值得关注的是，此次调整仅限于新开融资合约，调整实施前已存续的融资合约及其展期仍按照调整前的 相关规定执行。 回溯A股市场融资保证金比例的演变历程，其调整始终与市场调控需求紧密相关。2006年8月，沪深交 易所推出融资融券交易试点实施细则，明确融资保证金比例不低于50%，彼时市场最高可实现两倍杠杆 交易；2015年11月，为抑制两融余额过快上涨、防范融资交易过热引发的市场风险，交易所将该比例上 调至100%；2023年8月，结合市场环境变化，沪深北交易所又将融资保证金比例从100%降低至80%。 华创金融分析师徐康指出，融资保证金比例是监管层表达观点和实施逆周期调节的重要工具，此次调整 的核心目标是引导市场向长牛、慢牛格局发展。 1月14日，沪深北交易所同步发布通知，宣布调整融资保证金比例，将投资者融资买入证券时的融资保 证金最低比例从80%提高至100%。 业内普遍认为，监管层始终遵循"市场冷时松、市场热时紧"的调节逻辑，通过精准调控引导市场预期回 归理性，避免因投机过度导致市场大起大落。有业内人士评价，此次调整相当于监管层给"快牛"踩刹车 了。这并非要扼杀牛市，而是意在通过杠杆调节，推动市场从"资金推动型" ...

日本央行未出现在表态支持美联储主席杰罗姆・鲍威尔的央行名单中，这一情况既反映出日央行对政治 事务的回避态度，也体现出日本政府因国内提前大选在即，不愿与美国产生分歧的考量。 两名政府消息人士透露，鉴于此事的敏感性，日本央行曾非正式地向政府咨询是否签署这份联合声明， 但相关官员未能在声明发布前给出同意的答复。 "我们无法立刻表态同意，部分原因与日美关系有关。" 其中一名消息人士因事涉敏感，在匿名条件下 做出上述表态。 日本央行发言人拒绝就此置评。日本政府首席发言人木内稔同样不予回应，他在周三表示，此事归央行 管辖范畴。 此前一天（周二），特朗普政府威胁要以刑事罪名起诉鲍威尔，引发全球多国央行担忧此举会危及各国 央行的独立性。为此，多国央行行长罕见联合发表声明，与鲍威尔统一立场。 尽管日本央行行长植田和男一再强调央行独立性的重要性，但对于美国总统唐纳德・特朗普针对美联储 的抨击，他始终避而不谈。 分析人士指出，日本央行决定不签署该声明，与其长期以来不就具争议性的政治议题发表评论的惯例一 脉相承，这一惯例的形成，很可能源于日本货币政策曾长期受到政治干预的历史背景。 不过也有部分分析人士认为，这一决定或也反映出日本央行 ...

新华财经北京1月14日电越来越多的期权交易员正在排除对2026年美联储降息的预期，转而押注其将全 年维持利率不变。这一趋势至少可追溯至上周五，当时美国就业数据显示失业率意外下降。 根据市场价格测算，这几乎消除了本月美联储降息的可能性，并促使越来越多的交易员推迟对未来数月 降息时点的预期。 TJM Institutional Services利率策略师戴维·罗宾指出："从数据角度看，美联储至少到3月都将维持利率不 变的概率已上升，且随着每次会议时点过去，利率保持稳定的可能性越来越大。" （文章来源：新华财经） 与美联储短期基准利率紧密挂钩的担保隔夜融资利率近期期权流向传递出更加鹰派的信号。新建期权头 寸主要集中在3月和6月合约，以对冲美联储下次降息行动持续推迟的情境。其他针对更远期合约的头 寸，则有望美联储全年维持利率不变的立场中获利。 罗宾表示，无论市场是否相信美联储将按兵不动，这些交易的成本都很低，作为严谨的风险管理者，你 会希望持有这类头寸。 ...

Core Viewpoint - The article discusses the recent surge in gold prices, driven by U.S. inflation data and geopolitical uncertainties, while highlighting the role of the company in providing investment insights and strategies to capitalize on market movements [1][2][4]. Group 1: Gold Market Dynamics - On January 13, gold prices reached a historical high of $4,634 per ounce before retracting, with the final close at $4,585.95 per ounce, reflecting a 0.26% decline [2]. - Silver prices also saw significant movement, hitting a historical peak of $89.12 per ounce before closing at $86.91 per ounce, marking a 2.14% increase [2]. - The U.S. inflation report indicated a year-on-year CPI of 2.7% for December, with core CPI rising 0.2% month-on-month, which was below market expectations, reinforcing the likelihood of interest rate cuts by the Federal Reserve [4]. Group 2: Geopolitical Influences - Ongoing geopolitical tensions, particularly regarding Iran and U.S. relations, have heightened market risk aversion, contributing to the demand for gold as a safe-haven asset [5][6]. - The potential for military action and new tariffs on countries trading with Iran has further escalated concerns, providing additional support for gold prices [5]. - The situation in Ukraine and other geopolitical events have also contributed to a strong demand for traditional safe-haven assets like gold and silver [6]. Group 3: Investment Insights - The article emphasizes that despite short-term volatility, the bullish trend for gold is likely to continue, driven by macroeconomic factors and geopolitical risks [8]. - Investors are advised to monitor upcoming U.S. retail sales and Producer Price Index (PPI) data, which are critical indicators of economic resilience and inflation trends [8]. - The company offers real-time communication with analysts to help investors navigate market conditions and optimize their investment strategies [1][2].

