文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ 成长价值风俗投资,核心是话! 企业从上市开始，会经历： ·深度成长： IPO成功，企业获得大笔资 金，收入开始高速增长。 ·成长：企业拥有一定的市场占有率和营 收规模，收入增长速度快。 ·成长价值:企业占有率逐渐接近天花 板,收入增速放缓,但可以通过裁员降 薪、提高效率的方式，盈利高速增长。 · 深度价值:收入和盈利都接近天花板, 企业会呈现低估值、高分红的特征。 不同的投资大师,所处的阶段不同，投 资策略和理念也会有区别。 这需要几个条件。 (1) 有可观盈利 这就注定不是一些创业公司。 创业公司还在比较早期，别说盈利了, 有的还要烧钱发展业务。 (2) 盈利要稳定 公司要有能维持长期盈利的能力。这种 能力，就是护城河。 巴菲特在1999年的《财富》杂志上，发 表了一篇文章，介绍 ...

Group 1 - Xiaomi Group-W (1810.HK) announced a share buyback plan not exceeding HKD 2.5 billion, targeting Class B ordinary shares, with all repurchased shares to be canceled [1][3] - The buyback plan is set to begin on January 23, 2026, and will end upon the earliest of three conditions: the day before the 2026 annual general meeting, reaching the buyback cap of HKD 2.5 billion, or early termination per brokerage agreement [3] - The company aims to demonstrate confidence in its business outlook and protect the overall interests of the company and its shareholders [3] Group 2 - Xiaomi's stock price has dropped over 40% in the past six months, closing at HKD 35.24 on January 22, 2026, down 42.65% from its peak of HKD 61.45 in late June 2025 [3][4] - The company has received dual exemptions from the Hong Kong Stock Exchange to facilitate the buyback, allowing it to execute repurchases during restricted periods and issue new shares within 30 days post-buyback under certain conditions [3][4] - The recent decline in stock price coincides with pressures from the global storage chip industry, where rising material costs are expected to challenge the gross margins of smartphone manufacturers [4] Group 3 - Over the past four months, Xiaomi has conducted 44 buybacks, repurchasing approximately 206 million shares, which is about 0.79% of its total share capital, at a total cost of approximately RMB 7.464 billion [7] - The new buyback plan is seen as a reinforcement of previous efforts to stabilize the stock price, with the market interpreting such actions as a signal of value recognition from management [9] - As of the end of Q3 2025, Xiaomi had cash reserves of RMB 236.7 billion, providing sufficient liquidity to support the buyback [9]

Core Viewpoint - Xiaomi Group-W (1810.HK) announced a share buyback plan not exceeding HKD 2.5 billion, aimed at stabilizing its valuation and restoring investor confidence amid declining stock prices and rising industry storage costs [1][3]. Buyback Plan Details - The automatic buyback plan will commence on January 23, 2026, and will conclude upon the earliest of three conditions: the day before the 2026 annual general meeting, reaching the buyback cap of HKD 2.5 billion, or early termination per brokerage agreement [3]. - Xiaomi has received dual exemptions from the Hong Kong Stock Exchange, allowing it to execute buybacks during the restricted period before regular performance announcements and to issue new shares within 30 days post-buyback under specific conditions [3]. Stock Performance Context - Since peaking at HKD 61.45 in late June 2025, Xiaomi's stock has declined by 42.65% to HKD 35.24 as of January 22, 2026, erasing nearly all gains from 2025, with a market capitalization around HKD 918 billion [3][5]. - The buyback plan is seen as a timely response to market sentiment, especially as the company's executives have announced plans to sell shares, raising concerns among investors [5]. Recent Buyback Activity - Over the past four months, Xiaomi has conducted 44 buybacks, acquiring approximately 206 million shares, which is 0.79% of its total share capital, at a total cost of about RMB 7.464 billion [7]. - Previous buybacks have shown some effectiveness in stabilizing the stock price, and the new HKD 2.5 billion buyback is viewed as an additional support measure [8]. Financial Position and Market Perception - As of the end of Q3 2025, Xiaomi's cash reserves stood at RMB 236.7 billion, providing ample liquidity to support the buyback [8]. - The current price-to-earnings ratio (TTM) for Xiaomi is approximately 19.22, which is significantly lower than that of competitors like Tesla (282.35) and Apple (32.5), indicating potential undervaluation [8]. - The long-term recovery of Xiaomi's stock price will depend on advancements in high-end smartphone offerings, stable profitability in its automotive business, and the acceleration of synergies within its AIoT ecosystem [8].

