新华财经纽约1月22日电（记者刘亚南）由于投资者继续买入，纽约股市三大股指22日高开，早盘短暂 回调，盘中继续走强，尾盘涨幅收窄，收盘时纽约股市三大股指涨幅均明显上涨。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨306.78点，收于49384.01点，涨幅为0.63%；标 准普尔500种股票指数上涨37.73点，收于6913.35点，涨幅为0.55%；纳斯达克综合指数上涨211.195点， 收于23436.02点，涨幅为0.91%。 板块方面，标普500指数十一大板块七涨四跌。通信服务板块和非必需消费品板块分别以1.57%和1.22% 涨幅领涨，房地产板块和公用事业板块分别以1.10%和0.73%跌幅领跌。 美国商务部22日公布的数据显示，2025年10月和11月美国个人消费支出价格指数同比分别上涨2.7%和 2.8%，而9月份涨幅为2.8%。数据还显示，剔除波动较大的食品和能源价格后，10月和11月核心个人消 费支出价格指数同比涨幅分别为2.7%和2.8%，与去年7月和8月2.9%的高点接近。 伊曼纽尔认为，投资者现在注意力正在转向美联储下一次货币政策会议、特朗普对下一任美联储主席的 提名、联邦政府潜 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of a moderately loose monetary policy to support key areas such as domestic demand, technological innovation, and small and medium-sized enterprises as part of the "14th Five-Year Plan" [1][2]. Monetary Policy Implementation - The People's Bank of China (PBOC) will implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [2]. - The PBOC plans to maintain ample liquidity and match the growth of social financing and money supply with economic growth and price level expectations, indicating room for further cuts in reserve requirements and interest rates [2]. - Structural monetary policy tools will be optimized to enhance support for major strategies and key areas, with recent policy adjustments already made to improve these tools [2]. Financial Market Stability - The PBOC aims to maintain stable financial markets and manage expectations, ensuring the RMB exchange rate remains stable at a reasonable level [3]. - There will be a focus on strengthening supervision across various markets, including bonds, foreign exchange, and gold, while establishing mechanisms to provide liquidity to non-bank institutions under specific scenarios [3]. Monetary Policy Framework - The PBOC will optimize the monetary policy target system, emphasizing intermediate variables and reducing focus on quantitative targets to enhance the effectiveness of interest rate adjustments [4][5]. - A market-oriented interest rate formation and transmission mechanism will be improved to facilitate the flow of central bank policy rates to market rates [4]. Macro-Prudential Management - The PBOC will enhance monitoring and assessment of systemic financial risks, expanding the scope of macro-prudential management to include new areas such as financial markets and internet finance [7]. - A comprehensive macro-prudential management toolbox will be developed, with a focus on standardization and practical application [7]. Support for Key Areas - The PBOC will increase policy support for expanding domestic demand, enhancing consumption, and supporting technological innovation and small enterprises [8]. - Specific measures include a dedicated 500 billion RMB for consumer and elderly care loans, and an increase in the quota for technology innovation loans from 800 billion RMB to 1.2 trillion RMB [8]. - Additional support for small and medium-sized enterprises includes increasing re-loan quotas and enhancing financing accessibility [8]. International Financial Cooperation - The PBOC will actively engage in global financial governance reforms and international cooperation, promoting a fair and inclusive global financial governance system [10]. - Efforts will include enhancing the internationalization of the RMB and developing a secure and efficient cross-border payment system [10].

在支持科技创新方面，货币政策支持力度持续加大。近期，中国人民银行宣布，增加科技创新和技术改 造再贷款额度，并将研发投入水平较高的民营中小企业等纳入支持领域；合并设立科技创新与民营企业 债券风险分担工具，提供再贷款支持。 受访专家认为，上述两项举措将为科技创新注入持续稳定的金融动力：通过将"研发投入水平"作为核心 筛选标准，打破传统"重有形资产、轻创新能力"的授信逻辑；借助工具合并设计，破解民营中小科创企 业融资"断档"难题；而信贷与债券的"双轮驱动"模式，则构建起覆盖科技企业全生命周期的立体化融资 支持网络。 从"资产抵押"逻辑转向"创新能力"评价体系 记者自业内了解到，以往科技金融政策往往是"先看资产、再谈创新"，银行授信仍依赖抵押物、盈利规 模等传统财务指标，导致大量高研发投入、资产偏轻的初创型企业被挡在门外。 国家金融与发展实验室副主任曾刚对上海证券报记者表示，此次政策突破的本质在于从"资产抵押"逻辑 转向"创新能力"评价体系。"研发投入水平"这一硬核指标，将金融资源直接锚定企业的创新强度与技术 积累厚度，标志着货币政策工具从"看财报"转向"看研发"，有助于打破轻资产科创企业的信贷困境。 在曾刚看来，更 ...

