格隆汇1月29日｜印尼监管机构计划将最低流通股比例要求提高一倍，并且其主权财富基金Danantara可 能入市，印尼股市收复大部分失地。印尼金融服务管理局主席表示，作为改革的一部分，当地交易所将 从下月起将上市公司的自由流通股比例从目前的7.5%提升至15%。该局资本市场监督负责人称， Danantara基金可通过其子公司帮助提升市场流动性，其旗下国有银行拥有证券经纪和资产管理业务。 此举稳定了市场情绪，印尼股指跌幅收窄至0.3%。此前，因担忧明晟公司（MSCI）可能下调评级，雅 加达综合指数一度暴跌10%，连续第二日下挫并触发30分钟交易暂停。 MACD金叉信号形成，这些股涨势不错！ ...

1月28日，香港金融管理局（以下简称"香港金管局"）公布了香港外汇基金截至2025年12月底未经审计的财务状 况。香港外汇基金在2025年录得3310亿港元的投资收入，创下历史新高。值得留意的是，香港外汇基金的各组成 部分，包括股票、债券以及"长期增长组合"（包括私募股权及实物资产投资等），全部实现正回报。香港金管局 形容这个情况"非常特殊"，在过去15年仅出现过两次。 香港金管局分析总结称，这主要是因为在2025年全年，环球金融市场表现强韧。全球主要股票市场普遍上升，并 在2025年年内录得创纪录新高。其中香港股市受惠于资金流入，恒生指数全年上升28%，而债券市场也有不错的 表现。至于外汇市场方面，美元兑其他主要货币贬值约9%，美元走弱也为香港外汇基金的非港元资产，带来了外 汇估值上调。 位于香港九龙半岛的环球贸易中心。 香港金管局：AI快速发展带动资本投入，投资环境显著改善 人工智能应用场景更趋广泛，助力教与学商业化前景可期 从香港金管局对2026年的展望叙述中不难发现，人工智能对金融市场的影响力和重要性越来越高，并逐步成为市 场共识。人工智能在香港各领域的应用，也陆续出现新场景。例如，在教育领域，香港教 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025, the issuance of credit ABS showed a stable recovery trend, featuring "small but numerous" characteristics. The non-performing loan ABS had a high growth rate and became the main growth engine. The concentration of the top ten sponsoring institutions decreased, and the average issuance interest rate declined year-on-year [2][4]. - In 2026, under the policy guidance of preventing and resolving financial risks, non-performing loan ABS is expected to continue to be the core engine for the expansion of the credit ABS market, and the continuous improvement of the regulatory framework will enhance market standardization and attract diversified investors [3][33]. - In the context of the increasing penetration rate of new energy vehicles, green auto loan ABS is expected to become an important growth point in the market, but attention should be paid to potential asset quality risks [34]. - With the maturity of AI technology, its application in the risk identification and management of the credit ABS market will deepen, which is expected to improve asset pricing accuracy and management efficiency [35]. Summary by Relevant Catalogs Issuance Overview - In 2025, a total of 238 credit ABS products were issued, with a total issuance scale of RMB 291.522 billion, a year-on-year increase of 7.82%. The average issuance scale per product was RMB 1225 million, a year-on-year decrease of 13.02%. The issuance scale accounted for 12.80% of the asset securitization market, a slight year-on-year decrease [4]. - The non-performing loan ABS issued 178 products, with a scale of RMB 82.057 billion, a year-on-year increase of 61.31%. The personal auto loan ABS had the same number of issuances as in 2024, with a scale of RMB 118.543 billion, accounting for 40.66% of the total. The issuance of micro-enterprise loan ABS declined, with 10 products issued and a scale of RMB 58.645 billion. The credit card installment loan ABS issued 2 products, with a scale of RMB 939 million. The bank/internet consumer loan ABS had a slightly lower number of issuances, but the scale reached RMB 31.338 billion, a year-on-year increase of 28.84% [5]. - There were 47 sponsoring institutions in the credit ABS market in 2025, mainly including auto finance companies and commercial banks. The top ten sponsoring institutions had a combined issuance scale accounting for 57.65%, with a decreased concentration [8][9]. - The average issuance interest rate of credit ABS was 2.13% in 2025, lower than that in 2024, and the average spread with the 3-year maturity yield of ChinaBond Medium and Short - term Notes was 23 BPs, showing a certain dispersion in the overall interest rate distribution [14]. Asset Classification Personal Auto Loan ABS - In 2025, the issuance scale was RMB 118.543 billion, accounting for 40.66% of the total credit ABS issuance, ranking first. The top ten manufacturers' issuance volume accounted for 86.21%, with a high concentration. The AAAsf - rated securities' coupon rate ranged from 1.60% to 1.96%, with a weighted average of 1.75%, a year-on-year decrease of 0.24 percentage points [17][19]. Non - performing Loan ABS - The issuance scale in 2025 was RMB 82.057 billion, a year-on-year increase of 61.32%, accounting for 28.15% of the total. Twenty banks participated in the issuance, mainly state - owned large commercial banks and national joint - stock banks. The top five banks' issuance scale accounted for 58.32%. The main underlying assets were personal housing mortgage non - performing loans and micro - enterprise non - performing loans. The AAAsf - rated securities' coupon rate ranged from 1.90% to 3.20%, with a weighted average of 2.32%, a year-on-year decrease of 0.09 percentage points [20][22][23]. Micro - enterprise ABS - The issuance scale in 2025 was RMB 58.645 billion, accounting for 20.12% of the total. China Construction Bank Corporation's issuance scale accounted for 84.60% of the total credit ABS issuance. The AAAsf - rated securities' coupon rate ranged from 1.58% to 1.96%, with a weighted average of 1.63%, a year-on-year decrease of 0.41 percentage points [24][25][28]. Personal Consumer Loan and Credit Card Installment Loan ABS - The personal consumer loan ABS issuance scale in 2025 was RMB 31.338 billion, accounting for 10.75% of the total. The top five sponsoring institutions' combined issuance scale accounted for 86.15%. The AAAsf - rated securities' coupon rate ranged from 1.70% to 2.05%, with a weighted average of 1.85%, a year-on-year decrease of 0.31 percentage points. The credit card installment loan ABS issued 2 products, with a total scale of RMB 939 million, accounting for 0.32% of the total, and the coupon rate of both products was 1.85% [29][30][32]. Outlook - In 2026, non - performing loan ABS is expected to continue to drive the expansion of the credit ABS market, and the regulatory framework will be further improved to attract more diversified investors [33]. - Green auto loan ABS may become an important growth point, but attention should be paid to the potential impact on asset quality from the changes in auto finance companies' operating strategies and credit access standards [34]. - The application of AI technology in the credit ABS market will deepen, which is expected to improve asset pricing accuracy and management efficiency, but attention should be paid to "model risk" [35].

