Report Industry Investment Rating No investment rating information is provided in the content. Core Viewpoints of the Report China's urban renewal has entered the stage of stock quality improvement and systematic urban renewal since 2020. Although positive results have been achieved in practice, there are still deep - seated problems. It is necessary to promote the transformation from extensive renovation to refined operation through multi - dimensional coordinated efforts [11]. Summary by Relevant Catalogs 1. Historical Evolution and Current Characteristics of China's Urban Renewal - **Three Historical Stages**: China's large - scale urban construction and renovation activities since reform and opening - up can be divided into three stages: the urban function reconstruction and incremental land development stage (1978 - 2007), the shantytown and dilapidated housing renovation stage (2008 - 2019), and the stock quality improvement and systematic urban renewal stage (since 2020). The current stage has the characteristics of more refined renovation models, deeper connotations, more diversified subjects, and more market - oriented financing models [12][13]. - **Four Current Characteristics**: - **From "Large - scale Demolition and Reconstruction" to "Retention, Renovation, and Demolition"**: The current stage controls large - scale demolition, construction increase, and relocation, encourages organic renewal based on retention, and respects historical and cultural heritage [2][15]. - **From "External Renewal" to "Comprehensive Improvement"**: It focuses on the improvement of urban functions and the enhancement of regional values, considering aspects such as industry, culture, and public services [2][16]. - **From "Government - led" to "Multi - governance by Government, Market, and Society"**: The government shifts to top - level design and supervision, market entities play a leading role in project implementation, and residents become active participants [3][17]. - **Diversification and Marketization of Financing Modes**: A multi - level financing system is being constructed, with fiscal funds changing from "direct investment" to "leveraging", and social capital shifting to long - term value investment [3][19]. 2. Main Content and Business Models of China's Current Urban Renewal - **Main Content Classification**: There are four main types: comprehensive residential area renovation and renewal, urban business form upgrading and renewal, urban facility improvement and function upgrading renewal, and ecological and historical and cultural protection and renewal [4][22]. - **Business Model Classification**: From the perspective of the initiator, it can be divided into government - led renewal, market - led renewal, and multi - cooperation renewal. In practice, projects may combine different business models according to various factors [4][22]. - **Details of Each Type**: - **Comprehensive Residential Area Renovation and Renewal**: It is mainly government - led with strong public welfare and increased resident participation. It focuses on the renovation of old urban communities and villages in the city, with financial funds as the main source of funds, and social capital can be involved in attractive projects. Many positive results have been achieved in practice [4][24][25]. - **Urban Business Form Upgrading and Renewal**: Driven by capital, it is mainly market - oriented development, covering the renewal of old blocks and old factories. It promotes consumption and industrial upgrading, and the capital sources are diverse [6][26]. - **Urban Facility Improvement and Function Upgrading Renewal**: It has strong basic and public welfare characteristics, is mainly government - led, and appropriately introduces social capital. It aims to improve the overall carrying capacity and functions of the city [6][29]. - **Ecological and Historical and Cultural Protection and Renewal**: It combines public welfare and business operations, is mainly government - led, and promotes multi - format development and protection. It aims to protect the ecological base and historical context of the city [7][32]. 3. Problems Faced by China's Urban Renewal and Relevant Suggestions - **Problems**: - **Lack of Sustainability and System in Renovation Planning**: There are problems in both vertical and horizontal planning, resulting in inefficiencies and a lack of regional characteristics [8][37][38]. - **Low Investment Return Rate and Complex Game with Property Owners**: Urban renewal projects have high upfront investment, long return periods, and limited returns. The complex property rights situation also reduces the enthusiasm of social capital [9][39]. - **Difficulty in Intrinsic Improvement**: Some projects remain at the surface level, and the effects of industrial upgrading and domestic demand stimulation are not fully realized [8][40]. - **Incomplete Legal and Policy Systems and Insufficient Regulatory Coordination**: There is a lack of systematic laws and regulations at the central and local levels, and multi - departmental supervision lacks coordination [9][41][42]. - **Suggestions**: - **Improve Top - level Design**: Use the compilation of the "15th Five - Year Plan" as an opportunity to build a sustainable urban renewal framework and establish a dynamic adjustment mechanism [10][43]. - **Innovate Investment and Financing Modes**: Increase policy support, innovate financing tools, simplify property rights transactions, and improve risk - sharing mechanisms to attract social capital [10][43]. - **Focus on Connotative Renewal**: Integrate urban renewal into the overall upgrading of the regional economy, society, and culture, and ensure policy, function, and service coordination [10][43]. - **Improve the Legal System and Strengthen Regulatory Coordination**: Promote the introduction of the "Urban Renewal Law", improve supporting regulations at the local level, and establish a cross - departmental joint meeting system [10][43].

