Core Viewpoint - The investigation surrounding the Federal Reserve's building renovation has escalated into a significant challenge to the independence of the central bank, raising concerns about the stability of global asset pricing as monetary policy becomes intertwined with political demands [1][15]. Group 1: Investigation Details - A criminal investigation has been initiated against Federal Reserve Chairman Jerome Powell by the U.S. Attorney's Office for the District of Columbia, marking a historic move as it enters the criminal justice process [2]. - The investigation focuses on a $2.5 billion renovation project for the Federal Reserve's headquarters, which has exceeded its budget by approximately $700 million due to rising costs and unforeseen issues [2]. - The core of the controversy lies in inconsistencies in the project's description, with Powell denying the existence of luxury features during congressional testimony, which contradicts earlier disclosures [2][4]. Group 2: Political Implications - The investigation is viewed as an escalation of long-standing tensions between the Trump administration and the Federal Reserve regarding monetary policy, particularly Trump's dissatisfaction with the Fed's reluctance to implement aggressive rate cuts [4][3]. - Powell has characterized the investigation as an unprecedented attempt to undermine the Fed's independence, emphasizing that the central bank's decisions are based on public interest rather than presidential preferences [3][4]. Group 3: Broader Reactions - The investigation has sparked widespread concern about the potential erosion of central bank independence, with international central bank leaders expressing support for Powell and emphasizing the importance of monetary policy autonomy [7][8]. - Former Federal Reserve Chairs, including Alan Greenspan and Ben Bernanke, have condemned the investigation as a dangerous precedent that threatens the independence of central banks [8]. Group 4: Market Reactions and Future Outlook - The market is reacting to the uncertainty surrounding Powell's position, with predictions of his potential departure as chairman decreasing following his recent statements [6][9]. - The upcoming Supreme Court hearing regarding the Trump administration's attempt to remove Fed Governor Lisa Cook is seen as a critical moment that could define the limits of presidential power over independent regulatory bodies [10][13]. - Analysts warn that if the court rules against Cook, it could significantly increase the likelihood of Powell's removal and lead to a fundamental shift in monetary policy logic, potentially resulting in uncontrolled inflation and asset repricing crises [10][12].

尽管年末经济表现强劲，官方对2026年前景持谨慎态度。马来西亚统计局与政府联合指出，全球贸易环 境的不确定性，叠加美国对马来西亚大部分出口商品加征19%关税的政策影响，可能对出口导向型产业 构成压力。因此，官方将2026年经济增长预期区间下调至4%至4.5%。 （文章来源：新华财经） 根据官方披露，本轮增长主要由服务业、制造业和建筑业等关键部门拉动，并受益于国内需求的持续增 强。基于此，马来西亚2025年全年经济增长率预计为4.9%。该数字虽略低于2024年全年的5.1%，但已 超出马来西亚国家银行此前设定的预测区间。 新华财经北京1月16日电马来西亚统计局发布初步数据显示，该国2025年第四季度国内生产总值 （GDP）同比增长5.7%，为自2024年第二季度（5.9%）以来逾一年内的最快季度增速，较第三季度的 5.2%进一步加快。 ...

Core Viewpoint - The recent surge in soybean oil futures at the Chicago Board of Trade (CBOT) is driven by optimistic expectations regarding upcoming U.S. biofuel policies, leading to significant price increases in domestic oilseed markets [1][2]. Group 1: Market Reactions - CBOT soybean oil futures rose by 3.79%, reaching the highest level in a month and a half [1]. - Domestic oilseed varieties, including canola oil, palm oil, and soybean oil, also experienced price increases, with canola oil rising over 3% and both palm and soybean oil increasing nearly 1% [1]. - The bullish sentiment in the oilseed market has alleviated previous weaknesses caused by policy adjustments in Indonesia, particularly benefiting canola oil [3]. Group 2: Policy Implications - The U.S. government is expected to finalize the 2026 biofuel blending mandate, potentially setting the biodiesel blending obligation between 5.2 to 5.6 billion gallons, which could significantly boost oilseed demand [2]. - The anticipated policy changes are expected to support global oilseed consumption growth and positively impact Canadian canola oil exports to the U.S., thereby reducing inventory pressures [3]. Group 3: Supply and Inventory Dynamics - U.S. soybean oil inventories were reported at 1.642 billion pounds, which, despite being higher than the previous month and year, fell short of market expectations, providing some support against concerns of oversupply [2]. - The current domestic canola oil market is characterized by low inventories, but there are concerns about potential increases in canola and oil imports [3]. Group 4: Market Volatility and Strategy - The oilseed market is experiencing significant short-term volatility due to policy expectations, making it challenging to establish a clear trend [4]. - Analysts suggest maintaining a bullish outlook for soybean and palm oil while being cautious about the rebound strength in canola oil [4].

