【导读】财政部发布多项重磅政策，个人消费贷财政贴息政策实施期限延长至2026年底 中国基金报记者 晨曦 重磅利好来了！ 1月20日，财政部官网发布多份政策文件，包括优化实施个人消费贷款财政贴息政策、优化实 施设备更新贷款财政贴息政策、优化实施服务业经营主体贷款贴息政策、实施民间投资专项 担保计划、实施中小微企业贷款贴息政策等。 | · 财政部等五部门联合实施中小微企业贷款贴息政策 | 01-20 | | --- | --- | | • 财政部等五部门优化实施服务业经营主体贷款贴息政策 | 01-20 | | · 财政部等五部门联合实施民间投资专项担保计划 | 01-20 | | • 财政部等五部门优化实施设备更新贷款财政贴息政策 | 01-20 | | • 财政部等三部门优化实施个人消费贷款财政贴息政策 | 01-20 | | • 财政部发行2026年记账式附息（三期）国债 | 01-19 | 来看详情—— 个人消费贷款财政贴息政策实施期限延长至2026年底 1月20日，财政部、中国人民银行、金融监管总局发布《关于优化实施个人消费贷款财政贴息 政策有关事项的通知》。 《通知》称，将个人消费贷款财政贴息政策实施 ...

Core Viewpoint - The launch of the Southern Dongying CSI A500 Index ETF in Singapore marks a significant step in the internationalization of China's capital markets, providing foreign investors with an efficient tool to access leading companies across various industries in China [2][4]. Group 1: ETF Launch Details - The Southern Dongying CSI A500 Index ETF (stock code: SUN) was officially listed on the Singapore Exchange on January 20, 2026, with an initial price of 1 Singapore dollar per share and a minimum trading unit of 1 share [4]. - The ETF has an annual management fee of 0.89% and aims to invest at least 90% of its net assets in the Southern CSI A500 ETF through various legal means [4]. - As of January 8, 2026, the Southern CSI A500 ETF had an asset management scale of 471 billion RMB, ranking second globally and first among similar products on the Shenzhen Stock Exchange [4]. Group 2: Index Characteristics - The CSI A500 Index is a new core broad-based index in China, selecting 500 securities with larger market capitalization and better liquidity from various industries, representing core leading assets in the A-share market [4]. - The index balances new growth sectors like information technology and communication services with traditional industries such as industrials and finance, reflecting China's economic transformation and emerging growth drivers [4]. Group 3: Market Impact and Opportunities - The launch of the ETF provides Singapore investors with a convenient way to invest in China's core assets, with a minimum investment of only 1 Singapore dollar, thus facilitating long-term growth opportunities [5]. - The successful listing of the ETF enriches the Singapore ETF market and meets investor demand for broad-based A-share index exposure, enhancing the global influence of A-share ETFs [6][7]. - The establishment of the ETF mutual recognition between Shenzhen and Singapore represents a milestone in cross-border investment, allowing for better resource allocation towards key sectors like technology innovation and green low-carbon initiatives [7].

【导读】小米公司发言人回应两起事故：全力配合开展后续调查工作 中国基金报记者 晨曦 1月20日，小米公司发言人在微博发表声明，就1月19日发生的两起相关事件作出回应。这两 起事件分别为海南海口一汽车维修店车辆火情和河南兰南高速小米YU7交通事故。 1月19日，海南海口一汽车维修店出现火情。当日17点30分，车辆进入驻车状态，主副驾离 车。17点34分，前排座椅发生移动。17点37分，车内出现火情。截至车辆离线数据中断前， 动力电池均处于正常状态。随后现场火情已由消防部门及时扑灭，没有造成人员受伤。 1月19日16点03分，在河南开封市尉氏县蔡庄镇S83兰南高速上，一辆小米YU7发生意外交 通事故。经初步核实，事故发生前车辆处于人驾状态，正常行驶，右侧货车危险并道，因雪 地路滑，驾驶员避让不及发生碰撞，对方未停车驶离现场。 发生事故后，车辆前部受损，驾驶员正常停靠应急车道，车内驾乘人员及时撤离，无人员伤 亡。截至16点14分车辆离线前，动力电池与小电池状态均处于正常范围内。后车辆发生起火 出现明火，现场火情已由消防部门及时扑灭。 小米公司发言人称，正全力配合消防部门及交管部门开展后续调查工作，全力协助用户处理 ...

