当日晚间， 7 连 板白 银有色 发布股票交易风险提示公告称，公司主要业务为铜、铅、锌、金、 银等金属的采选、冶炼、加工及贸易。根据《2024年年度报告》，按照矿石原材料成本分类，公 司自有矿山原材料占原料总成本比重4.43%，外购原料占原料总成本比重95.57%，公司外购原料 占比较高。 黄金概念股的热度有点高！ 近期，国际金价持续大涨。今日（1月28日）盘中，现货黄金涨幅一度超过2%，并突破5300美 元/盎司，再创历史新高。 截至记者发稿，现货黄金日内涨幅收窄至1.55%。现货白银一度跳水 翻绿，现涨0.46%，此前一度涨超3%。 值得关注的是，在国际金价加速上行的背景下，A股黄金概念股近期也持续大涨。1月28日，黄 金概念股再度出现涨停潮，涨停个股数量超过30只。其中，白银有色7连板，四川黄金10天7板， 招金黄金8天6板，中国黄金、豫光金铅4连板，西部黄金6天3板。 1月28日晚间，多只黄金概念牛股发布公告，提示交易风险。白银有色、豫光金铅、四川黄金、 中国黄金均表示，公司股价短期涨幅较大，可能存在下跌风险；赤峰黄金、西部黄金也发布公 告，提示投资者注意二级市场交易风险。 多只黄金概念股紧急提示风险 ...

Core Viewpoint - Industrial Fulian (601138), a major AI player in the A-share market, has released its earnings forecast for 2025, indicating significant growth in net profit, exceeding market expectations [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of 35.1 billion to 35.7 billion yuan for 2025, representing an increase of 11.9 billion to 12.5 billion yuan year-on-year, which is a growth of 51% to 54% [2]. - For Q4 2025, the projected net profit is between 12.6 billion to 13.2 billion yuan, an increase of 4.5 billion to 5.1 billion yuan year-on-year, reflecting a growth of 56% to 63% [4]. Business Growth Drivers - The primary driver for the earnings increase is the robust growth in the cloud computing business, with server revenue from cloud service providers expected to grow over 1.8 times year-on-year in 2025 [5]. - In Q4 2025, cloud service provider server revenue is anticipated to grow over 30% quarter-on-quarter and over 2.5 times year-on-year [5]. - The AI server revenue from cloud service providers is projected to increase over 3 times year-on-year in 2025, with a quarter-on-quarter growth of over 50% in Q4 2025 [5]. - The high-speed switch business is also expected to see significant growth, with revenue from 800G and above switches projected to increase by 13 times year-on-year in 2025 [5]. Strategic Outlook - The chairman of Industrial Fulian, Zheng Hongmeng, emphasized that 2025 is a critical year for the company's transformation and accelerated growth, with breakthroughs in operational performance, digital layout, and ESG initiatives [6]. - Looking ahead to 2026, the company plans to continue its strategy of "deepening in China and laying out globally," focusing on enhancing its core strengths in technology, manufacturing, processing, and integration [6]. Market Position - As of January 28, the stock price of Industrial Fulian was 60.69 yuan per share, with a total market capitalization of 1,205.2 billion yuan [7].

当地时间1月28日下午2点（北京时间1月29日凌晨3点），美国联邦储备委员会将公布2026年首份利 率决议。 决策层内部投票格局与人事变动为会议增添变数。美联储理事斯蒂芬·米兰预计将继续投下反对票，坚 持主张更快降息，其任期将于1月31日届满。更受关注的是美联储理事沃勒的投票立场——作为特朗普 心目中下任美联储主席候选人之一，其投票倾向或影响提名前景：支持降息将契合总统降息诉求，反 之则可能错失提名机会。此外，克利夫兰联储主席哈马克等三位新轮值票委均倾向维稳利率，有望强 化暂停降息的共识。 政治因素的干扰成为本次会议的特殊背景。特朗普政府对美联储的干预力度持续升级，不仅对鲍威尔 展开刑事调查，还计划近期公布下任美联储主席提名人选，市场猜测提名或与本次利率决议同步公布 以转移焦点。鲍威尔在会后新闻发布会上如何回应政治施压、是否透露任期结束后的去留规划，均成 为市场关注的额外焦点。分析人士指出，若鲍威尔选择卸任主席后继续留任理事，将成为制衡新领导 层的关键力量，维护美联储决策独立性。 市场对会议结果已提前反映，美股年初以来维持震荡，标普500指数估值处于历史高位，需货币政策信 号与科技巨头财报双重支撑。摩根士丹利 ...

