业内人士指出，2026年置换债的快速推进，不仅有助于降低地方政府利息负担、优化债务结构，也为腾 出财政空间支持重大项目建设和民生保障提供支撑。东方金诚研究发展部执行总监冯琳表示，一季度地 方债发行规模预计超2万亿元，其中再融资专项债占比近半，凸显"稳增长"与"防风险"双目标协同推 进。 新华财经上海1月28日电据新华财经专项债项目库显示，截至1月28日，年内各地已披露用于置换存量隐 性债务的地方政府再融资专项债规模超过3000亿元。从期限结构看，债券以10年期及以上品种为主。 根据公布的置换债发行方案，2024至2026年每年将安排约2万亿元置换债额度。2026年作为三年置换计 划的收官之年，政策节奏明显前倾。 截至发稿，全国已有多个省份披露2026年用于置换存量隐性债务的再融资专项债发行计划，合计披露的 计划规模达3027.8991亿元，已完成发行规模约2592.5亿元。其中，江苏、山东、浙江等省份已率先启动 发行，成为本轮化债政策"靠前发力"的重要抓手。 值得注意的是，根据相关安排，新疆于2024至2026年共获得648亿元用于置换存量隐性债务的地方政府 专项债务额度，每年分配216亿元，相关债券已于1月 ...

Core Viewpoint - The national tax work conference emphasizes the importance of enhancing tax governance efficiency and ensuring high-quality development through effective tax collection and compliance measures, while preparing for the "15th Five-Year Plan" period [1][2]. Group 1: Tax Revenue and Collection - In 2025, the tax authorities collected a total of 33.1 trillion yuan in various taxes and fees, with tax revenue amounting to 17.8 trillion yuan, reflecting a year-on-year growth of 2.7% [1]. - During the "14th Five-Year Plan" period, the tax authorities cumulatively collected over 156 trillion yuan in taxes and fees, accounting for approximately 80% of total fiscal revenue, and provided over 10 trillion yuan in tax reductions and refunds to support business growth [1]. Group 2: Strategic Goals for the "15th Five-Year Plan" - The tax system aims to promote high-quality modernization of tax practices, enhance governance capabilities, and ensure compliance through a comprehensive approach to tax law enforcement and digital transformation [2]. - Key objectives include maintaining a reasonable macro tax burden, improving taxpayer compliance, and reinforcing the foundational role of taxation in national governance [2]. Group 3: Tax System Reform and Compliance - The tax authorities will focus on reforming the tax system to support high-quality development and social equity, including the smooth implementation of the value-added tax law and optimizing tax structures [3]. - There will be an emphasis on strengthening tax compliance and creating a market-oriented, law-based, and international tax environment, including the promotion of the "Spring Breeze Action" for taxpayer convenience [4]. Group 4: Governance and Organizational Structure - The tax authorities are committed to strengthening political responsibility and ensuring effective governance within the tax system, including the cultivation of professional talent and support for grassroots tax officials [5]. - Continuous efforts will be made to enhance the structure of tax bureaus and implement mechanisms for selecting and training young talent to invigorate the workforce [5].

新华财经成都1月28日电（记者袁波）记者28日从中国人民银行四川省分行举行的新闻发布会获悉， 2025年12月末，四川省金融机构本外币各项贷款余额129983亿元，同比增长10.5%，增速高于全国4.3个 百分点；全年贷款增加12398亿元，同比多增603亿元。 普惠金融方面，2025年12月末，四川省普惠领域小微贷款余额同比增长11.8%，其中单户授信1000万元 以下的小微企业贷款同比增长20.5%；住户消费贷款（除住房贷款）余额同比增长11.6%，高于全省同 期各项贷款增速1.1个百分点。2025年12月末，四川科学研究和技术服务业以及信息传输、软件和信息 技术服务业贷款增速保持20%以上。 贷款利率水平指数持续低位。2025年12月，四川省新发放企业贷款、普惠小微贷款加权平均利率分别为 3.96%和3.92%，同比分别下降22个和28个基点，处于历史较低水平。 （文章来源：新华财经） 存款方面，2025年12月末，四川省金融机构本外币各项存款余额146344亿元，同比增长9.1%，增速高 于全国0.1个百分点；全年存款增加12202亿元，同比多增1040亿元。 金融支持重点领域和薄弱环节精准有力。20 ...

