与此同时，食品价格仍存在不确定性。他表示，食品通胀在2025年下半年再度波动，且不排除在2026年 初阶段性反弹的可能性。但在市场情绪改善以及企业和消费者行为逐步调整的带动下，总体通胀仍将延 续回落态势。 在经济形势方面，他指出，2025年下半年汇率保持相对稳定，通过汇率传导渠道对抑制通胀形成支撑； 同时，信贷和融资条件趋紧，抑制了内需扩张。但劳动力市场潜在压力有所上升，产能利用率降至 74.5%，劳动力闲置率升至29.4%。 （文章来源：新华财经） 新华财经伊斯坦布尔1月21日电 土耳其央行行长法提赫·卡拉汉近日公开表示，今年前两个月通胀走势可 能存在一定的上行风险，但在服务业价格黏性缓解等因素支撑下，2026年通胀有望总体保持下行趋势。 土耳其央行将坚持紧缩的货币政策立场，直至实现价格稳定目标。 法提赫·卡拉汉称，土耳其2025年全年通胀率为30.9%，通胀回落趋势已在各主要消费类别中逐步显现。 其中，服务业对通胀降温发挥了关键作用，这主要得益于私立学校收费上限的实施以及租金上涨持续放 缓，推动结构性价格黏性下降。土耳其央行数据显示，多项核心通胀指标已降至2021年9月以来最低水 平，经季调后的月度涨幅普 ...

2025年，上交所持续深化科创债服务新质生产力功能，发布了《关于进一步支持发行科技创新债券服务 新质生产力的通知》，建立了更加具有包容性的科创债融资制度安排。 回溯科创债市场发展历程，从第一阶段2022年科创债试点转常规，覆盖四类发行主体，建立了融资绿色 通道，推出做市业务，到第二阶段——2025年5月科创债新政发布，适度降低做市券门槛、提升质押回 购折扣系数、推出科创债ETF产品等举措渐次落地，金融机构加入科创债舞台……上交所通过系列组合 拳，推动形成了以中长期科创债为主的市场格局，见证了科创债从第一阶段精准支持科创领域，到第二 阶段一二级联动市场生态的迭代升级，市场也实现了从单一产品到多元服务的跨越。 在各项措施保障下，上交所科创债累计发行规模已达1.76万亿元，相同资质发行人科创债的发行成本较 一般债券下降了10BP至20BP。上交所科创债正迈入新发展阶段，以科创可转债、科创债做市和科创债 ETF等创新产品和机制为牵引，将进一步推动金融与科技创新深度融合。 科创可转债：股债联动激活服务科技型企业新范式 科技型企业具有成长性强、业绩波动大、早期融资需求迫切、后期增长迅速等特点。然而，由于轻资产 特征，传统 ...

Core Insights - The overseas micro-short drama market is experiencing significant growth, with a projected market size of $4 billion by 2025, expected to exceed $5 billion by 2026 [2][3] - Monthly active users have surpassed 100 million, indicating a strong potential for future growth in user acquisition [2][3] - Major platforms like TikTok are accelerating their presence in the market, with the launch of dedicated short drama applications [1][2] Market Performance - The estimated download volume for overseas micro-short drama apps is projected to reach 1.855 billion by 2025, representing a year-on-year increase of over 300% [3] - The revenue composition shows that Chinese micro-short drama applications dominate, with in-app purchase revenue expected to be approximately $2.163 billion, accounting for 94.93% of the global market [3] - The top 20 platforms are expected to generate over $1.897 billion in in-app purchase revenue, indicating a highly concentrated market [4] Competitive Landscape - The market is witnessing a significant increase in advertising spending, with a total of 13.957 million ad materials projected for 2025 [5] - The number of overseas micro-short drama applications has surged from around 200 at the beginning of the year to approximately 1,100 by year-end, reflecting a rapid expansion of participants [5] - The competition is intensifying as both local and international players, including traditional media giants, enter the market [5][6] Challenges and Opportunities - The production and operational costs for short dramas are rising significantly, with overseas production costs potentially increasing up to seven times compared to domestic costs [6] - The industry is transitioning towards a more mature phase, with a focus on high-quality content production and localization to meet diverse cultural demands [7][8] - Innovations in AI technology are seen as a potential solution to address production capacity and cost challenges, with expectations for breakthroughs in the "AI+" era [9]

国际能源署（IEA）最新月报称，预计2026年全球石油需求将增加93万桶/日，达到1.05亿桶/日，但同时 预计2026年全球石油产量将达到1.0867亿桶/日。 （文章来源：新华财经） ...

