Core Viewpoint - The BBA (Benz, BMW, Audi) brands are experiencing significant sales declines in China, with projections indicating a return to sales levels not seen in a decade, highlighting the increasing pressure from domestic competitors and changing market dynamics [1][2][4]. Sales Performance - In 2025, Benz's global sales are projected to be 2.16 million units, a 10% decrease year-on-year, with sales in China at 551,900 units, down 19% [1]. - BMW's global sales are expected to reach 2.46 million units, a slight increase of 0.5%, while its Chinese sales are forecasted at 625,500 units, a decline of 12.5% [1]. - Audi's global sales are projected at 1.62 million units, down 2.9%, with Chinese sales at 617,500 units, a decrease of 5% [1]. - BBA brands have seen consecutive sales declines in China for two years, dropping to levels last seen in 2017 [1]. Market Dynamics - By 2026, both Benz and BMW are expected to forecast annual sales of less than 500,000 units in China, reverting to sales levels from a decade ago [2]. - Domestic high-end brands are setting ambitious sales targets, with NIO aiming for 456,400 to 489,000 units, Xiaomi targeting 550,000 units, and Hongmeng Zhixing projecting 1 to 1.3 million units by 2026 [3]. Financial Performance - BBA brands reported significant profit declines in recent financial statements, with Benz's net profit down 50%, Audi's down 25%, and BMW's down 6.8% [4]. Pricing Strategies - BMW initiated a price reduction across 31 models, with discounts reaching up to 301,000 yuan, indicating market pressure [6]. - The luxury car pricing structure is under significant strain, with reports of discounts reaching as low as 60-70% on various models [6]. Competitive Landscape - The BBA brands face intense competition from domestic brands that are rapidly gaining market share, particularly in the high-end segment [8]. - The shift towards electric and smart vehicles has left BBA brands lagging, as their products are often based on older platforms, leading to a competitive disadvantage [7][8]. Strategic Responses - BBA brands are beginning to adapt to the Chinese market by enhancing their product offerings and integrating local technology solutions [9][10]. - Benz plans to launch over 15 new models by 2026, while BMW aims to introduce around 20 new products, focusing on electric and smart vehicle technologies [10][11].

| | | 中德国债收益率曲线(到期)8 | | | --- | --- | --- | --- | | 标准期限(年) | 1月9日 | 1月16日 | 变动BP | | o | 1.117 | 1.09 | -2.7 | | 0.08 | 1.27 | 1. 2556 | -1.44 | | 0. 17 | 1.27 | 1.2833 | 1.33 | | 0. 25 | 1.2767 | 1.2874 | 1.07 | | 0.5 | 1.3199 | 1.2981 | -2.18 | | 0. 75 | 1. 2704 | 1.225 | -4.54 | | 1 | 1.2887 | 1.2424 | -4.63 | | 2 | 1.4362 | 1. 4043 | -3.19 | | 3 | 1.4606 | 1.4286 | -3.2 | | 5 | 1.6551 | 1.6099 | -4.52 | | 7 | 1.7593 | 1. 7158 | -4. 35 | | 10 | 1.8782 | 1. 8424 | -3.58 | | 1 5 | 2.1735 | 2. 1563 | -1.7 ...

事故发生后，公司立即启动应急预案，全力组织力量进行人员搜救、伤员救治、善后安抚等工作，全力 配合相关部门对事故进行调查，认真查明事故原因。本次事故造成板材厂部分厂房和设备受损，将对板 材厂产线及周边受波及的产线生产造成影响，具体损失情况正在核实评估。经包头市生态环境部门跟踪 检测，未发现本次事故对周边大气、土壤环境造成影响，现场无废水产生。 公司对本次事故罹难人员表示沉痛哀悼！公司将深刻吸取事故教训，进一步增强安全生产意识，立即开 展安全生产大排查，切实做好安全生产工作，坚决守住安全发展底线，杜绝事故发生。 新华财经北京1月19日电包钢股份1月19日早间公告，1月18日下午15点03分，公司控股子公司下属的板 材厂炼钢作业部一个650m3饱和水、蒸汽球罐发生爆炸，造成2人死亡、8人失联、84人受伤在院治疗。 （文章来源：新华财经） ...

