21世纪经济报道记者李金萍 深圳报道 随着农历马年春节临近，商务部等9部门联合印发《2026"乐购新春"春节特别活动方案》，围绕"吃、 住、行、游、购、玩"全链条布局，其中提出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大 线下实体零售支持力度，动员企业春节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导 企业打造智能终端等产品体验专区，对到店体验消费者给予更多优惠。 "本以为工作日人会少点，没想到这么热闹！" 2月4日下午，在深圳工作的北方人李想对眼前的景象颇感意外。 记者观察到，在深圳，这一政策动能正转化为消费市场中的鲜活场景——科技年货成为市民采购新宠。 2月4日下午，21世纪经济报道记者走进中国消费电子第一街华强北电子世界，发现这里人潮涌动，商场 热门区域更是摩肩接踵。 众多消费者此行目的只有一个，购买科技年货。无人机、AI眼镜等档口前，围满了咨询的消费者，这 只是深圳全域促消费活动的一个缩影，花市、非遗灯会、汽车促销等多场主题活动也同步火热进行。 中国消费经济学会副理事长易行健向21世纪经济报道记者表示，居民消费从传统购物逐渐转向文化与精 神享受，"国潮"升温、非遗走红，春节文化消费需求 ...

21世纪经济报道记者李金萍 深圳报道 随着农历马年春节临近，商务部等9部门联合印发《2026"乐购新春"春节特别活动方案》，围绕"吃、住、行、游、购、玩"全链条布局，其中提出，鼓励各 地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度，动员企业春节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导企业 打造智能终端等产品体验专区，对到店体验消费者给予更多优惠。 记者观察到，在深圳，这一政策动能正转化为消费市场中的鲜活场景——科技年货成为市民采购新宠。 2月4日下午，21世纪经济报道记者走进中国消费电子第一街华强北电子世界，发现这里人潮涌动，商场热门区域更是摩肩接踵。 众多消费者此行目的只有一个，购买科技年货。无人机、AI眼镜等档口前，围满了咨询的消费者，这只是深圳全域促消费活动的一个缩影，花市、非遗灯 会、汽车促销等多场主题活动也同步火热进行。 中国消费经济学会副理事长易行健向21世纪经济报道记者表示，居民消费从传统购物逐渐转向文化与精神享受，"国潮"升温、非遗走红，春节文化消费需求 涨幅显著，与此同时，数字技术的快速普及，也逐步养成了消费者线上体验与线下消费联动的消费习惯，为科技主题促消费 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of long-term low-interest car loans in the automotive industry, with Dongfeng Nissan introducing an 8-year financing plan for its models, including the Tianlai Hongmeng cockpit, to stimulate sales amid market pressures [1][3]. - Dongfeng Nissan's financing plan offers a 0% down payment and a monthly payment as low as 55 yuan, calculated based on a vehicle price of 129,900 yuan and a financing term of 96 months at an interest rate of 4.88% [1]. - The competitive landscape has intensified, with various automakers like Tesla, Xiaomi, and others also launching similar long-term financing options, breaking the traditional 1-5 year loan period [1][2]. Group 2 - The long-term low-interest financing schemes vary significantly among automakers, with down payment requirements ranging from 0% to over 25%, and annual interest rates between 0.98% and 4.69%, with Tesla offering the lowest cost [2]. - Dongfeng Nissan's move is influenced by multiple market pressures, including the need to boost sales through financial incentives, especially as the penetration rate of new energy vehicles reaches 54% in the market [3]. - The extension of loan terms for consumer financing from a maximum of 5 years to 7 years is part of a broader policy initiative aimed at stimulating consumption, which has prompted automakers to adopt longer financing options [3]. Group 3 - While long-term loans may lower monthly payments, they also increase total interest expenses, necessitating careful consideration by consumers regarding their repayment capabilities [4]. - The risk of vehicle depreciation is significant, with the resale value of plug-in hybrid and electric vehicles dropping below that of traditional fuel vehicles, which could impact consumer decisions [4]. - Legal distinctions between loan contracts, sales contracts, and leasing contracts are crucial for consumers to understand, as they affect vehicle ownership and rights in case of default [4]. Group 4 - The effectiveness of long-term car loans as a sales driver for automakers and the balance consumers must strike between low entry costs and risk management remains to be tested in the market [5].

