Group 1 - The 2025 Wind Best Roadshow Rankings have been officially released, highlighting the importance of roadshows in institutional research communication and market interaction despite ongoing changes in the capital market environment [1][2] - The rankings are based on actual operational data from the Wind 3C conference platform, focusing on key indicators to objectively reflect market attention and the actual impact of roadshows [2] - The rankings are divided into two main sections: Institutional and Individual, with a total of 11 sub-lists covering key market participants such as securities, public funds, futures, and listed companies [2][3] Group 2 - Institutions play a crucial role as stabilizers and indicators in the roadshow ecosystem, with some institutions demonstrating outstanding performance in research output frequency, roadshow quality, and market participation in 2025 [3] - The listed institutions have shown strong sustainability in research accumulation, roadshow organization, and market feedback, making them active and stable participants in their respective fields [3] - The quality of roadshow content ultimately depends on the presenters, who provide valuable research perspectives through clear and continuous output of their views on macro environments, industry trends, and asset allocation strategies [4][8] Group 3 - The Wind 3C conference platform continues to support various institutions in 2025, providing stable, compliant, professional, and intelligent audio-visual capabilities for effective dissemination of roadshow content [9] - The rankings serve not only as a systematic review of the past year's roadshow achievements but also as a reference for the future, aiming to guide growth and promote rational development in the capital market [10]

Group 1 - The article highlights the upcoming online courses offered by Wind, focusing on themes such as AI efficiency gains and public fund analysis [2][3]. - Courses scheduled for February 2026 include topics like "Earnings Preview Season: AI Efficiency Gains Capture Industry Inflection Points" on February 5 and "Establishing a Benchmark Analysis Framework for Public Funds" on February 26 [2][3]. - January's highlights recap includes courses on AI-driven derivatives, gold price logic, and empowering money market and interest rate bond traders [6]. Group 2 - Wind emphasizes the importance of establishing a global foothold and winning in the future through its training series [7].

当你面对IMF的"乐观"、OECD的"警告"和世界银行的"谨慎"时，到底该信谁？ 我们都知道不该偏信一家，而应寻找市场共识。问题是，当你面对几十份观点互斥的报告时，"一致预 期"到底是多少？ ▲ 2026年美国GDP预测分歧 (注：各机构预测发布时间存在差异，仅供参考) 正如这张图所示，权威机构间的分歧巨大。 就在这种分歧中，你即将向投决会汇报。老板的灵魂拷问已在耳边：" 你的判断依据是什么？市场共识 究竟是什么？ " 你无法回答。因为手中的报告本身就在"打架"。所谓的"一致预期"不过是你凭感觉加权平均的"艺术 品"。 这种模糊且无法回溯的决策，正让你暴露在风险中。 我们需要换一种方式：告别主观的"阅读理解"，转向客观的"量化决策" 。 Wind 「全球 经济展 望雷达」上线 它不是一个搜索引擎，它能成为你的 得力宏观量化助理 。依托Wind EDB底层数据与大模型推理能力， 它能将海量机构观点 一键提炼为量化情绪雷达 。 现在，立即切换至你的量化决策模式。 启动路径，一步即达： 你需要的是 客观标尺 ，而非个人诠释。 Agent运用同一套NLP算法，将所有文本——无论"强劲"还是"谨慎"—— 统一量化为0- ...

【产品功能体验】本文旨在展示Wind金融终端MAEI功能使用方法 如市场预期，美联储" 维持不变 "，金融市场是否就没戏了？ 恰恰相反：历史上， "不变"往往决定了相对清晰的交易窗口——而且不一定在会议当天。 事情是这样的 …… 1月议息会议决定公布后，我和同事聊到一句很典型的话： "维持不变嘛，应该没什么大行情。" 我当时没反驳，因为这种感觉太常见了 ——消息不刺激、预期已消化、市场可能就这样过去了。 但我心里又不太踏实： 如果 "维持不变"真的这么无聊， 为什么每次会议前后，黄金、美股、美元、美债还是会有明显的节 奏变化？ 到底是我们记忆偏差，还是确实有规律？ 于是我决定不争论，直接去找证据。 事件洞察 MAEI 快速帮你 解读 事件对大类资产影响 Wind金融终端输入 命令 "MAEI" 或商品 首页 —分析工具中选择 "事件洞察" 即刻查看 美联储按兵不动，资产会怎么动？ 第一步 在 MAEI中"锁定"问题 进入事件洞察后，选择 " 利率政策—美联储—符合预期维持不变 " 这一步把过去五年所有 "同类情形"自动归为一组 事件：美联储 符合预期维持利率不变 统计锚点（ T）：利率决议落地时点 统计范围： ...

