荷兰光刻机巨头阿斯麦四季度业绩表现超预期，并基于客户对AI需求可持续性的乐观预期大幅提升未来增长目标。受益于极紫外光（EUV）设备需求强劲及客户扩产计划升级，公司预计2026年将实现持续增长。 从订单结构看， 存储芯片客户的需求在近期显著增强。 第三季度新增订单额为53.99亿欧元，其中存储客户占比为47%；而在第四季度，新增订单额大幅攀升至131.58亿欧元，存储客户订单占比已跃升至56%。 1月28日，阿斯麦公布2025年第四季度及全年业绩显示， 第四季度净销售额达97亿欧元创纪录新高 ，其中包含两台High NA系统的收入确认。 公司2025年全年净销售额达327亿欧元，净利润96亿欧元，均创历史新高。 财报显示， 第四季度订单额达132亿欧元 ，几乎是彭博汇编的 分析师平均预期68.5亿欧元的两倍 ，较上季度的54亿欧元大幅增长。这一创纪录表现受益于人工智能基础设施的快速发展，Meta Platforms Inc.和微软等科技巨头正投入数千亿美元建设数据中心。值得注意的是， 在第四季度订单中，EUV订单金额达到74亿欧元，此外订单积压规模达388亿欧元。 阿斯麦首席执行官Christophe Fouquet表示，客户近月来对中期市场形势的评估明显转向积极，主要基于对AI相关需求可持续性的更强预期。 2026年将是阿斯麦公司的又一个增长之年。 阿斯麦预计2026年净销售额将在340亿至390亿欧元之间，毛利率维持在51%至53%区间，市场预估52.9%。预计第一季度净销售额为82亿至89亿欧元，市场预期81.3亿欧元。一季度毛利率在51%至53%之间，市场预估52.5%。 公司同时宣布启动新一轮规模达120亿欧元的股票回购计划，执行期至2028年12月31日，并计划将2025年全年股息提升17%至每股7.50欧元。 财报公布之后，阿斯麦股价美股夜盘一度涨10%。阿斯麦欧盘股票开盘时触及停牌，恢复交易后股价上涨7.2%，创下历史新高。 阿斯麦是全球唯一能够生产尖端光刻机的企业，其设备是制造先进半导体的核心工具，也是生产英伟达AI加速器的关键。台积电、英特尔等全球领先芯片制造商均为其客户。该公司订单数据被视为芯片制造商对未来AI需求信心的重要风向标。 EUV需求激增驱动订单创纪录 阿斯麦第四季度业绩反映出半导体设备市场的强劲复苏态势。 财报显示，季度净销售额97亿...

南韓前「第一夫人」金建希受賄罪成，一審判監1年8個月，另外兩項控罪則不成立，據報檢方將上訴。 南韓前總統尹錫悅的夫人金建希，周三下午被押送到首爾中央地方法院，聽取判決。 她被指收受宗教團體統一教賄賂，法院判她受賄罪成，一審判監1年8個月，並判處罰款1,280萬韓圜，折合7萬港元。 至於另外兩項控罪，操縱股價及違反政治資金法，則罪名不成立。其律師表示感謝法院判決，會商討是否上訴。 金建希去年8月被獨立檢察組起訴。韓聯社報道，她涉嫌2022年4月至7月，兩次收受統一教高層賄賂，包括名牌手袋和頸鏈，涉案金額達8,000萬韓圜，折合逾43萬港元。同樣在受審的統一教領導人否認，曾指示教會賄賂金建希，稱禮物是在不期望任何回報下送給她。 金建希還涉嫌在2010年至2012年期間，參與操縱南韓寶馬經銷商德意志汽車公司的股價，非法獲利約8.1億韓圜，折合逾443萬港元，以及免費接受一項，價值2.7億韓圜的民意調查服務，涉嫌違反政治資金法。 由於一審判決中的量刑，遠遠低於上月結案庭審時，檢方建議的15年監禁，20億韓圜罰款，及追繳約9.5億韓圜贓款。據報檢方將對兩項，無罪判決提出上訴。 金建希是南韓憲政史上首個，因刑事案件被判刑的前「第一夫人」。 至於尹錫悅涉嫌發動內亂的案件，南韓特別檢查官之前要求，判處他死刑，法院將於下月19日宣判。

格隆汇1月28日｜深圳市市场监督管理局等五部门印发《深圳市优化消费环境三年行动计划（2026—2028年）》。计划指出，大力促进家居消费。完善智能家居产业发展生态，打造智能家居消费体验中心，构建“大家居”生态体系。鼓励智能家居企业加快适配国产操作系统和芯片，推动家具、电视、影音娱乐、门锁、厨具、照明、扫地机器人、健身器材等全面接入AI，打造智能家居“拳头产品”。大力促进家装消费品“焕新”，开展家居消费季、家纺消费节、家装消费节等促消费活动，鼓励旧房装修、局部改造和居家适老化改造。推动“开源鸿蒙+全屋智能”深度融合，建设智能家居展示区，打造以人为本的智慧生活空间。

