Group 1 - The central government emphasizes the importance of balancing development and regulation in the platform economy, aiming to enhance the governance system and regulatory standards [1] - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for alleged monopolistic behavior, marking a significant step in promoting fair competition in the digital market [1][2] - The investigation reflects the government's strong stance against monopolistic practices and its commitment to creating a fair competitive environment for various business entities [2] Group 2 - The online travel and accommodation industry is a crucial sector within the platform economy, facing issues such as forced exclusive partnerships and price manipulation, which have raised public concern [3] - The platform economy ecosystem consists of platform enterprises, operators, and consumers, with the need for platforms to consider the interests of all stakeholders to ensure sustainable development [3] - The investigation serves as a response to long-standing concerns and aims to foster a win-win ecosystem that promotes healthy development in the platform economy [3] Group 3 - The revised Anti-Monopoly Law in 2022 includes "encouraging innovation" as a legislative goal, aiming to shift large platform enterprises from a focus on scale to one on technological innovation and service optimization [4] - Effective antitrust enforcement is crucial for breaking down monopolistic barriers and preventing companies from stifling innovation through their advantages [4] - The investigation seeks to uncover potential monopolistic behaviors in the online travel industry, aiming to create a more diverse and inclusive innovation ecosystem [4]

问题的核心在于HBM(高带宽内存)。 AI加速器对HBM的需求呈指数级增长，而生产1bit HBM需要消耗3bit常规DRAM的晶圆面积，这种"die penalty"直接导致PC、手机、服务器等传统市场的 供给被大幅挤压。 1月19日，美光科技运营执行副总裁Manish Bhatia公开表态，当前内存短缺"确实前所未有"(unprecedented)，且预计将持续至2026年以后。 这一判断与三星、SK海力士的最新表态高度一致，标志着内存产业进入全新周期。 | COMPANY | FACILITY | LOCATION | TIMELINE | | --- | --- | --- | --- | | Samsung | b5 | Pyeongtaek, Gyeonggi | Operational 2028 | | SK Hynix | M15X | South Korea | Mid-2027 | 供给端的缓解至少要等到2027年。 美光正在Idaho建设两座新晶圆厂，预计分别于2027和2028年投产；纽约新厂则要到2030年才能贡献产能。 与此同时，OpenAI的Stargate项目已与三星、SK海力 ...

北京君泽君律师事务所糜志彬律师表示，此案的典型意义在于突破了传统竞争关系的界定，将平台竞争 利益、消费者权益与公共利益纳入审查范围，为《反不正当竞争法》在票务领域的适用提供了范本。随 着案件震慑效应的释放，演出票务市场的黑灰产链条将得到进一步遏制，未来消费者有望在更公平的环 境中获得票务资源，而票务平台也将会持续以技术升级和法律维权双轮驱动，巩固公平购票的"防护 墙"。 据了解，2025年大麦拦截黑灰产机刷下单、代抢下单请求超60亿次，同时，向警方移送恶意刷票线索18 条，协助警方侦破黑灰产团伙8个、抓获犯罪嫌疑人60余名，以切实行动维护抢票公平性。 每逢热门演出开票，"一票难求"已成常态，而"机刷"行为更加剧了票务资源的紧张，扰乱市场秩序，侵 害普通消费者公平购票权益。日前，大麦诉郑某某销售抢票软件不正当竞争案在入选"最高人民法院 2024年人民法院知识产权典型案例"后，又成功获选"2025年度中国十大文娱法事例"。作为全国首例明 确认定销售抢票软件构成不正当竞争的判例，此案为整治"机刷"乱象提供了司法支撑，切实维护了演出 票务市场秩序与消费者合法权益。 据了解，2023年，郑某某通过其运营的"全职程序员软 ...

