（央视财经《第一时间》）据路透社报道，脸书母公司Meta23日宣布，在全球范围内暂停青少年用户使用旗下所有应用的人工智能（AI）聊天伙伴功 能。 转载请注明央视财经 编辑：潘煦 Meta公司当天表示，暂停全球青少年用户使用旗下所有应用的AI聊天伙伴功能，此次限制措施将持续数周，直到适合青少年的专属版本上线。Meta将在 这一期间对相关产品进行重新设计，并引入家长监管功能和更为严格的安全防护机制。据了解，本次受到影响的用户范围除了在Meta平台实名认证为青 少年的用户，还包括那些注册信息为成年人、但经平台年龄识别技术判定后疑似为青少年的用户。 路透社的报道称，Meta旗下应用程序的AI聊天伙伴功能曾被曝与青少年用户进行带有性暗示的对话，这导致公司一度面临法律诉讼与监管机构审查。据 美国媒体报道，Meta在新墨西哥州卷入的一桩相关诉讼案件将于近期开庭。在此案中，Meta被指控未能切实履行职责，未有效保护其平台上的未成年用 户免受色情内容侵害。下周，Meta公司的代表还将与另外几家大型科技公司代表一同前往加州洛杉矶出庭，在一桩集体诉讼件中，原告指控这些科技公 司的AI功能对未成年用户的身心造成伤害。 ...

投资逻辑 潮玩：关注春节&情人节营销催化，多玩家加速布局 AI 玩具与跨界泛娱乐。关注泡泡玛特、布鲁可等节日节点营销（如 "怦然星动"盲盒、三国积木等）。同时，孩子王、京东布局 AI 玩具；跨界潮玩仍扩容。 新型烟草：1 月 18-19 日，全国烟草工作会议在北京召开，提出 2026 年应实施更加积极有为的政策措施，大力推动中 式卷烟创新发展，加力推动国际业务高质量发展。中烟保障税利、实现高质量发展的路径要求下，国内发展新型烟草 的必要性不断凸显。日本市场上，BAT 推出 Hilo 情人节限定配色系列，virto 将推出清亮樱桃爆珠口味烟弹。日烟 EVO 系列烟弹推出绿色薄荷、可可薄荷水晶、热带青柠水晶与樱花常规款四款新品，并与音乐人山口一郎合作为 Ploom AURA 推出 5 款联名前面板及 2 款联名烟具。各烟草巨头持续加大对 HNB 的投入，减害属性加持及营销推广资源倾斜下，HNB 行业渗透率仍有较大提升空间。 家居：内销方面，截止 1 月 23 日，30 大中城市商品房成交面积当周同比-29.23%，14 城二手房成交面积当周同比- 8.94%。外销端，12 月中国家具出口金额同比-8.7%； 12 ...

Group 1: Federal Reserve and Economic Data - The Federal Reserve is not expected to change interest rates at the upcoming meeting, but comments from Chair Jerome Powell will be closely analyzed due to pressure from the White House to lower rates [1][4] - The FOMC has lowered rates at three consecutive meetings, but officials are awaiting more economic data on inflation and the labor market before making further cuts [4] - Additional economic data this week includes a delayed report on December wholesale inflation and an update on the U.S. trade balance [5] Group 2: Earnings Reports from Major Companies - Major companies including Microsoft, Meta Platforms, Tesla, and Apple are scheduled to report earnings this week, providing insights into the artificial intelligence sector and the performance of leading firms [2][6] - Microsoft is reporting amid a decline in its share price, while Tesla is facing slowed deliveries, prompting a search for new growth opportunities [7] - Meta's report is expected to shed light on its AI plans as it shifts focus from its metaverse projects, and Apple will likely discuss AI in light of its recent partnership with Alphabet [7] Group 3: Other Notable Earnings and Industry Insights - Other tech firms such as Texas Instruments, ASML, and IBM are also in focus, alongside telecom companies AT&T and Verizon [8] - Earnings from companies like Caterpillar, Boeing, General Motors, and Lockheed Martin could provide insights into the strength of the U.S. manufacturing sector [8]

WhatsApp has made end-to-end encryption a core feature of its service. The company says the feature is turned on by default and tells users inside chats that “only people in this chat can read, listen to, or share” messages. Meta has said this encryption ensures messages are accessible only to the sender and recipient, not the company. The plaintiffs allege these claims are false. The lawsuit says Meta and WhatsApp “store, analyze, and can access virtually all of WhatsApp users’ purportedly ‘private’ commu ...

