Group 1 - The core viewpoint of the article emphasizes the optimization of loan interest subsidy policies to stimulate consumption and support small and micro enterprises, with extended implementation periods and increased loan limits [1][2]. Group 2 - The service industry loan interest subsidy policy has been extended to the end of 2026, with new focus areas including digital, green, and retail sectors. The maximum loan amount eligible for interest subsidies has increased from 1 million to 10 million yuan, and the subsidy cap has been raised to 100,000 yuan [1]. - The personal consumption loan interest subsidy policy now includes credit card installment payments, with an annual subsidy rate of 1% [1]. - A new interest subsidy policy for small and micro enterprises has been introduced, offering a subsidy of 1.5% per year for up to 2 years, with a maximum loan amount of 50 million yuan and a maximum subsidy of 150,000 yuan per enterprise [2]. - The equipment update loan interest subsidy policy has been expanded to include fixed asset loans related to equipment updates and new technology innovation loans starting from 2026 [2]. - A special guarantee plan for private investment has been established with a scale of 500 billion yuan, aimed at providing guarantees for eligible small and micro enterprises' loans for various operational activities [2].

1月20日，新东方创始人俞敏洪在自己个人抖音号，以新东方教育科技集团名义发布了一则通 告："新东方教育科技集团，聘请陈行甲老师，为新东方教育、东方甄选、新东方文旅总顾 问，年薪150万人民币。" 通告还表示，新东方教育科技集团每年为恒晖基金会捐献不少于100万人民币的善款。 记者丨 李益文 编辑丨叶映橙 此前，陈行甲因2024年年薪超过70万元而受到部分舆论质疑。根据深圳市恒晖公益基金会在官 方网站公布的2024年年报显示，陈行甲内部职务为副理事长，当年度从基金会获得的税前总收 入约为730100元。而2023年度工作报告则显示，陈行甲该年度在基金会领取薪酬为902700 元。 1月18日晚，深陈行甲公开发布视频，宣布自己将交棒给年轻人。"在这里，我做一个决定：我 将正式启动交接程序，在完成有序的交棒过渡之后，我将不再从恒晖公益基金会领取薪水。" 更早之前的1月16日，深圳市恒晖公益基金会工作人员回应称，基金会财务支出均经过审计， 并根据相关规定向民政部门报告。民政部门也注意到网友所说有关薪酬方面的问题，并就此事 进行了问询，基金会进行了相应回复，经核实后发现并没有问题。 公开资料显示，陈行甲2015年被评为 ...

记者丨唐婧 编辑丨包芳鸣 1月20日，最新贷款市场报价利率（LPR）报价出炉。其中，1年期LPR为3.00%，5年期以上 LPR为3.50%，均与上月持平。这是自2025年5月两个期限LPR各下降10个基点之后， LPR连 续8个月"按兵不动"。 贷款市场报价利率（LPR）由各报价行按公开市场操作利率（公开市场7天期逆回购利率）加 点形成的方式报价，由全国银行间同业拆借中心计算得出，为银行贷款提供定价参考。加点幅 度则主要取决于各行自身资金成本、市场供求、风险溢价等因素。 上海金融与发展实验室副主任、招联首席研究员董希淼告诉记者，从LPR报价机制看，作为 LPR定价主要参考的7天期逆回购操作利率为1.40%，并未发生变化，因此LPR较难下降。从银 行方面看，尽管净息差有企稳迹象，但随着持续向实体经济减费让利，银行保持息差基本稳定 的压力仍然不小。2025年三季度末商业银行净息差为1.42%，与二季度持平，但较2024年四季 度末下降了10个基点。因此， 银行缺乏压降LPR报价加点的动力。 图片来源：中国外汇交易中心 盛松成表示，与商业银行372万亿元的总负债相比，结构性货币政策工具余额仅为6万亿元左 右，且开 ...

