中国石化是中国最大的成品油和石化产品供应商，也是世界第一大炼油公司、第二大化工公司。近年 来，中国石化围绕SAF（可持续航空燃料）开展了一系列研发工作。中国石化与中国航油的重组，将重 塑国内航油市场，促进航空燃料的绿色发展。 （编辑：董曙光 审核：吴可仲 校对：陈丽） 1月8日，国务院国资委网站信息显示，经报国务院批准，中国石油化工集团有限公司（以下简称"中国 石化"）与中国航空油料集团有限公司（以下简称"中国航油"）实施重组。 公开信息显示，中国航油是亚洲最大的集航空油品采购、运输、储存、检测、销售、加注于一体的航空 运输服务保障企业。其主营业务主要涉及航油、石油、物流、国际和通航五大板块，为国内258个运输 机场和454个通用机场提供供油保障，并为全球585家航空客户提供服务。 中经记者 李哲 北京报道 ...

Core Viewpoint - Chaojuvian Digital Technology Co., Ltd. (referred to as "Chaojuvian") has officially initiated its listing guidance, with the aim to optimize its capital structure and support ongoing technological development and global supply chain construction [1][5]. Group 1: Company Overview - Chaojuvian was spun off from Huawei's X86 server business in 2021 and has since evolved into a significant player in the computing server industry, achieving rapid revenue growth [1][2]. - The company reported sales revenue exceeding 10 billion yuan in 2022 and is projected to surpass 28 billion yuan in 2023 and 40 billion yuan in 2024 [2]. Group 2: Business Operations - Chaojuvian's business encompasses a wide range of offerings, including servers, operating systems, AI development platforms, hyper-converged solutions, high-performance computing solutions, and database solutions [2]. - The company has established 11 R&D centers and 6 supply centers globally, with R&D investment expected to account for approximately 8% of its revenue in the first half of 2025 [2]. Group 3: Technological Advantages - Chaojuvian focuses on three core areas: computing infrastructure, urban enterprise digitalization, and smart energy solutions, leveraging the technical foundation inherited from Huawei [3]. - The company has maintained a leading position in liquid cooling technology and has developed a diverse product line of servers and AI computing solutions [3]. Group 4: Relationship with Huawei - Chaojuvian's core technology team and product lines are closely linked to Huawei, with many team members having previously worked on Huawei's server business [4]. - The company continues to utilize Huawei's patents and supply chain channels, benefiting from a collaborative relationship that enhances its operational capabilities [4][5]. Group 5: Market Outlook - The Chinese server market is experiencing significant growth, driven by the explosive demand for AI computing, with AI server shipments expected to increase by over 80% annually [5]. - Chaojuvian's leading position in AI and liquid cooling sectors positions it to benefit from favorable policies such as "East Data West Computing" and "AI + Industry" [5].

Group 1 - Hong Kong MTR Corporation (MTR) and a subsidiary of CRRC Corporation have formed a joint venture, Metro Trains West, to secure the Sydney Metro West contract from the New South Wales government [1] - The Sydney Metro West project is a new 24-kilometer metro line with 9 stations, scheduled to commence operations in 2032, with MTR responsible for various delivery phases including design, construction, and maintenance [1][3] - The contract includes the provision of 16 driverless trains and a signaling system, along with 15 years of operation and maintenance services during the trial operation phase [1] Group 2 - CRRC's subsidiary, CRRC Changchun Railway Vehicles, has been active in the Australian metro market for over a decade, establishing a local presence and previously delivering 65 high-capacity metro trains for the HCMT project in Victoria [2] - The Sydney Metro West project encompasses four core contracts, with a total value of AUD 11.5 billion, including equipment, operation, and maintenance, as well as track systems and station development [3] - CRRC's international business has seen a high volume of orders, with new international orders amounting to approximately CNY 47.2 billion in 2024, despite a year-on-year decrease of 19.18% [3]

