中国人民银行授权全国银行间同业拆借中心公布，2026年1月20日贷款市场报价利率（LPR）为：1年期 LPR为3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 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 央行数据显示，自2025年5月份1年期和5年期以上LPR双双下降10个基点以来，两个期限品种LPR均已 连续8个月保持不变。 F 来源：央行官网 责编：杨喻程 校对：祝甜婷 百万用户都在看 "黑天鹅"来袭！刚刚，欧洲股市全线杀跌！ 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ 盘前，全线大涨！芯片巨头，突传罕见利好！ 上交所出手，暂停国晟科技部分投资者账户交易！浙江证监局也有动 ...

Core Viewpoint - The Chinese government is focusing on implementing proactive fiscal and monetary policies to stimulate economic growth and price recovery, addressing the current imbalance between supply and demand in the economy [2][3][5]. Group 1: Economic Policies and Strategies - The National Development and Reform Commission (NDRC) plans to implement a more proactive fiscal policy and moderately loose monetary policy, emphasizing the importance of price recovery in monetary policy considerations [2]. - A strategic plan for expanding domestic demand from 2026 to 2030 is being developed to adapt to the upgrading of demand structure in China, aiming to create new demand through new supply [3]. - The NDRC is working on significant high-tech industry projects during the 14th Five-Year Plan period, with expectations for the digital economy's added value to reach 49 trillion yuan by 2025, accounting for approximately 35% of GDP [4]. Group 2: Economic Development Goals - By 2025, the main economic and social development goals are expected to be achieved, showcasing resilience in development and improved living standards [5]. - The urbanization rate is projected to reach 67.89% by the end of the year, an increase of 0.89 percentage points from the previous year [5]. Group 3: Policy Implementation and Support - The NDRC is enhancing the "Two New" policies, with an initial allocation of 62.5 billion yuan in special bonds to support these initiatives, aiming to lower investment thresholds for small and medium-sized enterprises [6][7]. - There will be a focus on standardizing local economic promotion behaviors and enhancing market competition mechanisms to ensure a dynamic balance in supply and demand [8][9]. Group 4: Market Regulation and Coordination - The NDRC is set to develop a list of actions that hinder the establishment of a unified national market and a list of encouraged and prohibited actions for investment promotion [10]. - There is an emphasis on coordinating reforms with fiscal, financial, consumption, investment, industrial, and innovation policies to address intertwined cyclical, structural, and institutional issues in the economy [11]. Group 5: Regional Development Initiatives - The NDRC is committed to advancing strategies for the development of the western regions and the rise of central regions, recognizing their potential to support stable economic growth [13][14].

Core Viewpoint - The Asia-Pacific market is experiencing a "double kill" in both stocks and bonds, with significant declines in equity markets following rising bond yields [1][4]. Group 1: Bond Market Dynamics - The yield curve in the Asia-Pacific region is steepening, with 10-year and 30-year yields rising by 3 basis points [1][3]. - Japan's 10-year government bond yield reached 2.330%, the highest level since February 1999, while the 40-year bond yield hit 4%, marking a record since its issuance in 2007 [3]. - The sell-off in Japanese bonds is driven by concerns over a proposed reduction in food sales tax, which may pressure public finances [3]. Group 2: Equity Market Reactions - The equity markets are significantly impacted by the bond market's performance, with the A-share ChiNext index dropping over 2% and the Shenzhen Component Index falling more than 1% [4]. - Major stock indices in Japan, South Korea, and Australia are all experiencing declines, with the Nikkei index potentially facing a fourth consecutive drop [1][4]. Group 3: External Factors Influencing Markets - Two main negative factors are identified: developments in Japan and tensions surrounding Greenland [6]. - In Japan, Prime Minister Fumio Kishida announced the dissolution of the House of Representatives for elections, which may affect market stability and investor confidence [6]. - The situation in Greenland, including increased military presence from the U.S. and Denmark, is contributing to rising trade tensions, which could impact demand for U.S. assets and exacerbate the decline in global bond prices [7].

