Group 1 - The AI application sector continues to strengthen, with the CSI Software Service Index rising by 1.91% as of January 14, 2026, and notable stocks like Shiji Information hitting the daily limit up of 10% [1] - The Software ETF Index has seen a significant increase of 11.02% over the past week, reaching a new high of 293 million yuan [1] - The National Bureau of Statistics is advancing the establishment of a registration system for data property rights to promote the circulation and utilization of data elements, aiming to create benchmark data sets with international influence by the end of 2026 [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the CSI Software Service Index account for 60.89% of the index, including companies like iFLYTEK and Kingsoft [2] - The Software ETF Index closely tracks the CSI Software Service Index, providing opportunities for off-market investors through linked funds [2]

Group 1 - Public funds are maintaining high positions and adjusting holdings, focusing on emerging growth sectors like robotics and AI applications as they report their Q4 2025 results [1] - The issuance of perpetual bonds ("二永债") by commercial banks has reached a historical high of 1.76 trillion yuan in 2025, as banks accelerate capital replenishment through various methods [1] - Insurance companies are adapting their asset-liability management strategies to include a "barbell" approach, focusing on long-term value and balanced stability in their investments [2] Group 2 - Mining companies are expecting significant growth in 2025 earnings due to rising gold prices, with many firms issuing positive performance forecasts [2] - Storage chip prices are expected to continue rising in the first half of the year due to increased demand from AI computing, prompting several domestic companies to announce capacity expansion plans [3] - A team from Suzhou University has developed a flexible silicon-perovskite tandem solar cell, addressing key efficiency and stability challenges, which could provide power for long-term operations in aerospace [4] Group 3 - The company 聚石化学 has been penalized for financial misconduct, including inflating revenue by 157 million yuan and reducing profits by 1.66 million yuan, resulting in fines totaling 6.7 million yuan for the company and its executives [7] - 用友网络 is projecting a net loss of 1.3 to 1.39 billion yuan for 2025, despite expecting revenue growth, primarily due to a significant decline in first-quarter revenue [7] - 杰瑞股份 has signed a sales contract for gas turbine generator sets worth 106 million USD (approximately 742 million yuan), marking its second contract with the same client [9]

Core Viewpoint - The December 2025 US CPI shows a year-on-year increase of 2.7%, consistent with previous values and expectations, while the month-on-month increase is 0.3%, higher than the previous 0.1% and in line with expectations. The core CPI year-on-year increase is 2.6%, matching the previous value but lower than the expected 2.7% [1][5][15] Summary by Sections Inflation Data - The overall CPI year-on-year increase is 2.7%, with a month-on-month increase of 0.3%, driven by rebounds in food and service prices. The core CPI year-on-year increase is 2.6%, with a month-on-month increase of 0.2%, higher than the previous 0.1% but lower than the expected 0.3% [1][5][15] Core Goods and Services - Core goods prices remained flat, with a year-on-year increase of 1.4% and a month-on-month change of 0%. Notably, used car prices fell significantly by -1.1% month-on-month, which is much lower than the average of 0.5% in October and November, impacting the core CPI by approximately 3 basis points [11][12] - Core service prices rebounded, with a month-on-month increase of 0.3%, up from an average of 0.1% in October and November, and a year-on-year increase of 3%. Rent was a major contributor, with both OER and primary residence rent increasing by 0.3% month-on-month [2][12][13] Market Reactions - Following the data release, expectations for interest rate cuts remained largely unchanged. The probability of no rate cuts in January, March, and April is high, while the probability of a cut in June is 48.1%, slightly up from 46.2% [3][17] - The US dollar index continued to appreciate slightly, reaching 99.18, while US stock markets saw declines, with the Dow down 0.8% and the S&P 500 down 0.19% [3][17][18] Federal Reserve and Policy Outlook - The divergence between the White House and the Federal Reserve regarding interest rate policy is a key market focus. The ongoing criminal investigation into Fed Chair Powell regarding potential perjury related to the Fed's renovation project raises questions about the independence of monetary policy [4][19]

Group 1 - The founder of Zhong Xue Gao, Lin Sheng, won a lawsuit regarding a maliciously edited interview, affirming that he never made the statement "buy it or not" [1] - A report by Deloitte indicates that over 63% of Chinese consumers plan to spend over 300,000 yuan on their next vehicle, with fuel vehicles remaining the preferred choice at 41% [2][3] - ByteDance has raised its option price from $200.41 to $226.07, marking a nearly 13% increase since last August and over a fourfold increase since 2019 [2] Group 2 - McDonald's is facing consumer complaints about shrinking burger sizes, with customers sharing comparisons on social media [2] - The Yanran Angel Children's Hospital is negotiating with landlords over rent debts, claiming that the actual owed amount is due to a rent increase since 2020 [7] - Pinduoduo is testing a new "Billion Supermarket" feature within its app, focusing on low-price strategies to attract price-sensitive consumers [6] Group 3 - Meta Platforms plans to cut about 10% of jobs in its Reality Labs department to shift resources towards artificial intelligence [11] - The U.S. government has approved Nvidia to export its H200 AI chips to China, with a 25% fee on the transactions [12] - Liftoff Mobile, Inc. has filed for an IPO with the SEC, planning to list on the Nasdaq [13]

