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]

Core Insights - The report by CBRE highlights the evolving landscape of China's real estate investment market, focusing on capitalization rates and investor preferences for 2025 [1] Group 1: City Investment Preferences - First-tier cities like Beijing and Shanghai remain the top investment choices, reflecting strong investor confidence [2] - Non-first-tier cities such as Hangzhou, Chengdu, Suzhou, the Greater Bay Area (excluding Guangzhou and Shenzhen), and Nanjing are emerging as new focal points for investment due to economic growth and higher investment returns [2] Group 2: Asset Type Preferences - Long-term rental apartments and serviced apartments are gaining traction, with investment interest in Beijing and Shanghai at 61% and 64% respectively, significantly higher than in Guangzhou and Shenzhen [3] - Retail properties are seeing a resurgence in interest, particularly shopping centers, outlets, and community commercial spaces, driven by standardized operations and strong liquidity [3] - Industrial assets show a clear structural differentiation, with data centers and industrial plants gaining popularity, while warehouse logistics are experiencing a decline in interest [4] Group 3: Investment Strategies and Capitalization Rates - Different types of institutions exhibit varied strategy preferences, with private equity funds favoring high-risk, high-reward strategies, while insurance funds prefer stable investments [5] - Capitalization rates for most asset types are on the rise, indicating changing market risk expectations, with prime office capitalization rates in Beijing and Shanghai at 5.0%-6.0% [5] - Investors are cautious about future capitalization rate trends, anticipating an upward trajectory, but recognize the resilience of retail properties and long-term rental apartments [5] Group 4: Public REITs Market - As of December 2025, there are 78 publicly offered REITs in mainland China, totaling 210 billion yuan, making it the largest in Asia and second globally [6] - Investors prioritize operational management capabilities, policy direction, and secondary market liquidity when evaluating REITs [6] - The dynamic changes in capitalization rates are seen as a core pricing indicator for the real estate market, reflecting industry confidence and investment logic [6][7]

Core Viewpoint - The People's Bank of China (PBOC) indicates that there is still room for further reductions in reserve requirements and interest rates to support high-quality economic development in 2026 [1][3]. Group 1: Monetary Policy Insights - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, suggesting potential for a reduction in reserve requirements [3]. - The PBOC has noted that external constraints are relatively stable, with the RMB exchange rate being stable and the USD in a rate-cutting cycle, which does not impose strong constraints on monetary policy [3]. - Internally, the net interest margin for banks has stabilized at 1.42% over the past two quarters, indicating a favorable environment for potential interest rate cuts [3]. Group 2: Financing Cost Management - The PBOC plans to continue comprehensive measures to maintain low overall financing costs in society, including promoting transparency in loan costs through "loan clarity papers" for enterprises [3]. - Efforts will be made to reduce assessment, guarantee, and other intermediary financing costs to alleviate the financial burden on businesses and optimize the financing environment [3]. - The PBOC emphasizes the importance of effective execution and supervision of interest rate policies to ensure smooth transmission of these policies [3]. Group 3: Future Monetary Policy Direction - Looking ahead to 2026, the PBOC will implement moderately accommodative monetary policies in line with the central economic work conference's decisions, focusing on both stock and incremental policy effects [3]. - There will be an increased emphasis on counter-cyclical and cross-cyclical adjustments to create a conducive monetary and financial environment for stable economic growth and high-quality development [3].

（文章来源：新华财经） 新华财经北京1月15日电中钢协发布2026年1月上旬重点企业钢材库存旬报，2026年1月上旬，重点统计 钢铁企业钢材库存量1504万吨，环比上一旬增加90万吨，增长6.4%；比年初（即上一旬）增加90万 吨，增长6.4%；比上月同旬增加29万吨，增长2.0%；比去年同旬增加245万吨，增长19.5%，比前年同 旬增加65万吨，增长4.5%。 ...

业内人士指出，去年全球金价大幅走高，显著抑制了实物黄金的整体购买需求。同时，尽管黄金在土耳 其高通胀环境下具备良好的保值属性，但金价攀升对将小面额金币用于储蓄或赠礼的家庭消费者造成直 接影响。 土耳其长期以来是全球家庭黄金储蓄的重要市场之一，当前高企的价格正在促使消费者对新增购买持谨 慎态度。数据显示，2025年按里拉计价的每克黄金价格上涨101.75%，升至6240里拉（约合145.28美 元）。 （文章来源：新华财经） 新华财经伊斯坦布尔1月15日电（记者许万虎）受国际金价上涨影响，土耳其实物黄金需求明显降温。 官方数据显示，2025年土耳其国家造币厂用于金币铸造的黄金用量约为49.7吨，同比下降38.3%，低于 2024年的80.6吨，创下自2021年以来的最低水平。 除用金量下降外，金币铸造数量亦显著回落。2025年金币产量为1318万枚，较2024年减少43.6%。 ...

Economic Growth - After two consecutive years of recession, the German economy is projected to grow by 0.2% in 2025 according to preliminary calculations by the Federal Statistical Office of Germany [1] Consumption and Investment - Household consumption is expected to increase by 1.4%, while government consumption is projected to rise by 1.5% in 2025 [2] - Total asset investment in Germany is forecasted to decline by 0.5%, with construction investment decreasing by 0.9% for the fifth consecutive year [1][2] Export and Import Trends - German exports are anticipated to decrease by 0.3% in 2025, marking the third consecutive year of decline, while imports are expected to grow significantly by 3.6% after two years of decline [2] Sector Performance - The manufacturing sector is expected to see a continuous output decrease for the third year, with a year-on-year decline of 1.3%, particularly in the automotive and mechanical engineering industries [1] - The construction industry is projected to decline by 3.6% due to high construction costs, while the service sector shows mixed results with certain industries like sports and entertainment declining, but trade, transportation, accommodation, and food services growing by 1.2% [1]