与此同时，美国最大资产管理公司贝莱德的掌门人公开发出警告，直言债务压力可能"拖垮"整个经济体 系。 这不仅让人回想起2008年次贷危机爆发前的气氛，也引发市场对美元地位、美债安全性的重新审视。 2026年1月，一场由做空潮引发的金融风暴正在美股悄然酝酿，AI概念股遭质疑、市场避险情绪升温、 债券收益率持续攀升，这些看似分散的信号，背后却指向同一个核心，美国金融市场的稳定性正在遭遇 挑战。 热炒AI转向质疑，泡沫开始显形 这波危机的起点，不是从传统金融板块开始的，而是从被捧上天的AI概念股突然"翻车"引发。 1月20日，做空机构Capitalwatch发布了一份针对AppLovin的调查报告，把这家被视为AI广告领域代表的 公司推上了风口浪尖。 报告中指控该公司在经营数据上存在明显问题，还可能涉及非法资金流入，虽然公司方面迅速否认，但 市场反应毫不迟疑，股价连续下跌。 这次并非简单的个股调整，而是对整个AI板块信心的一次冲击，此前，AI被包装成改变未来的万能钥 匙，无论是硬件芯片还是软件应用，估值都被抬到了极高的位置。 AppLovin的突然"塌方"，让投资者开始质疑，AI到底能不能变现？花了这么多钱砸进去，能 ...

Market Overview - On January 20, both computing power and AI applications experienced significant declines, with the ChiNext AI index dropping sharply and testing the 20-day moving average [1][9] - AI applications led the decline, with notable stocks like Yidian Tianxia hitting a daily limit down, while others like Zhongwen Online, Tuorisi, and Runhe Software fell over 2% [1][9] - In the computing power sector, leading optical module stocks such as Lian Te Technology, Guangku Technology, and Taicheng Light fell over 5%, while Tianfu Communication and Zhongji Xuchuang dropped over 3% [1][9] ETF Performance - The ChiNext AI ETF (159363), which focuses on both computing power and AI applications, saw a decline of 2.61%, marking its fourth consecutive day of losses, with a single-day trading volume exceeding 1.3 billion yuan [1][9] - Over the past 10 days, the ChiNext AI ETF has attracted over 2 billion yuan, leading its category in capital inflow [1][9] Financing and Market Sentiment - A decrease in margin trading is identified as a key reason for the short-term adjustment in the computing power sector, with a net sell of 8.5 billion yuan recorded on January 19 [3][12] - Major stocks like Zhongji Xuchuang and Xinyisheng faced significant repayment pressures, with repayment amounts reaching 2.4 billion yuan and 2.1 billion yuan respectively [3][12] Future Outlook - Despite the recent volatility, the computing power sector, particularly optical modules, is expected to maintain a favorable outlook, with potential for recovery providing investment opportunities [5][11] - The telecommunications sector has seen upward revisions in profit forecasts since November, indicating strong fundamental support [5][11] - The overseas computing power market is projected to enter a new growth phase by 2026, with continued investment in infrastructure and high growth rates anticipated [6][11] - AI applications are expected to remain a primary focus in 2026, with ongoing catalysts for growth and a favorable environment for application deployment in China [6][11] Investment Strategy - The ChiNext AI ETF is positioned to benefit from the commercialization of AI technology, with approximately 60% of its portfolio allocated to computing power and 40% to AI applications [6][13]

