当前，我国经济面临"供强需弱"的问题，亟需通过扩大内需、优化供给，推动供需在更高水平 上实现动态平衡与良性循环，加快形成更多依靠内需主导、消费拉动、内生增长的经济发展模 式。 构建新发展模式是一项系统性工程和长期任务，也是谋划制定2026—2030年扩大内需战略实 施方案的重要目标。落实这一任务，首先需要从战略层面将宏观政策的着力点放在做强国内大 循环上，全面扩大国内需求，同时把发展经济的着力点放在实体经济上，加快构建现代化产业 体系。通过以新需求牵引新供给、以新供给创造新需求，促进消费与投资、供给与需求之间形 成良性互动，不断增强国内大循环的内生动力和可靠性。 在供需衔接方面，需进一步完善市场经济体制，纵深推进全国统一大市场建设，促进要素自由 流动，充分激发市场活力，形成公平竞争、优胜劣汰的市场环境。当前，除了深化要素改革， 在新旧动能转换的关键阶段，需重点治理"内卷式"竞争，推动竞争方式从"拼价格"向"优价 值"转变。同时，完善市场准入、公平竞争、产能退出等机制，加强产能调控，化解供大于求 的阶段性问题。 1月20日，国新办举行新闻发布会。国家发展改革委有关负责人在会上表示，我国将研究制定 并出台2026 ...

美国政府日前宣布成立所谓"和平委员会"，并邀请多国加入。特朗普接受采访时称，"和平委 员会"将首先处理加沙问题，然后延伸处理"其他冲突"。多家媒体披露，美方开出10亿美元"永 久入会"价码。有舆论认为，美方欲将所谓"和平委员会"打造成平行于联合国的机构，将损害 联合国权威和工作机制。 来源丨央视新闻 编辑丨刘雪莹 SFC 美国总统特朗普20日在一场白宫记者会上表示，联合国应继续存在，但他刚宣布成立的所 谓"和平委员会"可能会取而代之。 被媒体记者问及"和平委员会"是否会取代联合国时，特朗普称"可能会"。他同时表示，"联合 国的潜力非常大，所以我认为应该让它继续存在。" ...

1月21日早上 ，现货黄金直线冲高 ， 刷新历史高点至4781.24美元/盎司， 截至7:58，仍在 4775美元上方，日内涨约0.3%。由于地缘政治危机加剧，导致市场避险情绪高涨，20日国际 金价银价已创新高。（ 美国股债汇三杀，黄金白银再创新高 ） 记者丨刘雪莹 编辑丨曾静娇 | ( W | 伦敦金现 | | | | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | 4775.495 | 昨结 开盘 | | | | +12.525 +0.26% | 总量(kg) 现手 | | 0 | | 最高价 4781.240 | 持 仓 0 外 雷 | | O | | 最低价 4757.380 | 增 仓 0 内 盘 | | O | | 关时 | 五日 日Ｋ 周Ｋ 月Ｋ 更多 | | | | 營加 | | 均价:-- | | | 4781.240 | | 0.38% 卖1 4775.903 0 | | | | | 买1 4775.602 0 | | | | | 07:57 4775.605 0 | | | | | 07:57 4775.580 0 | | | 476 ...

