Core Viewpoint - The article highlights the strong performance and optimistic earnings forecasts of leading CPO companies in the A-share market, specifically Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, collectively referred to as "Yizhongtian" [1][5]. Group 1: Company Performance - Zhongji Xuchuang (300308.SZ) expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year growth of 89.50% to 128.17% [6]. - Xinyi Sheng (300502.SZ) anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, with a projected increase of 231.24% to 248.86% compared to the previous year [8]. - Tianfu Communication (300394.SZ) forecasts a net profit of 1.881 billion to 2.150 billion yuan for 2025, indicating a growth of 40.00% to 60.00% year-on-year [10]. Group 2: Market Trends - As of January 30, 2023, the stock prices of the three leading CPO companies have seen significant increases over the past year, with Zhongji Xuchuang up 468%, Xinyi Sheng up 368%, and Tianfu Communication up 248% [2]. - The CPO sector experienced a collective surge on January 30, with stocks like Jieput and Zhishang Technology hitting a 20% limit up, and Tianfu Communication seeing a nearly 17% intraday increase [2][3]. Group 3: Industry Catalysts - The growth in the CPO sector is supported by the AI industry's development and increased investment in computing power infrastructure, which has led to a surge in demand for high-speed optical devices [4][12]. - A report from CignalAI predicts that the revenue for the optical module market driven by AI will exceed $18 billion by 2025, with related optical modules reaching nearly $6 billion [13].

Core Viewpoint - The article emphasizes the significance of Guangdong's manufacturing industry, particularly in the apparel sector, highlighting its global competitiveness and the launch of the "Guangdong Goods Going Global" spring campaign to promote local brands and products [1]. Apparel Industry Overview - The apparel industry is closely linked to daily life, with design, sales, and supply chain collaboration being crucial for brand competitiveness [1]. - Guangdong stands out in the apparel sector, hosting seven world-class industrial clusters, including Humen women's wear and Dawang wool knitting, contributing significantly to global apparel production [1]. - Notably, one in five sweaters globally comes from Dawang, and one in three jeans comes from Xintang [1]. Key Brands and Their Achievements - **UR**: Founded in 2006 in Guangzhou, it pioneered the "fast luxury fashion" model with over 500 global designers and a flexible supply chain, launching over 15,000 new products annually, leading in both retail sales and store count in China [4]. - **Biem**: Known as "the Moutai of clothing," it specializes in high-end sports and golf apparel, achieving a revenue of 8.2 billion yuan in the first three quarters of 2025, leading the high-end apparel market [6]. - **Urban Lady**: Established in 1998, it is the first listed lingerie company in Hong Kong, leading in women's lingerie sales for eight consecutive years, with over 4,500 stores nationwide [8]. - **Kelaidier**: A prominent high-end women's wear brand, it achieved a revenue of 90 million yuan in the first half of 2025, showcasing the strength of Guangdong manufacturing [10]. - **Mingrui**: Based in Chaozhou, it specializes in wedding dresses, producing around 20,000 pieces annually, with over 95% exported, generating sales of 800 million yuan [14]. - **Lihua**: A century-old brand in the knitted apparel sector, recognized for its quality and craftsmanship [15]. - **Exception**: Founded in 1996, it integrates traditional craftsmanship with modern design, showcasing its products at international events [18]. - **Inman**: Established in 2008, it focuses on cotton and linen apparel, with over 400 stores and significant online sales growth [20]. Industry Trends - Guangdong's apparel industry is evolving towards high-end, intelligent, green, and integrated manufacturing, with over 2,500 regulated apparel enterprises, accounting for 18% of the national total [23].