Core Viewpoint - Luguang Technology, after successfully listing on the A-share Growth Enterprise Market for a year and a half, is accelerating its entry into the global capital market by applying for a listing on the Hong Kong Stock Exchange [2][3]. Group 1: Financial Performance and Market Position - The company plans to use the funds raised from the IPO for enhancing R&D investment, product development, brand building, and improving sales channels [5]. - Since its A-share listing in July 2024, Luguang Technology's stock price has increased by over 213%, with a market capitalization exceeding 34 billion RMB [5]. - According to forecasts, Luguang Technology expects a net profit of 653 to 733 million RMB for the full year of 2025, representing a year-on-year growth of 41.26% to 58.56% [5]. - The company ranks first globally in the consumer electronics market for technology expansion products based on shipment volume in 2025 [5]. Group 2: Business Growth Drivers - Luguang Technology has expanded its product range to include charging products, smart office products, smart audio-visual products, and smart storage products, achieving annual revenue exceeding 6 billion RMB [6][7]. - The rapid growth in performance is attributed to global expansion, a diversified product matrix, brand strength, and product innovation [6]. - The charging products segment remains the cornerstone of the company's ecosystem, contributing 29.54 billion RMB in revenue for the first three quarters of 2025, accounting for 46.4% of total revenue [8]. Group 3: Market Challenges and Risks - Despite rapid growth, Luguang Technology faces challenges such as declining gross margins, with the gross margin dropping to 36.5% in the first three quarters of 2025 from nearly 50% in 2019 [12]. - The company relies heavily on third-party e-commerce platforms, with platform service fees reaching 490 million RMB in the first three quarters of 2025 [13]. - Inventory levels have surged, with a book value of 1.816 billion RMB as of September 30, 2025, representing 43.4% of current assets, raising concerns about market price declines and impairment risks [14]. Group 4: Shareholder Activity - Recent shareholder activities have raised market concerns, with significant share reductions by major shareholders, including a total of 6,223,646 shares sold between November 2025 and January 2026 [15]. - The largest external shareholder, Hillhouse Capital, has also reduced its stake significantly, leading to a decline in market confidence [15].

Core Viewpoint - The Chinese photovoltaic industry is at a crossroads due to the cancellation of export VAT rebates starting April 1, 2026, which will lead to increased export costs and industry consolidation, shifting focus from price competition to value competition [1][5][6] Group 1: Industry Trends and Predictions - The cancellation of export VAT rebates is expected to accelerate industry consolidation and increase market concentration, pushing companies to prioritize technological innovation and brand value over mere scale [5][6] - In 2026, the photovoltaic industry is anticipated to see a shift in supply-side dynamics and a rapid acceleration in demand-side changes, with competition moving to a higher level [3][4] - There are differing opinions on global and domestic installation demand for 2026, with some predicting a slight decline or stabilization in global new installations, while others see strong growth potential in emerging markets like the Middle East and India [3][4] Group 2: Market Dynamics and Competition - The industry is transitioning from a "price war" to a "value war," focusing on product quality, technological advancement, and integrated solutions to address intermittency issues and enhance project returns [4][5] - The cancellation of export VAT rebates is expected to reduce the incentive for low-price sales, thereby supporting self-regulation and rational competition within the industry [5][6] - The emphasis on "cost per kilowatt-hour" and "lifecycle returns" will remain central to competition, with a focus on high-quality products and advanced technology [4][6] Group 3: Policy Impacts and Industry Upgrades - The introduction of zero-carbon factory guidelines is seen as a significant step towards the green transformation of the manufacturing sector, which will positively impact the photovoltaic industry by accelerating the adoption of distributed solar and green electricity applications [7][8] - The guidelines will drive the industry towards low-carbon manufacturing and optimize processes, leading to the exit of high-energy, low-efficiency capacities and raising industry standards [8] - The zero-carbon initiative is expected to enhance international competitiveness, positioning China's photovoltaic industry favorably in the global market [8] Group 4: Emerging Technologies and Future Applications - The concept of space photovoltaic technology is gaining attention, but it is still in the early stages of exploration and validation, with current mainstream options being gallium arsenide (GaAs) batteries due to their high efficiency and reliability [9][10] - Ground applications remain foundational, with future focus on complex and integrated systems, particularly in challenging environments like plateaus and deserts [10] - The integration of photovoltaic systems with storage and hydrogen energy is anticipated to become a standard configuration for addressing renewable energy volatility [10]

近期，飞天茅台市场价格波动剧烈。上周酒价突然两天跳涨150元/瓶，一个周末又跌去160元/瓶，本周 茅台价格再次上涨。第三方平台数据显示，今日2026年飞天茅台原箱（53度/500ml）报1660元/瓶，较 昨日微跌5元。 2月5日，21快讯记者注意到，有多位网友称i茅台App页面加载困难，无法抢购。 据网友当天早上反映，i茅台页面显示加载但难以打开，最终显示"点击重试"，多次刷新后也无法进 入，多位网友发出"i茅台服务器又崩了吗""怎么感觉越来越难抢"的疑问。早上9点左右的抢购高峰期过 后，21快讯记者再登录时，发现页面已恢复正常，但1499元的飞天茅台也显示"已售罄"。 对此，21快讯记者先是致电i茅台客服热线，被提示来电高峰期，多次等待后仍无法接通。随后，21快 讯记者以消费者身份致电贵州茅台证券部，公司接线工作人员回应，"近期都是一瓶难求的状态。因为 订单暴增，相应的电话咨询的也比较多。打电话的人太多，就可能占线的时间比较长。"至于i茅台App 一度无法加载，该工作人员称将向其他部门了解相关情况。 二手市场上，从i茅台上抢购到的茅台售价水涨船高，原价1499元的飞天茅台单瓶套利空间一度达200元 左右 ...

