在其看来，背后的主要原因在于，为保障重点领域重大项目资金需求，今年新增地方政府债务限额已提 前下达，尽管2月春节长假来临，仍会有一定规模的政府债券发行；加之去年10月5000亿元新型政策性 金融工具投放完毕后，会带动今年一季度配套贷款较大规模投放。以上都会在一定程度上给资金面带来 收紧效应。 "由此，着眼于应对潜在的流动性收紧态势，人民银行通过买断式逆回购向银行体系注入中期流动性， 能够引导节前资金面处于较为稳定的充裕状态。"王青说。 值得一提的是，人民银行还于同日发布了1月中央银行各项工具流动性投放情况，其中中期借贷便利 （MLF）、公开市场国债买卖及买断式逆回购分别净投放达7000亿元、1000亿元、1000亿元，市场流 动性整体稳中偏松。 "1月政府债供给相较去年同期明显抬升，人民银行也相应将国债买入规模扩张至1000亿元，债市情绪得 以改善，收益率曲线有所下行。"中信证券首席经济学家明明说。 新华财经北京2月3日电（记者翟卓）为保持银行体系流动性充裕，中国人民银行3日公告，将于4日以固 定数量、利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为3个月（91天）。 往后看，明明预计，2月 ...

（文章来源：新华财经） 据船运调查机构SGS公布数据显示，预计马来西亚1月1-31日棕榈油出口量为944885吨，较上月同期出 口的1000703吨减少5.58%。 ...

Group 1 - The core viewpoint of the articles highlights that the China Bank is significantly increasing its bond underwriting scale, projected to reach 1.68 trillion yuan from 2023 to 2025, marking a growth of nearly 300 billion yuan [1] - The bank is focusing on major national strategic deployments and promoting high-quality development in the bond market, with over 1,000 billion yuan in underwriting for technology innovation bonds and related securities for more than 160 issuers [1] - The bank has assisted in issuing seven phases of special bonds aimed at stabilizing growth and expanding investment, with all funds directed towards critical areas such as major equipment updates and technological innovation [1] Group 2 - The bank is leveraging its global advantages to build a bridge for the two-way opening of China's capital market, with panda bond underwriting expected to reach nearly 38 billion yuan by 2025, maintaining its market leadership [2] - The bank has successfully executed several market "firsts," including the first panda bonds for African multilateral development institutions and U.S. and U.K. entities, contributing positively to the influence of the renminbi in the international financial system [2] - The bank's dim sum bond underwriting has exceeded 110 billion yuan, securing its position as the top underwriter in the offshore renminbi bond market for three consecutive years [2]

Core Insights - The report emphasizes the need for the Xianyou Xianzao industry to strengthen its "chain collaboration" advantages to promote integrated, clustered, and ecological development, aiming for deeper, higher, and newer advancements in cluster construction [1] Group 1: Industry Overview - The Xianzao industry is a traditional advantageous industry in Xianyou County, Fujian Province, which has been accelerating its development by leveraging opportunities from the new technological revolution and industrial transformation, aiming to build a trillion-yuan industry system [1] - Data from the National Bureau of Statistics indicates that from January to December 2025, the revenue and total profit of large-scale furniture manufacturing enterprises experienced a year-on-year decline of over 10% [1] - The Xianyou Xianzao industry is showing a new operational trend amidst challenges and transformations, with monitoring indices for industry scale and brand influence steadily improving [1] Group 2: Chain Integration - Xianyou County is advancing the integration of the industrial chain, innovation chain, value chain, and policy chain, forming a new ecological system for the Xianzao industry through comprehensive and multi-factor integration [2] - The county is focusing on achieving vertical integration of the industrial and innovation chains by consolidating resources across the entire industry chain, effectively reducing the operational risks for furniture enterprises reliant on imported raw materials and exported finished products [2] - The average annual growth rate of the Xianzao industry development index in 2025 is projected to be 6.6%, indicating a significant enhancement in the resilience of the supply chain [2] Group 3: Cluster Development - The report highlights that industrial clusters represent competitiveness and comprehensive strength, with Xianyou County leveraging its resource endowments and brand advantages to establish advanced manufacturing clusters as a key support for building a modern industrial system [3] - The county is advised to adopt a "leading enterprise and supporting collaboration" model, enhancing policy synergy and strategic planning to deepen digital empowerment initiatives for small and medium-sized enterprises within the Xianzao industry cluster [3] - A systematic approach to cultivating high-quality enterprises within the Xianzao industry cluster is recommended, supporting leading enterprises to strengthen their capabilities and promoting the growth of specialized and innovative enterprises [3]