中新网香港1月29日电 (记者 戴小橦)全球地缘格局深度调整、可持续发展挑战交织，如何引导资本在追 求合理收益之外，主动承载更多社会责任，成为全球金融领域亟待破解的重要命题。多位专家学者和业 内人士在28日于香港举行的"影响力投资国际论坛2026"上表示，香港凭借独特枢纽优势与坚实政策保 障，正加速成为国际影响力投资高地。 南南合作金融中心总干事吴忠指出，香港管理的资产规模高达4.5万亿美元，完善的法治体系与开放的 市场环境，让其具备成为国际影响力投资高地的独特基因。 他表示，影响力投资区别于环境、社会和管治(ESG)的外部合规要求，是投资者与企业家内生的责任自 觉，香港汇聚内地出海企业与全球资本，具备推广这一前沿理念的基础。香港"背靠祖国、面向世界"的 桥梁角色，既为影响力投资跨境落地提供广阔空间，也能助力香港在巩固传统金融中心地位的同时打造 差异化竞争优势，进而强化其作为国际金融中心的综合竞争力。 1月28日，"影响力投资国际论坛2026"在香港举行，香港特区政府财经事务及库务局局长许正宇出 席活动并致辞。 (主办方 供图) "香港持续推动金融科技与可持续发展深度融合。"香港特区政府财经事务及库务局局长许 ...

