自2026年2月2日起，该基金将对AG2604、AG2605、AG2606、AG2608、AG2610、AG2612等白银期货 合约的估值，参考估值日北京时间下午3点国际主要市场价格，相对于前一日同期的波动幅度进行合理 重估，以使基金资产估值更能反映国际市场价格变动。 公司将综合参考各项相关影响因素并与基金托管人协商，自上述合约交易体现了活跃市场交易特征后， 恢复按结算价估值方法进行估值，届时不再另行公告。 2月2日晚间，国投瑞银基金发布公告称，经与基金托管人协商一致，决定对旗下国投白银LOF基金持有 的白银期货合约估值方法进行调整。 2月2日，场内交易的国投白银LOF复牌一字跌停，报4.722元/份。同日晚间，国投白银LOF公告显示， 该基金二级市场交易价格明显高于基金份额净值，出现较大幅度溢价。特此提示投资者关注二级市场交 易价格溢价风险，投资者如果盲目投资于高溢价率的基金份额，可能面临重大损失。为保护投资者利 益，该基金将于2月3日开市起至当日10:30 停牌，自2月3日10:30复牌。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 此前，国投白银LOF持仓估值主要取决于交易所挂牌交易的 ...

上周，美国总统特朗普就美元有关问题作出回应，被市场视为"对外释放容忍美元贬值"。其言论看似是 对短期汇率波动的轻描淡写，实则反映出美国政府对美元国际价值的态度发生转变。美国"唱衰"美元， 不仅会直接加剧美元长期跌势，影响全球资本流向，也牵动着全球金融体系传导机制的重塑。 责任编辑：栎树 有分析认为，在美联储独立性受疑、关税举措不确定、财政赤字高企、全球去美元化趋势暗流涌动等背 景下，这种表态不啻为对美元结构性弱势的政策确认，"尽管风险资产表现良好，但美元可能承压"。此 番发言后，衡量美元对6种主要货币的美元指数加速下跌至交易日低点95.566，创下自2022年2月以来的 新低。 本届美国政府释放容忍美元贬值的信号，其短期内提升美国出口竞争力的意图十分明显，这也符合特朗 普一贯的"美国优先"经济逻辑。然而，美元作为全球储备货币，在享受交易与结算便利的同时，也需要 维系各方对美元价值长期的基本信任。容忍美元贬值的策略会进一步削弱美元国际地位。当国际储备货 币的发行国政府明确表露出对货币价值漠不关心，甚至乐于见到其贬值时，国际持有者的信心势必遭受 根本性动摇。这可能导致全球官方与私人投资者重新评估其资产配置中的美元 ...

Core Insights - The new national standard for electric bicycles has been fully implemented, with 33 models from 17 leading brands showcased at a promotional event, indicating a shift towards compliance and safety in the industry [1][2] - The electric bicycle market is experiencing significant growth, with 165 million new standard models already released and an expected production of 7.55 million units by the end of Q1 2025, reflecting a robust supply capability [2] - Safety and compliance are emphasized as fundamental for the survival and development of electric bicycle companies, with stricter technical requirements introduced in the new standard [3] Group 1: Market Overview - The event featured a variety of new models that cater to diverse consumer needs, showcasing brands like Yadea, Aima, and Niu [1] - The electric bicycle has become an essential tool for daily commuting, with a projected production of 54.9 million units by 2025, representing a 29% year-on-year increase [2] - The industry is expected to see a peak in new model launches in March, as more companies aim to capture market share [2] Group 2: Compliance and Safety - The new national standard imposes stricter requirements on fire resistance, plastic composition, anti-tampering, and braking performance, marking a transition to high-quality development in the industry [3] - A public commitment was made by 20 key electric bicycle companies to resist non-compliance, emphasizing integrity and adherence to standards [3] - The Ministry of Industry and Information Technology stresses the importance of quality and safety as a lifeline for companies, aiming to prevent the circulation of non-compliant vehicles [3]

