2026.01. 20 本文字数：3077，阅读时长大约5分钟 作者 | 第一财经 祝嫣然 1月20日，国务院新闻办举行两场重磅新闻发布会，国家发改委、财政部释放出扩内需、稳增长的强 烈信号。 国家发改委副主任王昌林在发布会上回答第一财经记者提问时表示，今年坚持把宏观政策的发力点放 在做强国内大循环上，全方位扩大国内需求。研究制定出台2026～2030年扩大内需战略实施方案， 促进形成更多由内需主导、消费拉动、内生增长的经济发展模式。 1月20日，财政部发布优化实施个人消费贷款财政贴息政策、实施民间投资专项担保计划、实施中小 微企业贷款贴息政策等六项政策。 财政部副部长廖岷回答第一财经记者提问时表示，六项政策以更大力度来激发民间投资，以更大力度 来促进居民消费。这些惠企利民政策所需要的财政支出，在2026年的预算中做了充分安排。地方和 经办机构可以积极开展业务，多做多得，企业和居民根据自己的生产和消费需要，也可以多贷多得。 粤开证券首席经济学家罗志恒分析，经济回升向好要依靠内生增长动能的增强，核心是提振消费和扩 大有效投资。提振消费的关键在于提高居民收入、增强消费信心；扩大有效投资则需寻找新的投资增 长点。" ...

Core Viewpoint - The international medical tourism market is rapidly growing, with China emerging as a new destination due to its rich medical resources and clinical experience, despite facing competition from other Asian countries [3][5][6]. Global Medical Tourism Landscape - The global medical tourism market is expected to grow from $102.6 billion in 2019 to $272.7 billion by 2027, with a compound annual growth rate (CAGR) of 15% to 25% [4]. - The market is characterized by two main groups: middle-income individuals seeking cost-effective care and high-net-worth individuals seeking top-tier medical services [3][4]. China's Position in Medical Tourism - China has traditionally been a source country for medical tourists but is now seeing a rise in inbound medical tourism due to advancements in specialized medical fields and increased openness [5][6]. - The competition primarily comes from other Asian countries, which have established cross-border medical frameworks and attract patients through cost advantages and comprehensive service offerings [6][7]. Supply-Side Capabilities - Chinese hospitals, particularly public ones, require policy support and significant investment to develop international medical services [7]. - The establishment of the Boao Lecheng International Medical Tourism Pilot Zone in Hainan has been a significant step in promoting medical tourism in China [8]. Growth in Patient Numbers - In 2024, Hainan is expected to receive 41.37 million medical tourists, a 36.8% increase year-on-year [8]. - Major cities like Beijing and Shanghai are also seeing growth in international medical services, with Shanghai reporting 30.55 million international medical service visits in the first half of 2024 [8]. Cost-Effectiveness and Accessibility - China offers significant cost advantages for high-end medical treatments compared to the US and UK, with treatments costing significantly less [9][10]. - The availability of experienced medical professionals and advanced treatment options enhances China's attractiveness as a medical tourism destination [10]. Target Market Segmentation - China should focus on two main groups for medical tourism: high-net-worth individuals from developing countries with lower medical standards and overseas Chinese who are price-sensitive [11][12]. Challenges to Overcome - Key challenges include the need for improved medical visa processes, accessibility of innovative drugs and medical devices, and enhancing the soft skills of healthcare providers [14][15][16]. - There is a lack of international brand recognition for Chinese hospitals, which hampers their ability to attract foreign patients compared to countries like Malaysia and Thailand [17][18].

2026.01. 20 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 陈君君 在推进制度型开放、增强"上海价格"全球影响力方面，上海正持续发力。 1月20日，上海市委金融办与上海期货交易所、上海清算所及上海市商务委共同召开新闻发布会，介 绍《加强期现联动 提升有色金属大宗商品能级行动方案》（下称《行动方案》）的相关情况。该方 案于2025年12月30日由上海市委金融办等多部门联合发布。 围绕关于有色金属期货市场国际化进展，上海期货交易所相关负责人对第一财经表示，近年来上期所 围绕服务实体经济和国家战略，通过完善产品体系、扩大对外开放、深化国际合作等举措，持续提升 有色金属期货市场的国际参与度和价格影响力。 "'上海价格'的公信力和国际认可度不断提升，已逐步应用于国际贸易定价和跨境交易结算。"该负责 人表示。 期货、现货及场外衍生品市场联动发展 在现货市场方面，上海有色网金属交易中心、上海有色金属交易中心等平台加快集聚发展。2025 年，上海还出台《上海市大宗商品贸易转型提升三年行动方案（2025-2027年）》，并成立国茂控 股，积极参与全球大宗商品资源配置。 上海市委金融办相关负责人表示，同时 ...

