【重磅新闻】 CPI、PPI数据将公布 1月9日，国家统计局将公布2025年12月CPI、PPI数据。 参展的中国企业中，除了"老面孔"如联想、海信、TCL、京东方等，另一股新兴力量正加速涌入：中国 具身智能企业正以前所未有的规模集体登陆CES。 第一财经记者了解到，智元机器人、松延动力、北京人形机器人创新中心等多家具身智能企业将首次参 展CES。其中，智元预计将首次在美国完整展示其全系列产品线，并发布灵巧手等核心部件的新版本。 下周解禁市值超1600亿元 浙商证券预计12月CPI同比增速0.7%，环比持平；工业品价格方面，预计12月PPI同比增速为-1.9%，环 比持平。 成品油价将迎今年首次调整 根据"十个工作日"原则，2026年首轮调价窗口为1月6日24时。上一次调价窗口为12月22日24时，国内 汽、柴油价格每吨分别下调170元和165元。 2026年育儿补贴，下周一起全面开放申领 根据工作安排，2026年育儿补贴即将开放申领。2026年1月1日至4日将对育儿补贴信息管理系统进行升 级和测试，1月5日起全面开放申领。 据国家卫生健康委消息，截至目前，全国31个省（自治区、直辖市）均已发放育儿补贴，发放 ...

Group 1 - The core point of the news is that the U.S. has initiated military action against Venezuela, leading to significant geopolitical tensions and potential impacts on the oil market [2][10]. - The U.S. has imposed a complete oil embargo on Venezuela, which is expected to affect the country's oil exports [2][8]. - Despite the military action, analysts suggest that the short-term impact on global oil prices may be limited due to an oversupply in the market and weak demand [3][11]. Group 2 - Venezuela's oil production is currently below 1 million barrels per day, accounting for less than 1% of global oil output, with exports previously averaging around 500,000 barrels per day [3]. - The military operation, named "Absolute Resolve," involved over 150 aircraft and was executed in response to a request from the U.S. Department of Justice [10]. - The international community has largely condemned the U.S. military action, with various countries and organizations calling for adherence to the United Nations Charter [11].

本周国际市场风云变幻，欧美股市收官2025，贵金属市场巨震。美股全线下挫，道指周跌0.67%，纳指 周跌1.52%，标普500指数周跌1.03%，欧洲三大股指走高，英国富时100指数周涨0.86%，德国DAX 30 指数周涨0.77%，法国CAC 40指数周涨1.03%。 下周看点颇多，12月美国就业数据，以及美国供应管理协会（ISM）发布的制造业和服务业活动数据， 将成为研判美国经济的健康状况，以及美联储下一次降息的可能时点关键依据。欧洲方面，欧元区通胀 数据将备受市场关注。地缘政治因素再次升温，美军抓走委内瑞拉总统马杜罗及其夫人，大宗商品市场 走向悬念再起。2026年度国际消费电子展（CES）将于1月6日在拉斯维加斯开幕，能否助力人工智能板 块企稳。 美国非农能否企稳 2025年，美联储已连续三次降息。接下来公布的美国就业及经济活动数据，将为判断美联储下一次降息 时点提供关键参考。 美联储12月议息会议纪要显示，部分政策制定者对短期内进一步降息持谨慎态度。会议结束后公布的美 国三季度国内生产总值（GDP）数据也远超市场预期。受此影响，货币市场预计，在美联储1月28日的 下一次议息会议上维持利率不变的概率高 ...

Core Viewpoint - LABUBU has transitioned from a "financial product" back to an ordinary consumer good, with products now readily available for purchase after previously being in high demand and short supply [2]. Group 1: Product Availability - As of January 3, LABUBU products are no longer out of stock on platforms like Tmall, with various series available for immediate purchase [2]. - The LABUBU 3.0 series, which initially faced stock shortages, has seen its resale prices drop to near original retail prices by the end of December [4]. - The LABUBU 4.0 series has also become readily available, with reports of in-store stock being accessible for immediate purchase [4]. Group 2: Market Dynamics - The resale market for LABUBU products has experienced a significant decline, with prices for certain items falling below official retail prices [4]. - The stock price of Bubble Mart has decreased approximately 40% from its peak of 339.8 HKD per share, resulting in a market capitalization loss of over 200 billion HKD [4]. Group 3: Strategic Insights - Industry expert Zhang Shule believes that reducing the speculative value of LABUBU is essential for Bubble Mart to establish itself as a genuine global IP development company [5]. - The current fluctuations in LABUBU's resale prices and Bubble Mart's stock price are viewed as temporary, as long as the founders do not liquidate their holdings [5]. Group 4: Future Prospects - The popularity of the Starry People IP is rising, with its products frequently sold out, raising questions about its potential to become the next revenue driver for Bubble Mart [7]. - Zhang Shule suggests that while LABUBU's initial success was unexpected, the Starry People IP may not replicate that level of explosive growth due to various external factors [7].

