"内需"是当前国际社会观察中国经济的一个关键词。2025年，中国实施扩大内需战略不断迈出新步伐， 社会消费品零售总额首次突破50万亿元，向世界展现了中国大市场的机遇与潜力。 中国坚定不移实施扩大内需战略，将为世界带来合作机遇新升级。过去5年，中国累计进口货物和服务 超过15万亿美元。目前中国已是全球第二大消费市场，汽车、手机、家电等多个细分领域已成为全球最 大市场。迈入"十五五"，随着中国居民收入水平稳步增长，人民对美好生活的需求不断提高，必将带动 新消费、牵引新供给；随着中国经济加快转变发展方式、优化经济结构、转换增长动力，投资新动力将 源源不断涌现，投资于物和投资于人都拥有广阔空间。在此过程中，中国不仅愿做"世界工厂"，更愿 做"世界市场"，将加快在"制造大国"的基础上成为"消费大国"。这将为中国与世界各国的互利共赢合作 注入强劲新动能。 风物长宜放眼量。一个内需澎湃的中国，发展肌体更强健，内生动能更充沛，必将以自身高质量、可持 续的发展，为全球发展注入更多确定性、开辟更多新机遇。 内需已逐步成为拉动中国经济增长的主动力和稳定锚。2013至2024年，内需对中国经济增长的平均贡献 率达93.1%。2025 ...

▲浪鲸卫浴董事长 霍成基（左八） 洞察需求 优化体验 在走访期间，霍成基董事长着重关注终端消费趋势以及用户需求痛点，与经销商、门店负责人和一线导购展开深度交流。他强调，终端建设必须以消费者 体验为核心，通过优化产品展示方式、动线设计和空间布局，打造从产品选购到交付使用的全链路品质服务，让每一位顾客都能切实感受到浪鲸卫浴对细 节的匠心雕琢。 在与经销商交流时，霍成基董事长深入探讨了存量市场下的消费升级趋势。他强调，浪鲸卫浴会继续秉持"以顾客体验为核心"的设计理念，为消费者提供 更优质、个性化的卫浴解决方案。同时，他要求终端门店重视服务，深化售前、售中、售后服务体系，以专业服务赢得消费者信赖，巩固品牌市场竞争 力。 浪启新篇，制胜终端。1月17日，浪鲸卫浴董事长霍成基、带领浪鲸高管、全国优秀经销商，深入走访浪鲸卫浴广东普宁高端旗舰店。精准把握市场脉 搏，深化与经销商伙伴的协同合作，为品牌高质量发展注入新动能。 新店态7.0 颜值实用并重 新落成的浪鲸卫浴广东普宁高端旗舰店，全新店态7.0，凭借350㎡的明畅空间，重新定义了卫浴空间的体验。该店在设计上全新布局，巧妙融合现代美学 与智能科技，将科技感与高端大气完美结 ...

规上工业保持增长，采矿业增势较好。全年全省规模以上工业增加值比上年增长0.6%。其中，高 技术制造业增加值增长2.6%。分三大门类看，采矿业增加值比上年增长5.4%。分行业看，在全省40个 工业大类行业中，有19个行业增加值比上年增长，增长面为47.5%。分产品看，民用钢质船舶产量比上 年增长74.6%；变压器产量增长39.2%；汽车产量中新能源汽车产量增长31.7%。 服务业持续增长，部分现代服务业增势稳定。全年全省服务业增加值比上年增长5.2%。其中，批 发和零售业、住宿和餐饮业增加值分别增长3.2%、4.9%。交通运输业持续增长，货物周转量增长 2.8%，旅客周转量增长3.5%。去年1至11月份，规模以上软件和信息技术服务业、装卸搬运和仓储业、 文化体育和娱乐业营业收入比上年同期分别增长5.9%、4.5%、4.3%。邮政业务总量增长18.1%，电信业 务总量增长10.7%。 1月22日，省统计局发布2025年全省经济运行情况。 去年，全省上下坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻落实习近平总书记对 辽宁振兴发展的重要讲话和重要指示精神，按照党中央决策部署及省委、省政府工作要求，着力稳就 ...

