Core Viewpoint - The bank wealth management market continues to thrive as deposit rates decline, leading low-risk preference funds to migrate towards bank wealth management products [1] Group 1: Market Overview - As of the end of 2025, the bank wealth management market's outstanding scale reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year [1] - A total of 3.34 million new wealth management products were issued throughout the year, raising funds of 76.33 trillion yuan [1] - Fixed income products accounted for 32.32 trillion yuan, representing 97.09% of the total outstanding scale of wealth management products [1] - Wealth management products with a risk level of two (medium-low) and below totaled 31.87 trillion yuan, making up 95.73% of the total outstanding scale [1] Group 2: Factors Driving Growth - The increase in bank wealth management scale is attributed to three main factors: declining interest rates on demand and time deposits, increased volatility in capital markets, and enhanced competitiveness of bank wealth management products [1][2] - The decline in deposit yields has driven low-risk preference funds to seek better allocation options [1] - The volatility in capital markets and significant pullback in stock funds have heightened risk aversion, prompting a return to fixed income products [1] Group 3: Challenges and Strategies - Wealth management companies face both opportunities and challenges due to the influx of funds [2] - Companies need to balance client expectations for stable returns with the scarcity of quality assets, shifting investment paradigms from "asset-led" to "strategy-led" [2] - There is a need for refined client segmentation based on risk preferences and return objectives to match appropriate strategy combinations [2] Group 4: Product Diversification - The variety of wealth management products has increased, with companies offering a range of cash management, fixed income, mixed, and equity products [3] - Investors are showing a growing acceptance of net value fluctuations, although the preference for stable returns remains dominant [3] - Companies are focusing on "fixed income and fixed income+" products to create a foundation of low volatility and stable returns, while also driving differentiation through mixed, equity, and alternative products [3] Group 5: Future Outlook - The growth trend of bank wealth management is expected to continue, but the pace will be constrained by cycles and market volatility [4] - If the economy improves and risk preferences recover, some funds may shift to equity and mixed assets, while the structure will lean towards "fixed income+" [4] - Long-term, bank wealth management is expected to play a role as a "stable return base" and "inclusive allocation entry point" in the broader asset management landscape [4]

原标题：打好协同牌 驶向新未来 从工业园到汽车园，从传统燃油汽车到新能源汽车，从单打独斗到抱团发展……在京津冀协同发展 桥头堡的天津市武清区，一场关于汽车产业链的变革，正在悄然发生。 武清区发展汽车制造相关产业始于2009年，其核心载体为京津产业新城京清汽车产业园（前身 为"京滨工业园"）。经过多年发展，特别是随着2024年园区更名并明确聚焦汽车产业，武清区谋求传统 汽车制造业转型升级取得显著成绩。 目前，武清区已汇聚170多家汽车制造相关企业。2025年1月至11月，汽车制造业实现产值232亿 元，同比增长4%，与北京奔驰、小米、理想等车企建立起稳定供应链合作关系。"我们不再只是'制 造'，而是'智造'；不再只是'耗能'，而是'节能'；不再只是'配套'，而是'协同'。"武清区工业和信息化 局党委书记、局长黄巨山用3个对比精准概括了这场转型的深刻内涵。 智能化转型—— 科技赋能提质效 冬日暖阳下，京清汽车产业园物流区大门口，挂着"京M、津A、冀R"车牌的运输卡车排起长龙。 来自河北廊坊的司机张华生正等候装载刚下线的汽车零部件，他说："十几年前跑这条线，拉的都是'铁 疙瘩'，现在全是'智能件'，轻了、精了，附加 ...

Core Viewpoint - The State Administration for Market Regulation has launched a comprehensive campaign to address "involution" competition across key sectors, including online freight, mobile power banks, new energy vehicles, and photovoltaics, aiming to transform market competition from "disorderly internal consumption" to "quality improvement" [1] Group 1: Online Freight Industry - The online freight industry has seen rapid growth but has been marred by platforms like Huolala using algorithms to unfairly lower freight prices, harming drivers' rights [2] - The State Administration for Market Regulation publicly interviewed Huolala, emphasizing compliance with antitrust laws and promoting fair competition to protect drivers and consumers [2] - The goal of the intervention is to ensure platform rules and algorithms are transparent, restoring fairness in competition [2] Group 2: Mobile Power Bank Industry - The mobile power bank sector has faced safety issues due to price wars, leading to incidents like battery explosions, as companies prioritize market share over product quality [2] - In 2025, the administration oversaw 10 recalls involving 1.3977 million units, with complaints about mobile power banks decreasing by 85% since July 2025 [3] - The administration plans to enhance recall supervision and enforce strict compliance with defect product recall obligations [3] Group 3: Product Quality Supervision - The administration highlights the need for stringent quality control to prevent cost-cutting from compromising product safety [4] - Mandatory product certification serves as a critical safeguard for quality, with increased random inspections and strict management of production processes [4] - The administration aims to ensure that companies maintain quality assurance capabilities and consistency in product management to combat "quality reduction for lower prices" [4] Group 4: Fair Competition - Addressing "involution" competition requires not only regulating corporate behavior but also standardizing government intervention to eliminate local protectionism and market fragmentation [5] - The administration emphasizes proactive measures, such as pre-warning and compliance guidance in the photovoltaic sector, to mitigate risks before they escalate [6] - In 2025, the administration reviewed 58,000 policy measures to prevent the introduction of policies that hinder fair competition, conducting numerous interviews to ensure compliance [6] Group 5: Future Directions - The administration plans to enhance enforcement of the Fair Competition Review Regulations and combat the abuse of administrative power that restricts competition [7] - Efforts will focus on integrating effective markets with proactive government actions to support the development of a unified national market [7]

