Core Insights - The civil aviation industry in China achieved record highs in both passenger and cargo transport in 2025, with significant improvements in operational efficiency and integration with tourism [1][2][3] Passenger Transport Growth - In 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million, reflecting year-on-year growth of 10.5% and 5.5% respectively [2] - The growth in passenger transport is driven by the recovery and upgrading of consumer demand, supported by government initiatives to stimulate consumption and reduce travel costs [2][3] - The increase in demand for quality and personalized travel experiences, including family trips and events, has further expanded the aviation market [2] Operational Efficiency and Service Quality - The flight punctuality rate exceeded 90% in 2025, with major airports achieving a bridge access rate of 85.8% [3] - The cancellation of paper travel itineraries and the implementation of full luggage tracking services have improved service quality [3] - International flights have rebounded to over 90% of 2019 levels, with international passenger transport volume increasing by 21.6% [3][4] Cargo Transport Demand - The civil aviation sector achieved a cargo and mail transport volume of 1,017.2 million tons in 2025, marking a year-on-year increase of 13.3% [5] - Domestic and international cargo transport volumes grew by 7.3% and 22.1% respectively, with international market share rising to 44% [5] - The growth in cargo transport is attributed to strong demand for high-time-sensitive goods and innovations in logistics and management [5] Low-altitude Economy Development - The low-altitude economy saw significant growth, with general aviation flights totaling 1.218 million hours and the number of registered drones surpassing 3.28 million [5][6] - The establishment of a comprehensive low-altitude flight service network is underway, with 46 service stations built and connected across 23 provinces [6] Market Potential and Future Outlook - In 2026, the civil aviation industry aims to achieve a transport turnover of 1,750 billion ton-kilometers, passenger transport of 810 million, and cargo transport of 1,070 million tons [7] - The industry will focus on enhancing domestic air routes, developing differentiated service products, and promoting integrated transport solutions [7] - The civil aviation sector is set to accelerate its digital and green transformation, incorporating AI and sustainable aviation fuel initiatives [7] Low-altitude Economic Strategy - The development of low-altitude economic infrastructure is prioritized, with plans for comprehensive regulatory platforms and urban air traffic facilities [8] - The establishment of 50 low-altitude flight service stations is expected, enhancing digital management of flight operations [8]

自2026年1月1日起，证监会修订发布的《上市公司治理准则》正式施行，明确规定上市公司按照证券交 易所的规定发布可持续发展报告。A股上市公司ESG（环境、社会和公司治理）信息披露逐渐从"选做 题"变为"必答题"，A股市场逐步走入ESG强制披露时代。 随着ESG在全球范围内蓬勃兴起，近年来，越来越多A股上市公司拥抱ESG理念，积极履行社会责任， 主动进行信披。数据显示，共有2481家A股上市公司披露2024年ESG报告，披露率达46.09%。与此同 时，ESG信披正成为国际市场衡量A股上市公司高质量发展的"第四张报表"。截至2025年11月初，MSCI 中国A股指数成分股有36.8%的企业ESG评级提升，全球领先评级（AAA、AA级）的家数占比由2024年 底的7.2%大幅跃升至14%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家增长至 54家，折射出A股上市公司ESG信披的量质齐升。 "目前A股上市公司在能源消耗、水资源消耗等核心环境指标的披露率仍不足40%，供应链间接排放等关 键数据的披露率更是低至约5%，信息决策参考价值有待提高。"安永大中华区ESG可持续发展主管合伙 人李菁认为，要进一 ...