「核心提示」 00后成长于即时反馈的互联网环境中，但投资恰恰是一门“延迟满足”的功课。 2026年开年，A股以日线“17连阳”的强势表现刷新历史，上证指数逼近4200点，延续“9·24”以来的“长牛”行情，催生新一轮开户热潮。 在这场资本盛宴中，年轻人成为不可忽视的入场主力。数据显示，2025年，35岁以下的“90后”“00后”新开户占比已超45%，他们正在成为投资市场的“生力军”。 作为互联网原生代，以00后为代表的年轻投资者不再恪守传统的“财不外露”准则，反而活跃在社交平台上，每日播报自己的投资操作与盈亏起伏。 投资经历可能有限，但 他们表达欲望爆棚 ：决定加仓时，配一张“会赢的”名场面截图；盈利时皆大欢喜，若是亏了钱，则借用漫画《FX战士久留美》中主角爆仓崩溃的名场面，配一张下行曲线自嘲。 有人跟风追高、大胆使用杠杆，有人深耕策略、理性配置。在资本市场的波动试炼中， 00后投资者正在写下属于他们的投资第一课。 互联网原住民，开启投资第一课 这一代00后，是成长于智能手机与移动互联网之上的“数字原住民”。他们的生活环境里，信息是即时的、交易是线上的、社交是网状的。这种与生俱来的连接感，深刻塑造了他们接触和认识投资的方式。 同时，券商APP线上开户的普及，ETF定投1元起的低门槛，让尚未完全步入社会的年轻人，得以用小额资金打开资本市场的大门。而当银行存款利率走低、余额宝收益不再诱人，年轻人也自然将目光投向了波动更大、但回报可能更高的权益市场。 对比起来，80后们成长于金融市场逐步发展的年代，大多等到工作后有了稳定收入，才对股市投资建立概念；90后虽接触更早，但仍受限于当时的互联网普及度。 只有00后是真正的“移动端原生投资者”，开户、交易、学习全程线上完成， 十几岁便能通过手机便捷入市。 他们的投资信息来源，也不再是报纸的财经版、股评节目，而是短视频平台的博主解读，社交平台的股神帖子，投资社群的实盘分享，乃至财经漫画的剧情隐喻。 这种环境让他们更早形成“投资是生活一部分”的认知 ，李阳的投资故事，正是这种环境下的典型样本。 作为一名“双一流”高校学生，从2023年开始，他渐渐将攒下来的生活费投入股市。 起初李阳像许多同龄人一样，只敢小额试水，一年左右投入两三千元本金，买进两三只股票和几手沪深300ETF，体验市场起伏。心态从一开始的不断盯盘、看消息面，转向随遇而安...

格隆汇1月28日｜俄罗斯诺里尔斯克镍业：2025年镍产量预计为19.9万吨，同比下降3%，钯产量预计为272.5万盎司，同比下降1%。预计2026年镍产量为19.3万至20.3万吨，钯产量为241.5万至246.5万盎司。四季度镍产量为5.8万吨，环比增长9%，四季度钯产量为70.9万盎司，环比增长15%。四季度铜产量为112,015吨，环比增长12%。

Costco's share price is up an impressive 171% in the past five years. Costco Wholesale (COST 0.76%) might not operate in an industry that's at the forefront of technological disruption, but that doesn't mean it hasn't taken care of its investors. The share price is up a stellar 170% in the past five years (as of Jan. 26). Thanks to the company's dominant position in the retail sector, it sports a market cap of $434 billion today. Costco bulls have their eyes on a bigger prize. Can this unstoppable stock join the $1 trillion club in five years? The fundamentals are in great shape Five years from now, there's no doubt in my mind that Costco will be a bigger business. It will have a much larger physical footprint, both here in the U.S. and in various foreign markets. Management's annual net store openings fall within the range of 25 to 30 warehouses. This leads to more revenue being generated. It also helps the top line that Costco consistently posts same-store sales (SSS) growth, regardless of what the macroeconomic backdrop might suggest. At a time when consumer confidence has taken a hit, the business continues to hum along. During the fiscal 2026 first quarter (ended Nov. 23), SSS increased by 6.4%. And they were up another 7% in December. Costco's net income climbed 102% between fiscal 2020 and fiscal 2025. It's likely that the gains over the next five years will be strong. In addition to its already loyal customer base, the company keeps adding new membership accounts each quarter. This supports more spending activity at its stores. Expand NASDAQ : COST Costco Wholesale Today's Change ( -0.76 %) $ -7.39 Current Price $ 970.28 Key Data Points Market Cap $431B Day's Range $ 961.71 - $ 978.00 52wk Range $ 844.06 - $ 1078.23 Volume 208 Avg Vol 2.8M Gross Margin 12.88 % Dividend Yield 0.52 % Run the numbers There are currently only 11 companies in the trillion-dollar club. Except for two, they all have heavy exposure to the technology sector. Costco's entry into this ...

