本文字数：2433，阅读时长大约4分钟 作者 | 第一财经 杜川 "看到工资'秒到'钱包，特别高兴。"农民工王同林在成都市收到数字人民币工资后表示。喜悦背后， 是数字人民币智能合约带来的全流程刚性保障。 2月6日，在中国人民银行指导下，数字人民币运营管理中心协调业务运营机构，在成都落地全国首 单数字人民币智能合约农民工工资发放业务。数字人民币智能合约再添新场景。 长期以来，传统农民工工资发放模式存在环节多、链条长、监管难、风险高等问题，资金拖欠现象时 有发生，农民工工资按时足额发放，事关广大农民工切身利益和民生福祉。此次全国首单数字人民币 智能合约农民工工资发放业务的落地，为解决工程领域薪酬保障难题提供了全新路径。 智能合约守护农民工"钱袋子" 2026.02. 11 与传统农民工工资发放方式相比，通过数字人民币智能合约发薪实现了工资自动发放、资金定向兑 付、全程不可截留，从源头上化解了农民工工资发放中的诸多顾虑。 四川省住房和城乡建设厅副厅长程刚表示，数字人民币保障农民工工资支付场景在成都首发落地，是 一项科技赋能民生保障的重大创新举措。 数字人民币智能合约农民工工资发放新场景的落地，标志着数字人民币智能合 ...

宏 观 研 究 政策月报 2026 年 02 月 11 日 积极因素正在累积 —— 1 月政策跟踪观察 开年以来，地产、消费、投资均有积极变化。部委间财政金融政策如何协同发力扩内需、撑民 企？地方政府如何抢抓"最长春节"红利？本文结合部委及地方政策动态深入分析，可供参考。 一、地产最艰难的时段或已过去，供需拖累均有所放缓 地产部分供需数据已呈现边际修复态势，最艰难的时段或已逐步过去。从成交与土地市场数据 来看，供需端同步显现改善迹象，核心指标降幅小幅收窄。节前 3-4 周，全国代表城市二手房 成交面积同比降幅收窄超 5 个百分点至-14.7%。供给端，2025 年 12 月政府性基金收入降幅收 窄至-11.7%；土地出让收入同比-22.9%，较 11 月收窄 3.9 个百分点。 政策层面，多维度支持政策持续发力、协同发力，着力稳定房地产市场运行。房企监管重点更 聚焦于风险处置与民生保障，形成差异化、精准化的监管导向。媒体报道指出，目前多家房企 已不再被监管部门要求每月上报"三道红线"相关指标；部分出险房企需向总部所在城市专项 工作组定期汇报资产负债率等核心财务指标，同时还需上报经营恢复进展、债务化解情况等。 ...

责任编辑：王馨茹 2月11日金融一线消息，2026年2月11日，中国人民银行以固定利率、数量招标方式开展了785亿元7天期 逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。 2月11日金融一线消息，2026年2月11日，中国人民银行以固定利率、数量招标方式开展了785亿元7天期 逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。 责任编辑：王馨茹 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economy in early 2026 shows a complex situation. The GDP growth rate slows down, and the manufacturing and non - manufacturing PMIs fluctuate. The consumer price index and producer price index have different trends, and the investment and consumption data also show certain changes. In the commodity market, there are adjustments in futures contract rules and price fluctuations in various commodities. The financial market has changes in monetary policy, bond market, and exchange rate market, and the stock market shows different trends in A - shares and Hong Kong stocks [1][38][39]. 3. Summary According to the Directory 3.1 Macro Data - GDP growth rate in Q4 2025 was 4.5%, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In January 2026, the manufacturing PMI was 49.3%, slightly up from 49.0% in the previous month, and the non - manufacturing PMI: business activity was 49.4%, down from 50.1% in the previous month [1]. - In December 2025, social financing scale was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year [1]. - CPI in December 2025 was 0.8% year - on - year, up from - 0.3% in the previous month, and PPI was - 1.9% year - on - year, up from - 2.3% in the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Dalian Commodity Exchange adjusted the daily price limit and trading margin levels of various futures contracts from February 12, 2026 [2]. - Bank of China adjusted the margin ratios of gold and silver deferred contracts from February 11 [2]. - On February 10, 41 domestic commodity varieties had positive basis, and 27 had negative basis [3]. - The China Futures Association drafted a management rule for stress testing of futures companies' trading and settlement systems and solicited public opinions [3]. - Heraeus Limited was approved as an overseas standard gold ingot provider by the Shanghai Gold Exchange and can trade and deliver since February 5, 2026 [4]. - Fed officials Logan and Hamark said the Fed's policy stance was close to neutral and there might be no need for further rate cuts if inflation fell and the labor market remained stable [4]. 