新华财经巴库2月9日电（记者周良）据阿塞拜疆国家海关委员会日前公布的数据，2025年该国外贸总额 为494.23亿美元，比2024年增加18.1亿美元，增幅为3.8%。 数据显示，2025年阿塞拜疆出口额为250.43亿美元，进口额为243.8亿美元。和2024年相比，去年出口额 减少15亿美元，降幅为5.7%。进口额则增加33.22亿美元，增幅为15.8%。去年阿塞拜疆外贸顺差大幅下 降，只有6.63亿美元，比2024年减少48.33亿美元。 （文章来源：新华财经） ...

新华财经北京2月9日电市场制度松绑激发活力、创新品类精准浇灌科创领域，一个高效服务于实体融资 的银行间信用风险分担"网络"正日趋成熟。 业内人士认为，市场结构的多元化是其功能有效发挥的基石。东方金诚首席宏观分析师王青指出，信用 风险缓释工具的核心价值在于构建风险分担机制，有效解决企业特别是民营企业"发债难、融资贵"的痛 点。通过市场化方式分散信用风险，能够实质性降低企业的发行成本，并提振投资者的认购信心。 从具体分类来看，合约类与凭证类产品各司其职，满足不同需求。其中，信用风险缓释合约（CRMA） 作为最活跃的品种，2025年共交易149笔，名义本金291.5亿元，同比增长49%。增速冠军则属于信用违 约互换（CDS）品种，其交易额77.9亿元、同比激增92%，显示出市场对标准化风险对冲工具的旺盛需 求。 与之相对，凭证类产品则直接作用于融资端。2025年，银行间市场共创设CRMW 90笔，规模128.7亿 元，为债券发行保驾护航；另有信用联结票据（CLN）创设105笔，规模85.1亿元，也为不同主体丰富 了多元化选择。 数据显示，证券公司、股份制商业银行和外资银行构成了CRM交易端的三大支柱，交易占比分别为 ...

本地原煤需求方面，新疆煤化工产业正处在新旧动能转换期。短期内，以甲醇、尿素为主的传统煤化工 产量稳中有增，持续支撑化工用煤需求。2025年，新疆中泰百万吨甲醇等重点项目已相继投产。然而， 新疆现代煤化工项目普遍处于规划与建设阶段，虽长期前景广阔，但受限于较长的建设周期，其规模化 产能释放仍需时日。这导致当前原煤需求增长与未来产能提升之间，存在明显的时间差。 从供应侧看，2025年新疆原煤产量呈现"增长—回调—回升"的波动态势。年初至6月保持稳定增长，3月 产量达5146.6万吨，6月进一步提升至5392.3万吨。但进入下半年，在相关调控政策引导下，产量出现阶 段性回调。四季度以来有所回升，全年产量同比增长1.9%。 从需求侧看，结构性走弱是主要原因。煤炭下游消费行业集中度较高且相对稳定，主要集中在电力、钢 铁、建材、化工四大行业。中国煤炭工业协会公布数据显示，2025年前9个月，国内煤炭消费量38.1亿 吨，其中电力行业耗煤量为21.2亿吨，在煤炭消费总量中占比56.08%，是绝对主力。 然而，这一主力需求正面临结构性挑战。新疆煤炭交易中心分析，当前电力结构清洁化转型持续推进， 新能源发电的快速扩张对煤炭消费 ...

其中，建筑钢材库存总量为381.90万吨，较上周增加44.45万吨（+13.17%)，包含30个城市，共计79个仓 库。热卷库存总量为223.81万吨，较上周增加12.98万吨（+6.16%)，包含15个城市，共计47个仓库。中 厚板库存总量为74.80万吨，较上周增加1.80万吨（+2.47%)，包含9个城市，共计14个仓库冷轧涂镀库存 总量为118.80万吨，较上周增加0.30万吨（+0.25%)，包含5个城市，共计14个仓库。 新华财经北京2月9日电钢银电商最新数据显示，截至2月9日当周，全国38个城市，共计135个仓库的城 市钢材总库存量为799.31万吨，较上周环比增加59.53万吨，增幅8.05%。 （文章来源：新华财经） ...