Group 1: Trade and Economic Cooperation - The total import and export value between China and Central Asia has surpassed $100 billion for the first time, reaching $106.3 billion in 2025, with a year-on-year growth of 12%, an increase of 6 percentage points from the previous year [1] - China has become the largest trading partner for Central Asian countries, with the region's share in China's foreign trade increasing [1] Group 2: Service Consumption and Policy Support - The Chinese government is accelerating the cultivation of new growth points in service consumption, with multiple departments issuing supportive policies in areas such as the silver economy, green consumption, and cultural and sports consumption [2] - Experts believe that the upgrade of resident consumption and advancements in digital technology can expand growth opportunities in service consumption [2] Group 3: Investment Strategies and Market Outlook - Asset management institutions are focusing on sectors like artificial intelligence and cyclical industries for investment strategies in 2026, anticipating a favorable overall market environment and structural characteristics [3] - Insurance companies are planning to increase their equity asset allocation in 2026, driven by favorable policies and the potential for improved corporate earnings [5] Group 4: ETF Market Developments - The ETF market has seen significant milestones, with the first fund management company surpassing $100 billion in ETF management scale and the total scale of cross-border ETFs also exceeding $100 billion [4] - The total number of ETFs in the mutual connectivity program has increased from 273 to 364, enhancing investment options for overseas institutional investors [15] Group 5: A-Share Market and Foreign Investment - Foreign institutions are actively researching A-share investment opportunities, particularly in technology sectors such as artificial intelligence and semiconductors, as they find current valuations attractive [8] - The A-share market has shown steady growth, with foreign institutions conducting a total of 70 research sessions on listed companies since the beginning of 2026 [8] Group 6: Data Market and Policy Initiatives - The data factor market is experiencing rapid development, with numerous policy documents focused on data value extraction being released, indicating a national directive for 2026 to be the "Year of Data Factor Value Release" [9] - Local practices are also advancing, with initiatives like the first transaction of a "embodied intelligent data set" completed in Jiangsu [9] Group 7: Performance of Listed Securities Firms - Listed securities firms are expected to report significant profit increases, with estimates indicating a 406% year-on-year growth in net profit for Guolian Minsheng and a 38.46% increase for CITIC Securities in 2025 [11] - The overall upward trend in China's capital market has led to increased expectations for the performance of securities firms [11] Group 8: Fund Management Trends - The first batch of new energy-themed funds has shown a shift in investment focus from traditional lithium batteries to advanced technologies such as smart driving and artificial intelligence [12] - Fund managers are maintaining high positions in their portfolios, reflecting confidence in the structural market trends for new energy sectors in 2026 [12]

Core Viewpoint - The escalation of the US-EU tariff dispute has heightened market risk aversion, leading to a surge in international precious metal prices, with gold and silver reaching historical highs [1] Group 1: Tariff Dispute - President Trump announced a 10% tariff on goods imported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland starting February 1, which will increase to 25% on June 1 unless an agreement regarding the purchase of Greenland is reached [1] - In response, the eight European countries issued a joint statement condemning the tariff threats as damaging to transatlantic relations and warned of a dangerous cycle of retaliation [1] Group 2: European Response - The EU is considering imposing tariffs on $930 billion worth of US goods or restricting US companies' access to the EU market as a countermeasure against the tariffs [1] - European officials are currently waiting until February 1 to see if the US will implement the tariffs before deciding on their response, hoping to create bipartisan pressure within the US to retract the tariff decision [1] Group 3: Market Reactions - The heightened risk aversion has led to significant market volatility, with international precious metals rising sharply and US stock futures declining, particularly a drop of over 1% in Nasdaq futures [2] - Analysts indicate that the conflict over Greenland has intensified concerns about the potential disintegration of NATO and disruptions to trade agreements with multiple European countries, thereby increasing demand for safe-haven assets like gold and silver [2]

中厚板库存总量70.75万吨，较上周环比增加0.62万吨（+0.88%)，包含9个城市，共计14个仓库。 冷轧涂镀库存总量为120.92万吨，较上周环比减少2.04万吨（-1.66%)，包含5个城市，共计14个仓库。 新华财经北京1月19日电钢银电商最新数据显示，截至1月19日当周，全国38个城市，共计135个仓库的城市钢材总库存量为699.13万吨，较上周 环比增加0.91万吨，增幅0.13%。 其中，建筑钢材库存总量为300.45万吨，较上周环比增加4.10万吨（+1.38%)，包含30个城市，共计79个仓库。 热卷库存总量为207.01万吨，较上周环比减少1.77万吨（-0.85%)，包含15个城市，共计47个仓库。 | | | | 1月19日全国城市库存 | 来源: 钢银数据 | | | --- | --- | --- | --- | --- | --- | | 品种 | 12月29日 | 1月5日 | 1月12日 | 1月19日 | 环比 | | 建筑钢材 | 311.63 | 301.59 | 296.35 | 300.45 | +1.38% | | 热巻 | 199.29 | 206.75 | ...

