Core Viewpoint - The article highlights a significant surge in semiconductor exports from South Korea, indicating strong global demand driven by the AI wave, which has positively impacted major semiconductor companies' stock prices [1][2]. Group 1: Semiconductor Export Data - In the first 20 days of January 2026, South Korea's semiconductor exports reached $10.73 billion, a year-on-year increase of 70.2%, accounting for 29.5% of total exports, up 9.6 percentage points from the previous year [2]. - For the entire year of 2025, South Korea's semiconductor exports amounted to $173.48 billion, marking a 22.1% year-on-year growth and achieving a historical high [4]. Group 2: Market Reactions and Stock Performance - Following the positive export data, semiconductor stocks surged, with the Philadelphia Semiconductor Index rising by 3.18%, reaching a historical high, and individual stocks like Intel and Micron Technology seeing significant gains [1]. - Citigroup raised the target price for SanDisk from $280 to $490 per share, a 75% increase, citing strong demand for data center memory and favorable supply conditions [5]. Group 3: Future Demand and Supply Dynamics - The demand for storage chips is expected to remain robust due to the increasing need for AI infrastructure, with major companies like SK Hynix reporting that their chip production capacity for 2026 is already sold out [6]. - Global capital expenditures from the top eight cloud providers are projected to increase by approximately 65% year-on-year, with AI servers becoming the fastest-growing segment in data center IT investments [7].

Core Viewpoint - Japan's bond market is experiencing significant volatility, reminiscent of the "Truss moment" in the UK, with potential implications for global debt markets as major financial institutions adjust their strategies in response to rising yields and economic policies [1][4]. Group 1: Japan's Recent Actions - Sumitomo Mitsui Financial Group plans to significantly increase its holdings of Japanese government bonds, potentially doubling its asset portfolio of 10.6 trillion yen (approximately 67 billion USD) as overseas returns become less attractive [2]. - The volatility in Japanese government bonds is expected to impact global debt markets, particularly U.S. Treasuries, with risk parity funds possibly needing to sell up to one-third of their current risk positions, which could lead to a bond sell-off of up to 130 billion USD in the U.S. alone [2][3]. Group 2: Market Implications - The recent sell-off in Japanese government bonds has already affected the U.S. bond market, as indicated by U.S. Treasury Secretary Scott Bessenet's discussions with Japanese officials regarding the situation [4]. - Concerns about Japan's fiscal health are rising, with projections indicating that by the end of 2025, Japan's total government debt will reach 229.6% of GDP, leading to increased long-term bond yields and further fiscal pressure [4]. Group 3: Broader Market Reactions - Analysts suggest that while there are concerns about the impact of Japanese bond volatility on global markets, the U.S. Treasury market remains the largest and most liquid, and significant changes to its role in the financial system will take time [5].

Core Viewpoint - The stock price of Zhite New Materials (300986.SZ) has surged by 211.27% from January 5 to January 21, indicating significant market speculation and potential risks of a sharp decline due to disconnection from the company's fundamentals [1][6]. Group 1: Stock Performance and Trading Activity - Zhite New Materials announced a stock suspension for verification starting January 13 due to abnormal trading fluctuations, with a resumption on January 16 [2]. - The company experienced a "six consecutive limit-up" phenomenon in early January, drawing market attention, but faced a limit-down on the day of resumption [6]. - The stock has been frequently appearing on the "Dragon and Tiger List," indicating significant trading activity from notable market participants [7][9]. Group 2: Business Operations and Financials - Zhite New Materials focuses on green new building formwork, prefabricated buildings, and related new materials, with a comprehensive service model that includes product R&D, design, production, leasing, and technical services [5]. - The company reported revenues of 252,638.67 million yuan and a net profit of 7,369.51 million yuan for the fiscal year 2024, with revenues of 202,348.67 million yuan and a net profit of 11,785.99 million yuan for the first three quarters of 2025 [11]. - The company's core business remains unchanged, primarily involving the R&D, production, and sales of aluminum formwork, protective platforms, and prefabricated components, with no significant revenue from AI or quantum technology applications [4][11]. Group 3: Market Perception and Strategic Moves - The recent stock price surge has been attributed to the company's association with AI concepts, despite its core operations not involving AI or quantum technology [10][11]. - Zhite New Materials has formed a joint venture with Hefei Microcosm Era Digital Technology Co., Ltd. to develop a new materials R&D and manufacturing system based on quantum technology and AI, although this venture's impact on the company's financials is currently minimal [10][11].

