Core Viewpoint - The core opportunity for 2026 lies in capturing the "expectation gap" in various industries, as market logic shifts from valuation recovery to profit-driven strategies [2][3]. Group 1: Market Outlook - Liquidity is identified as the most certain friendly factor for the stock market in 2026, with potential for increased stock allocation from both domestic and foreign investors [2][3]. - Investor sentiment towards Chinese assets is expected to warm up, particularly as the market becomes desensitized to macroeconomic and geopolitical tensions [2][3]. - The market logic is anticipated to shift focus from valuation recovery to profitability, necessitating a more detailed analysis of different industries [2][3]. Group 2: AI Market Opportunities - The AI sector is viewed as a critical area for investment, with a focus on identifying segments where supply is tight and market recognition is insufficient [4][5]. - China is seen to have competitive advantages in AI applications, particularly in domestic markets, with strengths in power, manufacturing, and human resources [4][5]. - Key application areas for AI include autonomous driving and robotics, with significant potential for deep integration across various industries [5][6]. Group 3: Innovation in Pharmaceuticals - The innovative pharmaceutical sector is expected to continue presenting strong opportunities in 2026, driven by China's talent pool and efficiency in drug development and clinical trials [6][7]. - China's competitive advantages in this field are leading to increased global collaborations and business development opportunities [6][7]. Group 4: New Consumption Trends - The consumption sector is shifting towards structural opportunities rather than total volume logic, with a focus on sustainable consumption trends [7]. - "Self-indulgent" consumption is identified as a long-term trend, with higher potential for growth and investment [7]. - The importance of understanding underlying data and company capabilities is emphasized to identify opportunities beyond market recognition [7].

Core Viewpoint - The article discusses the recent leadership changes at Changcheng Securities, highlighting the internal promotion of key executives and the company's strong financial performance in 2025, indicating a strategic shift in the securities industry towards optimizing governance structures and enhancing competitiveness [1][2][3][4]. Group 1: Leadership Changes - Zhou Zhongshan has been appointed as the President and Financial Officer of Changcheng Securities, previously serving as the Vice President and Board Secretary, showcasing a significant internal promotion [1][2]. - Zhou has a comprehensive background in various roles within the company, having worked there for 28 years, which positions him well to drive the company's strategic and operational reforms [2]. - The new Board Secretary, Ruan Huixian, has also been with Changcheng Securities for 23 years, indicating a trend of promoting long-term employees to key positions [2]. Group 2: Industry Trends - In 2025, the securities industry experienced over 50 leadership changes, marking a three-year high, with one-third of the 151 brokerage firms undergoing management transitions [3]. - The optimization of governance structures and the professionalization of talent are becoming increasingly important for the future competitiveness of the securities industry [3]. Group 3: Financial Performance - Changcheng Securities reported a record high in key financial metrics for the first three quarters of 2025, with total revenue reaching 4.121 billion yuan, a year-on-year increase of 44.61% [4]. - The company's total profit was 2.286 billion yuan, up 83%, and net profit attributable to shareholders was 1.931 billion yuan, reflecting a 75.83% increase [4]. - The company announced a mid-term profit distribution plan, proposing a cash dividend of 0.76 yuan per 10 shares, more than doubling the previous year's distribution [4]. Group 4: Strategic Focus - Changcheng Securities is committed to a dual strategy of "industrial brokerage + first-class investment banking," aligning with regulatory guidance to develop niche markets and specialized services [5][6]. - The company leverages its parent company's resources in the energy sector to focus on high-quality development and connect comprehensively with the energy industry [6].

