此外，中国人民银行天津市分行指导辖内机构推出全国首批、京津冀首只科创债券篮子，并先后推动全 国首单租赁行业"绿色两新"债务融资工具等四项全国首创产品落地天津。 （文章来源：新华财经） 科技金融方面，2025年天津市科创债发行规模303.88亿元，全国排名第7位，成为全国首批实现政策支 持三类主体成功发债、全国首批3个实现民营科创企业、民营股权投资机构科技创新债券"双落地"的省 市之一。绿色金融方面，天津市绿色债务融资工具发行规模234.12亿元，比2024年增长106%，"绿色 +两新+乡村振兴"、"绿色+科技创新"等多种三贴标、双贴标工具成功发行。支持民营经济方面，天津 市民营企业发行债务融资工具6只、22.5亿元，实现2023年以来天津市民企债务融资工具发行"零的突 破"。 新华财经北京1月8日电据中国人民银行天津市分行消息，2025年，天津市非金融企业在银行间债券市场 实现净融资额340.15亿元，位列全国第8位，为近五年最高水平。 ...

Core Insights - Tunisia's tourism revenue is projected to reach 809 million dinars (approximately 276 million USD) by 2025, reflecting a year-on-year growth of 6.5% [1] - As of December 22, 2025, Tunisia has welcomed over 11 million tourists, surpassing the 9.4 million tourists received in 2019 [1] - The Tunisian Minister of Tourism, Toukaya, emphasized the focus on developing high-end tourism and diversifying tourism products by leveraging regional unique resources [1]

新华财经阿拉木图1月8日电（记者郑钰）据哈萨克斯坦国家银行统计，2005年至2025年9月，哈萨克斯 坦经济共吸引4397亿美元的外国直接投资。 哈萨克斯坦国家经济部副部长阿桑·达尔巴耶夫8日公开表示，2025年前九个月，哈萨克斯坦共吸引149 亿美元的外国直接投资，同比增长10.9%。 "如今，政府的任务是到2029年实现经济增长翻一番。实现这一目标的关键在于吸引至少1500亿美元的 外国直接投资，并在2029年前将固定资产投资占国内生产总值的比重提高到23%。"达尔巴耶夫说道。 （文章来源：新华财经） ...

另一方面，发行人结构更趋多元和平衡，2025年银行间市场共支持230家企业首次成功发行债务融资工 具，总额达1239亿元，覆盖制造业、原材料、医药、农林牧渔及文旅等多个行业；支持135家民营企业 发行5782亿元，规模在民企信用类债券中占比超七成。此外，银行间市场还推动802亿元稳增长扩投资 专项债落地，为重点领域和重大项目提供了精准金融支持。 此外，市场结构也在持续优化。 一方面，中长期品种的支撑作用进一步增强，2025年发行5.8万亿元，占比提升；净融资1.6万亿元，占 公司信用债中长期品种净融资的六成以上，有力匹配了实体经济的长期资金需求。 新华财经北京1月8日电新华财经8日从中国银行间市场交易商协会获悉，2025年，银行间债务融资工具 市场保持健康快速发展，全年发行规模再度突破十万亿元，在扩大直接融资比重、降低企业成本、优化 融资结构等方面成效显著，有力支撑了实体经济高质量发展。 数据显示，2025年全年，共有2300余家企业通过银行间债务融资工具实现合理融资，发行总量达10.1万 亿元，连续两年站上十万亿元台阶，实现净融资1.7万亿元。债务融资工具作为公司信用类债券市场的 重要组成部分，其发行量与净 ...

