Core Viewpoint - The People's Bank of China (PBOC) has increased the volume of Medium-term Lending Facility (MLF) operations, leading to a more relaxed liquidity environment in the latter half of the week, which has positively impacted the bond market and caused a downward shift in the yield curve [1][9]. Market Overview - The yield on the 10-year government bond decreased by 1.3 basis points to 1.83%, reversing the gains made at the beginning of the year [1]. - The net financing of local bonds is expected to exceed 300 billion yuan this week, highlighting the need to focus on institutional absorption capacity and the impact of the end-of-month liquidity and equity market on the bond market [1]. Bond Market Performance - The yield curve for government bonds showed varied changes from January 16 to January 23, with the 1-year yield increasing by 3.95 basis points and the 30-year yield decreasing by 5.75 basis points [2][3]. - The bond futures market saw a general increase, with the 30-year main contract rising by 1.02% and the 10-year contract increasing by 0.12% [4]. Upcoming Issuance - For the week of January 26 to January 30, a total of 73 bonds are planned to be issued, amounting to 474.28 billion yuan, with no government bonds scheduled for issuance [5]. International Market Insights - The U.S. bond market experienced volatility, with the 10-year Treasury yield reaching a five-month high of 4.31% before stabilizing at 4.23% by the end of the week [6][7]. - Japanese government bonds saw significant fluctuations, with the 10-year yield rising to 3.38% before retreating, driven by concerns over fiscal deterioration and expectations of interest rate hikes [8]. Institutional Perspectives - West Securities noted that the pressure from local bond supply is increasing, with a total issuance of 4.393 billion yuan expected next week, which may elevate the pressure on banks to absorb these bonds [15]. - Huatai Securities indicated that the current yield on the 10-year government bond is approaching a lower boundary of the expected range, suggesting that without significant catalysts, yields may face resistance around the 1.8% level [16].

Core Insights - StepFun, a Shanghai-based AI startup, has completed a B+ round financing exceeding 5 billion RMB, with participation from various investment institutions and existing shareholders [1] - The funding will be used for foundational model development and to accelerate the implementation of the AI+ terminal strategy [1] - StepFun has announced the appointment of Yin Qi as the new chairman of the company [2] Company Strategy - StepFun's long-term strategic focus is on "foundational large models" and "AI+ terminal" [1] - The company has developed a core matrix of 1+2 in model research, focusing on language foundational models and multimodal models, achieving leading levels in these areas [1] - The company has released three generations of foundational models, with Step 3 achieving a new industry high in inference efficiency [1] Application and Market Penetration - StepFun is concentrating on the "AI+ terminal" strategy, successfully establishing commercial closed loops in key consumer scenarios such as automotive and mobile [2] - As of the end of 2025, the API call volume for its terminal intelligent applications has grown nearly 170% over three consecutive quarters [2] - The company has deep partnerships with 60% of leading domestic smartphone brands, with over 42 million units installed and daily services reaching nearly 20 million users [2] Automotive Sector - In the automotive sector, StepFun has collaborated with Qianli Technology and Geely to launch the first end-to-end voice model in the AgentOS smart cockpit [2] - The Geely Silver River M9, equipped with this technology, has sold nearly 40,000 units within three months of its launch and is expanding into overseas markets [2] - The company anticipates that over one million vehicles will be equipped with its large models this year [2]

