1月22日，现货黄金、白银价格双双下跌。现货黄金日内跌幅扩大至1%，报4780.73美元/盎司。现货白 银日内跌幅扩大至2%，报91.18美元/盎司。 ...

Group 1 - The Chinese government will extend tax policies for innovative enterprises' domestic issuance of depositary receipts (CDRs) from January 1, 2026, to December 31, 2027, including exemptions on individual income tax for capital gains and differentiated tax policies for dividends [1] - The Ministry of Finance and other departments announced the establishment of new duty-free shops at 41 ports, including Wuhan Tianhe International Airport, allowing residents from Macau to purchase duty-free goods up to 15,000 yuan [2] - The Ministry of Housing and Urban-Rural Development emphasized the ongoing progress of new urbanization and the potential for high-quality development in the real estate sector, advocating for city-specific policies to manage supply and demand [2] Group 2 - The Ministry of Finance issued a notice to address "abnormally low prices" in government procurement, requiring procurement entities to set reasonable maximum prices based on market conditions and project budgets [3] - The People's Bank of China will hold a meeting on January 15, 2026, to discuss the development of a modern payment system, focusing on cross-border payment systems and regulatory measures [3] - Guangdong Province introduced policies to promote high-quality development in transportation through artificial intelligence, encouraging the testing and application of smart connected vehicles [4] Group 3 - The European Parliament's International Trade Committee announced an indefinite freeze on the review of the EU-US trade agreement due to current geopolitical tensions [5] - Major US stock indices showed recovery, with the Dow Jones Industrial Average rising by 1.21% to 49,077.23 points, and significant rebounds in large tech stocks such as Nvidia and Tesla [6] - The Nasdaq China Golden Dragon Index increased by 2.2%, with notable gains in companies like Baidu and Alibaba [6] Group 4 - Analysts from various securities firms suggest that the current spring market rally is still in progress, with expectations for continued structural market trends and rotation of hot sectors [7] - There is a focus on earnings disclosures in the technology sector, particularly in chips and artificial intelligence, as well as the impact of domestic policies on capital expenditures [7]

2026.01.22 卡夫亨氏跌5.7%，在周二晚间向美国证券交易委员会提交的文件中表示，由沃伦・巴菲特创立的伯克 希尔公司拟出售至多3.25亿股公司股票。文件显示，此次拟出售前伯克希尔持有该数量的股份占公司流 通股的27.5%。按当前股价计算，伯克希尔所持这些股份的市值约为73亿美元。 纳斯达克中国金龙指数涨2.2%，百度涨8.2%，阿里巴巴涨3.9%，京东涨2.4%，拼多多涨1.4%，网易跌 4.0%。 受特朗普上周末对欧洲盟友发出关税威胁以及市场对日本政府债务的担忧影响，美股在周二遭遇三个月 来最惨烈抛售。在此背景下，市场各方均聚焦其周三的演讲，以此判断市场情绪走向。特朗普在瑞士达 沃斯向各国领导人发表讲话时表示，已排除采取军事行动的可能，但他称，除美国外，没有任何国家能 够为这一丹麦属地提供安全保障。 本文字数：1539，阅读时长大约3分钟 作者 |第一财经 樊志菁 周三美股全线反弹，美国总统特朗普宣布取消对欧洲的新关税，并表示美欧就格陵兰岛问题已达成协议 框架。 截至收盘，道琼斯工业平均指数大涨588.64点，涨幅1.21%，收于49077.23点，纳斯达克综合指数上涨 1.18%，收于23224. ...

*三大股指企稳，道指收复49000点； *中长期美债收益率分化，10年期美债跌4.2个基点； *卡夫亨氏跌近6%，伯克希尔或减持超3亿股。 周三美股全线反弹，美国总统特朗普宣布取消对欧洲的新关税，并表示美欧就格陵兰岛问题已达成协议 框架。截至收盘，道琼斯工业平均指数大涨588.64点，涨幅1.21%，收于49077.23点，纳斯达克综合指 数上涨1.18%，收于23224.82点，标普500指数上涨1.16%，收于6875.62点。 【热门股表现】 美国大盘科技股迎来反弹，英伟达和特斯拉涨2.9%，谷歌涨1.9%，Meta涨1.5%，亚马逊涨0.1%，微软 跌2.3%，甲骨文跌3.3%。 奈飞跌2.1%，该流媒体巨头最新财报发布的业绩展望表现疲软，且为募资收购华纳兄弟探索公司的影 业及流媒体业务宣布暂停了股票回购计划，这也对其股价形成拖累。 受嘉信理财、公民金融等多家银行交出超预期业绩，推动区域银行指数上涨4.7%，创下2024年12月以 来的新高。 纳斯达克中国金龙指数涨2.2%，百度涨8.2%，阿里巴巴涨3.9%，京东涨2.4%，拼多多涨1.4%，网易跌 4.0%。 【市场概述】 受特朗普上周末对欧洲盟友 ...

