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].

2026年，上海国资国企将重点做好七个方面工作，一是推进提质增效稳增长，以"起步即冲刺"的状态， 紧在前面，靠前发力，全力以赴争取一季度"开门红"。二是优化国资布局结构，推动相关资源向优势企 业和关键领域集中，提升生产性服务业发展能级，实施国有企业"抱团出海"行动。三是强化国企科技创 新主体地位，优化创新组织体系，完善管理制度，实施"AI+"行动，分行业推进垂类模型和智能体落地 应用。四是提升国有资本运作水平，推动国有资本投资运营公司强化功能，改革国资基金管理制度，构 建各有侧重、相互补位的市区两级国资基金发展格局。五是加快国企干部人才队伍建设，建立企业经营 管理人才评价模型，对企业领导人员考核结果实施合理分布，制定打破常规的人才引进制度。六是增强 国资监管效能，推进穿透式监管，增强协同监管，构建以履行战略使命、提升核心竞争力为导向的综合 监管评价体系，进一步完善国资大监管格局。七是切实加强党的领导党的建设，实现党的领导与公司治 理深度融合，完善党建责任制考核评价指标体系，强化市管国有企业管党治党责任压力传导。 据悉，2025年上海市地方国有企业资产总额达32.5万亿元、创历史新高，利润总额、归母净利润同比增 ...

Core Viewpoint - The China Securities Regulatory Commission has announced the opening of nickel futures and options on the Shanghai Futures Exchange, marking a significant step in the internationalization of the exchange and enhancing the pricing influence of commodities in China [1][2]. Group 1: Nickel Futures and Options - Nickel futures have become the first directly open duty-paid non-ferrous metal futures product on the Shanghai Futures Exchange, indicating a key milestone in the exchange's internationalization process [1]. - Nickel is strategically important for industrial development and is an essential base metal for emerging industries, with China being the largest consumer and importer of nickel globally [1]. Group 2: Market Functionality and Risk Management - Since its launch in 2015, the nickel futures market has effectively played its role, with a close linkage between spot and futures prices, becoming a crucial reference for domestic spot trade pricing [2]. - The opening of the nickel futures and options market aligns with the long-standing calls from industry chain enterprises and associations, enhancing risk management capabilities in China's non-ferrous metal industry [2]. Group 3: Regulatory Framework and Future Developments - To ensure a smooth implementation of the opening, a comprehensive set of internationalized business rules will be officially implemented by August 8, 2025, focusing on strong regulation, risk prevention, and promoting high-quality development [2]. - The Shanghai International Energy Exchange has gradually opened specific products to foreign investors since 2019, with the introduction of options products enriching risk management tools for enterprises [3]. Group 4: Future Goals and Market Expansion - The Shanghai Futures Exchange is steadily advancing preparations for the opening of nickel futures and options, as well as other products, aiming to enhance the quality of market operations and attract various participants [3]. - The exchange plans to further diversify its international product offerings and improve operational quality through a series of measures, ultimately striving to become a "world-class exchange" [3].

2025年，超3700万人次经吉尔吉斯斯坦国界出入境，其中入境1850余万人次，出境1840余万人次；320 余万辆汽车经吉国界出入境，其中入境160余万辆。 （文章来源：新华财经） 新华财经比什凯克1月23日电（记者江宥林）吉尔吉斯斯坦国家安全委员会边防局23日发布消息说， 2025年，约2100万外国公民入境吉尔吉斯斯坦，与2024年和2023年相比有明显增长。 消息说，过去一年，共有20978965名外国公民入境吉尔吉斯斯坦，较2024年和2023年分别增长18.6%和 20%。入境人数增长得益于旅游基础设施发展、国际交通线路扩充、对吉自然和文化资源推广力度加 大，以及商务和投资往来增多。 ...

普拉博沃指出，法治是营造良好投资环境的基础，印尼政府在自然资源领域的执法行动不存在任何妥协 空间。"没有公平公正的法治，就不会有投资。法治必须凌驾于任何既得利益之上。"他说。 普拉博沃表示，上任以来，政府已查封约400万公顷非法种植园和矿区，并决定吊销或没收28家企业的 经营许可，涉及土地面积超过101万公顷。他强调，这些企业存在在受保护森林内非法经营等违法行 为，是对国家主权和法治的公然破坏。 新华财经雅加达1月23日电（记者冯钰林）印度尼西亚总统普拉博沃·苏比延多22日在瑞士达沃斯出席世 界经济论坛年会期间表示，印尼政府已关闭全国约1000处非法矿场，并将继续严厉打击自然资源和环境 领域的违法行为，坚决维护法治。 （文章来源：新华财经） 据了解，非法采矿活动往往无视安全和环保标准，易引发洪水和山体滑坡等自然灾害。印尼国家灾害管 理署数据显示，去年底苏门答腊岛发生的洪水和山体滑坡已造成约1200人死亡，还有大量居民被迫撤离 并安置在临时避难点。 ...

美国农业部数据显示，截至1月15日当周，美国2025/2026年度大豆出口净销售为244.6万吨，前一周为 206.2万吨。 （文章来源：新华财经） ...