智能手机赛道早已进入"存量搏杀"时代。 近日，国际数据公司（IDC）发布的最新手机市场跟踪报告显示，2025年全年，中国智能手机市场出货量约2.84亿台，同比 下降0.6%。 IDC数据指出，上半年伊始，"国补"叠加春节销售旺季推动市场增长明显，但后继乏力。下半年随着部分市场需求提前释 放，多地"国补"资金提前用尽以及成本持续上升等因素影响，市场继续保持同比下滑趋势。面对存储价格预计仍将大幅上 涨的态势，手机厂商的成本压力将进一步加剧，IDC预计，2026年中国智能手机市场出货量或将出现较明显回落。 然而，排位的更迭难以掩盖整体市场的寒意。2025年，尽管华为凭借4670万台出货量重回第一，但同比仍下滑1.9%；而昔 日冠军vivo则遭遇重创，出货量同比下降6.6%，在头部阵营中表现垫底。 相比之下，小米、苹果及OPPO实现了出货量的小幅增长。IDC指出，从全年来看，苹果以并列第二的市场份额，终结了此 前连续三年的出货量下滑趋势，实现触底回升。其中，iPhone 17 Pro Max仍是最畅销机型，进一步扩大了苹果在800美元以 上高端市场的优势。全面升级的iPhone 17系列显著提升了产品吸引力，获得消费 ...

Group 1 - Apple has launched a limited-time Spring Festival promotion on its Chinese website, allowing users to save up to 1,000 yuan on selected products from January 24 to January 27, 2026 [1] - The iPhone 16 series models enjoy various discounts, with the iPhone 16 and iPhone 16 Plus saving 300 yuan, and the iPhone 16e saving 200 yuan. The MacBook Pro has a maximum discount of 1,000 yuan, while the MacBook Air discounts range from 700 to 800 yuan. The iPhone 17 series is not included in the promotion [3] - Apple has consistently launched limited-time promotions around the Lunar New Year in recent years, becoming a regular marketing strategy [3] Group 2 - According to Omdia, the smartphone shipment in mainland China for 2025 is approximately 282.3 million units, a slight decrease of 1% year-on-year. Huawei leads the market with 46.8 million units shipped, holding a 17% market share, followed by Vivo with 46 million units. Apple ranks third with 45.9 million units shipped [3] - In Q4 2025, driven by year-end promotions and continued "national subsidies," the Chinese market's year-on-year decline narrowed to 1%, with quarterly shipments reaching 76.4 million units. Apple shipped 16.5 million units in this quarter, increasing its market share to 22%, ranking first in the domestic market [4] - Globally, smartphone shipments grew by 4% year-on-year in Q4 2025, with Apple achieving a record high in shipments due to strong demand for the iPhone 17 series, leading with a 25% global market share and maintaining its position as the top smartphone manufacturer for three consecutive years, slightly ahead of Samsung [4] Group 3 - Several Wall Street firms have expressed optimism about Apple's prospects for 2026. Morgan Stanley raised its target price for Apple to $315 in December 2025, citing benefits from an extended replacement cycle, feature upgrades, and optimized carrier subsidies for the iPhone 17 series. Goldman Sachs also raised its target price to $320 in November 2025, providing a positive outlook for Apple's future performance [4]

苹果中国官网为迎接2026年新春开启了为期4天的限时优惠，官网几乎所有产品都有折扣，除了最新发 布的iPhone 17系列。 1月22日，苹果中国官网推出"新春限时优惠活动"，用户于1月24日至1月27日以符合条件的支付方式购 买iPhone、Mac、iPad和Apple Watch等指定产品最高立省1000元。 但《中国经营报》记者留意到，在这场新春大促中，2025年秋季才发布的最新旗舰——iPhone 17系列 并未出现在优惠名单之中。 具体来看，iPhone 16系列的多款机型则享受了不同程度的优惠，iPhone 16及iPhone 16 Plus可立省300 元，而iPhone 16e则可节省200元，MacBook Pro最高降1000元，MacBook Air降700—800元。 近几年，苹果几乎每年农历新年前都会在中国官网推出为期数天的"限时优惠"活动，这已成为其固定营 销日历的一部分。2024年9月发布的iPhone 16系列，在苹果2025年1月的"叱咤福利"新年促销活动中就有 400—500元的优惠。 事实上，记者留意到，从苹果直营渠道2025年"双11"购物促销就可以看出，iPhone ...

