Core Viewpoint - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration have announced an extension of the personal consumption loan interest subsidy policy until the end of 2026, which now includes credit card installment payments [1] Group 1: Policy Changes - The implementation period for the personal consumption loan interest subsidy policy has been extended to December 31, 2026 [1] - The scope of support has been expanded to include credit card installment payment services [1] - The subsidy field has been broadened by removing the restriction on single transactions of 50,000 yuan and above [1] Group 2: Subsidy Standards - The subsidy standard has been improved by eliminating the cap of 500 yuan on the subsidy amount for single transactions [1] - The previous limit of 1,000 yuan on the total subsidy for each borrower at a single institution for transactions below 50,000 yuan has been removed [1] Group 3: Existing Agreements - For loans that have already signed the "Personal Consumption Loan Interest Subsidy Service Agreement," any consumption occurring after January 1, 2026, will automatically apply the latest interest subsidy policy without the need to re-sign the agreement [1]

Core Viewpoint - The article emphasizes the importance of financial policies in supporting China's economic modernization and outlines the People's Bank of China's (PBOC) strategies for implementing a moderately accommodative monetary policy during the 14th Five-Year Plan period [1][2]. Group 1: Implementation of Monetary Policy - The PBOC will continue to implement a moderately accommodative monetary policy to promote stable economic growth and reasonable price recovery, focusing on creating a favorable monetary environment for high-quality development [2]. - The PBOC plans to utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to ensure ample liquidity and align social financing and money supply growth with economic growth targets [2][3]. - Specific measures include lowering the interest rates of structural monetary policy tools by 0.25 percentage points and increasing the quotas for rural and small enterprise loans by 500 billion yuan to 4.35 trillion yuan [3]. Group 2: Financial System Development - The PBOC aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management system to support high-quality financial development during the 14th Five-Year Plan [4]. - Key initiatives include optimizing the monetary policy target system, enhancing the market-based interest rate formation mechanism, and improving the structure of monetary policy tools to better guide financial institutions [4][5]. - The PBOC will also focus on strengthening the monitoring and assessment of systemic financial risks and expanding the coverage of macro-prudential management to include new financial sectors [5]. Group 3: Support for Real Economy - The PBOC will enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises, which are crucial for high-quality development [6][7]. - Specific actions include establishing a 500 billion yuan re-loan for consumer services and elderly care, increasing re-loan quotas for technology innovation, and improving financing accessibility for small and micro enterprises [6][7]. - Collaboration with various government departments will be emphasized to improve the effectiveness and convenience of financial services [7]. Group 4: Global Financial Governance - The PBOC will actively promote global financial governance reforms and international financial cooperation, advocating for a fair and inclusive global financial governance system [8][10]. - Efforts will include deepening institutional openness in the financial sector, advancing the internationalization of the renminbi, and enhancing cross-border payment systems [9][10]. - The PBOC will also engage in international macro policy coordination and contribute to the reform of the International Monetary Fund to enhance the representation of developing economies [10].

从季节上看，主要是增在秋粮。全年粮食分夏粮、早稻、秋粮三季，秋粮是大头。2025年秋粮增产 163.6亿斤，占全年粮食增量九成多。 从区域上看，主要增在东北三省、内蒙古和新疆，这5个省份粮食增产114.7亿斤，占全国增量接近 70%。 三是聚焦实现高水平农业科技自立自强，加快农业科技创新和成果应用。要进一步发挥新型举国体制优 势，强化国家农业科技战略力量，大力推进有组织科研、体系化攻关，加快种业、农机装备、智慧农业 等关键领域的突破，扎实推动科技创新和产业创新深度融合，因地制宜发展农业新质生产力。在如何提 高农业科技创新体系整体效能上，可能不少记者朋友们也注意到了，我们联合相关部门在2025年作出了 系统部署，就是要大力推进有组织科研、体系化攻关，围绕高水平农业科技自立自强提高科技创新整体 效能，把各方面的优势力量都要用起来。 四是聚焦促进农民稳定增收，大力发展乡村富民产业。重点是做好"土特产"文章，做优做强农产品加工 业，积极发展乡村特色产业，完善公平分享产业发展收益机制，让农民能够更多分享产业增值收益。 五是聚焦农村基本具备现代生活条件，扎实推进宜居宜业和美乡村建设。因地制宜完善乡村建设实施机 制，接续推 ...