3.2.2 Metals - On February 11, spot gold reached $5050, up 0.53% for the day, and spot silver reached $81 per ounce, up 0.81% for the day [5]. - Chow Tai Fook may adjust the price of gold products in mid - March, with an expected increase of 15% - 30% for fixed - price products [5]. - The price of indium has reached a more than ten - year high, up more than 55% since last September [5]. - In December, Codelco's copper production increased by 3.7% year - on - year to 181,400 tons, while the copper production of Collahuasi Mine decreased by 12.1% year - on - year to 36,200 tons [6]. - As of February 10, 2026, the holdings of SPDR Gold Trust decreased by 0.34 tons to 1079.32 tons [6]. - On February 9, tin and copper inventories reached new highs, while aluminum, zinc, and lead inventories decreased [6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The White House will hold a coal - related event on Wednesday [8]. - The US Trade Representative is conducting negotiations on key minerals, including with Mexico and India, and expects to finalize an agreement with Indonesia in the next few weeks. Japan and the US will discuss a project supported by a $550 - billion investment tool [8][9]. 3.2.4 Energy and Chemicals - Zhoushan was approved to carry out the mixed - export business of marine bio - fuel oil [9]. - The US Energy Information Administration predicted that US natural gas production would reach a record high in 2026, while demand would remain stable. It also provided forecasts for oil demand and prices [9][10]. 3.2.5 Agricultural Products - Beef prices showed a slight upward trend as the Spring Festival approached. Egg prices declined due to sufficient supply and weakening demand [11]. - The US Department of Agriculture's February forecast for US soybean production, ending stocks, and yield in the 2025/2026 season remained unchanged from January [12]. - Bangladesh will purchase soybeans, wheat, cotton, and corn. Brazil's February exports of soybean meal and soybeans are expected to increase [13]. - The India Cotton Association expects the cotton supply in the 2025 - 26 season to be 42.8 million bales [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On February 10, the central bank conducted 311.4 billion yuan of 7 - day reverse repurchase operations, with a net injection of 205.9 billion yuan [15]. - On February 10, the Ministry of Finance and the central bank conducted a 150 - billion - yuan central treasury cash management commercial bank time - deposit auction, with an interest rate of 1.73% [15]. 3.3.2 Important News and Information - The central bank will continue to implement a moderately loose monetary policy, use policy tools flexibly, and normalize treasury bond trading operations [16]. - The 21st session of the 14th National People's Congress Standing Committee will be held from February 25 - 26, with multiple draft laws to be reviewed [17]. - The market regulatory authority approved a batch of important national standards in various fields [17]. - Five ministries jointly issued a guide for the construction of the science and technology service industry standard system [18]. - In January 2026, investment in digital economy - related fields was active, and consumption increased [18]. - Fiscal expenditure is shifting from infrastructure to "new - quality productivity" [19]. - The focus of the real estate market in 2026 is to stabilize the market, reduce inventory, strengthen housing security, and promote urban renewal [20]. - In 2025, the national social logistics volume increased by 5.1% year - on - year, with significant growth in the logistics volume of industrial robots and new - energy vehicles [20]. - Local debt resolution is in a critical stage, and some areas have completed debt - clearing tasks [20]. - Some real - estate enterprises have new financing activities, but the financing environment has only "point - like improvement" [21]. - Banks have issued a large number of large - denomination