国网浙江省电力有限公司（以下简称国网浙江电力）数据显示，2025年浙江全社会用电量首次迈过7000 亿千瓦时大关，达到7266.5亿千瓦时，同比增长7.18%，凸显浙江经济发展态势持续向好。 2025年，浙江紧抓高质量发展建设共同富裕示范区这一核心任务，坚持"经济大省挑大梁"，深入实 施"十项重大工程"，推动经济稳中有进、向新向好。 经济稳进向好使得全社会用电需求持续释放。2025年，浙江全社会最高用电负荷四创历史新高，达到 1.31亿千瓦。数据显示，2025年浙江三大产业用电量分别为41.1亿千瓦时、4768.1亿千瓦时、1332.0亿千 瓦时，同比分别增长12.14%、5.60%和10.84%。全省城乡居民生活用电1125.4亿千瓦时，同比增长 9.65%。 第三产业是经济社会活力的重要体现。2025年，浙江与数字经济相关的信息传输、软件和信息技术服务 业用电量达123.8亿千瓦时，同比增长14%。在浙江数字经济高地杭州市，作为主攻医疗与养老服务的 人工智能龙头企业，浙江孚宝智能科技有限公司加快布局海外市场，用电量快速增长，2025年全年用电 量达到286.1万千瓦时，同比增长25.2%。 此外，2025 ...

【重点关注】 ·工信部：6G研发已经完成第一阶段技术试验 ·上海市税务部门依法对"拼多多"未按规定报送涉税信息进行处罚 ·现货黄金再创新高本月累涨超10% ·2025年，我国人工智能产业活力迸发、亮点纷呈。国内企业发布多款人工智能芯片产品，智能算力规 模达1590EFLOPS，国内大模型引领全球开源生态，人工智能企业数量超过6000家，核心产业规模预计 突破1.2万亿元。 ·广东省人民政府办公厅印发广东省人工智能赋能交通运输高质量发展若干政策措施。其中提出，鼓励 企业开展端到端远程驾驶座舱、智能决策、精准预测与控制等核心技术攻关和创新产品研发，打造高质 量数据集、工具链、算法库，推动自动驾驶大模型落地应用。鼓励有条件的地市探索建设自动驾驶监管 平台，支持有条件的自贸区、行政区率先推动智能网联汽车示范应用试点互认，支持各地市稳妥有序开 放自动驾驶多场景道路测试应用、扩大高级别自动驾驶应用区域。 【国内要闻】 ·在市场监管总局21日举行的新闻发布会上，市场监管总局反垄断一司副司长刘健在介绍通过约谈货拉 拉推动整治相关行业"内卷式"竞争时表示，市场监管总局将督导货拉拉全面落实整改要求，维护市场公 平竞争，保护货车司 ...

Core Viewpoint - The multi-crystalline silicon market remains in a wait-and-see attitude, with a weak balance between supply and demand gradually emerging [1][2]. Group 1: Market Prices - The transaction price range for n-type re-investment material is between 50,000 to 63,000 yuan per ton, with an average transaction price of 59,200 yuan per ton, remaining flat week-on-week [1]. - The transaction price range for n-type granular silicon is also between 50,000 to 63,000 yuan per ton, with an average transaction price of 55,800 yuan per ton, also remaining flat week-on-week [1]. - Despite slight price adjustments from some enterprises, the overall transaction prices in the mainstream market have remained stable [1]. Group 2: Market Dynamics - The current market stalemate is attributed to two main factors: first, while policies like export tax rebates for photovoltaic products provide medium to long-term demand support, some demand has been preemptively fulfilled by 2025, leading to a lack of willingness among downstream silicon wafer companies to increase operating rates, thus limiting immediate procurement demand for silicon materials [1]. - Second, the continuous surge in silver prices has significantly increased the production costs of battery cells and modules, making the slight price reductions in silicon materials have limited impact on downstream cost reductions [1]. - The low operating rates of multi-crystalline silicon enterprises have led to rising comprehensive costs, further reinforcing price bottom support [1]. Group 3: Production and Supply Outlook - According to production plans, several leading enterprises are expected to implement production halts or reductions in January, with the average monthly output of multi-crystalline silicon expected to drop to around 80,000 tons in the first quarter [2]. - Although there has not been a substantial recovery in terminal demand, the significant contraction in supply is gradually leading to a weak balance in supply and demand [2]. - The key variables affecting price trends in the short term include: first, substantial changes in downstream operating rates, particularly the effective transmission of order demand from the battery and module sectors to the silicon wafer sector; second, the sustainability of inventory reduction, as high inventory levels may continue to suppress prices if demand does not recover in a timely manner [2].

