Core Viewpoint - The total scale of public funds in China has reached 37.71 trillion yuan by the end of December 2025, marking a historical high for nine consecutive months, with a year-on-year increase of 4.89 trillion yuan, or 14.9% [4][8]. Fund Scale Growth - By the end of December 2025, the total scale of public funds in China increased by approximately 695.75 billion yuan from the previous month [4]. - The scale of public funds has grown from 33.12 trillion yuan in April 2025 to 37.71 trillion yuan by December 2025 [4]. - The growth structure shows that all types of funds achieved positive growth in 2025, with bond funds increasing by 60% and equity funds by 36% [4]. Fund Types and Performance - As of December 2025, the largest fund types by scale are: - Money market funds: 15.03 trillion yuan - Bond funds: 10.94 trillion yuan - Equity funds: 6.05 trillion yuan - Mixed funds: 3.68 trillion yuan - Fund of funds (FOF): 244.39 billion yuan - Other funds: 177 billion yuan [4]. - In December 2025, bond funds led the growth with an increase of over 412 billion yuan, while equity funds also saw a significant increase of over 250 billion yuan [5]. Structural Changes and Trends - The year 2025 saw a notable structural change in fund growth, with bond funds and equity funds showing strong performance, while money market funds experienced a slight decline of about 153.6 billion yuan due to lower yields [6]. - The demand for diversified asset allocation is increasing, with QDII funds growing by 60.56%, bond funds by 59.79%, and equity funds by 35.93% in 2025 [6]. - The trend indicates a recovery in equity funds, driven by the rapid development of ETFs, with mixed funds reversing a trend of continuous contraction since 2022 [6]. Future Outlook - The public fund industry is expected to continue its growth, potentially reaching 40 trillion yuan by 2026, with an estimated incremental capital of around 877.27 billion yuan [8]. - The focus for 2026 will likely be on equity funds, fixed-income plus funds, QDII, commodity funds, and FOFs, as investors seek stable returns in a low-interest-rate environment [8]. - Investment opportunities in 2026 are anticipated to revolve around technology sectors, overseas investments, and high-dividend core assets [8].

Market Overview - Global markets experienced turbulence on January 30, with major indices such as Nikkei 225, Hong Kong stocks, and US futures all showing declines. Gold and silver prices plummeted, and Bitcoin saw a significant drop, leading to over 270,000 liquidations in the cryptocurrency market, totaling nearly $1.7 billion [1][2]. A-Shares Performance - A-shares showed mixed results, with the Shanghai Composite Index regaining the 4100-point mark, while the ChiNext Index rebounded after hitting a low. However, over 3,800 stocks in the market declined [1]. Sector Performance - CPO and optical communication stocks surged, with companies like Lian Te Technology and Tianfu Communication rising over 11%, and Changfei Optical Fiber hitting the daily limit. Conversely, industrial and precious metals sectors faced significant declines, with over 20 stocks, including Nanshan Aluminum and Tongling Nonferrous Metals, hitting the daily limit down [1]. Precious Metals Market - International precious metals saw a sharp decline, with gold prices dropping by 4% to below $5200 per ounce, marking a daily decrease of over $200. Silver prices fell over 5%, dropping below the $110 mark [1]. Cryptocurrency Market - Major cryptocurrencies continued to decline, with Bitcoin falling over 6% to below $82,300, and Ethereum and SOL dropping over 7%. In the last 24 hours, more than 270,000 traders were liquidated, with a total liquidation amount close to $1.7 billion [2]. Dollar Index - The US dollar index rebounded, rising by 0.44% to 96.58 as of 11:30 AM Beijing time [3]. Geopolitical Factors - Ongoing tensions in the Middle East are impacting global markets. US President Trump announced plans to engage in dialogue with Iran, and the market is closely watching the announcement of the next Federal Reserve Chair, which is expected to be revealed on January 30 [5].

