2026.01.21 本文字数：1422，阅读时长大约2分钟 作者 |第一财经 金叶子 上海2025年经济运行情况出炉，新兴动能发展态势良好。 就在前不久，上海一个月之内5家AI企业上市。根据上海市经信委的数据，2025年，人工智能"上海方 案"年度任务全部完成。1月9日登陆港交所的上海本土大模型企业稀宇科技（MiniMax，00100.HK）， 成立于2022年初，这家平均年龄29岁的企业也是全球从成立到IPO最快的AI公司。 而在集成电路产业方面，上海市经信委相关工作人员告诉记者，目前上海已建成全产业链齐头并进、相 互支撑的集成电路产业链体系，在芯片设计、制造、封测，设备/材料，EDA/IP等环节培育了一批行业 细分领域龙头企业，包括35家科创板上市企业，位列国内第一。芯片设计业、制造业持续居国内龙头地 位，先进封装加快布局，装备材料高端引领，EDA/IP集聚发展。除了GPU芯片企业，光计算、近存计 算等创新路线AI芯片企业也相继涌现，支撑国内大模型等新质生产力发展。 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@y ...

国际黄金期货价格和现货价格均再创新高，突破每盎司4800美元。 1月21日，黄金概念股持续走高，晓程科技盘中创新高，湖南白银、卧龙新能涨停，四川黄金、招金黄 金涨超7%，山东黄金、赤峰黄金、中金黄金等跟涨。 | 代码 | 名称 | 张幅� | 总金额 | 总市值 | 现价 | | --- | --- | --- | --- | --- | --- | | 002716 湖南白银 | | +10.00% | 39.59 Z | 385.1 乙 | 13.64 | | 600173 | 卧龙新能 | +9.94% | 2.67 乙 | 54.99 7 | 7.85 | | 601212 白银有色 | | +9.76% | 27.34 Z | 633.1 乙 | 8.55 | | 000688 | 国城矿业 | +9.14% | 6.67 乙 | 328.3 Z | 27.71 | | 001337 | 四川黄金 | +7.64% | 10.96 Z | 179.8 Z | 42.84 | | 000506 | 招金黄金 | +7.34% | 12.53 Z | 175.2 Z | 18.86 | | 300139 ...

Core Viewpoint - Shanghai's GDP is projected to reach 56,708.71 billion yuan in 2025, with a year-on-year growth of 5.4%, surpassing the national average of 5% and ranking fifth globally among cities [2] Economic Growth and Resilience - Shanghai has demonstrated resilient growth amidst significant external uncertainties, marking a recovery after previous years of slower growth compared to the national average [2][3] - The city is positioned at a strategic juncture, balancing structural challenges and opportunities, laying a solid foundation for the "14th Five-Year Plan" [2] Key Economic Indicators - Industrial output from strategic emerging industries in Shanghai is expected to grow by 6.5% in 2025, with their share of total industrial output reaching 45%, up from 43.6% in 2024 [3][4] - The three leading industries in Shanghai are projected to see a 9.6% increase in output, surpassing 2 trillion yuan, with integrated circuit manufacturing growing by 15.1% and artificial intelligence manufacturing by 13.6% [4] Consumption, Investment, and Trade - Shanghai's total retail sales of consumer goods are expected to grow by 4.6% in 2025, outperforming the national growth rate of 3.7%, with significant growth in sectors like new energy vehicles and home appliances [5] - Fixed asset investment in Shanghai is projected to increase by 4.6%, exceeding the national decline of 3.8%, with industrial and infrastructure investments growing by 20% and 11.2%, respectively [5] - The total import and export volume is anticipated to reach 4.5 trillion yuan, growing by 5.6%, with exports increasing by 10.8%, particularly to ASEAN and Belt and Road countries [6] Structural Transformation and Industry Development - Shanghai is accelerating the construction of a modern industrial system, with a focus on advanced manufacturing and emerging sectors such as low-altitude economy and commercial aerospace [9][10] - The financial services sector in Shanghai is also seeing improvements, with the total trading volume in financial markets reaching 40.59 trillion yuan, a growth of 11.2% [10] Urban Development and Global Positioning - The "Five Centers" initiative is crucial for enhancing Shanghai's urban capabilities and competitiveness, with ongoing improvements in global rankings across various indices [7][11] - Shanghai's port trade volume is expected to exceed 11 trillion yuan, maintaining its position as a global leader, with container throughput reaching 55.063 million TEUs [10]

