资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 截至1月28日，全球最大白银ETF——iShares Silver Trust的白银持仓量为15636.12吨，较前一交易日减少211.42吨。 | Net Assets of Fund | $56,686,187,712 | Fund Inception | | --- | --- | --- | | as of Jan 28, 2026 | | Asset Class | | Exchange | NYSE Arca | | | | | Bloomberg Index Ticker | | Reference Benchmark | LBMA Silver Price | | | | | Shares Outstanding | | Indicative Basket Amount | 45,315.80 | as of Jan 28, 2026 | | as of Jan 28, 2026 | | | | | | Tonnes in Trust | | Basket Amo ...

Core Viewpoint - International gold prices surged significantly on the 28th, breaking through the $5300 and $5400 per ounce thresholds, reaching a historical high due to a weak dollar and positive comments from the Federal Reserve Chairman [1] Group 1: Gold Market - On the New York Commodity Exchange, the most actively traded April 2026 gold futures price rose by $229, closing at $5447.80 per ounce, marking a 4.39% increase [1] - The Federal Reserve maintained interest rates between 3.5% and 3.75%, with expectations of three 25 basis point cuts in 2025 [1] - The FOMC statement indicated a stable unemployment rate and steady economic expansion in the U.S., but noted slow job growth and high inflation [1] Group 2: Federal Reserve Insights - Federal Reserve Chairman Powell stated that the current federal funds rate is generally "neutral" and core inflation is expected to reach 3% by December 2025 [1] - Powell mentioned that if prices peak as anticipated in 2026 and begin to decline, it would allow for further easing of monetary policy, indicating that rate hikes are not a fundamental assumption for the next steps [1] Group 3: Silver Market - Silver prices continued to rise, prompting exchanges to tighten risk controls, resulting in silver's performance being slightly weaker than gold over the past two trading days [3] - The Chicago Mercantile Exchange Group announced an increase in margin requirements for silver futures, raising non-high-risk margin from 9% to 11% and high-risk margin from 9.9% to 12.1% [3] Group 4: Silver Price Movement - On the same day, March silver futures prices increased by 427.5 cents, closing at $116.62 per ounce, reflecting a 3.81% rise [4]

中金认为，美联储在2026年仍有望降息两次，但首次降息或推迟至第二季度。美国经济的核心问题并非 增长不足，而在于收入分配不平衡和普通家庭的可负担压力。这类结构性问题并非单靠货币就能解决， 反而可能推动政府采取更多非市场化的干预性政策，来回应选民的关切。 新华财经北京1月29日电中金研报表示，美联储在1月会议上维持利率不变，符合市场预期。理事沃勒投 下反对票，或与其希望被提名为下一任美联储主席有关。 货币政策声明称"失业率已趋于稳定"，鲍威尔表示货币政策"处于合适位置"，显示短期内再次降息的门 槛提高。除此之外，鲍威尔并未提供太多指引，他也回避了其它与利率制定不相干的问题。 （文章来源：新华财经） ...

Group 1 - The Federal Reserve maintains the benchmark interest rate at 3.50% to 3.75%, ending a series of three consecutive rate cuts since last September. This decision aligns with market expectations but reveals internal dissent, as two members voted against it, advocating for a 25 basis point cut [1] - Fed Chairman Powell emphasizes that the current interest rate is at the upper end of the "neutral zone," indicating neither tightening nor significant easing. He reiterates that decisions will be strictly data-driven, suggesting that if inflation related to tariffs continues to decline, it may indicate a potential for policy relaxation [1] - U.S. Treasury Secretary Yellen supports a strong dollar policy, denying any intervention in the foreign exchange market to sell dollars and buy yen. She asserts that capital will flow in when policies are appropriate [1] Group 2 - The German government lowers its 2026 economic growth forecast from 1.3% to 1%, highlighting ongoing external pressures on Europe's largest economy due to underwhelming infrastructure investment and high tariffs affecting exports [2] - SpaceX, owned by Musk, plans to launch its initial public offering (IPO) in mid-June, targeting a valuation of approximately $1.5 trillion and aiming to raise up to $50 billion, potentially becoming one of the largest tech company listings in history [2] - The Bank of Thailand introduces restrictions on gold trading to address the strengthening of the Thai baht, requiring traders with annual transactions exceeding 10 billion baht to report and setting a daily online trading limit of 50 million baht [2] Group 3 - The Dow Jones Industrial Average rises by 0.02% to 49,015.6 points, while the S&P 500 index decreases by 0.01% to 6,978.03 points, and the Nasdaq Composite Index increases by 0.17% to 23,857.45 points [3] - COMEX gold futures increase by 6.46% to $5,411 per ounce, and COMEX silver futures rise by 10.06% to $116.62 per ounce [4] Group 4 - The main contract for U.S. oil rises by 1.78% to $63.5 per barrel, while the main contract for Brent oil increases by 1.56% to $67.63 per barrel [5] - The 2-year U.S. Treasury yield remains unchanged at 3.5964%, the 3-year yield decreases by 0.56 basis points to 3.640%, the 5-year yield increases by 25.90 basis points to 3.828%, the 10-year yield rises by 0.20 basis points to 4.243%, and the 30-year yield decreases by 0.31 basis points to 4.855% [5] Group 5 - The U.S. dollar index increases by 0.63% to 96.35, with the euro declining by 0.70% against the dollar to 1.1953, and the British pound decreasing by 0.28% to 1.3809. The Australian dollar rises by 0.42% to 0.7041, while the dollar strengthens by 0.81% against the yen to 153.4200 [6]