【导读】 上午A股 三大指数 高开低走，商业航天、通信设备板块重挫，大金融、食品饮料逆市拉升 中国基金报记者 张舟 大家好， 今天是周二， 基金君和你 继续 关注市场行情！ 1月20 日上午，A股三大股指 高开低走。 截至午间收盘，沪指 报4101.62点，跌0.3 %，深证成指 跌1.22 %，创业板指 跌1.83 %。 科 创创业50指数、创业板50指数均跌超2%。 | 4101.62 | 2 2 2010 11 | 14119.95 | Annuanna W | 3276.64 | VWO | | --- | --- | --- | --- | --- | --- | | 上证指数 -0.30% | | 深证成指 -1.22% | | 创业板指 -1.83% | | 个股 跌多涨少，全 市场 共有3396 只个股下跌 ，1912 只个股上涨， 54 只个股涨停 。成交额方面，沪深两市半日成交额为1.85万亿 元，较上个交易日放量568亿元。 从板块 来 看， 通信设备、航天军工、电子元器件、基本金属、能源设备等板块纷纷下挫；银行保险板块异动拉升，食品饮料、房地产、 半导体板块逆市上涨。 银行保险板块异动 ...

Core Viewpoint - The article highlights the launch of Feihe's new fresh ingredient traceability system, marking a significant advancement in the infant formula industry and redefining the standards of "freshness" in baby formula products [3][10][22]. Group 1: Event Overview - The "Seeking Traces · Fresh Vitality Ceremony" was held in Beijing, featuring brand ambassadors and industry experts discussing Feihe's new products and their commitment to "fresh nutrition" [1][12]. - The event showcased Feihe's new products, "Jilu" and "Qicui," which utilize the fresh ingredient traceability system, emphasizing their superior quality and nutritional benefits [12][22]. Group 2: Fresh Ingredient Traceability System - Feihe introduced the world's first traceability system for fresh ingredients in infant formula, allowing consumers to track the production information of key ingredients like whey protein and lactoferrin through a simple QR code [6][7]. - This system transforms product quality into transparent, perceivable data, enhancing consumer trust and safety in product selection [7][10]. Group 3: Industry Impact - The introduction of the traceability system signifies the beginning of the third "freshness revolution" in the infant formula industry, pushing for higher standards and transparency in the supply chain [3][10][22]. - Feihe's commitment to self-sourcing fresh ingredients aims to mitigate risks associated with imported raw materials, such as contamination and nutrient loss [7][10]. Group 4: Product Innovations - The new products "Jilu" and "Qicui" are designed to be more suitable for Chinese babies, featuring advanced formulations that enhance freshness and nutritional value, achieving a freshness level 23 times higher than traditional imported ingredients [12][21]. - These products are backed by rigorous clinical trials, ensuring their effectiveness in promoting growth and development in infants [21][22]. Group 5: Research and Development - Feihe has invested over 64 years in maternal milk research, collaborating with top research institutions globally to build the largest maternal milk database in China, which supports their innovative product development [19][22]. - The company has achieved significant recognition in the field, holding the top position in maternal milk research outcomes and patents in infant formula [19].

les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 经查，高以忱丧失理想信念，背弃初心使命，毫无政治意识和政治鉴别力，大搞政商勾连、利益交 换，严重污染政治生态，对抗组织审查；违反中央八项规定精神，违规接受宴请；违规为他人调动工 作提供帮助；廉洁底线失守，违规收受礼品礼金，无偿接受私营企业主提供的车辆服务；干预和插手 司法活动；大肆收钱敛财，退而不休，利用职务便利为他人在公司上市审批、土地使用权转让、执行 案件处理等方面谋利，并非法收受巨额财物。 高以忱严重违反党的政治纪律、组织纪律、廉洁纪律和工作纪律，构成严重职务违法并涉嫌受贿、利 用影响力受贿犯罪，且在党的十八大后不收敛、不收手 ...