Core Viewpoint - The Chinese technology sector is experiencing significant capital inflow in early 2026, driven by strong performance in various sub-sectors such as robotics, autonomous driving, commercial aerospace, and smart glasses, supported by foreign institutional optimism regarding long-term growth potential [1][8]. Group 1: Market Performance - As of January 13, 2026, the Shenwan Computer and Shenwan Electronics indices have risen by 14.13% and 5.7% respectively, while the Hang Seng Technology Index has increased by 6.41% [2]. - In the U.S. market, Alibaba and Baidu have seen increases of 13.46% and 16.53% respectively, outperforming the Nasdaq index, which rose by only 2.12% during the same period [2]. Group 2: Fund Inflows - Multiple technology-focused ETFs in the A-share market have experienced significant net inflows, with the Yongying Satellite ETF, Guotai Semiconductor Equipment ETF, and Fuguo Satellite ETF attracting net inflows of 4.79 billion, 3.014 billion, and 2.824 billion respectively as of January 12, 2026 [2]. - Cross-border ETFs such as the Fuguo Hong Kong Internet ETF and Huatai-PB Hang Seng Technology ETF have also seen substantial net inflows of 2.7 billion and 2.174 billion respectively [2]. Group 3: ETF Asset Growth - The Invesco China Technology ETF's asset size reached $3.061 billion as of January 12, 2026, marking an 8.64% increase from $2.818 billion at the end of December 2025 [4][5]. - The China Overseas Internet ETF's asset size was $8.375 billion as of January 9, 2026, reflecting a 4.47% increase from $8.017 billion at the end of December 2025 [6]. Group 4: Long-term Growth Outlook - Foreign institutions believe that the long-term growth logic of the Chinese technology sector remains solid, with expectations for continued market performance in 2026 [7][8]. - The ongoing technological iterations and improvements in the industrial ecosystem are expected to enhance the profitability of various sub-sectors within the technology industry [8]. Group 5: Investment Opportunities - Key areas such as AI, robotics, autonomous driving, and commercial aerospace are anticipated to experience significant growth and investment opportunities in 2026, driven by technological breakthroughs and increased policy support [9]. - The AI sector is expected to reshape business processes and product forms over the next 3-5 years, with core companies in this space currently valued reasonably without entering bubble territory [9].

2026 年全球投资环境将受央行政策、贸易秩序、财政风险、地缘政治和人工智能等多重因素交织影响，呈现复杂但充满活力的特征。高盛资产管理强调， 主动决策、多元化投资组合是应对波动、获取潜在超额收益的关键，投资者需积极寻找驱动公开市场与私募市场回报的催化剂。 核心市场影响因素 关键投资催化剂 各类市场投资展望 央行政策分化：G10 中多数国家 2025 年已降息，美联储降息节奏取决于劳动力市场，若疲软持续可能进一步降息；欧洲央行或维持 2% 利率，英国有 望继续宽松，日本则倾向加息。 贸易格局重塑：美欧、美日贸易协议实现部分稳定，中美在关税和稀土管控上取得进展，但地缘政治仍可能加剧紧张。企业通过供应链调整等策略应 对关税影响，但其对 2026 年增长仍存下行风险。 财政与债务压力：全球政府债务超 100 万亿美元，美国财政赤字高企，法国政治不稳定加剧财政改革难度，各国面临国防、气候转型、养老医疗等刚 性支出压力。 地缘与政治风险：中东和平进程取得进展，但俄乌冲突、波兰边境等问题仍存升级可能；2026 年美国中期选举、美联储主席换届等事件或影响市场情 绪。 宽松周期：利率下降有望利好固定收益、小盘股、商业地产及新兴 ...

