2026.01.14 本文字数：2281，阅读时长大约4分钟 作者 |第一财经 后歆桐 赵耀庭补充称，尽管涨幅不太可能像2025年那样强劲，但今年对黄金和白银作为对冲通胀或金融不稳定 的需求应会持续。由于最近的地缘政治不确定性，黄金今年的表现可能会优于白银。 全球贵金属狂潮进入新一年后持续。今日亚太交易时段，白银价格史上首次突破90美元/盎司，金价也 在历史高位附近徘徊。LME锡价也突破51000美元/吨的重要关口。稍早，伦敦金属交易所（LME）期铜 价格也刚刚触及超过13000美元/吨的历史最高位。花旗集团再度调高了金价、银价未来三个月的价格预 期。高盛也调高了铜价今年上半年价格预测。 新华社图 白银史上首次突破90美元 今日亚太交易时段，白银价格飙升5.3%，触及91.5535美元/盎司的历史高位，金价距离历史高点也仅10 美元。美国总统特朗普与美联储主席鲍威尔的冲突升级，且鲍威尔多年来首次反击，再加上美联储降息 预期以及紧张的地缘政治背景，都为贵金属的强劲上涨增添了动力。 美国12月基础通胀率并未如市场此前预期那么高，但经济学家表示，创纪录的美国政府长期停摆可能人 为压低了数据。掉期市场定价显示，投资者 ...

Core Viewpoint - The adjustment of the financing margin ratio by the Shanghai and Shenzhen Stock Exchanges aims to increase the minimum margin requirement for new financing contracts from 80% to 100%, reflecting a regulatory response to recent market conditions and promoting long-term market stability [1] Group 1: Regulatory Changes - On January 14, the Shanghai and Shenzhen Stock Exchanges announced an increase in the minimum financing margin ratio for investors from 80% to 100% for new financing contracts [1] - The financing margin ratio has undergone several changes since its introduction, with the initial requirement set at 50% in 2006, raised to 100% in 2015, and then lowered back to 80% in August 2023 [1] Group 2: Market Conditions - The exchanges cited increased activity in financing transactions and relatively ample market liquidity as reasons for the adjustment [1] - The adjustment is part of a statutory counter-cyclical regulation strategy aimed at appropriately reducing leverage levels to protect investors' legal rights [1]

编辑 ｜ 钉钉 | < 日 | 携程集团 | | | | --- | --- | --- | --- | | | TCOM.O | | | | 75.680 = 234.95 | 股本 7.14亿 市盈 " | 12.3 | 万得 | | | | | 盘口 | | -3.280 -4.15% 换 0.33% | 市值 540亿 市净 | 2.28 | | | 盘前 68.800 -6.880 -9.09% | | 美东 04:07 √ | | | 港股 569.500 -39.500 -6.49% | | 溢价(H/US) -3.51% | | | ■▼ 五月 日K | 周K | 曲 | | | 叠加 | 均价:69.555 | | | | 82.560 | 9.09% | 68.850 | 100 | | | | - 68.800 | 10 | | | | 15:59 75.700 15:59 75.680 | 334 135 | | 75.680 | | 0.00% 15:59 75.680 | 92 | | | | 15:59 75.675 | 300 | | | | 15:59 75.675 | 10 ...

Core Viewpoint - The core issue revolves around the undervaluation of Qoros Auto's core assets during its bankruptcy restructuring, leading to a public protest by its actual controller, Yao Zhenhua, against the ongoing auction process [2][3]. Group 1: Auction and Valuation Concerns - Yao Zhenhua has filed a complaint with the Supreme People's Court and Jiangsu Provincial High Court regarding the low valuation of Qoros Auto's assets, which he claims are worth 8 billion yuan, while the local court has valued them at only 1.5 billion yuan [3][4]. - The first auction for Qoros Auto's Changshu factory took place on December 30, 2025, with a starting price of approximately 1.075 billion yuan, but it failed to attract bidders. The second auction is set to start at about 860 million yuan, reflecting a 20% discount from the first auction [3][4]. Group 2: Financial Background and Investments - From 2018 to the end of 2025, Baoneng Group has invested approximately 26 billion yuan in Qoros Auto, including 8 billion yuan for equity acquisition and 2.7 billion yuan in interest payments [4]. - Despite liquidity issues since the second half of 2021, Baoneng continued to invest an additional 2.5 billion yuan to maintain Qoros Auto's operations and research [4]. Group 3: Operational Potential and Historical Context - Qoros Auto's Changshu factory has an annual production capacity of 150,000 vehicles and possesses several competitive models, including the Qoros 7, which can generate significant export revenue [5]. - The company has faced operational challenges since its inception in 2007, with a history of losses, including 2.2 billion yuan in 2014 and 2.5 billion yuan in 2015 [6][7]. - Following Baoneng's acquisition in 2017, Qoros experienced a temporary sales increase, primarily due to bulk purchases by Baoneng's rental company, but sales plummeted in subsequent years [7].

