聂卫平的逝世是中国围棋界乃至体育界的重大损失。他的拼搏精神与卓越成就将被永远铭 记。 来源丨上观新闻 编辑丨金珊 见习编辑 林芊蔚 SFC 聂卫平是上世纪中国围棋振兴的关键人物，在八十年代的中日围棋擂台赛中，他作为主将力 挽狂澜，连胜多位日本超一流棋手，创造了"擂台神话"，极大振奋了民族精神，被当时的国 家体委和中国围棋协会授予"棋圣"称号，掀起了全国的围棋热潮。 聂卫平曾出任围棋国家队总教练，带教出常昊等世界冠军，并积极参与围棋活动，对中国围 棋的普及、发展、走向世界作出了不可磨灭的奠基性贡献。 据上观新闻，记者从中国围棋协会获悉，中国围棋协会名誉主席、"棋圣"聂卫平九段昨晚在 北京病逝，享年74岁。 ...

记者丨金珊 张伟泽 吴斌 编辑丨黎雨桐 周三（1月14日），美国三大股指全线收跌，道指跌0.09%，标普500指数跌0.53%，纳指跌1%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 49149.63 | 23471.75 | 6926.60 | | -42.36 -0.09% | -238.12 -1.00% | -37.14 -0.53% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7856.78 | 25621.50 | 6960.25 | | -18.05 -0.23% | -284.50 -1.10% | -41.50 -0.59% | 大型科技股全线下跌，个股方面，脸书、亚马逊、微软跌超2%，特斯拉跌近2%，英伟达跌超1%。 | 名称 | 现价 涨跌幅 = | li | | --- | --- | --- | | 脸书(META PLATF | 615.520 -2.47% | | | META.O | | | | 亚马逊(AMAZON) | 236.710 -2.43% | | | AMZN.O | | | | 微软(MI ...

来源丨新华社 编辑丨金珊 SFC 据新华社报道，美国白宫14日宣布，从15日起对部分进口半导体、半导体制造设备和衍生品加 征25%的进口从价关税。 ...

Core Viewpoint - The article discusses the overwhelming demand and subsequent market speculation surrounding the issuance of the 2026 Year of the Horse commemorative coins and banknotes, highlighting the challenges faced by collectors in securing these items through official channels and the significant price premiums observed in the secondary market [1][5][8]. Group 1: Appointment Experience - On January 13, the online reservation for the Year of the Horse commemorative coins and banknotes began, but the demand was so high that most bank channels sold out almost instantly, leading to widespread user frustration due to system congestion and failed attempts to secure reservations [3][4]. - Users reported that despite the long reservation period, many were unable to complete their appointments, with some expressing their disappointment at not being able to secure any items after extensive efforts [4][5]. Group 2: Secondary Market Activity - The secondary market for the Year of the Horse commemorative items has seen significant speculation, with prices for the banknotes reaching as high as 6.5 times their face value, and the coins also showing notable premiums of 40% to 50% [2][5]. - The article notes that a set of 20 banknotes with a face value of 400 yuan was listed for prices between 1,000 yuan and 3,000 yuan, indicating a strong market interest and speculative behavior [5][8]. Group 3: Cultural Significance and Market Dynamics - The popularity of the Year of the Horse commemorative items is attributed to their unique cultural significance, as they represent the final installment of the second round of zodiac coins, along with appealing designs that resonate with collectors [8][19]. - Analysts suggest that the combination of low entry costs, perceived scarcity, and a herd mentality among collectors has driven the heightened interest and speculative activity in the market [24][22].

