Group 1 - Self-variable Robotics completed a 1 billion yuan A++ round of financing [1][2] - Google partnered with retail giants to launch the Universal Commerce Protocol (UCP), aiming to standardize the entire AI agent shopping process [2] Group 2 - Zhipu and Didi reached a strategic cooperation to explore the implementation of the travel agent scenario [2] - ByteDance, Meituan, and Alibaba are simultaneously investing in self-variable robotics [2] - Dragonfly v2.4.0 was released, introducing features such as load-aware scheduling algorithms [2]

国有大行推进旗下村镇银行"村改支"第十例。 日前，交通银行获批收购旗下一家村镇银行并改建，成为新年国有大行"村改支"第一例，也是去年以来 国有大行推进旗下村镇银行"村改支"的第十例。2025年以来，除交通银行外，工商银行、农业银行也已 开始对旗下村镇银行推进"村改支"。 以此测算，国有大行参与推进"村改支"的村镇银行已达10家。除上述村镇银行外，工商银行还持有浙江 平湖工银村镇银行60%股权，交通银行还持有新疆石河子交银村镇银行51%股份，二者目前尚无相关进 展披露。 哪些地区村镇银行"消失"快 "巨无霸"省级农信机构陆续登场、各类中小银行加速退场是此轮中小金融机构改革化险的重要特点。 多位业内受访人士认为，随着中央经济工作会议定调中小金融机构"减量提质"，年内中小银行改革化险 还会加速推进，重组合并仍是主流模式。数据显示，2025年有450多家中小银行退场，其中280多家是村 镇银行，内蒙古、山东、湖北等地减量最多。 国有大行"村改支"又添一例 国家金融监督管理总局浙江监管局日前披露的一份批复显示，湖州监管分局已同意交通银行收购浙江安 吉交银村镇银行股份有限公司（下称"安吉交银村镇银行"）并设立交通银行湖州 ...

权益、商品、债市如何看？ 1月11日，在"2026年中国首席经济学家论坛年会"上，多位来自券商、资管、期货等机构的首席经济学 家围绕"资本市场与资产展望"展开讨论。在宏观环境、政策取向和市场结构持续变化的背景下，与会人 士普遍认为，未来一至三年中国资产配置的核心逻辑将从"总量博弈"转向"结构演进"，权益资产仍是中 长期主线，商品市场轮动深化，而债券资产在宽松预期与避险需求交织下，或迎来阶段性配置机会。 从制度改革到资产重估：慢牛逻辑正在形成 多位首席经济学家指出，过去两年资本市场制度改革的连续推进，正在改变中国资产定价的底层逻辑。 华西证券首席经济学家刘郁认为，新"国九条"、中长期资金入市、公募基金高质量发展以及保险资金风 险因子调整等一系列制度安排，已共同构建起"严把入口、畅通出口、鼓励回报、引导长期资金"的制度 框架。 在这一背景下，市场最重要的变化并非短期上涨幅度，而是"下限"的逐步确立。"相比判断指数高点， 更关键的是低点能否持续抬升，这将直接影响资本市场对中长期资金的吸引力。"刘郁指出，股指层面 的波动正在收敛，投资者对极端回撤的担忧有所缓解，这为长期资金持有权益资产提供了必要条件。 申万期货首席经 ...

Core Viewpoint - The article emphasizes the need for effective enforcement against unfair competition and monopolistic practices in the food delivery platform sector, highlighting the importance of both good laws and governance to ensure fair market competition and protect consumer rights [1][4]. Group 1: Current Market Conditions - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has announced an investigation into the competitive status of the food delivery service industry due to issues like excessive subsidies, price wars, and traffic control, which are harming the real economy and intensifying "involution" competition [1][2]. - There is a strong public response to the unfair competition practices in the food delivery sector, prompting calls for regulatory action to restore fair competition [1][2]. Group 2: Regulatory Expectations - The market expects the State Council's investigation to address the current chaotic competition landscape and establish a fair competitive order [2]. - There are concerns that regulatory actions might overreach and interfere with normal business decisions, highlighting the need for clear communication and minimizing misunderstandings during enforcement [2][3]. Group 3: Enforcement Principles - Administrative enforcement should focus on regulating rights violations without infringing on the legitimate rights of other market participants, maintaining a balance between protecting market transactions and avoiding excessive intervention [3]. - Transparency in administrative enforcement processes is crucial, with a need for quantifiable steps to enhance accountability and prevent corruption [3]. Group 4: Future Directions - The investigation into the food delivery industry is seen as a careful, data-driven approach to identify competitive issues and inform future policy and enforcement actions, reflecting a commitment to scientific regulation and precise governance [4]. - Strengthening market autonomy and consumer rights is essential, with suggestions to introduce collective litigation and other mechanisms to empower consumers in defending their rights at lower costs [3][4].

