3． 禁止性规定 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：董秘百人会 导读 核心要点：2026年2月6日，中国证监会发布《关于境内资产境外发行资产支持证券代币的监管指引》 （证监会公告〔2026〕1号，以下简称"1号文"），作为八部门《关于进一步防范和处置虚拟货币等相关 风险的通知》（以下简称《通知》）的配套文件，首次为现实世界资产（RWA）代币化的合规路径提 供了明确监管框架。核心方向可概括为"境内严禁、境外严管、合规备案、风险可控"。 一、指引核心定位与适用范围 1． 定义与边界 《指引》明确界定了境内资产境外发行资产支持证券代币：以境内资产或相关资产权利（所有权、收益 权等）为基础，在境外使用分布式账本等技术发行具有类资产证券化属性的代币，本质是跨境资产证券 化的数字化形态，区别于无底层资产的虚拟货币。 2． 监管分工与适用场景 | 业务类型 | 监管主体 | 核心要求 | | --- | --- | --- | | 类资产证券化 RWA（核心适用） | 中国证监会 | 需向证监会备案，遵循相同业务相同规则 | | 外债形式 RWA | 发改委 + 外汇局 | 按外债管理规定审批 | | ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The tourism industry in low - and middle - income countries is regarded as a powerful driving force for economic growth, employment creation, and the protection and inheritance of cultural and environmental assets. The World Bank plays a strategic role in tapping the development potential of tourism by providing development assistance, including technical support and funding for global tourism projects [11]. - The report shares the key lessons learned by the World Bank in tourism knowledge and operations over the past 10 years. It analyzes trends in research and design and factors influencing successful outcomes, and provides actionable suggestions for sustainable and inclusive development of the tourism industry [12][13][14]. Summary According to the Table of Contents World Bank's Role Evolution in Tourism Development - The World Bank has been involved in the tourism industry since the early 1960s. By 1980, it had supported tourism development in 27 countries, raising over $1 billion for large - scale projects. As of 2007, it had funded about 94 projects with a total amount of about $3.5 billion [15][16]. - In the 2010s, the World Bank's tourism portfolio grew steadily. Due to the COVID - 19 pandemic, it had to adapt quickly, providing assistance such as strengthening the health system, automating and digitizing tourism products and services, etc. After the pandemic, the demand for tourism support mainly focused on diversification, sustainability, and strengthening the tourism value chain [17][20]. - Currently, the World Bank is supporting 71 active tourism - related projects in 47 countries, with a total committed amount of $7.58 billion. From fiscal year 2012 to 2022, the compound annual growth rate (CAGR) of the World Bank's tourism - related loans reached 16%, more than twice the overall loan growth rate [21]. Tourism as a Development Tool: Evidence and Impact - **Economic Impact**: Economics literature supports that tourism plays a key role in promoting national economic growth. Empirical studies show positive impacts on local and national economic growth. For example, a 10% increase in local hotel revenue in Mexico led to a 4% increase in nominal local GDP [26]. - **Employment and Inclusion**: Tourism is considered a strong factor in promoting employment, especially among women and youth. 53% of those employed in tourism are women, and the youth employment rate in tourism is relatively high. However, tourism jobs often have lower salaries, are more seasonal, and are more likely to be part - time [27][29]. - **Social and Environmental Impact**: Tourism can generate significant social and environmental benefits if the proceeds are reinvested in community development and protection. However, most literature emphasizes the negative impacts, such as carbon emissions, increased pressure on water use and waste management systems, and social issues like sexual exploitation [30][31]. World Bank Technical Assistance - The World Bank provides technical assistance in areas such as circular economy, blue tourism, etc. It includes destination research to increase knowledge of specific topics, and approved and peer - reviewed reports are published in the World Bank's publications [36]. - In the past decade, the World Bank has produced 110 tourism publications. Most are destination - oriented technical assistance. The most popular research topics are tourism data, protection, cultural heritage, and inclusion [37]. Common Tourism Analysis Areas - **Economic Benefits**: Tourism can generate direct and indirect economic benefits by creating employment, attracting foreign direct investment, revitalizing rural areas, and enhancing skills. It also has unique economic characteristics, such as increasing real estate value [41]. - **Supply - side Analysis**: In tourism development, special attention should be paid to tourism supply elements. The complexity of the tourism industry and its extended supply chain, along with the large number of micro, small, and medium - sized enterprises, require cross - government coordination and a clear governance framework [42]. - **Gender and Inclusion**: Tourism can increase women's participation in the labor market, leadership roles, and entrepreneurship, but it also has potential risks such as informal part - time work, low wages, and gender - related issues [43]. - **Community Participation**: Communities can benefit from tourism under certain conditions, including strong demand, continuous skill improvement, and reinvestment of tourism revenue in community funds and management [43]. - **Key Tourism Research Gaps**: There are significant gaps in the understanding of how tourism affects poverty, the labor market, land use, and policy outcomes. More research is needed in many aspects, and impact evaluation is particularly scarce [44]. - **Social and Political Issues**: In destination management, more flexible and adaptable methods should be adopted to deal with external social and political challenges, and more research is needed on the diverse impacts of different tourism market segments [45]. World Bank Operations: Tourism Lending Bank - The 85 World Bank tourism projects from 2012 to 2022 can be roughly divided into three types: Type 1 projects target tourism directly, Type 2 are cross - sector projects integrating tourism elements, and Type 3 are environmental and social projects using tourism to achieve broader goals [52][53][49][50]. - Projects led by the national tourism bureau or department, with a design team including tourism expertise, and those involving multiple sectors and having a strong analysis basis tend to perform better. Destination - level tourism development is more effective when projects are geographically concentrated, appropriately scaled, and combine infrastructure investment with private - sector development [65][69][72]. Theory of Change: Paths to Development Driven by Tourism - Based on the analysis of 85 tourism operations, a tourism theory of change was developed, identifying nine common development challenges and 13 common solutions. Long - term outcomes include increased investment, income, and employment, better governance and economic inclusion, and sustainable destinations and assets [75][76]. Suggestions for Improving Tourism Project Design - **Understand the People**: Use innovative data collection methods to fill the gap in tourism data, and improve the government's ability to analyze and share data for evidence - based decision - making [83]. - **Make Collaboration a Pillar**: Strengthen governance and coordination by establishing strong coordination mechanisms and adopting a "whole - of - government" approach [81]. - **Unlock Investment in Small Enterprises**: Identify and address the limitations of micro, small, and medium - sized enterprises in the tourism industry, and provide targeted support [82]. - **Invest in Community - Serving Infrastructure**: Focus on a small number of regional investments, design infrastructure according to verified needs, and match it with technical assistance for governance institutions [84]. - **Restore Rather Than Destroy**: Establish systems to protect tourism assets, and reinvest tourist fees to fill the financing gap in biodiversity protection [85]. - **Measure and Share Results**: Establish a common result framework and a set of core tourism project indicators to achieve more consistent reporting and learning [86].

