Core Viewpoint - The article discusses the acceleration of "financial repression" in the U.S. under the Trump administration, focusing on measures to lower financing costs and stimulate the economy ahead of the 2026 midterm elections [2][3][5]. Group 1: Financial Repression - "Financial repression" refers to government policies that direct funds to itself by artificially lowering interest rates for public policy goals [4]. - Historical examples include the U.S. in the 1940s, where the Federal Reserve controlled Treasury bill rates to finance government spending [4][5]. Group 2: Policy Measures - The Trump administration is expected to implement policies to address debt pressure and industrial hollowing, including capping credit card interest rates at 10% and increasing the purchase of mortgage-backed securities (MBS) [2][3]. - Proposed measures include limiting interest rates on consumer loans and small business loans, increasing supply control over key energy resources, and accelerating the Federal Reserve's balance sheet expansion [3][5]. Group 3: Economic Implications - The anticipated environment of fiscal and monetary easing is expected to shift the dollar liquidity cycle from tight to loose, benefiting corporate valuations and accelerating asset bubbles [7][8]. - The article suggests that sectors such as resources, technology, and heavy industry may continue to lead in performance, while consumer and real estate sectors may catch up as the nominal economic cycle improves [7][8].

长江商报消息 近日，武汉市委金融办、市住房和城市更新局联合印发《金融支持"五改四好"城市更新 行动若干措施》（下称《措施》），围绕既有建筑、老旧小区、老旧街区、老旧厂区、城中村改造 等"五改四好"重点领域，提出力争对接不少于100个城市更新项目、提供不少于1000亿元融资支持，从 十大方面构建"政策引导、市场运作、多元参与"的投融资新格局，为超大城市有机更新注入强劲金融动 力，精准破解城市更新融资堵点难题。 "小而美"片区建设加速推进 此前，2025年11月，武汉印发出台《武汉市实施"五改四好"加快推进高质量城市更新行动方案》（下称 《方案》）。 作为超大城市，武汉正以"五改四好"为主攻方向推进城市更新。"五改"即既有建筑改造利用、老旧小区 改造提质、老旧街区改造提升、老旧厂区改造焕新、城中村改造提速；"四好"旨在通过更新行动，形成 一批好房子、好小区、好社区、好城区。 据武汉市住房和城市更新局数据，2025年，"五改四好"起势见效，80个更新片区全部开工，完成171万 平方米既有建筑、258个老旧小区及729万平方米城中村改造。建成完整社区，修缮历史建筑，延庆里、 斗集营二期等街区焕新开放。路网、海绵城市等 ...

央行本月加量续作6个月期买断式逆回购，实现净投放3000亿元，继续向市场注入中期流动性。业内专 家认为，本次操作将为年初的政府债券发行、信贷"开门红"等营造适宜的流动性环境，呵护资金面平 稳。 东方金诚首席宏观分析师王青对上海证券报记者表示，这是6个月期买断式逆回购连续第5个月加量续 作，加量规模较上个月增加了1000亿元，也是央行连续第8个月通过买断式逆回购向市场注入流动性。 ◎记者 张琼斯 中国人民银行1月14日公告称，1月15日将以固定数量、利率招标、多重价位中标方式开展9000亿元买断 式逆回购操作，期限为6个月（181天）。 "总体来看，央行将综合运用买断式逆回购、MLF等工具，持续向市场注入中期流动性，这也是2026年 货币政策延续'适度宽松'基调、保持流动性合理充裕的体现。"王青表示。 展望今年的货币政策，董希淼表示，2026年，我国货币政策将在促进经济增长、风险防范、结构调整等 多重目标中寻求动态平衡，为实现"四稳"即稳就业、稳企业、稳市场、稳预期提供有力支持。在数量型 货币政策工具方面，明明预计，今年将通过降准、国债买卖提供长期流动性，通过MLF和买断式逆回 购注入中期流动性。 1月还有20 ...

