新华财经北京1月23日电美国众议院通过2026财年一揽子拨款法案，为国防部、交通部、卫生与公众服 务部等关键联邦机构提供全年运营资金。其中最具争议的国土安全部拨款法案以220票赞成、207票反对 的微弱多数单独获得通过。 （文章来源：新华财经） 根据立法程序，此次通过的拨款方案将与上周已由众议院批准的另一项拨款法案合并，形成完整的2026 财年联邦预算案，并提交参议院审议。 目前，参议院审议进程及两党能否就剩余分歧达成一致，仍为外界密切关注。 参议院须在1月30日当前临时拨款措施到期前完成表决，否则联邦政府将面临部分停摆风险。 若该完整预算案最终获国会两院通过并由总统签署，将成为自2024年3月以来首个覆盖全政府范围的年 度拨款安排，标志着持续数月的预算谈判僵局取得实质性突破。 ...

近期大宗商品"牛市归来"的共识愈发强烈，继贵金属和工业金属之后，投资者开始寻找下一个目标， 2026年开年，沉寂已久的化工板块强势逆袭，成为资本市场活跃板块之一。 过去四年，中国化工产业经历供需失衡导致的结构性下行周期，在供应严重过剩的同时，下游房地产等 领域需求下滑，部分传统商品价格持续下跌、产能利用率低位徘徊，部分品种持续在成本线以下运行。 不过去年7月份开始的"反内卷"政策成为化工行业反转的"加速器"。工业和信息化部明确提出2026年化 工行业重点推进"控增量、减存量、管过程"三大举措：新建项目审批提级管理，国家发展改革委严 控"十五五"期间盲目扩产；通过重审审批手续、强制低端产能升级等方式加速落后产能出清；推行碳排 放双控制度，拉大行业成本差距。目前老旧产能摸排工作已全面完成，政策落地进入倒计时。此外， 2025年"反内卷"已从政策呼吁变成行业协会主导、头部企业联动的常态化操作，手段集中在"限产保价 +价格同盟+公约惩戒"，长丝、PTA、尿素、己内酰胺等产品均在进行行业协同。申万宏源证券化工行 业首席分析师宋涛此前分析指出，化工行业已处于供需双底部，资本开支高峰落幕叠加"反内卷"政策加 码，以及美国降 ...

延迟公布的个人消费支出指数数据显示，剔除波动较大的食品和能源价格，美国10月和11月核心消费者 价格指数均上涨了0.2%。11月份年度核心通胀率升至2.8%，高于10月份的2.7%。 美国劳工部当日公布的数据显示，截至1月17日当周，经季节性调整后，首次申请失业救济金人数增加 1000人，达到20万人。此前经济学家预测的申请人数为20.9万人。前一周的申请人数略微上调至19.9万 人。 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22日上涨2.09%，收于每盎司4938.40美 元。 尽管交易员和投资者风险偏好有所上升，但贵金属仍保持强势，黄金价格当日站上4900美元，白银价格 也大幅上涨，触及95.885美元的历史新高（以3月COMEX期货为基准）。 美国总统特朗普21日在瑞士世界经济论坛期间与北约秘书长马克·吕特会晤后表示，双方已就格陵兰岛 达成"未来协议框架"，美国不会对欧洲盟友加征关税。特朗普此番表态缓解了市场的避险情绪。 日本国债价格22日连续第二个交易日反弹，市场情绪也随之趋于稳定。此次反弹是在日本财务大臣呼吁 市场保持冷静之后发生的。一些基金经理认为，近期收益率的飙升是逢低买入的 ...