据新华社，美国总统特朗普28日在社交媒体上说， 一支庞大的舰队正前往伊朗，已准备好迅速 履行其使命。 他还称，希望伊朗能够迅速坐到谈判桌前。 据外媒报道，伊朗总统佩泽希齐扬27日已启动紧急措施，一旦美国或以色列对伊朗发起新的 袭击，将保障生活必需品供应，同时确保政府机构运转。 报道称，佩泽希齐扬宣布启动紧急状态，以保障基本物资供应，并在战争情况下维持政府正 常运转。 此外，1月26日，美军中央司令部证实，"亚伯拉罕·林肯"号航母打击群"正部署到中东"。 伊朗议会国家安全与外交政策委员会发言人当天表示，如果美国发动任何侵略，伊朗的回 应"绝不会仅限于美国的军事基地或装备"。 黎巴嫩真主党领导人纳伊姆·卡西姆26日也表示，面对任何针对伊朗的军事行动，真主党不 会袖手旁观，并警告此类行动可能引发更大范围的地区冲突。 佩泽希齐扬说："我们正将权限下放至各省，省长可直接对接司法机构及其他部门官员，自主 作出决策。" 佩泽希齐扬还表示，此举旨在防止不必要的行政程序延误政策实施，并加快必需品的进口。 有分析认为，伊朗这一紧急措施是对美国和以色列极有可能发动的袭击做出准备。 负责中东地区美军行动的美军中央司令部27日发布声明 ...

但斌美股持仓最新出炉。 私募排排网数据显示，截至2025年末，东方港湾持有的美股资产总市值约为13.16亿美元 （约合人民币91亿元），较三季度末的12.92亿美元略有增长。其投资组合共涵盖10只美股 标的，整体持仓结构在2025年四季度出现明显调整，进一步集中于科技板块巨头。 2025年第四季度，东方港湾进行了一系列调仓操作，清仓了包括Coinbase、奈飞、Astera Labs、 BitMine Immersion Technologies、博通、台积电在内的多只股票。与此同时，投资组合的重心更 加聚焦于大型科技公司。 校对： 李凌锋 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 最引人注目的变化是，谷歌（GOOG）取代英伟达（NVDA），成为东方港湾的第一大重仓股。 这一变动主要源于两方面因素：一是东方港湾在去年四季度大幅加仓谷歌约40.55%，二是谷歌 股价在当季上涨近29%。截至2025年末，其对谷歌的持股市值达4.06亿美元，占美股持仓总规模 ...

Core Insights - The article highlights the recent surge in new stock performances in the A-share market, particularly focusing on the new stock Hengyun Chang, which saw a closing price increase of 302.8% on its first trading day, with a peak price of 390 yuan, leading to a maximum potential profit of 148,900 yuan for investors who successfully subscribed to the stock [1][4]. Group 1: New Stock Performance - Hengyun Chang and Nongda Technology were newly listed on January 28, 2026, with significant price increases of 302.8% and 111.56% respectively [4]. - The overall performance of new stocks in the A-share market has been strong, with several stocks, including Hengyun Chang, showing substantial gains on their debut [5]. - Recent data indicates that 10 new stocks have achieved a maximum profit exceeding 100,000 yuan on their first trading day since the implementation of the full registration system in the A-share market [5]. Group 2: Subscription Rates - The subscription rate for Hengyun Chang was recorded at a historical low of 0.02184853%, indicating that it is becoming increasingly difficult for investors to secure shares in new stock offerings [2][8]. - Prior to Hengyun Chang, the lowest subscription rate for a new stock on the Sci-Tech Innovation Board was 0.02248970% for Youxun Shares, which was listed on December 19, 2025 [9]. - Recent trends show that several new stocks, including Hengyun Chang and Youxun Shares, have among the lowest subscription rates in the history of the Sci-Tech Innovation Board [9].

截至收盘，上证指数收报4151.24点，上涨0.27%；深证成指收报14342.89点，上涨0.09%；创业板指收报3323.56点，下跌0.57%。两市合计成交29654.1亿 元，较上一交易日增加704.29亿元。 1. 两市主力资金净流出超270亿元 今日沪深两市主力资金开盘净流出58.9亿元，尾盘净流出29.34亿元，两市全天主力资金净流出274.87亿元。 | | | 沪深两市最近五个交易日主力资金流向情况（亿元） | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026- 1-28 | -274. 87 | - 58. 90 | - 29. 34 | - 118. 55 | | 2026- 1- 27 | - 414. 34 | -373. 34 | 41. 39 | - 173. 55 | | 2026- 1-26 | - 757. 10 | -324. 59 | - 15. 61 | - 496. 92 | | 2026- 1-23 | -41.67 | -83. 56 | 58. ...

