本文字数：1471，阅读时长大约3分钟 2026.01.09 当前市场的上行趋势是否能够得以延续，后续增量资金来自何处？ 严凯文观察到，部分热门赛道交易拥挤度上升，或带来回调压力。不过，他认为，从中长期视角看，在 宏观政策托底、流动性环境友好的背景下，市场整体仍将保持震荡上行节奏。 作者 |第一财经 周楠 A股的"开门红"行情再上一个台阶。1月9日，沪指盘中突破4100点，创十年新高，两市成交额时隔近四 个月突破3万亿元。 截至9日收盘，上证指数报收4120.43点，涨0.92%；深成指和创业板指分别报收14120.15点和3327.81 点，涨幅1.15%和0.77%。两市成交额达到3.12万亿元，较前一交易日放量3224亿元。 当天盘面上，市场热点快速轮动，全市场超3900只个股上涨，AI应用概念集体爆发，易点天下20CM涨 停，利欧股份、浙文互联等涨停。同时，商业航天、可控核聚变等概念延续强势；下跌方面，脑机接口 概念下挫，美好医疗、倍益康跌超10%。 2026年开年至今，沪指已连续5个交易日（1月5日至9日）收于4000点上方，其中4个交易日收涨，仅在1 月8日微跌0.07%。 "市场在快速上行过程中 ...

Core Viewpoint - MiniMax, a prominent AI model company, made its debut on the Hong Kong Stock Exchange, experiencing a significant surge in stock price, closing at 345 HKD per share, representing an increase of nearly 110% and a market capitalization exceeding 105 billion HKD [2][4]. Company Performance - MiniMax's revenue for 2024 is projected to grow by 782% to 30.5 million USD (approximately 220 million RMB), while it is expected to incur a net loss of 465 million USD (approximately 3.27 billion RMB) [5]. - In comparison, SenseTime's revenue for the same period is forecasted to be 3.77 billion RMB, reflecting a year-on-year growth of 10.8%, with a net loss of 4.3 billion RMB, which is a reduction of 33.7% year-on-year [5]. Market Sentiment - The market sentiment surrounding MiniMax is notably high, with its market value surpassing that of its founder's previous company, SenseTime [4]. - An industry insider expressed confidence in the long-term value of Chinese AI companies, indicating a willingness to hold MiniMax shares for the long term [6]. Company Comparison - MiniMax's founder, Yan Junjie, previously served as Vice President at SenseTime, where he led a team of over 700 people to achieve industry-leading facial recognition algorithms [5]. - SenseTime, founded in 2014, is undergoing a transformation towards generative AI, having completed a strategic restructuring by the end of 2024 [7]. - SenseTime's employee count is nearly ten times that of MiniMax, with 3,206 employees compared to MiniMax's 385, which has a younger workforce with an average age of 29 [7].

港股100研究中心顾问余丰慧向第一财经记者表示，阿里巴巴在即时零售与人工智能领域的推进，对其 他互联网企业产生显著外溢效应。即时零售方面，阿里加大闪购等资源投入，行业竞争强度随之提升， 美团、京东需同步加快布局，通过优化服务及运营效率维持份额。人工智能方面，阿里持续迭代大模型 及应用，促使腾讯、百度等公司加速技术落地，行业整体研发节奏加快，具备技术储备、增长路径清晰 的企业获得更多关注。 1月8日下午，阿里巴巴（09988.HK）面向投资者的交流信息显示，淘宝闪购在最新季度取得关键进 展。阿里集团对于淘宝闪购2026年的投入战略明朗化：闪购首要目标是份额增长，会坚定加大投入以达 到市场绝对第一。 1月8日下午阿里巴巴一度加速下跌，全天跌2.26%，盘中一度创出141港元阶段新低，相比10月高点累 计下跌约25%；隔夜美股大幅反弹超过5%，引发投资者憧憬；1月9日香港交易时段，阿里巴巴高开后 回落，半天上涨2.81%，中午报收146.6港元，成交近115亿港元，京东集团（09618.HK）上涨近3%，美 团（03690.HK）下跌2.38%。 业内人士认为，阿里巴巴这一举动加剧了竞争，而本身有更多人工智能方面的 ...

1月9日，香港恒生指数收涨0.32%，恒生科技指数涨0.15%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26231.79c | 82.48 | 0.32% | 2451亿 | | HSTECH | 恒生科技 | 5687.14c | 8.80 | 0.15% | 693亿 | | HSBIO | 恒生生物科技 | 16053.92c | 174.33 | 1.10% | 132亿 | | HSCEI | 恒生中国企业指数 | 9048.53c | 9.19 | 0.10% | 899亿 | | HSCI | 恒生综合指数 | 4024.60c | 19.88 | 0.50% | 1687亿 | 大模型公司MiniMax今日登陆港交所， 发行价确定在发行区间上限，为165港元/股。早盘高开涨超 50%，此后震荡走高，截至收盘，涨幅达109.09%，报345港元/股，成交额达40亿港元，总市值超千亿 港元。 此外，有色金属、石油石化板块走高，山东黄金涨超6%；光伏板块跌幅居前，新 ...