Report Industry Investment Rating - No information provided in the report Core Viewpoints - On January 22, 2026, most domestic commodity futures markets closed higher, with chemicals leading the gains [14]. - The US economy maintains a "slight to moderate" expansion, inflation continues to cool, and consumption shows a "K-shaped" characteristic [14]. - In 2025, China's consumer market scale exceeded 50 trillion yuan, with service retail sales growing faster. In 2026, consumption is expected to grow steadily [14]. - In the short term, risk assets may continue to adjust, but in the medium term, it is recommended to go long on stock indices, non - ferrous metals, gold, and silver [14]. Summary by Directory Financial Market Fluctuations - **Stock Index Futures**: On January 22, 2026, the CSI 300 futures price was 4719.4, down 0.26; the SSE 50 futures price was 3061.2, down 0.61; the CSI 500 futures price was 8400, up 0.25; the CSI 1000 futures price was 8292.6, up 0.56 [3]. - **Treasury Bond Futures**: The 2 - year treasury bond futures price was 102.408, down 0.02; the 5 - year was 105.835, down 0.04; the 10 - year was 108.15, down 0.04; the 30 - year was 112.17, down 0.03 [3]. - **Foreign Exchange**: The US dollar index was 98.7693, up 0.23; the US dollar central parity rate was 6.9646, down 57 pips [3]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.4952%, up 0.04%; the 10 - year Chinese treasury bond yield was 1.8312%, down 0.14 bp; the 10 - year US treasury bond yield was 4.26%, down 4 bp [3]. Popular Industry Fluctuations - On January 22, 2026, industries such as national defense and military industry, steel, and petroleum and petrochemicals had relatively large daily increases, while industries such as food and beverage, non - bank finance, and banking had declines [6]. Overseas Commodity Fluctuations - **Energy**: On January 21, 2026, NYMEX WTI crude oil was at $59.52, up 0.3%; ICE Brent crude was at $64.62, up 0.67%; NYMEX natural gas was at $3.891, up 25.39%; ICE UK natural gas was at $105.29, up 12.07% [9]. - **Precious Metals**: COMEX gold was at $4769.1, up 3.78%; COMEX silver was at $94.46, up 6.69% [9]. - **Non - ferrous Metals**: LME copper was at $12810, up 0.44%; LME aluminum was at $3115, up 0.24%; LME zinc was at $3175, up 0.06% [9]. - **Agricultural Products**: CBOT soybeans were at $1053, down 0.45%; CBOT soybean oil was at $54.05, up 2.83%; CBOT corn was at $424, down 0.18% [9]. Domestic Commodity Fluctuations - On January 22, 2026, most domestic commodities rose. Chemicals, new energy materials, non - metal building materials, energy products, etc. all had increases, while precious metals had declines [14]. Macro Summary - **Today's Market**: Domestic commodity futures markets closed mostly higher, with chemicals leading the gains [14]. - **Overseas Macro**: The US economy maintains a "slight to moderate" expansion, inflation cools, and consumption shows a "K - shaped" characteristic. Attention should be paid to upcoming GDP and inflation data [14]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, and in 2026, consumption is expected to grow steadily [14]. - **Asset Views**: The scenario of no interest rate cut in January is basically confirmed, and the first interest rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may adjust, while in the medium - term, it is recommended to go long on certain assets [14]. Viewpoint Highlights - **Financial**: Stock markets continue to wait for the main line, and bond markets still have disturbing factors. The short - term judgments for stock index futures, index options, and treasury bond futures are oscillatory rise, oscillation, and oscillation respectively [15]. - **Precious Metals**: After oscillatory adjustment, they maintain an upward trend. Gold and silver are expected to rise oscillatory [15]. - **Shipping**: Pay attention to the resumption of voyages in the far - month. The short - term judgment for the container shipping European line is oscillation [15]. - **Black Building Materials**: Fundamentals are lackluster. Most varieties are expected to oscillate [15]. - **Non - ferrous Metals and New Materials**: Wait for the macro - situation to become clearer. Base metals are oscillating and consolidating. Some varieties are expected to rise oscillatory, while others are expected to oscillate [15]. - **Energy and Chemicals**: The trade tension eases slightly, but the supply - demand pattern is still under pressure. Most varieties are expected to oscillate [17]. - **Agriculture**: Sentiment warms up but trends diverge. Some varieties are expected to rise oscillatory, while others are expected to oscillate or decline oscillatory [17].

