Core Viewpoint - The Yangtze River cruise tourism industry is emerging as a new competitive sector for cities along the river, with Wuhan planning to establish a cruise mother port to enhance cultural resource integration and support the development of the Yangtze International Golden Tourism Belt [1][5]. Group 1: Economic and Cultural Significance - The cruise economy is seen as a solution to the challenges faced by the cultural and tourism industries along the Yangtze River, promoting the integration of cultural heritage and tourism resources [1]. - The Yangtze River basin connects three major cultural circles in China, with a rich array of historical and cultural heritage sites, yet suffers from fragmentation due to administrative divisions [2]. - The global cruise industry is experiencing growth, with passenger numbers expected to reach 35 million in 2024 and nearly 39.5 million by 2027, indicating a strong recovery post-pandemic [2]. Group 2: Development Opportunities - The shift in the cruise tourism market from coastal destinations to inland cultural routes presents new opportunities for the Yangtze River cruise industry [3]. - Wuhan's strategic location in the Yangtze River's transportation network positions it as a key hub for cruise tourism, facilitating connections with other major ports and enhancing the overall tourism experience [6][9]. - The establishment of a cruise mother port in Wuhan is expected to attract cruise lines from the Yangtze River Delta and Pearl River Delta, enhancing the region's cultural and tourism value [6]. Group 3: Infrastructure and Planning - The development of the cruise industry relies on robust infrastructure, including waterways, ports, and transportation networks, as well as the capacity of port cities to support cruise operations [3][4]. - Plans for the cruise mother port in Wuhan include the construction of various facilities such as passenger terminals, maintenance bases, and cultural theme hotels to create a comprehensive cruise economy cluster [7]. - Other cities like Yueyang and Yichang are also developing cruise mother ports, each with different focuses and levels of development, contributing to a collaborative regional tourism strategy [8][9].

Core Viewpoint - The new implementation of the VAT law in China has confirmed that interest expenses on loans and related fees cannot be deducted from VAT, but the use of the term "temporarily" suggests that future evaluations may allow for changes in this policy [1][3]. Group 1: VAT Law Implementation - The newly implemented VAT law specifies that taxpayers cannot deduct interest expenses on loans and related fees from their VAT [1]. - The addition of the word "temporarily" in the final version of the VAT law indicates a potential for future reassessment of this policy [1][3]. - The State Council's financial and tax authorities are tasked with evaluating the effects of this policy over time [1]. Group 2: Impact on Businesses - The inability to deduct loan interest and related fees increases the financial burden on companies and disrupts the VAT deduction chain, leading to unfair tax burdens across different industries [2][3]. - The current VAT system in China is seen as one of the most comprehensive globally, with financial services being taxed under a general taxation method, which complicates the deduction process for businesses [3]. Group 3: Future Reform Possibilities - Experts suggest that the current situation is a temporary measure, and there is a possibility for future reforms that may allow for the deduction of loan interest under certain conditions [3][4]. - The gradual implementation of reforms is recommended, potentially starting with specific industries such as manufacturing, allowing for partial deductions based on fiscal conditions [5]. - The flexibility of the reform process is enhanced as changes can be made through amendments to the VAT implementation regulations rather than requiring new legislation [5].

专家认为，长远来看贷款利息等抵税会逐步推出 企业十分关心的贷款利息抵扣增值税"落空"，但这一改革趋势并未改变。 今年起实施的《中华人民共和国增值税法实施条例》（下称《条例》）明确，纳税人购进贷款服务的利 息支出，及其向贷款方支付的与该贷款服务直接相关的投融资顾问费、手续费、咨询费等费用支出，对 应的进项税额暂不得从销项税额中抵扣。 这意味着与此前一样，贷款利息及相关费用依然不能抵税。但与此前官方披露的增值税法实施条例（征 求意见稿）相比，正式出台的《条例》有一些变化。 与《条例》（征求意见稿）相比，贷款服务的利息支出等不得抵税的表述中，多了个"暂"字。而且《条 例》还增加一句话：国务院财政、税务主管部门应当适时研究和评估购进贷款服务利息及相关费用支出 对应的进项税额不得从销项税额中抵扣政策执行效果。 上海国家会计学院副教授葛玉御告诉第一财经，这一变化意味着国家只是暂时不允许贷款利息及相关费 用支出抵税，但后续会评估研究，适当的时候把贷款利息等纳入增值税进项抵扣。 增值税是中国第一大税种，年收入规模已超6万亿元，目前中国增值税实现对货物和服务的全覆盖，建 立消费型增值税制度框架。 上海财经大学公共政策与治理研究 ...

