新华财经圣彼得堡1月19日电 根据俄罗斯汽车市场分析机构"机动车统计网"（Autostat）公布的数据， 2025年俄罗斯电动汽车市场共售出1.25万辆新车，销量与上年相比下降了30%。2024年的销量为1.78万 辆。 2025年在俄共售出449辆美国品牌"特斯拉"电动车，销量与2024年相比下降了34%。 （文章来源：新华财经） "机动车统计网"的负责人采利科夫在社交媒体上介绍说，俄电动车市场最受欢迎的品牌是中国产"极 氪"，但其销量与上年相比下滑了61%。销量排在第二位和第三位的是俄罗斯的品 牌"Evoluteh"和"Amberavto"。 中国品牌"比亚迪""小米"和"吉利"等在俄罗斯电动汽车市场也有不错的销量。采利科夫预测俄车市对这 些中国品牌的电动车需求将持续增长。 ...

Group 1 - Berenberg Bank's chief economist indicates that the U.S. government's attempt to forcibly purchase Greenland and threaten tariffs on eight countries has shattered market expectations for a tariff easing in 2026, potentially leading to a consumer price increase of up to 0.15% in the U.S. if the U.S.-EU tariff agreement is abolished [1] - Apex Securities analysts highlight Malaysia's strong domestic demand, predicting a solid economic growth support in 2026, with a GDP growth forecast of 4.3% driven by robust service sector performance, government tourism initiatives, and ongoing policy support [1] - Westpac Bank notes that tensions between the U.S. and Europe over Greenland are exacerbating downward pressure on the dollar and reigniting discussions on "de-dollarization," emphasizing the geopolitical risks associated with the U.S.'s significant international net liabilities [2] Group 2 - Mitsubishi UFJ Financial Group warns that the Indonesian rupiah is under increasing depreciation pressure due to fiscal deficits nearing legal limits and weak tax revenues, predicting it may fall to 17,000 per dollar by Q1 2026 [3] - Barclays analysts forecast that the Indonesian rupiah could further decline to a historical low of 17,300 per dollar in 2026, reflecting deep market concerns over Indonesia's fiscal sustainability [3] - BlackRock reports that European institutional investors are accelerating their investments in private markets to navigate a new landscape characterized by increased volatility and changing stock-bond correlations, with EMEA clients contributing approximately 35% to BlackRock's global private fundraising in 2025, which surged over 50% year-on-year [3]

Core Insights - The national carbon market in China reported a closing price of 81.00 yuan per ton on January 19, 2026, reflecting a 3.18% increase from the previous day [1][3] Trading Data - The total trading volume for carbon emission allowances today was 146,947 tons, with a total transaction value of 11,618,813.00 yuan [1] - The breakdown of trading included 46,947 tons in listed agreement transactions worth 3,718,813.00 yuan and 100,000 tons in bulk agreement transactions worth 7,900,000.00 yuan [1] - Since January 1, 2026, the cumulative trading volume of carbon emission allowances has reached 7,794,645 tons, with a total transaction value of 562,648,041.20 yuan [1] - As of January 19, 2026, the cumulative trading volume in the national carbon market stands at 872,661,165 tons, with a cumulative transaction value of 58,225,266,272.77 yuan [1]

Core Insights - Traditional heavy-asset energy companies face challenges such as large investment scales, long recovery periods, and cash flow volatility. Beijing Energy Group has addressed these issues through asset securitization, specifically by issuing the China Aviation Beijing Energy Photovoltaic Closed-End Infrastructure Securities Investment Fund and the CICC-Beijing Energy International Energy Infrastructure Asset-Backed Special Plan, achieving goals of revitalizing existing assets, broadening financing channels, and optimizing cash flow structures [1][2]. Group 1: Asset Securitization and Innovation - The expansion of the China Aviation Beijing Energy Photovoltaic REIT, which includes hydropower projects, marks a significant innovation in asset securitization, creating a new avenue for capital market engagement in the context of China's dual carbon strategy [2][3]. - The "photovoltaic + hydropower" mixed issuance model provides a four-dimensional value proposition, including complementary power generation, risk diversification, enhanced returns, and upgraded financing [3][4]. - The issuance of public REITs allows companies to convert heavy assets into standardized, market-acceptable underlying assets, facilitating better cash flow management [4]. Group 2: Collaborative Efforts and Government Support - The successful expansion of the China Aviation Beijing Energy Photovoltaic REIT is attributed to strong support from local government, which plays a crucial role in optimizing capital structures and enhancing asset resilience [5][6]. - REITs enable a shift from reliance on incremental investments to activating existing assets, addressing the issue of dormant local assets and creating a sustainable capital loop [6][7]. - The focus on enhancing asset governance and compliance is essential for future asset revitalization, ensuring that all operational phases are well-managed [9]. Group 3: Future Outlook and Strategic Goals - The company aims to continue promoting REIT expansions, targeting a diversified platform that includes wind, solar, hydropower, and energy storage businesses, thereby contributing to the green transformation of the energy sector [8][10]. - The strategy emphasizes the importance of utilizing financial tools like REITs and ABS to activate quality cash-generating assets, facilitating effective investment and sustainable growth [10].

