点击输入图片描述（最多30字） 点击输入图片描述（最多30字） 【鸣鸣很忙上市大涨88%】中国最大的休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司在港交所主板挂 牌上市，开盘大涨88.08%，截至收盘，涨幅回落至69.06%，报400港元/股，总市值达862.04亿港元。鸣鸣很忙此次全球发 售1410.1万股H股，公开发售阶段认购倍数超过1500倍，8家基石投资者合计认购15亿港元，包括腾讯、淡马锡与贝莱德 等。公司预计净筹资30亿港元以上，发行市值约500亿港元。鸣鸣很忙旗下拥有零食很忙、赵一鸣零食两大品牌，最新数据 显示，截至2025年11月30日，鸣鸣很忙门店数达21041家。（更多内容，点击查看《两位85后卖零食，开店两万家，身价均 超200亿港元，鸣鸣很忙刚刚IPO》）（中国基金报） 点击输入图片描述（最多30字） 【英伟达员工晒年会最牛年终奖：黄仁勋亲笔签名皮衣】近日，英伟达CEO黄仁勋陆续到访上海、北京、深圳，分别参加 了三地分公司举办的新年活动。1月27日，有网友在社交媒体晒出一件黄仁勋亲笔签名的皮衣。该网友表示，自己本来想签 在胸前，结果黄仁勋直接把他翻个身按住并称"Don't ...

Core Viewpoint - The article discusses the financial crisis faced by Shenzhen Jie Wo Rui Jewelry Co., highlighting the emotional and financial turmoil experienced by investors and consumers due to the company's inability to fulfill its payment obligations [1][2]. Group 1: Investor Experiences - Lin Wei, a 30-year-old investor, lost over 5 million yuan, which included her savings and borrowed money, due to Jie Wo Rui's payment difficulties [4][5]. - Cai Lin, born in 1998, invested 185,000 yuan, which she had saved from part-time jobs and early withdrawals from fixed deposits, now trapped in the company's system [16][18][20]. - Both investors were attracted by the company's promotional activities, which promised low fees and easy transactions, leading them to believe they had found a safe investment opportunity [24][25][27]. Group 2: Company Operations and Issues - Jie Wo Rui's operational model involved two main segments: ordinary trading customers who sought to convert idle gold into cash, and investment customers who engaged in high-leverage transactions [47][48][50]. - The platform's structure allowed for the interconnection of multiple mini-programs, which facilitated the manipulation of funds and increased risk exposure [54][56]. - As the crisis unfolded, the company proposed two repayment plans: one offering 20% of the principal in a lump sum and another providing 40% over 12 installments, both requiring investors to sign non-disclosure agreements [57][64]. Group 3: Crisis Response and Impact - Following the crisis announcement, many investors rushed to Jie Wo Rui's physical locations, only to find them deserted, leading to widespread panic and despair among affected individuals [68][76]. - The local authorities initiated an investigation into Jie Wo Rui's operations, but the emotional and financial scars left on investors remained significant, with many still grappling with the aftermath of their losses [83][85].

Core Viewpoint - The recent difficulties faced by the gold pricing platform "Jie Wo Rui" in Shenzhen have raised concerns, with investors estimating unpaid funds exceeding 10 billion yuan. The platform operates as an unlicensed financial entity, and its high-leverage model poses significant risks to retail investors due to inadequate risk control measures [3][4]. Group 1: Incident Overview - The "Jie Wo Rui" platform attracted many investors through social media channels like Xiaohongshu and Douyin, promoting features such as "no service fees" and "reward points," which appealed to users with lower risk tolerance [3]. - Many users initially engaged in simple transactions like jewelry purchases and gold recycling, but were gradually led into high-leverage pricing trades through examples of high returns and community influence [3]. Group 2: Social Media's Role in Financial Risks - The article highlights a trend where social media platforms have become significant channels for the rapid spread and amplification of financial risks, as seen in previous incidents involving P2P lending, forex trading, and cryptocurrency platforms [4]. - The lack of effective filtering and risk warnings on social media can mislead non-professional investors into high-risk areas, with these platforms inadvertently acting as amplifiers of financial risk [4]. Group 3: Recommendations for Risk Prevention - To mitigate financial risks, a comprehensive prevention system covering all stages (before, during, and after) is necessary, with social media platforms playing a crucial role in this effort [5]. - Social media platforms should enhance compliance checks for advertisements and promotional content related to investment, implementing stricter standards and identifying gray-area financial activities [5]. - Monitoring user-generated content and implementing risk warnings for misleading investment advice shared on these platforms is essential [5]. - Establishing a rapid response mechanism in collaboration with financial regulatory bodies to report suspicious activities and potential fraud is recommended [6]. - Continuous financial literacy education for users through various outreach methods is vital to help them understand financial risks and develop a rational investment mindset [6].

