在国泰君安期货看来，一方面，美国生柴政策如果能在3月初落地将提振全球油脂消费增长的预期；另 一方面，该政策有利于加拿大菜油对美国的出口，减轻加拿大菜籽的库存和出口压力，对国际菜油价格 构成支撑。 据该机构分析，目前国内菜油市场处于"强现实+弱预期"格局中。虽然菜油库存偏低，但市场担忧后续 菜籽和菜油进口将增加。随着美国生柴政策利好消息的出现，国际油脂价格受到美豆油价格上涨影响， 且削弱了中国直接进口加拿大菜油的可能性，对国内菜油构成支撑，预计国内菜油期货将从近期的偏弱 走势转为宽幅震荡走势。 "虽然美国环境保护署（EPA）曾在去年6月的草案中估算生柴掺混义务56.1亿加仑，看似52-56亿加仑有 所削减，但其在草案中的估算所假设的进口RIN占比偏高，全本土原料仅需44.5亿加仑就能满足掺混要 求。"中信建投期货在研报中指出，若该规模的生柴掺混义务能落地，再配合一定比例的豁免重新分 配，即使进口RIN不减半，也足以支撑油脂投料需求增至1900万吨以上，较2024年的1730万吨和2025年 的约1450万吨大幅增长，预计将带动美豆油及全球油脂价格走升。 除了政策利多，美豆油库存低于市场预期也从基本面给予了盘面支 ...

"本次发行创市场之先，首次将自贸区政策优势与离岸人民币工具深度耦合，为全球投资者提供了更具 吸引力的人民币资产配置选择。下一步，我行将不断探索发行多币种境外债券，持续为实体经济引入长 期、稳定、低成本的离岸资金活水。"兴业银行相关负责人表示。 "玉兰债"是上海清算所和欧洲清算银行于2020年联合推出的创新金融产品，通过境内外金融基础设施互 联互通模式，为中资企业在国际市场融资提供支持。 （文章来源：新华财经） 新华财经上海1月16日电（记者杨溢仁桑彤）本周，兴业银行在全市场首次以"玉兰债"模式发行了银行 自贸区主体境外债券，发行规模30亿元人民币，期限3年，票面利率1.95%，较初始价格指引大幅收窄 50个基点。本次债券的募集资金将专项用于信息通讯、先进材料、生物医药等新质生产力领域。 无疑，本次发行标志着"玉兰债"发行人类型进一步扩容。据记者了解，该产品吸引了银行、券商、资 管、保险等多类型投资机构积极参与，峰值认购倍数超过4.3倍，创造玉兰债券峰值订单规模及认购倍 数历史记录，有效拓宽了自贸区金融机构离岸融资渠道，助力人民币国际化。 值得一提的是，发行阶段，兴业银行在香港举行了国际交易路演，上海清算所、本 ...

Core Viewpoint - The first cross-provincial water rights transaction and water trust deal in the Yangtze River Delta Ecological Green Integrated Development Demonstration Zone has been successfully executed, promoting efficient water resource utilization and supporting major projects in the region [1][3]. Group 1: Water Rights Transaction - The first cross-provincial water rights transaction involved the purchase of 60,000 cubic meters of water rights by a subsidiary of China Railway 10th Bureau for the construction of the intercity railway in the demonstration zone [1]. - This transaction is part of a broader initiative to facilitate the orderly flow of water resources across regions and support the construction of eco-friendly high-quality development models [1][4]. Group 2: Water Trust Mechanism - The "Water Trust" mechanism allows enterprises to purchase water rights based on their specific needs, enhancing flexibility in water usage for construction projects and municipal greening [3]. - The Shanghai Environmental Energy Exchange has initiated the "Water Trust" to deepen the reform of water pricing and rights, providing a replicable model for national water rights trading [3][4]. Group 3: Project Details and Impact - The intercity railway project, which includes a total shield tunneling length of 4,242.44 meters, is expected to be completed within 851 calendar days, with water resource planning being a critical factor for construction progress [2]. - The successful execution of the water rights transaction ensures that the construction can proceed without delays, contributing to the integration of regional infrastructure and economic development [2][3]. Group 4: Trading Volume and Achievements - Since the launch of the "Water Trust," the cumulative trading volume has exceeded 1.4 million cubic meters, demonstrating a significant transformation in water conservation benefits into trust dividends [4]. - The Shanghai Environmental Energy Exchange has facilitated over 140,000 cubic meters of water rights transactions in the demonstration area, supporting various construction and greening needs [4].

