炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：光明微教育 同时，田轩也是第十四届全国人大代表，教育部"长江学者"特聘教授。 田轩的研究聚焦中国经济、科技金融和公司金融，主持国家自然科学基金杰出青年科学基金项目（并获 首批延续资助）和重大项目，研究成果多次发表于JF、JFE、RFS、JAE、JAR、MS、《经济研究》和 《管理世界》等国际国内顶级学术期刊和《人民日报》《光明日报》《经济日报》等主流媒体上，连续 入选科睿唯安"全球高被引科学家"榜单、斯坦福全球前2%顶尖科学家"职业生涯影响力"和"年度影响 力"排行榜和爱思唯尔"中国高被引学者"榜单。田轩构建的"国家金融行为—资本市场制度—实体经济效 能"三位一体分析框架，创新性提出国家金融干预与微观主体活力激发的"激励相容"路径，为提升资本 市场效率、强化投资者保护、优化公司治理提供了严谨的理论支撑，相关成果已为中国金融改革实践提 供重要解决方案。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑 ...

Group 1 - The rising silver prices have led consumers to seek alternatives, with "investment copper bars" gaining popularity as a substitute for gold and silver [1][2] - The price of investment copper bars in Shenzhen's Shui Bei market ranges from 180 to 288 yuan per kilogram, despite official prohibitions on their sale [3][4] - Various e-commerce platforms are also selling copper bars, with prices between 120 and 185 yuan per kilogram, indicating a significant market interest [6] Group 2 - The increase in copper prices is attributed to multiple factors, including supply constraints from major copper-producing countries and rising demand from sectors like AI, electric vehicles, and renewable energy [8] - Experts suggest that while copper has some investment value, it is not suitable for average investors due to its industrial nature and high volatility [11] - The lack of a mature recycling system and a unified repurchase pricing mechanism for copper bars poses additional risks for investors [11]

Core Insights - The CF40 macroeconomic policy report for Q4 2025 indicates that China's economy is in the early stages of recovery, with significant improvements in financial indicators such as the stock market, RMB exchange rate, social financing growth, and corporate deposits [1] - Corporate profits have reversed the downward trend observed over the past several years, while consumption and the labor market remain stable [1] - The report emphasizes the importance of increasing counter-cyclical policy efforts in 2026, particularly through proactive fiscal policies and a focus on monetary policy to stimulate internal economic growth [1] Fiscal Policy - The report suggests that fiscal policy should maintain necessary spending levels through active borrowing [1] - Emphasis is placed on the role of monetary policy as a critical tool for activating internal growth dynamics [1] Monetary Policy - The current focus should be on the role of moderately loose monetary policy in expanding domestic demand [1] - Two key changes are necessary to encourage investment from businesses and consumption from residents: altering future expectations and ensuring that businesses and residents can "calculate the benefits" [1] - Monetary policy can leverage changes in expectations and incentives for investment and consumption to stimulate market-driven expansion of domestic demand [1]

1月中期流动性净投放总额高达1万亿元，较此前规模显著加大。 招联首席研究员董希淼认为，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。此次 MLF实现较大规模净投放后，今年春节之前降准的可能性降低。 展望未来，中信证券首席经济学家明明表示，伴随央行在买断式逆回购、MLF两大类工具加码投放的 背景下，短期增量工具可能趋于稳健。但长期看，灵活高效的总量政策基调下，降息降准空间较为明 确，关注后续政府债供给集中发力阶段总量工具配合宽财政的可能性。 考虑到春节临近，央行加大流动性净投放规模是呵护市场流动性平稳的重要手段。 王青分析称，央行之所以加大流动性净投放，是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。2026年新增地方政府债务限额已提前下达，这意味着2026年1月会有一定规模的政府债券开 闸发行。此外，2025年10月5000亿元新型政策性金融工具投放完毕后，还会继续带动今年1月配套贷款 较大规模投放，放大信贷"开门红"效应。 中国人民银行行长潘功胜日前表示，在总量政策方面，将灵活高效运用降准降息等多种货币政策工具， 保持流动性充裕，使社会融资规模、货币供应量增长同经济增 ...