Market Overview - U.S. bank stocks experienced a significant decline, with major banks like Bank of America dropping over 4%, marking the largest drop in October, while Wells Fargo fell over 5% [1] - Several popular Chinese concept stocks also saw declines, with Ctrip initially plummeting 18% and closing down 16% in pre-market trading due to an antitrust investigation by the State Administration for Market Regulation [1] - Other notable declines included Atour Group and Dingdong Maicai, both down over 4%, while companies like Full Truck Alliance, Lufax, and New Oriental fell around 3% [1] Stock Performance - The current price and performance of various stocks indicate a bearish trend, with Dingdong Maicai at $2.791 (-4.42%), Lufax at $2.595 (-3.89%), and New Oriental at $139.340 (-2.50%) [2] - In contrast, stocks like Huya and Bilibili saw gains of approximately 5%, and Alibaba rose over 2.5% [1] Precious Metals - Silver prices surged, with spot silver surpassing $92 per ounce, marking a 28.6% increase year-to-date [2] - Gold prices also saw a rise, with spot gold reaching $4640 per ounce, reflecting a 1% increase [2][3] Commodities - Nickel futures experienced a significant increase, with the main contract rising over 7% [3] - Oil prices also saw a rise, with WTI and ICE Brent crude both increasing by over 0.7% amid escalating tensions in the Middle East [3] Cryptocurrency Market - The cryptocurrency market rebounded sharply, with Bitcoin rising over 4% and Ethereum nearly 6% [4] - The market saw significant liquidation, with over 130,000 individuals facing liquidation in the past 24 hours [4][6] Economic Indicators - Despite lower-than-expected CPI data, U.S. stocks did not rally, reflecting market concerns over political uncertainty, potential inflation rebound, and high valuation levels in the stock market [8] - The current valuation levels, particularly in tech stocks, are perceived as high, leading investors to lock in profits and shift towards defensive strategies [8]

来源丨新华社 编辑丨曾静娇 SFC 报道披露，受影响国家包括索马里、俄罗斯、阿富汗、巴西、伊朗、伊拉克、埃及、尼日利 亚、泰国、也门等。 据美国福克斯新闻14日报道，美国国务院将暂停办理75个国家的所有签证，"以打击那些可能 成为公共负担的申请对象"。 ...

Core Viewpoint - The recent controversy surrounding McDonald's shrinking burger sizes has sparked significant public discussion, particularly after a consumer measured a burger and found it to be only 8 cm for 23 yuan, raising concerns about "shrinkflation" amidst a price increase announcement [1][3]. Group 1: Price Increase and Consumer Reaction - McDonald's confirmed a price increase effective December 15, 2025, with select menu items seeing a price rise of 0.5 to 1 yuan, including classic burgers and snacks [3]. - The company has faced criticism for potentially misleading consumers regarding product sizes while maintaining its "value" branding, which contradicts the recent price hikes [3][4]. - McDonald's has historically raised prices annually, but the current backlash focuses on consumer awareness and perceived value [3]. Group 2: Market Position and Strategy - McDonald's CEO Zhang Jiayin announced plans to enhance the "super value" experience by introducing new burger and beverage options, alongside various promotional activities throughout the year [3]. - The competitive landscape in China includes not only KFC but also a broader range of dining options, intensifying price competition [4]. - McDonald's aims to open approximately 1,000 new stores in China by 2025, reflecting confidence in the market despite the challenges of price management [4].

Core Viewpoint - The A-share market has welcomed a new influx of over 70 billion yuan in public fund investments as of January 13, 2026, driven by new fund launches and a recovering market sentiment [1][4]. Group 1: Fund Inflows - As of January 13, 2026, there have been 21 new funds established, with 15 focused on the stock market, accounting for over 70% of the total, and a combined issuance scale of 4.352 billion yuan [3]. - The newly established funds from December 2025, currently in the investment phase, include 119 funds targeting the stock market, with a total fundraising of 45.3 billion yuan, gradually flowing into the stock market [3]. - Stock ETFs have seen a net inflow of 21.242 billion yuan since the beginning of 2026 [3]. Group 2: Structural Characteristics of Fund Inflows - The inflow of public funds is characterized by significant structural differentiation, with thematic ETFs being the main attraction, particularly in sectors like media, satellites, and non-ferrous metals [5][6]. - The media ETF has attracted a net inflow of 7.321 billion yuan, the satellite ETF 6.765 billion yuan, and the non-ferrous metals ETF 5.94 billion yuan, indicating concentrated investment in these themes [5]. Group 3: Market Sentiment and Investor Behavior - There is a notable increase in investor interest in equity funds compared to 2025, with a shift from defensive to offensive strategies as indicated by the dominance of equity products in new fund issuances [4][5]. - Despite some funds experiencing a surge in subscriptions, the overall public equity sales have not shown clear signs of a comprehensive recovery, with most funds seeing daily sales in the range of several billion to tens of billions [10]. Group 4: Future Fund Inflows and Market Trends - The trend of "deposit migration" is expected to continue, with an estimated 3 trillion to 4 trillion yuan potentially flowing into investment areas due to declining savings rates [11]. - The anticipated expiration of approximately 30 trillion yuan in residential fixed-term deposits in 2026 may lead to a shift towards public funds, especially in a low-interest-rate environment [11]. - The public fund sector is expected to evolve towards prioritizing genuine investor returns and long-term engagement, moving away from scale assessments [11].