Core Viewpoint - The real estate market in China is still adjusting as of 2025, but positive factors are accumulating, indicating potential recovery in 2026 [1][8]. Price Trends - In December 2025, new and second-hand home prices in first-tier cities fell by 0.3% and 0.9% month-on-month, respectively, with the decline narrowing compared to the previous month [3][4]. - Shanghai showed relatively better performance, with new home prices rising by 0.2% in December 2025, making it the only first-tier city with an increase [4]. Sales Performance - The sales area of newly built commercial housing in 2025 was 88,101 million square meters, down 8.7% year-on-year, while sales revenue was 83,937 billion yuan, a decrease of 12.6% [7]. - Despite the negative growth, the decline in sales metrics was less severe than in 2024, indicating some stabilization in market demand [7]. Market Inventory - By the end of 2025, the total unsold housing inventory was 76,632 million square meters, an increase of 1.6% year-on-year, but the growth rate had slowed compared to previous years [7]. - The reduction in inventory is attributed to both proactive de-inventory measures and market self-balancing, which helps stabilize market expectations and confidence [7]. Policy Signals - As of 2026, clear "stabilizing expectations" signals have been released, including policies like extending housing tax rebates and lowering down payment ratios for commercial properties [1][8]. - The emphasis on managing market expectations is crucial for stabilizing the real estate market, with a focus on maintaining policy strength to avoid market-policy conflicts [8]. Future Outlook - Analysts expect that the effects of various favorable policies will further materialize in 2026, leading to positive adjustments in real estate indicators [8]. - The real estate market is anticipated to gradually stabilize and transition towards high-quality development in the mid to late stages of the 14th Five-Year Plan [8].

当行业集体站上高质量发展的新起点，回望过去就会发现：那些看似"不激进"的当下选择， 往往构成了日后"更稳健"的长期优势。而中英人寿，正是在这样一条不急不躁、但步步为营 的轨道上，逐渐走成了高质量发展阶段的样本。 步履自成： 穿越周期的定力 时间是商业世界最公正的法官。在中国寿险业波澜壮阔的历史长河中，二十三年或许只是弹指一 挥间，但对于一家合资险企而言，这二十三年却是一部穿越周期、在激荡中寻找定力的完整进化 史。 审视中英人寿走过的路，我们看到的不仅是一家企业的成长轨迹，更是中国寿险业从"规模冲 动 " 向 " 高 质 量 发 展 " 转 型 的 缩 影 。 可 以 说 ， 中 英 人 寿 的 2 3 年 ， 是 一 部 在 时 代 浪 潮 中 不 断 校 准"战略节奏"的成长史，也是一部在穿越周期中持续夯实"价值底盘"的沉淀史。 2 3年的时间足以检验一家寿险公司对周期的理解，也足以检验其战略选择的耐久性。 2 0 0 3年1月1日，中英人寿由中粮集团与英杰华集团联袂设立。这一创立时点，恰逢中国寿险 市 场 步 入 外 资 、 合 资 险 企 加 速 涌 入 、 银 保 渠 道 快 速 崛 起 的 新 阶 ...

Group 1 - The core viewpoint of the article highlights the rapid growth of the ice and snow economy in southern China, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, driven by innovation and consumer demand [3][6][19] - The ice and snow industry in China is projected to reach a scale of 1,005.3 billion yuan by 2025, with the number of ice and snow sports venues increasing from 1,133 in 2018 to an estimated 2,678 by the end of 2024 [5][6] - The number of indoor ski resorts has surged from 5 during the 2013-2014 season to 59 in the 2023-2024 season, primarily located in southern cities [5][6] Group 2 - In Guangdong, over 30 ice and snow venues have been established, with notable projects like Guangzhou's "Hot Snow Miracle" attracting over 1 million visitors in just 15 months, and Shenzhen's "Qianhai Huafa Ice and Snow World" receiving over 400,000 visitors in its first month of trial operation [8][11] - The region is fostering a diverse range of ice and snow experiences, integrating elements of culture, technology, sports, and accommodation, which enhances the overall consumer experience [14][15] - The ice and snow economy is not only a reflection of consumer upgrades but also showcases China's innovative potential and market opportunities, with significant growth in related sectors such as retail, transportation, and dining [16][19]

来源丨央视新闻 编辑丨刘雪莹 大利好，国家发改委最新发声 最新LPR出炉 国常会密集部署，财政促消费资金有望增至5000亿 SFC 21君荐读 财政部等三部门发布通知，将个人消费贷款财政贴息政策实施期限延长至2026年底。调整后， 个人消费贷款财政贴息政策实施期为2025年9月1日至2026年12月31日。居民在上述期限内发 生的符合条件的消费可按规定享受贴息。政策到期后，将根据实施效果视情研究延长政策期限 等。 ...