Group 1 - The company, 德云社, issued a statement on January 21 regarding the protection of its and its employees' legal rights, highlighting ongoing infringement activities on internet platforms [1] - The statement mentions that certain infringing parties have been spreading false information, defamatory remarks, and insults, which have severely harmed the company's reputation and the personal rights of related individuals [1] - The company has initiated comprehensive legal protection procedures, including evidence collection, investigation of leads, and legal accountability actions, in accordance with relevant laws and regulations [1]

责编：刘珺宇 校对：彭其华 百万用户都在看 尾盘异动！A股，三大信号"闪现" 跨界并购！牛股尾盘，封死涨停！A股又一信号闪现 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ "黑天鹅"来袭！刚刚，欧洲股市全线杀跌！ 违法和不良信息举报电话：0755-83514034 日本最大核电站柏崎刈羽核电站重启 日本最大核电站柏崎刈羽核电站6号机组21日重启。这是2011年"3·11"东日本大地震引发福岛第一核 电站事故后，事故核电站运营商东京电力公司旗下核电站的首次重启。 来源：新华社 邮箱：bwb@stcn.com 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 。 看券商中国 知天下财经 F ...

Core Viewpoint - The article discusses the escalating tensions between the United States and Iran, highlighting the U.S. military's increased presence in the Middle East and Iran's warnings against potential military actions by the U.S. [1][2][4] Group 1: U.S. Military Deployment - The U.S. is reinforcing its military presence in the Middle East due to heightened tensions with Iran, deploying over ten F-15E "Strike Eagle" fighter jets and C-17 "Globemaster III" transport aircraft from the UK [2][3] - Three squadrons of F-15E "Strike Eagle" fighters are currently stationed in the Middle East, with additional deployments of F-16s and A-10 "Thunderbolt II" attack aircraft planned [2][3] - The "Abraham Lincoln" aircraft carrier strike group has passed through the Strait of Malacca and is heading towards the Middle East [2][3] Group 2: Iran's Response - Iran's Foreign Minister Zarif warned that any new attacks against Iran would be met with a decisive response, emphasizing the need for the U.S. to engage with Iran on a basis of mutual respect [4][5] - Iranian military spokesperson Shekarchi stated that any military action against Iran's Supreme Leader Khamenei would trigger "devastating retaliation" [5][6] - Iran's military is reportedly at its highest state of readiness, with increased missile stockpiles since 2025 [3][5] Group 3: Regional Implications - The U.S. is expected to deploy more missile defense systems in the region to enhance the defense capabilities of U.S. military bases and Israel [3] - Iranian officials have indicated that recent protests in Iran have been exacerbated by foreign interference, leading to violence and casualties [5][6] - The Iranian leadership has expressed determination to counter U.S. and Israeli actions, viewing recent events as part of a broader regional threat [5][6]

在成长风格的另一端，以有色为代表的周期风格正在成为基金经理的新宠。 近日，公募基金2025年四季报密集披露，券商中国记者注意到，在市场热点此起彼伏的同时，多位知名基金经 理却在去年四季度"不谋而合"地对有色板块进行了重点加仓，而深耕该领域的基金经理更是在季报中用仓位和 持股表达了自己的坚定看好。 多位基金经理认为，在宏观经济温和复苏、全球商品周期持续以及降息预期等多重因素共振下，有色板块仍具 备显著的吸引力，价格景气周期远未结束。 多位知名基金经理加仓有色 最新披露的2025年四季报显示，众多全行业配置的基金在去年四季度加仓以有色为代表的资源股，其中不乏多 位知名基金经理。 比如，高楠管理的永赢睿信混合在去年四季度新进重仓五矿资源、宏创控股，神爱前管理的平安兴奕成长新进 重仓了云铝股份，王崇管理的交银新兴产业和焦巍管理的银华富裕主题新进重仓了紫金矿业，此外，焦巍管理 的银华富饶精选三年持有更是在去年四季度同时新进重仓了紫金矿业、藏格矿业、洛阳钼业、云铝股份、西部 矿业、紫金黄金国际、江西铜业等多只有色股。 除了上述全行业配置的基金外，一些深耕资源股投资的基金经理，也在 去年 四季度继续用持仓表达了对有色 的看 ...

