2026.01. 20 本文字数：3193，阅读时长大约5分钟 作者 | 第一财经 王方然 封图 | AI生成 1月20日，商业航天板块集体重挫，多股跌停，部分个股上演"天地板"极端行情。 该板块持续一个多月的凌厉上涨暂时宣告结束。回顾来看，从政策催化的热浪，到概念澄清、发射失利等多重因素的叠加冷却，板块短期走势呈现 出典型的"过山车"特征。 市场狂热褪去后，商业航天概念股的成色正经受考验。多家业内机构认为，部分公司业务关联度低、业绩支撑薄弱，而真正的核心企业仍面临持续 亏损、技术攻坚与商业化前景的长期挑战。 走出过山车行情 1月20日，商业航天板块出现明显回调。Choice数据显示，截至收盘，商业航天板块（BK0963）下跌超过3.2%。 个股方面，西测测试（301306.SZ）、航天宏图（688066.SH）、超捷股份（301005.SZ）跌幅超过11%；航宇微（300053.SZ）、七丰精工 （873169.BJ）、西部材料（002149.SZ）、等11只个股跌停；航天环宇（688523.SH）、盛路通信（002446.SZ）等也下跌超过8%。部分个股 波动尤为剧烈，如*ST铖昌（001270.SZ）早 ...

2026.01. 20 本文字数：2539，阅读时长大约4分钟 作者 | 第一财经 朱洁树 国内首档聚焦50岁人群的恋爱真人秀综艺《日落时分说爱你》日前开播，八位嘉宾在大理展开旅居生 活，一起探索从相知、相识到相爱的旅程。 节目很快在社交媒体引起了广泛关注和讨论。首播时登上云合新综霸屏榜、抖音综艺榜TOP3，"老辈子 谈恋爱又争又抢""恋综8个嘉宾9个孩子"等话题冲上微博热搜。灯塔数据显示，随着最新一期的播出，1 月16日，其正片播放市场占有率达到4.80%的新高。 "新老年"群体登场 《日落时分说爱你》的开播，体现出中国老龄化社会发展与"新老年"群体崛起的趋势。国家统计局数据 显示，2023年底我国60岁及以上人口占2.97亿，占比21.1%，正式进入中度老龄化社会。另据第七次 人口普查数据，我国48-57岁群体达到2.4亿人，未来十年，我国低龄老人群体将继续扩大。 跨越代际的共鸣 纵观这些年国内恋综发展，起初是以展现年轻人的恋爱关系为主，包括《心动的信号》《喜欢你我也 是》《怦然心动20岁》等，从《半熟恋人》开始，30多岁轻熟龄人群的恋爱关系进入公众视野，随之 带出离异、子女等话题。而随着《日落时分说爱你 ...

Group 1 - The core viewpoint of the article highlights the collaboration between Honor and Pop Mart, launching the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" smartphone, priced at 4,499 yuan, with a net price of 3,999 yuan after subsidies. The main differences from the regular version lie in design, system theme, boot animation, and packaging [2] - Pop Mart has previously collaborated with consumer electronics brands, but this partnership with Honor marks its most in-depth hardware collaboration to date, as it aims to accelerate cross-industry monetization around its core IP [2] - The collaboration occurs against a backdrop of a challenging Chinese smartphone market, where competition in the mainstream price segment is intensifying [2] Group 2 - According to IDC, China's smartphone market is projected to see an annual shipment of approximately 285 million units in 2025, reflecting a year-on-year decline of 0.6%, indicating a shift to a typical stock game phase [3] - As demand slows, upstream cost pressures are accumulating, with storage prices significantly rebounding since the second half of 2025, now accounting for 10% to 20% of smartphone hardware costs, a proportion that continues to rise [3] - Honor has made significant changes to its product lineup in recent months, including the reintroduction of the Honor WIN series targeting the gaming smartphone segment and the launch of a "Robot Phone" at CES, which integrates gimbal structures, imaging systems, and AI capabilities [3] Group 3 - The portable imaging device market is dominated by DJI, Insta360, and GoPro, prompting smartphone manufacturers to reintegrate gimbal, stabilization, tracking, and AI capabilities back into smartphones as a strategy to reclaim content entry points [4] - Compared to independent device manufacturers, smartphone companies still hold advantages in supply chain scale, channel coverage, and price bandwidth [4] Group 4 - In a market where expansion is challenging and cost curves are rising, manufacturers are finding it increasingly difficult to rely on conventional annual iterations to tell growth stories. Strategies such as collaborations with Pop Mart, reintroducing gaming product lines, and exploring imaging forms are being employed to seek market opportunities [5] - While these initiatives may not guarantee sales, the risk of remaining stagnant in the current industry environment is becoming increasingly pronounced [5]

