格隆汇1月20日丨均普智能(688306.SH)公布，公司于近日收到交易商协会出具的《接受注册通知书》 （中市协注〔2026〕MTN8号、中市协注〔2026〕CP3号），交易商协会决定接受公司中期票据和短期 融资券注册。主要内容如下： 一、公司本次中期票据注册金额为8亿元、短期融资券注册金额为8亿元，注册额度自通知书落款之日起 2年内有效，由浙商银行股份有限公司主承销。二、公司在注册有效期内可分期发行科技创新债券，接 受注册后如需备案发行，应事前向交易商协会备案。公司应按照有权机构决议及相关管理要求，进行发 行管理。发行完成后，应通过交易商协会认可的途径披露发行结果。 ...

Core Viewpoint - Wenzhou is emerging as a "slash city" with a projected GDP exceeding 1 trillion yuan by 2025, becoming China's 28th trillion-yuan city and the third in Zhejiang province, while accelerating its development as a national "AI demonstration application first city" [1][3]. Economic Growth and Development Goals - Wenzhou's GDP has grown at an average rate of 6.5% during the first four years of the 14th Five-Year Plan, moving from 30th to 28th in national GDP rankings, and its resident population increased from 9.57 million to 9.85 million [3]. - The city aims to enhance its urban circle capabilities and establish itself as a significant regional center in the southeast coastal area, with a focus on high-quality development [3][10]. Innovation and AI Development - Wenzhou is prioritizing innovation, with R&D expenditure growing by an average of 14% annually over the past five years, and the area of incubators expanding over tenfold to exceed 10 million square meters [6]. - The city plans to embed artificial intelligence across various sectors, including manufacturing, energy, healthcare, finance, and tourism, aiming to create a nationally recognized "AI demonstration application first city" [4][8]. Strategic Planning and Implementation - The city has outlined nine key tasks for the next five years, focusing on building a modern industrial system, expanding domestic demand, and enhancing the urban circle's development [6]. - Wenzhou aims to become a leading innovation source in the southeast coastal region, with a modern industrial cluster and a significant increase in the proportion of R&D expenditure relative to GDP [6][7]. Urban Circle and Regional Integration - Wenzhou is working to enhance the integration and development of its urban circle, aiming to connect with the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [10][11]. - The city is leveraging its unique advantages, including a global trade network, to extend its influence into Southeast Asia and other international markets [11].

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index slightly down by 0.01% closing at 4113.65 points, while the Shenzhen Component Index fell by 0.97% to 14155.63 points, and the ChiNext Index dropped by 1.79% to 3277.98 points [2][6] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 280.44 billion, an increase of 72 billion compared to the previous day [2] Market Dynamics - The market is experiencing a cooling trend, which can occur through either active or passive means. Currently, the market is responding rationally to regulatory signals, with state-owned entities playing a significant role in guiding market trends [4] - The broad-based ETFs, particularly the CSI 1000 ETF, have taken a leading role in market movements, indicating a shift in investment focus towards low-valuation sectors [4] Sector Performance - Significant outflows were observed in sectors such as CPU-related stocks, with NewEase ranked first in capital outflow. The photovoltaic sector also saw over 7 billion in outflows, affecting major stocks like Longi Green Energy and Tongwei Co. [5] - In contrast, sectors related to real estate, such as building materials and construction, showed relative stability, suggesting a migration of funds towards undervalued sectors [5] Regulatory Impact - The current regulatory approach aims to suppress excessive speculation in individual stocks by allowing indices to adjust moderately, which is intended to maintain a stable market environment leading up to the Spring Festival [6] - The overall market sentiment reflects a clear cooling trend, with a net outflow of nearly 100 billion in major funds, indicating the core objective of regulatory measures [6]

2025年新增政府债务规模11.86万亿元比上年增加了2.9万亿元 廖岷表示，2025年更加积极的财政政策，做到了兼顾努力支持当下经济增长，办好民生实事，又有效推 动中国经济的结构转型，为经济社会中长期可持续发展打下了坚实基础。2025年，财政赤字率按4%左 右，比上年提高了一个百分点，新增政府债务规模是11.86万亿元，比上年增加了2.9万亿元，这些都超 过此前几年的平均水平。 我国政府负债率依然较低远低于G20国家平均政府负债率水平 廖岷表示，2025年我国财政赤字率按4%左右，比上年提高1个百分点；新增政府债务规模11.86万亿 元，比上年增加2.9万亿元，这些都远超前几年的平均水平。尽管2025年我国增加了赤字和政府债券规 模，但从国际比较上来看，我国政府负债率依然较低，远低于G20国家的平均政府负债率水平。 1月20日午间，财政部等多部门对外连发通知，释放系列贴息政策、民间投资专项担保计划。 今日下午3时，国务院新闻办公室举行新闻发布会，请财政部副部长廖岷、综合司司长李先忠、金融司 司长于红介绍发挥积极财政政策作用，推动经济社会高质量发展有关情况，并答记者问。 财政部副部长廖岷： 2026年财政总体 ...

