（文章来源：新华财经） 新华财经北京2月14日电 新春佳节，美食佳肴琳琅满目，吃是永恒不变的主题，"牙好，吃嘛嘛香"，守 护好牙齿，才能尽情享受这舌尖上的春节。从"疼了才治"到主动求美，国人的口腔消费习惯正在重塑。 数据显示，2025年中国口腔医疗市场规模将突破2000亿元，2030年有望冲击3800亿元。随着部分口腔头 部企业加速下沉三四线城市，技术升级与资源下沉正让高品质口腔服务加速来到家门口。 ...

声明显示，该工厂计划于2029年投产，全面运营后将创造近500个技术岗位。 新华财经巴黎2月14日电 法国航空航天设备制造商赛峰集团13日晚间宣布，将在摩洛哥卡萨布兰卡机场 工业区新建一座起落架设备生产工厂，以支持空客A320系列飞机产能提升。 集团声明称，拟建工厂占地约2.6万平方米，总投资超过2.8亿欧元。该厂将专注于短程和中程飞机起落 架系统的生产，涵盖起落架部件与模块制造，以及专用液压设备的研发与生产。 （文章来源：新华财经） ...

新华财经北京2月14日电（记者郝玉、苏醒、张新新）新春佳节，美食佳肴琳琅满目，吃是永恒不变的 主题，"牙好，吃嘛嘛香"，守护好牙齿，才能尽情享受这舌尖上的春节。从"疼了才治"到主动求美，国 人的口腔消费习惯正在重塑。数据显示，2025年中国口腔医疗市场规模将突破2000亿元，2030年有望冲 击3800亿元。随着部分口腔头部企业加速下沉三四线城市，技术升级与资源下沉正让高品质口腔服务加 速来到家门口。（参与调研：李文哲） 从"疼了才治"到主动求美，国人的口腔消费习惯正在重塑。数据显示，2025年中国口腔医疗市场规模将 突破2000亿元，2030年有望冲击3800亿元。 ...

新华财经上海2月14日电城投债市场近期迎来阶段性回暖。据新华财经城投债专题数据显示，1月全国城投债净融资规模实现回正。这 一信号改变了此前两年净偿还为主的态势，释放出地方债务化解与融资环境边际改善的积极信号。 据新华财经城投债专题数据显示，2026年1月共发行城投债666只，净融资规模由负转正，达394.97亿元。值得关注的是，城投债发行 利率已下行至2.23%，融资成本明显改善。此外，1月城投债发行总规模达4228.48亿元，在自去年8月连续下跌后，首次迎来反弹。 从配置角度来看，机构关注点集中于财政实力较强的高级别平台。其中，招商证券固收首席分析师张伟表示："当前短久期城投债收益 率已回升至2.2%以上，配置价值凸显，建议重点关注财政实力较强、债务管理较规范地区的优质主体。" 财通证券首席经济学家孙彬彬也表示，在信用利差压缩至历史低位的背景下，择券应更注重主体层级与区域重要性，优先选择省级或 国家级新区平台。 从区域分布看，优质省份继续领跑发行与净融资。浙江省以141.55亿元的城投净融资规模稳居首位，广东、江苏等地亦表现活跃。 | 序号 | 地域 | 城投债发行(亿) | 城投债到期(亿) | 城投债净 ...

Core Insights - The report indicates that in January 2026, China's domestic game market achieved actual sales revenue of 32.468 billion yuan, with a month-on-month growth of 2.99% and a year-on-year growth of 4.47%, signaling new trends in the gaming industry for the year [1] Client Game Market Performance - In January, the client game market in China generated actual sales revenue of 8.236 billion yuan, reflecting a month-on-month increase of 7.77% and a year-on-year surge of 23.46%, significantly outperforming the overall market growth of 4.47% [2] - The growth is attributed to new product launches, such as "Arknights: End of the World" and "Crossfire: Future," which contributed over 500 million yuan in revenue each within the month [2] - The data suggests a shift in the client market from being a supplementary channel to becoming a primary battleground, as high-configuration games provide experiences that mobile platforms cannot replicate [2] Mobile Game Market Trends - The mobile game market in January recorded actual sales revenue of 22.621 billion yuan, with a month-on-month increase of 1.8% but a year-on-year decline of 1.52% [3] - The month-on-month growth was driven by new and existing products, with "Honor of Kings" returning to the top of the global mobile revenue chart [3] - The year-on-year decline is attributed to the high base from January 2025, which coincided with the Spring Festival, while deeper structural issues in the mobile market are highlighted by the rise of social party games like "Duck Duck Goose" [3] Overseas Market Performance - In January, China's self-developed games achieved actual sales revenue of 2.077 billion USD in overseas markets, showing a slight month-on-month decrease of 2.50% but a year-on-year increase of 24.05% [4] - The growth is driven by mature products like "Genshin Impact" and new releases such as "Arknights: End of the World," which generated over 20 million USD in just three days [4] - The report emphasizes a shift from a "single product" approach to a "matrix strategy," allowing companies to leverage the same IP across multiple markets and platforms simultaneously [4] Industry Trends - The report reflects three emerging trends in the gaming industry: 1. Multi-platform integration is becoming the new norm, as evidenced by the significant PC revenue share of "Arknights: End of the World," indicating a blurring of lines between mobile and PC gaming [5] 2. In a competitive landscape, game companies are focusing on operational precision, as seen with the success of "Honor of Kings" and "Peacekeeper Elite," which rely on stable updates and engaging content to retain players [5] 3. The overseas market remains promising, with a 24% year-on-year growth indicating that there is still room for expansion, necessitating a global perspective in game design from the outset [6]

