Core Viewpoint - The preferential tax policy for annual one-time bonuses will continue until December 31, 2027, allowing taxpayers to choose between separate taxation and inclusion in comprehensive income taxation for their bonuses in 2026 [1]. Taxation Methods - The two taxation methods available for annual one-time bonuses are separate taxation and inclusion in comprehensive income taxation, which help reduce the personal income tax burden for wage earners [1]. - Separate taxation calculates the tax based on the bonus divided by 12 months, avoiding tax rate jumps, making it suitable for high-income earners with substantial bonuses [1]. - Inclusion in comprehensive income taxation combines the bonus with annual salary and other income, allowing taxpayers to utilize various deductions, making it more suitable for lower-income earners with multiple deductions [1]. Practical Examples - A tax officer provided examples showing that for a taxpayer with an annual income of 60,000 yuan and a year-end bonus of 20,000 yuan, the tax owed under inclusion in comprehensive income taxation is 0, while under separate taxation, it is 600 yuan [2]. - Another example showed that a taxpayer with an annual income of 300,000 yuan and a year-end bonus of 80,000 yuan would face a higher tax rate under inclusion in comprehensive income taxation compared to separate taxation, making the latter more tax-efficient [2]. Tax Calculation Tools - Taxpayers can use the individual income tax APP to compare the tax amounts under both methods without manual calculations, ensuring they select the lower tax amount for reporting [2]. - The tax authority emphasizes the importance of choosing the applicable tax rate legally and ensuring that income does not trigger a tax rate jump during calculation [2]. Limitations and Regulations - Each taxpayer can only use the separate taxation option once per tax year, and bonuses cannot be split for separate taxation [3]. - The annual personal income tax settlement period is from March 1 to June 30, and non-residents can settle their taxes before leaving the country [3]. - Taxpayers with annual comprehensive income not exceeding 120,000 yuan or a tax settlement amount not exceeding 400 yuan may be exempt from the annual tax settlement process [3].

Group 1 - The "Encouraging Foreign Investment Industry Catalog (2025 Edition)" has been released, which will take effect on February 1, 2026, replacing the 2022 version. The new catalog includes a total of 1,679 entries, with a net increase of 205 entries and 303 modifications compared to the previous version [1] - The catalog focuses on advanced manufacturing, modern services, and regional coordinated development, aiming to attract and utilize foreign investment with greater efforts and practical measures. Eligible foreign-invested enterprises can enjoy a reduced corporate income tax rate of 15%, along with additional policies such as import tax exemptions and land support [1] - Siemens Energy's gas turbine assembly base and service center in Hainan Yangpu is highlighted as a significant foreign investment project, benefiting from the 15% corporate income tax rate and other supportive policies, enhancing confidence in investment in China [1] Group 2 - The marine environmental governance sector is also included in the encouraged industries, allowing companies registered in Hainan Free Trade Port that engage in marine environmental governance and ecological restoration to benefit from a reduced corporate income tax rate of 15% until December 31, 2027 [2] - A German environmental company in Sanya has completed a pollution control and ecological restoration project, qualifying for the tax reduction, which significantly lowers its project costs by saving approximately 5 million yuan annually [2] - The central government emphasizes the importance of utilizing foreign investment, aiming to create a transparent and stable institutional environment to attract foreign capital [2] Group 3 - The 20th National Congress of the Communist Party of China has called for the expansion of the encouraged foreign investment industry catalog, with the Ministry of Commerce and the National Development and Reform Commission initiating the revision process for the 2025 edition [3] - The revised catalog incorporates feedback from foreign investment enterprises, industry associations, and experts, ensuring a comprehensive approach to attract foreign investment [3] - The catalog offers four preferential policies for industries within its scope, including priority land supply for intensive land-use industrial projects and flexible land leasing options, which are designed to lower initial land costs for foreign-invested enterprises [3]

Core Viewpoint - ByteDance's Seedance 2.0 is hailed as a groundbreaking video generation model, marking the end of the "childhood era" of AIGC, but it also raises significant concerns regarding compliance and legal risks associated with AI-generated content [1][2]. Group 1: Technology and Innovation - Seedance 2.0 utilizes a "dual-branch diffusion transformer" architecture, achieving breakthroughs in audio-visual alignment and multi-shot narrative coherence, positioning it as a milestone product in the industry [2]. - The model's capabilities significantly reduce video production costs, enabling ordinary users to create high-quality content, with potential applications in short videos, advertising, and film production [6]. - The introduction of Seedance 2.0 has led to a surge in stock prices for companies in the film and media sector, reflecting high market expectations for AI video generation technology [6]. Group 2: Compliance and Legal Risks - The development of AI video models relies heavily on vast amounts of publicly available data, raising concerns about unauthorized use of copyrighted material [2][5]. - The complexity of video as a multi-rights entity, involving images, audio, and likeness, complicates the legal landscape, making it difficult for ordinary users to discern authenticity [2]. - ByteDance has implemented compliance measures, such as restricting the use of real human images and requiring live authentication for generating videos of real people [3][4]. Group 3: Industry Challenges and Solutions - The industry faces common challenges in balancing technological innovation with copyright protection and data compliance, necessitating a collaborative approach to address these issues [4][8]. - Proposed solutions include establishing a comprehensive governance framework for video generation models, focusing on compliance at all stages of content creation [8]. - The current regulatory framework, while providing a foundational structure, lacks specific guidelines for compliance related to audiovisual training data and content generation [5].