Group 1 - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023-2035)" [1] - On February 2, the expected cross-regional personnel flow is 187.91 million trips, an increase of 13% compared to the same period in 2025 [2] - The Ministry of Commerce and nine other departments issued the "2026 'Buy New Spring' Special Activity Plan," encouraging localities to increase subsidies for replacing old consumer goods during the Spring Festival and enhance support for offline retail [2] - Tsinghua University's Integrated Circuit Institute, in collaboration with Peking University and other institutions, developed the world's first large-scale flexible digital computing chip "FLEXI," achieving a breakthrough in flexible electronics and edge AI hardware [2] - The State Administration for Market Regulation, along with ten departments, released the "Low-altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas: low-altitude aircraft, infrastructure, air traffic management, safety supervision, and application scenarios [2] - China Huaneng announced that the first batch of wind turbines for the 300,000 kW wind power project in Aheqi County, the highest altitude wind power project in Northwest China, has successfully connected to the grid [2] - The Shanghai Gold Exchange adjusted the margin levels and price fluctuation limits for silver futures contracts due to significant price volatility [2] Group 2 - In January, the national price index for "vegetable basket" products remained stable, with vegetable prices showing a slight decrease month-on-month [3] - On February 2, the South Korean stock market experienced a sharp decline, with the KOSPI index dropping over 5%, triggering a trading halt for five minutes [3] - On February 2, international oil prices fell significantly, with NYMEX light crude oil futures dropping below $63 per barrel and Brent crude oil futures falling below $67 per barrel, both down over 3% [3] - February 2 is World Wetlands Day; China has been strengthening wetland ecological protection and restoration, with its wetland area ranking first in Asia and fourth in the world [3] - The National Healthcare Security Administration announced that in 2026, it will continue to increase the intensity of flying inspections, covering all provinces and various stakeholders in health insurance [3] - On February 2, China Eastern Airlines' domestically produced C919 aircraft began regular commercial flights from Shanghai Hongqiao to Zhuhai, with a total of 14 C919 aircraft operating 18 routes [3]

实施扩大内需战略是保持我国经济长期持续健康发展的需要，促进消费是扩大内需的重要方面。"十五 五"规划建议对"建设强大国内市场"作出重要部署，要求"坚持扩大内需这个战略基点，坚持惠民生和促 消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、 供给和需求良性互动"。如何坚持投资于人，更好推动消费扩容提质，是落实扩大内需战略、畅通国内 大循环的一个重要课题。 二是加大教育培训力度。重点是推动新增劳动力供给与经济发展需求相匹配。要适应新一轮科技革命和 产业变革趋势，加强在岗人员教育培训，健全终身职业技能培训制度，增强现代化产业体系就业协同 性。完善重点群体就业支持体系，加强求职就业、技能培训等服务，拓宽劳动者就业增收空间。 三是优化公共消费支出。增加教育、医疗、养老、托育等方面的公共消费支出，提升民生领域公共服务 质量。顺应居民日益增长的绿色、健康、休闲等消费需求，增加公共卫生、文化、体育、公园等方面的 公共消费性投资。加强消费制度环境建设，完善提振消费的体制机制，为消费者提供安全放心的消费环 境。 四是适度增加消费者闲暇时间。引导全社会正确认识休假的重要性，更好落实带薪休假等 ...

Core Insights - Artificial intelligence (AI) is a disruptive technology of the 21st century, influencing economic and social development at an unprecedented pace, creating new opportunities while posing challenges to labor skills, corporate structures, and social security systems [1][2] Group 1: Impact on Employment - AI has dual effects on employment: it creates new jobs while also replacing existing ones, particularly in standardized and procedural tasks such as customer service and data entry [2][3] - The demand for composite skills is increasing, with a focus on algorithm application, data processing, and human-machine collaboration, even in traditional roles [3] - The labor market is experiencing new characteristics, with stable demand for high-end technical positions and low-skill service jobs, while middle-tier conventional roles are being squeezed [3][4] Group 2: Current Stage of AI Impact - The current phase of AI's impact on the labor market in China is characterized by visible replacement effects, emerging job creation, and structural adjustments [4][5] - Industries with strong digital foundations, such as finance and manufacturing, are the first to feel the impact, while sectors like healthcare rely more on AI as an auxiliary tool [4][5] Group 3: Long-term Observations and Recommendations - The long-term effects of AI on employment require careful observation, as the dynamic relationship between replacement and creation effects is still unclear [3][4] - A comprehensive policy framework is recommended to monitor and evaluate AI's impact on employment, optimize talent training systems, and enhance employment services and rights protection [5][6] - Workers are encouraged to adopt a mindset of lifelong learning and adaptability, focusing on developing skills that AI cannot easily replicate, such as creative thinking and emotional communication [6]

Core Viewpoint - The India-EU Free Trade Agreement (FTA) has been reached, covering 25% of global GDP and one-third of global trade, with expectations of doubling bilateral trade in the next five years [1] Group 1: Trade Agreement Details - The FTA will significantly reduce tariffs on over 90% of goods from both sides, with the EU eliminating tariffs on 99.5% of Indian exports over seven years, while India will lower tariffs on nearly 97% of EU goods [2] - Notable tariff reductions include India's automotive tariffs decreasing from 110% to 10%, and a quota of 250,000 EU cars per year being allowed [2] - Other significant tariff reductions include wine tariffs dropping from 150% to 75% and eventually to around 20%, olive oil tariffs decreasing from 45% to zero over five years, and substantial cuts in machinery, chemicals, and pharmaceuticals tariffs [2] Group 2: Sensitive Sectors and Non-Tariff Barriers - Agricultural products such as soybeans, beef, sugar, rice, and dairy are excluded from the agreement due to high domestic protection in India [3] - The FTA also addresses service trade and personnel movement, aiming to reduce non-tariff barriers through simplified customs procedures and regulatory cooperation [3] Group 3: Economic Implications - The agreement is expected to benefit labor-intensive sectors in India, such as seafood, textiles, and jewelry, while the EU automotive and wine industries will expand in the Indian market [3] - The EU estimates that the agreement could save up to €4 billion in tariffs annually and double EU exports to India by 2032 [3] Group 4: Geopolitical Context - The FTA's conclusion is influenced by the current global trade tensions, particularly the high tariffs imposed by the US on both India and the EU, prompting both parties to seek diversification in trade relationships [4] - The agreement reflects a strategic move by India and the EU to enhance economic security and autonomy in response to US economic policies, signaling support for a resilient global multilateral system [4] - The FTA still requires approval from EU member states, the European Parliament, and the Indian Parliament before it can take effect, which may take several months [4]