Core Viewpoint - Shanxi Huayang New Materials Group (Huayang Group) has achieved significant development results over the past year, focusing on production, transformation, and innovation while recognizing the long-term challenges of its transition [2] Group 1: Development Achievements - Huayang Group has emphasized the importance of maintaining a sense of urgency while also being patient in its development pace during the "15th Five-Year Plan" period, transitioning from a "dual-driven" to a "three-legged" approach [2] - The company has made notable progress in traditional industry upgrades and the cultivation of emerging industries [2] Group 2: Strategic Focus for "15th Five-Year Plan" - The company aims to strengthen its three main businesses while ensuring safety, enhancing efficiency, and expanding production capacity in traditional coal industries [3] - Huayang Group plans to develop the sodium-ion battery industry chain and high-performance carbon fiber industry, while also focusing on the aluminum industry chain integration [3] - The company will enhance its competitiveness in cost, technology, and market through internal improvements and innovation [3] Group 3: Goals and Work Plans for 2026 - The guiding ideology for 2026 includes focusing on coal, enhancing traditional coal advantages, and developing new energy materials [4][5] - Huayang Group will implement a strategy to enhance core functions and competitiveness, emphasizing intelligent, green, and integrated development [4] - The company has outlined five key areas for 2026: safety management, cost reduction and efficiency improvement, focus on main responsibilities, green development, and strong party leadership [5][6]

Group 1: Market Performance - The domestic commodity futures market showed strong recovery on January 21, with lithium carbonate and tin rising over 7% and 5% respectively, leading the gains [1] - The comprehensive China Securities commodity futures price index closed at 1685.53 points, up 10.20 points or 0.61% from the previous trading day [1] - The China Securities commodity futures index closed at 2324.89 points, also up 14.06 points or 0.61% from the previous trading day [1] Group 2: Lithium Carbonate - Lithium carbonate futures surged again on January 21, with an intraday increase of over 8% and a closing rise of over 7% [2] - The price volatility of lithium carbonate is attributed to low short-term recovery probabilities from the Ningde Times mine and increased short-term demand from downstream battery exports [2] - The China Battery Industry Association warned of speculative trading distorting price signals and suggested regulatory measures to stabilize prices [2] Group 3: Gold Market - International gold prices accelerated recently, with spot gold and Shanghai gold reaching historical highs of $4888 per ounce and 1101.9 yuan per gram respectively [3] - The surge in gold prices is driven by increased distrust in the US dollar and US Treasury bonds, leading to higher demand for gold [3] - Poland's central bank announced plans to purchase up to 150 tons of gold, increasing its reserves to 700 tons, further supporting gold prices [3] Group 4: Chemical Sector Weakness - The chemical sector showed weakness, with multiple products like glass, caustic soda, and coke declining over 1% to 2%, with glass hitting a three-week low [4] - The glass market faces supply-demand imbalances due to weak demand from the real estate sector and expectations of increased supply before the Spring Festival [4] - Caustic soda prices hit a new low since listing, with high domestic supply and limited demand growth constraining price recovery [5]

根据世界经济论坛对外公布的日程，特朗普将于北京时间21:30在达沃斯发表公开讲话。不过，贝森特 表示，特朗普会迟到大约3个小时抵达达沃斯。 （文章来源：新华财经） 新华财经北京1月21日电美国财长贝森特周三表示，不担心美债的抛售问题，并将美债的抛售与日本国 债的波动联系起来，称已与日本同行保持联系，保证他们将采取措施稳定市场。丹麦在美债中的立场无 关紧要。 ...