Group 1 - The Japanese Prime Minister, Suga Yoshihide, announced the dissolution of the House of Representatives on January 23 [1] - The newly formed "Center Reform Union" by the Constitutional Democratic Party and Komeito aims to prioritize policies for citizens, promote sustainable economic growth, and establish a new social security model [1] - If the House of Representatives is dissolved on January 23, there are two potential election schedules: one with an announcement on January 27 and voting on February 8, and another with an announcement on February 3 and voting on February 15 [1] Group 2 - Government insiders indicated that Suga believes the ruling party has been in the minority in the House of Councillors and needs to gain momentum for policy implementation [1]

国际货币基金组织（IMF）19日发布《世界经济展望报告》更新内容，将2025年中国经济增长率上调0.2个百 分点至5%，同时上调2026年中国经济增长预期。 该组织认为，虽然受美国主导的贸易扰动与不确定性上升，全球经济仍展现一定韧性。预计2026年全球经济增 速将维持在3.3%，较去年10月预测上调0.2个百分点，上修主要源于美国和中国等经济体表现改善。 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 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 同时，报告警告称，若未来人工智能相关资产估值回调并引发金融条件收紧，全球经济增长可能低于基线水 平，冲击或主要集中在科技权重较高的地 ...

Core Viewpoint - Tesla is set to restart the development of its supercomputer project Dojo 3 following the completion of the AI5 chip design, which is crucial for enhancing its Full Self-Driving (FSD) capabilities and reducing reliance on external suppliers [2][4]. Group 1: AI5 Chip Development - The AI5 chip is designed to support more complex FSD algorithms, with performance expected to reach 2000-2500 TOPS, approximately five times that of the current HW4 chip [8][9]. - The production timeline for the AI5 chip includes sample and small-scale deployment in 2026, with mass production anticipated in 2027 [9]. - The AI5 chip's development is critical for Tesla's robot business and the overall advancement of its autonomous driving technology [2][9]. Group 2: Dojo Project - The Dojo project aims to provide robust computational support for Tesla's autonomous driving systems and AI models, thereby minimizing dependence on external suppliers [6]. - Morgan Stanley estimates that full deployment of the Dojo project could lead to a potential valuation increase of several billion dollars for Tesla [6]. - The project was initially paused in 2025 but is now being revived as resources are refocused on the AI5 and subsequent chips [5][6]. Group 3: Strategic Shift in FSD - Tesla will transition its FSD offering from a one-time purchase model to a monthly subscription service starting February 14, aiming to lower usage barriers and increase penetration [10][12]. - The previous one-time purchase price for FSD was $8,000 in the U.S. and approximately 64,000 RMB in China [10]. - This strategic shift indicates a significant change in Tesla's approach to autonomous driving, focusing on creating a continuous revenue stream [12].

Core Viewpoint - The article emphasizes the transformation and challenges in the capital market, highlighting the importance of professional investment research in optimizing asset allocation and the shift in China's public fund industry towards high-quality development [1] Group 1: Investment Strategies and Market Outlook - The manager from Western Lide Fund, Dong Weiwei, stresses the importance of maintaining a rational and stable mindset in investment decisions, viewing emotional stability as a key source of profit in the A-share market [2][3] - Dong Weiwei's investment framework combines a decision-making system, risk control system, and mindset, which are interdependent and essential for achieving a balance between offensive and defensive strategies [5] - The investment strategy is driven by the "first principles" of asset management, focusing on providing reasonable long-term returns and a good process experience for clients [6] Group 2: Market Conditions and Economic Factors - The current market is seen as a favorable investment period for A-shares and Hong Kong stocks, with key factors that previously suppressed the equity market entering a phase of adjustment [17][18] - Economic recovery, changes in the real estate sector, and a diversified export structure are contributing to a more stable economic environment, which supports the investment outlook [18] Group 3: Sector Focus and Investment Themes - Dong Weiwei identifies three main sectors for investment: technology, new energy, and cyclical industries, emphasizing the importance of understanding the cyclical position of these industries [19][20] - The technology sector, particularly AI, is viewed as a long-term growth area, while new energy is seen as benefiting from supply-demand structural changes [19] - The focus on company quality is paramount, with a preference for firms that demonstrate clear competitive advantages and sustainable growth potential [21][22] Group 4: Bond Market Insights - Morgan Stanley's Wu Huiwen predicts that the bond market in 2026 will experience dual-directional volatility, with a focus on capturing short-term opportunities rather than long-term trends [10][13] - The investment strategy involves a combination of stable foundational investments and active trading to adapt to market conditions, with a significant portion of the portfolio allocated to low-risk, high-yield assets [14]

责编：罗晓霞 校对：王锦程 百万用户都在看 集体下跌！两大变数，突袭万亿赛道！ 5%！GDP突破140万亿！ 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 美国总统特朗普17日在社交媒体上宣布，将从2月1日起对来自丹麦、挪威、瑞典、法国、德国、英国、荷兰和 芬兰的输美商品加征10%关税，并宣称加征关税的税率将从6月1日起提高至25%，直到相关方就美国"全面、 彻底购买格陵兰岛"达成协议。对此，外交部发言人郭嘉昆19日在例行记者会上表示，中方已经多次阐明在格 陵兰岛问题上的立场。以联合国宪章宗旨和原则为基础的国际法是现行国际秩序的基础，必须得到维护。 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 ...