| | 证券代码 | 训 - | 年涨跌幅 | | | --- | --- | --- | --- | --- | | | | | ［交易日期］最新收盘日 | | | | | | [单位] % ↓ | | | 1 | 300986.SZ | : 志特新材 | | 198.5689 | | 2 | 301079.SZ | 邵阳液压 | | 121.8918 | | 3 | 920207.BJ | 众诚科技 | | 85.7143 | | ব | 688031.SH | 星环科技-U | | 79.6839 | | 5 | 300058.SZ | 蓝色光标 | | 78.9931 | | 1 6 | 002931.SZ | 锋龙股份 | | 77.1924 | | 7 . | 002519.SZ | 银河电子 | | 77.0062 | | 8 in | 688258.SH | 卓易信息 | | 72.2346 | | 9 | 002202.SZ | 金风科技 | | 72.2059 | | 10 | 002173.SZ | 创新医疗 | | 71.9665 | 编辑｜钉钉 1月12日晚间，志特新材公告，公司股票 ...

药明康德表示，公司持续聚焦独特的"一体化、端到端"CRDMO（合同研究、开发与生产）业务模式， 紧抓客户对赋能需求的确定性，不断拓展新能力、建设新产能，持续优化生产工艺和提高经营效率，推 动业务持续稳健增长。 药明康德偏向临床后期和商业化项目的生产业务收入增长，给公司贡献了不少净利润。但2025年的资产 出售，也创造了一笔额外净利润，其中出售持有的药明合联部分股权的净收益，预计约41.61亿元；出 售所持有的上海康德弘翼医学临床研究有限公司和上海药明津石医药科技有限公司100%股权的净收 益，预计约14.34亿元，这两大资产出售合计加起来，给公司贡献了近56亿元的净收益。 对康德弘翼和津石医药的出售，相当于公司对剥离临床研究服务业务进行剥离。药明康德前期曾表示， 资产出售是公司基于聚焦CRDMO业务模式，专注药物发现、实验室测试及工艺开发和生产服务考虑所 实施，可为公司加速全球化能力和产能的投放提供资金支持，符合公司发展战略和长远利益。 如果扣除整体非经营性损益的影响，药明康德2025年实现归属于公司股东的扣除非经常性损益的净利润 预计高达132.41亿元，仍超越2023年创下的净利润峰值。 但经历了去年业绩 ...

航天宏图公告称，经公司自查，关注到近期部分媒体等平台有涉及公司业务涉及相关热点概念的讨论。 公司所处的卫星应用行业的市场环境及行业政策未发生重大调整，公司日常经营情况和内部经营秩序正 常。从产业周期角度分析，产业链上下游存在周期性错配的风险。上游卫星发射计划的延迟或下游应用 场景拓展不及预期，可能会对公司业务推进节奏造成阶段性影响。上游方面，卫星的研制与发射涉及复 杂技术工艺，若发射失败或发射推迟，将直接阻碍卫星互联网的整体构建进程，影响相关服务的提供及 下游卫星应用市场的拓展，对公司收入贡献存在不可预见性，目前公司主营业务尚处于卫星应用阶段。 公司于2025年12月与无锡众能光储科技有限公司签署了战略合作协议，目前，双方尚未开展实质性业务 合作，公司不具备钙钛矿相关领域技术，主营业务未发生变化。公司于2023年7月与广州中科宇航探索 技术有限公司签署了战略合作协议，协议签署已过去两年半，双方尚未开展实质性业务合作。 ...