Economic Indicators - The U.S. durable goods orders for November are expected to show a month-on-month increase of 3%, a significant recovery from the previous decline of -2.2% [3] - China's industrial profits for December are anticipated to decline by 13.1% year-on-year, indicating ongoing pressure on profitability in the industrial sector [3][4] - The U.S. PCE inflation data for December will be released on January 29, providing insights into price pressures in the economy [9] Major Financial Events - The upcoming week is termed "Super Earnings Week," with major tech companies like Microsoft, Meta, Tesla, and Apple set to report earnings, shifting focus from traditional financial metrics to the efficiency of AI capital expenditures [6][10] - The Federal Reserve is expected to maintain interest rates during its meeting on January 30, with Chairman Powell's comments likely to clarify the outlook for future rate cuts [7][10] - The OPEC+ monthly meeting is scheduled for February 1, where oil production policies will be discussed [17] Corporate Earnings - Key tech giants such as Tesla, Microsoft, Meta, and Apple will report earnings, with a focus on AI-related capital expenditures and hardware cycle recovery [10][11] - Storage companies like SanDisk, Western Digital, and Seagate, along with South Korean firms Samsung and SK Hynix, will also report, with market attention on the impact of AI on storage pricing and profitability [10][11] Geopolitical Events - The U.S. Treasury Secretary is expected to announce the new Federal Reserve Chairperson candidate during the week of January 26, which could influence market sentiment [12] - The EU-India summit may announce a historic trade agreement, reflecting the EU's strategic pivot in response to U.S. trade policies [12] - Political tensions and geopolitical risks, including developments in Greenland and the potential for another U.S. government shutdown, are expected to create market uncertainty [12][13] Industry Conferences - The China Academy of Information and Communications Technology will hold a seminar on space computing power on January 26, focusing on the integration of space information and intelligent computing [16] - The European Parliament will host a fusion energy conference on January 27, discussing the EU's fusion strategy [17]

IT之家 1 月 25 日消息，在达沃斯的一系列采访中，Meta 首席技术官（CTO）解释了公司削减虚拟现实（VR）领 域投资的原因。 博斯沃思表示："我们有一支团队，其研发的产品在庞大的手机市场中实现了产品与市场的高度契合，但他们却不 得不做重复开发，既要为手机端开发产品，又要为 VR 端另行开发。若想提升开发效率，办法其实很简单：让团 队专注于手机端开发即可。所以，'地平线'目前的核心已转向移动端，虽非完全放弃 VR 端，但几乎已是全力以赴 主攻移动端。" 在另一场采访中，博斯沃思给出的战略转型解释与此基本一致。他表示："任何投资决策都是如此，企业会审视多 年来的业务表现，在部分领域追加投资，同时在另一些领域及时止损。对我们而言，元宇宙业务在移动端的增长 势头十分强劲。要知道，'地平线'最初是为 VR 头显设计的产品。但显然，如今手机用户的体量要庞大得多。过去 一年，我们已逐步调整战略重心，聚焦移动市场，目前收效显著，因此我们有意加大这一领域的投入。" 博斯沃思还暗示，此前 Meta 在 VR 版"地平线世界"上投入巨资，且多次推动 Quest 头显用户使用该产品，这些举 措实际上"牺牲了用户体验"。他指 ...

一、流动性充裕的环境下，后续还有哪些催化值得期待？ 我们在《春季行情仍会有新高》中强调，此次降温影响的更多是行情的节奏、结构而非整体趋势，支撑 春季行情向上的核心逻辑并未发生任何变化，本轮春季行情仍在半途。本周来看，虽然行情节奏趋缓， 但向上趋势仍在延续，并且结构上赚钱效应正在朝着更广的范围扩散。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：尧望后势 流动性充裕是支撑本轮春季行情向上的核心驱动力，背后来源于险资"开门红"支撑新增保费入市、居民 存款集中到期与人民币升值吸引的境外资金回流。 一方面，根据渠道数据，今年险资"开门红"表现亮眼，支撑大量新增保费入市。根据险企观察公众号披 露的渠道数据，截至1月中旬，头部公司个险保费增速普遍超30%，多家公司个险期交保费已突破百亿 关口，银保渠道甚至出现翻倍增长。新增保费30%需要入市的硬性配置需求，为市场带来大量增量资 金。 另一方面，根据居民定期存款到期期限推算，今年上半年将是居民存款集中到期的高峰，配合春季风险 偏好抬升，一季度有望是居民增配权益资产的重要窗口。2022年以来居民定期存款开始抬升，至2023年 年中到达阶段性高 ...