Core Viewpoint - The construction of high-standard farmland in Ulanhot City, Inner Mongolia, is actively progressing during the winter season, with a focus on enhancing agricultural irrigation efficiency and overall productivity [1][2]. Group 1: Project Implementation - The project adopts a model that involves soliciting public opinions, government coordination, and comprehensive upgrades of farmland, which has gained strong community support [2]. - Key tasks include the promotion of drip irrigation technology, construction of electric wells, and ensuring stable irrigation supply despite winter conditions [2]. - The government collaborates with power companies to ensure energy support for farmland facilities, while also constructing wide field roads to facilitate the use of large agricultural machinery [2]. Group 2: Agricultural Benefits - Completed high-standard farmland projects can increase crop yields, such as corn, by 10% to 20% [2]. - The ongoing projects are expected to be completed and undergo acceptance inspection by the end of 2026 [2]. Group 3: Future Plans - The Ulanhot City Agricultural and Animal Husbandry Technology Bureau plans to continue promoting modern agricultural development through coordinated planning and scientific advancement [3].

资讯编辑：沈侃 021-26093620 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 国家发展改革委关于《中华人民共和国国家储备安全法（草案，征求意见稿）》公开征求意见的公告显 示，党中央、国务院高度重视国家储备工作，对加快推进国家储备总体立法作出明确部署。2023年，国 家储备安全法列入《十四届全国人大常委会立法规划》。为贯彻落实党中央、国务院决策部署，国家发 展改革委、国家粮食和储备局会同有关部门研究起草了《中华人民共和国国家储备安全法（草案，征求 意见稿）》，现向社会公开征求意见。草案明确国家储备的内涵范围、功能定位和体系要求，规范国家 储备管理体制，加强对国家储备安全保障重大决策部署、重大工作安排的监督管理。 此次公开征 ...

Core Insights - The total electricity consumption in China is projected to exceed 10 trillion kilowatt-hours for the first time in 2025, indicating significant economic growth and development [1] - The electricity consumption structure is shifting towards new and green energy, with substantial contributions from the tertiary industry and urban-rural residential sectors [2] - The supply side shows that 2025 will be the best year for energy supply security since the 14th Five-Year Plan, with effective measures taken to ensure stable electricity supply [3] Group 1: Electricity Consumption - In 2025, total electricity consumption is expected to reach 10,368.2 billion kilowatt-hours, a 5.0% increase year-on-year [1] - The first industry will consume 149.4 billion kilowatt-hours, growing by 9.9%; the second industry will consume 6,636.6 billion kilowatt-hours, growing by 3.7%; the third industry will consume 199.4 billion kilowatt-hours, growing by 8.2%; and urban-rural residential consumption will reach 158.8 billion kilowatt-hours, growing by 6.3% [2] - The contribution of the tertiary industry and urban-rural residential electricity consumption to overall growth will reach 50% in 2025 [2] Group 2: Energy Supply and Infrastructure - In 2025, the total installed power generation capacity in China is expected to exceed 3.8 billion kilowatts, a 14% increase [4] - The "West-to-East Power Transmission" project will reach a scale of 340 million kilowatts, accounting for about 23% of the national maximum electricity load [5] - The new power system is crucial for energy security and requires a balance between high-quality development and safety [4] Group 3: Future Outlook - By 2030, the proportion of renewable energy in total installed capacity is expected to exceed 50%, necessitating enhanced grid security [6] - The State Grid Corporation anticipates a fixed asset investment of 4 trillion yuan during the 15th Five-Year Plan, a 40% increase from the previous plan [6] - In 2026, the addition of over 200 million kilowatts of wind and solar power capacity is planned, along with the orderly advancement of major hydropower projects [7]

在离岸人民币债券领域，本周人民币企业债单笔最大发行规模为35亿元人民币，由快手科技发行。最高票息为6.95%，由泰安市国泰民安投 资集团有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模9亿美元，由快手科技发行。本周最高美元债发行票息 6.75%，由新鸿基有限公司发 行。 二级速览： 本周中资美元债收益率全线上涨。截至1月16日，Markit iBoxx中资美元债综合指数与上行0.05%，报251.79；投资级美元债指数周度上涨 0.03%，报 244.71；高收益美元债指数周度上涨0.23%，报243.28。本周，地产美元债指数周度上涨0.34%，报 180.33；城投美元债指数周度 上涨0.14%，报154.63；金融美元债指数周度上涨0.1%，报 291.98。 本周市场情况 一级市场： 据新华财经统计，本周（2026年1月12日-1月16日）共发行14笔中资离岸债券，其中包括4笔人民币债券、6笔美元债券、3笔港币债券、1笔欧 元债券。本周共发行约38.55亿美元离岸债券。本周发行方式为直接发行的债券共6只，担保发行的债券共 3只，直接+担保发行的共1只，维 好协议发行的债券共2只，SB ...