中国旅行社协会联合途牛旅游网发布的《2026春节旅游消费趋势报告》显示，今年春节假期，旅游用 户"分段式"出游趋势明显，选择假期前错峰的早鸟游用户占比接近35%。第一波出游高峰始于南方小年 （2月11日）后，第一波出游峰值在"情人节"（2月14日）及假期首日（2月15日），属于出游和返乡的 叠加状态。更多用户选择先与家人团圆，体验除夕守岁、初一拜年等春节习俗后，再于假期中后期携家 人一同开启合家欢的新年旅行。途牛旅游网截至目前的最新预订数据显示，预计大年初二（2月18日） 将迎来今年春节假期出游高峰。 交通运输部数据显示，春运首周（2月2日至8日），全社会跨区域人员流动量超14亿人次。其中，公路 人员流动量超13亿人次，铁路客运量超8600万人次，水路客运量超490万人次，民航客运量超1600万人 次。 除了客流规模刷新纪录，今年春运也呈现出一些新趋势。与往年相比，因学生放假、假期时间较长、节 后返校返岗等因素，今年春运呈现出明显的"节前相对分散、假期旅游旺盛、节后相对集中"的新特点。 另外，随着"反向春运""先回家、再出游"等新趋势的流行，春节出行不再只是简单的"往返跑"，而是逐 渐演变为一场融合团聚与休闲 ...

2月11日，易思维（杭州）科技股份有限公司登陆上交所科创板。至此，科创板上市公司总数达到 604家。 分行业看，集成电路、生物医药行业景气度明显回升。其中，集成电路产业受人工智能等新兴应用 需求拉动，延续较高景气度。87家公司披露业绩情况显示，合计净利润同比增加约99.49亿元，57家公 司业绩预增或扭亏为盈。 创新药行业则凭借商务拓展交易活跃、出海提速，商业化进程显著加快，招采回暖推动制药类公司 业绩回升。数据显示，26家创新药公司合计实现净利润增加14.49亿元，已披露营业收入的18家公司合 计实现营收241.57亿元，同比增长34.9%。 作为中国"硬科技"企业聚集地，科创板的板块产业图谱与现代化产业体系建设同向而行，尤其是在 新一代信息技术、生物医药、高端装备制造等战略性新兴产业领域，已形成"链主引领、上下协同"的发 展格局。 与此同时，板块业绩成长韧性凸显。截至2月9日，科创板已有391家公司以业绩预告或快报形式披 露2025年度预计业绩，其中近六成净利润实现同比增长。 "科创板上市公司已超过600家，这不仅是一个数量里程碑，它标志着这块'试验田'已茁壮成长为中 国硬科技创新的战略基座与资本市场改革 ...

今年，基石投资者结构中不仅有国内百亿级私募和险资巨头，还有大量全球顶级资产管理机构的名 字。部分企业如东鹏饮料、澜起科技、壁仞科技等，其基石投资者阵容中不乏国际长线基金的身影。例 如，东鹏饮料在2月3日上市时，在其15家基石投资者中，就包含卡塔尔投资局（QIA）、贝莱德 （BlackRock）、淡马锡（Temasek）、摩根大通、瑞银等来自美国、中东、欧洲、亚洲各地的长线资金 身影。 瑞银集团中国区总裁及瑞银证券董事长胡知鸷表示，国际投资者在去年就已经完成了从观望到继续 参与的转折。"我们看到的不仅是兴趣的回归，更是行为上的变化。外资正从此前相对被动的状态，转 向主动且偏向长期标的选择的交易状态。因此，在港股IPO等项目中，国际长线资金作为基石投资者的 参与度明显提高。" 在胡知鸷看来，这背后的逻辑并不复杂。一方面，中国企业在技术创新上取得了显著进展，全球竞 争力提升；另一方面，从全球配置的角度看，中国资产的估值和成长潜力为国际投资者提供了分散风险 的重要选择。 市场定价能力提升 2月11日，随着上市锣声的再次敲响，A股新能源智能装备企业——先导智能成功在香港联合交易 所主板挂牌上市，成为澜起科技、爱芯元智、 ...