Group 1: Market Trends and Investment Strategies - The A-share market has shown a significant divergence in index performance, with the CSI 500 index rising over 15% since the beginning of the year, while the Shanghai Composite Index only increased by 0.97% [1] - Private equity firms are analyzing investment logic and potential risks due to the widening "scissor difference" between indices, indicating a structural risk accumulation driven by the preference of incremental capital and macro liquidity [1] - The gold price has surged, breaking through important thresholds of $5200 and $5300 per ounce, driven by geopolitical tensions and economic factors, leading to increased investor demand for safe-haven assets [3] Group 2: Fund and Investment Product Developments - The number of qualified investors in the Beijing Stock Exchange has surpassed 10 million, marking a significant increase and indicating a new phase in market attractiveness and investor ecosystem development [4] - The scale of gold-themed ETFs has reached nearly 380 billion yuan, with a growth of approximately 100 billion yuan since the end of last year, reflecting the rising interest in gold investments [11] - "Fixed income +" funds have seen a steady increase in scale, reaching a historical high of 2.74 trillion yuan, as investors seek stable returns amid declining interest rates [9] Group 3: Economic Performance and Sector Growth - In 2025, 18 provinces in China outperformed the national GDP growth line, with Tibet leading at a growth rate of 7%, indicating a strong regional economic performance [13] - The consumer electronics sector is expected to thrive in 2025, with 18 out of 30 companies forecasting profitability, driven by advancements in AI and other emerging technologies [6] - The public fund management industry has reached a record high in assets under management, totaling 37.71 trillion yuan, with significant growth across various fund types [8]

两名反对者——美联储理事斯蒂芬·I·米兰（Stephen I. Miran）和克里斯托弗·J·沃勒（Christopher J. Waller）——主张在本次会议上降息25个基点。两人均由总统特朗普任命。值得注意的是，米兰任期将 于本周六结束，且此次为其连续第四次投下反对票。 美联储主席鲍威尔在随后的新闻发布会上表示，当前货币政策立场已接近"中性区间上端"，"政策没有 预定路线"，未来决策将完全"用数据说话"。他透露，2025年12月核心PCE通胀可能升至约3%，但预计 由关税推升的价格压力将在2026年年中见顶后逐步消退。"如果我们看到这些影响开始回落，那将是我 们可以放松政策的信号。"鲍威尔称。 关于经济前景，鲍威尔评价美国经济处于"坚实基础之上"，劳动力市场在经历放缓后"可能正趋于稳 定"，通胀与就业的双重风险"均已减弱"。但他同时承认，住房市场依然疲弱，且服务业以外的商品通 胀仍是主要压力来源。 新华财经北京1月29日电 北京时间1月29日凌晨3时，美国联邦公开市场委员会（FOMC）公布2026年首 次利率决议，决定将联邦基金利率目标区间维持在3.50%至3.75%不变，暂停自2025年9月以来的连续 ...

Core Viewpoint - The tax authorities in China are set to advance tax reforms in 2026, aiming to establish a tax system that supports high-quality development, social equity, and market unity, with a series of key initiatives outlined for implementation [1]. Group 1: Tax Revenue and Goals - In 2025, the tax authorities successfully collected a total of 33.1 trillion yuan in various taxes, achieving the revenue target, with tax revenue (excluding export tax rebates) reaching 17.8 trillion yuan, reflecting a year-on-year growth of 2.7% [1]. - The year 2026 marks the beginning of the "14th Five-Year Plan," with a focus on creating an efficient tax revenue governance system and ensuring no "excessive taxes" are collected [1]. Group 2: Tax Administration and Compliance - The tax authorities will enhance supervision in key areas, cracking down on tax evasion practices such as issuing false invoices and fraudulently claiming export tax rebates [2]. - To improve the business environment, the meeting proposed a unified approach to tax administrative penalties and further standardization of tax enforcement [2]. Group 3: Support for Economic Development - The tax authorities will continue to support small and micro enterprises through "bank-tax interaction," facilitating nearly 3 trillion yuan in credit loans for compliant taxpayers [2]. - Tax incentives aimed at supporting technological innovation and manufacturing are expected to result in over 2.8 trillion yuan in tax reductions and refunds [2].

