•人民银行公告，为保持银行体系流动性充裕，2026年1月8日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操 作，期限为3个月（90天）。（新华财经） •人民银行数据显示，截至2025年12月末，黄金储备报7415万盎司（约2306.323吨），环比增加3万盎司（约0.93吨），为连续第14个月增持。国家外汇管理 局数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11月末上升115亿美元，升幅为0.34%。至此，我国外汇储备规模已连续5个月上 升，且全年始终稳定在3.2万亿美元上方。（新华财经） •市场监管总局网监司司长朱剑桥7日表示，市场监管总局和国家网信办近日联合发布了《直播电商监督管理办法》。办法针对直播电商行业特点，强化监管 手段，将流量管控纳入监管工具箱；将数字人主播等人工智能生成内容纳入监管，避免新技术成为生成或传播虚假信息的"挡箭牌"，促进人工智能技术在直 播电商领域的规范应用。此外，办法将私域直播纳入调整范围，要求其他网络服务提供者根据具体服务内容依法履行相应的平台经营者义务。（新华财经） 转自：新华财经 •八部门聚力推出"人工智能 ...

在世界一些地区右翼民粹思潮抬头的当下，从日本首相高市早苗，到日本新崛起的极右翼民粹政党"参 政党"，都在喊"日本人优先"和"限制外国人"等充满民粹排外色彩的政治口号，吸引选票。 然而，常年研究日本外籍劳动者话题的纪实作家安田峰俊认为，如果日本真的推行"日本人优先"的政 策，将外籍劳工赶出日本，那么日本的经济将崩溃。 近日，安田在日本媒体"文春在线"上表达了这一观点，称一旦在"日本人优先"的口号下，拿230万在日 外籍劳工开刀，那么日本的劳动力市场将无法运转，整个经济也将随之崩溃。 安田并不是危言耸听。有多年田野调查经验的他，在文章中深度地介绍了外籍劳工在日本社会中所扮演 的既复杂却又十分必要的角色。 根据他的讲述，外籍劳工之所以会成为日本右翼民粹情绪的靶子，一方面是因为近些年东南亚等一些国 家的劳工大量来到日本务工——比如，截至2024年10月底，日本国内外籍劳工数量"已突破 230万人， 创下了历史新高"。 另一方面，则是日本允许这些外国人入境务工的"技能实习生"制度存在明显问题——比如，因为申请门 槛低，申请者大多学历不高、日语能力有限，属于非熟练劳动力，薪资水平也普遍被压低，但制度又给 他们在更换实习单 ...

