Market Overview - The U.S. stock market experienced a decline, with the Dow Jones down 0.29%, Nasdaq down 0.66%, and S&P 500 down 0.38% for the week [2] - European indices showed mixed results, with the UK FTSE 100 up 1.09%, Germany's DAX 30 up 0.14%, and France's CAC 40 down 1.23% [2] Economic Indicators - Attention will shift to U.S. GDP data, PCE inflation data, and consumer confidence index, which may provide insights into the Federal Reserve's policy direction [3] - The PCE inflation data for November is set to be released, which is a key indicator for the Federal Reserve [3] - The unemployment rate has unexpectedly decreased, raising the importance of the upcoming inflation data [3] Federal Reserve Predictions - Morgan Stanley has adjusted its forecast for the Federal Reserve's rate cuts to June and September, citing that inflation trends will be crucial for determining interest rate policies [4] - The third-quarter GDP revision data is expected to be closely watched, as the initial growth rate of 4.3% exceeded market expectations [4] Commodity Market - Oil prices have risen for the fourth consecutive week, with WTI crude up 0.54% to $59.44 per barrel and Brent crude up 1.25% to $64.13 per barrel [5] - Geopolitical tensions in Iran continue to influence oil prices, with concerns about potential supply disruptions [5] - Gold and silver prices have increased, with COMEX gold futures up 2.18% to $4588.40 per ounce and silver futures up 11.69% to $88.09 per ounce [6] European Economic Outlook - The Eurogroup finance ministers' meeting is scheduled, with a focus on fiscal stimulus policies, particularly from Germany [7] - The European Central Bank's monetary policy meeting minutes will be released, and there is speculation about future interest rate adjustments [7] UK Economic Data - Upcoming economic reports include the November employment report, consumer price index, and retail sales data [8] - The Bank of England recently lowered the benchmark interest rate to 3.75%, indicating a cautious approach to future rate cuts [8]

Core Theme - The World Economic Forum (WEF) 2026 Annual Meeting will focus on the theme of "Spirit of Dialogue" amidst increasing geopolitical tensions and global economic uncertainties [1][3] Group 1: Key Discussions - The agenda will cover global growth dynamics, geopolitical issues, artificial intelligence (AI), energy security, and employment challenges [1] - Notable attendees include political leaders such as US President Trump and business executives like NVIDIA CEO Jensen Huang and JPMorgan CEO Jamie Dimon [1] Group 2: China's Role - China is recognized as both the world's second-largest economy and the largest single emerging market, leading to increased attention on its economic and innovation landscape [1][4] - The forum aims to integrate Chinese perspectives into global discussions on various topics, including electric vehicles, energy security, and tourism [4] Group 3: AI and Employment - AI's significant impact on the global economy is highlighted, with nearly 40% of US economic growth attributed to AI-related investments over the past year [5] - The forum will address the employment challenges posed by AI, emphasizing the need for job creation in emerging markets, with an estimated global employment gap of around 800 million people [5] Group 4: Economic Outlook - The "Global Economic Outlook" session will gather major economic thought leaders to provide insights into potential global economic directions [6] - The International Monetary Fund previously projected global economic growth to be resilient, estimating a growth rate between 3% and 3.2% for 2025, which has been validated over time [6][7]

Economic Data and Policy Changes - The National Bureau of Statistics will announce the 2025 national economic operation data on January 19 [1] - The People's Bank of China will lower the re-lending and re-discount rates by 0.25 percentage points starting January 19, 2026, with new rates set at 0.95%, 1.15%, and 1.25% for different terms [2] - The Shanghai and Shenzhen Stock Exchanges will implement a new financing margin requirement, increasing the minimum margin from 80% to 100% effective January 19 [3] Global Events - The World Economic Forum will hold its 56th annual meeting in Davos, Switzerland, from January 19 to 23, gathering nearly 3,000 leaders from over 130 countries [4] Market Updates - The Loan Prime Rate (LPR) for January will be announced on January 20, with the previous rates remaining unchanged for seven consecutive months at 3.0% for one year and 3.5% for five years [5] - Domestic refined oil prices are expected to increase by 75 yuan per ton based on the average crude oil price of $61.09 per barrel [6] Company Earnings Reports - Wohuah Pharmaceutical will be the first to release its 2025 annual report on January 20, projecting a net profit of 80 million to 115 million yuan, representing a year-on-year growth of 119.76% to 215.90% [7] Stock Unlocking Events - A total of 39 companies will have their restricted shares unlocked next week, with a total of 3.447 billion shares and a market value of approximately 464.99 billion yuan [8] - The companies with the highest unlocking values include Xingtum Measurement and Control (131.3 billion yuan), Shanxi Coking Coal (69.68 billion yuan), and Xingfu Electronics (50.07 billion yuan) [8] New Stock Opportunities - Three new stocks will be issued next week: Zhenstone Co., Ltd. and Agricultural University Technology will open for subscription on January 19, while Shimon Co., Ltd. will open on January 23 [11] - The issuance prices are set at 11.18 yuan per share for Zhenstone and 25.00 yuan per share for Agricultural University Technology [12]