Core Viewpoint - The article highlights Guangdong's rapid advancements in the automotive and manufacturing sectors, particularly in electric vehicles and flying cars, showcasing its potential as a global leader in innovative manufacturing and technology [4][20]. Group 1: Automotive Industry Developments - Guangdong is producing a flying car every 30 minutes, indicating a significant leap in manufacturing capabilities [4]. - The region's mass production factory has an annual output of 10,000 flying cars, surpassing the global annual sales of traditional aircraft, which is less than 4,000 units [6]. - Guangdong accounts for one-fifth of China's automotive production and has achieved over 90% self-sufficiency in core components for new energy vehicles [8]. Group 2: Technological Advancements - GAC has launched 12 high-performance automotive-grade chips and initiated a collaborative plan for an automotive chip application ecosystem to meet diverse consumer demands for high performance, safety, and intelligence [9]. - Chinese new energy vehicle technology is estimated to be 3 to 5 years ahead in terms of products, technology, and supply chains, emphasizing the importance of open innovation [11]. Group 3: Industrial Ecosystem and Collaboration - Guangdong's industrial ecosystem supports entrepreneurship and long-term R&D, benefiting from a well-established supply chain and talent pool [13]. - The region is experiencing a "chain breakthrough" across various industries, including semiconductors, new energy, and biomedicine [15]. - The Pearl River Delta's strategic industrial clusters are operating continuously, with significant efficiency improvements in sectors like smart home appliances and high-end MLCC production [17]. Group 4: Future Outlook - Guangdong's production line clusters are becoming global standard setters and sources of future technology, with a projected growth of 6.4% in high-tech manufacturing by 2025 [20]. - The evolution of modern intelligent manufacturing production lines is seen as a leap forward, contributing to China's new industrial narrative [22].

Market Overview - The US stock market experienced a significant decline, with the S&P 500 and Nasdaq dropping over 2%, and the Dow Jones falling by 870 points, a decrease of 1.76% [1] - Major technology stocks also saw substantial losses, with Nvidia and Tesla down over 4%, and Apple and Amazon falling more than 3% [2][3] - The Chicago Board Options Exchange Volatility Index (VIX), known as the "fear index," surged above 20, indicating increased market volatility [1] Sector Performance - Bank stocks fell across the board, with Citigroup down over 4% and JPMorgan Chase and Morgan Stanley dropping more than 3% [4] - Chinese concept stocks mostly declined, with JinkoSolar down 12.5% and Century Internet falling over 10% [4][5] - Semiconductor stocks also faced a downturn, with Broadcom and Skyworks Solutions dropping over 5% [2] Commodity and Currency Movements - Gold and silver prices reached new highs, with spot gold exceeding $4,763 per ounce and silver surpassing $94 per ounce [8][9] - The US dollar index fell by 0.41%, marking its worst two-day performance in about a month [5] - The US Treasury yields rose to their highest levels in over four months, with the 10-year yield reaching 4.292% [6] Cryptocurrency Market - The cryptocurrency market saw a widespread decline, with Bitcoin dropping below $90,000 and Ethereum falling below $3,000 [10] - Approximately 163,000 traders were liquidated in the market downturn [10] Geopolitical Context - US President Trump reiterated his stance on Greenland, indicating a potential for aggressive policies regarding trade and tariffs, which may impact market sentiment [11]

Market Overview - The US stock market opened significantly lower, with the Dow Jones down 1.37%, S&P 500 down 1.42%, and Nasdaq down 1.72% as of 23:20 Beijing time [1] - Major European indices also fell, with the Euro Stoxx 50 down 0.92%, FTSE 100 down 1.08%, CAC 40 down 1.15%, DAX 30 down 1.43%, and FTSE MIB down 1.24% [5][6] Technology Sector - Major tech stocks such as Nvidia, Google, Apple, and Tesla experienced declines, with Nvidia dropping over 3% [3] - Intel saw a significant increase of 6% after HSBC raised its target price from $26 to $50 and upgraded its rating from "reduce" to "hold" [3] Semiconductor and Storage Stocks - Micron Technology's stock rose by 5%, reaching a historical high, with at least two brokerages raising its target price [3] - SanDisk and Seagate Technology also saw increases of 8% and over 2%, respectively, with target prices raised by Citigroup [3] Gold and Mining Stocks - Gold stocks surged due to rising gold prices, with notable increases including 6.8% for Gold Fields and 4.38% for Pan American Silver [3] - Analysts suggest that geopolitical risks are driving investors towards gold and other safe-haven assets, with predictions of gold prices potentially exceeding $5000 per ounce by 2026 [6] Cryptocurrency Market - The cryptocurrency market faced declines, with Bitcoin dropping over 2% to below $91,000, and Ethereum down 4.52% [10][11] Geopolitical Tensions - Ongoing tensions between the US and Europe regarding Greenland have not eased, with President Trump making provocative statements about US territorial claims [12][13]

