23日亚洲交易时段和北美交易时段，日元汇率分别出现短时间内大涨的局面。市场猜测日美或联手进行 了汇率询价（rate check）操作。汇率询价是指有关金融货币当局通过央行向银行方面询问当前汇率和 市场状况， 被视为外汇干预的准备阶段，是比口头干预更强烈的市场干预信号。 虽然日美当局拒绝置评，但伦敦金融中介公司人士在接受《日本经济新闻》采访时证实，美联储在美国 财政部的指示下进行了汇率询价。路透社等海外媒体也援引相关人士的话报道了汇率询价消息。 瑞穗证券亚洲除日本外宏观研究主管维什努·瓦拉坦表示，日本最新的汇率干预措施可能具有更高效 力，因为实时干预威胁正在遏制不受约束的日元单向看跌押注。他表示，日本财务省已升级其日元警告 并采取更具攻击性的立场，尤其保持了干预意图的"实时性"。瓦拉坦表示，美国财长贝森特的言论也增 强了联合干预的威胁。此外，日本首相高市早苗明确警告"（当局）将采取一切必要措施应对投机性和 高度异常的波动"，这正在向日元和日本国债市场发出警示。 新华财经东京1月26日电（记者刘春燕李诗萌）由于市场警惕日美当局联手进行汇率干预，抛售日元的 交易受到抑制，26日亚洲交易时段早盘，日元兑美元汇率大幅跳 ...

不过在华西证券宏观联席首席分析师肖金川看来，季初月跨月压力通常不大，参考2025年季初月（剔除 1月）R007变动，资金最大升幅基本在20BP以内。同时，在央行净买债规模尚未披露的背景下，1月央 行已通过MLF（净投放7000亿元）、买断式逆回购（净投放3000亿元）合计释放1万亿元中长期资金， 体量相当于降准0.5pct。在此背景下，本周资金大概率借助逆回购续滚，便可实现平稳跨月。 新华财经北京1月26日电人民银行26日开展1505亿元7天期逆回购操作，操作利率为1.40%，与此前持 平；鉴于当日有2000亿元1年期中期借贷便利（MLF）和1583亿元7天期逆回购到期，公开市场实现净 回笼2078亿元。 上周（1月19日-23日）央行逆回购合计净投放2295亿元，23日有1500亿元国库现金定存到期，同日央行 开展9000亿元1年期MLF操作，超额续作7000亿元。央行逆回购整体净投放规模不大，周中税期对资金 面的影响低于预期，尽管下半周资金一度边际收紧，但随着周五9000亿元MLF落地，DR001再度回到 1.4%下方。 全周来看，面对1月大税期的扰动，资金面再起波澜。19日资金面已初现上行态势，R001 ...

Core Viewpoint - The People's Bank of China (PBOC) has increased the volume of Medium-term Lending Facility (MLF) operations, leading to a more relaxed liquidity environment in the latter half of the week, which has positively impacted the bond market and caused a downward shift in the yield curve [1][9]. Market Overview - The yield on the 10-year government bond decreased by 1.3 basis points to 1.83%, reversing the gains made at the beginning of the year [1]. - The net financing of local bonds is expected to exceed 300 billion yuan this week, highlighting the need to focus on institutional absorption capacity and the impact of the end-of-month liquidity and equity market on the bond market [1]. Bond Market Performance - The yield curve for government bonds showed varied changes from January 16 to January 23, with the 1-year yield increasing by 3.95 basis points and the 30-year yield decreasing by 5.75 basis points [2][3]. - The bond futures market saw a general increase, with the 30-year main contract rising by 1.02% and the 10-year contract increasing by 0.12% [4]. Upcoming Issuance - For the week of January 26 to January 30, a total of 73 bonds are planned to be issued, amounting to 474.28 billion yuan, with no government bonds scheduled for issuance [5]. International Market Insights - The U.S. bond market experienced volatility, with the 10-year Treasury yield reaching a five-month high of 4.31% before stabilizing at 4.23% by the end of the week [6][7]. - Japanese government bonds saw significant fluctuations, with the 10-year yield rising to 3.38% before retreating, driven by concerns over fiscal deterioration and expectations of interest rate hikes [8]. Institutional Perspectives - West Securities noted that the pressure from local bond supply is increasing, with a total issuance of 4.393 billion yuan expected next week, which may elevate the pressure on banks to absorb these bonds [15]. - Huatai Securities indicated that the current yield on the 10-year government bond is approaching a lower boundary of the expected range, suggesting that without significant catalysts, yields may face resistance around the 1.8% level [16].

