受国际金价波动影响，今年开年以来，多家股份制商业银行、外资银行推出了黄金相关存款产品，即黄 金挂钩结构性存款，备受市场关注。与此同时，部分上市公司近期披露的公告显示，已购买黄金挂钩结 构性存款，将其纳入公司的资产配置范畴。 看懂"黄金+存款"产品，需要厘清三个逻辑。 首先，从产品属性看，"黄金+存款"产品的本质依然是存款，只不过是一种结构性存款。既然是存款， 其本金就有保障，受我国存款保险制度保护，这也是结构性存款与结构性理财的最大不同之处，后者目 前已打破刚性兑付，既不保本也不保息，投资者存在损失本金的潜在可能。 再次，从收益水平看，结构性存款具有两档或三档预计到期利率，收益具有较大弹性。面对多档收益， 投资者要仔细阅读产品说明书，先弄清楚收益规则，再决定是否购买。例如，某黄金挂钩存款产品的最 低收益率为1.65%，中间收益率为2.17%，最高收益率为2.37%。实际上，该产品还同时设置了一个黄金 价格的波动区间，当黄金价格上涨且突破该区间上限，到期利率为2.37%；当黄金价格处于该波动区间 内，到期收益率为2.17%；同理，当黄金价格下跌且突破该区间下限，到期收益率为1.65%。 面对结构性存款产品，投资 ...

Core Viewpoint - The multi-crystalline silicon futures market in China is experiencing significant fluctuations, reflecting the challenges faced by the photovoltaic industry in overcoming overcapacity and achieving high-quality development as it approaches its one-year anniversary [1] Industry Dynamics - Multi-crystalline silicon is a core raw material for the photovoltaic industry, and its supply-demand changes serve as a "barometer" for industry prosperity [1] - The photovoltaic industry is facing a "winter" in 2025 due to multiple internal and external factors, including increased trade barriers and stricter carbon footprint certifications [1] - The Chinese government is shifting its focus from price competition to technology and quality competition, which will increase export costs in the short term but is expected to eliminate outdated production capacity in the long run [1] Competitive Landscape - Internal competition remains intense, leading to imbalances in supply and demand, which puts pressure on the entire industry [2] - The government's "anti-involution" policy aims to address disorderly competition, with increasing calls for optimizing industry development and promoting capacity clearance [2] - The National Market Supervision Administration has engaged with industry associations and companies to enhance understanding of the "anti-involution" initiative [2] Market Reactions - The multi-crystalline silicon futures contract reached a peak of 62,200 yuan/ton in December 2025, while the spot market price hovered around 52,000 yuan/ton, indicating a significant market response to expectations of supply-side structural reforms and policy support [4] - The futures market has seen a 200% increase in warehouse receipts, indicating a strong market response and the establishment of a more robust trading environment [5] Regulatory Environment - The futures exchange has implemented regulatory measures against excessive trading and has increased oversight to ensure market stability [4] - The introduction of multi-crystalline silicon futures has provided a financial tool for companies to hedge against price volatility, marking a shift from traditional pricing models [8] Financial Implications - The participation of listed companies in hedging activities has increased, with significant investments planned for risk management [8] - The futures market is expected to enhance market transparency and allow companies to better manage pricing risks, thus improving operational stability [9] Future Outlook - The photovoltaic industry is anticipated to enter a critical phase of integration and capacity clearance in 2026, transitioning from quantity accumulation to quality improvement [10] - The development of a mature and rational financial derivatives market is essential for the Chinese photovoltaic industry to gain pricing power on a global scale [10]