Core Viewpoint - The recent difficulties faced by the gold pricing platform "Jie Wo Rui" in Shenzhen highlight the risks associated with social platforms promoting high-leverage financial products, which can lead to significant financial losses for investors [1][2]. Group 1: Financial Risk and Social Platforms - The "Jie Wo Rui" platform, which is not a licensed financial institution, operates a high-leverage model that has resulted in over 10 billion yuan in unpaid funds, primarily affecting retail investors [1]. - Many investors were initially attracted to "Jie Wo Rui" through social media platforms like Xiaohongshu and Douyin, where promotional content emphasized low fees and rewards, leading them into high-risk trading scenarios [1][2]. - Historical financial risk events often involved social platforms facilitating the spread of risky financial products, indicating a pattern where social media amplifies financial risks [1][2]. Group 2: Recommendations for Social Platforms - Social platforms must take on a proactive role in preventing financial risks by implementing stricter compliance checks on advertisements and promotional content related to investment [2][3]. - There is a need for enhanced monitoring of user-generated content that promotes risky financial behavior, with the implementation of risk warnings and content filtering [3]. - Establishing a rapid response mechanism in collaboration with financial regulatory bodies is crucial for identifying and addressing potential illegal financial activities on social platforms [3]. - Continuous financial literacy education for users is essential to help them understand financial risks and make informed investment decisions [3].

Market Overview - The market in early 2026 has shown strong performance across major asset classes, with the A-share market continuing its robust trend from the previous year, reaching new highs and maintaining high trading sentiment [1][5] - Commodity prices, particularly gold and silver, have surged, prompting institutions to raise their price forecasts, with many investors now focusing on investment opportunities in the commodity market [1][5] CTA Strategy Performance - In 2025, the profitability ratios for subjective CTA and quantitative CTA products were notably high at 88.2% and 90.4%, respectively, with median annual returns of 16.47% and 12.65%, and maximum drawdowns of -7.84% and -6.27% [1][6] - CTA remains a crucial component of asset allocation for high-net-worth investors [6] Market Environment and Asset Allocation - The Federal Reserve has initiated a rate-cutting cycle, leading to global liquidity easing, while geopolitical risks in regions like Venezuela and Greenland may contribute to a volatile upward trend in global commodity prices [3][8] - Domestic policies aimed at reducing competition are expected to improve the internal supply-demand structure, potentially leading to a positive trend in PPI data and increased price elasticity for industrial products [3][8] - Commodities exhibit low correlation with equities and bonds, with a correlation of approximately 0.6 with equities and less than 0.2 with bonds, highlighting the importance of diversified asset allocation to mitigate risks [3][8] CTA Strategy Selection for Investors - Investors are advised to consider medium to long-term trend CTA strategies, as well as multi-strategy approaches that include cross-sectional long-short arbitrage and various time horizons [4][9] - The introduction of CTA combined with quantitative equity strategies can enhance capital efficiency, allowing investors to benefit from multiple asset sources with a single investment [4][9]

黄金方面： 美元指数： 1月28日的最新爆料，美国已向以色列通报了针对伊朗的军事行动准备情况，相关工作现已完成。倘若白宫下令打击伊朗，理论 上航母打击群可以在一两天内发起军事行动。 1月27日，美国总统特朗普表示，航母舰队一直在印度洋附近巡航，并着重强调最终是否发动打击将由他下达命令决定。白宫消 息人士透露，特朗普尚未做出最终决策，预计本周将展开磋商。 百利好特约智昇研究投资策略师麦东认为，美国在打击伊朗的问题上，仍有很大的变数，美军闪击伊朗的概率持续走高。在此 背景下，黄金避险情绪进一步放大，价格节节攀升。 技术面分析：昨日收阳线。日线级别，金价突破5200美元并在上方运行。1小时级别，价格在60/120日均线上方运行，延续强势 上涨态势，MACD显示多方力量强劲。今日下方关注5200美元的支撑，上方关注5350美元的压力。 原油方面： 近期原油市场对多重供应端的不确定性进行定价。近期的上涨除了对伊朗潜在供应中断的担忧，还有持续的乌克兰战争，尽管 双方开启和谈，但局势仍存在诸多不确定性。 同时，美国特大冬季风暴导致原油生产遭遇重创，上周末原油日产量最高减少200万桶，约占全国总产量的15%，可能会导致短 期 ...