2026.01. 20 本文字数：920，阅读时长大约1分钟 作者 | 第一财经 宋捷 手机产业规模连续35年位居全国第一的广东，将加快谋划出台手机等AI终端高质量发展行动方案。 李正提到，本次参加活动，荣耀为带来的产品设置了对应的优惠，做到了品牌参加政府主办的活动中的最大优惠。OPPO公共事务部总监任然表示， OPPO为新品Find X9 Pro设置了专属优惠，价格比双十一期间抵扣国补后的价格更优惠200元。 广东拥有完整的手机产业链布局与核心技术自主创新能力，是全国乃至全球最重要的智能手机产业集聚区，产业规模连续35年位居全国第一。记者从广 东省工信厅了解到，广东将加快谋划出台手机等AI终端高质量发展行动方案。 2024年，广东手机产量达6.83亿台，占全国40.9%，全球每售出三台手机就有一台出自广东企业。华为、OPPO、vivo、荣耀、传音等领军品牌均扎根 于此，共同构筑起从芯片、显示、电池到整机制造的完整产业链。 就广东手机产业集群而言，东莞是核心阵地。2024年，东莞手机产量占广东的28.6%，拥有华为终端、OPPO、vivo等全球智能终端整机企业，以及华 贝电子等大型工厂，产业配套率超90%，形 ...

2026年1月20日，上海市第一中级人民法院一审公开宣判海南省纪委原副书记、省监委原副主任陈笑 波受贿案，对被告人陈笑波以受贿罪判处有期徒刑十二年，并处罚金人民币三百万元；对其受贿所得财 物及孳息依法予以追缴，上缴国库。 经审理查明：2007年至2019年，被告人陈笑波先后利用担任海南省海口市秀英区委书记，澄迈县委副 书记、县长，屯昌县委书记，文昌市委书记，海南省纪委副书记、省监委副主任等职务上的便利以及职 权或者地位形成的便利条件，为相关单位和个人在购置土地、工程承揽、职务调整等事项上提供帮助。 2007年至2024年，陈笑波直接或者通过他人非法收受财物共计折合人民币3735万余元。 上海市第一中级人民法院认为，被告人陈笑波的行为构成受贿罪，受贿数额特别巨大，应依法惩处。鉴 于其受贿犯罪中有未遂情节，归案后如实供述自己罪行，主动交代监察机关尚未掌握的绝大部分犯罪事 实，认罪悔罪，积极退赃，涉案赃款赃物及孳息已全部追缴到案，具有法定、酌定从轻处罚情节，依法 可对其从轻处罚。法庭遂作出上述判决。 据悉，上海市第一中级人民法院于2025年10月23日公开开庭审理了该案。庭审中，检察机关出示了相 关证据，被告人陈笑 ...

君乐宝的盈利能力也受到市场关注。通过全产业链一体化运营、低温液奶产品占比的提升和数字化驱 动的运营效率改善，君乐宝的盈利能力逆市增长。经调整净利润从 2023 年的人民币 6 亿元增长至 2024 年的人民币 11.6 亿元， 2025 年 1-9 月达到人民币 9.4 亿元。经调整净利润率从 2023 年的 3.4% 提升至 2024 年的 5.9% ，并进一步增至 2025 年前九个月的 6.2% ，反映出君乐宝 经营质量和盈利能力的提升。 从业务结构看，君乐宝乳制品业务收入占比近九成。 2025 年 1-9 月，君乐宝低温液奶、常温液奶 和奶粉业务收入分别为 64.4 亿元、 28.1 亿元和 33.5 亿元，占总收入的 42.5% 、 18.6% 和 22.1% 。相比于大多数全国化乳企以常温产品为主，坐拥 " 悦鲜活 " 和 " 简醇 " 两大尖刀品牌的 君乐宝，在低温液奶业务上表现突出。 被誉为乳业 " 爆款收割机 " 的君乐宝乳业，上市计划终于有了新进展。 2026 年 1 月 19 日，中 国领先的综合乳制品企业君乐宝乳业集团股份有限公司（下称 " 君乐宝 " ）正式向香港联交所递交 主板上市 ...