中国经济网北京1月19日讯(记者朱晓航)国家统计局局长康义19日在国新办新闻发布会上表示，从2026 年全年看，我国经济长期向好的支撑条件和基本趋势没有改变，经济高质量发展大势没有改变，有基础 有条件保持经济稳定向好运行。 从政策支撑看，国务院常务会议部署实施财政金融协同促内需的一揽子政策，有关部门加快贯彻落实， 推进扩大内需。"'两新'政策不断优化，首批资金已经提前下达，这些都为今年经济起步创造了有利条 件。"康义说。 康义表示，我们看中国经济，要全面、辩证、长远地看，既要看当前之形，更要看长远之势；既看季度 变化，更看全年走势；既看总量规模，更看发展质量。 康义介绍，从近期情况看，我国生产、价格、预期等都出现了积极变化，经济稳中有进的态势持续。 2025年12月份，规模以上工业增加值、服务业生产指数同比增速均比上月有所加快；CPI上涨0.8%，是 2023年3月份以来最高涨幅，核心CPI连续4个月涨幅在1%以上。PPI同比降幅收窄，环比连续3个月上 涨；制造业PMI和非制造业商务活动指数双双重回到扩张区间。 ...

Core Viewpoint - The A-share market showed mixed performance with the Shanghai Composite Index slightly up by 0.13% while the Shenzhen Component Index and the ChiNext Index experienced minor declines of 0.01% and 0.64% respectively [1] Market Performance - As of the midday close, the Shanghai Composite Index stood at 4107.18 points, the Shenzhen Component Index at 14280.05 points, and the ChiNext Index at 3339.56 points [1] - The top-performing sectors included precious metals, electric grid equipment, and tourism and hotels, while insurance, cultural media, and education sectors faced declines [1] Sector Performance Rankings - The highest gainers included: - Higher Education: +4.16% with a total trading volume of 654.26 million hands and a net inflow of 12.18 billion [2] - Electric Grid Equipment: +3.90% with a trading volume of 5656.84 million hands and a net inflow of 48.71 billion [2] - Tourism and Hotels: +2.73% with a trading volume of 670.06 million hands and a net inflow of 10.37 billion [2] - The sectors with the largest declines included: - Insurance: -1.34% with a trading volume of 126.98 million hands and a net outflow of 6.28 billion [2] - Cultural Media: -1.23% with a trading volume of 2861.13 million hands and a net inflow of 11.47 billion [2] - Education: -1.22% with a trading volume of 369.38 million hands and a net outflow of 3.56 billion [2]

Economic Overview - The national economy in 2025 faced pressures but achieved high-quality development, successfully meeting major goals for economic and social development, marking a successful conclusion to the "14th Five-Year Plan" [1] Industrial Performance - The industrial added value of enterprises above designated size increased by 5.9% compared to the previous year [5] Service Sector - The added value of the service industry grew by 5.4% year-on-year [11] Consumer Spending - The total retail sales of consumer goods reached 501.202 billion yuan, reflecting a growth of 3.7% from the previous year [16] Investment Trends - Total fixed asset investment (excluding rural households) was 485.186 billion yuan, a decrease of 3.8% year-on-year; excluding real estate development investment, fixed asset investment fell by 0.5% [21] Trade Performance - The total value of goods imports and exports amounted to 454.687 billion yuan, representing a growth of 3.8% compared to the previous year [25] Price Levels - The Consumer Price Index (CPI) remained stable compared to the previous year, while the Producer Price Index (PPI) for industrial producers decreased by 2.6% [29][30] Employment Statistics - The average urban survey unemployment rate was 5.2% for the year [32] Income Growth - The per capita disposable income of residents was 43,377 yuan, showing a nominal increase of 5.0%, with a real growth of 5.0% after adjusting for price factors [34]

Core Insights - In December 2025, the industrial added value of large-scale industries in China experienced a year-on-year real growth of 5.2% and a month-on-month growth of 0.49% [1] Group 1: Industrial Performance - The mining industry saw a year-on-year growth of 5.4%, while the manufacturing sector grew by 5.7%, and the production and supply of electricity, heat, gas, and water increased by 0.8% in December [3] - Among different economic types, state-controlled enterprises had a year-on-year growth of 3.9%, joint-stock enterprises grew by 5.8%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.7%, and private enterprises saw a growth of 4.2% [3] - Out of 41 major industries, 33 reported year-on-year growth in added value, with notable increases in coal mining and washing (6.4%), oil and gas extraction (3.7%), and food processing (3.2%) [3] Group 2: Product Output - In December, among 623 industrial products, 325 reported a year-on-year increase in output, including a 4.9% increase in ten non-ferrous metals and a 3.0% increase in ethylene [4] - The production of automobiles reached 3.412 million units, a decrease of 2.8%, while new energy vehicles grew by 8.7% to 1.791 million units [4] - The sales rate of products from large-scale industrial enterprises was 98.2%, reflecting a year-on-year decline of 0.7 percentage points, and the export delivery value reached 1.4932 trillion yuan, showing a nominal year-on-year growth of 3.2% [4]

