Core Viewpoint - Nvidia and Eli Lilly are investing in AI-driven drug development, establishing a $1 billion lab in San Francisco to accelerate the process [3]. Group 1: Market Performance - Pharmaceutical stocks have seen a rise, with the Shanghai-Hong Kong-Shenzhen medical ETF and biotechnology ETFs increasing by over 4% [1]. - The Hong Kong medical ETF, which covers sectors like CXO, AI healthcare, and innovative drugs, has also shown significant gains [2]. Group 2: Investment Strategies - Huafu Securities emphasizes two short-term focuses: the upcoming JPMorgan conference for identifying outperforming stocks and the beginning of annual report disclosures [4][5]. - The annual strategy includes three main directions for innovative drugs: revenue realization, exceeding expectations in business development, and exploring cutting-edge technology platforms like gene therapy and small nucleic acids [5]. Group 3: Market Trends and Valuation - Haitong Securities notes that the Hong Kong pharmaceutical sector has shown strong performance, with a year-to-date return of 10.77%, leading among various industries [6]. - The average daily trading volume for the Hong Kong healthcare sector has increased to 14.133 billion HKD, reflecting heightened market activity [6]. - The current PE_TTM for the Hong Kong healthcare sector is recorded at 32.29, which is below the 30% percentile of the past three years, indicating relatively low valuation levels [6].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw the Dow Jones and S&P 500 indices reach new highs, with the Dow closing at 49,590 points, up 0.2% [2] Key Insights - The report highlights the sustained net inflow of southbound funds through the Hong Kong Stock Connect, with a projected annual net inflow of 1,404.8 billion HKD by 2025 [3] - The focus on "technological self-reliance" and AI applications is expected to be a core theme for the future performance of Hong Kong stocks, with leading companies in these sectors likely to benefit from long-term growth opportunities [3] - The report suggests continued attention to sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] Company Performance - TSMC, the world's largest advanced AI chip manufacturer, is expected to see a 27% increase in net profit in Q4, driven by surging demand for AI infrastructure [8] - Analysts predict TSMC's net profit could reach 475.2 billion TWD (approximately 15.02 billion USD), marking a record high for a single quarter [8] - The report recommends focusing on leading companies in the domestic semiconductor foundry industry, such as Hua Hong Semiconductor (1347.HK) and SMIC (0981.HK), which are expected to benefit from favorable domestic policies [8] Stock Recommendations - China Unicom (0762.HK) is highlighted for its strong performance in digital technology services, with a projected revenue of 45.4 billion CNY for its smart network business in the first half of 2025, reflecting a 4.3% year-on-year growth [9] - The company is also expected to maintain a high dividend yield, with a mid-2025 interim dividend of 0.2841 CNY per share, up 14.5% year-on-year [9] - The report emphasizes the company's advantages in cloud computing, IoT, big data, and AI, positioning it well to capitalize on the growth of China's digital economy [9]

Bannockburn Global Forex首席市场策略师Marc Chandler表示，这一传票事件盖过了地缘政治因素，终结 了美元的新年涨势。在这种背景下，投资者纷纷转向黄金作为避险港湾，因为美联储独立性的动摇可能 削弱美国金融体系的信誉，进而放大全球经济不确定性。 1月12日，受美联储独立性受质疑及美国与地缘政治摩擦加剧，避险情绪推动，金价高开高走，站上 4600美元关口。截至收盘，COMEX黄金期货涨2.4%报4608.8美元/盎司，截至亚市收盘，黄金ETF华夏 (518850)涨1.94%，黄金股ETF(159562)涨1.64%，有色金属ETF基金(516650)涨1.36%。 消息面上，美国司法部威胁就鲍威尔在美联储华盛顿总部25亿美元大楼翻修项目上的国会证词提起刑事 诉讼，这一消息引发了市场对美联储独立性的担忧之门。鲍威尔本人将此举斥为白宫试图施压降息 的"借口"。 ...

