Group 1 - The article discusses a significant retreat in dollar liquidity, impacting global asset prices, particularly commodities and cryptocurrencies, with the Shanghai Composite Index showing a weekly decline of 0.44% and the CSI 500 Index down by 2.56% [2] - The new Federal Reserve chair nominee, Kevin Warsh, is expected to lead to a major shift in U.S. monetary policy, including reduced support for the government and potential interest rate cuts, which could negatively affect the U.S. economy and significantly impact global commodity prices [3] - The article notes that the recent surge in gold prices, which rose by 12% mid-week, has been reversed, indicating a potential peak, and suggests that investors in gold should consider exiting positions [3] Group 2 - The article highlights a trend reversal in the market, with a slowdown in state-owned capital reductions and a general retreat of funds, leading to a recommendation for a medium position in the main board and a low position in small-cap stocks [4] - The article emphasizes that the main board is currently favored over small-cap stocks, reflecting a shift in market style preferences [4] - The short-term momentum model suggests focusing on the media industry as a potential area of interest [4]

（来源：黑龙江日报） 转自：黑龙江日报 中华巴洛克历史文化街区熙熙攘攘的消费人群 。本报记者 李鹏举摄 □本报记者 孙铭阳 孙思琪 供给侧改革 激活消费市场新活力 满足内需的核心在于优质供给。代表委员们普遍认为，只有精准对接消费需求变化，推动供给侧结构性改 革，才能实现消费市场的持续繁荣。 传统商圈作为消费主阵地，其转型升级关乎民生体验与消费活力。省人大代表徐卫国建议，应实施商圈基础 设施提质专项行动，将其纳入城乡建设重点工程，重点解决停车场缺口大、交通拥堵、无障碍设施不完善等 突出问题。通过支持商圈扩建停车场、增设新能源充电桩、升级公共休息区等举措，全面提升消费便利性和 舒适度。同时，要培育新型消费业态，制定省级层面扶持政策，对引进全国首店、区域首店的主体落实财政 奖励，鼓励传统商户转型发展体验式、定制化消费，丰富消费供给场景。 老字号是衔接政策与民生消费的关键纽带，其焕新升级成为扩大内需的重要抓手。省人大代表林珈旭介绍， 企业以供给侧精准发力为核心，按人群、地域分层研发产品，针对露营需求推出小包装系列，为银发人群研 发减盐20%的红肠、低脂益生菌等产品，为川渝地区定制青花椒肠，让百年红肠从"地方特产"变身 ...

为保障海南自由贸易港顺利实现全岛封关，财政部牵头制定货物进出"一线""二线"及在岛内流通的税收 政策，以及进口征税商品目录，已于2025年12月18日全岛封关运作之日起实施，基本确立了海南自由贸 易港"零关税"制度体系。封关以来，截至2026年1月27日，"零关税"货物进口货值8.57亿元，同比增长 2.43倍，覆盖了化工、矿产品制造、医疗健康等多个行业，减免税款约1.29亿元，同比增长2倍；1万多 家企业申请成为"零关税"政策享惠主体，新增备案外贸企业5700余家；全省新增外资企业409户，同比 增长23.56%，外商直接投资总额、增速位居全国前列；离岛免税销售金额62.8亿元，购物人数98.1万人 次，特别是今年元旦假期期间，离岛免税销售金额7.12亿元，同比大幅增长128.9%。 《 人民日报 》( 2026年02月01日 02 版) 2025年，全国一般公共预算收入21.6万亿元，比2024年下降1.7%。31个省份中，除个别地区受煤炭等大 宗商品价格下行影响收入有所下降外，27个地区全年财政收入比2024年实现增长。全年税收收入增长 0.8%，总体呈稳步回升走势。2025年，全国一般公共预算支出28 ...

来源：喜娜AI 1 月 A 股十大牛股出炉，有色金属行业表现亮眼 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 特朗普提名沃什担任美联储主席，贵金属市场暴跌 当地时间1月30 日，特朗普宣布提名凯文·沃什为下一任美联储主席，消息公布后，美元反弹，贵金属市 场遭遇恐慌抛售。现货黄金一度下跌 12.92%，创 40 年最大单日跌幅，现货白银盘中更是暴跌超 36%， 创出历史最大日内跌幅。分析认为，沃什被视为能"重新锚定美联储公信力"的人选，其提名挑战了"央 行独立性削弱—货币贬值—实物资产永涨"叙事，导致贵金属多头集中平仓。 详情>> 存储芯片"超级周期"来临，产业链企业众生相 2026 年存储市场迎来"超级周期"，存储价格从低位企稳回升，AI 带动需求上行。A股存储相关公司业 绩回暖，多家公司业绩预喜，存储芯片及下游产品涨价预计延续。模组厂订单排期到明年，它们正向上 游技术端迈进，以获取更高附加值。而终端厂商则 ...

