Group 1 - BMW China announced a price adjustment for 31 key models starting January 1, 2026, with 24 models seeing a price drop of over 10% and 5 models over 20%, with some reductions exceeding 300,000 yuan [2] - The entry-level model, the 225L M Sport Package, is now priced at 208,000 yuan, increasing the number of models priced below 300,000 yuan from 3 to 10, and those below 400,000 yuan by 3 [2] - The largest price drop was for the compact electric SUV iX1, which saw a 24% reduction to a guide price of 228,000 yuan, while the flagship i7 M70L dropped from 1,899,000 yuan to 1,598,000 yuan, a decrease of 16% [2] Group 2 - Industry insiders explained that the price adjustment aims to narrow the gap between the suggested retail price and the actual transaction price, allowing dealers to offer slight discounts without destabilizing the pricing system [3] - Prior to the official announcement, BMW dealers had already begun reducing prices to stimulate market demand [4] - In June 2025, it was observed that several models, including the 325Li, had already seen significant price reductions, with the base price dropping from 339,900 yuan to 207,000 yuan, and the i3 base model from 353,900 yuan to 170,000 yuan, a decrease of over 50% [7] Group 3 - BMW's market performance in China has been under pressure, with a reported decline in sales despite global growth. In the first three quarters of last year, global sales reached 1.7959 million units, a 2.4% increase, while sales in China fell by 11.2% to 464,000 units [8][10] - The Asian market, particularly China, has been a significant drag on BMW's overall performance, with a 7.9% decline in sales to 644,400 units during the same period [9] - BMW acknowledged that its sales targets in the Chinese market have not met expectations, highlighting the challenges faced in this key region [10]

孙婉秋/摄 在董事长、CEO李斌看来，这是里程碑也是新起点。从2015年成立到百万台达成，这家新势力车企用了近11年的时间。 如果将百万历程分成两段，会看到一段显著的加速。前半程历时9年多，后半程则缩短至不到20个月。李斌希望"新的100万辆能早一点到来"，至少比50万 到100万快一点。 他将蔚来过往11年的发展划分为三个周期。 第一个周期从成立到2021年，初始阶段的蔚来保持了100%的增长。2022年到2025上半年是蔚来的第二个周期，李斌给出的评价是"发展不及预期，但基本 保持了30%—40%的增长。"2025年下半年开始，成立十年的蔚来始入第三个周期。这一阶段呈现的特点是三大品牌协同发力，价格带实现更广阔的覆 盖；累计超650亿的研发投入结果在产品竞争力和降本成效上开始体现，与此同时，在纯电爆发之下，蔚来可充可换可升级技术路线优势进一步显现。 第三阶段的首年，蔚来全年交付新车32.6万台，同比增长46.9%，虽创历史新高，但对照此前既定的44.4万辆业绩目标来看，最终完成率仅为74%。李斌直 言，"虽然和预期销量有一些差距，但总体还是实现了战略性目标。" 孙婉秋/摄 有销量的下沉市场开综合店 1月6 ...

Core Viewpoint - The precious metals market remains strong at the beginning of 2026, with significant price increases in both gold and silver driven by geopolitical factors and market dynamics [5]. Price Movements - As of January 6, 2026, spot gold is priced at $4456.744 per ounce, with an intraday increase of 0.17% and a peak of $4475.81 [1][2]. - Spot silver shows a more robust performance, currently at $78.152 per ounce, up 2.13% with a high of $79.369 [1][3]. - In the futures market, COMEX gold futures rose by 0.33% to $4466 per ounce, reaching a maximum of $4486 [1][4]. - COMEX silver futures are priced at $77.765 per ounce, with a peak of $79.29 [1][5]. Market Drivers - The increase in gold and silver prices is attributed to heightened geopolitical tensions, particularly related to U.S. actions in Venezuela, which have escalated market risk aversion [5]. - Expectations of a more accommodative monetary environment, with increased anticipation of interest rate cuts by the Federal Reserve, are lowering the holding costs of non-yielding assets like gold [7]. - The ongoing demand from central banks, particularly in China, and institutional investors for gold continues to provide long-term support for prices [7]. - Strong industrial demand for silver, especially in sectors like photovoltaics and electronics, is amplifying price volatility and elasticity [7]. Future Outlook - The medium to long-term outlook for precious metals remains positive, although short-term volatility should be monitored [8]. - Gold is expected to maintain a high-level oscillation, with the price center likely to shift upward [8]. - Silver is anticipated to exhibit greater volatility due to strong industrial demand and ongoing supply shortages [8]. Investment Strategy - It is recommended to allocate 5% to 10% of total assets to gold, utilizing vehicles such as gold ETFs or physical gold bars [8]. - Silver is suggested for tactical trading, with strict position control and caution against chasing high prices [8].

