在她看来，若企业能讲清经营逻辑、透彻揭示风险并完整留存管理证据，在资本市场中将更加从容稳 健。她建议，要在上市公司和IPO企业内部开展专项培训和咨询。 随着中国资本市场的持续深化改革，信息披露质量、公司规范运作与持续经营能力日益成为投资者和监 管机构关注的焦点。 日前，华信会计师事务所合伙人苟雪梅在接受《华夏时报》记者采访时表示，许多上市公司，特别是 IPO企业的管理层和核心岗位人员，在经营管理体系建设上存在能力短板。 对于IPO企业内部管理存在的短板问题，苟雪梅在座谈会上分析，主要体现在三个方面：第一，监管规 则内部转化机制缺失，规范性条文未能有效转化为可执行、可追溯、可验证的内部流程，导致合规要求 难以落地、责任无法追溯。 第二，内部语言不统一，业务、财务、法务、信披、中介机构之间缺乏统一的数据逻辑和证据链标准， 沟通成本高企，甚至可能在监管问询中暴露矛盾。 第三，规范运行未形成有效闭环，问题整改常流于表面，缺乏系统追踪与完整留痕，致使同类问题反复 出现，消耗企业信誉与资源。 对此，苟雪梅指出，管理层和核心岗位人员亟需掌握三种"关键语言"：监管语言，即能将监管规则转化 为具体管理动作，确保信息披露准确、完 ...

Core Viewpoint - Zhengzhou Bank is committed to integrating its development with the modernization of Henan Province, focusing on supporting the local economy and enhancing financial services to various sectors, including small and micro enterprises, consumer spending, and rural revitalization [1][2][4][6]. Group 1: Financial Support for Economic Development - Zhengzhou Bank aims to strengthen its capital base and optimize asset-liability structures to support national strategies and regional economic development [2]. - The bank is aligning its credit resources with key projects and sectors, such as advanced manufacturing and urban renewal, to ensure financial backing for the province's GDP growth target of 5.6% and industrial value-added growth of 8.4% [2]. Group 2: Support for Small and Micro Enterprises - The bank addresses the financing challenges faced by small and micro enterprises by providing tailored financial solutions throughout their lifecycle and reducing financing costs [3]. - Zhengzhou Bank conducts regular visits to understand the operational status and needs of these enterprises, offering customized financial support and utilizing diverse financing tools [3]. Group 3: Enhancing Financial Services for Citizens - The bank focuses on a people-centered development approach, creating a comprehensive financial service ecosystem that addresses various public needs, including healthcare and education [4]. - Zhengzhou Bank is expanding its financial services to rural areas, ensuring accessibility and convenience for residents [4]. Group 4: Stimulating Consumption and Domestic Demand - The bank is actively promoting consumption by optimizing credit services for housing, appliances, and digital products, thereby enhancing consumer spending potential [5]. - Zhengzhou Bank supports the development of new consumption models and urban improvement projects to boost retail sales across the province [5]. Group 5: Rural Revitalization Initiatives - The bank is committed to directing financial resources towards rural revitalization, enhancing basic financial services in rural areas, and supporting infrastructure and agricultural development [6]. - Zhengzhou Bank is developing financial products tailored to local agricultural industries to promote sustainable income growth for farmers [6]. Group 6: Future Outlook - Looking ahead, Zhengzhou Bank plans to focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance its service capabilities [7]. - The bank aims to contribute to the modernization of Henan Province by providing precise financial services and robust support for local economic development [7].

Core Insights - The Chinese large model industry is experiencing a surge in activity, with multiple companies releasing new models ahead of the Spring Festival, indicating a strategic push to capture market share before 2026 [1][6] - The focus of large models has shifted from parameter competition to engineering efficiency, with an increasing number of Chinese open-source models gaining recognition globally [1][7] Group 1: Company Developments - Zhiyu's stock surged by 28.68% to 402 HKD per share on February 12, 2023, and continued to rise by 20.65% to 485 HKD per share on February 13, 2023, following the announcement of their GLM-5 model [2] - GLM-5 has been recognized as the best open-source model in the "Agentic Engineering" era, achieving a ranking of fourth globally and first among open-source models on the Artificial Analysis leaderboard [2][3] - Other companies like iFlytek and MiniMax also launched new models, with iFlytek's Starfire X2 and MiniMax's M2.5 models showcasing significant advancements in capabilities [3] Group 2: Market Trends - The Kimi K2.5 model from Moonlight has achieved a token call volume of 1.53 trillion, ranking first globally, highlighting the competitive landscape among new models [4] - ByteDance's Seedance 2.0 has gained significant attention in Hollywood, with industry professionals expressing concerns about its potential impact on the film industry [4] - The AI large model industry is entering a phase of engineering maturity, with companies showcasing their research achievements to enhance brand recognition and compete globally [4][6] Group 3: Strategic Insights - The release of new models during the Spring Festival is seen as a strategic move to replicate the success of DeepSeek, which gained significant market traction last year [6] - The competition is shifting from scale to efficiency and cost, with a focus on practical applications of reasoning capabilities and intelligent agents [7] - Predictions indicate a potential market stratification, where major players like ByteDance and Alibaba dominate general models, while smaller players focus on niche verticals [7]