Core Viewpoint - The article discusses the implementation of the Central Economic Work Conference's spirit and the efforts to achieve a good start for the "14th Five-Year Plan," highlighting the resilience of China's economic development and the focus on enhancing domestic demand and innovation [1][3]. Group 1: Economic Development Goals - By 2025, the main goals for economic and social development are expected to be achieved, with economic operations showing stability and progress, and improvements in people's livelihoods [3]. - The focus will be on implementing more proactive macro policies, advancing high-level technological self-reliance, and breaking through economic circulation bottlenecks [3][4]. Group 2: Digital Economy and Innovation - The digital economy's added value is projected to reach 49 trillion yuan by 2025, accounting for approximately 35% of GDP, indicating significant market potential [4]. - China currently has 24 global top 100 innovation clusters, maintaining the highest number in the world, which enhances the role of innovation in driving economic growth [4]. Group 3: Domestic Demand and Supply Optimization - There is a current imbalance in the economy characterized by strong supply and weak demand, necessitating a focus on expanding domestic demand and optimizing supply to achieve a dynamic balance [6]. - The strategy includes three key focuses: strengthening domestic circulation, emphasizing the real economy, and advancing the construction of a unified national market [6][7]. Group 4: Investment and Consumption Policies - In 2025, over 360 million people are expected to apply for subsidies for replacing old consumer goods, which will boost related sales by over 2.6 trillion yuan [9]. - The "Two New" policies are expected to play a significant role in stabilizing investment, expanding consumption, and promoting transformation, with a total investment increase of 1.8 percentage points expected from these initiatives [9]. Group 5: Enhancing Consumer Capacity - Plans are underway to enhance residents' income through actions aimed at stabilizing and expanding employment, which is crucial for boosting domestic demand [13][14]. - The government will focus on combining investment in physical and human capital to improve investment efficiency and promote consumer demand [14].

来源： 中国驻塔吉克斯坦大使馆 外交部全球领事保护与服务应急热线（24小时）： 19日，中国驻塔吉克斯坦大使馆提醒中国公民注意安全： 塔吉克斯坦和阿富汗边境地区安全形势严峻复杂。1月18日晚，阿富汗4名武装分子从阿巴达 赫尚省非法进入塔哈特隆州境内，被塔边防部队击毙。 中国驻塔吉克斯坦大使馆再次敦促塔阿边境地区的中国企业和公民密切关注地区安全形势， 提高风险防范意识，继续强化安防举措，尽快有序撤离塔阿边境地区。请中国公民避免前往 塔阿边境地区。 塔吉克斯坦报警电话： 火警：01，匪警：02，急救：03 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 +86-10-12308，+86-10-65612308 les & FR ...

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.99%, and the ChiNext Index down by 1.17% as of January 20 [2][3]. Sector Performance - The electric grid equipment sector showed initial strength, with companies like Senyuan Electric and Hancable achieving three consecutive trading limits, and Haiyou New Materials rising over 10% [6][7]. - The real estate sector saw gains, with City Investment Holdings and Hefei Urban Construction hitting the daily limit, while Poly Developments and China Merchants Shekou also experienced increases [9][10]. - The building materials sector also performed well, with companies like Hanjian Heshan and Jiuding New Materials reaching their daily limits, and Dongfang Yuhong rising over 7% [11]. - Conversely, the communication sector faced a downturn, with Datang Telecom hitting the daily limit down, and several other stocks like Sanwei Communication and Dongxin Peace experiencing significant declines [14][15]. - The commercial aerospace sector continued to retreat, with Aerospace Power hitting the daily limit down and other stocks like Aerospace Huanyu and Aerospace Hongtu also declining [16]. Company-Specific News - Yidian Tianxia resumed trading and immediately hit a 20% limit down, trading at 65.06 CNY per share, with significant selling pressure [19][20]. - Yidian Tianxia announced that its business does not involve GEO operations and has not generated related revenue, emphasizing that its core business remains unchanged [21].

【导读】LPR连续8个月保持不变，符合市场预期 中国基金报记者 晨曦 这是LPR自去年6月份以来连续8个月保持不变，符合市场预期。 贷款市场报价利率由各报价行按公开市场操作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。目前，LPR包括1年期和5年期以上两个品 种。 刚刚，最新LPR公布！ 1月20日9时，中国人民银行授权全国银行间同业拆借中心公布，2026年1月20日贷款市场报 价利率（LPR）为：1年期LPR为3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR 之前有效。 据介绍，这种结构性"降息"与全面降息有很大区别，不是通过下调政策利率带动LPR下行。 再贷款是央行对银行的贷款，不是央行直接向企业发放贷款。下调再贷款、再贴现利率后， 拿到更低成本资金的银行，或以更低利率向小微企业、科技创新、绿色转型等重点领域发放 贷款，降低实体经济综合融资成本。 中国人民银行副行长邹澜1月15日在国新办新闻发布会上表示，今年降准降息还有一定空间。 中国人民银行下调各项再贷款利率有助于降低银行付息成本、稳定净息差，为降息创造一定 空间。 中国民生银行首席经济学家温彬近 ...