Market Review - The market experienced a volatile upward trend in January, with increased activity and risk appetite, particularly in small-cap stocks outperforming large-cap stocks, reflecting a spring rally [1] - In the first half of January, themes such as commercial aerospace and AI applications gained traction, leading to a sustained increase in trading volume and the Shanghai Composite Index reaching a ten-year high [1] - Mid-January saw policy signals that cooled market enthusiasm, resulting in a shift to a more stable phase, with cyclical industries like non-ferrous metals performing strongly due to price increase cues [1] Market Outlook - The U.S. actions in Venezuela and Greenland, along with statements at the Davos Forum, indicate a clear intention to alter the existing international order, accelerating the end of the old system [2] - The transition from efficiency to security prioritization in global order reconstruction will increase the importance of supply chain and resource security, driving demand for physical assets like gold, energy, and key minerals [2] - The evolution of the global order will continue to erode the dollar liquidity system centered around U.S. Treasuries, with the misuse of long-arm jurisdiction by the U.S. accelerating the de-dollarization process, significantly impacting global capital flows [2] Economic Insights - China's GDP growth in Q4 2025 exceeded expectations at 4.5%, supported by a balance between new and old economic drivers, despite traditional sectors like real estate and infrastructure being sluggish [3] - The transition to a stable asset-liability ratio for households is underway, as the decline in property prices and stock markets has led to a reduction in total wealth, but with a stabilization trend expected as loans cease to grow [3] - The decline in the proportion of real estate in total assets will lessen the impact of falling property prices on household wealth, coupled with ongoing growth in savings, contributing to the recovery of the traditional economy [3] Core Asset Revaluation - China’s stable policy environment, complete supply chain, and large market size provide a relatively certain investment landscape [4] - The focus on domestic demand in 2026, along with the stabilization of household asset-liability ratios, is expected to support the recovery of the traditional economy and enhance global confidence in China [4] - Since Q3 2025, net inflows of foreign exchange have been observed, supported by narrowing interest rate differentials between China and the U.S. and a trend of RMB appreciation, which will bolster domestic asset prices [4] Investment Strategy - The market's upward momentum in 2024 and 2025 will primarily be driven by valuation, with signs of profit stabilization in 2025 contributing less to market growth [5] - The current risk premium in A-shares has returned to a historically low level, limiting the space for further valuation-driven market increases [5] - In 2026, high-growth sectors such as AI, advanced manufacturing, and traditional industries are expected to see profit recovery, with performance becoming a key driver for market advancement [6] - Investment focus will be on two main themes: high-growth industries like AI, innovative pharmaceuticals, machinery, and military, as well as sectors like transportation, discretionary consumption, and real estate that are improving supply-demand dynamics [6]

人民网上海2月7日电 (记者葛俊俊)2月7日上午，上海市人民政府举行记者会，上海市商务委主任申卫华 出席并回答记者提问。 上海将采取哪些更有针对性的稳外资举措？针对这一提问，申卫华表示，上海历来是外商投资中国的重 要目的地也是首选地，外资在全市经济社会发展中具有重要地位和作用。 近年来，上海利用外资有以下几个特点： 一是规模稳。2025年，全市实际使用外资达到160.6亿美元，总量占全国比重上升，达到了15.3%，规模 在全国各省市中排到第二位。 二是质量优。"十四五"期间上海高技术产业实际使用外资占比达到33%，较"十三五"提高了10个百分 点。同样体现外资质量的地区总部持续上升，截止去年底，累计认定跨国公司地区总部、外资研发中心 1076家、636家。 三是动能足。2025年，全市新设外资企业达到6300家，新设外资企业家数是增长的，增长了6.8%；合 同外资根据统计是180亿美元，增长了近20%，充分说明在当前环境形势下，上海仍是外商投资的首选 地，是跨国公司全球产业链和供应链布局的首选地之一。 申卫华表示，下一步，将全力做好稳外资的各项工作，着力塑造吸引外资新优势，推动外资稳量提质。 一是扩大高水平对 ...