Core Viewpoint - The Shanghai Municipal Government has issued measures to enhance the quality and efficiency of the service industry and stimulate consumption, focusing on financial support for business entities [1] Financial Support Measures - The government aims to utilize policies such as service consumption and elderly care re-loans, as well as government financing guarantees, to support business entities in the service sector [1] - Implementation of loan interest subsidy policies for service industry operators is emphasized, along with active financing matchmaking activities [1] - Increased support for various types of loans, including first loans, renewal loans, credit loans, and medium to long-term loans for eligible business entities [1] Financial Innovation Encouragement - Financial institutions are encouraged to innovate and develop financing products based on expected revenue rights from service contracts and other intangible assets [1] - Exploration of financing models such as "ticket revenue rights pledge" is suggested to expand financing options [1] - Support for accounts receivable, intellectual property pledge financing, and supply chain finance is also highlighted [1] - The government will support the application of financial innovation projects in the service and consumption sectors for the Shanghai Financial Innovation Award [1]

Core Insights - Shanghai has released measures to promote the quality and efficiency of the service industry and stimulate consumption, highlighting the importance of financial services in supporting industry and activating consumption [1] Financial Services - Financial services are recognized as a crucial component of service consumption, with a strong role in supporting industry and stimulating consumption [1] - The demand for financial services such as wealth management and commercial insurance is becoming increasingly diverse, with growing financial needs in areas like elderly care [1] Consumer Finance Integration - The integration of "consumption scenarios + consumer finance" is expected to deepen, supporting the development of consumer credit and commercial insurance products [1] - New financial supply is anticipated to stimulate industry growth and new consumer demand [1] Policy Measures - Four key measures have been outlined to enhance personal consumer financial services, support innovation in insurance products and services, strengthen financial support for business entities, and reinforce financial support for consumption infrastructure [1]

北京时间周二(1月13日)亚盘时段，美元指数交投于98.918附近，现货白银今日开盘于85.16美元/盎司， 目前交投于84.28美元/盎司附近，白银t+d交投于21046元/千克附近，沪银主力交投于21046元/千克附 近。今日基本面关注美国将公布12月未季调CPI年率。 周一(1月12日)美元指数下跌0.24%，收报98.896，现货白银收报85.16美元/盎司，上涨6.51%，由于特朗 普政府对美联储主席鲍威尔展开刑事调查的不确定性加深，现货黄金一度突破4600美元关口，创下历史 新高，现货白银价格一度站上创纪录的86美元大关：现货黄金上涨1.97%，报4597.94美元/盎司，现货 铂金收涨3.03%，报2337.30美元/盎司；现货钯金收涨1.80%，至1851.00元/盎司。 【最新数据一览】 1月12日白银ETF持仓16347.95吨，较前一交易日上涨39.47吨。 1月12日延期补偿费支付方向：Ag(T+D)—空付多。 【要闻速递】 1、白宫称特朗普未指示司法部调查鲍威尔。美媒曝检察官在发起调查时未知会白宫和司法部本部，贝 森特"很不高兴"。 2、美媒：特朗普本周将就美联储主席一职面试贝莱德高 ...

Group 1 - The core viewpoint of the articles highlights the stability in cotton demand and a downward revision in production estimates, which has positively impacted cotton futures prices [1] - The ICE cotton futures for March increased by 0.50 cents or 0.78%, settling at 64.91 cents per pound, following the USDA's report that lowered the cotton production estimate by 350,000 bales to 13.92 million bales [1] - The USDA maintained its estimates for U.S. cotton beginning stocks, consumption, exports, and imports, while also revising the ending stocks estimate down by 300,000 bales to 4.2 million bales [1] Group 2 - The Cotlook A Index remained stable at 74.45 cents per pound on January 12 [3] - The broader commodity market saw an increase, with gold prices reaching a record high of over $4,600 per ounce, influenced by a weaker dollar [1] - Concerns over potential declines in Iranian oil exports contributed to rising oil prices, with NYMEX crude futures reaching a five-week high and Brent crude nearing an eight-week high [2]

