本文字数：1637，阅读时长大约3分钟 2026.01.15 来源 | 第一财经、中国新闻周刊、智通财经、21世纪经济新闻、智通财经等 封图 | @西贝贾国龙 微博 近日，网传西贝在会议中称将一次性关闭全国102家门店，占门店总数的30%。今日，西贝创始人贾国 龙对媒体回应，该消息属实。对此，第一财经记者向西贝相关人士求证，对方表示："报道信息属实， 以贾总的信息为准。" 另据媒体报道，西贝创始人贾国龙在朋友圈发布长文，确认"关闭102家西贝门店"消息，并首度披露个 人资产状况。 贾国龙表示，西贝此前遭到铺天盖地的污蔑，"一万七千西贝员工尽力了。我们不求人，就靠自己，拼 了整整125天。" 据他透露，此次关闭的102家西贝门店会陆续在一季度完成，对于所有不得不离职的员工，"工资一分钱 不会差"。而储值卡顾客可用在其他门店，并支持退卡。"有些接了年夜饭的门店，虽然立刻关闭损失会 更小，但我们会履行对顾客的承诺，再坚持一个月，接完最后一餐再关。"贾国龙说。 谈及预制菜问题，贾国龙再次强调西贝不是预制菜，"无论按照国家定义还是现实生活常识，被网红恶 意混淆'中央厨房备菜'和'料理包预制菜'的差异，恶意污蔑'急冻保鲜 ...

本文字数：1126，阅读时长大约2分钟 作者 |第一财经 钱童心 1月15日，英伟达、苹果等人工智能芯片的主要供应商台积电（2330.TW）公布第四季度财报，显示利 润飙升35%，达到约160亿美元，创历史新高，远超市场预期，并连续第七个季度实现两位数增长。 尽管特朗普的贸易政策以及对半导体加征关税的威胁给全球芯片行业带来了诸多不确定性，但这种不确 定性尚未严重影响人工智能热潮推动下的芯片制造商利润飙升的势头。 2026.01.15 台积电预测今年将实现更强劲的增长。该公司称，得益于全球人工智能行业的蓬勃发展，预计今年第一 季度营收将同比增长40%，达到358亿美元，并预计2026年资本支出将增长高达37%，达到560亿美元。 台积电还称，客户发出了强烈的"需求信号"，并直接联系公司寻求产能。 台积电是亚洲市值最高的上市公司，截至当天发稿，台积电市值约为1.4万亿美元，是韩国竞争对手三 星电子（005930.KS）的两倍多。台积电股票去年上涨了44%，今年迄今为止，该公司股价已上涨约 9%。 另据一份白宫发布的情况说明书，特朗普近期可能还会对半导体及其衍生产品的进口征收更广泛的关 税，以刺激国内制造业发展。 ...

1月15日，美股芯片股盘前集体走高， 台积电盘前涨近5%，超威半导体、博通、 英伟达均 涨超1%。 | < ロ | 台积电 | | | | --- | --- | --- | --- | | | TSM.N | | | | 327.110 = 1121.15 | 股本 259.33亿 市盈 | 32.8 | 万得 | | | | | 盘口 | | -4.100 -1.24% 换 0.22% 市值 16966亿 市净 | | 10.32 | | | 盘前 343.400 +16.290 +4.98% | | 美东 04:39 √ | | | II A 五日 日K | 周K | 甲名 ○ 目K | | | 叠加 | 均价:342.514 | | | | 344 350 | | | | | | | 5.27% 卖一 343.600 | 480 | | | | 头一 343.400 | 501 | | | | 15:59 327.150 | 517 | | | | 15:59 327.160 | 170 | | 327.110 | | 0.00% 15:59 327.160 | 250 | | | | 15:59 3 ...

Core Viewpoint - The A-share market is strengthening with increased enthusiasm from margin traders, but brokerage firms are not engaging in a "price war" this time, leading to a tightening of margin financing quotas [1]. Group 1: Margin Financing Quotas - Some brokerage firms are experiencing tight margin financing quotas, although many large firms report that margin funds remain sufficient [1]. - If brokerage firms face insufficient margin quotas, it may impact individual investors' trading, particularly if specific stocks are restricted by exchanges [1][4]. - The tightening of margin quotas is not currently affecting investor operations, but it could lead to limitations in borrowing funds for certain stocks [4]. Group 2: Margin Financing Rates - There is a significant disparity in margin financing rates among brokerages, with some large firms offering rates as low as 4% to 5%, while smaller firms may exceed 5% and reach up to 8% [1][3]. - New accounts for margin financing are being offered rates around 5% by some smaller brokerages, while larger firms can provide rates below 5% depending on the account size [2][3]. - The financing rates are influenced by the liquidity and operational costs of smaller brokerages, which tend to have higher rates due to limited funding [5]. Group 3: Regulatory Changes and Market Impact - On January 14, major exchanges raised the minimum margin requirement for financing purchases from 80% to 100%, which is expected to cool down the margin financing market [5][6]. - This adjustment is only applicable to new financing contracts, allowing existing contracts to continue under previous terms, thereby minimizing immediate market disruption [5][6]. - Historical data indicates that similar regulatory changes have previously led to a decrease in margin financing balances, suggesting a controlled impact on market activity [6][7]. Group 4: Market Activity and Future Outlook - The margin financing market has seen increased activity, with balances rising from approximately 1.7 trillion to 2.6982 trillion yuan as of January 14, 2026, marking a new historical high [7]. - The number of new margin financing accounts opened in 2025 reached 1.5421 million, a 52.91% increase from the previous year, indicating strong market engagement [7]. - Despite the tightening measures, large brokerages report that their margin financing operations remain stable and unaffected, focusing on risk management and investor qualification [7].