Group 1 - The core point of the article highlights the significant price volatility of the Guotou Silver LOF fund, which has led to a temporary suspension of trading due to high market premiums over the net asset value [2] - As of January 19, the fund's net asset value was 2.512 yuan, while the closing price on January 20 reached 3.59 yuan, indicating a substantial premium [2] - The fund has issued 13 warnings about premium risks within the month, with 9 instances leading to temporary trading suspensions [2] Group 2 - The fund has experienced a remarkable year-to-date increase of 74.14% in the secondary market, with a premium rate exceeding 50% [2] - As the only public fund tracking silver futures in the market, the Guotou Silver LOF has seen heightened interest since late last year [2] - In the fourth quarter of the previous year, both A and C share classes of the fund showed significant growth, with C shares increasing by 23.71 million units, a rise of 128.37%, leading to a total scale of 18.944 billion yuan, a quarter-on-quarter surge of 185.32% [2]

连接国与国之间、人与人之间、制度与制度之间的信任链条一旦受到冲击，积极的对话和沟通就成为管 控分歧、避免误判的珍贵渠道。国务院副总理何立峰在达沃斯论坛上致辞，明确提出了坚定支持自由贸 易，坚定维护多边主义，坚持合作共赢，坚持相互尊重、平等协商等四点看法，旗帜鲜明地表达了中国 始终用对话沟通、自由开放来应对新情况、新挑战的态度和决心，这是在复杂多变的国际形势下，动态 应对各类挑战和风险的最有效方法。 2026.01.21 本文字数：1965，阅读时长大约3分钟 作者 | 一财评论员 经济全球化正面临信任重塑和重构的时刻。 19日世界经济论坛2026年年会在瑞士达沃斯拉开帷幕，这次年会的主题"对话的精神"，既一语中的又令 人感慨，在技术进步拉近所有人距离，全球经济用合作编织成一个不分彼此的村落的当下，国际经贸的 交易成本反而越发昂贵。如何在竞争加剧的世界开展合作，如何释放新的增长动力，如何推动创新技术 的规模化应用，这些都变成尖锐的开放性议题，急迫地寻找应答者。 进入2026年，全球经济社会格局变得更加复杂，地缘政治的碎片化越发加剧，委内瑞拉马杜罗事件、伊 朗抗议事件、美欧针对格陵兰岛控制权的剑拔弩张等等，这些事 ...

纳斯达克中国金龙指数涨近2%，中概股多数上涨，百度集团、哔哩哔哩涨超6%，阿里巴巴、拼多多涨 逾3%。 1月21日，美股三大指数集体高开，道指涨0.33%，纳指涨0.23%，标普500指数涨0.37%。 芯片股走强， 英特尔、 ARM涨超6%，西部数据、 美光科技 涨超3%， 闪迪涨近3% 。科网股普涨，特 斯拉、谷歌、英伟达均走高。 | 英伟达(NVIDIA) | 179.290 | 0.69% | | --- | --- | --- | | NVDA.O | | | | 闪进 | 465.340 | 2.70% | | SNDK.O | | | | 特斯拉(TESLA) | 422.710 | 0.83% | | TSLA.O | | | | 英特尔(INTEL) | 51.580 | 6.22% | | INTC.O | | | | 美光科技(MICRON T | 376.550 | 3.16% | | MU.O | | | | 阿里巴巴 | 167.344 | 3.05% | | BABA.N | | | | LUMENTUM | 361.360 | 1.27% | | LITE.O | | | | ...

随着2025年年报业绩预告密集披露，半导体行业再次成为资本市场关注的焦点。在AI技术革命持续深 化、算力需求爆发的宏观背景下，半导体产业链，尤其是GPU、先进封装、存储等关键环节，迎来了显 著的景气度提升。 结构性分化显著，赛道差异致业绩冷暖不一 第一财经不完全统计，截至目前，已有超过20家半导体产业链公司发布了2025年度业绩预告。整体来 看，行业在AI浪潮驱动下呈现整体走强态势，然而细究各家公司的预告数据，内部业绩分化已十分显 著。存储芯片企业凭借产品价格回升与旺盛需求成为"业绩领跑者"，而部分处于特定赛道或面临经营调 整的公司则业绩承压，这背后折射出细分领域需求分化、应用场景差异、企业经营策略等多重复杂因素 的交织影响。 存储芯片与AI算力链业绩亮眼，量价齐升驱动高增长 AI算力与数据中心建设犹如一股强劲的东风，让存储、高端PCB、特定半导体设备等"风口上的"环节企 业扶摇直上，业绩大幅预增。 在已发布的业绩预告中，与AI直接相关的细分领域上市公司的业绩表现最为突出，业绩增长主要得益 于下游需求的强劲拉动和产品价格的周期性回升。 以澜起科技（688008.SH）、佰维存储（688525.SH）为代表的存 ...