格隆汇1月28日｜翰宇药业(300199.SZ)公告称，翰宇药业预计2025年归属于上市公司股东的净利润为盈利4000万元–5000万元，上年同期为亏损17365.40万元。报告期内，公司预计归属于上市公司股东的净利润实现扭亏为盈。主要原因在于公司GLP-1制剂与原料药业务规模大幅放量，CRDMO业务落地推进。同时持续加大以创新药HY3003为首的研发投入力度，提高核心产品的竞争力。

According to a Reuters report, the Chinese government approved applications from tech companies to collectively acquire more than 400,000 of Nvidia’s H200 AI processors. In this photo illustration, the logo of Nvidia is displayed on a smartphone screen.(Photo by Li Hongbo/VCG via Getty Images) The move signals a shift in how China balances access to foreign chips with domestic semiconductor ambitions. The report indicated that regulators are still finalizing requirements tied to the licenses. The regulatory sign-off coincided with Nvidia CEO Jensen Huang’s visit to China. Beijing has reportedly authorized several of its largest technology firms to move forward with purchases of advanced artificial intelligence hardware from Nvidia Corp. (NVDA). The move signals a shift in how China balances access to foreign chips with domestic semiconductor ambitions. Conditional Green Light According to a Reuters report, the Chinese government approved applications from ByteDance, Alibaba Group (BABA), and Tencent (TCEHY) to collectively acquire more than 400,000 of Nvidia’s H200 AI processors. However, the approvals come with strings attached. The report indicated that regulators are still finalizing requirements tied to the licenses. Following the update, Nvidia's stock traded over 1% higher in Wednesday’s premarket. On Stocktwits, retail sentiment around the stock remained in ‘neutral’ territory amid ‘normal’ message volume levels. NVDA’s Sentiment Meter and Message Volume as of 05:00 a.m. ET on Jan. 28, 2026 | Source: Stocktwits Timing Matters The regulatory sign-off coincided with Nvidia CEO Jensen Huang’s visit to China, where he met employees as part of long-planned engagements. Earlier this month at the Consumer Electronics Show in Las Vegas, Huang said Chinese buyers are showing strong interest in Nvidia’s H200 chips and that the company has begun manufacturing them again. In December, President Trump announced that shipments of the H200 chip could proceed, provided a 25%...

Compass Wealth Management LLC purchased a new position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,125 shares of the electric vehicle producer's stock, valued at approximately $6,726,000. Tesla comprises about 1.0% of Compass Wealth Management LLC's portfolio, making the stock its 29th largest position. Several other hedge funds have also recently bought and sold shares of the company. Chapman Financial Group LLC acquired a new stake in shares of Tesla in the second quarter valued at approximately $26,000. LGT Financial Advisors LLC bought a new position in Tesla in the 2nd quarter worth approximately $29,000. Manning & Napier Advisors LLC acquired a new stake in Tesla in the 3rd quarter valued at approximately $29,000. CoreFirst Bank & Trust bought a new stake in Tesla during the 2nd quarter valued at $30,000. Finally, ESL Trust Services LLC boosted its position in Tesla by 1,900.0% during the 2nd quarter. ESL Trust Services LLC now owns 100 shares of the electric vehicle producer's stock worth $32,000 after acquiring an additional 95 shares during the period. 66.20% of the stock is currently owned by institutional investors. Get Tesla alerts: Sign Up Tesla Trading Down 1.0% Shares of NASDAQ:TSLA opened at $430.90 on Wednesday. The stock has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 287.27, a PEG ratio of 7.40 and a beta of 1.83. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $498.83. The company has a 50 day moving average price of $445.92 and a 200 day moving average price of $406.46. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. Analyst Ratings Changes TSLA has been the topic of a number of research analyst reports. Piper Sandler reissued an "overweight" rating and set a $500.00 price target on shares o...

Belpointe Asset Management LLC cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,702 shares of the electric vehicle producer's stock after selling 2,994 shares during the quarter. Tesla comprises 0.8% of Belpointe Asset Management LLC's investment portfolio, making the stock its 23rd biggest position. Belpointe Asset Management LLC's holdings in Tesla were worth $19,880,000 as of its most recent SEC filing. Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Tesla during the second quarter worth approximately $11,839,824,000. Vanguard Group Inc. increased its stake in shares of Tesla by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer's stock worth $79,856,764,000 after acquiring an additional 4,502,976 shares during the last quarter. Amundi boosted its position in shares of Tesla by 20.4% during the 2nd quarter. Amundi now owns 20,194,152 shares of the electric vehicle producer's stock valued at $6,374,284,000 after acquiring an additional 3,422,270 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Tesla by 38.3% in the third quarter. Jennison Associates LLC now owns 10,909,666 shares of the electric vehicle producer's stock valued at $4,851,747,000 after purchasing an additional 3,021,550 shares during the period. Finally, Geode Capital Management LLC increased its position in Tesla by 2.0% during the second quarter. Geode Capital Management LLC now owns 64,767,993 shares of the electric vehicle producer's stock worth $20,480,477,000 after purchasing an additional 1,269,304 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock. Get Tesla alerts: Sign Up Insider Transactions at Tesla In other Tesla news, Direc...