董事预期，透过关连客户(彼等于中国香港及中国拥有广泛的客户网络)委聘本集团，将为本集团带来更 多业务机会。因此，董事认为本集团能够扩大其持牌业务规模，特别是在不良资产行业寻求业务机会。 本集团与中信金融资产国际控股及其联系人持续合作对本集团有利，预期将为本集团未来业务发展带来 显著协同效应。 智通财经APP讯，信控国际资本(00993)发布公告，于2026年1月19日，本公司与中信金融资产国际控股 订立框架协议，据此，本集团同意于2026年1月19日至2028年12月31日(包括首尾两日)期间，向关连客 户提供(a)证券买卖的经纪服务、配售、承销及分销服务;(b)企业财务顾问服务;及(c)资产管理服务。 中信金融资产国际控股为于中国香港注册成立的公司，主要业务包括中国香港、中国澳门及跨境不良资 产经营、企业在港及跨境纾困、在港及跨境并购与重组融资，以及美元债券风险化解。其专注跨境及特 殊资产市场，提供全生命周期定制化"大不良"金融服务。于本公告日期，该公司由中国中信金融资产及 中信金资致远企业管理有限公司(致远)分别拥有约84.84%及15.16%权益。致远由中国中信金融资产全资 拥有。中国中信金融资产为于中 ...

Group 1 - Hedge funds have shifted their positions on the euro from long to short, marking the first bearish turn since late November, influenced by President Trump's threats of new tariffs and the potential acquisition of Greenland [1] - Analysts suggest that if the trade dispute escalates into a full-blown trade war, hedge funds may consider increasing their short positions on the euro [1] - The euro's recent fluctuations reflect market uncertainty, with concerns that a renewed trade war could weaken European economic growth [3] Group 2 - Morgan Stanley has warned that traders may be underestimating the risks of extreme scenarios leading to significant volatility in major currencies, particularly the euro [3] - The euro to USD exchange rate experienced a slight decline of 0.2% before rebounding by 0.3%, indicating mixed market sentiment [3] - Analysts predict that the euro may test the support level of 1.1499 this week due to the ongoing tensions surrounding the control of Greenland [3]

Group 1 - The overall scale of digital consumption in China exceeds 23.8 trillion yuan, maintaining its position as the world's largest online retail market for 13 consecutive years, reflecting the strong potential of domestic demand and consumption upgrade driven by the digital economy [1] - The central economic work meeting has prioritized "expanding domestic demand and promoting consumption" as a key task for 2026, which is crucial for economic recovery and the construction of a new development pattern [1] - Various government departments are committed to enhancing domestic demand and consumption, with specific actions outlined by the National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, and the People's Bank of China [1] Group 2 - The People's Bank of China emphasizes the need for financial support to expand domestic demand, particularly in key areas such as service consumption and small and micro enterprises, while promoting credit investment in the service consumption sector [2] - Achieving a balance between "demand" and "promotion" is essential for sustainable expansion of domestic demand and quality improvement of consumption, requiring enhanced consumer confidence and the removal of barriers to consumption upgrade [2] - The focus of expanding domestic demand will increasingly shift towards service consumption, elderly consumption, and green consumption, necessitating both policy guidance and market-driven efforts [2] Group 3 - A coordinated policy approach across various sectors, including fiscal, financial, and industrial policies, is necessary to boost consumption and market confidence, with a focus on a supportive monetary policy environment [3] - Financial institutions are encouraged to enhance support for key areas of service consumption and to optimize consumer finance services, thereby improving the payment experience in critical consumption scenarios [3] - Market participants are actively innovating to meet new consumer demands, particularly in high-frequency daily consumption areas such as healthcare, beauty, education, and home improvement [3] Group 4 - The market should leverage technology and innovative models to meet consumer demands for product upgrades and service consumption expansion, fostering a mutually reinforcing relationship between consumption upgrade and industrial transformation [4] - A fair and orderly market environment is essential for optimizing resource allocation and promoting the development of new consumption growth points within the framework of a unified national market [4] Group 5 - Recent initiatives by the Ministry of Commerce and other departments aim to enhance financial support for green consumption loans, encouraging collaboration between financial institutions and trade enterprises [5] - The People's Bank of China plans to expand the support scope of service consumption and elderly re-loans, with potential inclusion of the health industry once standards are established [5] - The collaborative efforts across various sectors are expected to strengthen the foundation for high-quality economic development in China [5]