每经记者｜陈晴 每经编辑｜段炼 魏文艺 并购重组 联检科技：拟以1.01亿元收购中鼎检测55%股权 联检科技公告，拟以自有资金1.01亿元收购中鼎检测55%股权，交易完成后，中鼎检测将成为公司控股子公司，纳入公司合并报表范围。 亚星化学：终止发行股份及支付现金购买资产并募资事项 亚星化学公告称，公司于2026年1月13日召开董事会，同意终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项。此前，公司拟购山东天一 化学100%股权并募资，交易预计构成重大资产重组，不构成重组上市。 业绩披露 康龙化成：预计2025年净利润同比下降6%~10% 康龙化成公告称，预计2025年度净利润为16.14亿元至16.86亿元，同比下降6%~10%。预计营业收入为138.72亿元至142.4亿元，同比增长13%~16%。 用友网络：预计2025年净亏损13亿元至13.9亿元 用友网络公告称，预计2025年度归属于母公司所有者的净亏损为13亿元到13.9亿元，同比减亏6.71亿元到7.61亿元。 东鹏饮料：预计2025年净利润同比增长30.46%至37.97% 浦发银行公告称，2025年营业收入1739.64亿元，同比增长 ...

回顾1月12日的市场，资金对人工智能板块的追捧达到了一个阶段性高潮。不仅涨幅惊人的ETF数量众 多，部分品种上的资金进出强度也令人瞩目。例如，有创业板软件ETF单日换手率超过330%，另有同 类产品换手率也高达172%，反映出短线资金极高的参与热情和激烈的博弈。据了解，这种高换手现象 通常意味着市场对该板块的看法存在较大分歧，既有强烈的买入意愿，也有大量的获利了结盘。 | 序号 | 14.25 | 名称 | 涨跌幅 ▼ | 换手串 | 6日涨跌幅 | | --- | --- | --- | --- | --- | --- | | 1 | 588420 | 科创创业人工智能ETF摩 | 18,69% | 13.08% | 21,58% | | 2 | 159243 | 创业板人工智能ETF招商 | 13.19% | 50.07% | 16.05% | | 3 | 159107 | 创业板软件ETF富国 | 12.71% | 171.76% | 23,06% | | 4 | 159256 | 创业板软件ETF华夏 | 11.29% | 331.57% | 22.24% | | 5 | 159382 | 创业板人工 ...

据央视新闻，记者从国家电网了解到，2025年国家电网经营区省间交易电量完成1.67万亿千瓦时，同比增长 10%，交易规模创历史新高。其中，省间新能源交易电量完成3177亿千瓦时、同比增长41%。 外交部回应美国对与伊朗有商业往来的国家加征25%关税：中方将坚定维护自身正当合法权益 据新华社，美国总统特朗普1月12日在社交媒体发文称，任何与伊朗有商业往来的国家在与美国进行任何商业 往来时将被加征25%的关税。外交部发言人毛宁13日在例行记者会上回答相关提问时表示，中方在关税问题上 的立场非常明确，关税战没有赢家。中方将坚定维护自身正当合法权益。 我国科研团队在高性能钠离子电池正极材料研发获重要进展 据人民财讯，近期，中国科学院合肥物质院固体所赵邦传研究员团队在钠离子电池正极材料研发中取得重要进 展。团队通过采用"键结构调控+界面修饰"的多尺度"内外兼修"协同改性策略，实现了磷酸钒锰钠正极材料中 钠离子的快速传输和优异循环稳定性。相关研究成果发表在Advanced Functional Materials 上。测试结果表明， 改性后的Na3.91MnV0.97Mo0.03(PO4)3@Al2O3（NMVMP@Al ...

【导读】传德邦稳盈增长单日"吸金"超百亿元，公司紧急回应且加码限购 被传单日"吸金"120亿元的德邦稳盈增长，今日（1月13日）接连发布公告加码限购。同时，基金公司方 面也紧急作出回应。 对于传闻，德邦基金向中国基金报记者表示，感谢投资者对公司旗下基金的关注。公司并未对外披露旗 下基金的盘中规模数据。公募基金产品当日规模数据要等日终清算后方能确认，且相关数据属于非公开 信息。公募基金产品的规模信息，敬请以基金定期报告及官方指定渠道发布的内容为准。 传德邦稳盈增长单日"吸金"超百亿元 公司紧急回应且加码限购 1月13日下午，德邦基金发布公告称，感谢对公司旗下基金的持续关注。考虑到基金申购的资金流入可 能对基金的收益率产生稀释效应，基于"持有人利益优先"的核心原则，为切实保护全体基金份额持有人 的合法权益，维护基金资产的稳健运作，公司审慎研究后决定，自1月14日起进一步下调该基金A类、C 类份额的申购限额，将原单日申购上限1000万元、100万元，分别调整为10万元、1万元。 业内人士建议，开年来，市场热度不断攀升，而越是这种时候，越是要做好投资适当性的管理，理性决 策。 | 基金名称 | | 德邦稳盈增长灵活配 ...