新华财经北京2月3日电人民银行3日开展1055亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有4020亿元7天期逆回购到期，公开 市场实现净回笼2965亿元。 上海银行间同业拆放利率（Shibor）短期品种窄幅震荡。具体来看，隔夜Shibor下跌4.80BP，报1.3170%；7天Shibor上涨0.30BP，报1.4880%；14天 Shibor上涨0.20BP，报1.5110%。 | | | | 2026-02-03 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | f | O/N | 1.3170 | 4.80 | | ↑ | 1W | 1.4880 | 0.30 | | ↑ | 2W | 1.5110 | 0.20 | | ↑ | 1M | 1.5500 | 0.00 | | ↑ | 3M | 1.5859 | 0.30 | | ☆ | 6M | 1.6042 | 0.27 | | f | 9M | 1.6104 | 0.33 | | ↑ | 1Y | 1.6215 | 0.33 | 上海银行间同业拆放利 ...

新华财经香港2月3日电（记者林迎楠）香港特区政府统计处3日发表的最新零售业销货额数字显示，香 港2025年12月零售业总销货价值临时估计同比上升6.6%，2025年全年零售业总销货价值的临时估计同 比上升1.0%。 数据显示，香港2025年12月零售业总销货价值的临时估计为350亿港元，同比上升6.6%；在12月的零售 业总销货价值中，网上销售占8.8%，其价值的临时估计为31亿港元，同比上升30.9%。 2025年第四季度与第三季度比较，经季节性调整的零售业总销货价值的临时估计上升1.2%，而经季节 性调整的零售业总销货数量的临时估计则下跌0.4%。 此外，2025年全年零售业总销货价值的临时估计为3805亿港元，同比上升1.0%；全年零售业网上销售 价值的临时估计为357亿港元，同比上升12.8%。 香港特区政府发言人表示，12月零售总销货价值继续稳步复苏，2025年全年的零售业总销货价值恢复轻 微增长。未来在良好的经济增长势头支持下，本地消费气氛正在改善，加上访港游客数字持续显著增 长，会继续对零售业务有利。 （文章来源：新华财经） ...

Core Viewpoint - The 2026 National Foreign Trade Work Conference highlighted the resilience and vitality of China's foreign trade, achieving record import and export scales and optimizing trade structure, contributing significantly to national economic development [1] Group 1: Economic Context - The year 2025 was described as extraordinary, with various levels of business authorities overcoming external challenges and actively exploring diversified markets [1] - The "14th Five-Year Plan" period has seen positive results in building a strong trading nation [1] Group 2: Future Outlook - The year 2026 marks the beginning of the "15th Five-Year Plan," making foreign trade work crucial [1] - The foreign trade environment remains complex and severe, with both strategic opportunities and risks, as well as increasing uncertainties [1] - Business authorities are urged to align their thoughts and actions with the Central Committee's decisions, focusing on the dual drivers of "policy + activities" [1] Group 3: Strategic Initiatives - Emphasis on promoting integrated development of trade and investment, as well as integration of domestic and foreign trade [1] - A commitment to stabilize foreign trade, develop new trade momentum, and promote balanced import and export growth [1] - The goal is to achieve a good start for the "15th Five-Year Plan" in building a strong trading nation [1]