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints - In early 2026, the market sentiment has significantly warmed up, and the market has risen strongly. However, the risk - return ratio of chasing the rising market may not be high. Thematic investment remains popular, and funds from previously over - heated themes are expected to shift to other thematic sectors [1][7]. - The technology main line is still the market consensus. Funds are likely to flow into sectors such as semiconductor computing power and robotics within the technology sector, while lithium battery, non - ferrous metals, power grid, chemical, and innovative drugs are important supplementary sectors for the market [2][22]. Group 3: Summary by Directory 1. Which theme ETFs are expected to be the direction of capital return? - **Market situation**: In early 2026, the market has risen strongly, with commercial aerospace, AI applications, and non - ferrous metals becoming the focus. But there are signs of the market correcting irrational behaviors under regulatory guidance, and the risk - return ratio of chasing the rising market may be low. Thematic investment is still very popular. As of January 19, 2026, the cumulative net capital inflow of thematic index ETFs in the past five days exceeded 42.254 billion yuan, while industry index ETFs only had a net inflow of 9.763 billion yuan, and broad - based index ETFs showed a large net outflow [1][7]. - **Analysis from the perspective of rise and valuation**: Technological industries generally have high rises, while traditional cyclical industries such as liquor, coal, and breeding have relatively low rises. New energy sectors like lithium battery, photovoltaic, and new - energy vehicles, as well as the chemical industry, have risen but still have room to reach previous highs. From the valuation dimension, the current valuations of the game, intelligent driving, lithium battery, and breeding sectors are low [8]. - **Analysis using the quadrant chart**: - **First quadrant (high rise and high congestion)**: Mainly includes commercial aerospace, communication, AI, and non - ferrous metals. Non - ferrous metals (such as copper) and AI have relatively moderate congestion, and relevant sectors are still worthy of attention [2][17]. - **Second quadrant (high rise and low congestion)**: There are relatively few relevant industries, mainly semiconductor equipment (including related industrial chains such as storage) and lithium battery. The sector sentiment is not over - heated, and the industrial supply - demand pattern is optimized, so they are still worthy of attention [2][17]. - **Third quadrant (low rise and low congestion)**: Sectors such as innovative drugs, chemicals, and games have both industrial logic and market capacity, with large potential for a supplementary rise. For example, since 2026, the chemical ETF has re - entered the state of net inflow [2][17]. - **Fourth quadrant (low rise and high congestion)**: Includes robotics, power grid equipment, consumer electronics, and software. Power grid equipment has received renewed attention due to the unexpected increase in the 14th Five - Year Plan expenditure, and robotics has also been favored by the market because Tesla's third - generation robot has entered the scheme confirmation stage [2][21]. - **Specific ETF selection**: For ETFs tracking the same index, products with larger scale, relatively lower fees, and smaller tracking errors are selected. Specific ETF lists are provided in the report [22].

Core Insights - AlphaTON Capital has entered a landmark agreement with the Midnight Foundation to establish a 20% revenue share model for a privacy tech stack aimed at confidential AI on Telegram [1][2][4] Group 1: Partnership and Market Positioning - The partnership represents the first integration of a zero-knowledge blockchain with the TON ecosystem, enhancing AlphaTON's ability to deliver privacy-preserving AI products to Telegram's user base of nearly 1 billion [4][5] - This collaboration aims to set a new standard for privacy in AI applications, allowing users to maintain full control over their data while interacting with AI agents for various tasks [5][6] Group 2: Financial and Operational Framework - The Federated Node Agreement is a legally binding contract that outlines immediate revenue generation and long-term value creation, with AlphaTON providing one of the ten founding Midnight nodes [8][13] - The agreement includes a monthly compensation model for AlphaTON, starting in the first quarter following the effective date, along with additional reimbursements for network growth-related costs [13] Group 3: Strategic Vision and Future Growth - AlphaTON Capital aims to create a scalable revenue stream by building critical infrastructure for confidential AI, positioning itself as a key player in a market projected to reach trillions of dollars [7][9] - The integration of privacy-enhancing technology into the TON ecosystem is expected to generate tangible value for shareholders and solidify AlphaTON's leadership in decentralized AI [9][10]

Core Viewpoint - The A-share market has experienced a period of adjustment following a recent continuous rise in indices, with notable corrections in the commercial aerospace sector and active performance in the AI application sector [6][7]. Market Overview - The commercial aerospace sector has shown signs of divergence and adjustment, with multiple companies issuing risk warnings regarding their business activities. This indicates a potential overheating in the sector, prompting calls for improved information disclosure and investor education to guide rational market development [7]. - The AI application sector has benefited from capital inflows as funds from the commercial aerospace sector have shifted towards it. Key concepts such as Generative Engine Optimization (GEO) and AI healthcare have gained traction, with GEO expected to reshape advertising marketing in the AI era, presenting a vast market opportunity [7]. - In the AI healthcare space, there have been significant developments, including increased traffic for Ant Group's AI health assistant and collaborations between OpenAI and major pharmaceutical companies to invest in AI drug research [7]. Policy Adjustments - On Wednesday, the Shanghai and Shenzhen Stock Exchanges announced an adjustment to the financing margin ratio, increasing the minimum margin for investors from 80% to 100%. This change follows a previous reduction in August 2023, aimed at promoting long-term market stability amid recent price increases [8]. Market Outlook - Following a peak trading volume of nearly 4 trillion yuan, the indices are expected to undergo slight adjustments to digest the gains made since December 2022. Future attention will be on the performance of resource and precious metal prices, as well as the impact of AI industry trends on hot topics [10].

