新华财经北京1月20日电财政部等五部门20日发布关于实施中小微企业贷款贴息政策的通知，旨在深入 贯彻落实党中央、国务院关于促进民营经济发展壮大、激发民间投资活力的决策部署，支持中小微企业 增加投资和扩大再生产，充分挖掘经济潜能，增强经济发展韧性。有关事项通知如下： 一、政策内容 （一）适用对象。投向相关重点领域产业链及其上下游产业的全部中小微民营企业（包括但不限于由支 持小微企业融资协调工作机制推荐或由工业和信息化部共享的优质中小微民营企业）固定资产贷款，中 小微民营企业参与项目使用的新型政策性金融工具资金。 （二）投向领域。支持新能源汽车、工业母机、医药工业、医疗装备、基础软件和工业软件、民用大飞 机、服务器、移动通信设备、新型显示、仪器仪表、工业机器人、轨道交通装备、船舶与海洋工程装 备、农机装备等相关重点产业链及上下游产业，科技服务、物流服务、信息和软件服务、节能环保服 务、生产性租赁服务、商务服务等生产性服务业领域，农、林、牧、渔、农副产品加工业领域，以人工 智能等为代表的新兴领域。 （三）贴息标准。对2026年1月1日起经办银行发放的、符合条件的中小微民营企业固定资产贷款和中小 微民营企业参与项目使 ...

Core Viewpoint - The Ministry of Finance and other departments have announced a policy to optimize the implementation of loan interest subsidy for service industry operators, aiming to boost consumption and expand domestic demand by leveraging fiscal funds to guide financial institutions in supporting quality service supply and innovative consumption scenarios [1][2]. Group 1: Policy Implementation - The implementation period for the loan interest subsidy policy has been extended to December 31, 2026, with loans issued between March 16, 2025, and December 31, 2025, following the existing subsidy scheme [1]. - The maximum loan amount eligible for interest subsidy has been increased to 10 million yuan per borrower, with a subsidy period not exceeding one year and an annual interest subsidy rate of 1% [1]. Group 2: Supported Sectors - The policy now includes support for three additional consumption sectors: digital, green, and retail, alongside the existing eight sectors such as catering, health, and tourism [2]. - The digital sector corresponds to "Internet and related services" and "digital content services," while the green sector includes categories like "energy-efficient buildings" and "green transportation" [2]. Group 3: Banking Institutions - A total of 21 national banks and various city commercial banks, rural commercial banks, and foreign banks are included as eligible institutions for processing these loans [3]. Group 4: Operational Mechanisms - The provincial finance departments will optimize existing processes and establish a joint review mechanism with industry management departments and financial institutions to enhance efficiency and reduce redundancy [3]. - The subsidy funds will be allocated using a "pre-allocation + settlement" method, with specific deadlines for applications and settlements outlined for both banks and provincial finance departments [4]. Group 5: Supervision and Management - The Ministry of Finance will conduct joint inspections to ensure compliance, with strict penalties for banks and operators involved in fraudulent activities [6]. - Financial institutions are required to monitor the use of loan funds to prevent misuse for investment or speculative activities [6]. Group 6: Reporting and Flexibility - Banks must report on policy execution, including loan issuance and subsidy usage, within specified timeframes to ensure transparency [11]. - The policy encourages flexible borrowing and repayment models for service operators, while loans that are overdue or classified as non-performing will not receive subsidies [7].

Group 1 - The core viewpoint of the article is that a significant wave of residential time deposit maturities is expected in 2026, with estimates suggesting the amount could exceed 50 trillion yuan, leading to discussions on where this capital will flow [1][2][3] - Various research institutions have projected the scale of maturing deposits in 2026, with estimates ranging from 50 trillion yuan to as high as 75 trillion yuan, indicating a consensus on the impending large-scale maturity of time deposits [2][3] - The continuous decline in deposit interest rates contrasts sharply with the upcoming maturity peak, with some banks offering one-year deposit rates below 1%, leading to a structural shift towards shorter-term deposits [2][3] Group 2 - The decline in deposit attractiveness is prompting discussions on potential outflows from the banking system, with expectations that a significant portion of maturing deposits will be reallocated to wealth management products, insurance, and funds [3][4] - Insurance products, particularly participating insurance, are gaining popularity as they offer a combination of guaranteed and floating returns, with a current guaranteed return rate of approximately 1.75% [4] - There is also a trend of early mortgage repayments as a potential destination for funds, given the current interest rate environment where mortgage rates are higher than deposit rates [5]

