Core Viewpoint - The Dato-AVIC-Yiyun Four Seasons Hotel tourism holding real estate ABS project has been officially accepted for application, marking a significant development in the hotel real estate ABS market in China [1] Group 1: Project Overview - The project has an issuance scale of 465 million yuan [1] - It is the first hotel holding real estate ABS project in the market and the second tourism-related holding real estate ABS project in the market [1] - The underlying assets include the Wyndham Hotel and Yiyun Four Seasons Hot Spring located in Huizhou, which is Wyndham's first hot spring hotel in China [1] Group 2: Market Context - The project is positioned in a key development area in Guangdong Province, which is part of the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" [1] - The project is recognized as a benchmark for high-quality development in the region [1] Group 3: Future Implications - By the end of 2025, the hotel assets will be officially included in the REITs category, opening doors for both public infrastructure REITs and commercial real estate REITs [1] - This project signifies the formal entry of domestic hotel assets into a dual-track system of public REITs and inter-institutional REITs [1]

Core Viewpoint - The Central Bank of Turkey expects inflation to decrease to a range of 15% to 21% by the end of 2026, maintaining a tight monetary policy stance to support this process [1] Group 1: Inflation Forecast - The Central Bank predicts that by the end of 2027, inflation could further decline to a range of 6% to 12% [1] - Recent data indicates a reduction in inflationary pressure in certain service categories, particularly a decrease in rental price pressures, which is seen as a key factor for the next phase of inflation decline [1] Group 2: Monetary Policy Stance - The Central Bank emphasizes the importance of a "prudent, data-driven" monetary policy stance due to multiple risks affecting the inflation outlook [1] - The Central Bank will decisively utilize all available policy tools in the future to ensure the continued positive effects of tight monetary policy on inflation [1] Group 3: Current Inflation Data - As of January 2026, Turkey's consumer price index increased by 30.65% year-on-year and 4.84% month-on-month [1]

土耳其风能协会主席易卜拉欣·埃尔登表示，2025年对行业而言意义重大，不仅体现在装机规模增长， 还在于多项旨在优化投资环境的监管改革陆续落地。其中，被称为"超级许可"的新规简化了长期存在的 审批流程，是推动行业发展的关键举措。 他表示，按照政府愿景，土耳其计划在2035年前每年通过可再生能源招标机制分配2000至2500兆瓦新增 风电容量。 （文章来源：新华财经） 新华财经伊斯坦布尔2月12日电（记者许万虎）土耳其风能协会最新发布的报告显示，截至今年1月，土 耳其风电装机容量达到15934兆瓦。随着一批新项目陆续并网发电，风电行业全年保持稳步增长态势。 从区域分布看，马尔马拉地区以6968兆瓦位居首位，爱琴海地区以4495兆瓦紧随其后。城市层面，伊兹 密尔以2307兆瓦装机容量排名第一。 报告指出，2025年新增的2141兆瓦装机容量为土耳其风电行业有统计以来最高年度增量。业内人士认 为，这一增速反映出可再生能源投资持续活跃，也显示出相关政策支持效果逐步显现。 ...

（文章来源：新华财经） 根据统计数据，2025年全年，香港的商品整体出口货量及进口货量同比分别上升12.8%及12.9%。经季 节性调整的数字显示，2025年第四季度与上一季度相比，商品整体出口货量及进口货量分别上升4.9% 及6.7%。 此外，2025年12月，商品整体出口价格及进口价格同比分别上升3.7%及3.4%。2025年全年的商品整体 出口价格及进口价格同比分别上升2.3%及2.2%。 新华财经香港2月12日电（记者林迎楠）香港特区政府统计处12日发表2025年12月对外商品贸易货量及 价格统计数据显示，12月香港的商品整体出口货量及进口货量同比分别上升21.6%及26.5%。 ...

Core Viewpoint - Nissan Motor Company expects a significant net loss of 650 billion yen for the fiscal year 2025, primarily due to declining global sales, substantial layoffs, and the impact of U.S. tariff policies [1] Financial Performance - For the fiscal year 2025 (April 2025 to March 2026), Nissan anticipates global sales to drop to 3.2 million units, with total sales revenue projected at 11.9 trillion yen [1] - The net loss for the fiscal year 2024 is reported at 670.9 billion yen, with a drastic decline of approximately 94% in net profit during the first half of the fiscal year 2024 (April to September 2024) [1] Corporate Changes - In March 2025, Nissan announced significant leadership changes, resulting in the resignation of then-President Makoto Uchida [1] - In May 2025, the company plans to close seven factories globally and lay off 20,000 employees as part of its restructuring efforts [1]

Core Insights - The 2025 China Big Data Industry City Competitiveness TOP 50 list highlights Beijing, Shanghai, and Shenzhen as the top three cities, with scores of 93.25, 92.18, and 91.56 respectively [1][4]. Group 1: Rankings and Scores - The top ten cities in the 2025 China Big Data Industry City Competitiveness list are Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou, Nanjing, Hefei, Suzhou, Chengdu, and Wuhan, with scores ranging from 93.25 to 86.94 [1][3]. - Beijing leads in various dimensions including industry scale (92.18), quality enterprises (96.53), innovation capability (92.21), financing ability (92.62), and growth capability (90.11) [4]. - Shanghai ranks second with scores of 91.51 in industry scale, 93.70 in quality enterprises, 93.88 in industry efficiency, and 91.43 in growth capability [5][6]. Group 2: Industry Development and Trends - The big data industry is recognized as a core foundation of the digital economy and a key engine for new productive forces, impacting economic growth, industrial upgrading, social governance, and technological innovation [4]. - The industry is expected to continue expanding in 2025, driven by national strategic initiatives and the demand for digital transformation from enterprises [4]. - Shenzhen's big data industry is characterized by a complete industrial chain led by major companies like Huawei and Tencent, with a focus on integrating data across various sectors such as finance, manufacturing, healthcare, education, and transportation [6].