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 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 据伊朗外交部8日发表的声明，伊朗外长阿拉格齐当天表示，伊朗与美国日前的谈判具有试探性质，双 方都在评估对方的严肃程度，要求伊朗不得进行铀浓缩活动（即"零浓缩"）对伊朗而言在任何情况下都 不可接受。 阿拉格齐表示，"（美方对伊朗）部分制裁的延续以及（美军）军事层面的动向，都会影响对'严肃 性'的评估"。他说，应当将讨论重点放在伊方继续进行铀浓缩的同时，伊美双方推进互信建设，以确保 铀浓缩活动的和平性质。 ...

Core Viewpoint - The Chinese civil aviation industry is experiencing a significant turnaround after years of operational pressure, with major airlines like China Southern Airlines and Hainan Airlines expected to return to profitability by 2025, indicating substantial improvement in the industry's fundamentals [1][2]. Group 1: Airline Performance - China Southern Airlines is the first among major airlines to achieve profitability, projecting a net profit of 0.8 to 1 billion yuan for 2025, a significant recovery from a loss of 1.696 billion yuan the previous year [2]. - Hainan Airlines is also expected to turn profitable, forecasting a net profit of 1.8 to 2.2 billion yuan for 2025, compared to a loss of 0.921 billion yuan in the prior year [2]. - China Eastern Airlines and Air China are not expected to achieve profitability in 2025, with projected net losses of 1.3 to 1.9 billion yuan and 1.3 to 1.9 billion yuan respectively, despite improvements in core operational metrics [3]. Group 2: Market Trends - The 2026 Spring Festival travel season is anticipated to see a record high in passenger volume, with an expected 95 million travelers, reflecting a year-on-year increase of approximately 5.3% [4]. - The travel demand is driven by a longer holiday period, with new travel patterns emerging, including a trend of "returning home first, then traveling" [5][6]. - The aviation market is showing signs of "volume and price rising together," with a notable increase in flight operations and ticket prices during the early days of the Spring Festival travel period [6]. Group 3: Industry Dynamics - The civil aviation industry is undergoing a "de-involution" process, with measures being implemented to control excessive competition and improve profitability [7]. - The supply of new aircraft is limited, with a backlog of over 15,000 global aircraft orders and an extended delivery cycle of 6.8 years, which is expected to constrain supply in 2026 [8]. - International routes are becoming increasingly important for profitability, with airlines focusing on expanding international services to enhance revenue [8].

Primary Market - A total of 7 offshore bonds were issued by Chinese entities this week, including 6 USD bonds and 1 HKD bond, with a total issuance scale of 1.64955 billion USD [1] - The largest single issuance was 500 million USD by China Development Bank Financial Leasing Co., with the highest coupon rate at 10.5% issued by China West Cement Limited [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.14% to 252.73 [2] - The investment-grade USD bond index increased by 0.18% to 245.64, while the high-yield USD bond index decreased by 0.19% to 244.05 [2] - The real estate USD bond index fell by 0.34% to 181.23, while the city investment USD bond index rose by 0.18% to 155.1 [2] Benchmark Spread - The spread between 10-year US and Chinese government bonds narrowed to 240.4 basis points, a decrease of 2.7 basis points from the previous week [3] Rating Changes - On February 2, Fitch confirmed the long-term issuer rating of "BBB-" for Luoyang Guosheng Investment Holding Group, changing the outlook from "stable" to "negative" [5] - On February 4, Moody's assigned a first-time long-term issuer rating of "A2" to China Jianyin Investment Limited, with a "negative" outlook [5] Domestic News - The first public bond issued by the Hong Kong branch of the China Development Bank was successfully listed on MOX, totaling 5.5 billion RMB, with a 3-year bond at a coupon rate of 1.75% and a 5-year bond at 1.85% [6] - The People's Bank of China emphasized the need to support the resolution of debt risks for financing platforms and to enhance financial support for key areas such as technology and green finance [7] - Since January 2026, 14 brokerages have received approval for bond issuance, totaling over 310 billion RMB [8] Offshore Bond Alerts - Dalian Wanda Commercial Management Group announced a tender offer to repurchase 310 million USD of offshore bonds, with a redemption notice for all remaining bonds to be issued by February 25 [10] - Luoyang Guojin Industrial Investment Group plans to issue its first offshore bond, with a proposed amount not exceeding 200 million USD [11] - Longguang Holdings failed to repay bank loans and trust loans totaling 41.2196 billion RMB as of January 31 [12]