Core Insights - The event "Guanghuo Goes Global Spring Action - Shein Industry Belt Overseas Plan (Huaiji Station)" was held in Zhaoqing, aiming to integrate cross-border e-commerce with local industries to boost the high-quality development of the county economy [1][2] Group 1: Event Overview - The event was co-hosted by the Guangdong Provincial Federation of Industry and Commerce, Huaiji County Government, Zhaoqing Municipal Bureau of Commerce, and Zhaoqing Municipal Bureau of Industry and Information Technology, attracting nearly 50 guests from government, Shein, local garment enterprises, and financial institutions [2] - The event featured various activities such as site visits, policy promotion, product selection, and discussions to facilitate cooperation and development [2] Group 2: Government and Policy Support - Officials from Zhaoqing and Huaiji County emphasized the importance of policy support for enterprise development and the need for a favorable business environment to enhance competitiveness [2] - The Huaiji County Government committed to optimizing the cross-border e-commerce development environment and implementing supportive policies for the local garment industry [2] Group 3: Shein's Role and Supply Chain - Shein representatives detailed their supplier cooperation model and investment policies, leveraging a flexible supply chain to support local industries [5] - The company aims to assist local factories in digitizing production processes and reaching consumers in 160 countries through precise product selection and operational support [5] Group 4: Local Industry Status - Huaiji County has a solid foundation in the garment industry, with 1,028 production entities and a total industrial output value exceeding 2 billion yuan, providing employment for over 15,000 people [5] - The integration of cross-border e-commerce with local industries has led to several local companies becoming primary suppliers for Shein, establishing a "1-hour supply chain circle" across the county [5] Group 5: Future Plans - The event is part of a series aimed at promoting the "Guanghuo Goes Global Spring Action," with plans to deepen the "cross-border e-commerce + industry belt" model and enhance strategic cooperation with e-commerce platforms [6] - Zhaoqing aims to leverage its status as a national-level cross-border e-commerce pilot zone to facilitate the global reach of local products and contribute to the high-quality development of Guangdong's foreign trade [6]

1月30日，记者从南京市统计局获悉，根据地区生产总值统一核算结果，2025年全市地区生产总值 19428.78 亿元，按不变价格计算，同比增长5.2%。分产业看，第一产业增加值338.50 亿元，同比增长 3.4%；第二产业增加值5873.07 亿元，增长3.7%；第三产业增加值13217.21 亿元，增长6.0%。 农业生产形势稳定粮食产量实现增长 2025年，全市农林牧渔业增加值可比增长3.8%。粮食产量稳步增长。全年粮食播种面积214.70万亩，增 长0.6%；总产量100.78万吨，增长0.5%。畜牧业产能提升。全年生猪出栏37.39万头，增长5.0%；家禽 出栏1741.20万只，增长10.1%。 2025年，全市社会消费品零售总额8135.85亿元，同比增长3.5%。促消费政策带动明显。限额以上单位 家用电器和音像器材类商品零售额增长9.8%，其中智能家用电器和音像器材增长78.2%；汽车类商品零 售额增长3.4%，高于全国平均水平4.9个百分点，其中新能源汽车增长33.1%。网上零售蓬勃发展。限额 以上单位实物商品网上零售额增长17.7%，占限上社零比重达31.1%，占比较上年提升3.9个百分点 ...

来源：赵伟宏观探索 事件：1月30日，财政部公布2025年财政收支情况。 2025年，全国一般公共预算收入216045亿元，比上年下降1.7%；全国一般公共预算支出287395亿元， 比上年增长1%。 核心观点：财政收支分化加剧，后续政策重心或转向"财政金融协同" 12月广义财政收支呈现收入端深度调整、支出端维持韧性的收支显著分化特征。 12月广义财政收入同比-18.5%，较11月下滑13.3个百分点，创下年内最低 水平；广义财政支出同比-0.7%，较11月降幅收窄1个百分点。从预算完成度看，收入完成度不及往年同期，但支出端在年末稳增长诉求下保持了相对强 度，显示出年底在收入承压背景下财政仍在加快支出、托底经济。 收入端大幅回落主要受一般财政收入下滑拖累，土地出让收入则呈现小幅改善。12月一般财政收入同比骤降至-25%，或部分受到2024年同期的高基数效 应影响。其中，非税收入同比-47.9%成为最大拖累，或与下半年起非税收入征管规范有关。12月政府性基金收入降幅收窄至-11.7%，其中土地出让收入同 比-22.9%，显示土地市场成交持续回落现象有所缓解。 支出端结构优化，基建类支出提速，增量政策资金亦正加速 ...

