白银、锡期货相关合约交易限额 上期所通知显示，自2026年1月27日（即1月26日夜盘）交易起，对非期货公司会员、境外特殊非经纪参 与者、客户在白银、锡期货已上市合约的交易限额进行调整。 具体来看，白银期货AG2602、AG2603、AG2604、AG2605、AG2606、AG2607、AG2608、AG2609、 AG2610、AG2611、AG2612、AG2701合约的日内开仓交易的最大数量为800手。锡期货SN2602、 SN2603、SN2604、SN2605、SN2606、SN2607、SN2608、SN2609、SN2610、SN2611、SN2612、 SN2701合约的日内开仓交易的最大数量为200手。 上期所表示，实际控制关系账户组日内开仓交易的最大数量按照单个客户执行。套期保值交易和做市交 易的开仓数量不受此限制。 1月26日，上海期货交易所发布调整白银、锡期货相关合约交易限额的通知，同时发布调整铜等期货相 关合约涨跌停板幅度和交易保证金比例的通知。上海国际能源交易中心也对国际铜期货相关合约涨跌停 板幅度和交易保证金比例进行调整。 上期所调整 涨跌停板幅度和交易保证金比例 上海期货交易 ...

01 1月26日，A股市场贵金属板块走强，多只黄金股ETF大涨，今年以来涨幅超过37%。 02 值得关注的是，多只沪深300ETF今日成交额较上周日均成交额进一步放大，且出现大量集中卖单。 沪深300ETF成交活跃 1月26日，宽基指数ETF成交活跃。截至收盘，沪深300ETF华泰柏瑞成交额超280亿元，沪深300ETF易方达成交额为226.81 亿元，华夏上证50ETF、沪深300ETF嘉实、沪深300ETF华夏成交额均超过150亿元。 03 今日，多只资源类LOF大涨。截至收盘，银华内需LOF、石油基金LOF等涨停。 有色ETF大涨 1月26日，贵金属板块大涨，伦敦金现、COMEX黄金盘中均突破5100美元/盎司，伦敦银现、COMEX白银盘中均突破109 美元/盎司。多只黄金股ETF涨超8%，矿业、有色ETF也普遍大涨。 此外，油气开采及服务板块大涨，多只石油相关ETF涨超3%。 | 黄金、有色ETF大涨 | | | | --- | --- | --- | | 代码 | 简称 | 涨幅 (%) | | 159321. SZ | 黄金股票ETF | 8.67 | | 159322. SZ | 黄金股票ETF ...

Core Insights - The investment outlook for 2026 emphasizes "stability while seeking progress and improving quality and efficiency," supported by proactive macro policies and robust counter-cyclical adjustments, indicating a promising start for the 14th Five-Year Plan [1] - The ongoing technological revolution is reshaping the global economic and industrial landscape, presenting significant investment opportunities in technology, overseas expansion, and domestic demand [1][2] Macroeconomic Environment - The macroeconomic environment for 2026 is viewed positively, with favorable domestic policies and a supportive capital market [3] - Fiscal policies are expected to focus on social welfare, while monetary policy remains "moderately loose," allowing for potential rate cuts [3] - The shift towards equity assets is anticipated as risk-free rates decline, with structural opportunities in AI, energy, and innovative pharmaceuticals [3] Global Investment Strategies - The investment strategy includes a focus on resilience and rebalancing, with an optimistic view on risk assets due to stabilizing economic conditions [4] - The U.S. Federal Reserve's interest rate cuts and a weaker dollar are expected to benefit emerging market assets [4] AI Industry Insights - The AI sector is highlighted as a key investment focus, with significant growth potential in computing power demand [5] - OpenAI's computing power investments and revenue growth have created a positive feedback loop, indicating a strong future for AI-related investments [5][6] - The AI competition is fundamentally different from the 2000 internet bubble, as it revolves around the control of critical production resources [6] Investment Strategy Focus - The strategy emphasizes growth sectors and the gradual overseas expansion of Chinese manufacturing, which is seen as a structural opportunity [7] - High-dividend assets and technology giants in the Hong Kong market are considered attractive, though caution is advised [8] Fixed Income and Asset Allocation - The "fixed income plus" strategy is gaining importance in the context of declining interest rates, with expectations for stable returns from bonds [9] - The overall outlook for the equity market remains positive, with a focus on corporate earnings support [9] - The potential for volatility in the fixed income market is acknowledged, with a focus on systematic asset allocation to achieve stable returns [10] Conclusion - The investment strategy conference reflects the company's expertise in multi-asset management, emphasizing a long-term, fundamental approach to investment [11] - The company aims to enhance its investment and service capabilities to deliver better returns and experiences for investors [11]

