【导读】美国股债汇三杀 中国基金报记者 泰勒 兄弟姐妹们啊，今晚海外市场不平静， 格陵兰岛和日本的冲击打破了华尔街的平静。 一起看看发生了什么事情。 1月20日晚间，美股开盘重挫，随后跌幅略有收窄。 | 最高: 49005.01 | 今开:49005.01 | 52周最高: 49633.35 | 量比: 1.51 | | --- | --- | --- | --- | | 最低: 48592.45 | 昨收:49359.33 | 52周最低: 36611.78 | 振幅: 0.84% | | 成交量: 1.81亿股 | | | | | 最新:48886.84 -472.49 -0.96% | | | | --- | --- | --- | | 50126.21 | | I 25% | | 49934.49 | | 1.17% | | 49742.77 | | 0.78% | | 49551.05 | | 0.39% | | 49359.33 | EE | 0.00% | | 49167.61 | | -0.39% | | 48975.89 | | -0.78% | | 4878417 | | -1.17% | ...

【导读】丹麦养老基金AkademikerPension将退出美国国债投资 中国基金报记者 泰勒 大家好，关注一则"清仓美国"的消息！ 1月20日晚间，丹麦养老基金AkademikerPension表示，计划在本月底前清仓美国国债，原因是担心美国 总统特朗普的政策带来"不容忽视"的信用风险。 AkademikerPension首席投资官安德斯·舍尔德（Anders Schelde）周二表示："从根本上说，美国已经算 不上一个优质信用主体；从长期看，美国政府的财政也不可持续。" 舍尔德称，这家为教师和学术群体管理约250亿美元养老金储蓄的基金，截至2025年底持有约1亿美元美 国国债。继续持有国债的唯一理由是出于风险与流动性管理的需要，但他们"已经决定可以找到替代方 案"。 消息出来之后，美国长期国债一度出现小幅的抛售潮。 在庞大的美国国债市场里，这笔资金只是"沧海一粟"。不过，在当前的政治背景下，AkademikerPension 的这次减持具有重要象征意义：越来越多机构投资者正在重新思考，什么才算真正的"避险资产"。此前 德意志银行的一份报告还提到，欧洲资金管理机构可能把"资本"当作工具，在特朗普持续发出威胁 ...

Core Viewpoint - GAC Group officially refuted claims that "half of the automotive chips in the future will be replaced by Gree products," stating that this information is not accurate [2][4]. Group 1: Company Statements - On January 15, GAC Group's chairman, Feng Xingya, visited Gree Electric, where Gree's chairman, Dong Mingzhu, hosted the meeting [2][4]. - Both parties discussed "smart integration of people, vehicles, and homes," focusing on industrial synergy and collaboration [4][7]. - GAC Group emphasized that any specific progress in cooperation with Gree Electric will be announced through official channels [10]. Group 2: Chip Business Developments - Gree Electric has plans to mass-produce silicon carbide chips for photovoltaic storage and logistics vehicles by 2026, following the production of chips for home appliances [12]. - GAC Group has established a comprehensive automotive chip product matrix, launching 12 automotive chips that cover various fields such as computing, control, power, drive, sensing, and analog [12]. - GAC Group's chip ecosystem initiative includes partnerships with companies like ZTE, Horizon Robotics, and Huahong Semiconductor, aiming to build a collaborative automotive chip ecosystem [12].

【导读】上海国际能源交易中心调整国际铜期货相关合约交易保证金比例和涨跌停板幅度 中国基金报记者 安曼 1 月 20 日，上海期货交易所（以下简称上期所）发布通知，调整铜、铝、黄金、白银等期货 相关合约交易保证金比例和涨跌停板幅度。 调整黄金、白银等多个品种涨跌停板 具体来看，铜期货已上市合约的涨跌停板幅度调整为 8% ，一般持仓交易保证金比例调整为 10% 。 CU2602 的套保持仓交易保证金比例调整为 10% ，其余合约的套保持仓交易保证 金比例调整为 9% 。 | 品种 | 合约 | 现行标准 (%) | | | 调整后标准(%) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易保证金 | | | 交易保证金 | | | | | | 涨跌停板 | 套保 | 一般 | 涨跌停板 | 套保 | 一般 | | | | | 持仓 | 持仓 | | 持仓 | 持仓 | | | CU2602 | 7 | 10 | 10 | 8 | 10 | 10 | | | CU2603、 | | | | | | | | | CU2604、 | | | ...

