中信建投研报指出，近期美元兑人民币汇率同样持续走高，鉴于结汇意愿短期仍较强，且每年年初都是 人民币升值的主要时间窗口，不排除春节前人民币继续冲高，释放升值压力。美债下跌、人民币走强的 组合，对美债目前持仓而言会是不小的压力，但进入到3月份之后，美债利率和人民币汇率可能出现同 时筑顶的情况，届时将提供更为理想的买点。 ...

Core Viewpoint - Recent rise in US Treasury yields is attributed to a combination of factors including improved fundamental expectations, impacts from Trump’s policies, erosion of Federal Reserve independence, seasonal weaknesses, and the influence of Japanese bonds. The negative sentiment has likely peaked, making it difficult for further bearish pressures to emerge [1][24]. Background - The Federal Reserve has paused interest rate cuts and entered an observation phase [25]. - Market narratives have shifted towards recovery and inflation, leading to a surge in commodity prices [25]. - Trump has introduced extreme policies affecting geopolitics (Venezuela, Greenland), economics (MBS purchases, credit card rate caps), and the Federal Reserve (criminal investigation into Powell) [25][29]. - Weakness in Japanese bonds has spilled over, negatively impacting developed market bonds [25][32]. - Seasonal trends at the beginning of the year typically favor equities over bonds [25][35]. Market Dynamics - Since December, US Treasury yields have been on an upward trend, with the 10-year yield rising approximately 30 basis points to over 4.3% [26]. - The pause in interest rate cuts has led to a market where bullish expectations have been exhausted, resulting in rising yields [26]. - The market is currently focused on recovery and inflation, with expectations for a significant economic rebound by 2026, despite recent mixed employment data [27]. - Extreme commodity price movements have contributed to inflationary pressures, further complicating the bond market outlook [27]. Political Influences - Trump's aggressive policy interventions have raised concerns about the credibility of US debt, reminiscent of the "tariff liberation day" impact seen previously [29][31]. - His actions include geopolitical maneuvers and economic policies that could lead to overheating and loss of Federal Reserve independence, which may deter bond investors [31]. Japanese Bond Influence - The recent rise in Japanese bond yields has negatively affected global bond markets, including US Treasuries, with significant daily increases observed [32]. Seasonal Trends - Historical patterns indicate that the stock market tends to perform well during the holiday season, while bonds often face pressure during this period [35]. Future Outlook - The outlook for US Treasuries remains optimistic, with potential buying opportunities expected after the release of dual pressures on interest and exchange rates [38]. - In the first quarter, US Treasuries may continue to face pressure due to economic data and interest rate expectations, but a rebound is anticipated [39]. - Over the year, there is significant potential for yields to decline, with expectations for multiple rate cuts by the Federal Reserve [41]. - The upcoming Chinese New Year may lead to a strengthening of the Renminbi, which could create favorable conditions for domestic institutions to increase their holdings in US Treasuries [43].

2022年、2023年、2024年，燕东微实现归属于上市公司股东的净利润分别为4.62亿元、4.52亿元、-1.78亿 元；实现归属于上市公司股东的扣除非经常性损益的净利润分别为3.65亿元、2.92亿元、-2.88亿元。 中国经济网北京1月21日讯 燕东微(688172.SH)昨晚发布2025年年度业绩预告显示，经财务部门初步测算， 预计2025年年度实现归属于母公司所有者的净利润将出现亏损，金额预计为-42,500万元至-34,000万元；预计 2025年年度实现归属于母公司所有者扣除非经常性损益后的净利润为-110,000万元至-88,000万元。 燕东微发行费用总额为19,693.29万元，其中中信建投证券股份有限公司获得保荐及承销费用18,200.77万 元。 保荐机构依法设立的另类投资子公司中信建投投资有限公司本次跟投获配股票的限售期为24个月，限售期 自本次公开发行的股票在上海证券交易所上市之日起开始计算，对应的股份数量为4,549,590股，占发行后总股 本的0.38%。 燕东微2025年8月2日发布向特定对象发行A股股票上市公告书显示，2025年7月18日，保荐人（主承销商） 中信建投证券将 ...

1月21日，瑞可达涨5.01%，截至发稿，报91.36元/股，成交7.76亿元，换手率4.22%，总市值187.90亿 元。 数据显示，中信建投基金旗下1只基金重仓瑞可达。中信建投致远混合A（019322）三季度持有股数2.2 万股，占基金净值比例为1.47%，位居第十大重仓股。根据测算，今日浮盈赚取约9.59万元。 资料显示，苏州瑞可达连接系统股份有限公司位于江苏省苏州市吴中区吴淞江科技产业园淞葭路998 号，成立日期2006年1月11日，上市日期2021年7月22日，公司主营业务涉及专业从事连接器产品的研 发、生产、销售和服务的高新技术企业。主营业务收入构成为：新能源连接器产品91.47%，通信连接 器产品3.96%，其他连接器产品3.01%，其他(补充)1.57%。 从基金十大重仓股角度 截至发稿，艾翀累计任职时间8年90天，现任基金资产总规模3.12亿元，任职期间最佳基金回报 111.53%， 任职期间最差基金回报-23.39%。 杨志武累计任职时间3年50天，现任基金资产总规模4.19亿元，任职期间最佳基金回报61.34%， 任职期 间最差基金回报8.65%。 风险提示：市场有风险，投资需谨慎。本文 ...