日发精机（002520.SZ）正陆续剥离低效资产与相应业务。 日前，日发精机向关联方出售的部分资产陆续完成交割相关手续，海外子公司意大利MCM公司也完成 出表。同时，由于被银团接管，日发精机另一海外子公司Airwork公司实质控制权发生变更，目前暂为 出表状态。 剥离相应资产后，日发精机预计2025年度归母净利润亏损有所收窄。不过，Airwork公司未来处置结果 尚存不确定性，日发精机2025年度扣非净利润亏损预计仍将扩大。低效资产被处置后，日发精机后续将 如何实现扭亏？ "公司董事长不久前已出任总经理，目前由他主抓运营工作，对相关部门制造成本与订单均提出了具体 要求，并且梳理调整了公司内部各事业部与项目部。"日发精机方面日前向《中国经营报》记者表示， 公司已积极采取措施降本增效，未来将聚焦高端装备智造主业，同时积极拓展更多细分市场。 低效资产接连被处置 2025年年底以来，日发精机接连抛出资产处置计划。其中，拟将海外子公司意大利MCM公司100%股权 转让给Special Situations S.r.l.公司，转让价款为1欧元；拟将位于浙江省新昌县龟山路4号的工业用地土 地使用权及房屋建筑物（包含附属设施 ...

近日，迅翼卫通董事长李庆安接受了《中国经营报》记者专访，深入阐述了公司在核心技术上的突破、 对市场的前瞻布局，以及对中国商业航天产业的深度思考，目标是成为6G时代"天地一体"智能终端的 关键推动者。 打造普适性卫星终端 《中国经营报》：迅翼卫通在卫星相控阵技术领域处于怎样的地位？与美国的星链相比，中国的核心技 术优势有哪些？ 李庆安：单从技术角度讲，我们在全球卫星相控阵终端领域是走在前列的。我们的优势在于"普适 性"与"全轨兼容"。 在低轨卫星互联网竞赛日趋激烈的当下，商业航天如何与普通人发生链接，成为一个新的议题。 成都迅翼卫通科技有限公司，多年从事卫星相控阵天线的研发与制造，其技术不仅多次保障了神舟飞船 返回等国家重大任务，还致力于让卫星通信像移动网络一样普及，让更多的普通消费者熟悉了解卫星通 信。 李庆安：是的，过去十年是定义技术边界、探索工艺路线的过程，现在技术已经比较成熟，行业将进入 高速发展期。只要卫星网络持续建设，终端市场就会呈指数级增长。 关于手机直连卫星，我们认为这是必然趋势，但当前还只是初步阶段。目前市面上的卫星电话或卫星通 信手机，带宽和体验有限，远未达到"完整的6G天地一体"水平。未来 ...

自2024年12月1日国家税务总局在全国正式推广应用全面数字化电子发票（以下简称"数电发票"）以 来，数电发票以全领域覆盖、全环节电子化、全要素数字化为核心，有效提升行政效能，降低制度性交 易成本。 2026年全国税务工作会议强调，持续深化税收征管改革，加快税收征管法修订进度，深入推进智慧税务 建设，集成提升税费征管效能。在业界看来，推进发票全领域、全环节、全要素电子化，稳妥压减纸质 发票使用，推动征管数字化转型是深入推进智慧税务建设的关键抓手。 所谓数电发票，是《中华人民共和国发票管理办法》中"电子发票"的一种，是将发票的票面要素全面数 字化、号码全国统一赋予、开票额度智能授予、信息通过税务数字账户等方式在征纳主体之间自动流转 的新型发票。数电发票与纸质发票具有同等法律效力。 2021年12月1日，广东省、上海市和内蒙古自治区试点推行数电发票，之后试点地区逐步扩大至全国。 随着数电发票的推行，税务营商环境得到优化，在此背景下，各地也加快了数电发票的落地速度。 《中国经营报》记者了解到，截至2026年2月10日，北京、上海、广东、江苏、重庆、河北等多地税务 局发布通告与工作通知，明确2026年推进节奏、纸质发 ...