Core Insights - The Chinese futures market experienced a significant increase in activity in January, with trading volume reaching 912 million contracts and turnover hitting 100.26 trillion yuan, representing year-on-year growth of 65.09% and 105.14% respectively [1][2] - The total funds in the futures market grew by over 400 billion yuan, reaching a historical high of 2.57 trillion yuan by the end of January, with client equity increasing to approximately 2.39 trillion yuan, a 19% rise compared to the end of 2025 [1][5] Trading Volume and Turnover - In January, the trading volume across various exchanges showed substantial growth: Shanghai Futures Exchange (SHFE) at 307.67 million contracts (up 102.40%), Dalian Commodity Exchange (DCE) at 234.35 million contracts (up 43.61%), and Zhengzhou Commodity Exchange (ZCE) at 287.79 million contracts (up 53.56%) [2] - The turnover also saw impressive increases, with SHFE at 51.96 trillion yuan (up 278.92%) and ZCE at 7.75 trillion yuan (up 14.73%) [2] Commodity Performance - The top traded commodities by turnover included silver, gold, and copper on SHFE, while ZCE saw high activity in PTA, cotton, and caustic soda [3] - By volume, the leading commodities were silver, nickel, and fuel oil on SHFE, with PTA, glass, and methanol on ZCE [3] Market Drivers - The increase in trading volume and turnover is attributed to the internationalization of futures products and the growing asset allocation value, particularly in precious and non-ferrous metals [4] - The demand for hedging against price risks due to global commodity price fluctuations has also contributed to the increased use of futures tools by enterprises [4] Fund Growth and Market Participation - The total funds in the futures market rose to approximately 2.57 trillion yuan by the end of January, marking a 20% increase from the end of 2025, while client equity reached 2.39 trillion yuan, up 19% [5] - The number of new futures clients increased significantly, with 940,000 new accounts opened in 2025, reflecting a strong interest from various market participants [5][6] Market Structure and Development - The futures market is witnessing a steady expansion in client base and structural optimization, with the total number of effective clients reaching 2.78 million, an 11% increase year-on-year [6] - The continuous high-quality development of the futures market is evident, with improved service to the real economy and a robust trading environment [6]

贝森特指出，资产负债表的调整事宜将由美联储自主决定。若美联储转向"充足准备金"政策，就需要维 持较大规模的资产负债表，不会快速推进相关动作，需静观其变后再制定方案。 美东时间2月8日，针对美联储缩表议题，美国财长贝森特表态称，即便凯文沃什出任美联储主席，美联 储也不会急于缩减资产负债表规模，预计需要长达一年时间敲定相关决策，沃什将保持美联储决策的独 立性。 北京时间1月30日，特朗普宣布提名前美联储理事凯文沃什为下一任美联储主席，标志着美联储货币政 策方向的重大调整，旨在平衡美联储独立性与行政压力。尽管这一提名还需获得美国参议院的批准，但 提名一经公布，就在全球金融市场掀起了波澜。 三井住友金融集团资本市场公司的美国利率策略师乔阿贝特表示，沃什"或许希望美联储缩小资产负债 表规模，降低在金融市场的参与度"，但"实际缩减资产负债表这件事，从一开始就不具备可行性，银行 业需要当前规模的准备金"。 花旗策略师认为，被提名为美联储主席的凯文沃什很可能会以循序渐进的方式缩减央行规模约6.6万亿 美元的资产负债表，以避免重燃货币市场紧张情绪。策略师指出，沃什或优先争取委员会对降息的共 识，同时在资产负债表管理上循序推进。 ...

2月11日，围绕完善全国统一电力市场体系，国务院办公厅印发《关于完善全国统一电力市场体系的实 施意见》(以下简称《意见》)。 随着AI技术迎来爆发式增长，电力已成为全球科技竞争与经济发展的核心命脉。近期马斯克公开喊话 美国向中国学习光伏应用，也有诸多业内人士谈及美国电力危机的痛点——缺乏全国统一的电力市场体 系。正如能源专家所言，美国电网碎片化严重，各州电网相对独立、政策隔阂明显，加之电网老旧、电 厂建设产业链薄弱，不仅难以应对AI带来的电力需求激增，极端天气下的大规模停电更是常态，凸显 了电力市场分割的致命短板。 反观中国，正以全国一盘棋的布局，破解区域壁垒、强化资源统筹，筑牢了能源安全与低碳转型的双重 根基。 1.明确阶段性目标 到2030年，基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户全部直接参与电 力市场，市场化交易电量占全社会用电量的70%左右。跨省跨区和省内实现联合交易，现货市场全面转 入正式运行，市场基础规则和技术标准全面统一，市场化电价机制基本健全，公平统一的市场监管体系 基本形成。 到2035年，全面建成全国统一电力市场体系，市场功能进一步成熟完善，市场化交易电量占比稳 ...

近日，银行业理财登记托管中心发布《中国银行业理财市场年度报告(2025年)》。报告显示，截至2025年末，理财市场存续规模达33.29万亿元，较年初增 长11.15%；理财产品全年为投资者创造收益7303亿元，平均收益率为1.98%。更多投资者进入银行理财市场"掘金"，截至2025年末，持有理财产品的投资 者数量已达1.43亿个，较年初增长14.37%。 规模与投资者数量双增 持有理财产品的投资者数量达到1.43亿个，14.37%的增速相比2024年的9.88%有明显提升。其中，个人投资者数量1.41亿个，占比98.64%，仍为主要参与 者；机构投资者数量为194万个，占比1.36%。 从产品看，报告显示，2025年，全国共有136家银行机构和32家理财公司累计新发理财产品3.34万只，累计募集资金76.33万亿元，比2024年均有所扩大。 其中固收类理财产品仍然占据超97%的绝对市场份额，混合类、权益类、商品及金融衍生品类分别占据2.61%、0.24%、0.06%，相比2024年均有小幅度提 升。 "个人投资者占据绝大多数(98.64%)与固收类理财产品占比高达97.09%，是当下银行理财市场最为典型的两个 ...

