Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to the margin ratio, price fluctuation limits, and trading limits for tin futures, aiming to guide market participants towards rational and cautious participation, ensuring stable market operations [4]. Group 1: Market Adjustments - Starting from January 15, 2026, the price fluctuation limit for tin futures contracts will be adjusted to 11%, with the margin ratio for hedging transactions set at 12% and for general positions at 13% [3]. - From January 16, 2026, the maximum number of contracts for day trading by non-futures company members and special overseas non-broker participants will be limited to 800 contracts, while hedging and market-making transactions will not be subject to this restriction [3]. Group 2: Price Trends and Influencing Factors - Tin prices have recently surged, breaking historical highs and surpassing the 2022 peak, reaching above 400,000 yuan/ton, with a cumulative increase of 33% within just half a month [5]. - Factors influencing the rise in tin prices include tight supply due to delayed production recovery in Myanmar, export issues in Indonesia, and production reduction expectations in regions like the Democratic Republic of the Congo due to conflicts [3]. - Domestic inventory levels are at a historical mid-range, with recent accumulation in futures inventory, while the market remains optimistic about long-term consumption driven by electronic products and solder materials [3]. Group 3: Analyst Insights - Analysts suggest that 2026 is likely to be a turning point for tin concentrate supply, with expectations of a gradual easing of supply by the second quarter [4]. - Despite the ongoing demand growth for semiconductor solder, the rapid price increase may be overextending long-term expectations, leading to potential volatility in the market [4]. - The recent price surge has positively impacted related company stock prices, with Huaxi Nonferrous rising by 2.2% and Yunnan Tin Company increasing by 1.5% as of January 15, 2026 [5].

★ 宏观动态 ★ 25项跨境贸易便利化措施今起推广全国 海关总署今天（15日）举行记者通报会，海关总署、商务部等相关负责人介绍了去年我国开展跨境贸易便利化 专项行动的相关情况，专项行动中创新试行的政策措施取得了积极成效，为进一步释放政策红利，促进外贸提 质增效，自今日起向全国复制推广其中的25项跨境贸易便利化政策措施，这些措施包括跨境物流、新业态、惠 企便民等五个方面。向全国复制推广的25项政策措施，重点围绕促进跨境物流高效畅通。强化不同通道间及运 输方式间对接，推动实现进出口集装箱"一次委托、一单到底、一次结算、一箱到底"，拓展"空空中转""空陆 联运""空铁联运"等多式联运业务。 两部门：延续实施境外机构投资国债和地方政府债券增值税政策 财政部、税务总局发布关于延续实施境外机构投资国债和地方政府债券增值税政策的公告，自2025年8月8日起 至2027年12月31日止，对境外机构投资我国在境外发行国债、地方政府债券取得的债券利息收入，免征增值 税。 国家电网"十五五"计划投资4万亿元建设新型电力系统 据新华社，国家电网1月15日宣布，"十五五"时期公司固定资产投资预计达到4万亿元，较"十四五"投资增长 40 ...

Group 1 - The article discusses a phone call between Wang Yi, a member of the Political Bureau of the CPC Central Committee and Foreign Minister, and Iranian Foreign Minister Amir-Abdollahian, focusing on the recent unrest in Iran attributed to external forces [1] - Amir-Abdollahian emphasized that Iran has restored stability and is prepared to respond to external interference while keeping the door open for dialogue, expecting China to play a greater role in regional peace and stability [1] - Wang Yi reiterated China's stance on adhering to the purposes of the UN Charter and international law, opposing the use or threat of force in international relations, and advocating for dialogue to resolve differences [1]

