Economic Overview - In 2025, the overall business development is stable and progressing, contributing positively to the economic recovery, with total retail sales of consumer goods exceeding 50 trillion yuan, reaching 50.1 trillion yuan, a growth of 3.7%, and consumption contributing 52% to economic growth [2] - Over 70,000 new foreign-funded enterprises were established, marking a growth of 19.1%, with foreign investment absorption reaching 747.69 billion yuan, of which high-tech industries accounted for 32.3% [2] Consumer Market Highlights - The consumer market in 2025 showed four main highlights: 1. Rapid growth in durable goods consumption, with retail sales of home appliances, communication devices, and furniture increasing by 11%, 20.9%, and 14.6% respectively, and passenger car retail volume rising by 3.8% [3] 2. New consumption types, including digital, green, and health consumption, continued to thrive, with online retail sales of physical goods growing by 5.2% and the penetration rate of new energy passenger vehicles reaching 53.9% [3] 3. Active rural consumption, with retail sales in rural areas reaching 6.8 trillion yuan, growing by 4.1%, outpacing urban growth by 0.5 percentage points [3] 4. Increased inbound consumption, with sales of tax refund goods nearly doubling and a 30% increase in foreign visitors due to expanded visa-free policies [3] Policy Initiatives - The Ministry of Commerce plans to implement a special action to boost consumption in 2026, focusing on policy issuance, event organization, and improving consumption scenarios [4] - Key initiatives include optimizing the old-for-new consumption policy, promoting automotive consumption, and launching various promotional activities to enhance consumer atmosphere [4] - The Ministry will also accelerate the cultivation of international consumption center cities and improve the consumption environment through pilot projects [4] Trade and Investment - The Ministry of Commerce aims to innovate and develop digital trade, starting the construction of a national digital trade demonstration zone and promoting the integration of domestic and international standards [18] - Plans to expand service trade include improving the negative list management system for cross-border service trade and establishing national service trade innovation development demonstration zones [18] Corporate Developments - JD Property submitted an A1 application to the Hong Kong Stock Exchange, managing 285 modern infrastructure assets with a total area of approximately 27.1 million square meters and an asset management scale of 121.5 billion yuan [19] - Zijin Mining announced plans to acquire Allied Gold Corporation at a price of 44 Canadian dollars per share, totaling approximately 5.5 billion Canadian dollars (about 28 billion yuan) [19][20]

来源：环球时报 新加坡亚洲新闻台1月26日文章，原题：皱纹、健身与智慧：中国"银发博主"重新定义年老的意义 从健 身房举重到练习瑜伽，一名女博主经常在网上记录她的日常健身活动。这名来自上海的博主还分享健康 食谱和每日穿搭建议。一般来说，这类内容往往出自更年轻的创作者，但64岁的她坦然接受了自己的年 龄，"64岁只是一个数字，我的皱纹和白发是我的荣誉勋章"。 这名老年博主并非个例。在中国，越来越多的60岁及以上老年人正从观看社交媒体内容转向内容创作。 分析人士表示，与志同道合者分享的乐趣和使用中国社交媒体应用的便利性，是更多中国老年人选择这 样做的原因。 分析人士表示，年长创作者的内容往往被认为比年轻创作者的内容更接地气。与年轻网红博主不同，年 长创作者通常更专注于传统技能、生活反思和如何优雅地老去等话题。对于许多年长用户来说，转向内 容创作是他们上网习惯的自然延伸。如今，大部分中国老年人已经成为"数字移民"，智能手机"几乎无 处不在"。中国互联网络信息中心发布的《中国互联网络发展状况统计报告》显示：截至2025年6月，中 国60岁以上网民规模已达1.61亿人，互联网普及率为52%。（作者莱基莎·利奥，王会聪译 ...

欧盟委员会26日宣布，依据《数字服务法案》对美国企业家马斯克旗下社交媒体平台X启动一项新的正式调查，重点评估其内置的人工智能聊天 机器人"格罗克"可能引发的风险。 （央视新闻） ...