"本次发行创市场之先，首次将自贸区政策优势与离岸人民币工具深度耦合，为全球投资者提供了更具 吸引力的人民币资产配置选择。下一步，我行将不断探索发行多币种境外债券，持续为实体经济引入长 期、稳定、低成本的离岸资金活水。"兴业银行相关负责人表示。 "玉兰债"是上海清算所和欧洲清算银行于2020年联合推出的创新金融产品，通过境内外金融基础设施互 联互通模式，为中资企业在国际市场融资提供支持。 （文章来源：新华财经） 新华财经上海1月16日电（记者杨溢仁桑彤）本周，兴业银行在全市场首次以"玉兰债"模式发行了银行 自贸区主体境外债券，发行规模30亿元人民币，期限3年，票面利率1.95%，较初始价格指引大幅收窄 50个基点。本次债券的募集资金将专项用于信息通讯、先进材料、生物医药等新质生产力领域。 无疑，本次发行标志着"玉兰债"发行人类型进一步扩容。据记者了解，该产品吸引了银行、券商、资 管、保险等多类型投资机构积极参与，峰值认购倍数超过4.3倍，创造玉兰债券峰值订单规模及认购倍 数历史记录，有效拓宽了自贸区金融机构离岸融资渠道，助力人民币国际化。 值得一提的是，发行阶段，兴业银行在香港举行了国际交易路演，上海清算所、本 ...

Core Viewpoint - The first cross-provincial water rights transaction and water trust deal in the Yangtze River Delta Ecological Green Integrated Development Demonstration Zone has been successfully executed, promoting efficient water resource utilization and supporting major projects in the region [1][3]. Group 1: Water Rights Transaction - The first cross-provincial water rights transaction involved the purchase of 60,000 cubic meters of water rights by a subsidiary of China Railway 10th Bureau for the construction of the intercity railway in the demonstration zone [1]. - This transaction is part of a broader initiative to facilitate the orderly flow of water resources across regions and support the construction of eco-friendly high-quality development models [1][4]. Group 2: Water Trust Mechanism - The "Water Trust" mechanism allows enterprises to purchase water rights based on their specific needs, enhancing flexibility in water usage for construction projects and municipal greening [3]. - The Shanghai Environmental Energy Exchange has initiated the "Water Trust" to deepen the reform of water pricing and rights, providing a replicable model for national water rights trading [3][4]. Group 3: Project Details and Impact - The intercity railway project, which includes a total shield tunneling length of 4,242.44 meters, is expected to be completed within 851 calendar days, with water resource planning being a critical factor for construction progress [2]. - The successful execution of the water rights transaction ensures that the construction can proceed without delays, contributing to the integration of regional infrastructure and economic development [2][3]. Group 4: Trading Volume and Achievements - Since the launch of the "Water Trust," the cumulative trading volume has exceeded 1.4 million cubic meters, demonstrating a significant transformation in water conservation benefits into trust dividends [4]. - The Shanghai Environmental Energy Exchange has facilitated over 140,000 cubic meters of water rights transactions in the demonstration area, supporting various construction and greening needs [4].

Group 1: Artificial Intelligence Development - The proposal emphasizes the construction of Hangzhou as a leading city in artificial intelligence innovation, focusing on advanced technologies such as large models, high-end chips, foundational software, model algorithms, and data engineering [1] - It aims to establish a new computing power system and promote key areas like embodied intelligent robots, brain-like intelligence, and intelligent driving, fostering a collaborative development pattern across the entire industry chain [1] - The initiative includes the implementation of the "Artificial Intelligence +" action plan to integrate AI with various sectors, enhancing research paradigms and societal governance [1] Group 2: Advanced Manufacturing Industry - The proposal aims to strengthen and optimize the "296X" advanced manufacturing clusters, targeting the creation of trillion-level industry clusters in artificial intelligence and visual intelligence [2] - It focuses on nine key sectors, including intelligent robots, integrated circuits, biomedicine, and new energy equipment, to develop billion-level industry clusters [2] - The plan includes establishing future industry investment growth mechanisms and exploring various technological routes and market regulations for emerging sectors like quantum technology and brain-like intelligence [2] Group 3: State-Owned Enterprises Reform - The proposal seeks to enhance the core functions and competitiveness of state-owned enterprises (SOEs) through deepening reforms and optimizing the layout of state capital [3] - It emphasizes the importance of strategic collaboration between SOEs and private enterprises, supporting joint efforts on major projects [3] - The initiative includes improving the evaluation system for SOEs and enhancing their technological innovation investment mechanisms [3]

