1月22日，@interstellOr穿越者 官宣@Johnny黄景瑜 成为009号太空游客， 黄景瑜在vcr中表示很荣幸成 为一名太空旅客，将乘坐中国人自己的飞船亲身抵达那片星海。 1月22日，记者获悉，北京穿越者载人航天科技有限公司（以下简称"穿越者"）旗下的"穿越者壹号 （CYZ1）"预计将在2028年实现载人首飞，这也是国内首艘商业载人飞船。 据穿越者此前消息， 穿越者已开启船票预售，预售船票300万/张，预付10%可锁定名额，目前已签约来自 学界、商界、航天界、艺术界、娱乐界、网红界等领域的十余位付费太空游客。 北京穿越者载人航天科技有限公司官宣，智元机器人CMO邱恒成为"中国001号商业航天员"。邱恒于2023 年自费购买中国首张商业航天"太空船票"，成为首位签约亚轨道飞行的普通人。他表示，人形与四足机器 人能创造无限生产力，这样的生产力正加速服务工业、商业，未来也有可能助力人类拓展新的疆域。 2023年11月，穿越者与首位太空游游客签约。据穿越者官方消息，目前穿越者载人飞船的签约游客有中 国工程院院士李立浧、旅美诗人林小颜、广州正佳集团副董事长兼首席执行官谢萌、星河动力CEO刘百 奇、航天垂类大 ...

Core Viewpoint - CICC has undergone significant management changes, with key personnel adjustments in its leadership team, which may impact its strategic direction and operational efficiency [1][2][3]. Group 1: Management Changes - Xu Yicheng has stepped down from the management committee and will no longer serve as the financial officer, a role now taken over by Wang Shuguang, the current president of CICC [2][3]. - Xu Yicheng, aged 52, has been with CICC for 26 years and has made substantial contributions to the company's investment banking business, including leading major merger and acquisition transactions valued over $150 billion [3][4]. - Sun Nan, who has served as the company secretary for over five years, will be replaced by Liang Dongqing, the youngest executive in the management team and the only female executive [4]. Group 2: New Appointments - Liang Shipeng has been appointed as a member of the CICC Party Committee, bringing experience from his previous roles at the China Securities Regulatory Commission and China Galaxy Securities [5][6]. - The management reshuffle reflects a trend of personnel exchanges between CICC and China Galaxy Securities, both under the Central Huijin Investment [6]. Group 3: Strategic Implications - The management changes come at a time when CICC is actively pursuing significant transactions, including the ongoing merger with Dongxing Securities and Xinda Securities, which is still in progress [6]. - The company is expected to continue its efforts to enhance its position as a leading investment bank in the market following these leadership changes [6].

Core Viewpoint - The article discusses significant developments in the commercial space sector, focusing on SpaceX's plans for a second-generation Starlink satellite communication system and Blue Origin's new TeraWave network, highlighting the competitive landscape and technological advancements in satellite internet services. Group 1: SpaceX Developments - SpaceX plans to launch its second-generation Starlink satellite communication system in 2027, which will enhance overall capacity by over 100 times and increase data throughput by more than 20 times compared to the first generation [1][4]. - The first-generation Starlink service has provided coverage to over 400 million people, with more than 6 million monthly users, indicating a strong market presence [2][4]. - SpaceX has invested in spectrum resources, acquiring a $17 billion agreement with EchoStar to upgrade its services, with the completion of this acquisition expected by November 30, 2027 [2][3]. Group 2: Technical Challenges and Competition - The successful implementation of the second-generation system relies on hardware adaptations by mobile manufacturers and the launch of new satellites capable of utilizing the additional spectrum resources [3][4]. - SpaceX faces competition from companies like AST SpaceMobile and Globalstar, which are developing their own satellite direct-to-phone services, necessitating rapid advancements in its technology [3][4]. Group 3: Regulatory and Strategic Implications - SpaceX is advocating for the FCC to reserve parts of the C-band spectrum for satellite services, emphasizing the importance of satellite coverage in future wireless service planning [5]. - The strategic integration of spectrum and system development will be critical for SpaceX to maintain its competitive edge in the satellite communication market as the 2027 deadline approaches [5]. Group 4: Blue Origin's TeraWave Network - Blue Origin announced plans to launch over 5,400 satellites for its TeraWave network, which aims to provide global internet access with data transmission speeds of up to 6 Tbps, targeting enterprise and government clients [6][7]. - TeraWave's architecture will consist of satellites in low Earth orbit (LEO) and medium Earth orbit, designed to facilitate high-speed connections, particularly in remote and rural areas [7]. - Despite the ambitious plans, Blue Origin's satellite count will still be significantly lower than SpaceX's existing Starlink network, which currently has over 9,000 satellites in orbit [6][7].

