Core Viewpoint - The article discusses the resilience of the global economy amid conflicting factors such as U.S. tariff policies and the AI investment wave, with the IMF projecting stable growth rates for the next two years [1][3]. Economic Growth Projections - The IMF forecasts global economic growth at 3.3% for 2024 and 3.2% for 2025, with adjustments of +0.2% and 0% respectively from previous estimates [1][2]. - The U.S. is projected to grow at 2.4% in 2024 and 2.0% in 2025, with changes of +0.3% and -0.1% [1][2]. - China's growth is expected at 4.5% for 2024 and 4.0% for 2025, with increases of +0.3% and decreases of -0.2% [1][2]. Factors Influencing Economic Performance - The strong economic performance is attributed to various factors, including easing trade tensions, fiscal stimulus, a loose financial environment, and robust private sector responses to trade disruptions [3]. - A significant driver of growth is the surge in investments in information technology, particularly in AI, which has reached its highest level since 2001 in the U.S. [3]. Emerging Markets and Developing Economies - Emerging markets and developing economies are expected to grow at 4.2% and 4.1% in the next two years [5]. - India is projected to maintain a growth rate of 6.4% for both years, while the Middle East and Central Asia are expected to grow at 3.9% and 4.0% [5]. Trade and Inflation Outlook - Global trade volume growth is anticipated to decline from 4.1% in 2025 to 2.6% in 2026, with inflation expected to decrease to 3.8% in 2026 and 3.4% in 2027 [5]. - The U.S. inflation rate is expected to decline more slowly than in other economies, while the Eurozone inflation is projected to hover around 2% [5]. AI Investment Risks - The article highlights concerns regarding the potential bubble in AI investments, with warnings from the IMF about possible market corrections if productivity expectations are reassessed [7][8]. - The current tech investment boom presents both upside and downside risks for the global economy, with potential impacts on consumption and wealth distribution [8]. Central Bank Policies - The article notes that major central banks are expected to adopt divergent monetary policies in 2026, with the U.S. and U.K. likely to lower interest rates while the Eurozone may maintain its rates [10][11]. - The IMF suggests that the independence of central banks is crucial for maintaining monetary and financial stability [11].

Core Viewpoint - The establishment of a total of 17 strategic partnerships between Hainan Holdings and major banks marks a significant step in the financial support for the Hainan Free Trade Port, enhancing credit capacity and optimizing financial resources for key projects and new industries [5][6]. Financial Institutions' Involvement - Hainan Holdings has achieved a financial credit limit exceeding 200 billion yuan, partnering with 17 banks, including major state-owned banks and joint-stock banks, to support various sectors such as infrastructure and new productivity [2][3]. - The total assets of the banking sector in Hainan Free Trade Port reached 1,959.8 billion yuan by October 2025, reflecting a 39.68% increase since the end of 2020, while the insurance sector's total assets grew by 47.99% to 70.5 billion yuan [3]. Strategic Cooperation Significance - The strategic cooperation with banks aims to enhance funding security, increase credit flexibility, and lower financing costs, thereby supporting Hainan Holdings' core and emerging business sectors [5][6]. - Hainan Holdings is recognized as a key strategic partner for several banks, indicating its significant role in the regional economic landscape [5]. Diverse Financial Support System - The 17 banks provide a diversified financial support system, leveraging their unique strengths to meet the specific needs of Hainan's economic development [8][9]. - Major banks like the Industrial and Commercial Bank of China and China Construction Bank focus on project financing and supply chain finance, while others like the Agricultural Development Bank emphasize policy-driven financial support [9][10]. Non-Banking Financial Institutions - Non-banking financial institutions, including insurance companies and venture capital funds, are also increasing their investments in Hainan, with notable entries from HSBC and Allianz [12][13]. - The Hainan Free Trade Port Construction Fund has doubled its registered capital to 20 billion yuan, reflecting a strong commitment to long-term development and support for enterprises [13][14]. Future Industry Focus - The Hainan Free Trade Port Construction Fund plans to focus on advanced sectors such as biomanufacturing and hydrogen energy, aiming to create a collaborative ecosystem for technology transfer and market expansion [14]. - The establishment of a gold storage facility in Hainan marks a significant development in the local financial infrastructure, facilitating efficient and secure operations for the gold industry [14].

