以2025年畅销的10万元以下车型为例，补贴金额从固定2万元骤降至1.2万元左右，直接打击了价格敏感型消费者的购车意愿，导致低端市场需求萎 缩。 消费信心不足进一步加剧市场低迷。经济复苏节奏放缓背景下，消费者收入预期趋于保守，春节前传统返乡购车旺季风光不再，不少家庭将汽车这类 大额消费延后。更值得关注的是，此前三年地方与车企轮番加码的补贴政策，过度透支了未来消费潜力，如今补贴退坡后，市场陷入阶段性消费真空期。 供需失衡带来的库存压力持续攀升，让车企陷入被动。2025年12月，汽车经销商库存预警指数已升至57.7%，连续两个月位于荣枯线之上，南区库存 指数更是高达61.2%。然而部分主机厂仍沿用过往冲量思维，制定过高销量目标，通过"压库"向经销商转移压力，进一步加剧了渠道矛盾。在此背景下， 单纯的现金降价已难以撬动市场，车企被迫将竞争焦点转向金融工具。 1月6日，特斯拉率先打破行业惯例，推出覆盖Model 3、Model Y等车型的"特悠享"七年超低息方案，年化利率低至0.98%，以Model 3为例，首付7.99 万元起，月供可低至1918元，试图以低门槛撬动潜在消费者。据计算，7年总利息仅5000多元，而这 ...

当前妙可蓝多正处于战略转型关键期，2026年公司计划从中等规模食品企业迈入大型生产制造企业，去年前三季度，妙可蓝多实现营收39.57亿元，同期归 母净利1.76亿元，增长106.88%。 1月26日，"奶酪第一股"妙可蓝多发布重磅人事公告，原行政总裁蒯玉龙正式接替创始人柴琇出任公司CEO，柴琇被免去副董事长、总经理及法定代表人职 务，任期终止日期较原定的2027年11月提前。 此次人事调整也标志着妙可蓝多结束创始人主导时代，正式迈入少壮派职业经理人带领的专业化经营新阶段。 孙婉秋 摄 柴琇离任的直接导火索为其关联方通过体外并购基金提供的担保债务逾期，债权人为妙可蓝多第一大股东蒙牛，该事件预计导致公司2025年净利润减少1.19 亿至1.27亿元。尽管柴琇曾承诺个人兜底该基金亏损，但未能履行，这也加速了蒙牛系全面接管进程。同日披露的权益变动公告显示，蒙牛于2025年12月29 日至2026年1月23日期间增持133.22万股，持股比例由36.77%升至37.04%，进一步巩固了控股地位。 对于蒯玉龙的接任，市场并不意外，某种意义上，其过往资历和展现出的能力高度契合当前妙可蓝多的发展需求。 进入妙可蓝多之前，蒯玉 ...

Core Insights - The severe winter storm has put significant pressure on the U.S. power system, leading to increased heating demand and soaring electricity prices in many areas, while some regions, particularly in the Midwest, have experienced rare negative electricity prices [1][4]. Group 1: Impact of Winter Storm - The winter storm has affected approximately two-thirds of the eastern U.S., causing over 580,000 households and businesses to lose power due to downed trees and ice on power lines [1]. - The storm's extreme cold is expected to persist throughout the week, raising safety risks associated with power outages [1]. Group 2: Electricity Price Surge - The benchmark hub price in the PJM region surged to $638.73 per megawatt-hour during peak hours, marking a 542% increase and the highest level in 12 years [2]. - In New York City, the day-ahead price rose by 28% to an average of $679.13, setting a new record since 2005, with some areas exceeding $800 [2]. Group 3: Regional Power Management - The Midcontinent Independent System Operator (MISO) announced a conservative operational approach until January 29 to ensure reliable power supply for approximately 45 million people from the Great Lakes to the Gulf Coast [3]. Group 4: Negative Pricing in Chicago - In stark contrast to the price surges in the East, the Chicago electricity market experienced negative pricing, with real-time prices dropping to -$227.93 per megawatt-hour, indicating that some generators had to pay to offload electricity [4]. Group 5: Supply Constraints - The extreme cold has increased heating demand in the Midwest, but the negative pricing is attributed to full capacity on cross-regional transmission lines, limiting power exports to higher-priced markets [7]. - U.S. energy officials have requested grid operators to activate backup power sources, including data centers, to alleviate local supply constraints, but the situation is unlikely to change in the short term due to the near-maximum operation of high-voltage transmission lines [7].