据知情人士透露，苹果公司内部眼下正在加快CEO库克继任者的遴选工作。在众多候选人中，现任公 司硬件工程高级副总裁的约翰·特努斯已跃升为头号热门人选。 有媒体报道称，现年65岁的库克此前曾向公司管理层透露，自己感到疲惫，希望减轻工作负担，预计最 早将于今年卸任CEO一职，未来可能出任苹果公司董事会主席。 来源｜央视财经 编辑｜钉钉 多位苹果内部人士透露，特努斯性格温和沉稳，是一位很好的合作者。特努斯也因此得到了公司内部许 多高管和员工的广泛认可。 除了特努斯，有媒体称库克也在同步物色其他候选人，目前苹果公司尚未公布库克的具体继任者人选及 继任时间。 ...

Group 1 - The core viewpoint of the articles indicates that the land market in 2025 is characterized by a reduction in scale and localized high demand for premium land parcels [1][2][3] - The total planned residential land transaction area in 300 cities is projected to be 620 million square meters, a year-on-year decrease of 13.5%, with the total land transfer fees amounting to 2.3 trillion yuan, down 10.6% year-on-year [1][2] - Despite the overall decline in land transactions, major cities like Shanghai, Beijing, Hangzhou, and Chengdu are witnessing record high prices for land parcels, indicating a concentration of investment among leading real estate companies [1][3] Group 2 - In 2025, the proportion of residential land with a floor area ratio below 2.0 in 300 cities reached 42.3%, an increase of 7.7 percentage points from 2024, reflecting a push for higher quality land offerings [2] - The top 10 real estate companies accounted for 50.5% of the total land acquisition amount among the top 100 companies, while the top 20 companies accounted for 62.7%, indicating a significant concentration of land acquisition among leading firms [7][8] - The investment behavior of real estate companies is shifting, with state-owned enterprises dominating land acquisitions, while private companies are gradually increasing their participation [8][9] Group 3 - The average land acquisition amount for the top 100 real estate companies has increased, with a land-to-sales ratio of 0.29, up 0.12 from 2024, suggesting a return to investment levels seen in 2021 [8] - The total land acquisition amount for private real estate companies is expected to exceed 100 billion yuan, reflecting an 8% year-on-year growth, while the share of city investment platforms in land acquisition has decreased to 15% [8][9] - The market outlook suggests that after a period of adjustment, the real estate sector may stabilize, with major state-owned enterprises likely to continue their strategic investments during market fluctuations [9]

1月8日，MiniMax公布定价结果，将以165港元的定价上限发行，当天MiniMax暗盘收涨24.61%，报于 205.60港元。 1月9日，大模型公司MiniMax（00100.HK）在港交所上市，早盘高开涨超50%，截至9:56分，报254.8港 元/股，涨超54.42%，市值破770亿港元。以此价格计算，中签者每手20股，不计手续费，一手赚近1800 港元。 ...

1月9日，沪指在日线15连阳后突破4100点，续创十年新高。 编辑丨瑜见 截至发稿，沪指涨0.70%报4111.46点，深成指涨幅超1%，创业板指涨0.7%。军工装备、商业航天、贵 金属、稀土永磁等板块涨幅居前。全市场上涨个股超3400只，约1700股下跌。 ...

Core Insights - The "i Maotai" platform has expanded its product offerings, including premium Maotai and kilogram Maotai, following the rapid sell-out of the 1499 yuan regular Maotai [2] - The premium Maotai was sold out on its first day of availability, indicating strong demand [2] - The pricing strategy for premium Maotai on "i Maotai" aligns with market prices, set at 2299 yuan per bottle, which is consistent with the average market price of around 2250 yuan per bottle [2] Product Launch and Sales - Starting January 9, consumers can purchase 500ml premium Guizhou Maotai at 53% vol, with a limit of 6 bottles per user per day [2] - From January 10, additional products including 1L and 100ml gift sets of Guizhou Maotai will also be available for purchase [2] - The premium Maotai is considered a core product within the Maotai product line, referred to as the "waist" of the product hierarchy [2] Market Dynamics - The decision to price premium Maotai at market levels reflects a strategy to allow product prices to align with market demand, as discussed in a recent distributor conference [2] - The demand for premium Maotai is noted to be less than that for regular Maotai, suggesting a more niche market [2] - For genuine buyers, purchasing at market price offers assurance of authenticity, while it poses higher risks for ordinary speculators [2]

Core Viewpoint - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, with urban areas rising by 0.9% and rural areas by 0.6%, indicating a steady increase in consumer prices driven by food and non-food price changes [1][4][6]. CPI Summary - The CPI rose by 0.2% month-on-month in December, reversing a previous decline of 0.1% [5]. - Core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [6]. - Food prices rose by 1.1% year-on-year, with significant increases in fresh vegetables (18.2%) and fresh fruits (4.4%), contributing to the overall CPI increase [6][8]. - Energy prices decreased by 3.8% year-on-year, with gasoline prices dropping by 8.4% [6]. PPI Summary - The Producer Price Index (PPI) increased by 0.2% month-on-month, marking three consecutive months of growth [8]. - Year-on-year, the PPI decreased by 1.9%, but the decline was less severe than in previous months, indicating some stabilization in industrial prices [9]. - Key industries such as coal mining and lithium-ion battery manufacturing saw price increases, reflecting improved supply-demand dynamics [8][9]. - Input factors like international commodity prices influenced the price trends in domestic industries, with non-ferrous metal prices rising due to global market conditions [8][9].