Core Viewpoint - The entry of non-traditional players like ByteDance into the land acquisition market signifies a shift in strategy for tech companies, focusing on self-owned office spaces rather than traditional leasing models [1][2]. Group 1: Land Acquisition Details - ByteDance's subsidiary, Beijing Yun Yue Chang Shi Technology Co., acquired a commercial financial service land in Haidian District for a base price of 2.8 billion yuan, covering an area of 39,522.111 square meters with a planned above-ground construction area of approximately 96,811.508 square meters [2]. - The land acquisition is part of a broader trend where tech giants like ByteDance, Tencent, and JD.com are purchasing land for self-use rather than leasing [5][7]. Group 2: Advantages of Direct Land Purchase - Direct land acquisition helps mitigate risks associated with long-term leasing, such as rental fluctuations and potential lease terminations, while converting rental expenses into long-term fixed assets for asset appreciation [8]. - Owning property allows companies to customize their office spaces according to specific operational needs, enhancing flexibility compared to leasing [8]. - This strategy aligns with ByteDance's expansion goals, allowing the company to convert cash into long-term assets, reduce operational costs, and strengthen collaboration with local governments for potential tax benefits and talent acquisition [8] [9]. Group 3: Challenges of Direct Land Purchase - The challenges include high upfront costs, significant capital lock-up, and longer construction timelines, which may pose risks if business needs change [9]. - Companies require specialized teams for property management, leading to additional operational costs, and the liquidity of owned commercial properties is relatively low, making it difficult to convert assets into cash quickly if needed [9].

恒生指数收涨0.05%，恒生科技指数跌1.84%。煤炭股大涨，兖矿能源涨逾10%，中煤能源涨逾8%，中 国神华涨逾5%。科网股多数走低，金蝶国际跌逾12%，携程集团跌逾6%。（AI生成） ...

Core Viewpoint - The entry of non-traditional players, particularly internet giants like ByteDance, into the land auction market signifies a shift in real estate strategies, focusing on self-owned properties for operational needs rather than traditional real estate development [1][2]. Group 1: Land Acquisition by ByteDance - ByteDance acquired a commercial financial service land parcel in Haidian District, Beijing, for a base price of 2.8 billion yuan, with a land area of 39,522.111 square meters and a planned above-ground construction area of approximately 96,811.508 square meters [2]. - The land acquisition aligns with ByteDance's strategy to expand its operational footprint in Beijing, as the area already hosts several of its existing office buildings [3][4]. Group 2: Advantages of Direct Land Purchase - Direct land acquisition allows companies to mitigate risks associated with long-term leasing, such as rental fluctuations and potential lease terminations, while converting rental expenses into long-term fixed assets for value appreciation [8]. - Owning property enhances brand image and talent attraction, especially in established industrial clusters, allowing for customized office space that meets specific operational needs [8]. Group 3: Challenges of Direct Land Purchase - The challenges of purchasing land include high initial investment costs, significant capital lock-up, and the need for professional property management, which can increase operational costs [9]. - Companies may face difficulties in adapting the space if business needs change, and the liquidity of owned commercial properties is generally lower, making it harder to convert assets into cash quickly if needed [9].

2月3日，在陆家嘴金融沙龙上，新微创源孵化器董事长任佳表示：孵化器如果没有投资的功能，这个孵 化器的价值也会大打折扣。一个孵化器、孵化平台是不是有价值，是不是能够真正的吸引创业团队，并 且真正的能够赋能创业项目，是孵化器高质量孵化的最重要的特质。 2月3日，在陆家嘴金融沙龙上，新微创源孵化器董事长任佳表示：孵化器如果没有投资的功能，这个孵 化器的价值也会大打折扣。一个孵化器、孵化平台是不是有价值，是不是能够真正的吸引创业团队，并 且真正的能够赋能创业项目，是孵化器高质量孵化的最重要的特质。 ...