Group 1: TSMC Financial Performance - TSMC reported record net profit of NT$505.7 billion (approximately US$16 billion) for Q4 2025, a year-on-year increase of 35%, marking the seventh consecutive quarter of double-digit growth [1] - The company's revenue for the quarter reached NT$1.046 trillion (approximately US$33.73 billion), reflecting a 20.5% year-on-year growth, with 77% of total revenue coming from advanced processes of 7nm and below [1] - TSMC's growth is significantly driven by strong AI demand, with expectations for Q1 2026 revenue projected between US$34.6 billion and US$35.8 billion [1] Group 2: OpenAI Advertising Initiative - OpenAI announced plans to test advertisements in ChatGPT for free and entry-level subscription users, while Plus, Pro, Business, and Enterprise subscribers will remain ad-free [2] - The initiative aims to diversify revenue streams amid pressures for sustainable growth, as previous monetization attempts have not yielded significant results [2] - User reactions to the ad integration have been mixed, with some expressing discomfort at the idea of advertisements in a conversational AI context [2] Group 3: Nvidia Copper Usage Controversy - Nvidia's blog initially claimed that a 1GW data center using traditional 54V DC power systems could require up to 500,000 tons of copper, a statement later corrected to 200 tons following scrutiny [3] - The initial claim had been leveraged to suggest that AI data centers would significantly increase global copper demand, but analysts believe this narrative may be overstated [3] - Goldman Sachs noted that the current copper market does not show signs of significant supply tightness, predicting a slight surplus by 2026 [3] Group 4: Apple and Google Collaboration - Apple announced a partnership with Google to utilize Google's Gemini model architecture for the next generation of Apple Foundation Models, which will support an upgrade to Siri [4] - Reports suggest Apple will pay Google approximately US$1 billion annually for technology licensing, indicating a strategic shift from potential collaboration with OpenAI [4] - This partnership raises concerns about the concentration of power among a few tech giants in the AI space, as highlighted by industry figures [4] Group 5: DeepSeek's New Research - DeepSeek published a new paper focusing on conditional memory modules for large models, proposing that this will be a core component of the next generation of sparse large models [5][6] - The research aims to optimize resource allocation by separating tasks between specialized modules, enhancing efficiency and performance [6] - DeepSeek is expected to release its flagship model, DeepSeek V4, in February, which reportedly surpasses competitors in programming capabilities [6] Group 6: Alibaba's Qianwen App Upgrade - Alibaba's Qianwen app has integrated various services from its ecosystem, including Taobao and Alipay, enhancing its functionality significantly [7] - The app has seen rapid user growth, surpassing 1 million monthly active users within two months of launch, indicating strong market reception [7] - The upgrade positions Qianwen as a competitive AI assistant, differentiating it from other AI tools in the market [7] Group 7: UBS on AI Bubble in China - UBS analysts believe the probability of an AI bubble forming in China is low compared to the US, citing the lack of excessive financing among leading model firms [8] - Chinese AI companies are reportedly more prudent in capital expenditure, with a total of approximately 400 billion yuan spent last year, significantly less than their US counterparts [8] - The report suggests that by 2026, the development paths of AI in China and the US will diverge, impacting foreign investment strategies [8] Group 8: US Tariffs on Semiconductor Imports - The US government announced a 25% tariff on certain imported semiconductors and related products, including Nvidia's AI chips [9] - This move aligns with the US's push for domestic semiconductor manufacturing, although companies like Nvidia still rely on overseas supply chains [9] - The tariffs apply to a limited range of products, with some essential for US technology supply chains exempted [9] Group 9: OpenAI's Power Purchase Agreement - OpenAI plans to purchase up to 750 megawatts of computing power from Cerebras over three years, integrating their chips into OpenAI's solutions [10] - The contract is valued at over US$10 billion, indicating a significant investment in enhancing AI response capabilities [10] - Cerebras, a competitor to Nvidia, aims to diversify its revenue sources through this partnership, which could help it compete more effectively in the market [10] Group 10: ChatGPT's Entry into Translation Market - OpenAI has launched a standalone translation tool, ChatGPT Translate, which is currently free for all users [12] - The tool aims to compete directly with established services like Google Translate, although it currently supports fewer languages and lacks advanced features [12] - The launch appears rushed, with some functionalities still under development, indicating that ChatGPT's translation capabilities are in the early stages [12]

