2025年是中国国潮品牌的"高光之年"，其影响力从国内延伸到海外。在中国，整个夏天，泡泡玛特的拉 布布（LABUBU）一"布"难求;冬天，"星星人"又跟喜茶联名推出奶茶。这一年，黄金品牌老铺黄金在 新加坡开设首家海外门店；喜茶"三倍厚抹"被海外消费者视为"时髦单品"，一度卖到售罄。在泰国， LABUBU还被授予"神奇泰国体验官"的称号，其在曼谷MEGA BANGNA商场开设的主题店，首日营业 额就突破千万元人民币。 没有语言门槛，无需背景介绍，仅凭一句简单的"LABUBU"、一杯印着小人头像的奶茶，就能够在世界 范围引起共鸣，中国国潮成为不同国家消费者之间进行跨文化交流的语言。 喜好大不同 艾媒咨询最新发布的《2025年中国国潮经济消费行为调查数据》显示，中国消费者对潮流品牌的偏好主 要集中在国内品牌上，占比高达85.79%，远超国外品牌。这表明国内潮流品牌在中国市场上具有较高 的认可度和影响力，已在消费者心中占据主导地位。 从各国消费者的留言来看，他们对中国国潮商品的喜爱主要源于对可爱设计、美学价值、卓越品质、健 康属性以及情绪价值的普遍追求。正是这些全世界消费者共通的情感，让国潮得以跨越地理和文化边 界。 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) is actively addressing challenges in the global energy landscape by focusing on unconventional oil and gas resources, innovation, and green energy solutions, aiming to ensure energy security and sustainable development [1][9]. Unconventional Oil and Gas Development - Unconventional oil and gas, including shale oil, shale gas, and coalbed methane, require new technologies for economic extraction due to their unique geological characteristics [2]. - China has significant reserves of unconventional resources, with shale oil recoverable reserves ranking third globally and shale gas reserves being among the highest in the world [2]. - The strategic focus on unconventional resources has been emphasized in China's 14th Five-Year Plan, particularly as conventional oil fields face production challenges [2][3]. Production Milestones - CNPC announced that shale oil production has surpassed 7 million tons annually, marking a significant step towards large-scale development of unconventional resources [3]. - The contribution of unconventional oil and gas to national energy security is increasing, transitioning from potential resources to actual production capacity [3]. Technological Innovations - CNPC has made substantial advancements in technology for unconventional oil and gas extraction, with successful projects reported in various basins such as Ordos and Sichuan [4][6]. - The Longqing Oilfield has achieved a production milestone of over 20 million tons of shale oil, becoming the first large-scale producer of continental shale oil globally [4]. - Innovative techniques, such as the "multi-stage, fewer clusters" fracturing method, have been developed to suit China's geological conditions, enhancing production efficiency [6][7]. Green Energy Initiatives - CNPC is committed to integrating green and low-carbon principles into its unconventional oil and gas operations, achieving significant reductions in land use and emissions [9][10]. - The company has implemented advanced technologies for water conservation and carbon dioxide management, contributing to both production efficiency and environmental sustainability [9][10]. - The development of solar energy systems at oil fields has further enhanced CNPC's green transformation efforts, with substantial reductions in carbon emissions reported [10]. Future Outlook - Looking ahead, CNPC plans to deepen research into the characteristics of unconventional resources and enhance management practices through digital transformation [11].