Group 1 - The core inflation measure favored by the Federal Reserve, which was delayed due to the government shutdown, shows a moderate increase in consumer prices for October and November, with month-on-month increases of 0.2% and year-on-year increases of 2.7% in October and 2.8% in November [2][6] - Despite a significant drop from the peak levels post-pandemic, inflation continues to affect American households, with a rebound in goods inflation observed after tariffs were imposed by the Trump administration in spring [2][6] - The upcoming data will provide more decision-making basis for the Federal Reserve's monetary policy meeting, with expectations that interest rates will remain unchanged in the short term due to stable economic growth and low unemployment [2][6] Group 2 - The chief economist at KPMG noted that wealthy households are driving economic growth, masking the struggles expressed by many in consumer confidence surveys [3][7] - Personal income in the U.S. increased by $80 billion in November, showing a stable month-on-month growth of 0.3%, but real disposable income adjusted for inflation decreased by 0.1% in October and slightly rebounded by 0.1% in November, indicating ongoing price pressures on households [3][7][8] - The inflation rate in the U.S. has remained above the Federal Reserve's target of 2% since 2021, and as long as inflation stays close to 3%, some Federal Reserve officials may be cautious about rate cuts [8] Group 3 - The labor market data indicates that while the unemployment rate remains low at 4.4%, the number of net new jobs has significantly declined, affecting recent graduates and long-term unemployed individuals [4][8] - Initial claims for unemployment benefits have remained low and stable, suggesting that layoffs in American companies are currently at a moderate level [4][8]

银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 据中国人民银行官网发布公告显示，为保持银行体系流动性充裕，2026年1月23日，央行将以固定数量、利率招标、多重价 位中标方式开展9000亿元1年期中期借贷便利（MLF）操作。Wind数据显示，本月有2000亿元MLF到期，此次操作后将实现 7000亿元净投放，这也是央行连续11个月加量续作MLF，凸显货币政策延续支持性立场，助力稳定市场资金面。 ...

1月22日，中国人民银行发布2026年1月份中期借贷便利(MLF)招标公告。公告显示，为保持银行体系流 动性充裕，2026年1月23日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展9000亿元 MLF操作，期限为1年期。 王青认为，中国人民银行近期推出了一系列结构性支持政策，短期内通过降准操作应对春节前资金面季 节性波动的可能性不大。 鉴于本月MLF到期量为2000亿元，故中国人民银行在开展9000亿元MLF操作后，将实现净投放7000亿 元，这也是其连续第11个月加量续做MLF。而且，相较于去年12月份1000亿元的净投放规模，1月份 MLF净投放规模大幅增加。此外，中国人民银行本月还通过买断式逆回购净投放3000亿元，这意味着1 月份中期流动性净投放达10000亿元。 东方金诚首席宏观分析师王青对《证券日报》记者表示，为保障重点领域重大项目资金需求，巩固拓展 经济回升向好势头，今年新增地方政府债务限额已提前下达，这意味着今年1月份会有一定规模的政府 债券开闸发行。去年10月份新型政策性金融工具投放完毕后，还会继续带动今年1月份配套贷款较大规 模投放。此外，春节临近，居民现金提现需求将出现显著季 ...

Group 1 - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery [1] - The central bank plans to conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain liquidity in the banking system [1] Group 2 - The State Council's Food Safety Office is drafting national standards for prepared dishes to protect consumer rights and promote high-quality industry development [2] - Major banks in China, including ICBC and ABC, have announced the implementation of personal consumption loan interest subsidy policies [2] Group 3 - Beijing plans to increase computing power supply, aiming to build a total computing power scale of around 200,000 P by 2027 [2] Group 4 - Xiaomi Group has initiated a share repurchase plan of up to 2.5 billion HKD [5] - Hengyi Petrochemical plans to repurchase shares worth 500 million to 1 billion yuan [5] - Yunyi Electric plans to repurchase shares worth 100 million to 150 million yuan [5] Group 5 - Xidong Pharmaceutical plans to repurchase shares worth 25 million to 50 million yuan [6] - Several companies, including Haikang Information and Huitian Ruisheng, have announced plans for shareholder reductions [6] - Notable profit forecasts for 2025 include a projected net profit increase of 241.55% to 339.13% for Te Yi Pharmaceutical and 137.73% to 201.74% for Qingsong Co. [6]

