由于市场普遍认为美国军事打击伊朗的可能性暂时降低，令围绕地缘局势的避险情绪略有回落，加上美 国总统特朗普暂缓对关键矿产加征关税的消息，令贵金属此前高涨的多头情绪降温。 新年伊始白银价格一度上涨30%，但随后持续剧烈波动，并面临一定的技术性抛售压力。特朗普当地时 间14日晚间在多份公告中宣布，美国不会对包括白银在内的加工后的关键矿物及其衍生产品 （PCMDPs）征收任何关税。相反，美国政府正寻求达成新的贸易协定，以增加关键金属的进口。 当天稍早特朗普有关将对伊朗局势"拭目以待"的表述，也被认为缓和了市场对美伊局势升温的担忧。 上述消息导致15日亚洲时段贵金属价格大幅波动。其中金价一度跌落至4600美元关口下方，银价则更是 最低触及86.125美元/盎司，跌幅约6%。 另外，当日公布的经济数据也打压金价。美国劳工部15日公布的数据显示，截至1月10日当周，经季节 性调整后，美国首次申请失业救济金人数减少9000人，至19.8万人。经济学家此前普遍预期申请人数将 增至21.5万人。前一周申请人数也略微下调至20.7万人。 纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价15日下跌13.7美元，收于每盎司 ...

Group 1 - The core viewpoint of the articles highlights the ongoing progress and advancements in China's railway construction, emphasizing the strategic importance of various railway projects in enhancing regional connectivity and supporting economic development [1][2][3] Group 2 - The Xining to Chengdu railway, part of the "Eight Vertical and Eight Horizontal" high-speed rail network, is expected to significantly improve transportation links between the Lanzhou-Xining urban agglomeration and the Chengdu-Chongqing urban agglomeration [1] - The National Railway Group plans to invest 901.5 billion yuan in fixed assets by 2025, representing a 6% year-on-year increase, with the goal of completing 3,109 kilometers of new lines [1] - The construction of the Ba Mountain Village Tunnel, a key project on the Chongqing to Wanzhou high-speed railway, has successfully passed through complex geological conditions, showcasing the challenges faced in high-risk tunnel construction [2] - The Oujiang Public-Railway Bridge, part of the Wenzhou to Fuzhou high-speed railway, has commenced construction and will feature a main span of 700 meters, making it the largest four-line railway cable-stayed bridge in China [2] - The Taihu Station of the Shanghai-Suzhou-Xuzhou-Changzhou Intercity Railway is entering the main structure construction phase, utilizing advanced monitoring systems to ensure construction quality [3] - The Ganjia Tunnel of the Xining to Chengdu railway has surpassed 6,000 meters in excavation, employing advanced geological monitoring techniques to ensure safety and efficiency in a challenging environment [3] - The National Railway Group aims to accelerate project progress in the first quarter, enhancing the role of railway construction investment in building a modern railway infrastructure system [3]

2025年适度宽松的货币政策发力显效，为经济稳定增长和高质量发展创造了适宜的货币金融环境。2025 年货币信贷呈现什么特征？2026年金融举措将在哪些方面发力？在1月15日国新办举行的新闻发布会 上，中国人民银行、国家外汇管理局有关负责人详解2025年金融统计数据，并回应热点问题。 中国人民银行调查统计司司长闫先东介绍，2025年货币信贷呈现"总量增长、结构优化"的特征。2025年 企（事）业单位贷款增加15.47万亿元，是信贷增长主体。其中中长期贷款是企（事）业单位贷款增加 的主要构成，表明金融持续为实体经济提供稳定的资金来源。 记者从发布会上了解到，在金融"五篇大文章"领域，信贷总量增长较快，融资成本明显下降。截至去年 11月末，金融"五篇大文章"贷款余额107.7万亿元，同比增长12.8%；当年11月新发放贷款利率比上年同 期低0.42个百分点。 闫先东表示，2026年中国人民银行将综合运用多种货币政策工具，健全完善金融市场体制机制，推动金 融资源更精准、更高效地流向重点领域和薄弱环节。 继续实施适度宽松的货币政策 今年货币政策走向备受关注。邹澜表示，2026年要继续实施适度宽松的货币政策，加大逆周期和 ...

纽约联储银行同时公布的数据显示，该行所辖地区1月份制造业景气指数为7.7，好于市场共识预期的1 和前月修订后的-3.7。 新华财经纽约1月15日电（记者刘亚南）消息面改善和宏观数据利好提振市场人气，纽约股市三大股指 15日高开后强势震荡，收盘时纽约股市三大股指均上涨。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨292.81点，收于49442.44点，涨幅为0.60%；标 准普尔500种股票指数上涨17.87点，收于6944.47点，涨幅为0.26%；纳斯达克综合指数上涨58.272点， 收于23530.022点，涨幅为0.25%。 板块方面，标普500指数十一大板块七涨四跌。公用事业板块和工业板块分别以1.04%和0.93%涨幅领 涨，能源板块和医疗板块分别以0.91%和0.58%跌幅领跌。 美国劳工部在当日盘前发布的数据显示，美国上周首次申领失业救济的人数为19.8万，低于市场共识预 期的21.2万和前一周修订后的20.7万。 费城联储银行当日盘前公布的数据显示，该行所辖地区1月份制造业景气指数为12.6，好于市场预期 的-3.5和前月修订后的-8.8。 美国亚特兰大联储主席拉斐尔·博斯蒂克（Raph ...

