| | 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 ...

Group 1 - The global market risk appetite has significantly decreased following President Trump's renewed tariff threats towards Europe, leading to a sell-off in major stock indices [2][3] - The Dow Jones Industrial Average fell by 870.74 points, a decline of 1.76%, closing at 48,488.59 points; the S&P 500 dropped by 143.15 points, down 2.06%, at 6,796.86 points; and the Nasdaq Composite decreased by 561.07 points, a 2.39% drop, ending at 22,954.32 points, marking the worst single-day performance since October 10 of the previous year [2] - Major tech stocks experienced declines, with Nvidia down 4.32%, Apple down 3.45%, and Microsoft down 1.16%, among others [2] Group 2 - The CBOE Volatility Index (VIX), often referred to as the "fear index," rose to a two-month high, reflecting increased market anxiety [3] - Trading volume on U.S. stock markets reached approximately 20.6 billion shares, significantly above the 20-day average of 17.01 billion shares, indicating concentrated selling pressure [3] - Analysts suggest that the current geopolitical tensions regarding tariffs are more of an emotional shock rather than a fundamental change that would trigger a deep market correction [3] Group 3 - The global bond market is also experiencing spillover effects, with upward pressure on some European government bonds due to potential increases in defense spending [4] - The yield on the U.S. 10-year Treasury note reached a high of 4.313%, the highest since late August, closing at 4.287% after a rise of 5.6 basis points [5] - Market expectations for interest rate cuts by the Federal Reserve have been adjusted downward, with projections for a reduction of approximately 47 basis points in 2026, down from 53 basis points at the end of the previous year [5] Group 4 - Netflix reported fourth-quarter revenue of $12.1 billion, exceeding market expectations of $11.97 billion, with adjusted earnings per share of $0.56, also slightly above forecasts [6] - The company anticipates full-year revenue for 2026 to reach between $50.7 billion and $51.7 billion, with expectations for advertising revenue to potentially double in the future [6] - Following the announcement, Netflix's stock price fell by 4.9% in after-hours trading, influenced by merger financing and market sentiment [7] Group 5 - Gold prices surged significantly, with spot gold rising approximately 2% to $4,757.33 per ounce, reaching a historical high of $4,756.93 during the session [7] - Silver prices experienced a slight decline of 0.3%, settling at $94.38 per ounce, after hitting a record high of $95.87 [7] - Oil prices showed volatility, with light crude oil futures for February delivery rising by $0.90 to $60.34 per barrel, a 1.51% increase [8]

2026.01.20 本文字数：1747，阅读时长大约3分钟 这一结构性矛盾，根植于长期偏向资本积累的激励模式。改革开放以来，经济工作对资本积累形成稳固 偏好，导致大量政策取向奖励人均资本形成，这种长期的偏向性激励不断筑深经济的结构性问题，导致 消费与资本形成的剪刀差越来越大。 对于这一问题，近年来决策层已有高度关注。去年12月的中央经济工作会议，确定了投资于人的重要性 和紧迫性，这一战略性调整为增强经济内稳性铺平了道路，笃定了航向。2025年人均转移净收入增速同 比增长5.7%，凸显出决策层言必出、行必果的实干精神。 作者 |一财评论员 公共民生正站在经济社会舞台的中央。 19日国家统计局公布2025年经济数据，这是一份彰显大国经济韧性的成绩单：GDP增长5%，高科技制 造领跑经济，新旧动能交替稳步推进。 经济增长惠及居民清晰可见，2025年居民人均可支配收入43377元，同比上年名义和实际增长均为5%， 与GDP增速持平，其中人均工资性收入24555元，同比增长5.3%，人均转移净收入全年同比增长5.7%， 凸显经济的包容性增长，再分配环节正在平衡性发力。 不过，相比居民收入，居民消费支出增速出现放缓趋势 ...