Group 1: Index Trends - On January 19th, the Shanghai Composite Index rose by 0.29% to close at 4114.0 points, with a trading volume of 1190.138 billion yuan; the Shenzhen Component Index rose by 0.09% to close at 14294.05 points, with a trading volume of 1518.211 billion yuan [1]. - The CSI 1000 Index rose by 0.4%, with a trading volume of 581.676 billion yuan, opening at 8204.63, closing at 8265.65, with a daily high of 8298.48 and a low of 8187.94 [1]. - The CSI 500 Index rose by 0.67%, with a trading volume of 560.926 billion yuan, opening at 8199.5, closing at 8287.95, with a daily high of 8318.37 and a low of 8195.09 [1]. - The SSE 300 Index rose by 0.05%, with a trading volume of 655.149 billion yuan, opening at 4720.19, closing at 4734.46, with a daily high of 4761.63 and a low of 4715.09 [1]. - The SSE 50 Index fell by 0.12%, with a trading volume of 166.18 billion yuan, opening at 3077.81, closing at 3075.94, with a daily high of 3094.97 and a low of 3065.94 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 32.92 points from the previous close. Sectors such as power equipment, basic chemicals, and machinery had a significant upward pull on the index, while media, communication, and computer sectors had a downward pull [2]. - The CSI 500 rose 55.28 points from the previous close. Power equipment, basic chemicals, and non - ferrous metals sectors had a significant upward pull on the index, while computer and electronics sectors had a downward pull [2]. - The SSE 300 rose 2.59 points from the previous close. Power equipment, national defense and military industry, and basic chemicals sectors had a significant upward pull on the index, while electronics, computer, and banking sectors had a downward pull [2]. - The SSE 50 fell 3.82 points from the previous close. Basic chemicals, commerce and retail, and national defense and military industry sectors had an upward pull on the index, while pharmaceutical biology, banking, and non - ferrous metals sectors had a downward pull [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 6.83, IM01 had - 42.72, IM02 had - 237.19, and IM03 had - 411.27 [13]. - For IC contracts, IC00 had an average daily basis of 9.91, IC01 had - 0.61, IC02 had - 132.47, and IC03 had - 262.6 [13]. - For IF contracts, IF00 had an average daily basis of 2.38, IF01 had - 1.53, IF02 had - 43.71, and IF03 had - 101.76 [13]. - For IH contracts, IH00 had an average daily basis of 3.41, IH01 had 5.84, IH02 had 2.15, and IH03 had - 27.93 [13].

Group 1 - The article highlights the upcoming online courses offered by Wind in January 2026, aimed at providing high-quality learning experiences for global users [2][3] - Courses include topics such as AI-driven derivatives signal tracking, gold price logic analysis, professional asset allocation schemes, and cross-border investment research experiences [2][4] - The schedule features both Chinese and English sessions, with specific dates and times for each course, facilitating easy planning for participants [2][3] Group 2 - The article promotes the Wind Insights Essential Training Series, which includes tools for trading interest rate bonds and leveraging Excel for data extraction [4] - Additional courses focus on AI applications in asset allocation and fund selection strategies, emphasizing the integration of technology in financial decision-making [4] - The content encourages users to scan a QR code to reserve spots for courses and access exciting live sessions and replays [4]

Course Offerings - Wind continues to provide high-quality online courses globally, with a focus on various financial topics including AI-driven derivatives, gold price logic, and professional financial asset allocation plans [2][3]. - The January 2026 course schedule includes sessions on derivatives, economic database analysis, bank financing, and cross-border investment research, all scheduled for Thursdays at 16:00 [2][3]. Essential Training Series - The Wind Insights Essential Training Series features courses on IR bond trading instruments, with two sessions planned in January 2026, focusing on empowering money market and interest rate bond traders [3][4]. - Additional topics in the Essential Training Series include equity research empowerment and AI-driven asset allocation strategies, with sessions available in both English and Chinese [5][6]. Course Registration - Participants are encouraged to scan the QR code provided at the end of the article to register for courses of interest and access live broadcasts and replays [2][5].