下一任美联储主席人选突生变数。 华尔街分析师指出，这是特朗普在美联储主席人选问题上的重大转向，哈塞特此前是其重点考虑的人选之一。在特朗普发表相关 言论后，前美联储理事凯文·沃什跃升为角逐美联储主席的最热门人选。 受此影响，美元指数直线拉升，从盘中低点反弹、小幅走高；美股三大指数则集体跳水，均由涨转跌；现货黄金、白银亦直线跳 水，日内最大跌幅分别为1.72%、6%。 美东时间1月16日，美国总统特朗普在白宫活动中称赞其经济顾问凯文·哈塞特，并表示，在考虑下一任美联储主席人选之际，他可 能更倾向于让哈塞特继续担任现有职务（国家经济委员会主任）。 特朗普最新发声 当地时间1月16日，特朗普表示，如果哈塞特离开其目前担任的白宫国家经济委员会（NEC）主任一职，将使政府失去一位在经济 议题上最有影响力的"发声者"之一。 在此之前，哈塞特一直被视为接替现任美联储主席鲍威尔（Jerome Powell）的热门人选。哈塞特还多次呼吁美联储大幅降息。 特朗普在白宫的一场活动中对哈塞特说道："说实话，我其实希望你继续留在现在的位置上。" 特朗普随后进一步解释称，如果让哈塞特出任美联储主席，意味着其将脱离白宫决策与对外沟通体系，而 ...

所谓保管箱服务，其全称为保管箱租赁服务，是银行以出租保管箱形式，代租用人保管贵重物品、有价证券及文件等财物的一项服务业务。券商中国记者从已使用 多年银行保管箱服务的人士处了解到，通常会将重要合同等文件放在保管箱中，"以前也放过金条，在银行买的金条不开封直接就放进去了。" 记者走访多家银行网点发现，目前北京地区保管箱"一箱难求"的情况较为普遍。 "我们这儿现在已经有40多位客户在排队了，但去年只有1位退箱，所以目前也就不再接受新的排队。"工商银行某支行营业部工作人员对记者表示。 近期，银行保管箱"一箱难求"引发关注。券商中国记者近日走访或致电工商银行、农业银行、中国银行、招商银行、民生银行、兴业银行在北京地区的多家分支机 构，仅中国银行一家支行仍有空箱，其余网点均需排队等待或因排队人数过多而不再新增预约。 从排队等待人数来看， 少则三四人，多则三四十人 ；至于等待时长，多数网点工作人员表示无法给出准确时点，因为这一业务已存续很长时间，客户大多为存量 客户，只能等待每年自然退租、腾出空箱；而腾退本身又具有比较强的主观性，因此无法给出明确判断。 "一箱难求"情况普遍 "一般其他网点没有（空箱）了，才会再到我们这儿来 ...

Core Viewpoint - The public fund industry has experienced a wave of fund manager changes since the beginning of the year, with a significant focus on equity funds, indicating a strategic shift in investment management for the upcoming years [1][2][5]. Group 1: Fund Manager Changes - Major fund companies such as Huaxia Fund, Dacheng Fund, and Morgan Fund have seen changes in fund managers, affecting over 50 funds, with nearly 60% being equity funds [2][5]. - Dacheng Fund has appointed new fund managers for several products, including the Dacheng Huixin Optimal, Dacheng Ruixin, and Dacheng Kexin Theme Mixed funds, with a shared management model being adopted [3][5]. - Guo Weiling, with 11 years of experience in technology investment, has been appointed as a co-manager for three funds alongside Wang Shuai, indicating a trend of "old leading new" management styles [3][5]. Group 2: Performance and Strategy - As of January 15, the performance of the funds managed by Wang Shuai has shown significant variation, with Dacheng Internet Thinking A returning 71.63% over three years and 34.10% over one year, while Dacheng National Security A has only returned 2.43% over three years but 23.16% over one year [4]. - The focus of Wang Shuai's managed funds includes heavy investments in the semiconductor industry, with key holdings in companies like Huahong Semiconductor and SMIC, while the National Security fund is concentrated on military leaders such as AVIC Shenfei and Guangqi Technology [4]. - Guo Weiling has indicated that by 2026, the market's focus on AI investment returns will increase, shifting from "total expansion" to "structural differentiation," with specific sectors like optical communication and storage expected to lead the next round of capital allocation [3][5]. Group 3: Market Trends - The beginning of the year is a critical period for fund companies to optimize their research and investment teams, especially in preparation for the anticipated structural market trends in 2026 [5]. - Data from Wind shows that since the start of the year, over 50 funds have undergone manager changes, with approximately 65% involving new appointments and 35% involving departures, highlighting a proactive approach to fund management [5].

