新华财经上海1月22日电（谈瑞）在武康路的梧桐树荫下，金发碧眼的外国游客与本地市民擦肩而过早 已不足为奇；而如今在社区周边的大润发超市里，说着韩语、英语的外国友人并肩站在货架前挑选零 食，也成为申城街头日益普遍的生活图景。数据显示，2025年上海入境游市场迎来里程碑式的爆发增 长，全年入境游客量高达936万人次，同比大幅增长40%。业内专家表示，作为"中国入境游第一站"， 上海正迎来入境游发展的"黄金时代"。 四成增量重构市场 免签政策的密集落地是上海入境游增长的核心引擎。例如，中国对韩国等9国持普通护照人员试行免签 政策不久后的2025年1月16日，就有1300余名韩国游客乘坐"MSC荣耀号"邮轮入境上海，创下该政策实 施后最大规模单体入境旅游团纪录。 上海边检总站数据显示，2025年通过免签和240小时过境免签入境的外籍旅客达328.6万人次，占上海口 岸入境外籍旅客总数的58%，政策红利的释放效应显著。从出入境客流整体规模来看，2025年上海口岸 累计出入境人员4284.6万人次，同比增长17.9%；其中入境外籍旅客566.1万人次，经空港口岸入境的外 籍旅客558.9万人次，同比增幅39.7%。而在所 ...

三是春节临近，居民集中提现规模会有季节性显著增加，而在人民银行刚刚推出一系列结构性支持政策 之后，短期内通过降准应对节前资金面波动的可能性不大。 新华财经北京1月22日电（记者翟卓）为保持银行体系流动性充裕，中国人民银行22日公告，将于1月23 日以固定数量、利率招标、多重价位中标方式开展9000亿元中期借贷便利（MLF）操作，期限为1年 期。 鉴于本月将有2000亿元MLF到期，1月加量续作规模为7000亿元，也是连续第11个月保持加量续作。再 综合考虑此前人民银行已通过买断式逆回购净投放3000亿元，本月中期流动性净投放总量为10000亿 元，较上月增加7000亿元。 在东方金诚首席宏观分析师王青看来，本月中期流动性净投放规模较此前明显加大，背后或主要有以下 原因：一是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，这意味着1月 或有一定规模的政府债券开闸发行。 二是去年10月5000亿元新型政策性金融工具投放完毕后，还会继续带动今年1月配套贷款较大规模投 放，放大信贷"开门红"效应。 "由此，人民银行在1月显著加大中期流动性投放，能够有效应对潜在的流动性收紧态势，引导资金面处 于较为 ...

欧元区三季度GDP环比增长0.3%，消费和投资成为主要拉动力，劳动力市场稳健（失业率6.4%接近历 史低位）。通胀方面，2025年HICP平均2.1%，预计2026-2027年降至2%以下，2028年将因欧盟碳排放 交易体系二期（ETS2）启动回升至目标水平；核心通胀逐步下行，但服务业通胀粘性较强，三季度雇 员薪酬增速超预期（4%）是主要驱动因素。 风险提示：外部挑战犹存金融稳定需警惕 利率决议显示，欧元区经济面临地缘政治冲突、全球贸易碎片化等外部风险；金融稳定方面，需关注美 国科技股估值过高、非银金融机构对美资产敞口过高、私人信贷领域杠杆累积等问题，谨防全球市场波 动的溢出效应。 政策决策：利率长期维稳无预设路径 利率决议决定维持关键利率不变，这一决策基于对通胀中期回归2%目标的信心。利率委员会强调，货 币政策将继续遵循数据依赖、逐次评估原则，不预设未来利率路径，需密切监测服务业通胀、薪资增长 及政策传导效果。 市场预期：降息预期归零加息时点存分歧 受经济韧性较强、服务业通胀粘性超预期影响，市场已完全排除2026年降息可能。关于首次加息时点， 利率市场预期为2027年，而调查数据则推迟至2028年；同时，政 ...

