Group 1 - The Turkish Competition Authority conducted a "site inspection" at Temu's office in Turkey, confirming the action but stating it does not indicate a formal investigation has been initiated [2] - Temu acknowledged the inspection and stated it would fully cooperate with local authorities, with some computer equipment taken by enforcement officers [2] - This inspection is not the first of its kind, as Temu's European headquarters in Dublin was also inspected by local authorities in December of the previous year [2] Group 2 - The Turkish government announced the cancellation of the previous tax exemption policy for packages valued under 30 euros, aiming to protect local production and market competition, with the new regulation expected to take effect in early February [3] - Temu, owned by Chinese e-commerce group Pinduoduo, has been rapidly expanding in European markets and has established a local entity in Turkey with an office in Istanbul [3]

Group 1: Currency and Economic Outlook - Deutsche Bank analysts predict that Asian currencies may remain "relatively stable or slightly stronger than the dollar" by 2026, supported by good foreign exchange reserves and optimistic macroeconomic conditions in the region [1] - Analysts note that there are no extreme imbalances in trade and fiscal policies, and Asian policymakers are unlikely to encourage significant appreciation of their currencies against the dollar due to ongoing geopolitical risks [1] Group 2: Gold Demand and Market Trends - T. Rowe Price analysts highlight that central bank demand for gold remains strong and largely insensitive to price changes, providing "durable support" for gold as a strategic diversification tool [2] - The macro environment for gold remains favorable, with ongoing policy uncertainty and pressure on the dollar, benefiting gold as an asset outside the fiat currency system [2] Group 3: U.S. Treasury and Market Dynamics - The "Sell America" trade is identified as a key driver behind recent market movements, as investors seek to reduce exposure to perceived risks associated with U.S. policies [2] - U.S. 10-year Treasury yields reached a peak of 4.313%, the highest since August of the previous year, with a closing yield of 4.287% [2] - Factors contributing to the rise in U.S. Treasury yields include the decline in Japanese bonds, tariff threats from Trump, and the momentum from breaking the critical 4.20% technical level [2] Group 4: Japanese Bond Market - Following significant sell-offs, Japan's 30-year bond yields fell by about 20 basis points to 3.71%, although they still increased by 22 basis points for the week [3] - Japanese policymakers are urged to respond quickly as market volatility shows no signs of easing, and recent price rebounds may not be sustainable [3] Group 5: UK Inflation and Economic Projections - The UK inflation rate for December 2025 rose to 3.4%, exceeding the expected 3.3%, while the Bank of England is set to make a decision on interest rates next month [3] - Despite sluggish economic growth, the UK maintains the highest inflation rate among G7 countries, although a significant slowdown in price increases is anticipated in the coming months [3] - Financial markets expect the Bank of England to potentially lower interest rates once or twice in 2026, each by 25 basis points [3]

Group 1 - The core viewpoint of the news is that Guizhou Province's GDP is projected to reach 23,562.17 billion yuan by 2025, reflecting a growth of 4.9% compared to the previous year at constant prices [1] - The primary industry is expected to contribute an added value of 3,023.35 billion yuan, growing by 4.4%; the secondary industry is projected to add 7,298.24 billion yuan, with a growth of 5.1%; and the tertiary industry is anticipated to reach 13,240.58 billion yuan, growing by 4.9% [1] - Guizhou's economic growth has been steady during the "14th Five-Year Plan" period, with GDP surpassing 20 trillion yuan in 2022 and continuing to increase [1] Group 2 - The contribution of Guizhou's industrial economy is expected to rise from 17.1% in 2020 to 35.1% by 2025, while industrial investment's share is projected to increase from 17.9% to 35.5% during the same period [2] - Agricultural production is steadily expanding, with grain output growing at an average rate of 2.0% annually, and significant increases in the production of specialty agricultural products such as traditional Chinese medicine, tea, fruits, edible fungi, and vegetables compared to 2020 [2] - The added value of the service industry is expected to grow at an average rate of 5.4% per year, which is 0.5 percentage points higher than the GDP growth rate [2]

