Core Viewpoint - Nvidia's stock price has dropped 9.1% since reaching an all-time high on October 29, 2022, raising concerns about the sustainability of AI investments and Nvidia's market dominance [1] Group 1: Stock Performance - Nvidia's stock price has seen a significant increase of over 1300% since the end of 2022, with its market capitalization surpassing $5 trillion, but has since lost approximately $460 billion in value [1] - The company's stock performance has lagged behind the S&P 500 index, indicating growing investor concerns [1] Group 2: Competitive Landscape - Nvidia holds over 90% market share in the AI accelerator sector, but competitors like AMD are gaining traction with large data center orders from companies such as OpenAI and Oracle [2][3] - Major tech companies including Alphabet, Amazon, Meta, and Microsoft are developing their own chips to avoid the high costs associated with Nvidia's products, which could impact Nvidia's revenue as these companies account for over 40% of its income [3] Group 3: Profitability and Valuation - Nvidia's gross margin is projected to remain in the mid-70% range for fiscal years 2024 and 2025, but is expected to decline to 71.2% in fiscal year 2026 due to rising costs from the Blackwell chip series [4] - Analysts express concerns that any signs of weakness in Nvidia's pricing strategy could negatively impact its profit margins, prompting increased scrutiny from investors [4] - Some analysts believe that the current valuation of Nvidia suggests an end to the industry cycle, presenting a potential investment opportunity, contrasting with previous market peaks [4]

Group 1 - Chery Group has set a sales target of 3.2 million vehicles for 2026, representing a 14.03% increase compared to 2025 [1] - Chery Automobile Co., Ltd. aims to achieve a sales target of 3 million vehicles, with a year-on-year growth of 14.01% [1] Group 2 - In 2025, Chery brand's cumulative sales reached 1,700,940 vehicles, marking a 6% year-on-year increase [1] - The sales performance of other brands includes: - Exeed brand with 120,369 vehicles sold, a decrease of 15% year-on-year [1] - Jetour brand with 622,590 vehicles sold, an increase of 10% year-on-year [1] - iCAR brand with 96,989 vehicles sold, a significant increase of 47% year-on-year [1] - Zhijie brand with 90,493 vehicles sold, showing a growth of 56% year-on-year [1]

Core Viewpoint - The People's Bank of China emphasizes the need to address financial risks in key sectors and enhance financial stability through various measures in 2026 [1] Group 1: Financial Risk Management - The focus for 2026 includes the prudent resolution of financial risks in key areas [1] - Continued efforts will be made to manage the debt risks of financing platforms and to orderly advance the exit of these platforms [1] - Risk disposal will be promoted in key regions and institutions, with an emphasis on identifying and correcting risks in small and medium-sized financial institutions [1] Group 2: Macro-Prudential Management - The central bank will enhance its macro-prudential management and financial stability functions [1] - There will be improvements to the macro-prudential and financial stability management toolbox [1] - A financial market monitoring indicator system will be developed, and exploration of macro-prudential management in financial markets will be initiated [1] Group 3: Liquidity Support and Regulation - Mechanisms will be established to provide liquidity to non-bank institutions under specific scenarios [1] - The effectiveness of two monetary policy tools supporting the capital market will be emphasized [1] - Financial market regulatory enforcement will be strengthened, with ongoing efforts to combat illegal activities in the financial market [1]

Core Viewpoint - The People's Bank of China emphasizes the importance of deepening financial reform and opening up in 2026, focusing on enhancing supervision and management across various financial markets and supporting the development of international financial centers [1] Group 1: Financial Market Supervision - Strengthening supervision and management of interbank bond market, money market, foreign exchange market, bill market, gold market, and related derivatives [1] - Enhancing overall regulatory coordination of financial infrastructure [1] Group 2: Financial Market Opening - Deepening high-level opening of financial markets and optimizing mechanisms such as "Bond Connect" and "Swap Connect" [1] - Supporting the construction of the Shanghai International Financial Center and maintaining the stability and prosperity of Hong Kong's financial market [1] Group 3: Cross-Border Financial Services - Facilitating the use of the Renminbi in trade and investment through central bank currency swap agreements [1] - Improving cross-border financial services provided by financial institutions and enhancing infrastructure for Renminbi's cross-border use [1] - Welcoming more eligible foreign entities to issue Panda bonds [1] Group 4: Payment Systems - Expanding the interconnection of rapid payment systems and promoting cooperation on QR code interoperability [1]

