Core Viewpoint - Mingyang Smart Energy has successfully listed its inter-institutional REITs on the Shanghai Stock Exchange, marking a significant milestone as the first inter-institutional REITs established by a private energy public REIT issuer in China [1][2]. Group 1: Company Developments - The listing of Mingyang Smart Energy's inter-institutional REITs creates a dual asset activation platform of "public REITs + inter-institutional REITs" for the company [1]. - The issuance scale of the inter-institutional REITs is 812.67 million yuan, attracting a diverse group of investors including insurance asset management, bank wealth management, and local state-owned capital [1]. - The underlying asset of the REIT is a 150MW wind farm located in Jingbian County, Yulin City, Shaanxi Province, which enhances the asset's scarcity [1]. Group 2: Industry Insights - The listing is seen as a significant step in promoting the multi-level REITs market construction strategy in China, aligning with the national "14th Five-Year Plan" [2]. - The inter-institutional REITs highlight the importance of "asset credit" and "equity attributes," providing a new equity financing channel for private energy enterprises by revitalizing existing assets [2]. - The collaboration between Mingyang Smart Energy and CITIC Construction Investment aims to enhance REITs professional service capabilities and support the construction of a multi-level REITs market in China, contributing to the energy structure transformation [2].

2025年我国PTA出口量382万吨，同比下跌14%，是近七年内PTA年度出口量首次下降，但仍然处于历史 次高水平。 2026年PTA出口或仍是机遇与阻力并存：一方面，国内一体化装置配套优势助力中国PTA出口；但另一 方面，国外PTA新产能投产、贸易壁垒等因素利空中国PTA出口。 具体来看，中国PTA企业开新停旧，行业整体成本优势进一步提升，利于中国PTA出口。印度市场的恢 复也短暂利好PTA出口，但2026年印度有125万吨/年、150万吨／年两套PTA装置计划投产。其中125万 吨产能可能3-4月试车，参考2025年土耳其新产能投产之后的市场变化，预估印度PTA新产能投产之 后，中国对印度的PTA出口量将再度下降。部分国家对中国PTA的贸易壁垒再现，虽然影响暂时有限但 需要关注后期是否有更多的类似情况出现。 另外部分国外买家递盘较低，导致出口PTA利润稀薄，将减弱中国PTA企业出口的积极性。 综上所述，关注印度PTA新产能的投产计划，在其PTA新产能投产之前，预估中国PTA出口整体乐观， 但在其新产能平稳运行之后，预估2026年下半年中国PTA出口量将明显回落。 （文章来源：新华财经） 2026年PTA出 ...

Core Insights - Economists maintain stable forecasts for Eurozone economic growth, inflation, and interest rates for 2026 despite early-year volatility [1] Economic Growth and Inflation - Inflation is hovering around the European Central Bank's (ECB) target of 2%, expected to be a key anchor for monetary policy [1] Interest Rates - The ECB is expected to keep the deposit rate unchanged at 2% during the meeting on February 5, marking the fifth consecutive time [1] - In a survey conducted from January 20 to 22, all 83 economists predicted no change in interest rates [1] - Approximately 85% of economists (67 out of 79) believe rates will remain unchanged until 2026, an increase from about 75% in the previous month and two-thirds in November [1] - Among 36 respondents regarding the management committee's next actions, the majority indicated a likelihood of rate hikes rather than cuts [1]

新华财经北京1月23日电据商务部官网消息，1月22日至23日，全国市场运行和消费促进工作会议在北京 召开。会议总结2025年和"十四五"时期市场运行和消费促进工作，分析消费形势，交流经验做法，部署 2026年重点工作。商务部副部长盛秋平出席并讲话。 会议强调，2026年是"十五五"开局之年，做好市场运行和消费促进工作意义重大。各级商务主管部门要 坚持扩大内需这个战略基点，认真编制扩大消费"十五五"规划，坚持"政策+活动"双轮驱动，深入实施 提振消费专项行动，打造"购在中国"品牌，推进建设强大国内市场。推动商品消费扩容升级，提质增效 实施消费品以旧换新，促进汽车、家居等大宗消费。加快培育服务消费新增长点，释放服务消费潜力。 培育壮大新型消费，积极推进首发经济，发展数字消费、绿色消费、健康消费。创新多元化消费场景， 深化国际消费中心城市建设，推进国际化消费环境建设试点工作，大力发展离境退税。组织开展"购在 中国"城市专场和地方站活动，办好"乐购新春"春节特别活动，开展好有奖发票试点工作。做好生活必 需品市场监测和保供工作。 （文章来源：新华财经） 会议指出，2025年，各级商务主管部门认真贯彻落实党中央、国务院决 ...