美元汇率套期保值和美元现金流套期保值拟采取简单远期等结构简单、流动性强、风险可认知的金融衍 生品进行汇率锁定，美元汇率套期保值期限不超过三年，美元现金流套期保值期限不超过一年，具体操 作策略由公司高风险业务管理委员会负责制定。航油套期保值计划采用原油互换合约、原油期货合约等 合约，以布伦特原油、上海国际能源交易中心原油作为价格基准，套期保值到期时间为2026年至2028 年，将选择合适的合约及时机进行交易。在董事会授权期内，航油套期保值工作连续开展。 本次董事会授权开展套期保值业务的有效期自2026年1月1日至2026年12月31日。如单笔交易的存续期超 过了前述有效期，则自动顺延至该笔交易终止时止，但该笔交易额度纳入下一个审批有效期计算。 （文章来源：新华财经） 新华财经北京1月29日电东方航空1月28日晚间发布关于2026年度开展套期保值业务计划的公告称，为防 范汇率波动带来的不良影响，公司拟在2026年开展美元汇率套期保值交易和美元现金流套期保值交易以 对冲相关汇兑风险。航油成本作为公司最大的运营成本之一，其价格波动对公司效益有着重大影响，公 司拟在2026年开展航油套期保值管理，以部分对冲油价波动对公 ...

资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 这是本月的最后一次冷空气来袭。中央气象台预计，29日至31日，青藏高原东部、西北地区东部、华 北、黄淮西部和南部、江汉、江淮、江南西部等地有小雪或雨夹雪，其中陕晋豫等地部分地区有中到大 雪、局地暴雪，湖北西部、湖南西部及贵州东部等地局地有冻雨，西南地区东部、江南、华南等地有小 到中雨。 中央气象台首席预报员马学款介绍，本次雨雪天气过程的主要特点是：雨雪范围广、降水相态复杂、部 分地区降雪量大，将影响我国中东部大部地区。在黄淮南部、江汉、江淮、江南北部等地，将出现先雨 后雪或雨雪交替的现象。 气象专家提醒，本次雨雪天气过程将对交通运输、能源供应、农业生产、人身健康等产生影响，需做好 防范工作。受雨雪降温影响，青海北部、甘肃中部、宁夏中西部、内蒙古中部、湖南南部、江西东部等 地局地有较高流感气象风险。 中央气象台1月28日预报，从29日起，一场大范围雨雪天气过程将逐步影响我国中东部地区。其中，陕 西南部、河南西部、湖北西部、苏皖南部、湖南中部等地的部分地区有大雪、局地暴雪，高海拔山区 ...

Core Insights - Local governments are focusing on strengthening technological innovation, building a modern industrial system, and tapping into effective demand potential as key priorities for the next five years [1][2] - Economic growth targets for 2026 have been set by several regions, with Tianjin and Guangdong targeting 4.5%, while Beijing and Henan aim for around 5% [1] Economic Growth Targets - Regions such as Zhejiang, Beijing, and Guangdong have established specific economic growth targets for 2026, with Zhejiang aiming for 5% to 5.5% and Hebei targeting over 5% [1] - The emphasis on domestic demand is highlighted, with a focus on building a strong domestic market as a priority for economic work in 2026 [1][2] Consumer Spending and Service Sector - Key initiatives include promoting consumption upgrades and releasing service consumption potential, with Beijing focusing on support for education, health, and elderly care services [2] - Tianjin aims to enhance the supply of chain services in areas like elderly care and health to meet diverse consumer needs [2] Technological Innovation - Strengthening technological innovation and modern industrial systems are central to the 2026 plans, with a focus on the application and transformation of technological achievements [2][3] - Guangdong aims to create a globally influential industrial technology innovation center, while Beijing emphasizes the efficient transformation of major technological achievements [2][3] Artificial Intelligence Development - Multiple regions are accelerating the promotion and application of artificial intelligence, with Zhejiang targeting over 800 billion yuan in revenue for its AI core industry by 2026 [3] - Guangdong is also focusing on high-level applications of AI across various sectors, including chips and algorithms [3] Emerging Industries - Regions are prioritizing the development of emerging industries, with Zhejiang supporting sectors like new materials, renewable energy, and biomedicine [4] - The emphasis on emerging industries is seen as crucial for enhancing industrial development levels and competitiveness [4] Policy Support and Innovation - Local governments are combining policy support with reform and innovation to stimulate new economic momentum and ensure a strong start to the 14th Five-Year Plan [5]