Core Insights - The adjustment of the new energy vehicle purchase tax policy in 2026 marks a shift in competition within the Chinese automotive market from price competition to value competition [1][4] - The new policy encourages consumers to opt for higher-end models to receive full subsidies, indicating a trend towards market premiumization [1][2] Group 1: Policy Changes - The 2026 policy modifies the subsidy structure for scrapping and replacing vehicles, changing from fixed amounts to a percentage of the vehicle price, with new energy vehicle scrapping subsidies adjusted from 30,000 yuan to 12% of the vehicle price (capped at 20,000 yuan) [2] - The replacement subsidy is also changed to a percentage basis, with new energy vehicles receiving 5% of the vehicle price (capped at 15,000 yuan), requiring higher-priced vehicles to qualify for full subsidies [2] Group 2: Market Trends - The average retail price of domestic passenger cars has increased from 151,000 yuan in 2019 to 184,000 yuan in 2024, indicating a resilient consumer structure [1] - Over 30% of consumers are setting their next vehicle budget at over 300,000 yuan, reflecting a growing sensitivity to "value" rather than "low price" [1][3] Group 3: Consumer Behavior - Data shows that the market share of vehicles priced between 200,000 and 300,000 yuan increased from 18% in 2024 to 19% in December 2025, with the 300,000 to 400,000 yuan segment also showing stable growth [3] - More than 63% of consumers are budgeting for their next vehicle at over 300,000 yuan, indicating a shift in focus from brand prestige to genuine value [3] Group 4: Industry Response - Traditional luxury brands like Mercedes-Benz and Audi are now including features such as heated seats and OTA upgrades as standard to enhance practical value [4] - The industry is experiencing a shift where product strength is becoming the core of competition, moving away from price wars, with a focus on providing solid technology and superior configurations in mainstream price ranges [4]

Core Viewpoint - The Inner Mongolia Energy Group's Engineering Construction Division has achieved a transformative development from scale expansion to a focus on quality and efficiency, demonstrating high-quality growth through practical actions and innovation [1] Market Development - The Engineering Construction Division adopts a strategy of "consolidating local markets and expanding external markets," aiming for a total contract amount exceeding 17 billion yuan by 2025 and a cumulative total of over 60 billion yuan during the 14th Five-Year Plan period [2] - Projected revenue for 2025 is over 12 billion yuan, with a cumulative total exceeding 50 billion yuan during the 14th Five-Year Plan [2] - The division has secured four large-scale thermal power projects with a total installed capacity of 8 million kilowatts and has a market share exceeding 60% in the regional thermal power engineering market [2] - In the renewable energy sector, the division has undertaken projects with an installed capacity exceeding 23 million kilowatts, achieving over 50% market share in the regional renewable energy engineering market [2] External Market Breakthroughs - The division has established regional market development centers in Xinjiang and Beijing, focusing on energy-rich areas in Northwest and Northeast China, successfully entering high-end markets such as the Southern Power Grid and State Grid [3] - During the 14th Five-Year Plan, the division has completed over 6,300 kilometers of transmission lines and 108 substation projects, demonstrating capabilities in ±800kV ultra-high voltage engineering [3] - The division is actively developing emerging businesses in energy storage, green hydrogen, and coal reserve bases, successfully winning multiple energy storage projects [3] Operational Management - The division has implemented a collaborative management model centered on projects, focusing on cost control and performance, resulting in continuous profit growth from 2022 to 2024, with a projected profit of 420 million yuan in 2025 [4] - Digital management upgrades have been achieved through the deep application of ERP systems, optimizing 75 processes and integrating safety and internal control systems [4] - A comprehensive cost control system has been established, leading to savings exceeding 2.4 billion yuan through transparent procurement practices [4] - The division has implemented an incentive assessment mechanism to promote management improvement and has adopted a rigorous approach to project cost pre-control and benchmarking [5] Future Development - The Engineering Construction Division aims to continue its development philosophy of "precise positioning, quality improvement, risk prevention, collaborative integration, and brand enhancement" to create a new high-quality development landscape for the entire industry chain [5]

