Core Insights - The report by Beijing Fourth Wave Technology Think Tank indicates that over a dozen companies are accelerating their efforts to enter the capital market, with a concentrated IPO boom expected in the commercial aerospace industry by 2026, potentially igniting a new wave of financing following the domestic GPU surge [1] - The commercial aerospace index saw a 13.8% increase in the first week of January 2026, with a cumulative rise of 23.4% over the first six trading days, driven by both policy and market factors [1] Policy and Market Drivers - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" by the National Space Administration in November 2025 outlines 22 key support measures [1] - The China Securities Regulatory Commission expanded the application scope of the fifth set of listing standards for the Sci-Tech Innovation Board to include commercial aerospace in June 2025, facilitating IPOs for quality commercial rocket companies [1] IPO Progress and Valuations - Companies such as Blue Arrow Aerospace and China Aerospace Science and Industry Corporation are making significant strides towards IPOs, with Blue Arrow Aerospace's valuation reaching 20 billion and Tianbing Technology's valuation between 18-22.5 billion [2][3] - The report lists several companies with their respective IPO progress, main products, and latest valuations, highlighting the competitive landscape in the commercial aerospace sector [3] Market Performance of Listed Companies - The report notes that listed companies like Tongyu Communication, China Satellite, and Aerospace Electronics have seen significant stock price increases of 187%, 148%, and 139% respectively, indicating strong market performance in the commercial aerospace sector [5] Financing Trends - In 2025, the total financing amount for commercial aerospace reached 18.6 billion, a 32% year-on-year increase, with 67 financing events primarily in rocket manufacturing and satellite applications [6] - The report predicts that the market will be dominated by 3-4 leading companies, with early entrants likely to establish stable supply chains with downstream satellite operators [6]

三是"人工智能+金融"取得新突破。广西出台全国首个省区级"人工智能+金融"实施方案，发布《广西人 工智能大模型金融应用指南》，搭建中国—东盟"人工智能+金融"创新合作基地，银行机构依托基地上 线多款"流水贷"系列信贷产品，支持企业融资超200亿元。创新开发"汇小二"跨境金融服务智能体，共 计完成服务响应超38万次，服务超16万人次。 四是融资担保服务体系持续完善。广西推出促进融资担保行业高质量发展的15项具体工作举措，政府性 担保贷款同比增长19.5%，年化综合平均担保费率降至0.66%。健全政金企融资对接服务机制，联合举 办各类政金企对接会24场，现场签约金额2786.57亿元。 在适度宽松的货币政策加持下，广西金融供给充裕，直接融资规模快速增长，保险业稳健运行，金融总 量保持了合理增长，实体经济融资需求得到更有力保障： 一是金融总量保持合理增长。全年广西社会融资规模增量5082.11亿元。2025年末，广西本外币各项贷 款余额5.7万亿元，同比增长5.5%，还原地方化债影响后，同比增长7%。 新华财经南宁1月29日电（记者范超）记者29日从广西南宁举行的2025年广西金融运行情况新闻发布会 上了解到，广西 ...

Core Viewpoint - The Ministry of Transport anticipates an increase in the proportion of electric vehicle travel during the Spring Festival, prompting preemptive measures to enhance charging services for electric vehicle owners [1][2]. Group 1: Charging Infrastructure and Services - The Ministry of Transport has developed a list of service areas with high charging demand and created tailored service guarantee plans for each area [1]. - Measures to improve charging services include the addition of mobile emergency charging equipment, utilizing charging facilities near highway entrances, and optimizing charging times for individual vehicles [1]. - As of the end of 2025, the number of electric vehicle charging guns at highway service areas is expected to reach 71,500, with 20,000 new installations planned for 2025 [2]. Group 2: Information Accessibility - The 'e Road Smooth' mini-program will be upgraded to allow vehicle owners to check the status of charging stations in real-time across the national highway network [1]. - Dynamic updates on charging facility status will also be provided through variable message signs on highways, service area information screens, and navigation software [1]. Group 3: Electric Vehicle Ownership - By the end of 2025, the total number of electric vehicles in the country is projected to reach 43.97 million, with 12.93 million new registrations in 2025 [1].