Market Overview - The Hang Seng Index closed at 26,848, down 0.90% for the day, but up 4.75% year-to-date[3] - The S&P 500 Index closed at 6,964, down 0.19% for the day, with a year-to-date increase of 1.73%[3] - The Nikkei 225 Index rose by 3.10%, closing above 53,000 points for the first time, driven by expectations of domestic policy changes and fiscal stimulus[12] Sector Performance - Defensive sectors like pharmaceuticals, gold, and oil showed strong performance, with gold prices surpassing $4,630 per ounce, marking a historical high[9] - The biopharmaceutical sector saw significant gains, with WuXi AppTec's revenue expected to reach 45.456 billion yuan, a year-on-year increase of 15.84%[9] - Automotive stocks also rose, with companies like Li Auto and Great Wall Motors increasing by over 2% due to positive developments in EU electric vehicle export negotiations[9] Geopolitical and Economic Factors - Concerns over geopolitical risks have led to increased demand for safe-haven assets, contributing to the rise in gold and oil stocks[9] - The U.S. December Consumer Price Index (CPI) showed a year-on-year increase of 2.7%, aligning with market expectations and reinforcing predictions of potential interest rate cuts by the Federal Reserve in 2026[10][15] - The U.S. budget deficit for 2025 is projected to narrow to approximately $1.7 trillion, the smallest in three years, due to increased tariff revenues[15]

Core Viewpoint - Alibaba's stock price continues to rise, leading to a strong performance of related stocks in the Hong Kong market, with significant gains observed across various companies [1] Group 1: Stock Performance - Lion Group Holdings saw a remarkable increase of 45.91%, reaching a latest price of 3.750, with a total market capitalization of 1.718 billion [2] - Alibaba Health recorded a gain of 16.06%, with a latest price of 7.590 and a market cap of 122.766 billion [2] - Yunfeng Financial experienced a rise of 9.57%, priced at 3.780, with a market value of 15.344 billion [2] - Yabo Technology Holdings increased by 3.04%, with a latest price of 0.237 and a market cap of 2.766 billion [2] - China Dongxiang saw a growth of 2.25%, priced at 0.455, with a total market capitalization of 2.682 billion [2] - Other companies like Yaocai Securities and DaMai Entertainment also showed modest gains of 1.59% and 1.06% respectively [2] Group 2: Year-to-Date Performance - Lion Group Holdings has surged 113.07% year-to-date, indicating strong investor interest [2] - Alibaba Health has increased by 50.30% since the beginning of the year, reflecting positive market sentiment [2] - Yunfeng Financial's year-to-date growth stands at 19.62%, showcasing a solid performance [2] - Yabo Technology Holdings and China Dongxiang have also shown year-to-date increases of 17.91% and 3.41% respectively [2]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index rising by 0.90% and the Shanghai Composite Index declining by 0.64% [1][3] - The US stock market experienced slight declines, with the Dow Jones down by 0.80% and the S&P 500 down by 0.19% [1][3] - Japanese stocks reached new highs, supported by expectations of continued expansionary fiscal policies [3] Hong Kong Stock Performance - The Hang Seng Financial Index increased by 1.36%, while the Hang Seng Real Estate Index rose by 0.42% [2] - The Hang Seng Commercial Index saw a 0.70% increase, indicating positive sentiment in the commercial sector [2] Chinese Stock Market Insights - The Chinese stock market exhibited mixed results, with sectors such as defense and electronics facing declines, while oil and pharmaceuticals showed gains [3] - Southbound capital saw a net inflow of HKD 1.296 billion, with notable purchases in Alibaba, Tencent, and Xiaomi [3] Company Analysis: JD.com - JD.com is projected to achieve total revenue of RMB 349.2 billion in Q4 2025, reflecting a year-on-year growth of 0.6% [5] - Non-GAAP net profit is expected to drop significantly by 96% to RMB 484 million, primarily due to increased investment in the delivery business and high base effects from the previous year [5] - The target price for JD.com has been adjusted to USD 46.8, reflecting a downward revision in profit forecasts [5] Company Analysis: China Resources Mixc Lifestyle - China Resources Mixc Lifestyle is expected to see a revenue increase of 6.5% to RMB 18.2 billion for FY25, with core net profit projected to grow by 10.8% to RMB 3.9 billion [6] - The commercial segment is anticipated to grow by 13.8%, while the residential segment remains stable [6] - The target price has been raised to HKD 53.96, reflecting a 9% increase in valuation multiples due to reduced reliance on residential business [6][7] Shopping Center Sector Insights - The shopping center sector is expected to see retail sales growth of 20-25% in FY25, driven by new consumer trends [7] - The segment's revenue is projected to grow by 18%, influenced by high base effects from the previous year [7] Residential Sector Insights - The residential sector is expected to maintain stable revenue growth of 1.3%, with property management services showing resilience [8] - The company is likely to maintain a 100% dividend payout ratio, reflecting a commitment to shareholder returns [8]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a 5.02% increase in stock price, currently at HKD 64.80, with a trading volume of HKD 146 million, amidst a vibrant market environment where daily trading volume reached a new high of HKD 3.6 trillion [1][4]. Group 1 - The company adheres to a "research + technology" dual-driven model, utilizing "content + traffic" for customer acquisition [1][4]. - There is a strong correlation between the company's order revenue and market trading volume, suggesting that in a bullish market atmosphere, customer acquisition efficiency and payment conversion rates are expected to improve, leading to significant performance elasticity and growth rates potentially exceeding those of brokerage business revenue and market trading volume [1][4]. - Recently, the company announced the completion of the acquisition of JF Financial (formerly Yintech Financial), gaining full ownership of JF Financial and its core subsidiaries, Fangde Securities and Fangde Capital [1][4]. Group 2 - Xiangcai Securities believes that the enhancement of overseas licenses will assist the company in applying its mature business model to overseas operations, thereby enriching its revenue sources [1][4].