Core Viewpoint - The implementation of the "Artificial Intelligence + Manufacturing" special action plan aims to ensure the safe and reliable supply of key AI technologies in China by 2027, positioning the country at the forefront of the global AI industry in terms of scale and empowerment levels [1][2]. Group 1: AI Technology Development - By 2027, China aims to achieve a safe and reliable supply of key AI technologies, with a focus on deep application of 3-5 general large models in manufacturing [1][2]. - The plan includes the creation of 100 high-quality industrial data sets and the promotion of 500 typical application scenarios [1][2]. - The initiative seeks to cultivate 2-3 globally influential ecosystem-leading enterprises and a number of specialized small and medium-sized enterprises [1][2]. Group 2: AI Infrastructure and Resources - The plan emphasizes strengthening AI computing power supply through the development of intelligent chips and key technologies such as high-end training chips and AI servers [1][2]. - It aims to establish a national integrated computing network monitoring and scheduling platform and promote the deployment of industrial cloud computing resources [1][2]. Group 3: Algorithm and Model Innovation - The initiative supports the development of high-performance algorithm models tailored to the real-time, reliability, and safety characteristics of the manufacturing industry [3]. - It encourages the creation of a "cloud-edge-end" model system and the lightweight deployment of models in industrial applications [3]. Group 4: Intelligent Equipment and Robotics - The plan promotes the integration of AI into industrial mother machines and robots, aiming to develop next-generation AI numerical control systems [3]. - It also focuses on accelerating the innovation and clinical application of intelligent medical equipment [3]. Group 5: Investment and Policy Support - The initiative calls for a collaborative mechanism among departments and encourages local governments to formulate policies that guide enterprises in differentiated development [4]. - It aims to leverage the National AI Industry Investment Fund to attract more social capital for investment in AI-related technologies [4]. Group 6: AI Terminal and Product Development - The plan supports the upgrade of intelligent terminals, including smartphones, computers, and smart home devices, while focusing on the commercialization of new types of terminals [5]. - It aims to establish a humanoid robot benchmark production line and promote the application of humanoid robots in typical manufacturing scenarios [5]. Group 7: Open Source and Global Collaboration - The initiative emphasizes the construction of a high-level AI open-source community and the implementation of open-source projects to create a globally influential open ecosystem [5]. - It encourages enterprises to customize AI products and solutions based on the characteristics of different countries and regions [6].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In December, the economic operation was in the traditional off - season, but factors such as the late Spring Festival and the extended stocking cycle might boost industrial production. The export growth rate might decline slightly but still be better than that in October. The GDP growth rate in the fourth quarter was expected to reach around 4.5%, and the whole - year GDP was likely to achieve 5% and end smoothly [3][6]. - For the bond market, there was little suspense about the economic data in December. The market mainly focused on the verification of the "good start" of the economy at the beginning of the year. With the concentrated implementation of macro - policies to stabilize growth at the end of the year, the "two new" policies were issued one week earlier than in 2025, and the support amount for the early - batch "two important" and central budget - investment plan projects also increased compared with the previous year. January 2026 was expected to be the window for the concentrated effect of the "good start" policies, and high - frequency verification during the data "vacuum period" should be concerned [3]. 3. Summary According to the Directory 3.1 Inflation - CPI: It was expected that the CPI in December would rise to around 0.9% year - on - year. Fruit and vegetable prices supported the food price to rise above the seasonal level, and the non - food item was in line with the seasonality. The CPI was expected to increase by about 0.2% month - on - month [3][6][8]. - PPI: It was predicted that the PPI in December would rise to around - 1.9% year - on - year. The non - ferrous industry faced imported inflation pressure, and the prices of domestic bulk commodities such as steel and PTA improved. The PPI was expected to increase by about 0.2% month - on - month [3][6][14]. 3.2 Export - The export growth rate was expected to be around 5.0% in December. The export momentum in December was not weak, although the year - on - year growth rate of container throughput at ports was lower than that in November but better than that in October. The import was expected to increase by around 1.5% year - on - year, with the price support continuing to expand [3][21]. 3.3 Industrial The industrial growth rate in December was expected to be around 5.1%. The PMI in December returned above the boom - bust line, and the production sub - item further expanded. The late Spring Festival in 2026 extended the stocking cycle, which had a certain driving effect on production [3][6][24]. 3.4 Investment - The cumulative growth rate of fixed - asset investment from January to December was expected to be around - 3.0%. The cumulative year - on - year growth rate of infrastructure investment (excluding electricity) was about - 1.5%, the cumulative year - on - year growth rate of real estate investment was about - 16.7%, and the cumulative year - on - year growth rate of manufacturing investment was about + 1.2% [3][6][33]. 3.5 Social Retail The year - on - year growth rate of social retail in December was expected to be around 1.0%. As the national subsidy funds were approaching the end, the marginal boost to automobile consumption from the subsidy decline weakened. The year - on - year decline in gasoline prices widened, and the drag on social retail from petroleum product consumption continued to increase [3][6][36]. 3.6 Financial Data - In December, the bill interest rate declined against the trend, reflecting the weak credit impulse at the end of the year. The new credit in December was expected to be about 80 billion yuan, slightly lower than the level of 99 billion yuan in the same period of the previous year. The new social financing was about 1.7 trillion yuan, a year - on - year decrease of 58.85 billion yuan [3][6][45]. - The M2 growth rate was expected to remain around 8.0%. The new deposits were close to the seasonal level. From the asset side, the year - on - year growth rate of the credit balance might slightly decline to 6.3%, and the social financing growth rate might decline to around 8.4% affected by the high base of government bonds. From the liability side, the M2 in December might increase by 1.5 trillion yuan [3][48].