为保持银行体系流动性充裕，中国人民银行1月14日发布公告称，将在15日以固定数量、利率招标、多 重价位中标方式开展9000亿元买断式逆回购操作，期限为6个月(181天)。本次操作后，2026年1月央行6 个月期买断式逆回购加量续作3000亿元，这也是央行连续第8个月买断式逆回购实现净投放。 目前，央行基础货币投放渠道已较为丰富，除买断式逆回购操作外，中期借贷便利(MLF)、公开市场国 债买卖操作等均可释放中长期流动性。1月有2000亿元MLF到期，市场机构普遍预期，央行或将等量或 小幅加量续作MLF。 东方金诚首席宏观分析师王青向证券时报记者指出，本次操作主要是为助力年初政府债券发行，以及持 续见效的新型政策性金融工具，引导金融机构加大货币信贷投放力度的同时，显示出货币政策延续支持 性立场。 今年新一轮地方政府债券发行节奏进一步前置，并保持较大发行力度，助力"十五五"平稳开局的同时， 较大规模的政府债券供给也可能扰动银行体系资金面。此外，1月还存在企业缴税、银行缴准等潜在的 流动性扰动因素。央行通过买断式逆回购操作向银行体系注入中期流动性，有助于资金面保持平稳。 ...

一场突如其来的刑事调查，让美联储主席鲍威尔成为了美国历史上首位在任期间遭到刑事调查的美联储掌门人。 这场风波不仅在美国国内引发震荡，更引 发了全球央行界的集体关切。 此次刑事调查并非孤立事件。 自特朗普2025年再次就任总统以来，白宫与美联储的关系持续紧张。 特朗普多次批评鲍威尔不愿大幅降息，并以多种方式施 压，屡次要求其辞职。 2025年8月25日，特朗普以"涉嫌抵押贷款欺诈"为由将美联储理事丽莎·库克免职，这是其对美联储独立性的一次直接挑战。 2026年1月9日，美国哥伦比亚特区联邦检察官办公室向美联储送达了大陪审团传票，正式对鲍威尔展开刑事调查。 调查焦点集中在美联储总部马里纳·埃克 尔斯大楼的翻修项目，以及鲍威尔2025年6月就该项目向国会所作证词是否属实。 这座建于1930年代的大楼自落成以来从未进行过全面翻新，存在石棉和铅污染等问题。 翻修项目自2022年启动，预计2027年完工，但预算已从最初的19亿 美元升至近25亿美元，超支约32%。 在2025年6月的国会听证会上，鲍威尔坚决否认了"豪华装修"的指控，他澄清2021年的提案中确实包含私人电梯、高层决策者私人餐厅等内容，但这些已在 后续方案中 ...

（原标题：世界银行报告显示，越南金融服务业在亚洲排名第五） 《越南经济》1月13日报道，根据世界银行最近发布的《2025年营商环境成熟度报告》，越南金融 服务业得分为80.32分（满分100分），在亚洲30个经济体中排名第五，在全球排名第十五。 金融服务主题从三个不同的维度衡量商业贷款、担保交易、电子支付以及信用信息。第一维度评估 商业贷款、担保交易和电子支付相关监管的有效性，越南今年的得分提高了34分，达到75.4分（满分 100分），在全球101个国家中排名第49位。第二维度评估征信机构、登记机构和抵押品登记机构的运作 情况，衡量信贷基础设施信息的可及性，越南得分85.33分，较去年提高46.17分，在全球排名第16位。 第三维度衡量贷款获取、担保权益登记、信用信息共享的及时性以及电子支付的使用情况和效率。在这 一指标上，越南得分为80.23分，位列全球第18位。 ...

