仍具韧性，缓解了市场对科技股估值过高的担忧。 | く コ | 万得美国科技七巨头指数(MAGS) | | | | --- | --- | --- | --- | | | 65631.36 129.85 0.20% | | | | 资料 成分 | 资讯 相关基金 | | 月度 | | 名称 | | 现价 | 消 | | 英伟达(NVIDIA) | | 186.990 | | | NVDA.O | | | | | 脸书(META PLAT ... | | 620.800 | | | META.O | | | | | 亚马逊(AMAZON) | | 238.180 | | | AMZN.O | | | | | 特斯拉(TESLA) | | 438.570 | | | TSLA.O | | | | | 微软(MICROSOFT) | | 456.660 | | | MSFT.O | | | | | 苹果(APPLE) | | 258.210 | | | AAPL.O | | | | | 谷歌(ALPHABET)-C | | 333.160 | | | GOOG.O | | | | 在经历连续两日的回调后，华尔街主要股 ...

Core Viewpoint - The article highlights a positive trend in the U.S. stock market driven by strong earnings reports from major financial institutions and optimistic guidance from TSMC, which has reignited investor interest in technology stocks [2][4]. Financial Sector Performance - U.S. stock indices collectively rose, with the Dow Jones up 0.60%, Nasdaq up 0.25%, and S&P 500 up 0.26% as of January 15 [4]. - Major financial stocks surged, with Morgan Stanley rising nearly 6% to reach a historical high, and Goldman Sachs and Citigroup both increasing over 4% [4]. - BlackRock, the world's largest asset management company, saw its assets under management reach a record $14.04 trillion, increasing by 5.9% in Q4 [4]. Earnings Reports - Morgan Stanley reported Q4 revenue of $17.89 billion, a 10.3% year-over-year increase, exceeding market expectations of $17.77 billion, with earnings per share at $2.68, surpassing the forecast of $2.44 [4]. - Goldman Sachs disclosed Q4 revenue of $13.45 billion, a 3% year-over-year decline, slightly below expectations, but Non-GAAP earnings per share reached $14.01, significantly exceeding the forecast of $2.25 [4]. TSMC's Impact on Technology Stocks - TSMC's Q4 gross margin exceeded 60% for the first time, with net profit reaching $16 billion, a 35% year-over-year increase, surpassing analyst expectations [5]. - TSMC plans to significantly increase capital expenditures to $56 billion in 2026, a 37% increase from 2025, to capitalize on AI opportunities, with revenue growth expectations close to 30% [5]. - Following TSMC's report, its stock rose 4.4%, contributing to a broader rally in semiconductor stocks, with the Philadelphia Semiconductor Index up 1.76% [5]. Federal Reserve Policy Signals - Recent labor market data showed initial jobless claims fell to 198,000, significantly below the expected 215,000, alleviating concerns about labor market weakness [8]. - Several Federal Reserve officials indicated support for pausing interest rate cuts in the upcoming meeting, citing a stable labor market and persistent inflation pressures [8]. - Chicago Fed President Austan Goolsbee emphasized the need to bring inflation down to 2%, while other officials expressed caution against further rate cuts due to ongoing inflation concerns [8].

金融监管总局在1月15日召开的2026年监管工作会议上，统筹安排了5项今年的重点任务。 在提升金融服务经济社会质效方面，金融"五篇大文章"仍是今年的一项重点任务。同时，本次会议还强调，要 坚持投资于物和投资于人紧密结合，持续加大对重大战略、重点领域和薄弱环节的支持力度。强化促消费、扩 投资的金融供给，高效服务扩大内需战略。优化科技金融服务，积极培育耐心资本，助力新质生产力发展。加 强应急救灾、养老健康、乡村全面振兴等民生领域金融支持。更好发挥支持小微企业融资协调工作机制作用， 优化新就业群体金融服务，着力促进稳企业稳就业。 其中，中小金融机构风险化解仍位列各项任务首位，对于其他重点领域的风险防控，会议指出，要推动城市房 地产融资协调机制常态化运行，依法合规支持融资平台债务风险化解。 在今年监管工作的重点任务中，会议首先强调，要有力有序有效推进中小金融机构风险化解。着力处置存量风 险，坚决遏制增量风险，牢牢守住不"爆雷"底线。金融监管总局自成立以来，已连续三年在年度工作部署中将 中小金融机构改革化险置于各项工作首位。其中，2024年工作会议强调，要全力推进中小金融机构改革化险， 把握好时度效，有计划、分步骤开展 ...

