新华财经上海2月2日电（记者王淑娟）安永2月2日发布的《中国金融改革开放2025年度报告》显示， 2025年，中国金融改革与对外开放"步稳蹄疾"，并且取得了一系列显著成果，为全球经济增长和金融市 场繁荣注入了新的活力。安永（中国）企业咨询有限公司大中华区金融服务华中市场主管合伙人吴俊表 示，站在金融强国建设的历史节点上，中国金融改革开放迈入了系统性深化、制度型开放全面提速的新 阶段。2025年，中国金融改革对外开放在市场建设、行业发展、机构引进、业务拓展方面均取得了丰硕 的成果。同时，与时俱进的监管改革及因地制宜的区域政策，也为外资机构在华投资和业务拓展创造了 更加开放和有利的环境。 安永大中华区金融服务银行业及资本市场主管合伙人顾珺表示，在全球经济变局下，2025年中国市场保 持了活力充沛和潜力释放，发展环境的确定性和稳定性优势鲜明。制度型开放走深走实，增强资本市场 吸引力和包容度，外资银行和外资券商深度参与了金融业务试点和前沿领域；跨境金融蓬勃发展，市场 互联互通持续升级；金融产品和服务进一步多元扩容，资源配置效率和服务实体经济的质效同步提升； 中外资机构优势互补、良性竞合，开放型经济增长动能为行业高质量 ...

Group 1 - The domestic commodity futures market experienced a significant downturn on February 2, with nearly all contracts closing lower, including major contracts for silver, palladium, platinum, lithium carbonate, nickel, tin, copper, aluminum, and various oil products [1][2] - The China Securities Commodity Futures Price Index closed at 1681.20 points, down 154.37 points or 8.41% from the previous trading day, while the China Securities Commodity Futures Index fell to 2318.32 points, a decrease of 212.88 points or 8.41% [1] - The sharp decline in precious metals was attributed to a shift in market sentiment, influenced by the nomination of Kevin Warsh as the next Federal Reserve Chairman and higher-than-expected core PPI data, which reinforced expectations for a hawkish monetary policy [2][3] Group 2 - The easing geopolitical tensions, particularly regarding U.S.-Iran relations, contributed to a decline in market fears of supply disruptions, further pressuring oil prices as U.S. crude inventories increased [4] - Industrial metals also saw widespread declines, with contracts for lithium carbonate, nickel, tin, aluminum, copper, stainless steel, and aluminum alloy all hitting their daily limits [5] - In contrast, caustic soda futures rose over 2%, driven by cost support from falling liquid chlorine prices, although high inventory levels and weak demand continue to pose challenges for the sector [6]

Core Viewpoint - Yuyuan Group is expected to report its first annual loss since its listing, with a projected net profit attributable to shareholders of approximately -48 billion yuan, primarily due to the deep adjustment in the real estate industry, asset impairment provisions, and structural changes in the consumer market [1][2] Group 1: Financial Performance and Industry Impact - The company's performance pressure is largely attributed to the ongoing downturn in the real estate sector, leading to a decline in actual sales prices and gross margins [2] - Yuyuan Group's loss is not an isolated case, as other listed real estate companies are also forecasting significant losses, indicating a broader industry adjustment [2] - National statistics show a year-on-year decline of 8.7% in the sales area of new commercial housing and a 12.6% drop in sales revenue for 2025 [2] Group 2: Asset Impairment and Future Outlook - The company has made substantial asset impairment provisions based on prudence, reflecting potential risks to asset values due to the current market environment [2] - Analysts believe that the real estate adjustment cycle is nearing its bottom, with expectations for more supportive policies in 2026 to stabilize the market [3] - The proactive impairment measures are expected to reduce the financial burden from real estate projects, laying a foundation for performance recovery in 2026 [3] Group 3: Jewelry Business Transformation - The jewelry fashion industry, which contributes over 60% of the company's revenue, is undergoing significant transformation, with a focus on creating unique value through product and brand innovation [4][5] - The gross margin of the jewelry segment improved to 7.73% in the first three quarters of 2025, up 0.66% year-on-year, driven by adjustments in product and pricing strategies [5] - The company has launched several new product lines aimed at younger consumers, indicating a shift towards value competition in the jewelry market [4][6] Group 4: Global Expansion and New Consumption Models - Yuyuan Group is actively pursuing global expansion and innovation in consumption models, with successful cultural IP events attracting significant foot traffic [7] - The company has opened overseas stores and hosted events in international markets, enhancing its brand presence and tapping into new consumer demographics [7][8] - Analysts predict that the company's overseas revenue will become a key growth driver, supported by its ongoing brand and product innovation efforts [8]

