Core Viewpoint - The bond market showed slight weakness with all government bond futures closing down, while the interbank bond yield exhibited mixed trends, indicating a cautious outlook ahead of the Spring Festival and the Two Sessions [1][2]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.07% at 112.17, the 10-year main contract down 0.05% at 108.15, the 5-year main contract down 0.04% at 105.835, and the 2-year main contract down 0.02% at 102.408 [2]. - The interbank bond yield showed slight divergence, with the 30-year government bond yield down 0.45 basis points (bps) to 2.2565%, while the 10-year government bond yield increased by 0.05 bps to 1.834% [2]. Overseas Market Trends - In North America, U.S. Treasury yields collectively fell, with the 10-year yield down 5.16 bps to 4.241% [3]. - In Asia, Japanese government bond yields continued to decline, with the 10-year yield down 2.3 bps to 2.266% [3]. - In the Eurozone, yields on 10-year bonds increased, with French bonds up 1.7 bps to 3.541% [3]. Primary Market - The Export-Import Bank's financial bonds had a bid yield of 1.4226% for the 1.2521-year and 1.7028% for the 5.5041-year, with bid-to-cover ratios of 2.63 and 6.74 respectively [4]. - The China Development Bank's financial bonds had a bid yield of 1.6683% for the 3-year and 1.8772% for the 7-year, with bid-to-cover ratios of 2.85 and 3.83 respectively [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation with a total amount of 2102 billion yuan at an interest rate of 1.40%, resulting in a net injection of 309 billion yuan for the day [5]. - The Shibor rates showed mixed performance, with the overnight rate rising by 9.1 bps to 1.413% [5]. Institutional Insights - Huatai Securities suggests maintaining a configuration of medium to short-term credit bonds, with a focus on leveraging opportunities in the ultra-long end and government bonds [6]. - CITIC Securities notes that the central bank's balance sheet has expanded steadily, indicating a potential for government bond trading to influence yields [7]. - Guosheng Fixed Income emphasizes that current inflation is not indicative of a broad price increase, suggesting that monetary policy may remain stable or undergo minor adjustments [7].

新华财经上海1月22日电（记者王淑娟）众安保险最新发布的"2025年理赔服务年报"显示，2025年全年 累计赔付金额达179亿元，日均处理理赔案件约290万件。以科技为核心驱动力， 2025年众安保险将人 工智能技术深度融合于理赔全链路。 众安保险数据显示，2025年理赔用户中女性占比58.8%，53.6%的理赔集中在"50后"至"90后"群体。冠状 动脉疾病、糖尿病、高血压等高发疾病成为健康保障的关注重点。 针对小微企业这一国民经济的"毛细血管"，众安保险2025年赔付1788万件，赔付金额4.21亿元，为其稳 定经营提供保险支持。面对重大自然灾害，众安保险迅速响应，累计启动大灾应急机制百余次，通过财 产险AI定损预付等方式及时赔付3698万元，用实际行动兑现保险承诺。 在健康险领域，AI已经全面融入众安保险理赔全流程。借助智能助手引导，超过90%的健康险用户可实 现理赔材料"只传一次"；依托AI赋能，超45%的理赔案件实现自动化审核结案，其中最快结案时间仅15 秒。理赔AI专家能在3秒内将专业结论转化为用户易懂语言，大幅提升服务透明度和用户信任感。 在车险服务中，科技的应用同样深入。"众安车险"小程序作为 ...

整体来看，随着本轮寒潮进入尾声，尤其是"三九、四九"即将结束，下周起全国大部气温回升，沿海煤 炭市场耗煤预计高位回落。同时，随着春节假期临近，主产地中小煤矿及终端工厂将陆续放假，上下游 开工率不足背景下，沿海煤炭市场将进入传统供需双弱时期，短期煤炭价格弱势偏稳概率加大。 新华财经太原1月22日电（记者张磊） 秦皇岛煤炭网1月21日发布的环渤海动力煤价格指数报收于685元 ／吨，环比下行1元／吨。分析认为，市场多空因素博弈，寒潮来袭难抵终端多源补库，本周期沿海煤 炭价格止涨回落，沿海煤炭综合价格小幅下降。 具体来看，正值冬季取暖用煤旺季，主产地发运相对稳定，中转港口货源相对充足。受本轮强冷空气影 响，终端降温及雨雪天气带动日耗保持相对高位，沿海电厂日耗较上年同期偏高30万吨，旺季耗煤特征 明显。然而终端保持内外贸多源补库，内贸中长期及市场货源同步采购的同时，2025年12月进口煤创下 单月新高，终端补库节奏整体稳定有序，终端供耗水平均衡运行。 （文章来源：新华财经） ...