Group 1 - The Qingdao Free Trade Zone has strategically planned the development of the life and health industry, achieving significant progress with 69 projects and the establishment of 5 provincial-level research institutions [1] - The industry has attracted over 3,700 talents and has been recognized for its potential in gene technology, with the gene technology industry cluster included in Shandong Province's future industry clusters [1] - The global first immune anti-tumor marine polysaccharide new drug BG136 is expected to release its phase II clinical report in March, showcasing the collaborative innovation efforts of various research institutions [1] Group 2 - The Qingdao Free Trade Zone has made breakthroughs in multiple cutting-edge technology fields, with over 100 invention patents authorized and more than 200 PCT international invention patents authorized [1] - Three leading enterprises, Guoxin Pharmaceutical, BGI, and Qingyuan, have established operations in the zone, which has developed a 288,000 square meter facility for the life and health industry [1] - The zone aims to introduce 18 new projects related to exosomes and cell transformation applications by 2025, indicating a doubling of project numbers within two years [1][2]

2025年中央经济工作会议提出，推动共建"一带一路"高质量发展。这是统筹把握国内国际两个大局作出 的重要部署，是"十五五"开局之年扩大高水平对外开放的关键路径，将进一步促进全球开放合作，为世 界提供互利共赢新机遇。 迈入发展新阶段 "高质量共建'一带一路'已成为中国为国际社会提供的重要公共产品，成为各国携手走向现代化和人类 通向美好未来的希望之路。"商务部国际贸易经济合作研究院研究员彭波说。 顺应变局育新机 当前，世界进入新的动荡变革期，单边主义与保护主义上升，局部冲突频发，共建"一带一路"面临的外 部环境依然严峻复杂。与此同时，"全球南方"国家的群体性崛起，对工业化、现代化与民生改善的普遍 追求，为共建"一带一路"合作提供了广阔的市场空间。 面对新形势、新挑战，中央经济工作会议再次强调推动共建"一带一路"高质量发展，彰显出在变局中保 持战略定力、于挑战中开拓新局的深远意图。 "推动共建'一带一路'高质量发展，是对国际社会普遍期待的积极回应，体现了中国推动高水平对外开 放的坚定决心与战略定力。"万喆认为，这一部署旨在推动对外开放向制度型开放深度转型，通过更加 主动对接国际高标准经贸规则，更深入地参与全球治理体 ...

2026年开年以来，上海、辽宁、湖北等多地密集召开会议，聚焦发展新质生产力、壮大经营主体、优化 营商环境等关键领域，立足区域禀赋的差异化，展开系统谋划，为"十五五"开局之年竞相鸣枪。专家表 示，"新年第一会"是观察区域经济发展走向和政策重心的窗口，今年各地的会议更早、更实、求稳、求 新，彰显追求高质量发展的决心，预示着中国经济社会发展将在攻坚克难中不断开辟新境界。 实处着力 国家发展改革委宏观经济研究院研究员张林山表示，各地围绕最重要、最现实、最紧迫的战略任务，建 立强有力的推进机制，是凝聚社会信心的"动员号令"。通过高规格、早部署的会议，向市场和社会传递 了清晰、稳定的政策预期和发展导向，有助于凝聚各方力量，提振发展信心，营造"拼经济、促发展"的 浓厚氛围。 锚定重点 新年伊始，各地纷纷锚定中央精神，确定重点任务，发展新质生产力、壮大经营主体、优化营商环境、 高水平开放等成为核心议题。 福建围绕破除市场壁垒、解决拖欠企业账款问题等五大着力点综合施策，进一步优化营商环境；辽宁从 经营主体全生命周期服务、政策环境、市场环境等六大维度推出34项具体措施，从"企业找政策"变 为"政策找企业"，推动"直达快享、免申即 ...