Core Insights - JD.com has officially established the "Chameleon Business Department" to systematically integrate its core AI assets, including the JoyAI App, JoyInside, and digital human technologies, marking a significant step in the commercialization of AI products [1] Group 1: AI Business Development - JD.com's AI business has a clear layout, with the JoyAI App combining multimodal large model technology with JD's supply chain to create a personal intelligent assistant [1] - The JoyInside platform has connected with over 40 leading robot brands, resulting in a more than 120% increase in dialogue rounds for hardware devices [1] - The digital human business covers various scenarios such as live streaming and customer service, having served over 50,000 brands cumulatively [1] Group 2: Product Launch and Strategy - By the end of 2025, JD.com plans to launch its self-developed AI plush toys, with the first batch selling out immediately and undergoing multiple restocks [1] - A new batch of AI toys is in preparation, aimed at all age groups, set to be fully launched in mid-January [1] - The organizational restructuring aligns with JD's "value-oriented AI" strategy proposed at the 2025 JDD conference, aiming to bridge technology development and commercial transformation [1]

2026年1月5日，云南省农村信用社联合社（以下简称"云南省联社"）及省内122家农商行、农信社通过 联合公告宣布，已审议通过以新设合并方式组建"云南农村商业银行股份有限公司"（暂定名）（以下简 称"云南农商行"），成为2026年全国首个明确农信改革方向的省份。 招联首席研究员、上海金融与发展实验室副主任董希淼指出："组建云南农商行之后，有两点须高度关 注：第一，要确保业务发展和客户服务的连续性，不能因改革化险而中断或影响业务发展和客户服务； 第二，要特别注重风险防控，确保改革过程平稳有序，避免因整合衍生次生风险或引发新的风险。" 《中国经营报》记者了解到，即将组建的云南农商行的统一法人模式旨在解决原有三级法人体系下机 构"小散弱"、资源调配低效和风控标准不一的问题，通过集中区域金融资源形成规模优势，为普惠金融 提供更坚实的支撑。 化解风险 在启动省级统一法人改革前，云南曾积极推进州市一级农信社机构统一法人改革。2022年年底，迪庆农 商行、怒江农商行作为全省首批州市统一法人农商行挂牌开业。2024年11月，以新设合并方式组建的德 宏农商行也揭牌开业。 云南农商行官宣组建之前曾与内蒙古农商银行交流学习。202 ...

鼓励运用AI、大数据手段提升效率与质量；鼓励在线调解；可以从具有专业影响力和公信力的境外人 士中聘任商事调解员；对标国际高标准，立足行政法规定位…… 《中国经营报》记者注意到，《条例》第十八条明确鼓励商事调解组织运用人工智能、大数据等技术手 段提升调解质量和效率。与此同时，《条例》也对在线调解作出回应：商事调解员与当事人协商采取在 线方式进行调解的，与线下调解活动具有同等法律效力。 北京卓浩律师事务所张建律师向记者分析指出，在司法实务中，当事人常对在线调解协议的法律约束 力、可执行性存在顾虑。《条例》将相关内容提升至行政法规位阶予以权威确认，尤其为跨境、跨地域 商事纠纷的便利化解决提供了更坚实的制度基础。 张建进一步表示，从技术层面看，《条例》释放出明确的政策信号：国家鼓励技术赋能调解，支持运用 人工智能、大数据等手段。该导向不仅着眼于程序便捷，更将目标指向"提高调解质量和效率"，意味着 技术可能在事实梳理、法律分析、方案生成等环节发挥更大作用，从而提升调解的专业化水平。 边界与合规仍需细化 国际海事律师万仁善向记者表示："过去，英美律师曾因担心商事调解减少工作量而持抗拒态度。但从 提高效率、降低法律成本、加 ...

