Group 1 - The Ministry of Commerce, in collaboration with nine departments, is launching a "Happy Shopping Spring Festival" initiative to boost holiday consumption, including a focus on trade-in programs [1] - A total of 62.5 billion yuan in national subsidies has been allocated to local commerce departments to support consumer claims during the nine-day holiday [1] - The initiative aims to stimulate demand for new products, enhance the consumer market, and accelerate the green and intelligent transformation of industries [1] Group 2 - The combination of various consumer promotion measures is expected to create a significant consumption boost during the Spring Festival, focusing on both large consumer goods and daily consumption [2] - Companies in the home appliance and mobile phone sectors are optimizing supply chains and increasing subsidies to capitalize on the holiday consumption window [2] - Skyworth has made targeted preparations for the Spring Festival market, including increasing inventory of energy-efficient products and ensuring uninterrupted logistics and installation services [2] Group 3 - Skyworth plans to combine national subsidies with its own promotions, offering bundled discounts and creating immersive shopping experiences to attract younger consumers [3] - Changhong is increasing its investment in green smart products and enhancing consumer experience through substantial subsidies, with total discounts exceeding 15% for energy-efficient products [3] - Changhong is also providing additional services such as free installation and extended warranties to enhance customer satisfaction [3] Group 4 - OPPO is leveraging national subsidies by launching limited-time promotions that offer double discounts on digital products during the Spring Festival [4]

本报记者 杜雨萌 "高兴，特别高兴！40多年后，能在原址住上新楼，很幸运，很感谢。"2月4日，74岁的刘桂兰手捧着崭新的红色房本，站 在新家内难掩激动。作为北京市西城区月坛街道三里河一区28号楼（以下简称"28号楼"）的首批住户，她在搬离原址不到半年 后，便实现了"回家"的愿望。 谈及始建于1978年的住宅楼，住户韩女士告诉记者，历经40余年风雨，楼体已出现墙体开裂、管线老化等问题。"2023年 28号楼被纳入了西城区危旧楼改建范围。现在看着崭新的楼房、宽敞的户型、加装的电梯，这半年的等待太值得了。" 超预期的建设速度与品质"焕新"的背后，离不开新技术的赋能。据悉，28号楼项目采用智能建造—MiC技术，即在工厂完 成标准化模块的智能化生产，再运输至现场进行快速集成组装。该技术不仅实现了建造效率的突破，更同步达成了绿色环保、 成本集约与智慧协同的综合成效。 "若按传统现浇方式改建，平均项目周期需要1年半至2年。在此期间，居民需要自行寻找临时安置场所，安置成本较高。 而28号楼采用的智能建造—MiC技术，打破了传统的线性工期，将建造效率提升约75%。"中建海龙科技有限公司28号楼项目经 理裴江飞在接受《证券日报》 ...

Group 1 - The upcoming 9-day Spring Festival holiday in 2026 is expected to boost tourism in Shanghai, driven by visa-free policies and the trend of "reverse Spring Festival travel" where young people invite their parents and children to celebrate in their cities [1] - Shanghai plans to enhance cultural, tourism, and commercial integration during the Spring Festival to activate the holiday consumption market [1] - The Yuyuan Lantern Festival is highlighted as a key event, featuring an expanded layout with six integrated zones, showcasing traditional craftsmanship and modern digital technology [1] Group 2 - The collaboration between Yuyuan Mall and the robot rental platform, Qingtian Rental, aims to enhance visitor experience through interactive technology, allowing tourists to create new Spring Festival memories [2] - Zhang Garden, known for its historical significance, will host the "Haipai New Year Garden Party," featuring contemporary designs and exhibitions to attract visitors during the holiday [2] - Various events, including jewelry exhibitions and light shows, will be held at Zhang Garden to blend fashion with local culture [2] Group 3 - The Shanghai government plans to issue approximately 150 million yuan in consumer vouchers to stimulate spending during the Spring Festival, aligning with national directives to enhance tourism products and experiences [3] - Attractions are introducing innovative promotional activities, such as the "one ticket for all" initiative at the Yuyuan Lantern Festival, which combines multiple experiences into a single ticket [4] - The integration of various promotional strategies across different attractions aims to create a comprehensive and engaging consumer experience during the holiday [4] Group 4 - The concept of "Spring Festival ticket economy" is evolving from mere scale expansion to structural optimization, focusing on integrating consumption, experience, and social interaction [5] - The future of the Spring Festival ticket economy is envisioned as a lifestyle that combines cultural experiences with social connections, moving beyond simple consumption [5]

