1月28日，英国首相斯塔默抵达北京，开始对中国进行为期四天的正式访问。记者获悉，渣打集团 行政总裁温拓思（Bill Winters）作为英国工商界代表团成员随同访华，并在北京和上海出席一系列经贸 交流和访问活动。 温拓思表示，中英两国经济结构高度互补，双方坚定支持自由贸易和多边贸易体制，并致力于通过 开放合作推动全球经济增长与繁荣。近年来，中英经贸与财金对话机制持续发挥重要作用，不仅增强了 政策沟通和市场互信，也为双边贸易、投资和金融合作创造了稳定、可预期的环境。"首相此次访华为 双方在既有基础上进一步拓展合作，推动货物和服务贸易发展，推动双向投资，释放增长潜力，提供了 良好契机。" 作为一家总部位于英国、在中国持续经营168年的国际银行，渣打表示，始终看好中国经济的长期 发展前景，并在中国市场持续投资展业，致力于当好"超级连接器"，以安全、高效和便捷的方式，为在 中国、进入中国，以及从中国走向世界的客户 ，提供优质创新的产品和服务，特别是在服务新经济行 业、"一带一路"项目、大湾区建设、长三角一体化、人民币国际化、金融市场开放、跨境贸易、绿色和 可持续金融、民营及中小企业发展、个人资产多元化配置等优势领域， ...

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported a significant increase in social financing and direct financing in Shanghai for 2025, indicating a robust financial environment and support for the real economy [1][3]. Financing Environment - In 2025, Shanghai's social financing scale increased by 11,632 billion yuan, with a year-on-year increase of 1,021 billion yuan, effectively meeting the financing needs of the real economy [3]. - The structure of financing improved, with RMB loans to the real economy increasing by 6,589 billion yuan, accounting for 56.6% of the total financing increase. Direct financing rose by 3,419 billion yuan, making up 29.4% of the total, which is a 15 percentage point increase year-on-year [3]. Credit Growth and Structure - By the end of December, the balance of RMB and foreign currency loans in Shanghai reached 13.07 trillion yuan, a year-on-year growth of 6.5%, which is 0.3 percentage points higher than the national average [4]. - The total loan increase for the year was 7,967 billion yuan, with household loans growing by 8.1% and non-financial enterprise loans by 4.5% [4]. - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year, indicating a favorable borrowing environment [4]. Deposit Growth - The balance of RMB and foreign currency deposits in Shanghai reached 24.5 trillion yuan, growing by 11.3% year-on-year, which is 2.3 percentage points higher than the national average [5]. - The increase in deposits for the year was 2,490 billion yuan, with household deposits growing by 9.1% and non-financial enterprise deposits by 5.3% [5]. Cross-Border RMB Business - In 2025, the cross-border RMB payment volume in Shanghai reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [8]. - The RMB cross-border payments related to the real economy increased by 14%, indicating a growing willingness among businesses to use RMB for cross-border transactions [8]. - Key sectors such as shipping, foreign trade, and large commodity transactions saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [8]. Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to continue promoting offshore financial services and expand the pilot reforms for offshore trade finance in the Lingang New Area, further advancing RMB internationalization [9][10].

Core Viewpoint - Huachen Trust is planning to sell 40% of its stake in Huachen Future Fund at a significantly reduced price, indicating a drastic decline in valuation and potential concerns regarding the fund's operational viability [1][2] Group 1: Share Transfer Details - Huachen Trust is offering a 40% stake in Huachen Future Fund for a base price of 4.8 million yuan, with a deposit requirement of 1.72 million yuan [1] - The initial listing price for the same stake in November-December 2025 was 17.2 million yuan, showing a decrease to less than 30% of the original price [1] Group 2: Financial Performance - Huachen Future Fund, established in 2012 with a registered capital of 200 million yuan, has shareholders including Huachen Trust (40%), Xianyang Changtao Electronic Technology Co., Ltd. (35%), and Korea Future Asset Management Company (25%) [2] - For the fiscal year 2024, the fund reported revenues of approximately 4.01 million yuan and a net loss of about 20.01 million yuan, with total equity at 7.52 million yuan by the end of the year [2] - In the first three quarters of 2025, the fund's revenue was 1.08 million yuan, with a net loss of 1.14 million yuan, leading to negative equity of -3.89 million yuan [2] Group 3: Valuation and Assessment - The valuation report from Beijing Tianjian Xingye Asset Appraisal Co., Ltd. indicates that the assessed value of the 40% stake in Huachen Future Fund is 4.52 million yuan as of December 31, 2024 [1] - The appraisal firm expressed reservations about the ongoing operational capability of Huachen Future Fund [1]