Core Insights - Alibaba's Taobao Flash Purchase has transitioned to a new competitive strategy by integrating AI capabilities, allowing users to place orders through natural language commands, marking a shift from traditional competition to an "intelligent race" in the local service industry [1][2][10] Group 1: AI Integration and User Experience - The integration of the Qianwen App with Taobao Flash Purchase enables a seamless ordering experience, where users can simply state their requests, and the system handles the entire process from merchant matching to payment [1][2] - This development signifies the emergence of a true consumer-grade AI agent, transforming the user experience by providing personalized recommendations and making digital services accessible to special groups like the elderly and visually impaired [2][4] Group 2: Industry Transformation and Competitive Landscape - The integration of AI into local services represents a fundamental shift in service models, moving from "users seeking services" to "services proactively responding," thus unlocking previously dormant demand [2][4] - Taobao Flash Purchase has optimized its order structure, with a focus on high-value users and non-food categories, leading to a reduction in expected losses to 20 billion yuan, indicating a strategic shift from scale to value innovation [4][5] Group 3: Ecosystem Synergy and Competitive Advantage - The collaboration of various Alibaba services, including Taobao, Gaode, and Fliggy, supports over 400 task capabilities, enhancing the overall service ecosystem [3][5] - The "AI + ecosystem" model creates a competitive moat for Taobao Flash Purchase, emphasizing understanding consumer needs and efficiently meeting complex demands rather than merely competing on delivery speed or subsidies [5][6] Group 4: Future Outlook and Industry Direction - The shift towards AI-driven services indicates that future competition in the local consumption sector will focus on intelligent service depth, ecosystem integration, and user value enhancement rather than traditional promotional tactics [9][10] - Alibaba's strategic move to embed AI deeply into core consumer scenarios suggests that true growth in the current market will stem from redefining efficiency, experience, and ecosystem value rather than relying on subsidies [10][11]

Group 1 - The central bank has announced a reduction in structural monetary policy rates by 0.25 percentage points, following a previous cut in May 2025, to stimulate credit flow to key sectors [1] - The one-year interest rate for various structural monetary policy tools has been lowered from 1.5% to 1.25%, which will reduce the cost for banks to obtain refinancing from the central bank [1] - This rate cut is expected to encourage banks to offer loans at lower rates to small and micro enterprises, technological innovation, and green transformation, thereby reducing the overall financing costs for the real economy [1] Group 2 - The targeted nature of the structural policy tool rate cut is designed to enhance the efficiency of fund utilization and improve financial services for the real economy [2] - The policy signals a strong commitment from the government to support specific industries such as technology, consumption, and elderly care, which is anticipated to boost confidence among business entities and stabilize market expectations [2] - The central bank plans to enhance support for structural tools, including increasing the quota for agricultural and small enterprise refinancing by 500 billion yuan and establishing a separate refinancing quota of 1 trillion yuan for private enterprises [2] Group 3 - The refinancing quota for technological innovation and technical transformation has been increased from 800 billion yuan to 1.2 trillion yuan, expanding the support to high R&D investment private small and medium enterprises [2] - The central bank aims to streamline the management of existing bond financing support tools for private enterprises and technological innovation, providing a combined refinancing quota of 200 billion yuan [2] - Future monetary policy will focus on effectively balancing short-term and long-term goals, growth stability, and risk prevention, while directing financial resources towards technological innovation, green development, and consumption [3]