Core Insights - The Italian tourism industry is expected to continue its post-pandemic recovery, with international overnight visitors projected to reach 271 million in 2025, marking a 6.7% year-on-year increase, highlighting the sector's growing economic significance [1][2] - The tourism sector is anticipated to contribute approximately €237.4 billion to the national GDP in 2025, accounting for nearly 11% of the total GDP and supporting around 3.2 million jobs, showcasing its role as a crucial economic engine [2][3] Industry Growth and Economic Impact - The expected tourism spending by foreign visitors in Italy for 2025 is projected to be €57.1 billion, further emphasizing the industry's importance to national economic growth [2] - The growth in international tourist arrivals is not only boosting tourism revenue but also providing solid support for foreign exchange income and job growth, acting as a buffer amid slowing manufacturing growth and external demand pressures [2][3] Emerging Trends in Tourism - There is a notable shift towards high-value tourism products, with segments like wedding tourism and health and wellness tourism emerging as new highlights, with the wedding tourism sector alone nearing €1 billion in economic scale, nearly doubling from €500 million in 2018 [3] - The wellness tourism segment is projected to generate over €5 billion in direct revenue by 2025, indicating a significant multiplier effect beyond the wellness services themselves [3] Seasonal and Event-Driven Tourism - The demand for composite tourism experiences, including major international events and festivals, is driving growth in off-peak tourism, with hotel occupancy rates increasing by 6% to 9% due to events like the upcoming Milan-Cortina Winter Olympics [4] - This trend is expected to enhance product quality and market resilience, improving the overall contribution of tourism to GDP compared to traditional sightseeing tourism [4] Challenges and Urban Management - The expansion of the tourism sector is leading to challenges in urban governance and public finance, with some historic cities experiencing overtourism, which affects local residents' quality of life and public services [5] - Discussions are underway in some cities, such as Milan, to increase city taxes to fund public services and management, with concerns that such increases may impact the attractiveness of destinations [5] - There is a call for clearer policies regarding the use of city tax revenues to address the pressures of increased tourist numbers on public resources, which is essential for the long-term sustainability of the tourism industry [5] Infrastructure and Service Quality - To maintain its position as a leading global tourist destination, Italy must enhance infrastructure investment, improve service quality, and manage inflationary pressures to ensure the tourism sector continues to drive national economic growth [6]

Group 1 - The Beijing Stock Exchange (BSE) has seen its new share subscription funds exceed 1 trillion yuan for the first time, with the latest IPO from Meidele attracting an effective subscription amount of 10,588.6 billion yuan, raising the minimum capital requirement for new share allotments to 5 million yuan [2] - The Beijing Municipal Bureau of Economy and Information Technology has released measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, encouraging internet and geographic information companies to develop value-added services based on satellite data [2] - The latest guidelines for the clean and efficient utilization of coal in key areas have been issued, aiming to elevate the coal industry from low-end to high-end and transition coal products from primary fuels to high-value products [2] Group 2 - The national railway system will implement a new train operation schedule starting January 26, increasing the number of scheduled passenger trains to 12,130, an increase of 243 trains, and freight trains to 23,748, an increase of 177 trains, enhancing transportation capacity and efficiency [2] - The establishment of the Liangjiang New Area in Chongqing marks the first administrative national-level new area in central and western China, covering 1,360 square kilometers with a population of approximately 3.52 million [2] - The Beijing Municipal Bureau of Economy and Information Technology has prepared the first batch of funding guidelines for high-tech industries in 2026, planning to invest over 1.5 billion yuan to support key industries such as integrated circuits, biomedicine, and digital economy [2] Group 3 - Anhui Province has achieved a total import and export value of 10,135.6 billion yuan in 2025, becoming the ninth province in the country and the first in central China to reach a foreign trade value of over 1 trillion yuan [2] - The "Shopping in China, Happiness in Zhejiang" 2026 Spring Consumption Season has been launched in Hangzhou, focusing on six major areas and introducing 23 measures to promote consumption, with over 1,700 events planned [2] - The global first automated production line for robot joints by Yiyou Technology has been launched in Pudong, marking a significant breakthrough in the mass production of core components for humanoid robots [2]