新华财经雅加达1月8日电（冯钰林吴郑思） 印度尼西亚能源和矿产资源部长巴赫利尔·拉哈达利亚8日表 示，印尼政府拟议在2026年批准约6亿吨的煤炭产量配额，并将根据行业需求对镍矿生产配额作出调 整，以稳定矿产品价格，避免供应过剩对市场造成冲击。 巴赫利尔表示，拟议中的2026年煤炭产量配额水平将明显低于2025年的实际产量。根据印尼能矿部矿产 和煤炭总局等官方和行业初步数据估算，2025年印尼煤炭产量在约7.5亿吨至7.9亿吨区间。近年来，印 尼煤炭产量在出口需求和企业扩产推动下持续攀升，多次突破政府设定的年度配额。 他指出，下调煤炭产量目标旨在支撑矿产品价格，维护行业长期稳定发展。"我们希望避免产量过快增 长对市场造成压力，政府有责任保持供需平衡，"巴赫利尔说。 此前，巴赫利尔以及能矿部多名官员多次公开表示，政府将逐步强化对矿业生产计划和预算（RKAB） 的审批和执行力度，确保资源开发与市场需求相匹配，防止企业无序扩产。 在镍矿方面，巴赫利尔表示，政府将采取与煤炭类似的配额管理思路，但目前尚未确定2026年的具体配 额规模。"我们正在计算该行业现有以及即将投产的冶炼和下游产能，必须确保能够为这些产能提供足 够 ...

Group 1 - The central bank conducted a 3-month reverse repurchase operation of 1.1 trillion yuan on January 8, marking the third consecutive month of maintaining the same amount for this operation [2] - Analysts suggest that the stable interest rate environment is expected to continue into 2026, with a low volatility state likely becoming the norm [3] - The central bank's approach is characterized by "small steps and quick runs" in open market operations, indicating a shift from large-scale liquidity injections to more measured actions [2][3] Group 2 - The current monetary policy remains "moderately loose," with a combination of "broad money and broad credit" expected to support financial conditions [3] - Data shows that the standard deviation of the DR001 interest rate has decreased from over 4% in the first quarter to around 0.5% in the fourth quarter, indicating enhanced market stability [3] - The central bank is expected to continue ensuring ample liquidity, with a focus on short-term reverse repos as a flexible tool for managing market liquidity needs [2][3]

供应端来看，欧佩克+一季度暂停增产，适度减缓供应端压力，不过2025年累计增产幅度已然明显，叠 加美国与其它产油国的增产预期，油市供应端压力依然较大。 展望2026年全年，原油市场关注点依然集中在国际贸易争端、美联储货币政策、美国石油需求、欧佩克 +产量政策以及地缘局势等方面。 宏观方面，市场押注2026年美联储继续降息，提振市场心态，不过在降息路径不明朗、决策难度加大的 情况下，降息的利好提振影响或受限制。而且，特朗普关税引发贸易争端的弊端或陆续显现，通胀回 升、经济疲弱等将进一步影响金融及商品市场，油市持续承压。 产业方面，需求端来看，全球石油需求增速平缓，对油市支撑有限；美国石油需求稳健的利好，直至年 中才会对油市形成持续性支撑；当然中国经济稳健、能源需求前景乐观，一定程度提振市场心态。 2026年1月4日，欧佩克+产油国开会审议全球石油市场形势，八个主要产油国重申11月2日与11月30日的 会议决议，即因季节性原因暂停2026年1月、2月、3月的产量增量。2026年一季度主要产油国暂停增产 得会议决议，符合市场预期，对油市影响有限。 众所周知，欧佩克+作为油市供应端最主要的合作组织，其产量政策对油市的 ...

