文 李立 吴清 2025年，中国互联网商业舞台的中心，被一场前所未有、代价高昂的战役——"即时零售"大战牢 牢占据。 以阿里巴巴、美团、京东为代表的三大巨头，从年初的外卖补贴燃起战火，迅速蔓延至覆盖餐饮、生 鲜、商超、数码乃至美妆服饰的全品类展开近场零售争夺。 这场战争规模之大、卷入之深，几乎重新定义了电商与本地生活的边界，也向市场抛出了一系列尖锐问 题：天量投入换来了什么？这是一个真实可持续的新大陆，还是资本催生的海市蜃楼？血流不止的战 局，2026年又将走向何方？ 账单：战损严重 当三大巨头相继交出2025年第三季度（自然年Q3）的财务成绩单时，市场预期被冰冷的数字证实：这 是一场代价惨烈的消耗战，目前看"没有赢家"。 阿里巴巴以利润换规模，生态协同初显效。阿里2026财年第二季度（对应自然年2025年Q3）营收 2477.95亿元，同比增长5%，但净利润同比下滑53%，经营利润更是同比暴跌85%。核心原因直指对"淘 宝闪购"（即时零售业务）的巨额投入。该季度阿里销售和市场费用高达665亿元，同比激增104.8%。 高投入带来了高增长：即时零售收入达229亿元，同比暴涨60%；淘宝闪购日订单峰值在8月曾达 ...

从2019年起步，到如今上市，壁仞科技六载全"芯"投入国产"芯程"，在通用大算力芯片领域开辟出一条 自主创新之路——自主原创的芯片架构，构建全栈软件生态，引领大算力芯片Chiplet、光互连行业技术 趋势，通过坚持打造原创高性能GPU软硬件体系，实现从高端AI芯片到算力集群的全链路自主可控。 据了解，壁仞科技此次募资规模为55.83亿港元，净额53.75亿港元，募资净额中的约85%将用于研发投 入，重点推进下一代产品迭代与技术创新，约5%用于商业化拓展，10%用作营运资金及一般公司用 途。 壁仞科技招股书显示，2022年—2024年及2025年上半年，公司收入分别为49.9万元、6203万元、3.37亿 元、0.59亿元，年内亏损分别为14.74亿元、17.44亿元、15.38亿元、16.01亿元。 根据招股书，2024年，按收入计，壁仞科技于中国智能计算芯片市场及GPGPU市场分别拥有0.16%及 0.20%的市场份额。按在中国市场产生的收入计，预期中国智能计算芯片市场规模在2025年达到504亿 美元，壁仞科技预期取得约0.2%的市场份额。 中经记者 李玉洋 上海报道 2026年1月2日，"国产GPU四小 ...

Group 1 - In 2025, BAIC New Energy's total sales exceeded 200,000 units, reaching 209,576 units, representing an 84% year-on-year growth [2] - December 2025 saw a monthly sales figure of 35,205 units, marking a 115% increase year-on-year, with three consecutive months surpassing 30,000 units [2] - The "Xiangjie" brand achieved its first monthly sales exceeding 10,000 units in December, becoming the top seller in the luxury new energy sedan segment priced above 300,000 yuan [2] Group 2 - The "Extreme Fox" brand's annual sales surpassed 160,000 units, doubling its sales for three consecutive years, with December sales exceeding 24,000 units, a 103% year-on-year increase [2] - The dual-brand strategy of "Extreme Fox + Xiangjie" significantly propelled BAIC New Energy's performance, leading industry growth [2] - The approval of the Extreme Fox Alpha S (L3 version) by the Ministry of Industry and Information Technology and the issuance of a special license plate for autonomous driving in Beijing validate the company's technological capabilities [2] Group 3 - BAIC New Energy, established in 2009, is a high-tech listed company under BAIC Group and a pioneer in the independent operation of new energy vehicles in China [3] - The company went public in 2018, becoming the "first stock of Chinese new energy vehicles" (stock name: BAIC Blue Valley, stock code: 600733) [3] - The company is focused on developing two main vehicle brands: "Extreme Fox," which targets the mid-to-high-end new energy vehicle market, and "Xiangjie," a luxury flagship brand co-developed with Huawei [3]