美股三大指数集体收涨，道指涨0.60%，标普500指数涨0.26%，纳指涨0.25%。芯片股在台积电亮眼财报推动下上涨，应用材料、阿斯麦涨超5%，台积电涨 超4%，英伟达涨超2%。银行股走强，贝莱德、摩根士丹利涨超5%，高盛、花旗涨超4%。 纳斯达克中国金龙指数收跌0.6%，热门中概股多数下跌，网易、携程、有道跌超2%，京东跌1.4%，百度跌0.7%，哔哩哔哩跌0.6%，阿里巴巴涨0.6%，理想 汽车、小鹏汽车、蔚来涨超1%。 ...

格隆汇1月16日｜中信建投研报指出，政府债靠前发力+高基数下支撑力度减弱，社融同比少增，符合 预期。12月对公信贷投放边际改善，预计主要是银行开门红项目储备前置发力。零售信贷投放仍显低 迷，期待宏观经济修复与政策协同发力带动需求回升。高基数下M1增速持续回落，M2增速环比提升， M2-M1剪刀差扩大至4.7%。2026年延续了积极的财政政策基调以及相对宽松的货币政策，政府债仍将 是社融增长重要动能。预计2026年信贷增速仍将保持在7%-8%左右，银行基本面的真正改善仍需等待信 贷需求和经济预期的进一步好转。 ...

人民财讯1月16日电，中信建投指出，2025年12月社融新增2.21万亿，同比少增0.65万亿。政府债靠前发 力+高基数下支撑力度减弱，社融同比少增，符合预期。12月对公信贷投放边际改善，预计主要是银行 开门红项目储备前置发力。零售信贷投放仍显低迷，期待宏观经济修复与政策协同发力带动需求回升。 2026年延续了积极的财政政策基调以及相对宽松的货币政策，政府债仍将是社融增长重要动能。预计 2026年信贷增速仍将保持在7%—8%左右，银行基本面的真正改善仍需等待信贷需求和经济预期的进一 步好转。 转自：证券时报 ...

Core Viewpoint - The article emphasizes that holding cash deposits in 2026 is a wise financial strategy, especially in a deflationary environment where purchasing power is increasing despite low interest rates [1][9]. Group 1: Economic Environment - The average CPI growth in 2025 was 0%, indicating a shift into a deflationary cycle, which enhances the purchasing power of cash deposits [1]. - Prices of essential goods and services have decreased significantly, with the average price of second-hand homes in 100 cities dropping by 8.36% year-on-year, and first-tier cities seeing over a 30% decline from peak prices [3]. Group 2: Investment Risks - The investment market in 2026 is fraught with risks, as 81% of retail investors reported losses in 2025, averaging a loss of 21,000 yuan per person [3][4]. - Many investors have been trapped in high-risk stocks and funds, with public funds averaging a 20% loss in 2024, and some bank wealth management products even yielding negative returns [3][4]. Group 3: Advantages of Holding Cash - Cash deposits provide safety and security, as they are protected by deposit insurance, ensuring 100% compensation for amounts up to 500,000 yuan [4]. - Having sufficient cash reserves allows individuals to navigate crises more effectively, providing options during unemployment or unexpected medical expenses [6]. Group 4: Investment Opportunities - The current market conditions present a unique opportunity for cash holders to buy quality assets at lower prices, as property and stock prices are declining [7]. - Investors with cash can strategically wait for the right moment to invest, capitalizing on lower asset prices when the market stabilizes [7]. Group 5: Cash Management Strategies - Effective cash management involves reasonable allocation, such as using money market funds for emergency funds and higher-yielding fixed deposits for long-term savings [9]. - The article suggests that in 2026, saving money is not merely a conservative choice but a smart strategy to cope with economic fluctuations and enhance purchasing power [9].