Core Viewpoint - China National Petroleum Corporation (CNPC) has achieved a significant milestone with shale oil production exceeding 7 million tons annually, marking a new phase in the large-scale development of continental shale oil, which is crucial for national energy security [1] Group 1: Unconventional Oil and Gas Development - Unconventional oil and gas, including shale oil, tight oil, and coalbed methane, require new technologies for economic extraction, as traditional methods are insufficient [2] - China ranks third globally in shale oil recoverable reserves and has substantial shale gas resources, with over 40 trillion cubic meters of coalbed methane predicted [2] - Since the 14th Five-Year Plan, CNPC has intensified exploration and development of unconventional oil and gas, achieving significant production increases across various basins [2][3] Group 2: Shale Oil Production Achievements - In the Ordos Basin, the Changqing Oilfield has reached a cumulative shale oil production of over 20 million tons, becoming the first continental shale oil field to achieve large-scale development [3] - The Jimsar National Shale Oil Demonstration Zone in the Junggar Basin has produced over 1.7 million tons of shale oil annually, addressing major challenges in the industry [3] - The Daqing Gulong Shale Oil National Demonstration Zone aims to exceed 1 million tons in production by 2025, contributing to the long-term sustainability of oil fields [3] Group 3: Coalbed Methane Development - Coalbed methane is gaining international recognition, with geological resources in China estimated at 50 trillion cubic meters [4] - CNPC has identified three major gas fields in the Ordos Basin, with geological reserves surpassing 500 billion cubic meters [4] - By 2035, China aims to establish a production capacity of over 30 billion cubic meters of coalbed methane, which is vital for energy security [4] Group 4: Technological Innovations - CNPC has developed key technologies for coalbed methane extraction, enhancing production capabilities [5] - The company has shifted from using North American methods to developing its own techniques tailored to China's geological conditions, resulting in improved production outcomes [6][7] - The Gulong shale oil field has seen successful application of innovative extraction methods, leading to increased confidence in domestic shale oil development [7] Group 5: Green Development Initiatives - CNPC has reached a "clean replacement" phase in its renewable energy business, integrating green low-carbon principles into unconventional oil and gas development [9] - The company has implemented land-saving and clean production practices, significantly reducing water usage and carbon emissions [10] - CNPC's initiatives in solar energy and carbon sequestration are contributing to its green transformation and supporting low-carbon energy transitions [10] Group 6: Future Goals and Strategies - CNPC aims to achieve a technological revolution in shale gas development by 2030, focusing on innovation and digital transformation [11] - The company plans to enhance management practices and scientific research in unconventional resource development to improve efficiency and effectiveness [11]

Core Viewpoint - The Chinese government is accelerating the integration of artificial intelligence in the manufacturing sector to enhance productivity and support the transition from a manufacturing powerhouse to an intelligent manufacturing leader [1] Group 1: Progress in Digital Transformation - Since the 14th Five-Year Plan, traditional manufacturing has made significant strides in digital transformation, achieving breakthroughs in industrial clusters, management reform, technological innovation, and brand building [1] - China has established over 30,000 basic intelligent factories, more than 1,200 advanced intelligent factories, and over 230 excellent intelligent factories, showcasing the emergence of benchmark enterprises in traditional manufacturing sectors [1] - By September 2025, China is expected to have 85 "lighthouse factories," leading globally in smart manufacturing standards [1] Group 2: Challenges in Digital Transformation - The digital transformation of traditional manufacturing is a long-term systemic project facing challenges such as reliance on imported core technologies like high-end chips and industrial software [2] - Many traditional enterprises lack a holistic view of smart manufacturing, leading to difficulties in integrating technology with operations and addressing the "data silo" issue [2] - There are significant disparities in smart manufacturing capabilities among enterprises, with small and medium-sized enterprises (SMEs) needing to enhance their transformation capabilities [2] Group 3: Strategies for Accelerating Transformation - The strategy involves constructing an industrial ecosystem that promotes collaboration between advanced enterprises and SMEs, focusing on innovation and shared resources [3] - Emphasis on deep integration of technology, management, and strategy to create a comprehensive smart manufacturing system that addresses the "data silo" problem [3] - The approach includes enhancing green manufacturing and service-oriented manufacturing through digital empowerment [3] Group 4: Innovation and Talent Development - Strengthening original innovation by focusing on critical areas such as high-end chips and industrial software to build a self-owned intellectual property system [4] - Cultivating full-stack intelligent manufacturing service providers to enhance systematic service capabilities and create value in collaboration with manufacturing enterprises [4] - Promoting integrated education and talent development to address the pain points of digital transformation in manufacturing, optimizing academic structures, and fostering interdisciplinary high-end talent [4]

Group 1 - The primary obstacle for elderly individuals in tourism is the "age threshold," which has become a significant barrier to their travel experiences [1] - Travel agencies are implementing differentiated restrictions for elderly travelers, such as refusing high-age tourists, requiring family accompaniment, signing liability waivers, and providing health certificates, which has become a norm in the elderly tourism industry [1] - The practice of using age as a hard criterion for risk management may lead to consumer discrimination against the elderly, violating the principles of fair trade in the market [1] Group 2 - The government has emphasized the need to replace age constraints with health status assessments, as outlined in the State Council's opinions on developing the silver economy and enhancing the well-being of the elderly [2] - Travel companies are encouraged to develop refined and diversified products tailored to the needs of the elderly, focusing on areas such as health care, cultural experiences, and photography [2] - Financial innovation is essential to support the elderly tourism market, including the development of suitable insurance products that provide adequate coverage at reasonable prices [2]