Group 1 - The Nikkei 225 index surged over 3%, reaching a historical high, driven by gains in automotive, financial, and machinery stocks, with Toyota up 5.0%, Nomura Holdings up 5.2%, and Kawasaki Heavy Industries up 6.0% [1] - AI and semiconductor stocks in Japan also saw significant increases, with Advantest rising over 9%, Tokyo Electron up 7.8%, and SoftBank Group increasing by 5.9% [1] Group 2 - The Japanese yen appreciated, reaching 157.90 against the US dollar, while the 20-year Japanese government bond yield rose by 8 basis points to 3.135%, marking a record high [3] - The 10-year Japanese government bond yield surged to 2.13%, the highest level since February 1999, attributed to Japan's fiscal expansion and tightening monetary policy [3] - Prime Minister Fumio Kishida's proposed budget for fiscal year 2026 is set at 122.3 trillion yen, with a significant portion allocated for debt repayment [3] - The Bank of Japan raised interest rates by 0.25 percentage points to 0.75%, the highest level in 30 years, contributing to the increase in bond yields [3] - Discussions are ongoing regarding the potential dissolution of the House of Representatives, which could delay the approval of the fiscal year 2026 budget [4]

Group 1 - The Nikkei 225 index surged over 3%, reaching a historical high, driven by gains in automotive, financial, and machinery stocks, with Toyota up 5.0%, Nomura Holdings up 5.2%, and Kawasaki Heavy Industries up 6.0% [1] - AI and semiconductor stocks in Japan also saw significant increases, with Advantest rising over 9%, Tokyo Electron up 7.8%, and SoftBank Group increasing by 5.9% [1] Group 2 - The Japanese yen appreciated against the US dollar, reaching 157.90, while the 20-year Japanese government bond yield rose by 8 basis points to 3.135%, marking a record high [3] - The 10-year Japanese government bond yield surged to 2.13%, the highest level since February 1999, attributed to Japan's fiscal expansion and tightening monetary policy [3] - Prime Minister Fumio Kishida's proposed budget for fiscal year 2026 amounts to 122.3 trillion yen, with significant allocations for debt repayment and new bond issuance [3] Group 3 - There are discussions regarding the potential dissolution of the House of Representatives by Prime Minister Kishida, which could delay the approval of the 2026 budget [4] - The South Korean stock market opened higher, with significant gains in major stocks such as Hyundai Motor, which rose by 3.81% [4] Group 4 - The US stock market experienced a V-shaped rebound, with Google's market capitalization surpassing 4 trillion, and notable increases in Chinese assets, including a 21% rise in Kingsoft Cloud and over 10% in Alibaba [5] - Storage chip prices are expected to rise by 50%, prompting smartphone manufacturers to urgently reduce production of budget models [5]

Core Viewpoint - The first financial meteorological AI model "Entropy Machine" has been launched in China, developed by Fudan University and the National Meteorological Information Center, aiming to explore the role of meteorological factors in financial asset pricing and provide innovative tools for risk management and investment decision-making [1][2]. Group 1: Model Development and Purpose - "Entropy Machine" is based on global meteorological reanalysis data and stock price-volume data, capable of predicting short-term returns for the majority of A-share market stocks [1]. - The model's validation shows that it accurately identifies industries highly sensitive to meteorological factors, such as renewable energy (wind and solar), traditional oil and chemical industries, construction, and agriculture, aligning with the World Meteorological Risk Management Association's listed industries [1]. Group 2: Investment Strategy and Performance - Investment strategies constructed based on the model's test results have demonstrated consistent positive returns during historical backtesting across multiple time periods, preliminarily validating the effectiveness and application potential of meteorological factors in the A-share market [1]. Group 3: Applications and Implications - The "Entropy Machine" has broad applications in the financial sector, allowing companies in climate-sensitive industries to manage climate risks and maintain market value [2]. - Financial institutions such as banks and insurance companies can utilize the model for risk control in equity pledge businesses and expand into innovative climate investment and financing [2]. - Investors can use the model as an auxiliary tool for quantitative investment, while academia can leverage its outputs to test and refine asset pricing theories [2].