【资讯导读】 ·IMF 警告AI将冲击青年就业 ·欧元区1月制造业PMI回升至49.4但仍处收缩区间，服务业PMI意外下滑至51.9。德国双项指标超预期改 善，法国制造业创近四年新高，但服务业骤降至47.9，陷入收缩。 ·美国政府停摆风险加剧 ·日本央行维持利率不变 ·美国1月PMI数据略逊预期 ·欧元区制造业持续萎缩 【市场资讯】 ·国际货币基金组织总裁格奥尔基耶娃在达沃斯世界经济论坛上警示，人工智能将如"劳动力市场海 啸"，对年轻人就业构成最严峻挑战，呼吁各国提前布局应对。 ·多名民主党籍联邦参议员明确表示将反对包含国土安全部拨款的政府支出法案，令联邦政府在1月底资 金耗尽后再度部分"停摆"的风险显著上升。 ·日本央行决定维持基准利率在0.75%不变，并上调2026财年经济增长和通胀预测。行长植田和男强调将 警惕日元疲软影响，必要时将通过购债稳定长期利率。 ·欧盟委员会计划提议将原定2月7日生效的930亿欧元对美报复性贸易措施再暂停六个月，以争取更多谈 判时间缓解跨大西洋贸易紧张。 ·美国1月标普全球制造业PMI初值微升至51.9，服务业PMI持平于52.5，综合PMI小幅上扬至52.8，但三 项指标均略 ...

Group 1 - The Beijing Stock Exchange has welcomed three new listings, bringing the total number of listed companies to 290 and the total market capitalization to 967.05 billion yuan, approaching the 1 trillion yuan mark [1] - The IPO review process on the Beijing Stock Exchange is maintaining a high frequency, with expectations for continued rapid issuance of IPOs due to deepening market reforms [1] Group 2 - The semiconductor industry is experiencing strong performance driven by demand from artificial intelligence, with many companies reporting increased operating rates in chip manufacturing [2] - A total of 506 A-share companies have forecasted net profit growth for 2025, with 16 companies expecting growth exceeding 500%, driven by factors such as market expansion and cost reduction [12] Group 3 - The mandatory disclosure of ESG reports is transforming the quality and comparability of data, moving from qualitative case studies to quantitative data points, enhancing transparency in environmental information [3] - The shift towards a more systematic approach in regulatory oversight of listed companies is evident, with over 90 companies facing administrative penalties in 2025, indicating a stricter enforcement environment [6][7] Group 4 - The short-term funding environment is expected to remain reasonably ample, with the People's Bank of China focusing on guiding overnight rates to operate near policy rate levels [4] - The A-share market is witnessing a structural opportunity, with a focus on technology growth and resource sectors as brokers conduct extensive research on companies [8] Group 5 - The new fund establishment has reached 76 this year, raising a total of 71.939 billion yuan, with a significant number of funds achieving over 20% returns, indicating strong investor interest [10] - The proactive equity funds are heavily invested in the electronics, pharmaceuticals, and power equipment sectors, reflecting a strategic focus on high-growth industries [14]

Summary of Key Points Core Viewpoint - The latest data from Steel Silver E-commerce indicates an increase in the total steel inventory across 38 cities in China, reflecting a slight upward trend in the market as of January 26. Inventory Data - The total steel inventory in 135 warehouses across 38 cities reached 7.1072 million tons, an increase of 115,900 tons from the previous week, representing a growth of 1.66% [1] - The inventory of construction steel amounted to 3.1608 million tons, which is an increase of 156,300 tons (+5.20%) compared to the previous week, covering 30 cities and 79 warehouses [1] - Hot-rolled coil inventory totaled 2.0520 million tons, showing a decrease of 18,100 tons (-0.87%) from the previous week, including 15 cities and 47 warehouses [1] - Medium and heavy plate inventory was recorded at 706,800 tons, with a slight decrease of 700 tons (-0.10%) from the previous week, across 9 cities and 14 warehouses [1] - Cold-rolled and coated inventory reached 1.1876 million tons, down by 21,600 tons (-1.79%) from the previous week, covering 5 cities and 14 warehouses [1]

