中经记者 秦枭 北京报道 据悉，雷鸟创新将于CES 2026期间展示首款搭载eSIM的AR智能眼镜"雷鸟X3 Pro Project eSIM"，产品采 用双目全彩MicroLED显示方案、集成了eSIM通信模块与4G协议支持。 （编辑：张靖超 审核：李正豪 校对：颜京宁） 2026年1月5日，《中国经营报》记者从雷鸟创新方面了解到，其于近期完成新一轮融资。由中国移动链 长基金与中信金石（旗下茅台金石、金石成长等基金）领投，中国联通旗下联创创新基金等机构共同参 与，融资金额超10亿元。 雷鸟创新方面表示，借助运营商覆盖全国的线下服务网点、数以亿计的用户基数，雷鸟AR智能眼镜将 触达更广泛的消费群体；"充话费送眼镜""合约机"等运营商擅长的服务模式，将大幅降低用户对AR智 能眼镜的尝试门槛，成为后续市场爆发的关键推手。同时，运营商在eSIM、5G等关键通讯技术，AI服 务及内容生态等方面的资源，也将为雷鸟创新的产品演进提供强大支撑。 ...

中经记者 刘旺 北京报道 因丧失董事会控制权而离场的lululemon创始人奇普·威尔逊（Chip Wilson），在十余年后，朝着董事会 发起"反扑"。 2025年的末尾，威尔逊宣布，提名三位独立董事候选人参加将在公司2026年股东年会上举行的董事会选 举。而就在不久前，该公司宣布首席执行官加尔文·麦克唐纳（Calvin McDonald）将于 2026 年1月31日 卸任。 威尔逊于2015年离开lululemon董事会，十余年当中，他曾多次公开指责lululemon董事会，甚至在媒体 上刊登公开信，批评董事会短期业绩至上、文化侵蚀等。 但需要承认的是，近几年lululemon实现了快速增长，公司总市值一度突破600亿美元，在麦克唐纳治理 下，lululemon也将中国市场打造成为了公司的第二大市场。 然而，2025年的lululemon公司股价已下跌46.40%，市值蒸发约250亿美元。就在2025年12月中旬， lululemon刚刚发布了2025财年第三季度财报，呈现出增收不增利的态势。而聚焦中国市场，第三季度 营收同比增超四成，同店销售额增超两成。 随着麦克唐纳离职和董事会的不确定性，lulule ...

Group 1 - On January 1, 2026, significant progress was made in mergers and acquisitions among leading semiconductor companies, with Huahong Company announcing a share issuance to acquire 97.5% of Huali Micro's equity, and Zhongwei Company revealing plans to acquire 64.69% of Hangzhou Zhonggui's equity through share issuance and cash payment [2][3] - The transactions reflect three distinct merger integration strategies: SMIC's acquisition of minority stakes in its subsidiary to enhance capital and operational stability, Huahong's acquisition of quality assets from its controlling shareholder to resolve competition and expand capacity, and Zhongwei's external acquisition to build platform capabilities [3][4] - The transactions also demonstrate confidence in the A-share market, as both SMIC and Huahong opted for full issuance of A-shares, and the lock-up period for some industry funds was voluntarily extended to 12 months, indicating optimism about the long-term prospects of the companies involved [3][4] Group 2 - SMIC's acquisition of a 49% stake in its subsidiary, SMIC North, was valued at 40.601 billion yuan, marking the largest share issuance for asset acquisition in the Sci-Tech Innovation Board's history [4][5] - SMIC North, a highly profitable entity within SMIC, reported a revenue of 12.979 billion yuan in 2024, a year-on-year increase of 12.12%, and a net profit of 1.682 billion yuan, a significant rise of 187.52% [4][5] - The acquisition is expected to enhance the asset quality of the listed company and strengthen business synergies, providing robust support for long-term development [4][5] Group 3 - Huahong's acquisition of Huali Micro aims to resolve competition issues and deepen industrial integration, with the transaction valued at 8.2679 billion yuan and additional fundraising of up to 7.556 billion yuan for project construction and working capital [6][7] - Huahong's revenue for 2024 is projected at 4.988 billion yuan, with a net profit of 522 million yuan, indicating stable operational performance [7] - The acquisition will significantly enhance Huahong's capacity in the 12-inch wafer foundry sector and achieve complementary advantages in process platforms [6][7] Group 4 - Zhongwei's acquisition of 64.69% of Hangzhou Zhonggui aims to integrate capabilities across core processes, transitioning from a single dry equipment supplier to a comprehensive solution provider [9][10] - This acquisition is part of a broader trend in the Sci-Tech Innovation Board where horizontal mergers are becoming mainstream, particularly in semiconductor equipment and materials [9][10] - The trend reflects a strategic move to overcome technical barriers and accelerate platform transformation through horizontal mergers [10] Group 5 - In 2025, the Sci-Tech Innovation Board saw over 100 new merger transactions, with 37 major asset restructurings, indicating a vibrant M&A market focused on strategic emerging industries [11] - The overall completion rate for equity transactions on the Sci-Tech Innovation Board is close to 70%, showcasing the effectiveness of policies promoting mergers and acquisitions [11] - The semiconductor, biomedicine, and software sectors led in transaction volume, highlighting the capital market's role as a primary channel for mergers and acquisitions [11]

