21世纪经济报道记者吴佳楠深圳报道 2月6日晚间，沙河实业股份有限公司（简称"沙河实业"）公告重大资产重组预案，拟以支付2.74亿元现金的方式购买深业鹏基（集团）有限公司持有的深圳 晶华显示电子股份有限公司（简称"晶华电子"）70%股份。 | | | | | 单位: 力元 | | --- | --- | --- | --- | --- | | 项目 | 交易前 | 交易后(备考) | 交易前 | 交易后(备考) | | 财务指标 | 2025年9月 30日 | | 2024 年 12月 31 日 | | | 总资产 | 231,847.45 | 278.041.09 | 219,114.95 | 259,862.00 | | 总负债 | 67.556.27 | 113,305.62 | 51,575.71 | 88,232.14 | | 归属于母公司的所有者权益 | 159.132.48 | 151,230.91 | 162,354.72 | 157.005.58 | | 资产负债率 | 29.14% | 40.75% | 23.54% | 33.95% | | 财务指标 | 2025年1-9月 | | 20 ...

证监会重拳：开年19家公司被立案或处罚 A股零容忍持续升级 21世纪经济报道 崔文静 近期，资本市场迎来了一轮密集且严厉的监管动作，清晰地勾勒出一条从立案到处罚的快速响应链条。 调查直指信披违规 2月4日晚间，资本市场接连响起两声监管警报。清越科技、元道通信相继发布公告，披露其部分证券及 银行账户被证监会依法冻结。这是当前严监管趋势的体现之一。 根据公告，清越科技被冻结的账户包括3个证券账户和7个银行账户，其中证券账户涉及公司此前回购的 163.13万股股份，7个被冻结的银行账户则全部为募集资金专户，合计被冻结资金约1.34亿元。与此同 时，元道通信公告其2个募集资金银行账户被冻结，实际冻结金额约为904.29万元。 截至2月5日，2026年以来已有倍轻松、宝馨科技、荃银高科等至少6家上市公司或其关键人物被立案调 查，平均每6天就有一例。收到行政处罚决定书或事先告知书的公司更是多达13家，平均不到3天就有一 家。 此次账户冻结并非孤立事件，而是证监会立案调查过程中的一项关键执法措施，直接导火索是两家公司 均涉嫌信息披露违法违规。清越科技因涉嫌定期报告等财务数据虚假记载，已于2025年11月1日被证监 会立案调 ...

① 未经相关部门依法依规同意，境内外任何单位和个人不得在境外发行挂钩人民币的稳定币。 ② 未经相关部门依法依规同意，境内主体及其控制的境外主体不得在境外发行虚拟货币。 ③ 所有在境内开展的虚拟货币兑换、交易、信息中介、融资等业务，均属于非法金融活动，"一律严格禁止，坚决依法取缔"。 21世纪经济报道 记者 崔文静 2月6日，中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》，亮出对包括比特币、以太币等在内的稳定 币，以及所有虚拟货币及相关业务活动的鲜明态度： ...

Core Viewpoint - The recent notification issued by the People's Bank of China and eight other departments emphasizes that virtual currency and tokenization of real-world assets (RWA) are illegal financial activities, aiming to prevent risks and maintain national security and social stability [1][2][9]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and should not be circulated in the market [1][2]. - The notification prohibits any domestic entity or individual from issuing stablecoins pegged to the Renminbi without approval from relevant authorities [1][9]. - Financial institutions are barred from providing services related to virtual currencies, including account opening, fund transfers, and the issuance of financial products [6][9]. Group 2: RWA Tokenization Regulations - The notification defines RWA tokenization and states that conducting RWA-related activities domestically is considered illegal financial activity [4][5]. - Any intermediary or technical services related to RWA tokenization without approval are also deemed illegal [5][6]. - The notification emphasizes that foreign entities must not provide RWA tokenization services to domestic subjects [5][9]. Group 3: Enforcement and Compliance - The notification outlines strict measures to shut down existing virtual currency mining projects and prohibits the establishment of new ones [1][5]. - It highlights the need for cross-departmental collaboration to monitor and manage risks associated with virtual currencies and RWAs [5][10]. - Violations of the notification will result in penalties, and criminal liability may be pursued for serious offenses [9][10]. Group 4: Public Awareness and Education - The notification calls for increased public education on the risks associated with virtual currencies and RWA tokenization [10]. - It encourages various departments and industry associations to raise awareness through legal interpretations and case studies [10].