在发布会上，国家市场监督管理总局网络交易监督管理司司长朱剑桥在回答21世纪经济报道记者关于平 台经济监管的上述提问时表示，平台经济作为社会经济的重要组成部分，近年来在快速发展的同时，也 面临着诸多的挑战。2025年，市场监管部门坚决贯彻落实党中央、国务院决策部署，坚持监管规范和促 进发展并重，突出问题导向，治标与治本相结合，平台经济生态治理取得了重要进展。 一是重点整治平台规则和收费突出问题。国家市场监督管理总局聚焦平台经济领域突出问题，部署开展 了约谈整改和排查整治，有力纠治"仅退款""强制运费险""全网最低价"等规则滥用、规则制定不合理以 及执行不透明等问题，有效遏制平台乱收费、乱罚款等现象，切实保护中小商家和广大消费者的合法权 益，国家市场监督管理总局还联合国家网信办发布《网络交易平台规则监督管理办法》，出台了《网络 交易平台收费行为合规指南》，制定《关于推动网络交易平台企业落实合规管理主体责任的指导意 见》，着力健全平台经济监管的长效机制。 二是重拳打击直播电商乱象。针对假冒伪劣、虚假营销等直播电商突出问题部署开展了专项整治，依法 查处成都快购科技有限公司违法案件，同时指导地方依法查处"太原老葛""大 ...

2月5日，21快讯记者注意到，贾跃亭更新微博，称北京时间2月5日早7:30，FF将在拉斯维加斯美国国家 汽车经销商大会（NADA）活动上，举行FF首批具身智能机器人产品终极发布暨FF Par招商大会。 贾跃亭称，FF发布三大系列EAI机器人：Futurist系列是全尺寸职业型具身智能人形机器人；Master系列 是运动型具身智能人型机器人；Aegis系列是安防和陪伴型专业四足具身智能机器人。发文配图显示， Futurist系列机器人定价34990美元起，Master系列机器人定价19990美元起，Aegis系列机器人定价2499 美元起。 此前，贾跃亭在微博发布出镜视频，称生命中最重要的事情之一是"早日还债回国"。他将继续全力推动 法拉第未来（以下简称"FF"）和AIXC成功，"从而让国内债权人尽早得到实质性的回报"。然而，自 2017年7月赴美创业以来，身背巨额债务的贾跃亭已有八年未归。 （文章来源：21世纪经济报道） ...

贵金属、有色金属板块持续大跌，湖南白银（002716）、湖南黄金（002155）、白银有色（601212）、河钢资源（000923）等多股跌停，四川黄金 （001337）、晓程科技（300139）跌超8%。 港股方面相关板块亦表现不佳，其中天齐锂业（002466）大跌近13%，万国黄金集团跌超10%，中国黄金（600916）国际、五矿资源、洛阳钼业 （603993）等多股跌超7%。 2月5日上午，亚太主要股指全线飘绿。A股三大指数、恒生指数均跌超1%，热门科网股多数下跌，华虹半导体跌超6%，腾讯控股跌超2.6%，市值跌破5万 亿港元。韩国综合指数跌超3.6%，主要受SK海力士、三星电子拖累，其跌幅均超5%。 | 日经225 | 韩国综合 | 新加坡海峡 | | --- | --- | --- | | 53898.35 | 5175.41 | 4953.67 | | -395.01 -0.73% | -195.69 -3.64% | -11.83 -0.24% | | 澳洲标普200 | 印度 | MSCI台湾 | | 8886.40 | 0.00 | 1260.71 | | -17.60 -0.20% | 0 ...

南方财经 21世纪经济报道记者吴斌 报道 在美股财报季关键时刻，科技股承受的压力尤为显著。 截至美国东部时间2月4日收盘，标普500指数收跌0.51%，报6882.72点；纳斯达克综合指数跌1.51%，报 22904.58点，连续两日下跌后，纳指跌破100日均线；道琼斯工业平均指数涨0.53%，报49501.3点。 对于这一轮科技股抛售，软件板块的暴跌尤为显眼，英伟达公司首席执行官黄仁勋批驳称，软件产品是 工具，人工智能会使用这些工具，而不是重新发明它们。 可以确认的是，在科技股持续大涨过后，未来其他领域或有更好表现。沃尔夫研究首席投资策略师克里 斯·塞涅克提醒，市场正剧烈翻涌：一方面，投资者担忧美国企业在人工智能上的资本开支；另一方 面，又在与另一种"希望与憧憬"博弈——美国经济韧性可能推动市场行情从少数板块向更广泛领域扩 散。 喜忧参半 展望后市，高盛策略师对美股给出了积极的展望：虽然美股今年可能不会重现2025年的超大涨幅，但在 坚实的基本面和持续增长的经济的推动下，美股仍有很大的上涨空间。 但需要警惕的是，美国经济已经出现放缓迹象，如果后续超预期恶化，可能会冲击美股。2月4日，美国 自动数据处理公司（ ...