Group 1 - The core viewpoint of the report indicates that the Chinese investment and M&A market is experiencing a rapid recovery and profound structural transformation driven by value reconstruction, with strategic mergers and acquisitions becoming dominant [1][2] - The report highlights that the recovery in domestic M&A is driven by industrial integration upgrades, foreign capital adjustments creating domestic spin-off demands, and Chinese companies deepening overseas investments [1][2] - The exit side of the market is seeing a significant turnaround, with the Hong Kong IPO market entering a "big year" and the A-share market strengthening, providing smoother exit paths for previous investment projects and reshaping the investment-exit-reinvestment confidence cycle [1] Group 2 - Investment logic is undergoing a profound transformation, moving away from short-term arbitrage reliant on capital leverage to a more cautious approach focused on long-term value and strategic synergy [2] - Buyers are increasingly attentive to the integration potential of targets in areas such as technology, industrial chain synergy, and sustainable development, particularly in "hard technology," green transformation, high-end manufacturing, and digitalization [2] - Cross-border M&A is becoming an important component of the Chinese M&A market, helping Chinese companies gain new market shares and enhance global competitiveness through resource integration and technology upgrades [2] Group 3 - The report notes that both financial and industrial investors in the Chinese market are entering a phase of steady recovery, with comprehensive improvements across different stages of fundraising, investment, management, and exit [3] - State-owned investment platforms and funds are becoming more proactive and active, while insurance capital, guiding funds, and market-oriented VC and PE are also increasingly taking initiative [3] - Geopolitical changes are prompting some foreign institutions to adjust their resource investment strategies in China, leading to numerous local M&A opportunities [3]

Group 1 - The core viewpoint of the article indicates that the credit bond market is entering an investment window characterized by both opportunities and challenges, driven by a weak macroeconomic recovery and a continued loose monetary policy [1] - Experts believe that the credit bond investment environment in the first quarter of 2026 will be favorable, but it is essential to focus on structural opportunities while being cautious of liquidity and regulatory changes [1][2] - The core support for credit bond investment in the first quarter is attributed to a loose liquidity environment and a moderate pace of fundamental recovery, with expectations of a downward trend in bond yields [2][3] Group 2 - The scale of open-ended bond funds is expected to exceed 260 billion yuan in the first quarter of 2026, which will alleviate market supply and demand pressure [3] - The investment opportunities in the credit bond market are concentrated in short- to medium-term interest rate strategies and high-quality long-term varieties, with a consensus among brokers on specific targets and strategies [4] - The focus for short-term credit bond strategies is on leveraging the yield spread between bond coupon income and financing costs, particularly for bonds maturing within three years [4][6] Group 3 - Despite a relatively favorable investment environment, risks related to liquidity, regulatory changes, and credit spread repricing remain critical concerns [7][8] - The liquidity changes are highlighted as a direct short-term risk, with potential outflows of funds following the year-end surge, necessitating caution regarding market volatility [7] - The article emphasizes the need for a balanced investment strategy that prioritizes coupon income, structural opportunities, and controlled leverage while closely monitoring liquidity fluctuations and regulatory developments [8]

Core Viewpoint - Domestic cotton prices are expected to experience fluctuations and rise in Q4 2025, driven by cost support, improved demand expectations, and reduced supply pressure [1][3] Group 1: Price Trends - In Q4 2025, the average price of China's 3128B grade cotton is projected to be 14,570.51 yuan/ton, a decrease of 0.46% from Q3 but an increase of 0.03% from Q4 2024 [1] - The highest price is expected to reach 15,077 yuan/ton by the end of December, while the lowest is anticipated at 14,188 yuan/ton in early October, resulting in a price range of 889 yuan/ton [1] Group 2: Supply and Demand Dynamics - The cotton market is characterized by a strong supply and weak demand dynamic, with cotton spinning enterprises showing cautious purchasing attitudes [1][5] - As of the end of December, some cotton ginning factories have sold out their cotton, with most achieving over 70% sales, indicating a gradual decrease in market selling pressure [3] Group 3: Future Outlook - For Q1 2026, cotton prices are expected to continue fluctuating upwards before the Spring Festival, influenced by a tightening supply outlook due to a projected reduction in cotton planting area in Xinjiang [5][9] - However, the market may face downward pressure due to increased imports and a significant rise in cotton production, with expectations of commercial cotton stocks reaching a peak of 685.32 million tons in January 2026 [8][9] - The average price of 3128B grade cotton may rise to 15,500 yuan/ton before the Spring Festival, but a potential price correction is anticipated in March 2026, with prices possibly falling to 15,200 yuan/ton if demand does not meet expectations [9]