记者丨 叶麦穗 编辑丨肖嘉 金价剧烈波动下，又见银行调整黄金相关业务！ 21世纪经济报道记者注意到，1月6日，工商银行发布了《关于个人客户积存金业务调整风险测评等级准入要求的公告》指出，鉴于近期影响市 场不稳定的因素较多，为进一步保护个人投资者权益，该行将对个人客户积存金业务风险承受能力等级进行调整。 这也是今年开年之后，首家 上调黄金投资等级的银行。有分析认为，随着工商银行的示范效应发酵，未来会有更多的银行跟进。 工商银行网站公告 工行上调黄金投资风险等级 具体来看，工商银行表示，自北京时间 2026年1月12日起 ，个人客户办理积存金业务的开户、主动积存或新增定投计划（即"定期积存计划"） 的，需通过工商银行营业网点、网上银行或银行APP等渠道，按工商银行统一的风险测评问卷进行风险承受能力评估、 取得C3-平衡型及以上 的评估结果 （已有前述评估结果且在有效期内的无需重测）并签订积存金风险揭示书（已签署风险揭示书的无需重签）。 已开立积存金账户 的个人客户办理积存金的赎回与兑换，有效期内定投计划的执行、修改和终止，积存金账户的注销等操作的，不受前述条件的限制 。 工商银行是2026年首个宣布上调积存金风险 ...

Core Viewpoint - The insurance sector is experiencing a strong performance driven by a bull market, favorable policies, improved industry fundamentals, and institutional support for valuation recovery [2][3][5]. Group 1: Market Performance - In the first two trading days of 2026, the insurance industry index rose by 3.29%, with all five major listed insurance companies in A-shares showing positive performance [1]. - Several insurance stocks reached historical highs, with China Ping An (601318.SH) hitting a peak of 234.59 yuan per share, marking a record since its listing [2][1]. - The total market capitalization of the five major listed insurance companies reached approximately 3.89 trillion yuan, an increase of about 128.8 billion yuan from the previous trading day [1]. Group 2: Driving Factors - The bull market is identified as a key driver for the insurance stock performance, with expectations of market growth enhancing the earnings elasticity and valuation recovery potential of the insurance sector [3]. - Recent policy adjustments by the National Financial Regulatory Administration, including changes to risk factors for insurance companies, are expected to lower capital constraints and expand investment opportunities [3]. - The improvement in the industry fundamentals is also a significant factor, with expectations of a strong performance in insurance premiums for 2026, driven by liability cost optimization and a shift in product structure [4]. Group 3: Financial Metrics - In the first eleven months of 2025, the insurance industry reported a total premium income of 5.76 trillion yuan, reflecting a year-on-year growth of 7.6%, with life insurance premiums growing by 9.2% [4]. - The total assets of the insurance industry surpassed 40 trillion yuan, with net assets reported at 3.68 trillion yuan [4]. Group 4: Future Outlook - The insurance sector is expected to maintain its upward trend in 2026, supported by strong demand for protection and savings products, as well as ongoing policy support [5]. - However, potential risks include the pace of valuation recovery and the sustainability of liability-side improvements, which need to be monitored closely [5].

Core Viewpoint - The article discusses the significant price reduction in medical consumables across China, driven by new policies aimed at addressing the issue of inflated prices, which is reshaping the competitive landscape of the pharmaceutical industry [4][6][10]. Policy Implementation - The current price governance features "full coverage and dynamic adjustment," with various regions implementing complementary policies to manage prices effectively [6][10]. - Ningxia's recent notification requires companies to confirm the national minimum effective price by January 28, 2026, targeting high-risk consumables [6]. - Jiangxi initiated a normalization of price linkage in November 2025, expanding management to all listed consumables, while Heilongjiang's policy covers all listed products [6][7]. Price Reduction Impact - Medical consumables are experiencing drastic price drops, with some products seeing reductions of over 97%, such as ultrasound endoscope water bags dropping from 4,400 yuan to 127.15 yuan [7]. - High-value consumables like coronary stents have decreased from an average of 13,000 yuan to around 700 yuan, a reduction exceeding 93% [7]. - The cumulative savings from the centralized procurement of coronary stents and artificial joints from 2020 to 2025 exceed 200 billion yuan and 150 billion yuan, respectively [8]. Industry Restructuring - The introduction of a "floor price" is accelerating the reshaping and transformation of the medical consumables industry, ending the previous model reliant on regional price differences [10]. - Companies that fail to adjust prices in a timely manner face suspension from listing, particularly affecting small and medium-sized manufacturers [10]. - The competitive landscape is shifting, with domestic brands outperforming foreign companies in procurement bids due to significantly lower pricing [10]. Market Regulation Mechanism - The new market regulation mechanism is characterized by "normalization and intelligence," allowing for real-time monitoring and automatic price comparisons across the country [11]. - The goal is to establish a unified national pricing system, enhancing transparency and efficiency in the industry [12]. - Companies are encouraged to adapt to a compliant and transparent market environment, focusing on cost control and increased R&D investment in high-value products [12]. Future Outlook - The ongoing price governance is seen as a necessary step towards high-quality development in the medical industry, balancing price control with innovation incentives [12]. - The industry is expected to transition towards a model that prioritizes innovation, quality, and patient value, moving away from rapid, unregulated growth [12].

