Group 1 - The Hong Kong Purchasing Managers' Index (PMI) rose from 51.9 in December to 52.3 in January, indicating a sustained and strong improvement in the business environment [1] - Business activity has increased for six consecutive months, with the expansion rate remaining stable month-on-month, driven primarily by the services sector, followed by wholesale and retail, while manufacturing and construction showed opposite trends [1] - The increase in new orders was significant, marking the second-highest expansion rate since May 2023, attributed to companies adjusting market strategies and launching new products, alongside improved demand from overseas and mainland markets [1] Group 2 - Input costs rose at a slower pace in January, but overall increases remain significant, with businesses reporting rising raw material prices as a key factor for higher procurement costs [2] - Employee costs saw a moderate increase, with the smallest rise since September of the previous year, as companies attempted to pass on costs to customers through higher prices, although many offered discounts to stimulate sales [2] - Despite improved market demand, businesses remain pessimistic about the outlook for the coming year, with negative sentiment reaching its highest level in five months, influenced by factors such as U.S. trade policies, intense market competition, and a sluggish global economy [2]

中泰证券指出，港股市场短期有望在美联储降息预期和A股情绪回暖支撑下延续结构性上涨。AI需求指 引的持续好转将继续利好港股科技板块。尽管本周恒生科技指数小幅下跌，显示出科技板块的波动性， 但部分AI概念股因AI芯片进展而表现活跃，显示出AI作为长期驱动力的持续吸引力。投资者需警惕外 部政策的不确定性，建议采取稳健配置策略，并留意盈利改善和成长性兼具的科技领域。 港股互联网ETF国泰（513720）跟踪的是港股通互联网指数（931637），该指数从港股通范围内选取涉 及互联网软件、零售、服务等业务的上市公司证券作为指数样本，覆盖通信服务、信息技术、可选消费 等行业，以反映香港互联网相关上市公司证券的整体表现。 2月2日，港股互联网ETF国泰（513720）收跌超3%，港股市场有望延续结构性上涨，回调或可布局。 （文章来源：每日经济新闻） ...

0:00 6.97亿人次！2025年全国出入境人次创下历史新高，这一数据由国家移民管理局近期正式发布，直观印 证了中国与世界双向奔赴的交流热度持续攀升。细分来看，内地（大陆）居民出入境3.35亿人次、港澳 台居民2.79亿人次，同比分别增长15.1%、10.1%；外国人入出境达8203.5万人次，同比增幅达26.4%。 其中免签入境外国人3008万人次，占外国人入境总量的73.1%，同比大幅增长49.5%，免签入境的高增 长态势，成为中外人员往来提质提速的鲜明注脚。 2025年出入境数据的强劲增长并非偶然，而是我国出入境便利化政策持续加码、精准施策的必然结果。 这一年，我国签证便利化政策打出高效"组合拳"：单方面免签国家扩容至48国，互免签证国家增至29 国，对我国实施单方面免签的国家达28国。同时，240小时过境免签政策的适用口岸拓展至65个。一系 列政策落地见效，持续降低中外人员往来门槛、提升通关效率，为出入境市场的繁荣注入了核心动力， 也让中国与世界的联结更为紧密。 出入境人次的大幅攀升，背后是人员要素的高效跨境流动，也直接带动"中国游""中国购"消费热潮持续 升温，成为中外经贸文化交流相融的写照。从身 ...