Core Insights - The autonomous driving industry is undergoing significant upheaval, highlighted by the suspension of operations at the unicorn company Haomo Technology, which had previously achieved a valuation exceeding $1 billion [1] - Safety concerns are intensifying public distrust in autonomous driving, with notable incidents such as a fatal accident involving Tesla's Autopilot and a pedestrian collision involving a Robotaxi in China [1] - The current landscape features nearly 500 domestic autonomous driving companies, indicating a seemingly thriving sector, yet underlying challenges such as capital withdrawal, technological bottlenecks, and safety anxieties persist [1] Group 1: Technology and Safety - The debate over the technical route of intelligent driving centers on how to safely advance towards full autonomy, with Tesla's pure vision approach contrasting with the multi-sensor fusion strategies of companies like Huawei and Momenta [1][2] - Tesla's data collection capabilities from mass-produced vehicles support algorithm iteration, but its reliance on cameras presents limitations in recognizing static objects and performing in low-visibility conditions [2] - Multi-sensor fusion solutions, while addressing some of Tesla's shortcomings, face challenges such as complex data calibration between different devices [2] Group 2: Levels of Automation - The "Automated Driving Classification" standard categorizes driving automation from L0 to L5, with L3 being a critical threshold for human intervention and system dominance [3] - Companies are cautious in their claims about automation levels, with Huawei referring to its system as "L2.9999," while some Robotaxis boldly claim L4 capabilities despite ongoing safety concerns [3] - The rapid expansion of low-speed autonomous vehicles in urban areas raises significant safety issues, as these vehicles often violate traffic regulations and create hazards [3] Group 3: Vehicle-Road-Cloud Integration - The industry is recognizing the need for vehicle-road-cloud integration to address coordination gaps that lead to safety issues, such as blind spots and outdated traffic signals [5] - This integration aims to enhance the capabilities of autonomous systems by providing superior perception and decision-making through real-time data sharing [5] - Successful implementation of this integration has been demonstrated in Wuxi, where a vehicle-road-cloud system has improved traffic efficiency by approximately 15%-20% [6][7] Group 4: Challenges Ahead - Despite the promise of vehicle-road-cloud integration, challenges remain, including the need for standardized data governance and the alignment of investment returns with operational costs [8] - The collaboration among various stakeholders, including government, automotive companies, and tech firms, is essential to avoid fragmented efforts in the development of intelligent transportation systems [8] - The diverse conditions across Chinese cities complicate the scalability of successful models, necessitating tailored approaches for different urban environments [9]

Core Insights - The Panda bond market is celebrating its 20th anniversary in 2025, achieving high-quality development driven by continuous improvement of market systems and deepening openness [1] - In 2025, the total issuance of Panda bonds reached 163.31 billion yuan, a year-on-year increase of 15.6%, setting a new record [1] - By the end of 2025, the outstanding balance of Panda bonds reached 318.78 billion yuan, a year-on-year growth of 37%, with cumulative issuance exceeding 860 billion yuan, providing strong support for cross-border investment and the internationalization of the yuan [1] Market Highlights - Product innovation and structural optimization emerged as key highlights, with foreign issuers actively participating in the issuance of green, sustainable, and technology innovation-themed bonds, totaling 18.2 billion yuan, accounting for 11.1% of the total issuance [1] - The proportion of medium- to long-term bond issuance significantly increased to 79%, injecting more long-term stable funds into the real economy [1] International Engagement - The level of market openness has further improved, with the proportion of foreign investors holding Panda bonds in the interbank market reaching 14.8%, the highest among China's bond market varieties, highlighting the unique position and openness of Panda bonds in the international financial market [1][2] - The trading association continues to optimize issuance mechanisms and services, creating a more stable, transparent, and predictable financing environment for foreign issuers [2]

延迟公布的个人消费支出指数数据显示，剔除波动较大的食品和能源价格，美国10月和11月核心消费者 价格指数均上涨了0.2%。11月份年度核心通胀率升至2.8%，高于10月份的2.7%。 美国劳工部当日公布的数据显示，截至1月17日当周，经季节性调整后，首次申请失业救济金人数增加 1000人，达到20万人。此前经济学家预测的申请人数为20.9万人。前一周的申请人数略微上调至19.9万 人。 当天3月交割的白银期货价格上涨3.86%，收于每盎司96.22美元。 美国总统特朗普21日在瑞士世界经济论坛期间与北约秘书长马克·吕特会晤后表示，双方已就格陵兰岛 达成"未来协议框架"，美国不会对欧洲盟友加征关税。特朗普此番表态缓解了市场的避险情绪。 日本国债价格22日连续第二个交易日反弹，市场情绪也随之趋于稳定。此次反弹是在日本财务大臣呼吁 市场保持冷静之后发生的。一些基金经理认为，近期收益率的飙升是逢低买入的良机。交易员们将密切 关注日本央行23日的政策决定。 当日发布的经济数据参差不齐。美国商务部22日发布数据显示，第三季度美国国内生产总值（GDP）最 终数据增长4.4%，略高于经济学家的预期和此前4.3%的第二次预估值 ...