澳洲联储上周二提高了关键利率，成为今年首个加息的主要货币当局。该央行认为，澳大利亚国内通胀 压力持续存在，足以证明有必要重新收紧政策。根据声明，澳洲联储货币政策委员会将现金利率从 3.6%上调至3.85%。在2026年的首次会议上，这个由九名成员组成的委员会一致决定收紧政策。 根据澳洲联储季度《货币政策声明》，尽管假设今年还将再加息两次，但该央行仍上调了今年的通胀、 经济增长和就业预测。剔除波动性项目的"修剪均值"通胀指标目前预计今年将维持在2%—3%目标区间 之上，且直到2027年底都不会回到目标区间的中值水平。 多头头寸的增加凸显出市场对澳元汇率的信心日益增强，他们认为澳元相对较高的收益率以及澳洲联储 将维持高利率更长时间的预期，将支撑澳元汇率。投资者被澳元的收益率优势所吸引，目前互换市场几 乎已完全消化了6月份再次加息的预期。 摩根大通策略师Ben Jarman等专家在一份报告中写道："澳元正处于加息周期中，其处境独特。"该行将 澳元兑美元的近期目标价从1澳元兑68美分上调至73美分，理由是"外汇对冲行为的变化以及强劲的财政 指标支撑下的净投资组合流动"等催化剂。 智通财经APP获悉，杠杆资金管理人将对 ...