Core Viewpoint - The development of the Yangtze River cruise tourism industry is seen as a new opportunity for cities along the river to enhance cultural integration and economic growth, with Wuhan planning to establish a cruise mother port to support this initiative [1][6][10] Group 1: Economic and Cultural Integration - The Yangtze River cruise economy is viewed as a solution to the challenges faced by the cultural and tourism industries along the river, promoting the integration of cultural resources and enhancing the international tourism belt [1][4] - The Yangtze River basin connects three major cultural circles, and there are numerous historical and cultural heritage sites along the river, which are currently fragmented due to administrative divisions [2][4] - The cruise economy is expected to facilitate the transformation from "sightseeing tourism" to "cultural experience," linking various cultural heritages into a cohesive narrative [4][9] Group 2: Development of Cruise Infrastructure - Wuhan aims to build a cruise mother port, which will serve as a hub for cruise operations and enhance the tourism experience by providing diverse attractions [6][7] - The proposed mother port in Wuhan is strategically located to connect with other major ports and enhance the flow of cruise tourism along the Yangtze River [6][8] - Other cities like Yueyang and Yichang are also developing their cruise ports, but Wuhan's initiative is positioned to create a more extensive network and facilitate long-distance and cross-province cruise routes [8][10] Group 3: Collaborative Opportunities - The development of the cruise economy along the Yangtze River requires collaboration among various cities to maximize advantages and avoid competition [9][10] - The establishment of long-distance and short-distance cruise routes, along with joint ticketing systems, is proposed to enhance visitor flow and create a unified tourism experience [9][10] - The focus on regional cooperation aims to leverage each city's unique resources to build a competitive regional tourism brand [10]

"Big News、Big News。"（"大新闻，大新闻。"） 当地时间1月7日下午，当第一财经记者来到一家名为Donut Lab公司位于CES（国际消费电子展）展台时，看到一位与人交谈的Donut Lab员工连声说道。 今年CES上，这家名为Donut Lab的初创公司凭借全固态电池的颠覆性成果引爆全球关注。 这家起源于芬兰、总部在爱沙尼亚的公司声称，他们已成功推出"全球首款可量产、可应用于实际车辆的全固态电池"。这意味着被视为下一代电池技术方 向、长期停留在实验室阶段的固态电池，可能正以出人意料的速度走向现实——这甚至比特斯拉、丰田这些汽车巨头还要快一步。 根据Donut Lab官方发布的数据，这款固态电池的能量密度为400瓦时/公斤，支持5分钟内充满电，并允许反复完全放电而不会衰减——它在高达10万次的充 电循环后电池容量衰减极小，并且在零下30摄氏度至100摄氏度以上的温度范围内仍能保持99%以上的容量。 此外，这种固态电池由于不含易燃的液态电解质，消除了热失控、枝晶形成风险，即便电池发生损坏，也不会起火燃烧。并且，这款电池已经装配在Verge Motorcycles的电动摩托车上，并计划在今年开始 ...