Core Insights - The Zhejiang Electric Power Company is enhancing its "power access" service levels, focusing on reliable power supply, excellent service system construction, and promoting green transformation, with several core indicators ranking among the top in the country [1][2] Group 1: Power Supply Reliability - Zhejiang will launch a three-year action plan in 2025 to improve power supply reliability across the province, with low-voltage reliability management being the only provincial pilot in the country [1] - Cities like Hangzhou, Ningbo, Jiaxing, and Shaoxing will be established as high-reliability demonstration cities, with power service issues decreasing by 26.81% year-on-year [1] Group 2: Cost Reduction and Service Improvement - The province is expanding its "zero investment" service for low-voltage electricity to private economic organizations up to 160 kW, with some areas extending it to 200 kW, saving users a total of 2.898 billion yuan [1] - The implementation of a model allowing high-voltage users to start construction immediately upon land acquisition has reduced the time for major project power connections by nearly 40% compared to traditional methods [1] Group 3: Green Transformation Initiatives - The company is developing a "foreign trade electricity prosperity index" to assess economic trends and has introduced eight measures to support enterprises, reducing their burdens by 4.2 billion yuan throughout the year [2] - A market-oriented green heavy-duty truck transport line is set to operate in 2025, with daily charging volumes stabilizing at around 100,000 kWh, and public charging stations achieving 100% coverage in demand-driven townships [2] Group 4: Carbon Management and Innovation - Zhejiang is establishing the first carbon management system service center in the power industry, achieving the first international verification of carbon footprint, supporting regional dual carbon goals [2] - The company plans to enhance its carbon emission monitoring and accounting systems, offering comprehensive solutions for high-energy-consuming industries and industrial parks [3] Group 5: Future Development Plans - The company aims to optimize the business environment through the "Six Enhancements" project, focusing on quick power access, intelligent services, high-quality power supply, green electricity usage, inclusive services, and transparency [3] - Plans include building a modern smart distribution network in key urban areas and new urbanization regions, with a target of creating 1,000 electrified villages in rural areas [3]

Core Insights - The automatic driving industry is facing a significant reshuffle, highlighted by the suspension of operations at the unicorn company Haomo Zhixing, which was once valued over $1 billion and seen as a leader in high-level autonomous driving in China [1] - Safety concerns are intensifying public trust issues in autonomous driving, with recent accidents involving autonomous vehicles in both China and the U.S. [1] - The current landscape shows nearly 500 domestic companies in the autonomous driving sector, indicating a seemingly prosperous market but underlying challenges due to capital withdrawal, technological bottlenecks, and safety anxieties [1] Technology Pathways - The debate over the technical routes for intelligent driving centers on how to safely advance towards full autonomy, with Tesla's pure vision approach contrasting with the multi-sensor fusion strategies of companies like Huawei and Momenta [2][3] - Tesla's advantage lies in its vast data collection from mass-produced vehicles, but it faces limitations in recognizing static objects and performing in low-visibility conditions [2] - Multi-sensor fusion solutions, while addressing some of Tesla's shortcomings, also present challenges such as complex data calibration between different devices [2] Levels of Automation - The "Automated Driving Classification" standard categorizes driving automation from L0 to L5, with L3 being a critical threshold for human intervention and system dominance [3] - Companies are cautious in their claims about automation levels, with some, like Huawei, using terms like "L2.9999" to describe their systems, while others boldly label their autonomous taxis as "L4" [3] Industry Challenges - The rapid expansion of low-speed autonomous vehicles in urban areas raises safety concerns, as these vehicles often violate traffic rules and create hazards [3] - The reliability of autonomous taxis is still dependent on multiple backup strategies and remote control, indicating that full operational capability is not yet achieved [3] Integration of Vehicle, Road, and Cloud - The industry is recognizing the need for a "vehicle-road-cloud" integration to address coordination gaps that lead to operational failures [5] - This integration aims to enhance safety and efficiency by providing advanced perception and decision-making capabilities beyond what individual vehicles can achieve [5][6] Pilot Projects and Efficiency Gains - Wuxi has emerged as a pilot city for vehicle-road-cloud integration, demonstrating significant improvements in traffic efficiency, with average traffic flow increasing by 15%-20% [6][7] - The cost-effectiveness of digital infrastructure is highlighted, as it requires only 1% of the investment compared to new road construction while achieving substantial efficiency gains [7] Future Challenges - Despite the potential of vehicle-road-cloud integration, challenges remain in data quality, investment returns, multi-party collaboration, and scalability across diverse urban environments [8][9] - The lack of unified data standards and governance can hinder the effective use of collected information, while the need for clear operational mechanisms and quantifiable benefits is critical for long-term success [8][9]

