2025年，我国社会消费品零售总额首次突破50万亿元，同比增长3.7%，消费对经济发展的主引擎 作用持续发挥，超大规模市场优势进一步巩固。然而，50万亿元并非中国消费故事的全部，如果将目光 仅仅停留在这个数字上，可能会错过消费市场更富活力的图景。 社会消费品零售总额突破50万亿元，是政策发力、供需协同、结构优化共同作用的结果。过去一 年，消费品以旧换新加力扩围，带动汽车、家电、手机等相关产品销售额2.61万亿元，惠及3.66亿人 次；绿色智能商品消费升温，新能源乘用车零售量达1280.9万辆，渗透率提升至53.9%；线上线下深度 融合，实物商品网上零售额占社会消费品零售总额的比重达26.1%，直播交易额、即时零售交易额均实 现两位数增长。 消费市场的真实面貌远比单一总量数据更为复杂多元。需要看到的是，社会消费品零售总额这一统 计指标，主要衡量的是实物商品消费和餐饮消费，难以完全覆盖和充分反映我国消费市场的全貌与变 化，尤其是快速成长的服务消费与数字消费新形态。 消费市场的动力结构发生转变，服务消费成为重要增量来源。随着居民收入水平提高，我国消费结 构正从以商品消费为主向"商品+服务"双轮驱动转变，文化、旅游、 ...

Group 1 - The Chinese government has announced 2026 as the "Year of China-Laos Friendship" and will initiate a series of celebratory activities [1] - In 2025, China's service trade is expected to grow steadily, with total service import and export amounting to 80,823.1 billion yuan, a year-on-year increase of 7.4% [2] - The State Administration for Market Regulation reported that in 2025, 21 key technological bottlenecks in the industrial chain will be broken, and 71 quality technology gaps will be filled, with 4,929 national standards published, a year-on-year increase of 56% [2] Group 2 - On the fourth day of the Spring Festival travel rush, the expected cross-regional population flow is 1,964 million, a month-on-month increase of 3.4% [3] - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index for January is 51.2%, indicating continued expansion in logistics business [3] - The January commodity price index reached 125.3 points, a month-on-month increase of 6.3%, marking the highest level since July 2022 [4] Group 3 - In 2025, China's gold production is projected to be 381.339 tons, a year-on-year increase of 1.09%, while gold consumption is expected to decline by 3.57% to 950.096 tons [4] - The China Machinery Industry Federation forecasts that the value added of large-scale enterprises in the machinery industry will grow by 8.2% year-on-year in 2025, outpacing national industrial and manufacturing growth rates by 2.3 and 1.8 percentage points respectively [4] - The World Health Organization has launched a global emergency fundraising appeal for 2026, aiming to raise approximately $1 billion to address 36 global health emergencies [4] Group 4 - The European Parliament has decided to resume legislative work on the approval of the US-EU trade agreement proposals [5] - According to the latest data from the Federal Statistical Office of Germany, the labor population aged 55 to 64 in Germany accounts for 24%, significantly higher than the EU average of 20.1%, making Germany the oldest labor population in the EU [5] Group 5 - Following the merger of SpaceX and xAI, Elon Musk's personal wealth has surpassed $800 billion, marking the fourth time in four months that he has set a new personal wealth record [6] - The Ministry of Finance and other departments have announced a "zero tariff" policy for imported goods consumed by residents in Hainan Free Trade Port, with a tax exemption limit of 10,000 yuan per person per year, with no limit on purchase frequency [6] - In 2025, 76 innovative medical devices are expected to be approved for market, representing a year-on-year increase of 17% [6] Group 6 - By December 2025, the number of internet users in China is expected to reach 1.125 billion, with the internet penetration rate exceeding 80% [7]

台积电董事长魏哲家五日赴东京的日本首相官邸，向首相高市早苗面告台积电计划在兴建中的日本熊本县熊本二厂，设立日本首座三纳米先进半导体量产基 地。高市说，该计划令人振奋。 在八日日本众议员大选前夕，魏哲家对高市说，三纳米半导体将以最先进技术进一步促进当地经济成长，并能成为日本人工智能（ＡＩ）产业发展的基础。 兼任自民党总裁（党魁）的高市一月宣布解散众议院提前改选，赌上自己好不容易坐上的首相宝座。 根据日本各家民调，自民党在八日选举席次单独过半的机会浓厚。尽管台积电近期才将正式敲定熊本二厂改生产三纳米的先进半导体计划，魏哲家选择拜会 高市的时机精准且耐人寻味。 对日本经济安全重要 高市说，台积电的新计划对日本经济安全十分重要，日本政府将提供支援，希望能进一步加强双赢的合作关系。她表示，日本政府将致力推动与危机管理及 经济成长有关的投资，强调ＡＩ与半导体是其中不可或缺的战略。 高市在社群媒体Ｘ发文表示，以台积电进驻为契机加速形成的熊本半导体产业聚落，经济效益已扩散至整个九州地区，"矽岛九州"正在复活。三纳米不仅用 于数据中心，也是高市内阁列为战略领域的ＡＩ机器人与自动驾驶所需的世界最先端半导体技术。她强调，过去三纳米 ...

