国铁集团建设部负责人表示，下一步，国铁集团将继续加快建设世界一流的现代化铁路网，聚焦联网、 补网、强链，加强施工组织，广泛应用工程新技术新工艺，强化安全、质量、投资和环保控制，优质高 效推进重点铁路工程建设，有效发挥铁路建设投资带动作用，为全方位扩大内需、促进区域经济社会发 展提供有力支撑。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 从中国国家铁路集团有限公司获悉，2026年1月，铁路建设优质高效推进，全国铁路完成固定资产投资 463亿元，同比增长5.5%，有效发挥对全社会投资的拉动作用，实现全年良好开局。 国铁集团建设部负责人介绍，今年以来，国铁集团聚焦服务国家重大战略和区域经济发展，发挥铁路建 设产业链长、辐射面广的优势，用好国家"两重"支持政策，加快推进铁路建设，一批重点工程项目取得 积极进展。金建高铁兰溪至建德段进入试运行阶段，雄安新区至商丘高速铁路山东段、西安至十堰高速 铁路启动静态验收工作，开通运营进入倒计时。 与此同时，各参建单位优化施工组织，抓好冬季施工安全和质量管理，积极推进在建工程项目建设。在 陕西， ...

·Fundstrat Global Advisors研究主管Tom Lee指出，若通胀回落至2.5%左右，即便仍受关税影响，也已处 于合理区间，足以支持美联储开启降息。当前联邦基金利率目标区间为3.5%-3.75%，政策空间充足。 ·摩根士丹利：韩国增长预期上调利率或按兵不动 ·泰铢承压 BMI预测2026年再降息50基点 ·马来西亚Q4 GDP或上修至5.9% 全年增速达5% ·俄罗斯央行或暂停降息评估增税对通胀影响 【机构分析】 ·摩根大通策略师建议投资者卖出两年期美国国债，理由是美联储短期内难以大幅降息。本周五即将公 布的美国关键通胀报告将成为政策走向的重要风向标：若数据显示通胀压力明显缓解，短期美债需求或 迅速回升。 （文章来源：新华财经） ·摩根士丹利经济学家Kathleen Oh预计，韩国央行将在2月26日会议上将2026年经济增长预期从1.8%上调 至2.0%，主要受益于半导体行业超预期复苏。尽管经济回暖，但因通胀压力有限（预计维持在 2.1%），韩国央行今年料维持基准利率不变。 ·惠誉旗下BMI预测，泰铢兑美元到2026年底将走弱至约32.00。随着泰国加强黄金交易监管，金价与泰 铢的正相关性 ...

综合来看，本次通胀数据为美联储政策提供了更多腾挪空间——只要后续通胀和就业数据持稳，美联储 在政策调整节奏上将拥有更大灵活性，甚至有条件采取更积极的降息行动。 （文章来源：新华财经） CPI数据公布后，美元指数短线下挫近20点，现交投于96.87附近，非美货币普涨。美国国债收益率延续 跌势，两年期美债收益率跌破3.40%，创去年10月以来新低。 尽管通胀放缓，但仍高于美联储2%的目标水平，叠加劳动力市场趋稳，可能使美联储在上半年继续保 持观望。达拉斯联储总裁洛根对今年通胀将进一步向2%的目标回落持乐观态度，但她也表示仍有抗通 胀进展停滞的风险。洛根警告称，税收政策、金融市场的活跃状况以及政府关税带来的持续价格上涨， 都可能推动物价上升。克利夫兰联储总裁哈马克则认为，当前通胀水平依然偏高。尽管关税仍是不少企 业重点关注的问题，但并非通胀压力的唯一推手，医保、电力等其他领域的成本上涨也在推高整体物 价，目前尚无法判断这类广泛存在的成本压力是否已见顶。摩根大通经济学家认为，考虑到有迹象表 明，今年与关税相关的额外成本将转嫁给消费者，以及过去一年美元持续走弱的潜在影响发酵，仍预计 今年通胀压力持续存在。 新华财经北京 ...

新华财经长春2月13日电（记者王晓林）2025年，吉林省工业发展亮点频现，在第一支柱产业汽车制造 业发展持续承压的背景下，石化、农产品加工、装备制造、医药、新能源等产业实现较快增长，带动全 省规模以上工业增加值同比增长7.8％。 专家表示，依托老工业基地的基础条件和科技创新优势，吉林"多业并举"的工业发展新格局正在逐步形 成，随着一批支撑新质生产力发展的重点项目规划建设和投产达效，全省工业结构将持续优化，呈现出 新旧动能接续转换的良好态势。 新兴产业领域，国电投大安、上海电气洮南、中能建松原等一批"绿电氢氨醇"标志性项目在2025年建成 投产，绿色氢氨醇产能在全国处于领先地位。2026年吉林省将推进中核汇能通榆、华电榆树、天楹辽源 等5个百亿级绿色氢基能源一体化项目建设。 工业结构正发生系统性转变 根据吉林省统计局和吉林省政府工作报告发布的数据，2025年，吉林省规模以上工业增加值同比增长 7.8％，高于全国1.9个百分点。从重点产业看，医药产业和石油化工产业增加值分别同比增长17.4％和 11.5％；食品产业、信息产业分别增长7.5％和7.3％；汽车制造业增长3.2％。农产品加工业产值增长 46.1%，装备 ...