美股即将迎来"超级风暴周"。 首先，美联储将在下周（1月27日至28日）召开议息会议，并将于下周四（1月29日）公布利率决议。目前市场 普遍预期美联储将在此次会议上暂停降息。据CME"美联储观察"，截至目前，美联储1月降息25个基点的概率 仅有4.4%，维持利率不变的概率达95.6%。 其次，美股将于下周开启"超级财报周"，科技巨头苹果、微软、Meta、特斯拉等将密集发布财报。有分析指 出， 本轮财报季最关键的主题在于：科技巨头是否开始真正从AI（人工智能）相关投资中获益以及未来的资 本开支计划。 LSEG StarMine计算显示，野村证券的高级美国经济学家Jeremy Schwartz是去年预测最准确的分析师之一。他 表示，虽然表面上的经济前景暗示美联储应保持观望，甚至可能在今年晚些时候或明年将加息重新摆上桌面， 但在现实操作中，美联储可能会在鲍威尔5月任期结束前一直"按兵不动"。 美联储议息会议来袭 未来一周，美股市场的焦点将回到宏观经济、货币政策与企业财报上，其中，美联储议息会议预计将成为最大 看点。 市场普遍预计，美联储将在此次会议上暂停降息。此前美联储已在2025年连续三次下调利率，当前政策制定者 ...

美股即将迎来"超级风暴周"。 汇丰银行经济学家在一份报告中表示，预计美联储主席鲍威尔将强调，未来的利率调整将取决于经济数 据的演变。 据路透社对100位经济学家进行的调查，所有受访者均预计美联储将在1月27日至28日的会议上将基准利 率维持在3.50%—3.75%的区间。更为关键的是，约58%的受访经济学家预测整个第一季度利率都将保持 不变，这一预期较上月发生了显著转变，当时多数人曾预计3月至少会有一次降息。 LSEG StarMine计算显示，野村证券的高级美国经济学家Jeremy Schwartz是去年预测最准确的分析师之 一。他表示，虽然表面上的经济前景暗示美联储应保持观望，甚至可能在今年晚些时候或明年将加息重 新摆上桌面，但在现实操作中，美联储可能会在鲍威尔5月任期结束前一直"按兵不动"。 Jeremy Schwartz预计，新的美联储领导层上任后，可能会在今年晚些时候设法推动另外50个基点的降 息。 首先，美联储将在下周（1月27日至28日）召开议息会议，并将于下周四（1月29日）公布利率决议。目 前市场普遍预期美联储将在此次会议上暂停降息。据CME"美联储观察"，截至目前，美联储1月降息25 个基 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The electronic industry index experienced a weekly change of +1.58%, with semiconductors rising by 2.7% and consumer electronics declining by 1.4% [4] - TSMC plans to build four advanced packaging facilities to enhance backend capacity, driven by strong demand for AI [6] - The AI hardware market is expected to see a surge in product launches, including OpenAI's AI audio headphones with projected shipments of 40-50 million units in the first year [5] Market Review - The semiconductor sector is witnessing a significant increase in demand, with TSMC's 3nm capacity fully booked until 2027 due to AI demand [6] - Major storage companies are entering a price increase cycle as they face unprecedented chip shortages, with Micron indicating that its HBM orders for 2026 are already filled [5] - The import value of key semiconductor equipment in China reached 15.5 billion yuan in December 2025, marking a 244% month-on-month increase [6] Industry Developments - AI infrastructure is rapidly developing, with domestic GPU manufacturers accelerating their self-sufficiency processes [5] - Companies like SK Hynix and Kioxia have reported that their chip and flash memory production capacities for 2026 are already sold out, exacerbating NAND supply pressures [5] - The Nasdaq index saw a slight decline of 0.06% this week, while notable gains were observed in companies like SanDisk (+14.56%) and AMD (+12.01%) [4]