1月车市降价幅度达到14.9%。 值得注意的是，这一波降价潮中，市场呈现出"油电同降"的现象。2026年1月共有17款新车降价，较同期增加9款。其中燃油车10款，较同期增加5款；增 程式混合动力1款，较同期多1款；纯电动车型6款，较同期增加3款。 乘联分会秘书长崔东树提供的最新数据显示，2026年1月份，总体乘用车市场中，新车降价车型均价24.8万元，降价力度算术平均达到3.7万元。细分来 看，新能源车降价车型的均价为25.3万元，平均降价3.8万元，降幅为14.8%；常规燃油车降价车型均价为23.8万元，平均降价3.6万元，降幅达到15%。 从降价幅度来看，当月国内乘用车新车降价车型的总体降幅高达14.9%，环比上升2.5个百分点，同比上升0.4个百分点。 1月份，无论是降价绝对金额还是降幅比例，2026年1月的数据均较2025年全年平均水平（降幅10.5%）有明显提升。 第一财经注意到，1月份的新能源车型降价幅度超过了过去6年（2020~2025）的年度平均水平。过往6年中，即使是在降价力度最高的2022年，年度平均 降价幅度也只有13.8%。 | | 乘用车新车降价的综 | 2020年 | 2021年 ...

现阶段我国居民消费市场呈现出结构升级与驱动乏力并存的鲜明阶段性特征。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）明确重提"居民消费率明显提 高"，该表述清晰传递出未来五年我国着力提振居民消费、释放消费潜力的核心政策导向，为消费市场高质量发展划定 核心主线。相较于笼统表述或者具体量化目标，本次目标设定更具科学性与务实性——既充分兼顾我国经济转型升级 阶段的客观实际，避免设定过高过急的发展任务；又保留充足的任务约束性，倒逼各项促消费政策落地见效、形成协 同发力格局。 当前，我国居民消费提振正处于历史性关键转折期，消费增长驱动模式正逐步脱离以往依赖国补、消费券等短期刺激 性政策拉动的传统路径，转向培育收入支撑、消费意愿、场景供给等内生动力的长效发展模式。这一转型的核心是通 过分配端改革，破解居民"不敢花、不愿花、没钱花"的深层制约，最终实现居民消费从"被动响应"向"主动参与"、 从"不敢花"向"放心花、愿意花"的根本性跨越。 居民消费率由居民平均消费倾向（居民消费支出占可支配收入的比重）与居民可支配收入占GDP比重两大核心维度共 同决定，两大维度相互关联、互为支撑、缺一不可——前者 ...

Core Insights - The 2026 Winter Olympics in Milan and Cortina is showcasing an increasing presence of Chinese technology products, positioning it as a "golden window" for Chinese manufacturing to demonstrate its technological strength globally [1] - Chinese brands, including TCL, Alibaba, and Anta, are actively participating as sponsors, reflecting their competitive strength and aggressive marketing strategies in the global market [1] Group 1: Chinese Technology Empowerment - TCL has joined the ranks of global partners for the Winter Olympics, integrating its technology and products into the event's operations and user experience [3] - The "Snow Velvet Wonderland" exhibition by TCL at Milan's central train station features innovative products like TVs, air conditioners, and AR/AI glasses, showcasing future technology [3][4] - TCL's "Olympic Screen Universe" initiative includes providing hundreds of large-screen TVs and digital signage for broadcasting, enhancing the viewing experience for athletes and spectators [4] Group 2: AI and Smart Solutions - The Winter Olympics is noted as the "smartest" in history, with Alibaba's AI model enhancing operational efficiency for national Olympic committees across 11 countries [5] - AI technology is also being utilized for high-precision reconstruction of snowy scenes during broadcasts, improving the clarity of fast-paced sports action [5] Group 3: Sports Marketing and Brand Promotion - TCL has signed Chinese freestyle skier Gu Ailing as its global brand ambassador and is sponsoring top athletes, leveraging the Olympics to promote its brand [6] - Other Chinese brands, such as Changhong and Midea, are also increasing their presence in winter sports marketing, with Changhong partnering with the International Ski Federation [7] - Chinese apparel brands are gaining visibility, with teams from various countries wearing outfits from brands like Li Ning and Anta during the opening ceremony [8] Group 4: Athlete Endorsements - Sports stars are becoming popular choices for brand endorsements, with Gu Ailing securing numerous deals post-2022 Beijing Olympics, highlighting the effectiveness of athlete endorsements over entertainment figures [9] - The marketing strategies of Chinese brands are evolving, with a need for more creativity and storytelling in their campaigns to enhance global appeal [9]