1月6日，2026年中国人民银行工作会议1月5日-6日召开。会议强调，进一步提升金融管理和服务能力。 推动重点立法修法项目。研究构建与现代中央银行制度相匹配的金融统计制度和标准体系，持续做好金 融"五篇大文章"、融资平台债务等重点领域统计监测。巩固现金使用环境建设工作成效。持续提升经理 国库管理质效。稳妥实施好一次性个人信用修复政策。进一步健全社会征信体系。常态长效优化老年 人、外籍来华人员支付服务。从严实施支付机构穿透式监管和支付业务功能监管。强化虚拟货币监管， 持续打击相关违法犯罪活动。深化科技管理与创新应用。稳步发展数字人民币。进一步规范内部管理， 提升内部审计监督、离退休干部、后勤保障、集中采购和安全保卫等工作水平。发挥工会、共青团等群 团组织凝心聚力作用。 ...

Core Viewpoint - Vivo officially announced that its flagship imaging feature "Native Light and Shadow" will be gradually pushed to users of the vivo X200 series and vivo X100 Ultra starting in January [1] Group 1: Product Features - The "Native Light and Shadow" feature is designed to minimize algorithmic intervention, providing a more authentic photography experience compared to other industry solutions that rely heavily on algorithms [1] - Vivo product manager Han Boxiao emphasized that while the feature is not intended for everyday use by average users, it offers a unique experience for those who seek it [1] Group 2: User Experience - The feature allows users to explore photography in a different emotional context, suggesting that it can provide a distinct experience when used occasionally [1] - The product aims to balance both traditional photography and computational photography, catering to diverse user preferences [1]

Group 1: Market Overview - The global financial market has shown little change at the beginning of 2026 compared to 2025, with rising global stock markets and significant increases in gold and silver prices continuing their historic bull market [1] - Gold prices surged by 2.7% to $4444.52 per ounce in the first complete trading week of the new year, nearing the record high of $4550 set on December 26 [1] - Silver prices experienced a dramatic increase, jumping 5.1% in one day and approaching the $80 mark, with the Shanghai silver futures contract rising by 8.00% to ¥19630.00 per kilogram [1] Group 2: Geopolitical Influences - The recent U.S. intervention in Venezuela, including the arrest of President Maduro, is viewed as a key factor driving the demand for precious metals as safe-haven assets [2] - Analysts suggest that if geopolitical tensions escalate or if upcoming U.S. data indicates a need for more aggressive monetary easing by the Federal Reserve, gold prices may reach new record highs [2] - The situation in Venezuela is seen as a catalyst for further price increases in gold and silver, which have already seen substantial gains of 64% and 147% respectively over the past year [2] Group 3: Technical Analysis - Gold prices are currently supported above the trend line of the latest bull market, with support at around $4300 and resistance at the historical high from December [3] - Silver has entered a parabolic uptrend, with a steep short-term upward trajectory and support at approximately $72, while also facing resistance at historical highs [11] Group 4: Market Sentiment and Positioning - The non-commercial net long positions in gold have increased, but remain low relative to gold price performance, primarily held by speculators [4] - In silver, non-commercial net positions have missed one of the most extreme short squeeze events, indicating strong underlying buying interest [14] - The volatility index for silver has reached unstable levels, suggesting a high-risk environment for pricing [15] Group 5: Future Outlook - Analysts from Crescat Capital remain bullish on the silver market, suggesting that the current rally is far from over despite market consensus leaning towards mean reversion [18] - UBS highlights the dual risks facing the gold-silver ratio, with potential scenarios that could lead to significant price movements for silver based on industrial demand and inflation concerns [22]