本报记者 贾丽 在人工智能浪潮席卷全球的当下，具身智能正成为科技竞争的新高地。近期，行业内投融资动作频频，技术迭代与商业化 落地速度显著加快。 大晓机器人相关负责人称，具身智能产业正进入规模化落地的关键期，该公司将进一步加速产品商业化拓展与生态版图完 善，持续推动具身超级大脑模组规模化落地，并积极拓展能源、交通、文旅等商业应用场景。 与此同时，星海图坚持端到端的视觉—语言—动作基础模型技术路线，持续推动模型性能与泛化能力的跨越。目前，星海 图开源的星海图开放世界数据集下载量已超50万次。 中信证券股份有限公司报告分析认为，当前，机器人产业正处于从"技术愿景"向"产业实景"跃迁的关键时刻。2026年将成 为产业"量产元年"。 魏国红认为，随着技术的不断成熟和资本的不断注入，具身智能各环节均加速在应用市场落地，产业有望在今年迎来规模 化增长，并逐步成为推动智能经济发展的重要力量。 北京市商汤科技开发有限公司联合创始人、执行董事，大晓机器人董事长王晓刚对《证券日报》记者表示："具身智能是 一个潜力无限、增长迅猛的赛道。大晓机器人将联合产业链伙伴共建开放协同的产业生态，将具身智能前沿技术加速转化，并 推动机器人规模商 ...

Core Viewpoint - The photovoltaic industry is experiencing a clear trend of cost differentiation driven by fluctuations in silver prices and technological advancements, leading to a reduction in industry competition [1][8]. Cost Pressure - The global demand for silver is expected to remain strong through 2026, supported by geopolitical tensions and uncertainty in U.S. policies, despite a projected 17% reduction in global jewelry and silverware demand due to high prices [2]. - The silver price has increased by 11% this year, following its historic rise above $100 per ounce in January [2]. - The global silver market is projected to face a supply shortage of approximately 67 million ounces by 2026, marking the sixth consecutive year of deficit [2]. - The photovoltaic sector, as a major consumer of silver, will continue to face cost pressures due to high silver prices, prompting companies to accelerate the development of silver paste alternatives [2][3]. Technological Breakthroughs - Leading companies in the photovoltaic industry are making significant progress in developing silver paste alternatives, with some planning large-scale production of low-cost metal alternatives [4]. - Longi Green Energy has announced plans to start large-scale production of a copper paste solution in Q2 of this year, which could reduce component costs by approximately 0.02 yuan per watt [4]. - Other major players, including Aiko Solar and JinkoSolar, are also actively pursuing silver paste replacement technologies, with JinkoSolar collaborating with Wuxi Dike Electronic Materials to innovate in low-silver metallization techniques [4][5]. Industry Restructuring - The photovoltaic industry is expected to shift towards high-efficiency and reliable components, with companies possessing technological advantages able to command price premiums [6]. - The new installed capacity of photovoltaic systems in China is projected to reach between 180 GW and 240 GW in 2026, marking a significant turning point after years of growth [6]. - The transition towards high-quality development in the photovoltaic sector will be driven by upgraded end-user demand, which will compel manufacturers to enhance technology and market mechanisms [8].

Core Viewpoint - The People's Bank of China (PBOC) is committed to maintaining a moderately accommodative monetary policy to support stable economic growth and a reasonable recovery in prices, with a focus on integrating both incremental and stock policies for effective implementation [1][2]. Monetary Policy Implementation - In 2025, the PBOC plans to utilize various monetary policy tools, including open market operations, to ensure ample liquidity and guide financial institutions in meeting the effective credit demands of the real economy [2][3]. - The report emphasizes the importance of flexible and efficient use of tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain a relatively loose social financing environment [2][3]. Fiscal and Monetary Policy Coordination - The PBOC aims to strengthen the coordination between monetary and fiscal policies to enhance policy effectiveness and guide social capital in promoting consumption and investment [4][5]. - Three main coordination methods are identified: maintaining market liquidity through open market operations, combining re-lending with fiscal subsidies to optimize financial resource allocation, and sharing risks to enhance financial institutions' willingness to support enterprises [4][5]. Financial System and Liquidity Analysis - There has been a notable increase in asset management products, leading to discussions about the "loss" of bank deposits, with experts suggesting a broader perspective on liquidity by considering both bank deposits and asset management products [6]. - The overall liquidity in the financial system is showing a stable growth trend when assessed from a combined perspective of bank deposits and asset management products, reflecting changes in the asset-liability structure of the financial system [6].

■周尚伃 近日，东北证券获批设立香港子公司、华安证券增资香港子公司获证监会无异议复函、华泰证券百亿港元H股可转债顺利 落地，三件行业大事同日落定，中资券商"走出去"正从单点突破迈向全面提速。 笔者认为，通过上述三家券商在国际业务上取得的新进展可以看出，当前中资券商国际化呈现出清晰的战略转型路径：以 中国香港为核心枢纽，头部券商加速资本扩容，中小券商密集补位入场。券商行业国际业务发展正从"有没有"的基础布局，稳 步迈向"强不强"的质量提升阶段。 首先，锚定中国香港枢纽，密集"落子"补齐国际业务短板。作为连接内地与全球市场的"超级联系人"，中国香港始终是券 商国际化的首选阵地。此次，东北证券获准以自有资金出资5亿港元设立子公司，一举补齐了国际业务牌照短板，迈出国际 化"从0到1"的关键一步。对于区域券商而言，在中国香港设立的子公司不只是开展跨境经纪、投行、资管等业务的运营主体， 更是服务企业跨境融资、对接全球资本、搭建跨境资产配置平台的核心通道。 最后，凭借创新资本工具，为国际业务拓展更大空间。在创新资本工具应用方面，头部券商更加"得心应手"。华泰证券从 2月3日发布发行议案，到2月10日顺利完成发行，百亿港元H ...