Core Insights - The personal credit market in China is experiencing significant changes with the strategic investment of China Mobile's investment arm in Puda Credit [1] - The competition in the personal credit industry is shifting from merely obtaining licenses to a comprehensive competition based on data resource organization, technological capabilities, and real business application [1] Group 1: Industry Dynamics - Puda Credit currently serves over 1,000 financial clients, positioning itself as a leader in the industry [2] - The integration of telecom data with traditional credit systems is expected to address three critical blind spots in personal credit assessments, enhancing the overall credit evaluation process [2][3] - The first blind spot involves the assessability of credit for young individuals and gig workers, where telecom data can provide high-frequency signals reflecting individual stability and activity [2] Group 2: Risk Identification and Fraud Prevention - The second blind spot pertains to the real-time identification of risks and fraudulent activities, where telecom data can significantly improve pre-loan fraud detection and risk warning capabilities [3] - The third blind spot relates to the identification of multi-platform borrowing and illicit activities, where telecom data can enhance the efficiency of recognizing such behaviors [3] Group 3: Future Development and Technological Integration - Puda Credit aims to deepen its "credit + technology" capabilities by increasing R&D investments and exploring advanced technologies like large models in the credit field [4] - The application of large models in credit assessment is expected to start in non-core decision-making areas, gradually integrating into core risk control processes [4] Group 4: Market Outlook and Competitive Landscape - The necessity of personal credit licenses as an entry barrier remains, but possessing a license does not guarantee success in the industry [5] - The future of the personal credit industry will emphasize the ability to provide valuable credit services consistently and compliantly, moving from a focus on qualifications to capabilities [5] - The strategic investment by China Mobile is expected to enhance foundational capabilities in the credit system, promoting market vitality and shifting the competitive landscape [5]

Core Viewpoint - The establishment of a special fund for advance compensation by Wenkang Securities marks the fifth practice of the advance compensation system in China's securities market, aimed at compensating investors for losses due to false statements by Guangdao Digital [1][2]. Group 1: Advance Compensation Fund - Wenkang Securities has set up a special fund of 210 million yuan to compensate eligible investors for losses incurred due to Guangdao Digital's false statements [1][2]. - The fund will cover the actual losses of eligible investors, deducting losses caused by market risks [2]. - If the compensation claims exceed the fund amount, Wenkang Securities will provide additional funds before the compensation is completed [2]. Group 2: Regulatory Support and Mechanism - The China Securities Regulatory Commission (CSRC) supports the advance compensation as a mechanism for resolving securities disputes, encouraging market institutions to voluntarily engage in this practice [3]. - The advance compensation system is recognized as a "multi-win" approach that enhances the efficiency of investor compensation and reduces reputational risks for responsible parties [1][4]. Group 3: Historical Context and Previous Cases - Prior to this case, there were four instances of advance compensation in the Chinese securities market, including the cases of Wanfushengke, Hailianxun, Xintai Electric, and Zijing Storage [4][6]. - The first case was initiated by Ping An Securities in 2013, which established a compensation fund of 300 million yuan for Wanfushengke, resulting in a high compensation rate for eligible investors [6]. Group 4: Expert Opinions and Recommendations - Experts advocate for the promotion of the advance compensation system, highlighting its benefits in stabilizing market confidence and reducing systemic risks [6][7]. - Suggestions include enhancing external incentives for responsible parties to engage in advance compensation, potentially linking it to leniency in administrative and criminal penalties [7].

Core Insights - FAW-Volkswagen achieved a total vehicle sales of 1,587,065 units in 2025, maintaining its position as the top joint venture automaker and leading in fuel vehicle sales, with a market share increase of 0.9 percentage points year-on-year, reaching a historical high [1] Sales Performance - The Volkswagen brand sold 902,066 vehicles in 2025, with a year-on-year market share increase of 0.6 percentage points, solidifying its position in the domestic fuel vehicle market [1] - The A+ class sedan, the Sagitar family, sold 251,918 units, ranking first in the A+ class fuel sedan segment [2] - The Magotan family, a mid-to-high-end sedan, achieved sales of 215,861 units, reflecting a year-on-year increase of 21.2% [2] - The Golf, an A-class hatchback, sold 35,269 units, maintaining its champion status in the segment [2] - The high-end mid-size SUV, the Tayron family, sold 187,142 units, with a year-on-year growth of 9.8% [3] Product Innovation - New models such as the Tayron L and the new generation Sagitar L were launched, featuring advanced design, space, power, and intelligence, equipped with the IQ. Pilot enhanced driving assistance system [3][4] - The IQ. Pilot system was validated through a 24-hour endurance challenge, demonstrating its practicality and reliability [4] Customer Experience - The "Craftsmanship Service" brand was upgraded to enhance customer service and experience, establishing a comprehensive value service system [5] - A "Lifetime Warranty" policy was introduced for all fuel SUVs, ensuring peace of mind for customers [5] - The "Volkswagen Old Friends" customer brand was launched, focusing on customer engagement throughout the vehicle lifecycle [5] Marketing Strategy - Volkswagen implemented a dual evolution of marketing and channels, focusing on "customer-centric" and "product-driven" strategies [7] - The "AI digital + all-staff marketing" approach was adopted to create an agile and efficient market communication and customer flow operation system [7] - The "Hundred Stores Thousand Families" plan was executed to enhance channel coverage, especially in third and fourth-tier cities, with over 1,000 authorized dealers [7] Future Outlook - In 2026, Volkswagen plans to continue its "oil-electric hybrid" strategy, accelerating its transition towards intelligence and electrification, aiming for high-quality development and competitive product offerings [8]