Core Insights - The dialogue between NVIDIA CEO Jensen Huang and Lenovo CEO Yang Yuanqing highlights the long-standing partnership and future directions in AI and computing technologies [2][3] - Both companies anticipate significant growth opportunities in the AI sector, particularly through the development of hybrid AI systems [3][4] Group 1: Partnership and Growth - The collaboration between NVIDIA and Lenovo has evolved over 28 years, with business scale increasing fivefold in the last two years [2] - Lenovo's AI business growth is attributed to its global business layout and technological advantages in high-performance computing and water cooling technology [2] - Huang expressed confidence that the partnership could expand fivefold again in the next two years, driven by the widespread adoption of AI across industries [4] Group 2: Future Trends in AI - The next phase of AI development will feature two main trends: the integration of public cloud models with private customized models, and the application of hybrid enterprise intelligence across various industries [3] - Lenovo and NVIDIA are collaborating to create an enterprise-level AI system based on RTX Pro, which Huang described as a revolutionary server [3] - The anticipated launch of this product is expected to significantly impact sectors such as industrial, logistics, warehousing, and robotics [4]

Core Viewpoint - LABUBU has transitioned from a financial product to an ordinary consumer good, with products now readily available for purchase, contrasting with previous scarcity [1] Group 1: Product Availability and Pricing - LABUBU products, including various series, are now in stock and can be shipped within 48 hours, a significant change from previous pre-sale conditions where products were hard to obtain [1] - The resale prices of LABUBU's 3.0 series have dropped significantly, nearing the original retail price, with some non-popular items selling for less than the original price [3] - The LABUBU 4.0 series has also seen a lack of scarcity, with consumers able to purchase items directly from stores without difficulty [3] Group 2: Market Performance and Company Strategy - Despite a significant increase in stock price over two years, Bubble Mart's stock has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [3] - Industry expert Zhang Shule believes that reducing LABUBU's inflated prices is essential for Bubble Mart to establish itself as a genuine global IP operation, emphasizing the difference between short-term profit and long-term sustainability [4] Group 3: Future Prospects - The popularity of the Starry People IP is rising, with products frequently sold out, raising questions about whether it can become the next revenue driver for Bubble Mart [6] - Zhang Shule suggests that while LABUBU's success was somewhat accidental, the Starry People IP does not currently have the same potential for explosive growth due to various external factors [6]

周日 1/11 | 第1次5 | | | --- | --- | | | 45 F | | 时间 | 事项 | | 周一 1/5 | 国内航线燃油附加费下调 | | | 国新办就长江经济带发展十年工作进展和成效举行新闻发布会 | | 周二 1/6 | 国内成品油将开启新一轮调价窗口 | | | 国新办就推进绿色消费有关情况举行新闻发布会 | | | 2026哈尔滨国际冰雪经济博览会 (1/6-1/8) | | | 2026年国际消费电子展(CES 2026) (美国拉斯维加斯, 1/6-1/9) | | | 【新股申购】至信股份、科马材料 | | 周三 1/7 | 中国2025年12月官方储备资产 | | | 美国2025年12月ADP就业人数 | | 周四 1/8 | 阿里云通义智能硬件展(深圳, 1/8-1/11) | | | 智谱在港股上市 | | | 欧元区2025年11月PPI | | | 美国2025年10月贸易帐 | | 周五 1/9 | 中国2025年12月CPI、PPI | | | MiniMax在港股上市 | | | 美国2025年12月失业率、12月季调后非农就业人口 | | 周六 1/ ...