Core Viewpoint - The A-share market has shown strong momentum since the beginning of 2026, driven by changes in the preferences of private equity institutions regarding market funding sources and opportunities within the technology growth sector [1][3]. Group 1: Insurance Capital as a Key Variable - Insurance capital is expected to be a major source of incremental funds in the equity market for 2026, influencing market style significantly [3]. - The influx of funds into the stock market is largely due to the ongoing downturn in the real estate market, prompting a reallocation of capital from real estate to equities, with insurance products acting as the main conduit [3][4]. - As of Q3 2025, insurance funds directly held 3.62 trillion yuan in secondary market stocks, surpassing the 3.56 trillion yuan held by actively managed equity mutual funds, indicating that insurance capital has become a core institutional investor in A-shares and Hong Kong stocks [4]. Group 2: Technology Growth Sector Dynamics - The technology growth sector, particularly AI and innovative pharmaceuticals, remains a crucial investment theme, but private equity firms are reassessing the internal structure of this sector [5]. - Concerns about potential bubbles and the viability of business models in the AI sector necessitate breakthroughs in AI applications for sustained market performance [5][6]. - Investment strategies in AI should shift from a total investment logic to a structural logic, focusing on areas with tight supply and insufficient market recognition, particularly in the fields of autonomous driving and robotics [6]. Group 3: Outlook for Non-Ferrous Metals - The precious and non-ferrous metals sectors continue to strengthen, with gold and silver prices reaching historical highs, and international copper prices also hitting new records [7]. - The investment logic for non-ferrous metals remains robust, influenced by global order reconstruction and technological competition, although the short-term price increases have been significant [7]. - The long-term performance of non-ferrous metals will be shaped by the evolving global monetary landscape and the critical role these metals play in technological advancements [7].

Group 1 - The core viewpoint of the article highlights that the largest private pension fund in Sweden, the Alecta Pension Fund, has significantly reduced its holdings of U.S. Treasury bonds due to concerns over the unpredictability of the current U.S. government and rising U.S. debt levels [1] - Alecta manages approximately 1.3 trillion Swedish Krona (about 143.3 billion USD) in assets and has sold off most of its U.S. Treasury bonds since early 2025, with current holdings estimated at around 100 billion Swedish Krona (approximately 11.02 billion USD) [1] - The fund has reportedly sold between 70 billion to 80 billion Swedish Krona worth of U.S. Treasury bonds [1] Group 2 - Following Alecta's actions, the Danish "Academic Pension Fund" announced plans to sell 1 million USD in U.S. Treasury bonds by the end of the month, citing poor fiscal conditions of the U.S. government [1] - Another Danish pension fund, PBU, is also in the process of selling U.S. Treasury bonds, expressing a desire to reduce dependence on the U.S. to mitigate potential risks from U.S. government actions [1]

Core Viewpoint - The article highlights a significant reduction in short-term consumer loans among Chinese households, indicating a trend towards deleveraging and a cautious approach to borrowing in the current economic environment [1][2][3]. Summary by Sections Short-term Consumer Loans - As of December 2025, the balance of short-term consumer loans has decreased to 94,900.77 billion yuan, a reduction of over 700 billion yuan compared to the previous year [2]. - This marks the first time in three years that the balance has fallen below the 95 trillion yuan threshold, reaching its lowest point since 2023 [3]. - The decline began in March 2025 when the balance was last above 100 trillion yuan, and by December 2025, it had dropped significantly, reflecting a year-on-year decrease of 6.93% [4]. Long-term Consumer Loans - Although short-term consumer loans have shrunk, long-term consumer loans have shown weak growth, increasing from 484,977.86 billion yuan at the end of 2024 to 486,820.09 billion yuan at the end of 2025, with a minimal growth of 0.38% [4]. Total Consumer Loans - The combined balance of short-term and long-term consumer loans decreased from 586,940.54 billion yuan to 581,720.86 billion yuan, a reduction of approximately 522 billion yuan, equating to a decline of about 0.9% [5]. Short-term and Long-term Business Loans - Short-term business loans also experienced a decline, dropping from 109,941.7 billion yuan at the end of 2024 to 109,140.04 billion yuan at the end of 2025, a decrease of 801.66 billion yuan, or 0.73% [6]. - In contrast, long-term business loans increased from 131,505.24 billion yuan to 141,938.69 billion yuan, reflecting a growth of 10,433.45 billion yuan, or approximately 7.93% [6]. Overall Loan Balances - The total balance of business loans rose from 241,446.94 billion yuan to 251,078.73 billion yuan, with an increase of 9,631.79 billion yuan, representing a growth of about 3.99% [7]. - The overall household loan balance increased from 828,387.49 billion yuan to 832,799.59 billion yuan, with a modest increase of 4,412.1 billion yuan, marking a new low growth rate of only 0.5% [7]. Policy Changes - New policies aimed at consumer loans have been introduced, including the optimization of interest subsidies, which may lead to consumer loan rates dropping to the "2" range [8][10]. - The adjustments include extending the subsidy period until December 31, 2026, and expanding the scope of eligible expenses, which could further stimulate consumer borrowing [8][10].