杭州"十五五"建议提出，增强国有企业核心功能和核心竞争力。深化国资国企改革，做强做优做大国有 企业和国有资本，推进国有经济布局优化和结构调整，完善国有企业与属地合作发展利益分享机制、市 区两级国资国企工作联动机制，强化国企战略支撑功能。加强主责主业动态管理，优化分类考核评价体 系，健全履行战略使命评价制度。加快创新国企建设，健全科技创新投入机制。完善国资国企信息化监 管体系，健全国企债务风险监测机制。推动国企民企高质量协同发展，支持国企民企开展战略性合作， 共同承担重大项目。 （文章来源：新华财经） 新华财经杭州1月16日电 16日，杭州市委关于制定杭州市国民经济和社会发展第十五个五年规划的建议 发布。 杭州"十五五"建议提出，积极推进人工智能创新发展第一城建设。实施大模型前沿技术攻关和高端芯 片、基础软件、模型算法、数据工程等研发计划，建设人工智能开源社区。布局大规模智算集群飞地， 构建新型算力体系。突出具身智能机器人、类脑智能、智能驾驶等重点领域，构建芯片、大模型、智能 体、应用服务、智能终端等全产业链协同发展格局。全面实施"人工智能+"行动，积极争创相关领域行 业应用中试基地，以人工智能引领科研范式变革 ...

Core Viewpoint - On January 15, 2023, China's wholesale prices for gasoline and diesel both increased, with the average wholesale price for 92 gasoline at 7360 yuan per ton, up by 9 yuan per ton, and diesel at 6199 yuan per ton, up by 1 yuan per ton [1]. Market Overview - The rise in wholesale prices is attributed to an increase in international crude oil futures prices on January 14, which extended the positive price change rate for a basket of crude oils, providing support for price increases [1]. - Despite the price increases, downstream demand remains weak, leading to cautious market operations and limited purchasing activity [1]. Regional Price Changes - Gasoline wholesale prices increased in regions including Yunnan, Shaanxi, Anhui, Jiangxi, Hebei, Liaoning, Jiangsu, Shanxi, Henan, and Zhejiang, while prices decreased in Gansu, Beijing, Hubei, and Guizhou [1]. - Diesel wholesale prices rose in regions such as Shaanxi, Jiangxi, Anhui, Hebei, Henan, Shanxi, Guangxi, Shanghai, Gansu, and Sichuan, but fell in Heilongjiang, Jilin, Liaoning, Guangdong, Beijing, Hubei, Yunnan, and Guizhou [1]. - In Shandong, local refinery gasoline prices saw a slight increase, while diesel prices experienced a slight decrease [1]. Data Source - The wholesale price data is published by the Energy Big Data Laboratory of the China Economic Information Agency and the Shanghai Petroleum and Natural Gas Exchange Center, reflecting the overall situation of China's gasoline and diesel wholesale market [1].

Group 1 - The bond market in China has played a significant role in supporting the real economy and responding to national strategies, experiencing a transition from a trending market to a fluctuating market [1][2] - In 2025, the bond market saw a substantial growth in scale, with the total outstanding bonds surpassing 196 trillion yuan and a year-on-year increase of 28.37% in government bond issuance [2] - The introduction of the "technology board" and the rapid rise of "science and technology bonds" issuance to 1.87 trillion yuan have marked a significant breakthrough in product innovation and structural optimization within the bond market [2][4] Group 2 - The macroeconomic policies for 2026, including more proactive fiscal and monetary policies, are expected to create a favorable environment for the bond market, emphasizing the importance of expanding domestic demand [4][5] - The integration of the bond market with technological innovation is anticipated to deepen, with the development of science and technology bonds becoming a key indicator of the bond market's support for the transformation and upgrading of the real economy [5] - The internationalization of the capital market is entering a new phase, with increasing attractiveness of RMB assets and steady foreign investment demand, alongside efforts to enhance connectivity between China's bond market and the global financial system [5]

