驰芯半导体的故事，是湖南科技金融生态成长的一个缩影。曾以工程机械为硬核标签的潇湘大地， 近年来正悄然织就一张服务科技创新的金融网络：银行跳出"看砖头不看专利"的传统思维，重视"滴 灌"早中期项目，利用数字技术打通服务堵点。这套覆盖企业从初创到成熟的全生命周期服务体系，背 后既有中国人民银行湖南省分行的系统性布局，更有政银企多方的协同发力。 轻资产融资破局 在湖南长沙湘江新区的办公室里，长沙驰芯半导体科技有限公司（以下简称"驰芯半导体"）的负责 人给《金融时报》记者展示着超宽带（UWB）芯片产品及众多应用场景。这家企业的UWB芯片产品已 进入商业化量产阶段，且已向某国际消费电子巨头、国内白色家电龙头、世界领先新能源车厂批量供 货。一年前，这家手握多项核心专利的企业，因"轻资产、无抵押"的困境，卡在科技成果转化的"最后 一公里"。2025年6月，中信银行长沙分行的信贷支持及时解决了企业在UWB芯片商业批量备货方面的 资金需求。 时间回到2025年初，作为典型的芯片设计类高新技术企业，公司手握多项核心专利却无足够抵押 物，在传统银行"看砖头不看专利"的风控逻辑下，企业信贷之路并未走通。"公司研发需要投入大量资 金， ...

1月13日盘中，伦敦黄金现货突破4600美元/盎司大关。据报道，花旗表示在基准情形下上调0-3个月目 标价至5000美元/盎司；State Street则称金价今年有高于30%的可能冲击该点位。短期地缘政治风险上行 推升了黄金的风险溢价，而下一步值得投资者关注的是地缘政治范式的改变；同时，"去美元化"叙事也 新增了鲍威尔被调查等催化；最后，新任联储主席或将配合行政部门超预期推动降息。 近期，多个区域的地缘政治风险上升，推升了黄金的风险溢价。 海外的一些投资机构开始交易"唐罗主义"（Donroe trade，即特朗普版的"门罗主义"），认为当前美国 行政部门的国际干涉行为将不止于委内瑞拉，从而开始提前交易和这些区域相关的金融产品。若果真如 此，则新的地缘政治风险或将进一步推动金价上行。 美国司法部启动对美联储主席鲍威尔的刑事调查，引发市场对美联储独立性的担忧，料将继续推动"去 美元化"叙事，从而促进对黄金等替代性资产的整体需求。尽管美司法部称这是对美联储大楼翻修的资 金使用问题进行的调查，但鲍威尔于上周日发布的声明称调查他的真正原因在于"美联储没有按照总统 的偏好来制定利率政策"。我们认为，对鲍威尔的调查也是特 ...

Core Viewpoint - The Wuhan Municipal Financial Office and the Housing and Urban Renewal Bureau have jointly introduced measures to financially support the "Five Reforms and Four Goods" urban renewal initiative, aiming to create a new investment and financing pattern through diverse financial means [1][2]. Group 1: Financial Support Measures - The measures focus on key areas such as existing buildings, old residential communities, old streets, old factories, and urban village renovations, targeting to connect with at least 100 urban renewal projects and provide financing support of no less than 1 trillion yuan [1]. - A comprehensive financial support system is established, covering key support areas, service models, funding guarantees, policy coordination, and risk prevention throughout the entire process [1]. Group 2: Service Model Innovation - Projects included in the urban renewal implementation system at the district level can obtain credit financing based on market principles, covering the entire process from asset acquisition to construction and operation management [1]. - Various financial products such as fixed asset loans, syndicate loans, REITs, and asset securitization are introduced to provide tailored financial services for different stages of area development and project construction [1]. Group 3: Funding Channel Expansion - The measures encourage the adoption of new PPP models and the "Investor + EPC + O" approach to raise funds, supporting insurance funds to participate in projects through infrastructure debt investment plans [2]. - A city renewal fund will be established to attract social capital, and a mechanism will be clarified to ensure smooth connections between central budget investments, long-term special bonds, and bank loans [2]. Group 4: Financial Service Team and Optimization - Wuhan will form a financial service team for urban renewal, coordinating financial institutions with relevant departments and project implementers to participate in project planning and financing scheme design in advance [2]. - The measures support the establishment or restructuring of project implementation entities at the district level and improve the assessment and incentive mechanisms for financial institutions to stimulate the intrinsic motivation of financial services [2].