2025年，中国GDP突破140万亿元，同比增长5.0%。在全球经济增长放缓的逆风中，中国经济这艘巨轮不仅稳住了自身航向，更为世界 经济增长注入了宝贵的确定性。在"十四五"规划收官之年，中国经济交出了一份增长稳、动能新、结构优、民生实的答卷，其秘诀就是 在创新中寻找动力、在开放中拓展空间、在发展中普惠民生。 经济大盘：跨越新阶的稳定力 2025年，中国GDP达到1401879亿元，经济总量首次突破140万亿元大关。按不变价格计算，同比增长5.0%，圆满实现了年度预期目标。 这一增长成绩，是在全球经济稳定增长面临严峻挑战、全球地缘政治风险外溢影响更趋复杂的背景下实现的。从产业视角看，三次产业 结构持续优化，服务业对经济增长的贡献率达到61.4%，成为中国经济增长的主要动力。 货币政策保持了适度宽松的基调，宏观政策取向一致性和预期管理得到加强，政策"组合拳"发挥出协同效应。投资结构持续优化，虽然 全年固定资产投资同比下降3.8%，但扣除房地产开发投资后的投资增速保持稳定，高技术产业和民生领域成为亮点。 中国精准运用政策工具，与部分发达经济体政策空间受限、进退两难的局面形成鲜明对比。在应对经济周期性波动和结构性转型 ...

据介绍，2024年10月，广东省佛山市南海区6家从事瓶装液化石油气业务的企业签署协议，拟在南海区 新设并共同控制一家合营企业，投资、建设并运营瓶装液化石油气储配站。该集中未达国务院规定的经 营者集中申报标准，当事方自愿申报。收到申报后，市场监管总局就该集中多次征求有关政府部门、行 业协会等意见，并聘请独立第三方机构开展经济学分析。经评估，该集中将导致集中后实体在佛山市南 海区瓶装液化石油气市场获得市场支配地位，同时也更有利于集中后实体与其他市场参与者达成协调行 为，可能直接或间接实施提高商品价格等行为，损害市场公平竞争和消费者利益。根据反垄断法及相关 规定，市场监管总局依法禁止本案。 据新华社电 记者22日从市场监管总局获悉，市场监管总局近日发布禁止佛山市南海区蓝鸟燃气有限公 司与佛山市南海区南官燃气有限公司等经营者新设合营企业案的通告。该案是反垄断法实施以来，市场 监管总局首次禁止公用事业领域经营者集中，有效维护了瓶装液化石油气市场竞争秩序，预防集中后实 体推高瓶装液化石油气价格、增加群众负担，切实维护消费者利益。 ...

通知提出，要进一步健全考试招生安全管理体系，保障高考安全平稳和公平公正。各地各高校要严把考 试入口关、监考关，积极推进信息化赋能，强化考试环境综合治理，加大考试招生培训机构规范治理力 度，及时协调处置各类涉考涉招突发事件。要严格执行国家招生政策规定，严格遵守高校招生工作纪 律，严格落实高校招生信息公开机制，强化招生录取监督，切实维护良好招生秩序。 据新华社电 记者1月22日从教育部获悉，教育部日前印发通知，对做好2026年普通高校招生工作进行部 署，明确2026年高考全国统考于6月7日开始举行。 ...

Core Viewpoint - The Dalian Commodity Exchange (DCE) is set to launch its first cash settlement for monthly average price futures of linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP) on January 30, 2026, marking a significant development in the futures market [1][2]. Group 1: Futures Contract Details - The contracts involved are L2602F, V2602F, and PP2602F, with the delivery date coinciding with the last trading day of the contract month, specifically the last trading day of January 2026 [1]. - The settlement price for these contracts will be the arithmetic average of the daily settlement prices during all trading days of the previous month [1]. Group 2: Cash Settlement Mechanism - Unlike traditional physical delivery futures, these monthly average price futures will utilize a cash settlement model, where the DCE will directly transfer profits and losses based on the settlement price, eliminating the need for physical delivery [1]. - The delivery fee for these contracts is set at 1 yuan per hand, but the DCE will waive this fee until December 31, 2026, for all but high-frequency traders [2]. Group 3: Preparatory Measures and Market Impact - To ensure a smooth implementation of the first cash settlement, the DCE has conducted two market-wide tests focusing on the reliability of settlement price calculations and profit-loss allocations [2]. - The DCE aims to complement existing physical delivery futures with this cash settlement mechanism, enhancing the overall chemical derivatives ecosystem [2]. - Market participants are advised to closely monitor market dynamics, positions, and delivery progress to ensure a stable cash settlement process [2].