Core Viewpoints - The internal demand remains weak in December due to base effects and policy timing, but it is expected to recover in early 2026 as expansionary policies are introduced [2][3] GDP - The GDP growth rate for the fourth quarter is projected to be around 4.3%, a decline from the previous quarter due to factors such as a slowdown in industrial production and construction [5][15] - Industrial production growth is expected to be 5.2% year-on-year in Q4, down from 5.8% in Q3, with December's growth at 6.0% [5][15] - The construction sector is anticipated to see a further decline in GDP growth, with projections of -3% in Q4 compared to -2.3% in Q3 [5][15] Prices - CPI is expected to rise by 0.1% month-on-month in December, with a year-on-year increase from 0.7% to around 0.8% [6][16] - PPI is projected to show a month-on-month increase of 0.1%, with a year-on-year improvement from -2.2% to approximately -2.0% [6][16] Production - Industrial production growth is expected to be around 6.0% in December, with a notable seasonal rebound observed in previous months [18] - Manufacturing investment growth is projected to decline to 1.3%, while real estate investment is expected to drop by 16.8% [7][22] External Trade - December exports are expected to grow by around 3.5% year-on-year, while imports are projected to increase by 1% [19][21] - The strong external demand is expected to support export growth despite a high base effect [19][20] Fixed Asset Investment - Fixed asset investment growth is anticipated to decline to around -3.3% for the year, with significant drops in real estate and infrastructure investments [22][23] - New infrastructure projects worth over 400 billion yuan are expected to be approved, which may stabilize investment in early 2026 [22] Real Estate Sales - Real estate sales are projected to decline by around 15% in December, with a cumulative decrease of 8.6% for the year [24][23] Retail Sales - Retail sales growth is expected to be around 1.0% in December, with essential consumption showing a growth rate of 3.5% [26] - The automotive sector is anticipated to continue its decline, impacting overall retail performance [26] Financial Sector - New social financing is expected to reach 2.3 trillion yuan in December, a decrease of 470 billion yuan compared to the previous year [27] - M2 growth is projected to be around 7.9%, while M1 is expected to see a slight increase due to seasonal factors [28]

Core Insights - Quanzhou has been selected as one of the first pilot cities for new consumption formats and models, marking a significant step in building a new consumption system and fostering economic growth [1][2] - The city is recognized for its strong industrial foundation and innovative practices, housing nine major manufacturing clusters and 16 national first-tier "Guochao" brands [1] - Quanzhou's GDP exceeded 1.3 trillion yuan, with a retail sales total of 616.4 billion yuan, ranking first in Fujian province and twelfth nationally [1] Group 1 - Quanzhou's selection as a pilot city reflects its robust economic performance and innovative consumption strategies [1] - The city has a large local market supported by over one million operating entities and a global network of over ten million overseas Chinese and three million non-local Quanzhou merchants [1] - Quanzhou promotes cultural and consumption integration, hosting over a thousand consumption promotion events and more than 300 international exhibitions annually [1] Group 2 - Future reforms in Quanzhou will focus on three main areas: creating a comprehensive consumption ecosystem integrating commerce, tourism, culture, sports, and health [2] - The city aims to strengthen its "Guochao" economy by establishing a fashion capital and launching economic clusters for new product releases [2] - Quanzhou will support local enterprises in collaborating with internationally recognized IPs to accelerate the industrialization of city brand IPs and cultural heritage [2]