2025年，你在"消费"上到底花了多少钱？ 伴随着各大购物、出行、社交等 APP 年度报告的出炉，有人对着账单上"严重超支"的数字长叹一口气，有 人在满屏的 "省钱小能手" 标签里沾沾自喜，有人在复盘里拧紧钱包的开关，也有人在 "犒劳自己" 的名义 下，继续为生活的仪式感买单：从 "假装上班" 的白领"闪现"咖啡厅，到直播间 "9 块 9 包邮拯救生活" 的 赛博狂欢……我们翻阅过去这一年的商业记录，发现最震撼的不是好与坏的泾渭分明，而是冰点与挣扎在 同一个市场空间里的剧烈交织。 从碎片里，寻找一些共性的 答案 出品｜虎嗅商业消费组 作者｜李佳琪 柳柳 编辑｜苗正卿 题图｜乐刻 这一年，消费市场正在完成一场静悄悄的价值重构。 一方面是极致的"消费降级"：临期食品超市排起长队，二手平台交易量激增。人们像精密仪器一样核算每 一分钱的效用，将"实用主义"奉为新圭臬。 另一方面，却又爆发出零星的、近乎非理性的"热点式狂欢"：玩具可以被炒至神话价位，"漂亮饭"值得被 掷千金。这不再是传统的炫耀性消费，而更像一种情绪赎买：人们抓住一个瞬间、一个符号、一个能制造 集体共鸣的稀缺入口，进行短暂而剧烈的自我确认。 于是，我们目 ...

经济体是一个各环节相互影响的系统，要实现以旧换新政策效应的最大化、最优化，需要运用系统观念 发挥其对各个方面的撬动作用。 改善民生与扩大内需相互促进，实现经济效益和社会效益的双赢。数据显示，全国1980至2000年建成的 老旧小区约22万个，许多城镇老年人仍居住在无电梯楼房中，适老化改造需求迫切；到2035年，全国失 能老年人预计将达到4600万，养老机构护理型床位缺口巨大。由此可见，老旧小区加装电梯和养老机构 的设施更新，既是民生所盼，也是内需所系。新政策明确，将老旧住宅小区加装电梯和养老机构等领域 设备更新纳入支持范围，这是改善民生与扩大内需的交汇点。 近来，"新国补"迅速落地，引人注目。元旦假期，重庆数码智能产品购新补贴累计交易16324笔，福建 福州消费品（不含汽车）以旧换新核销近1600万元……补贴"秒到账"，促进消费升级，助力产业转型， 展现出以旧换新的拉动效应。 政策引领与绿色转型紧密衔接，能够引导消费升级。比如，一些地方将家电补贴与能效等级挂钩，对一 级能效产品按售价15%补贴；一些地方推动老旧车辆更新优先电动化，更新为电动货车的老旧营运车辆 最高可获14万元补贴。打造规模化的绿色应用场景，加 ...

2025年的GDP数据新鲜出炉啦！七大城市的表现真是让人眼前一亮，尤其是杭州、台州和泸州这几个亮点，咱们一起来瞧瞧这些数字背后的故事吧。先说整 体，经济复苏的势头挺稳的，各城都在稳步爬坡，但增速有快有慢，这背后藏着不少有趣的细节呢。 | | 上一年 | 2025GDP(亿元) | | | | | --- | --- | --- | --- | --- | --- | | | 地区 | 2025 ↓ | 2024 | | 名义 增长率 | | 1 | 上海市 | 56708.71 53759.53 | | 2949.18 | 5.49% | | 2 | 北京市 | 52073.4 | 49670.2 | 2403.2 | 4.84% | | 3 | 杭州市 | 23011 | | 21860.32 1150.68 | 5.26% | | 4 | 台州市 | 7005.87 | 6656.4 | 349.47 | 5.25% | | 5 | 湖州市 | 4452.8 | 4213.42 | 239.38 | 5.68% | | 6 | 泸州市 | 3004.29 | 2831.47 | 172.82 | 6.1% ...