Core Viewpoint - ST Xifa expects a significant increase in net profit for the fiscal year 2025, projecting a range of 110 million to 160 million yuan, representing a year-on-year growth of 319.91% to 510.77% [1] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses to be between 20 million and 27 million yuan, indicating a decline of 27.05% to 1.51% year-on-year [1] - A major factor contributing to the substantial increase in net profit attributable to the parent company's shareholders is the recovery of large receivables and the reversal of bad debt provisions, leading to a significant reduction in credit impairment losses [1]

Group 1 - Alibaba Group is planning to advance its AI chip subsidiary, T-head, towards an independent IPO, which has drawn market attention [2] - T-head recently launched a high-end AI chip named "Zhenwu 810E," featuring a self-developed parallel computing architecture and inter-chip communication technology, with 96GB HBM2e memory and a bandwidth of 700GB/s [2] - The "Zhenwu" PPU has been applied extensively in training and inference for the "Tongyi Qianwen" large model, integrated with Alibaba Cloud's complete AI software stack to provide comprehensive solutions [2] Group 2 - The "Zhenwu" PPU reportedly surpasses the performance of Nvidia's A800 and most domestic GPUs, being on par with Nvidia's H20, with some reports indicating its upgraded version outperforms Nvidia's A100 [2] - The "Zhenwu" PPU has gained a good reputation in the industry for its stable performance and cost-effectiveness, currently experiencing a supply-demand imbalance in the market [2] - T-head has completed large-scale deployments of the "Zhenwu" PPU in multiple clusters, serving over 400 enterprise and institutional clients, including State Grid, Chinese Academy of Sciences, Xiaopeng Motors, and Sina Weibo [3] Group 3 - T-head, established in September 2018, is a wholly-owned subsidiary of Alibaba Group focused on semiconductor chip business, offering a comprehensive product system covering both edge and cloud [3] - The product range of T-head includes Yitian processors, Zhenyue SSD controllers, Hanguang AI chips, and Yuzhen RFID chips [4]

为何会触底反弹？ 消息面上，酒水消费旺季将至，被视为行业"定海神针"的飞天茅台价格开始回暖。 1月29日，白酒股突然迎来大爆发，午后板块持续走高，收盘全线飘红。 从个股表现来看，贵州茅台（600519）（600519）以1437.72元收盘，较上个交易日上涨8.61%，一天涨 回此前近一个月跌幅，单日涨幅创近16个月以来最高；公司市值也重回1.8万亿元。 此外，五粮液（000858）、山西汾酒（600809）、古井贡酒（000596）、泸州老窖（000568）、洋河股 份（002304）、舍得股份、迎驾贡酒（603198）、老白干酒（600559）、金徽酒（603919）、金种子、 会稽山（601579）、古越龙山（600059）等10多家A股上市酒企收盘涨停；港股白酒企业珍酒李渡单日 涨幅超12%；酒类流通公司华致酒行（300755）涨超16%。 这对白酒投资者而言堪称"久旱逢甘雨"，过去两个月，白酒板块一直处于"阴跌"状态，多家酒企股价探 底。 近期，多家机构预计贵州茅台2025年的营收和净利润增长率在5%左右，低于公司原先定下的9%目标。 上市酒企开始陆续披露业绩预告，预亏、预减成为关键词，中小酒企承压 ...

