Core Insights - The "Early Sleep Doll" series launched by the company has gained significant popularity on social media, marking a bright spot in the New Year consumption market [1] - The company plans to initiate a global tour for the "Early Sleep Doll" IP in 2026, starting in Singapore, to further enhance its international brand influence [1] Group 1: Global Expansion Strategy - The company has successfully established a global online sales network covering major e-commerce platforms such as Amazon, TikTok, and Lazada [1] - The company employs a "direct sales + franchise" dual strategy to expand its overseas market presence [1] - In Japan, the company has adopted an innovative model combining "influencer traffic + platform collaboration," resulting in over 100% year-on-year revenue growth in the first month of cooperation [1] Group 2: Regional Market Development - In Southeast Asia, the company is leveraging its flagship experience store at Changi Airport in Singapore as a hub to replicate its localized distribution model, which has been successfully validated in Thailand, to Malaysia and Indonesia [1] - The company aims to create a scalable and chain-like regional brand cluster to continuously unlock overseas growth potential [1] Group 3: Business Innovation - The company's "Relaxing Moment" brand focuses on the health improvement needs of the working population through an innovative "product + service" model [2] - Currently, the company has established 15 offline stores in cities such as Shenzhen, Guangzhou, Xi'an, Chongqing, and Chengdu, with plans for further expansion into more cities [2]

由谢志华管理的民生加银鑫享债券A（003382）精准把握了市场结构性机会，业绩表现尤为亮眼。该基 金投资范围覆盖利率债、高等级信用债及可转债，通过同类资产内部分散投资优化收益结构，在控制风 险的同时捕捉多元机会。截至2025年12月31日，该基金过去1年净值增长率达28.97%，过去3年达 41.14%，大幅跑赢同期-1.59%、5.44%的业绩比较基准，在同期同类（A类-可投转债）产品排名中均位 列第一（1/273、1/229），超额收益显著。（排名数据来源：银河证券2025年四季末；业绩数据来源： 2025年基金四季报） 对于当前市场环境，民生加银基金固收投资部总监谢志华指出，当前股市涨势虽陡，但居民参与度与杠 杆资金介入程度远未达泡沫化水平，市场将以更健康的方式演绎行情，因此估值与基本面匹配的个股值 得关注。针对可转债市场，他认为尽管估值已处历史高位、局部存在泡沫，性价比弱于股票，但在股票 牛市环境下仍具跟涨动能，2026年将是机会与波动并存的一年，需通过正股挖掘与交易性机会把握实现 收益。 2026年开年以来，资本市场呈现股债跷跷板与可转债独领风骚的多元格局。债券市场在央行流动性呵护 下，资金跨月偏紧 ...

近年来，国家多地市积极出台制造产业相关政策，以推动制造业高质量发展。多地市通过财政奖补、贷款贴息等 措施，支持企业扩大有效投入、提升创新能力，构建起"技术创新—产业生态—制度保障"三位一体的政策体系。 在成都市，政府以培育新质生产力为核心，统筹推进智能制造与工业4.0建设，聚焦高端装备制造与装备制造业创 新，加大专精特新企业培育力度。 工业具身智能是指将人工智能与机器人技术深度融合，使机器具备感知、决策、执行能力，并通过物理实体与工 业制造环境实时交互，实现自主适应复杂生产任务、提升智能化水平的系统。在成都加速构建全国先进制造业基 地的战略布局中，仁新机器人凭借其"市级企业技术中心"资质，成为成都机器人产业升级的关键推动者。根据成 都市《关于促进机器人产业高质量发展的若干政策措施》，获评市级技术中心的企业需在研发投入、技术成果转 化、产业链协同等方面达到行业领先水平，这一资质不仅是对仁新机器人核心技术实力的权威认证，更使其成为 政策红利优先覆盖对象。 例如，仁新通过技术中心平台联合电子科技大学等科研力量，成功突破多模态感知与自适应决策算法瓶颈，其研 发的工业协作机器人重复定位精度达毫米级，达到国际先进水平，直 ...

在市场经济蓬勃发展与财税监管日趋精细化、智能化的双重背景下，中小企业面临的工商注册、税务合 规、跨境涉税等难题愈发复杂，不少业务成为同行避之不及的"硬骨头"。创业护航集团深耕行业二十 载，以"创业护航""上海企盈"为核心品牌，凭借覆盖全国300余个城市的服务网络、累计服务3万家客户 的深厚积淀及99%的客户满意度，依托自主研发的硬核技术体系，成为一站式企业服务领域的领军者， 尤其在攻克疑难业务、破解行业痛点上展现出同行难以企及的专业实力，为企业全生命周期发展筑牢安 全屏障。 创业护航深谙技术是突破服务瓶颈、彰显专业实力的核心引擎，投入重兵自主研发摩羲云管理系统，构 建起集CRM客户管理、BPM业务流程管控、智能财税处理、风险预警、数据可视化于一体的全模块 SaaS服务平台，彻底打破传统企业服务的人力依赖与效率瓶颈，以技术硬实力夯实靠谱口碑。该系统并 非简单的流程电子化，而是深度融合财税政策逻辑与行业服务经验，实现从票据采集到最终涉税申报的 全流程智能化处理。 面对跨境电商多平台报送、主播行业个税合规、企业出海海外涉税、注销、复杂股权架构涉税等同行普 遍难以搞定的业务，创业护航凭借自身的技术支撑与二十载行业积淀 ...