据内蒙古广播电视台1月19日报道，包钢股份板材厂爆炸事故发生后，内蒙古自治区党委、政府高度重视，迅 速成立调查组，自治区党委副书记、自治区人民政府主席包钢任组长，自治区党委常委、自治区人民政府常务 副主席黄志强任副组长，成员由自治区相关部门、包头市和有关专家组成。目前，调查组已赴现场开展工作。 此前报道 1月18日15时许，内蒙古包头市包钢板材厂发生爆炸事故，截至19日6时，已造成2人死亡、8人失联、84人受 伤。应急管理部工作组已赶赴现场指导救援处置。国务院安委会决定对该起事故查处挂牌督办。 来源： 内蒙古广播电视台 校对：王锦程 百万用户都在看 集体下跌！两大变数，突袭万亿赛道！ 5%！GDP突破140万亿！ 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 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 ...

"2025年，我国经济发展向新向优，预期目标圆满实现。"1月19日，国新办举行新闻发布会，国家统计局局 长康义在会上如此表示。 这份年报最引人注目的数据是：全年国内生产总值（GDP）首次跃上140万亿元新台阶，比上年增长5.0%。同 时，多项核心数据不仅创新高，更在全球坐标系中巩固了领先地位。 展望2026年，康义认为，总体来看，机遇大于挑战，有利条件强于不利因素，我国经济稳中向好有条件、有支 撑。从近期情况看，经济运行已显现积极信号。同时，政策工具箱已准备就绪并将持续发力。 经济增速在主要经济体中名列前茅 2025年GDP同比增长5.0%，实现了年初政府工作报告设定的经济增长目标。 "放眼全球，我国经济增速在主要经济体中名列前茅，是全球经济增长最稳定、最可靠的动力源，对世界经济 增长的贡献率预计达到30%左右。"康义表示，整个"十四五"时期，中国对世界经济增长的年均贡献率达到30% 左右，为世界经济提供了稳定的支撑和更广的合作空间。 面对传统动能放缓的现实，中国经济"向新而行"的势头越发鲜明。 康义指出，2025年规模以上高技术制造业增加值占规模以上工业增加值的比重上升到17.1%。 在回应关于新质生产力的 ...

Core Viewpoint - Shenzhen Securities Regulatory Bureau has imposed a six-month suspension on Shenzhen Luojia Investment Consulting Co., Ltd. from acquiring new clients due to violations including misleading marketing and unauthorized stock recommendations during live broadcasts [1][3]. Group 1: Regulatory Actions - Luojia Investment Consulting has been found to have issues such as false and misleading content in marketing, unauthorized stock recommendations by investment advisors during live broadcasts, and inadequate investor suitability management [3]. - The company has been previously penalized multiple times for similar violations, including misleading marketing and lack of compliance in client onboarding processes [5][6]. - The regulatory measures require the company to rectify the identified issues and report back to the regulatory bureau after the suspension period [3][4]. Group 2: Company Background - Luojia Investment Consulting has been in operation for 29 years and holds a Securities Investment Consulting Business License issued by the China Securities Regulatory Commission, which is held by only 78 companies in the country [7]. - The company is recognized as a significant player in the consulting industry, serving a diverse clientele including retail investors, institutional investors, and listed companies [7].

万亿软件赛道迎来大变数！ 今日（1月19日）早盘，软件概念股集体走低，深信服一度跌超4%，同花顺、指南针、三六零一度跌超3%。 软件ETF（159852）一度跌超2%。在市场整体反弹明显的背景之下，软件这一条万亿赛道集体杀跌究竟有何 利空？ 首先，外围软件股跌到分析师"怀疑人生"。摩根士丹利追踪的一篮子软件即服务（SaaS）股票，今年以来已下 跌15%，在2025年下跌11%之后持续走弱。根据彭博汇整的数据，这是自2022年以来最差的年度开局。 其次，根据市面上流传的数据，有券商计算机团队估计，多数公司业绩可能低于市场一致预期。这些公司不少 也是权重软件企业。计算机ETF今天上午也是一度逆市大跌超1.5%。 变数一：外围 软件股 遭血洗 外围软件股开年即遭血洗。TurboTax母公司直觉上周重挫16%，创下2022年以来最差表现；绘图软件巨擘 Adobe以及客户关系管理软件龙头Salesforce双双惨跌超11%。摩根士丹利追踪的一篮子软件即服务（SaaS）股 票，今年以来（截至1月18日）已下跌15%，在2025年下跌11%之后持续走弱。 根据彭博汇整的数据，这是自2022年以来最差的年度开局。 值得一提的 ...

1月19日，北京市十六届人大常委会第二十二次会议召开，通过相关人事任免事项： 任命张健为市人大常委会监察和司法办公室主任，任命陈清为市人大常委会财政经济办公室主任，任命刘 宝杰为市人大常委会民族宗教侨务外事办公室主任；任命熊菁华、常卫、张燕平、肖志刚、郭明星、唐海 龙、田利跃、刘星、呼文亮、刘军、吴振坤、姜英武、刘瑞成、李彦来、张谦为市人大相关专门委员会副 主任委员、委员。 百万用户都在看 5%！GDP突破140万亿！ 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 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 ...