Core Viewpoint - The bankruptcy restructuring case of Caixin Group has encountered a significant dispute over newly claimed debts amounting to over 100 billion yuan, raising concerns among creditors about the legitimacy of these claims and their potential impact on the restructuring process [1][4][17]. Group 1: Debt Claims and Disputes - The newly claimed debts represent a substantial portion of the total debt, theoretically granting these creditors strong control over the restructuring plan [2]. - The total amount of claimed debts has escalated from an initial estimate of 260-265 billion yuan to 453.91 billion yuan, with ongoing disputes regarding the authenticity of approximately 178 billion yuan of these claims [5][6][17]. - Many creditors have raised doubts about the legitimacy of the claims, particularly those linked to related parties and external units, which could significantly consume the limited resources available for debt repayment [8][17]. Group 2: Management and Audit Concerns - The auditing and evaluation firms involved in the restructuring have expressed concerns regarding the authenticity of the claimed debts, noting that many claims lack sufficient supporting documentation [12][14]. - The audit report highlighted serious deficiencies in internal controls at Caixin Group, including inadequate processes for identifying and recording related party transactions [13][14]. - The management has been unable to provide adequate evidence to confirm the nature and legitimacy of the substantial inter-company transactions that have been claimed as debts [12][14]. Group 3: Implications for Restructuring Process - The ongoing disputes and the increasing number of dissenting creditors have led to a stalemate in the restructuring process, with the scheduled vote on the restructuring plan now uncertain [17]. - The potential dominance of related party claims in the voting process raises concerns that the restructuring plan may disproportionately benefit these parties at the expense of ordinary creditors [17][18]. - Legal experts suggest that if mutual debts are recognized, they should be offset against each other, but the current management has not included these in the substantive merger scope, which requires further verification [15].

恒生指数低开0.59%，恒生科技指数跌0.44%。腾讯音乐、百度集团、阿里巴巴、紫金矿业跌幅靠前。 中国神华、中国电信、招商银行等走强。 ...

Core Viewpoint - A significant debt dispute involving over 100 billion yuan is emerging in the bankruptcy restructuring case of Chongqing Caixin Enterprise Group Co., Ltd. (Caixin Group), with claims from related parties and external units raising concerns among creditors about the legitimacy of these claims [1][2][19]. Group 1: Debt Dispute and Restructuring Process - The debt claims submitted during the restructuring process have reached a total of 453.91 billion yuan, significantly exceeding initial market estimates of around 260 billion to 265 billion yuan [5][19]. - The restructuring process has been stalled due to disputes over the legitimacy of these claims, with creditors expressing concerns that confirmed claims could severely deplete limited repayment resources [2][19]. - The restructuring plan's voting deadline has been extended to January 9, 2026, due to internal approval processes among creditors [4]. Group 2: Allegations of Related Party Transactions - Many of the companies submitting claims are found to have connections with Caixin Group, with some shareholders being current or former employees of the group [1][11]. - A total of 178.13 billion yuan in other payables to related parties and external units has been identified, with a significant portion of these amounts being claimed as debts [6][15]. - The audit and evaluation institutions have raised concerns about the authenticity of these claims, stating that the evidence provided is insufficient to determine the true nature of the transactions [15][16]. Group 3: Implications for Creditors - The presence of related party claims could allow those entities to dominate the voting process in the restructuring plan, potentially disadvantaging ordinary creditors [19][20]. - Legal experts suggest that if mutual debts exist between related parties, they should be offset against each other, but this has not been implemented in the current restructuring process [17]. - Many creditors are preparing to formally object to the restructuring plan, fearing it may facilitate debt evasion by the controlling parties [19][20].

Group 1 - Alibaba's latest communication with investors indicates that Taobao Flash Sale has made significant progress in the most recent quarter [1] - The company's investment strategy for Taobao Flash Sale by 2026 has become clearer, with a primary goal of market share growth [1] - Alibaba is committed to increasing investments to achieve absolute market leadership in the flash sale segment [1]

| ਸ਼ 位 | | | 产 | 量(辆) | | | | | 销 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 广汽本田汽车 | 36.842 | 43,210 | -14.74% | 354,460 | 416.127 | -14.82% | 50.984 | 79,950 | -36.23% | 351.926 | 470,633 | -25.22% | | 有限公司 | | | | | | | | | | | | | | 广汽丰田汽车 | 73.095 | 71,030 | 2.91% | 756,299 | 736,008 | 2.76% | 68,817 | 77,122 | -10.77% | 756,000 ...