Core Insights - Beijing CBD has established itself as a significant international business district, ranking sixth globally and second in Asia during the "14th Five-Year Plan" period [1][2] Economic Contribution - The tax revenue from Beijing CBD accounts for over 60% of the total tax revenue in Chaoyang District during the "14th Five-Year Plan" [2] - There are over 140 buildings in the CBD generating tax revenues exceeding 100 million yuan, with one building surpassing 1 billion yuan, three buildings over 500 million yuan, and 20 buildings over 100 million yuan [2] Internationalization and Competitiveness - The CBD hosts more than 10,000 foreign enterprises and 125 regional headquarters of multinational companies, along with nearly 300 foreign-licensed financial institutions, representing about 80% of the district [2] - The area has achieved a card consumption amount exceeding 120 billion yuan for three consecutive years, maintaining its position as the top consumer area in the city [2] - Beijing CBD has been recognized as the top consumer competitive business district in China by Forbes for three consecutive years and is set to be included in the top tier of the world-class business district list by 2025 [2] Future Development Plans - The CBD aims to drive high-quality development through high-level openness, focusing on becoming an "International Consumption Central Vitality Zone" [2] - Plans include upgrading consumption formats, enhancing the introduction of international brands, and creating unique consumption landmarks by 2026 [2] - The introduction of tax refund services and cultural IP activities is intended to optimize the consumption environment, aiming for a vibrant city core that operates 24/7 [2] Legal and Financial Integration - The establishment of the "Beijing International Law and Business Integration Demonstration Zone" is underway, leveraging the CBD's legal and business service foundation [3] - The zone aims to create a rule system aligned with international standards and enhance cross-border service capabilities through a comprehensive service center [3] - Future initiatives will include pressure testing in areas such as commercial arbitration and intellectual property, as well as pilot programs for joint ventures between domestic and foreign law firms [3] Financial Sector Development - The CBD will also develop a new quality productivity integration demonstration area to attract platform headquarters and leading industry enterprises [3] - Plans are in place to establish an international financial hub to draw significant financial institutions and enhance financial services for the real economy [3]

Core Viewpoint - The U.S. employment situation is somewhat unclear, and there are ongoing inflation concerns, leading to an increased probability that the Federal Reserve will remain inactive at least until March [1] Group 1: Federal Reserve Outlook - The likelihood of the Federal Reserve maintaining its current stance increases as each meeting passes without action [1] - Market beliefs regarding the Federal Reserve's inaction, regardless of whether the probability is 5%, 10%, or 20%, indicate that these trades are considered inexpensive [1] - For disciplined risk managers, there is a demand for these trades due to their perceived value [1]

Group 1 - The core viewpoint of the article is that Emperor Capital (00717.HK) reported a total revenue of HKD 730 million for the fiscal year ending December 18, 2025, representing a year-on-year growth of 37.3% [1]

Core Viewpoint - The article provides a comprehensive investment calendar for 2026, detailing important economic data release dates and significant meetings to assist investors in navigating the investment landscape effectively [1]. Economic Data Release Schedule - The calendar includes key economic indicators such as GDP reports, LPR quotes, and PPI/CPI data for both China and the United States, with specific dates highlighted for each release [3][4][6]. - Important dates include the release of China's economic annual report in December 2025 and the quarterly GDP reports for 2025 [3][4]. Significant Meetings and Events - The calendar outlines major meetings such as the Federal Open Market Committee (FOMC) meetings in the U.S. and the National People's Congress in China, which are crucial for understanding policy directions [8][10][11]. - Events like the Berkshire Hathaway annual shareholder meeting and the World Internet Conference are also noted, indicating their potential impact on market sentiment [20][40]. Market Observations - The article emphasizes the importance of monitoring the performance of public funds and the disclosure deadlines for annual and quarterly reports, which can influence investment decisions [12][14][15]. - It highlights the significance of the MSCI index adjustments and the implications for market dynamics [10][20]. Seasonal and Holiday Considerations - The calendar notes holiday breaks for A-shares, U.S. stocks, and Hong Kong stocks, which can affect trading volumes and market activity during those periods [4][8][19]. - It also mentions the impact of major events like the Chinese New Year and the Jackson Hole Economic Symposium on market behavior [27][28].