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 · | 成交额 | | --- | --- | --- | --- | --- | --- | | 0241 | 阿里健康 | 7.780c | 1.240 | 18.96% | 74.50亿 | | 9988 | 阿里巴巴-W | 169.000c | 9.100 | 5.69% | 407.86亿 | | 9626 | 哔哩哔哩-W | 258.000c | 12.600 | 5.13% | 19.79亿 | | 1024 | 快手-W | 81.950c | 3.500 | 4.46% | 58.42亿 | | 1347 | 材矿品房体 | 93.550c | 3.850 | 4.29% | 31.29亿 | | 3888 | 金山软件 | 32.780c | 1.320 | 4.20% | 8.04亿 | | 6618 | 京东健康 | 69.650c | 2.250 | 3.34% | 11.73亿 | | 0981 | 中芯国际 | 75.950c | 1.500 | 2.01% | 60.69亿 | 黄金板块上涨，万国黄金集团涨超14%，灵宝黄 ...

Core Viewpoint - The core issue revolves around the undervaluation of Qoros Auto's core assets during its bankruptcy restructuring, leading to protests from its controlling shareholder, Yao Zhenhua, against the ongoing auction process [1][2]. Group 1: Auction and Legal Actions - Yao Zhenhua has filed a complaint with the Supreme People's Court and Jiangsu Provincial High Court regarding the low valuation of Qoros Auto's assets, which he claims are worth 8 billion yuan, while the local court has valued them at only 1.5 billion yuan [2]. - The first auction for Qoros Auto's assets took place on December 30, 2025, with a starting price of approximately 1.075 billion yuan, but it failed to attract bids. The second auction is set to start at about 860 million yuan, reflecting a 20% discount from the first auction [2]. - Qoros Auto has submitted an objection to the court on January 12, requesting the immediate cancellation of the second auction, arguing that the core assets are being sold off at undervalued prices [2][4]. Group 2: Financial Background and Investments - From 2018 to the end of 2025, Baoneng Group has invested approximately 26 billion yuan in Qoros Auto, including 8 billion yuan for equity acquisition and 8.1 billion yuan for research and development [3][4]. - Baoneng has also cleared financial debts amounting to 2.6 billion yuan for Qoros Auto, indicating significant financial commitment to the company [4]. Group 3: Operational Capacity and Market Potential - Qoros Auto's Changshu factory has an annual production capacity of 150,000 vehicles and possesses several mature products, including Qoros 5 and Qoros 7, which have strong competitive advantages in various international markets [5]. - The Qoros 7 model is projected to generate substantial revenue, with each unit potentially yielding 20,000 to 30,000 yuan in export earnings, and the model could contribute over 20 billion yuan in annual revenue if production resumes [5]. Group 4: Historical Context and Challenges - Qoros Auto has faced operational difficulties since its establishment in December 2007, with significant losses reported in previous years, including a loss of 2.2 billion yuan in 2014 and 2.5 billion yuan in 2015 [6]. - After Baoneng Group acquired a controlling stake in 2017, Qoros Auto initially saw a surge in sales, primarily due to bulk purchases by Baoneng's rental company, but sales plummeted in subsequent years, leading to a near halt in production by 2020 [6][7].