【导读】利欧股份将于 1 月 21 日开市起复牌 中国基金报记者 卢鸰 近期涨幅接近翻倍的 AI 应用概念股利欧股份，将于 1 月 21 日（星期三）开市起复牌。 利欧股份 1 月 20 日晚公告，停牌期间，公司就股价波动的相关事项进行了核查。鉴于相关 自查工作已完成，根据《深圳证券交易所上市公司自律监管指引第 6 号 —— 停复牌》等相 关规定，经公司申请，公司股票将于 2026 年 1 月 21 日（星期三）开市起复牌。 2025 年 12 月 31 日至 2026 年 1 月 15 日，利欧股份连续 10 个交易日收盘价涨幅偏离 值达 96.77% ，股价波动较大，投资者较为关注。经公司申请，公司股票自 2026 年 1 月 16 日开市起停牌。 针对公司近期股票交易波动较大的情形，利欧股份董事会对公司和控股股东、实际控制人就 相关事项进行了核实，利欧股份称： 公司在部分业务场景中推进 AI 相关业务的应用与建设，但目前尚未形成规模性的盈利模式， 其收入在公司整体营业收入中占比较小，对公司整体经营业绩及财务状况不构成重大影响。 公司主营业务分为泵与系统业务和数字营销业务两部分，公司业务未发生重大变化。 ...

中国基金报记者 李智 1 月 20 日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总 局上海监管局、中国证券监督管理委员会上海监管局、上海市商务委员会联合发布《加强期 现联动 提升有色金属大宗商品能级行动方案》（以下简称《行动方案》），提升上海市有色 金属大宗商品能级和全球定价影响力。 【导读】上海发布 18 项措施，提升有色金属大宗商品能级和全球定价影响力 以下为全文： 加强期现联动提升有色金属大宗商品能级行动方案 为进一步加强期现联动，提升我市有色金属大宗商品能级，制定本行动方案。 一、推进有色金属市场互通，促进期 — 现 — 衍联动发展 《行动方案》主要包括三部分内容 18 项措施： 一是推进有色金属市场互通，促进期 — 现 — 衍联动发展。支持上海清算所、上海期货交易 所探索在清算、风险管理方面开展沟通交流。支持本市有色金属现货交易场所通过大宗商品 清算通开展资金清结算，提高现货市场结算效率和安全性。推动汽车生产、建筑、家电制造 等各类型有色金属应用类企业参与期货和场外衍生品市场，更好管理价格风险。《行动方 案》聚焦市场参与主体，从基础设施到实体企业，加强期 — 现 — 衍联 ...

Core Viewpoint - The announcement by six government departments aims to continue tax and fee preferential policies for community family service industries, including elderly care, childcare, and domestic services, to support their development [2][3]. Group 1: Tax and Fee Preferential Policies - Institutions providing community elderly care, childcare, and domestic services will enjoy tax exemptions, including exemption from value-added tax (VAT) on income earned from these services [3][4]. - Income from community elderly care, childcare, and domestic services will be calculated at 90% for taxable income purposes [3][4]. - Properties and land used for providing these services will be exempt from property tax and urban land use tax [4]. Group 2: Specific Conditions for Domestic Service Enterprises - Domestic service enterprises that meet specific conditions will also be exempt from VAT on income earned from providing domestic services [6]. - Conditions include signing a tripartite agreement with domestic service workers and clients, paying wages to domestic service workers, and managing them through a business management system [7]. Group 3: Compliance and Documentation - Taxpayers benefiting from these policies must retain documentation such as service agreements and proof of service provision for verification [5]. - Failure to provide adequate documentation may result in the recovery of tax benefits and penalties [5]. Group 4: Implementation Timeline - The policies will be effective from January 1, 2026, to December 31, 2027 [8].

【导读】凯龙高科筹划重大资产重组，自 1 月 21 日开市起停牌 中国基金报记者 闻言 1 月 20 日晚间，凯龙高科发布公告称，公司筹划以发行股份及支付现金的方式购买深圳市金 旺达机电有限公司（以下简称金旺达）控制权，并拟募集配套资金，预计构成重大资产重 组。 凯 龙 高 科 计 划 自 1 月 2 1 日 开 市 起 停 牌 。 截 至 1 月 2 0 日 收 盘 ， 凯 龙 高 科 股 价 报 1 9.8 5 元 / 股 ， 下 跌 1.2 4 % ， 总 市 值 为 2 2.8 0 亿 元 。 初步确定交易对方持有 70% 股份 公告显示，凯龙高科正在与金旺达各股东接洽，初步确定的交易对方为合计持有金旺达 70% 股权的股东。 加码人形机器人零部件业务？ 官网显示，金旺达成立于 2009 年，是一家致力于高端自动化核心零部件研发、生产、销售 的国家高新技术企业、广东省专精特新技术企业。 目前，金旺达的主要产品包括精密直线导轨、精密滚珠丝杆、精密行星滚柱丝杆、精密减速 机等，主要应用领域包括半导体、新能源、医疗、机床、人形机器人等高端自动化行业。 凯龙高科的核心业务是发动机尾气后处理系统，并在商用车热管 ...

