Core Viewpoint - The Lingang New Area aims to enhance financial openness and innovation by establishing an offshore financial (economic) functional zone by 2026, focusing on five key business scenarios: offshore trade, non-resident mergers and acquisitions, treasury centers, offshore leasing, and reinsurance [1][2]. Group 1: Financial Innovation and Business Expansion - The Lingang New Area will deepen comprehensive reforms in offshore trade financial services and relax restrictions on non-resident merger loan trials [1][2]. - The area has signed projects with a total investment exceeding 220 billion yuan, with actual utilized foreign investment increasing by 124.3% [2]. - The area aims to attract more enterprises and young talent by reducing institutional transaction costs through innovative policies [2]. Group 2: Digital Transformation and Regulatory Enhancement - The area will expand and improve the cross-border data list management model, creating a compliant environment for offshore data industry development [3]. - Efforts will be made to digitize enterprise activities, government regulation, and park operations to enhance market and government efficiency [3]. - The work plan emphasizes the need to implement the national free trade zone enhancement strategy, focusing on cross-border data, finance, and offshore trade [3].

岁末年初大起大落。 经过年末的大涨大跌后，2026年开年票据市场大幅跳升高开。 1月6日，6个月期国股银票转贴现利率升至1.29%，3个月期国股银票转贴现利率则升至1.47%。此前 2025年12月底，票据利率大幅跳水后回弹，3个月期品种转贴现利率一度降至0.3%，1个月期品种转贴 现利率再度逼近零利率。 从历史数据来看，岁末年初，票据供需失衡带来价格大起大落已不罕见，背后与银行信贷冲量压力息息 相关。不过，有资深票据市场人士认为，随着信贷指标的意义相较于社融指标有所淡化，票据市场的运 行逻辑也可能随之发生转变。 对于票价年末大涨大跌之后的此番跳升表现，部分观点认为，这与机构冲击信贷"开门红"的节奏一致。 普兰金服报告认为，月初时点，一级市场票源供给跌至低位，企业贴现意愿温和，卖盘出票动力相对较 弱。而从需求角度看，市场交投活跃度低迷，买盘配置情绪较为谨慎，看涨预期下，部分买盘或倾向高 价收票。 银票转贴现利率高开 在关注"开门红"成色的同时，市场也密切关注即将披露的2025年12月金融数据。综合考虑信贷需求恢复 情况和年末票据市场走势，多数机构对12月信贷预期持保守态度。 2026年开年，票据转贴现利率大幅 ...

Core Viewpoint - The implementation of the long-term assessment mechanism for pension funds is expected to create a "win-win" effect for both pension investments and the capital market [1][7]. Group 1: Long-term Assessment Mechanism - The formal guidance on the long-term assessment mechanism for pension funds has been issued, establishing a performance evaluation cycle based on contract terms, which should be no shorter than three years [2][3]. - The assessment will focus on medium to long-term goals, incorporating indicators for periods longer than three years and quantitative metrics [3][5]. - The new mechanism aims to shift from short-term assessments to a more long-term investment approach, allowing pension funds to truly leverage their "long money" potential [2][3]. Group 2: Impact on Investment Practices - The long-term assessment mechanism is designed to alleviate the pressure on investment managers caused by short-term performance rankings, which can lead to suboptimal investment decisions [4][7]. - By extending the assessment period, the mechanism encourages pension funds to adopt a more stable and value-oriented investment strategy, moving away from being merely reactive to market fluctuations [5][7]. - The guidance emphasizes the importance of long-term investment behavior, aiming to transform pension funds from being short-term trading entities to genuine long-term capital allocators [7]. Group 3: Broader Market Implications - The long-term assessment mechanism is expected to enhance the role of pension funds in the capital market, allowing them to collaborate with other long-term investors like insurance funds and social security funds [5][7]. - This collaboration is anticipated to create a solid foundation for long-term capital in the market, fostering a positive feedback loop between the market and long-term funds [7]. - The initiative is viewed as a significant upgrade to the infrastructure of the Chinese capital market, addressing the fundamental contradiction between the long-term nature of funds and the short-term behaviors of investments [7].