Group 1 - The actual controller of the company, Li Zhaoting, has been detained by the Shijiazhuang Public Security Bureau, and the related case is under investigation [2] - The company has not received any notification from authorities requiring assistance in the investigation, and its control has not changed [2] - Company operations, including production and management, are reported to be normal and not significantly affected by the incident [2] Group 2 - Li Zhaoting is a well-known figure in the photovoltaic and energy sectors, previously ranked as the richest person in Shijiazhuang with a wealth of 23.5 billion yuan in 2019 [3] - Li Zhaoting has faced regulatory scrutiny, including a total fine of approximately 1.7 billion yuan for violations related to information disclosure and fraudulent issuance, leading to the delisting of associated companies [3] - The company, established in 2001, specializes in the research and sales of high-end outdoor sports fabric and garments, with a focus on self-developed knitted fabric series [3] Group 3 - For the first three quarters of 2025, the company reported a revenue of 918 million yuan and a net profit attributable to shareholders of 51.996 million yuan, representing a year-on-year increase of 205.46% [4] - The company's net profit for the third quarter alone reached 22.247 million yuan, showing a significant year-on-year growth of 451.31% [4] - The company's non-recurring net profit for the first three quarters was 49.578 million yuan, with a year-on-year increase of 318.59% [4]

本报（chinatimes.net.cn）记者刘诗萌 北京报道 城市是推动经济增长、产业聚集和创新发展的重要动力源。近日，万亿元GDP城市2025年的经济数据终 于应出尽出。与往年不同的是，今年的这份"成绩单"中有着不少出人意料之处。 近日，佛山市统计局公布2025年佛山市经济运行情况，显示2025年佛山全市地区生产总值13157.35亿 元，按不变价格计算，同比增长0.2%。同时，佛山还公布了经过最终核实的2024年GDP，为13230.18亿 元。单从绝对值上看，比2025年GDP高出70亿元。 另一个引人注目的事件则是徐州距离万亿俱乐部的"临门半脚"。从2024年GDP来看，徐州以9537.12亿 元领先9516.9亿元的大连半个身位。而在2025年的增速上，徐州也以5.8%领先大连的5.7%。但从2025年 的GDP数据看，大连在2024年核增23.3亿元至9540.2亿元后，最终成功冲线；而徐州却以43亿元的差 距，距离万亿元仅一步之遥。 排名中游的无锡和长沙2025年GDP增速与去年相比都有较大幅度下调。无锡从2024年的5.8%下降到 2025年的5.1%，长沙则从2024年的5%下降到2025 ...

本报（chinatimes.net.cn）记者王兆寰 北京报道 随着中国资本市场的持续深化改革，信息披露质量、公司规范运作与持续经营能力日益成为投资者和监 管机构关注的焦点。 日前，华信会计师事务所合伙人苟雪梅在接受《华夏时报》记者采访时表示，许多上市公司，特别是 IPO企业的管理层和核心岗位人员，在经营管理体系建设上存在能力短板。 在她看来，若企业能讲清经营逻辑、透彻揭示风险并完整留存管理证据，在资本市场中将更加从容稳 健。她建议，要在上市公司和IPO企业内部开展专项培训和咨询。 据悉，北京企业上市综合服务平台（启元资本）日前在京正式启动"企业上市财务总监/董事会秘书储备 人才库"建设项目，并成功举办座谈会。 企业管理存短板 对于IPO企业内部管理存在的短板问题，苟雪梅在座谈会上分析，主要体现在三个方面：第一，监管规 则内部转化机制缺失，规范性条文未能有效转化为可执行、可追溯、可验证的内部流程，导致合规要求 难以落地、责任无法追溯。 第二，内部语言不统一，业务、财务、法务、信披、中介机构之间缺乏统一的数据逻辑和证据链标准， 沟通成本高企，甚至可能在监管问询中暴露矛盾。 第三，规范运行未形成有效闭环，问题整改 ...

本报（chinatimes.net.cn）记者何一华 李未来 北京报道 随着双碳目标纵深推进，低碳领域已从政策驱动开道，跃升为创投机构布局的新模态。近日，朗玛峰创 投基金管理部总经理董本京接受《华夏时报》记者专访，他从创投视角分析了低碳项目投资的核心痛 点、实操投资决策逻辑，同时解读了"十五五"期间低碳赛道的投资价值边界与机构布局策略。 董本京认为，当前绿色金融的核心痛点是早期低碳项目短期难盈利，资金扎堆成熟资产导致投资效率偏 低。双碳的关键有两条，一是能用绿电的用绿电（电气化），二是不能用电的加绿氢(氢能)，作为能源 基础形式，长远来看绿电和绿氢必须走向平价化。目前，中国的绿电已经进入平价阶段了，但绿氢还存 在制氢成本高、行业发展逻辑错位等问题，需要刚性市场政策与技术突破双重支持。 投资布局上，他提出创投要以长期回报为核心，聚焦高增长、高壁垒赛道，布局既能中期兑现、又契合 2050年绿色能源长期趋势的领域。 《华夏时报》：从创投视角看，绿色金融在服务早期低碳项目时，最大痛点是什么？ 绿色转型是国家必须推动的方向，而能源作为基础产业，长期趋势一定是平价化、普惠化。 从能源角度，实现双碳目标主要有两条路径，能电 ...

