本期主讲人：习近平经济思想研究中心主任、研究员 史育龙 总需求不足是当前经济运行面临的突出矛盾。加快补上内需特别是消费短板，使内需成为拉动经济 增长的主动力和稳定锚，意义重大。习近平总书记指出："要坚持供需两侧协同发力、动态平衡，持续 深化供给侧结构性改革，有进有退、有保有压，增强供给与需求的适配性、平衡性。""十五五"规划建 议围绕"大力提振消费"，提出了"深入实施提振消费专项行动""扩大优质消费品和服务供给""推动商品 消费扩容升级"等一系列重大举措。中央经济工作会议也把提振消费作为建设强大国内市场的重要内容 作出部署。提振消费，供需适配是关键。 提振消费要在供需适配上下更大功夫 消费受制于收入水平，也受消费环境、政策和心理预期等多方面因素影响，在千方百计提高消费者 收入的同时，还要在供需适配上下更大功夫，使生产供给端提供的产品和服务能够精准匹配消费者的需 求，并能够通过产品和服务创新引领需求、创造需求，实现供给和需求的"双向奔赴"，形成需求牵引供 给、供给创造需求的更高水平动态平衡。 近年来，我国产业能力和水平显著提升，从农产品到工业制成品，几乎在所有领域能够提供充裕的 传统商品。与此同时，在新一轮科技 ...

总需求不足是当前经济运行面临的突出矛盾。加快补上内需特别是消费短板，使内需成为拉动经济增长 的主动力和稳定锚，意义重大。习近平总书记指出："要坚持供需两侧协同发力、动态平衡，持续深化 供给侧结构性改革，有进有退、有保有压，增强供给与需求的适配性、平衡性。""十五五"规划建议围 绕"大力提振消费"，提出了"深入实施提振消费专项行动""扩大优质消费品和服务供给""推动商品消费 扩容升级"等一系列重大举措。中央经济工作会议也把提振消费作为建设强大国内市场的重要内容作出 部署。提振消费，供需适配是关键。 近年来，我国产业能力和水平显著提升，从农产品到工业制成品，几乎在所有领域能够提供充裕的传统 商品。与此同时，在新一轮科技革命和产业变革的强劲推动下，生产供给端的创新创造能力大幅度提 升，开发出不少与数字化、智能化、绿色化技术和应用场景密切关联的新产品新服务。智能家电、新能 源汽车、家用无人机和智能穿戴产品等大规模走入"寻常百姓家"，为满足人民日益增长的美好生活需要 作出巨大贡献。供给能力越强，消费者的选择就越多，增强供给与需求的适配性就越重要。 供需适配要准确把握当前消费新特征 消费是满足需要的过程，同时又会创造出新 ...

都江堰：以千年"治"慧 书写开放发展新答卷 春潮涌动蓉城，奋进正当其时。1月27日，成都正式迈入"两会时间"，两会的召开凝聚起了共谋发展的磅礴力量。回望"十四五"奋进征程，都 江堰市步履铿锵、成果斐然："天府珍水"产业从无到有，产值破40亿元；县域旅游综合实力全国第6、创历史新高…… 转自：成都日报锦观 从岷江河畔到国际舞台，都江堰市以开放姿态拥抱世界：与葡萄牙蓬蒂-迪利马市正式缔结友城，与匈牙利多瑙凯西市等签署友好合作备忘 录，加入世界城地组织亚太区旅游委员会；将都江堰放水节与泰国宋干节深度融合，让青城武术、皮影等非遗项目亮相美国、冰岛、科威特等 地，在大阪世博会上展现都江堰元素的独特魅力等。 为了让入境游客"宾至如归"，都江堰市累计布局290余台外卡POS机、ATM机及37个外币兑换点，国际在线旅游平台上线都江堰特色旅游产 品，青城山-都江堰景区落地全国文旅首个AI智能翻译屏，推出支持41种货币结算的购票平台和即买即办离境退税服务，让开放之门越开越 大。 站在新的起点，都江堰市正带着构建更高水平"五大新城"的奋进目标，打造"四个天府"特色品牌的决心，在产业升级、开放赋能、民生提质的 赛道上全速奔跑，在服务 ...

