Core Viewpoint - As of January 20, 2023, China's wholesale prices for gasoline and diesel have both decreased, reflecting a cautious market atmosphere influenced by extreme weather and pressure on major suppliers [1]. Price Changes - The average wholesale price for 92 gasoline is 7346 yuan per ton, down by 5 yuan per ton from the previous day [1]. - The average wholesale price for diesel (including low pour point) is 6144 yuan per ton, down by 17 yuan per ton from the previous day [1]. Market Conditions - On January 19, international crude oil futures prices experienced a slight decline, which contributed to the domestic retail price increase despite the overall downward trend in wholesale prices [1]. - The extreme weather in northern regions has suppressed market transactions, leading to significant discounts in actual sales [1]. - The market sentiment is characterized by caution and a strong wait-and-see attitude among traders [1]. Regional Price Variations - In Sichuan, gasoline wholesale prices have increased, while prices in Qinghai, Inner Mongolia, Shaanxi, Chongqing, Shandong, Jiangxi, Fujian, Henan, Hubei, and Guizhou have decreased [1]. - Diesel wholesale prices have dropped in Fujian, Beijing, Hebei, Chongqing, Shaanxi, Jiangxi, Shandong, Heilongjiang, Sichuan, and Zhejiang [1]. - In Shandong, independent refineries have reported a significant drop in both gasoline and diesel prices [1]. Data Source - The wholesale price data is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute, in collaboration with the Shanghai Petroleum and Natural Gas Exchange Center, providing an authoritative reflection of the overall situation in China's gasoline and diesel wholesale market [1].

政治豪赌与财政十字路口的危险抉择 这场日债抛售始于近期高度敏感的政治操作。日前，高市早苗在记者会上表示，将于23日解散众议院，2月8日举行众议院选举。本届日本国会众议院议员的 任期原定于2028年10月届满，此次提前三年解散，标志着日本政局进入动荡期。 新华财经北京1月21日电（王菁）日债市场正经历着二十多年来最严峻的考验。1月21日早盘数据显示，10年期日债收益率在2.338%附近，依旧盘踞在1999 年2月以来26年11个月的高点，本周已累计上行超15BPs。这一剧烈市场波动的直接导火索，正是首相高市早苗为备战2月8日众议院选举而抛出的"政策炸 弹"。 在这场政治博弈中，财政承诺成为主要竞选武器。高市早苗领导的自民党提出，在两年内将食品和饮料的消费税税率从目前的8%降至零。据日本财务省估 算，仅这一项减税措施，每年就将减少约5万亿日元的财政收入，几乎等同于日本全年在教育、科学和文化事业上的支出总和。 更具风险信号的是，日本最大在野党组成的"中道改革联合"甚至提出了更激进的主张——永久取消食品消费税。尽管该联盟声称将通过设立主权财富基金来 筹措资金，但具体机制模糊不清。 数据显示，30年期日债收益率21日早 ...

四是"活"的效果持续显现。加快推进重点领域改革，实施减轻企业负担专项行动，加快加力清理拖欠企 业账款，推动惠企政策落实落地，全力营造"一池活水"的企业发展环境。综合整治"内卷式"竞争成效初 显，新能源汽车、光伏等重点行业竞争生态持续改善。5G和千兆光网融入97个国民经济大类中的91 个，工业互联网实现41个工业大类全覆盖，为经济社会发展注入更多活力。加强优质企业梯度培育，累 计培育专精特新中小企业超14万家，有效期内的高新技术企业达50.4万家。2025年规模以上工业专精特 新"小巨人"企业增加值同比增长9%，前11个月规模以上工业高新技术企业利润总额同比增长5.3%。 （文章来源：新华财经） 二是"进"的步伐持续加快。锚定高质量发展这个首要任务不动摇，扎实推进制造业智能化、绿色化、融 合化发展。规模以上装备制造业、高技术制造业增加值同比分别增长9.2%、9.4%，增速高于规模以上 工业3.3个、3.5个百分点，占全部规模以上工业比重较2024年提高2.2个、0.8个百分点。制造业数智化转 型扎实推进，累计建成3.5万余家基础级、8200余家先进级、500余家卓越级智能工厂，培育15家领航级 智能工厂。工业降 ...

新华财经悉尼1月21日电（记者李晓渝）西太平洋银行和墨尔本研究院21日发布的报告指出，2025年12 月澳大利亚西太平洋银行／墨尔本研究院经济活动领先指数（Westpac–Melbourne Institute Leading Index of Economic Activity）的6个月年化增长率从11月经过修正的0.2%上升至0.42%。 哈桑表示，自2025年年中以来，指数增速累计上升0.38个百分点，从2025年6月的0.04%升至12月的 0.42%。其中，两项因素贡献了大部分增幅，分别是以澳元计价的大宗商品价格上涨，以及住宅建设审 批量重新回升。 他表示，2025年下半年，澳大利亚大宗商品价格指数上涨5.4%，主要由黄金和铜价带动。不过，在全 球环境仍不稳定且澳元走强的背景下，这一涨势能否持续仍面临挑战。同时，该国住房建设前景改善所 释放的积极信号在去年年底市场对利率预期出现明显转向后能否继续仍存疑。 哈桑说，澳大利亚央行将于2月2日至3日召开下一次货币政策会议。虽然2025年形成的澳大利亚经济周 期性回升正在延续至新一年，但这一回升在多大程度上推动了去年的通胀上行，以及通胀压力是否会持 续这两个 ...