Group 1 - A large winter storm has caused over 1 million power outages across the United States, with the most affected states being Tennessee, Mississippi, Louisiana, Georgia, and Texas, where the outage rate exceeded 10% in some areas [1] - As of January 25, approximately 23 states have declared a state of emergency due to the severe weather conditions, impacting around 213 million people with various winter weather warnings [1] - The storm has resulted in multiple fatalities, particularly among the homeless population, with at least 5 deaths reported in New York City and additional fatalities in Louisiana due to hypothermia [1] Group 2 - Flight cancellations have reached 10,981 across the U.S. on January 25, with significant disruptions at major airports, including nearly 100% cancellation rates at Washington Reagan National Airport and over 90% at LaGuardia and Philadelphia International Airport [2] - The storm is expected to continue affecting the East Coast with snow and ice, while low temperatures will persist for several days [2]

Core Viewpoint - Ningbo Likun Resource Technology Co., Ltd. (hereinafter referred to as "Likun Resources" or "the Company") is planning to go public on the Shenzhen Stock Exchange, with CICC as the sponsor. The Company has shown steady revenue growth due to increasing nickel product production and strong market demand, although net profit has experienced fluctuations. The reliance on Indonesian partners for raw materials and the rapid growth of inventory pose potential risks to the Company's performance [2][3][6]. Group 1: Business Overview - Likun Resources was established in 2009 and is headquartered in Ningbo, Zhejiang. The Company started with nickel ore and nickel pig iron trading and has expanded into a vertically integrated business covering nickel product trading, production, and sales [3]. - The Company acquired production capabilities after purchasing Huiran Industrial in 2017 and has since developed wet and pyrometallurgical projects in Indonesia, becoming the first domestic service provider to extend its product service system from trading to production in the nickel industry [3][5]. - From 2022 to the first half of 2025, the Company's revenue figures were 18.319 billion yuan, 21.286 billion yuan, 29.846 billion yuan, and 18.497 billion yuan, with net profits of 1.73 billion yuan, 1.05 billion yuan, 1.768 billion yuan, and 1.428 billion yuan respectively [3][5]. Group 2: Market Position and Performance - In the first half of 2025, the revenue from nickel product trading was 7.822 billion yuan, accounting for 44.73% of total revenue, while nickel product production revenue was 9.666 billion yuan, making up 55.27% [5]. - According to a report by Zrinsight, Likun Resources is projected to be the largest nickel product trader globally in 2024, capturing 10.4% of the global nickel product market demand, and is the largest nickel ore supplier in China with a market share of approximately 35.8% [5]. - As of the end of 2024, Likun Resources ranks second in the global market share for stable operations using HPAL technology in wet metallurgy projects, with a market share of 19.7%, and 25.1% in Indonesia [5]. Group 3: Supply Chain and Inventory Risks - Likun Resources relies heavily on Indonesian partners for its raw material supply, with the proportion of nickel ore purchased from these partners being 54.52%, 70.51%, 64.32%, and 58.89% from 2022 to the first half of 2025 [6]. - The Company has long-term supply agreements with Indonesian partners to ensure stable access to nickel ore, but uncertainties such as partner production halts or regulatory changes could disrupt supply [6]. - The Company's inventory has been growing rapidly, with values of 1.151 billion yuan, 2.189 billion yuan, 3.369 billion yuan, and 4.396 billion yuan from the end of 2022 to June 2025, representing a rising proportion of current assets [9].

Group 1 - The establishment of the Syngenta Crop Protection China Innovation Center in Shanghai marks a new phase in Syngenta Group's agricultural research and development capabilities in China [1] - The project is a key component of Syngenta's global crop protection R&D system, complementing its research centers in Switzerland and the UK, forming an important part of its global innovation network [1] - The CEO of Syngenta emphasized the need for the industry to work together to enhance agricultural productivity while reducing carbon emissions and environmental footprints, highlighting the challenges and opportunities in China's agricultural transformation [1] Group 2 - The Syngenta Crop Protection China Innovation Center will focus on various key crops and will conduct systematic research and application verification on innovative compounds, biopesticides, soil health, sustainable crop protection, and application technologies [1][2] - The project aims to build a comprehensive R&D capability system covering the entire chain of crop protection innovation, enhancing local product development and verification capabilities to support China's food security and sustainable agricultural development [1] - The project is scheduled for completion in 2027 and is expected to be operational by 2028 [3]