Core Viewpoint - The U.S. stock market experienced significant declines on January 20, with major indices falling sharply, indicating a bearish sentiment among investors. Group 1: Market Performance - The Dow Jones Industrial Average fell by 629.71 points, or 1.28%, closing at 48729.62 [1] - The S&P 500 index decreased by 96.79 points, or 1.39%, ending at 6843.22 [1] - The Nasdaq Composite dropped by 442.48 points, or 1.88%, closing at 23072.91 [1] Group 2: Sector Performance - Major technology stocks saw widespread declines, with Broadcom falling over 3%, and Tesla, NVIDIA, Amazon, META, and Microsoft each dropping more than 2% [2] - Other notable declines included Google, Apple, and TSMC, which also experienced losses [2] Group 3: Chinese Stocks - Chinese stocks mostly fell, with Bilibili dropping over 4%, and both Canadian Solar and Century Internet declining by more than 3% [4] Group 4: Gold Market - Gold stocks surged against the market trend, with Kinross Gold rising over 7%, Harmony Gold increasing by more than 6%, and Barrick Gold gaining nearly 3% [5] - Spot gold prices broke above $4750 per ounce, marking a new historical high with a daily increase of 1.67% [5]

Core Viewpoint - The article discusses the occurrence of an X1.9-class solar flare from sunspot 14341, marking the first X-class flare of 2026, which has led to significant geomagnetic storms on Earth, resulting in beautiful auroras in various regions of China [2][5]. Group 1: Solar Activity and Geomagnetic Storms - On January 19, 2026, at 2:09 AM Beijing time, sunspot 14341 erupted with an X1.9-class flare, the first of its kind in 2026 [2]. - Following the flare, geomagnetic storms began on January 20, 2026, at 2:00 AM, with reports of 6 hours of severe geomagnetic storms and 6 hours of moderate storms, which are still ongoing [2]. Group 2: Effects of Geomagnetic Storms - The geomagnetic storms have led to the appearance of stunning auroras in northern China, particularly in the Greater Khingan Range of Heilongjiang province [7]. - Geomagnetic storms can disrupt shortwave communication and navigation systems across most regions of China [8]. - The storms cause disturbances in the ionosphere, affecting ground communication and satellite signals, which may impact the accuracy of navigation satellite systems and the quality of mobile and satellite TV signals [10]. - Strong geomagnetic storms can increase current loads on power transmission systems, potentially damaging transformers and other grid facilities, leading to power outages [11]. Group 3: Impact on Daily Life - The impact of geomagnetic storms on public daily life and health is minimal, and no special precautions are necessary [12]. - However, strong geomagnetic activity may affect animal migration and navigation abilities, particularly for birds that rely on solar and geomagnetic navigation [12].

Core Viewpoint - The ongoing closure of credit card centers indicates a shift in the banking industry from extensive growth to refined operations, as banks adapt to changing market conditions and consumer behaviors [1][2][6]. Group 1: Industry Trends - Since 2025, over 60 credit card centers across the country have been closed, with significant closures reported by various banks, including Guangzhou Bank and China Transportation Bank [2][3]. - The decline in credit card issuance is evident, with the total number of credit cards dropping from 807 million in Q2 2022 to 707 million by Q3 2025, a decrease of approximately 100 million cards over three years [2]. Group 2: Operational Adjustments - The closure of local credit card centers is a necessary outcome of industry transformation, driven by the rise of online card applications and increased market saturation [3][4]. - Post-closure, banks typically integrate management functions into local branches, retaining only essential staff for customer service and account management, thereby reducing operational costs [3]. Group 3: Strategic Focus - Private domain operations are becoming a key strategy for banks to engage existing customers, utilizing platforms like WeChat and proprietary apps for efficient customer management [4][6]. - The focus on installment services is increasing, with banks like China Transportation Bank offering significant installment loans to enhance customer engagement and revenue [4]. Group 4: Future Outlook - The contraction of credit card centers signals a transition towards digitalization, ecological integration, and localized operations within the industry [6][7]. - Future strategies will prioritize refined operations, asset quality improvement, and enhanced service levels, moving away from reliance on a single profit model [7].