Industry Insights - The Shanghai Futures Exchange has implemented measures to cool down the market, adjusting the price limits and margin requirements for silver, tin, and copper futures, indicating a strong stance against violations [1] - The Ministry of Commerce plans to optimize the implementation of the old-for-new consumption policy to boost sales of durable goods such as home appliances and automobiles in 2026 [3] - The game industry in China is experiencing a favorable policy environment, with 177 domestic game licenses approved in 2026, maintaining a high supply level [11] Macro Insights - The People's Bank of China emphasizes the need for proactive assessment of systemic financial risks and aims to maintain the stability of financial markets through a comprehensive macro-prudential management system [2] Market Commentary - Recent discussions around the "Dragon and Tiger List" system highlight its role in enhancing market transparency and providing valuable information for small investors, which could improve regulatory oversight [4] - The market is expected to see a continued divergence in short-term trends, with technology sector hotspots potentially shifting towards more niche areas [7] - The outlook for the rare earth sector remains positive, with expectations of stable demand and a new inventory replenishment cycle, driven by recent price increases [10]

Core Viewpoint - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which sets new global records in various key performance benchmarks, including scientific knowledge, mathematical reasoning, and code programming [1][3]. Group 1: Model Specifications - The Qwen3-Max-Thinking model has over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, making it Alibaba's largest and most capable reasoning model to date [3]. - The model has achieved state-of-the-art (SOTA) performance in 19 recognized large model benchmark tests, comparable to models like GPT-5.2-Thinking-xhigh, Claude Opus 4.5, and Gemini 3 Pro [3]. Group 2: Enhanced Capabilities - Qwen3-Max-Thinking has improved its native agent capabilities for autonomous tool invocation, allowing it to intelligently combine tools for various tasks [3]. - The model's adaptive tool invocation ability can be experienced on QwenChat, where it autonomously selects core agent tools such as search, personalized memory, and code interpreter, while also reducing model hallucinations [3]. Group 3: User Accessibility - Developers can experience the Qwen3-Max-Thinking model for free on QwenChat, while enterprises can access the new model's API services through Alibaba Cloud [4]. - The Qwen APP has integrated the new model and is set to provide users with access to over 400 AI service functions, enhancing user interaction with various Alibaba ecosystem services [6][7]. Group 4: Future Developments - Alibaba plans to gradually introduce agentic-AI features in the Qwen application to support shopping functionalities across its platforms, with a focus on enhancing the model's understanding and discernment capabilities [7]. - The company is investing significantly in AI infrastructure, with a projected investment of 380 billion yuan, aiming to develop both services and the underlying technology [9].

阿里系模型攻坚提速。1月26日晚，阿里正式发布千问旗舰推理模型Qwen3-Max-Thinking，创下数项权 威评测全球新纪录，性能媲美GPT-5.2、Gemini 3 Pro，成为迄今为止最接近国际顶尖模型的国内最强AI 大模型。 HLE测试中千问得分58.3，超过GPT-5.2-Thinking。 另外，面向即将到来的智能体Agent时代，Qwen3-Max-Thinking还大幅增强了自主调用工具的原生Agent 能力。具体而言，在完成初步的工具使用微调后，通义团队对模型进一步在大量多样化任务上进行了基 于规则奖励与模型奖励的联合强化学习训练，使得Qwen3-Max-Thinking拥有更智能结合工具进行思考 的能力。这种自适应的工具调用能力可在QwenChat上完整体验，模型自主选用搜索、个性化记忆和代 码解释器等三个核心的Agent工具功能，提供专业人士一样水平的回答，更合用户心意、更智能、更流 畅；同时，模型幻觉也大为降低，为解决真实复杂任务打下基础。 目前，开发者可在QwenChat上免费体验Qwen3-Max-Thinking模型，企业可通过阿里云百炼获取新模型 API服务，普通用户也可通过 ...

Group 1 - Baidu Intelligent Cloud has set an ambitious AI-related revenue growth target of 200% by 2026, up from the previous target of 100%, aiming to become the leader in the AI cloud market [1] - According to IDC, the global AI cloud market is expected to exceed $400 billion by 2030, indicating significant growth potential in the sector [2] - In 2025, major Chinese cloud providers are projected to secure a total of 341 contracts related to large models, with a total bid amount of approximately 2.7 billion yuan [2] Group 2 - Baidu Intelligent Cloud has secured 109 projects with a total bid amount of about 900 million yuan, maintaining its position as the leader in both project count and bid amount for two consecutive years [2] - Citic Securities reports that the demand for AI computing power is expanding, leading to a positive outlook for the optical module industry and opportunities across the supply chain [2] - Citic Securities also notes that Amazon's recent 15% price increase for its AI computing service EC2 marks a break from the long-standing trend of decreasing cloud service prices, reflecting tight supply conditions [2] Group 3 - Citic Securities suggests monitoring cloud service providers for potential price increases and continues to recommend the AI computing sector and AI applications [3] - The AI computing sector is experiencing a period of adjustment, which Citic Securities views as an opportunity for investors [4] - Key Hong Kong stocks related to the AI computing sector include Changfei Optical Fiber, Cambridge Technology, Hongteng Precision, and Huiju Technology [5]