certificates of deposit, with a short - term trend and differentiated product strategies [21]. - The wealth management scale of large - scale wealth management companies declined in January 2026, but there are positive expectations for the future [22][23]. - Small and medium - sized banks have raised deposit interest rates at the beginning of the year [23]. - Tianjin's first batch of ESG - standardized bonds for financial leasing were issued [23]. - Alphabet issued a 750 - million - pound 100 - year bond, with over 7 - fold over - subscription [24]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates in March is 21.6%, and the probability of maintaining the interest rate is 78.4% [24]. - Japan's national debt reached a record high at the end of 2025 [25]. - Ray Dalio warned that the US is in the "fifth stage" of the imperial cycle and recommended holding 5% - 15% of gold in the investment portfolio [26]. - There were various bond - related events, including credit rating adjustments and disciplinary actions [27]. - Overseas credit rating agencies adjusted the credit ratings of some Chinese real - estate enterprises [28]. 3.3.3 Bond Market Summary - The inter - bank bond market showed narrow fluctuations, with government bonds performing better than policy - financial bonds. The money market interest rates mostly increased [29][31]. - The exchange - traded bond market had active trading, with some bonds rising and some falling. The convertible bond index declined [29][30]. - The yields of European and US government bonds declined [33]. 3.3.4 Exchange Rate Express - The on - shore RMB against the US dollar rose 155 points to 6.9129 at the close on February 11. The RMB central parity rate against the US dollar was raised by 65 points [34]. - The US dollar index rose slightly, and most non - US currencies fell [34]. 3.3.5 Research Report Highlights - CITIC Securities believes that the liquidity of urban investment bonds will continue to differentiate, and 3 - 5 - year urban investment bonds have high cost - performance [35]. - CITIC Securities points out that the consumption during the Spring Festival and the policy from local two sessions are the focuses in Q1, and the industrial destocking speed after March and the implementation of new industrial policies are crucial for the annual economic recovery [35]. - Xingzheng Fixed - Income suggests that investors focus on the coupon strategy for Chinese - funded US - dollar bonds in 2026 and pay attention to the yields of offshore urban investment dim - sum bonds and bonds of banks and financial services sectors [36]. - Yangtze River Fixed - Income believes that the spread changes of local bonds are affected by market trading and policies, and there are differences in liquidity and trading preferences among different provinces [36]. 3.3.6 Today's Reminder - On February 11, 280 bonds were listed, 74 bonds were issued, 75 bonds were due for payment, and 89 bonds were due for principal and interest repayment [37]. 3.4 Stock Market News - On February 11, the A - share market showed narrow fluctuations, with the Shanghai Composite Index rising 0.13%, the Shenzhen Component Index rising 0.02%, and the ChiNext Index falling 0.37%. AI application stocks and some concept stocks were active, while photovoltaic and consumer stocks were weak [38]. - The Hong Kong Hang Seng Index rose 0.58%, and AI application stocks and innovative drug concept stocks rose. Southbound funds had a small net purchase, and Tencent Holdings was sold [39]. - Foreign institutions are optimistic about Chinese assets, believing that China has a complete industrial chain, strong innovation ability, and attractive valuations [39].