Core Insights - Hongqi brand achieved annual sales of over 460,000 units in 2025, marking an 11.7% year-on-year growth and maintaining eight consecutive years of positive growth, solidifying its position as a leading domestic luxury brand [1] - The brand's new energy products contributed significantly to sales, with a total of 149,000 units sold, reflecting a 29.8% increase [1] - Hongqi brand has become the first Chinese luxury car brand to surpass 2 million users in 2025, with a brand value of 141.065 billion yuan, ranking first in the passenger car industry [2] Sales and Market Position - The sales of Hongqi's premium products, such as the Hongqi Jin Kui Hua, reached 1,404 units, enhancing its presence in the ultra-luxury market [1] - The brand's strategy focuses on user-centric development, emphasizing internal management, technology research, smart manufacturing, and marketing services [1][2] Product Development and Innovation - Hongqi has expanded its product range to include fuel, pure electric, plug-in hybrid, and range-extended vehicles, with a focus on hybrid models as a new sales foundation [3] - The Hongqi H5 PHEV and the new generation HS6 PHEV were launched, featuring advanced technology and long-range capabilities, catering to mainstream family users [3] Technological Advancements - Since 2023, Hongqi has transitioned to smart connected new energy vehicles, achieving breakthroughs in over 1,000 key technologies [4] - The brand has developed the "Hongqi 1" chip and a fully autonomous intelligent chassis, enhancing vehicle performance and user experience [4] Brand Strategy and User Engagement - Hongqi's brand renewal strategy includes the implementation of the IPMS model to match differentiated products with various user groups [5] - The brand has engaged with users through events like the "Hongqi Fans Family Festival," celebrating milestones and fostering community [5] Future Outlook - Hongqi aims to continue its commitment to producing high-quality vehicles while focusing on smart, high-end, and personalized developments [6]

Core Insights - The report highlights that China's 701 large towns contribute approximately 6.3% of the national GDP while occupying less than 1% of the country's land area, showcasing their economic efficiency [1][2] - The economic output per unit area in these towns is 10.5 times the national average, indicating their role as significant engines of regional economic growth [1][2] - The report categorizes the economic development of large towns into four main types: industrial strongholds, commercial hubs, cultural tourism centers, and agricultural towns, reflecting a diverse growth pattern [2] Economic Contribution - Large towns in China, defined as those with a permanent population of over 100,000, have increased in number to 701 by the end of 2024, up by 7 from 2023 [2] - These towns have demonstrated enhanced economic clustering and output efficiency, with a notable contribution to the national economy [2] - The report emphasizes the advantages of location and solid industrial foundations in these towns, which have led to the emergence of scale, scope, and innovation economies [2] Population Aggregation - The average permanent population in large towns is 152,600, nearing the size of some small counties in central and western China [4] - The town with the highest population is Shishan Town in Foshan, Guangdong, with 955,000 residents, surpassing some prefecture-level cities [4] - Population density in these towns averages 1,736 people per square kilometer, comparable to major cities like Zhengzhou, with some towns exceeding 12,500 people per square kilometer [4] Structural Challenges - The rapid economic expansion of large towns has led to a structural mismatch between their economic size and administrative powers, resulting in challenges such as imbalanced responsibilities and insufficient administrative efficiency [5] - The report suggests that these towns face issues related to public service supply and demand, which could impact the quality of life for millions of new urban residents [5] - Recommendations include reforms to enhance fiscal autonomy, foster industrial upgrades, and promote regional collaboration to unlock the potential of "town economy" [5] Research Methodology - The research team developed a comprehensive indicator system to assess the overall strength of large towns, focusing on dimensions such as economic development quality, living standards, environmental sustainability, and social progress [6] - The system includes 26 indicators, such as permanent population, available financial resources, retail sales per capita, and industrial output, to objectively evaluate the towns' performance [6]