Core Insights - Shanghai's retail sales reached over 1.66 trillion yuan in 2025, marking a 4.6% year-on-year increase, outperforming the national average of 3.7% by 0.9 percentage points [2] - Key sectors such as new energy vehicles, communication equipment, and home appliances saw double-digit growth, with cultural and office supplies retail up by 30.4% [2] - The city welcomed a record 9.36 million inbound tourists in 2025, a 40% increase from the previous year, with tax refund sales rising by approximately 80% [2] Economic Drivers - The steady recovery in Shanghai's consumption is attributed to three main factors: targeted policy measures, innovative cultural and tourism events, and the accelerated recovery of international flights and visa facilitation [3] - Policies such as trade-in programs for automobiles and home appliances, along with service consumption vouchers, have effectively stimulated demand [3] - The implementation of the trade-in policy led to over 320,000 cars and 4.5 million digital products being replaced, generating over 120 billion yuan in sales and benefiting more than 21.95 million people [4] Future Outlook - The strong growth trend in consumption is expected to continue into 2026, with service consumption anticipated to remain a key driver [5] - Ongoing policies, including the "28 measures" for service and consumption linkage, are expected to further stimulate service consumption potential [5] - Recommendations for sustaining growth include enhancing inbound tourism measures, improving service quality, and leveraging digital tools for better consumer engagement [6]

Market Overview - On January 21, the Hang Seng Index opened down by 0.34%, while the Hang Seng Tech Index fell by 0.70% [1] - The current value of the Hang Seng Index is 26,397.04, down by 90.47 points, representing a decrease of 0.34% [2] - The Hang Seng Tech Index is at 5,643.62, down by 39.82 points, reflecting a decline of 0.70% [2] Sector Performance - Hardware, machinery, media, and semiconductor sectors experienced the largest declines, while sectors such as non-ferrous metals, home appliances, banking, and electrical equipment showed gains [2] - Notable declines in tech stocks include Bilibili and SenseTime, both down over 2%, and companies like Trip.com, Xiaomi, SMIC, Kuaishou, and Xpeng all falling more than 1% [2] Individual Stock Movements - Bilibili (9626.HK) is trading at 236.80, down by 2.87% [3] - SenseTime (0020.HK) is at 2.33, down by 2.10% [3] - Xpeng Motors (9868.HK) is priced at 78.15, down by 1.70% [3] - SMIC (0981.HK) is at 73.45, down by 1.41% [3] - Kuaishou (1024.HK) is trading at 75.20, down by 1.12% [4] - Xiaomi Group (1810.HK) is at 35.10, down by 1.07% [4] - Alibaba (9988.HK) is priced at 158.30, down by 0.88% [4] - Tencent Holdings (0700.HK) is at 598.00, down by 0.50% [4] Gold Sector Performance - The gold sector showed strong performance, with Datang Gold rising over 11%, Lingbao Gold up over 6%, and Zhaojin Mining increasing by over 3% [5]

| | 9.36 -1.04 -10.00% | | | | 利欧股份 002131 | 立即 交易 | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | | | | | | | | 疑似减持受限通 部 / 0 + | | | | 变比 | -100.00% 委差 | -8637114 | | Wind ESG评级 B | | 详情 | | 定五 | 9.40 | 6046 | रेस | 65.96% 120日 | | 143.75% | | 卖四 | 9.39 | 2114 | 5日 | | -5.74% 250日 | 150.45% | | 美三 | 9.38 | 1352 | 20日 | | 84.98% 52周高 | 10.40 | | | 9.37 | 6674 | 60日 | | 81.04% 52周低 | 2.71 | | # | 9.36 | 8620928 | | 2023 | 2024 | 2025Q3 | | | | | EbS | 0.29 | -0.04 | 0.09 ...

