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12日上涨90.4美元，收于每盎司4608.8美 元，涨幅为2%。 本周伊始市场避险情绪显著升温。地缘紧张局势升温和美联储独立性遭疑，令避险需求涌入贵金属市 场，推动黄金、白银价格当天大幅上涨，均再创历史新高。 针对伊朗局势，特朗普表示，"我们正在非常认真地研究这个问题。军方也在研究，我们正在考虑一些 非常有力的方案。我们会做出决定。" 当天3月交割的白银期货价格上涨536.5美分，收于每盎司85.155美元，涨幅为6.72%。 不过，13日亚洲交易时段开盘后，受芝商所调整贵金属合约保证金方式和美联储威廉姆斯有关发言影 响，贵金属价格温和回落。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交 ...

Core Viewpoint - The investigation into Federal Reserve Chairman Jerome Powell by U.S. federal prosecutors threatens the independence of the Federal Reserve and adds uncertainty to its monetary policy decisions [1] Group 1: Investigation and Implications - Federal prosecutors issued a subpoena to the Federal Reserve regarding Powell's testimony in June 2025, which involved the renovation of the Fed's office building [1] - Powell stated that the criminal investigation undermines the Fed's independence in setting interest rates based on evidence and economic conditions, rather than political pressure [1] - The investigation reflects ongoing tensions between the White House and the Federal Reserve, particularly between President Trump and Powell [1][2] Group 2: Powell's Tenure and Political Pressure - Powell's term as Fed Chairman ends in May 2026, but his term as a Fed governor lasts until 2028 [2] - If Powell is found guilty, Trump could legally remove him from office, creating uncertainty in Powell's role and potentially leading to a leadership vacuum at the Fed [2] - Trump has consistently urged the Fed to lower interest rates to stimulate the economy, expressing dissatisfaction with Powell's performance [2] Group 3: Monetary Policy Decisions - The Federal Reserve announced a reduction in the federal funds rate target range to 3.5% to 3.75%, aligning with market expectations [3] - The decision saw significant dissent within the Federal Open Market Committee, with 9 out of 12 members supporting the rate cut, indicating internal divisions [3] - Economic indicators suggest a weak job market and persistent inflation, which may lead the Fed to be cautious in further easing monetary policy in 2026 [3]

伊朗网络空间管理机构12日表示，在确认全国安全形势恢复正常前，伊朗国内访问互联网将继续受到限 制，具体恢复时间有待通知，解除互联网禁令尚需进一步深思熟虑。 白宫：外交是美国应对伊朗局势的"首选"方案 美国白宫新闻秘书莱维特12日接受媒体采访时说，面对当前伊朗局势，美国总统特朗普认为外交是"首 选"方案。 莱维特说，特朗普"一直强调外交是首选"，但是，如果他认为有必要，"会毫不犹豫地动用美国军队"。 特朗普11日说，伊朗方面已与美国政府官员接触并提议进行谈判，"会议正在安排中"。同时，美国正在 考虑应对伊朗局势的一系列措施，包括军事行动等"一些非常强硬的选项"。 伊朗外长阿拉格齐12日在首都德黑兰举行的外国使节会议上表示，伊朗准备在"相互尊重"的基础上同美 国进行谈判，但同时已做好战争准备。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内 ...

Core Points - The Ministry of Commerce announced progress in negotiations regarding the EU-China electric vehicle case, indicating a "soft landing" after multiple rounds of discussions [1][2] - The EU will issue guidelines for Chinese exporters of pure electric vehicles to submit price commitment applications, aiming to address concerns in a practical and WTO-compliant manner [1] - The EU has committed to a non-discriminatory principle, ensuring that all price commitment applications will be evaluated based on the same legal standards in an objective and fair manner [1] Group 1 - The negotiations reflect the spirit of dialogue and the results achieved between China and the EU, demonstrating their capability and willingness to resolve differences within the framework of WTO rules [2] - Successfully addressing the EU's anti-subsidy case against Chinese electric vehicles is a common expectation among the upstream and downstream industries in both regions, promoting the stability of the relevant supply chains [2] - The dialogue and mutual respect between China and the EU have led to a successful push for a "soft landing" of the case after several rounds of negotiations [2]