Core Viewpoint - Jiufang Zhitu Holdings (09636) has seen a stock price increase of over 5%, currently trading at 64.7 HKD with a transaction volume of 116 million HKD, reflecting a strong market activity with a daily transaction volume reaching a new high of 3.6 trillion HKD [1] Group 1: Company Performance - The company operates on a "research + technology" dual-driven model, focusing on customer acquisition through "content + traffic" [1] - There is a strong correlation between the company's order revenue and market trading volume, suggesting that in a bullish market, customer acquisition efficiency and conversion rates are expected to improve, leading to significant performance elasticity and growth rates potentially exceeding those of brokerage business revenues and market trading volumes [1] Group 2: Recent Developments - Jiufang Zhitu Holdings has completed the acquisition of all shares and core business systems of JFFinancial (formerly known as Yintech Financial) [1] - Following the acquisition, Jiufang Zhitu Holdings will hold all shares of JFFinancial and its core subsidiaries, Fangde Securities and Fangde Capital [1] - The enhancement of overseas licenses is expected to enable the company to apply its mature business model to overseas operations, thereby diversifying its revenue sources [1]

Market Performance - The Hang Seng Index closed at 26,848, up 0.90% for the day and up 4.75% year-to-date [1] - The Hang Seng Tech Index closed at 5,869, up 0.11% for the day and up 6.41% year-to-date [1] - The CSI 300 Index closed at 4,761, down 0.60% for the day and up 2.83% year-to-date [1] - The S&P 500 Index closed at 6,963, down 0.19% for the day and up 1.73% year-to-date [1] Currency and Commodity Performance - The Renminbi Index is at 98.540, up 0.91% month-on-month and up 3.40% over six months [2] - Brent crude oil is priced at $64.610 per barrel, up 6.18% month-on-month but down 3.71% over six months [2] - Gold is priced at $4,594.38 per ounce, up 6.72% month-on-month and up 37.41% over six months [2] - Silver is priced at $85.684 per ounce, up 33.70% month-on-month and up 124.67% over six months [2] Key News - BYD has exported 4,234 new energy buses last year, marking an 18.2% year-on-year increase and maintaining a 24% market share, leading the industry for three consecutive years [19] - The Chinese government will continue to impose anti-dumping duties on imported solar-grade polysilicon from the US and South Korea for five years [13] - The Ministry of Industry and Information Technology of China is focusing on stabilizing effective investment in manufacturing and resisting "involution" [14] - The Chinese government is promoting the silver economy and encouraging the development of elderly care service robots [15] Stock Performance - WuXi AppTec saw a significant increase in stock price, closing up 8.30% at 120.00, with a trading volume of 1.422 billion [22] - Alibaba's stock rose by 3.63% to 159.90, with a trading volume of 24.54 billion [22] - New stocks like Zhaoyi Innovation surged by 37.53% on their debut, closing at 222.80 [29]