本轮行情巨大弹性的背景是广告行业长期不受机构重视，以及相对硬科技的便宜。券商中国记者注意到，在本 轮行情之前，中证传媒指数处于历史底部，与2021年市场点位基本持平，尚未达到2014年的行业平均水位。截 至2026年1月4日，从估值角度来看，传媒板块的PE水平尚不足30倍。根据机构的测算，截至2025年三季度 末，样本内公募基金对A股传媒板块重仓配置比例不足3%，而这3%的持仓海主要集中在游戏股赛道。广告营 销行业成为传媒股中冷门中的冷门。对比可看，游戏板块的基金重仓配置比例在去年三季度出现显著增长；广 告营销板块则相反，基金重仓该细分赛道的比例持续下滑。 也就是说，在相当长时间内，基金经理重仓传媒股几乎等于重仓游戏股，传媒行业中的广告营销是一个少有基 金问津的对象。 基金经理借传媒背景抢占先机 传媒主题基金的春天来了。 开年仅半个月，广告传媒行业便因贴上"AI"标签而迎来大涨。这一几乎被主动权益基金出清的冷门领域，正因 公募持仓极低带来高弹性，结合AI赋能带来广告行业的降本增效预期，其重新成为基金经理开年抢占的新阵 地。从蓝色光标等一批广告营销股的翻倍行情，到多位具有传媒背景的基金经理精准"埋伏"，基金经理 ...

菲律宾外交部1月15日宣布，自2026年1月16日起，中国公民可免签入境菲律宾，停留时间最长为14天。该政策 仅适用于经马尼拉和宿务机场入境的游客，且14天的停留期限不可延长。 "降息大门关闭！"美联储，预期突变！美国重磅数据出炉！ 局势升级！俄罗斯，大规模袭击！发射7枚巡航导弹！英国，重大宣布！ 利好突袭！杭州"六小龙"，传出大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 来源：每日经济新闻 责编：汪云鹏 校对：王朝全 百万用户都在看 突发！美军，异动！伊朗，关闭领空！ AI大牛股，停牌核查！多只A股，紧急提示风险！ 上交所出手，暂停国晟科技部分投资者账户交易！浙江证监局也有动作 ...

全球半导体产业传出两则大消息！ 一是，得益于人工智能应用相关芯片需求的飙升，全球芯片代工龙头台积电2025年第四季度的利润创出新高； 二是，美国对部分半导体产品加征关税。 受此消息影响，半导体设备股集体拉升。周四美股盘前，应用材料涨近6%，台积电涨超5%，阿斯麦涨超4%， AMD、博通、英伟达涨超1%。 今日午后，A股三大指数探底回升，创业板指率先翻红。从盘面上看，半导体芯片板块午后大幅拉升，提振了 市场人气。该板块收盘时涨幅超过1.5%，矽电股份20%涨停，南大光电、芯源微、上海新阳等纷纷走强。 港股市场午后也探底回升，恒生指数一度逼近翻红；恒生科技指数跌幅也收窄至1%左右，该指数盘中跌幅一 度超过2%。半导体板块尾盘拉升，华虹半导体涨超6%，英诺赛科涨近3%，中芯国际涨近2%。 半导体大消息 1月15日午后，半导体板块大幅拉升，蓝箭电子、矽电股份陆续封死20%涨停，上海新阳、珂玛科技、芯源 微、恒坤新材、南大光电、江波龙、中科飞测、源杰科技、艾森股份、华润微、中微公司等纷纷拉升跟涨。截 至收盘时，半导体板块整体涨幅达到1.56%。 在半导体板块的带动下，PCB、CPO等AI硬件方向也大幅走高。截至收盘时， ...

Group 1 - The core viewpoint of the article is that China's export control measures on dual-use items directed at Japan are justified and a response to Japan's actions, particularly those of Prime Minister Kishi Nobuo [1] - The Chinese government emphasizes that export controls are a common international practice aimed at maintaining world peace and fulfilling non-proliferation obligations [1] - China asserts that the measures are legal and reasonable, aimed at preventing Japan's militarization and nuclear ambitions, and criticizes Japan for not recognizing the root of the issue [1]