Primary Market - A total of 12 offshore bonds were issued by Chinese entities this week, including 4 USD bonds, 5 RMB bonds, 2 HKD bonds, and 1 JPY bond, with issuance sizes of $415 million, 10.5 billion RMB, 930 million HKD, and 5.8 billion JPY respectively [1] - The largest single issuance in the USD corporate bond market was $200 million with a maximum coupon rate of 7.4%, issued by Industrial Gold (Hong Kong) Mining Co., Ltd [1] - In the offshore RMB market, the largest single issuance was 500 million RMB with a maximum coupon rate of 4.7%, issued by Luoyang Shengshi Urban Construction Investment Co., Ltd [1] Secondary Market - The Markit iBoxx Chinese USD bond index rose by 0.37% to 253.68 as of February 13, with the investment-grade USD bond index increasing by 0.39% to 246.59 and the high-yield USD bond index rising by 0.24% to 244.64 [2] - The real estate USD bond index increased by 0.75% to 182.59, while the city investment USD bond index rose by 0.06% to 155.19, and the financial USD bond index increased by 0.23% to 293.72 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the U.S. narrowed to 227.6 basis points, a decrease of 12.6 basis points from the previous week [3] Rating Changes - Several credit rating adjustments occurred this week, including the withdrawal of ratings for various companies such as eHi Car Services and New World Development Insurance at their request [5] - Moody's confirmed Meituan's issuer rating at "Baal" with a negative outlook [5] Domestic News - As of the end of January, foreign institutions held 3.35 trillion RMB in the interbank bond market, accounting for approximately 1.9% of the total custody volume [6] - The People's Bank of China plans to issue 50 billion RMB in central bank bills in Hong Kong, with maturities of 3 months and 1 year [7] - Shanghai aims to enhance mechanisms like "Shanghai-Hong Kong Stock Connect" and "Bond Connect" to improve international financial product offerings and services [8][9] Overseas News - The National Bank of Georgia has been approved to enter the Chinese interbank bond market, which is expected to enhance the management efficiency of its international reserves [10] - The U.S. January CPI increased by 2.4% year-on-year, lower than expected, marking the smallest increase since May of the previous year [11] Offshore Debt Alerts - Greenland China Real Estate's liquidation hearing has been postponed to June 1 [12] - China Water Affairs Group's liquidation hearing has been postponed to March 25, with ongoing negotiations for repayment plans [13] - New World Development completed a placement of 198 million shares, raising a net amount of 469 million HKD [14]

新华财经北京2月14日电 国家金融监督管理总局日前发布的2025年四季度银行业主要监管指标数据显 示，商业银行2025年全年累计实现净利润2.4万亿元，全年净利润同比增长2.3%，截至四季度末不良贷 款率为1.50%，较上季末下降0.02个百分点，净息差企稳在1.42%，行业经营整体呈现盈利增速逐季改 善、资产质量稳健、息差企稳的良好态势。 专家表示，2025年，银行业依靠规模稳增、息差企稳和信用成本平稳实现稳健发展，城商行、农商行盈 利增长势头凸显，国有大行持续发挥信贷"头雁"作用。2025年下半年以来净息差企稳为2026年发展奠定 基础，后续随着高成本长期限存款到期重定价、新发放贷款利率降幅趋缓，银行业盈利增长有望延续稳 健态势。 盈利增速结构分化城农商行增长势头凸显 国家金融监督管理总局数据显示，截至2025年四季度末商业银行平均资本利润率为7.78%，平均资产利 润率为0.60%。2025年银行业盈利增速的逐季改善成为行业发展的核心亮点，不同类型银行机构的盈利 表现呈现分化特征，低基数下城商行、农商行的盈利复苏势头凸显。 光大证券金融业首席分析师王一峰表示，商业银行2025年净利润同比增长2.3%，增 ...

