【导读】科技股暴涨，白银暴涨，石油暴涨 中国基金报记者 泰勒 大家好，今晚继续关注海外市场的表现。 美股上涨 1月9日晚间，美股三大指数盘中拉升，道指涨超100点，纳指涨约0.5%，标普500指数涨约0.4%。 美国12月就业报告显示，上月非农新增就业仅5万人，低于道琼斯调查的经济学家预期的7.3万人。虽然数据略弱于预期，但也 说明美国经济仍在"慢慢往前挪"，投资者预期后续经济增速有望回升。 另外，失业率小幅降至4.4%，而经济学家此前预测为4.5%。交易员将此解读为经济改善可能会更快到来。 | 均价:43.99 最新:44.00 +2.89 +7.03% | | | | | | | --- | --- | --- | --- | --- | --- | | 44.99 | | 9.44% | | 成交明细 | | | 44.00 | | 7.08% | 10:42 | 44.01 | 2816 | | | | | 10:42 | 44.01 | 57 | | 43,05 | | 4.72% | 10:42 | 44.02 | 1084 | | 42.08 | | 2.36% | 10:42 | 44.02 ...

【导读】 美联储本月降息的可能性几乎为零 中国基金报记者 泰勒 大家好，今晚关注一下美国最新的非农数据，将影响美联储的降息路径。 1月9日晚间，美国劳工统计局（BLS）公布的数据显示，去年12月非农就业人数增加5万人；此前两个月的数据被下修。失业率小幅降至 4.4%，在创纪录的政府长期停摆结束后回落趋稳。 这些数据为美国劳动力市场在去年全年逐步降温的一年画上句号。正因就业市场降温，美联储在2025年末连续三次降息。尽管从招聘强度 看，2025年是自2009年以来最疲弱的年份之一，但雇主整体上也基本避免了大规模裁员。 去年12月数据也显示，劳动力市场在年末仍较脆弱，招聘前景依旧谨慎。经济学家预计，新的一年工作机会仍将有限、薪资涨幅继续降 温，可能会加剧选民对"生活负担能力"的担忧，并在今年中期选举前放大这一议题。 数据显示，去年12月非农就业人数经季节性调整后增加5万人，低于经下修后的11月5.6万人，也不及预期的7.3万人。与此同时，失业率 降至4.4%，而市场原本预计为4.5%。 此外，前几个月的数据修订也把总量下调。11月非农就业人数下修8000人；10月的就业减少幅度比最初报告更大，目前为减少17.3万 ...

Core Viewpoint - The article discusses the recent announcement by the State Council's Anti-Monopoly and Anti-Unfair Competition Committee to conduct an investigation and assessment of the competitive conditions in the food delivery platform service industry, highlighting issues of irrational competition such as price wars and excessive subsidies [2][8]. Group 1: Responses from Major Players - Meituan expressed strong support for the investigation, emphasizing the need for the industry to return to rational competition and to oppose "involution" competition [3]. - Taobao Shanguo stated that fair competition is essential for the sustainable innovation and healthy development of the food delivery service industry, and it adheres to relevant laws and regulations [5]. - Taobao Shanguo welcomed the investigation and committed to cooperating actively, aiming to maintain a fair and orderly market environment [6]. Group 2: Investigation Details - The investigation aims to address issues such as excessive subsidies, price competition, and traffic control that have been reported to harm the real economy and exacerbate "involution" competition [8]. - The assessment will involve on-site verification, face-to-face interviews, and surveys to gather comprehensive insights from various stakeholders, including platform operators, new employment groups, and consumers [8]. - The market regulatory authority also released ten governance rules to combat "involution" competition, which includes basic requirements for food delivery platform services, focusing on merchant management, pricing behavior, and consumer rights protection [8].

会议指出，修订自然保护区条例，做好与国家公园法等法律法规的协调衔接，将为高质量推 进自然保护区建设提供有力法治保障。要坚持生态保护第一、统筹保护和发展，按照自然生 态系统特性和内在规律，对自然保护区实行整体保护、系统修复、综合治理，在确保生态得 到保护的前提下提升公共服务功能，构建政府主导、多方参与、社会共享的机制，实现生态 保护、绿色发展、民生改善相统一。 会议还研究了其他事项。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 来源：新闻联播 国务院总理李强1月9日主持召开国务院常务会议，部署实施财政金融协同促内需一揽子政 策，研究推行常住地提供基本公共服务有关工作，审议通过《 ...