新华财经贵阳1月21日电（记者肖艳）记者21日从贵州省政府新闻办召开的新闻发布会上获悉，2025 年，贵州省规模以上工业增加值比上年增长7.0%；工业用电量比上年增长7.9%，提高2.0个百分点；1- 11月份，规模以上工业企业实现利润总额1361.48亿元，比上年同期增长9.0%。 据介绍，分经济类型看，2025年贵州省国有控股企业增加值增长5.9%，股份制企业增长7.3%，私营企 业增长5.8%。 分三大门类看，采矿业增加值增长9.4%，其中，有色金属矿采选业增长14.9%，非金属矿采选业增长 10.8%，煤炭开采和洗选业增长8.8%； 制造业增加值增长7.2%，其中，汽车制造业增长42.3%，电气机械和器材制造业增长41.1%，计算机、 通信和其他电子设备制造业增长35.9%，纺织业增长27.1%，有色金属冶炼和压延加工业增长26.1%，化 学原料和化学制品制造业增长17.0%，食品制造业增长12.4%，酒、饮料和精制茶制造业增长2.4%； 电力、热力、燃气及水生产和供应业增加值增长3.0%，其中，电力、热力生产和供应业增长3.3%。 分产品看，汽车产量比上年增长94.9%，辣椒制品增长29.8%，电子 ...

Group 1 - The core viewpoint of the articles emphasizes the significant investment potential in China, particularly in traditional industries, infrastructure, and emerging strategic sectors, which could lead to the creation of trillion-yuan markets in the next five years [1][2] - Wang Yiming suggests six strategies to expand investment, including prioritizing major projects, increasing investment in public welfare projects, and enhancing private investment confidence [1] - Chen Yongjie proposes multiple policy recommendations to stimulate private investment, such as broadening investment opportunities, reducing costs, and improving financial support mechanisms [1][2] Group 2 - Zhang Yuxian highlights that current government investments focus on functional aspects, addressing weaknesses and risks rather than merely driving growth [2][3] - Du Yue recommends increasing central budget investments and optimizing financial tools to enhance infrastructure investment and attract private capital for major projects [2][3] - Emphasis is placed on supporting local governments in planning and implementing significant projects that align with national needs and local capabilities [3]

Core Insights - Shanghai's GDP reached 56,708.71 billion yuan in 2025, with a year-on-year growth of 5.4%, surpassing the national average and ranking fifth globally among cities [1] - The city has shown resilience in economic growth despite external challenges, with a focus on structural transformation and new driving forces [2][3] Economic Structure and Growth - Shanghai's economic structure is undergoing significant changes, with emerging industries like integrated circuits, biomedicine, and artificial intelligence leading the way, achieving a combined output exceeding 2 trillion yuan and a growth rate of 9.6% [2] - The manufacturing output of integrated circuits and AI grew by 15.1% and 13.6%, respectively, indicating a shift towards innovation-driven growth [2] Industrial Performance - Strategic emerging industries in Shanghai saw a 6.5% increase in total output, accounting for 45% of the total industrial output, with notable growth in new energy and high-end equipment sectors [3] - Traditional growth models are transitioning to innovation and efficiency-driven approaches, enhancing overall economic quality and structure [3] Consumer Market Dynamics - Shanghai's retail sales of consumer goods grew by 4.6% in 2025, with various innovative consumption events boosting market activity [4] - The city's policy to promote the replacement of old consumer goods led to over 120 billion yuan in sales, benefiting more than 21.95 million people [4] Employment and Income Growth - The per capita disposable income in Shanghai reached 91,987 yuan, reflecting a 4.1% increase, which supports consumer spending [4] - The city's inbound tourism saw a historic high of 9.36 million visitors, a 40% increase from the previous year, contributing to the local economy [5] Business Environment and Financial Sector - Shanghai implemented measures to reduce business burdens, expected to save over 100 billion yuan for enterprises in 2025 [5] - The number of licensed financial institutions in Shanghai reached 1,813, with significant growth in financial market transactions, totaling 40,589.5 billion yuan, a 11.2% increase [6] International Trade and Shipping - Shanghai's foreign trade volume reached 4.51 trillion yuan, marking a 5.6% increase, with exports growing by 10.8% [6] - The port's container throughput reached 55.06 million TEUs, a 6.9% increase, maintaining its position as the world's busiest port [6] Innovation and Technology - The total value of technology contracts in Shanghai reached 649.68 billion yuan, a 24.9% increase, indicating a strong innovation ecosystem [7] - The city aims to leverage its "five centers" strategy to enhance its global competitiveness and drive technological advancements [7]

