Group 1 - The Bank of Japan decided to maintain its policy interest rate unchanged, with Governor Kazuo Ueda emphasizing that the current core Consumer Price Index (CPI) remains below the 2% inflation target, indicating high uncertainty about future trends [1][2] - Ueda stated that the overall inflation rate is likely to fall below the 2% target, and the duration of the core CPI being below this target remains highly uncertain [1] - The central bank will focus on core inflation indicators and will evaluate various data, including the impact of last December's interest rate hike, when making decisions [1] Group 2 - Ueda highlighted the potential impact of a weak yen on import costs and domestic prices, noting that the central bank is closely monitoring how the depreciation of the yen and rising import prices will affect core inflation [2] - The dollar-yen exchange rate saw significant increases, approaching the psychological level of 160, raising concerns about potential intervention by Japanese authorities [2] - Ueda emphasized the importance of maintaining the independence of the central bank while calling for the government to commit to fiscal health to gain market confidence [2]

【重点关注】 ·我国银行理财市场规模突破33万亿元 ·"北京火箭大街"六大平台启动加速形成全链条"千星产发"能力 ·中国证监会发布行政处罚决定书，认定余韩操纵证券市场行为成立。2019年6月3日至2024年8月15日期 间，余韩控制使用67个证券账户，利用资金优势、持股优势，通过连续买卖、对倒交易等方式，操 纵"博士眼镜"股票价格和交易量，扰乱证券市场秩序。经查，余韩违法所得为5.11亿元。依据《中华人 民共和国证券法》相关规定，证监会决定：没收余韩违法所得5.11亿元，并处以5.11亿元罚款，合计罚 没金额10.23亿元。同时，对余韩采取3年证券市场禁入措施。 【国际要闻】 ·余韩操纵证券市场证监会对其合计罚没10.23亿元 ·TikTok官宣美国方案：双方共同运营，字节保留算法知识产权 【国内要闻】 ·1月22日，商务部副部长兼国际贸易谈判副代表凌激主持召开英资企业圆桌会。英国驻华贸易使节倪乐 思以及英中贸协、太古集团、汇丰银行、洲际酒店等30家英资企业和协会代表参会。商务部、海关总 署、金融监管总局有关司局参会并现场回应企业提出的问题诉求。凌激表示，近年来中英经贸合作稳步 增长，兼具韧性与活力。双方产业 ...

Core Insights - The autonomous driving technology company, Qingtian Zhihang, announced that its assisted driving systems have surpassed 1 million units in deployment, marking a significant milestone for the company and the industry [1][2] - The CEO, Yu Qian, stated that 2026 will be a pivotal year, marking the beginning of a decade of advancements in autonomous driving, transitioning from "human-like intelligence" to "superhuman intelligence" [1] Industry Developments - The development of autonomous driving technology is categorized into three phases: 1. "Machine Intelligence" from 2004 to 2020, characterized by weak generalization capabilities 2. "Human-like Intelligence" from 2021 to 2025, where systems approach human driving levels 3. The onset of "Superhuman Intelligence" in 2026, where systems are expected to exceed human driving capabilities [1] - The introduction of end-to-end architectures and models like VLA and world models will enhance the understanding of physical laws, human intentions, and experiential knowledge, leading to a safety level ten times that of human drivers [1] Future Projections - Qingtian Zhihang outlined eight industry predictions for the next five years: 1. Equal access to intelligent driving with urban navigation assistance becoming standard in domestic vehicles 2. Significant improvements in technology reliability, with urban NOA takeover frequency dropping to a monthly basis 3. A restructured insurance system with autonomous driving premiums being over 50% lower than human driving premiums 4. Robotaxi services operating 24/7 in 50 global cities, with daily orders surpassing human ride-hailing services 5. The emergence of true L4 level vehicles without a driver's cabin entering the personal consumer market 6. Global autonomous logistics vehicles (Robovans) exceeding 2 million units 7. Enhanced travel safety experiences for children, the elderly, and disabled individuals 8. The arrival of a general physical AI era, with intelligent robots becoming part of daily life and work [1] Company Strategy - Qingtian Zhihang has adopted a dual strategy of mass-producing L2++ systems while concurrently developing L4 technologies, supported by a data closed-loop from an "autonomous driving super factory" [2] - The company has established deep collaborations with nearly 10 major domestic automakers, aiding in the mass production of 23 vehicle models, with over 50 new models expected to launch in 2026, all equipped with urban NOA [2] - The recent launch of the first urban NOA solution based on Horizon Journey 6M has been integrated into the Ideal L series smart vehicle [2]