一系列案例显示，退市不是追责的终点。中央财经大学教授、资本市场监管与改革研究中心主任陈运森 表示，部分问题公司将退市视为一种软着陆的方式，试图通过摘牌来逃避公众监督和监管追责。退市不 免责，能有效防止劣币驱逐良币，维护广大中小投资者的合法权益，体现了我国资本市场公开、公平、 公正的重要原则。 退市绝非把公司的弊病一笔勾销，责任无休的背后是长牙带刺、全面从严的监管趋势。新"国九条"明确 提出加大退市监管力度，要求进一步强化退市监管，严格退市执行，严厉打击财务造假、操纵市场等恶 意规避退市的违法行为；健全退市过程中的投资者赔偿救济机制，对重大违法退市负有责任的控股股 东、实际控制人、董事、高管等要依法赔偿投资者损失。《关于进一步做好资本市场财务造假综合惩防 工作的意见》提出，优化证券监管执法体制机制，加大全方位立体化追责力度，加强部际协调和央地协 同。 □ 退市绝非把公司的弊病一笔勾销，责任无休的背后是长牙带刺、全面从严的监管趋势。近年来，监管 部门持续加大对退市公司监管力度，对于公司退市前的违法违规行为坚持"一追到底"，决不允许"一退 了之"。 □ 上市公司的行为涉及多方主体，责任复杂交织，退市后如何清晰公平地 ...

1月23日上午，辽宁省大连市政府新闻办公室举行新闻发布会。会上，发布了2025年全市经济运行情 况。2025年，大连全市地区生产总值10002.1亿元，按不变价格计算，同比增长5.7%。 由此，大连成为东北首座GDP破万亿元城市。 填补东北地区万亿元GDP城市空白 辽宁大学校长余淼杰在接受经济日报记者采访时表示，这向外界传递出重要信息——东北经济的全面振 兴是非常有希望的，东北经济的明天会更好；大连已经成为带动东北经济高质量发展的龙头和对外开放 的窗口，彰显出示范作用和模范力量。 "实现GDP突破万亿元，标志着大连经济发展迈上新台阶、进入新阶段。"在东北财经大学东北全面振兴 研究院院长周学仁看来，这填补了东北地区万亿元GDP城市的空白，重塑区域发展信心，为东北全面振 兴注入强劲动力、提振发展信心。GDP突破万亿元大关为大连进一步发挥带动示范效应增添了底气，使 其在东北全面振兴进程中"跳高队"的角色定位更清晰、作用更凸显。 虽然GDP突破万亿元了，但这在全国来说并不鲜见。大连还有哪些瓶颈需要突破，如何走好经济高质量 发展之路？ 大连海事大学航运经济与管理学院教授李焱坦言，大连还面临着产业转型升级动能不足、高级要 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of a moderately loose monetary policy to support key areas such as domestic demand, technological innovation, and small and medium-sized enterprises as part of the "14th Five-Year Plan" [1][2]. Monetary Policy Implementation - The People's Bank of China (PBOC) will implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [2]. - The PBOC plans to maintain ample liquidity and align social financing scale and money supply growth with economic growth and price level expectations, indicating room for further cuts in reserve requirement ratios (RRR) and interest rates this year [2]. - Structural monetary policy tools will be optimized to enhance support for major strategies and key areas, with recent policy adjustments already made to improve these tools [2]. Financial Market Stability - The PBOC aims to maintain stable financial market operations and manage expectations, ensuring the RMB exchange rate remains stable at a reasonable level [3]. - There will be a focus on strengthening supervision across various markets, including bonds, foreign exchange, and gold, while establishing mechanisms to provide liquidity to non-bank institutions under specific scenarios [3]. Monetary Policy Framework - The PBOC will optimize the monetary policy target system, reducing emphasis on quantitative targets and allowing for more effective interest rate adjustments [4]. - A market-oriented interest rate formation and transmission mechanism will be improved to enhance the flow of central bank policy rates to market rates [4]. - The PBOC will enhance the structure of monetary policy tools to better guide financial institutions in optimizing loan allocations [4]. Macro-Prudential Management - The PBOC will strengthen monitoring and assessment of systemic financial risks, establishing a standardized and systematic framework for risk evaluation [6]. - There will be an expansion of macro-prudential management coverage to include new areas such as financial markets and internet finance [6]. - The PBOC aims to improve the legal and governance mechanisms for macro-prudential management, coordinating it with monetary policy and micro-prudential regulation [6]. Support for Key Areas - The PBOC will enhance policy support for expanding domestic demand, technological innovation, and small and medium-sized enterprises, with specific measures to improve financial services for these sectors [7]. - A dedicated fund of 500 billion RMB will be established to support consumption and elderly care, while 1.2 trillion RMB will be allocated for technological innovation and transformation [7]. - The PBOC will increase the re-lending and re-discount quotas for small and micro enterprises, aiming to improve financing accessibility and affordability [7]. Collaboration and Coordination - The PBOC will strengthen collaboration with various government departments to enhance information sharing and service capabilities [8]. - There will be an emphasis on improving the internal incentive mechanisms of financial institutions and enhancing the use of financial technology [8]. - Coordination between monetary and fiscal policies will be prioritized to amplify the effects of financial support [8]. International Financial Cooperation - The PBOC will actively engage in global financial governance reforms and international cooperation, promoting a fair and inclusive global financial governance system [9]. - Efforts will be made to deepen financial sector openness and support the internationalization of the RMB [9]. - The PBOC will participate in international financial governance and cooperation, focusing on macro policy coordination and the development of international financial regulatory rules [10].