Core Viewpoint - The European Commission has launched an investigation into social media platform X, owned by Elon Musk, due to concerns that its Grok AI chatbot is generating and disseminating deepfake images that may constitute child sexual abuse content [1][2] Group 1: Investigation Details - The investigation will assess whether X has appropriately evaluated the risks associated with Grok's launch in the 27 EU countries and whether it has taken adequate mitigation measures [1] - The case falls under the EU's Digital Services Act (DSA), which imposes strict regulations on harmful and illegal content online [1] Group 2: Company Response - X has stated that it removes illegal content, including child sexual abuse material, suspends related accounts, and collaborates with law enforcement when necessary [1] - The company emphasizes its commitment to making X a safe platform for all users and maintains a zero-tolerance policy towards any form of child sexual exploitation and non-consensual explicit content [1] Group 3: Regulatory Context - Under the DSA, online platforms that fail to effectively combat illegal content and misinformation, or do not comply with transparency requirements, could face fines of up to 6% of their global annual revenue [2] - There has been a growing global condemnation of Grok, with users from multiple countries reporting that the AI chatbot can generate sexualized images and disseminate them on X, prompting swift backlash from regulators and child safety advocates [2]

Core Viewpoint - The European Commission has initiated a formal investigation into Elon Musk's social media platform X, focusing on its AI chatbot Grok's failure to effectively prevent the generation of deepfake content, following a previous fine of €120 million imposed in December 2022 [1][3]. Group 1: Regulatory Actions - The European Commission's investigation is based on the Digital Services Act, assessing whether X has adequately evaluated and mitigated the risks associated with Grok's deployment across the 27 EU member states [1]. - The UK's communications regulator has also launched an investigation into whether X has violated the country's Online Safety Act, with similar actions taken by regulatory bodies in France and India regarding Grok's unauthorized production of pornographic content [2]. - The Digital Services Act, effective from 2023, mandates large online platforms to assess systemic risks related to illegal content, potential harm to minors, and the spread of misinformation, requiring them to implement appropriate mitigation measures [3]. Group 2: Company Responses - X has stated that it actively removes illegal content, including child sexual abuse material, bans violating accounts, and collaborates with law enforcement as necessary, emphasizing a zero-tolerance policy towards child exploitation and non-consensual explicit content [2]. - Following the previous fine, X faced scrutiny for misleading users through its paid blue verification system and for not establishing a compliant advertising database, which contributed to the regulatory pressure [3].

Core Viewpoint - Deutsche Bank forecasts Meta's Q4 revenue to reach $59 billion, representing a 22% year-over-year growth, exceeding the previous estimate of $58.5 billion [1] Group 1: Revenue Projections - Q4 total revenue is expected to be $59 billion, up from $48.36 billion in the same quarter last year [1] - For Q1 2026, revenue is projected to grow by 23% year-over-year to $51.9 billion, compared to the market consensus of $51.2 billion [1] Group 2: Expense Estimates - Q4 total expenses are anticipated to be $34.4 billion, positioning the annual total expenses at the midpoint of the company's guidance range of $116 billion to $118 billion [1] - For Q1 2026, total expenses are expected to increase by 32% year-over-year to $32.6 billion, slightly below the market consensus of $33.1 billion [1] Group 3: Investment Rating - Deutsche Bank maintains a "Buy" rating on Meta, with a target price of $880, indicating approximately 34% upside potential from the stock's closing price last Friday [1]

智通财经APP获悉，Meta Platforms(META.US)将于1月28日(周三)美股盘后公布2025年第四季度业绩。德意志银行发布报告称，预计Meta Q4营收将达 到590亿美元(同比增长22%)，高于此前预计的585亿美元;预计Q4总支出为344亿美元，这将使全年总支出处于该公司给出的1160-1180亿美元预测区间 的中点。对于2026年第一季度，德银预计，营收将同比增长23%至519亿美元，市场共识预期为512亿美元;预计总支出将同比增长32%至326亿美元，市 场共识预期为331亿美元。德银在报告中予Meta"买入"评级，目标价为880美元，这一目标价较该股上周五收盘价有约34%的上涨空间。 | 4Q25E - Actuals Versus Estimates | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (In Millions, | Actual | DB Est. | Actual | Street | Actual | | y/y | | d/q | | Unle ...

