亚洲交易时段，美国国债各期限收益率下跌，因上周五的数据显示1月份通胀减速，市场继续预期美联 储今年将降息。根据伦敦 证券交易所集团的数据，货币市场目前反映了美联储今年将降息约65个基点 的预期，市场完全消化的首次降息时间点预计在7月，而6月降息也仍有可能。在数据以外的驱动因素方 面，丹麦 银行分析师指出，在凯文·沃什被提名为下任美联储主席后，投资者对美联储独立性的担忧有 所下降，以及贸易战不确定性有所缓解。根据Tradeweb的数据，10年期美国国债收益率下跌3.1个基 点，至4.024%。 ...

部分坚定的黄金多头正无视这一贵金属的历史性回调，仍寄望其再度暴涨至前所未有的水平。 1月下旬，纽约黄金期货创下每盎司5600美元以上的历史新高，然而次日便遭遇前所未有的暴跌。就在此时，一名或一群投资者开始在芝加哥商 品交易所集团（CME Group）的纽约商品交易所（Comex）买入12月到期、执行价为15000美元/20000美元的看涨期权价差合约。即便在金价企 稳于5000美元/盎司左右后，这一持仓仍在持续增加，目前已增至约1.1万张合约。 Comex12月黄金期权未平仓合约 "在如此深度的虚值看涨期权价差合约上出现这么高的持仓量，尤其是在技术性回调之后，着实令人惊讶。"道富投资管理公司（State Street Investment Management）黄金及金属策略全球主管阿卡什·多希（Aakash Doshi）表示，"一些交易员认为这是一张便宜的彩票，这是有道理的。" 黄金本轮上涨行情由一波投机性买盘推动，使价格进入超买区间。但多家银行预测，自2024年初以来已翻倍的金价，将继续受到持续的地缘政 治紧张局势、对美联储独立性的质疑，以及市场从货币和主权债券转向黄金的趋势所推动。 这类长期虚值看涨期权 ...

Group 1 - The 2026 CCTV Spring Festival Gala featured a variety of robots performing alongside artists, showcasing advanced skills and technology [3] - The Hong Kong stock market saw a positive close on the last trading day before the Lunar New Year, with the Hang Seng Index rising by 0.52% and AI application stocks experiencing significant gains, such as Haizhi Technology Group increasing nearly 30% [3][4] Group 2 - OpenAI announced the recruitment of Peter Steinberger, founder of the open-source AI agent OpenClaw, indicating a strategic shift towards collaborative AI ecosystems [4] - Alibaba released a new generation of the Qwen 3.5 model, which competes with Gemini 3 Pro, achieving a significant performance leap and reducing API costs to 0.8 yuan per million tokens [4] Group 3 - The demand for GLM-5 has surged, prompting Zhipu to initiate a "computing power partner" recruitment plan to enhance service capabilities [11] - The storage chip price increase is intensifying, with Kioxia predicting a 50% rise in average selling prices starting in Q1 2026 [11] Group 4 - The Hong Kong property market saw a 7.33% increase in prices during the Year of the Snake, marking the largest rise in nearly eight lunar years [8] - The U.S. stock market is expected to experience a significant capital expenditure increase in AI, projected to reach $740 billion in 2026, which may lead to a shift in investment patterns [16]

Group 1 - Tencent Holdings (00700), Yingfu Fund (02800), and Shandong Gold (01787) ranked the top three in net inflow of southbound funds, with net inflows of 736 million, 423 million, and 393 million respectively [1] - Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) ranked the top three in net outflow of southbound funds, with net outflows of -524 million, -391 million, and -199 million respectively [1] - In terms of net inflow ratio, Nanhua Futures (02691), Southern East Select (03441), and Oculent (00501) led the market with ratios of 70.54%, 59.14%, and 56.33% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 736 million and a closing price of 548.000, Yingfu Fund (02800) with 423 million and a closing price of 27.480, and Shandong Gold (01787) with 393 million and a closing price of 40.180 [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -524 million and a closing price of 160.100, SMIC (00981) with -391 million and a closing price of 70.000, and Hua Hong Semiconductor (01347) with -199 million and a closing price of 99.600 [2] - The top three stocks by net inflow ratio were Nanhua Futures (02691) at 70.54% with a closing price of 11.230, Southern East Select (03441) at 59.14% with a closing price of 11.650, and Oculent (00501) at 56.33% with a closing price of 103.900 [3] Group 3 - The top three stocks by net outflow ratio included Zhengzhou Bank (06196) at -50.51% with a closing price of 1.150, China Energy Construction (03996) at -49.70% with a closing price of 1.180, and Hongye Futures (03678) at -48.03% with a closing price of 3.220 [3] - Other notable stocks with significant net inflow ratios included China Overseas Macro Yang Group (00081) at 55.30% and a closing price of 2.650, and Xinhua Wenhui (00811) at 50.59% with a closing price of 11.080 [3]