Core Viewpoint - China will implement strict export controls on silver starting January 1, 2026, elevating its management level to that of rare earths, aiming to prioritize domestic demand and ensure supply chain security for key industries [1][2]. Group 1: Policy Changes - The new policy will maintain export controls until at least the end of 2027, providing a stable strategic adjustment mechanism for long-term planning by enterprises [1]. - The export management will continue under a licensing system, with an increase in the number of state-owned trading enterprises involved, indicating no substantial changes in the policy framework [1][2]. Group 2: Industrial Demand and Supply - China is the world's largest silver refining country, with an annual production of approximately 3,300 tons, which is insufficient to meet the industrial demand of around 8,000 tons, leading to a focus on domestic supply for high-tech industries [2][3]. - Silver's role has shifted from a traditional precious metal to a critical strategic resource, necessitating enhanced export management to secure raw material supplies for key industries [2][3]. Group 3: Market Impact and Price Trends - The anticipated export controls may lead to a global supply reduction of 4,500 to 5,000 tons annually, exacerbating existing supply shortages in the market [4]. - Analysts expect silver prices to fluctuate between $66 and $85 per ounce in the first quarter of 2026, with potential upward pressure later in the year, possibly challenging the $100 mark [4]. - Current high silver prices are driven by low global inventories and strong paper demand, with market tensions highlighted by the ongoing consumption of COMEX inventories and low domestic futures stock [5].

Group 1 - The Sydney Metro West project is a new subway line with a total length of 24 kilometers and 9 stations, scheduled to be operational by 2032 [1] - The contract awarded to the joint venture Metro Trains West includes project design, construction, and maintenance, covering the delivery of 16 driverless trains and a signaling system [1][3] - The total value of the four core contracts related to the Sydney Metro West project amounts to 11.5 billion AUD [3] Group 2 - China CRRC has a strong presence in the Australian metro market, with its subsidiary CRRC Changchun Railway Vehicles Co., Ltd. having entered the market over a decade ago [2] - The international business orders for China CRRC have remained high, with new orders in 2024 projected at approximately 322.2 billion CNY, a year-on-year increase of 7.90% [3] - In 2023, China CRRC's international business new orders reached a record high of about 58.4 billion CNY [3]

近期地方性银行资本金调整频繁，有村镇银行公告减资，也有银行召开股东会拟通过简易减资的方式调 整注册资本金。 《中国经营报》记者注意到，内蒙古自治区两家地方性银行专项债转股有新进展。2026年1月6日，内蒙 古银行发布公告称，已获得监管部门批复同意正在履行注册资本变更相关程序，根据此前的公告可知， 内蒙古银行通过简易减资，同时定增及专项债转股补充资本。无独有偶，鄂尔多斯银行也在2025年12月 25日发布公告称，拟通过简易减资方式将鄂尔多斯银行的注册资本调减，同时，还将通过定向增资扩股 及专项债资金转股的形式补充资本。 业内人士认为，银行简易减资后通过定增及专项债转股补充资本，将实现有效补充核心资本、优化股权 与治理结构、支撑业务扩张以及降低融资难度与成本等多项优势。 专项债资金转股 对于银行原有股东方将有哪些影响？鄂尔多斯银行股东之一博源化工（000683.SZ）方面告诉记者："鄂 尔多斯银行注册资本金调整对上市公司的影响目前暂无法判断。"对方同时表示，此次不参与鄂尔多斯 银行的定向增资。 中国（上海）自贸区研究院金融研究室主任刘斌向记者指出："先减资后同步增资实现资本'提质'。通 过简易减资清理低效或闲置资 ...

Core Viewpoint - The Digital Renminbi Operations Management Center has launched a "Carbon Inclusive" mini-program within the Digital Renminbi App to promote the use of digital currency in green finance, initially available in Shanghai [1]. Group 1: Digital Currency and Green Finance - The initiative aims to enhance the application of digital renminbi in the carbon finance sector by creating innovative scenarios for carbon inclusivity [1]. - Users who activate the service will have carbon credits from their daily low-carbon activities automatically collected in a "Carbon Inclusive" account [1]. - Each 1250 grams of carbon credits can be exchanged for 0.01 yuan of digital renminbi, incentivizing users to engage in environmentally friendly behaviors [1].