沃什的登场，引发全球投资者对美联储政策预期的急剧转变，多名知名经济学家表示，其提名也在引发 各界对美联储在美国这一全球最大经济体中扮演角色的全面重新评估。 沃什曾任美联储理事，多年来一直批评美联储职能不断扩张，他认为这是政策制定者为了应对2008年金 融危机和疫情带来的冲击而扩大政策工具箱的结果。 举足轻重的美联储迎来变革派。美国总统特朗普宣布提名凯文·沃什担任美联储主席当天（1月30日）， 美股指集体下挫，贵金属价格暴跌，美元和美债利率反弹。 也正是这些呼吁美联储变革的呼声，促使美国财政部长贝森特支持沃什的任命。贝森特近年来也同样谴 责美联储"职能扩张"。 如今，获得提名的沃什有望执掌美联储，领导其改革，不过前提是参议院批准其任命。 彭博经济研究美国经济研究主任威尔克斯（DavidWilcox）对第一财经表示，不管最后是谁获得提名， 上任时都会面临外界的质疑，人们会认为他一定是承诺了会在美联储执行美国总统的指令，第一个也是 最重要的一个（承诺）就是不顾通胀后果极力推动大幅下调联邦基金利率。"新主席上任之初会面临一 个艰难的抉择：是否该努力重振市场信心，让市场相信他会遵循传统独立的政策决策路径？如果是的 话， ...

Group 1: UK-China Business Relations - UK Prime Minister Starmer emphasized the importance of ongoing people-to-people exchanges between the UK and China during a business reception in Shanghai, highlighting the presence of various British brands and cultural institutions [1] - The UK tourism sector plays a crucial role in enhancing cultural exchanges and shaping a positive image of the UK in the Chinese market, with an expected 650,000 Chinese tourists visiting the UK in 2024, generating approximately £1.2 billion in revenue [2] - The UK is actively seeking new economic growth points through strengthened cooperation with China, which is seen as essential for enhancing the UK's international competitiveness and opening new business opportunities [6] Group 2: Economic Cooperation and Investment - The UK and China signed multiple cooperation agreements in various sectors, including green energy, finance, and cultural creativity, during Starmer's visit, indicating a commitment to closer economic ties [5] - AstraZeneca announced plans to invest over 100 billion RMB in China by 2030, showcasing the potential for significant foreign investment in the Chinese market [5] - The Chinese government is considering implementing a unilateral visa exemption policy for UK citizens, which could facilitate travel and business exchanges between the two countries [3]

Group 1 - The article discusses the performance of various stock indices, highlighting the percentage changes in their values [2][5]. - The cumulative gains and losses of specific companies are presented, with notable increases for companies like Zhite New Materials at 234.08% and significant declines for companies like Tianpu Co. at -44.16% [4][6]. - The net inflow of capital into the market is reported at 180.43 billion [7]. Group 2 - The article includes a monthly report on A-shares, indicating overall market trends and specific stock performances [5]. - It lists companies with the highest cumulative gains and losses, providing insights into market volatility and investment opportunities [4][6]. - The performance of the ChiNext Index and other indices is summarized, reflecting the broader market sentiment [2].

Core Viewpoint - The adjustment of the VAT tax rate applicable to telecommunications services in China will impact the revenue and profits of the three major telecom operators, China Mobile, China Unicom, and China Telecom, starting from January 1, 2026 [1][2]. Group 1: Tax Rate Changes - The new regulation changes the applicable tax category for mobile data services, SMS, MMS, and internet broadband access from value-added telecommunications services (6% VAT) to basic telecommunications services (9% VAT) [1][2]. - The definition of basic telecommunications services has been expanded to include mobile data services, SMS, MMS, and internet broadband access, which were previously classified under value-added telecommunications services [2]. Group 2: Financial Implications - The increase in VAT from 6% to 9% for certain services may lead to higher costs for consumers, although the extent of this price increase will depend on consumer demand elasticity [2][3]. - The adjustment is expected to increase the tax burden on telecom companies, but given their state-owned status and market position, the impact is considered manageable [2]. - The adjustment in tax rates is anticipated to contribute to increased fiscal revenue, addressing the growing fiscal pressure faced by the government [3]. Group 3: Broader Economic Context - In 2025, the national general public budget revenue is projected to be 21,604.5 billion yuan, a decrease of 1.7% from the previous year, while government fund budget revenue is expected to decline by 7% [3].