Core Viewpoint - India is facing challenges due to the European Union's implementation of the Carbon Border Adjustment Mechanism (CBAM), which is set to take effect on January 1, 2026, impacting India's high-carbon export industries, particularly steel and aluminum [1][2]. Group 1: Trade Negotiations - India and the EU have accelerated trade negotiations, completing 14 rounds, but have not yet reached a free trade agreement as of the new year [1]. - The Indian Minister of Commerce and Industry, Piyush Goyal, visited the EU to discuss key trade issues, marking the negotiations' entry into a critical phase [1]. Group 2: Carbon Border Adjustment Mechanism - The CBAM requires imports to the EU, including cement, steel, aluminum, and fertilizers, to pay carbon fees equivalent to the EU's carbon trading system, affecting over 100 billion USD of Indian exports [2]. - India's steel industry, which relies heavily on coal, has a carbon emission intensity of 2.55 tons of CO2 per ton of crude steel, higher than the global average of 1.9 tons [3]. Group 3: Economic Impact - The implementation of the CBAM could impose additional costs of approximately 290 USD per ton on Indian steel exports to the EU, potentially leading to tariffs of 20% to 35% on steel, aluminum, and cement [3]. - In 2024, India is projected to export 4.3 million tons of steel to the EU, valued at around 3.9 billion euros, making it the largest steel supplier to the EU [3]. Group 4: India's Response - India has consistently opposed the CBAM, arguing it unfairly shifts climate responsibilities to developing countries and undermines multilateral trade [4]. - Despite opposition, India is seeking solutions through negotiations, aiming for tariff exemptions or special arrangements while also pushing for domestic green transitions in high-carbon industries [5].

在长三角地区，利用新开通的合肥西站，优化合肥铁路枢纽分工，安排杭州东至郑州东、新乡东至潮汕 等16列动车组列车变更运行区段或运行径路；利用新开通的杭州至衢州高铁，安排开行武汉至杭州西、 婺源至上海虹桥等直通动车组列车20列，进一步密切各地与长三角地区的联系。 在东北地区，增开长白山至北京朝阳G字头动车组列车4列，增开加格达奇至天津、海拉尔至呼和浩特K 字头普速旅客列车各2列，提升东北地区进出关旅客运输能力；在亚布力西、横道河子东分别增加动车 组列车，方便旅客乘坐高铁去滑雪，服务冰雪经济发展。 同时，提升货运通道能力，优化物流产品供给，保障国民经济平稳运行。统筹运用线路、场站资源，安 排开行跨铁路局集团公司货物班列473列、大宗直达货物列车421列，提升煤炭、粮食、铁矿石等重点物 资运输保障能力，为冬季能源保供和国民经济平稳运行提供有力支撑。 （文章来源：经济日报） 1月26日零时起，全国铁路将实行新的列车运行图。调图后，全国铁路安排图定旅客列车12130列，较现 图增加243列；开行货物列车23748列，较现图增加177列，全国铁路客货运输能力和效率进一步提升， 运输产品供给持续优化，将更好地服务经济社会高质 ...

城市竞争，正从比拼GDP、比拼大项目，走向比拼对人的吸引力、比拼整体的宜居性与幸福感。哪座城 市能更快打破藩篱，营造出公平、包容、有归属感的环境，哪座城市就能在未来的人才争夺中占据先 机，赢得长期发展的核心资源。 近日，国务院常务会议研究推行常住地提供基本公共服务有关工作，瞄准未落户常住人口急难愁盼问 题，提出一系列政策举措。这意味着，基本公共服务从"认户口"向"认居住"转变将进一步加快落地，实 现"公共服务随人走"。 二是因地制宜，分类推进。强调"科学有序、因地制宜"，既构建全国统一的政策支撑体系，又为地方探 索留足空间，避免"一刀切"。 三是夯实保障，强化协同。"按照常住人口布局公共服务设施""加强服务事项协同经办"，直指资源错配 与跨区域衔接难题。通过构建"人地钱挂钩"要素保障体系，缓解人口流入地财政压力，为政策落地保驾 护航。 过去，公共服务资源多按户籍人口配置，是一种"静态"管理逻辑。推动常住地提供基本公共服务，将打 破公共服务与户籍身份的刚性绑定，转向以稳定居住、就业为依据，让未落户常住人口在教育、医疗、 社保、住房等领域，享有与户籍人口同等保障。 2024年我国常住人口城镇化率已达67%，户籍人 ...