Core Viewpoint - The article discusses the implementation of a more proactive fiscal policy in China to promote high-quality economic and social development, emphasizing increased fiscal spending, optimized expenditure structure, improved efficiency, and stronger economic momentum [1][4]. Group 1: Fiscal Policy Implementation - The fiscal policy for 2026 will focus on "increasing total volume, optimizing structure, improving efficiency, and enhancing momentum" [4]. - "Increasing total volume" involves expanding the fiscal expenditure to ensure necessary spending levels, maintaining fiscal deficit and debt at necessary levels, and ensuring that key areas receive strong support [5]. - "Optimizing structure" aims to improve the expenditure structure by applying zero-based budgeting, reducing ineffective spending, and directing more funds towards consumption, human investment, and social welfare [5]. - "Improving efficiency" focuses on enhancing the effectiveness of fund usage, ensuring that every penny generates expected benefits, and optimizing the management of special bonds [5]. - "Enhancing momentum" includes deepening fiscal and tax reforms to stimulate economic vitality, improving transfer payment structures, and enhancing local fiscal capabilities [6]. Group 2: Investment and Consumption Promotion - The policy framework includes "one goal," "two focuses," "three principles," and "six policies," with the primary goal being to "expand domestic demand" [8]. - The two focuses are to "stimulate private investment" and "promote household consumption," both crucial components of domestic demand [8]. - The three principles for execution are convenience and efficiency, precision and effectiveness, and standardization and improvement [9]. - The six policies include various loan interest subsidy programs aimed at supporting small and micro enterprises, private investment, and consumer spending [9]. Group 3: Support for Innovation and Technology - The fiscal department will support the National Venture Capital Guidance Fund to invest early, small, long-term, and in hard technology, focusing on original and disruptive technological advancements [10]. - There will be enhanced support for key industries to upgrade quality, with fiscal incentives for technology innovation loans and central bank re-lending support [10]. - The emphasis will be on strengthening the role of enterprises in technological innovation and implementing structural tax reductions to support innovation and manufacturing [11]. Group 4: Fiscal Subsidy Regulation - The fiscal department will continue to deepen fiscal and tax system reforms to clarify fiscal responsibilities and improve the central-local fiscal relationship [13]. - There will be ongoing efforts to standardize fiscal subsidies, with a focus on correcting any irregular subsidy practices and enhancing regulatory frameworks [13]. - The government procurement order will be optimized, including amendments to procurement laws and policies favoring domestic products [13]. Group 5: Consumer Loan Subsidy Enhancements - The consumer loan subsidy policy has been optimized to increase the subsidy limits for individual consumers and expand the coverage of eligible consumption areas [15]. - The implementation period for the consumer loan subsidy policies has been extended to the end of 2026, with potential for further extensions based on effectiveness [15]. - The number of institutions eligible for these subsidies has increased significantly, enhancing accessibility for consumers and businesses [15]. Group 6: Green Development and Industry Adjustment - The adjustment of export tax rebate policies, particularly for solar products, is aimed at promoting efficient resource use and reducing environmental pollution [16][17]. - This adjustment is expected to facilitate reasonable industrial structure adjustments and promote high-quality economic development [17]. Group 7: Agricultural Insurance Development - In 2026, the fiscal department will issue guidelines to promote high-quality development of agricultural insurance, focusing on refined management and multi-faceted collaboration [18].

【导读】国内成品油价格迎来上涨，汽、柴油每吨均上涨 85 元 中国基金报记者 晨曦 1 月 20 日，国家发展改革委官网发布消息称，根据 1 月 20 日的前 10 个工作日平均价格 与上次调价前 10 个工作日平均价格对比情况，按照现行成品油价格形成机制，自 1 月 20 日 24 时起，国内汽、柴油价格每吨均上涨 85 元。 按目前调价幅度折算后， 92# 汽油、 95# 汽油、 0# 柴油每升均上涨 0.07 元，消费者用油 成本略有增加。也就是说，加满一箱 50L 的汽油，将多花 3.5 元。建议开油车的车主朋友 们，下班后尽快去加满油箱。 物流行业方面，以月跑 10000 公里、百公里油耗 38L 的重型卡车为例，在下次调价窗口开 启前，单辆车的燃油成本将增加 124 元左右。 今年以来，国内成品油价格经历了两个调价窗口期，上一轮（ 1 月 6 日）为搁浅。 回顾来看，本轮计价周期内，（ 2026 年 1 月 6 日 24 时至 1 月 20 日 24 时），中东、南 美局势引发的地缘风险与供应担忧，对油市形成利好支撑，支撑原油价格连续五日上涨，累 计涨逾 10% 。随着美国释放缓和信号，地缘风险迅 ...