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 166.5 billion yuan and a 14-day reverse repurchase operation of 400 billion yuan, resulting in a net injection of 448 billion yuan into the market [1] - The Shanghai Interbank Offered Rate (Shibor) for the overnight rate increased by 0.20 basis points to 1.3680%, while the 7-day Shibor decreased by 0.50 basis points to 1.5180%, and the 14-day Shibor fell by 1.70 basis points to 1.5830% [2][5] - In the interbank pledged repo market, the weighted average rates for DR001 and R001 decreased by 0.8 basis points and 2.7 basis points, respectively, while DR007 and R007 saw mixed movements with DR007 increasing by 0.3 basis points [4] Group 2 - The money market showed a balanced state on February 12, with overnight rates gradually declining to around 1.45% after the open market operations, indicating a loosening of liquidity [8] - The trading volume for various tenors in the interbank market showed a slight decrease in activity as the market approached the Spring Festival, with 1-month and 3-month rates slightly down [9] - The People's Bank of China announced a fixed quantity, interest rate tendering, and multi-price bidding method for a 1 trillion yuan reverse repurchase operation scheduled for February 13, 2026, to maintain ample liquidity in the banking system [11]

新华财经上海2月12日电 美国1月新增非农就业人数超预期、失业率则低于预期水平，强劲的就业数据 促使市场重新评估美联储的政策路径。交易员普遍将2026年美联储首次降息时点从此前预期的6月推迟 至7月。 1月非农数据公布后，市场对美联储3月降息的预期概率从21.7%降至8%，6月前降息的概率也由75%下 滑至48.6%，市场预期美联储降息窗口或将进一步后移。 华泰证券首席宏观经济学家易峘表示，1月非农数据持续性有待观察，但整体佐证了就业市场逐步改善 的判断，维持美联储在6月前暂停降息，待新美联储主席就任后降息1-2次的判断。 美联储内部"鹰声连连" 美联储官员近期发表的言论，也令市场降息预期进一步推迟。堪萨斯城联储主席杰夫·施密德当地时间 11日警告称，考虑到经济增长依然强劲且通胀居高不下，美联储应维持紧缩的货币政策。他进一步强 调，在通胀仍高于目标水平的背景下，美联储应将利率维持在"略具有限制性"的区间，过早或进一步降 息可能导致高通胀持续更长时间。 多位分析师接受新华财经采访时表示，美国1月非农就业数据大超预期，可能会促使美联储进一步推迟 降息。但美国非农就业整体依然保持下修的态势，就业市场未来面临的下行风 ...

Group 1: National Overview - In January 2026, a total of 1.7666 million new business entities were registered nationwide, representing a year-on-year increase of 239,900 entities, or 15.71% [1] - The top ten provinces accounted for 61.42% of the new registrations, with Guangdong leading at 192,690 new entities, a year-on-year growth of 31.36% [3][5] Group 2: Provincial Insights - Qinghai province exhibited the highest growth rate in new registrations at 62.53% in January 2026 [5] - The top ten provinces by new registrations in January 2026 are Guangdong, Hubei, Zhejiang, Henan, Shandong, Jiangsu, Hebei, Sichuan, Fujian, and Hunan [3] Group 3: Industry Analysis - The retail sector had the highest number of new registrations in January 2026, totaling 166,200 entities, with a year-on-year growth of 42.07% [7] - The fastest-growing sector was the technology promotion and application service industry, with 97,600 new registrations, reflecting a year-on-year increase of 62.81% [7] Group 4: Financing Events - A total of 564 financing events occurred in January 2026, with the information technology sector leading at 234 events, followed by the manufacturing sector with 154 events [9] - Shanghai had the highest number of financing events at 107, while Guangdong followed with 95 events [11]

据了解，本次发行是联昌银行第二次"亮相"熊猫债市场。中国银行接连参与两期发行，累计协助融资60 亿元人民币，助力联昌银行成为发行总量最大的马来西亚熊猫债发行人。 2025年以来，中国银行协助联昌银行、巴克莱银行、摩根士丹利等多家国际大型发行人亮相熊猫债市 场。 （文章来源：新华财经） 新华财经北京2月12日电（记者陆宇航）记者从中国银行获悉，截至目前，中国银行已累计协助全球77 家优质发行人发行熊猫债324支，参与全市场超过半数的发行项目，总发行金额近6400亿元。 近日，中国银行作为牵头主承销商和牵头簿记管理人，协助联昌银行股份有限公司在中国银行间市场再 次发行30亿元熊猫债，期限两年，票面利率1.98%。 ...