Core Viewpoint - The World Bank forecasts Zimbabwe's economy to grow by approximately 5% this year, significantly outperforming the global average growth rate of 2.6% and slightly above the Sub-Saharan Africa growth rate of 4.3% [1] Economic Outlook - The optimistic outlook is based on improvements in the country's macroeconomic conditions, including the government's commitment to maintaining price, exchange rate, and public finance stability [1] - Agriculture and mining are expected to be the main growth engines, supported by favorable commodity prices and policy backing [1] - Manufacturing and services are also anticipated to contribute to growth due to improved electricity supply and business environment reforms [1] Risks and Challenges - Despite the positive outlook, risks remain, including climate shocks, weak external demand, and changes in global financial conditions [1] - The World Bank emphasizes that emerging markets and developing economies need to strengthen their macroeconomic frameworks and eliminate structural bottlenecks through domestic reforms to attract investment and achieve long-term growth [1] Social Development - For Zimbabwe, converting economic growth into inclusive development in areas such as education and health is crucial for consolidating current growth momentum and addressing external challenges [1] - Maintaining the credibility and predictability of economic policies is essential for sustaining growth [1]

山东聊城某国际贸易有限公司办事人员感慨，如今在家门口就能办好电子口岸卡，省去长途往返与长时 间等待，省时、省力、省钱，办事效率大幅提升，真切感受到营商环境的持续优化。建行聊城东昌府支 行孙主任表示，"关银一Key通"代理制卡业务落地，是优化口岸营商环境、服务实体经济的具体实践。 通过网点就近办、一站办结，显著节约企业时间成本与经营成本，实现数据"多跑路"、企业"少跑腿"， 以金融科技赋能跨境贸易，全方位助力外贸企业降本增效、稳健发展，为聊城外向型经济高质量发展注 入强劲动力。 下一步，聊城海关与聊城建行将持续深化"关银一key通"合作，继续发挥科技与金融优势，进一步支持 聊城市外贸企业提升数字化、智能化水平，助力企业稳健"出海"、扬帆远航。 以往，聊城市无电子口岸卡合作制卡代理网点，企业完成海关备案后，需携带材料赴济南办理，或线上 申请等待寄递，从申请、制卡到收卡耗时数日，往返路程数百公里，给外贸经营带来诸多不便。针对企 业办事痛点，聊城海关与聊城建行积极推进"关银一Key通"代理制卡业务落地，打通电子口岸政务服务 与银行金融服务的"最后一公里"。本地外贸企业无需再跨城奔波，在"家门口"的银行网点即可享受电子 ...

Core Viewpoint - Jiangsu province is focusing on optimizing financial services for the private economy, which has contributed nearly 8 trillion yuan to the regional GDP since the start of the 14th Five-Year Plan, accounting for nearly 60% of the total [1] Group 1: Financial Service Optimization - The measures address key issues in financial services for private enterprises, focusing on improving the financial service system, multi-channel financing, and enhancing support for struggling businesses [2] - A dual approach of online and offline services will be implemented to create a "fast track" for financing, with an emphasis on digital transformation and AI integration in financial services [2][3] - By 2025, the provincial government aims to help 89,000 enterprises secure credit amounting to 613.6 billion yuan through the comprehensive financial service platform [2] Group 2: Coverage of Enterprise Lifecycle - The measures aim to provide financial services that cover the entire lifecycle of enterprises, promoting various financing tools such as equity financing, bond issuance, and financial product diversification [4] - In 2025, all newly listed companies in Jiangsu are expected to be private enterprises, with a significant increase in the issuance of corporate bonds [4] Group 3: Innovative Financing Mechanisms - The measures encourage financial institutions to innovate credit products and promote mechanisms like investment-loan linkage and patent commercialization [5] - A coordinated financial service mechanism will be established to guide banks in setting annual service goals for private enterprises [5] Group 4: Support and Relief for Private Enterprises - The measures emphasize the