被市场称为虚拟货币领域"史上最严"的监管新规近日正式落地。 2月6日，央行联合八部门发布《关于进一步防范和处置虚拟货币等相关风险的通知》（下称《通 知》），再次重申虚拟货币相关业务活动属于非法金融活动，并首次明确任何单位和个人不得在境外发 行挂钩人民币的稳定币。 与此同时，证监会同步发布具有实操意义的附件《关于境内资产境外发行资产支持证券代币的监管指 引》（下称《指引》），首次正面定义现实世界资产（RWA）代币化，并确立"境内严禁、境外严 管"的监管原则。 八部门协同发力联合绞杀非法金融活动，由此形成了对虚拟货币全链条的严格管控。 在此次新规对境内主体赴境外开展虚拟货币业务实施严监管、明确境外发币红线的背景下，北京大成律 师事务所高级合伙人肖飒认为，从现实落地的角度，内地重申加密资产监管态度，意味着内地大型企业 会继续审慎，科技巨头未来可能不会继续申请稳定币牌照。 不过肖飒也提出，从制度看，内地企业的海外控股公司不能发行虚拟货币，但合作公司是否可以参与发 行稳定币，值得探讨，并未被完全封死机会。同时，虽然不能直接发币，但不意味着海外控股公司不能 参与WEB3.0的基础设施建设和科技赋能服务。 从香港稳定币牌照 ...

Core Viewpoint - Central state-owned enterprises (SOEs) are increasingly focusing on effective investment to stabilize economic growth and enhance development momentum, with specific targets and measures being established for investment expansion [1][2]. Group 1: Investment Policies and Measures - The State Council, led by Premier Li Qiang, has emphasized the importance of effective investment policies, particularly in infrastructure, urban renewal, public services, and emerging industries, to support long-term development and competitive advantages [1]. - The National Development and Reform Commission (NDRC) has organized the early release of a list of key projects and central budget investment plans for 2026, with a funding scale of approximately 295 billion yuan [6][7]. - The government is focusing on enhancing investment efficiency and promoting both physical and human capital, with a significant portion of projects directly benefiting people [7][8]. Group 2: Role of Central SOEs - Central SOEs are recognized as a crucial force in stabilizing investment, with recent meetings highlighting the need for increased investment in key areas to support national economic goals [2][3]. - The National Grid plans to invest 4 trillion yuan in fixed assets during the 14th Five-Year Plan period, marking a 40% increase compared to the previous plan [2]. - The average annual growth rate of investment in emerging industries by central SOEs has exceeded 20% during the 14th Five-Year Plan, with a projected investment of 2.5 trillion yuan in strategic emerging industries by 2025 [3]. Group 3: Emerging Industries and Future Investments - The establishment of a special fund for strategic emerging industries, initiated by the State-owned Assets Supervision and Administration Commission (SASAC), aims to support sectors such as artificial intelligence, aerospace, and quantum technology, with an initial scale of 51 billion yuan [4]. - Central SOEs are expected to optimize the layout of state-owned economies by accelerating the transformation of traditional industries while increasing investments in emerging sectors like commercial aerospace and renewable energy [3][5]. - The National Investment Fund has focused on strategic emerging industries, with cumulative investments exceeding 200 billion yuan, indicating a strong commitment to future-oriented sectors [3].

特朗普政府提名沃什出任美联储主席，仅是本轮贵金属价格下跌的催化剂。 确认下一任美联储主席人选是美国总统特朗普第二任期内最重要的人事安排之一。1月30日，特朗普宣 布提名凯文·沃什出任美联储主席，提名消息引发金融市场震荡，贵金属价格出现急跌。那么，如何看 待沃什的政策主张，及其对贵金属价格的影响？本文拟就此展开分析。 按照程序，美联储主席提名需要经过参议院确认。尽管针对鲍威尔的刑事调查一事可能导致提名确认过 程一波三折，但提名最终获得确认仍是大概率事件，沃什最早在今年6月份议息会议之前上任，其政策 立场是全球关注焦点。 沃什过去的货币政策立场以鹰派著称，2017年因其鹰派立场和资历尚浅，在特朗普第一任期不敌鲍威 尔，错失美联储主席提名机会。不过，近年来尤其是在本轮美联储主席遴选过程中，沃什与特朗普的政 策立场逐渐趋同，屡次批评美联储拒绝降息，并指责美联储过度依赖数据、滥用资产负债表、存在职能 蔓延等问题。 结合近年来沃什的公开表态，可以将其政策主张归纳为以下三个方面。 第一，支持美联储降息。在公布美联储主席提名之前，特朗普曾在媒体采访中表示，将快速降息视为挑 选美联储主席的"试金石"。因此，包括沃什在内的四位候 ...

