1月24日以来，一张显示为江西裕民银行某客户经理的微信截图在各大存款群流传。根据图片信息，裕 民银行正在考虑停止发放存量存款积分，并给出了协商方案，征求储户建议。不过，上述方案引发了储 户的不满。 第一财经综合储户的信息发现，裕民银行曾推出带有贴息的存款产品，贴息部分以积分形式每日发放， 积分可以兑换京东卡等，被储户视为存款利率的一部分。部分储户认为，如今的停发方案相当于下调了 存量存款的综合利率。 为此，第一财经致电裕民银行，该行客服表示，目前暂未核实到关于停止派发积分的执行方案，如后续 积分派发有变动，将会与客户联系。 停发积分？ 储户提供的信息显示，2024年至2025年之间，裕民银行曾推出带有权益积分的存款产品，最初，3年 期、5年期存款产品叠加权益积分后，综合年化利率可达3.6%，此后降至3.3%左右。 具体包括：整存整取1年、2年、3年、5年的挂牌利率分别为1.35%、1.5%、2%、2.05%，同时分别叠加 1.75%、1.7%、1.3%、1.25%的附加权益积分，使得上述各期限存款产品的综合利率分别达到3.1%、 3.2%、3.3%、3.3%，积分活动单笔5000元起存。 不过，多数裕民银行的 ...

Market Overview - The U.S. stock market experienced volatility this week, with significant declines following President Trump's threats to impose tariffs on European allies, which were later retracted, leading to a rebound in major indices [1] - Intel's disappointing earnings outlook caused a sharp decline in its stock price, negatively impacting investor risk appetite [1] Economic Indicators - The U.S. economy showed strong performance with the October Personal Consumption Expenditures (PCE) report meeting expectations, indicating a month-over-month increase of 0.2% and a year-over-year increase of 2.7% [2] - The unemployment claims data revealed a slight increase to 200,000, which is still below economists' expectations, indicating a stable job market [2] - The third-quarter GDP was revised upward to a two-year high of 4.4%, suggesting economic acceleration in the latter half of the year [2] Federal Reserve Outlook - Market expectations for a Federal Reserve rate cut have decreased, with the probability of a 25 basis point cut next week dropping from 5.0% to 2.8% [3] - The Federal Reserve is expected to pause rate cuts as the federal funds rate approaches neutral levels, with potential cuts anticipated in June and September [4] Corporate Earnings - The earnings season has begun, with 61% of S&P 500 companies exceeding revenue expectations and 80% surpassing profit forecasts [5] - The projected year-over-year growth rate for earnings per share (EPS) is 17%, with the overall S&P 500 EPS growth for Q4 expected at 8.3% [5] Technology Sector Insights - The technology sector, particularly semiconductor companies, is under scrutiny as earnings reports are released, with a focus on actual revenue growth to justify high valuations [6] - Major tech companies, including Apple, Tesla, and Microsoft, are set to report earnings soon, which could significantly influence market sentiment [6][7] Market Volatility - The market is likely to experience increased volatility due to upcoming earnings reports and the Federal Reserve's monetary policy meeting [6][7] - The VIX index has shown fluctuations, indicating that market volatility may not be over yet [6]

2026.01.25 本文字数：3430，阅读时长大约6分钟 作者 |第一财经 王方然 金价持续攀升，1月23日，伦敦金现盘中最高突破4990美元/盎司，创下历史新高。 随着国际金价持续走强，与黄金相关标的挂钩的银行结构性存款产品正在悄然走热。近期，包括国有大 行、股份行及外资银行均密集推出此类产品，部分热门产品甚至出现"一上架即售罄"的景象。 第一财经调研发现，这类产品普遍具备万元起步、期限灵活、收益分档等特点。既有挂钩黄金价格的常 规产品，也有挂钩矿业公司股票、预期收益上限可达12%的复杂结构产品。在定期存款集中到期、金价 预期持续看强的背景下，从普通投资者到上市公司都对此表现出浓厚兴趣。Choice数据显示，今年以 来，上市公司相关认购金额已达17.28亿元。 尽管产品供给增加，挂钩黄金的结构性存款仍出现额度紧张、提前售罄的情况，尤其是预期收益率较高 的产品。例如，交通银行"稳添慧"系列中一款黄金看涨64天产品已于1月16日提前售罄，该产品规模上 限为10亿元，预期收益率区间为0.5%至3.2%。 不少投资者表示，近期有增购结构性存款的计划。一名深圳投资者对记者透露，多笔存款即将到期，正 考虑配置挂钩黄 ...