英国审计监管机构正在考虑调整会计规则，以鼓励中国公司赴伦敦上市。Financial Reporting Council周 一表示，将就是否允许在中国注册的公司在伦敦发行全球存托凭证（GDR）时遵循中国的会计规则征 询意见。全球存托凭证（GDR）是由银行发行、代表外国公司股票的凭证。根据该拟议的规则调整， 中国公司在发行GDR时，将被允许在限定的一段时间内遵循中国的审计准则。根据现行规定，在伦敦 发行GDR的中国实体需要遵循英国的会计准则。该监管机构表示，这项潜在的会计规则松绑是英国政 府一项更广泛努力的一部分，旨在"消除一个被认为会阻碍部分在华注册发行人选择英国作为上市地点 的障碍"。FRC提出这些调整之前，英国金融行为监管局（Financial Conduct Authority）上周宣布了公布 更多交易数据的计划，后一项举措也旨在提升伦敦公开市场的吸引力。 责任编辑：王永生 英国审计监管机构正在考虑调整会计规则，以鼓励中国公司赴伦敦上市。Financial Reporting Council周 一表示，将就是否允许在中国注册的公司在伦敦发行全球存托凭证（GDR）时遵循中国的会计规则征 询意见。全球存托凭证 ...

美国纽约曼哈顿，这座繁华都市的心脏地带，隐藏着一座令人难以置信的金库。这里不仅是全球最大的黄金储存地，更是一个国际金融的缩 影，汇集了超过六十个国家高达八千三百余吨的黄金储备，其总价值更是突破了令人咋舌的两千亿美元大关。在这巨量的黄金中，中国赫然 占据了约六百吨的份额，占该地黄金总量的百分之八。然而，近年来，美国一系列资产冻结的举动，无疑侵蚀了其在全球金融舞台上的公信 力。此举令一些国家心生警惕，纷纷向美国递交申请，意图将自己存放在彼邦的黄金运送回国。 首先，中美之间长期存在的巨额贸易顺差，使得中国积累了海量的美元资产。然而，美元汇率的起伏不定，如同水中月，镜中花，始终难以 令人完全安心。为了分散风险，避免"将所有鸡蛋放在同一个篮子里"的顾虑，中国便将一部分外汇储备转化为黄金，并选择存放在美国，这 是一种审慎的资产配置策略。 其次，这六百吨黄金，正是从美国黄金交易市场购得。若要将其运回国内，不仅耗费巨大的运输成本，更要承担漫长运输过程中潜在的风 险。而一旦将来有需要，再将黄金运往国外进行交易，同样免不了额外的支出和隐患。因此，将黄金留在美国，可以有效规避往返运输的成 本与风险。 最后，美国拥有全球最为庞大且活 ...

多家信息源近日警示，居民持有的存款和现金，可能正面临新一轮的购买力缩水。 尽管美国在军事开支上不遗余力，但其作为当今世界首屈一指的强大国家，其金融霸权体系至今仍无可匹敌。全球外汇储备中，美元的占比依 旧高达百分之五十六点九，这使得世界金融市场常常因美联储的一举一动而风起云涌。 我们注意到，2025年广义货币供应量M2预计同比增长8.5%，净增约26.5万亿元。若2026年继续维持此增长速度，全年M2的增量将达到约29万 亿元。如此巨量的资金流入社会，对物价水平的影响将是显而易见的，这也恰恰是我国经济发展的既定目标之一。 自中央经济工作会议确立促进经济稳定增长的基调以来，央行和发改委相继明确将促进物价合理回升作为2026年货币政策的重要考量。因此， 央行在最新的货币政策执行报告中新增"降准降息"的表述，便不足为奇了。 从目前主流机构的观点来看，降息降准的操作窗口期，有望在"两会"结束后开启，为"十五五"规划的开局赢得一个良好的开端。毫无疑问，一 旦降准降息落地，流入社会的资金将进一步增加，物价上涨的目标也将随之实现。与此同时，无论是我们的存款还是现金，其购买力都将不可 避免地下降，面临一场"贬值潮"。 需要强调 ...

