Group 1 - UK Prime Minister Starmer will visit China from January 28 to 31, marking the first visit by a UK Prime Minister in eight years. Discussions will focus on bilateral relations and trade investment cooperation [3][6] - US President Trump stated that he is not concerned about the decline of the US dollar, which has recently dropped over 1% to a nearly four-year low of 95.7905 [3][6] - A new wave of price increases is sweeping the global chip industry, with Samsung and SK Hynix significantly raising prices for LPDDR memory used in iPhones by over 80% and nearly 100%, respectively [3][6] Group 2 - Clawdbot has gained significant attention in the tech industry, seen as a precursor to the future of AI agents. Meanwhile, domestic AI models are also gaining traction, with DeepSeek releasing a new OCR model [4] - The Ministry of Human Resources and Social Security announced plans to enhance labor rights for new employment forms and revise paid leave regulations [5] - The National Bureau of Statistics reported that profits of large industrial enterprises in China reached 7.4 trillion yuan in 2025, a 0.6% year-on-year increase, reversing a three-year decline [5] Group 3 - Anta Sports announced a deal to acquire a 29.06% stake in Puma for 15.06 billion euros (approximately 122.8 billion yuan), making Anta the largest shareholder of Puma [9] - The China Fund Industry Association released a performance benchmark database for public funds, focusing on stock indices [9] - The resource product LOF purchase limit has been upgraded, with major funds suspending large purchases starting January 28 [9] Group 4 - Companies such as Guotai Junan and Shenwan Hongyuan expect significant profit increases in 2025, with projected growth rates ranging from 41.76% to 115% [11] - Aisen Co. plans to invest 20 billion yuan in a semiconductor materials manufacturing base in East China [12] - The central bank reported a decrease in real estate loans, with a total balance of 51.95 trillion yuan at the end of 2025, down 963.6 billion yuan year-on-year [12]

Group 1 - Alibaba officially released the Qwen3-Max-Thinking flagship reasoning model with over 1 trillion parameters, achieving significant performance improvements and surpassing top models like GPT-5.2 and Claude Opus4.5 in key benchmarks [2] - Zijin Mining announced plans to acquire 100% of United Gold for 28 billion yuan, which includes gold resources in Mali, Côte d'Ivoire, and Ethiopia, enhancing the company's gold resource portfolio [2] - Nvidia announced a $2 billion investment in CoreWeave to strengthen collaboration in AI computing infrastructure and accelerate AI factory construction, aiming to deploy over 5 GW of computing power by 2030 [2] Group 2 - Tencent held its 2025 employee conference, with CEO Ma Huateng stating that TEG and CSIG will lead Tencent's AI initiatives, focusing on an integrated approach to large models and AI products while maintaining user privacy [4] - TSMC's earnings report and guidance led Goldman Sachs to raise its 12-month target for Taiwan's weighted index from 32,400 to 34,600, reflecting recognition of TSMC's leadership in AI and HPC [4] - Foxconn's stock surged due to supply disruptions from a winter storm in North America and China's proposed "anti-involution" policy, which is expected to support Taiwan's petrochemical exports and margins in the long term [4] Group 3 - The U.S. Rare Earth Company received a $1.6 billion investment from the Trump administration for developing Texas rare earth mines and an Oklahoma magnet factory, with total funding reaching $3.1 billion [6] - Microsoft launched the new AI chip Maia 200, built on TSMC's 3nm process, aimed at reducing dependency on Nvidia, while also addressing issues with Windows 11 updates causing device startup failures [6] - Apple released the second-generation AirTag with a 50% increase in range and larger volume, while Q1 earnings are expected to show steady growth [6] Group 4 - Samsung Electronics reported a 3-4 times increase in consumer-grade DDR5 memory prices over the past two months and announced a stock reward program for employees [10] - Toyota began production of the 2026 hybrid RAV4 in Canada and recalled 162,000 Tundra models in the U.S., with sales in China showing signs of recovery despite a 3.6% drop in stock price due to yen appreciation [10] - LG Group's LG Display is collaborating with Korean companies to develop glass interlayers for expanding semiconductor packaging business [10]