Core Insights - The core focus of the news is the development and expansion of the intelligent connected vehicle industry in the Xiqing District of Tianjin, with a significant increase in production capacity and value expected from leading companies like Jingwei Hengrun by 2025 [1][2][9] Group 1: Industry Growth and Development - Jingwei Hengrun plans to launch a new production line for intelligent connected vehicle components in Q4 2025, aiming for a 50% increase in annual output value [1] - The district has seen a rise in industrial output, with 652 industrial enterprises expected to achieve a total industrial output value of 153.63 billion yuan in 2025, reflecting a year-on-year growth of 5.6% [2] - The intelligent connected vehicle industry is rapidly evolving, with the integration of AI and communication technologies, and the establishment of a comprehensive testing system for vehicle development [3][4] Group 2: Policy and Support - Xiqing District has implemented a robust policy framework to support emerging industries, including a nurturing system for small and medium-sized enterprises, which has led to the cultivation of 20 national-level "little giant" enterprises [11][12] - The district is committed to enhancing its support for high-tech projects, with plans to attract and support projects with high technological content and strong market potential [6][12] Group 3: Talent and Urban Development - The integration of industry and urban development in Xiqing is evident, with initiatives aimed at improving living conditions and attracting talent, such as the establishment of residential projects and enhanced public services [15][18] - The district's focus on creating a favorable business environment and quality of life is designed to retain talent and foster innovation, contributing to a vibrant economic ecosystem [16][19]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 014> 盲盒:头部智能驾驶企业 上午 头部智能驾驶企业 当前正处于从 L2 到 L4 自动驾驶迭代、从汽车向 通用机器人跨越的历史拐点。智驾芯片及解决方案市 场正以接近 50% 的年复合增长率奔向万亿规模。公司 凭借国产替代与技术普惠的双重红利，占据了中国智 驾市场的"半壁江山"。 在物理AI加速落地浪潮与国产替代加速的双重β 下,公司作为国产中大型算力芯片头部企业及具备软 硬一体能力的供应商，推动汽车从"功能"迈向"智 能"，让机器更懂人类，让出行更安全、更自由。 天工机器人:北京人形机器人创新中心 国家战略级平台,定义全栈自主新高度 北京人形机器人创新中心于2023年11月成立,是 国内首个省级人形机器人创新中心，也是国内首家具 身智能软硬件全栈科技公司,全面覆盖人形机器人大 脑、小脑、本体与数据的研发攻关并且构建了良好的 开源生态。 目前已推出自主研发的全国产化"具身天工"系 列人形机器人和"天轶"系列轮式人形机器人，可覆 盖工业制作、特种作业、物流分拣、商业导览等多元 场景,在人形机器人半马、运 ...

New Product Launches - Water Otter launched its first low GI fiber fruit tea, featuring a blend of seven NFC fruit and vegetable juices for a naturally sweet taste [2] - Mengniu introduced a new light yogurt bowl with reduced sugar content (25%) and approximately 282 kcal per serving, suitable for fitness and meal replacement [2] - White Elephant entered the health tea market with its new "Eighteen Tea," emphasizing clean ingredients and a visually appealing design [2] - Fengxing released a new "Ginger Scallion White Cut Chicken Flavor Milk," suitable for social gatherings and afternoon tea [3] - Yili launched multiple ice cream products, including various flavors that highlight quality milk sources and real fruit ingredients [5] - PepsiCo collaborated with the Chinese animation "Little Monster's Summer" to launch a themed can featuring popular characters [5] - Woji Fresh and Xiaohongshu introduced "Mahjong Cookies," made with New Zealand whole milk powder and zero trans fats [5] - Yuanqi Forest launched an apple hawthorn juice, fermented with probiotics and featuring a blend of apple and hawthorn juices [8] - Hema introduced a new low-sugar taurine-flavored beverage, suitable for outdoor activities and long drives [8] Brand Endorsements - Six Walnuts announced actress Ma Li as its brand ambassador, promoting a positive New Year message [33] - "Adopt a Cow" appointed actress Zhao Liying as its brand ambassador, with projected revenue exceeding 7 billion yuan in 2025 [33] - Zegna announced actor Chen Weiting as its global ambassador, enhancing its brand image in contemporary menswear [33] Industry Developments - JD's Seven Fresh Kitchen established a new company in Xiamen, focusing on food services and internet sales [10] - Chow Tai Fook opened a flagship store in Bangkok's Siam Paragon, showcasing Chinese craftsmanship and aesthetics [13] - Meituan Travel launched a "Safe Travel Plan" for seniors, providing free guidance services for passengers aged 55 and above [10] - Bosideng entered the Parisian market with a new high-end product line, collaborating with British designer Kim Jones [10] Investment and Financing - Boyu Capital acquired a 75% stake in Beijing Badaling Outlet, continuing its investment strategy in retail [20] - L Catterton invested in the high-end perfume brand Ex Nihilo, anticipating significant retail growth by 2025 [22] - OMOWAY completed a multi-million dollar Pre-A round financing, focusing on product delivery and global market expansion [22] - NoBull raised $50 million, achieving a valuation of $1 billion, with plans to expand into the nutrition sector [22] - Fangyuan Capital announced the acquisition of 92% of Jixiangju, a pickled vegetable and seasoning company [22]

