Core Viewpoint - The upcoming "Lego New Year" special event aims to enhance market supply during the Chinese New Year, with a focus on expanding consumption and promoting economic growth [2] Group 1: Consumption Market Overview - The "14th Five-Year Plan" period has seen significant achievements in China's economic and social development, with retail sales of consumer goods surpassing 40 trillion and 50 trillion yuan, making consumption the primary driver of economic growth for five consecutive years [4] - Key characteristics of the consumption market include: - Optimization and upgrading of consumption structure, with the penetration rate of new energy passenger vehicles reaching 53.9%, an increase of 48.2 percentage points since 2020 [4] - Continuous release of service consumption potential, with per capita service consumption expenditure accounting for 46.1% of total household consumption, up 3.5 percentage points from 2020 [4] - Sustained innovation vitality, with the online retail sales in China nearing 16 trillion yuan, maintaining the global leading position for 13 consecutive years [4] Group 2: Rural and Urban Consumption Development - During the "14th Five-Year Plan" period, rural retail sales of consumer goods grew at an average annual rate of 5.4%, outpacing urban growth by 0.3 percentage points [5] - By 2025, rural online retail sales are expected to exceed 3 trillion yuan, marking a 6.7% increase from the previous year, with agricultural product online retail sales growing by 9.9% [5] Group 3: Domestic and International Market Interaction - The cumulative import of consumer goods exceeded 9 trillion yuan during the "14th Five-Year Plan" period, showcasing China's strong market appeal [5] - The development of international consumption center cities and the promotion of tax refund policies for outbound tourists have contributed to the rising popularity of "China Travel" and "China Purchase" among foreign consumers [5] Group 4: Future Consumption Expansion Strategies - The Ministry of Commerce plans to focus on expanding domestic demand and enhancing consumer welfare, with key initiatives including: - Promoting the upgrade of goods consumption and stabilizing the consumption base through policies like trade reform and expanding automotive and home appliance consumption [6] - Expanding service consumption by relaxing market access and fostering integration of various service sectors [6] - Cultivating new consumption types such as digital, green, health, and smart consumption, while supporting the launch of new brands and products [6] - Enhancing consumer experiences through various promotional activities and optimizing tax refund policies for inbound consumption [7]

其中，MSCI中国A股指数新纳入33只股票，同时剔除了9只股票。由于MSCI中国A股指数被嵌套进 MSCI新兴市场指数，因此股票进入MSCI中国指数，便意味着进入了MSCI全球标准指数系列，从而将 获得大量被动资金跟踪。 北京时间2月11日凌晨，国际指数编制公司MSCI公布了其2026年2月的指数季度调整结果，本次调整结 果将于2026年2月27日收盘后生效。 （文章来源：21世纪经济报道） ...

Core Insights - The event "China Economic Vitality Data Night" highlighted the robust internal dynamics driving China's economic stability, with a focus on micro-level enterprises, industrial engines, and consumer momentum [1] Group 1: Micro Enterprises as Economic Foundation - Small and micro enterprises are identified as the most active components of the market economy, constituting the "micro foundation" of China's economic stability. As of 2025, the total number of small micro enterprises with registered capital below 5 million yuan has surpassed 130 million, accounting for 66% of all operating entities, with an expected annual increase of 7.68 million, averaging over 20,000 new enterprises daily [2] - These small micro enterprises permeate various sectors of the economy, akin to capillaries, and their operational data is tracked to support decision-making and growth, thereby strengthening the economic foundation [4] Group 2: New Productive Forces Driving Growth - The industrial structure is described as the "engine" of economic growth, with three key sectors—artificial intelligence, low-altitude economy, and new energy vehicles—emerging as significant contributors. By 2025, nearly 2.3 million enterprises related to artificial intelligence are projected, with over 550,000 new establishments in 2025, marking a 32.6% increase from 2024 [5] - The low-altitude economy is characterized by a 135.6% surge in registered enterprises, reaching 157,000 by 2025, with total financing for intelligent unmanned aerial vehicle manufacturers exceeding 17.4 billion yuan, a 45.9% increase from 2024 [5] - The new energy vehicle sector is expected to see a qualitative leap, with 1.079 million related enterprises registered by 2025, and an annual increase of 381,000, reflecting a 5.5% year-on-year growth [6] Group 3: Consumer Upgrades and Regional Economic Growth - The modern service industry is thriving, significantly enhancing consumer vitality, with over 2.599 million existing tourism-related enterprises nationwide, establishing the cultural tourism industry as a new growth driver for regional economies [8] - The recent surge in Harbin's popularity exemplifies this trend, with the cultural tourism sector in Heilongjiang seeing 361,000 new enterprises in 2025, accounting for 25% of all new businesses in the province, indicating a strong consumer willingness to invest in quality experiences [10] Group 4: Overall Economic Dynamics - The combination of a solid micro foundation, emerging new growth engines, and active consumer engagement illustrates a multi-faceted and collaborative growth pattern in the Chinese economy. The report emphasizes the long-term positive fundamentals of the economy, supported by authoritative data and industry insights [10]