在AI产品疯狂迭代的当下，竞品评测已从可选项变为必答题。本文揭示AI行业特有的三大 特性如何让竞品分析成为产品经理的核心技能，更独家分享如何为不同角色定制评测报告。 你打开电脑，心里冒出一串问号：Deep Research到底是什么？哪些产品有这功能？我应该看哪些维 度？最后要给老板交付什么？ 如果你经历过类似场景，就知道竞品评测不是"随便截几张图、列几个功能点"就能交差的。它是一套需 要方法论支撑的系统性工作。 但在聊方法论之前，得先想清楚：做这件事的价值是什么？ 为什么我认为AI产品经理必须会做竞品评测？ 我越来越觉得，做AI产品和做传统互联网产品有一个本质区别：传统产品你可以慢慢打磨，AI产品你 稍微走神一下，竞品就跑你前面去了。 所以竞品评测这件事，对AI产品经理来说不是"有空做做"，而是必备技能。这篇文章我想先聊清楚一个 问题：为什么要做竞品评测？搞明白价值，后面的方法论才有意义。 我先说一个真实场景，你大概率遇到过 某天老板在群里@你： "小刘，现在其他产品都出了一个Deep Research的功能，去帮我分析一下他们做的效果。" AI行业有三个特点，让竞品评测变得特别重要 2.1 迭代速度太快， ...

Group 1 - The People's Bank of China will announce the one-year and five-year Loan Prime Rates (LPR) on January 20 [2] - The National Development and Reform Commission will hold a press conference on January 20 to discuss the implementation of the central economic work conference and the "14th Five-Year Plan" [2] - The central bank has released the "Management Measures for the Identification of Beneficial Owners of Financial Institutions," effective from January 20, 2026 [2] Group 2 - The U.S. stock market will be closed on January 19 for Martin Luther King Jr. Day and will resume normal trading on January 20 [3] - On January 19, U.S. stock index futures fell, with the S&P 500 down 0.88%, Dow Jones down 0.80%, and Nasdaq 100 down 1.11% [4] Group 3 - The ICE U.S. Dollar Index fell by 0.33% to 99.065 points, while COMEX gold futures rose by 1.77% to $4,676.70 per ounce [5] - The onshore RMB closed at 6.9640 against the U.S. dollar, appreciating by 80 basis points from the previous trading day [5] Group 4 - The Hang Seng Index rose by 0.20% to 26,640 points, and the Hang Seng Tech Index increased by 0.23% to 5,768 points [6] - European stock indices closed lower, with Germany's DAX down 1.34%, France's CAC40 down 1.78%, and the UK's FTSE 100 down 0.39% [6] Group 5 - China's GDP is projected to exceed 140 trillion yuan in 2025, with a year-on-year growth rate of 5% [7] - The industrial added value for the year increased by 5.9%, while the service sector's added value grew by 5.4% [8] Group 6 - The U.S. plans to impose a 10% tariff on goods from eight European countries starting February 1, with the rate increasing to 25% by June 1 [9] - The Chinese Ministry of Foreign Affairs has reiterated its stance on the Greenland issue in response to U.S. tariffs [10] Group 7 - The Supreme People's Procuratorate of China has emphasized the need to maintain economic and financial security and to punish serious economic crimes [11] - A satellite internet low-orbit launch of 19 satellites was successfully completed on January 19 [11] Group 8 - Tesla will restart the development of its Dojo 3 supercomputer project, indicating a commitment to AI technology [17] - Ford is reportedly in talks with BYD for battery procurement for hybrid vehicles, reflecting traditional automakers' engagement with China's EV supply chain [18] Group 9 - Vanke has been executed for approximately 1.09 billion yuan, raising concerns about risks in the real estate sector [19][20] - Porsche's sales in China for 2025 are projected to decline by 26.28%, with the company focusing on maintaining a healthy supply-demand relationship [21] Group 10 - ByteDance's AI platform "Kouzi" has announced a 2.0 brand upgrade, integrating new capabilities to enhance user experience [22] - Honor has launched a limited edition smartphone in collaboration with Pop Mart, showcasing cross-industry innovation [24]

