GEO概念多股大涨。 A股市场今天（1月29日）上午整体窄幅震荡，主要指数涨跌互现。GEO概念在沉寂多日后，今天上午再度爆发，相关个股集体 大涨。 A股主要指数涨跌互现 A股市场今天上午整体窄幅震荡，主要指数涨跌互现，其中上证指数小幅下跌0.10%，深证成指微涨0.01%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4147.15 | -4.08 | -0.10% | | 399001 | 深证成指 | 14344.96 | 2.07 | 0.01% | | 881001 | 万得全A | 6864.30 | 1.03 | 0.01% | | 000680 | 科创综指 | 1863.50 | -17.06 | -0.91% | | 399006 | 创业板指 | 3322.00 | -1.56 | -0.05% | 主要行业板块和赛道方面，若按照申万一级行业划分，传媒板块领涨，板块涨幅超过4%。 房地产板块亦涨幅居前，板块盘中涨幅一度超过3%。珠江股份、大悦城、深深房A、三湘印象等多股盘中涨停。 ...

印尼股市再暴跌。 印度尼西亚基准股指雅加达综合指数盘中一度跌超8%，并触发熔断机制，市场交易暂停30分钟。印尼基准股指恢复交易后继续暴跌，跌幅一度 扩大至约10%，随后有所收窄，截至发稿，跌约8%。 此前一个交易日，雅加达综合指数盘中一度跌超8%，并触发熔断机制。截至1月28日收盘，雅加达综合指数报收于8320.56点，较前一交易日下 跌7.35%。 据悉，此次暴跌的主要原因是指数编制公司明晟（MSCI）对印尼股市的可投资性提出担忧。明晟（MSCI）表示，将立即暂停部分指数调整，并 冻结新增成份股，直到印尼监管机构解决上市公司股权过度集中等问题。（具体可戳： 熔断！印尼股市暴跌8% ） 综合自：Wind、证券时报此前报道 责编：万健祎 校对： 王蔚 版权声明 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 证 券 时 报 新 媒 体 矩 阵 总|商 戏 25 (9 毛量 9数据室) 中国 财 券商中国 数据宝 全景财经 人民财讯 e公司 AD 朝货服 北证 新財富 (M) T Rustw 资讯 杂志 新财富 期货日报 北证资讯 信托百佬汇 创业资本汇 识别二维码关注 证券时报微信公众 ...

2025年9月29日，浙江省温州市中级人民法院以故意杀人、故意伤害、非法拘禁、诈骗、开设赌 场等罪，判处明家犯罪集团案明国平、明珍珍、周卫昌、巫鸿明、吴森龙、傅雨彬等11人死刑， 并判处相应附加刑。一审宣判后，明国平、明珍珍等被告人提出上诉，浙江省高级人民法院经开 庭审理，于2025年11月25日裁定驳回上诉，维持原判，并依法报请最高人民法院核准。 最高人民法院经复核确认，2015年以来，以明国平、明珍珍等家族核心成员为首要分子的明家犯 罪集团，在缅甸果敢老街及石园子、清水河等地设立多个园区，招揽、吸引巫鸿明、罗建章、蒋 吉等多名"金主"入驻并提供武装庇护，实施电信网络诈骗、开设赌场等犯罪，涉诈、涉赌资金 100余亿元。明家犯罪集团还伙同巫鸿明等人的电诈犯罪集团，故意杀害、故意伤害、非法拘禁 涉诈人员，造成中国公民14人死亡、多人受伤。 最高人民法院认为，被告人明国平、明珍珍、周卫昌、巫鸿明、吴森龙、傅雨彬等人分别组织、 领导、参加犯罪集团实施犯罪，其行为分别构成故意杀人、故意伤害、非法拘禁、诈骗、开设赌 场等10余项罪名。以明国平、明珍珍等人为首要分子的明家犯罪集团和以巫鸿明等人为首要分子 的电诈犯罪集团结 ...

Core Insights - The latest earnings reports from Microsoft, Meta, and Tesla highlight a deepening "AI arms race" and accelerating business structure differentiation within the tech industry, with Meta's stock rising nearly 11%, Tesla's up over 4%, and Microsoft's down over 7% post-earnings [1] Group 1: Earnings Performance - Meta reported Q4 revenue of $59.893 billion, a 24% year-over-year increase, exceeding analyst expectations of $58.42 billion, with 97% of revenue coming from its core advertising business [3] - Microsoft achieved Q2 FY2026 revenue of $81.27 billion, a 17% year-over-year increase, surpassing expectations, but its cloud business growth showed signs of fatigue with Azure growth slowing to 38% [4] - Tesla's total revenue for 2025 was $94.8 billion, a 3% year-over-year decline, with its core automotive business revenue down 10% [5] Group 2: Strategic Focus on AI - Meta is heavily investing in AI, with a focus on "super intelligence," planning capital expenditures of $72.22 billion in 2025, which is expected to increase by 1.6 to 1.9 times in 2026 [7] - Microsoft continues to deepen its partnership with OpenAI, with a $250 billion cloud services agreement, but faces concerns over the independence of its core cloud business due to reliance on OpenAI [8] - Tesla is transitioning from a traditional automotive company to an AI-focused entity, with significant investments in AI and energy, including a $2 billion investment in xAI to enhance its AI capabilities [8] Group 3: Market Reactions and Future Outlook - Post-earnings, Meta's stock surged, while Microsoft's fell, indicating a shift in investor sentiment towards companies that can demonstrate effective AI integration with core business operations [9] - The tech industry is expected to undergo a restructuring and valuation reassessment as more companies, including Amazon and Google, release their earnings, further clarifying the trends in AI investment and business model transformation [12]