彭博行业研究策略分析师杰斯（Ira Jersey）认为，市场已计入2026年仍将有两次降息且降息概率在6月 议息会议时才升至50%以上，这意味着上半年的利率环境仍对黄金有利。 1月29日亚洲早盘，现货黄金首次突破5500美元/盎司，一度逼近5600美元/盎司关口，本周金价涨超500 美元。 当日凌晨，美联储公布1月利率决议。联邦公开市场委员会（FOMC）以10-2的投票结果决定维持利率 区间在3.50%-3.75%不变。市场并未将目光投向美联储维持利率不变的决定，而是加大了对鸽派政策转 向的押注，叠加对美联储独立性的担忧和其他地缘政治因素，金价随之上涨，现货黄金一路走高突破 5350美元/盎司，日内涨3.29%。 哪些因素推动金价急速上涨 今年以来，由于地缘政治紧张局势加剧以及对美联储独立性的普遍担忧，贵金属价格大幅上涨，也助长 了货币贬值交易。 通常来说，美联储的鸽派政策转向将利好贵金属。目前，贝莱德全球固定收益首席投资官里德尔（Rick Rieder）已成为接替鲍威尔出任美联储主席的热门人选，他主张更激进的降息。 截至29日，预测平台Polymarket的数据显示，里德尔当选美联储主席的概率为35%，排名 ...

摘要今日周四(1月29日)亚欧交易时段，现货黄金价格突然暴涨，一度逼近5600美元/盎司大关，延续美 元走弱及投资者逃离主权债券和货币的反弹趋势。美媒称，美国总统特朗普正考虑对伊朗发动新的重大 打击，刺激避险买盘涌入。金价早盘飙升至5598.18美元/盎司，刷新历史纪录，日内涨幅达181美元。 今日周四(1月29日)亚欧交易时段，现货黄金价格突然暴涨，一度逼近5600美元/盎司大关，延续美元走 弱及投资者逃离主权债券和货币的反弹趋势。美媒称，美国总统特朗普正考虑对伊朗发动新的重大打 击，刺激避险买盘涌入。金价早盘飙升至5598.18美元/盎司，刷新历史纪录，日内涨幅达181美元。 【基本面解析】 周三，黄金市场迎来惊人涨势，金价单日暴涨4.6%，创下自2020年3月新冠疫情最严峻时期以来的最大 涨幅。今年迄今，贵金属价格持续强劲上扬，主要驱动力源于不断升级的地缘政治紧张局势以及对美联 储政策独立性可能受损的担忧，这些因素共同推动了投资者寻求货币贬值对冲资产。白银价格也在周四 刷新历史高点。 贵金属的涨势，目前似乎已经进入自我强化的阶段。 金价仍处于超买状态，容易出现回撤，但逢低买盘依然强劲。 据报道，由于美国 ...

Group 1 - The international spot gold price and April gold futures on the New York Mercantile Exchange have both surpassed $5,500 per ounce, marking a historical high supported by fundamental factors [1] - Gold prices have increased by over $500 per ounce in the past 72 hours, with the market capitalization of the gold market surging by over $3.5 trillion [1] - The overall increase in international gold prices is approximately 20% since the beginning of 2026 [1] Group 2 - Concerns regarding the independence of the Federal Reserve and its monetary policy, along with rising geopolitical risks, trade and tariff worries, and inflationary pressures, are driving individual investors to increase their gold holdings [1] - Standard Chartered Bank indicates that the demand for precious metals is not only driven by speculative trends but also supported by ongoing central bank demand [1] - Analysts believe that the current rise in international gold prices is driven by structural changes rather than technical buying [1] Group 3 - A report from global financial broker XS.com suggests that the rise in gold prices is not solely due to market anxiety but also reflects a more cautious attitude towards the global monetary and fiscal order [2] - The report highlights a weakening overall confidence in fiat currencies, which poses a threat to the global monetary system if the dollar maintains its status as the world's reserve currency [2] - Analysts expect a bullish trend for gold prices, with Goldman Sachs maintaining a year-end forecast of $5,400 and Deutsche Bank predicting prices could reach $6,000 as the dollar weakens [2] Group 4 - Market participants warn that the short-term increase in gold prices may lead to a technical correction due to excessive short-term gains [2]

