Core Viewpoint - The luxury car market in China is experiencing dramatic changes in 2026, with Mercedes-Benz facing pressure to lower prices despite its long-standing commitment to avoiding price wars, leading to a complex situation between maintaining brand value and responding to market realities [1][6]. Group 1: Market Dynamics - Mercedes-Benz has historically positioned itself against price wars, emphasizing the importance of brand value and customer interests, as stated by the CEO during a media communication event [3]. - In 2025, the company faced a challenging market environment, resulting in a 19% year-on-year decline in sales to 575,000 units, highlighting the increasing difficulties faced by its dealer network [4][5]. Group 2: Dealer Network Challenges - Dealers reported significant operational challenges, including high inventory levels, severe price discrepancies, long rebate cycles, and excessive business assessment pressures, prompting the dealer association to communicate these issues to Mercedes-Benz [5]. - Following three letters from the dealer association, Mercedes-Benz agreed to reduce the suggested retail prices of key models by 10% starting February 1, 2026, with some models seeing price cuts exceeding 60,000 yuan [5][6]. Group 3: Strategic Implications - The decision to lower prices poses a risk to Mercedes-Benz's brand perception, potentially leading to consumer concerns about asset depreciation and affecting the resale value in the second-hand market [6]. - The year 2026 marks significant anniversaries for Mercedes-Benz, including the 140th anniversary of the invention of the automobile and the 40th anniversary of its entry into the Chinese market, making the price reduction a critical balancing act for the company [6].

创业25年的百果园创始人余惠勇，又站在一个关键的决策关口。 他一手带大的百果园，刚刚迈过一个发展里程碑，便遭逢"多事之秋"：上市第二年（2024年），百 果园营收同比下滑10%；利润从盈利3.6亿元逆转为亏损3.8亿元；市值滑落的最低点，相较上市初期缩 水超过80%。业绩的伤还没有修复，市场质疑的火又烧了起来，百果园最终陷入一场始料未及的舆论危 机。 2025年11月，接受《中国企业家》采访时，百果园风波未定。余惠勇的表达中多了些谨慎，但没有 回避问题，"企业如果对外界环境缺乏觉知，就会很危险。"他坦陈，"过去一段时期，百果园一直在反 思。" 水果连锁的生意不好做——余惠勇从进入行业的第一天就知道。1992年，他放下江西省农业科学院 的"铁饭碗"，加入深圳"淘金者"的队伍。9年后，他拿着打工积累的400万元，与朋友一起成立了百果 园。最初的雄心在日复一日的亏损中被消耗，身边几乎所有人都开始动摇，劝他"关店"，但余惠勇不甘 心。 最接近"放弃"的一次在2006年，当时百果园已经有了70多家加盟店，但亏损也更严重，800万元的 自有资金烧光了，内部人心惶惶，市场上其他竞争对手相继崩盘退出，余惠勇也心生怀疑：水果连 ...

(责任编辑：关婧) 中国人民银行授权中国外汇交易中心公布，2026年2月5日银行间外汇市场人民币汇率中间价为：1 美元对人民币6.9570元，1欧元对人民币8.2036元，100日元对人民币4.4328元，1港元对人民币0.89062 元，1英镑对人民币9.4843元，1澳大利亚元对人民币4.8637元，1新西兰元对人民币4.1714元，1新加坡 元对人民币5.4621元，1瑞士法郎对人民币8.9439元，1加拿大元对人民币5.0851元，人民币1元对1.1573 澳门元，人民币1元对0.56576马来西亚林吉特，人民币1元对11.0198俄罗斯卢布，人民币1元对2.3128南 非兰特，人民币1元对210.26韩元，人民币1元对0.52844阿联酋迪拉姆，人民币1元对0.53957沙特里亚 尔，人民币1元对46.2608匈牙利福林，人民币1元对0.51403波兰兹罗提，人民币1元对0.9103丹麦克朗， 人民币1元对1.2932瑞典克朗，人民币1元对1.3912挪威克朗，人民币1元对6.26195土耳其里拉，人民币1 元对2.4918墨西哥比索，人民币1元对4.5629泰铢。 中国经济网北京2月5日讯 今日， ...

