Core Viewpoint - In 2025, securities firms actively seized market opportunities and issued bonds to raise funds, with total bond issuance reaching 1.8 trillion yuan, a year-on-year increase of approximately 45%, marking a historical high [1] Group 1: Strengthening Capital Strength - The enthusiasm for bond issuance among securities firms increased in 2025, with large-scale bonds frequently appearing, such as China Merchants Securities planning to issue bonds up to 40 billion yuan and CITIC Securities up to 50 billion yuan [2] - Leading securities firms like China Galaxy, Huatai Securities, and CITIC Securities have issued over 100 billion yuan each, collectively accounting for nearly 30% of the total industry bond issuance [2] - The historical high in bond issuance is attributed to market demand, policy environment, and the industry's development stage, with a growing need for operational funds and capital [2] Group 2: Financing Costs and Uses - The average interest rate for bond issuance by securities firms dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs [3] - The primary uses of bond financing include repaying maturing debts, supplementing operational funds, optimizing capital structure, and meeting business operational needs [3] - As a capital-intensive industry, securities firms can use bond issuance to reduce reliance on short-term funds and support business expansion [3] Group 3: Empowering Technological Innovation - The types of bonds issued by securities firms have diversified, with a notable increase in the issuance of technology innovation bonds, totaling 64 bonds worth approximately 74.5 billion yuan in 2025 [4] - Securities firms are actively issuing technology innovation bonds to better support technological innovation and the development of new productive forces [4] - The issuance of convertible bonds linked to technology innovation is designed to attract patient capital and provide long-term low-cost funding for enterprises [5] Group 4: Efficient Use of Funds - While the active bond issuance by securities firms meets capital and business development needs, there are potential challenges regarding inefficient fund allocation [7] - The China Securities Regulatory Commission emphasizes the need for differentiated regulation, encouraging quality institutions while imposing restrictions on weaker ones [7] - Securities firms are advised to enhance their risk management and ensure prudent use of funds, with a focus on optimizing capital and debt structures [7][8]

英特尔与联电（2303）传将进行「世纪大合作」，英特尔要把独家用于下世代埃米级制程与先进封装关 键的独家技术「Super MIM」超级电容授权联电，联电技术能力将大跃进，双方并将携手抢攻AI世代大 商机，树立台美半导体合作新里程碑。 对于相关消息，联电表示，目前与英特尔的合作重心仍放在12奈米平台，持续强化制程竞争力与客户服 务，但未来不排除扩大合作范围，朝更多元技术领域发展。 该技术可在芯片内部即时提供瞬间电流支援、抑制电压下陷与电源杂讯，被视为18A等埃米级制程能否 顺利量产的关键电力基础模组之一。 消息人士透露，英特尔正规划优先将Super MIM超级电容技术向下导入与联电既有合作的12奈米／14奈 米制程平台，并延伸至先进封装相关应用。 业界分析，透过取得英特尔相关授权，联电在关键电力技术先行商品化与模组化再迈进大步，并建立其 成熟先进制程与先进封装领域差异化技术门槛。 若联电成功导入英特尔Super MIM超级电容技术，将不仅是单一制程优化，而是取得「先进电力模组」 这项跨世代关键能力，有助其切入AI加速器、高速运算、先进封装电源层等高附加价值应用，对联电 整体技术平台与客户结构具指标意义。 消息人 ...

■当地时间25日，随着一架搭载278名乘客的中国国际航空公司客机24日晚降落在阿联酋阿布扎比扎耶 德国际机场，国航北京至阿布扎比直飞航线顺利完成首航，标志着中阿两国首都之间首次实现由中国航 司执飞的直达互联。 ■据南非方面23日消息，世界经济论坛非洲峰会将于停办7年后恢复，于2027年4月在南非举办。 ■日前，中央军委印发《军队党组织选举工作规定》，自2026年2月1日起施行。 ■商务部最新数据显示，2025年全国新设立外商投资企业70392家，同比增长19.1%；实际使用外资金额 7476.9亿元人民币。其中，服务业实际使用外资比重达72.9%，为历史较高水平。 ■2025年，位于山东青岛的上合示范区对上合组织其他成员国进出口1024.4亿元，同比增长37%。进口 规模持续扩大，有效推动我国与上合组织其他成员国间的贸易往来。 ■2025年，全国电力市场交易电量达6.6万亿千瓦时，同比增长7.4%，其中，跨省跨区交易电量同比增长 11.6%。 ■"十四五"期间，全国累计发放住房公积金个人住房贷款6.5万亿元，支持缴存人提取9.4万亿元用于住房 消费，36个城市开展了灵活就业人员参加住房公积金制度试点。 ■20 ...

