银河证券方面认为，工业遗产的保护性改造契合城市更新政策导向，相关运营商将持续受益于政策红利 与市场需求释放。 新华财经上海2月14日电 随着我国城市发展进入存量提质增效的关键阶段，老旧工业厂房作为城市工业 文明的载体，正从"闲置存量"向"消费增量"加速转型。 城市更新政策的持续发力，正推动工业遗存与新消费需求深度绑定，并催生了一批兼具文化底蕴与商业 活力的特色空间。 多位业内专家指出，在城市更新赛道中，工业厂房改造相关板块正迎来明确的投资机会，优质改造项目 有望实现资产增值与消费提振的双重收益。 那么，老旧工业厂房如何通过空间更新、场景迭代，激活新消费增长极？ 空间重生：工业遗产的存量价值重估 不可否认，老旧工业厂房作为城市存量资产的核心组成部分，其改造核心在于实现"保护性利用"与"功 能性重塑"的双向平衡——在改造过程中，通过保留红砖墙体、钢铁构架、标志性烟囱等原生工业肌 理，以最小干预原则完成空间活化，既能有效延续城市工业文脉、留住时代记忆，又可为构建不可复制 的特色消费场景奠定坚实基底。 来自中信证券的研究观点指出，当前城市更新政策正持续向盘活存量商业与工业资产倾斜，具备专业改 造能力与运营经验的优质空 ...

Core Viewpoint - The expansion of public REITs in China is entering a phase of normalized issuance and revitalization of existing assets, with expansion fundraising emerging as a significant strategic value, highlighting the complexity of its pricing mechanism [1] Pricing Mechanism - The pricing for targeted expansions must not be lower than 90% of the average trading price over the previous 20 trading days, establishing a rigid bottom line for pricing [2] - Historical cases show that the subscription price for expansions typically ranges from 90% to 100% of the pricing benchmark, with an average first-day increase of only 1%, indicating limited effectiveness of new investment strategies [2] - The core logic of expansion pricing emphasizes using market prices as a reference, balancing the interests of investors and original rights holders, and enhancing trust with long-term investors [2][3] Balancing Interests - The recent expansion by Huaxia Fund, which allowed original holders to subscribe preferentially, exemplifies a significant institutional innovation aimed at protecting existing shareholders' interests [3] - The introduction of an "ex-rights" mechanism during expansions helps ensure fair pricing and trading, preventing risk-free arbitrage [3] Market Dynamics - The pricing of expansions can lead to discounts due to market fluctuations, particularly if the pricing benchmark is set during high market conditions, exposing products to systemic market risks [3][4] - Short-term discounts do not necessarily indicate a decline in long-term asset value but reflect market self-correction mechanisms [4] Institutional Evolution - The refinement of the expansion pricing mechanism is transitioning the REITs market from a single project financing tool to a sustainable "asset listing platform" [4][5] - New policies from the Shanghai Stock Exchange are expected to standardize the expansion process, enhancing predictability and promoting a dual-driven development model of "initial public offerings + expansions" [4][5] Strategic Considerations - The choice of assets for expansion should favor value creation, considering factors like synergy, economies of scale, and investor structure, indicating that pricing is not merely a numerical calculation but a strategic consideration [5] - Long-term investors prioritize high dividends, quality operations, and expansion potential, with transparent pricing mechanisms directly influencing their investment confidence [5][6] Future Outlook - As the pilot program for commercial real estate REITs progresses, the refinement of pricing mechanisms will become a key indicator of market maturity, with 78 public REITs listed and a total issuance and market value exceeding 200 billion [6] - The exploration of REITs expansion pricing represents an evolution of interests, moving towards a more equitable, transparent, and sustainable market environment [6]

到2030年，数智化、绿色化、国际化发展水平持续提升，发展质量效益大幅提高，产业规模稳中有进， 产能布局、产品结构持续优化，形成产品种类丰富、生产流通有序、区域布局合理、产业生态健康的产 业体系。 （文章来源：新华财经） 新华财经北京2月14日电工业和信息化部、人力资源社会保障部、市场监管总局联合印发《酿酒产业提 质升级指导意见（2026—2030年）》。 指导意见提出，到2028年，酿酒产业原料种植、生产酿造、流通消费融合发展水平持续优化，产品丰富 度、品质认可度、品牌美誉度明显增强，企业生产方式、经营模式加快转型升级，消费场景和消费模式 持续丰富拓展。产业布局进一步优化，产区引领、园区驱动作用进一步增强，培育3个以上千亿级传统 优势酒产区，10个以上百亿级特色酿酒产业园区，形成"百亿园区、千亿集群、万亿产业"发展格局，标 准供给、质量安全、人才培养等配套能力建设取得积极进展。 ...