1月22日晚，欧洲央行公布了12月货币政策会议纪要显示，由于通胀率徘徊在目标附近，欧洲央行决策 者并不急于调整利率，而且他们似乎对投资者押注2026年全年利率保持稳定感到满意。 欧洲央行在12月的会议上维持利率在2%不变，并上调了经济增长预期。市场将此解读为一个信号，即 任何进一步宽松政策的门槛都极为高企。 自该次会议以来，欧洲央行首席经济学家菲利普·莱恩（Philip Lane）多次表示，只要经济运行情况符合 当前预测，近期内利率调整并不太可能被提上议事日程。这证实了市场此前的预期，即在截至去年6月 的一年内八次降息之后，欧洲央行将在一段时间内维持利率不变。 同时指出："总体而言，从货币政策角度看，欧洲央行当前处于一个相当合适的位置，但这并不意味着 政策立场是固定不变的。" 在讨论风险时，会议强调了包括人工智能投资热潮、美国加征关税、中国商品倾销等一系列新型风险带 来的高度不确定性。 "一些"政策制定者认为风险倾向于通胀低于目标水平，而"少数"政策制定者则担 心通胀过高。 这意味着，即便未来某个时点政策发生调整，下一步行动的方向本身仍充满不确定性。 纪要指出："重要的是，不要给市场留下下一步行动会朝某一方向 ...

1月22日，今日央行公告，1月23日将开展9000亿MLF操作。本月有2000亿MLF到期，这意味着1月MLF 续作加量7000亿，净投放规模显著加大。 同时，市场也表示央行短期内通过降准应对节前资金面波动的可能性不大。"净投放7000亿元，总量上 介于降准0.25个百分点到0.5个百分点之间。本月MLF实现较大规模净投放后，春节之前降准的可能性 在降低。" 央行加量续作呵护资金面 投放规模平稳运行关键 今日央行公告，为保持银行体系流动性充裕，2026年1月23日，中国人民银行将以固定数量、利率招 标、多重价位中标方式开展9000亿元MLF操作，期限为1年期。这意味着1月MLF续作加量7000亿，净 投放规模显著加大。此外，本月两个期限品种买断式逆回购净投放3000亿，1月中期流动性净投放总额 高达1万亿，也较此前规模显著加大。 民生银行首席经济学家温彬对智通财经记者表示，2026年，央行会继续加大流动性投放力度，灵活搭配 公开市场操作各项工具，保持流动性充裕。 招联首席研究员董希淼对智通财经记者表示，央行继续向市场投放中期流动性，满足春节前后的跨节资 金需求，对冲年初信贷投放和政府债券发行加快等因素对流动性 ...

业内专家指出，这一现象是结构性降息降准引导与商业银行稳定净息差需求共同作用的结果。展望2026 年全年，业内专家普遍认为，在适度宽松货币环境与银行息差压力持续的双重作用下，大额存单利率低 位运行将成常态，这标志着居民资产配置逻辑与银行负债管理模式正在进行角色转化。 短期产品增加 中国货币网数据显示，当前大额存单发行呈现显著短期化特征，多数银行主打1年期及以下短期品种，3 年期大额存单发行量锐减，5年期产品近乎绝迹。 例如，招商银行仅提供2年期以内产品，其中1年期（含1年）的产品有三个；中国银行在售产品期限为1 个月、3个月、6个月、1年、2年和3年，1年期以下（含1年）的存期的产品最多。农业银行的情况如出 一辙，多数产品集中在1年期之下，3年期的大额存单产品只有一种，且起点金额为50万元。建设银行则 仅有1年期及以下产品可供选择。 利率曲线亦加速下探。目前，四大国有行工商银行、农业银行、中国银行、建设银行在售的1个月、3个 月期限大额存单年利率已统一锚定在0.9%，起存点也集中在20万元。以起存点计算，1个月的利率收入 为150元，3个月的利率收入则在450元，收益已与同期限普通定期存款相差无几。 低利率的情 ...