券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 泽连斯基表示，乌克兰加入欧盟不仅是对乌克兰的重要安全保障，对整个欧洲同样如此，"欧洲的共同力量， 部分正是依靠乌克兰在安全、技术和经济方面的贡献"。 此外在通话中，他还向奥地利方面通报了此前在阿联酋举行的乌克兰、美国和俄罗斯代表团三方会谈情况。他 表示会谈重点讨论了军事议题，同时涉及安全保障问题。 来源：央视新闻 责编：汪云鹏 校对：王朝全 百万用户都在看 盘中，大幅拉升！20%涨停！芯片，突传重磅消息！ 直面争议！李蓓最新研判：黄金别再追了！地产拐点临近，价值投资将回归 突发！超2900架次航班，紧急取消！特大风暴，突袭美国 跨界并购！牛股尾盘，封死涨停！A股又一信号闪现 尾盘异动！A股，三大 ...

芯片"涨价潮"愈演愈烈。 北京时间1月27日晚间，美股开盘后，美股存储芯片概念股集体走强，美光科技、闪迪一度大涨超5%，西部数 据大涨超2%，希捷科技涨超近2%。 消息面上，美光科技周二宣布将在未来十年向新加坡追加投资240亿美元，用于建设新的NAND闪存晶圆厂， 以应对人工智能驱动的存储芯片供应紧张。 这座新设施将是新加坡首座双层晶圆厂，洁净室面积达70万平方英尺，预计于2028年下半年开始晶圆产出。 此举凸显全球存储芯片市场的供需失衡正在加剧。在此之前，美光科技在美国纽约州启动了1000亿美元的建厂 项目，以缓解其所称的"前所未有的供应紧缩"。 另据韩媒ZDNet最新报道，存储芯片巨头三星电子、SK海力士已完成和苹果的谈判，将大幅上调今年第一季 度供应的苹果iPhone低功耗DRAM（LPDDR）价格。 报道称，三星电子的报价较前一季度涨幅超过80%，SK海力士则给出的涨幅接近100%。 受涨价利好刺激，今晚美股开盘后，美股存储芯片概念股全线大涨，美光科技、闪迪大涨超5%。消息面上， 存储巨头三星电子、SK海力士已完成和苹果的谈判，将大幅上调今年第一季度供应的iPhone LPDDR价格，前 者报价环比涨 ...

Core Viewpoint - The article highlights the recent advancements in domestic AI models, particularly focusing on the release of new models by DeepSeek, Kimi, and Alibaba, which demonstrate significant improvements in performance and capabilities in visual understanding and reasoning [2][8][9]. Group 1: DeepSeek's Innovations - DeepSeek released the new DeepSeek-OCR 2 model on January 27, utilizing the innovative DeepEncoder V2 method, allowing AI to dynamically rearrange image components based on their meaning, mimicking human visual encoding logic [2][3]. - The DeepSeek-OCR 2 model achieved a score of 91.09% on the OmniDocBench v1.5 benchmark, representing a 3.73% improvement over its predecessor [3][4]. - The model maintains high precision while controlling computational costs, with visual token counts limited between 256 and 1120, aligning with Google’s Gemini-3 Pro [3][4]. Group 2: Kimi's Model Release - Kimi launched the Kimi K2.5 model, which automatically updated the previous K2 model without user intervention, aimed at enhancing response speed, reasoning ability, and multi-turn dialogue stability [8]. - Kimi K2.5 achieved top scores in various agent evaluations, including HLE, BrowseComp, and DeepSearchQA, marking it as Kimi's most intelligent model to date [8]. Group 3: Alibaba's Qwen3-Max-Thinking - Alibaba introduced the Qwen3-Max-Thinking model, which surpassed leading models like GPT-5.2 and Claude Opus 4.5 in multiple key performance benchmarks, setting new global records [8][9]. - The new model features over one trillion parameters and incorporates a novel test-time scaling mechanism, significantly enhancing reasoning performance while being more economical [9]. - Qwen3-Max-Thinking also improves the model's ability to autonomously use tools, reducing hallucinations and laying the groundwork for solving complex real-world tasks [9].

