借完整的产业链优势与成熟的市场布局，目标增速多锁定在10%—15%的区间。 | 车企阵营 | 车企名称 | 2026年销量/交付目标 | 2025年实际销 量/交付量 | 同比增长率 | | --- | --- | --- | --- | --- | | 传统自主品牌 | 吉利汽车 | 345万辆 | 302.5万辆 | 14.00% | | | 长安汽车 | 330万辆 | 291.3万辆 | 13.30% | | | 东风集团 | 325万辆 | 247.25万辆 | 31.45% | | | 奇瑞集团 | 320万辆 | 2 ...

Group 1 - Ping An Life increased its stake in China Life by acquiring 11.891 million H-shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million, raising its holding to 681 million shares, or 9.14% of the total [1] - This is not the first time Ping An Life has increased its stake in China Life, having previously crossed the 5% threshold in August 2025 and continued to accumulate shares thereafter [1] - In addition to China Life, Ping An Life has also increased its holdings in China Pacific Insurance, acquiring 1.7414 million H-shares at an average price of HKD 32.0655, raising its stake from 4.98% to 5.04% [1] Group 2 - The head of non-bank financial industry research at Guosen Securities noted that "insurance stake acquisitions" are based on the logic of expanding dividend assets, indicating three key signals: insurance stocks have medium to long-term valuation recovery potential, enhanced high-dividend strategies, and improved asset-liability linkage efficiency under new standards [2] - Ping An Life's investment strategy extends beyond the insurance sector, having made multiple stake acquisitions in major state-owned banks, including Agricultural Bank and China Merchants Bank, with ownership percentages surpassing 5%, 10%, 15%, and 20% [2] - The co-CEO of China Ping An emphasized the importance of understanding the investment strategy rather than focusing solely on stake acquisitions, highlighting the need for asset-liability matching in their investment approach [2] Group 3 - Ping An Life follows a "three criteria" principle for investments: reliable operations, expected growth, and sustainable dividends, which are core standards for evaluating long-term stock holdings [3] - The demand for insurance stake acquisitions can be categorized into two types: one based on dividend yield focusing on stable cash flow expectations, and the other based on ROE targeting state-owned enterprises with mature profit models [3] - The trend of insurance stake acquisitions is expected to continue into 2026, with ongoing market demand for both types of investment strategies [4]

贾舒畅认为，若将黄金置于全球资产组合中考量，其涨幅仍处于相对温和水平。与权益市场对比， 黄金ETF总持仓加期货净多仓占比全球股票市值不足1.5%；以MSCI全球股票指数为参照，黄金的相对 价值并未出现显著偏离；在全球配置占比方面，目前黄金ETF、期货及现货合计在全球股票+债券总资 产中的占比依然较低。 王立新呼吁，投资者应以长期战略配置心态参与，不要将黄金作为短期投机工具，防止在非理性状 态下超越自身风险承受能力进行交易。 根据世界黄金协会发布的2025年全年《全球黄金需求趋势报告》，全球黄金投资需求增至2175吨的 里程碑水平，成为推动2025年黄金总需求刷新历史纪录的主要驱动力。全球范围内，寻求避险和资产多 元化的投资者大量涌入黄金ETF，全年净增801吨。同时，实物黄金投资需求也保持强劲，全球金条和 金币需求达到1374吨，按价值计为1540亿美元。其中，中国和印度市场表现突出，分别实现同比增长 28%和17%，合计占该板块需求的50%以上。 2025年，全球央行购金需求依然保持高位，官方机构增持863吨黄金。尽管全年需求未能突破此前 连续三年超年均1000吨的水平，但央行购金仍是2025年全球黄金需求 ...

1月28日，英国首相斯塔默抵达北京，开始对中国进行为期四天的正式访问。记者获悉，渣打集团 行政总裁温拓思（Bill Winters）作为英国工商界代表团成员随同访华，并在北京和上海出席一系列经贸 交流和访问活动。 温拓思表示，中英两国经济结构高度互补，双方坚定支持自由贸易和多边贸易体制，并致力于通过 开放合作推动全球经济增长与繁荣。近年来，中英经贸与财金对话机制持续发挥重要作用，不仅增强了 政策沟通和市场互信，也为双边贸易、投资和金融合作创造了稳定、可预期的环境。"首相此次访华为 双方在既有基础上进一步拓展合作，推动货物和服务贸易发展，推动双向投资，释放增长潜力，提供了 良好契机。" 作为一家总部位于英国、在中国持续经营168年的国际银行，渣打表示，始终看好中国经济的长期 发展前景，并在中国市场持续投资展业，致力于当好"超级连接器"，以安全、高效和便捷的方式，为在 中国、进入中国，以及从中国走向世界的客户 ，提供优质创新的产品和服务，特别是在服务新经济行 业、"一带一路"项目、大湾区建设、长三角一体化、人民币国际化、金融市场开放、跨境贸易、绿色和 可持续金融、民营及中小企业发展、个人资产多元化配置等优势领域， ...