Core Viewpoint - MBSB Research indicates that Malaysia's stable monetary policy and the Federal Reserve's further easing will support the Malaysian Ringgit, with an expected exchange rate of around 3.95 Ringgit per USD by the end of 2026 [1] Economic Outlook - The Malaysian central bank is likely to maintain interest rates due to stable economic growth and well-controlled inflation [1] - A strong GDP growth of 5.7% is anticipated in Q4 2025, indicating solid economic momentum [1] - Economic growth is projected to be 4.3% in 2026, driven by robust domestic demand [1] Inflation and Consumer Trends - Inflation is expected to rise slightly in 2026 due to policy-related pressures and increasing non-food inflation [1] - An increase in disposable income may support demand-driven inflation [1] Currency Performance - The USD/MYR exchange rate decreased by 0.2%, settling at 4.0393 Ringgit [1]

近年来，中国经济学界在以中国经验和中国实践重构经济学理论的学术思潮推动下，出现了一批重视经 济思想、重视制度与理论互动的创新性成果。《传统中国货币金融思想导论》正是这一学术背景下的代 表性作品。这部著作以两千余年中国货币金融思想为研究主线，系统梳理和论述了中国历代货币金融思 想的形成、演变与近代转型历程。在谋篇布局上，在强调古今连接与中西比较的同时，作者明确提出以 传统货币金融的思想重建货币金融理论的恢宏目标，并试图通过对历代货币金融思想的深入剖析，为当 代货币制度和金融体制的变革提供本土的理论根基与解释框架。总体看来，该著作具有三个鲜明的特 色。 其一，以古今东西对比与思想制度互动凸显本土精华。该著作的突出贡献在于以宏阔和贯通的视野将分 散于历代文献中的货币金融思想加以体系化和学理化的归纳。这种论述方式，突破了传统货币史研究以 断代货币制度或以货币金融事件为核心的分析框架，实现了思想演进与制度变迁的有机结合。在这种分 析框架下，作者将不同历史时期的货币思想（如管仲、贾谊、桑弘羊、邱濬、陆世仪、蓝鼎元、王瑬、 马建忠、康有为、梁启超等人的观点）置于特定的历史情境中加以考察，揭示其如何以现实问题为驱动 构建货币 ...

Group 1: LPR Pricing and Economic Indicators - The LPR for 1-year and 5-year periods remains unchanged at 3.0% and 3.5% respectively as of January 2026, consistent with market expectations[1] - The stability in LPR pricing is attributed to unchanged policy rates and stable market interest rates, particularly in the interbank lending market[2] - Economic growth is projected to rebound to approximately 4.7% year-on-year in Q1 2026, despite challenges in the real estate market and weakened investment and consumption[3] Group 2: Future Monetary Policy Outlook - There is potential for a comprehensive policy rate cut in Q2 2026, which may lead to a decrease in LPR pricing to stimulate consumption and investment[3] - The 2026 inflation rate is expected to remain low, allowing for a moderately accommodative monetary policy, including potential interest rate cuts[4] - The Federal Reserve's anticipated rate cuts in 2026 may reduce constraints on domestic monetary policy adjustments[5] - Regulatory measures may be implemented to significantly lower the 5-year LPR to address high residential mortgage rates and stimulate housing demand[5]