与此同时，国际金融市场避险情绪升温。分析指出，受政治与财政风险上升影响，投资者纷纷转向避险 资产。1 月 26 日，黄金价格一度大幅上扬 2.5%，创下每盎司 5100 美元以上的历史新高；现货白银日 内涨幅更是高达 14%，最高触及 117 美元/盎司。然而，国际金银价格在冲高后大幅跳水，现货白银尾 盘转跌，报约 102.8 美元/盎司；现货黄金向下跌破 5000 美元/盎司，最终收涨 0.26%。1 月 27 日亚洲早 盘，国际黄金高开后继续拉升，白银震荡反弹，盘中涨幅逾 2%。 在贸易领域，一则消息引发广泛关注。据央视新闻 1 月 27 日报道，美国总统特朗普宣称对韩国产汽车 等产品加征关税。韩国总统府青瓦台表示，尚未收到美方正式通报及相关说明。韩国政府 27 日上午紧 急召开相关政府部门会议研究应对策略，正在加拿大访问的韩国产业通商部部长金正官也将尽快前往美 国进行磋商。当地时间 1 月 26 日，特朗普在其社交平台"真实社交"发文称，因韩国国会未批准并落实 此前与美国达成的贸易协议，美方决定将对韩国汽车、木材、制药产品以及其他对等关税项目的税率从 15%上调至 25%。 当地时间 1 月 26 日， ...

隔夜美股盘中拉升。黄金、白银今日高开后拉升。 1月27日亚洲早盘，国际黄金高开后拉升，白银震荡反弹，盘中涨逾2%。 美股收涨 黄金白银巨震 美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。 个股方面，苹果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。市场关注苹果、甲骨文、Meta等将于本周公布财报。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.63%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴跌超1%，理想汽车涨超1%。 分析称，受政治与财政风险上升推动，投资者转向避险资产。1月26日黄金价格一度大涨2.5%，创下每盎司5100美元以上的历史新高。现货白银日内涨幅 一度高达14%，最高触及117美元/盎司。不过国际金银在冲高后大幅跳水，现货白银尾盘转跌，报约102.8美元/盎司。现货黄金向下跌破5000美元/盎司， 收涨0.26%。 特朗普称提高对韩国多种商品关税税率至25% 据央视新闻报道，1月27日，针对美国总统特朗普宣称对韩国产汽车等产品加征关税，韩国总统府青瓦台表示尚未收到美方正式通报以及相关说明。 韩国政府27日上午将召开相关政府部门会议研 ...

隔夜美股盘中拉升。黄金、白银今日高开后拉升。 美股收涨 黄金白银巨震 美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。 个股方面，苹果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。市场关注苹果、甲 骨文、Meta等将于本周公布财报。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.63%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴 跌超1%，理想汽车涨超1%。 分析称，受政治与财政风险上升推动，投资者转向避险资产。1月26日黄金价格一度大涨2.5%，创下每 盎司5100美元以上的历史新高。现货白银日内涨幅一度高达14%，最高触及117美元/盎司。不过国际金 银在冲高后大幅跳水，现货白银尾盘转跌，报约102.8美元/盎司。现货黄金向下跌破5000美元/盎司，收 涨0.26%。 1月27日亚洲早盘，国际黄金高开后拉升，白银震荡反弹，盘中涨逾2%。 特朗普称提高对韩国多种商品关税税率至25% 据央视新闻报道，1月27日，针对美国总统特朗普宣称对韩国产汽车等产品加征关税，韩国总统府青瓦 台表示尚未收到美方正式通报以及相关说明。 韩国政府27日上午将召开相关政府部 ...