新华财经上海1月23日电（记者陈云富、安娜）上海石油天然气交易中心23日发布的数据显示，1月23日当周，上海石油天然气交 易中心成交的2026年1月交付中国管道天然气现货价格为2.70元／立方米。 | 交易日期 | 交付地区 | 交付月份 | 中国管道天然气现货价 | | --- | --- | --- | --- | | | | | 格(元/立方米) | | 2026 年 1 月 17 日至 23 日 | 全国 | 2026 年 1 月 | 2.70 | 据介绍，"中国管道天然气现货价格"是基于上海石油天然气交易中心管道天然气现货交易形成的价格，为全国当月或下月交付的 管道天然气现货价格的周度均价。 据了解，上海石油天然气交易中心每周五对外发布"中国管道天然气现货价格"及各省份同期交付的管道天然气现货价格的当周均 价，遇到节假日提前到节假日前最后一个工作日发布。此外，上海石油天然气交易中心还在每月底发布"中国管道天然气现货月 度均价"，为市场参与方提供价格参考。 上海石油天然气交易中心是在国家发展改革委、国家能源局指导下，由上海市人民政府批准设立的能源交易平台，是深化国内油 气价格市场化改革的重要支撑。 （ ...

新华财经伊斯坦布尔1月23日电（记者许万虎）土耳其能源和自然资源部近日发布数据显示，2025年土 耳其国内石油和天然气产量大幅增长，其中石油产量同比增长26%，达到4790万桶；天然气产量同比增 长39%，达到32亿立方米。 据统计，2025年土耳其油气生产多项指标创历史新高。原油日产量升至13.57万桶，为历史最高水平； 天然气日产量也达到1020万立方米的新高。 据悉，产量增长主要得益于加巴尔油田和黑海天然气田等重点项目持续推进，以及新发现油气资源陆续 投入生产。这在一定程度上缓解了土耳其每年约600亿至700亿美元的能源进口支出压力。 土耳其能源和自然资源部长阿尔帕斯兰·拜拉克塔尔表示，目前土耳其约三分之二的能源需求依赖进 口，提升国内油气产量对保障能源安全具有战略意义，未来将进一步加大黑海和迪亚巴克尔地区的勘探 和钻井力度。 （文章来源：新华财经） ...

数据显示，土耳其2025年12月消费者价格指数同比上涨30.9%，环比上涨0.89%，均低于市场预期，部 分得益于食品价格涨速放缓。但分析人士指出，受新年价格调整及2026年最低工资上调27%的影响，自 1月起的通胀数据可能出现明显波动。 研究机构认为，央行放缓宽松节奏，或与1月通胀回落进程可能阶段性停滞的预期有关。 土耳其官方表示，政府正通过系统性、协调一致的政策措施推进反通胀进程，其效果将更多体现在食品 价格、市场价格及租金水平上，居民生活成本有望逐步下降。 （文章来源：新华财经） 新华财经伊斯坦布尔1月23日电（记者许万虎）土耳其中央银行于22日宣布，将一周期回购利率（即政 策利率）从38%下调至37%，降息幅度为100个基点。央行表示，通胀走势趋稳，但定价行为及通胀预 期仍对通胀回落进程构成风险。 此次下调政策利率，是土耳其央行今年首次货币政策会议作出的决定，也是自去年夏季以来连续第五次 降息。此前市场普遍预计本次降息幅度为150个基点，与2025年12月相同。 央行货币政策委员会在声明中指出，尽管通胀预期和定价行为出现一定改善迹象，但仍存在削弱通胀下 降进程的风险。声明称，领先指标显示，今年1月月度 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 specific futures and options products for foreign traders to participate in domestic trading, aiming to enhance market accessibility and liquidity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will offer futures and options for paraxylene, bottle-grade PET, short fiber, and purified terephthalic acid [1] - The Guangzhou Futures Exchange will introduce lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will add options for 20 rubber and low-sulfur fuel oil, as well as international copper options [1] Group 2: Regulatory Oversight - The CSRC will supervise relevant futures exchanges to ensure the smooth and orderly implementation of these products for foreign traders [1]