Core Viewpoint - Hon Hai Precision Industry (also known as Foxconn) announced an investment of NT$12.1 billion to acquire 22,000 private placement shares of System Electric, gaining approximately 9% ownership and becoming the largest single shareholder, marking a significant move in Taiwan's AI industry since 2026 [2] Group 1: Investment Details - The investment was made at NT$55 per share, totaling NT$12.1 billion, which represents an 18.5% discount compared to System Electric's closing price of NT$67.5 [2] - System Electric plans to issue a total of 25,000 new shares in this private placement, raising NT$13.75 billion, with other institutional investors also participating by subscribing to 3,000 shares [3] Group 2: Strategic Implications - The partnership aims to enhance capabilities in AI server solutions, particularly focusing on Battery Backup Units (BBUs) to prevent data loss during power outages [3] - System Electric's new manufacturing facility in Texas is expected to produce BBU-related products in small quantities by the second half of the year, while Hon Hai's Texas plant is set to begin trial production in March [3][4] - The collaboration is expected to leverage both companies' strengths in AI servers, industrial computers, and drones, allowing them to capture market share and develop new customers through complementary sales strategies [3][4] Group 3: Market Positioning - Hon Hai's entry into System Electric's board is anticipated, potentially securing one to two board seats, which could further influence strategic decisions [2] - The alliance is seen as a way to combine System Electric's expertise in drone ground control systems and battery technology with Hon Hai's manufacturing capabilities, enhancing their competitive position in the market [4]

和硕参与系统电私募，并跃居最大单一股东，让电池备援电力模组（BBU）在AI世代的重要性进一步 浮上台面。业界认为，随着和硕点亮BBU，AES-KY（6781）、新盛力、顺达等台湾BBU厂也将跃居当 红炸子鸡，吸引更多市场目光。 和硕董座童子贤此次出手认购系统电私募，更为BBU后市加分。法人看好AES-KY、新盛力、顺达等台 湾BBU厂将未来出货动能都可望全面冲高。 业界分析，今年BBU市场需求可望比去年成长至少五成，相关供应商当前订单能见度有望放眼到今年 下半年，让供应链订单满手。 ...

Core Viewpoint - The company, Powerchip Semiconductor Manufacturing Corporation (力积电), reported its Q4 financial results and discussed the sale of its Cuozhuo plant to Micron, citing heavy depreciation burdens as the reason for the sale. This transaction is expected to improve gross margins and establish a partnership with Micron for high-bandwidth memory (HBM) production. Group 1: Financial Performance - In Q4, the company's revenue reached NT$12.5 billion, benefiting from an increase in average selling prices of DRAM and the appreciation of the US dollar, with a gross margin turning positive at 6%. Excluding the Cuozhuo plant, the gross margin would have been 17%, indicating that low capacity utilization and depreciation costs from the Cuozhuo plant were significant operational burdens [1]. - The company reported a net loss of NT$650 million for the quarter, a significant improvement from a loss of NT$2.73 billion in Q3 of the previous year [1]. Group 2: Market Dynamics - The memory market is experiencing structural supply-demand imbalances, with expectations that supply shortages will persist until the second half of 2026. This has led to rising wafer foundry prices [1]. - High-end AI servers are occupying the production capacity of major memory manufacturers for high-end DRAM, which is pushing up market prices for niche DRAM products, including DDR3 and DDR4 [1]. - The contract and spot prices for SLC NAND have also seen significant increases due to reduced supply from major Korean manufacturers [1]. Group 3: Strategic Moves - Following the sale of the Cuozhuo plant to Micron, the company plans to raise 12-inch foundry prices starting in January and will also increase 8-inch wafer foundry prices from March due to strong demand from AI servers and edge computing [2]. - The company aims to maintain its workforce and operational continuity while transitioning back to its Hsinchu facility. Micron has pre-paid for HBM backend wafer manufacturing capacity, integrating the company into its advanced packaging supply chain [2]. - The company has accumulated US$143 million in technical service fees without any delays and is progressing well in its collaboration with Tata Electronics for overseas factory projects, which will not be affected by the Cuozhuo plant sale [2].