Summary of Key Points from the Conference Call Industry and Company Overview - **Securities Industry**: Represented by Mingming, Chief Economist of CITIC Securities, focusing on the non-bank financial sector, particularly brokerage firms [1] - **Financial Education and Research**: Represented by He Jia, Vice Dean and Professor at Nankai University, emphasizing the support of academic research for the multi-financial and fintech sectors [2][3] - **Artificial Intelligence (AI)**: Represented by Yan Junjie, Founder of Minimax, covering software development, IT services, and media applications related to AI [4] - **Electric Power Industry**: Represented by Zhang Zhigang, Chairman of State Grid Corporation, focusing on electricity production and transmission [5] - **Higher Education and Research**: Represented by Gong Qihuang, President of Peking University, highlighting the role of education in nurturing talent and providing cutting-edge research for technology industries [6][7] - **Information and Communication Technology (ICT)**: Represented by Yu Xiaohui, President of the China Academy of Information and Communications Technology, covering communication, computing, and electronics, particularly in 5G, IoT, and smart manufacturing [8] - **Medical Services and Biopharmaceuticals**: Represented by Wang Yongjun, Director of Beijing Tiantan Hospital, focusing on medical services, medical devices, and biomedicine, especially in neurology [9] - **Cultural Media and Performing Arts**: Represented by Zhou Liya, a choreographer and dancer, focusing on the cultural and media sectors, including film and cultural dissemination [10] - **Sports Industry**: Represented by Shi Yuqi, a badminton player, covering sports goods, services, and event operations [11] Core Insights and Arguments - Academic research is crucial for providing theoretical frameworks and talent support to various industries, particularly in finance and technology [2][4][7] - The electric power sector is essential for national infrastructure and energy security, with ongoing developments in production and distribution [5] - The integration of AI into various sectors is expected to drive innovation and efficiency, particularly in software and media applications [4] - The ICT sector is rapidly evolving, with significant advancements in communication technologies like 5G and IoT, which are pivotal for industrial transformation [8] - The healthcare sector, especially in neurology, is seeing advancements in medical services and biopharmaceuticals, indicating growth potential in medical technology [9] Additional Important Content - The emphasis on nurturing talent in technology and research is a recurring theme, indicating a strategic focus on education as a driver for industry growth [6][7] - The diverse representation of industries in the conference highlights the interconnectedness of sectors such as finance, technology, healthcare, and education, suggesting collaborative opportunities for innovation and development [2][4][6][8]

其次，货币政策定向发力科技，优质科技企业将受到投资者青睐。根据央行最新表述，科技创新和技术 改造再贷款额度将增加，并扩大支持范围。科技创新和技术改造再贷款额度从8000亿元增加至1.2万亿 元，并将研发投入水平较高的民营中小企业等纳入支持领域。在去年的"十五五"规划建议稿中，科技自 立自强水平的大幅提高已经升级成为经济社会发展主要目标。科技创新和技术改造再贷款额度的扩大直 接增强企业加大研发、更新设备、吸引人才的意愿和能力，从而加快科技成果转化和技术迭代，对实现 高水平科技自立自强形成可持续的金融推力。在此背景下，拥有护城河式核心竞争力的科技企业，更容 易在产能扩张、与政策红利的共振下脱颖而出，成为市场主线。 第三，央行重申降准降息存在空间，股市短期震荡不改慢牛走向。在发布会上，央行表示"降准降息还 有一定空间"。金融机构的法定存款准备金率平均值为6.3%，降准还有空间。利率方面，外部美元处于 降息通道，不构成强约束，内部银行净息差已经出现企稳。1月中旬，股市出现震荡行情，部分投资者 在热门股回调的背景下出现迷茫的心理。九方金融研究所认为，中国股市在2026年仍将出现慢牛走势， 货币政策宽松是重要的催化剂之一 ...

Group 1 - The core viewpoint of the news is that spot gold prices have surged to a new historical high of $4550 per ounce, marking a significant increase of over 0.9% [1][2] - As of the latest update, spot silver has also seen a notable rise, increasing by 2.8% [1][2] - Goldman Sachs has projected that gold prices will reach $4900 per ounce by the end of 2026, while Yardeni Research has raised its forecast for gold prices to $6000 per ounce by the same date, emphasizing strong market trends driven by macroeconomic and policy concerns [4] Group 2 - UBS has indicated that demand for gold from central banks and investors remains near historical highs, forecasting global central bank gold purchases to reach between 900 to 950 metric tons this year [4]