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% to 26,487.51 points, the Hang Seng Tech Index down 1.16% to 5,683.44 points, and the National Enterprises Index decreasing by 0.43% to 9,094.76 points [1] - Major technology stocks generally declined, with Alibaba down 0.44%, Tencent down 1.48%, and Xiaomi down 2.74%, while JD.com saw a slight increase of 0.09% [1] - New consumption concept stocks performed well, with Pop Mart rising by 9% and Naixue's Tea increasing by over 4% [1] Corporate News - Codex-B (02487.HK) reported positive top-line results from a Phase III clinical trial for CU-20101, an injectable botulinum toxin type A for moderate to severe glabellar lines [2] - Saint Bella (02508.HK) entered a strategic cooperation framework agreement with Cloudwise Technology to explore the integration of AI and robotics in high-demand home care scenarios [2] Profit Forecasts - China Taiping (00966.HK) expects a net profit increase of approximately 215% to 225% in 2025, compared to 8.432 billion HKD in the previous year [3] - TCL Electronics (01070.HK) anticipates an adjusted net profit of approximately 2.33 billion to 2.57 billion HKD in 2025, representing a growth of 45% to 60% [3] - Jihong Co. (02603.HK) forecasts a net profit of approximately 273 million to 291 million RMB in 2025, a year-on-year increase of 50% to 60% [3] - Guolian Minsheng (01456.HK) expects a net profit of 2.008 billion RMB in 2025, a growth of around 406% [3] - China Railway (00390.HK) reported a new contract amount of 1,165.98 billion RMB in Q4 2025, with a cumulative new contract amount of 2,750.9 billion RMB, a year-on-year growth of 1.3% [3] Sales and Revenue - Shenzhen Holdings (00604.HK) anticipates a total contract sales amount of approximately 13.311 billion RMB in 2025, a decrease of 21.55% [4] - SF Holding (06936.HK) reported a total revenue of 27.339 billion RMB in December from its logistics, supply chain, and international businesses, reflecting a year-on-year growth of 3.41% [5] Institutional Insights - Dongwu Securities noted that the Hong Kong market is in a long-term upward trend but faces short-term challenges, with strong consensus on domestic fundamentals but mixed views on overseas factors [9] - Huaxia Fund emphasized the high sensitivity of the Hong Kong market to corporate earnings and macroeconomic data, suggesting that positive economic surprises could significantly boost market expectations [10] - Tianfeng Securities highlighted that the Hong Kong market has the foundation for a rebound due to valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [10] - Huaxi Securities pointed out that the "AI+" logic is catalyzing valuation optimization in the Hong Kong market, with a focus on internet, technology, and emerging consumption sectors [10]

近日，巴中市委经济工作会议举行，深入分析当前经济形势与内外发展环境。"巴中经济体量小， 保持相对较快的增速既是必要，也是应该。"巴中市委主要负责人在会上明确表示。 今年是"十五五"开局之年。在当天的会议上，巴中将2026年确定为"实干实绩攻坚年"，提出"增速 保前列、总量争千亿、起步开新局"的核心目标。目标如何落地见效？会议部署了年度经济工作六大重 点任务，巴中经济发展的"施工图"清晰呈现，释放出三大信号。 信号一 内需市场深耕，增长空间拓宽 新年伊始，"感恩有您·欢迎回家——乐'玩'巴中暨冬游巴中消费季"系列活动在巴中启幕，涵盖景区 优惠、群众性文化活动及体育赛事等内容，进一步激活文旅消费活力。 抓好今年经济工作，巴中将扩大内需作为首要任务，其中大力提振消费、扩大有效投资是核心抓 手。 去年以来，巴中消费市场活力持续释放，一批消费新场景、新业态、新模式加速涌现，有力支撑消 费品市场稳定增长。统计数据显示，2025年前三季度，巴中实现社会消费品零售总额403.62亿元，同比 增长6.7%。 "今年将深入实施提振消费专项行动，创新消费业态、打造消费新场景、改造提升消费环境。"会议 明确，巴中将联动开展"美好生活 ...

