1月15日，人力资源社会保障部、财政部印发《关于进一步做好企业年金工作的意见》（以下简称《意 见》），通过扩大覆盖范围、简化建立程序、优化缴费机制等举措，增强企业年金制度的包容性与灵活 性，让更多职工共享补充养老保障红利。 企业年金制度自2004年建立以来，政策不断完善，覆盖范围不断扩大，参加人数逐步增加，基金实力持 续增强。截至2025年三季度，全国建立企业年金的用人单位为17.5万户，参加职工3332.05万人，积累基 金4.09万亿元，补充养老功能初步显现。 但是，发展中也存在用人单位和职工参与度不高、受益面偏窄，难以有效发挥长期补充养老保险作用的 问题，此次《意见》的出台正是对此类问题的针对性回应。 《意见》扩大企业年金的覆盖范围，将覆盖对象从各类企业延伸至社会团体、基金会、民办非企业单位 以及其他符合条件的用人单位及其职工，打破了"只有企业才能建"的认知边界。在民主程序上，用人单 位已建立职工代表大会制度的，企业年金方案提交职工代表大会讨论通过；未建立职工代表大会制度 的，方案可经全体职工讨论、公示等其他民主程序通过。 缴费标准方面，《意见》规定用人单位缴纳企业年金每年不超过本单位职工工资总额的8% ...

财政部、税务总局1月15日发布公告称，自2026年1月1日起至2027年12月31日止，对境外机构投资境内 债券市场取得的债券利息收入暂免征收企业所得税和增值税。暂免征收企业所得税的范围不包括境外机 构在境内设立的机构、场所取得的与该机构、场所有实际联系的债券利息。 为进一步鼓励境外投资者在华投资，两部门自2018年11月出台对境外机构投资境内债券所得利息收入免 税政策，将鼓励间接投资与直接投资相结合。2021年，两部门宣布续期该政策至2025年底，此次公告将 政策实施期限进一步续期至2027年底。 当天，两部门还发布公告称，自2025年8月8日起至2027年12月31日止，对境外机构投资我国在境外发行 国债、地方政府债券取得的债券利息收入，免征增值税。 （文章来源：证券时报） ...

1月14日至15日召开的2026年全国外资工作会议暨重点外资项目工作专班会议强调，2026年要以深化外 商投资促进体制机制改革为牵引，充分发挥我国超大规模和统一大市场优势，着力塑造吸引外资新优 势，以扩大高水平对外开放推动外资工作固稳促优。 会议强调，2026年是"十五五"时期开局之年，稳外资工作要与扩大内需、提振消费、科技创新等各项经 济工作贯通起来综合施策，积极支持外资企业参与提振消费行动，深入挖掘服务业引资新增长点，全面 落实"准入又准营"。同时，要加大力度开展外商投资促进工作，精心打造"投资中国"品牌，积极促进外 资境内再投资和本地化生产。 （文章来源：证券时报） ...

在"十五五"规划的开局之年，如何看待中国经济的长短期趋势与结构性变化成为不少宏观经济学家关注 的重点。德意志银行大中华区首席经济学家熊奕在接受证券时报记者采访时表示，从供给侧来看，过去 一年间，国际社会对中国创新能力和全球经贸体系竞争力的看法发生了转变。 一个最直观的例证是"DeepSeek时刻"这一表述的广泛传播，"它反映出人工智能作为未来关键科技领 域，中国在其中展现的追赶速度已超此前预期。"熊奕表示。 熊奕还透露了一项从微观角度的观察，在北京某顶级学府，早年间专业偏好度较低的理工类如今已成为 热门专业，"整个变化其实集中发生在过去五年里，稀缺的资源正被配置到需要的领域，其中，人才是 非常重要的环节。" 除人才要素外，市场环境和供应链支撑同样对竞争力的形成发挥着关键作用。展望未来，人工智能及其 与各行业深度融合的领域无疑是未来最重要的竞争赛道之一。 "中国在人工智能领域投入的显著加速，恰始于2024年第四季度前后，这与市场对中国宏观经济的预期 出现拐点的时点基本吻合。"熊奕表示。 在他看来，未来五年的一个重要主题与前述创新议题紧密相关：尽管中国已涌现出大量具有强劲创新能 力的企业，但还有一个挑战是，其中有 ...

