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].

Group 1 - The global financial market in 2025 is characterized by significant changes, with gold emerging as a key asset due to rising geopolitical risks and challenges to the dollar's credit system [1][3] - International gold prices have reached historical highs over fifty times in the year, with London gold experiencing a remarkable annual increase of 64.56%, establishing its status as a core strategic asset [1][3] - The rise of gold is rooted in deep changes in the global economy and monetary order, with U.S. government debt at high levels and the dollar's share in global foreign exchange reserves dropping to a nearly 30-year low [3] Group 2 - The China Banking Corporation has shown exceptional foresight in its assessment of gold trends, consistently advocating for gold as a strategic asset since 2023, leading to cumulative investor returns of nearly 150% by the end of 2025 [4] - The 2025 Personal Financial Global Asset Allocation White Paper accurately predicted trends in the A-share market, RMB exchange rate, and bond market, confirming the bank's professional insights [5] - The report indicated that the A-share market would experience a slow bull pattern, with trading volume exceeding 420 trillion yuan and margin financing balances rising to 2.5 trillion yuan [5] Group 3 - The latest 2026 Personal Financial Global Asset Allocation White Paper provides clear guidance for asset allocation, prioritizing precious metals, non-ferrous metals, equities, and bonds [6] - Gold is expected to maintain its long-term potential for new highs, while the A-share market is anticipated to benefit from global easing and domestic capital inflows [6] - The report forecasts that the RMB exchange rate will continue to exhibit two-way fluctuations, and the yield on 10-year government bonds is expected to stabilize between 1.6% and 1.9% [6] Group 4 - The China Banking Corporation emphasizes a long-term investment philosophy, utilizing professional research and scientific methods to help clients build resilient asset portfolios that can withstand market cycles [7] - The bank aims to guide investors in seizing global asset opportunities through systematic and disciplined asset allocation strategies [7]

"信用卡分期本身已是成熟的支付与信贷基础设施，此次纳入贴息，意味着政策开始向交易端下沉，而 不仅停留在贷款发放端。"一位股份制银行人士对记者表示。 在贴息规则方面，政策同步"松绑"。通知明确取消单笔消费贴息金额不超过500元的限制，也取消了每 名借款人在一家经办机构可享受5万元以下累计贴息上限1000元的规定，仅保留"每名借款人在一家经办 机构年度累计贴息上限3000元"的限制。 银行存量体系可直接承接 1月20日，财政部发布多项财政贴息与担保政策。其中，《关于优化实施个人消费贷款财政贴息政策有 关事项的通知》（下称"通知"）引发市场关注。与此前政策相比，本轮个人消费贷款财政贴息政策在实 施期限、支持范围及规则设计等方面均作出重要调整，尤其是信用卡账单分期业务被首次明确纳入中央 财政贴息支持范围。 在政策发布后，多家银行迅速作出回应并着手研究落地安排，包括工行、农行、中行、建行、交行、邮 储、招行。多位银行人士对记者表示，信用卡分期纳入贴息后，为银行消费金融业务打开了新的操作空 间，但在具体执行层面，贴息如何嵌入既有分期流程、哪些客户与交易能够真正覆盖，各家略有不同。 业内认为，这一调整不仅拓宽了财政贴息政策 ...

公告指出，报告期内，公司始终专注于全功能GPU的研发与创新，持续推进产品架构快速迭代，成功推 出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先水平，并已实现规模量产。基于 该产品构建的大规模集群已完成建设并上线服务，可高效支持万亿参数大模型训练，其计算效率达到同 等规模国外同代系GPU集群的先进水平。但与部分国际巨头相比，公司在综合研发实力、核心技术积 累、产品客户生态等方面仍存在一定的差距。 得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关 注度与认可度持续提升，推动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然保持高研发投 入，目前仍处于持续研发投入期，尚未盈利且存在累计未弥补亏损。 1月21日截至收盘，摩尔线程涨1.97%，报627.3元/股，最新总市值约2948亿元。摩尔线程于2025年12月 5日在科创板上市，上市后股价最高达941.08元/股。 摩尔线程-U(688795) < W 闭市 01-21 15:30:17 融 成 627.30 额 16.7亿 股本 4.70亿 市盈"" -203 万得 盘口 12.09 1.97% ...

本文字数：766，阅读时长大约2分钟 近日，"北京新东方退休俱乐部"账号在社交平台上线，其主要面向北京50-75岁退休人群推出兴趣课程 与本地社交活动，学员可领取0元线上课或以19.9元体验线下课程。 该账号发布的招募帖显示，俱乐部开设北京本地活动、兴趣课程等内容，全程由80、90后年轻人做活动 玩伴，每月组织2次小聚会、免费3门兴趣课。课程内容包括自媒体运营、手工、烘焙、舞蹈、八段锦、 品茶、钓鱼、书法等多个品类，部分课程有100元-500元不等的材料费。 2026.01.21 爱企查App显示，北京新东方文旅有限公司成立于2023年7月，法定代表人为杨志辉，董事长为俞敏 洪，注册资本10亿元人民币，经营范围包括旅游业务、教育咨询服务（不含涉许可审批的教育培训活 动）、文化艺术交流、组织体育表演活动等，由新东方教育科技集团有限公司全资持股。 | ○ 壹企查 [10]2011/20 | 膏企业,北京新东方文旅有限公司 | | 应用▼ 家宅特圖 供需集市 品AP' | | | --- | --- | --- | --- | --- | | 工商注册 △发生变更时提醒我 | | | | | | 工商注册 历史工商 ...