Core Viewpoint - The article highlights the price adjustment of rare earth concentrate by two major companies, Northern Rare Earth and Baotou Steel, indicating a price increase for the first quarter of 2026 to 26,834 CNY per ton (dry weight, REO=50%) [1][4]. Group 1: Price Adjustments - Northern Rare Earth announced a price adjustment for rare earth concentrate to 26,834 CNY per ton (dry weight, REO=50%) for Q1 2026, approved in a managerial meeting [1]. - Baotou Steel also plans to adjust its related transaction price for rare earth concentrate to the same level of 26,834 CNY per ton (dry weight, REO=50%) for Q1 2026 [4]. - This new price reflects a 2.4% increase compared to the previous quarter's price of 26,205 CNY per ton [7]. Group 2: Historical Price Trends - Since Q4 2024, Northern Rare Earth and Baotou Steel have raised the transaction price of rare earth concentrate six consecutive times, with the highest increase of 37.13% occurring in Q4 2025 [7]. - The pricing formula for rare earth concentrate has remained unchanged since April 1, 2023, with quarterly adjustments based on market conditions [7]. Group 3: Market Conditions and Outlook - Recent reports indicate a general increase in rare earth concentrate prices, driven by recovering supply and stable demand, with expectations for prices to remain stable leading up to the Spring Festival [8]. - The stock prices of both Northern Rare Earth and Baotou Steel have shown stability and slight increases, with Northern Rare Earth closing at 49.41 CNY per share and Baotou Steel at 2.6 CNY per share as of January 9 [8].

【导读】16倍大牛股天普股份暴雷 中国基金报记者 泰勒 兄弟姐妹们啊，16倍大牛股出大事了，刚刚证监会宣布立案调查。 证监会对天普股份立案调查 收购方中昊芯英则是一家AI芯片设计企业，由曾任谷歌主任工程师的"80后"杨龚轶凡创办。该公司自称是国内唯一掌握高性能TPU架 构AI专用算力芯片研发技术并实现量产的企业。 随后在2025年12月底，由于要约收购公司股份交割完成，上市公司设立芯片设计子公司等消息刺激，再度股价大涨。 1月9日晚间，证监会突然发布公告称，近期，宁波市天普橡胶科技股份有限公司（以下简称天普股份）股票价格异常波动，市场高度 关注。"近日，我会已对天普股份股票交易异常波动公告涉嫌重大遗漏立案调查。下一步，我会将在全面调查的基础上依法处理，切 实维护市场健康稳定发展。" 16倍大牛股为何被查？ 天普股份是近期市场上的热门股之一， 天普股份原本是一家 主营汽车橡胶管路的公司，去年 8月21日 天普股份 公告， 中昊芯英 （杭州）科技有限公司 拟入主公司，自此开启本轮股价上涨。2025年内大涨1663.20%，成为年度涨幅榜上的"第二大牛股"。 截至12月31日停牌前，股价已经涨至218.02元/股， ...

Core Viewpoint - The appointment of Hu Hengsong as the new General Manager of Caida Securities marks a significant leadership change, with a focus on enhancing the company's investment banking capabilities and regional development strategies [2][6]. Group 1: Leadership Change - Caida Securities announced the appointment of Hu Hengsong as General Manager, replacing Zhang Ming, who will no longer hold this position due to work adjustments [2]. - Hu Hengsong has nearly 10 years of experience in the capital market, having worked at major firms such as Hongyuan Securities, Shenwan Hongyuan Securities, and Industrial Securities before joining Caida Securities in 2018 [6][7]. Group 2: Business Development - Since Hu Hengsong's arrival, Caida Securities has seen significant growth in its investment banking business, particularly in bond underwriting, with the company ranking 22nd in 2024, a substantial improvement from previous years [7]. - During the 14th Five-Year Plan period, the company assisted various local governments in Hebei Province with over 800 special bond projects, achieving a financing scale exceeding 1 trillion yuan [7]. - The total assets under management in the asset management business reached 44.342 billion yuan, with the industry ranking improving from outside the top 70 to 25 [7]. Group 3: Regional Focus - As the only comprehensive listed brokerage in Hebei Province, Caida Securities is deeply engaged in the coordinated development of the Beijing-Tianjin-Hebei region, providing integrated solutions to local governments and enterprises [7]. - The company has established an efficient financial service system for state-owned enterprises in Henan Province, helping them transition and mitigate local debt risks [8].