Market Overview - On January 20, A-shares experienced a significant drop, with the ChiNext Index falling over 2% at one point, ultimately closing down 1.8% [1] - The Shanghai Composite Index closed down 0.3%, while the Shenzhen Component Index fell by 1.2%, with nearly 3,400 stocks declining [1] Index Performance - The Shanghai Composite Index closed at 4101.62, down 0.30% - The Shenzhen Component Index closed at 14119.95, down 1.22% - The ChiNext Index closed at 1824.62, down 1.43% - The total A-share market index (Wande All A) was at 6743.51, down 0.81% [2] Sector Performance - The chemical sector showed resilience, with stocks like Hongbaoli and Shandong Heda hitting the daily limit [2] - AI application stocks rose, with companies like Jiayun Technology and Yue Media also hitting the daily limit [2] - The storage chip sector remained active, with stocks like Baiwei Storage and Puran Shares reaching new highs, and Baiwei Storage increasing nearly 200% over the last 120 trading days [3] - Retail stocks strengthened, with Shanghai Jiubai and Xinhua Department Store hitting the daily limit, following the National Development and Reform Commission's announcement to develop a strategy for expanding domestic demand from 2026 to 2030 [3] Financing and Market Trends - A-shares' financing balance decreased for the first time in two weeks, with a reported balance of 27,059 billion yuan, down 8.5 billion yuan from the previous day [6][7] - The new financing regulations implemented on January 19 led to a significant drop in margin trading, with the trading volume on that day being the lowest of the year [6] - Key sectors experiencing net selling in financing included electronics, communications, defense, computers, and basic chemicals, each with net selling exceeding 1 billion yuan [7][8] - Analysts suggest that the increase in margin requirements is aimed at cooling down overheated speculative trends, particularly affecting high-volatility sectors [8] Broker Insights - Some brokers reported a shortage of available margin trading quotas due to high market demand [9]

1月20日，中国人民银行以固定利率、数量招标方式开展了 3240亿元7天期逆回购操作 ，操作 利率1.40%，与此前持平。 来源丨央视新闻 编辑丨刘雪莹 最新LPR出炉 国常会密集部署，财政促消费资金有望增至5000亿 央行透露2026年货币政策风向 SFC 21君荐读 ...

1月20日上午，国新办举行新闻发布会，介绍落实中央经济工作会议精神，推动"十五五"实现 良好开局有关情况。 王昌林还表示，将进一步细化地方招商引资，加强重点行业价格监管， 依法依规治理企业低 价无序竞争 ，形成优质优价良性竞争的市场秩序，大力实施质量品牌战略，破解内卷竞争。 国家发展改革委综合司司长周陈在国新办新闻发布会上表示， 正在谋划推进一批"十五五"时 期高技术产业标志性引领性重大工程。 发布会上介绍，要发挥好国家创业投资基金行业标杆作用， 研究设立国家级并购基金 ，加强 政府投资、基金布局规划等，促进创新创业创造，加快培育和发展新质生产力。 消费品以旧换新方面，将打击违法行为，严格执行审核，精准识别各类违法违规行为。严格价 格管理， 对于骗补套补、先涨后补等行为，发现一起、查处一起、曝光一起、打击一起。 → 更多信息滚动更新 来源丨新华社、央视新闻 编辑丨刘雪莹 最新LPR出炉 国常会密集部署，财政促消费资金有望增至5000亿 广州、深圳、香港硬核组团，拿下全球第一 SFC 21君荐读 国家发展改革委副主任王昌林在国新办新闻发布会上表示， 今年将研究制定出台2026—2030 年扩大内需战略实施方案。 ...