Core Insights - The Hong Kong Insurance Authority reported a total gross premium of 637 billion HKD for the first three quarters of 2025, representing a year-on-year increase of 32.5% [1] Long-term Business - New policy premiums for long-term business (excluding retirement plans) reached 264.5 billion HKD, up 55.9% year-on-year, primarily driven by non-linked individual business at 251.5 billion HKD and linked individual business at 12.7 billion HKD [1] - Approximately 50,000 qualified deferred annuity policies were issued, contributing 3.2 billion HKD or 1.2% of the total individual business [1] - Total premium income for long-term effective business was 554.1 billion HKD, a 36.6% increase year-on-year, including 488.2 billion HKD from non-linked individual business, 21.5 billion HKD from linked individual business, and 39 billion HKD from retirement plans [1] General Business - For general business, gross and net premiums were 82.9 billion HKD and 56 billion HKD respectively, reflecting year-on-year increases of 10.5% and 8.3% [1] - Total claims paid amounted to 38 billion HKD, showing a slight decline of 0.9% year-on-year [1] - Overall operating profit was 10.1 billion HKD, with underwriting profit contributing 3.5 billion HKD [1] Assets and Net Assets - As of September 30, 2025, total assets for long-term business increased to 5,284.1 billion HKD, with net assets at 731.7 billion HKD [1] - Total assets for general business rose to 335.5 billion HKD, with net assets at 135.1 billion HKD [1]

新华财经北京1月23日电人民银行23日开展1250亿元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867亿元7天期逆回 购到期，公开市场实现净投放383亿元。本周人民银行共开展11810亿元7天期逆回购操作，因当周有9515亿元7天期逆回购到期，公开市 场合计实现净投放2295亿元。 上海银行间同业拆放利率（Shibor）短期品种微幅下行。具体来看，隔夜Shibor下跌1.70BP，报1.3960%；7天Shibor下跌0.60BP，报 1.4910%；14天Shibor下跌1.30BP，报1.5770%。 上海银行间同业拆放利率（1月23日） 来源：全国银行间同业拆借中心 据上海国际货币经纪公司交易员消息，23日资金面整体呈现均衡态势。早盘隔夜押利率存单成交在加权+10BP和1.48%-1.50%位置，押信 用成交在1.55%-1.60%位置；7D资金押利率成交在1.53%和加权位置，押存单成交在1.53%-1.55%位置，押信用成交在1.54%-1.58%区间； 跨月14D资金押利率成交在1.58%位置，押信用成交堆积1.60%位置，公开市场操作后，资金面整体变化不大，隔夜押利率存单成交 ...

Core Viewpoint - The Bank of Japan (BOJ) has decided to maintain its policy interest rate at 0.75%, signaling a strong commitment to continued monetary tightening despite internal dissent and an upward revision of inflation forecasts [1][2]. Group 1: Monetary Policy Decisions - The BOJ's decision was made with an overwhelming vote of 8 to 1, with the sole dissenting vote advocating for an immediate 25 basis point increase to 1.0% [2]. - The BOJ's quarterly economic and price outlook report raised the median real GDP growth forecast for FY2026 from 0.7% to 1.0% and increased the core CPI forecast from 1.8% to 1.9% [2][3]. Group 2: Market Reactions - Following the BOJ's decision, the 2-year Japanese government bond yield surged to 1.2439%, the highest level since July 1996, indicating strong investor focus on future rate hikes [3]. - The bond market exhibited a "twist flattening" phenomenon, where short-term yields rose while long-term yields remained stable, reflecting a divergence in market expectations regarding monetary policy [3]. Group 3: Economic Pressures - Japan's economic policy is facing a "stress test" due to three main pressures: concerns over fiscal discipline from tax cuts, the established direction of monetary policy normalization, and the cyclical pressures of yen depreciation and imported inflation [5]. - The announcement of tax cuts by Prime Minister Fumio Kishida has raised fears of a "fiscal cliff" and increased risk premiums in the bond market, as investors anticipate higher government bond issuance [6]. Group 4: Future Outlook - The upcoming elections on February 8 will be crucial in determining the feasibility of Kishida's expansionary fiscal policies, which will significantly influence market perceptions of Japan's fiscal trajectory [7]. - The BOJ's ability to balance anti-inflation measures with maintaining bond market stability is under scrutiny, as the credibility of its policies faces significant challenges [7].