Group 1 - In December 2025, the Hong Kong Stock Exchange (HKEX) saw 26 new stocks listed, raising a total of HKD 25.579 billion, which represents a decrease in fundraising scale compared to November [2][6] - For the entire year of 2025, 117 new stocks were listed on HKEX, with a total fundraising amount exceeding HKD 280 billion [2][6] - The largest fundraising in December was by JD Industrial, which raised HKD 3.034 billion, followed by Naxin Micro and InnoSilicon, each raising over HKD 2 billion [2][6] Group 2 - As of January 11, 2026, there are a total of 310 companies in the IPO queue on HKEX, with 305 on the main board and 5 on the GEM [7] - Among the queued companies, 302 have submitted their application versions, and 8 have passed the hearing [7] - Notable companies expected to list in January include Hongxing Cold Chain and Zhaoyi Innovation [7][11] Group 3 - JD Industrial, listed on December 11, 2025, had an issue price of HKD 14.1 per share, with its stock price fluctuating around the issue price post-listing [6] - Nobi Can, listed on December 23, 2025, had an issue price of HKD 80 per share, with a first-day price increase of over 360%, reaching a peak of HKD 454 per share [6][11] - Stand Robotics updated its IPO application on January 4, 2026, focusing on industrial intelligent mobile robot solutions, with a revenue of HKD 188 million in the first three quarters of 2025, a year-on-year increase of 19.7% [11]

Core Insights - The establishment of a gas water heater and heat exchanger factory by Wanhe Electric in Egypt marks a significant investment of over 12 million USD, covering an area of approximately 26,000 square meters, with an annual production capacity of 500,000 gas water heaters and 2 million sets of components, creating 300 jobs [1] Group 1: Company Developments - Wanhe Electric's new factory in Egypt is positioned as a core production base for the Central and North African market, with plans to develop and produce products suitable for Middle Eastern and European market demands [1] - The local production of Wanhe gas water heaters aims to reduce reliance on imports and facilitate modern technology transfer, which is crucial for the development of Egypt's manufacturing sector [1] Group 2: Industry Context - The project reflects the Egyptian government's commitment to building specialized industrial bases and attracting investment, enhancing the construction of the supply chain in the home appliance and engineering components industry [1] - The factory is expected to provide products that meet local market demands while supporting exports to international standards [1]

Core Insights - The event hosted by CBRE focused on the latest trends in the real estate market, with discussions on office buildings, commercial trends, bulk transactions, REITs, and asset management, aiming to provide insights into market dynamics and potential pathways for breakthroughs [1][4] Group 1: Real Estate Market Trends - The expansion of the public REITs pilot program to include office buildings and hotels marks a new phase in the financialization of real estate in China, providing standardized exit channels for existing assets and diverse investment options for institutional investors [1] - The future growth of the real estate industry will increasingly rely on the refined operation of existing assets, quality upgrades in property services, and the regulated development of the leasing market, rather than solely on new developments [1][4] Group 2: Office Market Outlook - The Beijing office market is expected to face multiple challenges in 2026, with a focus on enhancing core competitiveness and achieving breakthroughs in a competitive environment [4] - The projected scale of bulk transactions in Beijing's real estate market for 2025 is estimated at 15 billion yuan, indicating a phase of decline, with a shift in buyer structure towards self-use demand from enterprises [6] Group 3: Commercial Market Developments - In 2025, the Beijing retail market will see the opening of 13 quality projects, adding over 1.1 million square meters of premium retail space, alongside the renovation of several older commercial projects [5] - The retail market is characterized by a transformation from single consumption spaces to "urban living rooms," a shift in cultural and IP operations towards global and matrix layouts, and a transition in commercial operation philosophy from "traffic-oriented" to "long-termism" [5] Group 4: Asset Management Strategies - The core strategy of asset management at CBRE emphasizes "long-term resilience," with REITs evolving from single asset products to sustainable value operation platforms, connecting capital with the real economy [6] - The discussions highlighted the importance of capital layout and operational optimization in navigating market fluctuations and cycles [6]