特别是2025年，全省资本市场直接融资规模首次站上5000亿元新台阶，创下历史同期最高水平。 其中，A股首发融资规模达224.46亿元，居全国首位。华电新能（600930）首发上市募资181.7亿元，成 为当年A股最大IPO项目。宁德时代（300750）、紫金黄金国际H股融资分别达413.96亿港元、287亿港 元，规模分别位居当年全球第二、第四。 "十四五"时期，福建省资本市场砥砺奋进，实现量质齐升的跨越式发展。 福建资本市场呈现出一系列亮眼的数字，过去五年直接融资累计突破2万亿元，较"十三五"时期增长超 五成，2025年A股IPO融资居全国首位；2025年末，全省上市公司总市值达5.4万亿元，排名全国第六， 较"十三五"末增长74.76%，增速位列全国第四，市值增量达2.31万亿元。 福建资本市场在服务地方经济高质量发展、推动产业升级、防范化解金融风险等方面取得一系列标志性 成果，为决胜"十四五"画上圆满句号。 直接融资再创新高 上市公司量质齐升 过去五年，福建省资本市场直接融资累计突破2万亿元，较"十三五"时期增长超五成，资本市场服务实 体经济的"输血"功能持续凸显。 债券融资同样表现亮眼，累计发行超4 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 余胜良 "十四五"时期，福建省资本市场砥砺奋进，实现量质齐升的跨越式发展。 福建资本市场呈现出一系列亮眼的数字，过去五年直接融资累计突破2万亿元，较"十三五"时期增长超五成，2025 年A股IPO融资居全国首位；2025年末，全省上市公司总市值达5.4万亿元，排名全国第六，较"十三五"末增长 74.76%，增速位列全国第四，市值增量达2.31万亿元。 福建资本市场在服务地方经济高质量发展、推动产业升级、防范化解金融风险等方面取得一系列标志性成果，为 决胜"十四五"画上圆满句号。 上市公司群体的发展质量持续提升。2024年，全省上市公司实现营业收入3.1万亿元、净利润2061亿元，较"十三 五"末分别增长31.59%和66.41%；平均每股收益1.09元、平均净资产收益率10.77%，分别是同期全国平均水平的 1.78倍和1.36倍，上市公司质量持续提高，盈利能力和投资价值均优于全国平均水平。 板块结构持续优化 直接融资再创新高 上市公司量质齐升 过去五年，福建省资本市场直接融资累计突破2万亿元，较"十三五"时期增长超五成，资本市场服务实体经济 的 ...

Core Insights - The real estate industry is rapidly exploring new development models, with top 100 real estate companies showing strong enthusiasm for the construction agency market, leading to further industry growth and a new competitive landscape [1] - The focus has shifted from a "scale race" to a "value revolution," with companies engaging in differentiated competition, emphasizing quality over price [1] Group 1: Market Trends - In 2025, the new scale of construction agency reversed the slowdown seen in 2024, with the top 20 companies signing contracts for 22,007 million square meters, a year-on-year increase of 16%, and a growth rate improvement of 6 percentage points compared to 2024 [2] - The competitive structure of the construction agency market has fundamentally changed, showing an "olive-shaped" competition structure typical of a mature industry with high concentration [2] - Over 100 companies have entered the construction agency business, primarily from the top real estate sales companies, indicating a highly competitive environment [3] Group 2: Competitive Dynamics - Despite high market concentration among leading companies, the competitive landscape is still evolving, with ongoing reshuffling among top-tier and mid-tier companies [3] - The construction agency sector is characterized by light assets, high profit margins, and resistance to economic cycles, making it attractive for real estate companies amid significant market pressures [3] Group 3: Pricing and Value Competition - The management fee rates for construction agency projects have decreased from an early average of 3% to a range of 1%-3%, with 81.7% of projects falling within this range [4] - Industry leaders are advocating for a shift from price competition to value competition, emphasizing the importance of value creation over low pricing [4][5] - Many companies are consciously maintaining price floors and focusing on quality service rather than engaging in price wars [5] Group 4: Differentiated Competition Strategies - Companies are actively enhancing their capabilities and creating value through various means, including focusing on "good housing," urban renewal, and revitalizing existing assets [6] - Successful examples include projects that integrate comprehensive management and cost control, such as the Chengdu Xijingtai project, which achieved over 90% sales in a previously stalled development [7] - The industry is recognizing the need for higher service standards and a healthier evaluation system to guide companies towards enhancing their professional capabilities [5][6] Group 5: Future Outlook - The construction agency market still holds potential for residential and affordable housing, as well as opportunities in urban renewal and village renovations [8] - Future strategies suggest that leading companies should focus on improving service capabilities and management efficiency, while smaller firms should deepen their expertise in niche areas to build competitive advantages [8]