（文章来源：新华财经） | Net Assets of Fund | $47,120,680,132 | Fu | | --- | --- | --- | | as of Jan 15, 2026 | | | | | | Ass | | Exchange | NYSE Arca | Blo | | Reference Benchmark | LBMA Silver Price | | | | | Sh | | Indicative Basket Amount | 45,321.80 | as c | | as of Jan 14, 2026 | | | | | | Tor | | Basket Amount | 45,322.40 | as c | | as of Jan 14, 2026 | | | | | | Dis | | Ounces in Trust | 522,199,523.60 | | | as of Jan 14, 2026 | | Pre | | | | as c | | Premium/Discount | 2.41 | | | as of Jan 14, 2026 | | Clo | ...

截至1月15日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1074.8吨，较前一交易日增加 0.57吨。 | Ounces | Tonnes | | --- | --- | | 34,555,930.66oz 1,074.80 | | | 15 Jan 2026 | 15 Jan 2026 | （文章来源：新华财经） ...

他在13日说，自己有意在几周内推动美联储主席继任者的提名。 鲍威尔11日晚表示，美国联邦检察官已于9日向美联储送达传票，威胁就他去年6月在参议院银行委员会 作证一事提起刑事诉讼，当时的证词涉及美联储办公楼翻新项目。 新华财经纽约1月15日电（记者刘亚南） 美国总统特朗普14日在接受媒体采访时表示，他目前没有计划 解除美国联邦储备委员会主席鲍威尔的职务。 特朗普说，目前，自己尚未就美国司法部对鲍威尔于2025年6月在参议院就美联储办公楼翻新项目作证 进行刑事调查得出是否可以解除鲍威尔职务的结论，现在还"太早"。 特朗普说："目前，我们多少对他（鲍威尔）持观望态度，我们将就今后的行动作出决定。但是，我不 能参与其中。" 特朗普表示，自己不在乎共和党籍国会议员对鲍威尔遭刑事调查的批评，这些议员应该"忠诚"。 鲍威尔将于2026年5月结束美联储主席任期。他遭刑事调查一事公开后，多名共和党籍国会议员公开对 此表示质疑或批评，并有共和党籍参议员表示在这一问题解决前将反对确认任何与美联储有关的提名。 （文章来源：新华财经） ...

Group 1 - The core viewpoint of the article is that the Ministry of Finance of China announced a tax exemption policy for foreign institutions investing in the domestic bond market, effective from January 1, 2026, to December 31, 2027 [1] - The exemption applies to bond interest income earned by foreign institutions in the domestic bond market, specifically excluding income from bonds related to institutions or places established within China [1] - This policy aims to further promote the opening up of the bond market to foreign investments [1]

Core Viewpoint - The People's Bank of China (PBOC) is implementing two main policy measures to support economic transformation and optimize the economic structure in response to current economic and financial conditions [1][3]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year relending rate from 1.5% to 1.25% [3]. - The PBOC will merge the relending and rediscounting for agriculture and small enterprises, increasing the relending quota by 500 billion yuan, with a separate quota of 1 trillion yuan specifically for private enterprises [3]. - The quota for relending aimed at technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private small and medium-sized enterprises [3]. Group 2: Support for Specific Sectors - The PBOC will combine the management of the previously established private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total relending quota of 200 billion yuan [4]. - The support scope for carbon reduction tools will be expanded to include energy-saving renovations, green upgrades, and projects with low-carbon transformation effects [4]. - The support areas for service consumption and elderly care relending will be expanded to include the health industry based on health industry recognition standards [4]. Group 3: Real Estate and Financial Services - The minimum down payment ratio for commercial property loans will be lowered to 30% in collaboration with the financial regulatory authority to support the destocking of the commercial real estate market [5]. - Financial institutions are encouraged to enhance their foreign exchange risk hedging services by providing cost-effective and flexible foreign exchange risk management tools [5]. - The PBOC will continue to increase liquidity and maintain ample liquidity to guide overnight rates to operate near policy rate levels [5].

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that as of December 2025, foreign institutions held 3.46 trillion yuan in the interbank bond market, accounting for approximately 2.0% of the total custody volume in this market [1] Group 1: Foreign Institution Holdings - Foreign institutions held 2.01 trillion yuan in government bonds, representing 58.1% of their total holdings [1] - Policy financial bonds amounted to 0.74 trillion yuan, making up 21.4% of the total [1] - Negotiable certificates of deposit (NCDs) were at 0.58 trillion yuan, which is 16.8% of the total [1] - Other types of bonds accounted for 0.13 trillion yuan, or 3.8% [1] Group 2: Market Participation - In December 2025, six new foreign institutional entities entered the interbank bond market [1] - By the end of December, there were 1,189 foreign institutional entities in the market, with 624 entering through settlement agency channels and 839 through the "Bond Connect" channel [1] - The trading volume of foreign institutions in the interbank bond market was approximately 1.07 trillion yuan in December, with an average daily trading volume of about 464 billion yuan [1]