1月29日早间，现货黄金快速突破5500美元，最高逼近5600美元，再度刷新纪录。过去4个交易日，现货 金价已连破每盎司5000美元、5100美元、5200美元、5300美元、5400美元、5500美元这6道整百关口。 国际金价的上涨传导至国内市场，29日早间，国内部分主流金饰品牌报价刷新至1700元／克，创下历史 新高，单日上涨百元左右。 "本轮涨势的主要驱动力来自避险买盘，背后则是美国政策环境的不确定性和不可预测性上升，包括地 缘政治问题的不确定性、围绕美联储独立性的潜在压力，以及对美国财政前景、债务负担和政治极化加 剧的担忧。"程小勇说，多重风险叠加下，贵金属作为避险资产的配置需求明显增强。 程小勇进一步表示，贵金属的持续上涨意味着市场不仅在定价地缘政治风险，更在交易"货币贬值"预 期，投资者纷纷寻求避险资产，传统避险资产美债则因美国信用的削弱和其破坏国际秩序的举动而遭到 抛售。 华安基金指数与量化投资部基金经理助理、首席黄金研究员周泓灏在接受新华财经采访时表示，多重不 确定性交织，共同推升了黄金行情。一方面，在1月美联储议息会议上，美联储主席鲍威尔再次强调维 护美联储独立性，而新一任美联储主席人选仍悬 ...

Core Insights - The Chengdu metropolitan area is projected to achieve a GDP of 31,310.2 billion yuan in 2025, with a year-on-year growth of 5.8%, surpassing the provincial average by 0.3 percentage points, and accounting for 46.3% of Sichuan's total GDP [1][2] Economic Performance - Chengdu leads with a GDP of 24,763.6 billion yuan, while Meishan shows impressive growth with a GDP of 2,008.72 billion yuan; Deyang and Ziyang also progress steadily with GDPs of 3,387.1 billion yuan and 1,150.8 billion yuan, reflecting year-on-year growth rates of 5.4% and 5.8% respectively [1] - The industrial added value of the Chengdu metropolitan area is expected to grow by 7.4% year-on-year, exceeding the provincial growth rate by 0.9 percentage points, indicating strong momentum and complementary dynamics among the cities [2] Industrial Development - The metropolitan area is focusing on industrial collaboration, with nine key industrial chains projected to exceed a combined output of 12,000 billion yuan, and over 2,860 cross-city cooperative enterprises established [1] - Notable industrial growth includes Chengdu's new energy vehicles and lithium-ion batteries, with production increasing by 181.0% and 33.9% respectively; Deyang's electronic and communication equipment manufacturing rising by 44.9%; Meishan's lithium battery growth at 31.1%; and Ziyang's electronic information industry growing by 40.1% [2] Investment and Consumption - Fixed asset investment in the Chengdu metropolitan area is expected to grow by 1.8% year-on-year, outpacing the provincial growth rate by 4.2 percentage points [2] - The total retail sales of consumer goods in the metropolitan area are projected to reach 13,790.5 billion yuan in 2025, with a year-on-year growth of 5.4%, also exceeding the provincial average by 0.3 percentage points, and representing 47.3% of Sichuan's total [2]

新华财经北京1月29日电债市周四（1月29日）延续横盘整理，上日"小作文"一度改善交投情绪，但午后 期限券重回偏弱波动，国债期货全线收跌，银行间现券收益率上行幅度在0.5BP以内；公开市场单日净 投放1438亿元，资金利率走势有所分化。 业内人士认为，资金面本周较为平稳，料跨月流动性压力有限。传言中针对银行的"隔夜逆回购"措施， 机构认为有一定可能，但关键还在于其定位。总体而言，此次传闻对债市更多是情绪上的扰动，趋势性 利好有限。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约涨0.07%报112.17，10年期主力合约涨0.06%报108.25，5年期 主力合约涨0.01%报105.875，2年期主力合约持平于102.394。 亚洲市场方面，日债收益率上行居多，仅超长端收益率延续回落，5年期和10年期日债收益率上行1.3BP 和1.7BP，30年期日债收益率下行1BP。 欧元区市场方面，当地时间1月27日，10年期法债收益率涨0.1BP报3.435%，10年期德债收益率涨0.8BP 报2.873%，10年期意债收益率涨0.3BP报3.467%，10年期西债收益率涨0.2BP报3.229%。其他市场方 ...