Group 1 - Liu Hui, a fund manager at Yinhua Fund, passed away at the age of 54 due to illness, with the company expressing deep condolences and gratitude for his contributions [1] - Liu Hui joined Yinhua Fund in November 2016 and was responsible for managing several funds, including Yinhua Domestic Demand Selected Mixed Fund and Yinhua Entrepreneurship Board Two-Year Open Fund, with a total management scale of 3.281 billion [4] - As of January 8, 2026, the Yinhua Domestic Demand Selected Mixed Fund managed by Liu Hui achieved a return of 160.12%, with an annualized return rate of 11.43% [4] Group 2 - Liu Hui's investment philosophy emphasized "industry-based, value-oriented, and long-term investment," focusing on thorough industry and company research to identify stable investment opportunities [5] - He believed that to achieve excess returns, funds must seek industries and companies capable of long-term market capitalization growth, highlighting the importance of diligent industry research and a forward-looking perspective in investment practices [5]

Core Viewpoint - The article discusses the rapid development of the index system in China, highlighting the launch of the Shanghai Stock Exchange's Science and Technology Innovation Board Comprehensive Index (referred to as the "Kechuang Comprehensive Index") as a significant milestone for investors to observe and invest in the overall performance of the Science and Technology Innovation Board [8][9]. Group 1: Background and Launch - The Kechuang Comprehensive Index was launched on January 20, 2025, by the Shanghai Stock Exchange and China Securities Index Co., marking a new phase in the index system construction for the Science and Technology Innovation Board [9]. - This index aims to provide a comprehensive representation of the overall operation of the Science and Technology Innovation Board, addressing the urgent need for a balanced index as the market expands [9]. Group 2: Index Composition and Performance - The Kechuang Comprehensive Index includes all non-ST and *ST securities listed for over a year on the Science and Technology Innovation Board, covering nearly all listed companies [12]. - As of now, the index comprises 576 sample stocks, with a market capitalization coverage exceeding 90%, and an average total market capitalization of 16.3 billion yuan [12][14]. - Since its launch, the index has gained significant attention, becoming one of the four core broad-based indices in A-shares, alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index [15]. Group 3: Fundamental Performance of Constituent Stocks - The constituent stocks of the Kechuang Comprehensive Index have shown overall positive fundamentals, with total operating revenue reaching 1.1 trillion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.7% [22]. - The net profit attributable to shareholders reached 48.3 billion yuan, with a year-on-year growth of 7.1%, indicating a significant improvement compared to the previous year [22]. - The index's constituent stocks are primarily distributed across new-generation information technology (59.4%), biomedicine (13.6%), and high-end equipment (12.9%) [18]. Group 4: Market Recognition and Product Development - The Kechuang Comprehensive Index has been widely recognized by investors, leading to a rapid development of related products, including ETFs, linked funds, and enhanced products, creating a complete product chain [28]. - As of December 31, 2025, 46 fund managers have launched a total of 78 index funds tracking the Kechuang Comprehensive Index, with a combined scale of 27.4 billion yuan, establishing it as the second-largest broad-based index for the Science and Technology Innovation Board [28].

Core Viewpoint - The A-share market has shown strong performance at the beginning of 2026, with the Shanghai Composite Index returning to 4100 points for the first time in 10 years, driven by positive factors in capital flow, policy, and industry trends [1][4][5]. Market Performance - On January 9, 2026, the Shanghai Composite Index rose above 4100 points, with a trading volume exceeding 3 trillion yuan and over 3900 stocks increasing in value [1][5]. - The market sentiment is high, indicating a potential "spring rally" as seen in previous years, characterized by increased trading activity and institutional engagement [5][6]. Positive Factors - Multiple positive factors are contributing to the market's performance, including favorable macroeconomic data, a supportive liquidity environment, and expectations of policy support for economic recovery [3][6]. - The strengthening of the RMB and expectations of a potential interest rate cut by the Federal Reserve have improved the global capital flow environment, further supporting the A-share market [6][8]. Investment Strategy - Investment strategies should focus on sectors with strong growth potential, such as technology (semiconductors, AI), innovative pharmaceuticals, and new energy metals, which are expected to benefit from ongoing industrial trends and policy support [10][12]. - The market is anticipated to experience a "震荡 + 结构分化" (oscillation + structural differentiation) pattern, with a focus on thematic investments driven by policy initiatives [8][11]. Long-term Outlook - The market is expected to gradually enter a deepening phase in 2026, with continued upward momentum from the recovery of fundamentals and sustained inflow of retail investment [8]. - Key sectors to watch include technology, innovative pharmaceuticals, new energy, and strategic metals, which are poised for growth amid ongoing economic transformation [12].