Report Industry Investment Rating - The report gives an investment rating of "Oscillating operation" for the industry [2] Core Viewpoints - The steel market is expected to oscillate. The positive news from the coking coal sector has not spread to other black - series products. Steel is operating in a context of weak supply and demand. With the approaching Spring Festival, the spot market is gradually on holiday, and the futures price is likely to oscillate [1][2] Summary by Related Information Macroeconomic Information - The People's Bank of China held the 2026 credit market work conference, aiming to build a multi - level financial service system and support key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises [1] - In January 2026, the US ADP added 22,000 jobs, far lower than the market expectation of 48,000, and the previous value was revised down from 41,000 to 37,000, indicating a continuous slowdown in the US labor market at the beginning of 2026 [1] - The Eurozone's CPI in January 2026 increased by only 1.7% year - on - year, the lowest level since September 2024. The core CPI dropped to 2.2%, the lowest since October 2021 [1] Industry Data - In January 2026, China's heavy - truck market sold about 1 million vehicles (wholesale, including exports and new - energy vehicles), which was basically flat compared with December 2025 and increased by about 39% compared with 722,000 vehicles in the same period of the previous year [1]

Core Viewpoint - The inflation rate in the Philippines accelerated for the second consecutive month in January, remaining within the central bank's target range, which allows for potential monetary policy easing [1] Group 1: Inflation Data - The Consumer Price Index (CPI) in January increased by 2% year-on-year, surpassing the median forecast of 1.8% and the previous month's level [1] - Despite the increase, the inflation rate is still at the lower end of the Bangko Sentral ng Pilipinas (BSP) target range of 2% to 4% [1] Group 2: Monetary Policy Implications - BSP Governor Eli Remolona indicated readiness to adjust policy rates to stimulate demand following weaker-than-expected economic data in the fourth quarter [1] - The fourth quarter GDP growth rate slowed to 3%, marking the lowest growth rate in 14 years, excluding the pandemic period, due to weakened investment and spending [1]

Group 1 - China's grain production has stabilized above 1.4 trillion jin for two consecutive years, with a projected output of 1.4298 trillion jin by 2025, achieving historical highs in both total and per unit yield [2] - In January, the consumption upgrade program benefited 16.13 million people, with sales of automobiles, home appliances, digital, and smart products reaching 92.56 billion yuan [2] - The China Railway has reported that since the opening of the China-Laos Railway, over 66 million passengers have been transported, attracting travelers from over 120 countries and regions [3] Group 2 - The National Medical Insurance Administration has mandated provincial medical insurance departments to conduct collective interviews with heads of mental health institutions to promote medical insurance laws and regulations [3] - The market regulatory authority has released 32 national measurement technical standards covering various fields, including smart connected vehicles and health [3] - The Beijing Municipal Transportation Committee announced plans to build 42 supercharging stations by 2025, ensuring full coverage of supercharging piles in highway service areas [4]

当地时间2月4日，欧盟统计局发布的初步估计数据显示，欧元区2026年1月通胀率为1.7%，低于去年12 月的2.0%。（总台记者 刘婵娟） 责编：张荣耀、卢思宇 ...

新华财经布鲁塞尔2月4日电欧盟统计局4日公布的初步统计数据显示，欧元区1月通胀率按年率计算为 1.7%，较去年12月的2.0%有所下滑，也略低于欧洲央行2%的中期通胀目标。 欧洲央行去年12月决定维持欧元区三大关键利率不变，这是其自去年7月以来连续第四次维持利率不 变。市场普遍预期，欧洲央行将在5日的货币政策会议上维持现有关键利率水平。 市场服务机构晨星公司策略师迈克尔·菲尔德说，欧洲央行决策非常谨慎，既希望刺激经济，又要避免 通胀反弹。他认为，鉴于近期通胀率持续稳定在较低水平，欧洲央行应该将更多精力放在促进经济增长 上。 （文章来源：新华社） 数据显示，欧元区1月食品和烟酒价格上涨2.7%，服务价格上涨3.2%，非能源类工业产品价格上涨 0.4%，能源价格下降4.1%。能源价格下滑是欧元区通胀下降的主要因素。当月，剔除能源、食品和烟 酒价格的核心通胀率为2.2%。 ...