记者丨叶映橙 见习记者林健民 编辑丨谭婷 近日，但斌在第三十届中国资本市场论坛上表示，他本人就2024年"9·24"行情的判断，向任 泽平认错。 但斌表示，他本人的言论放在当时是对的，但现在来看是错的，因此他在论坛这 个公开场合向任泽平道歉。 二人的争论可追溯至2024年，彼时"924"行情启动，A股市场经历剧烈波动，但斌与任泽平因 对后市判断截然不同而隔空交锋，引发市场舆论高度关注。 2026年1月19日，网红经济学家任泽平在社交媒体上发文，公开回应私募大佬、东方港湾董事 长但斌的致歉，为此前的市场"多空"之争画上句号。 任泽平表示："最近，但斌先生向我致歉，大致意思，2024年9月以来确实是一轮牛市。实事 求是，但斌先生作为业内顶级投资人，水平很高，他的很多观点我看到后，很受启发，学习 到很多。 善意收到了，和而不同 。" 任泽平称赞但斌为"业内顶级投资人"，坦言从其观点中"学习到很多"。他强调"人都有看错的 时候"，分享了自己过去犯过的投资错误，并表示"永远是市场的学生"。 任泽平点赞但斌格局，认为谁先释放善意，谁格局更大，"成年人的世界。其实就是嘴仗，没 啥根本利益冲突。大家多劝劝，别起哄。" 202 ...

据新华社报道，日本首相高市早苗19日表示，将于23日解散众议院。 来源丨新华社 编辑｜金珊 见习编辑林芊蔚 SFC ...

对此，外交部发言人郭嘉昆19日在例行记者会上表示，中方已经多次阐明在格陵兰岛问题上的 立场。以联合国宪章宗旨和原则为基础的国际法是现行国际秩序的基础，必须得到维护。 来源丨新华社 编辑丨曾静娇 欧盟多国考虑对930亿欧元输欧美国商品加征关税 SFC 21君荐读 美国总统特朗普17日在社交媒体上宣布，将从2月1日起对来自丹麦、挪威、瑞典、法国、德 国、英国、荷兰和芬兰的输美商品加征10%关税，并宣称加征关税的税率将从6月1日起提高至 25%，直到相关方就美国"全面、彻底购买格陵兰岛"达成协议。 ...

Core Viewpoint - The article discusses the implementation of zero-carbon factory construction in China, emphasizing the government's commitment to promoting green and low-carbon development through a series of guidelines and policies aimed at reducing carbon emissions across various industries [1][2]. Group 1: Policy and Guidelines - On January 19, 2026, five government departments issued the "Guiding Opinions on Zero-Carbon Factory Construction," which outlines the selection of benchmark zero-carbon factories starting in 2026 [1]. - By 2027, the initiative aims to cultivate zero-carbon factories in sectors such as automotive, lithium batteries, photovoltaics, electronics, light industry, machinery, and computing facilities [1][5]. - The goal is to expand zero-carbon factory construction to industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles by 2030, exploring new decarbonization pathways for traditional high-energy industries [1][5]. Group 2: Construction and Implementation - Zero-carbon factory construction involves continuous reduction of carbon dioxide emissions through technological innovation, structural adjustments, and management optimization [2][4]. - The construction path includes establishing a carbon emission accounting management system, transforming energy structures to be greener, enhancing energy efficiency, analyzing carbon footprints of key products, and improving digital intelligence levels for carbon control [5][6]. - The article highlights that various regions, including Tianjin, Shanghai, Jiangsu, and Guangdong, have begun pilot projects for near-zero carbon factories, with over a hundred near-zero carbon factory lists published [6]. Group 3: Challenges and Future Directions - The construction of zero-carbon factories is a complex and systematic project that involves multiple aspects such as energy structure, process technology, funding, and management services, with significant variations in implementation across different regions and industries [6]. - Challenges include inconsistent evaluation requirements, unverified key technologies, and weak foundations for carbon emission statistics, necessitating enhanced guidance and technical support [6]. - The Ministry of Industry and Information Technology plans to coordinate with other departments to promote the implementation of the guidelines and support high-quality progress in zero-carbon factory construction [6].

Core Viewpoint - The recent appointment of Xu Fen as the CEO of Zhuhai Wanda Commercial Management Group indicates a continued delegation of operational authority to Wanda, while the decision-making power remains firmly in the hands of investors led by TPG [3][4]. Group 1: Leadership Changes - Xu Fen has been appointed as the CEO of Zhuhai Wanda Commercial Management, succeeding Huang Dewei [1][3]. - Xu Fen joined Wanda Group in September 2006 and has held various leadership roles, including Vice President and President of the North Region [3]. - Huang Dewei, the previous CEO, is now a partner at TPG and has transitioned to a role with significant investment responsibilities [3]. Group 2: Investment Dynamics - In March 2024, TPG, along with other investors, invested approximately RMB 60 billion into New Damo Commercial Management, resulting in the new investors holding 60% of the shares, while Wanda's stake decreased from 70.15% to 40% [3]. - The board of directors for both New Damo and Zhuhai Wanda Commercial Management consists of 10 members, with 6 from the investment side and 4 from Wanda [5]. Group 3: Implications of Leadership Transition - The appointment of Xu Fen suggests a strategic move to maintain operational continuity within the Wanda system, while the board's composition indicates that TPG and other investors retain significant control over strategic decisions [4][5].