Core Insights - The article discusses the concept of "Black Swan" events, which are unpredictable and have significant impacts, as exemplified by Nassim Nicholas Taleb's experiences during the 1987 stock market crash [8][10][26] - Taleb's investment philosophy emphasizes the importance of recognizing uncertainty and leveraging it to create opportunities, rather than attempting to predict specific outcomes [26] Group 1: Taleb's Background and Philosophy - Nassim Nicholas Taleb was born in Lebanon and experienced the instability of the Lebanese Civil War, which shaped his understanding of risk and uncertainty [4][5] - His fascination with options trading stems from their non-linear nature, where limited losses can lead to disproportionate gains, reflecting the hidden dangers in seemingly safe situations [5][6] - Taleb's successful bet on deep out-of-the-money put options during the 1987 crash illustrates his ability to capitalize on extreme events that others deemed impossible [2][3] Group 2: Key Concepts in Taleb's Framework - The concept of "Black Swan" refers to rare events that are unpredictable but can be rationalized in hindsight, such as financial crises and pandemics [8][10] - Taleb introduces the idea of "Antifragility," which describes systems that benefit from chaos and volatility, contrasting with fragile systems that break under stress [11][26] - The "Barbell Strategy" is proposed, where 85-90% of resources are allocated to extremely safe investments, while 10-15% are placed in high-risk, high-reward opportunities, avoiding the mediocre middle ground [12][11] Group 3: Practical Applications and Challenges - Taleb emphasizes the principle of "Skin in the Game," advocating that decision-makers should bear the consequences of their choices, enhancing accountability [13] - The investment strategy employed by Taleb and his followers involves consistently purchasing cheap deep out-of-the-money options, which may lead to short-term losses but can yield substantial returns during market crashes [15][17] - The psychological challenge of maintaining patience and resisting the urge to conform to prevailing market trends is highlighted, as investors often struggle with the discomfort of short-term losses [17][19]

官方通报。 1月28日，罗湖区工作专班发布情况通报，近日，辖区企业深圳市杰我睿珠宝有限公司（以下简称"杰我 睿"）经营异常，引发关注。现将情况通报如下： 一、我区高度重视，第一时间组建工作专班介入，督促企业履行主体责任。 二、目前，杰我睿负责人及相关核心管理人员均在岗，积极开展与投资人沟通、资产梳理和兑付等工 作。 三、针对投资人反映的诉求，工作专班正在核查中。请公众理性对待网络信息，通过合法渠道进行投 资，不信谣、不传谣。 据部分前往现场的投资者透露，杰我睿方面目前给出的解决方案分为两种：一是接受本金按两折一次性 兑付，可较快结清；二是按12期兑付，但本金按四折计算。该方案中的"本金"，仅指投资者直接充值的 金额，不包括之前寄售、回收贵金属等所涉资产，即相关实物黄金、白银可能无法纳入兑付范围。 据报道，截至1月26日下午3时，各地投资者在杰我睿线上平台的未结清余额合计高达133.92亿元，投资 者来自广东省、福建省、山西省、江西省、安徽省等11个省份。 综合自：罗湖发布、第一财经 责编：李丹 据第一财经此前报道，近日，杰我睿名下的"杰我睿珠宝"及多个关联的线上平台 "龙冶金""金城金世 界"（以下统称"杰我 ...

Core Viewpoint - The company, Qifu Life Services (03686.HK), has announced two significant investments in unallocated gold bars, totaling approximately HKD 63.4 million, funded through proceeds from a silver sale [1] Group 1: First Investment - On January 26, 2026, the company instructed the purchase of 800 ounces of unallocated gold bars for approximately HKD 31.9 million [1] - This first investment is expected to be completed on January 28, 2026, with payment to be made in cash at settlement [1] Group 2: Second Investment - Following the first investment, on January 27, 2026, the company instructed the purchase of an additional 800 ounces of unallocated gold bars for approximately HKD 31.5 million (equivalent to RMB 28.3 million) [1] - The second investment is anticipated to be completed on January 29, 2026, with payment also to be made in cash at settlement [1]

人民财讯1月27日电，国网英大（600517）1月27日公告，公司预计2025年度实现归母净利润23亿元— 27.5亿元，同比增长46.1%—74.69%。2025年，公司旗下金融板块自营投资业务的投资收益及公允价值 变动损益同比大幅增加。 ...