Core Insights - Shanghai's GDP reached 56,708.71 billion yuan in 2025, growing by 5.4% year-on-year, surpassing the national growth rate after several years of lagging behind [1] - The city's economic resilience is highlighted by a steady recovery in consumption, investment, and exports, with Shanghai's growth rates exceeding national averages across all three sectors [2][3] Economic Growth - Shanghai's GDP growth of 5.4% in 2025 marks a significant recovery, positioning it as the first city in China to exceed a GDP of 50 trillion yuan [1] - The city's core functions and new industries are rapidly developing, contributing to its role as a leading economic center [1] Consumption Trends - In 2025, Shanghai's total retail sales of consumer goods increased by 4.6%, outperforming the national growth rate of 3.7% [2] - Key drivers for this growth include targeted policy measures, innovative consumer events, and a rebound in inbound tourism, with 9.36 million international visitors recorded, a 40% increase from the previous year [2] Investment Dynamics - Fixed asset investment in Shanghai grew by 4.6% in 2025, significantly higher than the national decline of 3.8% [3] - Industrial and infrastructure investments surged by 20% and 11.2%, respectively, indicating strong growth in these sectors [3] Trade Performance - Shanghai's total foreign trade reached 4.5 trillion yuan in 2025, with a growth rate of 5.6%, surpassing the national average of 3.8% [3] - Exports increased by 10.8%, with notable growth in high-end manufacturing sectors, including electric vehicles and industrial robots [3] Emerging Industries - The industrial added value in Shanghai grew by 5.0%, with strategic emerging industries contributing significantly, accounting for 45% of the total industrial output [4][5] - The three leading industries in Shanghai saw a 9.6% increase in output, with integrated circuit manufacturing and artificial intelligence growing by 15.1% and 13.6%, respectively [5] Quality of Development - Shanghai's port trade volume exceeded 11 trillion yuan, ranking first globally, while financial market transactions grew by 11.2% [6] - R&D investment as a percentage of GDP stands at approximately 4.5%, indicating a strong focus on innovation and future-oriented investments [6] Future Outlook - The "15th Five-Year Plan" emphasizes the need for Shanghai to enhance its economic resilience and transition to high-quality growth, focusing on new technologies and industries [7][8] - The city aims to foster a vibrant innovation ecosystem by optimizing the business environment and supporting small and medium-sized enterprises [8][9]

Core Viewpoint - The global economic landscape is facing significant challenges, leading to a strong performance in precious metals like gold and silver, which are seen as safe-haven assets. Analysts predict a potential cyclical bull market for these metals in the near future [1][6]. Group 1: Precious Metals Performance - On January 21, spot gold reached a new high of $4862.46 per ounce, with a daily increase of 2.1%, while platinum also hit a record high of $2511.10 per ounce [3][4]. - Silver prices approached their historical peak, trading at $94.48 per ounce, just shy of the $95.87 record set earlier [3]. - Analysts suggest that geopolitical tensions and concerns over U.S. policy are driving the demand for gold, with expectations that prices could reach $5000 per ounce sooner than anticipated [3][10]. Group 2: Market Dynamics and Influences - The recent sell-off in Japanese government bonds has raised concerns about fiscal stability, contributing to a trend of "devaluation trading" where investors seek alternatives to currency and government bonds [4]. - Central banks continue to purchase gold, with Poland's central bank planning to buy up to 150 tons, increasing its reserves to 700 tons, which supports gold prices [5]. - The copper market is also experiencing significant price increases, with LME copper contracts showing a premium of $100, the highest since 2021, indicating strong demand dynamics [5][6]. Group 3: Long-term Commodity Cycle - Market experts believe that a long-term commodity cycle is beginning, with precious metals like gold and silver expected to continue performing well due to structural factors such as increased government spending and geopolitical uncertainties [6][7]. - The demand for industrial metals, particularly copper, is anticipated to rise due to factors like AI-related capital expenditures and overall economic growth expectations [7]. - Investment strategies are shifting towards gold as a defensive asset, with institutions increasingly favoring it over traditional government bonds due to concerns about their performance in negative scenarios [8][10]. Group 4: Silver and Other Precious Metals - Silver is expected to benefit from the same investment logic as gold, although it carries higher volatility and risks [9]. - Other precious metals like palladium are also considered, but they come with specific risks related to their production locations [9].