新华财经上海1月23日电（谈瑞、周子涵）人工智能（AI）芯片生产正呈指数级增长，但电力供应增长缓慢，阻碍了人工智能数据中心训练和部署人工智能 模型的效率。美国企业家埃隆·马斯克日前在2026年达沃斯世界经济论坛上关于AI与电力之间的论断在本周资本市场上也得到了体现。在AI驱动的电力需求 爆发下，市场普遍看好电力板块表现。新华财经数据显示，截至1月23日收盘，新华出海电新指数周度上涨3.5%，再创历史新高，其中，其他电源设备、电 网设备、风电设备等板块领涨。 马斯克的上述论断不仅揭示了全球能源供给与AI发展的核心矛盾，也凸显了中国在电力能源领域的布局优势。事实上，伴随这一趋势，中国电力设备企业 正以技术和产能为依托，加速向海外市场渗透，在全球能源转型浪潮中抢占先机。 风电设备企业同样在全球市场占据重要地位，成为中国装备出海的一张"金名片"。明阳智能2025年12月与阿联酋公用事业开发公司正式签署沙特SPPC R6 1.5GW风电项目协议，成为该项目独家风机制造商，这也是明阳智能迄今在海外斩获的规模最大单体订单。另一行业龙头金风科技，在埃及的苏伊士湾建设 有500兆瓦风电项目，是非洲目前单机容量最大、总装机容量最 ...

Core Viewpoint - The announcement by Maoye Commercial Co., Ltd. to initiate the public offering of commercial real estate REITs based on its Chengdu office assets has sparked significant industry discussion, indicating a shift in China's real estate securitization market towards a dual-driven model of infrastructure and commercial property [1][2]. Group 1: Market Development - China's real estate securitization market is transitioning from a "infrastructure-first" approach to a "infrastructure + commercial property" dual-driven model, driven by market-oriented reforms [1]. - The commercial real estate stock market in China is substantial, with non-residential properties accounting for 15% to 20% of total residential properties, providing a solid foundation for the expansion of REITs [1]. Group 2: Industry Insights - Real estate companies are shifting from high-leverage, fast-turnover developers to investment and operation-focused entities, with REITs seen as a significant benefit for revitalizing existing assets and alleviating heavy asset investment pressures [2]. - The introduction of commercial real estate REITs is viewed as a complementary evolution to infrastructure REITs, which will enrich the REITs market system in China [2]. - Experts predict that within 1 to 2 years, the first batch of commercial real estate REITs projects will be launched, with the market size expected to exceed 500 billion yuan; over 3 to 5 years, the overall REITs market could grow to between 1 trillion and 2 trillion yuan, driven by increased participation from private real estate companies and the inclusion of logistics and industrial properties [2].

一直以来，建行上海市分行积极响应中国人民银行、国家金融监督管理总局、国家外汇管理局及上海市 人民政府联合印发的《上海国际金融中心进一步提升跨境金融服务便利化行动方案》要求，持续加强自 贸区金融服务实践探索，深化本外币一体化经营，加大自贸金融产品创新升级，全力推动跨境金融服务 便利化。未来，建行上海市分行将继续锚定跨境企业经营发展中的核心痛点，持续丰富自贸区系列交易 产品库，聚焦定制化、专业化、全流程服务升级，助力企业高效盘活跨境资金，为上海国际金融中心建 设添砖加瓦，为自贸区高质量发展贡献更多建行方案。（邓侃） 编辑：林郑宏 据了解，该产品是一款以人民币计价的资金管理类产品，自贸区结构性存款在普通存款基础上，创新性 地挂钩汇率、利率等与企业经营密切相关的金融指标，使客户在享受保障本金和最低保证收益的前提 下，同时获得提升收益的可能，最低保证收益水平符合自律价格机制底线。该产品支持定制挂钩多种金 融标的，既延续了稳健属性，又为企业提供灵活增项选择，完美适配具有严格保本要求的离岸企业需 求。首日成功办理该产品的香港飞书数字行销有限公司，是头部互联网公司在离岸设立的本地化运营主 体，相关负责人表示："这款产品在保障 ...

截至2025年12月末，CSPI为91.87点，环比下降0.08点，降幅为0.09 %；比上年末下降5.60点，降幅为 5.75 %；同比下降5.60点，降幅为5.75 %。 从全年情况看，2025年CSPI平均值为93.19点，同比下降9.28点，降幅为9.05%。从分月情况看，2025年 上半年钢材价格呈现持续震荡下行运行态势，至6月末，国内钢材综合价格指数跌破90点，达到89.51 点，为2016年11月底以来新低水平。7月份，钢材市场在"反内卷"政策预期下呈现大幅上行态势。但随 着"反内卷"消息的不断消化，市场重新回归基本面，在需求恢复不及预期的情况下，钢价依旧承压，8- 10月份钢价再度震荡下行。11-12月份钢材价格持续窄幅震荡运行。全年来看，2025年国内钢价延续弱 势，呈现"倒N型"波动走势。 进入2026年1月份，钢材市场供需矛盾加剧，部分品种开始累库，但成本支撑力度维持韧性，叠加宏观 政策预期升温，国内钢材市场价格继续呈窄幅震荡运行态势。 据中钢协监测，2025年12月份，中国钢材价格指数（CSPI）平均值为92.03点，环比上升0.56点，升幅 为0.61%；同比下降5.70点，降幅为5 ...