国家统计局服务业调查中心、中国物流与采购联合会1月31日发布数据显示，2026年1月份，制造业采购 经理指数(PMI)、非制造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降 0.8个、0.8个和0.9个百分点，经济景气水平有所回落。 服务业运行稳定 1月份，受建筑业等行业景气度下降等因素影响，非制造业商务活动指数为49.4%，比上月下降0.8个百 分点，非制造业总体景气水平有所回落。 "但从企业感受来看，市场需求不足的问题趋于缓解。"中国物流信息中心专家文韬表示，1月份反映市 场需求不足的制造业企业比重为54.9%，较上月下降9.4个百分点，意味着当前的市场需求放缓属于正常 变化，市场需求趋稳运行态势没有改变。 新动能延续扩张态势，产业结构持续优化。1月份，高技术制造业PMI为52.0%，连续两个月位于52.0% 及以上较高水平，相关行业发展态势持续向好；装备制造业PMI为50.1%，保持在扩张区间；消费品行 业和高耗能行业PMI分别为48.3%和47.9%，景气水平有所回落。 从价格看，受近期部分大宗商品价格上涨等因素影响，主要原材料购进价格指数和出厂价格指数分别为 ...

湖北省委副书记诸葛宇杰介绍，2025年，湖北共举办各类展会近2000场，其中布展面积超1万平方米以 上的超过100场，参展参会嘉宾来自全球120多个国家和地区，签约金额超3000亿元。会展业与汽车、生 物医药、现代农产品加工等优势产业进一步深度融合，形成了展会与产业互促共进的良好循环。 目前，我国会展经济发展呈现出国际、区域、特色三级梯队同场竞技的态势。国际都会城市聚焦世界级 商展，全力抢占会展经济制高点和国际展会资源；区域中心城市重点承接国家级重点展会，通过展览经 济激活消费、带动城市发展；特色产业城市立足本地主导产业，打造具有辨识度的产业地标展会。专家 表示，各类展会资源将在不同能级城市间加速重构分配，成为城市形象的展示窗口与产业升级的助推 器。 在"会展+消费"方面，广东、江西、天津、重庆等地将展览业纳入提振消费专项行动，鼓励举办消费类 展会、首发首秀活动，推动展会场景向消费场景转化；浙江创新提出"跟着会展逛浙江"品牌，通过会展 集聚消费人口，带动餐饮、零售、文旅等关联消费。在"会展+贸易"方面，北京在服务贸易和数字贸易 高质量发展方案中，强调展览业的平台作用，鼓励举办数字贸易、服务贸易类专业展会。 当 ...

国务院常务会议近日审议通过的《中华人民共和国自然保护区条例（修订草案）》，与蓬勃兴起的林下 经济实践相呼应。这意味着在法治护航下，生态环境治理着力探求生态保护与民生发展的协同共进。 此番修订，是我国自然保护事业发展到新阶段的必然举措。自1956年建立首个自然保护区以来，我国已 构筑起覆盖国土面积约18%、数量逾2600处的保护区网络。1994年颁布的自然保护区条例功不可没。然 而，随着经济社会发展和生态文明理念的深化，原有条例部分规定已难以适应当前新情况。原自然保护 区条例规定，自然保护区可以分为核心区、缓冲区和实验区，并分别规定了相应的管控措施，但管控要 求比较机械。比如，自然保护区内禁止放牧、捕捞，核心区禁止任何单位和个人进入。在面对云南会 泽"人鹤伴生"的特殊生态文化系统，或协调安徽扬子鳄保护区栖息地修复与社区发展时，常使管理陷 入"绝对保护"与"民生诉求"的两难。这表明，我国的生态保护已从"建起来"的规模扩张期，步入"管得 好、用得好"的质量提升期，亟待更为完善的法律制度引领。 修订草案从以往"一刀切"管控，转向"科学化、差别化"治理，并非孤立的法律调整，而是深入贯彻绿水 青山就是金山银山理念和落实2 ...