突出科学谋划与接续储备。今年初，四川印发实施《2026年四川省重点项目名单》，科学编制2026年四 川省加快前期工作重点项目名单，不断巩固全省重点项目滚动接续良好态势。抢抓"十五五"规划编制政 策机遇，坚持国家所需与四川所能相结合，持续加强项目谋划储备和向上对接争取，力争更多重大工程 项目纳入国家"十五五"规划，不断提升四川发展能级和位势，为推动全省经济社会高质量发展提供坚实 项目基础。 四川省发展改革委相关负责人表示，下一步将会同各地各部门，紧扣"十五五"时期发展重点，进一步优 化项目投资结构，持续完善"天府项目通"平台功能，充分发挥重大项目调度机制作用，加快修订出台 《四川省重点项目管理办法》，不断健全四川省重点项目全生命周期服务管理体系，全力推动省重点项 目早开快建。 （文章来源：新华财经） 新华财经成都1月28日电（记者袁波）记者28日从四川省发展改革委获悉，2025年，四川省扎实开展项 目攻坚行动，推动810个省重点项目完成投资10428.6亿元，年度投资完成率达133.2%。 其中，282个基础设施项目完成投资4528.5亿元，年度投资完成率129.1%；447个产业项目完成投资 5414.8亿元 ...

Core Insights - The pharmaceutical industry is increasingly adopting AI technologies, with over 60% of pharmaceutical companies and more than half of public hospitals using DingTalk as an AI operating system to enhance productivity [1][2] - AI is transforming the pharmaceutical sector by enabling companies to shift from repetitive tasks to more strategic roles, thereby enhancing operational efficiency [1][2] - DingTalk's AI application white paper indicates that AI is moving from exploration to large-scale application across the pharmaceutical value chain, impacting drug discovery, production, quality control, and patient services [1][2] Industry Developments - The pharmaceutical industry is characterized by high specialization, strong regulation, and long supply chains, making AI implementation a systemic transformation rather than just a technological upgrade [2] - DingTalk's AI solutions have been successfully implemented in various pharmaceutical companies, including WuXi AppTec and Innovent Biologics, and the company plans to launch a "Digital Pioneer Competition" to cultivate AI-savvy individuals within 100 pharmaceutical firms [2][3] - The establishment of the "Pharmaceutical Industry AI Innovation Alliance" aims to address common challenges such as data governance and ethical standards, promoting best practices for AI development in the sector [2][3] Company Case Studies - WuXi AppTec and DingTalk have developed a digital foundation called "BaiYaoDing," integrating AI into various processes, including traditional Chinese medicine traceability and smart factory production [2][3] - Innovent Biologics focuses on fine management in production through AI, achieving digitalization and transparency in anomaly handling, which has led to significant labor savings and improved quality [3] - Lepu Medical's AI initiatives provide 24/7 professional knowledge support to sales teams, resulting in a 200% return on AI investment by 2025, demonstrating AI's direct value in driving business growth [3] - Xianle Health has utilized AI tools to create an intelligent inspection application, enhancing management efficiency and fostering a culture of innovation within the organization [3][4] Future Outlook - AI is becoming a core driver of quality improvement, efficiency, and innovation in the pharmaceutical industry, with ongoing advancements in technology and a thriving ecosystem [4]

具体来看，化工板块内部不同品种走势驱动逻辑存在一定差异。新湖期货化工研发总监施潇涵指出，合 成橡胶、PX、PTA等品种靠基本面支撑，乙二醇为超跌反弹，甲醇、LPG等受伊朗地缘因素扰动，PVC 则属于跟随上涨，宏观资金对板块轮动、产能大周期的预期也成为推涨因素。 2026年开年化工市场强势反弹，芳烃、聚酯产业链及合成橡胶等品种期价大幅走高，与此同时A股化工 板块与期货市场形成共振，"化工牛"成资本市场热议话题。这是长期下行趋势终结的信号，还是短期情 绪推动的昙花一现？行业景气度能否就此迎来根本性改善？ "股期共振"下化工市场热度非凡 进入新一年，化工品市场多个品种表现亮眼。以芳烃产业链为例，纯苯、苯乙烯等期货价格自年初以来 持续攀升，截至1月28日，两个品种月度涨幅均超12%；聚酯产业链价格重心也持续上移，其中表现强 势的PTA期货价格较2025年10月的低点已涨超20%；此外，橡胶板块中，合成橡胶因原料丁二烯供应紧 张，价格涨势凌厉。股票市场上，化工ETF基金已连续上涨近半年，1月份多只龙头个股创阶段新高， 板块涨停股频现。 现货端价格同样有好转迹象。新华指数数据显示，截至2026年1月27日，中国能化现货估 ...

