Group 1 - The U.S. Labor Department is set to release the Consumer Price Index (CPI) report for December, with expectations of a slight increase in inflation, remaining above the Federal Reserve's 2% target due to data collection disruptions from a government shutdown [2][3] - Analysts predict a 0.3% month-on-month increase in overall inflation for December, with a year-on-year increase of 2.7%. Core inflation, excluding volatile food and energy prices, is expected to rise by 0.26% month-on-month and 2.7% year-on-year, both higher than November's actual readings [3][4] - The impact of tariffs is expected to continue pushing up prices, particularly in food, clothing, and automotive sectors, despite some tariffs being lifted at the end of last year [3][4] Group 2 - The market's expectations for Federal Reserve rate cuts have diminished, with the probability of a 25 basis point cut in the upcoming meetings dropping significantly, particularly from 79% to 40% for the April meeting [2][5] - The December non-farm payroll report indicated a slower job growth rate, which has led to a more stable labor market, but concerns about the job market have increased among households, raising short-term inflation expectations [5][6] - The potential political interference from the Trump administration regarding Federal Reserve Chairman Powell may deter the Fed from cutting rates, as officials aim to avoid perceptions of yielding to political pressure [6]

Group 1 - The core point of the article highlights that U.S. stock markets experienced a slight increase, driven by gains in technology stocks and Walmart, while concerns over a criminal investigation into Federal Reserve Chairman Jerome Powell were largely absorbed by investors [2][4] - The Dow Jones Industrial Average rose by 86.13 points, or 0.17%, closing at 49,590.20 points, while the Nasdaq increased by 0.26% to 23,733.90 points, and the S&P 500 gained 0.16% to close at 6,977.27 points, with both the Dow and S&P reaching new closing highs [2] - Notable technology stocks showed mixed performance, with Oracle up 3.1%, Google up 1.1%, and Apple announcing the integration of its AI system Gemini into devices this year, while Microsoft and Amazon fell by 0.4%, and Intel dropped by 3.1% [2][4] Group 2 - Walmart's stock rose by 3% due to market enthusiasm over its upcoming inclusion in the Nasdaq 100 index [3] - Chinese concept stocks surged, with the Nasdaq Golden Dragon China Index increasing by 4.2%, driven by Alibaba's 10.1% rise and Baidu's 6.0% increase [4] - The financial sector faced a decline of over 1%, led by significant drops in major banks' stocks, influenced by President Trump's announcement of a 10% cap on credit card interest rates starting January 20 [2][4] Group 3 - The earnings season for U.S. stocks is set to begin this week, with major banks like Goldman Sachs, JPMorgan Chase, Bank of America, and Morgan Stanley planning to release quarterly reports [5] - Investors are closely monitoring inflation-related data, including the Consumer Price Index report for December and retail sales data for November, which are expected to influence market sentiment [5] - The long-term impact of the investigation into Powell is anticipated to be significant, with expectations that it will not alter interest rate trends or inflation levels in the short term [5] Group 4 - International oil prices saw a slight increase, with WTI crude oil rising by 0.64% to $59.50 per barrel and Brent crude oil up by 0.84% to $63.87 per barrel [6] - Safe-haven assets experienced price increases, with COMEX gold futures rising by 2.54% to $4,604.30 per ounce and silver futures increasing by 7.26% to $84.61 per ounce [6] - Industrial metals also saw a resurgence, with copper prices returning to $6 per pound and other metals like aluminum and nickel rising by over 1% [6]

本文字数：3193，阅读时长大约5分钟 作者 |第一财经 黄思瑜 期货公司"领导30万我1万"年终奖争议事件，再次将金融机构薪酬问题推上风口浪尖。 近日申银万国期货有限公司（下称"申万期货"）员工在公司内部群发布"关于2025年度年终奖分配的质 疑与诉求"，相关截图流出，该员工通过网络直播称自己被打，并被公司停职。 据该员工介绍，他被停职前在申万期货做中后台工作，得知公司有一级部门领导2025年年终奖拿了30万 元左右，而大部分中后台普通员工的年终奖在1万元左右。"我跟几位同事求证得知确有此事，但因为我 手上没有财务凭证。所以我就直接将这个事情发到公司群里，想进一步求证和了解分配悬殊的原 因。"该员工称，截至目前申万期货没有对此回复。 对于券商系期货公司一级部门领导与员工年终奖比例为30:1，是否为行业普遍现象？多位期货行业人士 对第一财经记者称，需分情况看，这种情况出现在以绩效考核为依据的前台业务部门，不足为奇；但是 中后台部门的领导和普通员工年终奖相差30倍，一般不太可能。"所以需要看这个一级部门是前台还是 中后台，若是拿前台一级部门的领导年终奖与中后台普通员工年终奖相比，则可能出现这样的差 距。"有期货 ...