金融监管总局1月15日消息，金融监管总局当日召开的2026年监管工作会议提出，不断提升金融服务经 济社会质效。强化促消费、扩投资的金融供给，高效服务扩大内需战略。优化科技金融服务，积极培育 耐心资本，助力新质生产力发展。 二是严密防范化解相关领域风险。推动城市房地产融资协调机制常态化运行，助力构建房地产发展新模 式。依法合规支持融资平台债务风险化解。严防严打严处非法金融活动。 三是切实提高行业高质量发展能力。做好统筹规划，稳妥推进中小金融机构减量提质，合理优化机构布 局。深入整治无序竞争，持续规范行业秩序。督促银行保险机构专注主业、错位发展。推进金融高水平 对外开放。 四是全面加强和完善金融监管。聚焦实质风险、解决实际问题，不断强化"五大监管"，提高依法监管能 力，做实分类分级监管。加快推进"金监工程"设计和建设。扎实履行统筹金融消费者保护职责。有效发 挥"四级垂管"整体效能。积极参与国际金融治理改革。 五是不断提升金融服务经济社会质效。做好金融"五篇大文章"，坚持投资于物和投资于人紧密结合，持 续加大对重大战略、重点领域和薄弱环节的支持力度。强化促消费、扩投资的金融供给，高效服务扩大 内需战略。优化科技金融 ...

Market Overview - On January 15, US stock indices rose collectively, with the Dow Jones Industrial Average, Nasdaq, and S&P 500 increasing by 0.60%, 0.25%, and 0.26% respectively [2] - Major technology stocks showed mixed performance, with Nvidia up by 2.10%, META up by 0.86%, and Amazon up by 0.65%, while Tesla, Microsoft, Apple, and Alphabet saw declines [3][6] Earnings Reports - Morgan Stanley reported Q4 revenue growth of 10% year-over-year to $17.89 billion, exceeding market expectations of $17.75 billion, with net profit rising 18% to $4.40 billion [7] - Goldman Sachs posted a Q4 net profit of $4.617 billion, a 12% increase year-over-year, with stock trading revenue reaching a record $4.31 billion [7] Semiconductor Sector - The Philadelphia Semiconductor Index rose by 1.76%, reaching a historical high, with notable gains from companies like Kioxia and Applied Materials [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.60%, with significant gains from companies like Su Xuan Tang Pharmaceutical up over 10% and Hesai Technology up over 7% [8][9] Commodity Market - International crude oil prices dropped over 4%, while precious metals experienced significant volatility, with silver prices briefly hitting a historical high before a sharp decline [13]

金融是国民经济的血脉。1月15日中国人民银行发布的数据显示，2025年全年新增贷款16.27万亿元。这 背后是适度宽松的货币政策发力显效，企业和居民有效信贷需求持续释放，为中国经济注入强劲活力。 2025年的金融成绩单亮点突出：全年社会融资规模增量累计为35.6万亿元，广义货币(M2)余额超340万 亿元，人民币贷款余额超过270万亿元……一个个总量数据展现出金融体系的坚实支撑，为提振内需、 稳定经济蓄势赋能。 过去一年，货币政策精准发力：降低存款准备金率0.5个百分点，下调政策利率0.1个百分点，全面下调 结构性货币政策工具利率0.25个百分点……一系列政策措施落地见效，不仅促进社会融资规模和货币信 贷合理增长，更带动贷款利率持续保持低位水平。 2025年12月，新发放企业贷款加权平均利率在3.1%左右，自2018年下半年下降了2.5个百分点。融资成 本稳步走低，让更多企业"轻装上阵"，投身生产经营、技术创新的底气更足。 金融是经济的镜像。超16万亿元金融"活水"的流向，折射出经济需求与结构的变化。 数据显示，2025年企(事)业单位贷款新增15.47万亿元，这意味着超九成新增贷款都精准对接了企业需 求。从 ...