截至上周五美股收盘，英伟达市值接近4.6万亿美元，稳居全球企业市值榜首。根据彭博富豪榜最新排 名，现年62岁的黄仁勋以1550亿美元身家位居全球首富榜第九。英伟达在上一财年中营收达到1305亿美 元。 1月24日，英伟达CEO黄仁勋突降上海。当天，他惊现浦东陆家嘴附近乳山路锦徳菜市场，品尝并购买 水果小吃等食物，引来群众围观合影。不过他这次没有穿上标志性的皮夹克。 全球第一大市值公司老板沉浸式体验上海菜场，有网友直呼"乖乖，不得了了！"，还有人惊喜地发出与 黄仁勋的合影并表示："在上海买个菜都能偶遇全球显卡首富。" 不需要前往寒冷的瑞士达沃斯小镇，在上海，买个菜的功夫，也能偶遇全球十大富豪之一的英伟达"显 卡之父"黄仁勋。 2024年11月，黄仁勋出现在香港深水埗某大排档，与同桌十几人一同喝啤酒，这些人中间除了有香港特 区政府财政司司长陈茂波之外，香港科技大学校长叶玉如院士、校董会主席沈向洋以及红杉资本沈南鹏 也出现在画面中。 第一财经记者注意到，近年来，美国科技巨头公司高管访华期间，都会被安排"特色行程"。比如黄仁勋 访华爱逛市场，显得非常"接地气"；而苹果CEO库克访华期间则高频出现在公园及一些艺术场所， ...

Group 1 - The core idea of the article revolves around the upcoming release of the annual research report "Secrets of Companies 7," which aims to provide in-depth analysis of companies that are currently trending in the market, breaking away from the traditional static reporting style [1][2][27]. - The report will focus on 12 key companies that have been significant in 2025, highlighting their financial performance and the underlying factors that contribute to their market presence [1][4][27]. - The research methodology emphasizes extracting overlooked information from financial reports, interviews, and public data, rather than merely reiterating news or amplifying emotions [2][17][26]. Group 2 - Notable companies featured in the report include Cambrian, which briefly surpassed Moutai to become the second-largest by market capitalization in China's A-share market, and Pop Mart, which saw over 400% growth in overseas performance [4][5]. - The report will analyze the implications of successful IPOs in various sectors, such as Bawang Tea and Horizon Robotics, and the challenges faced by companies like Cambrian and Horizon, which are often compared to their international counterparts [4][5][27]. - The report aims to provide a comprehensive understanding of the business landscape, focusing on cash flow, revenue, market share, and the competitive dynamics within industries [17][26].

华泰证券（601688.SH）及子公司华泰证券资管迎来人事变动，均官宣新任董事长及高管。其中，王会 清出任华泰证券董事长，江晓阳任华泰证券资管董事长。 1月23日晚间，华泰证券发布公告称，选举王会清为公司第七届董事会董事长，聘任周易为公司首席执 行官及执行委员会主任。该公司原董事长张伟到龄退休。 同时，华泰证券还宣布，同意聘任韩臻聪、姜健、张辉、陈天翔、焦晓宁、王宇捷为公司执行委员会委 员；同时，韩臻聪任首席信息官(兼)，焦晓宁任首席财务官(兼)，焦凯任合规总监、总法律顾问，王翀 任首席风险官，孙艳任人力资源总监，张辉任董事会秘书(兼)，朱有为任证券事务代表。 与张伟一样，新任董事长王会清也来自江苏高科技投资集团有限公司（下称"江苏高投"）。据华泰证券 2025年三季度末股东信息，江苏高投直接持有该公司3.95%股份，持有3.56亿股，为华泰证券第五大股 东。 截至2025年三季度末，在华泰证券前十大股东中，江苏省国信集团有限公司、江苏交通控股有限公司、 江苏高投和江苏省苏豪控股集团有限公司均为江苏省政府国有资产监督管理委员会所属独资企业。 王会清接任华泰证券董事长早在市场预期之内。2025年11月份，江苏省 ...