Core Viewpoint - The news highlights that Luo Yonghao's equity in Smartisan Technology (Chengdu) Co., Ltd. has been judicially frozen, amounting to approximately 7.14 million RMB, with the freeze lasting from January 20, 2026, to January 19, 2029, as ordered by the Beijing Fengtai District People's Court [1][2]. Group 1: Equity Freeze Details - Luo Yonghao is the beneficiary owner and actual controller of Smartisan Technology, holding about 22.67% of the company's shares [3]. - The frozen equity is part of Luo's holdings in the core entity of Smartisan Technology, which was established in May 2012 and focuses on the design, research, and sales of mid-to-high-end smartphones and related products [3]. - This is not the first instance of equity freeze for Luo Yonghao, as he has multiple previous records of equity freezes due to debt disputes [4]. Group 2: Legal and Financial Context - Smartisan Technology currently faces several legal risks, including two records of being an untrustworthy executor and multiple debt-related disputes, with total execution amounts exceeding 21.42 million RMB [5]. - A significant part of Smartisan's debt issues includes a 15 million RMB loan lawsuit with Zihui Venture Capital, which was upheld in a second trial, requiring Smartisan to repay the principal and interest [5]. - In September 2024, Luo publicly stated that he had cleared all personal debts totaling 824 million RMB, which was higher than the initially reported 600 million RMB, primarily due to legal compensation and penalties [8].

Group 1 - Japan's total export value in 2025 is projected to grow by 3.1%, reaching a record high of 110.448 trillion yen, driven by increased exports of semiconductors and electronic components to Asia [2][4] - The trade balance shows a deficit of 2.6506 trillion yen, marking five consecutive years of deficits, although the deficit has decreased by 52.9% compared to the previous year [2] - Total imports are expected to rise by 0.3%, amounting to 113.0987 trillion yen, indicating that export growth outpaces import growth [4] Group 2 - Exports to the United States are anticipated to decline by 4.1%, falling to 20.414 trillion yen, with a corresponding decrease in trade surplus to 7.5214 trillion yen, down by 12.6% [5] - The decline in exports to the U.S. is influenced by tariff policies from the previous U.S. administration, leading to an 11.4% drop in automobile exports, which are now at 5.3409 trillion yen [5] - Exports to China have also decreased by 0.4%, totaling 18.7795 trillion yen, while imports from China have increased by 5.5%, reaching 26.6941 trillion yen, driven by higher imports of personal computers and smartphones [5]

晨会纪要（R3） 晨会纪要 2026 年 01 月 22 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4116.94 | 0.08 | | 深证成指 | 14255.12 | 0.70 | | 创业板指 | 3295.52 | 0.54 | | 科创 50 | 1535.39 | 3.53 | | 北证 50 | 1519.75 | 0.14 | | 沪深 300 | 4723.07 | 0.09 | 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】市场监管总局发布 2025 年综合整治"内卷式"竞争十大典 型案例 【财经要闻】财政部发布《关于全面推行财政电子票据跨省报销工作的 通知》 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.c ...

美国正式退出世卫组织，仍拖欠2.6亿美元会费。 整理 ｜晨曦 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 美国正式退出世卫组织，仍欠2.6亿美元会费 去年1月20日，美国总统特朗普签署行政命令，宣布美国退出世卫组织，联合国于同年1月22日收到这一通知。根据世卫组织章 程，成员国在提交退出申请一年后方可正式退出。今天，美国正式向联合国提交退出世卫组织申请满一年，这意味着美国在程 序上已正式退出世卫组织。 世卫组织发言人林德迈尔日前明确表示，美国有权退出，但前提是必须结清此前拖欠的全部会费。目前，美国尚未支付2024年 和2025年度应缴款项，两年合计约2.6亿美元。该问题已被正式列入即将召开的世卫组织执行委员会会议议程。 （央视新闻） 抖音电商辟谣称未开发"抖省省" 文心App要做社交了？百度内部人士：没考虑要做一个微信 永辉已申请多枚胖小辉商标 水贝市场禁售铜条？部分商场回应称暂无该通知 苹果公司：App Store等服务中断问题已被修复 内蒙古西贝餐饮集团增资至1.02亿 36氪获悉，爱企查App显示，1月20日，内蒙古西贝餐饮集团有限公司发生工商变更，新 ...