吴说获悉，嘉信理财在官网发布招聘信息，拟招募"数字资产、稳定币产品经理（高级经理）"，明确指 出其数字资产业务部门正在为零售客户构建加密产品，涵盖账户开立、资金流转、加密交易与链上转账 等，并将重点负责稳定币产品的策略、落地与用户体验优化。 （来源：吴说） ...

野村（Nomura）研究分析师称，印度央行预计将维持利率不变，至少到2027年底。这些分析师在一份 报告中写道，新CPI系列下的通胀走强以及更积极的增长前景意味着印度央行不太可能很快降息。 这些分析师补充说，通胀轨迹基本未变，新的CPI系列预计不会改变印度央行的看法，即基本通胀依然 温和，且牢牢锚定在其4%的中期目标。这些分析师称，与美国和欧盟的贸易协议、印度的"扩张性"预 算以及以往降息的滞后效应，也都为2027财年更强劲的GDP增长奠定了基础。 责任编辑：刘明亮 野村（Nomura）研究分析师称，印度央行预计将维持利率不变，至少到2027年底。这些分析师在一份 报告中写道，新CPI系列下的通胀走强以及更积极的增长前景意味着印度央行不太可能很快降息。 这些分析师补充说，通胀轨迹基本未变，新的CPI系列预计不会改变印度央行的看法，即基本通胀依然 温和，且牢牢锚定在其4%的中期目标。这些分析师称，与美国和欧盟的贸易协议、印度的"扩张性"预 算以及以往降息的滞后效应，也都为2027财年更强劲的GDP增长奠定了基础。 责任编辑：刘明亮 ...

Core Viewpoint - The article discusses the emergence of a "K-shaped" society, where economic recovery post-crisis is uneven, leading to a divide between the wealthy and the lower-income groups. The rise of AI is accelerating this divide, creating distinct classes based on access to technology and capital [4][5][6]. Group 1: K-shaped Society - The concept of "K-shaped economy" was introduced during the pandemic, illustrating that recovery paths diverge, with some benefiting while others suffer [6]. - Five years later, this K-shaped reality is evident, with the top 20% of income earners in the U.S. accounting for nearly 60% of consumer spending, the highest since 1989 [7][10]. - The disparity is further highlighted by the increase in car purchases among high-income households, while low-income families struggle with rising food prices [11]. Group 2: AI's Role in Economic Disparity - A report by PwC indicates that workers with AI skills see a salary premium of 56%, up from 25% a year prior, showcasing the growing value of AI expertise [15]. - Industries heavily influenced by AI, such as financial services and software, have seen productivity growth nearly quadruple since the launch of ChatGPT, while less affected sectors have experienced declines [15]. - The demand for AI-related skills is increasing rapidly, with employers shifting focus from degree requirements to practical skills [15][16]. Group 3: Amplification of Certain Individuals - The article identifies three types of individuals who are being amplified by AI: those who define processes, those with high-quality judgment, and those who manage distribution and relationships [20][22]. - The ability to define processes and create replicable systems is becoming a key competitive advantage, as AI automates execution tasks [21]. - Judgment skills are increasingly valuable, as the ability to discern important variables in a complex environment becomes crucial for success [22]. Group 4: Building an Upward System - The article suggests that individuals should focus on creating a "minimum viable upward system" rather than merely learning AI tools, emphasizing the importance of building a system that can generate outputs consistently [24][27]. - Steps to create this system include standardizing inputs, externalizing judgment into rules, and ensuring outputs are deliverable and verifiable [27][28][30]. - The goal is to transition from being a replaceable worker to becoming a process owner, thus enhancing one's value in the job market [31]. Group 5: Time Window for Change - The article emphasizes a critical three-year window for individuals to adapt to the ongoing technological changes, suggesting that those who start now can still benefit from the evolving landscape [32][34]. - The shift towards AI is not just about job displacement but about redefining what work is valuable, with a clear divide emerging between those who adapt and those who do not [34][35].