中国人民银行15日发布的金融统计数据显示，2025年全年社会融资规模增量累计为35.6万亿元，比2024 年多3.34万亿元；2025年12月末，人民币贷款余额271.91万亿元，同比增长6.4%；2025年全年人民币新 增贷款16.27万亿元……一系列数据体现出，2025年金融总量较快增长，社会综合融资成本进一步降 低，金融结构不断优化，金融市场平稳运行。 "2025年，人民银行实施适度宽松的货币政策，在货币金融环境已经较为宽松的状态下，在存量政策接 续发挥作用的基础上，5月份又宣布实施了一揽子金融支持举措，巩固经济回升向好势头。从全年数据 看，货币金融政策支持实体经济的效果明显。"中国人民银行副行长邹澜在15日举办的国新办新闻发布 会上表示，中央经济工作会议明确，2026年要继续实施适度宽松的货币政策，人民银行将加大逆周期和 跨周期调节力度，有效支持"十五五"开好局、起好步。 邹澜透露，根据当前经济金融形势需要，人民银行将先行推出两方面政策措施。一方面，下调各类结构 性货币政策工具利率0.25个百分点，各类再贷款一年期利率从目前的1.5%下调到1.25%，其他期限档次 利率同步调整，提高银行重点领域信贷投 ...

Core Insights - The article emphasizes the importance of boosting consumption and expanding the supply of quality consumer goods and services as part of China's 14th Five-Year Plan and the 2026 economic work priorities [1][2]. Group 1: Consumption Boosting Strategies - The Ministry of Commerce aims to maintain steady growth in the consumer market, with a projected retail sales total exceeding 50 trillion yuan for the year, reflecting a 4.0% increase in the first 11 months [1][2]. - The focus will be on three key areas: fostering new growth points in service consumption, optimizing the implementation of the old-for-new policy for consumer goods, and stimulating consumption in lower-tier markets [2][3]. Group 2: Service Consumption Growth - The Ministry identifies several fast-growing service consumption sectors, including transportation, housekeeping, and online entertainment, and plans to support these areas through policy improvements and promotional activities [2]. - Events like "Service Consumption Season" and "Chinese Food Festival" will be organized to enhance local service consumption brands [2]. Group 3: Trade Innovation and Development - The Ministry plans to enhance trade through three pillars: goods trade, service trade, and digital trade, while addressing challenges posed by global economic uncertainties [3][4]. - A focus on diversifying markets and promoting balanced trade development will be prioritized, including initiatives to expand imports and support cross-border e-commerce [4][5]. Group 4: High-Level Opening Up - The Ministry will actively expand autonomous opening in various service sectors and promote the implementation of zero-tariff measures for all trading partners in Africa [6]. - Efforts will be made to enhance the global supply chain's efficiency and promote international cooperation in emerging sectors like green development and digital economy [6][7]. Group 5: Global Economic Governance Participation - The Ministry will participate actively in significant upcoming events, including the APEC "China Year" and the 14th WTO Ministerial Conference, to advocate for multilateralism and free trade [7].

Core Insights - The civil aviation industry in China achieved record highs in both passenger and cargo transport in 2025, with significant improvements in operational efficiency and integration with tourism [1][2][3] Passenger Transport Growth - In 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million, reflecting year-on-year growth of 10.5% and 5.5% respectively [2] - The growth in passenger transport is driven by the recovery and upgrading of consumer demand, supported by government initiatives to stimulate consumption and reduce travel costs [2][3] - The increase in demand for quality and personalized travel experiences, including family trips and events, has further expanded the aviation market [2] Operational Efficiency and Service Quality - The flight punctuality rate exceeded 90% in 2025, with major airports achieving a bridge access rate of 85.8% [3] - The cancellation of paper travel itineraries and the implementation of full luggage tracking services have improved service quality [3] - International flights have rebounded to over 90% of 2019 levels, with international passenger transport volume increasing by 21.6% [3][4] Cargo Transport Demand - The civil aviation sector achieved a cargo and mail transport volume of 1,017.2 million tons in 2025, marking a year-on-year increase of 13.3% [5] - Domestic and international cargo transport volumes grew by 7.3% and 22.1% respectively, with international market share rising to 44% [5] - The growth in cargo transport is attributed to strong demand for high-time-sensitive goods and innovations in logistics and management [5] Low-altitude Economy Development - The low-altitude economy saw significant growth, with general aviation flights totaling 1.218 million hours and the number of registered drones surpassing 3.28 million [5][6] - The establishment of a comprehensive low-altitude flight service network is underway, with 46 service stations built and connected across 23 provinces [6] Market Potential and Future Outlook - In 2026, the civil aviation industry aims to achieve a transport turnover of 1,750 billion ton-kilometers, passenger transport of 810 million, and cargo transport of 1,070 million tons [7] - The industry will focus on enhancing domestic air routes, developing differentiated service products, and promoting integrated transport solutions [7] - The civil aviation sector is set to accelerate its digital and green transformation, incorporating AI and sustainable aviation fuel initiatives [7] Low-altitude Economic Strategy - The development of low-altitude economic infrastructure is prioritized, with plans for comprehensive regulatory platforms and urban air traffic facilities [8] - The establishment of 50 low-altitude flight service stations is expected, enhancing digital management of flight operations [8]