Group 1 - The number of corporate bankruptcies in Japan reached a record high of 12,610 cases last year, marking a 27.36% increase from 9,901 cases in 2024, and this is the fourth consecutive year of growth in bankruptcies [2] - The majority of bankruptcies involve small and medium-sized enterprises, with 6 out of 7 industries experiencing an increase in bankruptcies compared to 2024 [3][4] - The service industry saw the highest number of bankruptcies, with 2,648 cases, a 4.0% increase from 2,547 cases in 2024, while the retail sector also faced significant challenges with 2,193 bankruptcies, up 5.1% [3][4] Group 2 - The rise in bankruptcies is attributed to high prices, labor shortages, and interest rate hikes, creating a challenging business environment [2][4] - The "unfavorable economic conditions" category accounted for 8,502 bankruptcies, representing 82.8% of the total, with "poor sales" being the most common reason [4] - The average minimum wage in Japan increased from 902 yen to 1,121 yen over five years, a rise of 24.3%, further straining small businesses [5] Group 3 - The construction industry also faced significant bankruptcies due to rising material costs and labor shortages, with the number of bankruptcies in this sector exceeding 2,000 [3][5] - The trend of bankruptcies is expected to continue into 2026, with potential shifts from high prices to issues related to labor shortages and operator health [6] - Real estate prices have been rising, adding to the rental burdens for small businesses, with an average increase of 1.5% in land prices reported [5]

2026.01.15 本文字数：2735，阅读时长大约4.5分钟 作者 |第一财经 郭晋晖 我国企业年金制度迎来重要政策利好。 1月15日，人力资源社会保障部、财政部对外发布《关于进一步做好企业年金工作的意见》（下称《意 见》），进一步明确企业年金制度的覆盖范围，参加企业职工基本养老保险的用人单位都可以建立企业 年金，大幅简化了企业年金的建立程序并规定了灵活的缴费比例。 这份意见是自2018年《企业年金办法》正式实施以来，企业年金制度的一次关键性改革，政策目标是加 快发展多层次多支柱养老保险体系，增强制度的包容性、灵活性和便捷性，持续推动扩大覆盖范围，让 更多职工享有企业年金。 中国社会科学院中国式现代化研究院研究员、世界社保研究中心秘书长房连泉对第一财经表示，《意 见》有两条重要内容聚焦拓宽覆盖范围和简化建立程序的问题，释放出清晰信号：在坚持依法合规与职 工权益保障前提下，通过"扩面+简化"的政策驱动，让第二支柱更可及、更易建、更易管。 同时，《意见》还在推动基金安全规范运营方面提出了新的要求，明确完善长周期考核机制，防范风 险，实现保值增值。 聚焦打通单位建立年金的痛点 企业年金是用人单位及其职工在依法参 ...

Core Viewpoint - WuXi AppTec (药明合联) announced a proposed acquisition of Easton Biopharma (东曜药业) at a premium of approximately 99%, with the offer price set at 4 HKD per share, aiming to secure at least 60% voting rights in Easton [2][3]. Group 1: Acquisition Details - The acquisition is expected to cost WuXi AppTec up to 2.79 billion HKD [3]. - Both WuXi AppTec and Easton Biopharma operate in the Contract Research Organization (CRO) sector, focusing on Antibody-Drug Conjugates (ADC) manufacturing [3]. - Easton Biopharma transitioned to an ADC contract manufacturing enterprise starting in 2020 [3]. Group 2: Business Performance - WuXi AppTec's business encompasses the entire supply chain for ADCs, including research and production services, and is projected to see revenue growth exceeding 45% year-on-year by 2025 [4]. - Easton Biopharma is expected to achieve its first annual profit of 34.76 million HKD in 2024, but is projected to incur losses again in the first three quarters of 2025 [5]. Group 3: Strategic Rationale - The acquisition aims to address capacity supply constraints faced by WuXi AppTec, as the company is experiencing rapid order growth that outpaces its current production capabilities [6]. - WuXi AppTec's CEO indicated that establishing a new ADC factory takes approximately three years, making the timing of this acquisition strategically advantageous [6]. Group 4: Market Position and Future Plans - WuXi AppTec holds a global market share of over 24% based on projected 2025 revenues, with a long-term growth target of a compound annual growth rate (CAGR) of 30%-35% from 2025 to 2030 [6]. - The company plans to invest over 7 billion RMB in capacity expansion for ADCs, formulations, and linkers from 2026 to 2029, significantly outpacing industry averages [6].

Group 1 - Vanke Enterprises (万科企业) experienced a short-term surge, with shares rising over 6% [1][2] - As of the latest report, Vanke A shares increased by more than 4%, with a trading volume exceeding 1.2 billion yuan [2] - The current share price is 3.580, reflecting a 6.55% increase, and the market capitalization stands at 160.8 billion yuan [3] Group 2 - Vanke's bonds also saw significant gains, with "22万科04", "23万科01", "22万科02", and "22万科06" all rising over 20%, leading to temporary trading halts [3][4] - Specific bond price changes include "22万科04" increasing by 29.71% to 30.446, and "23万科01" rising by 26.74% to 32.890 [4]