新华财经上海1月20日电（李一帆）随着2026年新能源汽车购置税优惠政策的调整正式落地，中国车市 竞争方向发生转变。中国汽车流通协会乘用车市场信息联席分会（简称"乘联分会"）秘书长崔东树20日 表示，国补退坡叠加"以旧换新"等政策的引导，行业竞争将从"价格博弈"转向"价值竞争"。由于政策激 励方向从"普适性补贴"转为"鼓励技术升级与品质消费"，消费者为获取全额补贴将主动选择高端车型， 推动市场进入高端化周期。 编辑：谈瑞 崔东树表示，从价格来看，国内乘用车零售均价已从2019年的15.1万元稳步提升至2024年的18.4万元， 进入2025年，尽管年内均价有所波动，但2025年12月单月均价回升至18.4万元，显示出消费结构的韧 性。同时，2025年全年行业降价车型仅为177款，较2024年减少42款，预计2026年将进一步收缩，表明 单纯依赖降价的市场策略正在失效。超过三成消费者将下一辆车预算设定在30万元以上，印证了市场 对"含金量"而非"低价"的敏感度提升。 政策调整是驱动转型的核心因素。2026年新政对报废更新和置换更新补贴标准进行了重大修改：补贴方 式从固定金额变为按车价百分比计算。例如，新能源车报 ...

Core Viewpoint - The Inner Mongolia Energy Group's Engineering Construction Division has achieved a transformative development from scale expansion to a focus on quality and efficiency, demonstrating high-quality growth through practical actions and innovation [1] Market Development - The Engineering Construction Division adopts a strategy of "consolidating local markets and expanding external markets," aiming for a total contract amount exceeding 17 billion yuan by 2025 and a cumulative total of over 60 billion yuan during the 14th Five-Year Plan period [2] - Projected revenue for 2025 is over 12 billion yuan, with a cumulative total exceeding 50 billion yuan during the 14th Five-Year Plan [2] - The division has secured four large-scale thermal power projects with a total installed capacity of 8 million kilowatts and has a market share exceeding 60% in the regional thermal power engineering market [2] - In the renewable energy sector, the division has undertaken projects with an installed capacity exceeding 23 million kilowatts, achieving over 50% market share in the regional renewable energy engineering market [2] External Market Breakthroughs - The division has established regional market development centers in Xinjiang and Beijing, focusing on energy-rich areas in Northwest and Northeast China, successfully entering high-end markets such as the Southern Power Grid and State Grid [3] - During the 14th Five-Year Plan, the division has completed over 6,300 kilometers of transmission lines and 108 substation projects, demonstrating capabilities in ±800kV ultra-high voltage engineering [3] - The division is actively developing emerging businesses in energy storage, green hydrogen, and coal reserve bases, successfully winning multiple energy storage projects [3] Operational Management - The division has implemented a collaborative management model centered on projects, focusing on cost control and performance, resulting in continuous profit growth from 2022 to 2024, with a projected profit of 420 million yuan in 2025 [4] - Digital management upgrades have been achieved through the deep application of ERP systems, optimizing 75 processes and integrating safety and internal control systems [4] - A comprehensive cost control system has been established, leading to savings exceeding 2.4 billion yuan through transparent procurement practices [4] - The division has implemented an incentive assessment mechanism to promote management improvement and has adopted a rigorous approach to project cost pre-control and benchmarking [5] Future Development - The Engineering Construction Division aims to continue its development philosophy of "precise positioning, quality improvement, risk prevention, collaborative integration, and brand enhancement" to create a new high-quality development landscape for the entire industry chain [5]

Core Viewpoint - The wholesale prices of gasoline and diesel in China have decreased as of January 19, with average prices for 92 gasoline at 7351 yuan per ton and diesel at 6161 yuan per ton, reflecting a decline from January 16 [1] Market Overview - On January 16, international crude oil futures prices increased, leading to a positive change in the average price of a basket of crude oil, indicating a potential for domestic refined oil retail price adjustments [1] - The market sentiment remains cautious, with a subdued atmosphere for purchasing and selling [1] Regional Price Changes - Gasoline wholesale prices increased in regions such as Jilin, Sichuan, Anhui, Jiangsu, and Henan, while prices decreased in Liaoning, Gansu, Qinghai, Inner Mongolia, Chongqing, Shandong, Zhejiang, Jiangxi, Shanxi, Hubei [1] - Diesel wholesale prices saw an increase in Henan, but declines were noted in Qinghai, Hubei, Hebei, Zhejiang, Shanxi, Tianjin, Jiangsu, Jiangxi, Jilin, and Shandong [1] - In Shandong, local refinery prices for gasoline decreased, while diesel prices experienced a significant drop [1] Data Source - The wholesale price data is published by the Energy Big Data Laboratory of the China Economic Information Agency and the China Petroleum Economic and Technical Research Institute, based on data collection from major operating units and social operating units across the country [1]