隔夜，欧洲股市集体跳水。截至收盘，德国DAX指数跌1.34%报24959点，法国CAC40指数跌1.78%报8112点，英国富时100指 数跌0.39%报10195点。 美国"夺岛关税"，持续扰动市场！ 北京时间1月20日早间，美股股指期货扩大跌幅。截至券商中国记者发稿时，纳指期货跌1.37%，标普500指数期货跌1.11%， 道指期货跌0.94%。 当天，日本、韩国股市也低开低走。截至发稿，日经225指数跌幅超过1%，韩国KOSPI指数跌0.72%。 据最新消息，当地时间19日，美国总统特朗普在接受采访时拒绝说明是否会使用武力夺取格陵兰岛，称"无可奉告"。同日， 北美防空司令部在社交媒体上表示，北美防空司令部的飞机将很快抵达位于格陵兰岛的美国皮图菲克太空基地。 另外，德国总理默茨当地时间19日表示，如有必要，欧盟将对美国加征关税。 美军飞机出发格陵兰岛，丹麦增兵 据央视新闻消息，当地时间19日，北美防空司令部（NORAD）在社交媒体上表示，北美防空司令部的飞机将很快抵达位于格 陵兰岛的美国皮图菲克太空基地。这些飞机将与从美国本土和加拿大基地起飞的航空力量一道，支持多项长期规划的北美防 空司令部行动，进一步巩 ...

Group 1 - The core viewpoint of the article is that Kim Jong-un has dismissed a deputy prime minister due to the poor performance and irresponsibility of certain leaders, which led to difficulties and economic losses in the modernization project of the Longcheng Machinery Joint Enterprise [1] Group 2 - The modernization project of the Longcheng Machinery Joint Enterprise was completed on January 19, as stated by Kim Jong-un during the ceremony [1] - Kim Jong-un expressed that he no longer expects responsible behavior from those who hold a negative attitude towards their duties [1] - The dismissed deputy prime minister, Yang Seung-ho, was specifically mentioned as being responsible for the issues faced during the project [1]

Core Viewpoint - Dongguan Securities has shown significant growth in its 2025 financial performance, indicating a positive trend in the brokerage industry driven by an active capital market and supportive policies [1][2]. Financial Performance - In 2025, Dongguan Securities achieved total operating revenue of 3.353 billion yuan, a 27.73% increase from 2.753 billion yuan in 2024; net profit reached 1.235 billion yuan, up 33.8% from 923 million yuan in 2024 [2]. - The brokerage's net income from commission fees significantly increased to 1.752 billion yuan, a 43.72% rise compared to 1.219 billion yuan in 2024 [2]. Asset Growth - By the end of 2025, Dongguan Securities' total assets amounted to 79.52 billion yuan, reflecting a 25.8% growth from the beginning of the year [3]. Historical Context - Dongguan Securities experienced a decline in revenue and net profit in 2022 and 2023, with revenues of 2.299 billion yuan and 2.155 billion yuan, and net profits of 791 million yuan and 635 million yuan, respectively. The performance began to recover after the "9.24 market" in 2024 [3]. Ownership Changes - In June 2025, a state-owned consortium increased its stake in Dongguan Securities from 55.4% to 75.4% by acquiring a 20% share from Jinlong Co., thereby gaining absolute control [3]. - The company recently underwent a leadership change, with Pan Haibiao returning as chairman in November 2025 after previously serving as president until May 2024 [6][7].

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 , 据日媒1月19日报道，日本政府统计部门已低调发布2025年12月的出入境统计数据: 当月中国公民（不含港澳 台）赴日34.87万人，同比下降约40%，环比下降约35%。 来源：参考消息 责编：汪云鹏 校对： 许欣 百万用户都在看 AI，大事！马斯克，索赔9300亿元！ 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ 盘前，全线大涨！芯片巨头，突传罕见利好！ 上交所出手，暂停国晟科技部分投资者账户交易！浙江证监局也有动作 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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 a significant asset restructuring in the semiconductor sector, specifically focusing on Yingfang Micro's acquisition of 100% stakes in Shanghai Xiaokeli Information Technology Co., Ltd. and FIRST TECHNOLOGY CHINA LIMITED, which is expected to enhance the company's semiconductor distribution business and strategic positioning in the industry [1][4]. Group 1: Company Actions - Yingfang Micro announced plans to acquire 100% of Shanghai Xiaokeli and FIRST TECHNOLOGY CHINA LIMITED, with the transaction expected to constitute a major asset restructuring [1][4]. - The acquisition will be financed through a combination of share issuance and cash payments, with the share price set at 5.97 yuan per share [7]. - The company aims to raise additional funds from up to 35 qualified investors to cover cash payments, transaction-related taxes, and operational costs [7]. Group 2: Financial Performance - For the first three quarters of 2024 and 2025, Shanghai Xiaokeli reported revenues of 1.43 billion yuan and 1.289 billion yuan, respectively, with net profits of 45.12 million yuan and 54.11 million yuan [8]. - FIRST TECHNOLOGY CHINA LIMITED achieved revenues of 996 million yuan and 828 million yuan for the same periods, with net profits of 18.91 million yuan and 28.34 million yuan [8]. - Yingfang Micro's revenue for the first three quarters of 2025 was 3.443 billion yuan, reflecting a year-on-year growth of 17.62%, although it reported a net loss of 43.34 million yuan, which is an increase in losses by 18.69% compared to the previous year [8]. Group 3: Market Trends - The A-share merger and acquisition market has been active, with 12 companies, including Yingfang Micro, announcing restructuring plans since January 15 [10]. - Analysts suggest that the increasing activity in mergers and acquisitions is driven by policy support and a warming market, indicating a potential trend towards more frequent mergers in the technology sector [10][11]. - The semiconductor industry has seen a peak in transaction volume and market interest, with expectations for continued activity in mergers and acquisitions supported by favorable policies [12].