记者丨 李果 南宁、钦州报道 编辑丨李博 在中国所有沿海省份中，南宁是唯一没有直接入海口的省会（首府）城市，尽管它与大海的距 离仅有100多公里，但河流的入海口却在800多公里外的广东省——西江经南宁一路向东，在珠 海流入大海。"广西货不走广西港"的物流困境亦源于此，每年有超过2.2亿吨的货物舍近求远 绕道广州港出海。 但这样的情况很快就要改变，在超过2万人、5000台机器修建4年后，全长134.2公里平陆运河 将在2026年底通航。这是我国自京杭大运河以来建设的第一条运河，也是新中国成立以来建设 的第一条通江达海的运河，可通航5000吨级货船，以南宁西津库区平塘江口为起点，由北向 南，在钦州入海。 广西壮族自治区交通运输厅党组书记、厅长刘可指出，平陆运河建成后将打通南宁至北部湾地 区的"江海直连"通道，出海航程缩短560公里。 "这对于改变广西的经济地理格局有重要的意义。"广西外国语学院数字经济管理学院教授、广 西贸促会"一带一路"智库专家傅远佳对21世纪经济报道记者表示，如何从通道经济变为产业经 济，实现跃升发展，将是交给广西各个城市的一道课题。 "今年6月左右平陆运河就将基本竣工。"广西平陆运河建设有限 ...

Core Viewpoint - The article discusses the recent price adjustments made by major fast-food and beverage brands in response to rising operational costs and competitive pressures in the delivery market, indicating a shift in pricing strategies across the industry [1][5][14]. Price Adjustments - KFC has raised the prices of its delivery products by an average of 0.8 yuan while keeping dine-in prices unchanged, citing the need to respond to operational cost changes [5][9]. - McDonald's has also increased the prices of some menu items by 0.5 to 1 yuan, with delivery prices adjusted accordingly [9]. - Other brands like Salvia and Luckin Coffee have followed suit, with price increases ranging from 1 to 2 yuan for certain items, often through indirect methods such as eliminating discounts [5][9]. Market Dynamics - The article highlights the impact of the intense competition in the delivery market, which has led to a "price war" that is reshaping the competitive landscape, with new entrants continuously driving prices lower [5][13]. - The rising costs of raw materials, as indicated by a 4.4% increase in fresh fruit prices, are also contributing to the need for price adjustments among these brands [10][11]. Consumer Behavior - The shift in pricing strategies may alter consumer perceptions, as many have become accustomed to lower prices due to previous promotional activities, potentially leading to resistance against higher prices [13][14]. - The reliance on delivery services has increased significantly, with KFC's delivery sales growing by 33% year-on-year, accounting for 51% of its restaurant revenue [9]. Strategic Adjustments - Many smaller brands are adopting more discreet pricing strategies to avoid direct price hikes, focusing on high-margin meal bundles to improve delivery profitability [13][14]. - The article suggests that the adjustments in pricing are part of a broader strategy to regain pricing power and reduce dependency on delivery channels, which have been detrimental to profit margins [14].

"见证历史""惊掉下巴""这也跌太多了吧"，一夜醒来，朋友圈被黄金白银暴跌的感慨刷屏了， 有投资者感叹"一下吞掉了五天的涨幅"。 记者丨 唐婧 实习生 曹莹博 编辑丨方海平 视频丨许婷婷 关于沃什真正的货币政策立场，市场也有颇多不同声音。公开信息显示，沃什曾公开批评量化 宽松政策的副作用，认为美联储需要与美国财政部在政策上更紧密地协作。在美联储任职期 间，沃什一直对通胀保持警惕，并经常支持加息。然而，2025年他却赞同特朗普的观点，认为 利率可以大幅降低，也因此被市场质疑或向政治妥协。 资料图 国联民生证券研究所宏观首席分析师林彦指出，在本次美联储主席提名竞选中，沃什明确表示 支持降息，并直言当前利率水平"应当更低"。这一表态正好符合特朗普政府的政策诉求，也在 一定程度上缓解了特朗普团队对其"鹰派"立场的担忧。 南华期货贵金属新能源研究组负责人夏莹莹告诉记者，相较于另两位热门人选贝莱德公司高管 里德以及白宫经济顾问哈塞特， 沃什的立场相对偏鹰派，且更倾向于维护美联储的独立性， 这一预期弱化了市场对美联储宽松货币政策的预期，对金银价格形成了一定压制。 21世纪经济报道记者注意到，1月30日晚间，国际黄金、白银又 ...