Market Overview - The A-share and stock index futures market are exhibiting distinct "pre-holiday characteristics" as the Spring Festival approaches, aligning with historical patterns of risk aversion and market sentiment contraction [1] - Trading volume has significantly shrunk, with the average daily trading volume in the Shanghai and Shenzhen markets dropping to around 2.5 trillion yuan in February, down from 3 trillion yuan in January [1] - The market is experiencing a cautious sentiment, with traders preferring short-term speculative trades rather than long-term holdings, reflecting increased uncertainty [1] Trading Behavior - The last week before the holiday is expected to see a continued decline in average daily trading volume due to traders' inclination to secure profits and a lack of willingness for new capital to enter the market [2] - The margin financing scale has also decreased, indicating a decline in risk appetite and cautious trading sentiment ahead of the holiday [2] - The current margin financing balance accounts for only 2.62% of the A-share market's circulating market value, suggesting a healthy market structure [2] Industry Performance - In the first week of February, there was a notable divergence in industry performance, with food and beverage, beauty care, transportation, and banking sectors showing gains, while sectors like non-ferrous metals, telecommunications, electronics, and petrochemicals faced declines [3] - Defensive sectors such as food and beverage and banking are performing better, aligning with the trend of risk-averse capital seeking stable returns [3] - The market sentiment has shifted from previous exuberance to a more rational phase, with long-term investors focusing on valuation and earnings certainty [3] Futures Market Dynamics - The significant divergence in performance among stock index futures is attributed to the varying styles in the spot market, with the price spread between IC and IH narrowing after reaching a historical high [4] - The price spread is expected to continue contracting in February, aligning with the mean reversion logic of stock index futures [4] - Post-holiday, there is a strong likelihood of a "New Year rally," driven by the return of previously withdrawn funds and positive market sentiment [4]

Core Viewpoint - Citigroup forecasts that the revenue of domestic banks will increase by 2.1% year-on-year in Q4 2025, primarily benefiting from stable fee income and a steady net interest margin, partially offsetting the impact of slowing loan growth [1] Group 1: Revenue and Performance Expectations - The report anticipates that domestic banks will release provisions to support profit growth amid stable asset quality [1] - Among domestic banks, Chongqing Rural Commercial Bank is expected to outperform, while Everbright Bank and Changshu Bank are projected to underperform [1] Group 2: Loan Growth and Interest Margin - Strong loan growth in January was mainly driven by corporate loans [1] - Net interest margin pressure is expected to ease in 2026, with revenue growth for the banking sector in FY2026 anticipated to improve slightly compared to FY2025, driven by stable net interest margins and strong fee income [1] Group 3: Investment Opportunities - With the yield on China's 10-year government bonds peaking, the spread between dividend yields and 10-year government bond yields is expected to widen, attracting investors seeking returns [1] - The preferred banks for investment are Bank of China and Ningbo Bank [1]

全仓登与浙商银行上海分行的仓单质押产品可为出质人提供流贷、银票、国内证等多种形式的融资支 持，满足借款主体"短、频、快"的融资需求，助力破解"融资难、融资贵"的行业困局。其中，流贷可实 现日内放款，按天计息。此外，浙商银行创新打造"仓单池"融资模式，有助于增强仓单置换灵活度。在 本次合作中，双方已成功落地首单现货仓单质押融资业务。上海某有色金属有限公司以电解铜电子仓单 作为质押标的，获得浙商银行上海分行融资支持，业务办理过程方便、快捷。 中新网上海2月9日电 (高志苗)记者9日从全国性大宗商品仓单注册登记中心(下称全仓登)获悉，全仓登 近日与浙商银行上海分行正式合作上线仓单质押融资产品，并完成首单放款。该业务依托全仓登现货仓 单登记系统，以大宗商品电子仓单为质押标的，探索形成以全仓登仓单为核心的标准化融资服务模式， 为实体企业提供更加便捷、高效的融资支持。 上海市近期发布《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》《加强 期现联动 提升有色金属大宗商品能级行动方案》等文件，提出支持全仓登建设，并要求逐步实现仓单 登记关键有色金属产品的全覆盖，稳步拓展仓单质押、贸易、交易等应用场景。此 ...