图为中国市场各板块零售黄金投资与消费需求（按吨数及金额计算） 分板块来看，2025年四季度中国金饰需求走弱，环比下降3%，同比下滑23%，至82吨。全年金饰需求 总量达360吨，同比减少25%。不过，从消费金额维度来看，四季度中国消费者金饰支出达778亿元人民 币（约合110亿美元），同比增长19%；全年累计支出2,814亿元人民币（约合394亿美元），同比增幅 为8%。 新华财经北京1月29日电（记者沈寅飞） 世界黄金协会1月29日发布《2025年四季度及全年中国黄金市 场回顾与展望》报告称，2025年四季度，中国市场黄金投资与消费需求（含金饰、金条、金币、黄金 ETF及工业用金）总量达274吨，年同比增长18%，较三季度大幅攀升60%，同时创下历年四季度第二亮 眼表现，仅次于2016年同期。 2025年全年黄金需求总量达1,003吨，同比增长6%，为2021年以来最高水平。按金额计，全年需求更是 创下历史新高，总额达7,960亿元人民币（约合1,110亿美元），同比激增53%。值得注意的是，年内强 劲的黄金投资需求抵消了金饰板块的疲软态势。 与之相反，黄金投资需求的强劲表现延续至四季度且势头不减，金条金币 ...

新华财经南宁1月29日电（记者范超）记者29日从广西南宁举行的2025年广西金融运行情况新闻发布会 上了解到，2025年广西支持上市公司用好"并购六条"、市值管理等政策工具，通过回购增持、现金分红 等方式持续提升企业投资价值和市场吸引力，上市公司总市值较上年末增长25%。 截至2025年12月末，广西共有A股上市公司42家，新三板挂牌公司33家，IPO在审企业4家，辅导备案企 业9家。2025年1至12月，广西企业通过资本市场直接融资845.83亿元，同比增长74.31%。根据沪深证券 交易所发布的数据，2025年1至12月，广西证券交易额为14.27万亿元，同比增长27.11%。 （文章来源：新华财经） 数据显示，2025年，广西有9家上市公司实施增持、回购合计41.42亿元，8家公司申请回购增持专项贷 款46.85亿元，23家公司实施现金分红41.08亿元，1家公司完成重大资产置换，2家公司长期破净问题得 到解决，上市公司总市值较上年末增长25％。 ...

Core Viewpoint - The Sci-Tech Innovation Board experienced significant declines on January 29, with both major indices opening lower and continuing to drop throughout the day, ultimately closing with substantial losses [1]. Group 1: Index Performance - The Sci-Tech 50 Index closed at 1507.64 points, down 3.03%, with a total trading volume of approximately 986 billion [1]. - The Sci-Tech Composite Index closed at 1831.10 points, down 2.63%, with a total trading volume of about 3100 billion, showing a slight decrease compared to the previous trading day [1]. - Approximately 83.33% of the 500 stocks on the Sci-Tech Board declined, indicating a broad market downturn [1]. Group 2: Sector Performance - Within the sectors, a few software service stocks showed relative strength, while stocks in the semiconductor, components, electrical equipment, and specialized machinery sectors generally experienced declines [1]. Group 3: Stock Performance - On an individual stock basis, Sikan Technology saw the highest increase, rising by 15.08%, while *ST Guandian faced the largest drop, falling by 19.94% [2]. - The average decline for the remaining 600 stocks on the Sci-Tech Board, excluding suspended stocks, was 2.22%, with an average turnover rate of 3.74% [1]. Group 4: Trading Volume and Turnover Rate - Lanke Technology had the highest trading volume at 100.44 billion, while Wandesi recorded the lowest at 17.34 million [3]. - Hengyun Chang achieved the highest turnover rate at 43.32%, whereas Longteng Optoelectronics had the lowest at 0.26% [3].

从板块来看，东京证券交易所33个行业板块多数上涨，石油及煤炭制品、运输机械、矿业等板块涨幅靠 前；服务业、零售业、其他制品等板块下跌。 （文章来源：新华财经） 新华财经东京1月29日电 日本东京股市两大股指29日低开高走，小幅收涨。日经225种股票平均价格指 数收盘微涨0.03%，东京证券交易所股票价格指数上涨0.28%。 当天早盘，受投资者忧虑美国联邦政府部分机构或再陷"停摆"等多重因素影响，东京股市两大股指小幅 低开。早盘前段，由于优衣库母公司迅销集团等大盘股低迷不振拖累大盘，日经股指一度下跌300多 点。其后半导体设备制造商爱德万测试及大型机械部件制造商THK等绩优股获投资者积极买入，对大 盘起到拉升作用。东证股指前低后高，午盘后段逐渐企稳上涨。 至收盘时，日经指数涨16.89点，收于53375.60点；东证指数涨9.81点，收于3545.30点。 ...