Core Viewpoint - The wholesale prices of gasoline and diesel in China have decreased as of January 19, with average prices for 92 gasoline at 7351 yuan per ton and diesel at 6161 yuan per ton, reflecting a decline from January 16 [1] Market Overview - On January 16, international crude oil futures prices increased, leading to a positive change in the average price of a basket of crude oil, indicating a potential for domestic refined oil retail price adjustments [1] - The market sentiment remains cautious, with a subdued atmosphere for purchasing and selling [1] Regional Price Changes - Gasoline wholesale prices increased in regions such as Jilin, Sichuan, Anhui, Jiangsu, and Henan, while prices decreased in Liaoning, Gansu, Qinghai, Inner Mongolia, Chongqing, Shandong, Zhejiang, Jiangxi, Shanxi, Hubei [1] - Diesel wholesale prices saw an increase in Henan, but declines were noted in Qinghai, Hubei, Hebei, Zhejiang, Shanxi, Tianjin, Jiangsu, Jiangxi, Jilin, and Shandong [1] - In Shandong, local refinery prices for gasoline decreased, while diesel prices experienced a significant drop [1] Data Source - The wholesale price data is published by the Energy Big Data Laboratory of the China Economic Information Agency and the China Petroleum Economic and Technical Research Institute, based on data collection from major operating units and social operating units across the country [1]

市场预期与星野朗的判断部分吻合。彭博社调查显示，多数经济学家预计日本央行下一次加息将在7 月，采取每六个月一次的节奏。而根据掉期市场定价，交易员普遍押注7月前将有一次加息，且到12月 前再次加息的概率高达90%。 新华财经北京1月20日电花旗集团日本市场主管星野朗（Akira Hoshino）表示，若日元持续疲软，日本 央行可能在2026年实施三次加息，使政策利率从当前的0.5%升至1%，达到现有水平的两倍。 星野朗在接受采访时表示，一旦美元兑日元汇率升破160关口，日本央行极有可能于4月加息25个基点至 1%。他进一步预测，若汇率维持在低位，央行或于7月再度加息，并不排除在年底前进行第三次同等幅 度的调整。 "简而言之，日元的疲软是由实际利率为负所驱动的，"星野朗指出，当前日本国债收益率持续低于通胀 水平，形成负实际利率环境。他认为，若央行希望扭转日元贬值趋势，"除了应对这一问题，别无选 择"。 亚洲交易时段早盘，美元兑日元交投于158关口上方。上周，盘中曾一度逼近160关口，创出18个月以来 的新高。星野朗预计，今年该汇率将在略低于150至165区间内波动。 星野朗的观点凸显了汇率因素正日益成为判断日本货 ...

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。 新华财经北京1月20日电新华社石油价格系统1月20日发布的数据显示，1月19日一揽子原油平均价格变 化率为1.92%。 （文章来源：新华财经） 1月20日是本计价周期的第十个工作日，调价窗口将在今日24时开启。本轮国内汽、柴油价格将迎来上 调，预计上调幅度约85元／吨。 ...

新华财经北京1月20日电在国内外经济环境深刻复杂变化的背景下，2025年我国经济交出了一份沉甸甸 的"成绩单"：国内生产总值首次突破140万亿元大关，同比增长5%，实现了预期增长目标。这一成绩的 取得，不仅标志着中国经济总量再上新台阶，更在顶压前行的过程中，展现出强大的内生韧性与结构调 整的深层活力。 政策的另一着力点在于持续深化市场改革、激发微观主体活力。陈文玲特别提到，民营经济促进法的出 台、市场准入负面清单的完善等制度性建设，为统一大市场注入了持久的活力与动能。与此同时，我 国"开放的大门越开越大"，进出口贸易在逆境中迈出较大步伐，连续第九年保持增长，为全球贸易稳定 发挥了"压舱石"作用。 商务部研究院研究员周密分析认为，我国外贸的长期优势，不仅体现在规模韧性上，更在于通过自身供 应链的稳定性，帮助全球伙伴对冲外部不确定性。未来，伴随中国-东盟自贸区升级等一系列贸易环境 建设举措落地，以及服务贸易、数字贸易等新动能崛起，我国外贸的供给效率与竞争力有望进一步提 升。 结构优化与动力转换：挖掘内需潜力与培育新质生产力 在总量平稳增长的背后，我国经济结构正在发生深刻而积极的变化，内需特别是消费的基础性作用进一 ...