2026年1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布数据显示，1月份制造业采购 经理指数（PMI）为49.3%，比上月下降0.8个百分点，制造业景气水平有所回落。 展望未来，付一夫认为，制造业PMI走势无须过度担忧：短期看，春节后企业集中复工复产，叠加逆周 期调节政策有望加码，2月PMI大概率稳中有升；中期看，政策对制造业的支持力度持续，高技术与装 备制造业的扩张韧性将带动整体复苏，全年PMI预计稳定在荣枯线上方，呈现短期修复、中期稳升态 势。 苏商银行特约研究员付一夫在接受《中国经营报》记者采访时分析称："1月制造业PMI有所回落，主要 源于季节性扰动与需求不足叠加的短期现象。春节临近导致企业提前停工、生产节奏放缓，叠加建筑业 淡季间接拖累需求，构成季节性主导因素；而内外需偏弱则是核心基本面制约。" 东方金诚统计数据显示，剔除2023年极端值后，过去十年中，1月制造业PMI指数呈现"八降二升"，平 均下行0.3个百分点。国家统计局服务业调查中心首席统计师霍丽慧解读称，1月份部分制造业行业进入 传统淡季，加之市场有效需求仍显不足，制造业景气水平较上月有所下降。 中国企业资本联盟副理事长柏文 ...

证 券 研 究 报 告 【债券日报】 关注"价"的积极信号 ——1 月制造业 PMI 点评 1、制造业 PMI：短期因素叠加，景气重返收缩区间 （1）新订单：1 月新订单降至 49.2%，再度回到收缩区间，反映上月需求透 支效应。在 12 月冲刺之后，1 月需求释放透支。下游春节提前放假、降温天 气也导致需求放缓。另外，新出口订单环比降幅低于新订单总体，显示内需订 单放缓的力度相对更大。 （2）生产：生产节奏放缓，但仍在扩张区间。受需求端承压影响，生产相应 波动，增势有所放缓。其中，消费品制造业生产指数下滑 4pct 至荣枯线以下 是主要拖累，而代表新动能的行业生产仍在高景气，分化有所加大。 （3）外贸：进口偏强、出口订单转弱。新出口订单环比-1.2pct 至 47.8%，收 缩再度加剧。1 月美国针对部分高技术制造品类加征关税，美欧贸易关税摩擦 也有波动，叠加临近春节，新出口订单增势环比放缓。进口环比+0.3pct 至 47.3%，生产景气对进口需求或有一定支撑。 （4）价格：原材料购进价格、出厂价格环比+3.0pct、+1.7pct 至 56.1%、50.6%， 其中后者自 2024 年 5 月以来首次回 ...

Market Overview - The A-share market experienced overall pressure this week, with most major indices showing a pullback, particularly in small-cap and growth styles, while large-cap blue chips demonstrated relative resilience [2][3] - Market sentiment is cautious, with funds shifting towards low-volatility and defensive sectors [2] Index Performance - The majority of A-share indices showed a pattern of "mostly down, few up," with significant pressure on small-cap and growth indices, while large-cap blue chips provided some support against downward pressure [3][7] - Weekly index performance indicated a clear divergence, with defensive sectors and energy stocks leading gains, while previously high-performing growth and manufacturing sectors faced notable corrections [9][10] Sector Rotation - The energy sector emerged as a strong performer, with significant contributions from gold and energy-related stocks, while essential consumer sectors also showed relative stability, reflecting a defensive allocation of funds [9][10] - Conversely, sectors associated with growth and manufacturing saw substantial declines, indicating a clear rotation in industry performance [17][18] Trading Activity - A-share trading volume increased significantly, reaching 8,944.21 billion shares and a transaction value of 15.31 trillion yuan, marking a week-on-week growth of 12.56% and 9.44% respectively [23][25] - Despite the increase in volume, the trading structure showed a "high at the beginning, low later" trend, indicating weak enthusiasm for chasing prices [23] Fund Flow - Main funds continued to show a net outflow, totaling approximately 2,644.24 billion yuan, reflecting an overall cautious market sentiment [30] - Financial sectors attracted net inflows, while cyclical and growth sectors like materials and information technology faced reductions [31][36] Market Sentiment - The overall "profit-making effect" in the market weakened, with fluctuations in the number of stocks hitting the daily limit, indicating a cautious but optimistic sentiment with increasing divergence [40][44] - The average margin balance remained stable at 27.3 trillion yuan, suggesting a cautious approach among investors [44] Upcoming Focus - Upcoming IPOs and stock unlocks are expected to influence market sentiment, particularly in sectors like semiconductor equipment and magnetic materials [48][49]