Market Overview - On January 30, A-shares opened lower with all three major indices dropping over 1% by around 10 AM, led by declines in the gold and base metals sectors [1] - A wave of individual stocks hit the daily limit down, including Baiyin Nonferrous, Xiyang Silver Tin, Yuguang Gold Lead, Zhongjin Gold, and Shengda Resources, while Hunan Gold saw a counter-trend surge, achieving a five-day limit up [1] Stock Performance - Notable stock performances include: - Xiaocheng Technology: Current price 67.57, down 19.92% with a trading volume of 2.289 billion, year-to-date increase of 122.56% [2] - Guiyan Platinum: Current price 23.55, down 10.01% with a trading volume of 1.031 billion, year-to-date increase of 26.54% [2] - Shengda Resources: Current price 61.02, down 10.00% with a trading volume of 1.101 billion, year-to-date increase of 97.09% [2] - Other stocks like Zhongjin Gold and Shandong Gold also experienced a 10% drop [2] Market Sentiment - Recent market activity indicates that speculation around gold and silver-related stocks is increasingly driven by emotions rather than fundamentals, leading to heightened volatility risks in the precious metals sector [3] - Some stocks, which have performance trends negatively correlated with gold prices, have already begun to decline despite the ongoing limit up for certain gold stocks [3] Company Specifics - Baiyin Nonferrous, despite its name, has limited business relevance to silver and has faced regulatory scrutiny for information disclosure violations, with an ongoing investigation since September 11, 2025 [3] - The domestic gold jewelry prices have also seen a decline, with notable drops in prices for brands like Chow Sang Sang and Lao Feng Xiang, reflecting the impact of international gold price fluctuations [5]

作者丨吴金铎 曾静娇 第一轮 是2022年黄金突破1800美元/盎司，2023年伦敦金价格较2022年上涨7.85%。 第二轮 是2025年美国向全世界推出所谓"对等关税"。美元是自由贸易的最大受益者，关税政策的推出，较大程度破坏了自由贸易，也不可避免 地影响了美元的信用地位。2025年伦敦金现货价格和COMEX黄金期货结算价（活跃合约）分别上涨至3439.2美元/盎司和3467.3美元/盎司，同 比涨幅均超过44%。2022年—2025年短短的四年时间，伦敦金上涨了91.1%。 第三轮 是2026年以来，美国政府新的对外政策冲击了世界政治和经济秩序，如在委内瑞拉的行动，以及对格陵兰岛主权的主张。世界各国对美 国和美元资产的信任受到极大冲击，黄金涨幅不断创新高，2026年1月29日，黄金价格已超过5500美元/盎司，市场不断上修黄金价格的预期。 编辑丨陆跃玲 在美元信用为主的国际货币体系受到冲击的条件下，黄金价格突破历史新高。 1月29日早间，"去中心化"资产黄金价格超过5500美元/盎司，深夜黄金突然跳水，一度回吐所有涨幅，而后探底反弹。 （回顾） | | | 黄金还会继续涨吗？ 现行的国际货币体系是197 ...

