● 本报记者 刘丽靓 "2026年，国务院国资委将以高质量编制实施'十五五'规划为契机，接续推动中央企业加快布局新兴产 业，抢占未来竞争主动权。"1月28日，国务院国资委科技创新局局长张剑龙在国新办举行的新闻发布会 上透露，国务院国资委正在研究起草关于推动中央企业培育新兴支柱产业的工作文件。 中国证券报记者还从上述新闻发布会获悉，下一步，国务院国资委将扎实做好新央企组建和战略性重 组，深入推进专业化整合，支持中央企业开展高质量并购。同时，国务院国资委将更大力度推 进"AI+"专项行动，聚焦具身智能、能源电力等重点领域，探索组建"AI+"产业共同体。 实施更精准的分类考核评价体系 截至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总额2.5万亿元，完成固定资产投资 5.1万亿元，研发投入1.1万亿元……一组组跃动的数据勾勒出2025年中央企业高质量发展的坚实轨迹。 在规模实力稳步攀升的同时，中央企业的发展结构正发生深刻变化：数据显示，2025年，中央企业完成 战略性新兴产业投资2.5万亿元、占总投资的41.8%。 这份成绩单，来自改革深化所释放的制度红利。 "国有企业改革深化提升行动的主体任务 ...

10万亿元 "十四五"时期，税务部门累计征收税费超156万亿元，累计新增减税降费退税超10万亿元。 此外，会议要求，科学精准加强税收监管和税务稽查，切实维护法治公平的良好税收生态。突出引导合 规遵从，持续构建市场化、法治化、国际化税收营商环境。坚决扛牢管党带队政治责任，为做好税务工 作提供坚强保证。 从2025年税收情况来看，税务部门征收各项税费33.1万亿元，其中税收收入17.8万亿元（未扣除出口退 税），同比增长2.7%，考虑价格因素与经济增长基本同步。同时，服务发展大局持续加力，落实支持 科技创新和制造业发展的主要优惠政策减税降费退税超2.8万亿元，纠治违规招商引资涉税问题和"开票 经济"深入推进，离境退税"即买即退"在全国推广，"一带一路"税收征管合作机制建设不断深化，加大 跨境涉税争议协商力度，帮助企业消除国际重复征税超30亿元。 ● 本报记者 熊彦莎 中国证券报记者从国家税务总局获悉，1月28日，全国税务工作会议在北京召开。会议明确，在完善对 重点领域和关键环节支持政策的基础上，加力推进规范税收优惠政策。 数据显示，"十四五"时期，税务部门累计征收税费超156万亿元，约占全口径财政收入的80%，为 ...

Core Viewpoint - The recent surge in silver prices has led to a significant increase in demand for investment silver bars in the Shenzhen Shui Bei market, with prices for 1000g silver bars reaching up to 33,800 yuan [1][2]. Group 1: Market Dynamics - The price of silver has dramatically increased from 11 yuan per gram to 28 yuan per gram, resulting in a higher demand for silver bars [2]. - Various merchants in Shui Bei are selling silver bars in standard weights such as 100g, 200g, 500g, and 1000g, with significant price variations among different sellers [2][4]. - As of January 28, the listed price for silver in Shui Bei was 33.8 yuan per gram, while the "Rongtong Gold" market price was around 28 yuan per gram [2][4]. Group 2: Supply and Demand Factors - The supply of silver has been notably constrained, leading to increased prices and a higher recovery price for silver bars, which can exceed the market price by 1-2 yuan per gram [4][5]. - The demand for silver is being driven by sectors such as photovoltaics, electric vehicles, and AI data centers, contributing to a persistent supply shortage in the silver market for the fifth consecutive year [5][6]. Group 3: Price Trends and Risks - The COMEX silver price has recently surpassed 116 USD per ounce, reflecting a year-to-date increase of approximately 60% [5]. - Analysts indicate that while silver prices may continue to benefit from macroeconomic narratives and safe-haven demand, there is a potential for price corrections due to high volatility and profit-taking by investors [6].