Core Insights - The article discusses the 2025 consumer market performance in China, highlighting significant growth in retail sales and consumer spending, with a total retail sales exceeding 50 trillion yuan for the first time and a contribution rate of final consumption expenditure to economic growth reaching 52% [1] Group 1: Consumer Market Performance - In 2025, the total retail sales of consumer goods reached over 50 trillion yuan, marking a significant milestone [1] - The contribution rate of final consumption expenditure to economic growth increased by 5 percentage points compared to the previous year, reaching 52% [1] Group 2: Key Features of Consumer Work - The expansion and upgrading of goods consumption included a focus on the "old for new" consumption policy, with related sales reaching 2.61 trillion yuan, benefiting 366 million people [1] - The automotive sector saw sales of 34.4 million vehicles, while sales of home appliances and communication equipment both surpassed 1 trillion yuan [1] Group 3: Service Consumption and Diverse Scenarios - The service consumption sector experienced a growth of 5.5%, supported by the implementation of a "1+N" policy system and new service consumption initiatives [1] - Various promotional activities, such as "China Shopping" and "Export China" brands, were organized, with over 60 events held to enhance the international consumption environment [1] - The sales of tax refund goods increased by 95.9% year-on-year, indicating a growing trend of international consumers shopping in China [1]

Group 1 - The core viewpoint is that SenseTime's inclusion in the MSCI China Index highlights the growing recognition of Chinese AI companies by global capital markets, potentially attracting more international passive investment [1][2][4] - SenseTime's stock price surged by 11.39% to HKD 2.64 per share on the day the MSCI announcement was made, indicating strong market reaction [1] - The MSCI China Index serves as a significant benchmark for global capital allocation, with over USD 17 trillion in assets tracked by MSCI indices, including more than USD 2 trillion in passive funds [4] Group 2 - SenseTime's strategic advantage lies in its "big device - big model - application" integrated approach, which differentiates it from competitors that focus solely on models or applications [3] - The company's recent financial report indicates that by mid-2025, revenue from generative AI is expected to rise to 77%, with projections suggesting it could reach 91% by 2030 [3] - The inclusion of SenseTime in the MSCI index signifies a validation of its technological strength, business model, and governance standards, marking a milestone for Chinese AI companies in the international capital landscape [4]

值得关注的是，在深化国内布局的同时，曹操出行还在积极拓展国际合作。曹操出行已与阿布扎比投资 办公室（ADIO）签署合作备忘录，计划于今年在当地设立办事处，推进自动驾驶技术试点。此外，曹 操出行正与吉利及相关合作伙伴共同开发预装专属自动驾驶组件的Robotaxi完全定制车型，该车型计划 于今年亮相，并计划至2030年累计投放10万辆。 2月11日，曹操出行宣布其在杭州市滨江区部署的Robotaxi（自动驾驶出租车）车队规模已达100辆，标 志着其Robotaxi业务正式迈入规模化运营验证阶段。此次部署由全球首个"绿色智能通行岛"提供运营支 持，旨在加速从"有人驾驶"向"无人化运营"的过渡。 作为吉利控股集团Robotaxi最重要的商业化载体，曹操出行规划了清晰的"三步走"战略。当前正处于第 二阶段的关键起步期，核心目标是完成从主驾安全员到无人化运营的过渡，并探索有人驾驶与无人驾驶 的混合运营模式。随着车队规模提升至百辆，曹操出行将重点验证服务可靠性，完善履约流程和乘客体 验。 为保障大规模车队的自动化运营，曹操出行已在杭州启用全球首个"绿色智能通行岛"。该设施具备自动 换电、自动清洁、车辆内务整理、智能调度及自 ...

苏商银行特约研究员张思远也分析，从风险特性看，网银渠道具有交易便捷性高、操作自主性强的特 点，易引发高频交易或非理性追涨杀跌行为，尤其在黄金价格短期波动剧烈的情况下，投资者风险敞口 快速扩大。因此，银行正引导交易向更具管控能力的渠道迁移。 #兴业银行将关闭个人黄金网银交易渠道#【银行关闭网银交易渠道 个人贵金属业务将全面收紧？】在 频繁上调黄金积存业务起投门槛之后，近来，又有银行宣布关闭个人贵金属买卖的网银交易渠道。随着 黄金、白银价格宽幅震荡加剧，个人贵金属投资的相关业务风险管控持续升级。 兴业银行日前发布公告称，根据业务发展需要，将在2026年2月14日以后关闭代理上海黄金交易所个人 贵金属买卖业务个人网银交易渠道，柜面、手机银行等交易渠道正常开放。 兴业银行在公告中表示，当前贵金属市场剧烈波动，市场风险较大，再次提醒尚未完成解约的个人客户 尽快办理延期合约平仓/库存卖出、出金和解约操作。该行将继续根据市场状况和业务发展需要调整客 户交易渠道。 在中经传媒智库专家、中国城市发展研究院投资部副主任袁帅看来，银行选择关闭个人贵金属买卖业务 的网银交易渠道，保留柜面和手机银行渠道，本质上是在风险管控和业务优化之 ...