1月23日，经济学家们对2026年欧元区经济增长、通胀和利率的预测基本保持稳定。通胀率徘徊在欧洲 央行2%的目标附近，预计将成为货币政策的锚点。据预测，欧洲央行将在2月5日的会议上连续第五次 维持存款利率（目前也在2%）不变。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：刘佳惠 021-26093916 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

在1月20日至22日的调查中，所有83位经济学家都预测利率不变。约85%的经济学家（79位经济学家中 有67位）表示，利率将在2026年前保持不变。这一比例高于上月调查中的约75%，以及11月调查中的三 分之二。 在被问及管理委员会的下一步行动时，36位受访者中大多数人表示将是加息，而不是再次降息。 （文章来源：新华财经） 新华财经北京1月23日电路透调查显示，尽管今年年初动荡不安，但经济学家们对2026年欧元区经济增 长、通胀和利率的预测基本保持稳定。通胀率徘徊在欧洲央行2%的目标附近，预计将成为货币政策的 锚点。 据预测，欧洲央行将在2月5日的会议上连续第五次维持存款利率（目前也在2%）不变。 ...

格隆汇1月21日｜据路透引述两位消息人士称，长和正考虑将其全球电讯业务从集团分拆，然后最快于 今年第三季在伦敦和香港上市。长和拟将伦敦作为主要上市地、香港作为第二上市地，拟上市的资产为 其在欧洲、香港及东南亚的电讯业务，估值或约200亿美元。这部分电讯业务有望走快速通道纳入英国 富时100指数。不过，消息人士还提高，长和正在探讨的另一笔交易——将其意大利电讯子公司Wind Tre与法国电讯集团Iliad在意大利的业务合并——可能会令分拆计划暂停。 ...

Market Overview - A-shares showed significant selling pressure towards the end of the trading session, with the Shanghai Composite Index closing up 0.08% at 4116.94 points, the Shenzhen Component rising 0.7%, and the ChiNext Index increasing by 0.54%[1] - The Hong Kong Hang Seng Index rose 0.37% to 26585.06 points, with the Hang Seng Tech Index up 1.11% and the Hang Seng China Enterprises Index up 0.31%[1] - The total market turnover in Hong Kong was 2504.514 million HKD[1] International Developments - U.S. stock indices closed higher, with the Dow Jones up 1.21%, the S&P 500 rising 1.16% to 6875.62 points, and the Nasdaq increasing by 1.18%[1] - President Trump announced a framework agreement regarding Greenland, retracting the threat of tariffs on eight European countries, which led to a rebound in U.S. stock, bond, and currency markets[1][13] - U.S. Treasury Secretary Becerra expressed anticipation for a quick meeting with Chinese Vice Premier He Lifeng to discuss economic agreements[1][13] Trade Relations - The European Parliament indefinitely postponed the vote on the U.S.-EU trade agreement until the U.S. returns to a cooperative stance, following Trump's threats regarding tariffs[13] - The European Commission is considering countermeasures against U.S. goods worth 930 billion euros (approximately 1.09 trillion USD) if necessary[13] Corporate Developments - China Galaxy received approval from the China Securities Regulatory Commission to issue up to 5 billion RMB in technology innovation bonds[15] - Huatai Securities raised 7.5 billion RMB through the issuance of subordinated bonds, with a minimum coupon rate of 1.99%[15] - The PCB equipment manufacturer Dazhu CNC reported a 144% year-on-year increase in net profit for the first ten months of the previous year[11]

Market Performance - The Shanghai Composite Index closed up 0.08% at 4116.94 points, while the Shenzhen Component rose 0.7% and the ChiNext Index increased by 0.54%[1] - The Hong Kong Hang Seng Index gained 0.37% to close at 26585.06 points, with the Hang Seng Tech Index up 1.11% and the Hang Seng China Enterprises Index up 0.31%[1] - The total market turnover in Hong Kong was 2504.514 million HKD[1] International Developments - U.S. President Trump announced a framework agreement regarding Greenland, retracting the threat of tariffs on eight European countries, which had previously been set to take effect on February 1[1][13] - The U.S. Treasury Secretary expressed anticipation for a quick meeting with Chinese Vice Premier He Lifeng, indicating ongoing discussions about the U.S.-China economic agreement[1][13] Economic Indicators - The U.S. Dow Jones Industrial Average rose by 1.21%, the S&P 500 increased by 1.16% to 6875.62 points, and the Nasdaq Composite gained 1.18%[1] - In China, the GDP growth rate for Q4 was reported at 4.5%, slightly below the expected 4.8%[18] - China's industrial output for December increased by 5.2% year-on-year, surpassing the forecast of 4.8%[18]

Group 1 - China and the US are expected to hold another round of trade negotiations, emphasizing the need to implement the consensus reached by the two countries' leaders [2][24] - The Chinese government expressed serious concerns over the EU's new cybersecurity policy, which aims to exclude Chinese companies from the European mobile communication network, arguing that Chinese enterprises have contributed positively to the European telecom industry [3][25] - French President Macron's statement at Davos highlighted the need for more Chinese direct investment in Europe, with China emphasizing its commitment to mutual benefits and not pursuing trade surpluses [4][26] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement urban renewal actions to promote high-quality development in the real estate sector, aiming to create modern, livable cities [7][28] - The Ministry of Industry and Information Technology reported significant growth in emerging industries, with industrial robot production increasing by 28% and the AI core industry expected to exceed 1.2 trillion yuan [8][29] - The National Taxation Bureau of Shanghai imposed a fine of 100,000 yuan on Pinduoduo for failing to report tax-related information as required [15][37] Group 3 - Moore Threads released its first performance forecast post-IPO, expecting revenue between 1.45 billion and 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% year-on-year [16][38] - The financial reports from various companies indicate a mixed outlook, with some expecting significant profit increases while others anticipate losses, reflecting the diverse performance across sectors [20][44]

