Market Overview - Major U.S. benchmarks finished higher, with the Dow Jones Industrial Average climbing 0.6% to 49,412.40, the S&P 500 adding 0.5% to 6,950.23, and the Nasdaq advancing 0.4% to 23,601.35, driven by anticipation surrounding the earnings of the "Magnificent Seven" stocks, including Microsoft and Meta Platforms [1] USA Rare Earth Inc. - USA Rare Earth shares surged 7.87% to close at $26.72, reaching an intraday high of $32.07 and a low of $25.80, with a 52-week range of $5.56 to $43.98 [2] - The stock's rise follows news of a $1.6 billion investment from the Trump administration, acquiring a 10% stake, which includes 16.1 million shares and warrants for an additional 17.6 million shares at $17.17 each [3] GameStop Corp - GameStop's stock climbed 4.46% to close at $24.01, with a high of $25.01 and a low of $22.95, and a 52-week range of $19.93 to $35.81 [4] - The rally was fueled by investor Michael Burry's disclosure of a fresh stake in the company, adding momentum to a rally driven by CEO Ryan Cohen's insider purchases [4] CoreWeave - CoreWeave shares rose 5.73% to $98.31, hitting an intraday high of $108.65 and a low of $98.05, with a 52-week range of $33.52 to $187 [5] - The increase follows Nvidia Corporation's $2 billion investment in the company, aimed at accelerating AI adoption globally [5] Zoom Communications Inc. - Zoom's stock jumped 11.28% to $95.46, with an intraday high of $95.83 and a low of $86.40, and a 52-week range of $64.41 to $95.83 [6] - The surge is attributed to renewed investor interest in Zoom's early investment in AI startup Anthropic, which analysts believe could be worth $2 billion to $4 billion [6] UnitedHealth Group Incorporated - UnitedHealth's stock fell 1.29% to $351.64, with a high of $354.79 and a low of $347.27, and a 52-week range of $234.6 to $606.36 [7] - The stock fell sharply by 8.6% to $321.30 in extended trading after reports of proposed flat Medicare Advantage rates for 2027, with payments rising just 0.09% [8] - Analysts have revised forecasts ahead of the company's earnings release, with CEO Stephen Hemsley addressing lawmakers about rising healthcare costs [8]

中信建投证券研报认为，亚马逊近期对其AI算力服务——EC2机器学习容量块的价格上调15%，标志着 多年来云服务价格"只降不升"的惯例被打破，反映出算力供给紧张的情况。 全球最大AI开源社区Hugging Face最新数据显示：阿里千问开源模型下载量破10亿次，是全球首个达成 的开源大模型。 在近期的内部战略会上，百度智能云高管定调，2026年AI相关收入目标增速从100%上调至200%，全员 力拼高增长，在AI云市场全力抢第一。 这并非空穴来风的口号。根据IDC最新报告，到2030年，全球AI云市场规模预计将突破4000亿美元。 根据智能超参数的统计，2025年全年，中国主流云厂商在大模型相关项目上的中标总数累计341个，中 标总金额约27亿元。 在这场真刀真枪的较量中，百度智能云拿下了109个项目，中标金额约9亿元，连续两年位居中标项目数 与金额的"双第一"。 智通财经APP获悉，国投证券研报表示，AI算力需求持续扩张，光模块产业景气度延续上行，并为产业 链各环节带来机遇。 中信建投建议一方面关注云计算服务商，可能跟进涨价，另一方面持续推荐AI算力板块和AI应用。近 期，算力板块走势纠结。中信建投认为一是市 ...