Core Viewpoint - ASML, the global leader in lithography machines, has reached a historic high in stock price, driven by strong demand from its major client TSMC and the expansion of memory chip production [2][4]. Group 1: Stock Performance and Market Position - ASML's stock price has increased by over 6% this week, with a market capitalization surpassing $520 billion [2]. - The stock reached a market value of $526.3 billion, making it the third European stock to exceed $520 billion [3]. Group 2: Catalysts for Growth - TSMC's significant increase in capital expenditure is a key catalyst for ASML's stock surge, with a projected capital expenditure of $52-56 billion for 2026, representing a 32% year-over-year increase [4]. - Morgan Stanley has raised its forecast for TSMC's EUV lithography machine purchases from approximately 20 units to 29 units for 2026, and from 28 units to 40 units for 2027 [4]. Group 3: Future Projections - Morgan Stanley predicts that ASML's sales will reach approximately €46.8 billion in fiscal year 2027, with EBIT of €19.7 billion and a gross margin of 56.2% [5]. - The expected earnings per share for 2027 is €45.74, a 57% increase compared to the 2026 forecast [5]. Group 4: Short-term Outlook - ASML is set to release its Q4 2025 earnings report on January 28, 2026, which is anticipated to be a focal point for the tech industry [8]. - Morgan Stanley forecasts Q4 2025 orders to be €7.27 billion, significantly higher than the previous quarter's €5.4 billion [8]. Group 5: Market Trends - The high prices in the DRAM market are expected to lead to a significant expansion in production capacity, which will drive demand for ASML's EUV and DUV tools [9]. - Morgan Stanley anticipates that most capacity investments will materialize between 2026 and 2027, preparing for demand in 2027-2028 [9].

百万用户都在看 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 李湘，突发！多平台被禁止关注，1分钟广告报价达30万！名下14家公司已注销 热门资产，直线跳水！高盛，突然空袭！ "降息大门关闭！"美联储，预期突变！美国重磅数据出炉！ 局势升级！俄罗斯，大规模袭击！发射7枚巡航导弹！英国，重大宣布！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 据介绍，针对消费者反映强烈的问题，为切实保障公众身体健康和生命安全，规定对禁止直播经营的食品作出 了细化规定， 其中包括用非食品原料生产、添加有毒有害物质的食品；致病性微生物、重金属超标食品；过 期、腐败变质、霉变生虫食品；病死毒死或检疫不合格的畜禽水产肉类及其制品；无标签预包装食品；国家明 令禁止生产经营的食品等。 规定将直播电商平台经营者、直播间运营者、直播营销人员、直播营销人员服务机构全部纳入监管范畴。从直 播平台到直播间，再到主播和MCN机构，都必须按照规定要求，履行相应的食品安全主体责任。 一旦出了问 题，该是谁的责任，谁就得负责，谁都别想逃避责任。 针对不同直播形式的特点，区分不同主体的责任。规定明确要求 ...

当地时间1月15日，美国北方司令部宣布成立"黄金联合特遣部队"（JTF-Gold），由肖恩·盖尼中将指 挥。 "黄金联合特遣部队" 致力于加强美国本土综合防空反导体系（IAMD）的整合与协同 。该特遣部队与美 国陆军太空和导弹防御司令部位于同一地点，均设在彼得森太空军基地。 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 来源：央视财经 责编：刘珺宇 校对：廖胜超 百万用户都在看 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 李湘，突发！多平台被禁止关注，1分钟广告报价达30万！名下14家公司已注销 热门资产，直线跳水！高盛，突然空袭！ "降息大门关闭！"美联储，预期突变！美国重磅数据出炉！ 局势 ...