Group 1 - The U.S. stock market saw collective gains with the Dow Jones up by 1.21%, Nasdaq by 1.18%, and S&P 500 by 1.16% [4] - Notable increases in storage stocks, with SanDisk rising over 10% and a year-to-date increase of over 111% [4] - International oil prices experienced slight increases, with light crude oil futures up by 0.43% to $60.62 per barrel and Brent crude up by 0.49% to $65.24 per barrel [4] Group 2 - The Chinese government announced a temporary exemption from personal income tax on capital gains from the transfer of CDRs for individual investors from January 1, 2026, to December 31, 2027 [6] - The Ministry of Industry and Information Technology emphasized the need for a safety monitoring platform for the operation of new energy vehicles [7] - The Ministry of Housing and Urban-Rural Development plans to promote smart construction and new building methods during the 14th Five-Year Plan period [8] Group 3 - The People's Bank of China called for accelerated construction of a cross-border payment system to enhance connectivity in cross-border payments [9] - The State Financial Supervision Administration released new regulations on administrative licensing procedures to improve the efficiency and standardization of financial regulatory processes [8] Group 4 - Longfor Group responded to rumors about splitting its global telecommunications business for independent listing, stating no decisions have been made [13] - Temu's Turkish office faced a dawn raid, marking a second incident in Europe within a month, raising concerns about compliance risks for cross-border e-commerce [15] - Pinduoduo was fined 100,000 yuan for failing to report tax information as required, highlighting regulatory scrutiny in the e-commerce sector [17] Group 5 - Nike announced a leadership change in its Greater China region, with Angela Dong set to step down and Cathy Sparks appointed as the new vice president and general manager [22] - New Oriental launched a "retirement club" aimed at engaging retirees in educational and social activities, reflecting a trend in elder education and wellness [24] - Zhipu AI announced a temporary limit on the sale of its GLM Coding Plan due to increased demand and resource constraints [26]

◎记者 张雪 然而，合规仅仅是起点。程凤朝提醒，部分公司的治理仍存在"形似而神不至"的现象，董事会专业性、 独立董事履职深度等方面仍有提升空间。他认为，董事履职不应仅是程序性的表决，而应成为持续互 动、不断迭代的治理过程，尤其需要独立董事真正发挥其在战略参与和风险识别中的作用。 除了夯实治理基础，如何让市场更准确地认识并实现公司价值，也成为各方关注的重点。程凤朝认为， 扭转"重融资、轻回报"的惯性、完善价值发现机制仍是当前面临的挑战。他建议，上市公司应建立以长 期价值为核心的战略体系，并推动信息披露从"合规披露"向"价值披露"升级，帮助投资者更清晰地理解 企业真实能力。 粤开证券首席经济学家罗志恒对上海证券报记者表示，上市公司利润正加速向人工智能、新能源、先进 制造等新动能领域集中，而部分传统行业利润普遍承压，表明资本市场资源正在更有效地配置于代表未 来方向的产业。 并购重组作为推动产业整合、激发市场活力的重要方式，也将呈现出新趋势。程凤朝观察到，当前并购 活动更加聚焦于"补短板、强能力"，产业整合型交易占比上升，监管也更注重全链条管理与长期整合效 果。并购市场的活跃度有直观数据印证，郑培敏介绍，2025年A ...

Core Viewpoint - The company, CK Hutchison Holdings Limited, has responded to rumors regarding the potential spin-off of its global telecommunications business for independent listing, stating that no decisions have been made regarding any transactions related to its telecommunications or retail assets [1][3]. Group 1: Company Announcement - On January 21, CK Hutchison Holdings Limited announced on the Hong Kong Stock Exchange that it is aware of media reports concerning the potential independent listing of its global telecommunications assets and business [1]. - The company emphasized that as of the date of the announcement, the board has not made any decisions regarding transactions involving its existing telecommunications or retail assets, including any independent listings [1][3]. - Shareholders and potential investors are advised that it is currently uncertain whether any such transactions will occur [1]. Group 2: Company Background - CK Hutchison Holdings Limited is a diversified enterprise operating in multiple countries, founded by Li Ka-shing, with the current chairman being Li Zeju, and is headquartered in Hong Kong [3]. - The company operates through four main sectors: ports and related services, retail, infrastructure, and telecommunications [3]. - In March 2025, the company had previously addressed similar rumors about the potential spin-off of its global telecommunications assets, reiterating that no decisions had been made regarding any transactions [3].

Core Viewpoint - The company has acknowledged recent media reports regarding the potential independent listing of its global telecommunications assets and its health and beauty products business, as well as possible transactions involving its telecommunications assets in several European countries. The board has not made any decisions regarding these potential transactions as of the announcement date [1][5]. Group 1 - The company is exploring opportunities to enhance long-term shareholder value, which may include potential transactions related to its assets and businesses, including independent listings [1][5]. - As of the announcement date, the board has not made any decisions regarding transactions involving existing telecommunications or retail assets and businesses [1][5]. - Shareholders and potential investors are advised that it is currently uncertain whether any such transactions will occur [1][5]. Group 2 - The latest stock price of the company is reported at HKD 61.35 per share, with a total market capitalization of HKD 235 billion [3][7].