2026.01. 20 本文字数：1533，阅读时长大约3分钟 根据备忘录，双方拟设立一家承接索尼家庭娱乐业务、由TCL持股51%、索尼持股49%的合资公司 （下称"新公司"），并在全球范围内开展包括电视机和家庭音响等产品在内的，从产品开发、设 计、制造、销售、物流到客户服务的一体化业务运营。 双方计划2026年3月底前就订立具有法律约束力的最终协议进行磋商。在最终协议签署并取得相关 主管部门批准等条件满足后，新公司预计将于2027年4月开始运营。 未来，新公司将充分发挥索尼在音视频领域积累的技术、品牌力及供应链等运营管理能力，融合TCL 的显示技术、全球化规模优势、完善产业布局、端到端成本效率及垂直供应链优势，积极推进业务发 展。新公司包括电视机和家庭音响在内的产品将用"Sony"和"BRAVIA"品牌。 电视观看场景多元化、智能功能迭代带来用户体验升级，高分辨率与大尺寸显示成为趋势，全球大屏 电视市场规模持续扩大。在此市场环境下，新公司致力于打造创新产品，实现业务的进一步增长。索 尼和TCL将为新公司提供支持。 事实上，TCL电子的兄弟公司TCL华星，一直是索尼电视的重要合作伙伴和液晶电视面板供应商。 索 ...

Core Viewpoint - Anthropic, a major competitor to OpenAI, is gaining significant attention and investment due to its innovative AI tools, particularly Claude Code and Claude Cowork, which are transforming software development and collaboration [2][4]. Group 1: AI Tools and Innovations - Claude Code, an AI programming tool, enables non-technical users to easily create software, completing complex projects in a fraction of the time previously required [2]. - The recent launch of Claude Cowork introduces a "digital colleague" that can collaborate on tasks and retain long-term memory, enhancing productivity and task execution [4]. - The ability of AI to possess "long-term memory" is a significant advancement, allowing it to reference a knowledge base for context rather than starting from scratch each time [4]. Group 2: Market Impact and Investment - Anthropic is expected to raise up to $25 billion in its upcoming funding round, potentially increasing its valuation to $350 billion [2][5]. - Following a previous funding round that raised $13 billion, Anthropic's valuation reached $183 billion, indicating strong investor confidence and market potential [5]. - The company is poised to become the second-largest AI "unicorn" after OpenAI and is anticipated to go public this year, with projections suggesting it may capture a larger market share among enterprise users than OpenAI by mid-2025 [5].

Core Viewpoint - The public REITs market in China has witnessed its first case of a failed issuance during the exchange review stage, highlighting the impact of new regulatory guidelines introduced at the end of 2025 [3][4]. Group 1: Case Studies of Failed Issuance - Jin Feng Technology announced the termination of its public REITs application on January 19, 2026, due to long-standing failure to respond to exchange feedback, aligning with new regulatory requirements [4]. - Similarly, Electronic City also withdrew its public REITs project application on the same day, indicating a trend of stalled projects under the new guidelines [5]. Group 2: Regulatory Changes and Market Impact - The new guidelines issued by the Shanghai and Shenzhen Stock Exchanges on December 31, 2025, aim to enhance transparency and efficiency in the review process for public REITs, defining specific circumstances under which applications can be terminated [5]. - The guidelines list seven conditions for termination, including failure to respond to feedback within the stipulated time and the expiration of financial data and asset evaluation reports [5]. - As of the end of 2025, there are several projects in the review stage that have not progressed, raising concerns about their compliance and operational status [5]. Group 3: Future Market Trends - A head of REITs business at a leading fund company noted that the new regulations necessitate enhanced due diligence before application submissions, shifting the focus from issuance to compliance and operational management [6]. - The public REITs market is transitioning towards favoring projects with stable cash flows and sound operational management, as indicated by the Jin Feng Technology case [6]. - According to Wind statistics, by the end of 2025, there were 79 public REITs listed with a total issuance scale exceeding 210 billion yuan, reflecting a growing market [6]. - A report from China International Capital Corporation suggests that the public REITs market is entering a new phase of normalized issuance, with expectations for continued growth in scale, asset diversity, and improved investor structure in 2026 [6].