经过一年多的上涨，相关板块短期估值达到高位已是不争的事实。有基金经理认为，人工智能产业正处于泡沫 初现并逐步形成的阶段，而非泡沫末期，但当下投资机遇与风险并存，需持续跟踪技术迭代节奏、商业模式验 证和企业盈利能力变化。 共识与分歧 随着2025年四季报的陆续揭晓，多只因重仓人工智能板块从而实现业绩领跑的基金在 2025年 四季度的操作 随即曝光。 从已披露的数据来看，基金经理们对这一主线的后市既有共识，也有分歧。—部分涨幅可观的算力个股依旧重 仓持有但仓位略降，而由算力需求衍生出的多个高景气概念股得以被挖掘。 在此起彼伏的泡沫声中，一批重仓AI板块的绩优基金披露了2025年四季报，从季报调仓方向来看，基金经理 对人工智能这一主线的后市既有共识，也有分歧。 以冯炉丹代表作中欧数字经济为例，该基金2025年全年涨幅约为143.07%，位居主动权益基金排行榜前列，根 据四季报数据，生益科技、深南电路、阳光电源、浪潮信息、东山精密等多只个股四季度内获加仓，后四只个 股则跻身前十大重仓股；值得一提的是，与AI关联度并不高的沪电股份、新泉股份、腾讯控股也被大手笔增 持。 作为光模块的两只龙头股，中际旭创、新易盛则遭减持， ...

Core Viewpoint - The article discusses the investment philosophy of Fang Jian, a fund manager at Yinhua Fund, who aims to reconcile high growth potential with absolute returns in the context of the A-share market's volatility [2][4]. Investment Philosophy - Fang Jian's investment framework is rooted in the principles of value investing, emphasizing the purchase of high-quality companies at reasonable prices and holding them long-term to benefit from their growth [5]. - The traditional approach of "buy and hold" is challenged by the high volatility of the A-share market, prompting Fang to develop a dynamic management mechanism to adapt to market conditions [5][8]. Dynamic Management Mechanism - The dynamic management mechanism consists of three levels of discipline: 1. Valuation awareness and contrarian approach, where Fang sets a valuation "anchor" to guide profit-taking and reinvestment during market extremes [7]. 2. Market sentiment perception and response, where Fang actively adjusts positions based on market emotions and investor behavior [7]. 3. Strict risk control operations, where core holdings are reassessed during significant price corrections to determine the underlying reasons for the decline [7]. Performance Metrics - The implementation of the dynamic management mechanism has yielded significant results, with the Yinhua Huixiang fund achieving a return of 71.74% since its inception on December 5, 2023, and a relative benchmark excess return of 37.94% [8]. Investment Framework - Fang Jian's investment strategy focuses on identifying high-growth sectors, particularly those in the "growth phase" of the industry lifecycle, which are expected to see significant growth over the next 3-5 years [9]. - A scoring model is used to evaluate industries based on their growth potential, and a separate model assesses potential companies based on various criteria, including market position and management quality [9][10]. Trust Mechanism - The newly launched Yinhua Zhixiang Mixed Fund incorporates a floating management fee structure that aligns the interests of investors and fund managers, encouraging long-term holding and linking fees to actual investor returns [11][12]. - This innovative fee structure aims to create a transparent "trust contract" between the fund manager and investors, fostering a deeper relationship and commitment to shared success [14].