Group 1: iMoutai Packaging Correction and After-Sales Solutions - iMoutai has corrected the packaging of the classic version of Guizhou Moutai liquor (53% vol 500ml) and announced two after-sales solutions [1] - The first solution allows consumers to exchange the original product for the corrected version at Moutai self-operated stores until December 31, 2026 [1] - The second solution involves a "pen tool" for consumers to correct the packaging themselves, with further details to be announced [1] Group 2: Jinsha Liquor's Organizational Restructuring - Jinsha Liquor has shifted its strategy from "pan-nationalization" to "regional market gradient cultivation" to pursue high-quality development [2] - The company has restructured its organization into a "functional department + regional district" model to enhance market responsiveness and decision-making efficiency [2] - Marketing strategies will focus on content and scenario marketing, with a strong emphasis on digital capabilities for cost control and data analysis [2] Group 3: Xijiu's Sales Growth on JD.com - Xijiu's sales on JD.com have surpassed 1.4 billion yuan in 2025, marking a significant milestone in their partnership with the platform [3] Group 4: Yanjing Beer Profit Forecast - Yanjing Beer expects a net profit of 1.583 billion to 1.742 billion yuan for the previous year, representing a year-on-year growth of 50% to 65% [4] - The company is focusing on a big product strategy and enhancing brand management to drive growth [4][5] Group 5: ST Juewei's Revenue and Loss Forecast - ST Juewei anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, with a projected net loss of 160 million to 220 million yuan [10] - The company cites underutilized production capacity and increased non-operating expenses as factors affecting performance [10] Group 6: Liangpinpuzi's Expected Losses - Liangpinpuzi forecasts a net loss of 120 million to 160 million yuan for 2025, primarily due to store optimization and product adjustments [11] - The company is focusing on improving management efficiency and reducing costs, but revenue and gross margin declines have impacted profitability [11] Group 7: Yijia Yue's Profit Growth Projection - Yijia Yue expects a net profit increase of 50.06% to 72.79% for 2025, driven by enhanced customer orientation and store upgrades [18] - The company is optimizing its product offerings and improving operational efficiency to boost profitability [18] Group 8: Yonghui Supermarket's Stake Sale - Yonghui Supermarket plans to sell a 28.095% stake in YunJin Technology for 80 million yuan to focus on its core business [16][17]

21世纪经济报道记者贺泓源、实习生徐鸿儒 作为春节期间最大流量场，各方对于央视春晚效应寄予厚望。 2026年1月20日，在宜宾两会期间，宜宾市政协委员、市文化广播电视和旅游局副局长刘勇表示，办好 央视春晚分会场，是今年工作的重中之重。 2025年末，中央广播电视总台《2026年春节联欢晚会》分会场发布，包括黑龙江哈尔滨、浙江义乌、安 徽合肥、四川宜宾四地。 还需看到，宜宾此前尝到了晚会经济的甜头。 据四川日报，2023年央视中秋晚会让宜宾李庄知名度大幅提升。在2025年上半年，李庄接待游客约330 万人次，同比上涨73%，营收约5000万元，同比上涨42%。 另外，宜宾对春晚的重视似乎体现在各个方面。 2025年11月，中央广播电视总台和五粮液公司品牌建设战略合作签约活动在北京举行，宜宾市委书记方 存好就出席了相关活动。 五粮液为宜宾市属国企。 刘勇提到，宜宾将实施"跟着春晚游宜宾"计划。"我们要把春晚的镜头语言，转化为可游、可感、可消 费的旅游线路和场景。"他说。春节期间，6大主题活动、6条精品线路及系列优惠政策将同步推出， 从"三江光影秀"到"长江大庙会"，活动热潮将延续2026年上半年。 刘勇还透露，宜 ...