Group 1 - The report by Deloitte China indicates that despite geopolitical tensions and the impact of the US "reciprocal tariff" policy, the global IPO financing amount for the top ten new stocks in 2025 shows slight improvement compared to 2024 [1] - The Hong Kong Stock Exchange is expected to lead in new stock financing in 2025, with four out of eight super-large IPOs ranking among the top ten globally [1] - The A-share market in 2025 continues the momentum from 2024, with an increase in the number of new stocks and a significant rise in financing amounts, supported by new policies [1][2] Group 2 - The Hong Kong IPO market is projected to rebound strongly in 2025, with expectations to reach a record financing amount of at least 300 billion HKD in 2026, driven by measures encouraging mainland enterprises to list in Hong Kong and the return of international capital [2] - By December 31, 2025, 114 companies are expected to list in the A-share market, raising 129.6 billion RMB, with the Shanghai Stock Exchange leading in financing amount [2] - The report anticipates that the A-share market will continue to see stable growth in new stock issuance in 2026, particularly in sectors like AI and those prioritized in the "14th Five-Year Plan" [1][3] Group 3 - Deloitte's partner in East China noted that the A-share market's performance in 2025 surpasses that of 2024, with an increase in average financing scale among the top five new stocks, indicating a healthy supply of quality IPOs [3] - The Hong Kong market achieved significant success in 2025, reclaiming its position as the leading global IPO market, attributed to various reforms and measures implemented by the Hong Kong Stock Exchange and the Securities and Futures Commission [3] - Predictions for 2026 suggest around 160 new IPOs in Hong Kong, with financing expected to exceed 300 billion HKD, including several large-scale listings from mainland enterprises [3][4] Group 4 - The outlook for the Hong Kong IPO market may still be influenced by macroeconomic and geopolitical factors, including US monetary policy and global capital allocation trends [4] - Continuous reforms and institutional optimizations in the capital market are expected to enhance Hong Kong's overall competitiveness, liquidity, and valuation levels, improving the IPO market's ecosystem [5]

Core Insights - Dongfeng Motor Group achieved a significant milestone in 2025, with total new energy vehicle sales reaching 1.04 million units, a year-on-year increase of 21% [2][3] - The company aims for a total sales target of 3.25 million vehicles in 2026, including 1.7 million new energy vehicles and 600,000 exports [2] - The transformation strategy during the 14th Five-Year Plan has positioned Dongfeng's self-owned brands as the main growth driver, with a notable increase in market share [3] Sales Performance - In 2025, Dongfeng's self-owned brand vehicle sales exceeded 1.5 million units, marking a growth of over 9% [3] - The penetration rate of new energy vehicles increased by 7 percentage points year-on-year, with self-owned and joint venture sales accounting for over 60% of total sales, up 5 percentage points [3] - Lantu Motors, one of Dongfeng's brands, achieved sales of 150,169 units in 2025, representing an 87% increase [3] Brand Development - Dongfeng has established several new energy brands, including Lantu Motors, Mengshi Technology, and Yipai Technology, covering various market segments [2] - Mengshi Technology's sales reached 10,228 units in 2025, nearly tripling year-on-year [4] - Yipai Technology sold 275,752 units in 2025, a growth of 28.3%, contributing significantly to Dongfeng's overall new energy vehicle sales [6] Strategic Restructuring - The year 2025 marked the conclusion of Dongfeng's "three-year action plan for transformation and upgrading," achieving a balanced contribution from self-owned and joint venture businesses ahead of schedule [7] - The company has streamlined its operations from multiple brands to a more focused "4+2" structure, enhancing strategic implementation [7] - Yipai Technology has launched the "Future Wings" strategy, focusing on technology, brand, product, and international expansion to drive growth [9] Future Outlook - Yipai Technology aims to become a leading user-oriented and technology-driven enterprise, with a five-year plan targeting a production scale of one million vehicles [11] - The company has established a rapid response mechanism for customer issues, aiming to enhance user satisfaction and brand loyalty [13] - Plans for 2026 include launching six new models and improving existing ones to strengthen market competitiveness [14]