据央视新闻报道，记者当地时间2月6日获悉，美国白宫发表声明表示，美国总统特朗普当天签署行政命 令，对与伊朗有贸易往来的国家征收关税。 声明表示，自本命令生效之日起，对进口到美国的商品，如果其来自直接或间接从伊朗购买、进口或以 其他方式获取商品及服务的国家，可以加征额外从价关税，例如25%。 SFC ...

来自广东深圳的台电(TAIDEN)，为联合国总部多间会议室提供会议终端、电子名牌、同声传译及会议 管理系统等设备。这些设备分布在会议桌上，并不显眼，却贯穿会议的各个环节——文件调阅、发言控 制、表决流程和多语种沟通，均在系统中完成。 2023年，联合国总部对部分会议系统进行升级，新一代无纸化多媒体会议终端投入使用。与早期系统相 比，新设备将文件浏览、发言管理、投票表决和同声传译整合在同一终端内，减少了设备切换和人工协 调成本，也进一步提升了会议的稳定性和可控性。 南方财经21世纪经济报道记者周蕊纽约报道 在纽约联合国总部，会议几乎每天都在发生。来自不同国家、使用不同语言的代表，在同一空间内讨论 冲突、发展、气候、公共卫生等全球议题。会议效率，直接影响联合国日常运转的节奏。 早在十多年前，联合国就开始推进"无纸化会议"改革，试图减少文件消耗、提升信息流转效率。这一转 型并非只依赖制度设计，也高度依赖底层技术支持。在联合国多间会议室内，一套来自中国的会议系 统，已长期成为基础设施的一部分。 台电产品走进联合国，正是广货行天下的另一种注脚。 在实际运行中，这些系统并不以"技术展示"为目标，而更强调可靠性和一致性。会 ...

美东时间2月6日，贵金属强势反弹，现货黄金涨3.98%，报4966美元/盎司；现货白银涨近10%，报77.78 美元/盎司。 0:00 ...

Core Insights - The recent cold waves have significantly increased the sales of down jackets in China, with the market expected to exceed 250 billion yuan by 2025, indicating a transformative phase in this "warm industry" [1][12] Industry Overview - The garment city in Pinghu, Zhejiang, hosts over 2,000 sales outlets, with 80% of the country's down jackets sold from this location, showcasing its dominance in the market [1][12] - The annual sales of down jackets in Pinghu have surpassed 50 billion yuan, establishing it as one of the largest manufacturing bases for down jackets in China [20] Consumer Trends - Consumers are now looking for down jackets that offer not just warmth but also functionality, design, and fabric quality, indicating a shift in purchasing criteria [3][14] - The popularity of "down jacket raincoats" reflects the integration of features from different clothing categories, combining warmth with waterproof capabilities [3][14] Sales Dynamics - After transitioning from wholesale to retail, the garment city experiences daily foot traffic in the tens of thousands, with daily sales exceeding 300 million yuan [4][15] - Online sales are also thriving, with live-streaming sessions promoting various down jacket brands [4][15] Innovation and Design - Designers are innovating by combining traditional crafts, such as Jiangnan bamboo weaving, with down jackets, creating new product categories like "woven down fashion" [6][17] - A fabric company in Jiangsu has successfully integrated traditional Songjin fabric with down jackets, resulting in lightweight and soft products, with annual fabric sales around 200 million yuan [20][22] Market Evolution - The industry is evolving from a focus on mass production to prioritizing quality and brand development, with a new quality grading system for down jackets set to be introduced in 2025 [20] - The integration of fashion design and traditional craftsmanship is helping to elevate the status of down jackets in international markets, showcasing Eastern aesthetics [22][23]