1月26日，国新办举行新闻发布会。商务部相关负责人表示，下一步，商务部将围绕做强国内大循环、 畅通国内国际双循环、拓展国际循环，着力推动商务高质量发展，为"十五五"开好局、起好步作出新贡 献。 要点概览： 出台扩大入境消费的政策措施。 国家层面的海外综合服务大平台近期将上线。 以服务业为重点扩大市场准入和开放领域。有序扩大电信、医疗、教育等领域自主开放。 优化实施消费品以旧换新，促进汽车、家电、数码和智能产品等大宗耐用商品消费。 开展汽车流通消费改革试点。 出台扩大入境消费的政策措施 在外贸工作方面，商务部对外贸易司司长王志华表示，2026年，商务部将强化政策抓手。形成外贸政 策"组合拳"，精心服务好外贸企业，助力企业降本增效。加强政策宣传解读，稳住预期、提振信心，央 地联动，适时研究出台新的政策，创新支持举措。 拓展多元市场。加大对企业赴境外参展力度，举办系列贸易促进活动，办好第139届、140届广交会，鼓 励企业用好国别贸易指南和外贸促进信息，帮助企业更好对接市场。 加快创新赋能。指导跨境电商综试区大力发展跨境电商赋能产业带。着力拓展绿色贸易，提升绿色低碳 产品国际竞争力。推动人工智能赋能外贸发展，提升贸 ...

Market Overview - The A-share market experienced fluctuations with the three major indices adjusting, while the non-ferrous metal sector surged, particularly the precious metals concept leading the gains. The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1] Sector Performance - Precious metals, gold concepts, animal vaccines, and oil and gas extraction and services sectors saw significant gains, while satellite navigation and commercial aerospace sectors faced adjustments [2] - The commercial aerospace sector showed weakness, with stocks like Youke De-W and Ruihua Tai hitting the daily limit, while others like Shaoyang Hydraulic and Haozhi Electromechanical dropped over 10% [8] Individual Stock Highlights - Silver and non-ferrous metals stocks, such as Silver Holdings, achieved a "5 consecutive limit up," with gold stocks like Western Gold and Zhaojin Gold hitting the daily limit. Qunxing Toys saw a sharp rise, closing with nearly 200,000 hand orders [2] - Qunxing Toys, primarily engaged in intelligent computing, liquor sales, and property management, has been included in the Tencent concept stocks due to a service agreement with Tencent Technology [6] Tencent Concept Stocks - Tencent concept stocks showed localized movements, with Qunxing Toys hitting the daily limit and stocks like Wanfu Biology experiencing significant increases [3] - Qunxing Toys closed at 6.95 CNY per share, with a market capitalization of 4.285 billion CNY and a trading volume ratio of 4.02 [5][7] Analyst Insights - Commercial aerospace has become one of the strongest market themes recently, with space photovoltaic technology expected to drive demand for new equipment and provide early advantages for companies that differentiate themselves in this field [11] - Analysts suggest that the market's short-term differentiation may continue, with high elasticity sectors attracting new capital and maintaining risk appetite, while the overall liquidity environment remains relatively loose [13]