Group 1 - Bosch is facing significant financial pressure in 2025, with CEO Stefan Hartung indicating that the profit margin will be well below 2%, far from the expected target [1] - In 2024, Bosch's operating profit margin is projected to decline from 4.8% in 2023 to 3.5% [1] - The profit decline is partly attributed to high restructuring costs of €3.1 billion, which accounts for approximately 3.5% of sales [1] - Bosch's revenue for 2025 is estimated at €91 billion, slightly above the €90 billion forecast for 2024, primarily due to the acquisition of Johnson Controls-Hitachi, contributing around €4 billion in revenue [1] - Excluding the impact of the acquisition, Bosch's actual revenue showed a decline year-over-year [1] - Hartung has warned that 2026 will also be challenging, with the company unlikely to reach its long-term operating profit margin target of 7% until at least 2027, citing high tariffs and weak economic growth as contributing factors [1] Group 2 - To address operational pressures, Bosch has initiated layoffs, planning to cut 13,000 jobs in its core mobility solutions division by October 2025, following a previous announcement to lay off 9,000 employees in 2024 [2] - Bosch, as the world's largest automotive parts supplier, is facing significant challenges due to the industry's shift towards electrification and smart technology, impacting traditional component manufacturers [2] - ZF Friedrichshafen, another major German automotive supplier, is also experiencing financial difficulties, with a 10.3% year-over-year decline in sales to €19.7 billion in the first half of the year, and a net loss of €195 million compared to a net profit of €45 million in the same period last year [2] - ZF's EBITDA decreased by 42% to €367 million, with the EBITDA margin dropping from 2.9% to 1.9% year-over-year [2] - As of June 30, 2025, ZF's net debt reached €10.462 billion, with a leverage ratio of 3.21 [2] - To alleviate debt pressure, ZF announced the sale of its Advanced Driver Assistance Systems (ADAS) business for €1.5 billion to Harman [2]

Core Insights - The market for Pokémon trading cards is experiencing rapid price increases, particularly for rare cards, with some prices rising from a few thousand to over ten thousand yuan within a year [2][4] - The investment interest in trading cards is growing, with various companies in the sector pursuing financing and IPOs, indicating a shift towards viewing cards as both collectibles and investment assets [9][11] Market Trends - The secondary market for Pokémon cards has seen significant price surges, especially for limited edition and special collaboration cards, driven by scarcity and market demand [2][4] - The Pokémon brand is expanding its presence in China through official venues and events, enhancing community engagement and user experience [6][11] Investment Dynamics - Several companies in the trading card industry are actively seeking funding or preparing for public listings, reflecting the increasing capital interest in the sector [9][11] - The trading card market is evolving towards a dual value proposition of collection and investment, attracting institutional investors due to its high margins and user retention potential [11][14] Regulatory Considerations - The trading card industry faces compliance risks, particularly concerning the protection of minors, which could impact companies' ability to engage with capital markets [12][17] - Regulatory scrutiny is increasing, with potential requirements for age verification and restrictions on high-value card sales to minors [17]

此次央行、金融监管总局发布的政策属于全国性调整。 在此次全国性政策出台前，绝大多数城市均执行较高的商业用房首付要求，通常为50%，部分银行或特 定项目甚至设定为60%或更高。 中指研究院相关负责人对第一财经表示，本次央行将首付比例降至30%，直接降低了购买商业用房的门 槛，有助于促进商办新房市场活跃度。加大对商办用房的支持力度，也是支持去库存的具体表现，表明 中央及监管部门对商办项目去库存的重视程度在提升。 商业用房（含"商住两用房"）购房贷款最低首付款比例调整为不低于30%。 1月17日，中国人民银行、国家金融监督管理总局发布《关于调整商业用房购房贷款最低首付款比例政 策的通知》，对商业用房购房贷款最低首付款比例进行调整，以支持构建房地产发展新模式。 两天前（1月15日），央行副行长邹澜在国新办新闻发布会上已披露了这一消息，并称此举旨在"支持推 动商办房地产市场去库存"。 首付门槛降低 商业用房涵盖写字楼、购物广场、酒店、商铺、LOFT等。开源证券研究报告显示，截至2025年11月， 全国商业营业用房待售面积1.41亿平米，办公楼待售面积0.52亿平米，库存高企。 广东省城乡规划院住房政策研究中心首席研究员 ...