Core Insights - Microbank has been a pioneer in digital inclusive finance since the launch of its online, unsecured working capital loan product "Micro Business Loan" in 2017, focusing on the financing needs of small and micro enterprises [1] - The bank has successfully extended its services to over 700 million enterprises, with a cumulative credit amount of 1.8 trillion yuan by the end of 2025, demonstrating the adaptability and scalability of its digital service model [1][2] Group 1: Service Focus and Client Profile - Nearly 100% of Micro Business Loan clients are private enterprises, with over 70% having annual revenues below 10 million yuan, indicating a focus on the most dynamic and financially needy segments of the economy [2] - By the end of 2025, the bank aims to further extend its services to individual businesses, having already provided credit to 330,000 individual business owners [2] Group 2: Digital Infrastructure and Policy Response - The success of Micro Business Loan is supported by a mature digital infrastructure, including a nationwide reach, automated big data risk control models, and an all-online rapid service process [3] - Following the establishment of a national coordination mechanism for supporting small and micro enterprise financing in October 2024, Microbank quickly formed a specialized working system to optimize processes and enhance service delivery [3] Group 3: Industry Focus and Financial Support - Microbank is committed to building a modern industrial system by focusing on supply chain finance and technology finance, providing credit support to small and micro enterprises in key sectors [4] - By the end of 2025, the bank's supply chain finance has collaborated with over 500 core enterprises, serving more than 860,000 upstream and downstream enterprises with a cumulative credit amount exceeding 460 billion yuan [4] Group 4: Technology Finance and Innovation - Since the launch of the Micro Business Loan for technology innovation in 2020, the bank has attracted over 670,000 technology enterprises, with a cumulative credit amount exceeding 400 billion yuan by the end of 2025 [5] - In Shenzhen, nearly half of the national high-tech enterprises have applied for this service, showcasing the deep integration of digital finance and technological innovation [5] Group 5: Collaborative Ecosystem and New Products - Microbank is transitioning from a digital-native bank to an "AI-native" bank, enhancing its digital capabilities to provide more precise solutions for diverse market entities [7] - The bank has launched the "Micro Trade Loan" product in collaboration with various partners to address the financing challenges faced by foreign trade small and micro enterprises, integrating policy funds, digital risk control, credit insurance, and trade data [7] Group 6: Support for Startups and Innovation - The bank has developed the "Technology Startup Pass" credit financing product in collaboration with Shenzhen Credit, effectively extending financial services to over 4,700 startups with a total loan amount exceeding 8.1 billion yuan [8] - Microbank remains committed to its inclusive finance mission, continuously deepening the integration of digital technology and financial services to support high-quality economic development [8]

Core Viewpoint - The urban renewal master plan for Wujiang District, Suzhou, aims to address multiple challenges such as regional development transformation, ecological environment protection, and industrial upgrading, while aligning with Jiangsu Province's urban renewal actions and inefficient land redevelopment initiatives [1]. Group 1: Planning Framework - The planning framework is based on four key focuses and four guiding principles, integrating macro development strategies with an ecological green development approach [3]. - The plan identifies four categories of potential renewal resources: old industrial, old commercial, old residential/urban villages, and villages outside the boundary, establishing a comprehensive understanding of the area's renewal assets [3]. - A spatial structure of "one circle, one belt, two corridors, and three cores with multiple points" is established, focusing on ecological corridors and key innovation spaces [3]. Group 2: Implementation Guidelines - The plan proposes a control guideline that includes collaborative promotion of four types of renewal, strengthening area-based coordination, phased progressive renewal, and guided town and street updates [3]. - A two-tiered, five-category renewal planning system is constructed to optimize the three-phase implementation process, enhancing policies for "industrial transformation" and "old town" renewal [3]. Group 3: Innovative Features - The plan incorporates innovative measures to create a "Wujiang model" for urban renewal, focusing on the management of scattered low-efficiency industrial land while maximizing ecological space protection [4]. - Differentiated renewal strategies are proposed for industrial land within development boundaries to promote smart renewal [4]. Group 4: Governance Mechanism - The planning promotes multi-departmental collaboration in the renewal process, establishing clear identification standards for renewal resources and setting scientific targets for land supply and industrial land renewal [5]. - A total of 71 renewal areas are delineated, with a "two maps, one table" town-level renewal guideline established to create a control transmission system [5]. - The plan has become a crucial tool for guiding the overall renewal framework in Wujiang District, with 27 renewal implementation plans progressing, including four completed and 19 in the implementation stage [5].