Core Insights - The express delivery industry in China is projected to achieve a revenue of 1.5 trillion yuan and a volume of 198.95 billion packages by 2025, indicating a growth of 6.5% and 13.6% respectively [2] - The industry is expected to maintain a stable growth trajectory, enhancing its role in economic and social development [2] Industry Growth and Integration - The express delivery sector is increasingly integrating with modern agriculture and e-commerce, exemplified by the successful transportation of peony flowers, which has seen online sales rise from under 20% to 60% in three years [4][5] - The express delivery network has expanded significantly, with rural areas seeing a 1.5-fold increase in service points over the past five years, ensuring comprehensive coverage [5][8] Service Quality Improvement - The express delivery service quality index reached 650.8 in December 2025, with customer satisfaction improving to 85 points, reflecting a focus on enhancing service experiences [6][7] - New logistics solutions, such as temperature-controlled supply chains and dedicated transport routes, have been implemented to ensure the freshness of perishable goods [4][6] Sustainable Development Initiatives - The industry is shifting towards sustainable practices, emphasizing quality over speed and integrating advanced technologies like AI and automation to enhance operational efficiency [10][11] - Efforts are being made to improve the logistics network, particularly in rural areas, to support domestic circulation and ensure equitable access to postal services [11]

| 序 | 借款人 | 借款合同名 | | 担保合同名称 | | 原贷款行/ | | --- | --- | --- | --- | --- | --- | --- | | 특 | 名称 | 称及编号 | 担保人名称 | 及编号 | 各注 | 初始债权 | | | | | | | | 1 | | 1 | | | 胡振匆、白家庄 | | 同 一笔借款合 同,共发放内 笔,本笔借据 | 北京银行 股份有限 | | | | | 国大置业房产 | | | | | | | 《借款合同》 | | | | | | | | 0492219 | 服务集团有限 | | | 公司石家 | | | | | 公司、赵北辰、 | 0492219 001 | 编号为 | | | | 国御温 | | | 0492219 002 | | 圧分行 | | | | | 国御温泉度假 | | 0492219001 | | | | 泉度假 | | 小镇股份有限 | 0492219 003 | | | | | 小镇股 份有限 公司 | 《借款合同》 | | 0492219 004 0492219 006 | | 北京银行 股份有限 | | | | | ...

Core Insights - The central economic and rural work meetings in 2025 have systematically deployed strategies for "three rural issues," emphasizing the importance of agricultural insurance in supporting rural revitalization and food security [2] - Agricultural insurance premiums in China have steadily increased, with a total payout of 9 trillion yuan during the 14th Five-Year Plan, marking a 61.7% increase compared to the previous plan [2] - The agricultural insurance sector is evolving from cost coverage to income protection, addressing significant disaster risks associated with agricultural production [4] Agricultural Insurance Development - The planting areas of rice, wheat, and corn account for over 80% of China's total grain area, with these crops being the main focus of agricultural insurance policies [3] - The development of agricultural insurance has progressed in stages every 5 to 6 years, with the introduction of basic insurance in 2007 and the expansion of comprehensive cost and income insurance starting in 2018 [3] - In 2023, agricultural insurance payouts exceeded 2.6 billion yuan due to adverse weather conditions affecting wheat crops, demonstrating the critical role of insurance in mitigating farmers' losses [3] Expansion of Coverage - The scope of comprehensive cost and income insurance is expanding, with new policies for sugarcane and soybeans set to cover more regions by 2026 [4] - The establishment of a disaster model for major crops aims to assess risks from various natural disasters, enhancing the insurance framework [4] Specialized Agricultural Products - Agricultural insurance in China is categorized into central government-subsidized products and local specialty products, with a focus on expanding coverage and improving product offerings [5] - Insurance products tailored for geographical indication agricultural products have been developed, providing significant risk coverage for specific crops [5] Technological Integration - The insurance sector is increasingly adopting digital transformation to enhance efficiency in underwriting and claims processing, with a focus on a comprehensive risk management service model [7] - The use of advanced technologies such as drones and AI is being encouraged to improve the accuracy and timeliness of insurance services [10] Future Outlook - By 2025, agricultural insurance premiums are projected to exceed 155 billion yuan, providing risk coverage for over 1.25 billion farmers [11] - The Ministry of Finance plans to continue enhancing the quality and efficiency of agricultural insurance, with a guiding document expected in 2026 to support high-quality development [11]

作为"十五五"规划的开局之年，2026年，投资市场的结构性特征日益显现。钱往哪里流，又该往哪里 投？关注版今天起推出"2026年钱往哪儿投"系列报道，展望市场前景，探寻市场机会。 2026年，大宗商品市场站在新一轮周期的关键节点。传统的"经济复苏—需求回升—价格上涨"线性模式 被打破，一个由地缘政治、产业转型、金融属性与政策博弈交织驱动的复杂体系正在形成。在全球经济 深度调整的背景下，大宗商品市场正在用价格语言，注释一场关于发展模式、资源配置与未来竞争力的 深刻变革，大宗商品市场正在从"宏观风向标"，进一步变成"安全温度计""产业晴雨表""金融放大器"。 市场趋于分化 长期以来，大宗商品往往呈现出较强的同涨同跌特征：全球增长预期上行，工业品普涨；衰退担忧升 温，商品普跌。但进入2026年，这种"宏观共振"正在退潮，"品种逻辑"成为主导。所谓品种逻辑，就是 每一种商品的价格更取决于自身产业链结构、供给约束、政策与地缘扰动，而非简单跟随某一个宏观变 量。 其背后是三种分化在同时发生。第一种分化，发生在需求端：传统需求（地产、传统制造、燃油交通） 边际放缓，而新需求（电网升级、储能与算力基础设施、新能源车产业链）仍 ...