■中共中央政治局1月30日下午就前瞻布局和发展未来产业进行第二十四次集体学习。中共中央总书记 习近平在主持学习时强调，发挥比较优势，坚持稳中求进，推动我国未来产业发展不断取得新突破。 新闻多一点：系列期权为豆粕、玉米产业链企业提供了更灵活高效的套保选择，标志着我国商品期权市 场在农产品领域的期限覆盖与功能适配迈上新台阶。 ■市场监管总局1月31日发布8起网络不正当竞争典型案例，警示经营者不得以"技术"外衣掩盖违法事 实，必须严守法律底线，合法合规经营，共同营造公平、健康、有序的网络市场环境。 ■工业和信息化部：2025年，我国软件和信息技术服务业运行态势良好。其中，软件业务收入154831亿 元，同比增长13.2%。 图片来源：千图网 ■法国最新经济数据显示，法国经济2025年增长0.9%，略高于此前预期的0.7%，整体表现符合市场预 测，不过表现依然逊于2024年。 ■1月31日，国家主席习近平同阿尔及利亚总统特本互致贺电，祝贺阿尔及利亚遥感三号卫星在酒泉发 射成功。 ■2月1日出版的第3期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文章 《走好中国特色金融发展之路，建设金融强国》。 ...

Core Insights - The China-Egypt TEDA Suez Economic and Trade Cooperation Zone has seen significant development since its establishment in January 2016, with plans to host over 500 business delegations by 2025, reflecting strong foreign interest in Egypt-China cooperation [1] - By the end of 2025, the TEDA zone is expected to attract nearly 200 companies and generate over $3.8 billion in investments, creating approximately 10,000 local jobs [1] - The zone has developed a diverse industrial cluster including bonded logistics, new building materials, oil equipment, electrical equipment, machinery manufacturing, textiles, chemicals, renewable energy, and white goods [1] Company Developments - Midea Egypt Kitchen and Water Heater Co. has established the first smart dishwasher production line in Egypt, achieving an annual capacity of 350,000 units with 80% of products aimed for export [2] - The TEDA zone has attracted leading global companies, such as Giant Egypt Fiberglass Co., which positions Egypt as a leading producer of fiberglass, and Xidian-EGEMAC, which has localized high-voltage electrical equipment manufacturing [2] - The introduction of the Chinese industrial park model, strong support from the Egyptian government, and ongoing communication have fostered a cooperative corporate culture within the TEDA zone [2]

从工业园到汽车园，从传统燃油汽车到新能源汽车，从单打独斗到抱团发展……在京津冀协同发展桥头 堡的天津市武清区，一场关于汽车产业链的变革，正在悄然发生。 如今，走进天津吉兴汽车部件有限公司的数字化车间，机械臂优雅地舞动，自动导引运输车沿着既定路 线安静穿梭。为小米SU7生产的专属隔音垫每50秒就能完成一件，全程无需人工干预。汽车配件生产 后，第一时间由新能源物流公司装车发走。 为了契合汽车整车智能驾驶的发展趋势，天津吉兴汽车部件有限公司从内部工厂智能制造入手进行了升 级。该公司总经理杨贤术说："现在产品的智能化程度达到了90%。小米汽车对我们每小时产能要求是 63台份，相当于每天一个产品要产出1320件，我们已做好充分准备。像后座椅地毯下的隔音垫，50秒就 能产出1件；SU7车型赛道版行李舱里面的左右侧饰件，可以达到每台份75秒左右。" 武清区发展汽车制造相关产业始于2009年，其核心载体为京津产业新城京清汽车产业园（前身为"京滨 工业园"）。经过多年发展，特别是随着2024年园区更名并明确聚焦汽车产业，武清区谋求传统汽车制 造业转型升级取得显著成绩。 目前，武清区已汇聚170多家汽车制造相关企业。2025年1 ...

Group 1 - NVIDIA's CEO Jensen Huang hosted a "trillion-dollar banquet" in Taiwan, attended by key supply chain partners and industry leaders, indicating strong collaboration and networking within the semiconductor industry [1][2] - Huang emphasized the challenges ahead in 2025 with the production of the Grace Blackwell semiconductor system, which has faced significant design modifications and supply chain disruptions [2][3] - The GB300 cabinet has entered the initial production phase, while the GB200 product is in smooth mass production, showcasing NVIDIA's advancements in technology [2] Group 2 - Huang noted a significant shift in the AI industry, highlighting the profitability of tokens as AI technology has become more effective, suggesting a positive outlook for AI-driven business models [3][4] - The banquet featured a diverse array of industry leaders, including representatives from major companies like ASUS, MediaTek, and TSMC, reflecting the importance of NVIDIA's partnerships in the tech ecosystem [3][4] - The event underscored NVIDIA's commitment to innovation and collaboration, with companies like Advantech transitioning to edge AI solutions, indicating a broader industry trend towards integrating AI into various sectors [4][5]