银河证券方面认为，工业遗产的保护性改造契合城市更新政策导向，相关运营商将持续受益于政策红利 与市场需求释放。 新华财经上海2月14日电 随着我国城市发展进入存量提质增效的关键阶段，老旧工业厂房作为城市工业 文明的载体，正从"闲置存量"向"消费增量"加速转型。 城市更新政策的持续发力，正推动工业遗存与新消费需求深度绑定，并催生了一批兼具文化底蕴与商业 活力的特色空间。 多位业内专家指出，在城市更新赛道中，工业厂房改造相关板块正迎来明确的投资机会，优质改造项目 有望实现资产增值与消费提振的双重收益。 那么，老旧工业厂房如何通过空间更新、场景迭代，激活新消费增长极？ 空间重生：工业遗产的存量价值重估 不可否认，老旧工业厂房作为城市存量资产的核心组成部分，其改造核心在于实现"保护性利用"与"功 能性重塑"的双向平衡——在改造过程中，通过保留红砖墙体、钢铁构架、标志性烟囱等原生工业肌 理，以最小干预原则完成空间活化，既能有效延续城市工业文脉、留住时代记忆，又可为构建不可复制 的特色消费场景奠定坚实基底。 来自中信证券的研究观点指出，当前城市更新政策正持续向盘活存量商业与工业资产倾斜，具备专业改 造能力与运营经验的优质空 ...

Core Viewpoint - The expansion of public REITs in China is entering a phase of normalized issuance and revitalization of existing assets, with expansion fundraising emerging as a significant strategic value, highlighting the complexity of its pricing mechanism [1] Pricing Mechanism - The pricing for targeted expansions must not be lower than 90% of the average trading price over the previous 20 trading days, establishing a rigid bottom line for pricing [2] - Historical cases show that the subscription price for expansions typically ranges from 90% to 100% of the pricing benchmark, with an average first-day increase of only 1%, indicating limited effectiveness of new investment strategies [2] - The core logic of expansion pricing emphasizes using market prices as a reference, balancing the interests of investors and original rights holders, and enhancing trust with long-term investors [2][3] Balancing Interests - The recent expansion by Huaxia Fund, which allowed original holders to subscribe preferentially, exemplifies a significant institutional innovation aimed at protecting existing shareholders' interests [3] - The introduction of an "ex-rights" mechanism during expansions helps ensure fair pricing and trading, preventing risk-free arbitrage [3] Market Dynamics - The pricing of expansions can lead to discounts due to market fluctuations, particularly if the pricing benchmark is set during high market conditions, exposing products to systemic market risks [3][4] - Short-term discounts do not necessarily indicate a decline in long-term asset value but reflect market self-correction mechanisms [4] Institutional Evolution - The refinement of the expansion pricing mechanism is transitioning the REITs market from a single project financing tool to a sustainable "asset listing platform" [4][5] - New policies from the Shanghai Stock Exchange are expected to standardize the expansion process, enhancing predictability and promoting a dual-driven development model of "initial public offerings + expansions" [4][5] Strategic Considerations - The choice of assets for expansion should favor value creation, considering factors like synergy, economies of scale, and investor structure, indicating that pricing is not merely a numerical calculation but a strategic consideration [5] - Long-term investors prioritize high dividends, quality operations, and expansion potential, with transparent pricing mechanisms directly influencing their investment confidence [5][6] Future Outlook - As the pilot program for commercial real estate REITs progresses, the refinement of pricing mechanisms will become a key indicator of market maturity, with 78 public REITs listed and a total issuance and market value exceeding 200 billion [6] - The exploration of REITs expansion pricing represents an evolution of interests, moving towards a more equitable, transparent, and sustainable market environment [6]

到2030年，数智化、绿色化、国际化发展水平持续提升，发展质量效益大幅提高，产业规模稳中有进， 产能布局、产品结构持续优化，形成产品种类丰富、生产流通有序、区域布局合理、产业生态健康的产 业体系。 （文章来源：新华财经） 新华财经北京2月14日电工业和信息化部、人力资源社会保障部、市场监管总局联合印发《酿酒产业提 质升级指导意见（2026—2030年）》。 指导意见提出，到2028年，酿酒产业原料种植、生产酿造、流通消费融合发展水平持续优化，产品丰富 度、品质认可度、品牌美誉度明显增强，企业生产方式、经营模式加快转型升级，消费场景和消费模式 持续丰富拓展。产业布局进一步优化，产区引领、园区驱动作用进一步增强，培育3个以上千亿级传统 优势酒产区，10个以上百亿级特色酿酒产业园区，形成"百亿园区、千亿集群、万亿产业"发展格局，标 准供给、质量安全、人才培养等配套能力建设取得积极进展。 ...