Core Insights - The SPDR S&P Kensho New Economies Composite ETF (KOMP US) targets U.S.-listed equities in "New Economies" subsectors such as robotics, AI, automation, and connectivity [1] - The underlying index employs a systematic screening process for investability and liquidity, with a modified equal weighting approach and semi-annual rebalancing [1] - Each subsector is weighted by its trailing Sharpe ratio, allowing faster-maturing themes to receive higher weight while early-stage themes are still represented [1] Portfolio Construction Methodology - The Composite aggregates all eligible subsector indices, with issuer weights derived from underlying subsector memberships and caps [1] - Country and sector exposures are determined by the taxonomy breadth rather than market-cap dominance [1] - The methodology includes lifecycle-aware subsector weighting, periodic reconstitution, and semi-annual rebalances to balance diversification, capacity, and turnover control [1]

Core Insights - The article discusses the rising interest in local AI agents, particularly highlighting the Claude Cowork and Step AI Desktop Partner products, which focus on local task execution and file processing [2][3][4] - The interview with the product lead of Step AI reveals the strategic differences between their product and Claude Cowork, emphasizing features like "global memory" and user experience enhancements [9][10] Product Features and Strategies - Step AI Desktop Partner is available for both Mac and Windows, currently in a free trial phase [5] - The product aims to explore diverse user scenarios and enhance agent capabilities, focusing on making agents more efficient and cost-effective [12][11] - The "Skill" feature is introduced to improve agent performance by providing verified workflows, which enhances stability and effectiveness [12][29] User Engagement and Education - There is a significant gap in user awareness regarding the potential applications of AI agents in their work, with many users unaware of how to utilize these tools effectively [13][14] - The "Miaoji" feature is designed to simplify user interaction by saving common commands and processes, thereby lowering the barrier to entry for non-technical users [29][30] Market Trends and User Behavior - The article notes that the current penetration of AI agents is still in its early stages, with higher adoption rates observed overseas [12][13] - Users often need prompting to realize the capabilities of AI agents, indicating a need for better user education and proactive engagement strategies [34][38] Development and Future Directions - The product is seen as an exploratory innovation under the AI + terminal strategy, aimed at validating user scenarios and technical implementations [16][17] - Future developments will focus on enhancing the agent's proactive capabilities and integrating user feedback to refine the product [48][49]

2026 年开年全球金融市场风起云涌，白银价格强势突破每盎司 90 美元关口，一路攀升至 94 美元，创 下历史新高。开年两周涨幅达 31%，迎来 1983 年以来最强劲新年开局。 这场上涨绝非短期资金炒作，而是货币、宏观、工业三重因素共振的结果，标志着白银正式摆脱黄金 "影子"，开启独立估值新时代。央广网报道，美国对欧洲加征关税引发市场担忧，进一步助推金银价格 同步走高。 货币属性重估赋能 美元信用根基受挑战，叠加市场对美联储政策独立性的质疑，白银的天然货币属性被重新定价。作为非 主权资产，白银的抗通胀、保值功能成为资金避险首选，吸引大量长期资本涌入。 国内某贵金属投资机构的数据显示，2026 年第一周，其线下投资银条销量同比增长 200%。北京投资者 王先生从事白银投资多年，他表示此前更关注黄金，今年明显加大白银配置比例。 哈喽，大家好，今天小墨这篇评论，主要来分析白银突破 90 美元的核心动力，展望百元目标的可行 性。 他认为美元长期弱势趋势明确，白银兼具货币与工业属性，升值潜力更突出，已分批购入 10 公斤标准 投资银条。资金的持续流入，为银价筑牢价值底部。 宏观政策转向助力 美国通胀压力缓和，劳动力 ...