2月7日，上海市人民政府主题记者会在上海世博中心举行，市发展改革委、市经济信息化委、市商务 委、市科委、市民政局、市人力资源和社会保障局负责人出席，回答中外记者关心的问题。 联合早报记者提问，稳外资已经连续两年被列为上海市政府的首要工作目标，但从数据上看，上海过去 两年实际使用外资规模仍未止跌，如何解读这一变化？在当前外部环境持续变化背景下，上海将采取哪 些更具针对性的稳外资举措？ 上海市商务委主任申卫华表示，上海历来是外商投资中国的重要目的地，新加坡也是上海重要的利用外 资的来源国之一，外资在全市经济社会发展中具有重要地位和作用。近年来，上海坚持扩大开放不动 摇，优化营商环境不停步，紧抓投资促进不放松，进一步促进外资提质增效。上海利用外资具有以下特 征: 一是规模稳，2025年，全市实际使用外资达到160.6亿美元，降幅收窄到个位数，总量占全国比重提升 到15.3%，规模位居全国第二。 二是质量优。"十四五"期间上海高技术产业实际使用外资占比升至33%，较"十三五"提高了10个百分 点。同样体现外资质量的地区总部持续上升，到去年底，跨国公司地区总部累计认定1076家，功能型总 部不断集聚；外资研发中心累计认 ...

Core Insights - Shanghai has shown resilience in attracting foreign investment despite global economic challenges, with actual foreign investment reaching $16.06 billion, ranking second among Chinese cities and accounting for 15.3% of the national total [1] - The quality of foreign investment in Shanghai is improving, with high-tech industries accounting for 33% of actual foreign investment during the 14th Five-Year Plan, a 10 percentage point increase from the previous plan [1] - The number of regional headquarters and foreign R&D centers in Shanghai has increased, with a total of 1,076 regional headquarters and 636 foreign R&D centers recognized by the end of last year [1] Group 1 - Shanghai aims to stabilize foreign investment by enhancing its business environment and supporting the transformation and upgrading of foreign enterprises [2] - The city plans to align with international trade rules and expand institutional openness, particularly in key sectors such as telecommunications, healthcare, education, and finance [2] - New foreign investment policies will guide investments towards advanced manufacturing, modern services, high-tech, and energy-saving industries [2] Group 2 - Shanghai's foreign trade is projected to exceed 4.5 trillion yuan by 2025, with growth rates in import and export values surpassing national averages [3] - The city will implement new policies to stabilize foreign trade, focusing on maintaining the basic trade framework and boosting confidence among foreign trade enterprises [3] - A new round of foreign investment policies is expected to be launched in the first quarter of this year [3] Group 3 - Shanghai will enhance cross-border trade facilitation by collaborating with customs, foreign exchange, and tax departments to improve processes such as customs clearance and export tax rebates [4] - The city aims to foster new business models in foreign trade, including the development of cross-border e-commerce and optimizing overseas warehouse services [4] - Initiatives will also focus on service trade and digital trade, with plans to establish a national service trade innovation development demonstration zone [4]

Core Insights - The meeting marks a significant moment for Zhengzhou's development, emphasizing the importance of political consultation and collaboration for the city's modernization efforts [1] Economic Development - During the "14th Five-Year Plan" period, Zhengzhou's GDP surpassed four trillion yuan, projected to exceed 1.52 trillion yuan by 2025, ranking 16th among China's 29 trillion-yuan cities [2] - The city's per capita GDP reached $16,200, indicating a transition to a high-quality development phase driven by innovation and efficiency [2] Innovation and Technology - Zhengzhou has entered the ranks of national innovation source cities, recognized among the top 20 cities for technological innovation competitiveness in China [2] - The total scale of computing power in the city is 78,000 P, accounting for approximately 20% of the national total, with significant advancements in artificial intelligence capabilities [2] Industrial Development - The digital economy in Zhengzhou has reached a scale of 800 billion yuan, with the automotive industry valued at 200 billion yuan, producing over 700,000 new energy vehicles [3] - The city has been recognized as one of the top ten exhibition cities in China and has been approved as a key international logistics hub [3] Reform and Opening Up - Zhengzhou has been designated as a key city for comprehensive reform in market-oriented resource allocation, achieving significant milestones in various sectors [4] - The city has implemented a smart bidding platform and has facilitated intelligent financing for small and micro enterprises, totaling 96.6 billion yuan [4] Cultural and Tourism Development - The city has seen a robust growth in cultural and tourism sectors, with 180 million domestic tourists and a tourism revenue of 212.6 billion yuan [6] - Zhengzhou has successfully hosted major cultural events, enhancing its reputation as a cultural hub [6] Social Welfare and Environmental Improvement - The city has effectively addressed housing issues, ensuring the delivery of over 111,000 housing units, and has improved air quality with a 14.7% reduction in PM2.5 levels [7] - Continuous improvements in employment, education, healthcare, and elderly care have enhanced the overall well-being of the population [7] Governance and Community Engagement - The city has established a governance model integrating party leadership, grid management, and big data, achieving high satisfaction rates in public service responses [5] - Zhengzhou's governance practices have been recognized nationally, showcasing effective community engagement and problem-solving strategies [6] Future Development Strategies - The city aims to deepen reform and accelerate innovation, focusing on integrating new technologies and fostering a conducive environment for entrepreneurship [9][10] - Emphasis on building seven key centers, including education, industrialization, and international trade, to enhance the city's competitive edge [12]