Core Viewpoint - The newly revised Foreign Trade Law of the People's Republic of China aims to adapt to the evolving trends and environment of foreign trade, promoting high-level openness and maintaining trade order while protecting the legitimate rights of trade operators [1][2]. Group 1: High-Level Openness - The revision emphasizes "high-level openness" in its general provisions, with new and amended clauses highlighting the goal of promoting high-quality development in foreign trade [2]. - The law introduces mechanisms to align with international high-standard economic and trade rules, reflecting China's commitment to multilateral trade systems and contrasting with unilateralism and protectionism [2]. Group 2: Institutional Stability - The law institutionalizes mature practices to enhance stability and transparency, such as clear regulations on processing trade and the establishment of a negative list management system for cross-border service trade [3]. - The law shifts the approach to intellectual property protection from a defensive stance to a more proactive one, supporting enterprises in maintaining and innovating their intellectual property in global markets [3]. Group 3: Trade Promotion Measures - The revised law includes multiple new provisions aimed at enhancing trade promotion, such as promoting balanced trade development and supporting new trade formats like e-commerce and digital trade [4]. - It emphasizes the importance of a diversified dispute resolution mechanism for foreign trade and the development of a talent pool for trade, indicating a long-term strategic vision [4]. Group 4: Legal Tools for Defense - The law enriches the legal toolbox for defending national interests, including enhanced security exception clauses that allow for necessary measures to protect national security while adhering to WTO rules [5][6]. - New provisions authorize countermeasures against specific foreign individuals or organizations, enhancing the law's authority and applicability [5]. - The law provides a legal basis for China to take measures in response to the dysfunction of dispute resolution mechanisms in international agreements, ensuring the protection of its rights [6].

上海期货交易所发布通知称，近期国际形势复杂多变，金属品种波动较大，请各有关单位采取相应措 施，提示投资者做好风险防范工作，理性投资，共同维护市场平稳运行。 ...

Core Viewpoint - The power grid equipment sector in China is experiencing a sustained high level of activity, with significant investments and structural changes expected in 2026, driven by domestic demand and overseas expansion opportunities [1][5][6]. Group 1: Market Performance and Investment - China Xidian (601179.SH) recently won a bid for a power transmission project worth over 1.4 billion yuan, marking a strong start to the year [1][2]. - The stock price of China Xidian approached its historical high of 11.08 yuan, reflecting positive market sentiment [1][3]. - The overall power grid equipment index rose by 33% in 2025, reaching a historical peak, supported by increased investments from the State Grid [2][5]. Group 2: Structural Changes and Growth Drivers - The power grid equipment industry is entering a phase of stable growth with structural differentiation, where domestic transmission and transformation and overseas power equipment exports are expected to be the main growth engines [1][6]. - The total market size for domestic power grid equipment is projected to exceed 2 trillion yuan in 2025, with a year-on-year growth of 15% [3][4]. - The bidding amount for transmission and transformation equipment reached 91.9 billion yuan in 2025, a 26% increase year-on-year, indicating strong demand [4][6]. Group 3: Future Outlook - In 2026, the approval of four key direct current lines is anticipated, which will further enhance the project pipeline for related companies [6][7]. - The demand for solid-state transformers is expected to rise significantly, with efficiency improvements over traditional transformers, marking 2026 as a critical year for their introduction [7]. - The ongoing structural changes in the power grid investment landscape are expected to provide a solid foundation for the performance of leading companies in the sector [6][7].

Group 1 - The Zhejiang Province's "Thousand Teams and Ten Thousand Enterprises" initiative aims to organize over 2,000 groups and support more than 20,000 companies in expanding overseas markets, targeting a goal of 100 billion yuan in intended orders [1] - In January 2026, the number of outbound groups from Zhejiang increased by nearly 20% compared to the same period in 2025, indicating a stronger push for international market engagement [1] - The leather industry in Haining is set to participate in international exhibitions, marking a strategic shift towards export, with plans to attend events in Russia, Dubai, France, Australia, and South Korea [2][3] Group 2 - The Zhejiang Province achieved over 1.8 trillion yuan in intended orders through overseas exhibitions in 2025, with total import and export values exceeding 5 trillion yuan, reflecting a 5.3% year-on-year growth [2] - The local wool sweater industry in Jiaxing plans to double the number of exhibitions attended in 2026, with exports growing by 16.63% in the first ten months of the previous year [4] - Companies are increasingly focusing on sales and compliance in international trade, moving from passive to proactive engagement in overseas markets [5] Group 3 - The textile industry is diversifying its product offerings, moving from home decor to apparel and high-end fabrics, which has led to a 20% increase in the variety of exhibitions attended [3][4] - The establishment of overseas warehouses and display centers in key markets like Moscow and Seoul is part of a strategy to enhance logistics and market reach [3] - The government is expected to play a crucial role in integrating resources and providing support to help companies navigate the challenges of international trade [5][6] Group 4 - Companies are adapting to rising operational costs by leveraging technology and innovation to improve efficiency and reduce expenses [7] - The focus on cultivating high-end talent and enhancing innovation capabilities is essential for traditional industries to remain competitive [8] - The ongoing geopolitical tensions and trade barriers are prompting companies to explore new markets while maintaining a strong presence in traditional ones [6][7]