据上海海关统计，2025年，上海口岸自非洲进口农产品货值达100.3亿元人民币，比2024年增长25.3%。 整个"十四五"规划（2021年至2025年）期间，上海口岸累计进口非洲农产品392.1亿元，年均增长率达 10.9%。 （文章来源：新华财经） 新华财经上海1月19日电（记者吴宇）上海海关19日公布，一批来自乌干达的约11吨干辣椒，在上海口 岸查验合格完成通关。这是乌干达干辣椒获得中国市场准入后首次输华。 据介绍，这批乌干达干辣椒经海运从上海外高桥港区入境。上海海关关员抽取样品进行检验，确认这批 辣椒无虫害、无霉变、无杂质。 ...

Core Viewpoint - The bond market is experiencing fluctuations with a general trend of decline in government bond futures, while the central bank's monetary policy remains accommodative, supporting the bond market [1][2][8]. Market Performance - Government bond futures closed mostly lower, with the 30-year main contract down 0.22% at 110.92, and the 10-year main contract down 0.02% at 108.04 [2]. - The interbank bond yield for the 10-year government bond increased by 0.38 basis points to 1.9678%, while the yield for the 30-year government bond rose by 0.2 basis points to 2.303% [2]. Monetary Policy - The central bank announced a structural interest rate cut, reducing the re-lending and re-discount rates by 0.25 percentage points, with new rates set at 0.95%, 1.15%, and 1.25% for different terms [6]. - The central bank's actions reinforce a loose monetary policy stance, which is expected to support the bond market, particularly in the short term [1][8]. Funding Conditions - The central bank conducted a 7-day reverse repurchase operation with a net injection of 72.2 billion yuan, indicating a generally loose funding environment [5]. - Short-term Shibor rates mostly declined, with the overnight rate down 0.7 basis points to 1.318% [5]. Institutional Insights - Analysts from various institutions suggest that the central bank has room for further easing measures if economic conditions worsen, particularly if inflation pressures decrease [8]. - There is a belief that the short-term downward space for interest rates is limited, as market participants are gradually shifting their views towards a weaker bond market [8].

新华财经北京1月19日电上周（1月12日至16日当周）国际现货黄金震荡走高，当周上涨85.67美元或 1.9%，连续第二周收阳。 分析来看，随着围绕美联储独立性、关税走向及中东局势的不确定性升温，地缘紧张与美国国内政治动 荡交织，金银向上突破，再度刷新历史新高。 展望新的一周，特朗普有关关税和格陵兰岛等地缘局势的表态仍引发市场高度关注。此外，美国PCE数 据公布在即，美联储货币政策的动向也仍是贵金属市场的焦点。 地缘紧张与美国国内动荡，金银再创历史新高 俄乌冲突仍在延宕，美国在1月3日对委内瑞拉发起大规模军事行动之后近期又对伊朗频频发出威胁，加 上格陵兰岛局势，整体地缘局势呈现收紧状态。这推动上周一国际金银跳空高开，并在日内震荡走高。 地缘紧张局势无疑是导致避险资金持续流入贵金属并推高贵金属价格的重要原因。 地缘紧张与美国国内动荡使得贵金属市场获益明显。上周初，金价将历史高位刷新到4642.85美元／盎 司；白银表现更为亮眼，当周高点至93.70美元／盎司，年度累计涨幅达到近30%的水平。 戏剧性的是，上周后半周，地缘局势带来的利多突然发生变化。随着特朗普表态将对伊朗局势"拭目以 待"之后，地缘局势出现明显降 ...