Core Viewpoint - The AI glasses industry is expected to enter a product explosion phase by 2025, with major players like Google anticipated to launch their products between 2026 and 2027, following Meta's introduction of AI glasses in September 2023 [1][3]. Group 1: Industry Development - AI glasses combine AI technology with traditional eyewear, with current mainstream products including AI audio glasses, AI camera glasses, and AI+AR glasses with displays [3]. - Meta's Ray-Ban Meta is noted as the first AI glasses to exceed one million units in sales, marking a significant milestone in the industry [3]. - The industry is expected to see a surge of new entrants and innovations at the 2026 CES, with trends focusing on independent terminal capabilities, multi-chip solutions, lightweight designs, and specialized applications [3]. Group 2: Technical Challenges - The current AI glasses face a "trilemma" regarding cost, weight, performance, and battery life, necessitating trade-offs in these areas [2][4]. - AI audio and camera glasses are relatively mature, while AI+AR glasses with displays are still in development, with optical display systems being a critical component [4]. Group 3: Opportunities for Lens Manufacturers - Lens manufacturers can leverage their retail channels to enhance AI glasses sales, providing experiences and professional support [5]. - There is a growing demand for lightweight prescription lenses for AI glasses, which can increase average transaction values [5]. - Manufacturers can collaborate on integrated lens solutions for display-equipped AI+AR glasses and explore deeper involvement in the value chain through innovations in optical components like waveguides and eye-tracking technologies [5].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 玉米：中性 1．东北深加工企业提价收购、东北农户大部分惜售，市场供需双方继续围绕连盘走强的持续性继续博弈 2．此前受天气影响，山东到车量从51台恢复到196台。沂水大地、米能、金汇、青援食品、鲁洲集团等企业继续上调收购价10-20元/吨。 3.20日共举行三场玉米采销竞价：中储粮公司举行玉米竞价采购交易，计划采购玉米量4.6万吨，成交数量2.2万吨，成交率48%。中储粮公司举行玉米购销 双向交易，计划数量1.3万吨，成交数量0.25万吨，成交率20%。中储粮黑龙江公司举行玉米竞价销售交易，计划销售玉米量1.1万吨，全部成交，成交价 2090-2160。结合现货成交一般的情况，侧面说明虽然市场观望情绪短期有所减弱，补库需求仍存，但市场整体仍对未来行情不能有较为确定性的判断。 观点总结：玉米03主力观察2250附近的支撑，上方2350。 3．美盘成本支撑削弱以及菜粕下跌均对豆粕价格形成拖累，但对未来大豆供应可能阶段性偏紧的担忧以及储备投放节奏的不确定性仍提供一定支撑。另一 方面，当前巴西远月船期对盘压榨利润相对可观，暗示若南美到港压力兑现，仍可能通 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 天然橡胶： 周二，国产全乳胶15400元/吨，环比上日下跌100元/吨；泰国20号混合胶14750元/吨，环比上日下跌100元/吨。 原料端：昨日泰国胶水报收57.5泰铢/公斤，环比上日持平，泰国杯胶价格报收51.8泰铢/公斤，环比上日下跌0.2泰铢/公斤；云南停割；海南停割。 截至2026年1月18日，青岛地区天胶保税和一般贸易合计库存量58.49万吨，环比上期增加1.67万吨，增幅2.94%。保税区库存9.95万吨，增幅6.42%；一般贸 易库存48.54万吨，增幅2.26%。青岛天然橡胶样本保税仓库入库率增加0.85个百分点，出库率增加0.05个百分点；一般贸易仓库入库率增加0.72个百分点， 出库率增加1.55个百分点。 观点：随着北半球冬季来临，全球即将进入低产季，也代表着单边价格的定价框架将从供需平衡的动态定价转换至存量库存的静态定价，在近期商品市场预 期全面走强的背景下，预计短期内RU&NR&Sicom仍将高位震荡。向后看，尽管认为2026全球轮胎等橡胶制品的需求将迎来温和增长，但是需求的增长是需 要时间的，以及全球贸易壁垒仍未完 ...