新华财经北京1月22日电日本国债收益率从历史高点短暂回落，1月22日，10年期日债收益率下跌4BP至 2.24%，较周二创出的27年高点回落14BP；30年期日债收益率日内下跌10BP，从纪录高位下滑超过 20BP至3.67%。投资者当前密切关注周五日本央行利率决议及行长植田和男表态，市场普遍预测央行将 维持政策利率在0.75%不变，但可能在政策声明中采取鹰派立场。分析人士警告，日债抛售前景恐尚未 改变。 三菱日联摩根士丹利证券固定收益策略师Kazuya Fujiwara表示，超长期收益率大幅下降反映了本周早些 时候债券被过度抛售后的反弹。"债券市场波动性仍然很高，因此收益率往往大幅上涨和下跌。" 冈三证券首席债券策略师Naoya Hasegawa表示，消费税减税的讨论目前已被消化。但鉴于选举活动和议 会审议的不确定性，"持续的买盘需求仍难以出现＂。 瑞银日前发布报告指出，日债当前收益率的上升更多地反映了市场对未来政策利率上升和期限溢价增加 的预期。30年期日本国债收益率自年初以来已上升超过40个基点，但这种波动尚未在全球范围内形成持 续影响。瑞银经济学家预计，日本的终端利率将在预测范围内达到1.5%，但日本 ...

欧洲央行在去年12月的会议上维持利率在2%不变，并上调了经济增长预期。其最新预测显示，2026年 经济增速上调至最高1.2%，2027年为1.4%，2028年预计仍维持在1.4%。总体通胀预计将在2026年达到 平均1.9%的水平，2027年为1.8%，2028年为2.0%。市场将此解读为一个信号，即任何进一步宽松政策 的门槛都极为高企。 同时，欧洲央行官员们表达了一系列担忧：各方普遍担忧金融稳定风险。欧洲央行副行长金多斯表示， 金融稳定风险依然高企。还有观点认为经济复苏依然脆弱；有人担心通胀持续低于预期可能导致通胀预 期下行脱锚。此外，外部风险包括美国货币政策可能比预期更宽松带来的美元贬值风险，以及欧元区整 体财政政策可能比预期更为宽松。 分析称，欧洲央行明确指出，出口导向型扩张已不可行，强劲的国内需求对于欧元区应对外部挑战至关 重要。这一表态明确了其将增长动力转向内需的政策倾向。 新华财经北京1月22日电因目前欧元区经济活动展现出比此前预期更强的韧性，且通胀前景依然良好， 欧洲央行官员认为，在基准展望下，维持当前利率水平是一条相当稳健的路径。同时，随着地缘政治不 确定性发酵，欧洲央行官员对金融稳定风险提高 ...

美国至1月10日当周续请失业金人数184.9万人，预期190万人，前值由188.4万人修正为187.5万人。 （文章来源：新华财经） ...

Core Viewpoint - Midea Group and Changan Automobile have signed a strategic cooperation agreement to focus on the "human-vehicle-home" smart ecosystem, aiming to enhance the interconnectivity between smart homes and smart cars, facilitating comprehensive collaboration from consumer scenarios to enterprise production [1]. Group 1: Strategic Cooperation - The partnership aims to leverage Changan's extensive vehicle lineup and production capacity of nearly 3 million units annually to enhance data and service systems for the "human-vehicle-home" ecosystem [1]. - Midea has previously established collaborations with leading automotive companies such as BYD and Changan since launching its "human-vehicle-home" ecosystem strategy in August of the previous year [1]. Group 2: Industry Trends - The concept of "human-vehicle-home" is evolving from mere remote control of devices to a seamless smart experience across various life scenarios, with vehicle-home interconnectivity becoming a necessity [2]. - Midea is attempting to create new value by focusing on connection, scenarios, and services, rather than just adding functionalities [2]. Group 3: Technological Integration - Midea provides standardized open interfaces and development tools to partners, allowing them to utilize Midea's comprehensive smart home services without being "tied down," thus lowering the psychological barriers and costs for partners to join the ecosystem [2]. - The integration of AI and proactive service capabilities is expected to enhance user experience, such as automatically entering "home mode" when a vehicle approaches within one kilometer of the home [2]. Group 4: Ecosystem Development - Midea is building a more inclusive and sustainable smart ecosystem through open collaboration with partners like Changan, transforming various lifestyle concepts into reality [3].