Core Viewpoint - The article discusses the recent escalation of military actions between Ukraine and Russia, highlighting a large-scale drone attack by Ukraine on Russian territory and subsequent retaliatory strikes by Russia on Ukrainian military infrastructure [2][4][6]. Group 1: Military Actions - On January 21, Ukraine launched a large-scale drone attack on the Krasnodar region of Russia, resulting in casualties and damage to port facilities [2][4]. - Russian military responded with precision strikes on Ukrainian military enterprises, energy and transportation infrastructure, ammunition depots, and drone production facilities, claiming all designated targets were hit [6]. - Ukrainian forces conducted multiple attacks on Russian troop concentrations and artillery systems, successfully repelling 44 Russian assaults in the Pokrovsk direction [6]. Group 2: Diplomatic Developments - Russian President Putin confirmed a meeting with U.S. Special Envoy Wietekov on January 22, where territorial issues related to Ukraine will be a key topic [2][8]. - Previous discussions between Putin and Wietekov have not yielded a compromise, with some U.S. proposals deemed acceptable by Russia while others are not [8]. - The article notes that the political resolution process for the Ukraine conflict is currently stagnant, with the U.S. not presenting a viable peace plan, leading to an escalation in battlefield conditions [10].

Group 1 - The State Council's Food Safety Office, along with other departments, is drafting national standards for prepared dishes and will soon solicit public opinions on these drafts [1] - The drafts include "National Food Safety Standards for Prepared Dishes" and "Terminology and Classification of Prepared Dishes" [1] - The initiative aims to protect consumer rights and promote high-quality development in the industry [1]

★ 宏观动态 ★ 海关总署：立即停止使用法国Picot婴幼儿配方奶粉 海关总署发布关于立即停止使用法国Picot婴幼儿配方奶粉的消费提示，近日，法国乳制品企业拉克塔利斯公 司（Lactalis）发布信息，称其正在包括中国在内的18个国家（地区）召回多个批次的Picot品牌婴幼儿配方奶 粉，原因是相关产品可能含有蜡样芽孢杆菌毒素。目前，我国暂未发现Picot品牌婴幼儿配方奶粉进口记录。 海关总署进出口食品安全局提醒消费者，请立即停止使用个人通过携带、代购等方式可能保有的涉事产品，并 密切关注拉克塔利斯公司的后续召回进展，安全理性作出消费选择。 据复旦大学消息，该校科研人员通过设计新型架构，率先在柔软、富有弹性的高分子纤维内实现了大规模集成 电路制备，把"纤维芯片"从概念变为现实。相关研究成果于1月22日在国际学术期刊《自然》上发表。据介 绍，团队已在实验室初步实现"纤维芯片"的规模制备。所制备的芯片中，电子元件（如晶体管）集成密度达10 万个/厘米，通过晶体管与其他电子元件高效互连，可实现数字、模拟电路运算等功能。 ★ 金融机构 ★ 高盛：将2026年12月黄金价格预测上调至5400美元/盎司 央行1月23日开 ...

Core Viewpoint - Ubisoft, a major player in the European gaming industry, has announced a significant restructuring plan, leading to a sharp decline in its stock price by over 35% due to disappointing financial performance and a downward revision of its earnings guidance for the fiscal year 2025-2026 [1][3][11]. Group 1: Financial Performance - For the fiscal year 2024-2025, Ubisoft reported a revenue decline of 20.5%, amounting to €1.85 billion, with an operating loss of €15.1 million [1][10]. - The company anticipates a net booking of approximately €1.5 billion for the fiscal year 2025-2026, which is a reduction of €330 million from previous guidance [5][11]. - Ubisoft expects a non-IFRS operating profit of around -€1 billion for the fiscal year 2025-2026, including a one-time impairment of approximately €650 million [5][11]. Group 2: Restructuring and Game Development - Ubisoft has initiated a large-scale restructuring plan that includes the cancellation of six games and the postponement of seven others, with the most notable cancellation being the remake of "Prince of Persia: The Sands of Time" [1][5][6]. - The postponed games are expected to be released in the next fiscal year, 2027 [7]. - The restructuring will also involve the closure of studios and layoffs, with over 150 employees affected [8]. Group 3: Strategic Changes - The company is shifting its strategic focus towards developing open-world games and online service games, marking a significant change in its operational direction [8]. - Ubisoft plans to implement a new operational model centered around five "creative workshops," each dedicated to specific creative areas for product development and market strategy [8]. - Cost-cutting measures are being accelerated, with a target to reduce fixed costs by at least €100 million compared to the fiscal year 2024-2025, aiming to achieve this goal a year earlier than planned [10].