Core Viewpoint - The new personal credit repair policy, effective from January 1, 2026, automatically clears overdue records for individuals with overdue debts of up to 10,000 RMB, significantly reducing the operational burden on citizens [9]. Group 1: Policy Details - The policy targets overdue information from January 1, 2020, to December 31, 2025, for single amounts not exceeding 10,000 RMB, allowing individuals to have their overdue records removed if they repay their debts by March 31, 2026 [9]. - The implementation of the policy follows an "automatic enjoyment" mechanism, meaning individuals do not need to apply or submit documentation, as the credit system will automatically process the changes [9]. Group 2: Impact on Individuals - Many individuals have reported their credit reports showing no overdue records after the policy's implementation, indicating a positive reception among the public [6][10]. - The policy aims to assist those who have small overdue records due to unforeseen circumstances, providing them with an opportunity to rebuild their credit [9]. Group 3: Implications for Financial Institutions - Longjiang Securities' research report suggests that the policy may slightly improve the quality of retail assets for banks, as it encourages overdue customers to repay their debts promptly [10]. - The removal of historical overdue records for those who have settled their debts is expected to facilitate future loan applications, as credit history significantly influences approval rates [10]. - The policy is anticipated to alleviate the pressure on retail loan overdue rates and non-performing loan ratios, which have been on the rise [10].

Market Overview - US stock market showed mixed results on the first trading day of 2026, with the Dow Jones Industrial Average rising by 319.10 points (0.66%) to close at 48,382.39, while the Nasdaq Composite fell by 6.36 points (0.03%) to 23,235.63, and the S&P 500 increased by 12.97 points (0.19%) to 6,858.47, breaking a three-year trend of declines on the first trading day of the year [2] Technology Sector Performance - The technology sector remained a key driver of market fluctuations, although overall trading volume was relatively light due to the holiday-shortened week [2] - Chip stocks performed strongly, with the Philadelphia Semiconductor Index rising by 4%, driven by an upward revision in storage chip demand forecasts. Micron Technology surged by 10.52%, leading the chip sector, while ASML and AMD also saw significant gains [3] - Nvidia's CEO reported a notable increase in computing demand over the past six months, contributing to the positive sentiment in the tech sector [3] Future Market Predictions - Jay Hatfield, CEO of Infrastructure Capital Advisors, anticipates a continued rotation between technology and non-technology sectors, with a moderate upward trend overall. He projects the S&P 500 could reach 8,000 points by the end of the year, with regional banks potentially outperforming while overvalued tech stocks may lag [4] Electric Vehicle Market Insights - Tesla's stock fell by 2.59% after announcing a projected annual delivery of 1.64 million vehicles for 2025, a 9% year-over-year decline. The fourth-quarter delivery of 418,200 vehicles was below analysts' expectations, indicating weak market demand [4] - Factors contributing to Tesla's challenges include consumer dissatisfaction with Elon Musk's political stance, the expiration of US electric vehicle tax incentives, and increased competition in overseas markets [5] Chinese Stocks Performance - Chinese stocks saw significant gains, with the Nasdaq Golden Dragon China Index rising by 4.38%. Baidu led the charge with a 15.03% increase following its announcement to spin off its AI chip company Kunlun and plan for a Hong Kong listing [6] - Other notable Chinese stocks included Tiger Brokers (+9.21%), Futu Holdings (+8.68%), and Bilibili (+7.24%), reflecting strong investor interest in Chinese AI and semiconductor stocks [6] Commodity Market Trends - Gold prices continued to show strength, with spot gold rising by 0.20% to $4,327.96 per ounce, supported by geopolitical uncertainties and expectations of a weaker dollar [6] - International oil prices experienced slight declines, with WTI crude oil futures dropping by 0.2% to $57.32 per barrel, amid ongoing concerns about oversupply [6]

Core Viewpoint - The new "Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Keeping" will take effect on January 1, 2026, eliminating the requirement for individuals to register the source of funds for cash withdrawals exceeding 50,000 yuan, thus balancing security and convenience [1][2]. Group 1 - The previous regulation requiring registration for cash withdrawals over 50,000 yuan was aimed at combating financial crimes such as telecom fraud and money laundering, but faced criticism for causing inconvenience and infringing on personal rights [1][2]. - The new measures allow banks to assess the risk level of transactions and decide whether to inquire further about the source of funds, rather than applying a blanket rule [1][2]. - Data from the central bank indicates that cash transactions over 50,000 yuan account for only 2% of total transactions, suggesting that the stringent measures had a limited impact on the majority of customers, but the psychological impact was significant [2][3]. Group 2 - The revision of the Commercial Banking Law is underway to better align with current needs and public concerns, emphasizing the protection of depositors' rights and the principles of voluntary deposits, freedom of withdrawal, interest on deposits, and confidentiality [3]. - The new management measures reflect a respect for personal dignity, which is considered equally important as security and convenience [2][3].