Core Viewpoint - The construction of the "Five Centers" is a crucial mission assigned to Shanghai by the central government, aimed at enhancing the city's core functions and driving high-quality development through high-level reform and opening-up [3][4]. Group 1: Strategic Initiatives - The meeting emphasized the need to deepen the construction of the "Five Centers" by leveraging major functional and strategic platforms to enhance overall development and resource allocation [5][6]. - Key areas of focus include the development of a scientific and intelligent growth hub, international aviation city, and a global asset allocation center for RMB [2][3]. Group 2: Policy Implementation - The city aims to strengthen global resource allocation, technological innovation, and high-end industry leadership while ensuring quality orientation and integrated effects [3][4]. - There is a commitment to enhance the service industry, particularly in knowledge-intensive and productive services, by implementing targeted policies and regulatory reforms [4][5]. Group 3: Collaborative Efforts - The meeting highlighted the importance of collaboration among various stakeholders, including government departments and enterprises, to support the "Five Centers" initiative [2][4]. - The city will continue to support the work of the Political Consultative Conference, ensuring that members can contribute effectively to the modernization efforts [2][3].

我国农业文化遗产保护从资源清单式管理，正逐步迈向以景观基因为纽带，融合环境资源、社会生产与文 化传统于一体的整体性、协同性保护新阶段。 农业文化遗产是中华文明绵延传承的重要根基，是我国农业的宝贵财富，也是中华文化不可或缺的组成部 分。其中蕴含的独特生态与文化景观、丰富的农业生物多样性，以及世代积淀的传统知识与技术体系，深 刻体现了中华民族"天人合一"、人与自然和谐共生的智慧。2024年《乡村全面振兴规划（2024~2027年）》 明确提出"推动农业文化遗产系统性保护与活化利用，支持建设农业文化遗产主题村落和文化生态保护 区"；2025年农业农村部启动"智慧农遗试点县"建设，推动数字技术赋能遗产监测与传承。此外，《加快建 设农业强国规划（2024~2035年）》将农业文化遗产保护摆在突出位置，明确提出实施农耕文化传承保护 工程，强化其在种质资源保存、绿色生产技术传承和乡村文化振兴中的重要作用，彰显了国家对中华优秀 农耕文明价值的战略重视。在推动乡村全面振兴的过程中，既为农业文化遗产保护注入了新机遇，也对其 活态传承与可持续发展提出了更高要求和全新挑战。 然而，农业文化遗产保护传承与乡村产业发展仍面临多重结构性困 ...

Core Viewpoint - The European Union's Carbon Border Adjustment Mechanism (CBAM) has transitioned from the design phase to strict implementation, with significant implications for global trade and carbon emissions regulations [1][2]. Group 1: CBAM Implementation Details - The CBAM has tightened its regulations in three significant ways: the default value mechanism will now serve as a punitive threshold, requiring verified emissions data from companies starting in 2026 [2] - The CBAM's collection intensity will align with the reduction of free emission allowances within the EU, starting with a 2.5% collection rate in 2026 and aiming for 100% by 2034 [2] - After the transition period, companies will no longer be able to self-report emissions data; all compliance data must be verified by EU-recognized third parties [2] Group 2: Impact on Chinese Industries - China, as a major manufacturing and trading nation, faces dual pressures from the CBAM: increased export costs for carbon-intensive products like steel and aluminum, and heightened demands for green transformation [3] - The CBAM recognizes carbon costs already paid by imported products, allowing exporting countries to offset domestic carbon costs through carbon taxes or inclusion in carbon markets [3] Group 3: Challenges for China's Carbon Market - The clarity of the carbon market construction path is insufficient, leading to weakened confidence among market participants; currently, only the power sector is included, with other high-emission industries lacking clear timelines for inclusion [4] - Significant differences in emission reduction costs and potential among industries could lead to unfair allocation of allowances and volatile carbon prices, particularly if high-emission sectors are included prematurely [5] - The uncertainty surrounding international carbon border adjustment policies complicates the external environment for China's carbon market [5][6] Group 4: Recommendations for China's Carbon Market - To effectively respond to the CBAM, China should expand the carbon market's coverage and enhance policy transparency, including the inclusion of high-carbon industries like steel and cement [7] - A proactive approach to the global trend of carbon tariffs is necessary, including establishing a tracking and assessment mechanism for major economies' carbon tariff policies [8] - China should actively participate in shaping international carbon market rules and pricing frameworks to ensure fair treatment of its industries [9] - The carbon market's revenue distribution mechanism should be designed to support low-carbon transitions in high-emission industries, directing auction revenues towards technology upgrades and clean energy initiatives [10]