1月21日，现货黄金史上首次站上4800美元/盎司整数关口，本月累涨超10%，涨幅逾480美元。 ...

据新华社，由于地缘政治危机加剧，导致市场避险情绪高涨，美国纽约商品交易所黄金、白银期货价格 20日大幅上涨，再创历史新高。2月黄金期价当天一度突破每盎司4760美元，3月白银期价一度突破每盎 司95美元。 ...

Group 1: Global Investment Environment - Geopolitical risks are a high-frequency topic of discussion at the Davos Forum, with global capital reassessing its allocation direction amid slowing growth and rising uncertainties [1] - Despite high uncertainty, a constructive underlying trend is observed, with governments and market participants focusing on cost reduction and improving investment environments [3] - Value remains present globally but is more dispersed and reliant on execution and fundamentals [3] Group 2: Attractive Growth Opportunities - Asia and the Gulf region are highlighted as areas with significant growth opportunities, with Hong Kong's capital market showing signs of recovery and active listing activities [4] - The U.S. is viewed positively, particularly in the mid-service sector, which is less affected by tariffs and trade tensions [4] - The Gulf region stands out due to clear policy directions, ongoing reforms, and a defined economic transformation agenda [4] Group 3: Chinese Enterprises in Global Markets - Chinese enterprises have improved their communication skills and understanding of different markets, enhancing their international competitiveness [5] - Key capabilities for success in global markets include governance, with a focus on clear organizational structures and transparent decision-making processes [5] - The overall trend shows improvement in communication and operational capabilities among Chinese firms [5] Group 4: Impact of Artificial Intelligence (AI) - AI is transforming capital allocation and value creation, with direct investments in technologies that change private equity and the real economy [6] - AI is also being integrated into business processes to enhance efficiency in fundraising, wealth management, and liquidity arrangements [6] - While AI is improving production efficiency and decision-making speed, its long-term impact on profitability and returns will become clearer as the infrastructure matures [7] Group 5: Concerns and Recommendations - There are concerns about potential bubbles in AI investments due to rapid capital influx and uncertain returns [8] - For Chinese entrepreneurs looking to enter international markets, reducing internal competition and forming stronger entities may be beneficial strategies [9] - A key risk to watch is the potential rise in interest rates, which could pose challenges for investment and financing [10]

*三大股指创下10月10日以来最大单日跌幅 受此影响，被视为"恐慌指数"的CBOE波动率指数（VIX）升至两个月高点。周二美股成交量约206亿 股，明显高于过去20个交易日170.1亿股的均值，显示抛售压力集中释放。 哈里斯金融集团执行合伙人杰米·考克斯（Jamie Cox）表示，当前尚未看到投资者系统性撤离市场的迹 象。他认为，围绕格陵兰岛的关税与地缘政治言论更像是一种情绪冲击，而非足以触发深度回调的基本 面变化，并称若股市在本周出现3%至5%的进一步下跌将"令人意外"。 *标普500指数和纳指跌破50日移动均线 *日本债市的动荡外溢至全球债券市场 在美国总统特朗普再度向欧洲释放关税威胁后，全球市场风险偏好明显降温。周二，华尔街三大股指与 全球主要股市一道遭遇抛售，避险资金涌入黄金，美国国债在多重冲击下波动加剧。 截至收盘，道琼斯工业指数下跌870.74点，跌幅1.76%，报48488.59点；标普500指数下挫143.15点，跌 幅2.06%，报6796.86点；纳斯达克综合指数下跌561.07点，跌幅2.39%，报22954.32点。三大股指均录得 自去年10月10日以来的最差单日表现，标普500指数与 ...