业内人士对记者分析称，两家银行在分行层面任命行长兼任合规官，能更主动推动合规管理制度嵌入业务全流 程，避免合规与基层业务脱节，提高合规与风险管理效率。相信两家银行不是唯二，更多银行将不仅按照金融 监管总局《金融机构合规管理办法》在总行设立首席合规官，也会在分行层面设立合规官。 总行层面，兴业银行首席合规官由副行长孙雄鹏兼任；平安银行首席合规官由行长助理、首席风险官吴雷鸣兼 任，但两者均是在2025年12月才被董事会聘任为首席合规官，两者任职资格均待国家金融监督管理总局核准。 已有20多家行设置首席合规官 商业银行，已经不再局限于在总行层面设立首席合规官了。 券商中国记者独家获悉，平安银行1月27日集中发布一批任命，在八家分行任命行长兼任合规官。继兴业银行 任命七家分行行长兼任合规官后，平安银行成为又一家在分行层面完成合规官配备的股份行。 分行一把手开始兼任合规官 券商中国记者获悉，就在刚开完全行2026年工作会议的第二天，1月27日，平安银行就对内发布了一批任命： 任命重庆、昆明、青岛、佛山、乌鲁木齐、沈阳、哈尔滨、西安八家分行的行长，兼任分行合规官。 也是在近日，据"金融人事"报道，兴业银行在北京、上海、南 ...

在市场利率持续下行、资产收益普降的背景下，财富管理行业中，FOF正逐步走向公众视野，成为 承接居民及企业财富配置需求的重要工具。 国泰海通资管副总裁左秀海日前接受证券时报·券商中国记者采访时，阐述了对行业趋势的洞察与公司的战略 布局。 左秀海拥有17年量化交易策略研究与系统服务经验，曾分管海通证券量化业务并构建其对冲基金服务体系，历 任海通资管副总经理，2025年12月出任国泰海通资管副总裁。在他看来，FOF的快速发展并非偶然，而是利率 环境、资产配置需求与管理人能力三大因素共同作用的结果。"FOF作为多资产、多策略的投研模式，参照海 外经验，其规模应介于权益产品与固定收益产品之间。结合中国实际，我们预计未来三年中国FOF规模将突破 1.5万亿元。" 多资产、多策略的FOF具有独特优势：在资产配置层面，它能实现对股票、债券、商品等多类资产的灵活组合 与动态配置。从组合投资理论来看，资产越分散、越多元化，投资组合净值的波动往往越能得到平滑，从而提 升风险调整后的收益。 他特别强调，当前经济转型期，传统行业的面临不小挑战，其投资回报率普遍在5%以下，这使得金融资产投 资收益更具吸引力。这一趋势在未来相当长时间内都 ...

Group 1 - The core viewpoint of the article emphasizes the strengthening of strategic cooperation between China and Russia, marking the 30th anniversary of their strategic partnership and the 25th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation [1] - Chinese Defense Minister Dong Jun expressed the willingness to enhance strategic collaboration and improve communication mechanisms to jointly address various risks and challenges, contributing positively to global security and stability [1] - Russian Defense Minister Shoigu indicated Russia's readiness to deepen practical cooperation in areas such as military strategic consultations, joint actions, and personnel training, aiming to elevate the strategic partnership to a higher level [1]

Macro Dynamics - The People's Bank of China reported that by the end of Q4 2025, the balance of real estate development loans will decrease by 3% year-on-year, amounting to 13.16 trillion yuan, with an annual reduction of 357.5 billion yuan [2] - The total balance of RMB real estate loans will be 51.95 trillion yuan, down 1.6% year-on-year, with an annual decrease of 963.6 billion yuan [2] Market Regulation - The State Administration for Market Regulation announced ten major cases of "involution" competition for 2025, emphasizing a strict enforcement approach to combat infringement, quality violations, and monopolistic agreements [3] Real Estate Market - In major cities like Shanghai, the number of second-hand housing listings is declining as transaction volumes recover, with listings returning to levels seen in February of the previous year [5] Financial Institutions - China Merchants Securities reported a net profit of 12.3 billion yuan for 2025, an increase of 18.43% year-on-year, with total revenue of 24.9 billion yuan, up 19.19% [8] - Dongfang Securities expects a net profit of 5.62 billion yuan for 2025, a year-on-year increase of 67.8%, with projected revenue of 15.34 billion yuan [9] Market Data - The ChiNext Index rose by 0.71%, with the semiconductor sector showing strong performance, while the overall market saw over 1,900 stocks increase in value [11] - The total margin financing balance across both exchanges increased by 19.55 billion yuan, reaching 26.99 trillion yuan [12] Company Dynamics - Mu Xi Co. launched the X series scientific intelligent GPU, aimed at enhancing the AI for Science ecosystem [14] - *ST Boda announced a projected net profit of 6 to 8 million yuan for 2025, with a significant expected loss in net profit after non-recurring items [15] - Zhongjin Gold expects a net profit of 4.8 to 5.4 billion yuan for 2025, a year-on-year increase of 41.76% to 59.48%, driven by improved profitability in gold mining [16] - Ideal Auto plans to close a small number of inefficient retail stores as part of normal operational adjustments [17] - Guandun Quantum anticipates a net profit of around 5 million yuan for 2025, marking a turnaround from losses [18] - Zhenlei Technology expects a net profit of 123 to 145 million yuan for 2025, a significant increase of 529.64% to 642.26% year-on-year [19]