Core Viewpoint - The financial sector is crucial for the transformation and upgrading of Northeast China's old industrial base, with significant growth in various financing metrics projected for 2025, indicating a robust financial ecosystem supporting economic revitalization [1][2]. Financing Channels - In 2025, Liaoning Province's social financing scale is expected to increase by 348.2 billion yuan, the highest in seven years, with new corporate bond financing reaching 37.3 billion yuan, the highest in nine years [2]. - The balance of RMB loans is projected to reach 5.32 trillion yuan, with an increase of 121.9 billion yuan, marking the highest growth in three years [2]. - The demand for financing in the real economy is being increasingly met, particularly through corporate bond financing, which reflects a richer financing channel for the real economy [2][3]. Financing Services Optimization - China Construction Bank's Liaoning branch has provided comprehensive financial support to a technology enterprise, including 100 million yuan in fixed asset loans and 30 million yuan in working capital loans [4]. - The bank's technology loan balance is expected to reach 104.47 billion yuan by the end of 2025, with a year-to-date increase of 17.45 billion yuan, reflecting a growth rate of 20.05% [4]. - The financial services are evolving from a broad approach to a more targeted one, addressing the specific needs of enterprises at different growth stages [4][5]. Financing Ecosystem Development - The "2026 Capital Market Liaoning Action" event attracted over 80 listed companies and more than 100 potential listing companies, providing comprehensive services for enterprises seeking to go public [7]. - In 2025, direct financing in Liaoning is projected to exceed 90 billion yuan, reaching 92.78 billion yuan, a year-on-year increase of 41.3%, marking a ten-year high [7]. - Various innovative financial products, including public REITs and intellectual property securitization, are being introduced to support enterprise development [7][8]. Financial Environment Optimization - Liaoning is implementing measures to enhance the financial ecosystem, focusing on issues like financial fraud and debt evasion, to restore market confidence [8]. - The province aims to address shortcomings such as low capitalization levels and insufficient roles of leading companies in the economy, with targeted initiatives to improve the effectiveness of capital market services [8].

Core Insights - The State Administration of Foreign Exchange of China released preliminary data on the international balance of payments for the fourth quarter and the entire year of 2025, indicating a current account surplus of 17137 billion yuan in Q4 2025 [1] - The capital and financial account showed a deficit of 17137 billion yuan in Q4 2025, despite a net inflow of foreign direct investment into China [1] - For the entire year of 2025, the current account surplus reached 52427 billion yuan, while the capital and financial account recorded a deficit of 54217 billion yuan [1] Summary by Categories Current Account - In Q4 2025, the current account surplus was 17137 billion yuan, comprising a goods trade surplus of 21043 billion yuan, a services trade deficit of 2845 billion yuan, a primary income deficit of 1552 billion yuan, and a secondary income surplus of 491 billion yuan [1] - The annual current account surplus for 2025 was 52427 billion yuan [1] Capital and Financial Account - The capital and financial account, including net errors and omissions for Q4 2025, showed a deficit of 17137 billion yuan [1] - For the entire year of 2025, the capital and financial account recorded a deficit of 54217 billion yuan [1] USD Valuation - In USD terms, the current account surplus for Q4 2025 was 2421 billion USD, with a goods trade surplus of 2973 billion USD and a services trade deficit of 402 billion USD [1] - The annual current account surplus in USD for 2025 was 7349 billion USD, while the capital and financial account deficit was 7602 billion USD [1] SDR Valuation - In terms of Special Drawing Rights (SDR), the current account surplus for Q4 2025 was 1776 billion SDR, with a goods trade surplus of 2181 billion SDR and a services trade deficit of 295 billion SDR [2] - The annual current account surplus in SDR for 2025 was 5437 billion SDR, with a capital and financial account deficit of 5609 billion SDR [2]

Group 1: Monetary Statistics - As of the end of January, the broad money supply (M2) reached 347.19 trillion yuan, reflecting a year-on-year growth of 9% [5] - The narrow money supply (M1) stood at 117.97 trillion yuan, with a year-on-year increase of 4.9% [5] - The currency in circulation (M0) amounted to 14.61 trillion yuan, showing a year-on-year growth of 2.7% [5] - In January, a net cash injection of 519.1 billion yuan was recorded [5] Group 2: Social Financing Scale - By the end of January, the total social financing scale was 449.11 trillion yuan, marking a year-on-year growth of 8.2% [2] - The balance of RMB loans to the real economy was 273.3 trillion yuan, with a year-on-year increase of 6.1% [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.09 trillion yuan, showing a year-on-year decline of 12.1% [2] - The balance of corporate bonds reached 34.69 trillion yuan, reflecting a year-on-year growth of 6.1% [2] Group 3: Loan and Deposit Statistics - In January, RMB deposits increased by 809 billion yuan, with household deposits rising by 213 billion yuan and non-financial enterprise deposits increasing by 261 billion yuan [6] - The total balance of RMB loans was 276.62 trillion yuan, with an increase of 4.71 trillion yuan in January [7] - The balance of foreign currency loans was 570.1 billion USD, showing a year-on-year growth of 6.6% [7] Group 4: Market Activity - The average weighted interest rate for interbank RMB market lending was 1.4% in January, which is 0.04 percentage points higher than the previous month [8] - The total transaction volume in the interbank RMB market reached 211.96 trillion yuan, with a daily average transaction of 10.09 trillion yuan, reflecting a year-on-year growth of 36.1% [8] Group 5: Cross-Border RMB Settlement - In January, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with goods trade accounting for 1.19 trillion yuan [9] - The direct investment cross-border RMB settlement amount was 0.78 trillion yuan, with foreign direct investment contributing 0.51 trillion yuan [9]