贵金属周报 2026 年 1 月 19 日 贵金属强势难消，短期波动加剧 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 11 ⚫ 上周贵金属价格高位震荡，黄金和白银价格在上周盘中再 创新高。特别是在CME14日将贵金属期货合约保值金从由 固定改为按比例浮动之后，导致白银空头短期面临的资金 压力加大而被迫平仓，COMEX银价继续强势运行冲高至 93.7美元/盎司的历史最高点。因关税风险暂时消除，上 周黄金和铂金价格呈震荡之势，钯金价格出现小幅回调。 ⚫ 1月15日特朗普政府决定暂不对包括白银和铂金在内的关 键矿产征收全面关税。特朗普针对现任主席鲍威尔的刑事 调 ...

金银的市场热度早已从交易盘面蔓延至线下。投资金条和银条成为"爆款"之后，市场消息传出深圳水贝市场竟然出现"投资铜条"。 对此，证券时报记者在17日再次走访水贝市场的多个交易中心，暂时没有发现"投资铜条"实物。不过，有商家表示，"投资铜条"的实物需要预定，目前价 格是190元一条，重量为1000克，量大可以优惠。 那么，投资铜条能否像投资金条和银条那样回收？多位商家表示，目前还不知道具体回收方式，"我们现在是只卖不回收"。也有商家表示："铜条的工费 可能比铜本身的价格还高，即使回收可能也就是按原材料价格回收，所以价值并不大。即便有看到同行在进货，也不会随便跟风。" "不是金条和银条买不起，而是铜条更有性价比。" "这就是水贝速度！" 在许多网络社交平台，水贝"投资铜条"也引起了热议，还流传出许多"投资铜条"实物图，咨询度非常高。记者发现，对于"投资铜条"，多数人其实还是抱 着"看热闹"的心态。 （社交平台上关于水贝投资铜条的消息。） 最近一段时间以来，黄金、白银、铜价接连创下历史新高。市场信息显示，以铜为代表的有色金属此轮上涨可以回溯至2025年11月，主要由全球铜矿供应 持续紧张、美国关税预期引发的贸易流向重 ...

Market Performance - The market experienced a "cooling trend" last week, with the Shanghai Composite Index reaching a ten-year high on Monday before undergoing fluctuations and corrections throughout the week [1] - Trading volume was notably high, exceeding 4 trillion yuan, but enthusiasm gradually waned, particularly in previously leading sectors like AI applications and commercial aerospace [1] Economic Data - December 2025 export data showed a year-on-year increase of 6.6%, significantly surpassing market expectations of 2.2%, indicating resilience in China's manufacturing sector within the global supply chain [2] - For the entire year of 2025, exports grew by 5.5%, slightly below the 5.8% growth in 2024, maintaining a stable growth range of 5%-6% for two consecutive years [2] - Social financing in December 2025 increased by 2.2 trillion yuan, although this was a decrease of 645.7 billion yuan compared to the previous year [2] Credit Expansion and Policy - Credit expansion showed marginal improvement in 2025, with a notable increase in government bonds as a proportion of total social financing, indicating a deeper reliance on fiscal measures [3] - The People's Bank of China announced a reduction in interest rates for structural monetary policy tools by 0.25 percentage points, aiming to stabilize growth and expectations [3] - The central bank emphasized that there is still room for further reductions in reserve requirements and interest rates, maintaining a loose monetary policy direction [3] Market Regulation - Regulatory measures were implemented to cool down the market and curb rapid growth in leveraged funds, with the margin requirement for financing raised from 80% to 100% [4] - The balance of margin financing reached a historical high of 2.7 trillion yuan, reflecting a heated market sentiment [4] Sector Developments - The AI sector saw significant advancements, with companies like Apple and Alibaba making strides in AI hardware and applications [5] - The commodities sector faced disruptions, particularly in the non-ferrous metals market, with recent price increases showing signs of stabilization [6] - The U.S. Federal Reserve's low probability of interest rate cuts in January may impact global liquidity expectations [6] Economic Outlook - The domestic PMI returned to the expansion zone in December 2025, indicating a recovery in manufacturing demand and strong export performance, which may boost market confidence [7] - Long-term bullish trends in the market are expected to continue despite short-term volatility influenced by overseas market conditions [7]