Core Viewpoint - GLP Pte Ltd, a leading new economy infrastructure asset management and productive service company, has appointed Zhao Mingqi as the CEO of GLP China, marking a strategic move to enhance collaboration in its logistics, industrial infrastructure, computing centers, and renewable energy sectors [1][3]. Group 1: Leadership Appointment - Zhao Mingqi, a founding member of GLP, has been appointed as the CEO of GLP China, overseeing various business segments and reporting to the global CEO, Mei Zhimin [1][3]. - This appointment reflects GLP's commitment to local talent development and succession planning, emphasizing the importance of strengthening its new economy business in China [3]. Group 2: Business Expansion and Strategy - GLP China has expanded its operations from logistics supply chains to large-scale computing centers and renewable energy, establishing a highly integrated ecosystem [4]. - The company has built a strong reputation in private and public real estate funds and private equity investments, showcasing its collaborative business model [4]. Group 3: Operational Excellence - Zhao Mingqi has led a team of over 500 professionals, managing logistics and industrial infrastructure assets across 70 cities, with an operational area of 40 million square meters, serving over 2,500 clients [5]. - The company’s infrastructure solutions have significantly improved logistics supply chain efficiency, contributing to high occupancy rates and operational performance [5]. Group 4: Market Insights and Adaptation - GLP has continuously adapted its warehousing standards to meet the evolving needs of the Chinese market, participating in the development of national and industry standards [6][7]. - The company has transitioned its service focus from multinational corporations to local leading enterprises, with nearly 90% of its operations now supporting domestic demand [7]. Group 5: New Economy Infrastructure - GLP's services have expanded to include supply chain, computing, and renewable energy infrastructure, with 20 data centers providing 1.4 GW of IT load and over 1 GW of renewable energy capacity under management [7][9]. - The company plays a crucial role in supporting China's manufacturing upgrades, consumption boosts, and green transitions, aligning with national strategies for economic development [8][9]. Group 6: Investment and Future Outlook - GLP's real estate funds, such as the CICC GLP REIT, have been recognized for their robust performance, with significant dividends paid since its launch [10]. - Zhao Mingqi expressed confidence in leveraging GLP's unique business platform and insights to capture new opportunities for sustainable growth [10].

1月12日午间，天普股份发布澄清公告称，公司关注到个别投资者在股吧发表的不实言论，公司实际控 制人杨龚轶凡昨晚在杭州活动上发言，引起投资者关注与讨论。经公司核查，上述传闻不属实。 1月14日，临近尾盘，天普股份涨停，上演"准地天板"，截至发稿，报194.26元，成交额超11亿元。 编辑丨瑜见 1月9日晚间，天普股份公告，公司于1月9日收到中国证监会下发的《立案告知书》，因公司股票交易异 常波动公告涉嫌重大遗漏等，根据相关法律法规，中国证监会决定对公司进行立案。另外，公司就近期 股票交易情况进行了核查。鉴于相关核查工作已完成，经公司向上海证券交易所申请，公司股票将于1 月12日（星期一）开市起复牌。 此前，天普股份连续两日跌停。1月12日，天普股份复牌一字跌停；1月13日，该股再度跌停。 ...

对于此次调整的原因，根据交易所发布的通知称，近期，融资交易明显活跃，市场流动性相对充裕，根 据法定的逆周期调节安排，适度提高融资保证金比例回归100%，有助于适当降低杠杆水平，切实保护 投资者合法权益，促进市场长期稳定健康发展。 记者｜黄思瑜 编辑｜瑜见 1月14日，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证券时的融资保证金最低比 例从80%提高至100%。此次调整仅限于新开融资合约。 A股融资保证金比例，此前也发生过多次演变。2006年8月，沪深交易所发布融资融券交易试点实施细 则，投资者融资买入证券时，融资保证金比例不得低于50%，即最高可达两倍杠杆。2015年11月，沪深 交易所修订细则，将融资保证金比例从50%上调至100%，即最高一倍杠杆。再是2023年8月，沪深北交 易所将融资保证金比例从100%降低至80%。 ...

编辑丨瑜见 花旗集团最新预测，白银将在未来三个月内达到每盎司100美元。 1月14日，现货白银首次突破90美元，再创历史新高，截至发稿，报90.004美元，日内涨超3%。 ...