日本12月核心CPI年率录得2.4%，为2024年10月以来最小增幅，但仍高于央行2%的目标水平，这维持了 市场对未来加息的预期。 （文章来源：新华财经） 日本央行行长植田和男可能不会就下次加息时机给出太多线索，因为首相高市早苗决定下月提前大选引 发新一轮市场波动，使得这一决策变得复杂。日本央行一方面需要通过鹰派言论抑制日元空头，另一方 面又不能因为高市早苗政府可能大幅增加支出的预期而引发债券收益率进一步上升，目前处境微妙。 日本政府周四发布的经济报告基本维持了对经济的谨慎乐观态度，同时警告美国贸易政策带来的下行风 险。内阁府在1月份的月度经济评估报告中重申，作为世界第四大经济体的日本经济正在温和复苏，但 强调了美国政策可能对日本汽车行业造成的影响。报告还强调需要密切关注市场动向。 牛津经济研究院表示，如果日本央行仍落后于形势，期限溢价很可能会上升。日本国债收益率的上升将 使财政状况恶化，削弱日元，并加剧通胀预期，进而导致曲线进一步变陡的压力加大。市场预计日本央 行会先行采取行动，但结果可能会令他们失望。预计日本央行在2026年年中之前仅再加息一次，达到 1%的最终利率水平。 数据显示，12月份剔除生鲜食品的 ...

美国2025年第三季度国内生产总值（GDP）终值将经通胀调整后的年化增长率上修至4.4%，略高于此 前初步和二次估计。 大型企业凭借资源实力有效对冲进口关税带来的成本上升，小企业则因利润受压及移民政策收紧导致的 低成本劳动力供给减少而举步维艰。部分分析人士将此分化归因于前总统特朗普时期推高的进口关税等 政策，认为其加剧了物价上涨并扭曲了增长分配。 此次GDP小幅上调主要反映出口表现强于预期、企业投资前景改善，以及作为GDP扣减项的进口规模亦 被同步上修。 数据显示，占美国经济活动逾三分之二的个人消费支出在第三季度增长3.5%。其中，服务类支出创下 三年来最快增速，商品支出亦较前一季度加快。与此同时，贸易逆差显著收窄，成为推动GDP增长的关 键因素之一。 企业层面亦释放积极信号。第三季度当前生产利润增长1756亿美元，较此前预期上调95亿美元。企业固 定投资增长3.2%，数据中心等人工智能基础设施投资升至历史高位，凸显技术资本开支的持续扩张。 通胀方面，美联储最倚重的核心个人消费支出（PCE）价格指数第三季度年化季率终值为2.9%，与初 值、预期及前值一致，未作修正。同日公布的11月数据显示，核心PCE环比上涨 ...