王青分析，背后的主要原因在于，为保障重点领域重大项目资金需求，巩固拓展经济回升向好势头， 2026年新增地方政府债务限额已提前下达，这意味着2026年1月会有一定规模的政府债券开闸发行；另 外，2025年10月5000亿元新型政策性金融工具投放完毕后，还会继续带动今年1月配套贷款较快增长， 放大信贷"开门红"效应。这些都会在一定程度上带来资金面收紧效应。由此，着眼于应对潜在的流动性 收紧态势，央行大概率会通过买断式逆回购向银行体系注入中期流动性，引导资金面处于较为稳定的充 裕状态。 从政策基调来看，2026年中国人民银行工作会议明确，继续实施好适度宽松的货币政策，并提出保持流 动性充裕，保持社会融资条件相对宽松。 展望后续操作，明明认为，往后看，适度宽松政策取向延续的环境下，考虑到一季度信贷开门红的潜在 影响，对于1月到期的6000亿元6个月期买断式逆回购，以及2000亿MLF（中期借贷便利），预计央行 可能会采取净投放的续作模式，补充商业银行中长期流动性。 1月7日，中国人民银行官网发布公告称，为保持银行体系流动性充裕，将于1月8日以固定数量、利率招 标、多重价位中标方式开展11000亿元买断式逆回购操作， ...

特朗普政府援引IEEPA所开征的关税包括所谓"对等关税"和芬太尼关税等。 "我们有一个重要的最高法院案件。"特朗普在6日告诉众议院共和党人。 据央视报道，当地时间1月6日，美国最高法院宣布，将在本周五（9日）就关税问题作出裁决。 具体而言，当前，美国最高法院已将周五定为裁决日，据悉法官们将于当地时间9日上午10点开庭时宣 布可能作出的裁决。 如果届时美国最高法院就关税问题作出不利于特朗普政府的裁决，被认为将削弱特朗普政府标志性的经 济政策，并成为美国总统特朗普重返白宫以来遭遇的最大法律挫败。 根据美国海关和边境保护局的数据，如果美国最高法院裁定特朗普政府根据《国际紧急经济权力法》 （IEEPA）征收的关税非法，特朗普政府可能面临向进口商退还超过1335亿美元关税的风险。 特朗普政府2025年1月上台后援引IEEPA，以不经过国会批准、直接颁布行政令的方式出台一系列加征 关税措施。 在美国联邦巡回上诉法院和美国国际贸易法院分别裁定现政府一揽子关税政策违法后，特朗普政府向最 高法院提出上诉，目前案件正在最高法院审理。 针对裁决前景，英国杜伦大学法学院副院长、跨国法教授兼全球政策研究所联合主任杜明对第一财经记 者表 ...

此前，平安人寿曾于2025年2月17日、5月12日、8月26日分别举牌农业银行H股，持股比例分别达到 5%、10%、15%。 2025年以来，中国平安联合旗下的平安人寿、平安资管等频繁增持农业银行H股。港交所披露易数据显 示，平安资管持有的农业银行H股占该行已发行H股的最新比例为26.11%、中国平安的持股比例为 22.07%、平安人寿的最新持股比例为20.10%，不过，三者披露的持股数量存在部分重叠。 2025年险资举牌38次，次数仅低于2015年，创近十年新高。 1月7日，平安人寿发布公告称，平安资管受托该公司资金，投资于农业银行H股股票，于2025年12月30 日达到农业银行（01288.HK）H股股本的20%，根据香港市场规则，触发举牌。截至2025年12月30日， 平安人寿持有农业银行H股股票的账面余额为324.28亿元，占上季度末总资产的比例为0.58%。 香港联交所股权披露信息显示，2025年12月30日，平安人寿以5.7854港元的平均价增持9558.2万股农业 银行H股股份，合计耗资约5.53亿港元。 从2025年的举牌市场分布来看，险资明显青睐于H股，2025年共26次举牌H股；行业分布来 ...