《报告》指出，目前28.8%以上的主流乘用车品牌拥有搭载城市NOA功能的车型，预计随着城市NOA渗 透率的提升，2030年城市NOA将成为辅助驾驶和自动驾驶主流功能。同时，在供应商技术平民化与消 费者付费意愿增强的双重推动下，城市NOA功能正从高端车型下探至15万至20万元的主流价格带，预 计未来将进一步覆盖10万至15万元市场，实现规模化普及。 新华财经上海1月14日电14日，中国汽车工业协会旗下中国汽车工业经济技术信息研究所发布《2025城 市NOA汽车辅助驾驶研究报告》。《报告》显示，2025年1至11月，我国搭载城市NOA（领航辅助驾 驶）功能的乘用车累计销量达312.9万辆，占乘用车上险量的15.1%，较2024年全年提升5.6个百分点。 根据《报告》，312.9万辆NOA汽车中，起售价30万元以下的主流乘用车占比超68.9%，标志着城市 NOA已从高端车型的差异化配置逐步成为主流车型的标配，进入了面向主流消费群体的快速渗透期。 与此同时，L3级及以上自动驾驶的技术突破、场景落地及产业链协同机遇备受关注，将推动NOA技术 向更高水平迈进，进一步推动城市NOA渗透率的提升。 《报告》建议有关部门尽快出 ...

Domestic News - The Shanghai and Shenzhen Stock Exchanges have adjusted the financing margin ratio, increasing the minimum financing margin ratio from 80% to 100% to help reduce leverage levels and protect investors' rights [1] - The China Association of Automobile Manufacturers forecasts that new energy vehicle sales in 2026 are expected to reach 19 million units, representing a year-on-year growth of 15.2% [1] - The domestic price of gold jewelry has surpassed 1435 CNY per gram, with various brands reporting price increases [2] International News - NASA plans to implement the "Artemis 2" manned lunar flight mission no earlier than February 6, marking the first crewed mission for the new generation lunar rocket [4] - The Bank of Japan will hold a market operations meeting on February 26, 2026, to discuss recent market developments and liquidity [4] - The Bank of Indonesia is intervening in the foreign exchange market due to concerns over the country's fiscal situation, which has led to the Indonesian rupiah nearing historical lows [4] Economic Data and Market Overview - In 2025, China's foreign trade is projected to reach 45.47 trillion CNY, growing by 3.8%, with exports at 26.99 trillion CNY (up 6.1%) and imports at 18.48 trillion CNY (up 0.5%) [2] - The inflation rate in Argentina for 2025 is reported at 31.5%, a decrease of 86.3 percentage points compared to 2024, marking the lowest level in eight years [5]

新华财经济南1月14日电（记者贾云鹏）记者从14日举行的山东省政府政策例行吹风会上获悉，山东省 政府办公厅日前印发的《关于推进绿色转型健全碳足迹管理体系的行动方案》提出，到2027年，山东通 过区域、行业、产品碳足迹试点探索，初步建立产品碳足迹管理体系；到2030年，产品碳排放管理政策 体系更加完备，绿色低碳供应链和生产生活方式基本形成，经济社会发展全面绿色转型取得显著成效。 据了解，行动方案从碳足迹的方法标准、核算因子、标识认证、分级管理等多个维度入手，构建一套完 善的制度规则，通过清晰直观的产品碳排放数据，引导和激励全社会更多地选择低碳产品，共同为绿色 发展贡献力量。 山东省生态环境厅副厅长王福栋介绍，"十五五"期间，山东将从5个方面推进碳足迹管理体系建设。一 是开展典型区域、行业、产品碳足迹试点；二是建立健全产品碳足迹管理体系，建设省级碳足迹因子背 景数据库，推进产品碳足迹标识认证，探索产品碳足迹分级管理制度，推动企业碳排放数据应用；三是 拓展产品碳足迹应用场景，从制定产品碳足迹应用激励政策，加大政府采购、绿色生活及财政金融支持 力度等方面推动碳足迹场景应用；四是打造绿色低碳供应链；五是加强碳足迹管理能 ...

新华财经北京1月14日电 2026年1月14日，工业和信息化部装备工业一司、国家发展改革委产业发展 司、市场监管总局价格监督检查和反不正当竞争局（以下统称三部门）联合召开新能源汽车行业企业座 谈会，部署规范新能源汽车产业竞争秩序相关工作。工业和信息化部装备工业发展中心、汽车工业协 会、17家重点汽车企业等单位有关负责同志参加会议。 （文章来源：新华财经） 会议要求深入贯彻落实党中央、国务院决策部署，坚持创新驱动、质量第一，坚决抵制无序"价格战"， 推动构建优质优价、公平竞争的市场秩序。三部门将进一步加强工作协同，加强成本调查和价格监测， 加大监管和执法力度，强化产品生产一致性监督检查，对违规企业依法依规严肃处理，维护公平有序市 场环境，促进汽车产业高质量发展。 ...

