Group 1 - US stock market showed mixed performance with Dow Jones down 0.62%, Nasdaq up 0.57%, and S&P 500 up 0.27% [1] - US healthcare stocks fell sharply, with UnitedHealth down nearly 17%, Humana down over 16%, and Cigna down nearly 10% following a proposal to slightly increase payment rates for insurance companies [1] - Nasdaq Golden Dragon China Index saw an initial rise of over 1%, closing up 0.79%, with notable gains from companies like Huya up 15.97%, Kingsoft Cloud up 11.54%, and Bilibili up 4.29% [1] Group 2 - Storage sector stocks in the US experienced gains, with SanDisk up over 6%, Micron Technology up over 5%, and Western Digital and Seagate Technology both up over 1% [3] - Google announced a price adjustment for data transmission methods effective May 1, 2026, with North America prices doubling [3] Group 3 - Corning saw a rise of 7.8% as Meta plans to pay up to $6 billion for procurement [4] - General Motors increased by 5.4% after reporting core profits above expectations for Q4 2025 and plans to invest $5 billion to expand manufacturing capacity for high-demand models in the US [4] Group 4 - US natural gas futures dropped over 10% to $6.106 per million British thermal units, while Brent crude oil futures rose by 1% to $65.419 per barrel [5]

Core Points - The article discusses the landmark trade agreement signed between the EU and India, which is expected to create a free trade area covering 2 billion people and significantly boost economic development for both parties [1] Group 1: Agreement Highlights - The agreement includes substantial tariff reductions and breakthroughs in market access, with nearly 97% of EU export products receiving tariff reductions or exemptions from India, potentially saving European companies up to €4 billion annually in tariff costs [3] - Key tariff reductions include a decrease in India's automotive tariffs from 110% to 10%, wine tariffs from 150% to 20%, and the complete elimination of tariffs on processed foods like pasta and chocolate [3] - In return, Indian industries such as textiles, jewelry, and leather will gain broader market access in the EU, with European companies receiving privileged access in sectors like financial services and maritime logistics [3] Group 2: Trade and Economic Impact - The EU-India bilateral trade in goods reached €120 billion in 2024, a nearly 90% increase over the past decade, with service trade adding an additional €60 billion [5] - The agreement is expected to double EU exports to India and provide critical support for India's infrastructure upgrades and job creation, with the EU being a significant source of technology and investment [5] Group 3: Strategic Cooperation - The trade agreement represents a strategic partnership between the EU and India, showcasing an alternative to a fragmented global landscape, with plans for additional agreements to facilitate the movement of seasonal workers, students, and skilled professionals, as well as enhance security and defense cooperation [8] - The collaboration aligns with the EU's goal to reduce dependence on the US and India's aim to diversify its military imports away from Russia, thus enhancing both parties' autonomy [8] Group 4: Next Steps - The core negotiations of the agreement have been completed, and it will now enter the internal approval process for both parties, with expectations for it to be implemented in the near term [9]

Core Viewpoint - The article highlights the impressive market performance and growth potential of the new retail company "Ming Ming Hen Mang," which is set to list on the Hong Kong Stock Exchange, showcasing significant increases in market valuation and sales figures [1][2]. Group 1: Company Overview - Ming Ming Hen Mang is recognized as a leading player in the new retail sector, with a market capitalization approaching HKD 100 billion during its dark trading period [1]. - The company operates two well-known snack brands: "Snacks Hen Mang" and "Zhao Yi Ming Snacks," and is projected to achieve a GMV (Gross Merchandise Volume) of RMB 55.5 billion in 2024 [2][3]. Group 2: Growth Metrics - The number of stores has surged from 6,585 at the end of 2023 to over 20,000 by November 2025, indicating rapid expansion [5]. - The GMV for Zhao Yi Ming Snacks skyrocketed from RMB 1.375 billion to RMB 29.324 billion, while Snacks Hen Mang's GMV increased from RMB 13.95 billion to RMB 26.207 billion between 2023 and 2024 [7][8]. Group 3: Financial Performance - Revenue grew from RMB 42.86 billion in 2022 to RMB 102.95 billion in 2023, marking a 140.2% increase, and is expected to reach RMB 393.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 203% from 2022 to 2024 [9][10]. - Adjusted net profit increased from RMB 0.82 billion in 2022 to RMB 2.35 billion in 2023, and is projected to reach RMB 9.13 billion in 2024, with a CAGR of 234.6% [11][12]. Group 4: Business Model and Strategy - The company employs a volume-based retail model, focusing on high-quality, affordable snacks, and has redefined the retail pricing system through supply chain restructuring [5][15]. - Ming Ming Hen Mang offers a diverse product range with an average of 1,800 SKUs per store, which is double that of similar-sized competitors, enhancing customer experience and satisfaction [16]. - The company has a strong presence in lower-tier markets, with approximately 59% of its stores located in county and town areas, allowing it to reach a broad consumer base [17]. Group 5: Investment and Market Confidence - The company has attracted significant investment from notable firms, including Tencent and Temasek, indicating strong market confidence in its business model and growth prospects [20][21]. - The funds raised from the IPO are intended for enhancing supply chain capabilities, store network upgrades, brand promotion, and improving technological and digital capabilities [21].