证 券 研 究 报 告 【债券日报】 关注"价"的积极信号 ——1 月制造业 PMI 点评 1、制造业 PMI：短期因素叠加，景气重返收缩区间 （1）新订单：1 月新订单降至 49.2%，再度回到收缩区间，反映上月需求透 支效应。在 12 月冲刺之后，1 月需求释放透支。下游春节提前放假、降温天 气也导致需求放缓。另外，新出口订单环比降幅低于新订单总体，显示内需订 单放缓的力度相对更大。 （2）生产：生产节奏放缓，但仍在扩张区间。受需求端承压影响，生产相应 波动，增势有所放缓。其中，消费品制造业生产指数下滑 4pct 至荣枯线以下 是主要拖累，而代表新动能的行业生产仍在高景气，分化有所加大。 （3）外贸：进口偏强、出口订单转弱。新出口订单环比-1.2pct 至 47.8%，收 缩再度加剧。1 月美国针对部分高技术制造品类加征关税，美欧贸易关税摩擦 也有波动，叠加临近春节，新出口订单增势环比放缓。进口环比+0.3pct 至 47.3%，生产景气对进口需求或有一定支撑。 （4）价格：原材料购进价格、出厂价格环比+3.0pct、+1.7pct 至 56.1%、50.6%， 其中后者自 2024 年 5 月以来首次回 ...

Group 1 - The 2026 China-UK Entrepreneurial Council meeting was held in Beijing with over 50 representatives from both sides, covering various sectors including finance, pharmaceuticals, manufacturing, culture, and creativity [1] - Multiple cooperation documents were signed in areas such as trade, education, and market regulation, marking the first meeting of this scale in eight years [1] - AstraZeneca's CEO announced plans to invest over 100 billion RMB in China over the next four to five years for research and manufacturing, highlighting a shift from merely providing drugs to fostering innovation and collaboration with Chinese biotech companies [3] Group 2 - The bilateral trade volume between China and the UK reached 103.7 billion USD in 2025, with service trade expected to exceed 30 billion USD, indicating active exchanges in both manufacturing and service sectors [7] - The presence of representatives from cultural and tourism institutions at the meeting suggests a positive outlook for cooperation in the service trade sector [9] - The UK National Theatre's film adaptation attracted nearly 1 million Chinese viewers within a month, surpassing its annual audience in London, showcasing strong engagement with Chinese audiences [11] - The Scottish National Gallery's collaboration with the Shanghai Pudong Art Museum drew over 450,000 visitors, reflecting significant interest from Chinese audiences in international art [13]

