Financial Support Mechanisms - The People's Bank of China, along with other regulatory bodies, has issued opinions to establish a regular financial support mechanism aimed at preventing poverty and promoting rural revitalization, focusing on developing long-term financial assistance for key populations [1][1][1] - The opinions include optimizing microcredit for impoverished populations and enhancing small credit loan policies for farmers to support those at risk of falling back into poverty [1][1][1] Market Regulation - The State Administration for Market Regulation has interviewed seven platform companies, including Alibaba and Tencent, to ensure compliance with various laws and to eliminate "involution" competition, promoting a fair market environment [1][1][1] - Companies are reminded to adhere to laws such as the Anti-Unfair Competition Law and the Consumer Rights Protection Law [1][1][1] Industry Upgrades - The Ministry of Industry and Information Technology has released guidelines for the liquor industry, aiming for the establishment of over three trillion-yuan traditional liquor production areas and more than ten hundred-billion-yuan specialty liquor parks by 2028 [1][1][1] - Similar guidelines for the tea industry target the cultivation of over five tea industry clusters with annual revenues exceeding 10 billion yuan by 2028, with the entire industry chain expected to reach a scale of 1.5 trillion yuan by 2030 [1][1][1] Tax Policies - A joint notice from the Ministry of Finance and other departments has introduced tax exemptions for seed imports and military working dogs from January 1, 2026, to December 31, 2030, to enhance agricultural quality and competitiveness [1][1][1] IPO Developments - Manycore Tech Inc. has received approval for its overseas IPO, marking a significant step for the company and positioning it to potentially become the first listed company among the "Hangzhou Six Dragons" [1][1][1] Urban Development - Beijing's housing authority has announced the first batch of urban renewal projects for 2026, totaling 1,321 projects with planned investments of 1,049.5 billion yuan [1][1][1]

今年，海南省自然资源和规划厅将严格自然岸线管护，稳妥推进海水养殖等设施违规占用砂质岸线分类 处置，健全长效管控机制；持续申报实施海洋生态保护修复项目，深化滨海湿地与岸滩整治修复；强化 监测监管执法，提升海岸带和生态保护红线综合管护能力，以更高标准守护碧海银滩，助力自贸港高质 量发展。 在系统推进海岸带生态保护修复、持续提升滨海颜值方面，2025年海南省投入资金4.3亿元，新营造修 复红树林2295亩，清理修复岸线4.4公里，滨海湿地与岸滩生态功能稳步恢复。此外，海南严守生态保 护红线，严格落实项目准入论证与审查制度，既守住生态底线，又保障合规项目依法有序落地，实现保 护与发展协同推进。 新华财经海口2月14日电（记者陈碧琪）记者14日从海南省自然资源和规划厅获悉，2025年海南省坚持 保护优先、陆海统筹，扎实推进海岸带保护利用与生态保护红线管控，自然岸线保有率提升至63%， 较"十三五"时期末提高8个百分点，连续多年位居全国第一，为海南自贸港筑牢坚实海上生态安全屏 障。 在强化顶层设计、完善制度体系方面，海南出台《海南省实施〈中华人民共和国海域使用管理法〉办 法》《海南省海岸带及海洋空间规划（2021-203 ...

赛峰集团首席执行官奥利维耶·安德里斯表示，由于客运量创历史新高、国防业务持续增长，集团业务 2025年表现卓越。在复杂的市场环境下，得益于供应链改善，集团在售后服务收入和LEAP发动机产量 方面均创下前所未有的成绩。鉴于这些因素，集团将向股东提议2025财年每股派息3.35欧元，比上一财 年增长16%。 财报指出，该集团2026年的目标是营收同比增长12%至15%，同时实现61亿至62亿欧元的经常性营业利 润。同时，该集团也上调了其2028年的业绩目标，预计2028年的经常性营业利润将达到70亿至75亿欧 元，超过此前设立的60亿至65亿欧元目标。此外，2024年至2028年期间的年均营收增长率上调至约 10%，同期累计自由现金流上调至约210亿欧元。 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当地时间13日发布财报显示，2025年营收同 比增长14.7%至313.29亿欧元。赛峰集团预计其2026年营收将同比增长12%至15%。 财报显示，该集团2025年营收达313.29亿欧元，同比增长14.7%；归母净利润近32亿欧元，同比增长 3.5%。调整后经常性营业利润约52亿欧元，同比增长26.2 ...

（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 ...