奶酪、咖啡、葡萄酒、皮具产品……琳琅满目的进口商品在北京商业新地标湾里形成了特色风景线。2 月4日，"共享大市场·出口中国"2026年首场活动暨北京国际精品荟启动活动举行。泰国、墨西哥、巴 西、马里、格鲁吉亚、伊朗、马来西亚等多国企业携特色好物亮相，全球优质商品成为中国消费者的新 选择。以此为缩影，中国大市场成为全球共享大市场、中国新发展成为全球新机遇。 全球交易主动作为 搭台唱戏多方联动 优质的营商环境为中国进口市场打好基础，好的平台则能将"长期投资"落地。"我们已为超5000家在华 投资的德国企业提供服务。"德国工商大会北京代表处首席代表欧阳利文表示，对德国企业而言，中国 不仅是至关重要的生产基地与投资热土，也是高端、高质产品的核心市场。中国企业在技术创新、品牌 建设、成本管控与市场响应速度等方面取得了显著进步，这使得中国市场的竞争愈发激烈，也为所有计 划深耕中国市场的德国企业设立了越来越高的标准。 在释放进口潜能方面，中国将聚焦供需精准匹配，吸引更多优质进口商品和服务进入中国电商平台、商 场超市、商圈步行街，走进老百姓的日常生活，成为大众身边的好物。此外，中国还将探索与国际组织 携手开展"出口中国"能力 ...

Core Viewpoint - Xianle Health has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to establish a dual capital platform "A+H" to adapt to future growth paths and capital structure adjustments [1] Group 1: Company Overview - Xianle Health, established in 1993, transitioned from pharmaceutical manufacturing to the nutrition and health food contract manufacturing (CDMO) sector in 2000 [4] - The company has expanded globally since 2016, acquiring German company Ayanda and gaining control of American company Best Formulations [4] - Xianle Health is currently the largest CDMO in China and the third largest globally in the nutrition and health food sector, with soft capsules and gummies accounting for over 70% of its revenue [4] Group 2: Financial Performance - Recent financial data shows a slowdown in revenue growth, with revenues of 3.582 billion yuan, 4.211 billion yuan, and 3.291 billion yuan for the first three quarters of 2023, 2024, and 2025 respectively [5] - Net profits for the same periods were 240 million yuan, 282 million yuan, and 56 million yuan, with a projected decline in net profit for 2025 by 53% to 69% due to asset impairment losses and strategic investments [5][6] - The company plans to use funds from the IPO to enhance product R&D, implement digital upgrades, and optimize production capacity [7] Group 3: Market Challenges - The CDMO model heavily relies on large client orders, making revenue stability vulnerable to brand strategy changes [4] - The lifecycle of popular health products is shortening, impacting the CDMO model's profitability, as upfront costs may not be recouped if products exit the market prematurely [7] - The company aims to transition from a "manufacturing service provider" to a "solution provider" to improve pricing power and mitigate pressure from downstream pricing [6]

从收入构成看，2025年前三季度，台铃科技电动自行车、电动摩托车、电动三轮车、电池及其他收入分别约为83.53亿元、29.12亿元、289.7万元、30.34亿 元、5.38亿元，占营收的比例分别为56.3%、19.6%、0.1%、20.4%、3.6%。 不过，需要注意的是，台铃科技的销售及经销开支呈现增长趋势。招股文件显示，2023年、2024年及2024年前三季度、2025年前三季度，台铃科技销售及经 销开支分别约为5.64亿元、6.87亿元、4.93亿元、6.7亿元，分别占各期总收入的4.7%、5%、4.6%、4.5%。 具体来看，台铃科技销售及经销开支主要包括员工成本、营销开支、差旅开支、物业、厂房及设备折旧及其他开支。对此，台铃科技方面表示，一方面由于 销售及营销团队扩张及薪酬上涨，另一方面由于营销开支增加，公司不断扩大营销活动，如委聘名人代言。 此外，台铃科技的"家族式"IPO，也成为市场关注的重点。台铃科技创始人团队由孙木钳、姚立、孙木楚及孙木钗组成，四人同为公司控股股东，合计控制 台铃科技89.91%的表决权。其中，孙木钳系孙木楚的胞兄、孙木钗的堂兄。 资料显示，孙木钳任台铃科技执行董事兼董事 ...

近日，中国人民银行召开2026年信贷市场工作会议。会议要求，做好2026年信贷市场工作要准确把 握"十五五"时期经济金融形势变化，统筹发展和安全，不断加强对重大战略、重点领域和薄弱环节的优 质金融服务。进一步完善金融"五篇大文章"各项机制，落实好结构性货币政策工具增量政策，加强与财 政政策协同，大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融，强化消费领域金融支 持。建设多层次金融服务体系，着力支持扩大内需、科技创新、中小微企业等重点领域。 ...