2026.01.12 这种分析当然很有道理。有数据显示，截至2024年，中国独居人群高达1.23亿，预计到2030年可能突破 1.5亿。而不久前上海"孤独死"蒋女士身后事风波引发的讨论，刚好给世人上了一堂关于孤身面对死亡 的公开课，为"死了么"App的爆火埋下了一个伏笔。 "死了么"App爆火后，很快有人感叹：这么简单的创意，我怎么没想到，错过了一个亿。还有人举一反 三提出各种"×了么"，认为可以复制"死了么"的成功。然而，这真的是一个"简单的成功"，很容易被复 制么？仔细想想，恐怕未必。 原因很简单："死了么"虽然是个实用工具，却不是以实用性价值赢得用户的。这颠覆了互联网应用取得 成功的一般规律。这款应用的主要下载者是年轻人，而我们知道，早逝在目前是极小概率事件，年轻人 下载"死了么"，显然不是因为"担心死了没人知道"，更不太可能为了一个极小概率需求去每天"签到"。 一个产品受到"非目标人群"青睐，一定是它提供了意外的价值，就像伟哥最初其实是为治疗心脏病而发 明的一样。有网友说，因为"死了么"的问候，很像没心没肺的好朋友之间的玩笑，给人以不设防的释放 感。这一解释虽然不一定精准，却可能道出了众多年轻人不约而 ...

Core Viewpoint - The Chinese government is intensifying its efforts to combat unfair competition and monopolistic practices in the food delivery platform industry, aiming to create a fair market environment and protect consumer rights [2][3]. Group 1: Government Actions - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has announced an investigation into the competitive conditions of the food delivery platform service industry due to issues like excessive subsidies and price wars [2][3]. - The government emphasizes the need to eliminate monopolistic behaviors in the livelihood sector, reflecting a commitment to maintaining fair competition [2]. Group 2: Market Concerns - There are significant concerns regarding the current practices in the food delivery market, including the use of algorithms to manipulate competition and the blending of platform and merchant subsidies, which distorts market preferences [3]. - The expectation is that the investigation will address these competitive irregularities and help establish a fair competition order in the market [3]. Group 3: Enforcement and Governance - There is a need for transparent administrative enforcement processes to minimize misunderstandings and concerns among market participants, ensuring that legitimate rights are protected without infringing on others [4]. - The enforcement of anti-unfair competition and anti-monopoly laws should be regulatory rather than intrusive, maintaining a balance between protecting market transactions and respecting individual rights [4]. Group 4: Market Autonomy - Strengthening market autonomy is essential, with suggestions to introduce collective litigation and other mechanisms to empower consumers in defending their rights at lower costs [5]. - The investigation into the food delivery industry is seen as a careful and data-driven approach to understanding competitive dynamics and informing future policy and enforcement actions [5].

►不涉及商业航天相关业务 北方导航：公司在商业航天领域无相关业务，也未取得相关订单； 星环科技：公司并不实际开展商业航天业务且与上海星环聚能科技有限公司无关； 航天动力：公司主营业务不涉及商业航天，仅配合加工火箭发动机零部件； 航天长峰：目前公司未实际开展脑机接口等相关业务、不从事商业航天相关业务； 航天工程：不涉及商业航天及航天相关业务，股东减持计划尚未实施完毕； 1月12日，商业航天板块持续火热，多股连板。今日盘后，多只概念股发布异动公告回应相关业务布局 情况。其中，北方导航、航天长峰、航天工程等公司明确表示不涉及商业航天相关业务。 铂力特：商业航天对公司总营业收入贡献有限； 豪能股份：航天零部件业务主要包括阀门和钣金等产品，但该部分业务收入规模极小； 中科星图：当前公司股价涨幅与商业航天业务实际业绩支撑不匹配，存在显著脱离基本面的风险； 航天晨光：公司主营业务涉及特种装备、专用车改装等板块，收入结构预计短期内不会发生重大变化； 电科数字：前期未开展商业航天业务，智能计算、星载通信等卫星通信产品占公司整体业务比重不足 0.1%； 智明达：截至2025年底商业航天嵌入式计算机在手订单（含口头）约2000万元 ...