Bristlecone Advisors LLC decreased its position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 259,999 shares of the computer hardware maker's stock after selling 2,754 shares during the period. NVIDIA makes up about 4.1% of Bristlecone Advisors LLC's investment portfolio, making the stock its 3rd largest position. Bristlecone Advisors LLC's holdings in NVIDIA were worth $48,511,000 at the end of the most recent reporting period. Several other institutional investors have also recently made changes to their positions in NVDA. Harbor Asset Planning Inc. purchased a new position in shares of NVIDIA during the second quarter valued at approximately $28,000. Winnow Wealth LLC purchased a new stake in shares of NVIDIA in the second quarter worth approximately $32,000. Longfellow Investment Management Co. LLC lifted its stake in shares of NVIDIA by 47.9% during the 2nd quarter. Longfellow Investment Management Co. LLC now owns 207 shares of the computer hardware maker's stock worth $33,000 after acquiring an additional 67 shares during the last quarter. Spurstone Advisory Services LLC purchased a new position in NVIDIA during the 2nd quarter valued at $40,000. Finally, EDENTREE ASSET MANAGEMENT Ltd bought a new position in NVIDIA in the 2nd quarter valued at $54,000. Institutional investors own 65.27% of the company's stock. Get NVIDIA alerts: Sign Up NVIDIA Trading Up 1.1% NVDA opened at $188.52 on Wednesday. The company has a current ratio of 4.47, a quick ratio of 3.71 and a debt-to-equity ratio of 0.06. The firm has a market cap of $4.58 trillion, a price-to-earnings ratio of 46.78, a PEG ratio of 0.91 and a beta of 2.31. NVIDIA Corporation has a 12 month low of $86.62 and a 12 month high of $212.19. The stock has a fifty day moving average price of $183.52 and a 200-day moving average price of $182.14. NVIDIA (NASDAQ:NV...

外匯基金去年賺3,310億，是自基金成立以來最多。金管局總裁余偉文指，是因貿易摩擦影響較預期小等多種因素疊加，今年未必持續。 金管局總裁余偉文公布外匯基金去年「成績表」。 繼23、24年連續兩年錄得超過二千億元投資收入，去年更賺3,310億元，創歷年新高。整體投資回報率達百分之8，按年增加近3個百分點。 各項投資收入中，債券賺1,422億元，港股及其他股票投資，就分別賺339及741億元。而受惠美元貶值，非港元資產的外匯估值，由之前一年的下調，轉為上調384億元。 全年計外匯基金向政府財政儲備支付165億元，按年多33億。余偉文指投資收入創新高，是因多個利好因素疊加。 金管局總裁余偉文表示：「去到下半年，隨著貿易摩擦影響似乎較預期較小，加上人工智能快速發展，其牽引一些很大資本投入，所以令整個投資環境顯著改善。加上主要央行去年調低政策利率，亦幫到提升市場投資氣氛。外匯基金不同資產類別組成部分，全部錄得正回報，過去15年，只是2017年和2020年出現過。」 不過他預期利好因素未必會持續，又說今年投資環境複雜多變，局方會作出防禦性部署，維持高流動性及多元化投資。 余偉文指出：「主要央行貨幣政策，人工智能發展、地緣政治演變，這些因素可能影響到金融市場表現。如果有其中一個因素情況轉壞，金融市場或許會出現較大波動。會否人工智能發展拖慢，甚至人工智能應用出來成果，未必像預期般大，如果有這些情況發生，又會否令現時頗高企的市場估值有所調整？」 對於貴金屬價格持續上升，被問到會否增持黃金資產，他則指黃金等商品流動性低，外匯基金配置數量不多。

外匯基金去年賺3,310億，是自基金成立以來最多。金管局總裁余偉文指，是因貿易摩擦影響較預期小等多種因素疊加，今年未必持續。 金管局總裁余偉文公布外匯基金去年「成績表」。 繼23、24年連續兩年錄得超過二千億元投資收入，去年更賺3,310億元，創歷年新高。整體投資回報率達百分之8，按年增加近3個百分點。 各項投資收入中，債券賺1,422億元，港股及其他股票投資，就分別賺339及741億元。而受惠美元貶值，非港元資產的外匯估值，由之前一年的下調，轉為上調384億元。 全年計外匯基金向政府財政儲備支付165億元，按年多33億。余偉文指投資收入創新高，是因多個利好因素疊加。 金管局總裁余偉文表示：「去到下半年，隨著貿易摩擦影響似乎較預期較小，加上人工智能快速發展，其牽引一些很大資本投入，所以令整個投資環境顯著改善。加上主要央行去年調低政策利率，亦幫到提升市場投資氣氛。外匯基金不同資產類別組成部分，全部錄得正回報，過去15年，只是2017年和2020年出現過。」 不過他預期利好因素未必會持續，又說今年投資環境複雜多變，局方會作出防禦性部署，維持高流動性及多元化投資。 余偉文指出：「主要央行貨幣政策，人工智能發展、地緣政治演變，這些因素可能影響到金融市場表現。如果有其中一個因素情況轉壞，金融市場或許會出現較大波動。會否人工智能發展拖慢，甚至人工智能應用出來成果，未必像預期般大，如果有這些情況發生，又會否令現時頗高企的市場估值有所調整？」 對於貴金屬價格持續上升，被問到會否增持黃金資產，他則指黃金等商品流動性低，外匯基金配置數量不多。