中上协数据显示，2025年市场整体估值稳步抬升，A股上市公司的平均市净率从3.3增长至4.4。此 外，公募基金中A股配置比重增长2.4个百分点，反映出投资者对中国上市公司高质量发展的认可。 此外，2025年民营科创上市公司表现活跃，民营上市公司整体市值增长了37.0%，占A股市值的比 重从年初的33.6%增长至37.5%。国有上市公司占A股市值的比重接近50%。 中国上市公司协会日前发布2025年A股上市公司市值表现报告。根据报告，截至2025年底，A股上 市公司共5469家，总市值123万亿元，其中2025年新增上市公司116家。2025年1月1日前上市的存量公司 共5353家，2025年存量上市公司总市值同比增长22.5%。 2025年科技驱动型行业市值增幅较大，以制造业、科学研究和技术服务业为代表的高新技术企业市 值变化尤为突出，总市值较年初分别增长33.3%和32.1%，占A股市值的比重分别增加4.2个百分点和0.1 个百分点。 ...

Core Viewpoint - Morgan Stanley has raised the target price for CIMC Enric (03899) from HKD 9 to HKD 12, maintaining an "Overweight" rating based on increased profit forecasts for fiscal years 2025 to 2028 [1] Group 1: Financial Projections - Profit forecasts for fiscal years 2025, 2026, 2027, and 2028 have been adjusted upwards by 3%, 10%, 14%, and 16% respectively [1] - The target valuation multiple has been increased from 11 times to 13.5 times [1] Group 2: Business Segments - The company continues to demonstrate execution capability in green methanol, coke oven gas, and shipbuilding sectors, which are expected to contribute 32%, 40%, and 56% of net profit from 2025 to 2027 respectively [1] - The drag from traditional non-clean energy businesses on 2026 performance is expected to decrease, leading to an improved revenue structure and enhanced gross margins [1] Group 3: Growth Outlook - Overall, these factors are projected to support a compound annual growth rate (CAGR) of 20% in profits from 2025 to 2028 [1]

来源：新华社 中国上市公司协会日前发布2025年A股上市公司市值表现报告。根据报告，截至2025年底，A股上市公 司共5469家，总市值123万亿元，其中2025年新增上市公司116家。2025年1月1日前上市的存量公司共 5353家，2025年存量上市公司总市值同比增长22.5%。 中国上市公司协会资料图 中上协数据显示，2025年市场整体估值稳步抬升，A股上市公司的平均市净率从3.3增长至4.4。此外， 公募基金中A股配置比重增长2.4个百分点，反映出投资者对中国上市公司高质量发展的认可。 2025年科技驱动型行业市值增幅较大，以制造业、科学研究和技术服务业为代表的高新技术企业市值变 化尤为突出，总市值较年初分别增长33.3%和32.1%，占A股市值的比重分别增加4.2个百分点和0.1个百 分点。 此外，2025年民营科创上市公司表现活跃，民营上市公司整体市值增长了37.0%，占A股市值的比重从 年初的33.6%增长至37.5%。国有上市公司占A股市值的比重接近50%。 ...

Core Insights - Brazil's trade surplus is projected to reach $68.3 billion in 2025, with exports totaling $348.7 billion and imports at $280.4 billion [1] Group 1: Trade Performance - Brazil's Vice President and Minister of Development, Industry, Trade, and Services, Alckmin, stated that both exports and imports have reached historical highs despite the impact of U.S. tariffs and geopolitical tensions [1] - The growth in export value is primarily driven by the manufacturing, mining, and agricultural sectors [1] - The largest increases in import value are seen in capital goods, intermediate goods, and consumer products [1] Group 2: Market Expansion - Over 40 markets have set new records for purchasing Brazilian products, with notable performances from Canada, India, Turkey, Paraguay, Uruguay, Switzerland, Pakistan, and Norway [1]