Group 1 - The total value of mergers and acquisitions (M&A) in Turkey for 2025 reached 466.1 billion lira (approximately 11.81 billion USD), marking the highest annual level since the Turkish Competition Authority began reporting in 2013 [1] - Foreign-led M&A transactions accounted for the largest share, with 55 deals involving Turkish companies totaling 277.5 billion lira (about 7 billion USD), representing the second-highest annual foreign investment scale in Turkey's history [1] - In domestic transactions, the technology sector ranked first in deal volume, with 25 transactions in software development, consulting, and related IT services [1] Group 2 - The largest disclosed M&A deal in Turkey for 2025 was the acquisition of a vehicle inspection station project by the MOI consortium for 1.72 billion USD [2] - The second-largest deal involved Apollo Global Management acquiring a 3% stake in the Trans-Anatolian Natural Gas Pipeline (TANAP) for 1 billion USD [2] - Uber's acquisition of an 85% stake in the Turkish e-commerce platform "Trendyol Go" for 700 million USD ranked third among the largest transactions [2]

Core Viewpoint - The Ministry of Industry and Information Technology has released an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming to cultivate over 450 influential platforms and connect more than 120 million industrial devices by 2028, with a platform application penetration rate exceeding 55% [1][2]. Group 1: Development Goals - By 2028, the plan aims to cultivate over 450 influential industrial internet platforms, enhance resource connection capabilities, and significantly improve data value, model accumulation, and AI application capabilities [2][3]. - The current number of influential industrial internet platforms in China exceeds 340, with over 100 million devices connected, indicating a need for further development to meet the requirements of digital transformation in manufacturing [2][3]. Group 2: Key Actions - The plan emphasizes three main areas: promoting differentiated platform development, strengthening AI empowerment, and deepening application scenarios [3][4]. - Specific actions include enhancing data collection and aggregation capabilities, building a high-quality industrial model system, and accelerating the integration of AI with industrial internet platforms [4][5]. Group 3: Industry Impact - The integration of AI and industrial internet platforms is expected to create significant development opportunities, particularly in areas such as industrial AI models, data foundations, and open-source ecosystems [5][6]. - The plan is anticipated to facilitate the transformation of traditional industries, such as steel, by enabling a shift from "single factory intelligence" to "full-chain digital intelligence" [5][6].

片山皋月此前已经加重了对日元问题的表态，称日本在应对与基本面不相符的汇率波动时拥有"完全的 行动空间"，可以采取果断措施。目前，交易员对任何实质性干预举措都保持高度警惕，任何美元兑日 元触及或突破160关口的走势都可能触发干预行动。 分析人士称，日本政府担忧的关键不仅在于日元的绝对汇率水平，更在于其贬值的速度，且欧元兑日元 等交叉汇率亦升至纪录高位。星展集团研究部高级外汇策略师Philip Wee指出，市场很可能继续试探日 本政策制定者对日元贬值的容忍度。尽管政策制定者的口头警告仍是第一道防线，但由于缺乏关于干预 时机、规模或触发条件的明确指引，针对日元的投机压力持续高企。 （文章来源：新华财经） 市场目前充分定价日本央行今年首次加息的时间点为7月，若日元弱势持续，市场存在进一步重新定价 的空间。 日元走弱促使日本财务大臣片山皋月再度向市场投机者发出明确警告。片山皋月表示，如有必要将采取 适当行动，并重申她对日元突然走弱的关切。她还表示，不排除任何应对措施，暗示直接入市干预也在 可选方案之中。在片山皋月发表讲话后，美元兑日元一度回落至158.87。 片山皋月称，近期的剧烈汇率波动与基本面不符，并表示"极为遗憾 ...

Group 1 - The People's Bank of China (PBOC) announced a 900 billion yuan reverse repo operation to maintain liquidity in the banking system, set to take place on January 15 with a term of 181 days [1] - This operation follows the maturity of 6-month and 3-month reverse repos totaling 17,000 billion yuan, with an expected net injection of 300 billion yuan for January [1] - The PBOC has injected medium-term liquidity through reverse repos for eight consecutive months, with the scale of injection increasing by 100 billion yuan compared to the previous month [1] Group 2 - January is a month with concentrated bank credit issuance and significant corporate tax payments, leading to increased liquidity demand in the market [1] - The upcoming maturity of 2,000 billion yuan in Medium-term Lending Facility (MLF) is anticipated, with expectations for the PBOC to continue using MLF and bond purchases to maintain ample liquidity supply [1] - The scale of liquidity increase in January may remain low compared to December due to the absence of a peak in government bond issuance and a potential decrease in demand for counter-cyclical policy adjustments [2]