Core Viewpoint - The article discusses the strategic evolution of TCL under the leadership of Li Dongsheng, highlighting key management changes and the company's transition into a new phase with a focus on long-term strategic direction and operational execution. Group 1: Management Transition - On January 19, 2026, TCL Technology announced that Li Dongsheng would step down as CEO, with COO Wang Cheng taking over, while Li continues as Chairman to focus on long-term strategy [1] - This management change signifies a shift to a model where the Chairman sets strategy and the CEO manages execution, indicating a mature corporate governance structure [1] Group 2: Strategic Upgrades - TCL has undergone four major strategic upgrades: global mergers and acquisitions (2001-2007), upward industry chain breakthroughs (2007-2015), business structure reorganization (2015-2020), and diversification into new energy (2020-2025) [4] - The global merger phase included the acquisition of Thomson's global TV business and Alcatel's mobile business, which, despite initial setbacks, laid the groundwork for TCL's international expansion [4] - The upward industry chain breakthrough involved a significant investment of 24.5 billion yuan in the Huaxing Optoelectronics project to address the "chip shortage" issue in the Chinese TV industry [5] Group 3: Business Structure Reorganization - In 2019, TCL underwent a major asset restructuring, splitting into TCL Technology and TCL Industry to focus on specialized operations [6] - TCL Technology concentrated on semiconductor displays and new energy, while TCL Industry focused on smart terminal products, enhancing operational efficiency [6] Group 4: New Energy Ventures - In 2020, TCL invested 12.5 billion yuan to acquire Tianjin Zhonghuan, marking its entry into the photovoltaic sector, which complements its semiconductor display business [6][8] - This strategic move aims to create a dual-core industry structure of "semiconductor display + new energy," enhancing TCL's competitive edge [8] Group 5: Globalization Efforts - TCL has made significant strides in international markets, with overseas sales accounting for 60% of its smart terminal business, driven by double-digit growth [13] - The company aims to establish a global manufacturing supply chain to enhance brand influence and commercial value [13] Group 6: Industry Context - The semiconductor display industry is characterized by rapid technological changes and intense competition, particularly among China, Japan, and South Korea [14] - TCL's strategic decisions, such as the establishment of Huaxing Optoelectronics, were driven by the need for stronger upstream capabilities in the display sector [15][16]

Group 1 - The core viewpoint of the article emphasizes the effectiveness of proactive fiscal policies in stabilizing and improving China's economic performance in 2025, with a focus on enhancing public spending and supporting consumption [1][2][3] - Fiscal revenue showed a gradual improvement throughout 2025, reflecting a stable economic recovery, with a notable increase in public budget expenditures to support economic and social development [1][2] - The fiscal policy included a 1% increase in the deficit ratio to 4%, alongside the issuance of special bonds to bolster state-owned banks' core capital, effectively stimulating domestic demand and ensuring social welfare [1][2] Group 2 - A special fund of 300 billion yuan was allocated to support the replacement of consumer goods, directly reducing costs for residents and promoting green and intelligent products, thereby enhancing living standards and driving industrial upgrades [2] - The fiscal policy also focused on strengthening social welfare, with increased employment subsidies, healthcare funding, and the establishment of a national childcare subsidy system, benefiting over 30 million families [2] - For 2026, the fiscal policy is expected to remain proactive, with an emphasis on expanding spending in key areas such as consumer support and social welfare, while ensuring long-term fiscal sustainability [3][4] Group 3 - The focus of fiscal support will shift towards high-level technological self-reliance, with increased investment in strategic scientific research and innovation, aiming to foster new productive forces for future growth [4] - Government investment funds will play a crucial role in supporting leading enterprises in cutting-edge technology sectors, enhancing collaboration between fiscal and financial resources to drive industrial upgrades [4]

