Group 1 - The founder of Xibei Catering Group, Jia Guolong, has announced a return to core business operations and will no longer focus on building a personal brand [2] - Jia expressed doubts about his ability to create a personal IP, citing concerns about his emotional expression and the perception of his communication style [2] - Xibei is projected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026 [2] Group 2 - The company plans to close 102 stores nationwide, which represents 30% of its total store count [2]

2026.01.26 本文字数：310，阅读时长大约1分钟 截至发稿，现货黄金上涨约0.8%，现货白银同步走强，涨幅超2%。 市场普遍认为，这一突破不仅是价格层面的历史新高，更标志着全球资产配置逻辑正在发生深层次结构 性转变。 | 全球商品 | 中国商品 原油 | 黄金白银 | | --- | --- | --- | | 贵金属 △ | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 5019.880 | 105.607 | 5021.7 | | +38.571 +0.77% | +2.266 +2.19% | +42.0 +0.84% | | COMEX白银 | SHFE黄金 | SHFE自银 | | 105.850 | 1121.16 | 25650 | | +4.517 +4.46% | +18.30 +1.66% | +1525 +6.32% | 美元指数一度跌破97，助推贵金属价格。 来源：Wind万得 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 1月26日亚市盘，国际现货 ...

2026.01.25 本文字数：1734，阅读时长大约3分钟 作者 |一财评论员 基金行业将迎来一个专业创造价值的回归之旅。 不仅如此，新规还在程序上强化内外约束机制。如明确要求基金公司应设立独立部门负责持续监测基金 投资组合与业绩比较基准的偏离情况，并由投资决策委员会对偏离原因及合理性进行专业判断，以完善 内部监督与约束机制。同时，新规要求基金托管人需切实履行基金合同审核、投资风格库复核、权益类 基金投资风格稳定性监督、信息披露复核等职责，旨在强化生态制衡，真正做实和完善托管人功能，托 管人从形式监督到基于合同契约的具体内容监测和复核，将有助于为基金行业重塑信任关系，推动基金 信托契约的完整性和有效性。 显然，这一系列举措，给公募基金行业带回的不仅是聚焦专业的拼搏之力，而且也将为市场注入信任的 合作链条，将基金业的受托理财拉回到尊重和敬畏契约的确定性轨道。 当前中国财富市场正面临深刻变化，随着市场利率持续在低位徘徊，高收益固收产品集体到期退出市 场，居民的大量储蓄资金面临着投资重置。直接投资市场能否安放下这大量资金，接住这泼天的富贵， 基金行业确实亟需通过伐毛洗髓的改革重塑重构信任体系。 这是投资者翘首期待 ...

Group 1 - The core viewpoint emphasizes that price signals are crucial for economic health and consumer confidence, with multiple government departments advocating for reasonable price recovery this year [1][5][8] - The National Development and Reform Commission (NDRC) plans to implement a series of policies across total, structural, and reform measures to promote moderate price recovery [1][6] - The People's Bank of China (PBOC) has identified promoting stable economic growth and reasonable price recovery as key considerations in monetary policy, continuing to support a moderately loose monetary environment [1][8] Group 2 - Analysis indicates that prices reflect the balance of supply and demand, with the Consumer Price Index (CPI) expected to hover around 0% in 2025, indicating a need for stronger policy measures to stabilize prices [2][10] - The CPI showed signs of improvement starting in Q4 2025, with a notable increase in October, reaching a year-high of 0.8% in December [3][4] - Structural factors affecting the CPI include a 1.5% decline in food prices and a 3.3% drop in energy prices, which significantly impacted the overall CPI [4][6] Group 3 - The NDRC emphasizes the importance of a balanced approach to price control, advocating for both demand expansion and the regulation of excessive competition [6][7] - The upcoming revision of the Price Law aims to enhance market regulation and address unfair pricing practices, which is expected to improve the competitive environment [7][8] - The PBOC's commitment to maintaining liquidity and supporting economic stability is crucial for fostering a conducive environment for price recovery [8][9]