Core Viewpoint - Alibaba has officially launched its self-developed AI chip "Zhenwu 810E," marking the debut of the AI computing triangle formed by Tongyi Lab, Alibaba Cloud, and Pingtouge, aimed at creating a super AI computing platform [1][4]. Group 1: Chip Development - The "Zhenwu" PPU utilizes a self-developed parallel computing architecture and inter-chip communication technology, achieving full-stack self-research in both hardware and software [3]. - The memory of the "Zhenwu" PPU is 96G HBM2e, with an inter-chip communication bandwidth of 700 GB/s, suitable for AI training, inference, and autonomous driving applications [3]. Group 2: Performance Comparison - The overall performance of the "Zhenwu" PPU surpasses that of Nvidia's A800 and mainstream domestic GPUs, comparable to Nvidia's H200, and the upgraded version outperforms Nvidia's A100 [4]. - Industry insiders have noted that the "Zhenwu" PPU is well-regarded for its excellent stability and cost-effectiveness, with demand exceeding supply in the market [4]. Group 3: Strategic Development - Alibaba has invested 17 years in strategic development and vertical integration, culminating in the complete layout of the "Tongyun Ge" full-stack AI [4]. - The launch of the "Zhenwu" PPU reflects Pingtouge's accumulated strength in the chip sector, with Alibaba Cloud established in 2009 and Pingtouge founded in 2018 [4]. Group 4: AI Model Achievements - On January 26, Tongyi Lab released the flagship inference model Qwen3-Max-Thinking, setting multiple global records and performing comparably to GPT-5.2 and Gemini 3 Pro [4]. - The number of derivative models from the Qianwen open-source model has exceeded 200,000, with download counts surpassing 1 billion, maintaining its position as the largest AI open-source community globally [4].

体育产业股盘中拉升。 消息面上，此前，广州市在《体育强市建设规划》中提出"发挥粤港澳三地办赛经验与国际资源，推进联合申办世界杯"。对此，关于工作最新进 展，广州市相关主管部门向《人民财讯》记者表示，足球世界杯是全球最具有影响力的足球盛会。粤港澳大湾区联合申办世界杯赛事，对于提升 区域国际影响力、促进城市群协同发展具有重大战略意义。根据国际足联规定，世界杯申办主体必须是其会员协会，且足球世界杯的申办属于国 家重大事项，必须遵循国家顶层设计和统一部署。根据国家体育总局《体育赛事活动管理办法》等相关规定，申办世界杯赛事，需报请国家体育 总局或国务院审批，并纳入国家外事活动计划。 广州将积极配合国家体育总局和中国足协的工作部署，在符合国家整体战略规划的前提下，继续加强与港澳地区的沟通协作，推动区域体育事业 协同发展。接下来，广州将积极贯彻落实广州市体育强市建设规划，继续做好与国内外体育组织、协会等的交流合作，持续关注、了解国际性赛 事资源，充分调动社会力量办赛积极性，会同社会企业等，做好国际性赛事的申办工作。 珠江股份半年报显示，其旗下公司珠江文体作为国内体育场馆运营与文体产业开发的标杆企业，通过轻资产模式、多元化业 ...

Core Viewpoint - The Federal Reserve decided to maintain the federal funds rate unchanged, leading to record highs in spot gold and silver prices [1][5][6]. Group 1: Federal Reserve Decision - On January 28, the Federal Reserve announced it would keep the federal funds rate in the range of 3.50% to 3.75%, while upgrading its assessment of economic growth [5][6]. - The market anticipates that the Federal Reserve will maintain the current interest rates until the end of Powell's term [2][5]. - Powell indicated that current data does not suggest a significantly restrictive policy and mentioned that no rate hikes are expected in the next meeting [6][7]. Group 2: Market Reactions - Following the Federal Reserve's decision, U.S. Treasury yields rose, reflecting a robust expansion in economic activity and signs of stabilization in the unemployment rate [6]. - The Dow Jones increased by 12.19 points (0.02%) to 49,015.60, while the Nasdaq rose by 40.35 points (0.17%) to 23,857.45, and the S&P 500 slightly decreased by 0.57 points (-0.01%) to 6,978.03 [2][3]. Group 3: Gold and Silver Prices - On January 28, spot gold surged over 4.5%, reaching a new high of 5,413.805 USD/oz [3][8]. - By January 29, during the Asian trading session, both spot gold and COMEX gold prices surpassed 5,500 USD/oz [9][10]. - Spot silver also saw significant gains, breaking through 118 USD/oz, marking a new historical record [10].