Core Insights - The report emphasizes the focus on service industry expansion in 2026, with a particular emphasis on telecommunications, healthcare, and education sectors, aiming for market access and openness [5][8] - The A-share market is experiencing slight fluctuations, with various sectors such as finance, pharmaceuticals, and non-ferrous metals showing strong performance, while aerospace and semiconductor sectors lag behind [9][10] - The report highlights the growth potential in the AI sector, with significant advancements expected from new models like DeepSeek V4, which could reshape the global AI competitive landscape [21][22] Market Performance - The A-share market indices showed slight declines, with the Shanghai Composite Index closing at 4,132.61, down 0.09%, and the Shenzhen Component Index at 14,316.64, down 0.85% [3] - International markets also faced declines, with the Dow Jones down 0.67% and the S&P 500 down 0.45% [4] Industry Analysis - The report discusses the performance of the agricultural sector, noting a weak fluctuation in pig prices, with an average price of 11.58 CNY/kg in December 2025, down 0.09% month-on-month and down 26.76% year-on-year [15][16] - The pet food export sector is highlighted for its growth, with December 2025 exports reaching 3.77 million tons, a year-on-year increase of 15.49% [15] - The report also covers the new energy vehicle market, which saw production and sales reach 1.662 million units in 2025, reflecting a year-on-year growth of 29% [26] Investment Recommendations - The report suggests a "stronger than market" investment rating for the AI sector, particularly focusing on companies that can leverage advancements in AI technology and cloud services [23] - In the automotive sector, the report recommends focusing on smart driving technologies and the integration of robotics, as these areas are expected to see significant growth [27] - The electrical equipment sector is advised to focus on companies that can benefit from the substantial investment planned by the State Grid, which is expected to reach 4 trillion CNY during the 14th Five-Year Plan [28][31]

虽然韩国去年出口额历史上首次突破7000亿美元，实现较快增长，但出口排名前1%的企业贡献了 约84%的出口额，中小企业占比仅约8%，出口结构高度集中、亟待改善。该项目正是针对这一结构性 问题，旨在缓解出口两极分化，提升中小企业在整体出口中的比重。 按照计划，政府将对入选企业提供最长3年、每年最高5.6亿韩元的一揽子支持，重点覆盖高端营 销、认证与专利、出口金融和研发咨询四大领域，并配套专属导师一对一辅导、定制化出口规划以及海 外贸易馆的本地化支持。项目每年选拔100家企业，重点面向消费品（美妆、食品等）、尖端产业 （AI、半导体等）和主力产业（汽车、机械等）三大领域的出口潜力企业。 （原标题：韩国启动"K-出口之星500"计划，集中培育中小企业出口能力） 据韩联社1月16日报道，韩国产业通商资源部联合KOTRA、韩国贸易保险公社、韩国产业技术振兴 院等5家专业机构启动"K-出口之星500"项目，计划到2030年培育500家年出口额达到500万至1000万美元 的中小企业。 ...

责编 | 贾宁排版| 沐言 第 9411 篇深度好文：20094字 |25分钟阅读 商业人物 笔记君说： 岁末年初，《企业家》杂志再度联合权威专家学者与业内资深人士，从战略布局、技术创新、成长速度、社会影响、责任担当等维度，推选出3位"特别贡 献企业家"和20位"2025年度企业家"（以姓氏笔画为序）。他们不仅是商业浪潮的领航者，也是中国经济的参与者和见证者。 他们有人一辈子只做一件事，把一滴酒酿成一个时代的标志；有人一次次"砸掉自己"，把一家工厂改造成全球管理范式；有人在最传统的行业里死磕品 质，也有人在最前沿的科技中重构系统。 在AI爆发、产业重构、经济换挡 的关键节点，这23位领航者横跨白酒、制造、能源、农业、互联网、AI、机器人、新消费等多个领域，几乎覆盖了中国 经济的主干版图。他们的共同点只有一个：不追风口，不走捷径，把长期主义落实到每一个产品、每一次决策中。 有人用六十年时间，把凭经验的手艺变成可量化的科学；有人在行业最内卷的时候选择减速，只为守住质量底线；有人拒绝参数竞赛，从系统层重新设计 智能的未来；也有人把情绪价值、审美力与商业结合，开辟出全新的消费赛道。 在他们身上，你几乎看不到投机与浮躁 ...