此外，自贸区债券上市规模约为1,174.3亿澳门元，绿地债券发行上市规模约为318.27亿澳门元，进一步 丰富了MOX债券市场的产品结构，增强了市场活力。 2026年1月，MOX共迎来10单债券上市，总规模约53.29亿澳门元。业内人士表示，随着多项债券产品 的成功上市和持续扩容，MOX正逐步成为粤港澳大湾区乃至国际资本市场中重要的债券融资平台，为 澳门现代金融业发展注入新动力。 新华财经北京2月14日电新华财经日前获悉，截至2026年1月末，中华（澳门）金融资产交易股份有限公 司（简称"MOX"）累计债券发行上市总规模已达约10,759.79亿澳门元。 （文章来源：新华财经） 在各类债券中，以人民币计价的债券表现尤为突出，发行上市规模累计达到约4,847.11亿澳门元，反映 了人民币国际化进程在澳门市场的稳步推进。与此同时，绿色债券发行上市规模约为1,801.92亿澳门 元，凸显出绿色金融在当地资本市场的日益重要。 ...

在具体政策上，政府正推进全国免费营养餐计划，预计全面实施后将覆盖超过8000万名学生、儿童及孕 产妇群体，以提升社会福利并带动家庭消费；同时计划到2029年建设5000个配套冷库、港口及融资设施 的现代化渔民村，以增强渔业出口能力和基层经济活力。 新华财经雅加达2月14日电（记者冯钰林）印度尼西亚总统普拉博沃·苏比延多13日在2026年印尼经济展 望活动上表示，印尼在迈向发达国家过程中必须坚持务实发展理念，在承认自身差距和现实困难的基础 上稳步推进经济增长。 普拉博沃指出，当前重点是管好国有资产和自然资源，并将其最大限度用于国家利益，同时通过扩大就 业、强化产业基础和改善民生来夯实经济根基。他此前已与印尼雇主协会企业代表会面，讨论企业在生 产经营中面临的障碍，业界呼吁调整原材料进口限制，以降低成本并推动工业复苏。 近期市场层面出现一定波动。明晟公司对印尼股票所有权透明度提出关切，引发资本市场震荡；评级机 构穆迪将印尼主权信用评级展望从"稳定"下调至"负面"，同时确认印尼主权评级仍为Baa2。印尼政府表 示，将继续通过强化经济基本面来稳定市场信心。 此外，总统要求国家投资管理局提高投资效率，争取实现约7%的年资 ...

Core Viewpoint - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced a tax exemption policy for seed imports during the "14th Five-Year Plan" period, aimed at enhancing agricultural quality and competitiveness, effective from January 1, 2026, to December 31, 2030 [1]. Group 1 - The policy exempts import value-added tax for seeds and military/police working dogs to support the introduction and promotion of quality seeds [1]. - A list of exempted seed sources will be established by the Ministry of Agriculture and Rural Affairs in collaboration with other departments, which will be dynamically adjusted based on agricultural development [1]. - Research and breeding institutions, zoos, botanical gardens, and specialized animal and plant protection units can import wild plant and animal sources for research and breeding without incurring import value-added tax [1]. Group 2 - The first batch of the "Import Seed Source Tax Exemption List" will take effect on January 1, 2026, with any taxes collected prior to the list's publication being refunded within 30 days, along with applicable interest [2]. - Subsequent batches of the exemption list will come into effect 20 days after their publication [2]. - The first batch of the "Import Wild Plant and Animal Source Tax Exemption List" will also be implemented on January 1, 2026, with similar tax refund provisions as the seed source list [2].

Core Viewpoint - The People's Bank of China, along with other regulatory bodies, has issued guidelines to establish a normalized financial support mechanism aimed at preventing poverty and promoting rural revitalization, in line with the directives from the 20th National Congress of the Communist Party of China [1][2]. Group 1: Financial Support Mechanism - The guidelines emphasize the need to develop a long-term financial support mechanism for key populations, optimize microcredit for impoverished individuals, and provide ongoing support to prevent poverty [1][2]. - Financial institutions are encouraged to create loans for specialized industries and increase the upper limit for entrepreneurial guarantee loans in eligible regions [2]. Group 2: Investment in Key Areas - There is a strong focus on enhancing financial resource allocation in critical sectors, particularly in grain and oil production, to improve agricultural productivity and quality [2]. - The guidelines call for increased long-term funding for rural infrastructure and support for the integration of agriculture, culture, and tourism [2]. Group 3: Financial Services and Innovation - The guidelines advocate for the development of supply chain financial services, such as accounts receivable financing, to meet the financial needs of the entire agricultural industry chain [2]. - Financial technology initiatives will be implemented to empower rural revitalization, including the promotion of mobile payment systems and the establishment of credit rating systems for rural entities [2]. Group 4: Collaborative Financial Strategies - The guidelines stress the importance of multi-faceted financial collaboration, encouraging local financial institutions in underdeveloped areas to issue special bonds for small and micro enterprises and agriculture [2]. - A comprehensive capital market support system will be constructed, continuing the "green channel" policy for company listings [2]. Group 5: Monitoring and Evaluation - The People's Bank of China will enhance collaboration with regulatory bodies to summarize effective practices in financial support and monitor the implementation of policies aimed at rural revitalization [3].