罗马尼亚国家银行(BNR)数据显示，2025年1-11月，罗服务贸易进出口总额687.6亿欧元，增长13.4%。 其中，出口额398.7亿欧元，增长12.1%；进口额288.9亿欧元，增长15%；服务贸易顺差109.8亿欧元， 增长4.9%。 按照行业来看，服务贸易进出口额较高的行业情况如下： 五、加工贸易服务 2025年1-11月，加工贸易进出口额27.5亿欧元，下降2.9%，占服务贸易总额的3.9%。其中，出口额26.3 亿欧元，下降2.6%；进口额1.2亿欧元，与去年基本持平。 以上五个行业合计占服务贸易总额的90.4%。此外，金融服务贸易进出口额15.79亿欧元，增长101%； 使用知识产权收费贸易进出口额12.23亿欧元，增长18.5%；建筑服务贸易进出口额14亿欧元，增长 2.8%；保险和养老服务贸易进出口额5.38亿欧元，增长13.7%。维修服务贸易进出口额8.97亿欧元，与 去年基本持平。人力资源、文化、娱乐、政府服务等服务贸易额较低。 2025年1-11月，通信、计算机和信息服务贸易进出口额139.5亿欧元，增长10.7%，占服务贸易总额的 20.3%。其中，出口额101.6亿欧元，增长11 ...

陈敏兰认为，中资股当中仍有一些"由下而上"非常有趣的投资主题，包括科技自主，即人工智能、自动 化及机器人相关公司，同时也看好医疗护理、新消费及高息金融股。 瑞银财富管理亚太区首席投资总监及投资总监办公室主管陈敏兰预期，港股和A股今年约有15%上升空 间。她在全球看好欧洲、中国及日本股市，并偏好H股多于A股，主因是对香港上市中资科技股看法正 面，且预期中资股科技股未来几年的平均盈利增长达到25%或以上。 ...

如今，温州跻身万亿GDP城市，正全面推进创新温州建设，着重强调人工智能创新发展。2026年1月3日，温州市委经济工作会议暨创新温州建 设推进大会召开，强调温州要在顺应趋势中抢占高地、牢牢抓住创新温州建设这个发展"牛鼻子"，在应对变局中发挥优势、全面打开经济发展 空间，抢占"十五五"发展先机。会议还提出，在人工智能创新发展、企业创新能力提升、大孵化器集群提质增效等八大领域实现"更大突破"， 其中，人工智能创新发展被置于首位。 在官宣2025年GDP破万亿后，温州成为我国第28座万亿之城，浙江第3座万亿之城。此外，作为民营经济之城，温州正加快打造具有全国辨识 度的"AI示范应用第一城"。 1月20日，温州市十四届人大六次会议召开，温州市市长张文杰在作政府工作报告时表示，2025年温州地区生产总值突破万亿元。 日前，《中共温州市委关于制定温州市国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）提出，今后五年经济社会发展的 主要目标是，温州都市圈能级大幅跃升，全省高质量发展"第三极"提速打造，东南沿海重要的区域中心城市地位全面确立。 "十四五"前四年，温州GDP年均增长6.5%，总量排名从全国第30位跃升 ...

东方证券香港指出，维持对港股的高配观点，理由包括：一、南向资金开年回流，内地机构年度考核结 束后，12月收缩的南向头寸将集中回补；二、估值仍处于全球洼地，恒生指数市盈率仅13倍，叠加盈利 增速上修，"估值+盈利"双升逻辑强化；三、外部流动性宽松，美联储2026年降息预期明确，香港金管 局大概率跟随下调基准利率，港股资金成本降低。此外，国内保险资金、公募基金等"长钱"入市节奏持 续，是低估值高股息板块的长期支撑。 （文章来源：每日经济新闻） 红利港股ETF（159331）跟踪的是港股通高股息指数（930914），该指数从港股通范围内选取流动性良 好且持续分红的30只高股息率证券作为成分股，采用股息率加权方式进行编制。成分股涵盖多个行业领 域，尤其侧重金融及传统行业板块，旨在反映高股息策略下港股通优质证券的整体表现，具有显著的稳 健投资特征，根据基金合同，红利港股ETF（159331）可月月评估分红，已连续分红17个月，值得关 注。 ...