本文字数：1374，阅读时长大约3分钟 2026.01.17 公开资料显示，许粉2006年9月加入万达集团，最初担任南宁万达国际电影城有限公司财务经理，后担 任万达商管公司及其下属区域公司多个职务。2025年8月，许粉成为珠海万达商管首位女性COO，负责 运营体系工作。 据悉，对于许粉职位的任命，珠海万达董事会经过了长期考察，期间公司对多位候选人进行全面考核， 包括内部和外聘人员，最终决定由许粉出任CEO。这一方面是按市场化原则择优用人，同时也体现了对 万达团队的认可。 目前，成立于2021年珠海万达，已经较早年间有较大变化。 作者 |第一财经 孙梦凡 万达系的轻资产平台"珠海万达"，迎来首位女性CEO。 据知情人士处透露，近日珠海万达商管发布"关于首席执行官（CEO）和首席运营官（COO）的任命"通 知，由许粉担任首席执行官职务，全面负责公司管理和运营工作；珠海万达联席董事长黄德炜，不再兼 任首席执行官职务。 与此同时，陈琦被任命为首席运营官（COO），此前其曾在卓越商管和旭辉商管担任总裁，并作为核 心高管成员在龙湖商管和凯德商用主要运营岗位任职。 看起来简单的高层变动，背后实则是万达系"老将"重回公司经营 ...

2026.01.17 本文字数：1797，阅读时长大约3分钟 作者 |第一财经 乐琰 OTA（在线旅游代理商）业界最近遇上大风波。近日，市场监管总局根据前期核查，依据《中华人民共 和国反垄断法》，对携程集团有限公司涉嫌滥用市场支配地位实施垄断行为立案调查。 随后，携程回应，表示各项业务正常运行，公司将积极配合监管部门调查，全面落实监管要求，与行业 各方携手共建可持续发展的市场环境。 无论是携程还是其他OTA，佣金是最基本收益模式，具有市场优势的大型OTA是主要渠道。从上述数据 来看，连锁化率不高则意味着大量酒店都是闲散发展，自身的直销能力不强，不少酒店需要依靠大型 OTA进行客房分销，这就使得拥有高市场覆盖率的OTA占据强势地位。 于是部分OTA在定价、推广、平台排名上会对酒店有牵制。有部分酒店经营者对笔者透露，平台会通过 补贴、排名和付费推广等方式来降低酒店客房售价或要求酒店方面付费支持，即酒店买单但平台赚钱， 当然有时平台自己也会出补贴费用。这类似此前外卖大战的补贴逻辑，餐厅被要求参加补贴低价战，造 成餐厅利润下滑甚至亏损。 这一点在不具备连锁能力的中小住宿业者中更为明显，比如民宿或一些小餐厅，如果不依靠 ...

曹士平是康佳从华侨城时代到华润时代过渡期中，原康佳高管团队中的核心人物。他1978年出生，曾任 康佳多媒体事业本部总经理、副总裁、总裁、CEO等职务。如今曹士平卸任总裁，有华润背景的高管预 计将进一步扩大在康佳管理层中的占比。 1月15日，康佳发布业绩预告透露，预计公司2025年归母净利润为负值、经营业绩将出现亏损。据此前 的三季报，康佳2025年前三季实现营业收入76.79亿元，同比减少5.43%；归母净利润亏损9.8亿元。 原来华侨城为康佳大股东时期的一些投资在收缩。康佳1月13日公告透露，其对乌镇佳域基金的出资金 额将由2亿元，减少至1.3亿元。 深康佳（000016.SZ，下称康佳）1月16日晚公告透露，康佳董事、总裁曹士平因工作安排原因而请求辞 职，辞职后他继续在康佳任职。三天前，康佳副总裁杨波也请辞，有华润背景的董钢被聘任为康佳副总 裁。这次曹士平请辞后，预计华润背景的高管将进一步接管康佳。 华润也在缓解康佳的资金压力。康佳去年11月公告，拟向控股股东、华润旗下的磐石润创进行永续债权 融资，总金额不超过50亿元人民币。去年12月，康佳还公告透露，以约9.15亿元向华润转让武汉天源集 团部分股份。 ...