新华财经北京2月2日电（记者丁雅雯、吴慧珺）南下揭阳看英歌、西行自贡赏彩灯、漫步歙县寻古 韵……今年春节，越来越多居民不再局限于返乡团圆，而是选择与家人奔赴"宝藏小城"，在鲜活的民俗 场景中，重温记忆里的热闹与温情。 业内专家指出，这波"反向过年"的新潮流，折射出我国旅游消费正从传统的景点观光，向注重文化认同 与情感共鸣的深度体验转型。预计今年旅游消费有望延续"稳中向好、结构升级"的态势。 "反向"寻年味，小城年俗受追捧 "今年春节我们计划全家'南下'前往广东揭阳，感受国家级非物质文化遗产'英歌舞'的魅力。"来自安徽 的李女士一家，是今年"反向过年"大军中的一员。 今年春节，越来越多居民不再局限于返乡团圆，而是选择与家人共赴小城市"追寻年味"。不少"小而 美"的目的地，正凭借独特的民俗文化与地道的生活气息，成为春节出行的新热点。 美团旅行数据显示，2026年春运期间，"异地过年"的车票、机票预订量相比去年同期增长明显。受"英 歌舞"等非遗项目带动，春节期间前往广东揭阳的机票预订量较去年同期翻倍增长。 同程旅行的报告指出，今年春节"请5休15"的灵活拼假方式，进一步释放了出游需求。年猪文化节等特 色民俗活动，显 ...

主体活动深耕国际性、思想性与专业性，主要有大会主论坛、中外企业家草坪故事会、中国品牌国际传 播论坛、世界500强品牌发展论坛、新质生产力大会等。首次推出"中国品牌全球行"特别活动，助力打 造更多世界一流品牌；中国经济年度观察暨新华财经生态伙伴大会聚焦高质量发展的品牌样本，深入探 讨2026年中国经济走向；非遗中国风雅颂暨历史经典产业大会展示优秀作品，讲好非遗故事，让传统与 现代交相辉映。 今年5月10日是第十个"中国品牌日"。2026世界品牌莫干山大会将于5月9日至12日在浙江省湖州市德清 县举办，由主体活动、特色活动和配套活动构成，主题为"品牌，让世界更美好"。大会新场馆将正式启 用。 2月2日，2026世界品牌莫干山大会发布会在北京举行。公布的活动总体规划显示，大会将聚焦国际视 野、多元体验、专业合作，推动中国品牌加速出海，促进世界品牌交流互鉴。 特色活动兼顾专业深度与多元体验，着力推动文旅、文艺、文创深度融合。第七届"5·10"中国品牌日晚 会以数字科技结合现代舞台艺术，打造国际化的视听盛宴；文旅高质量发展大会探讨产业发展和消费提 振；草坪音乐节联动网红达人，面向市民开放，营造沉浸式体验。同时，全力打造 ...

·杰富瑞：沃什获提名为美联储主席推升美元，缩表与紧缩预期升温 ·穆迪：澳储行或于2月加息至3.85%，经济增长风险上升 ·摩根士丹利日联证券策略师预计，受美国经济韧性及日本央行2026年加快加息推动，日本国债收益率 曲线将在2026年第四季度出现"熊市陡峭化"。该机构预测日本10年期国债收益率2026年第一季度和第二 季度维持在2.30%，第三季度升至2.45%。 ·标普指出，美国有效关税大幅上升正抑制印度出口导向型制造业扩张，对相关产业构成下行压力。预 计印度2026财年财政赤字率将从7.3%降至6.6%，实现目标依赖央行高额股息及潜在资本支出削减。 ·Pantheon经济学家指出，韩国增长仍由科技主导，AI投资与数据中心需求推动半导体出口强劲，芯片 上行周期短期难逆转；但非芯片行业如石化、钢铁持续低迷，面临全球过剩竞争。韩元贬值推高进口成 本，厂商仅部分转嫁下游。 ·杰富瑞经济学家表示，美国总统特朗普提名沃什任美联储主席的消息推升美元，因沃什的政策倾向于 缩表与潜在紧缩。 ·Tickmill分析师预计英国央行2月5日将维持利率在3.75%不变，97%市场概率已定价。但利率委员会存 在两票降息倾向被市场视为 ...

在健全电力安全保障市场机制方面，韩放表示，要持续优化煤电、抽水蓄能、新型储能等调节性资源的 容量电价补偿机制，构建与新型电力系统相适配的容量保障体系，筑牢电力安全稳定供应底线。 在2月2日回答记者提问时，中国电力企业联合会规划发展部副主任韩放表示，2026年是全国统一电力市 场由初步建成向基本建成迈进的关键起步阶段。 此外，韩放建议，规范零售市场发展，修订完善零售市场相关管理规章制度，强化售电主体全生命周期 监管，畅通批发与零售市场价格传导渠道，同时推进绿电、绿证、碳市场高效衔接，充分彰显新能源环 境价值，助力能源绿色低碳转型。 韩放表示，下一步应从四方面入手，继续深化统一电力市场体系建设。"一是破除省间市场壁垒，常态 化、规范化开展跨电网经营区电力交易，推动省内市场与跨省跨区市场深度耦合、协同运行，实现电力 资源在全国范围内的优化配置。" "二是稳妥推动具备条件的地区现货市场由试运行转入正式运行，引导储能、虚拟电厂等多元新型主体 公平参与市场竞争。"韩放说。 （文章来源：新华财经） ...