Group 1 - The Australian government announced a new legislative proposal to launch a critical minerals strategic reserve by the end of 2026, focusing on antimony, gallium, and rare earths as the initial key minerals [1] - The strategic reserve will operate by securing rights to domestically produced minerals and reselling them to meet demand, aiming to boost the development of Australia's critical minerals industry and strengthen reliable supply chains for trade partners [1] - The initiative will support collaboration with international partners, including the US, Japan, South Korea, Europe, Canada, and the UK, to diversify the critical minerals supply chain [1] Group 2 - The Australian government plans to enhance the powers of the Export Finance Australia to effectively support the critical minerals strategic reserve [1] - The Minister for Northern Affairs and Resources Management, Madeleine King, stated that while the strategic reserve will not generate immediate revenue, it will create long-term employment opportunities in mining, advanced processing, and high-end manufacturing sectors [1]

Group 1 - The consumer market in China is experiencing a strong start to the new year, with significant growth in various sectors such as travel, dining, and entertainment, indicating a robust recovery in service consumption as the Spring Festival approaches [1] - Data from Meituan shows that during the New Year's holiday, there was a substantial year-on-year increase in core consumption indicators, with the leisure and entertainment sectors performing particularly well; for instance, the bathing industry saw a 57% increase in order volume, while KTV orders surged by 74% [1] - Dining consumption is also showing a clear recovery trend, with Meituan reporting a 142% year-on-year increase in traffic for its "must-eat" list during the New Year's holiday, and nearly 100% growth in cross-regional traffic, highlighting the strong impact of inter-regional travel on consumption [1] Group 2 - The enthusiasm in the consumer market reflects not only an increase in quantity but also a pursuit of quality and innovation in supply; for example, the brand Tea Baidao reported a significant rise in sales of its fresh fruit tea, particularly the recently reintroduced mulberry series, which sold nearly 200,000 cups on its first day [2] - Long-distance travel bookings have notably increased ahead of the Spring Festival, with over 3 million domestic flight tickets booked by January 9, 2026, representing a 20% year-on-year increase in daily bookings compared to the same period in 2025 [2] - Popular travel destinations have seen substantial growth in flight bookings, with Haikou leading the top 10 cities with a 120% year-on-year increase, and Sanya experiencing a 90% growth; other cities like Lhasa and Aletai also reported booking increases of 1 to 2.5 times [2]

Core Viewpoint - The housing issue is both a livelihood and development problem, with a focus on creating "good houses" that are safe, comfortable, energy-efficient, and convenient for the public [1] Group 1: Initiatives and Developments - Central enterprises are leveraging their industrial chain advantages to deeply participate in urban renewal and residential upgrades, exploring replicable paths for "good house" construction in cities like Shenzhen and Shanghai [1] - The "Good House and Beautiful Community" Shenzhen Initiative was officially released, establishing a five-core value system including location, product, service, community, and growth to guide high-quality transformation in the real estate industry [1] Group 2: Project Examples - The Shenzhen project "Yue Zhen Fu" developed by China Energy Construction Urban Investment Development Co., Ltd. utilizes low-pollution, environmentally friendly materials and energy-saving technologies, achieving energy self-sufficiency through photovoltaic walls and energy storage systems [1] - The project has received a three-star green building certification and incorporates moisture-proof, antibacterial materials, modular spaces, and international standards for fire resistance and earthquake resistance, aiming to create a safe, healthy, and durable living environment [1] Group 3: Smart Management and Community Features - The project employs BIM for full lifecycle smart management, ensuring digital, refined, and intelligent management throughout planning, design, construction, and operation [2] - It integrates IoT and smart dehumidification systems for remote monitoring, data analysis, and personalized services, creating a modern community that is smart, safe, and efficient [2] Group 4: Economic and Policy Recommendations - To make "good houses" accessible to more citizens while promoting healthy real estate market development, recommendations include innovating land supply models, optimizing supply structures, reducing construction costs, and strengthening policy incentives [3] - Specific suggestions include reserving a portion of redevelopment land for "good houses," increasing the supply of compact housing in high-demand areas, and providing tax incentives for families purchasing "good houses" [3]