Group 1 - The core viewpoint of the article is that Beixin Life (688712) has been listed on the Shanghai Stock Exchange, focusing on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - Beixin Life is recognized as a national high-tech enterprise dedicated to developing transformative solutions for cardiovascular disease diagnosis and treatment [1] - As of September 30, 2025, the company has no single shareholder holding more than 30% of the shares, indicating a relatively dispersed ownership structure [1] Group 2 - The largest shareholder, Song Liang, directly holds 16.1530% of the company's shares and controls an additional 13.4140% through partnerships, giving him a total voting power of 29.5670% [1] - After the recent issuance, Song Liang's direct shareholding is 13.9450%, with an additional 11.5804% controlled through partnerships, resulting in a total voting power of 25.5254% [1] - The total amount raised from the issuance is 998.64 million yuan, with a net amount of 898.89 million yuan allocated for the construction of an interventional medical device industrialization base, R&D projects, and to supplement working capital [2]

Core Viewpoint - The space photovoltaic sector is gaining significant attention due to the increasing demand for space resources and advancements in technology, with the Wande Space Photovoltaic Concept Index rising by 34.07% since 2026 [1] Group 1: Market Dynamics - The space photovoltaic market is driven by the rigid demand from downstream applications, with major space-faring nations applying for frequency resources for tens of thousands of low-Earth orbit satellites, indicating long-term potential demand [3] - The expected launch of over 70,000 satellites in the next five years, along with advancements in solar wing technology, is anticipated to propel the space photovoltaic market into a phase of substantial growth [3] - The market for space photovoltaics is projected to reach a scale of hundreds of billions in the near term, with potential to escalate to trillions if space computing enters an optimistic deployment phase post-2030 [4] Group 2: Technological Developments - Space photovoltaics, which include solar components on satellites and the wireless transmission of solar energy back to Earth, have been in development for over half a century, with most spacecraft now equipped with photovoltaic cells [2] - Current technological pathways include gallium arsenide batteries, which have high performance but are costly, and perovskite batteries, which are lightweight but require further validation for mass production and stability in space [7][8] - The p-type heterojunction battery is seen as the optimal solution for commercial transition due to its advantages in radiation resistance and lightweight design [8] Group 3: Industry Competition - Global companies are rapidly entering the space photovoltaic market, with China's industry structure comprising national research institutions, leading photovoltaic firms, and specialized material equipment manufacturers [5] - Major companies like Trina Solar are accelerating the commercialization of perovskite technology, while Longi Green Energy collaborates with space research institutions to validate advanced energy technologies in space [6] - The competitive landscape is characterized by differentiated strategies based on resource endowments, with the U.S. leveraging reusable rockets for cost advantages and Europe maintaining a stronghold in traditional high-end markets [6] Group 4: Challenges and Future Outlook - Despite the enthusiasm in capital markets, the industry remains cautious, recognizing that the true industrial pull for space photovoltaics will require significant time and development [7] - Key challenges include high production costs, the need for batch manufacturing capabilities, and the establishment of a standardized supply chain and quality control systems [8] - The current phase of space photovoltaics is critical for transitioning from engineering productization to large-scale industrialization, necessitating collaborative efforts across technology, engineering, manufacturing, and system integration [8]

Core Viewpoint - The central government of China has outlined key tasks in the 2026 Central No. 1 Document, focusing on agricultural modernization and rural revitalization, emphasizing the enhancement of agricultural production capacity and quality efficiency [1] Group 1: Agricultural Technology and Innovation - The new round of technological revolution presents significant opportunities for agricultural development, with a focus on modernization driven by technological progress and innovation [2] - Key tasks include strengthening integrated innovation, emphasizing the role of enterprises in innovation, and promoting the integration of production, learning, and research [2] - The document highlights the expansion of application scenarios for modern technologies, such as artificial intelligence and drones, which are becoming essential tools for farmers [2] Group 2: Agricultural Development Goals - The document aims to establish agriculture as a modernized large industry, focusing on enriching agricultural connotations, completing industrial systems, and increasing product added value [4] - It emphasizes a diversified food supply system, integrating agriculture with forestry, animal husbandry, and fishery, while also promoting post-production development to enhance the value of agricultural products [4][5] Group 3: Agricultural Trade Coordination - In 2025, China's agricultural product imports reached $207.4 billion, ranking second globally, which helps fill structural supply gaps in the domestic market [6] - The document promotes the coordination of agricultural trade and production, aiming for a sustainable development of agricultural trade while ensuring domestic supply and enhancing the competitiveness of agricultural products [7] - It emphasizes the importance of balancing agricultural imports to ensure food security and maintain a stable domestic market [7]

来源：同花顺 其基金经理为刘伟琳与刘子豪。刘伟琳2010年加入工银瑞信,曾任金融工程分析师、投资经理助 理、投资经理，2010年7月1日加入工银瑞信基金管理有限公司，现担任指数及量化投资部投资副总监、 基金经理。累计管理公募基金11年。 刘子豪曾在华兴证券担任量化研究员。2022年加入工银瑞信，现任指数及量化投资部基金经理。管 理公募基金近3年。 | 代码 名称 | 复权单位净 累计单位 规模 亿 基金成立日 基金经理 | | | | --- | --- | --- | --- | | | l 值增长率% 净值元 7 G | | | | 164824.SZ 工银印度基金人民币 | -4.93 | 1.40 | 26.92 2018-06-15 刘伟琳,刘子豪 | | 005801.0F 工银印度基金美元 | -4.19 | 0.20 | 26.92 2018-06-15 刘伟琳,刘子豪 | 中国经济网北京2月4日讯 今年1月份，工银瑞信基金旗下的工银印度基金人民币与工银印度基金美 元分别下跌4.93%和4.19%，位居当月QDII基金跌幅榜前列。 资料显示，该基金成立于2018年6月15日，累计收益率为42. ...

