EUR/USD
1.16358
-0.075%
Gold
4667.78
-0.091%
Oil
59.444
0.163%
USD/JPY
158.271
0.095%
GBP/USD
1.34155
-0.071%
GBP/JPY
212.334
0.033%
Real-time News
On January 20th, a research report from CICC pointed out that the recent accelerated appreciation of the RMB exchange rate is likely due to a seasonal increase in foreign exchange settlement demand in December. Increased corporate funding needs at the end of the year lead to a strong seasonality in foreign exchange settlement, typically accelerating in December and January. On average, from 2013 to 2024, the RMB/USD central parity rate is projected to appreciate by 0.5% and 0.8% in December and January respectively, with probabilities of appreciation of 75% and 67%. Beyond a trade perspective, we believe that assessing exchange rates should also consider the financial cycle perspective.1. US media: Dark Side of the Moons valuation rises to $4.8 billion. 2. US media: OpenAI plans to launch its first hardware device in 2026. 3. MiniMax CEO Yan Junjie attends Premiers symposium, becoming the second AI large-scale model company representative to participate. 4. Musk: AI5s dual-chip collaboration is equivalent to Nvidias Blackwell level. 5. Reports indicate TSMC will invest in building four more advanced packaging facilities in Taiwan this year. 6. Reports indicate SK Hynix completes process upgrade at its DRAM memory wafer fab in Wuxi, Jiangsu, China. 7. Shenzhou-20 spacecraft return capsule successfully lands at Dongfeng Landing Site. 8. New national standards for civilian drones, clarifying registration and activation procedures, are released. 9. Counterpoint: Apples iPhone shipments in China grew by 28% during the holiday season, regaining its number one market position. 1. European stock markets closed lower across the board. The German DAX index fell 1.34% to 24,959.06 points, the French CAC40 index fell 1.78% to 8,112.02 points, and the UK FTSE 100 index fell 0.39% to 10,195.35 points. Market concerns about weakening expectations of a Fed rate cut, weak European economic data, disappointing corporate earnings, and escalating geopolitical tensions fueled risk aversion. 2. The domestic bond market was generally weak and volatile. Most treasury bond futures closed lower, with the 30-year main contract down 0.22% and the 10-year main contract down 0.02%. Yields on most major interbank interest rate bonds rose by less than 1 basis point. 3. International oil prices rose across the board. The WTI crude oil futures contract rose 0.15% to $59.43 per barrel, and the Brent crude oil futures contract rose 0.08% to $64.18 per barrel. 4. All base metals rose in London. LME tin rose 3.87% to $49,840.0/ton, LME nickel rose 3.23% to $18,145.0/ton, LME copper rose 1.44% to $12,987.0/ton, LME aluminum rose 1.01% to $3,165.5/ton, LME lead rose 1.00% to $2,064.5/ton, and LME zinc rose 0.78% to $3,234.0/ton.January 20th - According to CNBC, citing sources, artificial intelligence startup Moonshot AI has increased its valuation by $500 million to $4.8 billion in its latest funding round. Just weeks ago, Moonshot AI was valued at $4.3 billion. The previous funding round was announced on December 31st, and IDG, Alibaba, and Tencent reportedly participated.January 20th - An article states that the high complexity of commercial spaceflight means its development is often accompanied by setbacks. We should view launch failures rationally and focus on the progress of troubleshooting. Currently, my countrys commercial spaceflight industry possesses two major structural advantages. On the one hand, thanks to a rigorous "zeroing out" mechanism, my countrys commercial spaceflight industry can systematically troubleshoot faults and accelerate technological iteration. On the other hand, the parallel exploration of multiple technological routes has formed a pattern of risk diversification and technological complementarity, which is expected to significantly shorten the technology maturity cycle and achieve substantial breakthroughs in key areas. At the same time, the long-term healthy development of the commercial spaceflight industry requires patient capital support. Commercial spaceflight technology has high barriers to entry and a long verification cycle; it is currently still in a critical stage of market cultivation and capacity building. Capital should focus on the long term, targeting companies with core technological strength and clear commercial paths, and avoid short-term speculation that could disrupt the industrys development pace.