供应链透露，受到中国大陆电动车掀起全球杀价旋风，欧洲车用同受波及，连带使台积电合作的三大车 用芯片厂也面临库存修正，台积电建厂工程虽如期进行，实际量产却以拖代变，真正量产仍得车用明显 回温，台积电原订二○二七年量产时程仍有待观察。 台积电德国厂布局，与博世、英飞凌、恩智浦合资的欧洲半导体制造公司（ＥＳＭＣ），去年八月动 土、目前积极进行主体工程。台积电德国厂位在德勒斯登，去年十月萨克森邦邦长抵台拜会魏哲家，保 证在水电和人才各面向全力支持。 台积电日本熊本二厂决定升级三纳米后，市场也关注台积电德国厂进展，是否会同步修正切入ＡＩ相关 芯片生产。台积电董事长魏哲家先前表示，"德国厂完全因应车用芯片客户需求，因而切入较特殊制程 的廿八／廿二纳米与十六／十二纳米技术，主要供应车用与工业芯片需求。"魏的发言显示，德国厂完 全为车用芯片打造，不会轻易调整跨足五纳米以下的先进制程。 台积电德国投资计划，同样获得德国政府及欧盟芯片法案一半的补助，投资总额约一百亿欧元。台积电 在一月法说会中，魏哲家表示投资案获得来自欧盟执委会、德国联邦政府、邦政府和市政府的坚定承 诺，但"晶圆厂的量产计划将依客户需求及市场状况而定"。 ...

人形机器人进工厂，技术突破是前提。炫技追求的是高自由度、类人外观等，工厂在意的则是高可靠 性、低成本等刚需。诉求的转变，要求人形机器人的关节模组、灵巧手、电池续航等核心部件还需优化 迭代，解决故障率高、负载不足、续航短等痛点。同时，深化大模型与具身智能融合，让机器人从"照 本宣科"走向"自主决策"，提升复杂环境适应性。在基础软硬件上皆取得突破，为人形机器人规模化应 用筑牢技术根基。 去年春晚，一支机器人秧歌队惊艳全场。今年这场机器人盛宴还要升级。近日，多家机器人企业宣布成 为2026年央视春晚的合作伙伴。一支更庞大、更聪明的机器人队伍正在集结，准备在亿万观众面前，展 现"中国智造"的非凡魅力。 中央日前再次强调推动我国未来产业发展不断取得新突破，人形机器人正是未来产业的重要赛道。从春 晚舞台的列队表演，到运动会赛场的同台竞技，短短一年时间里，人形机器人技术不断突破，品类持续 丰富，应用场景快速拓展，以肉眼可见的成长态势，跑出了产业发展的加速度。2025年，国内整机企业 数量超140家，发布人形机器人产品超330款，供给能力稳步提升。多地把人形机器人纳入重点布局，出 台专项支持政策。业界普遍将2025年视作人形 ...

持续优化服务，贴合群众实际需求。集成不是简单堆砌，而是要对迁移过来的服务进行精细化梳理，聚 焦高频事项和民生痛点，简化办理流程，打造"一站式"服务专区。同时，建立常态化反馈机制，及时收 集群众使用意见，持续迭代升级，让服务更贴合民心、更具实效。 强化技术赋能与制度保障，筑牢服务根基。依托大数据、人工智能等新技术，推动政务服务从"被动响 应"向"主动预判"转变，实现政策红利"免申即享"、风险隐患提前预警。同时，完善全生命周期管理机 制，加强对集成平台的安全监管与日常运维，规范服务标准，防范数据安全风险。 （文章来源：经济日报） 数字治理的本质是为民治理，政务App"瘦身"，绝不是简单的合并同类，最终要以群众满意度为检验标 准。应聚焦好用、易用、管用，在整合资源、优化流程、精准服务上持续发力，做好"健体"文章，让数 字政务真正贴合群众与企业需求，彰显治理温度与效能。 打通数据壁垒，实现服务"一网通办"。可依托省市一体化政务服务平台，推动各部门政务数据互联互 通，实现"一套材料、单次采集、多方共用"，让高频事项实现线上跨域办理、多证联办、全程网办成为 常态，切实提升办事便捷度。 国务院办公厅日前印发的《政务移动互联 ...

百年前，张謇先生以"实业救国"为己任，在江海之畔擘画近代工业蓝图，三厂之地便浸润着这位实业先 驱"父教育而母实业"的深远智慧。今日的江苏省南通市海门区三厂工业园区，既承载着张謇时代实业兴 邦的历史回响，更在新时代的浪潮中，以科创为笔、产业为墨，续写着从"百年工业重镇"到"现代产业 高地"的蜕变新篇。 在中兴能源装备车间里，智能酸洗线的机械臂正精准进行钢管表面处理，这条搭载DCS全自动控制系统 的生产线，将酸洗效率提升3.5倍，年产能跃升至7万吨，操作工人仅需8人。作为我国钢管行业率先持 有"核承压设备制造资格许可证"的企业，中兴能源在国内石油化工大口径厚壁管道、核电站特殊管道及 控制棒驱动机构特殊产品市场的占有率均超50%，为园区先进装备制造业发展注入强劲动能。 产业跃迁的脉动不止于此。在维柏思特衬布的智能物流仓库，26米高的立体货架间，AGV小车精准穿 梭于7000多个定制料框之间，这套融合数字孪生技术的仓储系统，让优衣库、ZARA的订单响应速度大 幅提升。公司主导制定的《覆膜防钻绒纬编针织衬》行业标准获得通过，带动衬布行业朝着规范化、高 端化大步迈进。 生命健康领域同样活力奔涌。国家专精特新"小巨人"企业 ...