Core Insights - The core consumer price index (CPI) for December in the U.S. showed a year-on-year increase of 2.7%, matching November's figure and aligning with market expectations [1] - The core CPI, excluding food and energy, rose by 2.6% year-on-year, which was below the anticipated 2.7%, and increased by 0.2% month-on-month, also lower than the expected 0.3% [4] - The Federal Reserve's inflation target is set at 2%, and the report indicates that inflation is trending downwards but remains at a relatively high level [7] Market Reactions - Following the CPI data release, U.S. stock futures turned positive, and Treasury yields decreased. Spot gold rose by 0.77% to $4632.5 per ounce, while silver increased by 4.53% to $88.958 per ounce [8] Key Contributors to Inflation - Housing costs were the largest single contributor to inflation, rising by 0.4% in December and accounting for over one-third of the CPI weight, with a year-on-year increase of 3.2% [10] - Other areas of price increases included food prices, which rose by 0.7%, and entertainment, airfare, and healthcare costs. However, egg prices fell by 8.2%, down nearly 21% year-on-year [11] Market Expectations for Interest Rates - Traders increased bets that the Federal Reserve might lower interest rates as early as April, with a probability of 42% for a rate cut, up from 38% prior to the data release. June remains the most likely timeframe for a rate cut [11] - The Chief Investment Officer of Reagan Capital noted that while inflation is still relatively high, it is on a downward trend, suggesting that the Federal Reserve will maintain a cautious stance at least until spring [11]

Group 1: Core Insights - Xi'an has been selected as a pilot city for "new consumption formats, new models, and new scenarios" and "international consumption environment construction," making it the only city in Northwest China to receive both designations [1] - The city has also been recognized as one of the first "national retail innovation and enhancement pilot cities" in 2025, further solidifying its status in the consumption sector [1] Group 2: Tax Refund and Duty-Free Shopping - The first city duty-free shop in Northwest China opened in Xi'an, allowing travelers to enjoy "in-city shopping and port pickup" services [3] - Since the introduction of the "immediate refund" policy in 2025, Xi'an's tax refund sales have reached 800,000 yuan, with tax refunds exceeding 70,000 yuan [3] - By the end of last year, there were over 160 tax refund stores in Xi'an, marking a 331% year-on-year increase [3] Group 3: Service Industry Pilot Tasks - The Ministry of Commerce has issued a comprehensive pilot task document for nine cities, including Xi'an, to accelerate the opening of the service industry [4][6] - The pilot tasks focus on three main areas: effective promotion of pilot work, encouraging differentiated exploration based on local advantages, and strengthening organizational implementation [6] Group 4: Specific Areas of Focus - In telecommunications, tasks include removing foreign investment restrictions in app stores and internet access services, and promoting new business models in data processing [7] - In healthcare, support for foreign doctors to open clinics and the establishment of foreign-funded nursing schools is encouraged [7] - In finance, the development of international factoring and green bond rating services is promoted [7] Group 5: Transportation and Talent Mobility - Support for cross-border transportation initiatives and the establishment of a "green channel" for cross-border bus services is included [8] - Measures to facilitate the entry and stay of foreign talent, including visa conveniences for foreign management and technical personnel, are outlined [9] Group 6: Future Development and Innovation - Xi'an is encouraged to conduct pilot reforms in railway consignment rights and to strengthen its role as a national technology innovation center [12] - The city aims to enhance domestic and international innovation cooperation and attract various innovation resources [12]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is recruiting for seven key positions, including a Chief Investment Officer (External Managers), to enhance its investment management capabilities and attract market talent [2][3]. Group 1: Recruitment Details - The application deadline for the Chief Investment Officer (External Managers) position is January 24, 2026, while other positions have deadlines ranging from January 24 to January 31, 2026 [3]. - The positions being recruited include Director (Asset Allocation), Senior Associate roles in various areas, and a Systems Analyst [3]. Group 2: Responsibilities of the Chief Investment Officer - The Chief Investment Officer (External Managers) will oversee fixed income, equities, commodities, quantitative investments, total return, and strategic portfolios managed by external managers [5]. - Responsibilities also include collaborating with other Chief Investment Officers to develop investment strategies, maintaining a robust monitoring environment, and proposing new investment tools to achieve investment goals [5]. Group 3: Qualifications for the Chief Investment Officer - Candidates must hold a bachelor's degree in finance, economics, business, or a related field, with advanced degrees or professional qualifications preferred [5]. - A minimum of 10 years of experience in investment and finance is required, with a preference for those with asset management or allocation experience [5]. Group 4: Background of Previous Chief Investment Officer - The previous Chief Investment Officer, Albert Goh, was promoted to Deputy Chief Executive of the Exchange Fund Investment Office in November 2025, after joining HKMA in 2017 [7]. - Goh has a background in investment management, having previously worked at Goldman Sachs and JPMorgan [7]. Group 5: HKMA's Talent Acquisition Strategy - HKMA's practice of recruiting from market-oriented financial institutions aims to attract experienced professionals with relevant expertise [7]. - Recent appointments include Zhu Haibin as Assistant Chief Executive (Economic Research), who previously served as Chief Economist for JPMorgan China [7].