Core Viewpoint - The company Kunlun Wanwei is focusing on overseas market expansion and application ecosystem development rather than competing directly with major players in the AI field, aiming for long-term market positioning and ecological advantages despite short-term losses [3][10][22]. Financial Performance - For 2025, Kunlun Wanwei forecasts a net profit loss of between 1.35 billion to 1.95 billion yuan, continuing the trend of losses from the previous year [3][15]. - The company expects a revenue increase of over 40% year-on-year for 2025, with a growing proportion of revenue coming from overseas markets [3][15]. - In Q3 2025, the company achieved a net profit of 190 million yuan, a year-on-year increase of 180.13%, but ended Q4 with losses [4][16]. Investment Strategy - The company has adopted a "computing power - large model - application" strategy, significantly increasing its market promotion and R&D investments, which are essential for its survival in a competitive landscape [5][16]. - R&D expenditures from 2021 to 2024 were 628 million, 736 million, 1 billion, and 1.598 billion yuan respectively, with 2025's first three quarters seeing R&D spending of 1.211 billion yuan [17]. - Sales expenses from 2021 to 2024 were 1.473 billion, 1.566 billion, 1.62 billion, and 2.304 billion yuan, with 2025's first three quarters reaching 2.891 billion yuan [17]. Competitive Positioning - Kunlun Wanwei has chosen a differentiated competition strategy, focusing on vertical markets and AI application ecosystems rather than competing in the general large model arena [6][18]. - The company has developed various AI models and applications, including the Skywork series and the Skywork Super Agents, which serve multiple scenarios such as office productivity and multimedia content creation [19][20]. Market Expansion - The company has seen unexpected growth in its short drama products, with platforms like DramaWave and FreeReels achieving significant user engagement and revenue growth [21]. - Predictions indicate that the short drama business could generate 1.68 billion yuan in revenue for 2025, marking a 900% increase year-on-year [21]. Future Outlook - The company views the current investment phase in AI as a unique opportunity, with expectations of transitioning from losses to profitability by 2027 [11][23]. - The strategy emphasizes not just leading in general models but establishing advantages in specific fields and exploring global market opportunities [10][22].

Core Insights - The economic landscape of Chinese cities is undergoing a transformation as Wenzhou and Dalian join the "trillion-yuan club," with Beijing and Shanghai also surpassing the 5 trillion yuan GDP mark, indicating a reshaping of the urban economic hierarchy [1][13][15] - The competition among these trillion-yuan cities is shifting from mere economic scale to a focus on quality of life, innovation ecosystems, and sustainable development [1][14] Economic Growth and Structure - By 2025, 29 cities in China are projected to have a GDP exceeding 1 trillion yuan, with Wenzhou and Dalian being the latest additions, while Shanghai and Beijing reach the 5 trillion yuan threshold [15][20] - Among these cities, 22 are expected to have GDP growth rates exceeding 5%, with Tangshan, Hefei, Yantai, and Wenzhou achieving over 6% [15][16] - The economic structure of these cities varies, with Shanghai and Beijing's growth driven by the tertiary sector, while Wenzhou and Dalian rely on robust industrial growth [16][21] Industrial Performance - In 2025, Beijing's GDP is projected to reach 52,073.4 billion yuan, with a 5.4% year-on-year growth, primarily driven by the information technology and financial sectors [18][19] - Shanghai's GDP is expected to hit 44,958.7 billion yuan, with a 6.0% growth rate, also supported by the service sector [19] - Wenzhou's industrial output is anticipated to grow by 10.3%, with significant contributions from the automotive and electrical industries [21][22] - Dalian's industrial output is projected to increase by 11.7%, with notable growth in the equipment manufacturing sector [22] Future Industry Focus - Many of these cities are now targeting artificial intelligence as a key industry for future development, with plans to integrate AI into various sectors [23][24] - Wenzhou aims to establish itself as a leader in AI innovation, while Dalian focuses on enhancing its digital economy and AI applications in traditional industries [24][25] - The emphasis on AI is seen as a means to drive technological advancement and improve overall economic quality [25][26] Urban Development Trends - The competition among cities is expected to evolve beyond GDP figures to include factors like technological innovation, cultural strength, and livability [26] - The development model is shifting from single-center cities to collaborative urban clusters, enhancing regional synergies and economic dynamism [26]