Group 1 - The Ministry of Commerce, in collaboration with nine departments, has launched the "Happy Shopping Spring Festival" special event, introducing a series of policy packages aimed at boosting consumer spending during the holiday season [1] - One major initiative includes a trade-in program, with a total of 62.5 billion yuan in national subsidies allocated to local commerce departments, which will increase subsidy distribution during the nine-day Spring Festival holiday [1] - Another initiative involves a prize invoice program, where 50 cities will pilot a scheme that distributes 10 billion yuan in prize funds during the Spring Festival, allowing consumers to participate in a lottery by submitting invoices over 100 yuan from shopping, dining, tourism, and accommodation [1] - Financial support will be provided through various promotional measures by financial institutions and payment agencies, guided by the People's Bank of China and the financial regulatory authority [1]

2月11日，国务院新闻办举行新闻发布会，商务部相关负责人介绍，今年春节假期，商务部联合9部门策 划"乐购新春"春节特别活动，目前各地已安排20.5亿元资金。在9天假期内，通过发放消费券、补贴、 红包等形式直接惠及广大消费者。 （文章来源：21世纪经济报道） ...

始于去年年末的楼市翘尾行情，至今仍在持续。综合多家机构的研究数据，2026年重点城市房地产市场 交易继续保持热度，其中占据市场主流的二手房交易，尤其值得关注。 根据中指研究院的数据，今年1月，20城二手住宅共成交11.8万套，环比微降3.1%，同比增长 15.3%，"市场整体交易保持一定活跃度"。 二手房交易同比升温，与春节假期错位有关，但即使从绝对规模来看，重点城市也表现不俗。以上海为 例，1月上海二手商品房成交2.28万套，环比增长1.1%，同比增长26.1%，仍是表现最好的城市。 另一个值得关注的变化是，在二手房交易中，业主议价空间略有收窄，说明以价换量的情况有所缓和。 在部分区域，市场交易价格有所上调。 从数据层面来看，经过近年来的调整，房地产市场的量、价均有止跌趋势。与此同时，自去年末以来， 政策端不断释放利好消息，尤其是着眼于长远发展的中长期利好，市场预期也较此前大幅改善。 尽管仍有不同看法，但越来越多的观点认为，2026年房地产市场有望迎来"底部确认"。 "必要的出清" 在多数市场人士看来，本轮房地产市场的调整始于2021年下半年，主要体现在两个方面。一方面，房地 产市场的量、价出现持续调整；另 ...

记者｜孔海丽 编辑｜骆一帆 百度以5亿红包最早入局春节AI战，并拿下《2026北京广播电视台春节联欢晚会》首席AI合作伙伴身 份。 对比行业玩家春节主阵地多为独立APP，百度此次"O计划"仍围绕百度APP展开，可见其仍是百度重点 的AI入口。 SFC 出品丨21财经客户端 21世纪经济报道 编辑丨刘雪莹 见习编辑林芊蔚 日前，网传百度内部启动代号"O计划"项目，内部人士透露与百度APP有关。 据此前消息，百度APP旗下文心助手月活用户数已突破2亿，与豆包、千问形成国内三大亿级AI入口。 2026年春节，包括百度、腾讯、阿里、字节等互联网大厂开启了红包大战，争夺未来AI入口。 ...

