Core Viewpoint - The article discusses Trump's expansion of executive power in 2026, focusing on domestic policies aimed at improving affordability and external policies that seek to align personal political interests with national benefits [4]. Group 1: Domestic Policies - Trump aims to control living costs through administrative measures rather than relying on the Federal Reserve's monetary policy, recognizing the limitations of traditional monetary policy [5][9]. - The labor income share for the American working class fell to 53.8% in Q3 2025, marking a historical low and continuing a downward trend since 2000, which may increase fiscal deficit pressures due to higher government transfer payments [6]. - Key policies to improve affordability include capping credit card interest rates at 10% and introducing 50-year mortgages, alongside interventions in the oil market and immigration policies to support low-income wages [9][10]. - The proposed 10% credit card interest rate cap could save households $100 billion in interest payments, but may also lead to reduced credit supply and increased risks of moral hazard [10][12]. Group 2: External Policies - Trump's foreign policy actions, such as the arrest of Maduro and interest in Greenland, aim to maximize U.S. national interests and align with voter concerns, reflecting a strategy of "energy as governance" [16][17]. - The approach to Greenland is driven by political ambitions and strategic goals, including securing strategic minerals and enhancing trade routes [16][17]. - Trump's negotiation tactics, exemplified by the Greenland situation, demonstrate a pattern of extreme pressure to achieve favorable outcomes without significant costs [19]. Group 3: AI and Economic Strategy - Trump emphasizes the importance of maintaining AI leadership, advocating for a patriotic spirit among tech companies to prioritize U.S. interests [20][21]. - The domestic and foreign policies are designed to create a favorable macro environment for AI sustainability, with significant investments in AI-related sectors [21][22]. - The rapid growth of private credit investments in AI firms raises concerns about potential credit risks, as the disparity between stock prices and bond valuations may lead to market corrections [26]. Group 4: Overall Economic Implications - The costs of Trump's policies will ultimately be borne by U.S. dollar credit, with increasing fiscal, inflationary, and deficit pressures complicating the economic landscape [27][28]. - The article suggests that Trump's administrative measures, while potentially effective in the short term, may not address underlying economic realities, leading to future inflation and volatility risks [28].

Core Insights - The report from Coller Capital indicates that 90% of respondents believe AI models should not have voting rights in GP investment committees, emphasizing the preference for human-led investment decisions [1] - The survey reveals a significant divide among LPs regarding AI's impact on the career development of analysts, with 44% believing it will enhance growth, while 36% express concerns it may hinder it [1] Group 1: IPO Market Trends - The global IPO market is expected to become active again by 2026, with 77% of LPs indicating that their GPs are preparing for portfolio company listings [3] - Approximately one-third (32%) of LPs report that multiple GPs have already proposed listing plans for 2026, while 45% have received similar signals from at least some managers [3] - Only 9% of LPs have not engaged in any IPO-related discussions, indicating a shift from the previous years' market stagnation [3] Group 2: Focus on Asia-Pacific - The trend of preparing for IPOs is particularly pronounced in the Asia-Pacific region, where 87% of LPs report that GPs are gearing up for 2026 listings [4] - Asia-focused funds remain the primary tool for LPs investing in the region, with 71% targeting Southeast Asia, 64% China, and 63% Australia [4] - The report highlights a renewed confidence among global investors in the Asia-Pacific private market, driven by strong IPO exit momentum and increasing interest in co-investment [4] Group 3: Emergence of Second-Generation Funds - The report indicates that nearly two-thirds (62%) of LPs have seen or expect to see assets transferred to subsequent continuation fund structures [5] - Despite the complexity of transaction structures, 75% of LPs maintain high confidence in GPs' ability to manage continuation funds [5] - In the Asia-Pacific region, 80% of LPs report seeing or expecting asset transfers to continuation funds, surpassing Europe (67%) and North America (53%) [5] Group 4: Importance of Co-Investment - Over 43% of LPs globally indicate that co-investment is becoming increasingly important in their selection of fund managers, with 76% of Asia-Pacific LPs acknowledging its rising significance [6] - Despite the growing importance of co-investment, 19% of respondents report a lack of sufficient participation opportunities [6] - Key drivers for LP participation in co-investment include improved fee efficiency (78%) and access to high-quality investment opportunities (71%) [6] Group 5: Increased Focus on Later-Stage Investments - Nearly 24% of LPs plan to increase their investments in later-stage primary markets, with 57% citing the ability to evaluate investments based on initial fund performance as the main motivation [6]

【马化腾：#腾讯唯一花钱投入比较多的就是AI#】在今日召开的腾讯年会上，腾讯董事会主席马化腾 表示，2025年是AI大年。今年业内竞争激烈，除了AI还有社区团购、外卖，腾讯则稳扎稳打，唯一花 钱投入比较多的就是AI。混元过去一年进行了结构调整，发力吸引人才，包括博士毕业生，接下来还 要吸引AI原生人才重构AI团队。（第一财经） ...