Group 1 - The precious metals market experienced significant volatility, with COMEX silver initially surging over 16% and then retracting, while COMEX gold fluctuated around the $5000 mark, closing with a modest gain of 0.5% [3] - The exchanges took measures to cool down the commodity futures market by adjusting trading limits and margin requirements for silver and tin futures [3] Group 2 - Alibaba launched its flagship AI model Qwen3-Max-Thinking, achieving several global records in authoritative evaluations, positioning it as the strongest domestic AI model to date [4] - The AI unicorn Jieyue Xingchen completed over 5 billion RMB in Series B+ financing, setting a new record for single financing in China's large model sector over the past 12 months [4] Group 3 - The Chinese Ministry of Foreign Affairs advised citizens to avoid traveling to Japan during the Spring Festival due to safety concerns related to crime and natural disasters [5] - The Ministry of Commerce announced upcoming policies to stimulate service consumption and enhance inbound consumption [5] - The People's Bank of China emphasized expanding the coverage of macro-prudential policies to maintain financial market stability [5] Group 4 - The A-share market saw a slight decline, with the Shanghai Composite Index down 0.09% and trading volume increasing to 3.28 trillion RMB [8] - The Hong Kong Hang Seng Index rose slightly by 0.06%, while the Hang Seng Technology Index fell by 1.24% [8] - The China Securities Regulatory Commission has issued multiple penalties for market manipulation and disclosure violations [8] Group 5 - Overseas institutions have shown increased interest in A-shares, focusing on quality investment opportunities in the electronics, power equipment, and machinery sectors [9] - Hong Kong-listed companies have actively engaged in share buybacks, with a total amount exceeding 11.7 billion HKD this year [9] Group 6 - The latest statistics from the Ministry of Public Security indicated that the number of motor vehicles in China reached 469 million by 2025, with new registrations exceeding 30 million for 11 consecutive years [10] - The Beijing humanoid robot innovation center successfully connected a robot to a new type of low-orbit satellite, marking a global first [10] Group 7 - The first batch of game licenses for 2026 has been announced, with 177 domestic and 5 imported games receiving approval [11] - Binance is exploring the reintroduction of stock tokens on its exchange, following previous regulatory challenges [12] Group 8 - The Hong Kong government plans to increase gold reserves to 2000 tons over the next three years and establish a central clearing system for gold [20] - International precious metal futures saw a general increase, with COMEX gold futures rising by 0.5% [20]

1. 公开市场操作 （IMM） 右。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 央行 公告称， 1 月 26 日以固定利率、数量招标方式开展了 1505 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1505 亿元，中标量 1505 亿元。 Wind 数据显示，当日 1583 亿元 逆回购到期 ，据此计算，单日净回笼 78 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期基本结束，但银行间市场资金面紧平衡态势未见明显缓和， D R001 加权平均利率上行约 2bp 至 1.41% 附近。匿名点击（ X-repo ）系统上，隔夜报 价升至 1.48%-1.50% ，供给寥寥。非银机构以质押存单及信用债借入隔夜，最新报价在 1.53%-1.55% ，较上日变化不大，可跨月的七天期报价在 1.6% 左 海外方面，最新美国隔夜融资担保利率为 3.64% 。 全国和主要股份制银行一年期同业存单最新成交在 1.60% 附近，较上日上行 1bp 。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1 ...