1月26日，市场交易放量突破3万亿元，指数却微幅收低，板块与个股呈现显著分化，3771只股票收盘下跌。沪指在有色、煤炭等周期股护盘下仅微跌，而 卫星、半导体等科技赛道集体回吐，双创指数跌近1%。 21只个股出现超1亿元的大额压单，集中在中国平安、贵州茅台（600519）等权重股，紫金矿业（601899）卖一挂出近41亿元巨额压单。 板块跌多涨少，分化显著。有色金属板块大涨4.57%，个股掀涨停潮；石油石化、煤炭跟进，和顺石油（603353）、洲际油气（600759）、中曼石油 （603619）均涨停，农林牧渔、非银金融、银行等板块护盘。 受访人士表示，资金并未撤离，只是从高位科技成长板块流向顺周期及避险方向，完成"高切低"。经历前期阶段性拉升后，资金分歧加大，后市大概率通 过震荡与结构性轮动消化涨幅。春季行情预期仍在，资金将围绕业绩验证与估值重估展开新一轮博弈。 黄金、煤炭、石油等大涨 截至收盘，沪指微跌0.09%收涨4132.61点，创业板指收跌0.91%报3319.15点，深证成指收跌0.85%。科创50、北证50均跌逾1%，沪深300、上证50微红。 今日沪深京三市量能温和放大，日成交额增加1627亿元 ...

Core Viewpoint - The prices of gold and silver have surged to historic highs, with spot gold breaking the $5000 per ounce mark, driven by factors such as weakened dollar credibility, strong central bank demand for gold, and geopolitical premiums [1][11]. Market Performance - As of the report, spot gold rose by 2.05% to $5090.288 per ounce, reaching a peak of $5111.17, while spot silver surged by 6.06% to $109.6 per ounce, surpassing the $110 mark [3][5]. - In the futures market, COMEX gold futures increased by 2.02% to $5080.4 per ounce, with a peak of $5107.9, and COMEX silver futures rose by 7.54% to $108.97 per ounce, hitting a high of $110.065 [6][7]. Influencing Factors - The current gold price rally, which began in early 2025 at around $3000 per ounce, reflects significant changes in the macroeconomic environment [9]. - Short-term factors include ongoing geopolitical risks, such as tensions over Greenland's sovereignty and escalating US-Iran relations, which have heightened demand for safe-haven assets like gold [9]. - Mid-term factors involve the interplay between the Federal Reserve's policy path and its independence, with expectations of weakened monetary policy independence supporting gold prices [9][10]. - Long-term drivers include the structural weakening of the dollar credit system, with global central banks increasing gold reserves and a steady de-dollarization process [10]. Future Outlook - The long-term upward trend for gold remains intact, influenced by factors such as weakened dollar credibility, strong central bank demand, and geopolitical premiums [11]. - Analysts predict that gold prices could potentially reach $6000 per ounce by 2026, driven by ongoing geopolitical uncertainties and expectations of continued monetary easing [11]. - Investment strategies suggested include a diversified approach based on individual financial capacity and risk tolerance, with recommendations for different investment vehicles such as gold futures, ETFs, and physical gold [11].

Core Viewpoint - In 2026, major companies are entering a new round of competition for AI application traffic, following the mobile internet era, with a focus on aggressive strategies and comprehensive engagement [1] Company Developments - Tencent's CEO Ma Huateng reassured employees at the January 26 employee meeting, emphasizing the company's steady approach and focus on its own pace amidst AI anxieties [2] - Tencent's AI assistant "Yuanbao" has evolved from a technical experiment to a leading AI application, rapidly growing its user base and integrating its capabilities across multiple Tencent platforms [2] - Tencent has restructured its AI development framework, establishing new departments and appointing former OpenAI researcher Yao Shunyu as a key figure in its AI strategy, indicating a significant acceleration in its AI initiatives [3] New AI Features - Tencent's "Yuanbao" launched a new social AI feature called "Yuanbao Party," aimed at enhancing user interaction in social scenarios, allowing seamless integration with WeChat and QQ [4] - The company is reviving its tradition of distributing cash red envelopes during the Spring Festival, announcing a distribution of 1 billion yuan in cash through the Yuanbao app, signaling its commitment to the AI sector [4][5] Industry Competition - As the Spring Festival approaches, major companies are gearing up for a new competition centered around AI, with significant investments and resources being allocated to promote their AI assistants [6][7] - Baidu announced a cash red envelope activity through its Wenxin assistant, while ByteDance secured exclusive AI cloud partnership for the Spring Festival gala, highlighting the competitive landscape [7] - The upcoming Spring Festival presents a critical opportunity for companies to establish user reliance and emotional connections with their AI assistants, which will be crucial in the emerging AI-native era [8]

此外，本周发行FOF基金（基金中的基金）5只，均为偏债混合型FOF，占比11.36%，而QDII（合格境内机构投资 者）基金与债券型基金各2只，分别覆盖海外市场与固收+策略。 2026年开年以来，公募基金发行市场延续火热态势。 公募排排网最新统计数据显示，本周（1月26日至2月1日）全市场共44只新基金启动募集，发行数量较前一周环比增 长10%，且为连续第4周新基发行量稳定在35只以上。值得注意的是，本周新基平均认购天数仅为13.18天，募集期明显缩 短，进一步印证了市场活跃度的提升。 | | | 本周开启认购公募基金按类型统计 | | | | | --- | --- | --- | --- | --- | --- | | 基金类型(一 | | | | 数 | 占比 | | 级) | 数量 | 占比 | 基金类型(三级) | 量 | | | 股票型基金 | 21 | 47.73% | 被动指数型基金 | 12 | 27.27% | | | | | 普通股票型基金 | 5 | 11.36% | | | | | 增强指数型基金 | 4 | 9.09% | | 混合型基金 | 14 | 31.82% | 偏股混合型 ...