Core Viewpoint - The recent surge in gold prices has led to significant stock price increases in the precious metals sector, prompting several companies to issue risk warnings regarding potential price corrections [1][2]. Group 1: Stock Performance and Risk Warnings - On January 28, multiple gold-related stocks, including China Gold and Sichuan Gold, experienced trading halts due to substantial price increases, with China Gold's stock rising by 46.42% over four consecutive trading days [2]. - Sichuan Gold reported a cumulative price deviation of over 100% across ten trading days, indicating severe stock price volatility [2]. - Companies like China Gold and Sichuan Gold have acknowledged that their stock prices have significantly diverged from market indices, suggesting a potential for short-term declines [2][3]. Group 2: Company Announcements and Financial Outlook - China Gold confirmed that its core business remains stable, focusing on gold jewelry development, processing, and retail, without any significant changes in market conditions or undisclosed information [2][3]. - Sichuan Gold highlighted risks associated with its single mining operation and limited resource reserves, which could impact its financial performance if gold prices fluctuate [3]. - Several companies in the precious metals sector, including Hunan Silver and Xiaocheng Technology, have projected positive earnings for 2025, with expected net profits showing significant year-on-year growth [5][6]. Group 3: Market Trends and Future Expectations - The overall market for precious metals is experiencing upward pressure, with six listed companies in the gold and silver sector forecasting positive earnings for 2025 [6]. - Hunan Silver anticipates a net profit of between 285 million to 385 million yuan, reflecting a growth of 67.88% to 126.78% compared to the previous year [5][7]. - Xiaocheng Technology expects a net profit increase of 93.32% to 179.24%, driven by higher gold production and favorable market conditions [5][7].

Core Insights - The banking industry is shifting its focus from traditional deposit products to insurance products, particularly dividend insurance, in response to declining deposit interest rates [1][2][3] Group 1: Market Trends - Banks are no longer emphasizing deposit renewals but are instead promoting insurance products like dividend insurance and annuity insurance to customers [1][2] - The trend reflects a resurgence of the bank-insurance channel, as insurance products offer long-term yield locking advantages in a low-interest-rate environment [1][3] Group 2: Product Details - The recommended dividend insurance products provide a fixed return of 1.75% plus potential floating returns, appealing to customers seeking long-term value [3][4] - For example, a specific dividend insurance product offers a total account benefit of approximately 54.72 million yuan after five years and 88.02 million yuan after twenty years, highlighting the potential for significant returns over time [2] Group 3: Consumer Behavior - Consumers are increasingly considering insurance products when faced with reduced deposit rates, with many opting for these products if they do not need immediate access to their funds [2][4] - The insurance products are seen as a way to secure current interest rates, making them attractive to clients with a longer investment horizon [2][4]

Core Viewpoint - Huatu Shanding (300492) expects a significant increase in net profit for 2025, projecting between 280 million to 420 million yuan, representing a year-on-year growth of 428.38% to 692.57% due to strong market demand in the examination training industry and strategic operational reforms [1] Group 1: Financial Performance - The company anticipates net profit for 2025 to be between 280 million to 420 million yuan, indicating a substantial year-on-year increase [1] - The growth is attributed to the robust demand in the examination training sector and the implementation of regional operational reforms [1] Group 2: Business Strategy - Huatu Shanding has adopted a strategy focusing on a single product, "Kaobian Zhitongche," to streamline operations and enhance user experience [1] - The company is leveraging advanced technology to improve recruitment quality, intelligent scheduling, and teaching research, which has led to a significant reduction in delivery costs [1][4] Group 3: AI Integration - The company is implementing a three-phase AI strategy: foundational tools, product monetization, and diversification to enhance efficiency and innovate business models [3] - AI-driven systems have improved scheduling efficiency, saving 40% of the workload and significantly reducing costs [4] - AI quality inspection has increased coverage from less than one-third to 100%, ensuring service quality and improving conversion and renewal rates [4] Group 4: Market Positioning - Huatu Education has established a comprehensive commercial path, becoming the first in the industry to complete a three-phase layout [5] - The company aims to enhance user lifetime value by expanding services from exam preparation to workplace skills, thus creating dual value for learners [5] - The integration of AI tools is expected to transform high-cost training into standardized products, addressing the challenge of balancing quality, cost, and personalization in education [5] Group 5: Future Outlook - The AI transformation is seen as a paradigm shift in the education and training industry, moving from a focus on examination training to comprehensive capability enhancement [6] - The company plans to continue deepening its AI capabilities to maintain competitive advantages while ensuring teaching quality and cost efficiency [6]

多只牛股提示风险 贵金属概念股近日股价大幅上涨，1月28日晚，多家相关上市公司发布提示风险公告。 股价实现"4连板"的中国黄金1月28日晚间公告称，1月23日至1月28日期间，公司股票连续四个交易日涨 停，期间累计涨幅46.42%，上证指数同期累计涨幅0.7%，公司股价上涨幅度已显著偏离指数，公司股 票交易存在市场情绪过热情形，可能存在短期涨幅较大后的下跌风险。公司主营业务未发生变化，主要 从事黄金珠宝首饰研发、加工、零售、批发及回购等，未拥有探矿权、采矿权。经自查，截至本公告披 露日，公司日常经营情况正常，市场环境、行业政策未发生重大变化，不存在应披露而未披露的重大信 息。 股价实现"10天6板"的四川黄金1月28日晚间公告称，公司股票连续2个交易日收盘价格涨幅偏离值累计 超过20%，连续10个交易日内收盘价格涨幅偏离值累计超过100%，属于股票交易异常波动和严重异常 波动的情况。 公告称，公司可能面临以下风险：一是黄金价格波动风险：黄金价格受市场供求关系、全球宏观经济形 势及预期、美元走势、全球重大政治事件等多种因素影响；公司金精矿产品的价格受黄金价格波动影响 较大，若未来黄金价格大幅波动，将给经营业绩带 ...