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市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 2月9日，沙特市场监管机构正面临压力，需重新评估其鼓励发行人上调IPO散户配售比例的指导意见。 本文源自：市场资讯 格隆汇援引知情人士信息显示，该指导意见鼓励发行人将IPO中多达30%的股份分配给本地散户投资 者，监管机构自去年年底开始暗示，发行人若希望获得上市批准，应将散户配售比例从此前约10%提高 至20%，不过相关规则尚未正式出台。 作者：观察君 多家银行向监管机构施压称，当前市场环境下，过多股票分配给散户投资者可能不利于定价与交易表 现，或进一步拖累上市表现。 此外，该指导意见压缩了海外机构投资者的配售比例，与沙特近年来旨在吸引更多海外资金进入本地股 市的改革方向相悖。包括沙特部分最大的股本市场顾问在内的部分银行，正计划向监管机构提交书面投 诉。 ...

Global Macro Strategy - The report highlights a global economic rebalancing driven by various factors including increased fiscal expansion in the US, Japan, and Europe, and China's focus on stabilizing real estate and promoting consumption [1][2] - The US economy is expected to see GDP growth decrease from 2.2% last year to 2% this year, with PCE inflation projected to drop from 2.5% to 2.3% [1][4] - The report anticipates that risk assets may reach new highs, with cyclical and value stocks outperforming tech and growth stocks [1][2] United States - The US housing market is expected to see an increase in sales volume while prices remain stable, with existing home sales projected to grow by 10% and new home sales by 5% in 2026 [7] - The fiscal deficit is projected to rise from 5.4% last year to 6.2% this year, with significant tax cuts expected to stimulate the economy [11] - The report predicts that the Federal Reserve will only cut rates once in June, with the 10-year Treasury yield expected to rise from 4.18% to 4.3% by year-end [12][14] United Kingdom - The UK economy is expected to experience a slight slowdown, with GDP growth forecasted to decrease from 1.4% last year to 1.2% this year [19][20] - The unemployment rate is projected to rise from 4.4% to 5.1% as the job market cools, while wage growth is expected to normalize [20] - The report anticipates that the Bank of England will cut rates twice in 2026, bringing the policy rate down to 3.25% [24] Eurozone - The Eurozone's GDP growth is expected to slow from 1.4% last year to 1.2% this year, with inflation projected to stabilize around the target level [1][2] - The report indicates that the European Central Bank's rate-cutting cycle has ended, with policy rates expected to remain unchanged [1][2] Japan - Japan's GDP growth is forecasted to decline significantly from 1.3% last year to 0.7% this year, with inflation also expected to decrease [1][2] - The report suggests that the Bank of Japan may raise rates twice, with the 10-year government bond yield expected to rise from 2.07% to 2.45% [1][2] China - China's GDP growth is projected to slow from 5% last year to 4.6% this year, with a focus on stabilizing the real estate market and promoting consumption [1][2] - The report anticipates that the People's Bank of China will implement two rate cuts totaling 20 basis points and one reserve requirement ratio cut of 50 basis points [2]

Group 1 - The last week before the Spring Festival saw a rally in sectors such as non-ferrous metals, communications, and media, with the Shanghai Composite Index returning above 4100 points and stabilizing above the 5-day moving average [1] - Major stocks leading the index rebound include Zhongji Xuchuang (300308), Zijin Mining (601899), Xinyi Sheng (300502), and China Merchants Bank [1] - Multiple institutions recommend a "hold through the holiday" strategy, suggesting that the recent global narrative changes impacting market sentiment may be stabilizing, creating a favorable environment for market recovery [1] Group 2 - The current market is experiencing rapid structural rotation, making it risky to chase single industry themes; investors are advised to anchor to broad indices like the CSI 300 [2] - The CSI 300 Index consists of 300 representative securities from the Shanghai and Shenzhen markets, covering major sectors such as technology, cyclical, finance, and consumer [2] - As of now, there are over 30 ETFs related to the CSI 300 Index, with the lowest management fee for the Huaxia CSI 300 ETF at 0.15% per year [2]