美元指数一度跌破97，助推贵金属价格。 | < W | | | 美元指数 | | | | --- | --- | --- | --- | --- | --- | | | | | USDX.FX | | | | 97.1127 | | 前收 | 97.5053 开盘 | | 97.1569 | | -0.3926 | -0.40% | 委员 | 97.1127 买入 | | 97.1127 | | 最高 | 97.2693 | 今年来 | -1.18% | 20日 | -0.90% | | 最低 | 96.9355 | 10日 | -1.80% | 60日 | -2.77% | | 分时 | | 日K | 周Ｋ 月Ｋ | | 更多 ◎ | | | | | 叠加 设均线 MA5:98.0413↓ 10:98.6220↓ 20:98.5991↓ 60:91 切走势线 | | | | 101.5669 | | | | | | | -100.3950 | | | | | | | 99.0899 | | | | | | | ... << | | | | | 96.9355 | | 96.6130 | 1 1 1 1 1 ...

// 一、市场要闻 // 1、 1月PMI数据将公布 1月31日，国家统计局将公布1月PMI数据。据国家统计局，去年12月PMI为50.1%，比上月上升0.9个百分点，在连续8个月运行在50%以下后升至扩张区 间。 2、 美联储将公布利率决议 本周，美联储将公布利率决议。芝商所的"美联储观察"工具显示，市场认为美联储将在1月货币政策会议上保持利率不变的概率已经达到95%。中信证券 认为，美国检方对鲍威尔的刑事调查无助于施压美联储激进降息，预计美联储今年1月暂停降息。 3、 央行公开市场将有11810亿元逆回购到期 本周央行公开市场将有11810亿元逆回购到期，其中周一至周五分别到期1583亿元、3240亿元、3635亿元、2102亿元、1250亿元。此外，周一还将有2000 亿元MLF到期。 4 、科技巨头陆续公布财报 财报方面，约五分之一的标普500成分股将在本周公布季度业绩，其中包括苹果、微软、Meta和特斯拉这四家"美股七巨头"成员。本轮财报季的一个关键 主题在于：企业是否开始真正从AI相关投资中获益。在2025年末，市场曾担心大规模投向数据中心及其他基础设施的资本支出能否带来回报，这种疑虑 一度打压科 ...

海外方面，最新美国隔夜融资担保利率为3.63%。 （IMM） // 债市综述 // 1. 公开市场操作 央行公告称，1月23日以固定利率、数量招标方式开展了1250亿元7天期逆回购操作，操作利率1.40%，投标量1250亿元， 中标量1250亿元。Wind数据显示，当日867亿元逆回购到期，据此计算，单日净投放383亿元。当周实现净投放2295亿元。 Wind数据显示，1月26日至30日当周，央行公开市场将有11810亿元逆回购到期。此外，1月26日还将有2000亿元MLF到 期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 缴税影响尚未完全消除，银行间市场资金面仍显紧平衡，DR001加权平均利率降约2bp至1.39%附近。匿名点击（X-repo） 系统上，隔夜报价在1.42%附近，供给仍不稳；非银机构质押存单及信用债借入隔夜报价则在1.52%-1.55%一线。 6. 国债期货收盘 全国和主要股份制银行一年期同业存单最新成交在1.59%附近，较上日下行超1bp。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） 4. 银行间 ...

中金公司张峻栋认为，美日国债风暴可能倒逼美国联储开启YCC，全球流动性宽松预期增强。目 前美元贬值周期将利好人民币兑美元汇率，同时助推中国资产的吸引力。资本市场结构性机会最 显著，建议布局A股和港股，尤其是全球资金低配的中国市场；此外，有色金属在弱美元周期中 表现或相对突出。 2.万家基金：通缩逆转或带来市场风格切换 【 摘要 】中金公司张峻栋认为，美日国债风暴可能倒逼美国联储开启YCC，助推中国资产的吸 引力。万家基金叶勇指出，2026年有望走出通缩格局，PPI转正将促资产价格回升和顺周期板块 回暖。 一、焦点锐评 1．中际旭创成公募基金第一大重仓股 公募基金2025年四季报披露收官。Wind数据显示，中际旭创超越宁德时代成为公募基金第一大市 值重仓股，新易盛居第三。当季，公募基金加大了对焦电子、电力设备等核心赛道布局。截至 2025年底，公募基金市场总规模接近37万亿元，续创历史新高。 【解读】银河证券杨超分析称，2025年第四季度末，股票仓位环比下降1.40个百分点至84.22%， 依然处于2005年以来历史高位水平。其中，A股在资产配置中的占比延续上行，上升0.66个百分 点至72.18%。整体来看， ...

