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 ...

Core Viewpoint - The essence of the current industry "involution" is insufficient innovation protection leading to homogeneous competition, highlighting the need for a robust intellectual property (IP) system to create a healthy industrial ecosystem [1] Group 1: Company Strategy - CATL invests nearly 20 billion yuan annually in R&D and has established a global patent portfolio of 60,000 patents, creating a comprehensive "innovation-protection-application" management system [1] - The company adopts a "technology licensing + light asset operation" (LRS model) approach to effectively mitigate market risks and enhance its global technological influence [1] Group 2: Industry Challenges - There is a lack of mention of "involution" by foreign patent holders when licensing or enforcing patents, indicating a cognitive bias regarding the value of innovation among Chinese entities [1] - The global leading innovation capability of China's power battery sector requires more robust legal protection [1] - The fundamental issue of "involution" stems from a lack of innovation protection, necessitating the strengthening of IP protection to reshape competitive order [1] Group 3: Call to Action - The Chinese power battery industry is urged to adopt a "leader mentality" in constructing its IP strategy to continuously enhance the global competitiveness of Chinese enterprises [1]

近日，第三届中国全固态电池创新发展高峰论坛在北京召开。《中国经营报》记者在论坛上获悉，与会 人士指出，全固态电池是下一代动力电池技术的重要发展方向，目前产业化进程正加速推进，但在材料 体系、工程化、制造工艺及核心装备等方面仍面临诸多挑战。 中国科学院院士、中国全固态电池产学研协同创新平台理事长欧阳明高表示："中国电池产业保持高速 增长，技术快速迭代，应用场景从汽车、储能拓展至机器人、低空飞行器等领域。当前，电池技术仍需 系统性提升，需围绕全气候快充、全过程安全、全工况高效三大目标持续优化。作为下一代电池的重大 战略方向，全固态电池的产业化发展进步很快，但是竞争形势严峻，挑战巨大。" 其中，国联汽车动力电池研究院有限责任公司副总经理王建涛介绍，公司深耕硫化物全固态电池研发并 建成中试线，2025年实现高负载电极和30微米电解质薄膜制备，目前正布局百吨级电解质产线并推进工 程化。 上海屹锂新能源科技有限公司董事长、上海交通大学教授张希指出，硫化物电解质面临成本高、工艺复 杂、界面不稳定等挑战，公司通过材料改性、结构设计、工艺创新，开发了超薄电解质膜等适配固态电 池的产品。 中国科学院院士、厦门大学教授孙世刚指出， ...

Core Viewpoint - Xinhua Group's auction of 200 million shares in Three Gorges Life Insurance ended in failure, with no bids placed despite significant interest from observers [1] Group 1: Auction Details - The auction for Xinhua Group's 200 million shares had an opening price of 202 million yuan, with 87 participants showing interest and 4,577 people viewing the auction [1] - The shares were unpledged, indicating no existing liabilities against them [1] Group 2: Company Background - Xinhua Group was a founding shareholder of Three Gorges Life, contributing 200 million yuan for a 20% stake at its establishment in 2017, but its ownership has since diluted to 6.59% due to multiple rounds of capital increases [1] - The company underwent bankruptcy restructuring after facing liquidity issues in 2020, with the restructuring plan expected to be completed by June 2025 [1] Group 3: Financial Performance - In 2025, Three Gorges Life reported insurance business revenue of 633 million yuan and a net loss of 197 million yuan, although the loss was narrower compared to the previous year [1] - The company is implementing a "2025 System Renewal" initiative aimed at improving internal processes and accountability [1]

中经记者 陈晶晶 北京报道 中华联和人寿在偿付能力报告中表示，在高质量发展方面，公司聚焦核心目标，标保和效益指标均已达 成任务计划，并实现同比提升；业务品质方面，继续率保持较高水平，短险赔付率稳定，退保率在可控 范围内；利润方面，效益情况满足预算要求，同比大幅改善，费用支出下降，投资收益有所增长，但受 利率曲线下行影响，公司仍存在非经营性亏损。 从偿付能力核心指标来看，中华联合人寿面临一定压力。截至2025年四季度末，公司核心偿付能力充足 率94.18%，较上季度下降15.80个百分点；综合偿付能力充足率126.11%，较上季度下降18.57个百分 点。 近日，中华联合人寿披露2025年四季度偿付能力报告显示，2025年全年保险业务收入45.61亿元，同比 下滑13%；净亏损虽然有所收窄，但仍亏损2.71亿元。公司连续亏损达到9年。 "本季度综合和核心偿付能力充足率较上季度下降，主要原因是本季度实际资本减少，同时最低资本增 加。实际资本的变动主要来自保单盈余的减少，最低资本的变动主要受资产结构变化的影响。公司将持 续监测偿付能力充足率的发展趋势，改善业务结构，优化投资配置，加快不良资产处置。"中华联合人 寿方 ...

Core Insights - Five insurance companies have failed to meet solvency standards as per their fourth-quarter solvency reports for 2025, including Anhua Agricultural Insurance, Asia-Pacific Property Insurance, Qianhai Property Insurance, Changsheng Life Insurance, and Huahui Life Insurance [1][2] Group 1: Solvency Standards - According to the "Insurance Company Solvency Management Regulations," insurance companies must have a core solvency adequacy ratio of at least 50% and a comprehensive solvency adequacy ratio of at least 100%, along with a risk comprehensive rating of B or above to be considered solvent [1] - Among the non-compliant companies, Anhua Agricultural Insurance, Asia-Pacific Property Insurance, Qianhai Property Insurance, and Huahui Life Insurance have a risk comprehensive rating of C, while Changsheng Life Insurance has a comprehensive solvency adequacy ratio of 79.7%, which is below the required 100% [1] Group 2: Risk Management Issues - A continuous C rating indicates significant issues in corporate governance, internal controls, or risk management for the affected companies [1] - Anhua Agricultural Insurance reported that its C rating was primarily due to risks in corporate governance [2] - Asia-Pacific Property Insurance disclosed that over 88% of its equity is pledged or frozen, affecting its risk comprehensive rating [1]