根据《石油价格管理办法》规定，国内汽、柴油价格根据国际市场原油价格变化每10个工作日调整一 次，调价生效时间为调价发布日24时。当调价幅度低于每吨50元时，不作调整，纳入下次调价时累加或 冲抵。出现办法规定的特殊情形时，可以暂停、延迟调价，或缩小调价幅度。 1月16日是本计价周期的第八个工作日，调价窗口将在1月20日24时开启。 （文章来源：新华财经） 新华财经北京1月16日电新华社石油价格系统1月16日发布的数据显示，1月15日一揽子原油平均价格变 化率为1.63%。 ...

新华财经北京1月16日电 15日午后，央行送上包括结构性货币政策工具降息在内的一系列政策大礼包， 债券市场反应强烈，国债期货尾盘十分钟迅速窜高，但收盘前有所回落，30年期主力合约仍以下跌收 盘。银行间现券收益率深V下探，收盘较消息出台时有所上行。以10年期国债为例，当日15:00前收益率 在1.85%附近窄幅震荡，央行发布会开始后直线下落约1.5BP，低点触及1.835%，随后反弹回升至 1.86%，日终收于1.855%。 规模较大的三年期及五年期等长期存款到期重定价，加之此次各项再贷款利率下调，这些都有助于降低 银行付息成本、稳定净息差，为降息创造一定空间。 黄伟平表示，稳增长要求社会综合融资成本下行。综合市场和经济基本面来看，近期呈现出"强预期、 弱现实"的特征，预期与现实的合理收敛仍需政策配合，这奠定了降息的基本环境。结合个人信用修 复、再贷款扩容等政策来看，结构性工具降息也是宽信用前置的标志，后续结构性工具+总量政策均降 息落地后，需更加关注一揽子政策对实体的提振效果。 至于债券市场投资者关注的央行国债买卖操作，预计将更加灵活，同时兼顾配合财政和维护金融市场平 稳。黄伟平判断，从政策沟通和预期引导的角 ...

Core Viewpoint - Hebei Province's Qian'an City is focusing on the high-end, intelligent, and green development of the steel industry, significantly enhancing the quality and strength of its steel sector [1] Group 1: Industry Development - Qian'an City is promoting the steel industry's transformation towards high-end manufacturing, emphasizing shared production, inspection, collective procurement, and logistics trade [1] - The city is establishing a steel-sharing economic industrial park that integrates "Internet + IoT + big data," creating an "online + offline" sharing platform [1] Group 2: Product Focus - The advanced steel manufacturing industrial cluster in Qian'an has developed four high-end product segments: electrical steel, high-end rolled sheets, premium wire rods, and specialty steel [1] - The proportion of premium steel products has reached 46% [1]

中国汽车出口规模再上新台阶。中国汽车工业协会14日发布数据显示，2025年全年，我国汽车出口突破 700万辆，达到709.8万辆，同比增长21.1%，其中新能源汽车出口261.5万辆，同比增长1倍，成为驱动 增长的核心引擎。 专家认为，在规模跃升的同时，中国汽车出口正经历从"量"的扩张到"质"的飞跃：平均出口单车售价大 幅提升，竞争逻辑从单纯的产品贸易，加速转向全价值链的全球化布局。面向2026年，行业乐观预测出 口规模有望向800万辆发起冲击。 中国汽车海外销量占比达两成 中汽协专家表示，2025年车企更加重视海外市场开拓，中国品牌国际竞争力持续提升，合资企业出口也 有良好表现，新能源汽车出口快速增长，带动我国汽车出口再上新台阶。 汽车出口可圈可点源于几方面优势：电动化领先，建立了全球性成本和技术优势；产品力提升，设计、 智能化和性价比等比肩国际竞品；供应链韧性，全球最完整、响应最快的供应链，保障快速生产和交付 能力。 "观察乘用车出口可以发现，五年前约100万辆水平，2025年约600万辆；更重要的是，五年前出口产品 较低端，单车售价约10万元，如今出口单车售价可以达到30万元。即规模显著上涨、产品快速趋 ...