迈入"十五五"规划元年，2026年开年来资本市场稳中向好的势头，让投资者对后续行情演绎有了更多的 期待。回溯过往，历次五年规划均为资本市场注入明确的方向指引与政策动力。以"十五五"规划蓝图为 纲，未来五年资本市场蕴含哪些投资主线？ 日前在工银瑞信2026年度策略对话现场，工银瑞信研究部研究副总监、基金经理吕焱自上而下地为投资 者解读了宏观顶层设计和产业的脉络。在她看来，在全球和国内流动性宽松支撑下，各类资产或均有机 可寻，相对更看好A股权益市场投资机会。基于"十五五"规划指引，未来五年的产业布局与投资机会， 或可重点关注传统产业升级、新兴行业需求扩张和前沿产业的"主题投资"三大方向。 从政策导向看，"十五五"规划建议中"科技"被多次提及，并将"加快高水平科技自立自强，引领发展新 质生产力"作为战略任务进行专章部署。对此背后所蕴含的深意，吕焱也从纵向和横向角度予以了解 析。 着眼纵向发展脉络，我国人均GDP已跨越中等收入阶段，正迈向中等发达国家水平。在这一关键时期， 科技创新与生产效率的提升将成为经济可持续发展的核心驱动力。而从横向全球格局看，当前全球正处 于科技革命与地缘竞争交织的时代。主要经济体纷纷通过政策 ...

全国首个！牛首山获评"零碳综合性历史文化旅游景区" 牛首山的成功实践打破了生态保护与经济发展的二元对立，为国内景区高质量发展探索了新路径。上海 环境能源交易所副总经理彭峰透露，后续将与牛首山进一步探索文旅与碳普惠市场机制的结合，为零碳 景区注入新活力。 近年来，牛首山文化旅游区文旅发展势头强劲，品牌影响力持续攀升，景区年客流达600万人次，2025 年景区入境游客接待量同比激增超1.1倍，在携程发布的南京入境游市场分析报告中，牛首山门票销售 热度稳居榜首。牛首山入选"2026中国100必打卡景点榜""抖音2025十大热门景点"，已成为兼具生态颜 值、文化内涵与市场热度的文旅地标。 牛首山将以更高站位、更实举措推进零碳体系迭代升级。"我们将持续深化生态修复与低碳运营，探索 建立景区碳汇核算长效机制，推动林业碳汇价值转化，让'生态绿'真正变成'发展金'，同时主动扛起行 业标杆责任，积极分享绿色转型经验，输出牛首山方案，助力更多景区走上生态优先、绿色发展之 路。"牛首山文化旅游区相关负责人表示。 (江南时报记者 张姣姣 通讯员 白睿田) 颁证仪式现场，牛首山斩获全国碳市场唯一指定交易机构——上海环境（601200） ...

Core Viewpoint - Jiangsu Hongze Rural Commercial Bank has successfully completed the first "loan + equity option" business for Hongze Millennium Paper Co., marking a significant breakthrough in Huai'an's financial service model of investment and loan linkage [1] Group 1: Business Model Innovation - The "loan + equity option" service model was developed based on local industry characteristics and the actual needs of enterprises, providing urgent credit funds while granting the bank equity rights for a certain period [1] - This model allows the bank to share in the growth value of the enterprise, creating a dual channel of "credit support + equity income" for mutual benefit between the bank and the enterprise [1] Group 2: Company Profile and Market Position - Hongze Millennium Paper Co. is identified as a key enterprise with good growth potential in Hongze District, aligning with national industrial policy and having a broad development outlook [1] - The bank conducted thorough research and risk assessment to accurately match this innovative service to the enterprise, alleviating short-term financing pressure and strengthening long-term cooperation through equity ties [1] Group 3: Future Plans and Commitment - The bank's leadership expressed intentions to use the success of this business as a catalyst to continue serving the local economy, deepening cooperation with investment institutions and government departments [1] - There is a commitment to further improve the "debt + equity" comprehensive financial service model and expand service coverage to contribute to the high-quality economic development of Huai'an City [1]

过去的一年，该行深入推进整村授信"路路通计划"模式提质扩面，将金融服务前置到村到户；大力推广 线上化、纯信用的信贷产品，简化业务流程，提升融资效率；积极与地方政法系统、社区网格化管理体 系对接，将金融服务嵌入基层社会治理网格，为持续加大支农支小信贷投放提供了坚实的机制保障。陈 韵龙 该行将服务实体经济作为经营发展的出发点和落脚点，信贷资源持续向"农"与"小"重点领域聚集。截至 2025年12月末，全行涉农及小微企业贷款余额已达259.84亿元，占全行各项贷款总额的92.75%。在保持 涉农及小微贷款总量稳健增长的同时，该行针对普惠型农户与普惠型小微企业核心群体，持续加大扶持 力度。截至2025年12月末，该行普惠型农户与普惠型小微企业贷款余额达到140.29亿元，较年初增加 6.26亿元，实现4.67%的稳步增长，增速高于同期全行实体贷款平均增速0.16个百分点。 2025年以来，盱眙农商银行始终坚守"支农支小"的市场定位，紧紧围绕乡村振兴战略和服务实体经济发 展大局，持续加大信贷资源倾斜力度，不断提升金融服务的覆盖率、可得性和满意度。 ...