Core Viewpoint - The geopolitical tensions surrounding Greenland have led to increased demand for safe-haven assets, driving up the prices of gold and silver to new highs [1][2][3][4]. Group 1: Geopolitical Events and Market Reactions - The situation in Greenland has escalated, with U.S. President Trump asserting his intention to control the territory, which has raised concerns among European investors [1]. - European institutions, including Denmark's Akademiker Pension, are beginning to sell off U.S. Treasury bonds, reflecting a reassessment of their safe-haven status [1]. - The Polish central bank's decision to purchase 150 tons of gold is seen as a significant factor supporting gold prices amid rising geopolitical tensions [2]. Group 2: Price Movements and Predictions - Gold prices are expected to surpass $5,000 per ounce due to new geopolitical uncertainties and concerns regarding U.S. monetary policy [4]. - Silver prices are projected to reach $100 per ounce, although a potential correction may occur as physical shortages improve [4]. - The gold-silver ratio has decreased significantly, indicating a strong upward trend in silver prices, which is also contributing to gold's rise [3]. Group 3: Institutional Insights - Analysts from various institutions highlight that the ongoing geopolitical tensions and U.S. trade policies are primary drivers of the current gold price surge [4]. - The influx of central bank purchases and ETF investments has further propelled gold prices to unprecedented levels [4].

Economic Overview - In 2025, Shanghai's GDP reached 56,708.71 billion yuan, reflecting a year-on-year growth of 5.4% at constant prices [1] Industrial Production - Shanghai's industrial added value grew by 5.0% year-on-year, with total industrial output value increasing by 4.6% [2] - Key sectors such as railway, shipbuilding, aerospace, and other transportation equipment manufacturing saw a significant increase of 15.8% in output [2] - The three leading manufacturing industries experienced a 9.6% growth, with integrated circuit manufacturing up by 15.1% and artificial intelligence manufacturing up by 13.6% [2] Service Sector Growth - The tertiary sector's added value increased by 6.0%, with the information transmission, software, and IT services sector leading at a growth rate of 15.3% [3] - The financial sector's added value reached 8,979.66 billion yuan, growing by 9.7% [3] Fixed Asset Investment - Fixed asset investment in Shanghai grew by 4.6%, with industrial investment surging by 20.0%, significantly outpacing the overall investment growth [4] - Urban infrastructure investment rose by 11.2% [4] Consumer Market - The total retail sales of consumer goods reached 16,600.93 billion yuan, marking a 4.6% year-on-year increase [5] - Online retail sales from major enterprises grew by 14.1% [5] Financial Market Activity - Major financial markets in Shanghai recorded a transaction volume of 40.5895 trillion yuan, up by 11.2% [6] - The balance of deposits in financial institutions reached 24.50 trillion yuan, growing by 11.3% [6] Trade Performance - Shanghai's total goods import and export volume reached 4.51 trillion yuan, with exports growing by 10.8% [7] - The export of "new three samples" products increased by 17.4%, including a 13.8% rise in electric vehicle exports [7] Price Trends and Income - The consumer price index (CPI) in Shanghai rose by 0.1%, while the core CPI increased by 0.7% [8] - The average disposable income per capita reached 91,987 yuan, reflecting a growth of 4.1% [9]

作为上海市大城养老命题的"答题人"，上海农商银行服务全市近八成老年人口，为120余万客户提供养 老金代发服务。为满足银龄群体品质、实惠的消费需求，上海农商银行充分发挥网点密集、贴近社区的 独特优势，打造114家养老金融特色网点，推出"六专"服务体系，推出全市首家"适老生活体验馆"，构 建"养老金融网点+民政适老化+辅具租赁体验+促银发消费"服务新模式，围绕"健康养老、日常生活、 便捷出行、文化体验"等核心场景，提供适老辅具、健康监测设备等品牌康养用品满减、老字号生活必 需品折扣、社区食堂及连锁药店立减、家电清洗及上门洗衣等补贴，切实提升养老品质、助力消费扩 容。 此外，上海农商银行还推出了丰富的个人消费贷款优惠，进一步优化汽车消费贷款服务流程、提供更多 汽车消费贴息贷款产品等，更好发挥个人贷款产品的品质消费促进作用。 聚焦多维消费场景，拓展服务边界 近日，《上海市促进服务业提质增效和消费提振扩容联动发展的若干措施》（简称《若干措施》）发 布，上海农商银行积极响应政策要求，从丰富个人金融服务、激活多元消费场景、强化经营主体支持等 维度，进一步优供给、促消费、稳增长、惠民生。 聚焦多元消费人群，丰富金融服务 作为 ...

截至1月20日，全球最大黄金ETF——SPDR Gold Trust持仓较上日减少4.01吨，当前持仓量为1081.66 吨。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

世界黄金协会（WGC)公布的数据显示，截至1月16日当周，全球实物黄金ETF净流入53.409亿美元，需求增加35.8吨或0.9%，持仓量达到4,064.7吨。 | | AUM | Fund Flows | | --- | --- | --- | | Region | (bn) | (US$mn) | | A V | A V | A V | | North America | 314.0 | 3,994.9 | | Europe | 211.6 | 956.1 | | Asia | 67.0 | 354.4 | | Other | 10.9 | 35.5 | | Total | 603.5 | 5,340.9 | | Global inflows / Positive Demand | | 5,938.1 | | Global outflows / Negative Demand | | -597.2 | 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议 ...

截至1月20日，全球最大白银ETF——iShares Silver Trust持仓较上日增加149.42吨，当前持仓量为 16222.48吨。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...