Core Insights - In 2025, regulatory bodies issued a total of 6,521 penalties against banking institutions and personnel, a decrease of 0.81% compared to 2024 [1] - The total amount of fines reached 2.641 billion yuan, with institutions fined 2.575 billion yuan and individuals 67 million yuan, marking an increase of 44.95% from 2024 [1] - A total of 1,094 banks were penalized, which is an increase of 25 banks from the previous year [1] Regulatory Actions - The regulatory agencies strictly implemented the "double penalty system," holding both institutions and individuals accountable for violations [1] - The most common type of penalty for institutions was fines, while warnings were the most frequent penalty for individuals [1]

Core Viewpoint - Leap Motor aims to transition from a follower to a leader in the electric vehicle industry over the next decade, leveraging its technological advancements and product maturity to achieve sales targets exceeding 4 million units annually [2][3]. Company Overview - Leap Motor was established on December 24, 2015, and is positioned as a technology-driven smart electric vehicle company, launching its first mass-produced model, the Leap S01, in November 2017 [3]. - The company has developed a competitive in-house parts system and claims to have mastered all core technologies necessary for electric vehicle production [3]. Technological Development - Leap Motor emphasizes "full-domain self-research," covering 65% of the vehicle's cost with core technologies, and maintains a high proportion of R&D personnel, which was 90% during its startup phase and remains at 80% [3][4]. - The company has achieved significant breakthroughs in sales, with a projected delivery of 596,555 vehicles in 2025, representing a 103% year-on-year growth [4]. Market Positioning - Leap Motor is transitioning from being categorized as a new force in the automotive industry to aiming for global recognition as a world-class electric vehicle manufacturer [5]. - The D series, which includes flagship models priced between 250,000 to 300,000 yuan, is designed to compete with luxury vehicles priced between 500,000 to 1,000,000 yuan, while maintaining a cost-based pricing strategy [5]. Strategic Partnerships - China FAW Group has become a strategic shareholder in Leap Motor, marking a significant recognition of the company's achievements over the past decade [6]. - The partnership with Stellantis is expected to enhance Leap Motor's international presence and operational efficiency, with the company currently covering 35 countries and regions globally [7]. Future Outlook - Leap Motor aims to achieve its goal of becoming a world-class smart electric vehicle company, supported by its technological capabilities and strategic partnerships [7].

Core Insights - In 2025, China's national railway achieved a cargo volume of 4.066 billion tons, marking a 2.1% year-on-year increase and surpassing the 4 billion ton milestone for the first time, continuing a growth trend for nine consecutive years [1][2] Group 1: Cargo Transport Performance - The national railway exceeded its freight target in 2025, with an expected cargo volume of 4.03 billion tons, reflecting a 1.1% year-on-year growth [2] - The growth rate of railway freight has been narrowing before 2023 but expanded again post-2023, with annual growth rates from 2017 to 2025 recorded as 10.1%, 9.3%, 7.8%, 4.07%, 4.0%, 4.7%, 0.26%, 2.05%, and 2.1% respectively [2] - The "total-to-total" marketing strategy led to a logistics package volume of 1.12 billion tons, accounting for 27.5% of the national railway's freight volume, a significant increase of 20.6 percentage points [2] - Container transport reached 4.1883 million TEUs, with a year-on-year growth of 14.2%, while freight train volume increased by 24.5% [2] Group 2: Passenger Transport Performance - In 2025, the national railway transported 4.255 billion passengers, a 4.2% increase year-on-year, with peak daily passenger volume reaching 23.132 million, setting a new historical record [2] Group 3: Revenue and Future Goals - The total transport revenue of the national railway group surpassed 1 trillion yuan for the first time, reaching 1,020.4 billion yuan, a 3.1% increase year-on-year [4] - For 2026, the national railway aims to achieve a passenger volume of 4.402 billion, a 3.5% increase, and a cargo volume of 4.13 billion tons, a 1.5% increase [4] - The company plans to enhance passenger services by optimizing product offerings and implementing flexible pricing strategies, while also focusing on developing a leading multi-modal transport enterprise [4][5]