Core Viewpoint - The European Parliament has voted to submit the EU-Mercosur Free Trade Agreement for review by the EU Court, which may delay the approval process and increase uncertainty regarding its implementation [1] Group 1: Agreement Overview - The EU and Mercosur reached the EU-Mercosur Partnership Agreement after over 25 years of negotiations, marking the largest and highest-level trade agreement between the EU and Latin America [1][2] - The agreement aims to create a free trade area covering approximately 700 million people by systematically reducing tariffs and non-tariff barriers, deepening economic ties and regulatory integration between the two regions [2] Group 2: Strategic Implications for the EU - The agreement is expected to increase EU exports to Mercosur by approximately 39%, creating over 440,000 jobs and opening new markets for industries facing competition from the US and China [3] - The EU aims to diversify its supply chains by accessing key raw materials such as lithium, copper, and soybeans from Mercosur, enhancing economic resilience [3] - The agreement incorporates environmental commitments, including adherence to the Paris Agreement and Amazon rainforest protection, as core elements to embed EU values in the Latin American market [3] Group 3: Mercosur's Objectives - Mercosur countries seek to access the EU's high-end market for agricultural products like beef, sugar, and ethanol, while attracting EU investments in manufacturing and renewable energy to upgrade their industrial structures [4] - The agreement has drawn criticism from the US, which accuses the EU of monopolizing the South American market through geographical indication protections, reflecting the EU's strategic intent to counter US protectionism [4] Group 4: Tariff Liberalization and Sensitive Industries - The tariff liberalization level is close to 90%, with Mercosur committing to liberalize 91% of its import value and the EU 92% of its import value [5] - Both parties have set a transition period of up to 15 years for sensitive industries, with the EU implementing strict quota management for sensitive agricultural products to address domestic opposition [5][6] Group 5: Market Access and Competition - The agreement expands EU companies' access to Mercosur's government procurement and key service sectors, creating fairer competition opportunities [10][11] - It establishes high standards for intellectual property protection, particularly for geographical indications, enhancing the EU's agricultural brand interests [12] Group 6: Environmental and Labor Standards - The agreement links trade to sustainable development, incorporating legally binding environmental commitments and labor rights protections [13] - It introduces rules to ensure fair competition between state-owned and private enterprises, promoting a neutral market environment [14] Group 7: Dispute Resolution Mechanism - A multi-tiered dispute resolution mechanism is established to address trade disputes more effectively than under WTO frameworks, enhancing the agreement's stability and predictability [15] Group 8: Implications for China - The agreement poses structural challenges and opportunities for China, potentially impacting its market share in the region while also encouraging industrial upgrades and strategic cooperation [16][17] - China can leverage the demand for intermediate goods in Mercosur to strengthen its position in global supply chains and explore new cooperative models [18]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The mid - stream is continuously differentiating, and the prices of the upstream are warming up [1] - The production industry in Beijing encourages the development of value - added services based on commercial satellite data and the integration of the industrial chain [1] - The service industry will develop service trade, open up the service market, and promote the export of various services [1] Group 3: Summary by Related Catalogs Upstream - In the non - ferrous metals sector, the price of nickel has rebounded [2] - In the agricultural sector, the prices of eggs and palm oil have rebounded [2] - In the energy sector, the price of liquefied natural gas has continued to rise [2] Mid - stream - In the chemical industry, the operating rates of PX and urea have remained at high levels [3] - In the energy industry, the coal consumption of power plants is at a low level [3] - In the infrastructure industry, the operating rate of road asphalt is at a low level [3] Downstream - In the real estate industry, the sales of commercial housing in first, second, and third - tier cities have seasonally declined [3] - In the service industry, the number of domestic flights has continued to increase [3] Key Industry Price Indicators - Agricultural products: On January 26, the spot price of corn was 2267.1 yuan/ton with a year - on - year increase of 0.13%; the spot price of eggs was 8.3 yuan/kg with a year - on - year increase of 5.48%; the spot price of palm oil was 9000.0 yuan/ton with a year - on - year increase of 3.16%; the spot price of cotton was 15997.7 yuan/ton with a year - on - year increase of 1.01%; the average wholesale price of pork was 18.7 yuan/kg with a year - on - year increase of 0.81% [38] - Non - ferrous metals: On January 26, the spot price of copper was 102426.7 yuan/ton with a year - on - year increase of 1.27%; the spot price of zinc was 24682.0 yuan/ton with a year - on - year increase of 1.15%; the spot price of aluminum was 24040.0 yuan/ton with a year - on - year increase of 0.63%; the spot price of nickel was 153883.3 yuan/ton with a year - on - year increase of 5.66%; the spot price of aluminum was 17031.3 yuan/ton with a year - on - year decrease of 0.29% [38] - Ferrous metals: On January 26, the spot price of rebar was 3214.7 yuan/ton with a year - on - year decrease of 0.55%; the spot price of iron ore was 815.6 yuan/ton with a year - on - year decrease of 1.08%; the spot price of wire rod was 3425.0 yuan/ton with a year - on - year decrease of 1.58%; the spot price of glass was 13.1 yuan/square meter with a year - on - year increase of 1.56% [38] - Non - metals: On January 26, the spot price of natural rubber was 16016.7 yuan/ton with a year - on - year increase of 3.50%; the China Plastics City Price Index was 777.6 with a year - on - year increase of 0.30% [38] - Energy: On January 26, the spot price of WTI crude oil was 61.1 US dollars/barrel with a year - on - year increase of 2.92%; the spot price of Brent crude oil was 65.1 US dollars/barrel with a year - on - year increase of 1.47%; the spot price of liquefied natural gas was 3668.0 yuan/ton with a year - on - year increase of 4.38%; the coal price was 806.0 yuan/ton with a year - on - year increase of 0.37% [38] - Chemical industry: On January 26, the spot price of PTA was 5247.5 yuan/ton with a year - on - year increase of 4.75%; the spot price of polyethylene was 6846.7 yuan/ton with a year - on - year increase of 0.54%; the spot price of urea was 1745.0 yuan/ton with a year - on - year decrease of 1.27%; the spot price of soda ash was 1202.9 yuan/ton with a year - on - year decrease of 0.94% [38] - Real estate: On January 26, the national cement price index was 133.5 with a year - on - year decrease of 0.75%; the building materials composite index was 114.9 with a year - on - year decrease of 0.74%; the national concrete price index was 90.2 with a year - on - year change of 0.00% [38]