Core Viewpoint - Despite the economic slowdown in developed countries, remittance income in Bosnia and Herzegovina has shown stable growth, becoming one of the most important sources of foreign exchange for the country [1] Group 1: Remittance Data - In the first nine months of 2025, the total amount of remittances in Bosnia reached 3.26 billion marks, accounting for 7.8% of the GDP [1] - The total amount of current transfers in 2023 was 5.26 billion marks, with remittances contributing 3.79 billion marks [1] - Current transfers are projected to increase to 5.69 billion marks in 2024, with remittances expected to rise to 4.16 billion marks [1] Group 2: Economic Impact - The Central Bank of Bosnia highlights that remittances significantly influence cash flow, living standards, and foreign exchange reserves, forming an essential part of the overall funding flow in the country [1] - As a net importer in the international commodity market, remittances have notably increased the current account income, substantially reducing the deficit [1] - Economic analysts indicate that remittances are a crucial support for the Bosnian economy, enhancing household income and driving consumption [1] Group 3: Future Prospects - The Central Bank views remittances as a stable source of foreign exchange, positively impacting the balance of payments and foreign exchange reserve levels, thereby stabilizing the currency board system in Bosnia [1] - With appropriate policy guidance, directing remittances towards investment and production sectors could help Bosnia achieve sustainable economic growth [1]

Economic Overview - The overall economic performance is stable, with a total GDP of 210.17 billion yuan, growing by 5.6%, which is on par with the provincial level and 0.6 percentage points higher than the national average [7] - The first industry value added increased by 3%, ranking first in the province, while the second industry grew by 0.1%, ranking tenth, and the third industry also grew by 5.6%, ranking thirteenth [7] Investment and Projects - A total of 267 key projects completed an annual investment plan of 111.2% [8] - The city secured various funds totaling 6.67 billion yuan, with policy funds from higher authorities increasing by 91.4% compared to the previous year [11] Consumer and Industrial Growth - The total retail sales of social consumer goods reached 86.24 billion yuan, growing by 5% [11] - The revenue of industrial enterprises above designated size reached 167.56 billion yuan, growing by 6%, ranking third in the province [17] Financial Sector Performance - The loan balance of financial institutions reached 225.22 billion yuan, growing by 8% [19] - The deposit balance was 351.35 billion yuan, with a growth of 10.6% [21] Industrial Development - The added value of industrial enterprises above designated size grew by 8.1%, ranking twelfth in the province, while manufacturing value added increased by 14.6%, ranking third [24] - Industrial investment grew by 23.9%, ranking fourth in the province, and manufacturing investment increased by 20.1%, ranking sixth [24] Infrastructure and Transportation - The transportation network has improved, with the completion of the Beijing-Xiong'an-Shangqiu high-speed railway and the expansion of the Puyang East train storage yard [35] - The total mileage of highways reached 350 kilometers, enhancing connectivity [37] Energy and Environmental Improvements - The total capacity of the Central Plains gas storage facility reached 13.1 billion cubic meters, with a total length of oil and gas pipelines reaching 638.6 kilometers [39] - New energy installations increased by 1.021 million kilowatts, totaling 3.9804 million kilowatts, accounting for 68.4% of total power installations [39] Social Development and Quality of Life - Public service quality has improved, with urban employment increasing by 46,700 [51] - The city has completed various social welfare projects, including high-age subsidies benefiting over 97,000 elderly individuals [52] Future Economic Goals - The GDP is expected to grow by around 5.5% in 2026, with industrial added value projected to increase by 7.5% [54][56] - Fixed asset investment is anticipated to grow by 5%, and retail sales of consumer goods are expected to increase by 5.5% [58][59]