Group 1: Core Insights - The article emphasizes the importance of the 20th National Congress of the Communist Party of China in guiding the development of the financial sector and capital markets, highlighting the need for securities firms to focus on their core responsibilities and enhance governance [1] - Southwest Securities is positioned as a key player in the capital market, aiming to achieve a leading status in the western region and nationwide, while enhancing its professional capabilities and service quality [2][3] Group 2: Financial Performance - As of September 30, 2025, Southwest Securities reported a revenue of 2.518 billion yuan, a year-on-year increase of 42.75%, and a net profit attributable to shareholders of 706 million yuan, up 46.11% [3] - The company has significantly expanded its service to the real economy, with a total service scale exceeding 80.4 billion yuan, representing a growth of approximately 20%, and services to the Chongqing economy exceeding 20 billion yuan, up 120% [4] Group 3: Strategic Initiatives - Southwest Securities has established a strategic cooperation framework with 38 local governments and 32 key state-owned enterprises in Chongqing, implementing tailored services for over 50 listed companies [5] - The company has launched a 1.5 billion yuan strategic investment fund to support the Chengdu-Chongqing economic circle, demonstrating its commitment to regional development [4] Group 4: Digital Transformation and Professional Development - The firm is advancing its digital transformation through top-level design and application, achieving significant improvements in service efficiency and customer experience [8] - Southwest Securities is enhancing its professional capabilities across various business lines, focusing on wealth management, asset management, and investment banking, with notable growth in margin financing clients and bond underwriting [7] Group 5: Compliance and Risk Management - The company is implementing a comprehensive risk management system to ensure compliance and operational stability, conducting 344 compliance training sessions in 2025 to promote a culture of compliance [10][11] - Southwest Securities is developing a new generation of risk management platforms to enhance its risk identification and monitoring capabilities [11] Group 6: Cultural and Ethical Development - The firm is integrating its corporate culture with its operational strategies, emphasizing values such as integrity, stability, precision, and innovation, while fostering a culture of long-term value creation for clients and stakeholders [13] - Southwest Securities has established a "Clean Culture" brand, recognized within the Chongqing financial system, to promote ethical practices and compliance across its operations [12][13]

Market Overview - The A-share market experienced fluctuations with the three major indices adjusting, while the non-ferrous metal sector surged against the trend, led by precious metals [1] - The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1] Sector Performance - Precious metals, gold concepts, animal vaccines, and oil and gas extraction and services sectors saw significant gains, while satellite navigation and commercial aerospace sectors faced adjustments [1] - Notable individual stocks included Silver Nonferrous (601212) achieving a "5 consecutive limit up," and gold stocks such as Western Gold (601069) and Zhaojin Gold (000506) hitting the daily limit [1] Individual Stock Highlights - Qunxing Toys (002575) experienced a sharp rise, hitting the daily limit with a closing price of 6.95 yuan per share and a market capitalization of 4.285 billion yuan, with nearly 200,000 shares in closing orders [6][8] - The stock's surge is attributed to its involvement in intelligent computing services and a partnership with Tencent Technology (Shenzhen) Co., Ltd. for providing computing power services [7] Commercial Aerospace Sector - The commercial aerospace sector showed weakness today, with mixed performances among stocks; Yuke De-W (688158) and Ruihua Tai (688323) reached the daily limit, while Shaoyang Hydraulic (301079) and Haoshi Electromechanical (300503) fell over 10% [9][10] - According to Everbright Securities, commercial aerospace has become one of the strongest market themes recently, with space photovoltaic technology expected to drive demand for new equipment [12] Market Sentiment and Future Outlook - Analysts from Zhongtai Securities suggest that the current market differentiation may continue in the short term, with high elasticity sectors attracting new capital [13] - Citic Securities indicates that market confidence is gradually recovering, recommending a focus on chemical, non-ferrous, new energy, and power equipment sectors for investment [14]

1月25日，爱芯元智半导体股份有限公司向港交所递交聆讯后的上市申请材料。 2022年、2023年、2024年以及2025年前三季度，公司的收入分别约为0.5亿元、2.3亿元、4.73亿元以及 2.69亿元。2022年、2023年、2024年以及2025年前三季度，公司净利润分别约为-6.12亿元、-7.43亿 元、-9.04亿元以及-8.56亿元。 推动人工智能普及化 上市申请材料显示，爱芯元智是人工智能(AI)推理系统芯片(SoC)的供应商，专注为边缘计算与终端设 备AI应用打造高性能感知与计算平台。公司致力于构建先进的AI计算基础设施，推动人工智能普及 化。 公司SoC产品的核心技术是爱芯通元(Axera Neutron)混合精度神经网络处理器(NPU)，这是一种通过先 进混合精度计算来实现良好AI推理性能的专用处理架构。该技术对于量化模型的部署至关重要，能在 边缘与终端设备上实现AI推理。 根据灼识咨询的数据，按2024年出货量计算，公司是全球第一大中高端视觉端侧AI推理芯片提供商， 在全球视觉端侧AI推理芯片市场处于领先地位。 2022年、2023年、2024年以及2025年前三季度，公司的收入分别约 ...