Core Points - The Sci-Tech Innovation 50 Index opened lower on January 19, fluctuated, and ultimately closed down slightly at 1506.86 points, with a decline of 0.48% and a trading range of 1.48% [1] - The overall Sci-Tech Innovation Index also fell by 0.21%, closing at 1851.07 points, with a total trading volume of approximately 296.6 billion yuan [1] - Among the 600 stocks in the Sci-Tech Innovation Board, there were more decliners than gainers, with high-priced stocks mostly declining and low-priced stocks showing mixed performance [1] Trading Performance - The average increase for the 600 stocks on the Sci-Tech Innovation Board was 0.09%, with an average turnover rate of 3.69%, and a total trading volume of 296.6 billion yuan [1] - The average volatility for the stocks was 4.72% [1] Individual Stock Performance - Okoyi reached the daily limit, showing the highest increase [2] - Silin Jie experienced a significant drop of 16.37%, marking the largest decline [2] Trading Volume - Haiguang Information had the highest trading volume at 10.42 billion yuan [3] - ST Pava recorded the lowest trading volume at 1.024 million yuan [3] Turnover Rate - Xigao Institute had the highest turnover rate at 21.14% [4] - Longteng Optoelectronics had the lowest turnover rate at 0.2% [4]

Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 158.3 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 72.2 billion yuan after 86.1 billion yuan of reverse repos matured on the same day [1] - In the week from January 12 to 16, the total net injection from reverse repos was 812.8 billion yuan, with a significant operation of 900 billion yuan in 6-month reverse repos on January 15 [1] - The interbank liquidity tightened initially due to large net withdrawals and government bond payments, but gradually eased as the PBOC increased daily reverse repo injections, leading to a decrease in funding rates by the end of the week [1] Group 2 - The upcoming week (January 19-23) is expected to face renewed pressure on liquidity, with a total of 1.1015 trillion yuan in public market maturities, significantly higher than the previous week's 138.7 billion yuan [2] - A concentrated cash withdrawal is anticipated during the tax period from January 20 to 22, with an estimated total withdrawal of 778.7 billion yuan, alongside accelerated government bond issuance estimated at 246.5 billion yuan [2] - The total liquidity gap is projected to exceed 3.3 trillion yuan, considering the public market maturities and government bond payments, although the overall sentiment remains that the liquidity situation will not be overly concerning due to the timing of the Spring Festival [2] Group 3 - The PBOC reported that in 2025, the total increase in RMB loans is expected to reach 16.27 trillion yuan, with the total social financing scale increasing by 35.6 trillion yuan, which is 3.34 trillion yuan more than in 2024 [3] - The M2 money supply is projected to reach 340.29 trillion yuan by the end of 2025, reflecting a year-on-year growth of 8.5% [3] - The PBOC announced a 25 basis point reduction in the re-lending and rediscount rates, with the one-year re-lending rate now at 1.25%, and additional increases in quotas for targeted lending programs [3] Group 4 - Structural monetary policy tools are seen as a critical part of the current interest rate reduction cycle, with more room for reductions in these tools compared to overall policy rates [4] - The PBOC's spokesperson indicated that there is still room for both reserve requirement ratio (RRR) cuts and interest rate reductions, emphasizing the importance of a diversified monetary policy toolkit [4] - The coordination between monetary and fiscal policies is expected to improve through operations such as government bond transactions, enhancing the overall effectiveness of monetary policy [4]

Market Overview - The A-share market showed mixed performance on January 19, with the Shanghai Composite Index closing at 4114.00 points, up 0.29%, while the Shenzhen Component Index rose 0.09% to 14294.05 points, and the ChiNext Index fell 0.70% to 3337.61 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day [1] Sector Performance - The aviation, tourism, hotel and catering, and electrical equipment sectors saw significant gains, while the internet, communication equipment, software services, and semiconductor sectors experienced declines [1] - The electric grid equipment sector had a notable surge, with several stocks hitting the daily limit, including Baobian Electric and China West Electric [2] - The precious metals sector also performed well, with stocks like Sichuan Gold and Zhaojin Gold reaching their daily limit [2] Institutional Insights - According to Jifeng Investment Advisory, the market is in an upward trend, with many sectors finding support at the 60-day moving average, indicating a new round of upward momentum [3] - Citic Securities highlighted the strategic importance of global rare earth resources, predicting a sustained increase in demand from emerging sectors such as electric vehicles and humanoid robots, leading to a potential supply-demand gap by 2026 [4] Economic Forecast - The National Bureau of Statistics projected a 5% year-on-year growth for China's GDP in 2025, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [5] Company Developments - Xiaomi's second-generation self-developed SoC, the Xuanjie O2, is expected to utilize TSMC's N3P process, with plans to expand its application beyond smartphones to tablets, cars, and computers [6]