当前伊朗通货膨胀压力超过伊斯兰革命和两伊战争期间 基础不牢，地动山摇；经济凋敝、民生困苦是伊朗内部动荡和外部被动的直接根源；在不少方面，目前伊朗的经济民生压力已经 超过了伊斯兰革命推翻巴列维王朝和两伊战争两大动荡时期，突出体现在通货膨胀问题上。而且，今天的伊朗政府要应对、解决 通货膨胀等经济民生问题也面临重重障碍，不仅目前国内外经济基本面决定了伊朗政府严重缺乏扭转高通胀和货币贬值的手段， 而且面临比伊斯兰革命和两伊战争期间严重得多的外部制裁。至于今天这样随时可能遭遇超级大国军事打击助推内部动荡的风 险，更是伊斯兰革命和两伊战争期间所没有的。 经济、气候等基本面决定了即使没有外部军事威胁，伊朗目前的经济民生危机也将进一步恶化。 从2025年12月28日爆发的动乱迅速席卷全国，到今天的美以军事打击威胁咄咄逼人，内忧外患交织，伊朗伊斯兰共和国政权已经 走到了生死存亡的深渊边缘。经济、气候等基本面决定了即使没有外部军事威胁，伊朗目前的经济民生危机也将进一步恶化。在 长久经济困难、极端旱灾、意识形态坍塌、统治体系裂痕、战争失败五重危机冲击叠加之下，政治、军事颠覆性系统性风险已非 不可想象。 两伊战争1980年9月20日 ...

有投资者3年前卖房买入百万黄金。 近日，黄金市场的剧烈波动，持续牵动着每一位投资者的神经。伦敦金现在1月底触及阶段性高点后出 现大幅回调，随后转入持续震荡。 在这轮罕见的大起大落中，市场参与者的行动也呈现出显著的分化：一边是部分机构与个人果断高位套 现，另一边是仍有大量投资者紧握黄金资产坚定看涨。 当波动渐成常态，投资者的心态正经历怎样的变化？面对日益复杂且情绪化的黄金市场，他们如何形成 认知、作出决策，并承担随之而来的结果？第一财经记者深度对话了多位投入重金的投资者，记录下他 们的真实轨迹与心路历程。 套现、坚守、深陷 近期，金价如坐"过山车"。伦敦金现自1月29日触及每盎司5598美元的阶段性高点后，接连遭遇重挫， 次日暴跌9.25%，2月2日再跌4.52%，一度下探至4402美元，近期则在5000美元关口下方起伏不定。将 时间线拉长，这场波动显得更为汹涌。自2025年8月以来，金价累计涨幅已逼近50%。剧烈震荡之中， 有人选择落袋为安，有人选择坚守，也有人被套牢在波峰。 在浙江从事资管行业的阿诚（化名），去年末至今年初悄然调整了他的仓位：陆续减持了黄金积存金、 白银以及有色金属ETF。但保留了部分实物金 ...

Group 1 - The core viewpoint of the articles indicates that the recent strength in A-share bank stocks is driven by a combination of fundamental improvements and capital inflows, with a notable performance from regional banks [1][4][9] - The banking sector has shown resilience with expectations of revenue and net profit growth gradually recovering in 2026, supported by a stable net interest margin and improved asset quality [1][4][9] - The performance of city commercial banks has outpaced that of larger banks, with significant stock price increases observed in banks like Xiamen Bank and Qingdao Bank, which have shown year-on-year gains of 40.36% and 35.29% respectively [2][3][4] Group 2 - The recent data shows that the banking sector has attracted approximately 22.49 billion yuan in net capital inflows, particularly into smaller banks, indicating a shift in investor preference towards stable cash flows and lower valuations [7][9] - The average price-to-earnings ratio for the banking sector is currently at 6.1 times, with a price-to-book ratio of about 0.52 times, suggesting that valuations are at historical lows and making the sector attractive for long-term investors [7][9] - Analysts believe that the banking sector is entering a new growth cycle in 2026, with expectations of a recovery in earnings and a potential increase in loan growth, which could further enhance the attractiveness of bank stocks [8][9]

专家认为，从更根本的能力构建而言，当前亟须从过往的被动应急响应机制转向构建前瞻性的主动防御 网络。 未来五年里，在扩大高水平开放过程中，如何有效识别和管理跨境输入性传染病风险，将成为中国传染 病防控的重点议题。 近日召开的2026年全国疾病预防控制工作会议称，"十五五"期间，要在高水平对外开放中发挥好支撑保 障作用，完善输入性传染病防控策略，筑牢口岸疫情防控屏障。 这一前瞻性部署并非无的放矢。近年来，从基孔肯雅热等蚊媒传染病到尼帕病毒病等新发传染病，它们 在多国发生、传播并多次通过国际旅行者输入到非流行国家和地区。 中国作为世界上人员跨境流动规模较大的国家之一，2025年，全国移民管理机构共查验出入境人员6.97 亿人次，同比上升14.2%，创历史新高。随着短期免签等出入境便利化政策持续扩展，中国国际入境人 口数量明显回升，入境人群构成更加多元、流动路径愈发复杂，这在客观上增加了输入性公共卫生事件 发生的概率和不确定性。 近日，第一财经对话了北京大学博雅特聘教授、公众健康与重大疫情防控战略研究中心主任李立明和昆 山杜克大学全球健康研究中心联合主任、教授徐福洁。他们一致认为，尽管中国在口岸防控、国内应急 能力建 ...