专家建议各国应推动各类能源协同发展，完善化石能源与电力市场联动机制。 针对全球能源安全重心再平衡现状，刘佳建议，全球能源发展应坚持安全为本，推动各类能源协同发 展；塑造稳定营商环境，加大能源等领域投资力度，夯实能源安全基础。同时关注电力平衡、电网安全 等薄弱环节，完善化石能源与电力市场的联动机制，加快建设高标准电力基础设施，借助数智化技术全 面提升能源系统效率，切实提升现代能源可及性。 中国能源安全态势向好 展望2026年，中石油经研院预计全球油气产量将继续增长，油气市场供应宽松格局延续。价格上，国际 油价运行中枢将进一步下移，预计布伦特原油全年均价为60-65美元/桶。 "但是，电力供需情况仍较为紧张。"刘佳表示，随着全球数据中心用电量的强劲增长，以及交通等领域 电气化的持续推进，全球用电量快速增长，去年同比增长3.3%，接近同期全球能源需求增速的两倍， 预计今年全球电力需求增速仍将高于能源需求增速。 同时，传统电源占比下降也加大了电力系统平衡的难度。《全球能源安全报告（2025）》显示，2025 年，全球可再生能源占总装机比重提升至51.5%，但抽水蓄能等灵活性调节电源的装机占比却降至6.2% 的低位水平 ...

时隔94个交易日，贵州茅台（600519.SH）2月4日收盘股价重新站上1500元关口，最近五个交易日，该 股累计上涨15.21%，大幅跑赢大盘。"茅王"沉寂许久的股价表现迅速点燃了市场对白酒板块的关注。 自去年四季度遭遇机构减持、估值承压以来，白酒板块持续低位盘整。近期以贵州茅台为首的头部酒企 呈现股价与批发价同步回暖态势，尤其是飞天茅台批价自年初低点持续回升，同时，地产行业景气转 暖，市场资金存在高低切换的需求，这些因素共同支撑近期白酒板块的反弹行情。 市场分歧随之加剧：这究竟是白酒长期下跌通道中的技术性反弹，还是行业基本面触底、周期拐点渐近 的真正信号？ 股价回暖的背后：批价反弹、宏观暖风与资金轮动 贵州茅台此轮股价反弹并非孤立现象，1月末以来，山西汾酒（600809.SH）、泸州老窖 （000568.SZ）、酒鬼酒（000799.SZ）、水井坊（600779.SH）等白酒股涨幅均超过10%。中证白酒指 数在1月28日阶段性见底后，目前已累计反弹10.27%，跑赢主要股指。 业内认为，消费旺季、宏观暖风、资金高低切换等多项因素催化这轮白酒股集体上涨。首先，茅台批价 的全线回暖是直接催化剂。近期，飞天茅台 ...

从"金融中心"走向"配置中心"。 在上海国际金融中心建设迈入"提升能级"的关键阶段，如何在全球金融格局重塑、科技创新周期拉长的 背景下，重构金融基础设施与制度供给，成为今年上海市政协委员们建言的重要议题。 在2日4日举行的上海市政协十四届四次会议大会发言以及多个专题会议上，多位委员围绕人民币资产全 球配置、科技金融全周期支持、未来产业风险分担、离岸金融与金融科技生态建设等议题建言献策。 构建吸引全球买方的"投研交易新基建" "上海国际金融中心建设已迈入提升能级的关键期。"市政协委员张谦在发言中表示。 张谦提出，应对标国际标准，构建吸引全球买方的"投研交易新基建"。其中，首要任务是构建国际化的 投研话语体系。他建议，鼓励本土券商对标国际投行研究范式，向全球买方以及国际经济数据平台持续 输出高质量研究成果。 在交易层面，张谦特别强调机构级交易与避险工具的完善。他建议称，要借鉴国际成熟经验，支持本土 券商建设场外交易信息平台。 冯旭光表示，离岸金融业务类型多样、风险差异显著，应"分类推进、稳妥试点"，并建议在具备条件的 区域，专门划设离岸金融（经济）功能区，集中探索制度创新。 在张谦看来，人民币资产全球配置能力的提 ...