今日关注 美联储宣布维持基准利率不变。 现货黄金站上5400美元/盎司。 6．当地时间1月28日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美 联储决定将联邦基金利率目标区间继续维持在3.5%至3.75%之间。 微软、特斯拉、Meta最新财报公布。 中国商火：坚决打赢主力箭首飞及回收攻坚战，全力突破可重复使用技术。 重要的消息有哪些 1．上期所发布通知，自2026年1月30日（星期五）收盘结算时起，涨跌停板幅度和交易保证金比 例调整如下：镍期货已上市合约的涨跌停板幅度调整为11%，套保持仓交易保证金比例调整为 12%，一般持仓交易保证金比例调整为13%；氧化铝、铅、锌期货已上市合约的涨跌停板幅度调 整为9%，套保持仓交易保证金比例调整为10%，一般持仓交易保证金比例调整为11%；不锈钢、 铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交易保证金 比例调整为8%，一般持仓交易保证金比例调整为9%；黄金期货AU2606、AU2608、AU2610、 AU2612、AU2702合约涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持 仓交易保证金比 ...

近期，在存款利率下行、大量高息定存到期的背景下，居民存款搬家入市再度成为市场的关注焦 点。 一场寻求"存款替代"的浪潮正悄然兴起，这些昔日安稳"躺"在银行账户中的储蓄资金，既不满足 于存款的微薄利息，又对纯权益类产品的高波动心存顾虑，转而希望寻求一种既能获取稳健基础 收益又能分享资本市场成长红利的"中间路线"产品。 在此背景下，以"固收+"基金为代表的低波含权产品，以及部分分红型增额终身险产品逐渐走 红，成为这股资金浪潮的"新大陆"。最新披露的公募基金2025年四季报显示，截至2025年末，名 义"固收+"基金（含一级债基、二级债基、偏债混合基金、转债基金）在管规模突破2.735万亿 元，创历史新高。分红型增额终身险等产品的热销，以及银保渠道的业绩贡献，也间接反映出居 民资金配置偏好的变化，其中兼具保本、保证收益与浮动收益属性的分红险更受市场青睐。 居民储蓄从银行体系向资本市场的有序搬家，一方面反映了居民财富管理意识的觉醒和资产配置 能力的日趋成熟；另一方面，这些风险偏好相对较低的长期资金入市，也有助于改善资本市场资 金来源结构，为市场平稳健康发展注入宝贵的"活水"。 当然，相比银行存款，相关替代产品并非稳赚 ...

Core Viewpoint - The "tenglong huan niao" model, characterized by "parent company delisting + subsidiary independent listing," is becoming a key capital path for traditional enterprises to transition into the new energy and technology sectors [1][4]. Group 1: Recent Developments - On January 28, the China Securities Regulatory Commission issued a notice for Lantu Automotive's overseas listing, which will be conducted through an introduction method on the Hong Kong Stock Exchange [3]. - Dongfeng Group and Skyworth Group are also adopting the "tenglong huan niao" model, with Skyworth planning to spin off its solar business for independent listing while delisting itself [3]. - The trend of spin-off listings is becoming more common in the Hong Kong market, with companies like Sunny Optical Technology and Alibaba considering similar strategies [3]. Group 2: Advantages of Spin-off Listings - Spin-off listings provide independent financing platforms for subsidiaries, facilitating rapid growth and enhancing the overall valuation of the parent company [4]. - The rise of new industries such as technology and biomedicine has made spin-off listings a crucial method for these companies to expand financing channels and enhance brand influence [4]. Group 3: Motivations Behind the Transition - The direct motivation for choosing the "tenglong huan niao" model is the significant valuation discount of traditional businesses in the Hong Kong market [6]. - Dongfeng Group and Skyworth Group opted for privatization due to their valuations being significantly below industry averages, with Dongfeng's price-to-book ratio at 0.33 and Skyworth's at 0.56 [7]. - The low market valuations hindered their capital needs for new business layouts, prompting the decision for capital operations [7]. Group 4: Strategic Implications - The "tenglong huan niao" model serves as a strategic transformation core, allowing companies to avoid traditional business drag on overall valuation and focus on value re-evaluation and resource concentration [8]. - Independent listings enable more flexible implementation of equity incentive plans, which is crucial for attracting and retaining talent, especially in technology-driven companies [8]. Group 5: Operational Significance - The "tenglong huan niao" model provides a replicable path for traditional enterprises' strategic transformation, helping to clarify the boundaries between core and new businesses [10]. - By separating high-growth, technology-driven new businesses, companies can better allocate resources and avoid conflicts between old and new business objectives [10]. - This model accelerates the marketization process of new businesses, allowing them to have financing platforms and valuation systems that match their development stages [10].