Core Insights - Hainan Free Trade Port has shown a vibrant economic landscape with significant growth in foreign trade and investment since its closure on December 18, 2025, with daily average purchases of duty-free goods reaching 24,000 [1][5] Policy Implementation - The implementation of the free trade port policy framework, characterized by "one line open, one line controlled, and free movement within the island," has led to a smooth operation and initial positive outcomes within the first month of closure [1][3] - The customs department reported that the "zero tariff" policy has been fully implemented, enhancing the attractiveness of Hainan for foreign trade and investment [1][2] Trade and Economic Data - In the first month post-closure, the total import and export value through Hainan's open ports reached 16.368 billion yuan, a 3.6% increase [2] - The number of inbound and outbound travelers reached 289,100, with an average of 9,300 daily, marking a 31.3% increase [2] - The duty-free shopping amount reached 4.86 billion yuan, with a 95.2% increase in spending and 74.5 million shoppers [5] Consumer Behavior - The duty-free shopping sector has seen a surge in consumer interest, with significant increases in both the number of shoppers and the total amount spent [5] - The average daily shopping amount reached 160 million yuan, exceeding pre-closure levels [5] Logistics and Operational Efficiency - The establishment of a 100,000 square meter intelligent logistics park has improved logistics efficiency by approximately 35%, facilitating faster product turnover and timely restocking [5] - The average customs clearance time has been reduced by 27%, enhancing the overall efficiency of goods and personnel movement [6] Business Growth and Investment - Companies are benefiting from the policy advantages, with examples like China Petroleum & Chemical Corporation reducing production costs significantly due to the processing and value-added tax exemptions [7] - The influx of foreign investment is evident, with companies like Bao Aofeile leveraging the favorable policies for their operations in Hainan [7] Market Outlook - The positive market response reflects confidence in Hainan's long-term development and the effectiveness of China's institutional opening to attract global resources [8]

2025年中国经济顶压前行、向新向优，"十四五"实现圆满收官。"十五五"新征程已经开启，开局之年看 发展之势，中国经济有基础有条件保持稳定向好运行，确保"十五五"开好局、起好步。 看态势，我国经济长期向好的基本面没有改变，支撑高质量发展的积极因素不断累积强化。"十四五"时 期，我国经济总量相继跨越110万亿元、120万亿元、130万亿元、140万亿元4个重要关口，5年经济增量 超过36万亿元，经济实力、科技实力、国防实力、综合国力跃上新台阶，充分彰显了经济的强大韧性和 潜能。我国稳居世界第二大经济体和制造业第一大国，货物贸易规模全球第一，是全球第二大消费市场 和第一大网络零售市场，具备应对各类风险挑战的能力与底气。观察中国经济，既看"体量"，更看"体 质"。我们依靠创新为高质量发展赋能，2025年研发经费投入强度首次超过经合组织国家平均水平，原 创性、颠覆性创新成果大量涌现，人工智能、生物医药、机器人等研发和应用处在全球第一梯队，绿色 低碳转型深入推进，数字经济蓬勃发展。我国经济社会发展取得的新的重要成就，为继续跑好"十五 五"新征程奠定了更加坚实的基础。 看优势，我国经济基础稳、优势多、韧性强、潜能大，中国 ...