Core Viewpoint - The domestic non-ferrous metal market is experiencing significant differentiation, with basic metals like copper, aluminum, and zinc showing notable declines, while small metals such as tungsten and rare earths are performing strongly, indicating a distinct market trend [2][3]. Market Performance - Tungsten prices have reached historical highs, with black tungsten concentrate (≥65%, domestic) priced at 696,700.00 CNY/ton on February 11, 2026, up approximately 53.7% from 453,200.00 CNY/ton on December 31, 2025 [3]. - Ammonium paratungstate (88.5%, domestic) increased from 668,500.00 CNY/ton to 1,013,500.00 CNY/ton, a rise of 51.61% [3]. - Rare earth prices have also surged, with domestic praseodymium-neodymium oxide (≥99%, Nd2O3 75%) reaching 860,000.00 CNY/ton, a 39.3% increase from 617,500.00 CNY/ton [3]. Supply and Demand Dynamics - The supply of small metals is characterized by strong rigidity and superior demand structure, supported by policies such as export controls and environmental restrictions, which enhance their strategic attributes [2][5]. - The global mining sector is in a weak supply cycle with limited new capacity, while demand is bolstered by the green energy transition and advancements in production technology [5][9]. Investment Outlook - Companies in the small metal sector are expected to report positive earnings in 2025, with rare earths, antimony, and tungsten being particularly favored due to tight supply and emerging demand [2][7]. - Notable earnings forecasts include Northern Rare Earth's projected net profit of 2.176 to 2.356 billion CNY for 2025, a year-on-year increase of 116.67% to 134.60% [7]. Market Trends - The rare earth sector is anticipated to improve significantly in 2025, driven by sustained high prices, with neodymium oxide prices expected to rise by 58.29% [7][8]. - Analysts predict that tungsten prices will maintain a high level and show a strong upward trend due to ongoing supply-demand tightness and strategic importance [10]. Internal Market Differentiation - Despite the overall positive outlook for small metals, some segments, such as magnesium, are underperforming, with magnesium ingot prices showing only a 4.08% increase [6]. - Industry leaders are adjusting asset prices to alleviate operational pressures, reflecting the current challenges faced in the magnesium sector [6].

买断式逆回购净投放规模继续扩大。 2月12日，央行公告称，为保持银行体系流动性充裕，将于2月13日以固定数量、利率招标、多重价位中 标方式开展10000亿元买断式逆回购操作，期限为6个月（182天）。 数据显示，因2月有5000亿元6个月期买断式逆回购到期。由此，央行2月13日开展10000亿元买断式逆回 购操作，意味着当月6个月期买断式逆回购为加量续作，加量规模5000亿元，为6个月期买断式逆回购连 续第六个月加量续作。 此前，央行已于2月4日开展8000亿元3个月期买断式逆回购操作，结合当月7000亿元到期量，总体上2月 3个月期买断式逆回购为续作加量1000亿元。综合看，2月两个期限品种的买断式逆回购合计净投放6000 亿元，净投规模较上月增加3000亿元，为央行连续第九个月通过买断式逆回购向市场注入中期流动性。 "央行在节前大动作超量续作买断式逆回购，传递出保持流动性充裕、维护金融市场稳定的积极信 号。"董希淼表示，2月25日左右，央行还将开展MLF操作，预计仍然等量或加量续作。 "2月央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动性。这是2026年货币 政策延续'适度宽松'基 ...

聚焦科技创新与产业发展深度融合，国资央企再出重磅部署。 国资委党委日前召开专题党委会议，对国资央企科技创新工作作出新一轮部署，强调促进科技创新与产 业创新深度融合，发挥国资央企优势，以科技创新重塑产业链、以产业发展牵引创新链，加快向现实生 产力转化。 中国企业联合会特约高级研究员刘兴国对《华夏时报》记者表示，2026年国企改革将持续深化"三项制 度"改革，健全多元有效激励机制，完善创新体系、优化创新环境、创新发展模式，加快科技成果转 化，全面激发企业创新动能。同时，将针对科技型企业特点优化激励政策，让科研骨干共享发展成果， 持续释放创新创造活力。 近期密集召开的央企年度工作会议上，"科技创新"成为高频词与硬任务。 中国五矿集团2026年度工作会议强调，"十五五"高质量发展的成败关键在于科技创新，现代化产业体系 建设的关键在于科技创新，提质增效转型升级的机遇在于科技创新。国家能源集团总经理冯来法在2026 年全国能源工作会议上强调，强化创新驱动发展。充分发挥新组建的集团科研总院作用，突出企业创新 主体地位，推进科技创新与产业创新深度融合，加快高水平科技自立自强。 中国石油集团去年在科技创新方面着力高水平科技自立 ...