Core Insights - StepFun, a Shanghai-based AI startup, has completed a B+ round financing exceeding 5 billion RMB, with participation from various investment institutions and existing shareholders [1] - The funding will be used for foundational model development and to accelerate the implementation of the AI+ terminal strategy [1] - StepFun has announced the appointment of Yin Qi as the new chairman of the company [2] Company Strategy - StepFun's long-term strategic focus is on "foundational large models" and "AI+ terminal" [1] - The company has developed a core matrix of 1+2 in model research, focusing on language foundational models and multimodal models, achieving leading levels in these areas [1] - The company has released three generations of foundational models, with Step 3 achieving a new industry high in inference efficiency [1] Application and Market Penetration - StepFun is concentrating on the "AI+ terminal" strategy, successfully establishing commercial closed loops in key consumer scenarios such as automotive and mobile [2] - As of the end of 2025, the API call volume for its terminal intelligent applications has grown nearly 170% over three consecutive quarters [2] - The company has deep partnerships with 60% of leading domestic smartphone brands, with over 42 million units installed and daily services reaching nearly 20 million users [2] Automotive Sector - In the automotive sector, StepFun has collaborated with Qianli Technology and Geely to launch the first end-to-end voice model in the AgentOS smart cockpit [2] - The Geely Silver River M9, equipped with this technology, has sold nearly 40,000 units within three months of its launch and is expanding into overseas markets [2] - The company anticipates that over one million vehicles will be equipped with its large models this year [2]

新华财经罗马1月26日电（记者高婧妍）2025年，意大利旅游业延续疫情后复苏态势，国际客流创新 高，行业对经济的支撑作用进一步显现。 佛罗伦萨研究中心为意大利商旅联合会所作的统计预测，2025年，意大利接待的国际游客过夜人数预计 将达到2.71亿人次，创历史最高水平，同比增长6.7%。与此同时，伴随国际游客人数增长，住宿需求、 相关服务消费及细分体验经济等正推动产业链各环节扩张。 不过，在客流与收入双升的背景下，旅游业承载能力与城市治理等问题也逐步显现。如何在高位增长下 实现结构优化与可持续发展，成为意大利旅游行业的关键议题。 国际客流创新高旅游业成经济增长重要支撑 意大利Confesercenti旅游协会主席维托里奥·墨西拿表示，凭借深厚的文化底蕴、独特的自然景观和卓越 的美食文化，意大利吸引着越来越多的国际游客，创造了显著的经济价值。 据佛罗伦萨研究中心统计，2025年外国游客在意大利的旅游支出预计为571亿欧元，再次凸显该行业已 成为国家经济增长的重要引擎。 世界旅游业理事会2025年发布的一份研究报告显示，该年意大利旅游业预计将贡献约2374亿欧元，占国 内生产总值近11%，并支撑约320万个工作岗位 ...

Group 1 - The Beijing Stock Exchange (BSE) has seen its new share subscription funds exceed 1 trillion yuan for the first time, with the latest IPO from Meidele attracting an effective subscription amount of 10,588.6 billion yuan, raising the minimum capital requirement for new share allotments to 5 million yuan [2] - The Beijing Municipal Bureau of Economy and Information Technology has released measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, encouraging internet and geographic information companies to develop value-added services based on satellite data [2] - The latest guidelines for the clean and efficient utilization of coal in key areas have been issued, aiming to elevate the coal industry from low-end to high-end and transition coal products from primary fuels to high-value products [2] Group 2 - The national railway system will implement a new train operation schedule starting January 26, increasing the number of scheduled passenger trains to 12,130, an increase of 243 trains, and freight trains to 23,748, an increase of 177 trains, enhancing transportation capacity and efficiency [2] - The establishment of the Liangjiang New Area in Chongqing marks the first administrative national-level new area in central and western China, covering 1,360 square kilometers with a population of approximately 3.52 million [2] - The Beijing Municipal Bureau of Economy and Information Technology has prepared the first batch of funding guidelines for high-tech industries in 2026, planning to invest over 1.5 billion yuan to support key industries such as integrated circuits, biomedicine, and digital economy [2] Group 3 - Anhui Province has achieved a total import and export value of 10,135.6 billion yuan in 2025, becoming the ninth province in the country and the first in central China to reach a foreign trade value of over 1 trillion yuan [2] - The "Shopping in China, Happiness in Zhejiang" 2026 Spring Consumption Season has been launched in Hangzhou, focusing on six major areas and introducing 23 measures to promote consumption, with over 1,700 events planned [2] - The global first automated production line for robot joints by Yiyou Technology has been launched in Pudong, marking a significant breakthrough in the mass production of core components for humanoid robots [2]