Core Viewpoint - The approval of 0.02% and 0.04% atropine sulfate eye drops by Xingqi Eye Medicine is a significant advancement in the treatment options for myopia in children aged 6 to 12, addressing the severe myopia issue among Chinese youth [1][5][8]. Group 1: Product Approval and Market Impact - Xingqi Eye Medicine announced the approval of two new concentrations of atropine sulfate eye drops, which are aimed at delaying myopia progression in children [1]. - Following the announcement, the stock price of Xingqi Eye Medicine surged nearly 5% on January 5, closing at 73.68 yuan per share, and continued to rise to 74.2 yuan per share on January 6, with a total market capitalization reaching 18.285 billion yuan [2]. - The approval of these products is expected to enhance clinical treatment options and capitalize on the growing market demand for myopia prevention among children [3][5]. Group 2: Clinical Research and Efficacy - Clinical trials involving 486 children demonstrated that the atropine sulfate eye drops significantly outperformed placebo in delaying myopia progression, with good safety profiles and patient compliance [7]. - The National Health Commission's 2024 guidelines have recognized low-concentration atropine eye drops as an effective method for myopia control, further validating their clinical use [8]. Group 3: Market Demand and Competition - The overall myopia rate among children and adolescents in China reached 51.9% in 2022, highlighting a substantial market demand for effective myopia prevention solutions [10]. - Xingqi Eye Medicine's 0.01% atropine sulfate eye drops have already captured a significant market share, contributing over 10% to the company's revenue by mid-2025 [10]. - The competitive landscape is intensifying, with several pharmaceutical companies, including Heng Rui Pharmaceutical and Zhao Ke Ophthalmology, advancing their own atropine eye drop products through various stages of clinical trials [11][12].

Core Viewpoint - Douyin Group is establishing its second headquarters in Shenzhen, which will focus on the research and development of core products and new businesses, including AI and SaaS services [1][4][7]. Group 1: Douyin's Expansion in Shenzhen - Douyin Group's second headquarters is set to be located in Nanshan District, with a total investment of 310 billion yuan for 30 projects, making it the highest in the city [1][4]. - The new headquarters will support Douyin and Toutiao's core products and new business developments, including the establishment of the ByteDance AI lab and SaaS platform service center [1][4][7]. - The first regional headquarters, Douyin Group's Houhai Center, was opened in July 2025, covering an area of approximately 77,000 square meters [7]. Group 2: Investment Climate in Shenzhen - During the 14th Five-Year Plan, Shenzhen's fixed asset investment is expected to reach 4.5 trillion yuan, which is 1.5 times that of the previous plan [2]. - The recent heavy investments by industry leaders reflect a strong recognition of Shenzhen's business environment and strategic position, injecting significant momentum into the start of the 15th Five-Year Plan [2]. Group 3: Headquarters Economy in Shenzhen - The 15th Five-Year Plan for Shenzhen emphasizes the development of headquarters economy, aiming to enhance the concentration of headquarters projects and promote high-quality development [4]. - The focus is on creating a comprehensive headquarters project that integrates research and production, thereby strengthening the digital economy and AI sectors in Nanshan District [4][9]. Group 4: Advanced Manufacturing Projects - Among the 222 projects launched in Shenzhen, 76 are industrial projects with a total investment of 384.5 billion yuan, focusing on smart manufacturing and new display technologies [9][11]. - The global high-end measurement equipment and sensor manufacturing park by Hexagon, a Swedish company, is set to be completed by 2027 with an investment of 1.5 billion yuan, aiming for a production value of 13 billion yuan within five years [8][10][11].