Group 1 - The Producer Price Index (PPI) in the U.S. increased by 0.2% month-on-month and 3.0% year-on-year in November 2025, driven primarily by a significant rise in final demand goods prices, which surged by 0.9%, marking the largest increase since February 2024 [1] - Core PPI, excluding food, energy, and trade services, rose by 0.2% month-on-month and 3.5% year-on-year, indicating persistent inflationary pressures at the production level [1][2] - Energy prices saw a substantial increase of 4.6% month-on-month, contributing over 80% to the overall rise in goods prices, with gasoline prices soaring by 10.5% [1][2] Group 2 - Trade services profit margins decreased by 0.8%, while transportation and warehousing services prices increased by 0.3%, resulting in overall service prices remaining flat [2] - Processed goods prices rose by 0.6%, primarily driven by a 3.0% increase in processed energy goods prices, while unprocessed goods prices increased by 0.4%, marking the first rise since July [2] - The PPI data collection was delayed due to a federal government shutdown, but the response rate for the data released was within normal ranges, with no adjustments made to the statistical methods [2][3] Group 3 - The BLS plans to release updated PPI-related data and seasonal adjustment factors in February 2026, which will reflect current sales patterns more accurately based on 2017 input-output account data [3] - The recent PPI data indicates a moderate recovery in production-level inflation, with energy price fluctuations being a key variable to monitor for future Federal Reserve policy decisions [3]

Core Viewpoint - The narrative economy is increasingly influencing global asset pricing, with themes such as weakening dollar credit, gold as a monetary anchor, supply chain restructuring, AI infrastructure, and the new role of non-ferrous metals driving market performance [1][2][3] Group 1: Popular Narratives in 2025 - The five main narratives shaping the financial market include: 1. Long-term weakening of dollar credit, driven by a U.S. interest rate cut cycle [2] 2. Concerns over U.S. economic sustainability due to new policy frameworks, including tax increases and deficit expansion [2] 3. Gold becoming a new anchor for the monetary system, with central banks increasing gold reserves to mitigate dollar risk [2] 4. Restructuring of global supply chains due to geopolitical risks and rising tariffs, leading to increased value in key raw materials [2] 5. AI becoming a foundational infrastructure for industry transformation, impacting demand for non-ferrous metals [2] Group 2: Impact of Narratives on Asset Pricing - The five narratives are interconnected, forming a narrative constellation that influences asset pricing through: 1. Weakening dollar credit prompting a shift from credit currencies to physical assets like gold [3] 2. Supply chain restructuring emphasizing safety and resilience over efficiency [3] 3. AI infrastructure driving demand for non-ferrous metals, elevating their status from cyclical commodities to essential resources [3] Group 3: Mechanisms of Narrative Influence - Narratives affect asset pricing through various channels: 1. Reshaping reasonable price ranges by altering investor perceptions of asset safety and scarcity premiums [4] 2. Amplifying cyclical trends through risk premiums and volatility, leading to narrative premiums in related asset classes [4] 3. Reconstructing price relationships across assets based on thematic connections rather than independent fundamentals [4] Group 4: Recent Trends in Narratives - Since October 2025, mainstream narratives have shown signs of weakening, with: 1. A rebound in the dollar reflecting a technical correction and hawkish monetary policy [7] 2. A break in the upward trend of gold prices due to changing geopolitical and trade dynamics [7] 3. A cooling of supply chain narratives amid trade negotiations [7] 4. A shift in market sentiment regarding large tech companies, indicating a potential break in their positive cycle [7] 5. Increased divergence in demand for non-ferrous metals, with both long-term growth expectations and oversupply pressures [7] Group 5: Future Narratives - Potential new narratives for the next five years include: 1. Industrialization in developing countries, providing investment opportunities for companies [9] 2. The second wave of globalization for Chinese companies, with a focus on global orders outpacing domestic ones [9] 3. The acceleration of AI applications, leading to new industry transformations [9] 4. An upgrade in service consumption, with a long-term trend towards increased service sector contributions [9] Group 6: Challenges and Responses in Research Methodology - The influence of narratives challenges traditional investment research methodologies, necessitating: 1. Incorporating narratives as identifiable variables alongside fundamentals and valuations [10][11] 2. Differentiating narrative levels to align funding duration and risk-return profiles [11] 3. Adopting momentum strategies during narrative popularity phases [11] 4. Establishing objective indicators for narrative validation, ensuring data-driven decision-making [11] 5. Maintaining awareness of valuation constraints to prevent excessive risk exposure [11]