Core Viewpoint - The article emphasizes the importance of algorithm transparency in the freight industry, highlighting that while algorithms drive efficiency, they must also address fairness and sustainability to protect drivers' interests and comply with regulatory requirements [1][21]. Algorithm Transparency and Driver Benefits - The recent sixth algorithm disclosure by Huolala focuses on technical transparency and reducing burdens, benefiting over a million drivers and providing a model for the industry [1]. - Complex and opaque commission rules are a major source of anxiety for drivers, with some smaller platforms exacerbating confusion through low commission gimmicks and hidden fees [2]. Clear and Predictable Cost Reduction System - Huolala implements a multi-scenario commission reduction strategy, covering all order types and differentiating reductions based on order category, long-distance travel, and supply-demand conditions [6]. - A rigid commission cap has been established, limiting commissions to 50 yuan for drivers with a "reduction card" and 100 yuan for others, addressing the long-standing issue of unlimited commission on high-value orders [7][9]. - Continuous fee reductions are part of Huolala's long-term strategy, aiming to lower the overall commission rate from 12.2% in 2023 to 10.9%, with a projected cumulative benefit of 260 million yuan for drivers by 2025 [11]. Systematic Operational Environment Optimization - Drivers face not only explicit costs like commissions but also implicit risks such as complex pricing and delayed payments, which are common industry challenges [14]. - Huolala has introduced measures to enhance pricing transparency, allowing drivers to better understand their earnings and providing a peak service fee during high-demand periods [15]. - The introduction of a "payment on delivery service fee" addresses the risk of delayed payments, charging users an additional 2%-3% fee to compensate drivers, which is expected to generate 350 million yuan in additional income by 2026 [17]. - Huolala also commits to covering overdue payments for eligible drivers, having already paid over 1 million yuan in overdue fees, with plans to increase this amount to 1.5 million yuan in 2026 [19]. Industry Transformation and Future Outlook - The sixth algorithm disclosure by Huolala represents a shift in the freight industry from an "efficiency-first" approach to one that prioritizes fairness and human concern, aligning with regulatory expectations [19][21]. - The ongoing digital transformation in the freight industry requires collaboration among major platforms, regulatory bodies, and drivers to foster a healthy development environment [21]. - As algorithm transparency becomes a consensus in the industry, it is anticipated that more platforms will follow suit, leading to reduced burdens on drivers and improved income stability, ultimately moving the industry towards a more equitable, efficient, and sustainable future [21].

Core Viewpoint - The article discusses the issuance of local government bonds in China, highlighting a significant increase in the scale and structure of bond issuance for 2026, driven by proactive fiscal policies aimed at supporting economic growth and project funding [1][2]. Group 1: Bond Issuance Overview - As of January 27, 2026, a total of 584.7 billion yuan in local bonds has been issued, with new special bonds accounting for 196.2 billion yuan, representing 33.6% of the total [1]. - The planned issuance of local bonds for the first quarter exceeds 2.5 trillion yuan, marking the highest level for the same period in three years [1]. Group 2: Bond Structure - The first quarter's planned issuance includes 764.4 billion yuan in new special bonds and 1.21 trillion yuan in refinancing special bonds, making up 29.5% and 46.7% of the total issuance plan, respectively [2]. - New special bonds will focus on high-quality projects that can quickly generate tangible results, while refinancing bonds will primarily be used to repay maturing debts and optimize debt structures [2]. Group 3: Issuance Mechanism - The "self-examination and self-issuance" pilot program is expected to expand, enhancing issuance efficiency and local autonomy [3]. - This mechanism requires local governments to take on greater responsibility for project quality and risk management, leading to differentiated bond issuance rates based on regional fiscal health and project viability [3]. Group 4: Fund Utilization - New special bonds will emphasize project orientation and strategic layout, targeting major projects outlined in the national "14th Five-Year Plan" [4]. - The funding will support critical infrastructure related to food security, energy security, and emerging industries such as quantum technology and artificial intelligence [4]. - There will be an optimization of the mechanism for using special bonds as project capital, increasing the capital usage ratio to attract more social capital into major projects [5].