Core Viewpoint - The Bank of Japan is expected to maintain its policy interest rate at 0.75% during the upcoming monetary policy meeting, while analysts warn of a potential hawkish stance in the policy statement due to recent economic signals and currency fluctuations [1][2]. Group 1: Monetary Policy Expectations - The Bank of Japan is likely to keep the interest rate unchanged at 0.75% as it awaits clearer economic signals, particularly from the spring labor negotiations and upcoming inflation data [1]. - Analysts suggest that if wage negotiations continue to show strong growth, the Bank may raise rates by 25 basis points as early as March [1]. - The recent depreciation of the yen, with the USD/JPY nearing 160, has raised concerns about inflation and the need for a hawkish policy response [1]. Group 2: Economic Indicators - The December Consumer Price Index (CPI) showed a significant cooling, complicating the policy path for the Bank of Japan [1]. - The market is closely monitoring the final CPI figures for December, as a substantial drop in inflation could lead the Bank to reassess its rate hike timeline [2]. - The sustainability of government debt is under scrutiny following the announcement of early elections aimed at expanding the ruling party's seats to promote more expansive fiscal policies [1]. Group 3: Future Projections - Analysts from ING believe that if core inflation stabilizes above 2%, supported by wage growth and government subsidies, the Bank may consider its next rate hike in the second half of 2026 [1]. - The potential for a hawkish tone in the upcoming policy statement could provide short-term support for the yen, while a more cautious approach may lead to further depreciation [2].

新华财经北京1月22日电科创50指数1月22日早间高开，随后指数震荡下挫，午后指数持续整理，最终小 幅收涨。至收盘时，科创50指数报1541.64点，涨幅0.41%，指数振幅为2.91%，总成交额约1145亿元。 1月22日，科创综指全日收涨0.14%，收于1865.34点，总成交额约3103亿元。 个股表现方面，腾景科技、明微电子、青云科技、固德威等涨停，涨幅靠前；艾迪药业跌13.48%，跌 幅居首。 从盘面来看，科创板600只个股涨少跌多，高价股、低价股均表现分化。细分领域来看，元器件股、环 境保护股表现强势，生物制药股、专用机械股跌幅靠前，半导体股表现分化。 经新华财经统计，1月22日，科创板600只个股平均涨幅0.25%，平均换手率3.49%，合计成交额3103亿 元，平均振幅为4.57%。 换手率方面，胜科纳米换手率为23.65%，位居首位；三一重能换手率为0.26%，位居末位。 （文章来源：新华财经） 成交额方面，澜起科技成交额194.6亿元，位居首位；ST帕瓦成交额995.4万元，位居末位。 ...

Core Insights - The automotive market is experiencing a significant shift towards innovative financial services, with multiple companies introducing 7-year low-interest financing options to stimulate sales [1][2][3] - The trend indicates a move away from traditional price-cutting strategies, as companies seek to enhance competitiveness through financial promotions [2][3] Group 1: Financial Innovations - Xpeng Motors announced a 7-year low-interest financing plan with monthly payments starting at 1,355 yuan [1] - Geely Galaxy followed suit, offering a similar plan with a down payment starting at 25,800 yuan and monthly payments from 1,999 yuan [1] - Tesla initiated the trend with a financing option for its Model 3 and Model Y, featuring an annual interest rate of approximately 0.98% and monthly payments starting at 2,947 yuan [2] Group 2: Market Dynamics - Over 20 automotive companies have implemented price reductions since the beginning of 2026, but retail sales have not shown significant growth, with a 28% year-on-year decline in passenger vehicle sales from January 1-18 [3] - The retail sales of new energy vehicles also fell by 16% year-on-year during the same period [3] - Regulatory bodies are emphasizing the need to avoid chaotic price wars, aiming to maintain a fair market environment [3] Group 3: Consumer Impact - The 7-year low-interest financing significantly lowers the barrier to vehicle ownership, making it accessible for younger consumers [5] - However, the long loan term introduces uncertainties, as rapid technological advancements may lead to depreciation of vehicles, potentially resulting in negative equity [5] - The extended repayment period requires stable financial conditions, as any significant changes could create financial pressure [5] Group 4: Industry Challenges - Companies face challenges in cash flow management due to the extended repayment period associated with 7-year financing [4] - Financial reports indicate that companies like Xpeng and Li Auto are experiencing thin profit margins, with Li Auto reporting its first quarterly loss [4] - The long-term viability of low-interest financing strategies may lead to a "sell one at a loss" scenario for brands with already tight margins [4] Group 5: Competitive Landscape - The shift towards 7-year financing may accelerate industry consolidation, favoring companies with strong technological foundations [6][7] - Non-leading brands may struggle to balance the costs of low-interest financing with the risk of declining sales if they do not adopt similar strategies [6] - Ultimately, the competitive edge will rely on technological innovation rather than financial gimmicks, as the market will revert to valuing product quality and user experience [6][7]