Economic Overview - In the past year, China's economy faced challenges, with total retail sales of consumer goods exceeding 45.6 trillion yuan, growing by 4.0%, indicating that consumption remains a stabilizing force for the economy [1] - By the end of December, the number of business entities in China reached 195 million, with over 100 million tax-related entities, reflecting sustained market vitality [1] Consumer Trends - Consumer activity is shifting from traditional shopping to experiential scenarios, such as enjoying hot pot while watching movies or visiting stores for service experiences, indicating a new market dynamic focused on quality and experience [1] - The pursuit of quality and experience has become a new driving force in the market, presenting challenges for regulators [1] Platform Economy Regulation - The competition among platforms like JD.com, Taobao, and Meituan in the food delivery sector has led to significant investments, with nearly 100 billion yuan spent in just six months, resulting in improved service quality and better treatment for delivery personnel [2][3] - Regulatory bodies have played a crucial role in maintaining fair competition, shifting the focus from subsidy wars to enhancing service quality and ensuring food safety [2][3] Addressing Deep-rooted Issues - Regulatory efforts in 2025 targeted the "algorithmic hegemony" and unreasonable rules imposed by platforms, leading to the cancellation of controversial refund policies and the establishment of fairer trading conditions [3] - Major platforms committed to creating a win-win ecosystem for consumers, merchants, and delivery personnel, with initiatives to eliminate penalties for late deliveries and improve social security coverage for riders [3][4] Market Corrections - In 2025, major food delivery platforms collectively reduced merchant commissions by 52 million yuan, addressing issues of excessive fees and fines, thereby sharing growth benefits more equitably among ecosystem participants [4] - Regulatory measures included the introduction of compliance management documents and guidelines to enhance the scientific and standardized operation of online markets [5] Combatting "Involution" Competition - "Involution" competition, characterized by price wars and product homogeneity, has been identified as a significant challenge, prompting regulatory focus on promoting high-value competition rather than low-level price cuts [6][7] - The government has initiated actions against substandard products and unfair practices, with a focus on maintaining market integrity and safety [6][7] Food Safety and Standards - The "pre-prepared food" controversy highlighted the need for unified national standards in the food industry, leading to accelerated efforts in standard formulation and enhanced food safety regulations [9][10] - Regulatory bodies are emphasizing comprehensive food safety oversight across the supply chain, addressing public concerns about food safety and ensuring transparency in food production [10][11] Conclusion - The collective efforts in 2025 aimed to create a fairer and more trustworthy market environment, allowing all value-creating entities and workers to thrive, ultimately leading to a balance between market vitality and order [12]

Core Viewpoint - The Chengdu-Chongqing Economic Circle is emerging as a significant growth engine for high-quality development in China, with its economic output projected to increase from 6.4 trillion yuan in 2019 to 8.7 trillion yuan by 2024 [1] Group 1: Industrial Development - The Chengdu-Chongqing Economic Circle is focusing on building a modern industrial system that emphasizes collaboration, competition, and integration, enhancing its development capabilities and comprehensive strength [2] - The advanced manufacturing sector is being strengthened, with industrial added value expected to reach 2.42 trillion yuan in 2024, marking a 6.3% increase from the previous year [3] - The region is developing four trillion-yuan industrial clusters in electronics, equipment manufacturing, advanced materials, and specialty consumer goods, with the electronic information cluster projected to reach 1.72 trillion yuan by 2024, accounting for 10.6% of the national total [3] Group 2: Digital Economy - The digital economy is rapidly evolving, with significant advancements in digital infrastructure, including the establishment of 29 large and super-large data centers by August 2025, achieving a total computing power exceeding 20,000 P [4] - The integration of digital and physical economies is deepening, with industries such as big data, advanced computing, and blockchain experiencing accelerated growth [4] Group 3: Modern Service Industry - The modern service industry is showing significant improvement, with service sector added value projected to grow by 6.5% in 2024 [5] - The financial sector is expanding, with total deposits expected to reach 17.5 trillion yuan and loans 16.7 trillion yuan by 2024, reflecting annual growth rates of 9.6% and 12.6%, respectively [5] Group 4: Agricultural Development - The region is advancing modern, efficient, and characteristic agriculture, with total grain production expected to reach 38.116 million tons in 2024 [6] - Collaborative agricultural projects are being established, focusing on high-standard farmland and integrated agricultural parks [6] Group 5: Ecological Cooperation - The Chengdu-Chongqing Economic Circle is prioritizing ecological protection and pollution control, with a focus on collaborative governance to improve environmental quality [14][15] - The region has implemented a joint mechanism for environmental risk prevention and control, achieving a 100% compliance rate for water quality in 25 cross-border river monitoring points [15] Group 6: Consumer Market Development - The region is actively working to create an international consumption destination, with a focus on integrating consumption markets and enhancing infrastructure [19] - By 2024, the total retail sales of consumer goods in the Chengdu-Chongqing Economic Circle are expected to exceed 4 trillion yuan [21] - Efforts are being made to enrich consumer experiences through diverse consumption formats and innovative consumption scenarios [22]