Core Viewpoint - The A-share market has reached a historical high in trading volume, indicating increased market activity and investor optimism, driven by expectations of long-term capital inflow [1][2][3] Group 1: Market Performance - On January 12, the Shanghai Composite Index rose by 1.09% to close at 4165 points, with a total trading volume of 3.64 trillion yuan, surpassing the previous record of 3.48 trillion yuan set on October 8, 2024 [1][4] - The current market rally is characterized by structural and thematic trading rather than a broad-based increase, with significant capital flowing into sectors like AI applications and commercial aerospace [4][6] Group 2: Investor Sentiment - Investors are optimistic about the entry of long-term capital into the market, which is expected to drive further growth, although some sectors may experience overheating [2][3] - Institutional investors, including social security funds and insurance capital, are showing confidence in the Chinese economy and capital market, contributing to stable incremental funding [3][4] Group 3: Market Dynamics - The market is experiencing a rapid rotation of capital between high and low-performing sectors, with notable adjustments in previously strong sectors like optical modules and insurance [3][5] - Analysts suggest that the current spring rally is likely to continue, with a focus on structural rebalancing as certain sectors become overheated [5][6] Group 4: Future Outlook - The market is expected to maintain an upward trend, supported by favorable macroeconomic conditions and ongoing policy reforms aimed at enhancing market quality and stability [4][6] - Analysts highlight that the current market environment is distinct from previous bull markets, with complexities in the global economic landscape and a shift towards quality-focused domestic policies [4][7]

中概股逆势大涨，中国金龙指数涨超2%，金山云涨超16%，知乎涨超15%，阿里巴巴涨近5%，小鹏汽 车涨逾4%，百度涨超3%。 编辑 ｜ 钉钉 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 49105.15 | 23617.91 | 6944.28 | | -398.92 -0.81% | -53.44 -0.23% | -22.00 -0.32% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7892.47 | 25730.25 | 6965.50 | | +196.85 +2.56% | -208.00 -0.80% | -39.50 -0.56% | 科技股普跌，英特尔跌超3%，英伟达跌近1%。银行股集体下跌，美国运通跌超4%，摩根大通跌逾 2%。 1月12日，美股三大指数开盘下跌，截至发稿，道指跌0.81%，纳指跌0.23%，标普500指数跌0.32%。 ...

1月12日晚间，黄金、白银再度走高。截至发稿，现货 白银 涨近6%，报84.514美元/盎司，此前一度涨 超7%。纽约期银大涨超7%，沪银期货主力合约涨超5%。 编辑 ｜ 钉钉 | < 白 | 伦敦银现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAGUSDOZ.IDC | | | | | | | | | | 84.514 | 昨年 | | | 79.764 | | 总量 | | | 0 | | +4.750 | +5.96% 开盘 | | | 80.697 | | 现手 | | | 0 | | 最高价 | 85.718 得 | | ロ> | | 0 | 2 | | | 0 | | 最低价 | 79.907 博 仓 0 | | | | | 内 | | | 0 | | 分时 | EK | 五月 | | 国K | | 月K | | 中文 | | | 叠加 | | | | | | 均价:0.000 | | | | | 85.718 | | | | | | 7.46% | | 84.599 ...

Core Insights - The government investment funds in China have received a structured "roadmap" and "guidance" for their investment directions, focusing on nurturing emerging pillar industries and emphasizing early, small, long-term, and hard technology investments [2][3] Group 1: Government Investment Fund Guidelines - The National Development and Reform Commission (NDRC) and other departments have issued the "Work Method" to systematically regulate the layout and investment direction of government investment funds for the first time at the national level [2][5] - The "Work Method" aims to address issues such as mismatched fund establishment and operation with local resources and industrial foundations, unclear fund positioning, and homogenized investment [2][5] - The "Management Method" was also introduced to complement the "Work Method," marking a shift from extensive management to refined management of government investment funds [2][5] Group 2: Investment Focus and Strategy - The newly launched National Venture Capital Guidance Fund is expected to leverage a trillion-scale investment, focusing on cutting-edge fields such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a lifespan of 15 to 20 years to match the long-term R&D needs of hard technology [3][4] - The government investment funds are designed to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promoting deep integration of technological and industrial innovation [7][8] - The "Work Method" emphasizes that funds should align with national major plans and encourage industries while avoiding investments in restricted or eliminated sectors [7][9] Group 3: Evaluation and Management Mechanisms - The "Management Method" establishes a comprehensive evaluation system for fund operations, combining quantitative and qualitative assessments to ensure alignment with national strategic planning and effective market intervention [10][11] - Funds that perform well according to the evaluation will receive preferential treatment in project promotion and financing, while poorly performing funds may face restrictions and corrective measures [10][11] - The evaluation results will be linked to future budget arrangements and management team incentives, creating a mechanism that encourages fund management institutions to adhere to policy missions [11]