中国人民银行近日发布的2025年四季度金融机构贷款投向统计报告显示，我国普惠小微贷款增长较快。 2025年四季度末，人民币普惠小微贷款余额36.57万亿元，同比增长11.1%，增速比各项贷款高4.7个百 分点，全年增加3.63万亿元。 "2025年普惠小微贷款保持较快增长，一方面得益于货币政策实施适度宽松的基调，中国人民银行综合 运用多种货币政策工具，保持流动性充裕，促进信贷合理增长。"国家金融与发展实验室副主任曾刚表 示，市场需求的持续增长和银行业"量增、价降、面扩"的服务策略共同推动了普惠小微贷款规模的稳步 扩张。 小微企业是普惠金融的重要客群，瞄准这类客群提供普惠小微贷款，有利于推进普惠金融高质量发展。 上海金融与法律研究院研究员杨海平表示，支持小微企业发展是保就业和民生的重要举措，是稳增长的 关键环节。因而，金融服务小微企业是金融领域供给侧结构性改革的重要内容。 "十五五"规划建议提出，发展壮大民营经济。近年来，中国人民银行持续加强对民营企业的金融支持， 民营企业融资规模稳步扩大。中国人民银行决定增加支农支小再贷款额度5000亿元，将支农支小再贷款 额度与再贴现额度打通使用。在支农支小再贷款项下设立民 ...

健全海外综合服务体系需围绕"全链条、精准化、可持续"三大方向重点发力。强化平台功能升级，推动 服务模式转型，构建多层次协同机制。 再次，构建多层次协同机制。国家层面通过加快推进区域和双边贸易投资协定进程，为企业营造稳定预 期；市场机构应提升专业服务能力，如律师事务所需加强国际争议解决能力，会计师事务所需拓展跨境 审计业务，企业自身则需将合规治理作为核心竞争力，通过本地化经营、社会责任履行，融入东道国发 展生态。 中国对外投资管理从"单点突破"迈向"系统赋能"的新阶段。2025年10月，商务部等5部门联合印发的 《关于进一步完善海外综合服务体系的指导意见》（以下简称《指导意见》）首次构建了全链条政策框 架。《指导意见》从6个方面提出16项具体举措，引导对外投资合作健康安全有序发展，为出海企业参 与国际合作与竞争、维护企业海外正当权益提供了有力支撑。目前，商务部正会同有关部门以"国家平 台+地方港+海外站+专业机构"为工作重点，加快打造央地联动、区域协同、资源集聚、内外贯通的立 体化、全链条海外综合服务生态。 海外综合服务体系的完善，不仅有利于更好实现出海服务资源优质供给和高效匹配，更为深化产业链供 应链国际合作 ...

2026年2月1日起，中国人民银行等3部门制定的《人民币现金收付及服务规定》正式实施。针对近年来 社会上频发的拒收现金现象，新规直击痛点，明确收费单位、经营主体不得对现金支付采取歧视性措 施，同时要求银行业金融机构采取措施以提高现金服务质量。这既维护了人民币法定货币地位，又有助 于满足社会公众多样化支付服务需求，构建多元支付方式共同发展下的现金便利流通环境。 近年来，随着数字经济的快速发展，我国移动支付等非现金支付方式以其便捷高效的优势快速涌入并占 据支付交易市场。非现金支付更便利了，现金支付却变难了。部分消费者在餐饮、零售等商户消费时被 拒收人民币现金的事件在各地时有发生，这既损害了人民币的法定地位，更损害了广大消费者对支付方 式的自主选择权，引起广泛关注。 我国幅员辽阔、人口众多、地域差异大、城乡发展不平衡，消费者支付需求多种多样，现金支付习惯和 偏好仍然广泛存在，尤其是一部分老年人难以适应电子支付方式。中国人民银行此前组织的抽样调查显 示，老年人中经常使用现金的人数占比超过75%。其中，县域老年人经常使用现金人数占比为80.4%， 城市地区老年人经常使用现金人数占比为67.6%。此外，批发零售等行业的小 ...