Core Viewpoint - *ST Lifan has experienced a significant stock price surge despite facing severe financial misconduct allegations and the imminent risk of forced delisting, with a remarkable increase of 314.93% over a 10-day period [2][4]. Group 1: Stock Performance and Market Reaction - The stock was suspended for verification three times, with the latest suspension occurring from February 6 to February 10, 2025, and it resumed trading on February 11, 2025 [2]. - On February 11, 2025, *ST Lifan's stock opened significantly higher, reaching a peak increase of over 17%, and closed with a gain of 15.11% at 3.20 CNY per share [2]. - The Shenzhen Stock Exchange issued a risk warning regarding the stock's volatility, indicating that it had triggered abnormal trading standards multiple times [2]. Group 2: Financial Misconduct and Regulatory Actions - On November 28, 2025, *ST Lifan received a notice from the Anhui Securities Regulatory Bureau regarding administrative penalties, revealing that the company had inflated revenues by 638 million CNY and costs by 628 million CNY from 2021 to 2023 through various fraudulent activities [3]. - Following the notice, the stock price plummeted, falling below 1 CNY per share in January 2026 [3]. - The actual controller of *ST Lifan issued a public letter to shareholders, claiming that the company's operations were normal and that they had submitted materials to regulatory authorities for defense [3]. Group 3: Financial Performance and Future Outlook - For the year 2025, *ST Lifan is expected to report a net loss of between 180 million CNY and 210 million CNY, compared to a loss of approximately 125 million CNY in the previous year, indicating a widening loss [4]. - The decline in performance is attributed to strategic adjustments, with a more than 80% year-on-year drop in the company's smart hardware and digital services business, alongside low initial margins from new mobile information services [5]. - Additionally, the company has recognized impairment losses of 82 million CNY on goodwill and intangible assets, further exacerbating the financial losses [5].

Core Viewpoint - The four major national Asset Management Companies (AMCs) in China are focusing on their core responsibilities and aligning their operations with national strategies to enhance risk management and support high-quality economic development [1][5][9]. Group 1: Focus on Core Responsibilities - The AMCs emphasize the importance of maintaining their core function of handling non-performing assets and aligning their business development with national strategic needs, particularly in relation to the financial "five major articles" [2][5]. - Great Wall Asset Management aims to "precisely expand non-performing asset business" and innovate in real estate revitalization [2]. - CITIC Financial Asset Management stresses the need to "stick to the main battlefield of non-performing assets" and expand high-quality business investments [2]. Group 2: Risk Management - The AMCs are prioritizing risk prevention and management to ensure stable operations, with a focus on creating a robust "safety net" [9][12]. - Great Wall Asset Management has identified "risk prevention" as a key annual work line, while CITIC Financial Asset Management aims to "strengthen bottom-line thinking" [9][12]. - The AMCs are committed to building a comprehensive risk management system that is intelligent and covers all aspects of their operations [12][15]. Group 3: Technological Empowerment - The AMCs are pushing for digital transformation and talent development as key drivers for enhancing their core competitiveness [16]. - Great Wall Asset Management plans to deepen reforms in personnel, incentives, and management [16]. - CITIC Financial Asset Management aims to become a leader in industry transformation through the implementation of a "strong core" project [16].

这个问题，其实戳中了当前整个AI行业最敏感的那根神经——数据来源的合规性。其实不只字节，谷 歌、OpenAI这些大佬们的模型，哪个不是吃着海量公开数据长大的？但问题在于，文字、图片、视 频，它们的"个人属性"是越来越强的。用你的文章训练，可能你觉得是学习；但用你的脸和声音训练， 这感觉就完全不一样了，对吧？ 先给大家看一段视频，你们觉得拍这么一段得花多少钱多长时间？ 如果我说，这根本不是实拍，而是AI在几分钟内"一键生成"的，你敢信吗？ 春节前，当大家还在忙着抢红包的时候，字节跳动毫无征兆地扔出了一颗"王炸"——新一代视频生成模 型Seedance 2.0。 AI生成视频不是什么新鲜事，但过去可能得花不菲的价钱，反复生成几十次，才能赌到一个勉强能用 的片段。但Seedance 2.0不一样，它号称"一条过"，一次生成的视频可用率据说能达到惊人的90%。 光能看还不够，它还能把你的想法，直接变成"导演级"的叙事，知道什么时候该特写，什么时候该拉 远，还能让不同镜头里的主角保持一致。影视飓风的Tim在体验后都抑制不住兴奋地表示，模型在摄像 机运动、分镜连续性以及音画匹配上都非常出色。 这意味着什么？这意味着，导演 ...