【环球网财经综合报道】据Los Angeles Times援引彭博社的报道，美股市场近期虽表现承压，标普500指数正迎来10月以来表现最差的一周，但市场迎来积 极信号：标普500指数成分股中季度利润实现增长的公司比例创下四年多以来新高，美股盈利增长的动力正从科技巨头向更多行业扩散。 非科技股的亮眼表现成为本次财报季的一大亮点，通用汽车发布强劲盈利预期后股价上涨9%，宝洁则受美国销售额反弹提振实现股价走高，成为各板块盈 利改善的典型代表。 多家机构策略师对美股盈利增长的多元化趋势持乐观态度，预计未来数月这一势头将持续，而强劲的经济增长前景是核心支撑。摩根大通、高盛集团等机构 均认为，经济增长将持续推动企业盈利改善，高盛策略师本·斯奈德在报告中指出，2026年上半年强劲且加速的经济增长，将让市值较小、周期性更强的股 票获得比大型股票更大的短期利好。 彭博汇编的数据显示，在已披露业绩的标普500成分股公司中，超75%的企业实现盈利同比增长，这一比例刷新了2021年第三季度以来的最高纪录。这一数 据也缓解了市场对美国企业盈利增长仅由少数科技巨头拉动的担忧，此前自2022年底以来，科技七大巨头股价飙升310%，曾引发市 ...

Core Insights - Hebei's fixed asset investment is projected to grow by 6.1% in 2025, outperforming the national average by 9.9 percentage points, ranking third in the country [1] - The "Two Heavy" (major national strategies and key safety capability construction) and "Two New" (large-scale equipment updates and consumer goods replacement) policies are significantly contributing to effective investment expansion [1] Group 1: Investment Growth and Policy Impact - Infrastructure investment in Hebei is expected to grow by 10.9%, contributing 64.3% to the overall investment growth [1] - Investment in equipment and tools is projected to increase by 45.3%, contributing 70.8% to the overall investment growth [1] - The implementation of the "Two Heavy" projects is focused on key areas such as transportation, water conservancy, energy, and urban renewal, which are crucial for addressing weaknesses and enhancing strengths [2] Group 2: Financial Support and Project Development - The white horse river comprehensive governance project in Xingtai has a total investment of approximately 870 million yuan, benefiting from increased national bond funding [2] - The "Two New" policy, particularly large-scale equipment updates, is effectively addressing financing difficulties and high equipment purchase costs, stimulating private investment and empowering high-quality development in manufacturing [2] - New policy financial tools have been introduced, with 8.26 billion yuan allocated to address capital shortages for project construction by the end of December 2025 [4] Group 3: Economic Growth and Future Outlook - In 2025, infrastructure investment accounted for 37.3% of total investment, an increase of 2.9 percentage points year-on-year [4] - The added value of large-scale equipment manufacturing in Hebei is expected to grow by 10.9%, with significant contributions from the computer, communication, and other electronic equipment manufacturing sectors [4] - The provincial government aims to leverage a continuously improving macro policy toolbox to expand effective investment and inject stronger, more sustainable momentum into long-term economic development [5]

来源：宏观对冲陈凯丰Kevin - 欧洲：周四股市回调后，市场趋于稳定，欧洲股市午盘小幅上涨，本周整体略有上涨。德国出口数据 好于预期，但疲软的工业生产数据凸显了经济增长的脆弱性，而欧洲央行专业预测人士调查显示通胀保 持稳定，尽管一些领先指标发出了一些预警信号。正如预期，欧洲央行昨日连续第五次会议维持利率政 策不变，政策展望强调了持续的贸易不确定性和地缘政治紧张局势。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内 容、版权或其他问题需要与新浪财经头条联系的，请于上述内容发布后的30天内进行。 - 亚太地区：周五亚洲股市普遍下跌，大中华区和澳大利亚的跌幅超过了日本的涨幅。区域交易主要受 科技股波动的影响，韩国半导体股票再次遭到抛售，恒生科技指数徘徊在熊市边缘。从宏观角度来看， 我们认为政策信号对股市没有提供任何直接的指引。例如，澳大利亚央行和日本央行隔夜的评论重申了 货币政策的谨慎和渐进性，日本家庭消费数据令人失望，印度央行维持利率不变。 ...