Core Viewpoint - The real estate market in 2026 is showing signs of stabilization with policies aimed at managing expectations, as evidenced by the performance during the New Year holiday period, which is critical for the first quarter's market outlook [1][5][6] Group 1: Market Performance - Key cities are experiencing a "partial warming and continued differentiation" in the market, with Beijing showing positive changes due to new policies that lower purchasing thresholds for new citizens and families with multiple children [1][2] - During the New Year holiday, Beijing's new residential sales reached 25,200 square meters (240 units), while the second-hand housing market saw a notable increase in viewing activity [2] - In Shanghai, the market displayed characteristics of "project differentiation and sustained heat," with only one new project launched during the holiday, indicating ongoing interest in certain developments [2][3] Group 2: Policy Impact - The new policies in Beijing, implemented on December 24, 2025, have positively influenced the market, leading to a recovery in the second-hand housing sector [2][3] - The reduction of the value-added tax on personal property sales from 5% to 3% is expected to lower transaction costs and stimulate both new and second-hand housing transactions [5][6] - The article published in "Qiushi" magazine emphasizes the urgency of stabilizing the real estate market and suggests that policies should be implemented comprehensively to avoid piecemeal adjustments [5][6] Group 3: Market Trends - The second-hand housing market in Shanghai saw over 22,000 units signed in December 2025, indicating a sustained demand driven by price stabilization and improved buyer confidence [3] - In Shenzhen, the market continued its year-end momentum, with significant sales in luxury properties and a high turnout for promotional events during the holiday [4][6] - The increase in viewing and signing activity in Shenzhen during the New Year holiday, with a 155% month-on-month rise in viewings, reflects a strong market recovery [4]

Core Viewpoint - The Tengshi N8L has undergone its first OTA upgrade, introducing new features and enhancements aimed at improving user experience and vehicle performance [1] Group 1: OTA Upgrade Features - The upgrade includes a home connectivity feature that allows control of eight types of mainstream home appliances [1] - A wheel looseness detection function has been added to provide real-time alerts regarding tire conditions [1] - The upgrade also features a new spokesperson, Gao Yuanyuan, for scene reporting, along with various cute pet themes and naked-eye 3D dynamic themes [1] Group 2: Vehicle Specifications - The Tengshi N8L, a new large six-seat SUV, was launched on October 28, 2025, with two configuration versions priced between 299,800 yuan and 329,800 yuan [1] - The vehicle dimensions are 5200mm in length, 1999mm in width, and 1820mm in height, equipped with a dedicated 2.0T engine and a three-motor hybrid system [1] - The official acceleration time from 0 to 100 km/h is 3.9 seconds, and it features a lithium iron phosphate blade battery with a pure electric range of 230 km under CLTC conditions, and a total range of up to 1300 km [1] - The braking system includes six-piston calipers, with a braking distance of 35.4 meters from 100 km/h [1]

2025年8月，美国政府以印度进口俄罗斯石油为由，对印度输美商品加征惩罚性关税，将对印度商品总 体关税税率提高至50%。双方已经就关税问题进行了数月的谈判。 印度政府曾多次表示，其能源进口政策旨在保障本国消费者利益，特朗普政府对印加征的关税不合理， 并指出美国自身仍在与俄罗斯保持贸易往来。 综合新华网等多家媒体报道，美国总统特朗普4日警告称，如果印度不按美方要求限制购买俄罗斯石 油，美国可能继续提高对印度产品征收的关税。 在美印贸易谈判仍未取得成果的情况下，这一威胁进一步加大了对这个南亚国家的压力。 据报道，特朗普当天在总统专机"空军一号"上回答随行记者有关印度购买俄罗斯石油的提问时说："他 们（印俄）确实有贸易往来，我们可以迅速提高对他们的关税。" 为推动与美国的贸易谈判，印度政府已要求国内炼油企业每周上报俄罗斯和美国石油的采购数据，以此 回应美方的关切。 根据欧洲调查公司Kpler数据，2025年12月，印度从俄罗斯进口的石油约为120万桶/日，这较去年6月时 约200万桶/日的峰值下降了约40%。业内人士认为，未来几个月印度的俄油购买量将降至100万桶/日以 下。 自美方加征关税以来，印度总理莫迪与美国 ...