Group 1 - The core focus of the article is on the significance of the CCTV Spring Festival Gala and its impact on tourism in Yibin, with plans to enhance local tourism through various activities and promotions [1][2][3] - Yibin plans to implement the "Follow the Spring Festival Gala to Tour Yibin" initiative, which includes six major themed activities and six premium tourism routes, along with a budget exceeding 10 million yuan for promotional activities [1] - The city aims to convert the gala's visual language into tangible tourism experiences, targeting both first-time and repeat visitors [1][2] Group 2 - The 2025 CCTV Mid-Autumn Festival Gala significantly boosted the recognition of Lizhuang, with approximately 3.3 million visitors and revenue of about 50 million yuan, marking a 73% and 42% year-on-year increase, respectively [2] - Yibin's previous experience with gala-related economic benefits has set a precedent for the expected outcomes of the Spring Festival Gala [1][2] - The collaboration between the Central Radio and Television Station and Wuliangye for brand building indicates a strategic partnership aimed at enhancing local economic development [3][4]

1. Reported Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The report presents a comprehensive overview of overnight market trends across various sectors including precious metals, energy, base metals, and financial markets. It also covers important macro - economic news and industry - specific developments, which can help investors understand the current market situation and potential investment opportunities [3][7][28] 3. Summary by Relevant Catalogs Overnight Night - Market Trends - International precious metal futures generally rose, with COMEX gold futures up 2.09% at $4938.40 per ounce and COMEX silver futures up 3.86% at $96.22 per ounce [4] - US crude oil and Brent crude oil futures declined, with US crude down 1.57% at $59.67 per barrel and Brent down 1.39% at $63.63 per barrel [5] - London base metals all increased, with LME tin up 2.42% at $52660 per ton, LME zinc up 1.81% at $3233 per ton, etc. [5] Important Information Macro - Information - China's central bank will continue a moderately loose monetary policy in 2026, with room for reserve - requirement ratio cuts and interest rate cuts. A 900 - billion - yuan MLF operation will be carried out on January 23, 2026 [8] - US President Trump threatened "major retaliatory measures" if European countries sell US assets due to his tariff threats. The US House of Representatives passed a 2026 fiscal - year appropriation bill, and Trump plans to impose a 25% tariff on countries trading with Iran [8][9] Energy and Chemical Futures - Singapore's fuel oil inventory dropped to a 13 - week low, while light and medium distillate inventories reached multi - week highs. National float - glass sample enterprises' inventory increased slightly, and the theoretical profit of soda ash production improved [12] - East - China port methanol inventory decreased, and Dubai set the official premium of April - loading Dubai crude oil [13] Metal Futures - Goldman Sachs raised its year - end gold price forecast to $5400 per ounce due to strong demand from private investors and central banks [15] - China's alumina and electrolytic aluminum production showed year - on - year growth in 2025. A mining accident occurred in Guinea, and Japanese copper smelters are negotiating TC/RC fees [15][17] Black - Series Futures - Steel social inventory in 21 cities decreased slightly in mid - January. An Australian iron - ore producer increased production and shipments and raised its 2026 shipping target [20] - Rebar production and mill inventory increased, and social inventory rose for the third week. Some coal mines resumed production, and manganese - ore production and sales had different trends [22] Agricultural Product Futures - China will consider Canada's reasonable demands on rapeseed trade through dialogue. Brazilian port sugar - waiting - to - ship volume increased, and the US exported soybeans. Brazil's soybean production, export, and crushing are expected to increase in 2026 [25][27] Financial Markets Financial - A - shares and Hong Kong stocks had narrow - range fluctuations. Alibaba plans to restructure its chip unit "PingTouGe" for potential independent listing. Blue Arrow Aerospace's IPO entered the inquiry stage, and Yuanqi Forest denied an IPO plan [29][31][33] Industry - Market regulators prohibited a utility - industry merger. Nine departments promoted the high - quality development of the pharmaceutical retail industry, and relevant food - safety standards and policies are in the works [33] - China's smart - device manufacturing sales increased in 2025. The second - hand housing market in some areas showed a warming trend, and new breakthroughs were made in refrigeration technology [34] Overseas - Trump advanced a Greenland deal and threatened retaliation against Europe. The US tried to subvert the Cuban regime. US GDP growth was strong in Q3 2025 [35] - Japan had a trade deficit in 2025, and the Bank of Japan may take a hawkish stance. South Korea's GDP growth slowed in 2025, and it implemented an AI law [36][37] International Stock Markets - US, European, and most Asian stock markets rose. US economic data and reduced trade concerns boosted market confidence, and European trade - tension relief led to a tech - stock rebound [38] Commodities - Goldman Sachs raised its gold - price forecast. Precious metals rose due to various factors, while crude oil declined on inventory concerns. Base metals all increased [41][42] Bonds - Domestic bond markets were slightly weak, and US bond yields mostly rose [44] Foreign Exchange - The on - shore RMB against the US dollar rose slightly, and the RMB's global payment share decreased in December 2025. The US dollar index declined [45] Upcoming Events - There will be RMB 86.7 billion in reverse - repurchase maturities in China's central - bank open market. Multiple press conferences and symposiums are scheduled, including those by the Japanese and British central banks [48]