《指引》为规范性文件，共七章五十四条，通过催收行为定义、催收行为规范、外部催收机构 管理、内控管理、促进行业健康发展等五个方面对规则进行了制定，着力解决如催收行为缺乏 明确标准、外部催收机构管理缺失等一系列长期困扰行业的疑难杂症。 划定个人消费贷催收红线！银协发布最新指引 。 为规范信用卡及个人消费贷款催收行为、促进行业健康发展，1月30日，中国银行业协会发布 《金融机构个人消费类贷款催收工作指引（试行）》（以下简称《指引》）。 资料图 明确 八项催收禁止行为 针对社会关注的催收时间、频次、联系信息获取等长期困扰行业的模糊敏感问题，《指引》进 行了全面梳理并设置了禁止红线。 记者丨 冯紫彤 编辑丨杨希 此外，《指引》还明确了 八项催收禁止行为 ，包括但不限于：通过散布他人隐私、非法获取 个人信息，采用恐吓、辱骂、欺诈、威胁、暴力、涉黑等不当手段开展催收；冒用行政机关、 司法机关等名义追查债务人信息、寄送催收信函、开展催收行为等。 一是对催收时间、合理频次、联系信息获取渠道及规范联系第三人等多个长期困扰行业的 模糊敏感问题进行了明确，设立了量化标准和具体定义说明。 二是细化了催收行为规范，包括催收记录规范、电话 ...

据央视新闻，美国总统特朗普30日在回答媒体记者有关"是否向伊朗设定达成协议的最后期 限"时回答称，已同伊方沟通，但没有透露具体日期，他称"只有伊朗自己知道"。 记者：在采取进一步行动之前，是否给了伊朗一个达成协议的最后期限？ 伊朗总统：绝不欢迎战争 坚决回击侵犯 美国总统 特朗普：只有伊朗自己知道。 记者：是否已经与伊朗就此事沟通？ 美国总统 特朗普：是的。 记者：有撤回军事部署的时间表吗？ 美国总统 特朗普：不，我们看看事情最终会如何发展。 还有记者问，如果伊朗不达成协议，美国是否要采取类似在委内瑞拉的军事行动。特朗普称， 他"不想谈论任何与正在进行的军事行动有关的事情"，但同时强调"我们在那里有一支非常强 大的舰队"。 据央视新闻，伊朗总统府30日发表声明称，伊朗总统佩泽希齐扬当天分别与土耳其总统埃尔多 安、阿联酋总统穆罕默德通电话。佩泽希齐扬表示，伊朗始终选择通过互动和对话解决问题， 伊朗绝不欢迎战争，但任何针对伊朗国家和人民的侵略行为都将立即遭到坚决回应。 声明还说，土耳其和阿联酋领导人在通话中均赞成通过外交途径和以互动、对话为基础的方法 解决问题。 来源丨央视新闻 编辑丨江佩佩 SFC 21君荐读 ...

Market Overview - On January 31, US stock indices closed lower, with the Dow Jones down 0.36%, the Nasdaq down 0.94%, and the S&P 500 down 0.43% [1][2] - The panic selling affected global precious metal markets, with silver prices dropping over 36% and gold prices falling below $5,000, reaching a low of $4,709.68 per ounce [2][5] Technology Sector - Major technology stocks mostly declined, with the Wande American Technology Seven Giants Index down 0.32%. Notable declines included META and TSMC, both down nearly 3%, while Tesla saw a rise of 3% [2] - The semiconductor sector experienced significant losses, with companies like AMD and GlobalFoundries dropping over 5%, and Micron Technology and Intel down over 4% [2][4] Chinese Stocks - The Nasdaq China Golden Dragon Index fell by 2.36%, with many Chinese stocks declining, including Bilibili and Li Auto, both down over 3%. However, Yipeng Energy surged by 3141.11% [3][4] Precious Metals - The precious metals sector saw a significant drop, with gold and silver prices plummeting. COMEX gold futures fell by $447.30, a decline of 8.35%, while COMEX silver futures dropped by $29.18, a decrease of 25.50% [5][6] - Major gold mining companies also faced steep declines, with Barrick Gold down 12.09% and AngloGold down 13.28% [4] Economic Indicators - Recent economic data from the US shows mixed signals, with December PPI rising 3.0%, indicating persistent inflationary pressures. The Chicago PMI for January rebounded to 54, indicating unexpected expansion in manufacturing activity [8] Federal Reserve Nomination - The potential nomination of Kevin Walsh as the next Federal Reserve Chair by President Trump has raised concerns in the market, as Walsh is known for his hawkish stance on monetary policy, which could impact future asset prices [7][8]