据农业农村部监测，截至1月23日14:00时，全国农产品批发市场猪肉平均价格为18.49元/公斤，较前一 日下降0.1%；鸡蛋平均价格为8.36元/公斤，较前一日上升1.1%。 （文章来源：新华财经） ...

Core Insights - Changzhou is set to achieve a scale of 1.0479 trillion yuan in its new energy industry by 2025, marking a significant transformation from a traditional industrial hub to a modern industrial center [1][2] - The city has been on a 16-year journey to become a "New Energy Capital," with strategic initiatives starting in 2009 and culminating in 2023 when the new energy sector contributed nearly 50% of the city's industrial output [2][3] - By 2025, Changzhou aims for a "double trillion" goal, with both the new energy industry and the capital market's new energy sector exceeding one trillion yuan [3] Industry Development Timeline - In 2009, Changzhou launched the "Action Plan for Revitalizing Five Major Industries," marking its entry into the new energy sector [2] - By 2023, the new energy industry generated 768.1 billion yuan, accounting for almost half of the city's industrial output and contributing 98.9% to industrial growth [2] - In 2024, Changzhou was recognized as "China's New Energy Capital," solidifying its position in the national new energy landscape [2] Government and Investment Strategies - The shift from a "land finance" model to a "equity finance" model is emphasized, where local governments are encouraged to act as "angel investors" to attract social capital into high-tech industries [5] - Changzhou's government played a crucial role in revitalizing struggling companies like China Aviation Lithium Battery, which turned around after receiving strategic investments [6] Industry Ecosystem and Collaboration - Changzhou has developed a highly collaborative new energy industry map, with major players like CATL and other battery manufacturers establishing a strong presence [7][8] - The city has created an industrial ecosystem that integrates production, storage, transmission, application, and networking, positioning itself as a leader in the new energy sector [8] Future Prospects - By 2025, the production capacity for power batteries in Changzhou is expected to exceed 212.9 GWh, making it a top player in Jiangsu and among the top three nationally [8] - The city is also recognized as a pilot city for electric vehicle electrification in the public sector, further enhancing its reputation in the new energy domain [8]

另一方面，因为2025年12月进口超80万导致基数偏高，1月份进口量环比下滑的可能性较大；同比来 看，海外旺产季天气正常，且国际市场过维持刚需采购；同时2026年春节假期是2月中旬，预计1月到港 量正常，支撑1月进口量同比或增长。 （文章来源：新华财经） 且分胶种看，12月主要胶种进口同环比均呈现上涨趋势。其中，混合胶为12月进口量最大的胶种，达到 39.63万吨，环比增长31.16%，同比增长4.55%。同期受交储需求以及进口利润窗口打开支撑，烟片胶进 口量也达到了4.58万吨，环比增长29.46%，同比增长103.05%。此外，12月标准胶进口量28.83万吨，环 比增长14.99%，同比增长58.28%。 展望2026年1月，预计中国天然橡胶进口量环比下滑、同比增长的可能性较大。其理由在于：一方面， 从近10年进口数据季节性表现来看，1月天然橡胶进口量环比下跌的概率均为90%，主要是因为1-2月易 受中国春节假期的扰动，影响到港情况造成进口量出现季节性波动。 2025年12月中国天然橡胶进口总量高于历史5年同期高值水平，且主要胶种进口同环比均呈现上涨趋 势。展望2026年1月，预计中国天然橡胶进口量环比 ...