Market Performance - The three major U.S. stock indices closed higher on Monday, with the Dow Jones up 0.64% at 49,412.4 points, the S&P 500 up 0.5% at 6,950.23 points, and the Nasdaq up 0.43% at 23,601.36 points [1][2]. Company Updates - Major tech stocks mostly rose, with Apple increasing nearly 3% as it plans to announce a new version of Siri in late February, following a partnership with Google due to internal AI model challenges [2]. - Facebook rose over 2%, Google increased over 1%, while Tesla fell over 3% and Nvidia dropped 0.64% [2]. Earnings Season Insights - Over 90 companies in the S&P 500 are set to report quarterly earnings this week, including major players like Microsoft, Meta, Tesla, and Apple. So far, 76% of the companies that have reported exceeded earnings expectations [3]. - Investors are particularly interested in details regarding AI plans, investment speeds, and expected profits to assess the sustainability of the current bull market [3]. Semiconductor Sector - The Philadelphia Semiconductor Index fell by 0.39%, with Intel dropping over 5.7% after a significant decline of 17.03% the previous week. Intel's projected revenue for Q1 is between $11.7 billion and $12.7 billion, below analyst expectations [3]. Chinese Stocks - The Nasdaq China Golden Dragon Index decreased by 0.63%, with many popular Chinese stocks declining. Notable drops include Hesai down 10.06% and XPeng down 2.39%, while Li Auto rose 1.38% [3]. Commodity Market - Spot gold prices briefly surpassed $5,000 per ounce and then $5,100 per ounce. Long-term forecasts suggest that gold may continue to perform strongly, indicating a need for portfolio diversification [5]. - The cryptocurrency market saw a collective rise, with Bitcoin surpassing $88,000, while Ethereum increased by 4.14% [6]. Federal Reserve Outlook - The Federal Reserve is expected to announce its first policy decision of the year, with a 97.2% probability of maintaining the current overnight rate. Market speculation includes potential rate cuts later in the year [9].

来源：中国基金报 【导读】疯狂的白银 中国基金报记者 泰勒 大家好啊，今晚继续关注海外市场的表现，白银，又涨疯了。 白银暴涨 1月26日晚间，现货白银涨势不止，向上触及112美元/盎司，日内一度涨超8%。纽约期银也一度突破 112美元/盎司，日内涨超10%。 有分析师指出，本周白银的上涨，还受到华盛顿与欧洲盟友关系出现裂痕的推动；同时，结束俄乌战争 的最新谈判尝试迄今未能取得突破。对美联储独立性的挑战，也进一步点燃了避险买需。 ING集团大宗商品策略师Ewa Manthey表示："在政策不确定性加剧的背景下，美元走弱、实际利率下 行，以及投资者对硬资产偏好增强，共同强化了对白银的支撑。"她指出，相较黄金，白银波动更大 ——这既源于其市场规模更小，也与其兼具工业金属与投资金属的双重属性有关，从而放大了近期行情 的幅度。 与此同时，全球白银市场已连续五年处于供应缺口。随着白银价格不断走高，散户买盘持续涌入。 此外，在特朗普表示其已完成对下一任美联储主席候选人的面试后，贵金属也获得支撑——这一表态再 度引发市场对央行独立性的担忧。特朗普对美联储的再度抨击、对委内瑞拉的军事干预，以及"吞并"格 陵兰岛的威胁，进一步助 ...

Core Insights - Alibaba has launched its flagship reasoning model Qwen3-Max-Thinking, which is the largest and most powerful model in its series, boasting over 1 trillion parameters and a pre-training data volume of 36 trillion tokens [1][6]. Model Performance - The new model has achieved significant performance improvements, setting global records in key benchmarks related to scientific knowledge, mathematical reasoning, and code programming [3]. - Qwen3-Max-Thinking employs a novel Test-time Scaling mechanism that enhances reasoning performance while being more economical compared to traditional methods, which often lead to redundant reasoning [4]. Reasoning Efficiency - The innovative reasoning technology allows for "experience extraction" from previous results, enabling more efficient multi-round self-iteration within the same context, resulting in smarter reasoning outcomes [4]. - In the "Human Last Evaluation" (HLE) test, Qwen scored 58.3, surpassing GPT-5.2-Thinking's score of 45.5 and Gemini 3 Pro's score of 45.8, marking the highest score among all models [4]. Tool Utilization - Qwen3-Max-Thinking has significantly enhanced its native agent capabilities for autonomous tool usage, allowing it to intelligently combine tools for various tasks [5]. - The model has undergone joint reinforcement learning training based on rule rewards and model rewards, improving its ability to think while using tools [5]. Accessibility - Developers can experience Qwen3-Max-Thinking for free on QwenChat, while enterprises can access the new model's API services through Alibaba Cloud [7]. - The Qwen app is set to integrate the new model, allowing all users to experience the strongest model for free [7].