Jan 28 (Reuters) - Amazon said on Wednesday it was cutting 16,000 jobs worldwide in the second major round of layoffs ​at the company in three months, as it restructures after ‌pandemic-era over-hiring and expands the adoption of artificial intelligence tools. Reuters first reported last week ‌that Amazon was planning a second round of job cuts as part of a broader goal of trimming about 30,000 corporate roles, with the layoffs expected to affect workers in Amazon Web Services, retail, Prime Video ⁠and human resources departments. Amazon slashed ‌14,000 white-collar jobs in late October, with CEO Andy Jassy stressing the need for the company to eliminate ‍excessive bureaucracy by trimming operational levels and reducing the number of managers. The job cuts also underscore how artificial intelligence is changing corporate workforce dynamics. Significant improvements ​in AI assistants are helping enterprises execute duties from routine administrative ‌tasks to complex coding problems with rapid speed and precision, driving widespread adoption. Jassy had said last summer that the increased use of AI tools would lead to more automation of duties, resulting in corporate job losses. The 30,000 jobs would together represent a small portion of Amazon's ⁠1.58 million employees, but nearly 10% of ​its corporate workforce. The majority of Amazon's ​workers are in fulfillment centers and warehouses. Tech giants, including Amazon, Facebook-parent Meta Platforms and Microsoft, had sharply ramped up ‍hiring during the ⁠COVID-19 pandemic demand surge and have lately been restructuring their workforce. Amazon has also been investing in robotics at its warehouses to ⁠speed up packaging and deliveries for its e-commerce segment, reduce the reliance on human ‌labor and cutting costs. (Reporting by Deborah Sophia and Zaheer Kachwala ‌in Bengaluru; Editing by Arun Koyyur)

古巴民众27日晚在首都哈瓦那举行传统火把游行，谴责美国霸权主义和对外侵略行径，强调反帝国主义立场。游行队伍由青年群体带领，从哈瓦那大学出发，民众手举火把穿行街道。此次活动旨在纪念古巴民族英雄何塞·马蒂诞辰173周年以及古巴革命领袖菲德尔·卡斯特罗诞辰100周年。古巴国家主席迪亚斯－卡内尔和古巴全国人民政权代表大会主席拉索等出席活动。古巴大学生联合会主席冈萨雷斯在活动中发表演讲，批评美国试图通过武力和胁迫方式，把世界拉回到毁灭性的法西斯主义。她说，面对外部压力，古巴青年将在国家需要的各项任务中贡献力量，坚定维护国家正义事业。古巴青年是反帝国主义者，“不下跪、不出卖、不沉默”。参与游行的哈瓦那青年埃利亚斯在接受新华社记者采访时说，在卡斯特罗诞辰一百周年之际，古巴人民必须团结，让革命领袖的榜样继续指引现实斗争。（新华社）

There are two opposing views of whether the so-called “sell America” trade is happening.

格隆汇1月28日｜高盛集团：恐惧与财富的双轮驱动 核心预期：将2026年12月目标价上调至5400美元/盎司，春季可能触及6000美元/盎司。 核心逻辑：高盛的看涨逻辑建立在其著名的“恐惧与财富”模型之上。 --“财富”效应(新兴市场央行)：新兴市场(EM)央行的购金行为已发生结构性转变。自2022年地缘政治危机导致俄罗斯储备被冻结以来，储备管理者对美元资产安全性的信任产生裂痕。高盛预计2026年央行购金将维持在月度60吨的历史高位。这种由“国家财富”驱动的多元化配置，为金价提供了坚实的实物需求底部，使其对高利率环境脱敏。 --“恐惧”效应(私人投资者)：报告强调，美国财政赤字的无序扩张和关税政策的不确定性，正在重新唤醒西方私人投资者的“恐惧”需求。ETF资金流向显示，资金正从美债流向黄金，以对冲全球政策风险。高盛认为，只要美国财政纪律未见改善，这种基于货币贬值恐惧的配置就不会停止。 --结构性重估：高盛大宗商品策略师指出，如果不考虑私人投资者平仓(这也是高盛的基本假设)，金价的起跳点已经被永久性抬高。黄金被高盛列为2026年大宗商品市场的首选资产，其表现将优于能源和工业金属。 摩根大通：去美元化与结构性牛市 核心预期：2026年第四季度均价5055美元/盎司，2027年看至5400美元/盎司。 核心逻辑：小摩的分析侧重于供需的长期错配和货币属性的回归。 --央行需求的非弹性：小摩分析师Gregory Shearer强调，央行的购金需求对价格并不敏感(Price Inelastic)。即便金价突破5000美元，各国央行为了通过黄金来实现外汇储备的“去风险化”(De-risking)，依然会持续买入。报告特别提到，中国及加密货币领域带来的新需求是不可忽视的增量 。 --债务与货币贬值：小摩认为，全球债务规模的膨胀使得“货币贬值交易”(Debasement Trade)成为主流。在这种环境下，黄金作为唯一没有交易对手风险的资产，其溢价将持续上升。 --长期看涨路径：小摩的预测路径相对平滑但方向明确，他们认为任何价格的回调都应被视为买入机会，因为支撑金价的并非短期投机，而是长期的资产负债表重组需求 。 美国银行：“忘记5000美元”，直指6000 核心预期：春季目标价6000美元/盎司，建议“忘记5000”。 美国银行在1月23日发表了极具冲击力的观点，其金属研究主管Mi...