英国基本面方面也未对英镑形成有效支撑。英国工业联合会表示，英国工业订单在1月再度下降，但降 幅为去年9月以来最小。同时，物价预期也飙升至近三年来的最高水平。报告显示，英国1月CBI工业订 单差值从上月的-32升至-30，但该指数水平仍远低于其长期平均值-14。对预期价格的衡量指标则飙升至 +29，这是自2023年2月以来的最高值。英国工业联合会高级首席经济学家Ben Jones表示，制造业的经 营状况仍然"极为艰难"。与此同时，成本压力——包括工资上涨、能源价格高企以及税收增加——正在 挤压利润空间，并对企业的竞争力造成影响，迫使企业即便在需求依然疲软的情况下也计划提高价格。 综合来看，英国制造业在成本高企、地缘政治风险拖累出口的背景下，仅呈现微弱复苏，其韧性和增长 前景依然面临严峻考验。 技术面上，英镑兑美元在短期均线附近获得支撑，多头趋势保持稳定。若英国经济数据向好，英镑有望 上行，但美欧政治与贸易不确定性仍可能导致短期波动加大。 （文章来源：新华财经） 新华财经北京1月21日电英镑兑美元日内维持平稳走势，交投于1.3430附近。本周公布的英国薪资与通 胀数据大体符合英国央行的政策立场，并未能显著改变利率 ...

（文章来源：新华财经） 新华财经北京1月21日电 1月21日晚间，"国产GPU第一股"摩尔线程发布上市后首份业绩预告。2025年 业绩预告显示，公司全年归属净利润预计亏损9.50亿元-10.60亿元，与上年同期相比，亏损收窄约5.58 亿元-6.68亿元，亏损收窄幅度为34.5%-41.3%。 对于业绩变动的主要原因，摩尔线程表示，报告期内，公司始终专注于全功能GPU的研发与创新，持续 推进产品架构快速迭代，成功推出旗舰级训推一体全功能GPU智算卡MTTS5000，其性能达到市场领先 水平，并已实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，可高效支持万亿参数 大模型训练，其计算效率达到同等规模国外同代系GPU集群的先进水平。但与部分国际巨头相比，公司 在综合研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。得益于人工智能产业蓬勃发 展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关注度与认可度持续提升，推 动收入与毛利增长，整体亏损幅度同比收窄。 二级市场上，摩尔线程1月21日涨1.97%，股价报627.30元每股，总市值2948.49亿元。 同时，摩尔线程称，公司 ...

Core Viewpoint - The international oil prices have shown a positive trend, driven by the International Energy Agency's (IEA) upward revision of global oil demand growth expectations for 2026, despite ongoing concerns about supply surplus in the oil market [1][4]. Group 1: Oil Price Movements - International oil prices rose over 1% during European trading on January 21, with WTI crude oil surpassing $60 per barrel and Brent crude oil exceeding $65 per barrel [1]. - Following the release of the IEA report, WTI and Brent crude oil prices briefly dipped but quickly rebounded, with price increases exceeding 1.5% [2]. Group 2: Demand and Supply Outlook - The IEA revised its forecast for global oil demand growth in 2026 from 860,000 barrels per day to 930,000 barrels per day, indicating a slight reduction in the projected surplus from 3.84 million barrels per day to 3.69 million barrels per day [1]. - The IEA also projected that global oil supply would increase by 2.5 million barrels per day in 2026, reaching an average of 108.7 million barrels per day, although this increase is lower than the 3 million barrels per day expected for 2025 [1]. Group 3: Market Influences - Recent positive news for the oil market includes temporary production halts at two major oil fields in Kazakhstan due to power distribution failures, which contributed to a rise in international oil prices [4]. - Additionally, a significant increase in U.S. natural gas prices, driven by cold weather forecasts and short covering, has provided further confidence to oil bulls [4]. - Despite the IEA's optimistic demand forecast, analysts caution that unless there are major supply disruptions, the oil market may face significant oversupply in the first quarter of 2026 due to refinery maintenance [4].

Group 1 - The core viewpoint of the news is that President Trump signed an executive order to restrict large institutional investors from purchasing single-family homes to address the housing affordability crisis faced by residents [1] - The executive order mandates that the U.S. Treasury must define large institutional investors and single-family homes within 30 days [1] - Various government departments, including the Department of Agriculture and the Department of Housing and Urban Development, are required to issue guidelines within 60 days to prevent government entities from facilitating purchases of single-family homes by large institutional investors [1] Group 2 - The affordability crisis has become a significant concern for voters, particularly affecting middle- and low-income families due to high prices and rising unemployment [2] - The National Rental Home Council stated that the share of properties held by professional single-family rental providers is less than 1%, indicating they are not the cause of the housing shortage in the U.S. [2] - There is a call for more housing investment and the expansion of rental options to create genuine pathways to homeownership [2]