Core Viewpoint - The article discusses Shanghai's new measures to enhance the quality and efficiency of the service industry while boosting consumption, emphasizing a systematic approach to link supply and demand across various sectors [1][2]. Group 1: Policy Measures - The "Several Measures" document outlines 28 policy initiatives targeting six key sectors: finance, information services, transportation, cultural and entertainment, life services, and inspection and certification [1][6]. - The new policies aim to shift the focus from short-term stimulus to a long-term strategic layout that promotes service quality and consumption expansion [2][3]. - The measures highlight the importance of integrating financial services directly into consumption promotion, focusing on personal consumption finance, insurance product innovation, and financial support for service industry operators [1][9]. Group 2: Economic Context - The service industry and consumption in Shanghai have shown positive growth trends, with a 5.9% increase in service value added and a 5% rise in retail sales of consumer goods in the first eleven months of 2025, both exceeding national averages [2][6]. - The article emphasizes the need for a virtuous cycle of "supply upgrade - consumption boost - industry income - reinvestment," particularly through integrated sectors like cultural tourism and sports [2][3]. Group 3: Industry Focus - The six targeted sectors account for approximately 60% of Shanghai's service industry value added and about 70% of service consumption, making them critical for the linked development strategy [6]. - The measures encourage e-commerce platforms to transition from "price competition" to "quality competition," enhancing the connection between online and offline consumption [6][10]. - Specific initiatives include enhancing the quality of cultural and entertainment offerings, supporting high-level exhibitions, and promoting the gaming and esports industries [6][7]. Group 4: Financial Innovation - The measures stress the integration of "consumption scenarios + consumer finance," supporting the development of tailored financial products for various needs, including retirement and wealth management [9][10]. - Financial support is positioned as a key tool for stimulating consumption, with a focus on providing payment convenience through consumer credit products and easing financial pressures for service industry operators [10][11]. - The policy aims to create a dual support system, reducing consumer financial costs while simultaneously providing financing support to service industry businesses [10].

Core Viewpoint - The new policy emphasizes systematic linkage and quality competition on the supply side, aiming to enhance service quality and stimulate consumption in Shanghai's service industry [1][2][3]. Group 1: Policy Measures - The "Several Measures" document outlines 28 policy initiatives targeting six key sectors: finance, information services, transportation, cultural and entertainment services, life services, and inspection and certification [1][6]. - The focus is on optimizing supply and expanding consumption to create new growth points in the service sector [1][2]. - The policy integrates finance directly into consumption promotion, addressing personal consumer finance, insurance product innovation, and financial support for service industry operators [1][9]. Group 2: Economic Strategy - The strategic shift in Shanghai's consumption promotion focuses on long-term structural changes rather than short-term stimulus, aligning with national directives to expand domestic demand [2][3]. - The service sector and consumption have shown positive growth trends, with service value added increasing by 5.9% and retail sales of consumer goods growing by 5% in the first eleven months of 2025, both surpassing national averages [2][6]. Group 3: Industry Focus - The six targeted industries account for approximately 60% of Shanghai's service sector value added and about 70% of service consumption [6]. - The policy aims to break down industry barriers and promote deep integration across various fields, creating a "service + consumption" ecosystem [3][4]. Group 4: Quality and Innovation - The measures highlight the importance of high-quality service supply to drive consumption demand, with a focus on digitalization and cross-industry integration [4][5]. - Specific initiatives include enhancing the quality of cultural and entertainment offerings, supporting high-level exhibitions, and promoting the gaming and esports industries [6][7]. Group 5: Financial Support - The policy emphasizes the integration of consumption scenarios with financial services, encouraging the development of tailored financial products for sectors like elderly care and wealth management [9][10]. - Financial support is aimed at easing payment pressures for consumers and providing funding assistance to service industry operators [10][11].

Group 1 - Fengtai District has achieved significant industrial cluster development, with the output value of the rail transit and aerospace industries exceeding 400 billion yuan, and the financial and technology services contributing nearly 80% to economic growth [1] - The Lize Financial Business District is entering a new operational phase, with tax contributions expected to exceed 10 billion yuan by 2025 and an average growth rate of over 20% over five years [1] - More than 1,520 enterprises have settled in Fengtai, optimizing the "finance + technology" industrial ecosystem, with key projects like the Digital Financial Technology Demonstration Park accelerating construction [1] Group 2 - The South Central Axis area is undergoing rapid planning and construction, with 61 projects in Fengtai included in the action plan, accounting for 74% of the total, with a total investment of approximately 71.95 billion yuan [2] - Major cultural facilities such as the National Museum of Nature and the Capital Planning Exhibition Hall have commenced construction, while the Nanyuan Forest Wetland Park has been rated as a national 3A tourist attraction [2] - Infrastructure connectivity is accelerating, with the completion of the main structure of eight stations on the subway line 1 in Fengtai, and the initiation of construction on the Beijing-Xiong'an Expressway city connection line [2]