《通知》提出，在武汉天河国际机场、长沙黄花国际机场等41个口岸各新设1家口岸进境免税店，大幅 增加了我国口岸进境免税店的数量，使其覆盖范围更加广泛。 口岸进境免税店是指设立在对外开放的机场、水运或陆路口岸隔离区内，按规定向进境旅客销售免税商 品的商店。从口岸类型看，本次新设口岸进境免税店包含了机场、水运、陆路三种类型。其中，机场有 20个，包括桂林两江国际机场、成都天府国际机场等；水运有9个，包括厦门国际邮轮中心、威海港 等；陆路有12个，包括横琴、二连浩特公路等。 同时，对于部分经营合同即将到期或已到期、所处口岸客运功能发生变化的口岸进境免税店，《通知》 也进行了调整优化。据了解，本次设立调整口岸进境免税店，旨在进一步便利进境旅客免税购物消费， 充分发挥免税店支持提振消费的作用，促进免税商品零售业务健康有序发展。 财政部1月21日发布消息称，近日，财政部、商务部、文化和旅游部、海关总署、税务总局联合印发 《关于口岸进境免税店有关事宜的通知》(以下简称《通知》)，设立并调整一批口岸进境免税店。 "五部门联合推动41个口岸新设进境免税店，是立足双循环格局、精准发力促消费的重要举措，兼具短 期拉动与长期布局价值。 ...

Group 1 - The total retail sales of consumer goods in 2025 are projected to reach 50.1 trillion yuan, with a growth rate of 3.7% [1] - Retail sales of goods are expected to grow by 3.8%, while catering revenue is anticipated to increase by 3.2% [1] - Final consumption expenditure is expected to contribute 52% to economic growth, continuing to play a key role as the main engine of economic development [1] Group 2 - The consumption of durable goods is showing positive growth, with the trade-in of old consumer goods driving sales in related categories to 2.61 trillion yuan, benefiting 366 million people [1] - Retail sales of passenger cars are projected to reach 23.744 million units, reflecting a growth of 3.8% [1] - The retail sales of staple food and oil products in large-scale units are expected to grow by 9.3%, indicating a shift towards health-conscious consumption with organic and green food becoming popular [1] Group 3 - The retail sales of clothing, shoes, hats, and textiles are projected to grow by 3.2%, while daily necessities are expected to see a growth of 6.3% [1] - There is a strong demand for upgraded consumer goods, with retail sales of sports and entertainment products in large-scale units expected to grow by 15.7% [1] - Sales of smart glasses, smartwatches, and smart bands on key platforms are anticipated to increase by over 40% [1] Group 4 - The consumption of specialty products is expected to be vibrant in 2025, with a surge in new product launches in smart connected vehicles and smartphones [2] - Domestic and international brands are accelerating the establishment of flagship stores, stimulating new consumption momentum [2] - The trend of "IP + consumption" is thriving, with sales of movie derivative products during the summer season expected to double year-on-year, leading the consumption wave [2]

【冠通期货研究报告】 铁矿日报：市场情绪降温，刚需有所松动 发布日期：2026 年 1 月 22 日 一、市场行情态势回顾 1、期货价格：铁矿石期货主力合约日内窄幅震荡，收于 786.5 元/吨，较 前一个交易日收盘价上涨 2.5 元/吨，涨幅+0.32%，成交 19.7 万手，持仓量 56.6 万手，沉淀资金 98.02 亿。期货盘面关注下方 780 支撑附近进一步测试， 短期此支撑附近略显抗跌。 2、现货价格：港口现货主流品种青岛港 PB 粉 795 涨+1，超特粉 674 涨 +1，掉期主力 103.4(+0.1)美元/吨。现货小幅反弹、掉期价格止跌。 3、基差价差端：青岛港 PB 粉折盘面价格 830.2 元/吨，基差 43.7 元/吨， 基差小幅走扩；铁矿 5-9 价差 17 元，铁矿 9-1 价差 12.5 元，铁矿期货合约呈 现 back 结构+正基差，短期下探至支撑附近，略显止跌，继续关注支撑附近进 一步测试。 二、基本面梳理 海外矿山发运环比减量，澳巴环比减量较为明显，非主流国家环比增加;本 期到港环比下滑，由于天气影响供给端存扰动预期;需求端，铁水产量环比下 滑，烧结粉矿日耗环比减量，烧结 ...