Group 1 - The core viewpoint of the article is the revision of the interim regulations on the interbank foreign exchange market by the People's Bank of China, aimed at standardizing and developing the foreign exchange market, enhancing high-level openness, and safeguarding the legitimate rights and interests of all parties involved [2] Group 2 - The new regulations will take effect on February 1, 2026, and are designed to create a systematic regulatory framework and requirements based on the development and regulatory practices of China's interbank foreign exchange market [2] - The regulations emphasize strengthening supervision of the interbank foreign exchange market, covering areas such as trading venues, qualification conditions, pricing norms, transaction clearing rules, information management, data services, and self-regulation [2] - The regulations aim to maintain the stable operation of the foreign exchange market by standardizing the rights and obligations of market infrastructure, domestic and foreign financial institutions, currency brokers, and financial information service providers, ensuring adherence to principles of openness, fairness, justice, and good faith [2] - The regulations promote high-quality development of the interbank foreign exchange market by supporting the continuous enrichment of trading and clearing varieties, currencies, and methods based on market demand, facilitating financial institutions in providing foreign exchange services to clients [2] - The People's Bank of China and the State Administration of Foreign Exchange will continue to improve the management of the interbank foreign exchange market and deepen its development to maintain stable operations [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - In 2025, the performance of various indicators shows different trends. For example, the PPI in November 2025 is 2.2%, with a 0.1% change in October and November. The GDP in 2025 is expected to increase, and the PCE is 3.1%. In 2026, GDP growth and PPI trends also have corresponding forecasts, with GDP expected to grow by 0.5 - 2.3%, and PPI expected to be between -1% - 0 [36][40] - The performance of different investment - related data such as 300, 50, 500, and 1000 also shows different percentage changes in different periods from 2005 - 2025 [7][11][16] 3. Summary by Directory Section 1: 2025 - **1.1**: The data of 300 in 2005 was 300, with a 60% change. In 2007, it was still 300. From 2008 - 2020, it had a 25% - 40% change, and in 2020, it had a 10% - 20% change. In 2025, there is also a certain change range [7] - **1.2**: The data of 300 is involved, and in 2025, the combined data of 300, 50, 500, and 1000 shows different percentage distributions [27] - **1.3**: It involves data from 1 - 3, related to Deepseek AI, and there is a 0.03% - 2.38% change, with 17% in a certain situation [34] - **1.4**: It involves data from 4 - 6, with a value of 5 in a certain situation [34] - **1.5**: It involves data from 7 - 8, with values of 7, 8, 9, and a 0.03% - 2.38% change, 17% in a certain situation [34] - **1.6**: It involves data from 9 - 12, related to AI, and the end - of - year data is for 2025 [34] - **1.7**: The data of 1000 is involved, with a 25% change in a certain situation [21] - **1.8**: The data of 1000 is involved, with a 25% change in a certain situation [21] - **1.10**: The data of 1000 is involved [32] Section 2: 2026 - **2.1**: In 2025, the interest rate increased by 75BP to 3.50% - 3.75% in December, and the GDP in 2026 is expected to grow by 0.5 - 2.3%. The PCE in 2025 is 3.1%, and in 2026, it is expected to be 2.6% - 2.5%, reaching 2% in 2028. The FED may adjust the interest rate, with possible adjustments of 25bp, 50bp, or 75 - 100bp [36] - **2.2**: PPI in 2026 is involved. In 2023, PPI was - 2.5%, and in November 2025, it was 2.2%, with a 0.1% change in October and November [40] - **2.3**: It is related to the PPI situation from 2012 - 2015 and 2016, and the PPI in 2026 is expected to be between - 1% - 0 [43][46] - **2.6**: In 2025, the PE - TTM of 300 and 50 is involved [50] - **2.7**: No specific content provided - **2.8**: No specific content provided - **2.9**: No specific content provided Section 3 - **3.1**: It involves IC, IM, IF, and IH [59] - **3.2**: It involves IM and IF, with a 5% change in a 1 - 3 situation [59] - **3.3**: It involves MO, and the end - of - year data is for 2025 [59]

Core Viewpoint - The People's Bank of China (PBOC) has announced a one-time credit repair policy aimed at helping individuals with damaged credit due to the COVID-19 pandemic, allowing automatic adjustments to overdue information without the need for personal applications or documentation [2]. Group 1: Policy Content - The policy applies to overdue information from January 1, 2020, to December 31, 2025, for amounts not exceeding 10,000 RMB. Individuals who repay their overdue debts in full by March 31, 2026, will have this information removed from their credit reports [2]. - If individuals repay their overdue debts by November 30, 2025, the overdue information will not be displayed from January 1, 2026 [2]. - For repayments made between December 1, 2025, and March 31, 2026, the overdue information will be removed by the end of the following month [2]. Group 2: Implementation Method - The PBOC's Credit Reporting Center will handle the technical processing of eligible overdue information without requiring individual applications [3]. - Individuals who find that their eligible overdue information is still displayed after the specified time can contact the Credit Reporting Center for resolution, which must be completed within 30 days [3]. Group 3: Work Requirements - The Credit Reporting Center is tasked with coordinating and implementing the policy, ensuring that financial institutions adjust the relevant information promptly for eligible individuals [5]. - There will be an emphasis on public service and communication, with various channels available for individuals to access their credit reports and understand the policy [5]. - Financial institutions must adhere to regulations and ensure accurate reporting of credit information while enhancing their risk management capabilities [5]. Group 4: Other Matters - The previous notification regarding financial support for COVID-19 is no longer applicable as of the announcement date [6]. - From January 1 to June 30, 2026, individuals can access their credit reports for free up to four times a year [6].