Core Viewpoint - Increasingly, traders focused on options are shifting away from expectations of interest rate cuts by the Federal Reserve in 2026, betting instead that rates will remain unchanged throughout the year, which could yield positive returns if realized [1][2][3]. Group 1: Labor Market and Economic Indicators - The December non-farm payroll data showed a modest increase of 50,000 jobs, slightly below economists' expectations of 60,000, while the unemployment rate unexpectedly dropped from a revised 4.6% in November to 4.4%, indicating a recovery in the labor market [3][5]. - The Challenger, Gray & Christmas report indicated that U.S. companies announced 35,553 job cuts in December, the lowest level since July 2024, alongside plans to add approximately 10,500 new positions, exceeding market expectations [5]. - The ADP Research data also suggested a mild expansion in the job market, with an increase of 41,000 jobs in December, following a significant decline in the previous month [5]. Group 2: Inflation and Federal Reserve Policy - The core Consumer Price Index (CPI) showed a steady decline but remains above the Fed's long-term target of 2%, reducing the urgency for further rate cuts [3][6]. - The CME FedWatch Tool indicated that traders have reduced their expectations for rate cuts in 2026 from three to two, with the first anticipated cut now pushed to June instead of March [2][3]. - The overall sentiment in the market is shifting towards the possibility of the Fed maintaining rates unchanged throughout 2026, as the labor market stabilizes and inflation remains persistent [2][3]. Group 3: Market Sentiment and Trading Strategies - Recent trading activity in SOFR options reflects a more hawkish sentiment, with significant demand for options hedging against the possibility of delayed rate cuts [10][17]. - The concentration of put options at the 96.375 strike price indicates that traders are positioning themselves for a scenario where rates remain high or do not decline further, suggesting a shift in market expectations towards maintaining current rates [17][20]. - The overall structure of SOFR options indicates that traders are increasingly abandoning expectations of significant rate cuts this year, favoring a more prolonged period of stable rates [20][21].

针对融资难题，县工商联引入金融"活水"。定期举办政银企座谈会。大力推广"数字工商联"平台，为企 业提供融资、信用、政策等"一站式"智能服务。截至目前，已有3450家民营企业完成平台注册，累计获 得贷款投放1.71亿元，有效缓解了企业资金压力。（郭枭雄） 2025年，临漳县工商联锚定"两个健康"工作主题，坚持大胆创新、务实开拓的工作导向，以服务民营企 业需求为核心，为全县民营经济健康发展贡献工商联力量。 为畅通政企沟通，县工商联联合县委统战部搭建"网上政企同心谈"平台。召开推进会推动平台在民营企 业中全覆盖。企业家扫码即可在线提交问题，平台按责快速分办，将沟通由"线下跑"变为"线上办"，精 准为企业纾困解难。 （来源：中华工商时报） 转自：中华工商时报 ...