Market Performance - The micro-cap stock index reached a historical high last week, while large-cap indices like the CSI 300 and SSE 50 experienced adjustments [1] - This morning, large-cap stocks strengthened, with the SSE 50 index rising over 1.8% at its peak, while the micro-cap index and the CSI 2000 index both declined, with the latter down 1.39% [1] - By the close of the morning session, the SSE index rose by 0.12%, while the Shenzhen Component Index and the ChiNext Index fell by 0.74% and 0.86%, respectively, with total market turnover exceeding 2.26 trillion yuan [3] Sector Highlights - The non-ferrous metals sector showed strong performance, particularly in precious metals, with companies like Hunan Gold and Zhaojin Gold hitting the daily limit, and leading stocks such as Zijin Mining and China Uranium rising significantly [5] - Spot gold prices surged past $5,000 per ounce, with silver prices also reaching historical highs, driven by geopolitical factors and fluctuations in confidence towards U.S. assets [8] - Major precious metal companies forecast significant profit increases for 2025, with Zijin Mining expecting a net profit of 51 to 52 billion yuan, a year-on-year increase of 59% to 62% [8] Investment Catalysts - Three main catalysts are identified for the non-ferrous metals sector: 1. Recovery in manufacturing and inventory replenishment cycles, with PMI indicators returning to expansion in the U.S. and some emerging economies [9] 2. Long-term demand reshaping due to green and technological trends, particularly in sectors like electric vehicles and renewable energy [9] 3. Liquidity expectations and financial attributes, with rising expectations for interest rate cuts by the Federal Reserve benefiting precious metals [9] Financial Sector Activity - The financial sector was active, with the insurance sector leading gains, as major insurers collectively rose, including New China Life Insurance which increased over 4% [10][12] - The insurance industry is expected to see performance improvements in 2026, driven by a stable long-term interest rate environment and rising equity markets [13]

Core Insights - The fund industry is progressing steadily in 2025, driven by deepening reforms and innovation, enhancing market resilience and vitality [2] - The company is committed to improving investor financial literacy through diverse educational content and innovative communication methods [2] Group 1: Understanding Funds - The company has developed a comprehensive fund investment knowledge system to help investors understand funds, rules, risks, and investment philosophies [3] - Various educational materials have been created to meet the learning needs of different groups, including strategies for regular investment and asset allocation [4] Group 2: Legal Awareness - The company actively promotes capital market laws and regulations to help investors understand their rights and how to exercise them [6] - Educational initiatives include explaining fund trading rules and dispute resolution mechanisms [6] Group 3: Risk Awareness - The company emphasizes risk management by providing warnings and guidance on suitable investment choices for investors [7] - Specialized videos have been produced to explain the principles of investor suitability [7] Group 4: Investment Philosophy - The company promotes rational, value, and long-term investment philosophies through various media, including podcasts and educational programs [9] Group 5: Capital Market Policy Promotion - The company has focused on promoting capital market policies, including modern capital market construction and public fund industry reforms [11][12] - Initiatives include timely updates on policy measures and explanations of the delisting mechanisms for listed companies [12] Group 6: Pension Education - The company has developed a systematic approach to pension education, enhancing residents' investment capabilities for retirement [15] - A tiered content system has been established to cover essential pension investment knowledge [16] Group 7: Anti-Fraud Education - The company has implemented a comprehensive anti-fraud education mechanism, conducting various activities to raise public awareness of investment risks [19][20] - Efforts include community outreach and collaboration with educational institutions to disseminate anti-fraud knowledge [21] Group 8: Expansion of Educational Outreach - The company has expanded its educational outreach to regions such as Macau and various provinces, promoting financial literacy across different demographics [23][24] - Activities have been tailored to various educational levels, from primary schools to universities, to foster financial intelligence [25] Group 9: Recognition and Awards - The company has received multiple awards for its educational products and activities, highlighting its commitment to investor education and community engagement [27]