Core Viewpoint - The State Council of China is actively promoting consumption recovery through various measures, including enhancing service consumption and addressing overdue payments to businesses and workers [1][5]. Group 1: Promoting Service Consumption - The meeting emphasized the need to accelerate the cultivation of new growth points in service consumption, focusing on sectors like transportation, housekeeping, performances, and sports events [2]. - The Ministry of Commerce plans to support the emergence of new business models and consumption scenarios, with 50 pilot cities exploring innovative service consumption offerings [2]. - Successful consumption scenarios are expected to stimulate related industries such as tourism and transportation, thereby enhancing local economic development [2]. Group 2: Addressing Consumption Restrictions - The meeting called for the establishment of a long-term mechanism to promote consumption, including the implementation of the "14th Five-Year Plan" for expanding consumption and addressing unreasonable restrictions in the consumption sector [3][4]. - The promotion of paid leave systems is seen as crucial for enhancing consumer capacity and willingness, particularly in the tourism sector [3]. - The shift from purchase management to usage management in sectors like automotive is expected to boost consumer confidence and sales [4]. Group 3: Clearing Overdue Payments - The meeting highlighted the urgency of clearing overdue payments to businesses and ensuring the payment of wages to migrant workers, which are critical for protecting legal rights and interests [5]. - A special bond issuance to support overdue payment clearance is planned, with a total of 6 trillion yuan in replacement bonds to be issued by 2024, alongside an annual allocation of 800 billion yuan for debt resolution until 2028 [5][6]. - The strategy aims to convert hidden debts into visible government liabilities, thereby improving debt management and alleviating short-term repayment pressures [6].

Core Viewpoint - Canada will import 49,000 Chinese electric vehicles at a preferential tariff rate of 6.1%, down from a previous 100% tariff, marking a significant policy shift during Prime Minister Carney's visit to China [1][2]. Group 1: Electric Vehicle Tariffs - Canada has agreed to allow the import of up to 49,000 Chinese electric vehicles, applying a most-favored-nation tariff rate of 6.1%, which restores the tariff level to pre-trade friction conditions [2]. - This decision comes after Canada imposed a 100% tariff on Chinese electric vehicles in 2024 at the request of the Biden administration [2]. Group 2: Financial Cooperation - The People's Bank of China and the Bank of Canada have renewed a bilateral currency swap agreement with a scale of 200 billion RMB, effective for five years, which can be extended by mutual consent [2]. - This agreement aims to enhance financial cooperation between China and Canada, expand the use of local currencies, and facilitate bilateral trade and investment [2]. Group 3: Automotive Industry Outlook - The China Automotive Industry Association forecasts that by 2025, the total production and sales of automobiles in China will reach 34.53 million and 34.40 million units, respectively, marking a new historical high and maintaining the country's position as the world's largest automotive market for 17 consecutive years [3]. - The passenger vehicle market is expected to grow steadily, while commercial vehicle production and sales are projected to exceed 4 million units, reflecting a recovery with over 10% growth [3]. - New energy vehicles (NEVs) are anticipated to see production and sales surpassing 16 million units, with domestic new car sales accounting for over 50% of the market [3]. Group 4: Future Projections - For 2026, the automotive industry in China is expected to continue its high-quality development, with total vehicle sales projected around 34.75 million, a 1% increase year-on-year [4]. - The sales of new energy vehicles are expected to reach 19 million units in 2026, reflecting a 15.2% growth [4]. Group 5: Industry Sentiment - Guoxin Securities believes that the rapid development of the automotive industry, particularly in the NEV sector, will be driven by supportive policies, increased frequency of new car launches, and enhanced brand competitiveness in overseas markets [5]. - The firm anticipates that the penetration rate of new energy vehicles will remain above 50%, with significant growth potential [5]. - Zhongjin Company highlights that the "trade-in" policy will provide a certain level of support for sales growth, while also emphasizing the need to focus on market segmentation and opportunities arising from globalization and technological advancements [5].