Macro News - The Ministry of Finance announced that the overall fiscal expenditure in 2026 will "only increase and not decrease," with new government debt in 2025 expected to reach 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [3] - The Ministry of Human Resources and Social Security plans to expand occupational injury insurance coverage nationwide and improve the social insurance system to support flexible employment [3] Industry News - The Ministry of Finance and five other departments announced the continuation of tax and fee preferential policies for community family services, including elderly care and childcare, effective from January 1, 2026, to December 31, 2027 [4] - Recent enthusiasm in the commercial space sector has led banks like SPDB and CMB to successfully launch satellites, primarily aimed at enhancing their risk control capabilities through remote monitoring of loan projects and collateral [4] - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting January 20, marking the first price hike in 2026, with an estimated increase of 3.5 yuan for a full tank of 92-octane gasoline [4] Company News - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing a year-on-year increase of 18.46% [7] - Baili Tianheng's application for the listing of iza-bren for treating recurrent or metastatic esophageal squamous cell carcinoma has been accepted and included in the priority review list, marking a significant milestone as the first dual-target ADC application [8] - Tongfu Microelectronics expects a net profit of 1.1 billion to 1.35 billion yuan for 2025, a year-on-year increase of 62.34% to 99.24% [11] - Puxin Technology anticipates a net loss of 325 million to 650 million yuan for 2025 due to continued low component prices affecting revenue [11] - Yuhang Supermarket expects a net loss of 2.14 billion yuan for 2025, impacted by store adjustments and asset impairments [11]

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Core Viewpoint - The European Parliament has announced the suspension of the approval process for the trade agreement reached with the United States last July, marking the EU's initial response to President Trump's recent pressure tactics [1] Group 1: Trade Relations - President Trump announced on social media that starting February 1, a 10% tariff will be imposed on goods imported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland [1] - The tariff rate is set to increase to 25% from June 1, contingent upon reaching an agreement regarding the U.S. "complete and total purchase of Greenland" [1]

C 则联社 一图看懂 5年前1瓶茅台~10克黄金 如今～? 5年前,1瓶飞天茅台约等于10克黄金。如今国际金价已 突破4700美元/盎司,再创新高。那么,同样一瓶茅台, 现在还能值几克黄金? 7x24h电报 头条新闻 实时盯盘 VIP资讯 为速度和交易而生 上海报业集团主管主办 策划：周颖 制图： 翟一然 下载财联社APP获取更多资讯 准确 快速 权威 专业 | 飞天茅台价格(原箱) | | 金价(约) | | --- | --- | --- | | 3840元/瓶 | | 369.11元/克 | | 団 2021年9月 | =10.4g | | | 背后原因:全球货币 | | | | 宽松,"液体黄金"神 | | | | 话盛行,茅台金融属 | | | | 性达到顶峰。 | | | | 飞天茅台价格(原箱) | | 金价 (红) | | 1550元/瓶 | | 1060元/克 | | 団 2026年1月20日 | | | | 背后原因: 茅台金融 | =1.46a | | | 属性消退,黄金成为 | | | | 全球信用对冲工具: | | | | 央行购金、地缘冲突、 | | | | 去美元化叙事等。 | ...

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Core Viewpoint - Saudi Arabian Mining Company (Maaden) has announced an increase in gold reserves by 7.8 million ounces (approximately 242.6 tons) due to targeted exploration and resource development [1] Group 1: Gold Reserves and Exploration - The Mansourah-Massarah mining area contributed the largest reserve increase, adding 3 million ounces; followed by the Wadi Jau and Umm Al-Salam areas, which added 1.67 million ounces; and the newly discovered Wadi Jau area, which has an initial resource estimate of 3.08 million ounces [1] - Maaden's flagship Mansourah-Massarah gold project is estimated to have 116 million tons of ore resources, containing approximately 10.4 million ounces of gold, with an average gold grade of 2.8 grams per ton of ore [1] - Recent exploration has discovered approximately 4.2 million ounces of gold, resulting in a net increase of about 3 million ounces compared to the previous year [1] - The CEO of Maaden emphasized that the exploration results validate the company's long-term strategy of discovering mineral resources in Saudi Arabia and the correctness of its investment in exploration [1] - Further exploration and development of the Mansourah and Massarah deposits will continue, with drilling work expected to last until 2026, indicating potential for further resource growth [1] Group 2: Future Investment and Production Goals - The company plans to invest $110 billion over the next 10 years to double its phosphate and gold business volumes and to increase aluminum business by one time, aiming to become one of the largest mining companies globally [2] - Currently, the company produces approximately 500,000 ounces of gold and around 3 million tons of phosphate and aluminum [3] - The mining sector is becoming a key part of Saudi Arabia's economic diversification strategy, with plans to significantly increase mineral production capacity, attract foreign investment, and build a complete industrial chain to reduce dependence on oil [3] - At the recently concluded Future Minerals Forum, Saudi Arabia secured agreements and memorandums of understanding worth over 100 billion Saudi Riyals (approximately $26.6 billion) [3]