新华财经北京1月23日电（记者沈寅飞）当寒潮南下、雨雪覆地，保障电力可靠供应成为稳生产、保民 生的关键基石。连日来，全国出现大范围雨雪降温天气，多地电力公司构建立体高效的防控屏障，用科 技"破冰"，用温暖守护，让电流在严寒中依然稳定"流淌"。 立体防控高效处置覆冰风险 近日，低温天气导致山东省平度市大泽山山区35千伏灰泽线出现导线覆冰隐患。国网平度市供电公司巡 检人员向应急指挥中心发出预警，地面网格服务队迅速开展覆冰清除作业，保障了山区周边3个村庄的 稳定供电。 温暖守护筑牢供电可靠防线 面对寒冷恶劣天气，国网河南电力重点关注城市小区、高海拔山区、自然村等重点点位的供电情况，通 过"网上国网"、微信公众号等进行恶劣天气提醒，有效落实医院、交通、通信、供水、城市排涝泵站等 重要用户电力设施的防雨雪冰冻措施。 国网兰考县供电公司启动应急预案，与当地气象局协同合作，加强电网运行监控，组织运维人员对输变 配电设备进行隐患排查，演练恶劣天气下线路除雪防舞动。抢修人员和车辆24小时待命，保电车运抵指 定位置，抢修物资、工器具就位，做好突发故障应急准备。 当前正值冰雪旅游旺季，寒冷天气中用电保障未有丝毫松懈。在四川阿坝州达 ...

新华财经北京1月23日电沪深两市三大股指23日早间普遍小幅高开。各股指盘初在未回补与上一交易日 之间缺口的情况下震荡上扬，10时16分后开始逐渐收窄涨幅，其中，沪指和深成指在完成缺口回补后再 度上扬。北证50指数23日早间表现强势，显著高开，至午间收盘时大幅上涨。 从盘面来看，光伏、贵金属、医药商业板块在盘初涨幅靠前，燃气、航天航空、煤炭板块在盘初跌幅靠 前。海南自贸、仿制药、锂矿、电网设备、卫星互联网、6G概念、培育钻石等多个板块在盘中相继走 强。至午间收盘时，光伏设备板块掀涨停潮，因板块内成分股多有交叉，HIT电池、TOPCon电池、钙 钛矿电池等光伏领域相关板块均有大幅上涨。卫星互联网、6G概念、贵金属、珠宝首饰、有色金属、 锂矿、医药商业等多板块亦有较大幅度上涨。保险、高带宽内存、燃气等板块跌幅靠前，但整体跌幅不 大。 至午间收盘时，上证指数报4133.58点，涨幅0.27%，成交额约8073亿元；深证成指报14360.96点，涨幅 0.24%，成交额约10856亿元；创业板指报3322.96点，跌幅0.17%，成交额约5063亿元；科创综指报 1879.53点，涨幅0.76%，成交额约2084亿元； ...

Core Viewpoint - The "2025 China Low Altitude Economy Industry City Competitiveness TOP 50" list was released, ranking cities based on six dimensions including industry scale, quality enterprises, innovation capability, financing ability, industry efficiency, and growth potential, with Shenzhen leading the list [1][5]. Group 1: Rankings and Scores - Shenzhen ranked first with a comprehensive score of 91.40, followed closely by Beijing with 91.19 and Shanghai with 88.08 [1][3]. - The top ten cities also include Hangzhou, Xi'an, Chengdu, Suzhou, Changsha, Guangzhou, and Nanjing, showcasing a diverse geographical representation [1][3]. Group 2: City Competitiveness Analysis - Shenzhen excels in industry scale, financing ability, and industry efficiency, aiming to become the "global low altitude economy capital" with innovative policies and a complete industrial chain [5][6]. - Beijing, while slightly lower in overall score, leads in quality enterprises, innovation capability, and growth potential, focusing on safety technology and solutions [5][6]. - Shanghai, despite its lower scores in industry scale and efficiency compared to Shenzhen, is developing a high-end, integrated approach with a strong aviation industry base and aims to become the "world eVTOL capital" [6]. Group 3: Regional Development - The East China region is a key player in low altitude economy development, with over 20 cities, including Shanghai, Hangzhou, and Nanjing, forming a complete regional industrial chain [6]. - The South China region, centered around Shenzhen and Guangzhou, shows significant industrial cluster effects, with policies reflecting regional strengths and strategic focuses [6].