记者：温竞华 0:00 AI赋能下，技术范式的变革将创造哪些新就业新机遇？什么样的人才能够更好适应AI时代？《新华每 日电讯》1月26日刊发文章《AI时代，职业生态如何变化？》。 新华社音视频部制作 ...

当市场仍在惊叹国际金价逼近5000美元/盎司关口、距离多家投行陆续上调后的目标值仅一步之 遥时，黄金以一个月级别的两位数涨幅并在高位维持相对有限的回撤，给出了更直白的表达——这 轮行情的主线，已不再是利率能解释的世界。 与之对应，金银比（黄金与白银的价格比例）一度跌破 50，最低约48—49，触及2011年以来的 低位区间。金银比的快速下行往往意味着贵金属内部相对价格出现偏离，一旦进入极端区域，均值 回归或迟或早，只是路径未必温和，更可能以非线性方式完成修复。 白银的表现更像交易属性的极致化。市场体量更小、波动更大、叙事更复杂，使得白银既能跟随黄 金的"避险和储备逻辑"，又能叠加"工业与科技需求"的故事线，从而在情绪与资金共振时形成更 陡峭的加速上涨曲线。数据显示，白银在1月中下旬冲击100美元关口，26日盘中摸高至108美 元，当月涨幅逾40%。 在如此涨势下，资金行为却呈现追高配置的特征。数据显示，部分黄金ETF（交易型开放式指数证 券投资基金） 在高位继续增持。例如，1月23日，全球最大黄金ETF——SPDR Gold Shares （GLD）单日增加6.87吨，总持仓升至1086.53吨。 金银比走向 ...

随着各公司为2026年做好准备，美国证券交易委员会（SEC）的动向可能会为公开募股铺平道路。然而，鉴于去年联邦政府停摆带来的"教训"仍历历在目 ——而且这些教训最早将于今年1月30日再次发挥作用——为可能出现的延误和监管方面的突发情况做好准备比以往任何时候都更加重要。 以下是针对IPO前和早期上市阶段公司的七个主题，这些主题基于我们应对2025年政府停摆的经验，以及大家对"政府停摆结束后，美国证券交易委员会 将采取什么行动" 的预测。 1. 敏捷性和充分准备至关重要。 与上市辅导顾问和董事会讨论各种方案的要求、时间安排和影响，制定应对不同情况的计划。正如从10月和11月成功上市的IPO案例中所了解到的，快速 评估利弊、把握市场机遇并在必要时调整策略至关重要。 2. 注册流程正在逐步恢复正常。 政府停摆凸显了美国证券交易委员会（SEC）在公开募股过程中的关键作用，同时也展现了SEC现任领导层在力所能及的范围内简化审批流程的开放态 度。政府停摆结束后，SEC优先审查了发行人在员工休假期间提交的900多份注册声明。假设政府资金持续到2026年，我们可以预期注册声明的初步审查 时间将恢复正常，为27至30天。如果审查 ...

该芯片系统面积仅0.4平方毫米，兼具高灵敏度与强抗干扰能力，适合在低功耗、低成本条件下运行。 这种设计为开发真正集成化、实时高精光谱传感器提供了新路径。 研究摒弃了传统的空间光散射方法。新型芯片并未像传统光谱仪那样通过棱镜或光栅在空间上物理分离 不同颜色的光，而是仅集成16个彼此独立的硅探测器。每个探测器都经过专门设计，对入射光的响应略 有不同。这种工作方式好比给几个专用传感器调制一杯"混合饮料"，每个传感器各自"品尝"饮料的不同 成分，从而获得对整体光谱的编码信息。 研究的首个关键突破在于探测器结构设计。团队在硅光电二极管表面引入"光子俘获表面纹 理"（PTST），显著提升了近红外光的吸收效率，弥补了硅材料在该波段探测能力不足的问题，使芯片 覆盖可见光至近红外（约1100纳米）范围。此外，高速传感架构还使器件具备超快测量光子寿命的能 力。 破解这杯"饮料"配方的第二个关键在于人工智能（AI）。由于探测器输出的是被编码且含噪的信号，研 究人员训练了一个全连接神经网络，通过大量样本学习探测器信号与真实光谱之间的映射关系，成功解 决了光谱重构这一问题，实现约8纳米分辨率的光谱还原，并显著提升了系统的抗噪性能。 美 ...