Core Viewpoint - The company plans to acquire 100% equity of Yichong Technology through a combination of issuing shares and cash payment, while also raising matching funds [1] Group 1: Transaction Details - The transaction involves 50 shareholders of Yichong Technology, including Hainan Weijun Si Investment Partnership (Limited Partnership) as one of the counterparties [1] - The company and all its directors and senior management guarantee the authenticity, accuracy, and completeness of the information disclosed, ensuring there are no false records, misleading statements, or significant omissions [1] - The transaction is subject to relevant decision-making procedures and approvals [1]

1月26日，肯德基中国对旗下外送产品价格进行小幅调整，平均上涨0.8元，堂食价格保持不变。 仅外送产品涨价 与过往调价不同，肯德基本次涨价范围限定在外送渠道。 继麦当劳之后，另一快餐巨头肯德基也官宣涨价。 2028年经营利润目标100亿元 此番肯德基选择单独在外送渠道涨价，背后或与该渠道日益提升的业绩贡献度有关。 百胜中国2025年三季报显示，肯德基当季外卖销售同比增长33%，约占肯德基公司餐厅收入的51%，而 2024年全年该占比约40%，9个月内得到快速提升。同时，当季肯德基公司总收入仅同比增长4%至24.04 亿美元，外卖已然成为拉动增长的主要驱动力。 具体来看，汉堡品类中，汁汁和牛堡外送价36.5元，较堂食32.5元高出4元；老北京鸡肉卷价差同样为4 元；香辣鸡腿堡、劲脆鸡腿堡价差则在3元。 炸鸡小食板块中，经典单品吮指原味鸡1块装外送与堂食价差2.5元，6块装规格价差则放大至15元；新 品金枕榴莲椰耶蛋挞6只装外送需57元，较堂食价差达5元；黄金脆皮鸡、新奥尔良烤翅、劲爆鸡米花、 薯条等热门小食，外送价较堂食上涨1.5至3元。若叠加6元配送费及若干打包费，消费者单点一份单品 外送，较堂食需多花约10 ...

Core Viewpoint - ZOTYE Auto, known as the "ancestor of counterfeit cars," appears to be resuming production after securing a bank loan of 400 million yuan, with the first tranche of 343 million yuan already received [1][4]. Group 1: Financial Restructuring - The loan is part of a 500 million yuan credit line from Yongkang Rural Commercial Bank and falls under a total credit framework of 4.5 billion yuan authorized by the company's 2025 shareholders' meeting [4]. - The loan has a term from January 22, 2026, to November 30, 2028, with an annual interest rate of 2.8%, which is lower than the historical debt rate of 3.65% [4]. - Funds will be used to replace settled historical overdue debts and support the resumption of the vehicle production segment, aiming to systematically address debt issues and optimize the financial structure [4]. Group 2: Debt Settlement - Prior to the loan, ZOTYE initiated debt cleanup, reaching a settlement with China Bank and Construction Bank to repay a total of 405 million yuan by January 31, 2026 [5]. - The settlement led to the lifting of a freeze on 335 million shares and 4.26 million yuan in deposits, facilitating the disposal of stocks [5]. Group 3: Financial Performance - ZOTYE's financial data has been deteriorating, with sales peaking at 330,000 units in 2016 but declining significantly since, resulting in seven consecutive years of losses since 2019 [6][7]. - In 2024, the company reported only 14 units sold, a 98.74% year-on-year decline, and zero production; however, revenue for the first three quarters of 2025 was 419 million yuan, an 8.98% increase, but with a net loss of 223 million yuan [7]. - As of the end of Q3 2025, the company's equity was only 12.58 million yuan, with a debt-to-asset ratio of 99.41% [7]. Group 4: Management Changes and Recruitment - The company has experienced frequent management changes, with two chairmen replaced in three months, indicating instability [7]. - The new chairman, Han Biwen, has extensive experience in the automotive industry, particularly with Chery Automobile [8]. - ZOTYE is actively recruiting across various positions, indicating preparations for resuming production, with 49 job openings primarily in Jinhua and Hangzhou [8]. Group 5: Future Uncertainty - Despite efforts to revive the company, there remains significant uncertainty regarding ZOTYE's ability to achieve a "rebirth" in a highly competitive market [9].