Economic Growth - In 2025, China's GDP reached 1401879 billion yuan, growing by 5% year-on-year, maintaining the same growth rate as the previous year [1] - The GDP growth in the fourth quarter was 4.5%, a slowdown of 0.3 percentage points from the third quarter, but showed a quarter-on-quarter increase of 1.2% [1] - The urban unemployment rate averaged 5.2%, indicating overall employment stability, while foreign exchange reserves exceeded 3.3 trillion USD [1] Income Growth - In 2025, the per capita disposable income of residents reached 43377 yuan, with a nominal growth of 5% and an actual growth of 5% after adjusting for price factors [2] - Urban residents' per capita disposable income was 56502 yuan, growing by 4.3% nominally and 4.2% in real terms, while rural residents saw a 5.8% nominal increase and a 6% real increase [2] - Seven provinces had per capita disposable incomes exceeding 50,000 yuan, with Shanghai leading at 91987 yuan [2] Domestic Demand Strategy - The National Development and Reform Commission (NDRC) announced plans to develop a domestic demand expansion strategy for 2026-2030, focusing on consumption-driven economic growth [3] - The NDRC is also working on plans to enhance residents' income and optimize consumption supply [3] - The Ministry of Finance introduced six policies aimed at stimulating private investment and promoting consumer spending [3] Market Regulation - Multiple ministries have recently addressed "anti-involution" measures, focusing on regulating capacity in key industries and standardizing fiscal subsidies [4][5] - The NDRC emphasized the need to enhance market vitality and transition from price competition to value competition [5] - The Ministry of Finance is committed to correcting any irregular subsidy behaviors by local governments [5] Pre-prepared Food Standards - The State Council's Food Safety Office is drafting national standards for pre-prepared foods, aiming to protect consumer rights and promote high-quality industry development [7] - The upcoming standards will provide a unified basis for production, circulation, and regulation, helping the industry move towards compliance [7] TikTok's US Operations - TikTok announced the establishment of a joint venture for data security in the US, ensuring data protection and algorithm security for over 200 million American users [11] - The joint venture will be managed by a seven-member board, with ByteDance retaining a 19.9% stake as the largest single shareholder [11]

本文字数：3320，阅读时长大约5分钟 作者 |第一财经 彭海斌 2026年，中国新药出海热度不减。 1月尚未结束，中国药企已经完成10笔海外授权交易，其中荣昌生物和艾伯维的交易首付款达到6.5亿美 元。 2025年是中国创新药海外交易的大年。第一财经采访的医药和投资机构人士均认为，这种趋势会延续下 去。摩根大通大中华区医疗健康行业研究主管黄旸表示："2026年出海交易数量或者总金额可能难以超 过2025年，但会维持强劲的势头。" 首付款超过一级市场融资 2025年1月，先为达与英国企业Verdiva Bio Limited达成合作。 先为达是一家开发糖尿病及减重药物的中国企业。它将正在临床阶段的口服伊诺格鲁肽等授予后者大中 华区和韩国以外的开发权利。这笔交易的首付款约7000万美元，且可获得最高达24亿美元的潜在开发、 注册和商业化里程碑付款，以及产品商业化后的销售额提成。 2026.01.24 中国代谢领域的交易，是2025年创新药海外授权爆发性增长的缩影。 据医药魔方统计，2025年中国新药对外授权交易158笔，总交易金额1357亿美元，交易数量和金额都达 到十年新高。 事实上，2023年和2024年， ...

2026.01.24 本文字数：1956，阅读时长大约3分钟 作者 |第一财经 胡弋杰 美股周五走势分化，高盛与卡特彼勒显著承压拖累道指回落，标普500指数基本持平，纳指小幅收高。 此外，英特尔发布疲弱业绩展望后股价重挫亦拖累市场情绪，投资者在动荡一周结束之际风险偏好有所 降温。 截至周五收盘，道琼斯工业平均指数下跌285.30点，跌幅0.58%，报49098.71点，本周累计下跌0.53%； 标普500指数上涨2.26点，涨幅0.03%，报6915.61点，本周下跌0.35%；纳斯达克综合指数上涨65.23点， 涨幅0.28%，报23501.24点，本周微跌0.06%。 【热门股表现】 主要科技股涨跌不一。英伟达上涨1.53%，微软上涨3.28%，亚马逊上涨2.06%，Meta上涨1.72%，奈飞 上涨3.09%，AMD上涨2.35%，美光科技上涨0.52%；谷歌下跌0.79%，苹果下跌0.12%，特斯拉下跌 0.07%，博通下跌1.67%，甲骨文下跌0.57%。 Focus Partners Wealth首席投资策略师杰森·布莱克韦尔表示，从长期角度看，美国经济基本面依然稳 健，但考虑到2026年晚些时候 ...

编辑：小羊 现货白银站上100美元/盎司关口，日内大涨4%。 ...