Core Insights - Baidu officially launched the Wenxin large model version 5.0, featuring 2.4 trillion parameters and utilizing a native multimodal unified modeling technology that supports various forms of information input and output, including text, images, audio, and video [2] Group 1: Model Features - Wenxin 5.0 employs a unified autoregressive architecture for native multimodal modeling, allowing for joint training of text, images, video, and audio within the same model framework, enhancing the integration and optimization of multimodal features [2] - Despite having a high parameter count, Baidu implemented a sparse activation strategy, activating less than 3% of parameters to address inference cost issues associated with large models [2] - Official tests indicate that Wenxin 5.0's language and multimodal understanding capabilities are on par with leading international models such as Gemini-2.5-Pro and GPT-5-High [2] Group 2: Application and Development - Baidu has developed a matrix model and specialized models based on the Wenxin foundational large model, with the matrix model aimed at rapid deployment in product-level applications and general scenarios, including Wenxin Lite, video, and voice models [3] - Specialized models target industry applications and vertical scenarios, including search lightning models, e-commerce steam engine models, Wenxin digital human models, and industry-specific large models [3] - The Baidu Qianfan platform has developed over 1.3 million agents, indicating a significant push towards the industrial application of large models [4] Group 3: Industry Context - The global AI industry is entering a new fast track after several years of rapid development, with chatbots primarily based on dialogue or text input remaining the mainstream form in AI applications [4] - Baidu aims to support various intelligent applications with its models and continues to explore AI solutions that empower industries [4]

关于物价，报告指出，食品价格上涨（通胀的主要驱动因素）增速放缓，政府将密切关注物价上涨放缓 的迹象是否持续。然而，自去年10月以来日元的大幅贬值，使得人们对于成本推动型物价上涨压力是否 会像央行所预期的那样平稳缓解产生了更多疑虑。 （文章来源：新华财经） 新华财经北京1月22日电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。 报告维持了对占经济总量一半以上的私人消费的展望，并称其连续第五个月"回升"。经济评估中唯一的 重大变化是贸易和服务收支平衡，从"逆差"修正为"大致平衡"。 ...

Group 1: Commodity Market Overview - The domestic commodity futures market experienced a broad increase on January 22, with the chemical sector leading the gains, particularly in products like butadiene rubber, ethylene glycol, and styrene, which saw daily increases of over 3% to 4% [1][2] - The China Securities Commodity Futures Price Index closed at 1694.75 points, up 14.75 points or 0.88% from the previous trading day, while the China Securities Commodity Futures Index closed at 2337.01 points, also up 20.34 points or 0.88% [1] Group 2: Chemical Products Performance - Chemical products saw a significant rally, with synthetic rubber, ethylene glycol, and styrene all rising over 4%. This surge is attributed to a strong consensus on the return of a bull market in commodities, with investors shifting focus to the chemical sector after previous gains in precious and industrial metals [2] - Factors supporting this rally include rising oil prices due to geopolitical tensions in major oil-producing countries and increased natural gas prices in Europe and the U.S. due to severe weather, which have positively impacted the cost side for chemical products [2] - Supply-demand mismatches have also contributed to the strength in the chemical sector, with tight supply conditions for butadiene and unexpected shutdowns in styrene production leading to increased speculative activity in the market [2] Group 3: Lithium Carbonate and Other Commodities - Lithium carbonate saw a significant increase, rising nearly 6% to reach a new high, driven by supply uncertainties and strong downstream demand from battery manufacturers. The upcoming Chinese New Year has also led to stockpiling activities [3] - Other commodities, including polysilicon, alumina, tin, eggs, palm oil, and crude oil, also experienced gains of over 1% [3] Group 4: Precious Metals Adjustment - The precious metals sector underwent a high-level adjustment, with gold and silver rebounding to maintain their gains, while palladium and platinum led the declines with drops of 1.90% and 0.92%, respectively [4] - The recent geopolitical tensions and changes in trade policies have impacted the demand for precious metals, leading to a retreat in prices, particularly for palladium and platinum, which have shown weaker monetary attributes [4] Group 5: Sugar Market Dynamics - The sugar market saw a slight recovery after five consecutive days of decline, influenced by overall market improvements. However, expectations of increased global sugar production for the 2025/26 season and the nearing end of the domestic peak season have created a supply surplus against weak demand [5] - Current domestic sugar prices are considered undervalued and close to cost support levels, which may drive prices into a bottoming phase [5]