（文章来源：第一财经） 中信建投指出，未来市场将见证构筑美元潮汐循环的基础之一——科技吸引力，不再美国一枝独秀。届 时美元循环持续性将受质疑，黄金仍涨，这是黄金看涨的中期逻辑。展望短期，2026年大概率美国AI 持续，全球经历资本开支增扩的短暂繁荣，铜金将完成教科书般完美接力，2026年金价或弱于2025年， 值得期待的是铜。直到新秩序框架明朗，新的强势国际货币走向台前，届时黄金的"黄金"时代迎来真正 句号，这是黄金的长期逻辑。 ...

本公司董事会及董事保证基金2025年第4季度报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 中信建投基金管理有限公司旗下： 中信建投景和中短债债券型证券投资基金 中信建投稳利混合型证券投资基金 中信建投睿信灵活配置混合型证券投资基金 中信建投凤凰货币市场基金 中信建投聚利混合型证券投资基金 中信建投添鑫宝货币市场基金 中信建投医改灵活配置混合型证券投资基金 中信建投睿溢混合型证券投资基金 中信建投稳祥债券型证券投资基金 中信建投行业轮换混合型证券投资基金 中信建投策略精选混合型证券投资基金 中信建投价值甄选混合型证券投资基金 中信建投稳悦一年定期开放债券型发起式证券投资基金 中信建投中证500指数增强型证券投资基金 中信建投稳丰63个月定期开放债券型证券投资基金 中信建投医药健康混合型证券投资基金 中信建投智信物联网灵活配置混合型证券投资基金 中信建投稳裕定期开放债券型证券投资基金 中信建投睿利灵活配置混合型发起式证券投资基金 中信建投智享生活混合型证券投资基金 中信建投稳泰一年定期开放债券型发起式证券投资基金 中信建投量化进取6个月持有期混合型证券 ...

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 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector, with the CSI Artificial Intelligence Theme Index rising by 2.68% and significant gains in individual stocks such as Lanke Technology and Zhongke Shuguang [1] - The AI Artificial Intelligence ETF has seen continuous net inflows over the past week, totaling 802 million yuan, with a peak single-day inflow of 318 million yuan [1] - The storage chip sector is experiencing a strong upward trend, driven by rising prices and increased demand due to AI, with companies like SanDisk and Seagate receiving target price upgrades from Citigroup [2] Group 2 - CITIC Securities believes that regional friction provides a window for domestic semiconductor alternatives, with companies like Huawei and Cambricon rapidly improving their chip performance [2] - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing resources, technology, and application support for AI, with the top ten stocks accounting for 58.08% of the index [2] - The AI Artificial Intelligence ETF closely tracks the CSI Artificial Intelligence Theme Index, reflecting the overall performance of AI-related listed companies [2]

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 ...