本报讯 （记者 杨美）日前，中国期货市场监控中心发文称，长期跟踪发现，期货市场交易者月度预期 调查指数的预测效果较好。股票市场预期指数对上证指数具有一定的领先性。多数时间里，宏观经济预 期指数与主要经济先行指标的走势具有一致性。 中央经济工作会议部署的积极宏观政策有效提振市场信心。去年12月我国制造业PMI升至50.1%，结束 连续8个月收缩态势，供需两端同步回升。去年12月我国消费市场稳步增长，各类稳投资政策效应不断 显现，高价值产品出口继续加速。从去年12月交易者调查预期指数看，期货交易者对未来3个月我国宏 观经济、股票市场继续保持乐观预期。 地缘政治冲突和贸易摩擦等不确定因素持续存在，全球经济维持弱势复苏格局，上升动能有所不足。全 球制造业采购经理指数（PMI）连续10个月运行在49%～50%。去年12月，期货投资者对黑色板块期货 价格的看涨情绪小幅上升，对有色板块的看涨情绪与上月持平，对农产品和能化板块期货价格的看涨情 绪有所下降。 在"十五五"规划开局与政策红利持续释放的背景下，我国经济新动能不断积聚，国内循环更加顺畅，国 际竞争力持续提升，我国经济长期向好的支撑条件和基本趋势不变。 ...

图为商品期货资金流出前十名（亿元） 整体看，昨日商品期货（主连合约）资金呈大幅流入状态。化工、有色金属和农产品板块流入较多，重点关注流入较多的碳酸锂、苯乙烯、PTA、白银、棕 榈油、原油和棉花，同时关注逆势流出的黄金、铂、镍、豆粕和甲醇。黑色板块小幅流入，重点关注流入较多的焦煤和锰硅，同时关注逆势流出的铁矿石。 金融板块重点关注中证1000股指期货和30年期国债期货。（徽商期货 方正） 图为商品期货资金流入前十名（亿元） 单品种看，昨日资金主要流入的商品期货（主连合约）品种有碳酸锂、苯乙烯、PTA、白银和棕榈油，分别流入37.12 亿元、16.50 亿元、8.21 亿元、6.51 亿 元和3.82 亿元；主要流出的品种有黄金、铂、铁矿石、镍和豆粕，分别流出16.25 亿元、3.88 亿元、1.58 亿元、1.57 亿元和0.93 亿元。从主力合约看，化 工、有色金属、农产品和黑色板块呈流入状态，金融板块呈流出状态。 图为板块资金流入额（亿元） 图为金融期货主连合约资金流向（亿元） 图为商品期货主连合约资金流向（亿元） ...

当前纯苯最大的问题是高库存。截至1月19日，纯苯港口库存为29.7万吨，较上期减少2.7万吨。高港口 库存主要是进口较多，12月进口约53万吨，超出市场预期较多。后续来看，二季度随着检修的进行，纯 苯高库存压力可能缓解。要实现去库，另一个关键点是纯苯必须让利给下游，因此，BZ-SM价差预计 在二季度可能维持偏强的水平。 下游需求方面，呈现出明显分化趋势。 苯乙烯方面，近期有中化泉州，天津渤化这两套装置即将检修结束，但唐山旭阳装置出现故障，就装置 问题来看，重启装置带来的需求量要高于损失量，苯乙烯整体产量仍是上升趋势。当前华东BZ-SM价 差为1780元/吨，明显较高，高加工价差下检修装置可能提前结束或按期完成，如果高利润情况持续时 间较长，或有长停装置重启，节后可能带来明显的负荷提升。当前苯乙烯下游中，部分大厂有物料平衡 需求，可能导致二月ABS产量有明显增长，从而支撑苯乙烯产量。 己内酰胺方面，随着部分工厂提负荷，短期内对纯苯需求可能上升，但后续仍会在利润指引下而下降。 PA6当前开工率仅为70%，较前期下降明显，随着己内酰胺开工率增加至77.3%，己内酰胺利润再度明 显下滑，现货市场再度转为宽松，库存开始 ...