Core Viewpoint - The recent volatility in gold prices has led to confusion among investors, with some considering stop-loss strategies while others see it as an opportunity to buy on dips [1] Group 1: Market Reaction - On January 30, international gold prices experienced a significant drop, with spot gold falling below $4,700 per ounce, and silver prices also plummeting, marking one of the largest daily fluctuations in history [1][2] - Major banks, including ICBC, CCB, BOC, and ABC, issued risk warnings and adjusted their precious metals business rules in response to the volatility [1][3] Group 2: Investor Sentiment - Investor sentiment has become polarized, with some opting to wait and see due to fears of increased volatility, while others view the price drop as a buying opportunity [7] - A notable increase in inquiries for physical gold has been observed, particularly after the price correction, as many investors consider it a "buying window" for long-term holding [5] Group 3: Institutional Responses - Banks have been adjusting their gold accumulation business rules, including raising minimum investment amounts and tightening risk assessment requirements for gold accumulation products [3] - Several banks have reduced interest rates on gold accumulation accounts to near zero, indicating a shift in the attractiveness of account-based gold products [6] Group 4: Future Outlook - Analysts suggest that the gold market may have entered a phase of high volatility, influenced by rapid price increases, high concentration of funds, and uncertainties surrounding U.S. monetary policy and geopolitical factors [7][8] - Despite short-term fluctuations, the long-term fundamentals supporting gold prices, such as central bank purchases and geopolitical risks, remain intact, with expectations that gold prices could reach $6,000 per ounce in the future [8]

直播电商行业快速发展，但也暴露出许多问题。2024年，全国市场监管部门受理的消费者投诉中，直播 带货投诉举报达40.2万件，同比增长19.3%。虚假宣传、质量缺陷、退换货困难等问题成为投诉热点。 2025年这方面还没有一个正式数据，但预计总量和增速仍不可小觑。 既有问题还在解决中，新问题又已经冒出来。比如，生成式人工智能的快速发展正在重塑网络视听内容 生产方式并延伸到直播电商领域。很多利用AI产生的电商直播推送目标更精准，甚至到了你"想什么"就 有什么的程度，其中鱼龙混杂、虚假欺骗性内容很多，让人防不胜防。 在前述市场监管总局的专题新闻发布会上，相关负责人表示，在过去一年的直播电商专项治理行动中， 市场监管部门持续加大执法力度，综合运用提级管辖、指定管辖、跨区域指挥调度等手段，组织查办了 一批重大典型案件，形成有力震慑。下一步，要加强制度建设，筑牢长效监管根基，积极推进对直播电 商领域的常态化监管。 既要解决既有问题，也要面对新的问题，加强常态化监管是重要途径。 日前，市场监管总局召开直播电商监管专题新闻发布会，发布了第五批直播电商领域典型案例，释放出 以常态化监管促行业发展的明确信号。 上述市场监管总局相关 ...