市场预期与星野朗的判断部分吻合。彭博社调查显示，多数经济学家预计日本央行下一次加息将在7 月，采取每六个月一次的节奏。而根据掉期市场定价，交易员普遍押注7月前将有一次加息，且到12月 前再次加息的概率高达90%。 新华财经北京1月20日电花旗集团日本市场主管星野朗（Akira Hoshino）表示，若日元持续疲软，日本 央行可能在2026年实施三次加息，使政策利率从当前的0.5%升至1%，达到现有水平的两倍。 星野朗在接受采访时表示，一旦美元兑日元汇率升破160关口，日本央行极有可能于4月加息25个基点至 1%。他进一步预测，若汇率维持在低位，央行或于7月再度加息，并不排除在年底前进行第三次同等幅 度的调整。 "简而言之，日元的疲软是由实际利率为负所驱动的，"星野朗指出，当前日本国债收益率持续低于通胀 水平，形成负实际利率环境。他认为，若央行希望扭转日元贬值趋势，"除了应对这一问题，别无选 择"。 亚洲交易时段早盘，美元兑日元交投于158关口上方。上周，盘中曾一度逼近160关口，创出18个月以来 的新高。星野朗预计，今年该汇率将在略低于150至165区间内波动。 星野朗的观点凸显了汇率因素正日益成为判断日本货 ...

根据《石油价格管理办法》规定，国内汽、柴油价格根据国际市场原油价格变化每10个工作日调整一 次，调价生效时间为调价发布日24时。当调价幅度低于每吨50元时，不作调整，纳入下次调价时累加或 冲抵。出现办法规定的特殊情形时，可以暂停、延迟调价，或缩小调价幅度。 新华财经北京1月20日电新华社石油价格系统1月20日发布的数据显示，1月19日一揽子原油平均价格变 化率为1.92%。 （文章来源：新华财经） 1月20日是本计价周期的第十个工作日，调价窗口将在今日24时开启。本轮国内汽、柴油价格将迎来上 调，预计上调幅度约85元／吨。 ...

新华财经北京1月20日电在国内外经济环境深刻复杂变化的背景下，2025年我国经济交出了一份沉甸甸 的"成绩单"：国内生产总值首次突破140万亿元大关，同比增长5%，实现了预期增长目标。这一成绩的 取得，不仅标志着中国经济总量再上新台阶，更在顶压前行的过程中，展现出强大的内生韧性与结构调 整的深层活力。 政策的另一着力点在于持续深化市场改革、激发微观主体活力。陈文玲特别提到，民营经济促进法的出 台、市场准入负面清单的完善等制度性建设，为统一大市场注入了持久的活力与动能。与此同时，我 国"开放的大门越开越大"，进出口贸易在逆境中迈出较大步伐，连续第九年保持增长，为全球贸易稳定 发挥了"压舱石"作用。 商务部研究院研究员周密分析认为，我国外贸的长期优势，不仅体现在规模韧性上，更在于通过自身供 应链的稳定性，帮助全球伙伴对冲外部不确定性。未来，伴随中国-东盟自贸区升级等一系列贸易环境 建设举措落地，以及服务贸易、数字贸易等新动能崛起，我国外贸的供给效率与竞争力有望进一步提 升。 结构优化与动力转换：挖掘内需潜力与培育新质生产力 在总量平稳增长的背后，我国经济结构正在发生深刻而积极的变化，内需特别是消费的基础性作用进一 ...

（文章来源：新华财经） 新华财经北京1月20日电浦东新区人民政府办公室印发《浦东新区推进张江人工智能创新小镇建设工作 方案》。其中提出，聚焦人工智能产业发展的前沿领域，突破一批关键核心技术，推出一批高端产品和 爆款应用，打造世界级人工智能产业集群，建设具有全球影响力的垂类应用创新集聚高地。到2027年， 集聚人工智能垂类大模型应用企业超800家，培育行业标杆企业3至5家，完成超100个大模型备案，打造 超30个人工智能示范应用场景，人工智能产业规模达650亿元。到2030年，实现集聚人工智能垂类大模 型应用企业超1000家、产业规模超1000亿元的"双千"目标，形成一批具有复制推广意义的标杆应用场 景。建成充满活力的创新小镇、产城融合的品质小镇、智慧生态的未来小镇，成为全球人工智能创新创 业人才的首选地。 ...