Core Insights - The launch of the "Native Payment Agent" by Jidou Technology, Zhipu, and China UnionPay aims to integrate payment capabilities into smart cockpit systems, addressing long-standing pain points in in-car payment processes [2][3] Group 1: Product Overview - The "Native Payment Agent" is based on a "large model + intelligent agent" architecture, enabling system-level integration of payment capabilities within smart cockpits [2] - Traditional in-car payment methods often rely on external app redirection or simple feature overlays, which do not create a seamless interaction with voice commands and contextual services [2] Group 2: Technical Architecture - The product features a layered design with a "model base + scenario intelligent agent," utilizing Zhipu's GLM series large models for enhanced understanding of user natural language commands and contextual relationships [3] - Jidou Technology has developed an intelligent agent capability system tailored for in-car environments, converting large model cognitive abilities into real-time executable system instructions that meet automotive safety standards [3] Group 3: Collaboration and Ecosystem - China UnionPay provides payment services based on the Model Context Protocol (MCP), ensuring compliance with financial regulations and security standards for various travel scenarios such as refueling and parking [3] - The collaboration among Jidou Technology, Zhipu, and China UnionPay is supported by the ecosystem of the Pudong Moli Community, which has become a hub for vertical model industries [3]

1月28日，由中国银行四川省分行、兴业证券联合主办的2026全球资产配置白皮书发布会暨"新春投资策略会"在成都举办。发布会上，来自银行、证券等领 域500余位嘉宾各抒己见，帮助投资者构建个性化管理财富体系，同时增强他们的金融风险意识。 "在关税冲击与货币宽松双重作用下，全球资产再配置机遇显现。"中国银行总行个人金融部私人银行中心高级经理、《白皮书》主笔人文晓波认为，A股慢 牛格局基本形成，政策红利持续释放，港股国际化提速，价值重估行情延续。同时，美元中枢下移，人民币双向波动。建议把握宽松窗口期，逢低布局优质 资产，利用波动优化配置结构。 兴业证券首席经济学家王涵对2026年宏观经济格局进行了解构。他认为，当前全球经济正处于新旧动能转换的关键期，地缘格局重塑催生新投资范式。在此 背景下，中国经济韧性优势凸显，在节奏上呈现市场力量与宏观调控的博弈。中长期看，市场热点将显著铺开，为投资者前瞻布局坚定信心。（曾俊鹏） 编辑：穆皓 图为全球资产配置白皮书发布会暨"新春投资策略会"现场（中国银行供图） 中国银行四川省分行副行长郑斌表示，中国银行是全市场首个从买方视角发布个人金融资产配置策略的中资商业银行。该行将以"商行+ ...

编辑：幸骊莎 新华财经南京1月28日电（记者常竣、斐朱程、李亭）人工智能如何在制造业深度融合应用？记者在江 苏无锡探访无锡威孚高科技集团股份有限公司、江苏省具身智能机器人工业数据采集与实训中心看到， 企业正积极在生产制造的各个环节融入人工智能相关技术，积极运用大语言模型技术提升工作效率。在 具身智能机器人的浪潮下，针对性的工业数据采集与实训变得越来越重要。具身智能机器人进厂打工的 未来正在靠近。（参与调研：谷青竹、欧阳迪娜、赵畅） ...

新华财经上海1月28日电 2026年自贸离岸债市场开闸。1月27日，在上海清算所的支持下，全市场首单 由非银行金融机构提供跨境担保的上海自贸区离岸债券（以下简称"自贸离岸债"）成功完成全球发行。 本期债券由东方智盛有限公司作为发行主体，由东方证券股份有限公司提供跨境担保，发行规模2亿元 人民币，期限364天，票面利率1.88%。此举标志着我国离岸金融市场在发行人结构、担保机制和制度 适配方面实现关键性创新，为非银金融机构"走出去"开辟了全新路径。 跨境担保结构：非银机构赋能离岸融资新范式 自2025年上海市自贸离岸债新规落地以来，凭借"发行端、投资端两头在外"的独特制度设计，自贸离岸 债迅速成为连接境内优质资产与境外资本的重要通道。所谓"两头在外"，即债券虽依托上海自贸区政策 框架发行，但募集资金用途、投资者来源及交易结算等核心环节均在境外完成，同时通过上海清算所等 境内金融基础设施提供登记、托管与结算服务，实现高效、透明、合规运作。 据上海清算所公告，本期债券吸引了来自香港、新加坡等多个地区的优质境外机构投资者踊跃认购，最 终实现超额认购，充分彰显国际市场对高信用中资非银机构及人民币资产的认可。 长期以来， ...