上期所再次出手，监管措施持续强化。 今日（1月27日），上期所发布公告，针对客户在锡、白银期货品种交易中涉嫌未申报实际控制关系的行为，3 组18名客户被限制开仓1个月以及限制出金。 当前，贵金属与有色金属市场情绪高涨、波动显著加大，交易风险也明显增加。此前一天，上期所已对部分客 户采取限制类似监管措施，并调整白银、锡期货相关合约交易限额，以及铜等期货相关合约涨跌停板幅度和交 易保证金比例。 上期所监管措施持续强化 1月27日，上期所网站发布公告称，发现3组18名客户在锡、白银期货品种交易中涉嫌未申报实际控制关系，根 据《上海期货交易所交易规则》《上海期货交易所实际控制关系账户管理办法》的相关规定，决定对上述客户 在锡、白银期货品种上采取限制开仓1个月以及限制出金的监管措施。 此前，26日上期所公告，3组16名客户在锡、白银期货品种交易中涉嫌未申报实际控制关系，采取限制开仓1个 月以及限制出金的监管措施。 1月27日，在商品期货市场资金整体流出的局面下，31亿元资金流入沪银，5.91亿元资金流入沪锡，而沪金流 出25亿元资金。此前一天，沪银资金净流入超百亿元。显然，市场资金对于贵金属和有色产品的参与热情仍然 较 ...

Core Viewpoint - Multiple listed securities firms are expected to report positive performance for 2025, with significant year-on-year profit growth anticipated across the sector [1][2]. Group 1: Performance Forecasts - Several securities firms, including China Merchants Securities, Shenwan Hongyuan Securities, Dongfang Securities, and Hongta Securities, have released performance forecasts indicating net profit growth of 18.43%, 74.64%-93.83%, 67.8%, and 59.05% respectively for 2025 [1][3]. - Citic Securities, a leading firm, reported a projected revenue of 748.3 billion yuan and a net profit of 300.51 billion yuan for 2025, reflecting year-on-year increases of 28.75% and 38.46% respectively [5][7]. - Dongfang Securities anticipates a revenue of 153.4 billion yuan, up 26.0%, and a net profit of 56.2 billion yuan, up 67.8% [4][7]. Group 2: Market Dynamics - The A-share market is expected to continue its upward trend, with daily trading volume increasing significantly, reaching an average of 19.8 trillion yuan, a 67% year-on-year increase [8]. - The balance of margin financing and securities lending is projected to reach 2.5 trillion yuan by the end of 2025, marking a 36% increase [8]. - Analysts attribute the strong performance of securities firms to three main factors: a stable macroeconomic environment, increased market activity, and strategic upgrades within firms [8][9]. Group 3: Analyst Predictions - Analysts predict that the overall net profit of listed securities firms will grow by over 50% in 2025, driven by robust trading activity and improved brokerage income [9][10]. - Financial Street Securities forecasts a 53.24% year-on-year increase in daily trading volume, with brokerage income expected to rise by over 40% [9]. - According to analysts, the growth in net profit is primarily driven by brokerage and investment business performance [10].

Group 1 - The spokesperson of the Southern Theater Command, Colonel Tian Junli, stated that the Chinese People's Liberation Army Navy conducted routine patrols in the South China Sea from January 25 to 26 [1] - The Philippines is attempting to involve external countries in a so-called "joint patrol," which disrupts peace and stability in the South China Sea [1] - The Southern Theater Command is committed to firmly defending national territorial sovereignty and maritime rights, as well as maintaining regional peace and stability [1]