Core Insights - The industrial added value for large-scale industries in December increased by 5.2% year-on-year and 0.49% month-on-month [1] By Industry Category - Mining industry increased by 5.4% [1] - Manufacturing industry increased by 5.7% [1] - Electricity, heat, gas, and water production and supply industry increased by 0.8% [1] By Economic Type - Shareholding enterprises increased by 5.8% [2] - State-controlled enterprises increased by 3.9% [2] - Foreign and Hong Kong, Macao, and Taiwan enterprises increased by 2.7% [2] - Private enterprises increased by 4.2% [2] By Specific Industries - Out of 41 major industries, 33 maintained year-on-year growth [3] - Coal mining and washing industry increased by 6.4% [3] - Oil and gas extraction industry increased by 3.7% [3] - Food processing industry increased by 3.2% [3] - Beverage and refined tea manufacturing decreased by 0.5% [3] - Textile industry increased by 3.7% [3] - Chemical raw materials and products manufacturing increased by 8.0% [3] - Non-metallic mineral products industry increased by 0.2% [3] - Black metal smelting and rolling industry increased by 0.7% [3] - Non-ferrous metal smelting and rolling industry increased by 4.8% [3] - General equipment manufacturing increased by 7.5% [3] - Specialized equipment manufacturing increased by 8.2% [3] - Automobile manufacturing increased by 8.3% [3] - Railway, ship, aerospace, and other transportation equipment manufacturing increased by 9.2% [3] - Electrical machinery and equipment manufacturing increased by 4.3% [3] By Product - Out of 623 products in large-scale industries, 325 saw year-on-year production growth [4] - Steel production was 115.31 million tons [4] - Cement production was 144.16 million tons, a decrease of 6.6% [4] - Production of ten non-ferrous metals was 7.21 million tons, an increase of 4.9% [4] - Ethylene production was 3.56 million tons, an increase of 3.0% [4] Automotive Sector - Total automobile production was 3.412 million units, a decrease of 2.8% [5] - New energy vehicles production was 1.791 million units, an increase of 8.7% [5] Power Generation - Power generation reached 858.6 billion kWh, an increase of 0.1% [5] - Crude oil processing volume was 62.46 million tons [5]

国家统计局今日发布2025年12月份商品住宅销售价格变动情况统计数据显示，2025年12月份，70个大中 城市商品住宅销售价格环比总体下降、同比降幅扩大。 环比来看，12月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月收窄0.1个百分点。其 中，上海上涨0.2%，北京、广州和深圳分别下降0.4%、0.6%和0.5%。二线城市新建商品住宅销售价格 环比下降0.4%，降幅扩大0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅与上月相 同。 12月份，一线城市二手住宅销售价格同比下降7.0%，降幅比上月扩大1.2个百分点。其中，北京、上 海、广州和深圳分别下降8.5%、6.1%、7.8%和5.4%。二、三线城市二手住宅销售价格同比均下降 6.0%，降幅分别扩大0.4个和0.2个百分点。 张波表示，二手房"以价换量"趋势不变。70城二手住宅同比指数超八成低于95，反映二手房市场中房东 积极调整价格的节奏还在持续。 据58安居客研究院对46个重点城市的监测显示，2025年二手房找房人数占比月均值达65.4%，较2024年 再升2.8个百分点，其中上海、郑州等城市找房人数占比提升尤为显著，说 ...

近日，《组织机构统一社会信用代码管理办法》(以下简称《办法》)由市场监督管理总局发布，自2026 年2月1日起施行。 据介绍，《办法》的核心是对统一社会信用代码，实施全生命周期规范，实现组织机构从"设立"到"存 续"的精准识别、动态追踪。《办法》将织密社会信用体系"数据网"。统一社会信用代码可以串起各地 区、各部门的信用信息。以代码为索引，可全景记录经济活动，交叉稽核信用状况，真正做到"一处失 信、处处受限"。(中国经济网记者佟明彪) 统一代码制度是建设社会信用体系和构建全国统一大市场的基础性制度，加快统一代码立法有利于加强 统一代码管理、推动社会信用体系建设和全国统一大市场建设。 ...