Core Viewpoint - Meta Platforms is set to report its Q4 2025 earnings on January 28, 2026, with expected revenues between $56 billion and $59 billion, indicating a year-over-year growth of approximately 21% [1]. Financial Performance - In Q3 2025, Meta reported revenues of $51.24 billion, exceeding expectations of $49.41 billion, with an adjusted EPS of $7.25, surpassing the forecast of $6.67 [1][2]. - The company expects total expenditures for 2025 to be between $116 billion and $118 billion, up from previous estimates of $114 billion to $118 billion, reflecting a year-over-year growth rate of 22% to 24% [1][13]. - Capital expenditures for 2025 are projected to be between $70 billion and $72 billion, higher than the prior estimate of $66 billion to $72 billion [1][13]. Operational Highlights - Q3 2025 saw a 26% year-over-year increase in revenue, with daily active users averaging 3.54 billion, an 8% increase [2]. - The advertising revenue from Meta's family of apps grew by 26% year-over-year, reaching approximately $50.1 billion [10]. - The average price per ad increased by 10% year-over-year, and the number of ad impressions rose by 14% [2][10]. Challenges and Risks - The Reality Labs division reported an operating loss of $4.43 billion in Q3 2025, continuing a trend of significant losses since 2021, with cumulative losses exceeding $70 billion [8]. - Despite a 74% year-over-year revenue growth in Reality Labs to $470 million, management anticipates a decline in Q4 revenue due to the absence of new VR headset launches in 2025 [8][14]. Future Outlook - Investors will focus on key areas in the upcoming Q4 earnings report, including the performance of the advertising business, the impact of AI investments, and the ongoing challenges faced by Reality Labs [9][15]. - The company is expected to provide insights into spending trends for 2026, with indications that expenditure growth will be "significantly larger" [13][15]. Market Performance - As of the end of 2025, Meta's stock price increased by 12.74%, closing at $660.09, which is lower than the Nasdaq 100 index's total return of 21% for the year [17]. - The stock has experienced volatility, with a significant drop of 11.33% following the Q3 earnings report, primarily due to tax impacts distorting GAAP earnings [7][17]. Strategic Focus - CEO Mark Zuckerberg emphasized the strong performance of the business and community, highlighting the potential for exciting developments in the coming years, particularly in AI and augmented reality [4]. - The integration of AI is central to Meta's strategy, with a focus on enhancing advertising effectiveness and user engagement through advanced models and infrastructure [12].

尽管特朗普政府对美联储施压要求降息，但市场普遍认为本周FOMC会议将平淡无奇。投资者的注意力 已从单一的货币政策转向更为广泛的盈利增长和经济韧性，预示着美股市场结构正在发生深刻变化。 摘要今日周一(1月26日)亚盘时段，黄金T+D目前交投于1141.45元附近，截至发稿，黄金T+D暂报 1138.93元/克，涨幅3.08%，最高触及1141.45元/克，最低下探1100.25元/克。目前来看，黄金T+D短线偏 向看涨走势。 今日周一(1月26日)亚盘时段，黄金t+d目前交投于1141.45元附近，截至发稿，黄金t+d暂报1138.93元/ 克，涨幅3.08%，最高触及1141.45元/克，最低下探1100.25元/克。目前来看，黄金t+d短线偏向看涨走 势。 【要闻速递】 随着鲍威尔任期临近尾声及特朗普提名的潜在人选，美联储的政策独立性面临挑战。交易员已定价6月 降息的可能性(59.4%)。市场普遍预期，一旦新主席上台，美联储可能在夏季转向更鸽派的立场。 【最新黄金t+d行情解析】 黄金t+d技术面呈现强劲的多头格局。最新报价约1115.5元/克，日内涨幅约0.99%。技术指标显示，均线 系统呈现典型的多头排 ...

Core Viewpoint - TikTok has appointed Adam Presser, an internal candidate with strong ties to the entertainment industry, to lead its newly established U.S. entity, TikTok U.S. Data Security Joint Venture, amidst ongoing concerns about data security and regulatory scrutiny [1][6]. Group 1: Leadership and Structure - Adam Presser has been chosen to oversee a platform valued at least $14 billion, which has over half of its users in the U.S. [3][8]. - Presser is considered one of the most influential leaders of TikTok in the U.S. and has been viewed as a strong contender for the CEO position [3][8]. - He reports directly to Shou Zi Chew, TikTok's global leader, who in turn reports to ByteDance's co-founder and CEO Liang Rubo [3][8]. Group 2: Background and Experience - Presser has a notable educational background, having attended Harvard-Westlake School, Yale University, and further studies at Harvard Business School and Harvard Law School [3][8]. - His professional experience includes roles at Ticketmaster Entertainment in China and WarnerMedia, where he served as Executive Vice President of International Business [3][8]. Group 3: Responsibilities and Challenges - Presser's role includes overseeing the protection of U.S. user data, content moderation, and ensuring the security of the content recommendation algorithm leased from ByteDance [6][12]. - He has been actively involved in addressing content moderation issues and has responded to calls for action from influencers regarding anti-Semitism on the platform [11][12]. - The establishment of the new entity comes in response to U.S. legislative actions requiring TikTok to sever ties with ByteDance in the U.S. market to avoid potential bans [5][9]. Group 4: Political Context - Former President Donald Trump has expressed that TikTok played a significant role in his political strategy, particularly in appealing to younger voters [3][12]. - Presser's new position may facilitate closer ties with Trump, who has been a vocal supporter of the app [12].