中国电力企业联合会2日发布的《2025-2026年度全国电力供需形势分析预测报告》显示，2025年，全国 电网工程建设完成投资6395亿元，同比增长5.1%。 （文章来源：新华财经） "近年来，风光大基地建设推动特高压直流输电通道工程投资快速增长，2025年直流工程投资同比增长 25.7%；交流工程投资同比增长4.7%。"中国电力企业联合会统计与数智部主任侯文捷表示，2025年， 全国新增220千伏及以上变电设备容量（交流）32043万千伏安，同比少投产1519万千伏安；新增220千 伏及以上输电线路长度47529千米，同比多投产13814千米。交直流输电通道的建设打通区域电力输送动 脉，资源配置能力进一步提高。 值得关注的是，跨区、跨省输送电量较快增长。"2025年，全国完成跨区输送电量9984亿千瓦时，同比 增长7.9%；跨省输送电量21237亿千瓦时，同比增长6.3%。"侯文捷介绍，内蒙古（3251亿千瓦时）、 云南（1925亿千瓦时）、山西（1504亿千瓦时）、新疆（1340亿千瓦时）、四川（1261亿千瓦时）5个 省份净输出电量规模超过1000亿千瓦时。 ...

Core Viewpoint - The recent surge in precious metals prices, particularly gold and silver, has been followed by a significant and unprecedented drop, leading to a market reevaluation of the impact of high copper prices on downstream demand [1][8]. Group 1: Market Trends - Precious metals and non-ferrous metals have seen strong price increases, with copper and aluminum reaching historical highs before experiencing a sharp decline [1]. - International gold prices experienced a maximum drop of over 12%, while silver saw a decline exceeding 35%, marking the largest single-day drop in history [1]. Group 2: Impact on Companies - The rising copper prices have significantly increased operational pressures for manufacturing companies, leading to strategies such as "aluminum replacing copper" and controlling copper usage to mitigate costs [1][4]. - A transformer manufacturing company reported a loss of 16,000 yuan per unit due to increased copper prices, which rose from over 70,000 yuan to over 100,000 yuan per ton [2]. - Copper processing companies are facing increased financial strain, with one company reporting an additional 200 million yuan in working capital requirements due to rising copper prices [3]. Group 3: Industry Responses - Companies are adopting various cost-reduction strategies, including the trend of "aluminum replacing copper," which is being standardized in industries such as air conditioning and automotive [4]. - The focus on reducing copper usage has led to clients demanding lower copper weights in products, reflecting a shift in cost management priorities [5]. - Some companies are investing in equipment upgrades to reduce labor and energy costs, with a significant portion of costs in printed circuit boards attributed to copper [5]. Group 4: Price Dynamics - Copper prices have remained high, with domestic spot prices ranging from 72,500 yuan to over 100,000 yuan per ton, marking a 15-year high [6]. - Factors contributing to the sustained high copper prices include anticipated U.S. tariffs on copper, geopolitical tensions, and macroeconomic expectations [7]. - Despite the bullish sentiment, there are signs of demand weakness, with reports of reduced orders from downstream sectors, including traditional pillars like power grid construction [8].

【重点关注】 ·围绕五大核心领域十部门发文推动低空经济标准体系建设 ·我国新能源新增发电量占全社会新增用电量97.1% ·特斯拉：第三代特斯拉人形机器人即将亮相 ·国际贵金属价格再跳水银价3天累计跌幅达40% 【国内要闻】 ·市场监管总局会同中央空管办、国家发展改革委等十部门联合发布《低空经济标准体系建设指南（2025年版）》，重点围绕低空航空器、低空基础设 施、低空空中交通管理、安全监管和应用场景五大核心领域，建立技术标准与管理规范融合、国内标准与国际规则融合、强制性标准与推荐性标准融 合、基础标准与场景标准融合的"四维融合"标准供给体系。到2027年，低空经济标准体系基本建立，基本满足低空经济安全健康发展需求。到2030年， 低空经济领域标准超过300项 ，结构优化、先进合理、国际兼容的低空经济标准体系基本形成，为低空经济安全健康发展提供有力支撑。 ·商务部等9单位日前印发《2026"乐购新春"春节特别活动方案》，活动时间为2月15至23日春节9天假期，方案提出，指导有奖发票试点城市精心设计方 案，在春节期间加大奖金投放力度；鼓励其他地区整合各方资源，因地制宜组织开展购物抽奖、消费补贴、消费返券等活动。鼓 ...