巴西矿业界人士认为，未来该行业发展仍将受国际大宗商品市场波动、国内投资环境、及环保和许可证 政策等多重因素影响。企业正通过提升生产效率、优化出口结构以及加强与国际市场的联动，提升行业 整体竞争力。 （文章来源：新华财经） 行业分析指出，价格因素是黄金和铜收入大幅提升的关键。国际贵金属价格在2025年持续上涨，其中黄 金价格一度超过每盎司4000美元，全年平均收于4289美元附近，显著高于上年水平。这一价格走势提升 了相关矿产品的出口收益和企业利润水平。 与此同时，矿业对巴西财政贡献也显著增强。2025年矿业行业创造的税收总额约 1030亿雷亚尔（约196 亿美元），同比增长约10%，其中矿产资源开采使用补偿金（CFEM）等专项财政收入也稳步增长。 新华财经圣保罗2月8日电 （记者杨家和）巴西矿业协会（Ibram）最新数据显示，巴西矿业行业2025年 实现营业收入约 2988亿雷亚尔（约合569亿美元），同比增长约10.3%，主要受国际贵金属价格大幅上 涨带动。 尽管铁矿石仍是行业的主要收入来源，占总收入的约52.6%，但其营收略有下降，但贵金属和基本金属 表现强劲。数据显示，黄金收入同比大增64.8%至约39 ...

新华财经圣保罗2月8日电（记者杨家和）据巴西地理统计局（IBGE）最新发布的行业数据显示，2025 年工业生产总量同比增长0.6%，连续第三年保持扩张态势，但2025年明显放缓。工业生产总量此前在 2024年增长3.1%、2023年增长0.1%。 在2025年四个季度中，工业生产受利率上行压力影响出现回落，其中12月环比下降1.2%，为自2024年7 月以来表现最弱单月。 从细分产业看，消费品和中间投入品生产分别增长2.5%和1.5%，显示部分领域保持增长动力；但资本 品与耐用消费品则出现收缩。25个工业细类中，15类实现扩张，尤其是采掘业和食品生产增长较为显 著。 业内人士分析，巴西央行2024年9月起连续上调基准利率至高位，2025年继续维持高位，这抑制了投资 与信贷需求，从而对工业生产形成下行压力。尽管如此，年度数据仍显示工业部门在复杂经济条件下保 持扩张。 （文章来源：新华财经） ...

Core Insights - The forum on "Cross-Border RMB and Local Currency Transaction Cooperation Potential under the LCT Framework" was held in Indonesia, attracting nearly 300 participants from various sectors, highlighting the growing financial collaboration between China and Indonesia [1][2] Group 1: Economic and Trade Relations - China has been Indonesia's largest trading partner for 12 consecutive years and among the top three sources of investment for 9 years [1] - The cross-border RMB and local currency settlement mechanism is a natural outcome of the comprehensive strategic partnership between China and Indonesia, contributing to the diversification of Indonesia's foreign exchange reserves and enhancing macroeconomic resilience [1][2] Group 2: Local Currency Transaction (LCT) Mechanism - Indonesia has established LCT cooperation mechanisms with multiple countries, including China, with the local currency settlement scale projected to reach $25.66 billion by 2025, with an average monthly user count of 7,568 [2] - The local currency settlement between Indonesia and China is expected to grow significantly from $4.9 billion in 2024 to $13.19 billion in 2025, reflecting strong recognition of the mechanism by enterprises [2] Group 3: Financial Infrastructure and Support - The Indonesian central bank emphasizes cooperation with Chinese financial institutions in local currency settlement and cross-border payment, aiming to enhance transaction efficiency and reduce costs [3] - The LCT mechanism has proven effective in promoting international trade and investment, with local industries in Central Java benefiting significantly from this framework [3] Group 4: Industry and Economic Development - The industrial agglomeration effect in regions like Semarang is accelerating, with increasing demand for financial support in manufacturing and related industries [4] - The China Banking Corporation in Jakarta is a leading player in cross-border RMB clearing, having maintained the top market position for 12 years and supporting cross-border QR payment connectivity [4]