释放两者融合赋能效应，有待解决基础设施、数据互通等瓶颈。具体来看，应提高工业互联网平台智能 化水平，提升工业智算供给能力和利用效率；打破工业领域的数据壁垒，让不同来源、不同格式的工业 数据实现有效联通与共用；鼓励工业企业提升研发、制造、运维全环节的智能化水平，促进工业互联网 和人工智能在重点行业、重点产业链融合应用；加强工业互联网与人工智能标准体系衔接，加快工业通 信芯片、工业传感器、工业控制系统等技术产品创新。 敏锐灵动的人工智能遇上沉稳厚重的工业互联网会怎样？工业和信息化部近日印发《工业互联网和人工 智能融合赋能行动方案》，这是"人工智能+"行动的重要一环，既有利于人工智能和工业互联网自身的 创新发展，也将推动两者互促融合，共同赋能制造强国和网络强国建设。 人工智能与工业互联网牵手，将为中国制造插上"智能翅膀"。我国制造业增加值规模连续15年居全球首 位，还建成了全球规模最大、技术领先的信息通信网络，为工业互联网和人工智能融合赋能提供了高速 网络通道、海量数据资源和丰富应用场景，将重塑中国制造新优势，为制造强国建设注入新动能。 为什么是"人工智能+工业互联网"？先看人工智能，这是引领新一轮科技革命和产业变 ...

Group 1 - The core achievement of Beijing Changmugu Medical Technology Co., Ltd. includes covering 30 provincial-level administrative regions and over 200 major cities, with thousands of top-tier hospitals served and tens of thousands of patients treated during the "14th Five-Year Plan" period [1] - The company has developed the ROPA orthopedic intelligent surgical robot, which has become a "star product" due to its technological innovation, filling a gap in artificial intelligence within the orthopedic surgical robot field [1] - The rapid development of the company is supported by the robust industrial foundation and talent pool in Beijing E-Town, which provides comprehensive development support through various measures including policy support and innovation resources [1] Group 2 - The "14th Five-Year Plan" is seen as a period of explosive technological innovation, with Changmugu successfully integrating "AI + robotics" to create a systematic orthopedic intelligent solution, promoting the ROPA robot for large-scale clinical application [2] - Looking forward to the "15th Five-Year Plan," the company aims to enhance the accessibility and standardization of medical services by promoting high-end intelligent medical equipment in clinical settings, especially in grassroots medical institutions [2] - The company plans to continue deepening the integration of artificial intelligence and surgical robot technology, fostering a more open and collaborative industrial ecosystem, while also seeking international cooperation for broader recognition of Chinese smart medical solutions [2]

"十五五"规划建议提出，构建现代化基础设施体系，适度超前建设新型基础设施。作为浙江省台州市光 电产业创新中心主任、上海光机所光电装备部负责人，我亲历了这个"新型基础设施"从无到有、从弱到 强的每一步。 未来，我们要靠着"浙里光谷"的平台优势，啃下光电领域的技术难点，让更多"台州造"的光电芯亮起 来。 （文章来源：经济日报） "十五五"时期，中心将联合长三角的行业协会、龙头企业，把光电技术成熟度的评价标准统一起来，努 力形成"需求清单—成果—匹配"的闭环，企业缺什么技术，我们就对接什么成果，精准滴灌才更有效； 还要组建一支专业服务团队，从项目对接、技术攻关到落地投产，一跟到底，让更多光电高精尖项目感 受"拎包入住"办企业的便利。 中试服务能力逐步加强。我们要建省级中试平台，冲刺国家级质检中心，让我们的检测报告从"自己 认"变成"全国认"。争取一年能接5个到10个中试项目，把成果转化成功率提到70%以上，再把政策、金 融、人才培训这些服务打包，做成一个综合服务链，不仅服务本地企业，还要向长三角开放，提升长三 角地区的光电产业服务能力。 此外，我们要搞专项引才计划，瞄准光电装备研发的关键岗位，精准招才。还要创新"专 ...