Group 1 - Tencent and Baidu are distributing significant cash rewards during the Spring Festival, with Tencent offering 1 billion yuan in cash red envelopes and Baidu providing 500 million yuan in cash rewards through its app [2] - Apple has initiated a major discount on the iPhone Air 256GB model, reducing the price from 7999 yuan to 5499 yuan, marking the largest price drop for this model in history [2] - Nvidia's CEO Jensen Huang is visiting China to deepen cooperation in AI technology, while the company faces production halts for certain components [3] Group 2 - Xiaomi's CEO Lei Jun announced that the new generation of Xiaomi SU7 is expected to have sample cars available before the Spring Festival [5] - NIO's subsidiary has achieved 91.36% progress in its battery doubling plan, with over 7309 new batteries invested as of January 24 [5] - Hunan Gold plans to acquire 100% equity of two companies to enhance its competitiveness in the precious metals refining and processing sector [5] Group 3 - Microsoft is addressing issues with Windows 11 that have affected basic applications, while also expanding its gaming strategy to include Xbox games on PS5 and Switch [8] - Amazon's low Earth orbit satellites are facing criticism for their brightness affecting astronomical observations, and the company is experiencing a decline in order volume [8] - The U.S. government plans to invest 1.6 billion USD in a rare earth company to secure critical mineral supplies, acquiring a 10% stake [8] Group 4 - Samsung Electronics plans to increase NAND flash supply prices by 100% in Q1 2026, reflecting ongoing tensions in the semiconductor market [10] - Toyota maintains its leading position in the Thai automotive market while facing challenges in electric vehicle transitions in China [10] - SK Hynix aims to launch high bandwidth memory samples by 2026 to meet the demands of AI and data center high-performance computing [10] Group 5 - Volkswagen's CEO stated that plans to build an Audi factory in the U.S. are contingent on tariff reductions, while its joint venture plans to launch 13 new models by 2026 [12] - BMW is implementing a second official price adjustment in 2026, with some models seeing price reductions exceeding 60,000 yuan [12] - LVMH is increasing investments in the beauty sector to strengthen its position in the high-end beauty market [12]

• 本周市场 聚焦 美联储1月利率决议， "超级财报周"重磅来袭，苹果、微软等科技巨头将发布财报 • 美联储继任主席最热门人选出炉 • 权益基金新发显著回暖， 年内新成立基金募资超700亿元 • 北交所打新资金首破万亿， 中签门槛显著抬升 • 苹果降价促销， 部分产品已缺货 • 全球存储器涨价潮加剧， 三星NAND闪存价格上调超100% 1. 本周全球市场大事不断！美联储将于北京时间1月30日凌晨3:00公布1月利率决议；美股"七巨头"财报密集发布；中国1月PMI数据将揭示经济开局态 势。 与此同时，多个产业大会备受关注，包括中国信通院太空算力研讨会、欧盟-印度峰会、OPEC+月度会议、亚洲金融论坛等。 2. 美联储继任主席人选牵动市场神经，美国总统特朗普可能最早于本周宣布新任美联储主席人选。 特朗普对全球资产管理巨头贝莱德公司高管里克·里德 尔的公开称赞，则让这位华尔街资深人士迅速跃升为美联储继任主席热门人选，目前在预测平台上，里德尔获提名的概率从4%升至50%左右。 1. 北京市2026年经济社会发展主要预期目标明确，包括：地区生产总值增长5%左右，一般公共预算收入增长4%左右，城镇调查失业率控制在5%以 ...