You would not expect to find coaches from the Celtic FC Foundation in Brixton. But even the torrential rain in south London has not stopped them and four local teams from turning out to help launch a programme that will provide girls and young women from underprivileged backgrounds in the local area with a chance to play football. It is one of several initiatives established since the foundation began working in London to mark Celtic’s 125th anniversary in 2013. Another, based in Hackney, called Breaking Barriers helps integrate refugee and asylum-seeking communities through the sport. “It is a really good opportunity for people to get involved,” says Vladyslav Kysil, a former professional player from Ukraine who has been working as a coach for the foundation since moving to the UK in 2023. He admits he was surprised to see a Scottish club so active in England’s capital. “But when I read the history, I realised they have real heritage in London.” View image in fullscreen Coaches Vladyslav Kysil, Lucky Saunders, Sarah-Shalohm Griffith and Nygoni Thompson chat during a tournament hosted by the Celtic FC Foundation. Photograph: Tom Jenkins/The Guardian Celtic were founded in 1887 as a charity to provide hot meals for Irish immigrants by Brother Walfrid, a Marist Brother who had moved to Glasgow from Sligo in Ireland and was the deputy headteacher at a local school. He moved to London’s East End in 1893 and continued to work with underprivileged children in Bow and Bethnal Green. It was in his memory that the foundation decided to expand its reach beyond its traditional heartland, with programmes in place in Sligo and several cities in the United States as well as in London. “This is not an exercise for us,” says the Celtic foundation’s chief executive, Tony Hamilton. “This is inherent in who we are and it’s in our DNA. It’s why the football club was formed: we want to provide meaningful change for people who live in our communities.” In Glasgow, they include a number o...

格隆汇1月28日｜法国总理战略矿产顾问：马来西亚Malaco Mining与法国Carester公司在稀土精炼领域的合作已进入试点阶段。

Source: Bloomberg, 7:09

格隆汇1月28日｜据市场消息，隔夜在特朗普讲话引发美元贬值后，欧元兑美元4年多来首次升破1.20重要关口。周三，欧洲央行管委科赫尔公开表示，如果欧元继续升值，欧洲央行可能需要再次降息。欧洲央行管委兼法国央行行长维勒鲁瓦同日也对欧元发表了评论：“欧洲央行正密切关注欧元汇率及其对通胀的影响。”他补充说，欧洲央行没有设定汇率目标，但欧元是指导其政策制定的因素之一。此外，去年欧洲央行副行长金多斯就表示，欧元兑美元汇率达到1.20是他们可以容忍的，但高于这个数值会使前景变得复杂。

stuartmiles99/iStock via Getty Images By Rich Hill, Global Head of Real Estate Research & Strategy U.S. commercial real estate (CRE) transaction volumes rose 12% in December 2025 ($71.4bn) compared to the same month last year. Fourth quarter volumes reached $185.8bn, up 30% versus last year, while full year 2025 transactions increased 23% to $545.3bn. This marks the second consecutive year of rising deal activity (after 14% growth in 2024), pointing to a continued thaw in market liquidity after the prior downturn. Reported volumes were meaningfully boosted by a sizable forward sale (~$23bn) of a data center under construction. Importantly, even excluding data centers in both 2025 and 2024, investment volumes still rose 14% in 4Q and 19% for the full year. This reflects a broad-based rebound in deal activity across every major traditional property type: Property 4Q25 2025 All 30% 23% All (Ex-Data Centers) 14% 19% Office 23% 26% Industrial 3% 15% Retail 31% 26% Apartment 4% 9% Hotel 57% 13% Land 25% 44% Senior Housing 22% 47% Data Centers 542% 274% Click to enlarge Source: MSCI, Real Capital Analytics, Principal Real Estate. Data as of 4Q 2025. Bottom line Transaction volumes are a useful barometer of market sentiment: accelerating activity typically reflects rising demand and confidence, while decelerating volumes point to growing caution. The market continues to face meaningful risks and uncertainties, but the recent pickup in transaction activity, reminiscent of the post-GFC recovery, is notable. It suggests the market may be reaching a similar inflection point, marked by returning confidence and renewed investor engagement. CRE transaction volume 2022–present Source: MSCI, Real Capital Analytics, Principal Real Estate. Data as of 4Q 2025. This backdrop is consistent with the 2026 Global CRE Outlook: A Cycle for Selectivity , which argues that commercial real estate has entered a recovery phase by most traditional measures. However, returns are diverging sharply ac...