Group 1 - Resource stocks experienced a surge, leading to a significant increase in related ETFs, with 9 out of the top 10 performing ETFs being gold and resource-related [1][3] - Among the top-performing ETFs, 6 were gold-related, with 3 reaching the daily limit up [3][4] - The rise in gold prices is attributed to its safe-haven appeal and a renewed trend of "selling U.S. assets," driven by waning confidence in U.S. assets, a potential interest rate cut cycle, and geopolitical tensions [3] Group 2 - Multiple Hu-Shen 300 ETFs saw substantial trading volumes, with total ETF trading reaching 538.918 billion yuan, an increase of 22.3914 billion yuan from the previous day [7] - Major Hu-Shen 300 ETFs, such as Huatai-PineBridge and E Fund, recorded trading volumes exceeding 400 billion yuan and 320 billion yuan respectively [7][8] - Despite high trading volumes, these ETFs faced significant net outflows recently, with major funds experiencing over 100 billion yuan in outflows [8][10] Group 3 - The strong performance of resource-related ETFs has attracted significant capital inflows, with 5 gold and resource-related ETFs appearing in the top ten for net inflows on both January 26 and January 27 [5] - On January 27, the top net inflow ETFs included the Nonferrous Metals ETF and several gold ETFs, with inflows ranging from 7.06 billion yuan to 16.57 billion yuan [6] Group 4 - The recent performance of the nonferrous metals sector is driven by a "tight supply-demand balance" and enhanced financial attributes, with new demand engines emerging from AI data centers and renewable energy [11] - Global mining capital expenditure has been insufficient, leading to ongoing supply constraints, while the long-term expansion of U.S. dollar credit and the trend of "de-dollarization" are reshaping the pricing logic of precious metals [11] - Investment focus is recommended on cyclical resource products supported by global demand, particularly in the context of AI-related shortages, suggesting that resource products may outperform AI sectors [11]

上期所通知显示，自2026年1月30日（星期五）收盘结算时起，镍期货已上市合约的涨跌停板幅度调整 为11%，套保持仓交易保证金比例调整为12%，一般持仓交易保证金比例调整为13%。 氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为10%，一 般持仓交易保证金比例调整为11%。 不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交易保 证金比例调整为8%，一般持仓交易保证金比例调整为9%。 1月28日，上海期货交易所发布调整镍等期货相关合约涨跌停板幅度和交易保证金比例的通知。同时， 上海黄金交易所发布调整白银延期合约保证金水平和涨跌停板的通知。 上金所通知显示，上金所对白银延期合约交易保证金水平和涨跌停板比例进行调整。自2026年1月30日 （星期五）收盘清算时起，Ag（T+D）合约的保证金水平从19%调整为20%，下一交易日起涨跌幅度限 制从18%调整为19%。 上金所还要求各会员提高风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作，合理 控制仓位，理性投资，确保市场稳定健康运行。 数据显示，北京时间1月28日，伦敦现货黄金价格 ...

2025年以来，港股市场IPO破发率较低，投资者打新情绪非常火热。由于鸣鸣很忙定价相对便宜、基石投资者阵容 强大。据测算，甲组中签率最高仅5%，乙组中签率相对较高。 1月28日，鸣鸣很忙上涨69.06%，收报400港元/股，最新市值856亿港元。 投资者阵容豪华 1月28日，"量贩零食第一股"鸣鸣很忙在港股上市，首日开盘即大涨，盘中一度涨超88%。这意味着，若在最高点 卖出，相较于招股价236.6港元，不计手续费，每100股最高可赚超2万港元。 量贩零食股上市 鸣鸣很忙被不少消费者熟悉，在各大县城、社区附近常见的"零食很忙""赵一鸣零食"，均是鸣鸣很忙旗下品牌， 消费者几十块钱就可以买一大袋不同的零食。作为主打下沉市场，依靠低毛利、高周转快速扩张的零售渠道，鸣 鸣很忙近年来门店增长迅速。 据招股书，2025年前三季度，鸣鸣很忙零售额（GMV）达661亿元人民币，同比增长74.5%。截至2025年11月，鸣 鸣很忙的在营门店突破2.1万家，覆盖全国所有县级城市。 图片来源：招股书 提供线下差异化情绪价值 头部机构之所以在早期即敢于大手笔布局鸣鸣很忙，核心在于看好其商业模式，认为其精准捕捉了零食行业的新 趋势与消 ...