Core Viewpoint - The frequent personnel changes in public fund institutions at the beginning of the year reflect a restructuring driven by intensified industry competition and accelerated strategic iteration, indicating a shift from "scale competition" to "efficiency comparison" under the core theme of high-quality development [1][2] Group 1: Personnel Changes - A total of 13 public fund institutions have experienced executive changes, with a total of 27 personnel adjustments since the beginning of the year [1] - The adjustments are seen as a response to the profound restructuring of the industry's survival and development logic, influenced by strong regulatory policies aimed at guiding the industry back to its core [1][2] Group 2: Strategic Considerations - Different institutions exhibit distinct strategic considerations behind personnel changes, with some highlighting the intention to strengthen strategic transmission and deepen business collaboration [2] - The adjustments also reflect a trend where star fund managers return to frontline investment research roles, aiming to build a platform-based and integrated research system [2] Group 3: Industry Evolution - The current wave of personnel changes is viewed as a significant opportunity for the differentiation and evolution of the industry landscape, with management changes requiring high compatibility and foresight [2] - The adjustments serve as a microcosm of industry changes, with some institutions experiencing concentrated high-level personnel shifts, bringing in new executives with diverse financial industry backgrounds [2]

Core Viewpoint - The stock price of *ST Lifan has experienced irrational speculation, rising over 300% since January 20, despite facing significant delisting risks and regulatory warnings, indicating a disconnection from the company's fundamentals [1][2]. Group 1: Regulatory Actions - The Shenzhen Stock Exchange issued a risk warning on *ST Lifan's stock trading on February 10, and after resuming trading on February 11, the stock price increased by over 5% [1]. - Regulatory bodies, including the Anhui Securities Regulatory Bureau, have initiated disciplinary actions against *ST Lifan's actual controller for disseminating misleading information, indicating a proactive approach to maintain market order [2]. - The exchange has implemented self-regulatory measures, such as suspending trading for investors involved in abnormal trading behaviors, to curb speculative activities [2]. Group 2: Market Behavior and Investor Risks - The speculation surrounding *ST Lifan is characterized by short-term trading driven by retail investors following the lead of speculative funds, reflecting ongoing unhealthy market practices [2]. - Investors engaging in the speculation may hold a false belief that delisting is unlikely, which poses a significant risk as the potential for loss is high and the rewards are minimal [1][3]. - Historical trends suggest that speculation detached from fundamentals ultimately fails, emphasizing the need for investors to remain cautious and avoid irrational trading behaviors [3]. Group 3: Recommendations for Market Improvement - There is a need to enhance the monitoring system for abnormal trading activities, utilizing technology to identify and address manipulative behaviors effectively [2][3]. - The implementation process for delisting should be optimized to prevent delays that allow speculative trading to occur, ensuring that the warning and deterrent effects of delisting are fully realized [3]. - Continuous investor education is essential to promote awareness of delisting risks and to encourage rational investment practices, thereby improving the overall market environment [3].

第一，格斗赛事成为技术实战化的硬核试炼场，实现从"表演验证"到"实战锤炼"的跨越。 2月9日，首届全球人形机器人自由格斗联赛（URKL）发布会正式举行，众擎机器人推出价值1000万元 的纯金腰带作为冠军奖励，旨在以赛事推动技术从实验室走向实战场景。 在笔者看来，这一举措与此前加速进化机器人足球联赛的商业成功形成呼应。格斗联赛的诞生，让人形 机器人产业实现了技术实战化、商业多元化、生态协同化的三重突破，是我国人形机器人产业商业化落 地的全新探索。 从春晚舞台的"秀技术"到格斗赛场的"练实战"，人形机器人产业的发展正逐步回归商业化落地的核心逻 辑。格斗联赛的推出，不仅让机器人在对抗中锤炼出更贴合真实场景的技术能力，更开辟了赛事商业化 的新赛道，构建起产业协同创新的新生态。这场以"战"为核心的竞技，本质上是人形机器人产业从技术 验证向商业闭环迈进的重要标志。 当前，全球人形机器人市场已进入快速增长期，我国在本体制造、运动控制等领域已具备全球竞争力。 格斗联赛等赛事的兴起，将进一步推动技术实战化、商业多元化、生态协同化，助力我国人形机器人产 业在万亿元级赛道上，实现从"技术展示"到"场景落地"的跨越。 如果说央视春晚 ...