②为更好发挥结构性货币政策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节的 支持力度，中国人民银行决定自1月19日起，下调再贷款、再贴现利率0.25个百分点。 中证网讯 ①ETF互联互通标的迎来新一轮扩容。根据港交所近日公告，1月19日，有54只上交所上市的 ETF正式纳入北向沪股通，44只深交所上市的ETF纳入北向深股通，另外还有7只ETF被暂时移出陆股 通。此次调整后，"ETF通"的全部产品数量将由273只扩容至364只，增幅超过三成。 ③国务院新闻办公室将于1月19日上午10时举行新闻发布会，国家统计局局长康义介绍2025年国民经济 运行情况，并答记者问。 （文章来源：中国证券报） ...

作者：赵展慧 "心心念念的1月1日终于来了，别人都在等跨年，只有我在蹲守查征信。新的政策，新的一年，新的征 途，越来越好。"2026年的第一天，有网友在社交平台分享，去年底前偿还了逾期欠款，今年喜提逾期 记录"清零"，评论区引来网友纷纷截屏晒出自己的征信报告回应："第一批征信记录更新的人里有我"。 一条条充满新年期待的话语与近期出台的一项新政策有关。新年伊始，一次性信用修复政策正式落地， 符合相关条件的逾期信息，将不会在个人信用报告中予以展示。 这项新政策，是个人信用修复的"一小步"，也是诚信社会建设的"一大步"，体现出新时代金融业发展、 市场体系建设、社会治理等方方面面的跃升和进步。 政策细节传递金融温度。先看政策适用条件，逾期信息只有产生于2020年1月1日至2025年12月31日期间 才能适用，意味着受疫情等因素影响违约的非恶意失信者，只要是小额逾期、并在规定时间内偿还，就 能"抹平"不良记录，获得一次信用重启的机会。 再看政策实施方式，"免申即享"，不收取任何费用，还可额外免费查询本人信用报告两次。精准纾困、 简化流程、减免费用，每个政策细节都是对特殊时期民生困境的温暖回应。 政策取向彰显人民立场。信 ...

// 热点头条 // 2. 通威股份：2025年预计净亏损90亿元-100亿元，亏损金额有所扩大，面临行业挑战。 1. 微软：马斯克以"违反OpenAI非营利使命"为由向其及OpenAI索赔最高1340亿美元，听证会预计4月举 行；紧急发布Win11/10更新修复关机故障与远程桌面问题，但新补丁引发N卡用户游戏性能下降，需手 动下载解 决。 2.苹果：调整iPhone、iPad、Mac等设备"以旧换新"折抵价，iPhone 16 Pro Max中国区最高可抵5800元， 华为、小米等安卓机型也被纳入折抵范围；另有消息称其首款智能眼镜最快二季度发布；折叠屏iPhone 将首发2nm工艺A20 Pro芯片，计划2026-2028年间为5款产品升级OLED屏幕。 3. 美光科技：拟斥资18亿美元（约140.4亿港元）收购力积电位于台湾苗栗铜锣的P5晶圆厂，旨在强化 DRAM产能供应，预计今年第二季度完成交易后分阶段提升产量，目标2027年下半年实现显著产能贡 献，双方还将深化合作，由美光提供后段封测支持助力力积电延续利基型DRAM产品线。 4. 中信证券：预计2025年实现归母净利润超300亿元，同比增长38.46 ...