Core Viewpoint - The global monetary financial system has entered a new phase of "triple differentiation" as of January 2026, driven by the implementation of China's digital yuan (e-CNY), the U.S. GENIUS Act, and Europe's defensive alliances, marking a shift from mere payment efficiency improvements to a profound restructuring of the post-World War II Bretton Woods system [1] Group 1: China's Paradigm - The new digital yuan framework effective from January 1, 2026, signifies an expansion of monetary banking theory, transitioning from "M0 replacement" to a more financially expansive "digital deposit currency" paradigm [4] - The new framework introduces a dual balance sheet structure, where e-CNY balances are legally defined as commercial bank liabilities, allowing digital currency to participate in the fractional reserve system and enabling banks to use e-CNY as a stable source of liabilities for credit issuance [5] - The introduction of a market-based interest rate mechanism allows commercial banks to pay interest on e-CNY wallets, transforming e-CNY into a high-liquidity interest-bearing asset, enhancing its appeal for global trade partners seeking asset preservation [6] Group 2: U.S. Strategy - The U.S. GENIUS Act establishes a unique digital currency strategy by abandoning retail CBDC development and instead regulating private digital currencies to serve as digital extensions of U.S. dollar hegemony [8] - The Act mandates that compliant digital currencies maintain a 1:1 liquidity asset reserve, effectively converting global demand for liquidity into a rigid demand for U.S. Treasury securities, creating a decentralized "digital treasury bond" distribution network [8][9] - The U.S. retains control through stringent regulations on centralized issuers, allowing for immediate and irreversible actions against specific blockchain addresses, enhancing its regulatory reach [9] Group 3: Europe's Dilemma - Europe is in a defensive phase, delaying the digital euro until 2029 due to privacy concerns and legislative challenges, adopting a mixed strategy of regulatory barriers and banking alliances [10] - The MiCA regulation establishes strict localization requirements for digital currencies, driving out non-compliant offshore entities while creating space for compliant institutions [10] - The digital euro's legislative focus has shifted towards a conservative "offline-first" principle, limiting its programmability and online compatibility, while public debates continue regarding the necessity of a robust public digital euro [11] Group 4: Core Variables Reshaping Competition - Interest rate competition is emerging as a key variable, with the introduction of interest-bearing e-CNY challenging the traditional dominance of non-interest-bearing digital dollars [12] - Infrastructure is critical, with China's mBridge creating a decentralized network that bypasses traditional SWIFT structures, while the U.S. attempts to upgrade existing systems [12] - The rise of smart contracts is leading to a contest over the definition of rules, with China promoting state-defined codes and the U.S. favoring private sector standards [12] Conclusion - The year 2026 marks a significant differentiation in global digital currencies, where currency transcends mere value measurement to become an extension of state will, necessitating adaptation to these profound changes for future survival and development [13]

Group 1 - German Chancellor Merz's visit to India aims to enhance cooperation in key sectors such as critical minerals, healthcare, and AI innovation [1][3] - A significant submarine manufacturing agreement worth $8 billion is expected to be reached, involving the production of six advanced conventional submarines with air-independent propulsion systems [1][5] - The agreement reflects Germany's strategy to diversify its economic partnerships and reduce reliance on Russia for defense supplies [7] Group 2 - The visit includes a delegation of prominent German business leaders from companies like Siemens, DHL, Infineon, and Airbus, highlighting the importance of strengthening economic ties [3] - Germany is facing a labor shortage, particularly in healthcare, and is looking to India to fill gaps in the workforce, especially in nursing and IT sectors [3][4] - The bilateral trade between Germany and India is approaching $50 billion, with over 2,000 German companies operating in India and more than 700 Indian companies investing in Germany [4] Group 3 - The submarine deal is part of India's broader strategy to diversify its defense procurement, moving away from a heavy reliance on Russian military equipment [7] - The new submarines will enhance the operational capabilities of the Indian Navy, which currently operates older Russian submarines and newer French ones [6][7] - The shift in defense partnerships is influenced by geopolitical changes, particularly the impact of the Russia-Ukraine conflict on global security dynamics [7]

未来五年将是我国服务消费快速扩量提质的历史性跨越阶段。 "十五五"进入启动之年，扩大消费尤其是扩大服务消费将是"十五五"期间的重头戏。按照"十五五"规划 建议，提升服务消费既要壮大服务消费的比重，也要以放宽准入、业态融合为重点，加强服务消费活跃 度，同时更要突出品牌引领、标准升级、场景拓展与新技术应用的关键路径，推动服务消费的质量升 级。可以判断，未来五年将是我国服务消费快速扩量提质的历史性跨越阶段。 成熟的服务消费条件正在累积 根据国家统计局数据，2014年至2024年，我国居民人均可支配收入年均增速为5.5%,不过分段解析，后 五年较前五年增速出现明显回落，2025年第三季度放缓至5.3%，并且逐年增速总体呈现边际递减趋 势。同时，过去10年甚至更长时间中，基尼系数一直维持在0.42以上，表明居民收入分配差距依然较 大。 北京大学收入分配研究院报告显示，2024年中国收入最高的10%人群占有了全国约40%的财富，而收入 最低的50%人群仅占有全国财富的15%左右；城乡之间，2024年我国城镇居民人均可支配收入达到 57839元，农村居民仅为21456元，城乡收入比为2.7：1；收入的结构性不合理还来自居民 ...