Core Viewpoint - The article highlights the recent financing and strategic developments of Beijing Lingkong Tianxing Technology Co., Ltd., a private company specializing in hypersonic missile technology, emphasizing its unique position in the commercial aerospace sector and its innovative cost-reduction strategies [2][3][4]. Group 1: Company Financing and Shareholder Changes - Beijing Lingkong Tianxing has recently increased its registered capital from approximately 35.35 million RMB to about 37.66 million RMB, with new shareholders including state-owned investment funds focused on commercial aerospace and new materials [2]. - The company has completed around 8 rounds of financing since its establishment, attracting notable investors such as Matrix Partners, Source Code Capital, and others, with the latest round being a C round financing of 100 million RMB announced on November 25, 2025 [3]. Group 2: Technological Innovations and Product Development - Lingkong Tianxing claims to be the only commercial aerospace company in China engaged in hypersonic flight technology and has achieved mass production of its hypersonic missile, the "Yukongji-1000," which has successfully completed launches [3]. - The company aims to reduce the cost of the "Yukongji-1000" to one-tenth of traditional solutions by utilizing commercial products and industrial production lines, with a strategic focus on standardization and mass production techniques similar to automotive manufacturing [4]. Group 3: Future Plans and Milestones - The company plans to achieve significant milestones in its technological roadmap, including the first flight of a suborbital space tourism prototype in 2023, a manned test flight in 2025, and the first flight of a global hypersonic vehicle by 2028 [5].

Core Insights - Elon Musk is on track to become the first billionaire with a net worth exceeding $800 billion, following a significant increase in his wealth due to the valuation of his company xAI, which recently raised $20 billion, bringing its valuation to $250 billion [2][3] - Musk's current net worth is reported at $780 billion, leading the billionaire rankings by a substantial margin over Larry Page, who has a net worth of approximately $270.8 billion [3][4] Investment and Valuation - xAI's recent funding round has significantly increased the wealth of early investors, including Prince Alwaleed Bin Talal Alsaud, who holds about 1.6% of xAI, valued at $4 billion, and Twitter co-founder Jack Dorsey, whose wealth has risen to $6 billion [5][6] - Despite xAI burning through $7.8 billion in cash in the first nine months of 2024, investor enthusiasm remains high, reflecting a broader trend of investment in the artificial intelligence sector [6] Musk's Wealth Growth - Musk's wealth has seen exponential growth, attributed to the strong performance of Tesla and SpaceX, with his holdings in SpaceX valued at $336 billion and Tesla stocks and options contributing an additional $307 billion [6] - A recent court ruling upheld a $126 billion stock option contract for Musk, further boosting his net worth past $700 billion [6]

Core Viewpoint - The article discusses the occurrence of an X1.9-class solar flare and its subsequent impact on Earth, including the emergence of geomagnetic storms and auroras in various regions of China [1][3]. Group 1: Solar Activity and Geomagnetic Storms - On January 19, 2026, a significant X1.9-class solar flare was recorded, marking the first occurrence of an X-class flare in 2026 [1]. - Following the solar flare, geomagnetic storms began on January 20, 2026, with reports of 6 hours of severe geomagnetic storms and 6 hours of moderate storms, which are still ongoing [3]. Group 2: Auroras and Observation Conditions - Northern regions of China have the opportunity to witness notable auroras, including the possibility of red-green composite auroras, due to favorable observation conditions during the winter season [4]. - The Daxing'anling area in Heilongjiang province experienced rare and beautiful auroras as a result of the geomagnetic storm [7]. Group 3: Impact of Geomagnetic Storms - Geomagnetic storms can disrupt shortwave communication and navigation systems across most regions of China [8]. - The storms cause disturbances in the ionosphere, affecting ground communication and satellite signals, which may impact the accuracy of navigation satellite systems and the quality of mobile and satellite TV signals [10]. - Strong geomagnetic storms can also affect power transmission systems, increasing current loads on transmission lines and potentially damaging transformers or other grid facilities, leading to power outages [11]. - While the impact on daily life and public health is minimal, strong geomagnetic activity may affect animal migration and navigation abilities, particularly for species that rely on solar and geomagnetic navigation [12].

据央视新闻，1月20日，总台记者获悉，两名加拿大政府高级官员表示，加拿大武装部队已经模拟了美国对加拿大的军事入侵以及加拿大可能做出的 回应。 据信， 这是加拿大武装部队一个世纪以来首次模拟美国对该国的攻击，而加拿大是北大西洋公约组织的创始成员国，也是美国大陆防空系统的合作 伙伴。 ...