环球市场动态 美 国 关 税 通 胀 见 顶 时 间 后 移 股 票 周三亚太股市个别发展，MSCI 不 排除将印度尼西亚降级至前沿市 场，拖累股市大跌 7.3%。港股高开 高走，A 股涨跌不一。奢侈品股受 压，欧股下跌。美联储一如预期维 持利率不变，美股个别发展，变动 不大。 外 汇 / 商 品 特朗普警告伊朗尽快达成核协议， 美伊局势紧张，周三纽约期油升至 四个月高位，国际金银价格续创新 高；贝森特关于美国绝没有入市干 预日元的表态也为美元带来支撑， 在美联储维持利率不变之后美元指 数触及日内高点。 固 定 收 益 美联储维持利率不变在 3.50%– 3.75%。美国国债持稳，收益率曲线 略微走平。声明称就业风险减弱， 并不急于进一步降息。日本 40 年 期国债拍卖结果较好推动市场企 稳。贝森特否认将干预日元汇率。 亚洲债市企稳，债券利差普遍收窄。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 1 月 29 日 ▪ 美联储 2026 年 1 月议息会议维持政策利率不变，符合市场预期。议息会议声明和鲍威尔发言均表示美国失业 率出 ...

Core Viewpoint - The National Foreign Exchange Administration's Songyuan Branch is enhancing financial services for the real economy by promoting cross-border financial service platforms to address the financing difficulties faced by local agricultural import-export enterprises [1][2]. Group 1: Industry Context - Songyuan's foreign economic structure is relatively singular, with agricultural products accounting for approximately 90% of the region's total exports [2]. - Agricultural export enterprises often face significant short-term funding shortages during peak grain purchasing seasons due to bulk inventory pledges [2]. Group 2: Financing Solutions - Traditional financing models are characterized by lengthy processes and narrow channels, leading to inefficiencies that cause enterprises to miss market opportunities [2]. - The cross-border financial service platform has restructured the financing process, significantly speeding up credit approval and disbursement [3]. Group 3: Platform Benefits - A local agricultural export enterprise successfully obtained a credit limit of 18 million yuan through the cross-border financial service platform, which facilitated timely cash flow during critical purchasing periods [3]. - The platform allows enterprises to connect with multiple banks online, showcasing their cross-border credit information and enjoying more market-oriented and convenient financing services [4]. Group 4: Future Directions - The National Foreign Exchange Administration's Songyuan Branch plans to continue promoting the cross-border financial service platform, focusing on agricultural product exports to inject financial resources more precisely and efficiently into the real economy [4].

Core Viewpoint - International gold prices have surpassed $5,500 per ounce, reaching a historical high, driven by various fundamental factors and market dynamics [1][3]. Group 1: Price Movement and Market Value - International spot gold prices and April futures on the New York Mercantile Exchange both exceeded $5,500 per ounce on January 28, marking a significant increase of over $500 per ounce within the last 72 hours [1][3]. - The market capitalization of the gold market has surged by over $3.5 trillion, with gold prices rising approximately 20% since the beginning of 2026 [1][3]. Group 2: Influencing Factors - Concerns regarding the independence of the Federal Reserve and its monetary policy, rising geopolitical risks, renewed trade and tariff worries, and inflationary pressures are accelerating individual investors' demand for gold [3]. - Standard Chartered Bank notes that the current demand for precious metals is not only driven by speculative trends but also supported by ongoing central bank purchases [3]. Group 3: Future Outlook - Analysts predict a bullish outlook for gold, with Goldman Sachs maintaining a year-end price forecast of $5,400, while Deutsche Bank anticipates prices could reach $6,000 as the dollar weakens [4]. - A report from XS.com emphasizes that the future trajectory of gold prices will depend on the overall stability of the global monetary and fiscal framework rather than solely on interest rates or the dollar [3][4].