全球投资者对美联储政策预期急剧转变。 举足轻重的美联储迎来变革派。美国总统特朗普宣布提名凯文·沃什担任美联储主席当天（1月30日），美股指集 体下挫，贵金属价格暴跌，美元和美债利率反弹。 沃什的登场，引发全球投资者对美联储政策预期的急剧转变，多名知名经济学家表示，其提名也在引发各界对美 联储在美国这一全球最大经济体中扮演角色的全面重新评估。 鲍曼（MichelleBowman）是特朗普任命的另一位美联储官员，她去年成为负责金融监管的副主席。她公布了一项 计划，拟将位于华盛顿的美联储理事会的监管人员削减30%。 沃什曾任美联储理事，多年来一直批评美联储职能不断扩张，他认为这是政策制定者为了应对2008年金融危机和 疫情带来的冲击而扩大政策工具箱的结果。 也正是这些呼吁美联储变革的呼声，促使美国财政部长贝森特支持沃什的任命。贝森特近年来也同样谴责美联 储"职能扩张"。 如今，获得提名的沃什有望执掌美联储，领导其改革，不过前提是参议院批准其任命。 彭博经济研究美国经济研究主任威尔克斯（DavidWilcox）对第一财经表示，不管最后是谁获得提名，上任时都会 面临外界的质疑，人们会认为他一定是承诺了会在美联储执行美国 ...

Core Viewpoint - The industrial value added in China is expected to achieve a medium to high-speed growth rate of around 5% by 2026, supported by various initiatives aimed at upgrading traditional industries and promoting emerging sectors [1][2]. Group 1: Industrial Growth Targets - The Ministry of Industry and Information Technology (MIIT) has prioritized stabilizing industrial growth and fostering innovation as key tasks for 2026, emphasizing the need for a modern industrial system [1]. - In 2025, the industrial value added for large-scale industries grew by 5.9%, with manufacturing maintaining a stable share of GDP, indicating a strong foundation for future growth [2]. - Various provinces, including Zhejiang and Anhui, have set specific growth targets for industrial value added, aiming for increases of around 6% to 6.5% in 2026 [3]. Group 2: Major Projects and Investments - Shanghai plans to initiate 133 industrial projects in 2026, with a total investment of 110 billion yuan, focusing on large-scale projects to support the "14th Five-Year Plan" [4]. - Hebei is set to implement a "Project Construction Year" in 2026, emphasizing the completion of key projects and the development of emerging industries [3]. - The overall manufacturing investment is projected to improve in 2026, with expected growth rates between 3% and 5% due to new technologies and market demand [5]. Group 3: Emerging Industries and Future Development - The "14th Five-Year Plan" emphasizes building a modern industrial system and strengthening the real economy, with a focus on developing new industries and technologies [6]. - Various regions are actively promoting new growth points in sectors such as 6G, quantum technology, and biomanufacturing, aiming to enhance their industrial capabilities [8]. - The integration of technology and industry is expected to accelerate, with significant government support for artificial intelligence, advanced manufacturing, and future industries [8].

Core Viewpoint - The increase in the value-added tax (VAT) rate from 6% to 9% for certain telecom services will negatively impact the revenue and profits of China's three major telecom operators: China Mobile, China Unicom, and China Telecom [1][2]. Group 1: Tax Rate Changes - The new VAT regulations, effective from January 1, 2026, redefine the applicable tax categories for telecom services, shifting mobile data, SMS, and broadband services from the category of value-added telecom services (6% VAT) to basic telecom services (9% VAT) [2][3]. - The adjustment expands the definition of basic telecom services to include mobile data, SMS, and broadband services, which were previously classified under value-added services [3]. Group 2: Impact on Operators - The tax rate increase will lead to a higher tax burden for the three major operators, although their monopolistic position may help mitigate the overall impact [3]. - The potential for price increases in broadband and SMS services exists due to the higher VAT rate, but the extent of this will depend on consumer demand elasticity [4]. Group 3: Financial Context - Recent data indicates a decline in national public budget revenue by 1.7% in 2025, alongside a 7% decrease in government fund budget revenue, highlighting the need for increased tax revenue through such adjustments [5].

②黄仁勋：英伟达"绝对"会参与本轮对OpenAI的投资； ③消息称Waymo寻求160亿美元巨额融资，估值或近1100亿美元； ④微软Copilot测试新提醒功能，面向所有移动端用户。 腾讯"元宝派"公测上线，打造多人互动的AI社交空间；黄仁勋：英伟达"绝对"会参与本轮对OpenAI的 投资。 ①腾讯"元宝派"公测上线，打造多人互动的AI社交空间； ...