Core Viewpoint - The article discusses the Chinese government's proactive measures to stimulate domestic demand and investment in 2026, focusing on policies aimed at enhancing consumer spending and supporting emerging industries. Group 1: Economic Policies and Strategies - The National Development and Reform Commission (NDRC) is planning to implement significant high-tech industry projects and develop a strategy for expanding domestic demand from 2026 to 2030 [1][4] - The NDRC emphasizes strengthening the domestic circulation and adapting to the trend of demand upgrading, in conjunction with the new round of technological revolution and industrial transformation [1] - A comprehensive package of policies was released by the Ministry of Finance, including optimizing personal consumption loan subsidies and implementing special guarantees for private investment [2][11] Group 2: Consumer Spending Initiatives - Promoting consumption is a key focus for 2026, with policies aimed at increasing residents' income and optimizing consumption supply [4][8] - The government has allocated 625 billion yuan to support the "trade-in" policy for consumer goods, which has already been initiated in several provinces [4] - The personal consumption loan subsidy policy allows residents to enjoy a 1% interest subsidy on loans used for consumption, including credit card installment payments [7][8] Group 3: Support for Private Investment - The Ministry of Finance's package includes four policies specifically aimed at stimulating private investment, such as loan subsidies for small and micro enterprises and a special guarantee plan for private investment [11][12] - The new policies aim to reduce financing costs for enterprises and enhance profitability, thereby encouraging private investment [11][12] - The government is also focusing on releasing investment demand in high-tech industries and fostering new growth drivers [13][14] Group 4: Income Growth and Employment Stability - The government is working on a plan to increase residents' income and stabilize employment, which is crucial for expanding consumer spending [8][9] - There is a strong emphasis on reforming income distribution, including increasing subsidies for low-income groups and optimizing tax policies to enhance residents' disposable income [9][10]

Core Viewpoint - The article discusses the recent announcement by the Ministry of Finance regarding a package of policies aimed at stimulating domestic demand and promoting high-quality economic development, with a focus on two key interest subsidy policies for the service industry and personal consumption loans [1][4]. Group 1: Policy Duration - The personal consumption loan interest subsidy policy will be uniformly implemented by Agricultural Bank of China, Bank of China, and Postal Savings Bank from September 1, 2025, to December 31, 2026 [5]. - The service industry loan interest subsidy policy, currently announced only by Agricultural Bank, will also be effective until December 31, 2026, with existing loans issued between March 16, 2025, and December 31, 2025, continuing under previous regulations [5]. Group 2: Subsidy Scope Optimization - The inclusion of credit card business: Credit card bill installment plans are now part of the subsidy scope, applicable for new applications from January 1, 2026, to December 31, 2026, with a subsidy rate of 1% per annum, capped at 50% of the agreed annualized interest rate [6]. - Adjustments in personal consumption loan standards include the removal of a 500 yuan cap on single transaction subsidies, elimination of a 1,000 yuan cap for cumulative transactions under 50,000 yuan, while maintaining a 3,000 yuan annual cap for all personal consumption loans [6]. - For service industry loans, three new categories—digital, green, and retail—are added to the existing eight categories, and the maximum subsidy per loan is increased from 1 million yuan to 10 million yuan [6]. Group 3: Important Considerations - Fraudulent activities are strictly prohibited, and any misuse of funds will be legally addressed, with banks retaining the right to recover subsidies already granted [7]. - No fees will be charged during the loan and subsidy processes, and banks will not engage third parties for these services [7]. - Overdue loans will not qualify for subsidies, and borrowers must settle all outstanding principal and interest before being eligible for the subsidy [7]. Group 4: Inquiry Channels - Customers can check subsidy details through bank SMS, mobile banking apps, physical branches, or customer service hotlines, with specific business details to be confirmed through official channels [8].