1月25日，腾讯宣布，将在2月1日上线春节活动，用户上元宝App分10亿现金红包，单个红包金额可达 万元。App内点击主页的预约卡片即可进入春节会场预约页面，提前预约的用户将在2月1日活动开启当 天，额外获得10次抽奖次数。 腾讯方面相关人士透露，上述红包金额可以从元宝直接提现到微信。 关于春节分 10亿现金的通知 马年到,马年好。 为回馈广大用户,元宝将在2月1日开启新春 活动,分10亿现金红包。诚邀各位有"元"人, 来元宝 App 体验 AI 新玩法、抢红包,最高可 得万元。 今天,主会场已开启预约(见附录)。打开元 宝 App,预约领红包,即可在 2 月 1 日获得额 外 10 次抽奖机会。 马住,元宝陪你过大年。 量 立即预约 延缓老年认知退化的方法 泡温泉时有哪些注意事项? 2026年1月25日 元宝派红包 新春领不停 抢 10亿 现金红包!万元小马卡天天抽! 02.01 活动开启 新 ( 01 做任务抽红包一起抢10亿现金红包 02 抽限量100张 价值1万元小马卡 预约成功 02.01进会场可额外得10次抽奖次数 元宝 8 (-) 型 DeepSeek 快速思考 > Hi, 今天从哪里开始? 春 ...

2026.01.25 本文字数：2377，阅读时长大约4分钟 资本市场炒作太空光伏概念一片欢腾，与光伏企业2025年业绩预告大面积且深度亏损的情形形成鲜明对 比。根据统计，在已发布预告的32家光伏上市公司中，23家预计出现亏损（包括续亏、首亏），占比逾 七成。 光伏主产业链（硅料、组件、电池、硅片）的亏损明显加剧，主要由于各环节低迷的终端需求、产能阶 段性过剩、产品价格上行受阻等多重因素。 在净利润预亏金额同比扩大的名单中，一体化龙头通威股份预计2025年净利润亏损区间达90亿元至100 亿元，上年同期亏损70.39亿元，它也是目前唯一一家预亏金额上限达到百亿规模的光伏企业。 亏损规模激增的光伏制造商还有天合光能、钧达股份，预亏上限均较上年同期扩大100%及以上。天合 光能预计亏损65亿元至75亿元，上年同期亏损34.43亿元，该公司表示组件价格承压，叠加硅料、银浆 等关键原材料涨价，使得组件业务盈利能力下滑，同时计提资产减值准备也对业绩有一定影响。 同为组件环节的晶科能源预计业绩首亏，亏损约59亿元至69亿元。对于业绩亏损的原因，晶科能源也提 到了2025年光伏组件价格整体处于低位，以及计提资产减值准备对业 ...

Core Viewpoint - The recent implementation of commercial real estate REITs pilot regulations marks a significant shift in China's real estate market, transitioning from incremental expansion to stock optimization and high-quality development [2][3]. Group 1: Market Transition - China's real estate market is undergoing structural adjustments, moving towards stock optimization and high-quality development, with "activation" and "breakthrough" being key paths for industry development [2]. - The activation of stock assets is a complex system project that involves multiple interests and objectives, requiring reform courage and innovative wisdom [2]. Group 2: Principles for Asset Activation - There are four main principles for activating stock assets: 1. Market-oriented and rule of law principles for fair asset circulation [3]. 2. Professionalization as a core support for precise identification and efficient operation of assets [3]. 3. Integration of industry and finance as a key path, utilizing tools like REITs and asset securitization [3]. 4. Using incremental growth to drive stock asset value enhancement through new technologies and business models [3]. Group 3: REITs Market Development - The China Securities Regulatory Commission officially launched the commercial real estate REITs pilot program on December 31, 2025, marking a new phase in the development of the REITs market alongside infrastructure [3][4]. - Compared to infrastructure REITs, commercial real estate REITs have differences in asset scope, regulatory review, and fund usage, focusing on commercial complexes, retail, office buildings, and hotels [4][5]. Group 4: Market Potential and Growth - As of January 25, 2026, there are 79 listed REITs in China with a total market value of 228 billion yuan [5]. - Long-term projections suggest that the REITs market could reach a scale of 2 trillion yuan, depending on market development and the transformation of the real estate sector [5][6]. - Industry experts believe that the REITs market could potentially exceed 2 trillion yuan, influenced by the pace of real estate transformation [6]. Group 5: Recommendations for Market Improvement - Suggestions for enhancing the REITs market include optimizing existing product structures, improving management frameworks, and streamlining the expansion process [6]. - There is a call for establishing a delisting system and further developing a multi-tiered market to support diverse investment entities and improve the Pre-REITs and private REITs systems [6].

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 ...