摩尔线程、沐曦股份之外，壁仞科技、天数智芯、燧原科技也争相叩开资本市场的大门。寒武纪等一众 企业披露业绩的同时，百度的昆仑芯、阿里的平头哥接连走到台前。 "小作文"可以呼应投资者高预期下的焦虑，但不能成为股价大跌的唯一由头。 从投资者的视角看，无论是寒武纪，还是紧随其后上市的摩尔线程、沐曦股份，大家都面临着背负高预 期之后，如何兑现、何时兑现的考题。硬件的稳定性、性价比、供应能力都是市场的重要考察因素。 附在股价上的预期，自然比单纯的数字更复杂。营收增长幅度、亏损收窄情况、盈利预期的变化，都可 能变成"小作文"制造焦虑的诱导因素。在这个过程中，稍有风吹草动，让市场产生不安情绪自然在所难 免。 从行业自身的视角看，寒武纪需要正视的不仅是资本市场对于芯片题材祛魅，还有同行竞争加剧、同业 态百花齐放。 寒武纪从最初的"高处不胜寒"，到数家国产芯片企业先后奔赴资本市场，股市上相关概念股的稀缺时代 也将结束。 刚刚交出亮眼的业绩，寒武纪就迎来了猝不及防的大跌。 2月4日，寒武纪股价收跌5.32%，报1068元/股，总市值4504亿元。此前一天，公司股价跌去12.88%，市 值从约5300亿元回落到4563亿元，几乎半天 ...

Core Viewpoint - The long-term procurement agreement between HeFu China and Mingji Hospital has attracted market attention, leading to regulatory scrutiny from the Shanghai Stock Exchange regarding the implications of such agreements on the company's business model and industry practices [1][3]. Group 1: Agreement Details - HeFu China signed a long-term procurement agreement with Mingji Hospital for the purchase of in vitro diagnostic reagents and consumables, with a total procurement amount of no less than 600 million yuan over 96 months, equating to an eight-year contract duration [1]. - The company stated that the annual procurement amount from Mingji Hospital is expected to be less than 10% of its annual revenue, indicating minimal impact on the company's overall performance [1][2]. Group 2: Regulatory Response - The Shanghai Stock Exchange issued a regulatory letter to HeFu China, requesting clarification on the commercial rationale behind the long-term agreement, its alignment with industry norms, and the replicability of such agreements [1][3]. - HeFu China responded that the minimum procurement amount aligns with past purchasing patterns from Mingji Hospital and is significantly lower than the hospital's total procurement of drugs and medical consumables during the same period [2]. Group 3: Risks and Challenges - The agreement includes a minimum procurement obligation, with penalties for non-compliance; however, it also allows for negotiations if the minimum is not met due to reasons beyond the hospital's control, raising questions about the enforceability of the minimum commitment [2][3]. - HeFu China is facing pressure from a projected net loss of 25 to 36 million yuan, attributed to price declines in the in vitro diagnostic sector and fluctuations in order volumes due to centralized procurement policies [3]. Group 4: Market Performance - HeFu China's stock experienced a significant increase of 342.92% from October 27 to December 19 last year, becoming a market star, but has since seen a decline of nearly 40% from its peak as of February 4 [4].

北京帐篷露营地拟迎来新规。2月4日，北京商报记者从北京市文化和旅游局官网获悉，北京市文化和旅 游局会同相关部门起草《北京市帐篷露营地管理办法（征求意见稿）》。新规共十五条，核心内容包括 明确适用范围、规范设立要求和厘清各方责任。其中，新规提出，帐篷露营地经营主体应规范登记注 册，提供夜间住宿服务的帐篷露营地，应24小时专人值守，建立住宿登记制度，采集夜间住宿人员信息 并上传。近年来，帐篷露营在成为热门旅游方式的同时，也出现了营地选址不规范、安全管理不到位等 问题。新规针对上述问题做出了明确规范，引导帐篷露营进一步健康有序发展。 在明确适用范围方面，新规进行了清晰界定，适用的帐篷露营地是指有明确经营主体、合法经营，以帐 篷为主要设施，面向大众旅游休闲需求的场地，明确房车、木屋、太空舱等不适用本办法，避免管理边 界模糊。 在厘清各方责任方面，新规提到，明确经营主体的主体责任、场地提供方的监管责任及上级主管部门的 主管责任。明确市、区相关部门的职责分工，其中市公安局负责治安管理、市应急局负责突发事件应 对、市消防救援局负责消防监督检查、市园林绿化局负责森林防火等，形成安全监管合力，确保安全管 理无死角，同时明确各区 ...