自2026年1月1日起，证监会修订发布的《上市公司治理准则》正式施行，明确规定上市公司按照证券交 易所的规定发布可持续发展报告。A股上市公司ESG（环境、社会和公司治理）信息披露逐渐从"选做 题"变为"必答题"，A股市场逐步走入ESG强制披露时代。 随着ESG在全球范围内蓬勃兴起，近年来，越来越多A股上市公司拥抱ESG理念，积极履行社会责任， 主动进行信披。数据显示，共有2481家A股上市公司披露2024年ESG报告，披露率达46.09%。与此同 时，ESG信披正成为国际市场衡量A股上市公司高质量发展的"第四张报表"。截至2025年11月初，MSCI 中国A股指数成分股有36.8%的企业ESG评级提升，全球领先评级（AAA、AA级）的家数占比由2024年 底的7.2%大幅跃升至14%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家增长至 54家，折射出A股上市公司ESG信披的量质齐升。 "目前A股上市公司在能源消耗、水资源消耗等核心环境指标的披露率仍不足40%，供应链间接排放等关 键数据的披露率更是低至约5%，信息决策参考价值有待提高。"安永大中华区ESG可持续发展主管合伙 人李菁认为，要进一 ...

Core Viewpoint - India is facing challenges due to the European Union's implementation of the Carbon Border Adjustment Mechanism (CBAM), which is set to take effect on January 1, 2026, impacting India's high-carbon export industries, particularly steel and aluminum [1][2]. Group 1: Trade Negotiations - India and the EU have accelerated trade negotiations, completing 14 rounds, but have not yet reached a free trade agreement as of the new year [1]. - The Indian Minister of Commerce and Industry, Piyush Goyal, visited the EU to discuss key trade issues, marking the negotiations' entry into a critical phase [1]. Group 2: Carbon Border Adjustment Mechanism - The CBAM requires imports to the EU, including cement, steel, aluminum, and fertilizers, to pay carbon fees equivalent to the EU's carbon trading system, affecting over 100 billion USD of Indian exports [2]. - India's steel industry, which relies heavily on coal, has a carbon emission intensity of 2.55 tons of CO2 per ton of crude steel, higher than the global average of 1.9 tons [3]. Group 3: Economic Impact - The implementation of the CBAM could impose additional costs of approximately 290 USD per ton on Indian steel exports to the EU, potentially leading to tariffs of 20% to 35% on steel, aluminum, and cement [3]. - In 2024, India is projected to export 4.3 million tons of steel to the EU, valued at around 3.9 billion euros, making it the largest steel supplier to the EU [3]. Group 4: India's Response - India has consistently opposed the CBAM, arguing it unfairly shifts climate responsibilities to developing countries and undermines multilateral trade [4]. - Despite opposition, India is seeking solutions through negotiations, aiming for tariff exemptions or special arrangements while also pushing for domestic green transitions in high-carbon industries [5].