Group 1 - The "Lujiazui Financial Salon" 2026 series has commenced, focusing on empowering financial services to stimulate new consumption engines in Pudong [1][3] - Pudong New Area is a core area for Shanghai's international financial center, housing 3,800 financial institutions, contributing significantly to Shanghai's financial value-added [1] - The salon will host 40 events throughout the year, gathering insights from over 200 guests, including international representatives from countries such as the US, UK, France, Switzerland, Italy, South Korea, and Singapore [3] Group 2 - Future activities of the "Lujiazui Financial Salon" will leverage global resources to create a professional exchange platform that supports Pudong's development and promotes innovation in the financial industry [4] - The salon aims to continuously output financial reform insights from Pudong, enhancing the high-quality development of the Pudong economy and contributing to the advancement of Shanghai's international financial center [4]

近日，《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》正式发布， 明确将城市更新作为推动城市内涵式发展的核心抓手，提出健全可持续更新模式、完善城市体检制度、 创新"三师联创"机制，同时加快城中村、旧住房及老旧基础设施改造。 李永振表示，此次大华·静安年华落地了"空间让渡"与"垂域功能复合"两大创新举措。红线外打造 的开放式口袋公园，实现了"千园之城"理念向市民生活福祉的转化；"下城上居"的垂直空间融合，则在 有限空间内创造了更丰富的公共与私密生活场景，实现企业项目与城市发展的双向赋能。 近日，2026年首个实景示范区大华·静安年华在静安区沪太路亮相。记者获悉，大华·静安年华率先 响应上海"公园城市"建设愿景，在规划初期突破红线限制，将沿街空间"让渡"城市，打造开放式高品质 口袋公园。这片公园并非简单的社区配套，而是作为市政公共空间有机组成，以精致绿化、双水幕步道 等设施成为市民共享的"城市客厅"，实现了公园网络与社区肌理的无缝衔接，也让静安区政企协同将生 态价值转化为市民福祉的实践落地。 "大华静安年华位于沪太路、延长中路路口，北侧沿街有代建市政绿化的要求，是城市街角更新的 一次尝试。" ...

1月29日，黄金价格继续上涨。COMEX黄金盘中一度突破5600美元，达5626.8美元/盎司，伦敦金现逼 近5600美元，两大核心品种双双刷新历史纪录。 世界黄金协会中国区CEO王立新在接受《国际金融报》记者采访时表示，金价涨幅虽快，但历史上也曾 出现过这样的涨势，存在即合理。 世界黄金协会亚太区(除印度)研究负责人兼中国区行业拓展副总监贾舒畅指出，当前黄金价格主要受两 大因素驱动：一是地缘政治与贸易风险等系统性风险的避险需求，投资者进行"真实风险"的预防性配 置；二是金价显著的涨幅吸引了趋势投资者的加入，进一步加强了金价的涨势。与此同时，也观察到资 产配置结构的战略性转移：相较于实物金条、黄金ETF等长期战略性配置，期货市场相对表现平淡。 王立新呼吁，投资者应以长期战略配置心态参与，不要将黄金作为短期投机工具，防止在非理性状态下 超越自身风险承受能力进行交易。 根据世界黄金协会发布的2025年全年《全球黄金需求趋势报告》，全球黄金投资需求增至2175吨的里程 碑水平，成为推动2025年黄金总需求刷新历史纪录的主要驱动力。全球范围内，寻求避险和资产多元化 的投资者大量涌入黄金ETF，全年净增801吨。同时， ...

中色股份公告，2025年第四季度新签项目合同数量为3个，合同金额为8.19亿元。在执行未完工项目合 同数量为26个，合同金额为338.43亿元。已签约未生效项目合同数量为1个，合同金额为99.36亿元。已 中标未签约项目合同数量为2个，合同金额为3.33亿元。 ...