当国际金价距离5000美元/盎司仅一步之遥，当伦敦银现仅用两个月时间便实现翻倍，当铜铝铅锌锡上 演起"元素周期表"行情，当硫磺价格一年翻倍、碳酸锂迭创新高……这一系列看似独立的市场脉冲正汇 聚成一股时代洪流，宣告着全球大宗商品市场正迈入新一轮的"超级周期"。 "这轮周期的持续强度、持续时间都可能远超我们想象。"近期，多位基金经理向券商中国记者表达了类 似的观点，在全球货币超发、美元信用危机、技术革命创新需求、地缘冲突引发供应链重构等众多因素 共振下，全球大宗商品可能迎来一场远超市场预期的周期浪潮，而嗅觉敏锐的公募基金正闻风而动，将 投资罗盘的指针拨向现代工业的"血液"与"基石"——有色金属与基础化工，不仅定位着这场全球商品盛 宴的历史坐标，更寻找着浪潮之下具体的产业掘金路径。 全球大宗商品迎来第三轮"超级周期" 其四，长达十年的资本开支收缩期后的供给约束。上述基金经理指出，全球有色金属主要品种的资本开 支在2011年见顶后，步入了漫长的收缩期。勘探投入持续低迷，叠加全球矿山品位的自然下降，导致主 要金属品种的产出缺口日益明显。供给端的约束，是本轮周期最具刚性的一环。 "目前我们处于过往60年以来第三轮全球商品 ...

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 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！ 1月25日，腾讯元宝、百度App分别宣布了其春节红包派发计划。 当日，腾讯元宝微信公众号发布《关于春节分10亿现金的通知》称，将在2月1日上线春节活动，用户上元宝App分10亿元现金红包，单个红包金额可达万 元。 来源：元宝微信公众号 据介绍，用户可于1月25日将元宝App更新到2.55.0 以上版本，点击主页的预约卡片即可进入春节会场预约页面，提前预约的用户将在2月1日活动开启当 天，额外获得10次抽奖次数。 来源：元宝App页面截图 腾讯元宝的派红包活动设置了万元小马卡、现金红包和分享红包等红包形态，用户每天上元宝App都能领现金红包，通过做任务可抽更多红包，并有几率 抽中限量100张的价值1万元现金小马卡。分享红包支持转发给微信、QQ好友和社群。 除了将发放10亿元现金红包，腾讯还在酝酿AI大招。据腾讯内部人士透露，元宝即将上线全新玩法，已开启内测邀约，官方公布的产品界面图中已悄然 新增一个名为"派"的入口。 值得一提的是，2015年春晚，腾讯通过微信"摇一摇"形式 ...

Core Viewpoint - The global commodity market is entering a new "super cycle," driven by factors such as excessive monetary issuance, a credit crisis in the US dollar, technological innovations, and geopolitical conflicts reshaping supply chains [1][2]. Group 1: Factors Driving the Super Cycle - The current super cycle is rooted in global monetary overissuance, particularly since the 2008 financial crisis and accelerated by the COVID-19 pandemic, leading to significant inflation and asset price increases [2]. - Four key factors are contributing to this cycle: the US debt cycle and the restructuring of dollar credit, structural demand driven by AI and green energy transitions, geopolitical changes affecting supply chain security, and supply constraints following a decade of reduced capital expenditure in the mining sector [3][4][5]. Group 2: Domestic Price Trends and Economic Policies - China's Producer Price Index (PPI) is showing signs of recovery, with a 0.2% month-on-month increase in December 2025, indicating a potential turning point for domestic prices [6]. - Three core factors are expected to drive this price recovery: a strong base effect from previous low commodity prices, the impact of "anti-involution" policies aimed at improving industry profitability, and stabilization in the real estate sector after years of decline [7][8]. Group 3: Strategic Asset Allocation - Fund managers are increasingly reallocating towards cyclical assets, particularly in the non-ferrous metals and chemical sectors, as they anticipate a recovery in commodity prices and domestic economic conditions [9][10]. - Notable investments include significant positions in leading mining companies and a strategic focus on industrial metals and small metals, which are expected to benefit from new demand drivers such as AI infrastructure and energy transitions [11][12].