跃马新程，扬鞭奋蹄。2026年是我国汽车产业从"规模扩张"驶向"提质增效"的关键之年。 面对电动化和智能化变革浪潮，我国汽车产业将在总量高位运行与结构深度调整中，奋力迈向高质量发 展。在国家政策引导和企业集体反思下，单纯以降价为核心的"内卷"有望缓解，而以技术创新、产品迭 代、品质提升、体验优化为核心的"价值战"将全面升级。 激烈的市场竞争，既是企业创新活力的生动体现，也是淘汰赛加速的直观映射。科技创新、供应链重 构、跨界融合、生态出海、政策调整、贸易保护等多种变量相互交织，不仅深刻重塑国内汽车市场竞争 格局，也将影响全球汽车市场走势。 竞争格局加速重构 经历了2025年超预期增长，2026年国内汽车市场正式迈入"高销量、低增长"新阶段。中汽协预计，2026 年汽车总销量达3475万辆，微增1%；车百会预计，2026年国内汽车销量约为2800万辆，增长2%。这个 阶段的核心特征，是销量基数大、增长幅度稳，行业竞争从规模比拼转向质量与效率竞争。 从产品结构来看，在整体市场平稳增长下，新能源汽车将实现量质齐升。新能源汽车仍是产业增长核心 动力，2026年销售量有望突破2000万辆（包括出口），市场主导地位进一步巩 ...

Core Viewpoint - The China Aerospace Science and Technology Corporation has unveiled a new blueprint for the "14th Five-Year Plan," focusing on the development of space tourism, smart space infrastructure, space resource development, and space traffic management, marking a significant shift towards space as a new infrastructure hotspot in China [1] Group 1: Security Perspective - Space is considered a "high frontier" for national security, with approximately 15,000 satellites in orbit globally, over half of which are owned by the United States [2] - The increasing congestion in low Earth orbit raises collision risks, necessitating the establishment of a space traffic management system to ensure safety [2] - Developing key technologies for space debris monitoring, early warning, and removal will enhance China's position in international space traffic management rule-making [2] Group 2: Economic Perspective - The global space economy is projected to reach approximately $600 billion in 2024, with forecasts suggesting it could grow to $1.8 trillion by 2035 [2] - Space resource development, including mining on the Moon and asteroids, is expected to turn the concept of "space mining" into reality, driven by the rich resources available beyond Earth [2] - Building gigawatt-level smart space infrastructure is crucial for unleashing space-based productivity and accelerating the development of the space economy [2] Group 3: Current Capabilities - China has established a solid foundation for advancing space infrastructure, with significant technological advancements such as the successful return of lunar soil samples and breakthroughs in 3D metal printing in microgravity [3] - The country is in the process of developing a comprehensive infrastructure network that integrates terrestrial and space systems [3] - Favorable policies are emerging, including the establishment of a Commercial Space Administration and initiatives to promote the development and utilization of commercial satellite remote sensing data [3] Group 4: Challenges Ahead - There are significant technical challenges, particularly in reusable rocket technology and the development of key technologies for space resource utilization [4] - Legal frameworks are lacking, with existing international space laws not adequately addressing the current commercial space landscape, necessitating accelerated legislative efforts [4] - The high capital risk associated with commercial space ventures requires a layered approach to investment, breaking down operations into independently profitable modules to lower entry barriers for private capital [4]

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand as a strategic foundation for China's economic development, highlighting the need for a strong domestic market to ensure economic stability amid global uncertainties [1][2] - The macroeconomic perspective identifies consumption as the final demand and investment as the key link between supply and demand, suggesting that the expansion and upgrading of consumer spending can guide investment and enhance its effectiveness [1][2] - The article discusses the transition of China's consumption structure from goods-focused to a balance between goods and services, driven by advancements in digital technology and artificial intelligence, which will continuously release significant consumer potential [2][3] Group 2 - The need for coordinated efforts between consumption and investment is underscored, with challenges such as weak domestic demand and inefficiencies in investment highlighted as barriers to effective interaction [2][3] - Investment strategies should focus on both physical assets and human development, with an emphasis on infrastructure, technology innovation, and addressing social welfare needs to strengthen long-term consumer capacity [3] - Strengthening institutional frameworks is deemed crucial for facilitating smooth economic cycles, with calls for comprehensive reforms to enhance resource allocation efficiency and convert demand into economic growth [3]

经济日报记者 赵东宇 面对大量资金涌入，理财公司在资产端面临更多机遇和挑战。一方面，新质生产力蓬勃发展、"南 向通"扩容等为理财行业提供了优质投资标的；另一方面，随着广谱利率持续下行，固收类资产收益随 之回落，传统高收益资产供给面临收缩。中银理财表示，在此背景下，要平衡好客户期望稳健收益和优 质资产稀缺的矛盾，一是要推动投资范式从"资产引领"向"策略引领"转变，减少对单一品类资产、单一 赛道红利的依赖，搭建多元策略池；二是要做好客户精细化分层，以客户风险偏好和收益目标为导向， 匹配相应的策略组合。 在理财规模增长的同时，理财产品也日益丰富。目前，多家理财公司已搭建包含公私募发行、本外 币多币种的产品体系，涵盖现金管理类、固收类、混合类、权益类等产品类型，包括每日开放、最短持 有期、定期开放和封闭式等产品形态。中银理财表示，从公司产品销售情况来看，投资者对净值波动的 接受度整体呈提升趋势，针对产品业绩的投诉数量也逐年下降，但客户仍以稳健偏好为主。民生理财表 示，面对利率波动加大、资产收益下行的宏观环境，公司坚持具备理财特色的产品布局，以"固收及固 收+"为主体，通过大类资产配置和多资产策略，形成"低波动、稳收益 ...

Core Insights - The total value of China's film industry chain is projected to reach 817.26 billion yuan by 2025, with box office revenue estimated at 51.83 billion yuan, indicating a significant expansion beyond traditional metrics of success [1] - The film industry's economic and social value extends beyond box office sales, encompassing various revenue streams such as non-ticket income, multi-platform broadcasting, and derivative consumption from film IPs [1][2] - The film industry's growth is increasingly linked to consumer behavior, shifting from single product purchases to experience-driven, scenario-based, and emotionally resonant consumption [2] Industry Overview - The film industry's growth multiplier is approximately 1:15.77, suggesting that the economic impact of films extends well beyond the cinema [2] - The integration of technology development, cross-industry promotion, and IP licensing is becoming crucial for the industry's new growth drivers [2][3] - The film industry is encouraged to move away from reliance on box office revenue and to strengthen its entire value chain, focusing on quality content production, collaborative marketing, and transforming viewing spaces into cultural consumption hubs [3] Future Directions - The industry must enhance collaborative efforts across various sectors to convert short-term cultural phenomena into lasting IP influence and commercial viability [3] - There is a call for deeper integration of film with tourism, cultural creativity, and commercial sectors to better embed film consumption within local economic cycles [3] - The future competition in the film industry will hinge on the ability to construct IP ecosystems and integrate industry value, moving from a "film industry" to a "film ecosystem" approach for sustainable high-quality development [3]

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]

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 ...