1月4日提示《国产CPU/IP+芯片+AI+量子科技+无人驾驶+云计算！公司的量子安全产品已被头部企 业采用并已实现销售收入》，国芯科技（688262）1月5日低开高走大涨7.18%，1月20日放量飙 升，收涨7.43%，盘中一度大涨近15%，创出近一年来新高； 1月19日提示《光刻胶+半导体+OLED+电子化学品+国产替代！公司实控人将变为上海市国资委》， 江化微(603078)1月20日一字板涨停。 前言 面对每晚海量的公告无从下手？《公告臻选》助你高效决策！专业筛选每晚最重要的关键公告，提供通 俗易懂的深度解读，揭示复杂术语背后的投资机会。助你10分钟掌握市场全貌，决胜开盘之前。 【臻选回顾】 ①航空航天+国防军工+隐身材料+自主可控！公司签订3.28亿元航空发动机用特种功能材料销售合同 ； ②CPO+先进封装+封测龙头+存储芯片+国产替代！公司存储器产线已稳步进入量产阶段； ③稀有金属+航空航天+新能源+半导体+高端制造！公司子公司增储9.17万吨钨金属量等资源。 点击解锁付费内容，捕捉每天公告中的"黄金机会"！ 【今日速览】 ...

1月20日晚间，CRO（医药研发外包）公司昭衍新药（603127.SH、06127.HK）发布年报业绩预 告称，预计2025年实现归属于上市公司股东的净利润约2.33亿元到3.49亿元，同比增长增加约 214.0%到371.0%。 昭衍新药业绩表现抢眼背后，并非营收所带来的，公司预计2025年营收15.73亿元至17.38亿元， 仍同比下降13.9%到22.1%，而主要是生物资产公允价值变动带来的净利润上涨。 昭衍新药表示，本报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价 值正向变动，为公司业绩做出积极贡献。 2026.01. 20 本文字数：1088，阅读时长大约2分钟 作者 | 第一财经 林志吟 昭衍新药所谓的生物资产，主要是实验猴。 实验动物是药物临床前评价的主要实验对象，实验猴更是临床前研究的重要品种。公开资料显示： 70%以上大分子药物都需要用猴做临床前试验，而小分子化学药也约有20%-30%会用到猴。食蟹 猴是实验用猴中用量最大的品种，占比接近70%。食蟹猴与人类的遗传相似性超过90%，这使其在 现有实验动物中显得尤为珍贵，常被用于各类复杂的医学研究。 （注：我们会对线索 ...

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 affecting Earth and creating beautiful auroras in several regions of China [3][8]. Group 1: Solar Activity and Geomagnetic Storms - On January 19, 2026, at 2:09 AM Beijing time, a significant solar flare occurred, resulting in geomagnetic storms starting from January 20, 2026, at 2:00 AM [3]. - The geomagnetic storm has been categorized into six hours of severe geomagnetic storms and six hours of moderate geomagnetic storms, with the storm still ongoing [3]. Group 2: Effects of Geomagnetic Storms - Geomagnetic storms can disrupt shortwave communication and navigation systems across most regions of China to varying degrees [10]. - The storms can increase atmospheric particle movement, leading to greater flight resistance for spacecraft, posing risks to their safety in orbit [11]. - Strong geomagnetic storms may affect power transmission systems, increasing current loads on transmission lines and potentially damaging transformers or other grid facilities, which could result in power outages [13]. 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 [15]. - However, strong geomagnetic activity may affect animal migration and navigation abilities, particularly for species that rely on solar and geomagnetic navigation, such as homing pigeons [15].

此前，锋龙股份去年12月24日公告，公司控股股东诚锋投资、实际控制人董剑刚及相关股东锋驰投资、厉彩霞，已与优必选签署《股份转让协议》。 12月 25日， 公司股票复牌后一字涨停并开启连板之路。值得注意的是，在12月18日停牌前，锋龙股份于17日已提前涨停。 编辑 ｜心一 公告称，公司主营业务未发生变化，未来36个月内，深圳市优必选科技股份有限公司不存在通过上市公司重组上市的计划或安排，未来12个月内不存在 资产重组计划。此外，公司提示投资者关注市场竞争环境变化、国际贸易风险以及园林机械电动转型替代等风险。 盘面上，截至今日收盘， 锋龙股份自去年12月17日起已录得 十五连板，股价报74.77元，累计涨近318%。期间， 锋龙股份 就股票交易异常波动情况 于 1月14日停牌核查，并于1月19日复牌。 1月20日， 十五连板 锋龙股份公告称， 目前，公司股票价格已严重脱离公司基本面情况，存在市场情绪过热、非理性炒作风险。如未来公司股票价格进 一步异常上涨，公司可能再次向深圳证券交易所申请停牌核查。 据公告，公司股票自2025年12月25日至2026年1月20日已连续14个交易日涨停，价格涨幅为279.93%。 期 ...