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the shared electric bike sector in Hong Kong. The company has carved out a niche in the overlooked county market, but faces significant challenges in policy, competition, compliance, and growth as it seeks to expand into higher-tier cities [1][2][8]. Group 1: Market Position and Strategy - Songguo Travel has successfully penetrated the county market, holding an 18.7% market share in this segment, but its overall market share remains low at 6.6%, ranking fourth in the industry [1][2]. - The company plans to shift its focus to higher-tier cities starting in 2024, where it will face intense competition from established players like Hello, Meituan, and Didi Qingju [2][3]. - Despite increasing the number of bikes deployed, the company has experienced a decline in total order volume, indicating challenges in its strategic transition to higher-tier cities [3][4]. Group 2: Regulatory Environment and Compliance Issues - The shared electric bike sector is subject to stringent regulatory scrutiny, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on operations [4][5]. - Songguo Travel operates in a "grey area" in many of the 422 cities where it has deployed bikes, lacking formal agreements with local governments in several locations [4][5]. - Reports of non-compliance, such as unregistered bikes and unauthorized deployments, have raised concerns about the company's operational legitimacy [4][6]. Group 3: Financial Performance and Growth Challenges - The company has shown minimal revenue growth, with total revenues of 9.53 billion yuan in 2023 and 9.63 billion yuan in 2024, while the number of daily orders has decreased from approximately 1.1 million to about 1.01 million [7]. - Despite a slight profit in the first three quarters of 2025, the company acknowledges that maintaining profitability in the short term may be challenging [7]. - The company's valuation has decreased significantly from 1.382 billion USD in 2021 to 996 million USD in 2025, reflecting investor concerns about growth prospects [7][8]. Group 4: Competitive Landscape and Market Perception - Analysts note that while Songguo Travel has unique value in localized operations, it lacks the ecosystem synergy that larger competitors possess, which can leverage shared services to enhance user engagement [8]. - The upcoming IPO is seen as a critical step for the company to secure capital and address competitive pressures, but it faces numerous challenges from regulatory hurdles and market saturation [8].

Core Insights - The company is leveraging the booming digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine for growth [2][3] - The company has achieved significant market leadership in various sectors, including being the top global supplier of thin clients and ranking first in the Asia-Pacific and Chinese markets [2] - The company is actively involved in ICT infrastructure development and AI applications, participating in major projects and launching diverse products across multiple sectors [2][3] Business Performance - The company maintains a leading position in the global thin client market and ranks among the top three in China's data center and enterprise-grade switch markets [2] - The company has held the number one market share in the 200G/400G data center switch segment for 15 consecutive quarters [2] - The company is a core player in the network supply chain for intelligent computing centers, collaborating with major enterprises on large-scale projects [2] Research and Development - The company invests over 13% of its annual sales revenue into R&D, with an expected investment of 2.668 billion yuan in 2024, accounting for 15.92% of that year's revenue [3] - The company has launched several leading products, including high-density box switches for AIGC scenarios and the TH6800G/1.6T switch, and has developed a complete closed-loop emotional assessment model in AI applications [3] - By the end of 2025, the company aims to have filed over 5,400 patents, including more than 4,300 invention patents, and has received 30 provincial science and technology advancement awards [3] Future Outlook - The company plans to deepen its R&D innovation model and accelerate the deployment of cutting-edge technologies, focusing on solutions for large-scale intelligent computing centers and promoting the large-scale deployment of all-optical parks [3] - The company aims to create comprehensive AI solutions tailored to key industries and enhance collaboration with top domestic and international firms, universities, and research institutions [3]

1月15日晚，上汽集团(600104)披露2025年业绩预告。经财务部门初步测算，公司预计2025年度实现归 母净利润为90亿元到110亿元，同比增长438%到558%。预计2025年度实现扣非净利润为70亿元到82亿 元，同比增长229%到251%。 上汽集团2025年利润大幅增长，受益于公司汽车销量的增长。公司表示，2025年公司实现整车批发销量 450.75万辆，比上年同期增长12.32%。 上汽集团此前披露的产销快报显示，2025年公司汽车销量450.75万辆，其中新能源汽车为164.28万辆， 销量同比上升33.12%。上汽集团旗下新能源汽车品牌智己汽车2025年累计销量为8.1万辆，同比增长约 24%。 除了汽车销量上升外，2024年度，上汽集团受合营企业上汽通用汽车有限公司及其控股子公司计提相关 资产减值准备影响，该事项减少公司2024年归属于母公司所有者的净利润78.74亿元。 上汽集团表示，海外市场将是公司经营业绩增长的重要发力点。未来三年，公司将在海外推出十余款全 新车型，动力形式覆盖燃油、混动、插混和纯电，车型涵盖SUV、轿车、MPV和皮卡。 （文章来源：证券时报） 相关事项影响下，20 ...