Core Viewpoint - The domestic civil unmanned aerial vehicles (UAVs) have received type certification (TC), with the E40H model from Fukun Aviation being the first to obtain TC under the new Civil Aviation Law, marking a significant milestone in the industry [2][4]. Group 1: Certification and Regulatory Framework - The E40H model is the first medium eVTOL to meet airworthiness requirements globally and is the first unmanned aerial product to receive TC after the new Civil Aviation Law was enacted [2]. - As of now, a total of 19 models of civil unmanned aerial vehicles have been issued TC in China, with DJI holding 9 of these certifications, covering various applications such as emergency response, agriculture, and transportation [4]. Group 2: Technical Achievements and Testing - The E40H underwent rigorous testing, completing 41 compliance verification tests, 42 engineering reports, and over 2000 hours of ground and laboratory tests, along with 167 flights totaling over 480 flight hours and 43,000 kilometers [2]. - The E40H has been actively involved in real-world emergency rescue operations, including flood rescue missions and typhoon response, demonstrating its operational capabilities [3]. Group 3: Future Developments - The company is progressing with the airworthiness certification for its 2-ton eVTOL model M1B, with the TC application accepted in January 2024 and expected to be completed by 2026 for commercial use in emergency firefighting and logistics [4]. - Plans are in place to submit a TC application for a manned version of the M1 model to gradually advance the commercialization of manned operations [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Supervision of Board Secretaries of Listed Companies (Draft for Comments)", marking the first dedicated regulatory framework for board secretaries, aimed at enhancing their responsibilities and improving corporate governance [1][2]. Group 1: Key Aspects of the Regulations - The regulations clarify the responsibilities of board secretaries, establish performance guarantees, improve appointment management, and strengthen accountability [4][5]. - The regulations specify that board secretaries are responsible for organizing information disclosure activities and facilitating compliance in corporate governance [4][5]. - The regulations require board secretaries to assist the board of directors in fulfilling their duties and to report their work to the board, resolving previous ambiguities regarding reporting lines [4][5]. Group 2: Qualifications and Accountability - The regulations set a minimum requirement of five years of relevant work experience or professional qualifications for board secretaries, aiming to enhance the overall quality of board secretaries [5]. - The appointment process for board secretaries is now more rigorous, requiring the nomination committee or independent directors to review candidates, thereby increasing the independence and quality of board secretary appointments [5]. - The regulations mandate the establishment of internal accountability mechanisms within companies, including regular performance evaluations and penalties for non-compliance with disclosure requirements [5][6]. Group 3: Suggestions for Improvement - Experts suggest the establishment of a self-regulatory organization for board secretaries to enhance professional standards and provide support for their roles [6][7]. - The proposed self-regulatory organization could manage professional entry, develop performance guidelines, and facilitate training and experience sharing among members [6][7].

中经记者 孙汝祥 夏欣 北京报道 近日，江苏省南京市中级人民法院（以下简称"南京中院"）对中证中小投资者服务中心有限责任公司 （以下简称"投服中心"）提起的金通灵特别代表人诉讼作出先行判决。判决被告金通灵公司赔偿原告叶 小明等43269名投资者投资损失共计7.75亿元。 截至目前，特别代表人诉讼已有三个案例落地。此前两例分别是，康美药业案52037名投资者获赔24.59 亿元，泽达易盛案7195名投资者获赔2.8亿余元。此外，锦州港案、美尚生态案正在推进之中。 受访专家对《中国经营报》记者表示，特别代表人诉讼是中小投资者维权利器，可以聚合"散户"，实 现"零成本"维权。 另一方面，专家认为，该项制度自2020年推出以来，实践案例并不算多。需要在案件筛选、费用保障、 简化启动程序等方面加以改进，以推动实现该项制度实践常态化。 特别代表人诉讼审结第三例 金通灵（300091.SZ）2025年12月31日披露《关于投资者诉讼事项进展的公告》显示，南京中院当日出 具一审《民事判决书》，判决被告金通灵于本判决发生法律效力之日起10日内赔偿原告叶小明等43269 名投资者投资损失共计7.75亿元。并向原告代表人投服中心给 ...

2026年1月4日，国铁集团召开全国铁路工作会议。摄影/路炳阳 全国铁路固定资产投资创下历史新高。2025年全国铁路固定资产投资破9000亿元，达到9015亿元，同比 增长6%。中国国家铁路集团有限公司（以下简称"国铁集团"）2026年1月4日召开全国铁路工作会议， 国铁集团董事长郭竹学作工作报告，公布上述信息。 （文章来源：中国经营报） 郭竹学称，2025年，全国铁路投产新线3109公里，其中高铁2862公里。铁路投资拉动作用充分显现。国 铁集团以国家"十四五"规划《纲要》确定的102项重大工程铁路项目和"两重"项目为重点，加大实施力 度，长赣高铁等8个项目开工建设，沈白高铁等25个项目开通运营。加快物流基础设施建设，建成铁路 专用线52条。深化工程质量提升行动，强化勘察设计和建设物资质量源头管控，全面推进隧道全工序机 械化施工。截至2025年年底，全国铁路营业里程达到16.5万公里，其中高铁营业里程超5万公里。 就2026年投资目标，郭竹学表示，要全面完成国家铁路投资任务，高质量推进国家重点工程，投产新线 2000公里以上。 交通运输部部长刘伟在会上表示，2025年铁路投资高速增长，铁路投资占比已经达到交 ...