（文章来源：新华财经） 新华财经北京1月20日电浦东新区人民政府办公室印发《浦东新区推进张江人工智能创新小镇建设工作 方案》。其中提出，聚焦人工智能产业发展的前沿领域，突破一批关键核心技术，推出一批高端产品和 爆款应用，打造世界级人工智能产业集群，建设具有全球影响力的垂类应用创新集聚高地。到2027年， 集聚人工智能垂类大模型应用企业超800家，培育行业标杆企业3至5家，完成超100个大模型备案，打造 超30个人工智能示范应用场景，人工智能产业规模达650亿元。到2030年，实现集聚人工智能垂类大模 型应用企业超1000家、产业规模超1000亿元的"双千"目标，形成一批具有复制推广意义的标杆应用场 景。建成充满活力的创新小镇、产城融合的品质小镇、智慧生态的未来小镇，成为全球人工智能创新创 业人才的首选地。 ...

Core Viewpoint - The upcoming Supreme Court hearing on the "Trump v. Wilcox" case highlights the tension between presidential authority and the independence of the Federal Reserve, particularly regarding the dismissal of Federal Reserve Governor Lisa Cook [1][2]. Group 1: Case Background - The case centers on whether the President has the unilateral power to dismiss a Federal Reserve governor, specifically Lisa Cook, who was appointed by President Biden and is the first African American woman to hold the position [1]. - In 2025, President Trump attempted to remove Cook based on unverified allegations, leading to her lawsuit against the dismissal, which resulted in a preliminary injunction from a district court [1]. Group 2: Legal and Political Implications - The U.S. Department of Justice argues that the President has broad dismissal powers, challenging the notion that Federal Reserve governors can only be removed "for cause" as stipulated by the Federal Reserve Act [2]. - The case poses a direct challenge to the protective clauses of the Federal Reserve Act regarding the terms of governors, with potential implications for the independence of monetary policy [2]. Group 3: Broader Impact on the Federal Reserve - The Supreme Court's decision could significantly affect the Federal Reserve's independence, which is crucial for maintaining public confidence in monetary policy [3]. - The case has drawn attention from former Federal Reserve chairs and top economists, warning that allowing presidential dismissal could undermine the political insulation established by Congress [1][3].

Group 1 - The core viewpoint of the articles emphasizes the ongoing reforms in state-owned enterprises (SOEs) in China, highlighting the completion of the main tasks of the current round of reform while indicating that further deepening of reforms is necessary to address structural issues and enhance innovation capabilities [1][2][6] - The State-owned Assets Supervision and Administration Commission (SASAC) has reported that the core functions and competitiveness of SOEs have steadily improved, with significant progress in strategic restructuring, technological innovation, and corporate governance [2][4] - Data indicates that during the "14th Five-Year Plan" period, central enterprises invested over 5 trillion yuan in research and development, with an annual growth rate of over 20% in emerging industries, and a nearly 50% increase in the number of technology talents [2][3] Group 2 - Local SOEs are optimizing their layouts based on regional endowments, with examples including the establishment of intelligent coal mines in Shanxi and the formation of a provincial low-altitude economy group in Hunan [3] - The focus on emerging industries is evident, with central enterprises actively engaging in sectors such as new energy, aerospace, and quantum technology, aiming to create new growth engines [3][5] - The next phase of SOE reform will prioritize the establishment of a modern enterprise system with Chinese characteristics, enhancing governance structures, and addressing deep-seated issues that hinder enterprise development [6][7] Group 3 - The reform process is described as ongoing, with a commitment to continue addressing challenges such as economic efficiency and high asset-liability ratios, while also tackling structural contradictions in emerging industries [6][7] - The SASAC plans to focus on cultivating leading technology enterprises and accelerating the application of research outcomes, alongside promoting strategic and professional restructuring [6][7] - The emphasis on high-quality development and the optimization of mechanisms and incentives is expected to drive innovation and enhance the overall effectiveness of SOEs [7][8]

Core Viewpoint - The National Development and Reform Commission (NDRC) is set to unify subsidy standards for various sectors, including automotive and electronics, to promote a nationwide unified market [1] Group 1: Subsidy Standards - The NDRC will implement a unified subsidy standard for six categories of automotive scrappage and replacement, as well as for the trade-in of six categories of household appliances [1] - Additionally, the subsidy standard will apply to four categories of digital and smart products [1]