2月11日，国家统计局发布最新月度数据显示，1月份，居民消费需求持续恢复，居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.2%，扣除食品和能 源价格的核心CPI同比上涨0.8%。受全国统一大市场建设持续推进、部分行业需求增加及国际大宗商品价格传导等因素影响，工业生产者出厂价格指数 （PPI）环比上涨0.4%，同比下降1.4%。 "1月份物价运行呈现低位温和回升态势。"民生银行首席经济学家温彬分析称，CPI方面，虽然春节错月影响下同比涨幅回落较多，但居民消费需求持续恢 复，核心CPI温和上涨的态势没有改变；PPI环比连续第4个月上涨，同比降幅连续第2个月收窄，价格逐步企稳。 值得关注的是，1月份的CPI和PPI数据是在基期轮换后的首次发布。为什么要进行CPI基期轮换？此次CPI"篮子"有哪些新变化？对此，国家统计局城市司 负责人作出了解读。 据悉，CPI是综合反映一定时期内居民消费的商品和服务价格水平变动情况的相对数，CPI编制通常选取一定时期内居民经常消费、对居民生活影响较 大、有代表性的一组商品和服务作为"固定篮子"，用它们的价格变化来代表全社会所有商品和服务的价格变化。 随着经济社会发展，居民消费 ...

Core Viewpoint - The Chinese government is implementing a series of measures to boost consumer spending during the upcoming Spring Festival, including financial support, promotional activities, and increased supply of essential goods. Group 1: Financial Support and Incentives - The first batch of 625 billion yuan in national subsidy funds has been allocated to local commerce departments [3] - A lottery for invoices during the nine-day holiday will have a prize pool exceeding 1 billion yuan [4] - Local governments have arranged 20.5 billion yuan in funds to directly benefit consumers through vouchers, subsidies, and red envelopes [4][13] - Financial institutions are encouraged to develop diverse financial products and services to support consumption [14] Group 2: Supply and Inventory Management - As of February 9, inventory levels for key supermarket items such as grains, meat, and eggs have increased by over 20% compared to the previous month, with vegetable stocks up by 7.7% [5][20] - Various regions are actively organizing supply chains to ensure adequate stock of essential goods for the holiday [19] Group 3: Consumer Experience Enhancement - The government is promoting a comprehensive approach to holiday consumption, covering food, accommodation, transportation, tourism, shopping, and entertainment [6] - Initiatives include encouraging restaurants to offer special New Year meal packages and promoting discounts in hotels and home appliance stores [7][8] - Airlines and railways will increase capacity and offer special services during the holiday [9] - Cultural activities such as traditional fairs and performances will be supported to enhance the festive atmosphere [10][11] Group 4: Collaboration and Community Engagement - The cultural and tourism sector is launching a nationwide Spring Festival consumption month with various initiatives to engage the public [17] - Sports events and fitness activities are being organized to promote community participation and well-being during the holiday [18]

Core Viewpoint - The integration of financial technology is essential for the high-quality development of the financial industry, serving as a critical driver to address the challenges posed by the "five major articles" in finance [3][5][6]. Group 1: Financial Technology Development - The meeting organized by the Financial Times focuses on the innovative breakthroughs and practical applications of financial technology, showcasing how digital technology enhances the quality and efficiency of financial services [1]. - Financial technology is no longer an optional enhancement but a necessary component for the sustainable development of the financial sector, as emphasized by the recent Central Financial Work Conference [3][5]. - The Financial Times has been a key player in promoting financial discourse and collaboration within the industry since its inception in 1987, aiming to build an efficient communication platform [3][4]. Group 2: Industry Collaboration and Experience Sharing - The event aims to foster collaboration and experience sharing among industry leaders, including representatives from major banks like ICBC, ABC, and CCB, who presented successful applications of financial technology [5]. - The Financial Times plans to leverage its media capabilities to report comprehensively on the event, ensuring that innovative practices are recognized and can be replicated across the industry [5][6]. Group 3: Specific Bank Initiatives - ICBC is developing a comprehensive AI-driven financial model called "工银智涌," which aims to integrate AI with financial services, enhancing productivity and supporting the "five major articles" in finance [10][12]. - ABC has initiated a digital transformation strategy focusing on a data-driven enterprise architecture to improve service quality and operational efficiency, addressing key challenges in the financial sector [16][19]. - CCB is building an integrated service system for technology finance, emphasizing collaboration across its branches and subsidiaries to support technology-driven enterprises [21][23]. - PSBC is innovating its credit granting process through a data-driven approach, enhancing its service capabilities in rural finance and supporting the national strategy for rural revitalization [26][28]. - CITIC Bank is focusing on creating a digital ecosystem for inclusive finance, addressing the unique needs of small and micro enterprises through innovative product offerings and risk management solutions [30][32].