Group 1: Copper Market - The main copper futures in Shanghai fell below 100,000 yuan, reaching a low of 99,210 yuan, while London copper retreated to around 12,785 USD [4][17]. - Macro sentiment is neutral to bearish, influenced by geopolitical tensions and fiscal concerns, leading to downward pressure on copper prices [5][18]. - LME copper inventory increased by 8,875 tons to 156,300 tons, while LME copper warrants decreased by 4,462 tons to 148,000 tons [5][18]. - Mantoverde is operating normally but is only producing at 75% capacity, with attention on strike adjustments [5][18]. - Short-term copper prices are expected to remain under pressure, with a reference trading range of 98,500 to 100,500 yuan per ton for the main Shanghai copper futures [5][18]. Group 2: Aluminum Market - Overnight alumina futures showed weak fluctuations, with spot prices stabilizing after a decline [19]. - Concerns over rising shipping costs before the Spring Festival have led traders to be less willing to sell at significant discounts [19]. - Some production companies in Guizhou and Guangxi are beginning maintenance and short-term shutdowns, which may scale up before the holiday [19]. - The registered amount of alumina warrants decreased significantly by over 70,000 tons to 116,000 tons, with physical warrants expected to flow to terminal aluminum plants [19]. - The 05 contract for alumina is expected to trade between 2,500 and 2,800 yuan per ton, with a recommendation to hold short positions [20]. Group 3: Zinc Market - Zinc prices showed weak fluctuations overnight, with macroeconomic factors and escalating trade tensions contributing to bearish sentiment [22]. - The supply side is affected by a slowdown in TC declines, while the demand side remains weak, particularly in the black metal sector [22]. - The current trading range for the main zinc contract is expected to be between 23,800 and 24,800 yuan per ton, with a recommendation to remain cautious [22]. Group 4: Lead Market - Lead prices showed weak fluctuations overnight, with supply pressures from both primary and secondary sources [23]. - The overall market sentiment is weak, with downstream purchasing intentions declining as the traditional off-season approaches [23]. - The expected trading range for the main lead contract is between 16,800 and 17,800 yuan per ton, with a recommendation for range trading [23]. Group 5: Precious Metals Market - Precious metals experienced a broad upward trend, with gold and silver breaking previous highs due to increased safe-haven buying amid geopolitical tensions [25]. - The European Parliament's suspension of trade agreement approvals and Trump's comments on potential military actions have heightened geopolitical risks, boosting demand for precious metals [25]. - The trading ranges for gold, silver, platinum, and palladium are set at 1,040-1,100 yuan per gram, 22,000-24,000 yuan per kilogram, 600-660 yuan per gram, and 480-530 yuan per gram, respectively [25].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材早报：原料支撑减弱，期钢震荡偏弱 市场信息： 1、 中国经济2025年"成绩单"出炉。2025年全年，我国GDP同比增长5.0%，达到140.19万亿元；规模以上工业增加值增长 5.9%，增速较上年加快 0.1 个百分 点；社会消费品零售总额规模增长3.7%，增速较上年加快0.2个百分点；固定资产投资下降3.8%，其中房地产开发投资下降17.2%。2025 年末全国人口 140489万人，全年出生人口792万人，死亡人口1131万人，人口总量同比减少339万人。 2、 国家统计局数据显示，2025 年，中国粗钢产量96081 万吨，同比下降4.4%；生铁产量 83604万吨，同比下降3.0%；钢材产量144612万吨，同比增长 3.1%。 3、 据海关统计，2025年我国外贸进出口达45.47万亿元，增长3.8%，创历史新高。其中，出口26.99万亿元，增长6.1%；进口18.48万亿元，增长0.5%。海关 总署数据显示，2025年我国累计出口钢材11901.9万吨，同比增长7.5%，创历史新高。 4、 1月20日，全国主港铁矿石成交116 ...

Core Viewpoint - The report from CITIC Securities indicates that the AI glasses market is set to enter a product explosion phase by 2025, with Meta leading the way in September 2023, and other companies like Google expected to launch their products between 2026 and 2027 [1] Industry Insights - The AI glasses currently face a "trilemma" involving trade-offs among cost, weight, performance, and battery life [1] - AI audio glasses and AI camera glasses are already relatively mature, while AI+AR glasses with displays are still in the development stage [1] - The optical display system is identified as a critical component, with waveguide technology expected to become the mainstream solution in the future [1] Market Dynamics - By 2026, AI glasses are anticipated to be included in national subsidies, which is likely to further boost consumer demand [1] - Lens manufacturers are currently focusing on sales channels and custom lens areas to enhance average transaction value [1] - In the future, these manufacturers may leverage their expertise in resin materials and optics to penetrate deeper into the supply chain, including areas like waveguides, electrochromic components, and eye-tracking technologies, thereby capturing more value from the industry chain [1]