Core Viewpoint - The A-share market is undergoing a new wave of "delisting risk inspection" as companies disclose their 2025 annual performance forecasts, with over 20 companies already warning of potential delisting risks due to financial indicators not meeting standards, major violations, or abnormal audit opinions [1] Group 1: Financial Indicators - Several companies have announced that they may face delisting risk warnings due to failing to meet financial indicators, including Ba Yi Steel, Shuaifeng Electric, Tianjian Technology, Yijing Optoelectronics, and Huaxia Happiness [3][4][5] - Ba Yi Steel expects its net assets to be between -1.76 billion and -1.95 billion yuan by the end of 2025, triggering delisting risk warnings under the Shanghai Stock Exchange rules [3] - Yijing Optoelectronics anticipates a negative net asset of between -6.8 million and -13 million yuan for 2025, which also falls under the delisting risk warning criteria [4] - Huaxia Happiness is expected to have negative net assets by the end of 2025, leading to potential delisting risk warnings [4] - Shuaifeng Electric forecasts a total profit loss of between -57 million and -38 million yuan for 2025, with expected revenue between 21 million and 25 million yuan, below the 300 million yuan threshold [5] - Tianjian Technology predicts a total profit loss of between -170 million and -242 million yuan for 2025, with negative revenue projections [5] Group 2: Internal Control Issues - Some companies may face delisting risk warnings due to unresolved internal control issues, such as Digital People and Tianye Co., which received negative audit opinions on their internal controls for 2024 [6][8] - Digital People is at risk of delisting if it receives negative audit opinions for two consecutive years, as per the Beijing Stock Exchange rules [8] - Tianye Co. has also announced potential delisting risks due to similar internal control audit issues [8] Group 3: Audit Opinions - For companies already under the *ST designation, the audit opinion for the 2025 financial statements is critical, as non-standard opinions could lead to further delisting risks [9][10] - *ST Panda has indicated that unresolved issues may lead to non-standard audit opinions for 2025, which would trigger delisting risks [10] - *ST Zhengping has been warned of delisting due to unresolved non-standard audit opinions and internal control issues, with significant uncertainties regarding its continued operation [10]

Market Overview - A-shares showed significant divergence today, with the Shanghai Composite Index rising while the ChiNext Index and other indices struggled [1] - The Shanghai Composite Index closed up 0.27% at 4151.24 points, while the ChiNext Index fell 0.57% [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 2.99 trillion yuan, an increase of over 70 billion yuan from the previous day [1] Gold Market - Spot gold surged over $100 today, breaking through $5300 per ounce, setting a new historical high [2][7] - Goldman Sachs raised its gold price target for December 2026 to $5400 per ounce [2] - The gold concept stocks experienced a surge, with several stocks hitting the daily limit, including China Gold and Sichuan Gold, which have seen consecutive limit-ups [5][10] Semiconductor Sector - The semiconductor sector showed strong performance, with stocks like Qipai Technology and Zhongwei Semiconductor seeing significant gains [17] - Zhongwei Semiconductor announced a price increase of 15%-50% for certain products due to rising costs and supply chain pressures [19] - The semiconductor industry is experiencing a price surge that has spread from memory chips to other segments, driven by strong demand and tight supply [20] Oil Sector - The oil sector saw a strong rally, with companies like Tongyuan Petroleum and Sinopec Oilfield Services hitting their daily limits [12] - Analysts suggest that geopolitical tensions and extreme weather conditions are impacting global energy supplies, leading to a rebound in oil prices [15] - The Brent crude oil price forecast for 2026 has been raised to $65 per barrel, reflecting expectations of demand recovery and inventory accumulation [15]

1月28日，印度尼西亚股市遭遇剧烈震荡，基准雅加达综合指数早盘最大跌幅达8%，并触发市场暂 停交易30分钟，创下逾9个月来单日最大跌幅。 此次暴跌的直接导火索是全球指数提供商明晟公司（MSCI）发布的可投资性警告，其明确指出 印尼股市存在根本性投资问题，并威胁可能将其从新兴市场降级为前沿市场。 MSCI在官方声明中宣布，将立即暂停印尼相关指数的多项调整措施，包括停止新增指数成份股 以及冻结自由流通股比例的提升，直至印尼监管机构采取切实行动解决长期存在的市场问题。该 机构特别强调，印尼股市存在两大核心隐患：一是多数上市公司股权高度集中，由少数富豪或战 略投资者牢牢掌控，导致自由流通股比例极低。 彭博社数据显示，雅加达综合指数中超过200只成份股的自由流通股比例不足15%，在亚太地区 主要股指中垫底；二是存在疑似协同交易操纵股价的迹象，严重影响市场透明度与完整性。 此次MSCI的警告并非突然。早在2025年9月，该机构就在咨询文件中表达了对印尼股市自由流通 股数据透明度的担忧，并提议收紧相关定义。据悉，若印尼未能在2026年5月前在市场透明度提 升方面取得足够进展，MSCI将重新评估其市场可投资性，届时可能下调印 ...