Core Viewpoint - The storage industry is experiencing significant growth driven by the increasing demand for AI infrastructure, leading to record-high performances from major storage manufacturers like Seagate, SK Hynix, and Samsung Electronics [1][2][3]. Group 1: Financial Performance - SK Hynix reported a record high in Q4 2025 with revenue increasing by 34% to 32.83 trillion KRW and operating profit up 68% to 19.17 trillion KRW, achieving an operating margin of 58% [1]. - Samsung Electronics' storage business achieved sales revenue of 37.1 trillion KRW in Q4, a 39% quarter-on-quarter increase and a 62% year-on-year increase, significantly outperforming the group's overall sales growth of 24% [2]. - For the full year 2025, SK Hynix's revenue reached 97.15 trillion KRW, with operating profit doubling to 47.21 trillion KRW compared to 2024 [3]. Group 2: Market Trends - The storage market is expected to face a severe decline in 2024, but a sudden recovery is anticipated in 2025, as indicated by industry insiders [2]. - The demand for DRAM and NAND products is projected to grow significantly, with DRAM prices increasing by approximately 25% and NAND prices by over 30% in Q4 2025 [3][4]. - The limited supply combined with strong demand from cloud service providers for AI infrastructure is creating a supply-demand imbalance, contributing to the strong financial results of storage giants [4]. Group 3: Capital Expenditure and Expansion - Major storage companies are increasing capital expenditures in response to the robust demand for AI infrastructure, with Micron Technology announcing a $100 billion investment to build multiple semiconductor fabs in the U.S. [6][7]. - Micron also plans to acquire a manufacturing facility in Taiwan for $1.8 billion to enhance its storage supply capabilities [6]. - SK Hynix is cautiously increasing its capital expenditures while focusing on strengthening partnerships to meet customer demands, with plans to enhance production capacity at its facilities in Korea and the U.S. [7][8]. Group 4: Future Outlook - The storage industry is entering a new growth cycle defined by AI, with a focus on high-value products such as high-bandwidth memory and enterprise solid-state drives [9]. - The demand for DRAM is expected to grow by over 20% year-on-year in 2026, while NAND demand is projected to grow by around 20% [8]. - The importance of memory in server markets is increasing, with expectations of over 15% growth in this segment in 2026 [8].

Group 1 - The article discusses President Trump's statement regarding Canada's refusal to certify certain U.S. aircraft models, which he claims is unfair treatment of American companies [1] - In response, the U.S. plans to suspend the certification of Bombardier's Global Express series and all Canadian-manufactured aircraft until the U.S. aircraft receive full certification [1] - Trump warns that if the issue is not resolved immediately, a 50% tariff will be imposed on all Canadian aircraft sold to the U.S. [1] Group 2 - The article mentions significant market movements, including a rebound in gold and silver prices, a 10% increase in Meta's stock, a 10% drop in Microsoft's stock, and an 18% surge in the stock of TAL Education [2] - It highlights that over 220,000 Chinese investors were reported to have been liquidated in the cryptocurrency market [2] - Additionally, it notes that Chinese investors purchased nearly 10% of the world's gold last year [2]

来源丨新华社 编辑丨曾静娇 黄金白银深夜跳水反弹，Meta涨10%，微软跌10%，好未来飙升18%，加密货币超22万人被爆仓 中国投资者去年买走全球近十分之一黄金 SFC 21君荐读 美国总统特朗普29日签署行政令，宣布国家紧急状态，威胁对向古巴提供石油的国家输美商品 加征从价关税。 ...

Market Overview - The U.S. stock market showed mixed results with major indices fluctuating, as technology stocks experienced divergent trends, with Meta rising by 10% and Microsoft dropping by over 10% [1][2] - The Nasdaq China Golden Dragon Index saw a slight increase of 0.35%, while online education stocks mostly rose, with TAL Education surging over 18% [1][4] Technology Sector - Major tech stocks displayed varied performance; Nvidia increased by 0.52%, Google rose by 0.71% to a historical high, while Microsoft fell over 10% due to slowing cloud business growth and record capital expenditures [2][3] - ServiceNow, despite reporting better-than-expected quarterly earnings, dropped nearly 10% following Microsoft's decline, indicating a broader impact on the software sector [3] Commodities - Gold and silver experienced significant volatility, initially dropping but ultimately closing higher, with COMEX gold and silver both rising over 1% [4][6] - International oil prices surged by over 3% amid rising tensions in the Middle East, with concerns about potential disruptions in oil transport [6] Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 5% to below $84,500, and over 220,000 traders facing liquidation, totaling more than $1 billion in losses [6][7] - The overall market sentiment was negative, with major cryptocurrencies like Ethereum and SOL also experiencing significant drops [7] Chinese Education Sector - TAL Education reported a strong performance with a quarterly earnings surprise, leading to an 18.03% increase in its stock price [5] - Other Chinese education stocks like Yiqi Education and New Oriental also saw positive movements, indicating a recovery trend in the sector [5]