品牌结构呈现"本土崛起、国际集聚"态势。国潮文创、新中式茶饮等本土品牌多点开花，来自20个国家 的国际品牌聚焦时尚消费赛道，通过在地化创新深耕市场。其中，Le Labo全球首家四合院店、迪奥之 家全国首店、格拉夫国内首家双层旗舰店等一批标志性首店集中亮相，增强品牌认同，提升北京国际消 费吸引力。 消费门类分布均衡，业态创新亮点突出。其中，奇梦岛全国首家旗舰店、泡泡马特旗下的珠宝品牌 POPOP北京首店等项目聚焦跨界融合、线上线下联动等新模式，焕发创新活力；在餐饮消费首店领 域，三元食品旗下的"北京市牛奶公司"、京华茶业推出的"京华飘雪"等品牌凸显"本土主导、多元包 容"，场景创新与文化融合成为核心亮点；服务消费首店领域，北京工美集团打造的"予寻京喜"艺术非 遗旗舰店、京东健康推出的首家国医馆"之业堂"等项目以"垂直细分"为特色，在文娱、体育、美丽健康 等领域精准对接个性化需求，激发市场潜能与活力，推动服务消费升级。 北京商报讯（记者 刘卓澜）2025年，北京通过扩大时尚消费、支持商圈商街品质提升、鼓励首店首发 等举措，依托优质商业载体、展会场馆及文化地标等特色资源，北京首发经济实现跨越式发展。1月27 日，北 ...

Core Viewpoint - The employment center in Hongwei District, Liaoyang City, organized a special recruitment fair for gig workers, aiming to support employment for this demographic [1] Group 1: Recruitment Event Details - The recruitment fair featured 21 quality local companies offering over 130 job positions [1] - Industries represented included logistics, catering, services, and housekeeping, with job types such as sorting workers, hourly workers, part-time sales assistants, and housekeeping [1] - The employment model is flexible, allowing workers to start on the same day and receive payment immediately, catering to diverse employment needs [1] Group 2: Target Audience and Services - The event attracted many job seekers, particularly older workers and those in new employment sectors [1] - A dedicated service area provided professional answers to questions regarding career guidance and social security subsidies for disadvantaged workers [1] - The employment center aims to enhance job seekers' competitiveness and job fit by helping them understand policy details [1] Group 3: Future Plans - The employment center plans to regularly hold special recruitment events focused on the actual needs of gig workers [1] - There will be improvements in both online and offline job search channels to provide quality services for flexible workers and employers [1]

Core Viewpoint - The German business climate index remains unchanged at 87.6 points in January, marking the lowest level since May 2025, indicating a lack of growth momentum in the German economy [1] Group 1: Business Climate Index - The business climate index for Germany is at 87.6 points, unchanged month-on-month [1] - This index is at its lowest level since May 2025 [1] Group 2: Sector Performance - Among the four components of the business climate index, only the services sector saw a month-on-month decline, while manufacturing, construction, and trade indicators showed improvements [1] - Manufacturing firms have improved their future business expectations, although capacity utilization remains significantly below long-term averages [1] Group 3: Economic Outlook - The director of the Munich Economic Institute, Clemens Fuest, stated that the German economy still lacks growth momentum [1] - Ongoing geopolitical tensions and U.S. tariff policies complicate the economic outlook for Germany, according to ING's head of macro research, Carsten Brzeski [1]