BEIJING, Jan. 27, 2026 /PRNewswire/ -- The yes-then-no approach the U.S. Government has taken to chips exports to China is again a yes. Sort of. But make no mistake, this is no time for any U.S. company to throw a party. On January 13, the U.S. Government gave the green light to AI chip firm Nvidia to export its powerful H200 chips to China, a move that the company lauded for striking "a thoughtful balance that is great for America." One reason it is "great" for America is that any sales include a 25-percent fee that must be paid to the U.S. Government. Let's also acknowledge that the decision is great for Nvidia. Remember, it was just three months ago that its CEO lamented that the company had seen its "95-percent market share" in China collapse because of restrictions the current U.S. president and his predecessor had placed on its sales to China. But does the enthusiasm surrounding Nvidia need to be tempered? Simple answer: Yes. First, the company's most valuable chip remains off the table to the Chinese market. Next, as the International Business Times newspaper reported, China's commitment to domestic chip development, which is showing legitimate success, might mean there is no need for a flood of foreign products, regardless of how sophisticated they might be. In analyzing that success, The Economist recently stated that in 2026 "Chinese firms will push ahead in two areas long thought beyond their reach: designing and manufacturing powerful AI chips." The reality is that China's steady approach to chip development, including ignoring short-term stock prices in favor of long-term production strategies, is bearing fruit. Meanwhile, while the renewed support for the export of chips to China should be celebrated in the U.S., the reality is that much of the country's political elite remains unnaturally afraid of China and its aims. The nonstop rhetoric that China is an existential threat to America's national security and the global world order should lead to head-s...

US small-cap stocks are having something of a moment — and Wall Street doesn’t expect it to end any time soon. The Russell 2000 Index, home to some of the riskiest stocks in the market because of their strong ties to the business and credit cycles, just ended the longest run of beating large caps since 1996. While that’s impressive, prior periods that approached such levels of outperformance have failed to persist. Not to worry, strategists say. They’ve grown optimistic on small caps as a way to play a broadening out of the bull run for stocks that’s been powered by Big Tech. The bet is predicated on expectations for faster earnings growth , owing to a combination of falling interest rates and economic growth. Deregulation, tight credit spreads and more interest rate cuts should also provide tailwinds for these high-beta stocks. “This channel of strong enough growth – but not too strong – and lower or declining rates are two big macro forces that can push small caps higher,” said Sebastien Page , chief investment officer at T Rowe Price, which manages nearly $1.8 trillion. “We think this can continue for six months.” Page acknowledges the peril in going long small caps. The group beat the S&P 500 for the first 14 trading days of this year. The streak ended Friday and small caps have trailed the 500-member index since then. “It’s been a value trap. It’s looked cheap, it’s looked attractive and it has performed a little bit over a couple weeks, and then it’s just been a trap,” Page said. Still, Page remains broadly overweight small caps, expecting the group to benefit from an economy that is growing while interest rates are still projected to fall. He’s far from alone, investors and strategists expect the current slump to end and the group to trounce larger-cap peers once again. “We could see a bit more of a pullback, but then expect small caps to resume their leadership,” Jonathan Krinsky , chief market technician at BTIG LLC, said in a Monday research note. “Small c...

US small-cap stocks are having something of a moment — and Wall Street doesn’t expect it to end any time soon. The Russell 2000 Index, home to some of the riskiest stocks in the market because of their strong ties to the business and credit cycles, just ended the longest run of beating large caps since 1996. Most Read from Bloomberg While that’s impressive, prior periods that approached such levels of outperformance have failed to persist. Not to worry, strategists say. They’ve grown optimistic on small caps as a way to play a broadening out of the bull run for stocks that’s been powered by Big Tech. The bet is predicated on expectations for faster earnings growth, owing to a combination of falling interest rates and economic growth. Deregulation, tight credit spreads and more interest rate cuts should also provide tailwinds for these high-beta stocks. “This channel of strong enough growth – but not too strong – and lower or declining rates are two big macro forces that can push small caps higher,” said Sebastien Page, chief investment officer at T Rowe Price, which manages nearly $1.8 trillion. “We think this can continue for six months.” Page acknowledges the peril in going long small caps. The group beat the S&P 500 for the first 14 trading days of this year. The streak ended Friday and small caps have trailed the 500-member index since then. “It’s been a value trap. It’s looked cheap, it’s looked attractive and it has performed a little bit over a couple weeks, and then it’s just been a trap,” Page said. Still, Page remains broadly overweight small caps, expecting the group to benefit from an economy that is growing while interest rates are still projected to fall. He’s far from alone, investors and strategists expect the current slump to end and the group to trounce larger-cap peers once again. “We could see a bit more of a pullback, but then expect small caps to resume their leadership,” Jonathan Krinsky, chief market technician at BTIG LLC, said in a Monday r...