★ 宏观动态 ★ 是否加入所谓"和平委员会"？中方回应 中国外交部发言人郭嘉昆21日主持例行记者会。有记者提问：昨天中方称已收到美方关于加入"和平委员会"的 邀请。美国总统特朗普20日表示，联合国应继续存在，但他刚宣布成立的所谓"和平委员会"可能会取而代之。 中方对此有何评论？中方是否会加入所谓"和平委员会"？ 郭嘉昆：关于"和平委员会"，中方昨天已经就相关问题做了回答。关于联合国，中国始终践行真正的多边主 义。无论国际形势如何变化，中国都坚定维护以联合国为核心的国际体系、以国际法为基础的国际秩序、以联 合国宪章宗旨和原则为基础的国际关系基本准则。 三部门：今明两年对个人投资者转让创新企业CDR取得的差价所得，暂免征收个人所得税 财政部、税务总局、中国证监会发布《于延续实施创新企业境内发行存托凭证试点阶段有关税收政策的公 告》。其中提到，自2026年1月1日至2027年12月31日，对个人投资者转让创新企业CDR取得的差价所得，暂 免征收个人所得税。对个人投资者持有创新企业CDR取得的股息红利所得，实施股息红利差别化个人所得税 政策，具体参照《财政部 国家税务总局 证监会关于实施上市公司股息红利差别化个人所得 ...

企查查信息显示，近日，瑞穗证券（中国）有限公司正式成立，法定代表人为耿欣。 瑞穗证券（中国）注册资本23亿元，由瑞穗证券株式会社100%持股。瑞穗证券是日本瑞穗金融集团旗下核心 金融机构。据悉，瑞穗证券（中国）初期或以债券业务为主，开拓国内债券的销售和交易业务。 第三家日资券商 2025年9月底，证监会核准设立瑞穗证券（中国）有限公司。瑞穗证券（中国）注册地为北京市，业务范围为 证券承销、证券自营、证券资产管理（限于从事资产证券化业务）。 中证协的数据显示，截至2024年末，外资机构通过新设证券公司、增资或申请增加牌照等方式加快布局中国内 地市 场。全行业共有16家外资证券公司，其中外资控股12家 （外资全资4家）。 中证协表示，外资券商是我国证券行业的重要组成部分，在引进外资、服务经济发展等方面发挥了日益重要的 作用。截至2024年末，外资券商总资产507.1亿元，较上年末增长10.2%，全年实现营业收入79.8亿元，同比增 长13.7%，实现净利润4.3亿元，同比扭亏为盈。 加上瑞穗证券（中国）后，截至最新，中国资本市场共拥有5家外资独资券商，分别是高盛（中国）证券、摩 根大通证券、渣打证券、法巴证券、瑞 ...

2026年1月21日，山东省淄博市中级人民法院一审公开宣判中国建设银行股份有限公司原党委委员、副 行长章更生受贿、违法发放贷款案，对被告人章更生以受贿罪判处有期徒刑十三年，并处罚金人民币四百 万元，以违法发放贷款罪判处有期徒刑十年，并处罚金人民币十万元，决定执行有期徒刑十八年，并处罚 金人民币四百一十万元；追缴在案的章更生受贿所得财物及孳息依法上缴国库，不足部分继续追缴。 责编：刘珺宇 校对：彭其华 百万用户都在看 尾盘异动！A股，三大信号"闪现" 跨界并购！牛股尾盘，封死涨停！A股又一信号闪现 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ "黑天鹅"来袭！刚刚，欧洲股市全线杀跌！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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 ...