Core Viewpoint - The rapid increase in international gold prices has negatively impacted China Gold's sales and profitability, leading to a significant decline in expected net profit for 2025, which is projected to be between 286 million to 368 million yuan, a decrease of 55% to 65% year-on-year [1][3]. Group 1: Company Performance - China Gold's expected net profit median for 2025 is 327 million yuan, marking a historical low since 2018 [1]. - The company's sales of both investment and consumer gold products have been adversely affected due to reduced foot traffic in retail stores and overall sales pressure [1][5]. - The company's gross profit margin has been around 4% since 2022, primarily influenced by its gold jewelry sales, which account for over 98% of its revenue [3][5]. Group 2: Market Dynamics - In 2025, international gold prices surged by 64%, the highest annual increase in 46 years, which has significantly constrained consumer demand in the market [3][4]. - Domestic gold consumption in the first three quarters of 2025 was 682.73 tons, a year-on-year decrease of 7.95%, with gold jewelry consumption dropping by 32.50% [4][5]. - The rapid rise in gold prices has led to a negative impact on the company's financial statements, particularly through its gold leasing business, which has seen substantial fair value losses [5][7]. Group 3: Financial Metrics - The fair value change net income for China Gold has worsened, reaching -853 million yuan in the first three quarters of 2025, which is a significant increase from -725 million yuan in 2024 [6][7]. - The company's stock price has remained relatively stable despite the profit decline, with a current price around 8.2 yuan, reflecting a high valuation of approximately 42 times earnings [9][10]. - Historical data shows that the company's net profits from 2022 to 2024 were 765 million, 973 million, and 818 million yuan respectively, indicating a potential return to previous profit levels if gold prices stabilize [10][12].

Core Viewpoint - The article discusses the significant rise in copper prices, driven by supply disruptions and increasing demand, while highlighting the contrasting views among analysts regarding future price trends [3][4][5]. Price Trends - As of January 14, LME copper prices reached $13,186 per ton, with a peak of $13,406 per ton earlier in the month, marking a 6.14% increase over the past month [1][2]. - Since November 2022, copper prices have surged nearly 24%, reflecting a strong upward trend [6]. Supply Disruptions - Supply interruptions from mining accidents in Indonesia and Chile have contributed to the rising copper prices, alongside expectations of increased demand in the coming years [3]. - The article notes that Chile's share in the global copper market has decreased from 30% to 24% over the past decade, with production growth shifting towards Africa [7]. Demand Factors - The demand for copper is expected to grow significantly due to its essential role in electric vehicles and renewable energy technologies, with electric vehicles requiring three to four times more copper than traditional cars [10]. - Analysts indicate that the ongoing energy transition and AI infrastructure development are driving up copper consumption [10]. Market Divergence - There is a notable divergence in market opinions, with UBS predicting a structural shortage in the copper market by 2026/27, while Goldman Sachs and Citigroup express caution about sustaining high prices [4][16]. - The current market is characterized by a "backwardation" situation, where spot prices exceed future contract prices, indicating tight supply conditions [13]. Tariff Implications - The potential for the U.S. to impose tariffs on refined copper is seen as a critical factor influencing future price movements, with expectations that such tariffs could exacerbate supply tightness [15][14]. - The article suggests that the market's current pricing reflects concerns over U.S. tariff policies, which could lead to a reevaluation of copper prices if tariffs are implemented [14][15]. Alternative Materials - The rising copper prices have prompted industries to explore alternatives like aluminum, particularly in air conditioning and electrical transmission, although challenges remain in fully substituting copper [18][19]. - While "aluminum replacing copper" is gaining traction, experts caution that the transition may not significantly alleviate copper demand in high-performance applications [19].