目前，万科自身的经营仍面临着阶段性压力。据公司2025年三季报显示，去年前三季度出现净亏损 280.2亿元。业内人士预计，万科后续的债务将继续开展展期工作。中指研究院企业研究总监刘水认 为，足够的有效资产将是未来万科债券展期的重要考验。对于债券展期，目前情况下很重要的是要有增 信担保措施，否则债权人很难同意展期。近几年，全国房地产价格深度下跌，很多项目出现资不抵债， 或者难有较好的收益。万科能否提供足够多的有效资产作为增信担保，将是未来债券展期过程中的重要 考验。 刚刚过去的2025年对于许多房企而言是解决问题的一年。其中，融创率先宣布完成境外债务重组，公司 约96亿美元的现有债务已获全面解除及免除，重组生效日期为2025年12月23日。另据碧桂园官方信息， 去年12月碧桂园最后一笔境内债券的重组方案，也通过了债券持有人会议的审议。这意味着，碧桂园9 笔境内债券、规模约137.7亿元的境内债务重组方案也已全部通过。 此外，中指研究院监测的截至2025年11月份房地产行业融资数据显示，当月房企债券融资总额为620.4 亿元，同比增长28.5%。2025年1至11月，房企债券融资总额为5502.8亿元，同比增加1 ...

1998年，尼帕病毒病在国外首次发生并确认。此后，多个国家陆续报道发生尼帕病毒病疫 情。我国疾控机构一直密切关注境外尼帕病毒病疫情动态，持续做好监测防控相关工作。首 先，2021年制定印发《尼帕病毒病预防控制技术指南》，对疫情监测、报告、检测、诊断、 调查处置、个人防护和消毒等疫情防控进行了规范。其次，已经建立了尼帕病毒的核酸检测 方法，并已完成具有自主知识产权的尼帕病毒应急核酸检测试剂盒的制备和储备。目前各省 疾控中心已具备尼帕病毒实验室检测能力，能够及时进行尼帕病毒检测和确认。 记者今天从国家疾控局了解到，本次印度暴发的尼帕病毒病疫情，主要发生在西孟加拉邦， 与我国没有领土接壤。尼帕病毒病主要通过直接接触感染的动物、病人及污染物传播，病毒 环境存活力弱，一般民众接触感染机会较少。 综合研判，此次印度尼帕病毒病疫情对我国产 生的影响相对较小。目前，我国尚未发现尼帕病毒病病例。但也存在一定境外输入风险，需 加强防范。 责编：叶舒筠 校对： 陶谦 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 ...

中微半导（688380）今日发出涨价函，公司旗下部分芯片产品将不同程度涨价。 1月27日，中微半导发布涨价通知函：受当前全行业芯片供应紧张、成本上升等因素的影响，封装成品交付周期变长，成本较此前大幅度增 加，框架、封测费用等成本也持续上涨。鉴于当前严峻的供需形势以及巨大的成本压力，经过慎重研究，决定于即日起对MCU、Norflash 等产品进行价格调整，涨价幅度15%~50%。若后续成本再次发生大幅变动，价格也将跟进调整。 公开资料显示，中微半导是国内领先的智能控制解决方案供应商，以微控制器（MCU）研发与设计为核心，专注于芯片设计与销售，致力 为消费电子、智能家电、工业控制及汽车电子等各类智能终端设备提供高性能、低功耗、高集成度的芯片产品及系统解决方案。 截至今日收盘，中微半导股价报45.71元/股，最新市值183.01亿元。 东莞证券认为，AI驱动半导体产业链价格全线调涨，可能会对下游消费类电子（如手机、电脑等）成本端构成一定压力，进而影响终端出 货，但AI设施投入在2026年持续加大为确定性事件，建议关注半导体先进封装、先进封装相关设备、CPU的投资机遇。 责编：叶舒筠 校对： 陶谦 | 今开 | 41 ...