从短期福利提升至深耕产业 夜里屋内灯光昏暗，便安装夜灯；出现紧急情况无法呼救，便配备随身应急呼叫器……针对老人多种需 求，居家适老化改造产品也应运而生。与此同时，这一项产品正勾勒出北京居家适老化实践从"标准化 供给"转向"个性化适配"的新范式。而如何将这种充满温度的人文关怀，转化为可复制、可持续的公共 政策，则成为北京探索的重要方向。 午后阳光斜照进通州区一处老小区的三楼阳台，77岁的李凤萍（化名）扶着崭新的助行器，从客厅缓缓 走向卫生间。银色金属支架在地面发出平稳的"咔、咔"声，取代了以往那根磨得发亮的旧拐杖。改变也 正是从2025年春天开始的。该社区一项名为"家庭养老照护床位"的服务走进李凤萍家。患有腰疾、腿脚 不便的她被评估为"失能老人"，获得了免费适老化改造与上门照护的资格。李凤萍家中的微小改变，折 射出北京如今正在推进的一场居家适老化改造。这项系统性改造远非简单"装修"，而是融合政策倾向、 产业升级与人文关怀的社会工程。从一把助行器到全屋适老智能化，北京正探索着将老龄化挑战转化为 发展动能的"北京方案"。 政策层面的坚定支持可谓持之以恒，其背后蕴藏着深刻的经济逻辑与市场远见。这不仅是对社会关切的 回 ...

Core Viewpoint - Mulinson Co., Ltd. has announced a significant acquisition of 34.7849% equity in Pruy Optoelectronics for 900 million yuan, despite forecasting its first annual net loss post-IPO, estimated between 1.1 billion to 1.5 billion yuan for 2025, compared to a profit of 374 million yuan in the previous year [1][5][6] Financial Performance - Mulinson expects a net loss of 1.1 billion to 1.5 billion yuan for 2025, with a non-recurring net loss of 1.08 billion to 1.45 billion yuan, contrasting with profits of 374 million yuan and 311 million yuan in the previous year [5][6] - Revenue from 2022 to 2024 was 16.517 billion yuan, 17.536 billion yuan, and 16.910 billion yuan, showing fluctuations with year-on-year growth rates of -11.27%, 6.17%, and -3.57% respectively [5] - Net profits for the same period were 194 million yuan, 430 million yuan, and 374 million yuan, with year-on-year changes of -83.27%, 121.71%, and -13.06% respectively [5] Acquisition Details - The acquisition of Pruy Optoelectronics is part of Mulinson's strategy to enhance its control over the LED chip supply chain, aiming for vertical integration from chip design to lighting applications [6][7] - After the acquisition, Mulinson will hold a total of 67.894% equity in Pruy Optoelectronics, including previous stakes [6][7] Industry Context - The LED industry is experiencing intense competition, with average product prices dropping by 30% to 40% over the past four years, leading to a 50% decline in average gross margins [7][8] - Mulinson's strategy to integrate upstream operations is seen as essential for sustainable growth, as relying solely on downstream segments has become increasingly challenging [7][8] Strategic Implications - The acquisition is viewed as a strategic move to mitigate supply chain risks and enhance core competitiveness in the LED market [10][11] - However, the profitability of Pruy Optoelectronics is limited, and it may not provide immediate relief to Mulinson's financial losses [10][11] - The long-term success of this integration will depend on the recovery pace of the LED industry and the effectiveness of operational synergies [11]

奶酪、咖啡、葡萄酒、皮具产品……琳琅满目的进口商品在北京商业新地标湾里形成了特色风景线。2月4日，"共享大市场·出口中国"2026年首场活动暨北 京国际精品荟启动活动举行，泰国、墨西哥、巴西、马里、格鲁吉亚、伊朗、马来西亚等多国企业携特色好物亮相，全球优质商品成为中国消费者的新选 择。以此为缩影，中国大市场成为全球共享大市场，中国新发展成为全球新机遇。 全球交易 主动作为 举办"共享大市场·出口中国"系列活动，是中国扩大自主开放、推动全球开放合作的主动作为，是从贸易伙伴角度出发、打造"国字号"活动品牌的创新之 举，是致力于让中国大市场成为全球共享大市场、让中国新发展成为全球新机遇的务实举措。2026年，商务部将围绕"共享大市场·出口中国"系列活动，多 渠道、多形式举办超百场系列活动，邀请英国、哈萨克斯坦、肯尼亚、泰国等国家担任"出口中国"2026年度主题国，支持全球更多优质商品和服务出口到中 国，进入中国千家万户。 除了现有的外资深耕中国市场外，依旧有越来越多的外国品牌将目光放在了中国。"接下来，英国将助力本土中小企业对华出口"，英国驻华大使魏磊Peter Wilson坦言，中小企业缺乏系统开拓中国市场的资源 ...