在巴西南部，巴拉那瓜港PAR-09码头将进行扩建和升级改造，投资约11.4亿雷亚尔（约2.28亿美元）， 预计可创造约1200个就业岗位。 北部地区的桑塔纳港将获得约1.278亿雷亚尔（约2560万美元）投资，用于建设货物仓储与发运系统。 位于东北部的阿拉图港则将新建粮食筒仓并进行运营及结构性升级。 根据规定，相关项目须在最长450天内完成融资合同签署（可申请延期）。隶属于港口和机场部的商船 基金可按国家货币委员会规则，提供最高占项目总投资额90%的融资支持。 新华财经圣保罗2月14日电 巴西政府13日宣布批准9个港口码头扩建和现代化项目，总投资额约51亿雷 亚尔（约合10.2亿美元），旨在提升全国港口物流基础设施水平和运营能力。 巴西政府表示，这些项目将强化国家物流体系建设，扩大港口装卸和储运能力，并带动相关地区经济发 展，预计可创造约5000个直接和间接就业岗位。 获批项目包括桑托斯港16号和17号码头现代化改造，投资额约6.782亿雷亚尔（约1.356亿美元）。此 外，政府还批准在佩森港建设新的私人码头，预计投资7.951亿雷亚尔（约1.59亿美元）。 （文章来源：新华财经） ...

扣除食品和能源，美国1月核心CPI环比上涨0.3%，高于前值0.2%；1月核心CPI同比上涨2.5%，低于前 值2.6%，为2021年4月以来新低，均符合市场预期。 美国行业金融机构海军联邦信贷联盟（Navy Federal Credit Union）首席经济学家希瑟·朗（Heather Long）表示，这对通胀而言是非常棒的消息。通胀回落到去年5月以来的低点，食品、汽油和房租等关 键商品的价格上涨在降温，这为中产阶层和中等收入家庭提供了迫切需要的缓解。 拉登堡塔尔曼资产管理公司（Ladenburg Thalmann Asset Management）首席执行官兼总裁菲尔·布兰卡托 （Phil Blancato）表示，1月CPI数据应该会受到市场和预计出任美联储主席的凯文·沃什的欢迎。虽然这 只是一个月的数据，但如果这一趋势继续，应该会为更低利率和抑制通胀铺平道路。 新华财经北京2月14日电美国国债收益率周五（2月13日）降至全周低点，因政府停摆而推迟至当天发布 的美国1月CPI涨速低于预期，强化了市场对降息的信心。 美国财政部官网数据显示，对政策利率敏感的2年期美债收益率较前一周下跌10个基点，报3.40% ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.72% to 26,567.12 points, the Hang Seng Tech Index down by 0.90% to 5,360.42 points, and the National Enterprises Index decreasing by 1.55% to 9,032.71 points [1] - The Hang Seng Index opened lower at 26,640.16 points, dropped by 392.38 points, and ultimately closed down by 465.42 points, with a total trading volume exceeding 257.5 billion HKD [1] - The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 20.2 billion HKD [1] Sector Performance - Overall, sectors such as chips and department stores saw gains, while new consumption, new energy vehicles, and telecommunications had mixed results. Conversely, sectors like gold, non-ferrous metals, biomedicine, port transportation, technology, oil and gas, brokerage, and banking mostly experienced declines [1] Individual Stock Movements - Notable stock movements included Xiaomi Group increasing by 0.88%, AIA Group decreasing by 4.18%, Zijin Mining falling by 7.64%, Hong Kong Exchanges and Clearing down by 2.13%, and Semiconductor Manufacturing International Corporation rising by 0.79% [1] - Ctrip Group-S dropped by 2.10%, Pop Mart fell by 1.90%, while Tian Shu Zhi Xin surged by 14.59% and Zhi Pu increased by 20.65% [1] - China Construction Bank decreased by 1.49%, China Resources Land fell by 2.52%, and Lao Pu Gold dropped by 3.97%, while Guotai Junan International rose by 4.61% and China Petroleum & Chemical Corporation fell by 4.33% [1] Top Traded Stocks - The top three traded stocks included Tencent Holdings, which fell by 0.65% with a trading volume exceeding 14.2 billion HKD; Alibaba, down by 2.02% with over 10.8 billion HKD in transactions; and Meituan, which decreased by 3.18% with a trading volume of over 8.1 billion HKD [2]