"上期所持续发布监管措施公告，清晰地向市场传递出了交易所对违法违规行为零容忍的鲜明立 场。"业内人士表示。26日盘后，上期所还发布了多条风控公告，涉及近期波动较大的白银、沪 锡、沪铜、沪铝及国际铜期货相关合约。 国信期货首席分析师顾冯达提醒，未来，在强监管、防风险的总体考量下，不排除监管层继续推 出一系列针对性措施。各市场参与主体尤其是个人投资者，应深入理解并严格遵守交易所各项规 则，根据自身风险承受能力审慎参与，避免高杠杆下的非理性投机。 上期所再次出手，监管措施持续强化。 今日（1月27日），上期所发布公告，针对客户在锡、白银期货品种交易中涉嫌未申报实际控制 关系的行为，3组18名客户被限制开仓1个月以及限制出金。 当前，贵金属与有色金属市场情绪高涨、波动显著加大，交易风险也明显增加。此前一天，上期 所已对部分客户采取限制类似监管措施，并调整白银、锡期货相关合约交易限额，以及铜等期货 相关合约涨跌停板幅度和交易保证金比例。 上期所监管措施持续强化 1月27日，上期所网站发布公告称，发现3组18名客户在锡、白银期货品种交易中涉嫌未申报实际 控制关系，根据《上海期货交易所交易规则》《上海期货交易所实际控制关系 ...

布局智能算力，上海推出一系列动作！ 1月27日，2026"智算申城"高峰论坛在上海举行。证券时报记者从论坛上获悉，上海将适度超前建设一批智算基础设施，加快沪产芯片规模化部署，构建 自主可控的智算产业，构建"国芯国模国云"体系。 适度超前建设一批智算基础设施 该论坛围绕智能算力基础设施构建、产业生态协同、技术标准创新等核心议题进行探讨，为"十五五"期间上海智能算力产业发展明确行动路径。 上海市经济和信息化委员会副主任潘焱在致辞中表示，上海智算资源不断聚集，全市智算规模突破12万P，市级智算调度平台纳管算力近2万P；智算产业 日趋完善，集聚了智算芯片、光通信、智能网卡、高速交换机、智算服务器等一批优质智算企业；算力应用持续发展，"模塑申城"加速"5+6"重点行业赋 能。 面向 "十五五"，潘焱透露，上海将适度超前建设一批智算基础设施，加快沪产芯片规模化部署；构建自主可控的智算产业，构建"国芯国模国云"体系， 打响智算超节点"上海品牌"；营造开放共享的智算生态，持续优化政策、资本与人才支持，推动上海算力产业迈上新台阶。 上海仪电（集团）有限公司党委副书记、总裁，上海市算力网络协会理事长张建明表示，国内算力产业正从" ...

金银价格在创历史新高后剧烈震荡，强势表现也传导至基金市场。 1月27日，易方达黄金主题LOF公告，1月28日起暂停A类人民币份额申购及定期定额投资业务。Wind数据显示，截至1月25日，27只商品型黄金 ETF或联接基金今年以来回报率均超过13%，近一年回报率均超过66%。 就在1月26日晚间，国投瑞银白银期货基金发布公告，为保持投资者利益，将于1月28日起暂停申购。 校对： 陶谦 就在2025年，黄金白银相关商品型基金已经成为年度市场"明星"，有的甚至以近翻倍的惊人收益吸引了市场目光。有业内人士表示，以黄金和白 银为代表的贵金属，近期已展现出强势表现，2026年能否持续走强，还需要密切观察美联储降息周期的波动情况以及国际政治经济格局的演进趋 势。对于其他能源金属以及原油等品种，与全球整体经济增速的关联度更加紧密，因此对其保持中性态度。 1月27日，在美国总统特朗普关税威胁及美国政府停摆风险引发的避险情绪推动下，黄金和白银价格在短暂回调后延续强劲涨势，其中黄金价格 连续第二天维持在每盎司5000美元上方。 本轮贵金属迅猛涨势主要受"贬值交易"逻辑驱动：投资者因担忧主权货币及债券价值，正持续抛售相关资产以寻求保 ...

1月27日，A股市场整体上涨。 截至收盘，上证指数收报4139.9点，上涨0.18%；深证成指收报14329.91点，上涨0.09%；创业板指收报3342.6点，上涨0.71%。两市合计成交 28949.81亿元，较上一交易日减少3532.21亿元。 1. 两市主力资金净流出超410亿元 今日沪深两市主力资金开盘净流出373.34亿元，尾盘净流入41.39亿元，两市全天主力资金净流出414.34亿元。 | | | 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- 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. 37 | 119. 93 | | 2026- 1- 22 | - 104. ...