那么，特朗普这招到底想干什么？ 我们得先看看他这命令有多"模糊"。 他的声明里，既没说清楚什么叫"跟伊朗有商业往来"，也没说这25%的税是 只针对货物贸易，还是连金融服务也算上。 这种"说了等于没说"的风格，其实是特朗普的惯用伎俩。 他故意把规则弄得模模糊糊，让相关国家和 企业自己去猜、去怕。 2026年1月12日，美国总统特朗普在他的社交平台"真实社交"上丢下一句话：所有跟伊朗做生意的国家，以后跟美国做生意，统统加征25%的关 税。 他还特意强调，这事儿"最终且不可更改"。 消息一出，国际油价应声跳涨，金融市场一阵鸡飞狗跳。 但明眼人都看出来了，这一枪虽然瞄着伊朗，子弹很可能要打中中国。 因为中国是伊朗 最大的贸易伙伴，同时也是美国最重要的贸易伙伴之一。 更要命的是，就在两个多月前，也就是2025年11月，中美刚刚达成阶段性的"贸易休战"协 议，部分关税被暂停或降低了。 特朗普这一下，直接把脆弱的休战局面推到了悬崖边上。 伊朗政府宣布已经控制住全国城镇的局势，并且反过来，首都德黑兰等多个城市爆发了支持政府的大型集会。 伊朗总统和其他高官走上街头，表 示愿意倾听人民声音。 也就在同一天，白宫发言人的调门忽然软 ...

Economic Performance - The Hang Seng Index rose over 700 points, an increase of approximately 2.8%, marking the best start to a year since 2013, reflecting the vitality of Hong Kong's economy [2] - In 2025, Hong Kong's overall investment expenditure saw a real year-on-year increase of 4.3%, while private consumption expenditure grew by 2.1% [4] - The overall goods exports continued to show strong growth with a real year-on-year increase of 12.1%, and service exports expanded by 6.3% [4] - The forecast for real local GDP growth for 2025 was revised upward from 2%-3% to 3.2% [4] Financial Market Developments - The Hong Kong stock market continued its momentum with the listing of two AI model companies, with MiniMax seeing a first-day increase of over 109% [3] - In 2025, the IPO scale in Hong Kong more than doubled year-on-year, ranking first globally [3] - Net inflows into funds recognized by the Securities and Futures Commission in Hong Kong exceeded $41 billion in the first nine months of the previous year, an increase of over 1.5 times compared to the full year of 2024 [3] Innovation and Technology - Hong Kong is transitioning from traditional roles as a financial and shipping center to a "diversified innovation-driven economy" [5] - The Hong Kong Science and Technology Innovation Cooperation Zone officially opened, hosting 60 enterprises, including several industry leaders [5] - Approximately 40% of Hong Kong enterprises have adopted AI and digital technologies, with 75.5% reporting significant improvements in operational efficiency [6] International Recognition and Business Environment - Hong Kong's status as a global financial center is solidified, ranking third in the Global Financial Centers Index and fourth in the World Talent Ranking [7] - The number of companies with headquarters in Hong Kong reached nearly 10,000, a historical high [3] - The Hong Kong government has actively engaged in international trade, achieving 59 cooperation agreements during trade missions to Qatar and Kuwait [7] Future Economic Outlook - The Hong Kong General Chamber of Commerce predicts a GDP growth of 2.7% for 2026, with nearly half of surveyed businesses holding a positive outlook for the economy over the next 12 months, a significant increase from 18.3% the previous year [8] - The year 2026 is seen as a pivotal year for aligning with the national "14th Five-Year Plan" and focusing on economic development and public welfare [8]

专题：美12月核心CPI同比增2.6%，低于预期 随着政府停摆导致11月通胀率被人为压低的一些扭曲因素逐渐消退，美国12月消费者物价上涨，受房租 和食品价格攀升带动，这巩固了美联储本月将维持利率不变的预期。 不过，今年降息的可能性仍然存在。劳工部周二的报告显示，12月核心通胀压力温和，经济学家认为这 暗示进口关税对价格的传导正在放缓。经济学家们对通胀是否已经见顶的看法不一。 尽管如此，食品和房租更加昂贵（价格涨幅为三年多来最大）凸显了特朗普总统面临的负担能力危机， 经济学家将这部分归咎于白宫的政策，包括全面进口关税。 特朗普提出了一系列降低生活成本的提案，包括禁止机构投资者购买独户住宅，以及指示负责监管抵押 贷款融资巨头房利美和房贷美的联邦住房金融局（FHFA）购买这两家公司发行的2000亿美元债券，以 降低抵押贷款利率。 高通胀削弱了消费者信心和特朗普的支持率，并将成为今年的政治热点，特朗普和他的共和党同僚们正 在为保住美国国会的控制权而努力。与投资者因通胀步伐温和而欢欣鼓舞相比，消费者可能更关心食品 价格和房租上涨。 "家庭可能不会密切追踪核心通胀，但他们会立即看到杂货价格和餐馆就餐价格，"洛约拉玛丽蒙特 ...