记者丨 易佳颖 编辑丨高梦阳 1月6日，霸王茶姬因"手打奶茶"登上热搜。 网络上流传的一段霸王茶姬员工手打奶茶的视频引发巨大争议， 视频显示，一名身穿霸王茶 姬工服的员工在制作饮品过程中，未佩戴手套，将冰块砸碎后徒手捏挤柠檬片，又将手伸入杯 中，直接用手在奶茶杯内搅拌饮品。随后，当事人在个人社媒回应称是门店打烊后操作报损商 品，只是为了模仿"印度奶茶"，并打了"娱乐"标签。目前该账号已设置私密。 刚刚，霸王茶姬发布《关于网传"霸王茶姬店员徒手操作"视频的调查及处理通报》称：经认真 核查并调取完整监控， 核实视频内容发生在福建漳州龙文宝龙广场店。视频中店员为跟风网 络热梗博取流量，在即将开始打烊时，用当天门店的报损废弃物料进行模仿摆拍。 监控核查还显示， 该物料在拍摄结束后被当场倒掉，未对外销售，现场在拍摄结束后完成常 规清洁消毒流程。 事后该店员为掩盖错误称该行为系打烊后操作。该门店采用自动化设备制 茶，所有原叶鲜奶茶的制作均通过扫码由机器自动化完成，实现人料分离。 霸王茶姬方面还表示，该店员的行为，严重违反了公司《食品安全操作规范——报损物料处理 规定》、《员工管理手册》及《门店运营管理手册》，"我们对此感 ...

Core Viewpoint - The article highlights the significant investment activity in the AI glasses sector, particularly focusing on the recent C+ round financing of Thunderbird Innovation, which raised over 1 billion yuan, indicating strong market interest and confidence in the industry [1][9]. Financing and Market Activity - Thunderbird Innovation completed a C+ round financing of over 1 billion yuan, led by China Mobile Chain Long Fund and CITIC Jinshi, with participation from China Unicom's Lianchuang Innovation Fund [1]. - The financing was initially planned to raise 300-400 million yuan but ended up being 2-3 times oversubscribed, reflecting the capital market's enthusiasm for industry leaders [9]. - Following the financing announcement, the AI glasses index surged over 3.5%, with several stocks, including Lianjian Optoelectronics and Sudavige, hitting their daily limit [3][4]. Industry Trends and Operator Involvement - The entry of telecom operators into the AI glasses market is expected to reshape the industry landscape, focusing on eSIM communication modules and edge computing capabilities [6]. - Operators are likely to offer not just smartphones but also smart glasses and related services, which could lower the barriers for consumer adoption [6]. - The involvement of telecom operators is anticipated to enhance confidence in the supply chain and accelerate the deployment and scaling of smart glasses [6]. Technological Advancements - The competition for the next generation of internet access is intensifying, with smart glasses seen as a potential new computing terminal [11]. - Thunderbird Innovation plans to showcase its X3 Pro Project eSIM at CES 2026, which will allow the device to function independently of smartphones, integrating eSIM and 4G capabilities [11]. - The trend towards resource concentration in the AR sector is evident, with multiple companies securing significant funding to support technological advancements [11]. Market Potential and Consumer Demand - The AI glasses market is expected to benefit from government subsidies, with smart glasses included in the national subsidy program, offering 15% off the price with a cap of 500 yuan per unit [12]. - Consumer interest in innovative purchasing models, such as "buying glasses with phone plans," aligns well with telecom operators' distribution strengths [6]. - The industry is projected to grow as leading companies actively position themselves in the smart glasses market, driven by both technological innovation and favorable policies [12].