水电开发有力推动了四川能源结构的持续优化，助力四川加快构建以水电为基础、风电和光伏为重要补 充的清洁能源"双主体"电源结构。在四川水电装机突破1亿千瓦之际，依托两河口超级水库电站打造 的"绿电+算力"融合项目——两河口算电融合示范项目在甘孜州正式投运，这是国投集团雅砻江公司探 索新能源与新兴产业融合互促的重要举措。"雅砻江流域处于成渝地区国家枢纽节点周边，建设智算产 业与'东数西算'工程布局高度契合，公司将以两河口算电融合示范项目为契机，探索'源网荷储'一体化 绿电直供，积极承接'东数西算'等国家重大战略，推动公司从能源供应商向'能源+算力'综合服务商转 型。"国投集团雅砻江公司党委书记、董事长孙文良说。 业内人士介绍，四川水电仍有一定可开发空间，未来其功能定位将逐渐从单一电量供应转向电量供应与 灵活调节并重。作为全国清洁电力供给枢纽，四川还将持续推动清洁能源结构优化升级，从"水电大 省"向清洁能源强省和绿色低碳产业高地跨越。 "千河之省"四川，水电资源技术可开发量居全国首位，水电开发已走过百年历程。近期，随着攀枝花银 江水电站最后一台机组顺利并网，四川水电装机规模突破1亿千瓦，约占全国水电装机总量的四分之 ...

2025年，世界经济在多重挑战中展现出复杂图景：一方面，美国加征关税举措冲击多边贸易体系，也推 升美元信用风险，带动全球避险情绪升温，地缘冲突持续扰动全球产业链供应链；另一方面，人工智能 投资浪潮与绿色转型加速推进，全球南方国家群体性崛起，为经济增长注入新动能。 国际货币基金组织（IMF）预计2025年全球经济增速为3.2%，但增长质量与结构性问题凸显，发达经济 体与新兴市场分化加剧，全球经济格局正经历深刻变革。世界经济的这种状态被联合国贸发会议概括 为"脆弱韧性"——表面稳定但内在疲弱，易受外部冲击影响。这也表明，世界经济的底层逻辑逐步从多 年来的效率优先转向安全与韧性并重，在分化与重塑中不断探寻新平衡。 全球增长格局放缓与分化加剧 2025年，全球经济增速普遍放缓但内部分化加剧的特征显著。 多家国际机构报告显示，发达经济体增长面临较大挑战。美国经济增速降至2.0%，欧元区与日本分别 仅为1.3%和1.1%，均面临外部需求疲软与结构改革停滞的挑战。 增长放缓背后有着深层次的结构性原因。首先，人口老龄化问题在多数发达经济体持续加剧，例如日本 65岁以上人口占比已超过30%，严重制约劳动力供给和创新活力。其次， ...

Core Insights - The rise of "Lao Cao" cultural products, such as "Lao Cao Little Horse" and "Lao Cao Little Dog," reflects a successful capture of consumer emotional needs, positioning emotional value as the core competitive advantage in the cultural and creative economy [1][2] Group 1: Emotional Consumption - The popularity of "Lao Cao" products stems from a precise understanding of the emotional consumption trend, with the "Lao Cao Little Horse" embodying a unique spirit of "carefree yet wild" that resonates with consumers [2] - Consumers feel empowered by owning a "Lao Cao Little Horse," which symbolizes freedom of expression and personal style [2] Group 2: Cross-Industry Collaboration - The "Lao Cao" IP has created a commercial ecosystem through cross-industry collaborations, integrating into daily consumption scenarios via partnerships with coffee and chocolate brands [2] - This integration fosters a complete chain of "content seeding—product consumption—social dissemination," enhancing the cultural symbol's influence and driving the collaborative development of related industries such as design and tourism [2] Group 3: Simplified Creativity - Despite the name "Lao Cao," these cultural products are not poorly made; they represent a wisdom of simplification, accurately distilling cultural symbols rather than oversimplifying them [2][3] - The "Lao Cao Little Horse" draws inspiration from Qi Baishi's painting, while the "Lao Cao Little Dog" captures the daily life of pets through simple yet profound artistic expression [2] Group 4: Emotional Connection - The success of "Lao Cao" cultural products highlights that the competitiveness of cultural and creative products ultimately returns to emotional care and value recognition for consumers [3] - By embracing authenticity over perfectionism, these products resonate more deeply with consumers, demonstrating that the essence of creativity lies in emotional connections rather than complex designs [3]