Core Insights - The December core CPI growth rate was below Wall Street expectations, marking the lowest year-on-year growth in nearly five years, indicating a potential easing of price pressures [1][5] - Market analysts believe that while this data provides a clearer signal of declining inflation, it is insufficient to prompt the Federal Reserve to lower interest rates in the upcoming meeting [3][7] Inflation Data Summary - The December core CPI increased by 0.2% month-on-month, lower than the consensus expectation of 0.3%, and year-on-year growth was 2.6%, matching the lowest level since March 2021 [5] - The overall CPI rose by 0.3% month-on-month and 2.7% year-on-year, aligning with economists' forecasts [5] - Housing costs were the largest contributor to the overall CPI increase, rising by 0.4% month-on-month, the highest increase in four months [5] Price Trends - Declines in automobile and furniture prices helped offset the rise in housing costs, with used car prices dropping by 1.1% month-on-month [6] - Food prices increased by 0.7% month-on-month, the largest rise since 2022, while recreational prices surged by 1.2%, marking a record high [6] - Core goods prices remained stagnant, indicating that tariff impacts on consumers were milder than expected [6] Federal Reserve Outlook - The Federal Reserve is expected to maintain interest rates in the upcoming January meeting, with market expectations for a rate hold exceeding 97% [4][7] - There is a need for more evidence of a weakening labor market or declining price pressures before the Fed considers rate cuts [3][7] - The "super core" CPI, which excludes housing and energy costs, rose by 0.3% month-on-month, with a year-on-year rate of 2.7%, down from approximately 4% a year ago [8]

Group 1 - The article highlights a significant shift in global financial markets, with the US dollar index dropping nearly 10% over the past 12 months, while the Chinese yuan has appreciated over 4% [1][15] - Central banks worldwide, excluding the US, have increased their gold reserves to a total value of $3.98 trillion, nearing the $3.8 trillion total value of US Treasury bonds, indicating a structural change in reserve asset allocation from bonds to gold [3][4] - The article emphasizes that gold is regaining its status as a primary financial asset, a position it has not held since 1996, marking a historical turning point in asset allocation [4][5] Group 2 - The People's Bank of China has initiated a new cycle of gold purchases starting in November 2024, with total gold reserves projected to reach 7.415 million ounces (approximately 2306.39 tons) by December 2025, reflecting a strategic move amid a weakening dollar and rising geopolitical risks [8][10] - Over the past 14 months, China has sold approximately $79.9 billion in US Treasury bonds, a planned adjustment rather than a panic sell-off, with proceeds used for gold purchases and diversifying foreign exchange reserves [12][14] - The article discusses a long-term trend of de-dollarization, as evidenced by the significant reduction in China's US Treasury holdings, which have decreased by over 47% from their peak in November 2013 [12][14] Group 3 - The article outlines a strategic framework where increasing gold reserves enhances asset stability and diversity, while reducing reliance on US dollar assets and strengthening the yuan's international appeal [15][17] - The potential future scenarios include the Federal Reserve being forced to accelerate interest rate cuts, further weakening the dollar and increasing gold prices, or the emergence of a new reserve asset system where gold's status continues to rise [18][21] - The article concludes that the strategic adjustments made by China reflect a long-term vision, emphasizing the importance of maintaining reserve assets in the face of increasing global uncertainties [22][23]