【资讯导读】 ·IMF 警告AI将冲击青年就业 ·欧元区1月制造业PMI回升至49.4但仍处收缩区间，服务业PMI意外下滑至51.9。德国双项指标超预期改 善，法国制造业创近四年新高，但服务业骤降至47.9，陷入收缩。 ·美国政府停摆风险加剧 ·日本央行维持利率不变 ·美国1月PMI数据略逊预期 ·欧元区制造业持续萎缩 【市场资讯】 ·国际货币基金组织总裁格奥尔基耶娃在达沃斯世界经济论坛上警示，人工智能将如"劳动力市场海 啸"，对年轻人就业构成最严峻挑战，呼吁各国提前布局应对。 ·多名民主党籍联邦参议员明确表示将反对包含国土安全部拨款的政府支出法案，令联邦政府在1月底资 金耗尽后再度部分"停摆"的风险显著上升。 ·日本央行决定维持基准利率在0.75%不变，并上调2026财年经济增长和通胀预测。行长植田和男强调将 警惕日元疲软影响，必要时将通过购债稳定长期利率。 ·欧盟委员会计划提议将原定2月7日生效的930亿欧元对美报复性贸易措施再暂停六个月，以争取更多谈 判时间缓解跨大西洋贸易紧张。 ·美国1月标普全球制造业PMI初值微升至51.9，服务业PMI持平于52.5，综合PMI小幅上扬至52.8，但三 项指标均略 ...

Group 1 - The Beijing Stock Exchange has welcomed three new listings, bringing the total number of listed companies to 290 and the total market capitalization to 967.05 billion yuan, approaching the 1 trillion yuan mark [1] - The IPO review process on the Beijing Stock Exchange is maintaining a high frequency, with expectations for continued rapid issuance of IPOs due to deepening market reforms [1] Group 2 - The semiconductor industry is experiencing strong performance driven by demand from artificial intelligence, with many companies reporting increased operating rates in chip manufacturing [2] - A total of 506 A-share companies have forecasted net profit growth for 2025, with 16 companies expecting growth exceeding 500%, driven by factors such as market expansion and cost reduction [12] Group 3 - The mandatory disclosure of ESG reports is transforming the quality and comparability of data, moving from qualitative case studies to quantitative data points, enhancing transparency in environmental information [3] - The shift towards a more systematic approach in regulatory oversight of listed companies is evident, with over 90 companies facing administrative penalties in 2025, indicating a stricter enforcement environment [6][7] Group 4 - The short-term funding environment is expected to remain reasonably ample, with the People's Bank of China focusing on guiding overnight rates to operate near policy rate levels [4] - The A-share market is witnessing a structural opportunity, with a focus on technology growth and resource sectors as brokers conduct extensive research on companies [8] Group 5 - The new fund establishment has reached 76 this year, raising a total of 71.939 billion yuan, with a significant number of funds achieving over 20% returns, indicating strong investor interest [10] - The proactive equity funds are heavily invested in the electronics, pharmaceuticals, and power equipment sectors, reflecting a strategic focus on high-growth industries [14]

（文章来源：新华财经） 新华财经北京1月26日电钢银电商公布的最新数据显示，截至1月26日的一周，全国38个城市，共计135 个仓库的城市钢材总库存量为710.72万吨，较上周环比增加11.59万吨，增幅1.66%。 其中，建筑钢材库存总量为316.08万吨，较上周环比增加15.63万吨（+5.20%)，包含30个城市，共计79 个仓库。热卷库存总量为205.20万吨，较上周环比减少1.81万吨（-0.87%)，包含15个城市，共计47个仓 库。中厚板库存总量70.68万吨，较上周环比减少0.07万吨（-0.10%)，包含9个城市，共计14个仓库。冷 轧涂镀库存总量为118.76万吨，较上周环比减少2.16万吨（-1.79%)，包含5个城市，共计14个仓库。 ...

美国航班跟踪网站数据显示，截至25日16时，全美当天已有10981架次航班取消，3295架次航班延误。 华盛顿里根国家机场取消率接近100%，纽约拉瓜迪亚机场、费城国际机场取消率超过90%。 据美国全国广播公司报道，从美国南部到东北部，23个州已宣布进入紧急状态。多家媒体援引美国国家 气象局一名气象学家的话报道，截至25日上午，全美各地各类冬季气象预警合计覆盖约2.13亿人口。 纽约市长马姆达尼当天表示，在这个降雪的周末，纽约市至少有5人死于室外。当地警方说，这些人看 起来都是无家可归者，警方正在调查他们是否死于严寒。美国全国广播公司援引路易斯安那州卫生部门 消息报道，当地两名男子死于冬季风暴引发的失温。美国有线电视新闻网说，严寒将持续一周，无家可 归者或家中连续数天停电的人们将面临更大风险。 新华社华盛顿1月25日电 最新数据显示，截至25日下午，23日起席卷美国多地的大规模冬季风暴一度导 致超过100万用户断电。据美国媒体报道，严寒天气已导致多人死亡。 这场大规模冬季风暴带来大范围强降雪、雨夹雪和冻雨以及极寒天气。美国国家气象局预计，风暴26日 将离开东海岸进入大西洋，但26日美国多地仍会出现降雪和冰冻， ...