在邓志坚看来，2026年，科技与医疗健康两大赛道将凭借其在全球AI应用与民生需求中的核心驱动地位，仍是资产布局的 关键锚点。与此同时，投资级债券与黄金等传统避险资产的配置价值不容忽视，其在波动环境下的风险缓释作用，将有效增强 投资组合的整体抗风险韧性。 在集中度方面，当前美股前五大科技股市值占美股总市值比重达28%，高于2000年的21%，但当前科技企业的平均股权回 报率远高于过往。盈利端的坚实支撑使得投资者即便面对股价高位，也未出现恐慌性抛售，这也进一步印证了科技板块的配置 价值。 本报记者 杨洁 "2026年，我们坚持看好科技和医疗等具有长期增长趋势的行业之外，我们也建议增持亚洲区优质股、成熟市场投资级别 债券和黄金，以分散成长型资产的风险。而且，在此基础上，我们将更加重视股市对冲策略。"邓志坚说。 1月11日，星展银行举办"2026年一季度投资策略展望"专题活动，星展银行（中国）高级投资策略师邓志坚在会上解读了 新一年全球市场脉动，并剖析投资机遇与挑战。 （编辑 张昕） "回顾2025年，我们一直在强调世界格局正在转变。当面对挑战的时候，我们必须要坚持投资于环球发展中最关键的行业 和优质的核心资产。因为 ...

工业企业增产最高奖励 70 万元；软件和信息技术服务业最高奖励60万；汽车购置最高补贴 5000 元、家 电消费最高补贴 500 元、餐饮消费最高满减 100 元、住房 "以旧换新" 单套最高补贴 3 万元…… 1月13 日，《2026年珠海市推动一季度经济高质量发展行动方案》（下文简称方案）正式出炉，为力拼2026年 经济"开门红"送出一篮子政策大礼包。 南都记者从珠海市发展和改革局获悉，珠海是2026年广东省内第一个出台一季度开门红方案的地级市， 相较于2025年，今年的政策进一步提升了奖励范围和力度，在去年主要支持工业、软件和信息技术服务 业的基础上，新增了对批发业、零售业、金融业、租赁和商务服务业、科学研究和技术服务业的支持， 同时加码工业项目建设奖补；内容更丰富，"粤享暖冬 乐购广东"消费季活动、购房"以旧换新"等既有 政策，叠加支持工业投资、金融业、租赁和商务服务业扶持等新政策，惠及面更广；方式也有创新，除 资金支持外，还新增荣誉奖励，将评选20家建筑业优质诚信企业，给予招投标免保证金、提升融资额度 等支持。 回顾2025年，珠海"开门红"方案政策成效显著，一季度GDP同比增长4.0%，为去年单季 ...

2026.01.13 本文字数：3116，阅读时长大约5分钟 作者 |第一财经 缪琦 热门演唱会和顶级赛事一票难求，文化游戏IP周边及主题活动长队不息……在传统实体消费爬坡复苏的 背景下，服务业和消费新业态却不缺人气，并显出巨大吸金力。在这种反差下，服务业提质和消费提振 的联动，既是一场"双向奔赴"，也亟待政策助推加速。 近日，《上海市促进服务业提质增效和消费提振扩容联动发展的若干措施》（下称《若干措施》）印 发，这是上海继2025年底印发《关于进一步扩大上海服务消费的若干措施》即"16条"之后的又一新政。 此次上海聚焦服务业和消费联动发展的结合点和着力点，提出28条政策举措，旨在从优化供给和扩大消 费两端共同发力，加快培育服务供给和消费需求的新增长点。 上海社科院经济研究所所长沈开艳告诉第一财经，《若干措施》表明，上海促消费的战略重心转变了， 从原来着眼于短期刺激的战术性举措，转向致力于服务业提质和消费扩容联动互促的长期战略性布局。 上海发改委研究院副院长马海倩对第一财经表示，此次新政突出系统性联动，指向性明确，也即更强调 供给端的"品质竞争"，推动服务业从规模扩张转向价值提升，释放出以质促消、以消带产的清 ...

Core Viewpoint - The announcement reveals a significant change in the shareholding structure of Zhongjie Resources, with Guangzhou Rural Commercial Bank transferring 106 million shares, representing 8.84% of the total share capital, to Qianrun Investment for a total consideration of 287 million yuan, resulting in Guangzhou Rural Commercial Bank no longer holding any shares in the company [1]. Group 1 - Guangzhou Rural Commercial Bank signed a share transfer agreement with Qianrun Investment on January 9 [1]. - The total number of shares transferred is 106 million, which constitutes 8.84% of Zhongjie Resources' total share capital [1]. - The total transfer price for the shares is 287 million yuan [1]. Group 2 - Following this transaction, Guangzhou Rural Commercial Bank will no longer hold any shares in Zhongjie Resources [1]. - The company currently remains without a controlling shareholder or actual controller [1].