最近，白银一路狂奔。 1月26日，伦敦现货白银盘中一度突破110美元/盎司，日内涨幅接近6%，价格再创历史新高。这一价格不仅击穿了46年前的历史高位，更超出历史峰值整整一倍。这一突破颠覆了过去几十年的白银定价体系。 白银，这个长期被视为“穷人的黄金”、亦步亦趋跟随黄金价格的金属，第一次走出了独立于黄金的强势行情。 这场暴涨背后，一个新变量正在改写白银的命运：人工智能。 AI为何“点银成金”？ 一致性看涨的背后，是白银定价逻辑的逆转：工业需求取代投资需求成为定价主导。 华尔街资深策略师埃德•亚德尼认为，若忽视白银在人工智能经济中愈发重要的地位，就无法理解此番白银价格的暴涨行情。他认为，随着人工智能数据中心建设提速、芯片需求攀升，白银实际上已成为押注AI热潮的“又一投资标的”。 此前，行业协会白银协会（Silver Institute）和牛津经济研究院（Oxford Economics）在发布的一份名为 《白银：下一代金属》 的报告，其中称人工智能的快速扩张正帮助推动白银需求不断增长。 这份报告聚焦太阳能光伏、电动汽车及其基础设施、数据中心和人工智能三大核心领域，认为 光伏产业的17%年复合增长率、电动汽车产业的13%年复合增长率，以及数据中心的爆发式扩张，共同构成了白银需求增长的三大支柱 。 落到AI上，白银在数据中心的应用有三大特性：第一，最高电导率确保服务器电力传输中的能量损耗最小，对于需要99.999%正常运行时间的数据中心至关重要；第二，优异热导率帮助设备保持安全温度范围，降低冷却能耗(冷却系统占数据中心总能耗的7-30%)；第三，高抗腐蚀性在高电负载和温度波动环境下保护组件。 AI的心脏需要白银。人工智能应用越来越依赖专业硬件，如 图形处理单元（GPU）、张量处理单元（TPU）和神经处理单元（NPU） ，这些都依赖于在内部连接和封装中使用白银的高性能半导体。 AI的躯干需要白银。AI服务器是名副其实的工业用银大户。在服务器内部，主板、内存条、电源等各个部件的连接器，以及确保芯片在高负荷下稳定运行的导热界面材料（TIM），都大量使用白银或银浆。 白银涨价传导到半导体行业。 今年1月，被动元件巨头 国巨 已向客户发出涨价通知，宣布将从今年2月1日起对部分电阻产品进行价格调整，调涨幅度约为 15%至20% 。对于价格的增长，国巨在涨价公告中表示，由于芯片产品线成本...

格隆汇1月28日｜网易：将于2026年2月10日举行董事会会议，并将于会上批准公司截至2025年12月31日止三个月及财政年度的未经审核业绩及公告，以及派发第四季度股息等议案。

Scott Olson Stock index futures were higher before the bell Wednesday as investors awaited the Federal Reserve’s rate decision and commentary. Nasdaq 100 futures ( US100:IND ) advanced +0.91%. S&P 500 futures ( SPX ) rose +0.46% and Dow futures ( INDU ) edged higher by +0.14%. The market focused on the Federal Reserve’s policy announcement, where 92 out of 92 surveyed economists expected no change in interest rates, according to UBS chief economist Paul Donovan. U.S. Treasury yields were little changed ahead of the Fed decision. The benchmark 10-year Treasury yield ( US10Y ) slipped to 4.25%. The 2-year yield ( US2Y ) fell to 3.58%, while the 30-year yield ( US30Y ) nudged higher to 4.86%. Focus was expected to shift to the press conference, which may address uncertainty regarding future Fed independence and potential inflation risks from tariffs. “An insurance rate cut may be necessary, to keep fear of unemployment low and allow U.S. consumers to continue cutting savings rates to pay for tariffs. An insurance cut is not urgent, however,” UBS chief economist Paul Donovan said. Top S&P 500 gainers included Seagate Technology ( STX ) +10.82%, F5 ( FFIV ) +10.24% and Western Digital ( WDC ) +8.88%. Decliners included Skyworks Solutions ( SWKS ) -8.83%, Quest Diagnostics ( DGX ) -3.98% and Packaging Corporation of America ( PKG ) -2.96%. More on the markets 'Reversion To The Mean' Will Eventually Slam The Market U.S. Sentiment Slides Again As Consumer Pressures Mount The Yen Carry Trade May Be Entering A Dangerous Phase Stock index futures mixed as Trump announces more tariffs Wall Street ends higher as investors focus on mega-cap earnings, gold rally

今年以來，新盤表現暢旺，月初至今已錄得逾2,200宗成交，而且仍在增加。新地西沙SIERRA SEA新一期首輪推售，半日已再次沽清。