民航作为高效便捷的出行方式，成为春运客流的重要承载者。今年春运，民航客运量预计达9500万人 次，日均保障航班1.94万班次，同比增长5%，重点加密枢纽机场与热门旅游地航线，让旅客既能快速 返乡，也能便捷出游。同时，水路运输精准发力，聚焦琼州海峡等重点航线，强化运力保障，破解海南 与广东间的春运运输瓶颈，让海上归途同样顺畅有序。空水联动、互为补充，不仅填补陆地运输的空 白，更构建起"上天入海"的立体春运格局，进一步彰显我国综合交通运输的硬实力。 2026年春运启动。今年春运全社会跨区域人员流动量预计将达95亿人次，创历史新高。沉甸甸的数据， 承载亿万家庭的团圆期盼，彰显流动中国的蓬勃活力，更折射出我国交通运输体系的民生温度。 古人云"车马很慢，书信很远"，曾几何时，春运"一票难求"是无数人的共同记忆，而如今，发达的铁路 网让"千里归乡一日还"成为现实。2026年春运，铁路客运量预计达5.4亿人次，峰值有望刷新历史纪 录。为应对超大客流，铁路部门实施新列车运行图，高峰日最高可开行旅客列车超1.4万列，客座能力 同比增长5.3%，22条新开通线路首次投入春运，夜间高铁开行近千列，让"深夜赶路、白天团圆"成为可 能 ...

Core Insights - The core viewpoint of the articles is that inclusive finance is undergoing a significant transformation, shifting from merely providing access to financing for small and micro enterprises to focusing on precision, sustainability, and quality of service [1][4][11] Development of Inclusive Finance - The evolution of inclusive finance in China can be categorized into three phases: - Phase 1 (0.0 Era): Focused on physical branch expansion to address the basic issue of access to finance [2] - Phase 2 (1.0 Era): Driven by digital technology, improving efficiency and access to financing for small enterprises [2] - Phase 3 (2.0 Era): Emphasizes the quality of financial products and services, addressing the suitability and sustainability of financing solutions [2][4] Role of Digital Banks - Digital banks like Citic Baixin Bank are emerging as key players in the transition of inclusive finance, combining traditional banking stability with digital capabilities to enhance service quality [3][11] Changing Demand from Small Enterprises - The demand from small enterprises is evolving, with a shift from merely seeking financing to requiring comprehensive support, including understanding policies, building brands, and enhancing risk resilience [4][10] Innovative Practices in Inclusive Finance - Institutions are exploring integrated approaches that go beyond just providing funds, such as organizing workshops and creating promotional materials to enhance the operational capabilities of small enterprises [5][10] - Citic Baixin Bank plans to launch a customized loan product called "Business Loan" in 2025, targeting 138 core enterprises and their supply chains [5][10] Collaborative Efforts in Inclusive Finance - The "Seeing a Hundred Directions of Confidence" initiative, launched by Citic Baixin Bank in collaboration with government and media, aims to provide comprehensive support to small enterprises through policy guidance, financial assistance, and media promotion [7][9] Financial Products Tailored for Small Enterprises - Citic Baixin Bank offers innovative financial products like the "Business Loan," which is fully online, unsecured, and designed to meet the specific cash flow needs of small enterprises, significantly improving financing efficiency [8][10] Impact and Growth Metrics - Since the launch of the initiative, Citic Baixin Bank has reached 58,000 small enterprise clients in Chaoyang District, with a total inclusive loan balance of 12.768 billion yuan, reflecting a 40.29% increase from the beginning of the year [10]

| ਥੋ | | | 资金会额 | | | | --- | --- | --- | --- | --- | --- | | 1 | 智能微纳米材 料生产设备及 配套自动化生 | 34,306.00 | 34.306.00 | 常经审备[2024]9 号(项目代 很小: 2303-320491-89-01-632403) | 常经发数 [2024]9 号 | | | 产线扩建项目 | | | | | | 2 | 大型自动化装 备建设项目 | 5.053.00 | 5.053.00 | 常经数备[2025]154号(项目 代码: 2503-320491-89-02-309013 ) | 不适用 | | 3 | 研发中心建设 | 6,462.00 | 6.462.00 | 常经数备[2025]125号(项目 代码: | 常经发数 [2025]92 | | | 项目 | | | | | | | | | | 2503-320491-89-01-397058 ) | ਜੋ | | | 合计 | 45,821.00 | 45,821.00 | | | 龙鑫智能本次的保荐机构为中信建投（601066）证券股份有限公司，保荐代 ...