Angst. That's the one word now confronting popular tech stocks. "Tech angst stems from the mood in software," Evercore ISI strategist Julian Emanuel pointed out. "Existential concerns and momentum in other parts of the [tech] sector with a more visible path to monetizing AI — spilling into AI/Hyperscalers. Price action sets the (now cautious) narrative. AI itself faces question on adoption, leverage, circular financing, and overspending," he added. Long biased tech-centric investors are as defensive as ...

Shares of Coreweave (CRWV) rose 9% during pre-market trading on Monday after AI powerhouse Nvidia (NVDA) invested another $2 billion in an effort to accelerate the company's buildout of next-generation data centers built specifically for AI workloads. The funding, which came through the purchase of CoreWeave’s Class A stock at $87.20 per share, will help the company scale up to more than 5 gigawatts of AI-dedicated data centers, or  “AI factories,” by the end of the decade. CRWV closed at $92.98 on Frid ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - From January 19 - 23, the market fluctuated upwards, with the All - A index rising 1.81%. Micro - cap stocks and the CSI 500 led the gains, while the CSI 300 and SSE 50 led the losses. In terms of style, the cyclical and advanced manufacturing sectors led the gains, while the medical and financial real - estate sectors led the losses. Among the 31 Shenwan industries, more rose than fell, with building materials, petroleum and petrochemicals, and steel leading the gains, and non - bank finance, communication, and banks leading the losses [2][11]. - Trump's frequent actions on geopolitical issues have become an important factor affecting global market pricing. The threat of selling US Treasuries has weakened the trust in US dollar assets, pushing funds into gold and silver. Crude oil prices have also risen due to geopolitical risks [13]. - Currently, attention can be paid to directions with fundamental performance support (power equipment, AI computing power, and the price - increase chain). In addition, considering the market's pursuit of elasticity, attention can be given to small - cap styles and the "Musk chain" [5][18][52]. Summary by Relevant Catalogs 1. Market Thinking: Geopolitical Disturbance, "Selling US Treasuries" and Gold and Silver - Market performance: From January 19 - 23, the All - A index rose 1.81%. Micro - cap stocks and the CSI 500 led the gains, while the CSI 300 and SSE 50 led the losses. Cyclical and advanced manufacturing styles led the gains, while medical and financial real - estate styles led the losses. Among the 31 Shenwan industries, building materials, petroleum and petrochemicals, and steel led the gains, and non - bank finance, communication, and banks led the losses [2][11]. - Geopolitical influence: Trump's actions on geopolitical issues have affected market pricing. The plan to sell US Treasuries by some pension funds has weakened the trust in US dollar assets, pushing funds into gold and silver. Crude oil prices have risen due to geopolitical risks. In the A - share market, micro - cap stocks and cyclical styles led the gains, and the space - photovoltaic concept was active [13][14]. 2. Market Observation: Decline in Stock - Bond Yield Difference and Industry Rotation Intensity 2.1 Market Valuation - The stock - bond yield difference dropped to 0.4%, less than +1 standard deviation. The valuation differentiation coefficient increased by 13.6% month - on - month, and this indicator usually peaks 0.5 - 1 months ahead of the market [22]. 2.2 Market Emotion - The market emotion index decreased by 24.8% month - on - month to 55.4, indicating an adjustment in the overall A - share emotion. The industry rotation intensity (MA5) dropped to 34, below the 40 warning level. The small - cap style was dominant, the micro - cap stock index outperformed the market, and the theme heat was mainly concentrated in gold and jewelry, selected photovoltaic, and glass fiber (13.1%, 11.8%, 11.6% respectively) [23]. 2.3 Market Structure - The market trading volume decreased month - on - month. The proportion of long - position stocks in petroleum and petrochemicals, building materials, and basic chemicals ranked among the top. There may be alpha opportunities within the comprehensive, electronics, and household appliances industries [29]. 2.4 Market Funds - The average daily trading amount of the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect during the week decreased by 626.61 billion yuan compared with last week, and the average daily trading volume decreased by 2.0243 million transactions. The top three stocks in terms of trading volume of the Stock Connect were Zhongji Innolight, New Fiber Optic Technology, and Contemporary Amperex Technology Co., Limited, with their 5 - day gains being - 5.2%, - 3.6%, and - 1.5% respectively. Margin trading funds had a net outflow of 99.8 billion yuan, mainly flowing into the non - ferrous metals, non - bank finance, and banking industries. ETF funds mainly played a role in hedging the outflow of funds. The change in major index ETFs was - 107.02 billion shares, with CSI 2000, STAR 100, and China Securities 2000 being more popular. The average daily share of newly established equity - biased funds this week was 78.6 billion shares, a year - on - year increase of 203.9% and a 190.0% increase compared with last week [35]. 3. Industry Hotspots - Tesla may sell its humanoid robot "Optimus" to the public by the end of 2027, accelerating the industrial trend [48]. - Musk plans to deploy space - photovoltaic, opening up the development prospects of the photovoltaic industry [49]. - ChatGPT's advertising business is about to be launched, marking a new step in the AI commercialization process [50]. 4. Industry Allocation - In late January, which is the intensive period for annual report performance pre - disclosures, attention can be paid to directions with fundamental performance support (power equipment, AI computing power, and the price - increase chain). In addition, considering the market's pursuit of elasticity, attention can be given to small - cap styles and the "Musk chain" [5][18][52].