Core Viewpoint - The international gold market is experiencing a significant surge, with prices approaching the $5000 per ounce mark, driven by increased demand for safe-haven assets and declining trust in the US dollar [2][5][6]. Price Movement - On January 21, London gold prices reached a high of $4888.17 per ounce, nearing the $5000 threshold [3]. - Over the last three trading days, the London gold spot price increased by $267 per ounce, with a weekly gain exceeding 5.7% [4]. - As of the latest report, COMEX gold futures were priced at $4869 per ounce, marking a $100 increase from the previous trading day [5]. Market Sentiment - There is a growing bullish sentiment in the precious metals market, although there are warnings of potential short-term corrections due to overbought conditions [4][7]. - Investor sentiment is divided, with some individuals eager to increase their positions in anticipation of reaching $5000, while others are cautious and considering risk management strategies [8]. Institutional Insights - Some analysts predict that if the US dollar index rebounds or global risk appetite improves, gold prices may retreat to the $4600-$4700 range [7]. - Despite short-term correction risks, the long-term upward trend for gold remains intact, supported by factors such as weak global economic recovery and ongoing geopolitical risks [7]. Investment Strategies - The rapid rise in gold prices has led to increased interest in gold ETFs, with the largest domestic gold ETF surpassing 100.76 billion yuan in assets [8]. - Investors are advised to approach the current market with caution, considering strategies such as dollar-cost averaging in gold ETFs or phased purchases of physical gold to mitigate risks [9]. Regulatory Actions - The Shanghai Futures Exchange announced adjustments to the price limits and margin requirements for gold and silver futures to enhance market supervision and maintain orderly trading [9].

"ESG+20"系列访谈 近日，上海市第十二届优秀公共关系案例评选结果正式公布。第一财经多个案例入选获评，包括"ESG + 20可持续发展领导力系列访谈"、"可持续第一课"公益项目、"杭州文化和旅游数据在线"、"七星联 盟"等项目，横跨国际传播、公益教育、城市数字化、食品健康和可持续发展等多个领域维度，成为本 届评选中媒体机构入选案例最多的单位，充分展现了第一财经发挥专业媒体的内容原创和议题设置能 力，跨领域资源整合与传播力，以及数智技术应用和场景构建能力，增强自身平台化的链主集成功能， 推动社会价值共创的实践成果。 提升中国企业ESG国际话语权 "可持续第一课" "可持续第一课"是由第一财经发起，上海第一财经公益基金会联合社会各界共同推出的可持续教育与倡 导公益项目。项目旨在快速汇聚全球可持续发展领域的知识精华，凝聚跨领域力量，开发并推广前沿课 程，向教育、商业及社会部门加速传导可持续发展理念。目前，通过课程募集、跨学科协作与公众倡 导，项目完成了第一期的建设，形成了从通识到碳管理、生物多样性到生态农业等系列课程，有力推动 了可持续发展理念的系统传播与社会认知升级，成为国内首屈一指的可持续教育公益创新样本。 ...

Core Viewpoint - Inner Mongolia Xibei Catering Group Co., Ltd. has undergone a significant change in its shareholder structure and increased its registered capital, indicating potential growth and investment opportunities as it prepares for an IPO in 2026 [3][7]. Company Changes - On January 20, 2026, Xibei Catering Group added new shareholders, including Taizhou Xinrongtai Investment Co., Ltd., Hohhot Collective Co-Creation Enterprise Management Center (Limited Partnership), and Hangzhou Zhouxuan Equity Investment Management Partnership (Limited Partnership) [3][4]. - The registered capital increased from approximately 89.903 million RMB to about 102 million RMB, reflecting a growth of approximately 13% [3][4]. Shareholder Information - The founder, Jia Guolong, and some existing shareholders have seen their shareholding ratios decrease to about 26.16% following the addition of new investors [3][4]. - Taizhou Xinrongtai Investment Co., Ltd., established in September 2009, is wholly owned by Zhang Yong, the founder of the high-end Chinese restaurant brand Xinrongji, with a registered capital of 5 million RMB [5][6]. Future Plans - Jia Guolong has previously stated that Xibei plans to go public in 2026, emphasizing the importance of capital's risk resistance capabilities, especially highlighted during the pandemic [7]. - The company aims to achieve continuous development through 2023, 2024, and 2025, ultimately targeting a market valuation of 100 billion RMB upon its IPO [7].