importance of financial support during challenging times, with a focus on enhancing coordination among financial, judicial, and industry management sectors [6] - In 2025, the provincial government plans to provide at least 100 billion yuan in new financing for private enterprises and support 10,000 new borrowers [3][6] Group 5: Credit Repair and Stability - The measures include provisions for supporting financial credit repair for enterprises, aiming to restore confidence in the market [7] - Continuous support for private enterprises is a priority, with initiatives to expand first-time loans and improve the quality of credit loans [7]

Monetary Policy and Economic Outlook - The central bank conducted a 3,114 billion yuan 7-day reverse repurchase operation, with a net injection of 2,059 billion yuan, indicating a proactive approach to manage liquidity ahead of the Spring Festival [2] - The central bank is expected to accelerate interest rate cuts and reserve requirement ratio reductions due to ongoing economic challenges, with January's manufacturing PMI falling into contraction territory [3] Logistics and Economic Activity - The total social logistics in China reached 368.2 trillion yuan, growing by 5.1% year-on-year, with logistics costs as a percentage of GDP decreasing to 13.9% [4] - Industrial logistics contributed significantly to growth, with high-tech manufacturing logistics demand increasing over 9%, particularly in industrial robots and new energy vehicles [4][5] Cross-Border E-Commerce Policies - The Ministry of Finance extended tax incentives for cross-border e-commerce export return goods until the end of 2027, with the 2025 export-import scale reaching 2.75 trillion yuan, a 69.7% increase since 2020 [6] - The policy aims to alleviate financial burdens on businesses facing challenges due to international market conditions [6] Ride-Hailing Industry Regulation - The Ministry of Transport held discussions with Gaode Dache regarding management issues and pricing practices, emphasizing the need for improved operational safety and compliance [8][9] - The regulatory focus aims to foster a transparent and fair competitive environment in the ride-hailing market [9] Corporate Financing and Investment Trends - Alphabet plans to issue a rare 100-year bond, marking a significant move in corporate financing amidst substantial capital expenditures aimed at AI development [10][11] - Microsoft faced a downgrade in ratings due to concerns over capital expenditures and the performance of its AI products, despite a majority of analysts still recommending the stock [12][13] Gold Market Dynamics - Chow Tai Fook plans to raise gold product prices by 15%-30% due to rising international and domestic market factors, marking its fourth price adjustment in a year [14][15] - The shift in consumer demand from gold jewelry to investment products reflects changing market dynamics, with leading brands innovating to add value beyond weight [15]

人民财讯2月11日电，【摘要】央行：继续实施好适度宽松的货币政策。央行：着力推动保障性住房再 贷款等金融政策措施落地见效。多部门发布《关于加快招标投标领域人工智能推广应用的实施意见》。 五部门：加强低空装备与低空信息通信的融合创新与设备研发。上海已开放超5200公里自动驾驶测试道 路。浙江：支持组建光伏产业链上下游企业共同体。深蓝航天："星云二号"大型可回收运载火箭的核心 动力系统研发再获关键进展。 ...

朋友们早上好，我是帮主郑重。周二，大洋彼岸的美股市场，悄悄上演了一出"冰与火"的戏码。一边是 道琼斯指数连续三天创下历史新高，站上了5万点大关；另一边，却是标普500指数震荡走低，纳指也跌 了近0.6%。同一个市场，为何出现如此分裂的走势？这背后传递的信号，对我们节后的投资又有何启 发？ 首先，给道指"火上浇油"的，是市场对美联储政策的新预期。有策略师开始讨论，在新主席可能上任的 背景下，美联储今年有降息三次的空间，这比当前市场预期的更加宽松。这种预期一旦升温，首先利好 的就是金融、工业等对利率敏感的传统价值股，它们恰恰是道指的核心成分。这告诉我们，市场的目光 已经开始超越近期的数据波动，博弈更长远的政策路径。 那么，这种"分裂"意味着什么？对我们又有什么实操的借鉴呢？ 第一，它明确提示我们，美股内部的风格轮动正在剧烈发生。资金从一部分过热或面临冲击的科技、金 融板块，流向更稳健的价值板块和对AI颠覆"免疫"的领域。这绝不是牛市终结的信号，而是一次健康的 内部结构调整。它告诉我们，即便在指数创新高的牛市里，"精挑细选"也比"闭眼买入"重要得多。 第二，它把所有人的目光都聚焦在了接下来几天的关键经济数据上，特别 ...