来源：新浪基金 截至2025年四季度末，公募基金持仓数据已随季报披露完毕。从整体配置看，科技成长与高端制造仍是基 金布局的核心方向，传统行业龙头及部分周期股也保持较高配置水平。 公募基金Top50重仓股：科技成长与高端制造核心方向 超千只基金持有宁德时代、中际旭创、紫金矿业 值得关注的是，中小市值个股在持仓中占比提升，如东山精密、沪电股份、源木科技等基金持股占流通股 比例均超过10%，显示机构对部分成长型中小盘的集中配置。此外，基金持股集中度较高，宁德时代、中 际旭创、紫金矿业等多只个股被超过千只基金共同持有，反映机构在这些标的上共识较强。 增持TOP50股：科技股获"加仓王"，传统龙头"王者归来" 增持榜中，科技股占据突出位置。中际旭创单季获基金增持超226亿元，位居第一；新易盛获增持约96亿 元。二者作为光模块龙头，显示机构对AI算力基础设施赛道的强烈看好。寒武纪、中科飞测等半导体标的 也获大额增持。 传统领域方面，中国平安获增持超105亿元，美的集团、海尔智家、万华化学等白马股以及中信证券等金融 股也重回大幅增持行列，反映部分业绩稳健、股息率提升的核心资产在估值调整后，重新进入机构的配置 视野。 资源类 ...

即使这次谈判没有任何实质性的成果，也不能简单地说美国的地位就因此动摇。可是，趋势却是相当明 显的。全球经济已经不再是由单一国家说了算，美元资产也不再是唯一的选择。中国抛售美债，其他国 家自然也会关注，甚至会开始思考是不是也该采取类似措施。这种示范效应，从长远来看，比一次谈判 的失败更具影响力。总的来说，特朗普这趟来，更多的是走个过场。既然在关键问题上提前明确表示不 想谈，那还能谈出什么实质性内容呢？不过是各自发表各自的看法罢了。中美之间，未来会进入一种边 斗边谈的常态，大家得慢慢适应这个局面。谁也不可能压倒谁，所有人都得在平衡中寻找机会，在博弈 中共存。就是这么回事。 所以，这次特朗普的访问，场面功夫是肯定少不了的。或许会签一些农产品采购协议，但指望在核心问 题上有实质突破，那就不太现实。中国的态度早已摆明，要谈就全面谈，挑着谈根本没意思。如果你回 避我的核心关切，那我凭什么满足你的一切要求？ 而美国的处境，现在真是有些尴尬。农业州和能源商还眼巴巴等着能扩大对华出口，特朗普作为生意 人，肯定知道这其中的潜力。可是另一方面，像芯片、AI这些高科技领域，美国又要死死卡住中国的 发展。这哪里有这样的好事？既想从中国 ...