Core Viewpoint - Suplay Inc. is preparing for an IPO on the Hong Kong Stock Exchange, leveraging partnerships with well-known IPs like "Genshin Impact" and "Harry Potter" to establish itself in the collectible card market, but faces significant risks due to reliance on licensed IPs and the expiration of key licensing agreements [1][3][15]. Company Overview - Suplay was founded in 2019 and initially focused on blind box sales through a WeChat mini-program, later expanding into collectible cards and toys [2]. - The company has completed five rounds of financing, with a post-money valuation of approximately $100 million as of July 2025, a 20-fold increase from its initial valuation of $5 million in 2019 [2]. Financial Performance - Suplay's revenue has shown consistent growth, with reported revenues of 146 million RMB, 281 million RMB, and 283 million RMB for the years 2023, 2024, and the first three quarters of 2025, respectively [7][8]. - The net profit for the same periods was 2.95 million RMB, 49.12 million RMB, and 37.07 million RMB, indicating a positive trend in profitability [7][8]. Market Position - Suplay ranks first in the Chinese collectible non-battle card market by GMV for 2024, and is the only Chinese brand among the top five global collectible non-battle card brands [6]. - The company has a high dependency on licensed IPs, with revenue from self-owned IPs dropping from 40.6% in 2023 to just 4.1% in the first three quarters of 2025 [13][14]. Product Segmentation - Suplay's business is divided into collectible products and consumer products, with collectible products now accounting for 70% of revenue in the first three quarters of 2025, up from 32.9% in 2023 [12]. - The company has three self-owned IPs and 22 licensed IPs, with a significant focus on developing products based on these IPs [12]. Licensing and Revenue Risks - The company faces structural risks due to its heavy reliance on licensed IPs, with the largest single licensed IP contributing 28.4% of revenue in 2023 [15]. - The licensing agreement for the largest revenue-generating IP has expired, and ongoing negotiations for renewal introduce uncertainty regarding future revenue [15].

Core Insights - The CES 2026 event in Las Vegas is showcasing advancements in technology, particularly in the fields of semiconductors, artificial intelligence, and consumer electronics, with a notable focus on smart glasses as a potential replacement for smartphones [1] Group 1: Smart Glasses Market Developments - The global first eSIM smart glasses are set to be unveiled by Thunderbird Innovation, which has also secured over 1 billion yuan in funding from major Chinese telecom operators, indicating a significant investment in the smart glasses sector [3] - Rokid has launched its AI smart glasses, Rokid Style, at CES, which are marketed as the lightest full-featured AI glasses at 38.5 grams, priced starting at $299, and compatible with multiple AI engines [3] - XREAL has introduced the ROG Xreal R1, the first AR glasses with a 240Hz refresh rate, targeting the gaming market and enhancing the AR experience [4] Group 2: Industry Collaborations and Innovations - Google has announced its return to the smart glasses market with Project Aura, collaborating with XREAL to integrate advanced optical and AI capabilities [6] - Lenovo is set to unveil several AI concept products, including a personal AI smart glasses prototype, during CES, highlighting its collaboration with NVIDIA in the AI space [6] - XGIMI has expanded its strategic focus from home projectors to personal smart glasses with the launch of its MemoMind brand, offering two series of AI glasses [7] Group 3: Market Predictions and Policy Support - The Chinese government has included smart glasses in its new subsidy policy for digital and smart products, marking a significant step for the industry [9] - IDC forecasts that the global smart glasses market will exceed 23.687 million units by 2026, with China's market expected to surpass 4.915 million units, indicating a shift towards large-scale growth [10]

Core Viewpoint - China National Airlines announced a plan to sell approximately 1.61% of its stake in Cathay Pacific through a block trade, with an expected total transaction value of HKD 1.32 billion, aiming to realize a pre-tax profit of approximately RMB 182 million from the sale [1][4]. Group 1: Transaction Details - The sale involves 108,080,000 shares at a price of HKD 12.22 per share [1]. - The transaction is expected to be completed before a special shareholders' meeting [4]. - Following the sale, China National Airlines' stake in Cathay Pacific will decrease from approximately 28.72% to 27.11% [8]. Group 2: Stakeholder Changes - After the completion of the sale and a share buyback, Swire Group's ownership in Cathay Pacific will increase from about 43.09% to approximately 47.65% [4]. - Qatar Airways will maintain its stake at 9.57% post-transaction [7]. Group 3: Company Performance - Cathay Pacific's stock price has risen over 40% in 2025, closing at HKD 13.09 per share on January 5, 2026 [8]. - The airline expects strong performance in the second half of the year, driven by increased capacity and resilient cargo demand, along with a non-recurring income of approximately HKD 900 million from a supplier settlement [9]. - UBS has raised Cathay Pacific's target price by 9% from HKD 14 to HKD 15.3, maintaining a "buy" rating, citing the airline as one of the most promising in the Asia-Pacific aviation sector [9].