Core Viewpoint - On January 15, 2023, China's wholesale prices for gasoline and diesel both increased, with the average wholesale price for 92 gasoline at 7360 yuan per ton, up by 9 yuan per ton, and diesel at 6199 yuan per ton, up by 1 yuan per ton [1]. Market Overview - The rise in wholesale prices is attributed to an increase in international crude oil futures prices on January 14, which extended the positive price change rate for a basket of crude oils, providing support for price increases [1]. - Despite the price increases, downstream demand remains weak, leading to cautious market operations and limited purchasing activity [1]. Regional Price Changes - Gasoline wholesale prices increased in regions including Yunnan, Shaanxi, Anhui, Jiangxi, Hebei, Liaoning, Jiangsu, Shanxi, Henan, and Zhejiang, while prices decreased in Gansu, Beijing, Hubei, and Guizhou [1]. - Diesel wholesale prices rose in regions such as Shaanxi, Jiangxi, Anhui, Hebei, Henan, Shanxi, Guangxi, Shanghai, Gansu, and Sichuan, but fell in Heilongjiang, Jilin, Liaoning, Guangdong, Beijing, Hubei, Yunnan, and Guizhou [1]. - In Shandong, local refinery gasoline prices saw a slight increase, while diesel prices experienced a slight decrease [1]. Data Source - The wholesale price data is published by the Energy Big Data Laboratory of the China Economic Information Agency and the Shanghai Petroleum and Natural Gas Exchange Center, reflecting the overall situation of China's gasoline and diesel wholesale market [1].

Group 1 - The bond market in China has played a significant role in supporting the real economy and responding to national strategies, experiencing a transition from a trending market to a fluctuating market [1][2] - In 2025, the bond market saw a substantial growth in scale, with the total outstanding bonds surpassing 196 trillion yuan and a year-on-year increase of 28.37% in government bond issuance [2] - The introduction of the "technology board" and the rapid rise of "science and technology bonds" issuance to 1.87 trillion yuan have marked a significant breakthrough in product innovation and structural optimization within the bond market [2][4] Group 2 - The macroeconomic policies for 2026, including more proactive fiscal and monetary policies, are expected to create a favorable environment for the bond market, emphasizing the importance of expanding domestic demand [4][5] - The integration of the bond market with technological innovation is anticipated to deepen, with the development of science and technology bonds becoming a key indicator of the bond market's support for the transformation and upgrading of the real economy [5] - The internationalization of the capital market is entering a new phase, with increasing attractiveness of RMB assets and steady foreign investment demand, alongside efforts to enhance connectivity between China's bond market and the global financial system [5]

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。 1月16日是本计价周期的第八个工作日，调价窗口将在1月20日24时开启。 （文章来源：新华财经） 新华财经北京1月16日电新华社石油价格系统1月16日发布的数据显示，1月15日一揽子原油平均价格变 化率为1.63%。 ...

新华财经北京1月16日电 15日午后，央行送上包括结构性货币政策工具降息在内的一系列政策大礼包， 债券市场反应强烈，国债期货尾盘十分钟迅速窜高，但收盘前有所回落，30年期主力合约仍以下跌收 盘。银行间现券收益率深V下探，收盘较消息出台时有所上行。以10年期国债为例，当日15:00前收益率 在1.85%附近窄幅震荡，央行发布会开始后直线下落约1.5BP，低点触及1.835%，随后反弹回升至 1.86%，日终收于1.855%。 规模较大的三年期及五年期等长期存款到期重定价，加之此次各项再贷款利率下调，这些都有助于降低 银行付息成本、稳定净息差，为降息创造一定空间。 黄伟平表示，稳增长要求社会综合融资成本下行。综合市场和经济基本面来看，近期呈现出"强预期、 弱现实"的特征，预期与现实的合理收敛仍需政策配合，这奠定了降息的基本环境。结合个人信用修 复、再贷款扩容等政策来看，结构性工具降息也是宽信用前置的标志，后续结构性工具+总量政策均降 息落地后，需更加关注一揽子政策对实体的提振效果。 至于债券市场投资者关注的央行国债买卖操作，预计将更加灵活，同时兼顾配合财政和维护金融市场平 稳。黄伟平判断，从政策沟通和预期引导的角 ...