Core Viewpoint - The article discusses the salary information of 87 central enterprise leaders for 2024, highlighting the differences in compensation between steel and non-ferrous metal mining enterprises, with a general decline in steel enterprise salaries and an increase in non-ferrous metal mining salaries [3][9]. Salary Overview - The pre-tax salary of central enterprise leaders consists of three parts: base salary, social insurance, enterprise annuity, supplementary medical insurance, and housing fund contributions, along with other monetary income [3]. - For 2024, the highest pre-tax salary among the eight steel and mining central enterprises is approximately 1.1 million yuan, including additional contributions [4]. - The highest base salary is for Duan Xiangdong, Chairman of China Aluminum Group, at 947,900 yuan, followed by Hu Wangming, Chairman of China Baowu Steel Group, at 888,600 yuan [5]. Year-on-Year Salary Changes - Compared to 2023, the salaries of steel enterprise leaders generally decreased, while those of non-ferrous metal mining leaders mostly increased [9]. - The lowest salary among the eight enterprises is for the Chairman of Xinxing Jihua Group at 491,000 yuan, which is about half of the highest salary in the non-ferrous sector [9]. Performance Impact on Salaries - The decline in steel enterprise salaries correlates with poor performance, as seen in Xinxing Jihua Group, which reported a loss of 4.228 billion yuan in 2024, a significant drop from a profit of 182 million yuan in 2023 [9]. - An analysis of Ansteel Group shows that its three listed companies experienced a decline in performance, with losses exceeding 100% compared to 2023 [10]. Non-Ferrous Metal Sector Performance - In contrast, the non-ferrous metal sector saw significant profit increases, with China Aluminum Group reporting a net profit of 12.4 billion yuan in 2024, a year-on-year increase of 85.38% [12]. - The overall profit for the non-ferrous metal industry is projected to reach around 420 billion yuan in 2024, reflecting a growth of over 10% [12]. Future Outlook - The steel industry is expected to improve in 2025, with profits projected to reach the best economic performance since 2022, driven by a recovery in production and pricing [10]. - The non-ferrous metal industry continues to thrive, with record profits reported in 2025, indicating a robust growth trajectory [13].

当地时间20日上午，法国总统府和法国农业部长先后对美国总统特朗普威胁对法国葡萄酒和香槟征收 高达200%的关税作出回应，称这一做法不可接受。 据法国总统府消息人士表示："正如我们一贯强调的那样，试图通过关税威胁来影响我们的外交政策， 是不可接受的，也是无效的。" 法国农业、农食和粮食主权部长安妮·热内瓦尔当天则表示："这是一种威胁，在目前阶段是不可接受 的，其手段极端粗暴，显然不能不作出反应，而且不仅仅是法国，整个欧盟都必须作出回应。" 她还指出，这一威胁针对的是葡萄种植业这一特定行业，"这个行业本就面临困难，却还是法国农业的 重要支柱产业"。 美国总统特朗普此前威胁称，若法国总统马克龙拒绝加入其提出的所谓"和平理事会"，将对法国葡萄 酒和香槟征收高达200%的关税。 来源｜央视新闻 编辑 ｜ 钉钉 ...

Market Overview - The Hang Seng Index closed down 0.29%, while the Hang Seng Tech Index fell by 1.16% [1] Technology Sector - Tech stocks led the decline, with notable drops including SMIC and Sunny Optical Technology, both down over 3%. Other companies like Xiaomi, BYD Electronics, SenseTime, and Hua Hong Semiconductor also experienced declines [2] Pharmaceutical Sector - The pharmaceutical sector continued its adjustment, with companies such as Hengrui Medicine and WuXi AppTec dropping over 4%. Other significant declines included: - BAKANGSHIYUN-B down 15.61% - YIMINGANGKE-B down 10.53% - JINGFANGYAO-B down 7.56% [2][3] New Consumption Sector - The new consumption sector showed strength, with Pop Mart and Hu Shang A Yi rising by 9%, and Blukoo increasing nearly 4% [3] Gold Sector - The gold sector saw significant gains, with companies like: - 万国黄金集团 up over 7% - 紫金黄金国际 and 金至尊集团 both up over 5% - 周生生 up over 4% [4][5]

1月20日收盘，小米集团跌2.74%，报35.48港元，创去年1月27日以来新低。 彼时，小米股价一路震荡上行，于2025年6月底达61.45港元，区间涨幅为63.21%。随着新一轮下跌，截至今日收盘，小米集团已吐回上述全部涨幅， 市值距高点缩水6764亿港元。 记者｜一财汽车 编辑 ｜ 钉钉 ...