Group 1 - The total social financing scale at the end of 2025 was 442.12 trillion yuan, with a year-on-year growth of 8.3% [2] - The balance of RMB loans to the real economy was 268.4 trillion yuan, increasing by 6.3% year-on-year [2] - The balance of foreign currency loans to the real economy decreased by 18% year-on-year, amounting to 1.05 trillion yuan [2] Group 2 - The total increment of social financing for the year 2025 was 35.6 trillion yuan, which is an increase of 3.34 trillion yuan compared to the previous year [4] - The increase in RMB loans to the real economy was 15.91 trillion yuan, which is a decrease of 1.13 trillion yuan year-on-year [4] - The net financing of corporate bonds was 2.39 trillion yuan, an increase of 4.825 trillion yuan year-on-year [4] Group 3 - The broad money supply (M2) at the end of December was 340.29 trillion yuan, with a year-on-year growth of 8.5% [5] - The narrow money supply (M1) was 115.51 trillion yuan, increasing by 3.8% year-on-year [5] - The cash in circulation (M0) was 14.13 trillion yuan, with a year-on-year growth of 10.2% [5] Group 4 - The total balance of deposits in RMB and foreign currencies was 336.14 trillion yuan at the end of December, with a year-on-year growth of 9% [6] - The increase in RMB deposits for the year was 26.41 trillion yuan, with household deposits increasing by 14.64 trillion yuan [6] Group 5 - The total balance of RMB loans at the end of December was 271.91 trillion yuan, with a year-on-year growth of 6.4% [8] - The increase in loans to households was 4.417 trillion yuan, while loans to enterprises increased by 15.47 trillion yuan [8] Group 6 - The average weighted interest rate for interbank RMB market lending in December was 1.36%, lower than the previous month and the same period last year [10] - The total transaction volume in the interbank RMB market for the year was 2180.31 trillion yuan, with an average daily transaction of 8.79 trillion yuan [10] Group 7 - The national foreign exchange reserves at the end of December were 3.36 trillion USD [11] - The exchange rate for RMB against USD was 7.0288 at the end of December [11] Group 8 - The total amount of cross-border RMB settlements under the current account for 2025 was 17.86 trillion yuan [12] - The cross-border RMB settlement amount for direct investment was 8.46 trillion yuan [12]

违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 《意见》提出，选择部分具备条件的园区开展扩大企业年金覆盖面试点，加快建设全国企业年金信息平台和数 据库，实现数据互联互通、信息共享，基于社会保障卡提升管理服务水平，为职工信息查询、转移接续、待遇 申请和用人单位企业年金方案备案提供便捷服务。 来 源： 央视新闻客户端 责编：罗晓霞 校对：王朝全 | 百万用户都在看 | | --- | | 突发！美军，异动！伊朗，关闭领空！ | | AI大牛股，停牌核查！多只A股，紧急提示风险！ | | 上交所出手，暂停国晟科技部分投资者账户交易！浙江证监局也有动作 | | "降息大门关闭！"美联储，预期突变！美国重磅数据出炉！ | | 局势升级！俄罗斯，大规模袭击！发射7枚巡航导弹！英国，重大宣布！ | | 利好突袭！杭州"六小龙"，传出大消息！ | 近日，人力资源社会保障部、财政部印发《关于进一步做好企业年金工作的意见》（以下简称《意见》）。 《意见》明确，各类企业、社会团体、基金会、民办非企业单位以及其他符合条件的用人单位及其职工，可以 按照规定建立企业年金。 用人单位及其职工在缴费限额内 ...

与此同时， 2 026年1月15日（星期四）下午3时，国务院新闻办公室举行新闻发布会，中国人民银行新闻发言人、副行长邹澜，国家外汇局新闻发言人、副 局长李斌介绍货币金融政策支持实体经济高质量发展成效，并答记者问。 刚刚，央行接连发声！ 1月15日盘后， 中国人民银行官网 发布《 中国人民银行决定下调再贷款、再贴现利率 》公告。 央行表示， 为更好发挥结构性货币政策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节的支持力度，中国人民银行决定：自2026年1月19日 起，下调再贷款、再贴现利率0.25个百分点。下调后，3个月、6个月和1年期支农支小再贷款利率分别为0.95%、1.15%和1.25%，再贴现利率为1.5%，抵押补充贷款 利率为1.75%，专项结构性货币政策工具利率为1.25%。 | | | | 中国人民银行 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | લ્વિત્ત | | THE PEOPLE'S BANK OF CHINA | | | | | | | ...