Market Overview - Major stock indices in the Asia-Pacific region showed mixed results, with the Shanghai Composite Index surpassing 4100 points, while Hong Kong's main indices were in the red [1] - The South Korean Composite Index broke through 4900 points for the first time, with Hyundai and Kia Motors both rising over 12% [1] - A-shares experienced a contraction in trading volume, with the Shanghai Composite Index up 0.29% and the Shenzhen Component Index up 0.09%, while the ChiNext Index fell by 0.7% [1][2] Trading Volume and Stock Performance - The total trading volume in the Shanghai and Shenzhen markets was 2.73 trillion yuan, a decrease of 324.3 billion yuan from the previous trading day [1] - Over 3500 stocks in the market rose, with 103 stocks hitting the daily limit [1] Sector Performance - The electric grid equipment sector showed strong performance throughout the day, with stocks like China West Electric, Dalian Electric Porcelain, and Guangdian Electric all hitting the daily limit [3] - The AVIC index opened high and saw all constituent stocks in the green, with AVIC Aircraft, AVIC Power, AVIC Control, and AVIC Technology all hitting the daily limit, while Hongdu Aviation rose nearly 9% [4][5] Hong Kong Market - The three major indices in Hong Kong collectively declined, with the Hang Seng Index and Hang Seng Technology Index both dropping over 1%, and the Hang Seng China Enterprises Index down over 0.8% [6] - Most tech stocks in Hong Kong fell, with Bilibili down over 7%, Alibaba and Alibaba Health down over 3%, and other companies like Kuaishou and JD Health down over 2% [6] Commodity Performance - Gold and silver prices reached new highs, with spot gold nearing $4700 and silver up over 3.6%, marking a year-to-date increase of over 30% [7] - The cryptocurrency market continued to decline, with Bitcoin dropping nearly 3% and over 250,000 individuals facing liquidation, totaling approximately $871 million [7]

Core Viewpoint - The article highlights the robust growth of China's industrial value-added output in 2025, with a year-on-year increase of 5.9%, indicating a stable economic recovery and resilience in various sectors [1][6]. Group 1: Industrial Growth - In December 2025, the industrial value-added output for large-scale industries grew by 5.2% year-on-year, with a month-on-month increase of 0.49% [1]. - The mining industry saw a year-on-year increase of 5.4%, manufacturing grew by 5.7%, and the electricity, heat, gas, and water production and supply sector increased by 0.8% [2]. - For the entire year, the mining industry increased by 5.6%, manufacturing by 6.4%, and the electricity, heat, gas, and water sector by 2.3% [2]. Group 2: High-tech and Equipment Manufacturing - The equipment manufacturing sector experienced a significant growth of 9.2%, while high-tech manufacturing grew by 9.4%, outpacing the overall industrial growth by 3.3 and 3.5 percentage points respectively [2][6]. - In 2025, the contribution of high-tech and equipment manufacturing to the total industrial value-added output reached 36.8% and 17.1% respectively [6]. Group 3: Economic Indicators and Future Outlook - The total economic output reached 140 trillion yuan in 2025, reflecting the successful implementation of new development concepts and the growth of new productive forces [7]. - The Consumer Price Index (CPI) rose by 0.8%, marking the highest increase since March 2023, while the Producer Price Index (PPI) showed a narrowing decline [7]. - Looking ahead to 2026, the economic outlook remains positive, supported by government policies aimed at boosting domestic demand and maintaining stable economic growth [8].

文娱行业不是失德者逐利的"逍遥场"，对漠视监管、挑战公序良俗的行径，必须坚决整治、从 严纠偏。 下沉县域商演捞金、直播间改名换姓带货、打"公益"旗号洗白……劣迹艺人线上线下违规复 出、失德失范屡屡发生，触碰公序良俗底线，污染文化传播生态。 事实上，文娱从业者的言行"负面清单"早已划得清楚明白。中国演出行业协会相关管理办法将 涉毒、涉赌等十余类行为列为禁区，明确不同的联合抵制期限及严格的复出评议程序。 违规复出乱象为何难遏止？ 根源在于部分从业者利欲熏心，有的平台追求流量至上，也在于 监管存在漏洞，治理合力尚未形成。劣迹艺人钻"线上线下监管差异"空子，借"下沉市场信息 差"规避监督；"饭圈"乱象推波助澜，也让不良风气在一些粉丝群体中蔓延。 文艺承担着成风化人的职责。对乱象整治须直击要害，堵住监管漏洞、划实规范红线。对演艺 活动的监管不能止步于对经纪公司提交的合同、证照做形式审查，不能只是"流程盖章"的走过 场。行业协会也要绷紧自律之弦，严格执行联合抵制机制，净化行业生态，对违规复出坚决 说"不"。 针对有些劣迹艺人线上"借网重生"，平台不能"装睡"。 要摒弃流量至上，优化算法逻辑，把 好审核关口，完善举报机制， ...