市场服务机构晨星公司策略师迈克尔·菲尔德说，欧洲央行决策非常谨慎，既希望刺激经济，又要 避免通胀反弹。他认为，鉴于近期通胀率持续稳定在较低水平，欧洲央行应该将更多精力放在促进经济 增长上。 【纠错】 【责任编辑:施歌】 新华社布鲁塞尔2月4日电 欧盟统计局4日公布的初步统计数据显示，欧元区1月通胀率按年率计算 为1.7%，较去年12月的2.0%有所下滑，也略低于欧洲央行2%的中期通胀目标。 数据显示，欧元区1月食品和烟酒价格上涨2.7%，服务价格上涨3.2%，非能源类工业产品价格上涨 0.4%，能源价格下降4.1%。能源价格下滑是欧元区通胀下降的主要因素。当月，剔除能源、食品和烟 酒价格的核心通胀率为2.2%。 欧洲央行去年12月决定维持欧元区三大关键利率不变，这是其自去年7月以来连续第四次维持利率 不变。市场普遍预期，欧洲央行将在5日的货币政策会议上维持现有关键利率水平。 ...

尽管特朗普及其在美联储的盟友一直在呼吁进一步降息，但该央行内部始终存在更担心通胀顽固风险的 阵营。 里士满联储主席汤姆巴尔金(Tom Barkin)周二表示，去年的降息举措为劳动力市场提供了支撑，而目前 美联储官员的核心目标，是将通胀率拉回到2%的政策目标。 周三(2月4日)亚市盘中，现货黄金价格持续上涨，目前交投于5084.46美元/盎司附近，现货黄金价格在 最近的盘中交易中持续上涨，最终突破了5000美元的关键心理阻力位，这预示着金价将继续积极尝试收 复之前的损失。然而，金价随后触及了50日均线阻力位，这构成了短期内扩大涨幅的障碍。 美联储理事斯蒂芬米兰(Stephen Miran)周二在接受福克斯商业频道采访时继续为其唿吁今年大幅降息的 立场辩护。 米兰表示，当前美国经济中并未出现强劲的价格压力，这意味着目前处于限制性水平的利率，今年需要 再次下调。他重申，"我预计，今年全年的降息幅度大概率会超过1个百分点。" 走势偏向轻微上行，因为50期SMA的初步上升支持回调，价格走势在其上方构建。动能改善，MACD 保持正值，直方图扩大，而RSI保持在50以上，强化了恢复的立场；然而，头部的斐波那契阻力抑制了 跟 ...

土耳其财政部长穆罕默德·希姆谢克表示，恶劣天气推高食品价格以及季节性因素影响，是1月通胀走高 的主要原因，但这些影响对中期通胀走势"较为有限"。他强调，政府将坚定推进去通胀政策，确保通胀 下行趋势持续。 土耳其央行方面预计，到2026年底通胀率将降至16%左右，并维持在13%至19%的目标区间内。 （文章来源：新华财经） 新华财经伊斯坦布尔2月4日电（记者许万虎）土耳其统计局3日发布数据显示，2026年1月该国年度通胀 率连续第四个月回落，同比降至30.65%，创下自2021年11月以来最低水平。但受季节性因素和年初价 格调整影响，当月CPI环比涨幅明显走高。 数据显示，1月消费者价格指数环比上涨4.8%，高于去年12月的0.9%，也超过市场此前预期的4.32%。 食品、交通和住房成为推高物价的主要因素，其中食品及非酒精饮料价格环比上涨6.59%，对当月通胀 贡献最大。 ...

Core Viewpoint - The Russian economy is expected to grow by 1% in 2025, a slowdown compared to previous years, which aligns with expectations due to measures aimed at reducing inflation [1] Economic Growth - The GDP growth rate for Russia in 2025 is projected to be lower than 4.1% in 2023 and 4.3% in 2024 [1] - The cumulative growth rate over the past three years is reported to be 9.7% [1] Inflation Rates - The inflation rate for Russia in 2025 is anticipated to decrease to 5.6%, down from 9.5% in 2024 [1] - As of January 26, the annualized inflation rate for the current year is 6.4%, with expectations for it to drop to 5% by the end of the year [1]

钛媒体App 2月3日消息，受能源价格下跌影响，法国通胀率意外放缓至五年来最低水平，远低于欧洲央 行的2%目标。法国统计机构Insee表示，1月消费者价格同比上涨0.4%，创2020年12月以来最慢增速， 此前一个月上涨0.7%。法国通胀率表现一直不同于欧元区主要经济体，周二公布的这份数据不太可能 令本周在法兰克福召开政策会议的欧洲央行官员感到担忧。由于欧元区整体物价涨幅接近2%，预计央 行将维持存款利率不变。（广角观察） ...