·韩国保健产业振兴院（KHIDI）预测显示，2026年韩国生物健康产业规模将达2900亿美元，同比增长 20.8%，创2019年以来最高增速。该机构指出，化妆品、药品和医疗器械出口强劲是主要驱动力。全球 生物健康产业规模2026年将达15.77万亿美元，同比增长6.2%；而韩国产业占比持续提升，出口额有望 达304亿美元，其中化妆品（125亿美元）和药品（117亿美元）贡献最大。 ·NLI研究所：日元疲软或触发美债市场连锁反应 ·Domain：澳储行意外加息25基点，旨在遏制房价过热 ·汇丰银行：AI热潮推高信用债估值，市场脆弱性上升 ·SMBC：美国银行准备金逼近3万亿美元，实质性缩表"在操作上不可行" 【机构分析】 ·Elara Securities经济学家指出，美印贸易协议有望显著提振印度经济。预计美国下调关税将推动印度名 义GDP同比增速提高0.4个百分点。如果未来欧盟自贸协定全面生效，中期内印度名义GDP增速将额外 提高。美印贸易协议将改善印度国际收支状况，2027财年经常账户逆差有望收窄。预计未来几周卢比兑 美元汇率或走强。 ·汇丰银行策略师表示，信用债市场对人工智能（AI）的过度乐观已推高资产价 ...

Group 1 - Government investment funds are crucial for developing new productive forces, supporting national strategies, promoting industrial upgrades, and fostering innovation and entrepreneurship [1] - A series of favorable policies have invigorated the merger and acquisition (M&A) activities of government investment funds, which are significant players in the private equity market [2] - Government investment funds are focusing on "building, strengthening, and supplementing" industrial chains through M&A, integrating platform assets, and facilitating the transformation of state-owned enterprises [2] Group 2 - The choice of M&A models and tools is critical for success, with government investment funds needing to embrace industrial M&A and innovation as a long-term challenge [3] - Government investment funds typically adopt a guiding fund model, employing strategies such as F (investing in sub-funds), D (direct investment), and S (participating in secondary share transfers) [3] - Key considerations for M&A include timing, pricing, transaction methods, and balancing the interests of various stakeholders [3] Group 3 - Compliance and risk control remain core issues, with government investment funds facing strict regulatory constraints in decision-making, valuation, and post-investment governance [4] - The risk of M&A transactions is high, with potential issues such as synergy failure and governance chaos in target companies [4] - The shift towards deep industrial chain collaboration necessitates a coordinated approach among government investment funds, industry players, intermediaries, and target companies [4] Group 4 - Establishing a risk-sharing mechanism is essential for addressing uncertainties in high-tech industry M&A, leveraging government investment funds as patient capital [5] - Emphasis should be placed on the substantive risks of M&A transactions, avoiding unrealistic high-premium acquisitions and performance commitments [5] - Innovations in payment methods, such as installment payments and convertible bonds, are recommended to mitigate risks [5][6]

截至3日下午收盘，中证商品期货价格指数收报1670.40点，较前一交易日下跌58.34点，跌幅3.37%；中证商品期货指数收报2303.43点，较前一交易日下跌 80.44点，跌幅3.37%。 新华财经北京2月3日电国内商品期货市场2月3日跌多涨少，其中钯主力合约涨超8%，多晶硅涨超6%，集运欧线涨超5%，碳酸锂涨超4%，铂涨超3%，沪 铜、国际铜涨超2%。下跌品种方面，沪银跌超16%，沪锡跌超6%，SC原油跌超4%，燃料油跌超3%，LU、烧碱、双胶纸跌超2%，乙二醇、甲醇、不锈 钢、沥青、对二甲苯、菜粕、豆二、短纤、沪镍、铝合金、纯碱、塑料、铁矿石、豆油、PTA、尿素、豆粕、瓶片等跌超1%。 市场情绪有所改善钯金强势大涨超8% 多晶硅反弹超6%。 连续大跌之后市场情绪有所改善，早盘国际贵金属价格走高带动商品市场人气回升，部分品种企稳反弹，铂钯期货更是在消息面刺激下大幅反弹。截至3日 下午收盘，钯主力合约以8.62%的涨幅领涨商品市场，铂主力合约也录得超3%的涨幅。国内金银走势略有分化，沪金止跌回升，终盘小幅上涨，沪银主力合 约仍录得16.71%的跌幅。 消息面上，据媒体报道，欧盟正在考虑禁止进口俄罗斯铂等金 ...