Core Viewpoint - Junlebao has achieved counter-cyclical growth amidst industry fluctuations, with significant revenue and profit increases, driven by integrated operations and a focus on low-temperature liquid dairy products [1][2]. Financial Performance - Junlebao's total revenue increased from 17.5 billion yuan in 2023 to 19.8 billion yuan in 2024, reaching 15.1 billion yuan in the first nine months of 2025 [1]. - Adjusted net profit rose from 600 million yuan in 2023 to 1.16 billion yuan in 2024, and 940 million yuan in the first nine months of 2025, with adjusted net profit margin improving from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [1]. Market Position - According to Frost & Sullivan, Junlebao ranks third among comprehensive dairy companies in China by retail revenue in 2024 [2]. - The low-temperature liquid milk segment has become a significant growth driver for Junlebao's national expansion [2]. Industry Challenges - The dairy market is currently facing challenges, with a 16.8% year-on-year decline in total sales across all channels as of September 2025, and offline channel growth down by 21.3% [3]. - The overall market growth rate for liquid dairy products from 2019 to 2024 is only 1.7%, indicating a significant slowdown compared to previous years [3]. Growth Opportunities - The low-temperature liquid dairy product market shows strong resilience, with a market size projected to grow from 77.4 billion yuan in 2019 to 89.7 billion yuan in 2024, reflecting a compound annual growth rate of 3.0% [4]. - The fresh milk market is expected to grow from 24.2 billion yuan in 2019 to 36.9 billion yuan in 2024, with a compound annual growth rate of 8.8% [4]. Consumer Trends - High-end fresh milk is becoming a core growth segment, with the high-end fresh milk market size increasing from 5.9 billion yuan in 2019 to 13.3 billion yuan in 2024, and projected to reach 28.4 billion yuan by 2029 [4]. - The low-temperature yogurt market has shown some volatility but remains resilient, with a market size projected to be 52.8 billion yuan in 2024 [5]. Distribution and Market Penetration - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 counties, which is about 77% of the total county-level administrative regions [1]. - The company has established a comprehensive sales network, reaching around 400,000 retail terminals for low-temperature liquid milk and 70,000 for formula milk [12]. Strategic Initiatives - Junlebao is expanding its market presence through acquisitions of regional brands and has successfully entered markets in Hong Kong and Macau, with plans to expand into Southeast Asia [11]. - The company aims to use funds from its Hong Kong IPO for factory construction, capacity expansion, brand marketing, and further R&D innovation [12].

广汽集团表示，1月15日，广汽集团董事长冯兴亚率队访问格力电器，与董事长董明珠及管理 团队共商"人车家"智慧生态融合发展，探讨产业协同。后续如有合作的具体进展，将会第一时 间通过官方渠道发布。请勿轻信或传播未经证实的信息。 记者｜叶映橙 见习记者林健民 编辑｜谢珍 1月20日，21财经《辟谣财知道》注意到，有报道称，1月15日，广汽集团董事长冯兴亚率队 到访格力电器，格力电器董事长董明珠接待时笑言，未来广汽的汽车芯片中一半由格力产品替 代。相关信息在各大网络平台上传播，受到市场关注。 对此，1月20日， 广汽集团官方微博发文辟谣，称近期不少朋友关注广汽与格力的合作动态， 网传"未来广汽的汽车芯片中一半由格力产品替代"，相关表述并非事实。 出品丨21财经客户端 21世纪经济报道 编辑｜黎雨桐 见习编辑林芊蔚 SFC 公开资料显示，格力电器2010年建立IPM功率模块生产线，2018年设立格力零边界公司做芯片 设计。2023年，格力电器设立电子元器件公司，主要从事碳化硅芯片的设计、流片及模块封装 和测试等业务。格力的碳化硅芯片工厂，2022年12月打桩，2023年年底产品通线，一期规划6 英寸碳化硅晶圆年产能24 ...