1月6日，渣打银行财富方案部发布《2026年全球市场展望》，认为随着全球贸易紧张局势缓和、主 要经济体将推进宽松的财政和货币政策，以及人工智能蓬勃发展，风险资产预期将表现领先。建议投资 者在基础投资组合中超配股票和黄金，对于中国资产则重点关注科技、健康护理和通信行业。 渣打银行（中国）有限公司财富方案部总经理梁大伟表示，站在2026年的新起点，全球市场正面临 关键转折，地缘政治冲突、人工智能泡沫等讨论备受关注。美元的结构性支撑将逐步减弱，而亚洲经济 的韧性与改革红利正日益凸显。"我们预期风险资产在2026年将表现领先，在市场上升的同时分化将更 为明显，建议在更广泛的资产类别中进行分散投资。面对增长动能转换与地缘格局重塑的双重变奏，投 资者更需要在不确定性中保持定力，在变化中前瞻布局。" 在基础配置中，渣打建议超配美国、印度和中国股票，新兴市场债以及黄金。渣打认为，中国在 2026年可能推出针对性刺激措施，尤其是"十五五"规划建议的发布，重点提出加快先进技术的投资以提 升自主能力和生产力。渣打仍然超配中国股票，预期定向的政策刺激以及与人工智能主题相关的强劲盈 利增长，将为中国经济提供强有力的支持。 具体来看各类 ...

盘面上，CPO概念、光通信模块、F5G概念、通信设备等板块下跌，其余板块多数收涨。非银金融、贵金属、化学原料、基本金属、航空航天设备、北斗 导航、虚拟机器人等板块均表现不错。 1月6日，A股续写"开门红"，沪指实现13连阳，日成交突破2.8万亿元，指数、板块、个股全线飘红，4108只个股收红，有色金属、电子、计算机、基础化 工、国防军工领涨。 受访人士表示，春季行情才刚刚揭幕，后市广度和深度都值得期待。赚钱效应有望带动场外资金入市，流动性仍是短期市场的重要推手，板块轮动节奏较 快。投资者需防风险，勿短炒追高。 板块多点开花 今日，A股延续量价齐升。沪指收涨1.5%报4083.67点；创业板指收涨0.75%报3319.29点，深证成指收涨1.4%。科创50、上证50、北证50、沪深300涨幅均 接近2%。 成交继续放大，较前一交易日放量2651亿元，日成交额升至2.83万亿元。杠杆资金方面，截至1月5日，沪深京两融余额增至2.56万亿元。 | 东财概念指数 | | | | 东财行业指数 | | | | | A股市场核心指数 | | | | --- | --- | --- | --- | --- | --- | ...

该视频发布后迅速发酵，事件相关的多个词条迅速冲上微博热搜，不少网友开始对霸王茶姬食品安全产生质疑。当事人在个人账号回应称，没想到会 有这么大的流量，是玩梗行为，"打了娱乐标签"。 对此，霸王茶姬于1月6日中午通过官方微博发布调查通报，指出涉事店员是跟风网络"印度奶茶"热梗博流量，在门店即将开始打烊时，用当天的报损 废弃物料进行模仿摆拍。 1月6日，霸王茶姬因一名店员徒手制作奶茶的视频陷入舆论漩涡。 视频中，一名身着霸王茶姬工装的店员未佩戴手套和口罩，徒手砸冰块、并将掉落在桌上的冰块重新放入杯中；紧接着其手挤柠檬片，倒入茶水后将 手直接伸入奶茶搅拌，并配文"来尝尝霸王茶姬的'手打奶茶'，正宗印度风味"。 视频中的奶茶在拍摄结束后被当场倒掉，未对外销售，现场在拍摄结束后完成常规清洁消毒流程。并且，门店采用自动化设备制茶，所有原叶鲜奶茶 的制作均通过扫码由机器自动化完成，实现人料分离。 霸王茶姬表示，食品安全是不可动摇的底线，涉事店员的行为严重违反公司管理规定。 从处理结果来看，公司对涉事门店（福建漳州龙文宝龙广场店）即刻起无限期停业整顿，直至彻底完成整改并通过严格验收。对涉事店员，因严重违 纪及诚信问题予以辞退处 ...

Core Points - The visit of South Korean President Lee Jae-myung to China marks his first official visit since taking office and is significant for the restoration of Sino-Korean relations, with implications for peace and stability in the Asia-Pacific region [1][2] - Economic cooperation is a central theme of this visit, focusing on supply chains, investment, digital economy, and environmental issues [1][2][3] Economic Cooperation - The meeting between President Xi Jinping and President Lee emphasized the importance of aligning development strategies and policies to enhance mutual benefits, particularly in emerging fields like artificial intelligence and green industries [2][3] - A total of 15 cooperation agreements were signed in areas such as technology innovation, ecological environment, transportation, and economic cooperation [3] - A large business delegation of over 200 representatives from major South Korean companies accompanied President Lee, indicating a strong focus on deepening practical cooperation [3] Industry Trends - The report from the Korea Industrial Research Institute indicates that South Korea is facing increased competition from China in key industries such as automotive, robotics, and semiconductors, with China surpassing South Korea in several areas [5][6] - The semiconductor industry is highlighted as a critical area of competition, with China achieving parity with South Korea in various aspects of the semiconductor value chain [5][6] - The potential for collaboration in artificial intelligence is noted as a new driving force for cooperation between the two countries [7] Trade and Market Opportunities - The trade volume between China and South Korea reached 21,405.6 billion RMB from January to November 2025, showcasing the resilience of bilateral economic cooperation [7] - The recovery of tourism and cultural exchanges is expected to boost cross-border consumption and service industries, with significant growth opportunities in e-commerce due to the effects of trade agreements [7]