Core Viewpoint - The banking sector in A-shares is expected to perform well in 2026, driven by stable fundamentals and increased dividend attractiveness, despite a less impressive performance in 2025 compared to previous years [4][9][10]. Group 1: Annual Report Disclosure - Ping An Bank will be the first to disclose its annual report on March 21, followed by CITIC Bank on the same day [1]. - A total of 10 banks will disclose their 2025 annual reports on March 31, marking the highest number of disclosures on a single day [3]. - The total market capitalization of 42 A-share banks exceeded 15 trillion yuan, increasing by approximately 2.1 trillion yuan from the end of 2024 [2][3]. Group 2: Market Performance - The banking sector index rose by 12.05% in 2025, underperforming the CSI 300 index, which increased by 17.66% [3]. - Among the 42 banks, 35 experienced stock price increases, with Agricultural Bank of China leading at a 52.66% rise [3]. - The overall market sentiment towards bank annual reports is positive, with expectations of continued growth in 2026 [4][9]. Group 3: Investment Drivers - The strong performance of the banking sector in 2025 was supported by both funding and fundamental factors, including inflows from passive index funds and insurance [4]. - Significant shareholder buybacks have also contributed to the rise in bank stocks, with 523 companies increasing their holdings, totaling 939.6 billion yuan [6]. - Analysts predict that the demand for high-dividend stocks will remain strong, particularly for state-owned banks known for stable returns [10]. Group 4: Future Outlook - Analysts expect the banking sector to maintain stable performance in 2026, supported by a recovering real economy and high dividend yields [9]. - The issuance of ETFs linked to broad indices and dividend indices is expected to continue, attracting more passive fund inflows into the banking sector [9]. - The differentiation in performance among various banks is anticipated to become a key theme, with larger banks likely to see more consistent revenue growth compared to smaller banks [10]. Group 5: Seasonal Trends - Historical data shows that the banking sector has a high success rate for absolute and excess returns before the Spring Festival, with an average absolute return of 4.4% [11]. - The upcoming Spring Festival in 2026 is expected to see continued strong performance in bank stocks, driven by balanced market styles and robust demand for high-dividend stocks [12]. - Recommendations for stock allocation include a stable base in state-owned banks and a more aggressive approach with quality joint-stock and city commercial banks [12].

商务部今天（1月6日）发布2026年第1号关于加强两用物项对日本出口管制的公告。 根据《中华人民共和国出口管制法》等法律法规有关规定，为维护国家安全和利益、履行防扩 散等国际义务，决定加强两用物项对日本出口管制。现将有关事项公告如下： 禁止所有两用物项对日本军事用户、军事用途，以及一切有助于提升日本军事实力的其他最终 用户用途出口。 任何国家和地区的组织和个人，违反上述规定，将原产于中华人民共和国的相关两用物项转移 或提供给日本的组织和个人，将依法追究法律责任。 本公告自公布之日起正式实施。 商务部新闻发言人就加强两用物项对日本出口管制答记者问 来源丨央视新闻 编辑丨江佩佩 SFC ...

记者丨 郑青亭 编辑丨和佳 据新华社，1月5日，正在对华进行正式访问的爱尔兰总理马丁在北京对中国媒体表示，爱尔兰 高度重视发展对华关系，愿同中方一道持续深化政治互信，拓展经贸、人文等领域务实合作， 共同推动欧中关系不断改善，特别是在贸易领域坚持开放贸易原则，营造公平竞争的市场环 境。 马丁在5日的发布会上透露，当天上午他同中方领导人举行了"热情而富有建设性的会晤"。双 方一致重申致力于建设稳固的中爱互惠战略伙伴关系，并同意共同推动欧盟—中国关系朝着更 加稳定、建设性的方向发展，尤其是在贸易领域推进开放、公平和基于规则的合作。 马丁表示，中国市场对爱尔兰企业和产品具有至关重要的意义，尤其是在食品和饮料产业领 域。爱尔兰在牛肉、乳制品和婴幼儿配方奶粉等方面拥有全球领先的质量和安全标准，农业及 食品饮料产业已成为中爱经贸关系的重要支柱，希望在可持续基础上持续保持对中国市场的准 入。 与此同时，生命科学和科技产业仍将是双边合作的重要组成部分。随着两国经济数字化进程不 断加快，技术、知识和经验的交流愈发关键，加强研发合作尤为重要。 他举例称，当天见证的一项围绕糖尿病肾病开展的中爱科研合作，充分体现了双方在相互尊重 基础 ...