新华财经上海2月13日电（记者杨溢仁）近日，首批商业不动产投资信托基金（REITs）已申报至交易 所并获受理，这是我国公募REITs市场发展的又一里程碑事件。 公开数据显示，截至2025年末，美国市场中的158支REITs产品的平均规模已超78亿美元，前十大REITs 市值占比近50%，排名前五的Welltower（医疗养老）、安博PLD（工业物流）、美国铁塔AMT（通讯 塔）、Equinix（IDC）、西蒙地产SPG（零售商业）均能代表细分行业的龙头，上述企业持续做大做 强，市值介于604亿美元至1274亿美元之间。 无疑，国内商业不动产REITs启航，意义重大，对行业影响深远。记者注意到，目前锦江、砂之船等行 业龙头均已积极申报首批商业不动产REITs，以期运用其"资产、资管、资本"优势，借助REITs资本运作 工具实现"内生、外延"两面发展。 锦江项目的相关负责人向记者表示，锦江商业不动产REIT作为酒店行业首批申报项目，标志着锦江集 团"双轮驱动"与轻重资产分离战略取得关键突破，有力打通"投融管退"闭环，为企业高质量发展注入新 动能。据悉，该企业本次发行的资产是位于18个城市中的21个锦江都城酒店，多 ...

这份研究援引了哈佛大学教授、IMF前第一副总裁戈皮纳特日前发表在美国全国经济研究所网站上的论 文佐证观点。戈皮纳特在论文中表示，2018年至2019年及2025年的相关数据显示，美国政府对贸易伙伴 加征关税几乎100%转嫁到美国进口商品价格上，由美国企业和消费者承担大部分成本。 美国曼斯菲尔德基金会高级研究员布鲁斯·克林纳表示，其实人们对这样的研究结果"一直心知肚明"。 美国税收基金会数据显示，美国政府2025年加征关税相当于向每个美国家庭征税1000美元。 越来越多研究结果显示，高关税给美国经济带来的伤害远超收益。德国基尔世界经济研究所此前发布报 告称，美国政府加征关税实际上是对进口商品征收的消费税，加征关税中96%由美国进口商和消费者承 担，导致消费者可选择的商品种类和数量大为减少。 新华财经纽约2月13日电（记者刘亚南）美国纽约联邦储备银行12日公布的一份研究结果显示，美国政 府2025年加征关税所产生的额外成本中约有90%由美国消费者和企业承担。美国政府此前多次宣 称，"关税由外国出口商承担"，给美国带来巨额收入。 这份研究由纽约联储银行和美国哥伦比亚大学联合进行。研究测算，美国平均法定关税税率从20 ...

Core Viewpoint - The real estate market in January showed resilience despite being traditionally a low season, driven by effective policies to lower home purchase thresholds and facilitate the "sell old to buy new" chain, thereby boosting demand for new homes [1] New Home Market - In January, new home prices in first-tier cities remained stable month-on-month, with a narrowing year-on-year decline, establishing them as the core anchor for price stability in the national market [2] - Second-tier cities like Hefei showed significant performance, with a month-on-month increase of 0.1% and a year-on-year increase of 1.6% in new home prices, attributed to targeted policies and local economic development [3] Second-Hand Home Market - The second-hand home market displayed positive signals, with the first month of January seeing cities like Yangzhou and Zhanjiang report price increases, indicating a narrowing decline in the price index across 70 cities [4] - In Shanghai, second-hand home transactions reached 22,800 units in January, marking a month-on-month increase of 1.1% and a year-on-year increase of 26.1%, reflecting a high level of market activity [4][5] Policy Impact - The government’s initiative to purchase second-hand homes for affordable rental housing in Shanghai is seen as a significant move to provide liquidity support and stabilize price expectations [5] - The central government and over 40 local governments are collaborating on policies focusing on urban renewal, housing security, and financing optimization, aiming to stabilize the real estate market [6] Market Outlook - The first quarter of 2026 is expected to see continued policy efforts tailored to local conditions, with a focus on demand stimulation and supply management [6] - The active demand in the entry-level housing market in major cities is anticipated to boost the overall market stability and recovery [7]