新华财经沈阳1月22日电（记者李宇佳）东北地区首单基础设施公募REITs——中信建投沈阳国际软件 园REIT（以下简称沈软REIT）22日在上交所首次发布收益分配公告。公告显示，该产品上市后快速启 动首次分红，且分派金额显著优于招募说明书预测水平，体现了优质存量资产良好的现金流回报能力。 根据公告，2025年沈软REIT实现可供分配金额6512.63万元，本次拟分派金额6000万元，分派金额约占 可供分配金额的92.13%。值得关注的是，该基金在分红兑现上表现亮眼，其2025年可供分配金额较招 募说明书同期预测值增幅达14.83%。 业内人士表示，在当前市场环境下，沈软REIT实现了超预期的分红业绩，其底层逻辑在于"资产端的扎 实运营"与"项目端的审慎估值"形成了有效共振。据了解，在项目筹备与发行阶段，项目方沈阳国际软 件园并未单纯追求融资规模最大化，而是坚持"压实估值、审慎预测"的原则，在测算过程中主动剔除不 确定性因素，为上市后的二级市场表现预留了充足的安全边际。 （文章来源：新华财经） 当前，正值新一轮东北全面振兴战略深入实施之际。沈软REIT的稳健运行，对于区域盘活存量资产具 有积极示范意义。沈软RE ...

二是强化开发式帮扶举措。推动帮扶产业全链开发惠农增收，加快培育壮大一批优势突出、链条完整、 业态丰富的县域主导产业。加强帮扶项目资产规范管理，促进帮扶产业提质增效、资产持续发挥作用。 充分用好东西部劳务协作、就业帮扶车间、乡村公益性岗位、乡村工匠培育等渠道，提升就业帮扶质 效。 三是分层分类帮扶欠发达地区。集中支持乡村振兴重点帮扶县加快发展，持续改善基础设施条件，逐步 提升公共服务水平，发展壮大县域经济。完善东西部协作、中央单位定点帮扶、常态化驻村帮扶机制， 持续开展社会帮扶，帮助脱贫地区提升发展能力。 （文章来源：新华财经） 新华财经北京1月22日电（记者王小璐） 农业农村部发展规划司司长陈邦勋22日在国务院新闻办公室举 行的新闻发布会上表示，打赢脱贫攻坚战后，党中央设立5年过渡期，对脱贫地区和脱贫人口扶上马、 送一程。过渡期以来，监测帮扶机制有效运行，累计识别帮扶超过700万监测对象稳定消除返贫致贫风 险，其余均落实了针对性帮扶措施。 帮扶产业方面，832个脱贫县均培育形成了2—3个优势突出、带动力强的主导产业，超过85%的脱贫户 和监测户至少得到一项产业帮扶措施。就业规模保持稳定，脱贫人口务工就业规模连 ...

Core Viewpoint - The average price of pork in China's wholesale markets remains stable, while the price of eggs has seen a slight increase [1] Price Summary - As of January 22 at 14:00, the average price of pork is 18.50 yuan per kilogram, unchanged from the previous day [1] - The average price of eggs is 8.27 yuan per kilogram, reflecting a 0.9% increase compared to the previous day [1]

新华财经北京1月22日电日本越来越多的企业认为利率上升对其业务产生了负面影响，这凸显了日本央 行在实施多年的超低利率之后，在政策正常化过程中面临的挑战。 这些企业包括担心抵押贷款利率上升会抑制住房需求的房地产公司，以及表示可能需要推迟贷款的企 业。仅有2.8%的企业表示利率上升会使其受益，部分企业认为日元走强将降低进口成本。然而，受日 本首相高市早苗宣布提前举行大选的消息影响，日元本月进一步下跌。 （文章来源：新华财经） 据帝国数据银行（Teikoku Databank）12月份的一项调查显示，约44%的日本企业认为利率上升带来的 下行风险大于上行风险，这一比例比2024年4月的预期高出近7个百分点。 ...