中经记者 陈靖斌 广州报道 王进表示，此次合作是AITO全球化战略中的关键节点。ADM在当地豪华汽车市场的渠道基础和资源积 累，将为AITO在中东市场的本地化落地提供支撑，也为其进入更广泛的海外高端市场创造条件。 ADM CEO Syed Faiz Karim亦表示，AITO在技术能力、产品品质及品牌定位上的特征，与中东高端消费 市场的需求具有较高匹配度。ADM将依托自身在渠道和运营方面的经验，推动AITO在阿联酋市场的长 期发展，并在新能源豪华汽车领域挖掘新的增长空间。 从落地进展来看，AITO车型已完成软硬件本地化适配及当地认证工作，旗舰车型AITO 9已在阿联酋开 展本地用户试驾，探索以本地用户参与为导向的市场导入路径。同时，相关车辆已在迪拜港口完成集 结，具备正式上市后实现现车交付的条件。ADM既有的本地运营体系，也将为AITO在阿联酋的产品上 市、交付及后续运营提供基础保障。 按照规划，AITO将以阿联酋市场为切入点，进一步完善其中东区域布局，为辐射周边市场奠定基础。 在全球高端智能新能源汽车竞争加速的背景下，其海外市场拓展路径亦将成为观察中国高端智能汽车品 牌国际化进程的重要样本。 （编辑：赵毅 ...

中经记者 孙汝祥 夏欣 北京报道 其中，保险持仓规模从2745亿元增长至3714亿元，增幅35%，占沪市ETF总市值达9%。通过有针对性的 培训和调研走访，部分市场机构逐渐参与ETF市场，银行理财配置沪市ETF规模是上年年底的5倍，社 保、信托配置沪市ETF规模是上年年底的3倍。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 2026年2月6日发布的《上交所ETF行业发展报告（2026）》显示，2025年，上交所积极落实推动中长期 资金入市相关安排，大力倡导"三投资"理念，各类中长期资金均大幅增持ETF，成为吸引中长期资金入 市重要抓手。 截至2025年年底，中长期资金合计持有沪市ETF共1.5万亿元，较2024年年底大幅增长70%，是中长期资 金持有A股市值增速的2.3倍，对沪市ETF规模增量的贡献超四成，持有市值占比提升至36%，占比提升 4个百分点。通过持续的产品创新和市场培育，ETF的长期配置价值越发得到市场认可。 ...

据介绍，不法"代理维权"短视频、直播乱象主要呈现四方面特征。 中经记者 孙汝祥 夏欣 北京报道 2026年2月6日，金融监管总局、中央网信办、公安部、中国人民银行、中国证监会发布风险提示，提醒 广大群众警惕不法"代理维权"侵害，依法理性维权。 五部门表示，近期，社会上一些组织和个人通过短视频及直播等自媒体平台违规制作、散布涉及"全额 退保""债务清零""债务优化""债务协商""债务置换""征信洗白""投顾退费"等不实短视频，甚至以直播形 式传授"技巧"，诱导金融消费者、投资者委托其"代理维权"，从而收取高额咨询费、服务费，以"依法 维权"之名行"非法牟利"之实。此类不法"代理维权"短视频、直播传播不实信息，扰乱金融市场秩序， 侵害金融消费者、投资者合法权益。 四是其他煽动性话术。如宣称"股市下跌投顾骗钱"，此类短视频、直播通过"血本无归""A股股灾"等唱 空股市的话术以及投资者亏损的案例进行诱导营销宣传，通过煽动性文案吸引投资者主动联系"代理维 权"机构。 五部门提示金融消费者、投资者，勿听信谣言。"全额退保""贷款/信用卡不用还""债务协商""债务置 换""征信洗白""投顾费用全退"等均属不实信息，与金融法 ...

（编辑：张硕 审核：童海华 校对：颜京宁） 新石器成立于2018年，作为国内最早投入无人车研发和运营的企业之一，新石器无人车在行业内颇具代 表性。 2025年9月，新石器率先实现了累计交付车辆突破1万台的里程碑。而截至目前，新石器无人车已在全国 超300个城市投入运营，月交付量稳定在2000台以上。在2025年，其业务也从最初的聚焦快递领域，"破 圈"至即时物流和泛城市配送等更广阔的场景。 中经记者 尹丽梅 张硕 北京报道 已经完成D轮融资的无人车企业新石器慧通（北京）科技有限公司（以下简称"新石器"）近日公示了新 的股东信息。企查查App显示，新石器在2月2日发生工商变更，新增股东包括腾讯以及湃栎投资有限合 伙企业。 ...

截至2025年年底，沪市股票ETF、债券ETF、跨境ETF和商品ETF的规模分别为2.72万亿元、0.6万亿 元、0.57万亿元和0.16万亿元，较2024年年底分别增加30%、291%、106%和289%。 上证系列指数基金规模从5245亿元增至8374亿元，增长60%。沪市ETF全年资金净流入7705亿元，境内 占比超65%。2025年，上交所ETF产品结构不断优化，上市ETF数量从602只增至797只，增加195只，新 上市数量超2024年的2倍。 中经记者 孙汝祥 夏欣 北京报道 截至2025年年底，沪市千亿级ETF共5只，均为宽基ETF，百亿级ETF共77只，较2024年年底增加八成。 上交所新上市ETF的发行规模和最新规模分别为1623亿元和3842亿元，新发规模接近2024年的3倍，新 上市ETF对总规模增长的贡献超25%。宽基ETF、红利ETF、现金流ETF和债券ETF等稳收益的产品占新 发规模的比例超75%。 据2026年2月6日发布的《上交所ETF行业发展报告（2026）》，2025年，沪市ETF规模从2.72万亿元增 至4.22万亿元，增加1.5万亿元，增幅55%。 （编辑：罗辑 审核： ...

增速方面，梅州以5.8%位列第一，其次为深圳（5.5%）、潮州（4.7%），有10个地市的经济总量增速 高于全省水平。 过去一年，区县街道也迎来"高光时刻"。 其中，深圳市南山区成为我国首个GDP过万亿元的地市辖区。作为粤港澳大湾区重要的科技创新和产业 制造中心，南山区经济体量相比"十三五"期末的6527亿元，5年跨上了4个千亿级台阶，年均增长率5.8% 以上。2025年，南山区GDP预计超万亿元、增速超6%，高于全国、全省、全市。 2025年，惠州市博罗县成为生产总值超千亿元县，这是广东省首个"千亿县"，标志着广东县域振兴实现 历史性突破；佛山市南海区桂城街道地区生产总值历史性突破千亿元大关，达到1001.33亿元，成为广 东地级市首个千亿街道、广东省第四个千亿镇街。 中经记者 陈婷 赵毅 深圳报道 近日，广东21地市2025年经济数据悉数出炉。 《中国经营报》记者获悉，总量方面，深圳地区生产总值以38731.8亿元位居全省第一；其次为广州， 达32039.46亿元；佛山位居第三，其地区生产总值为13157.35亿元；东莞地区生产总值为12760.2亿元， 位居第四；惠州地区生产总值为6363.66亿元，位 ...

Core Viewpoint - Zhongke Xingtou Co., Ltd. (688568.SH) has disclosed a significant decline in both revenue and net profit for the year 2025, contrasting sharply with its high market visibility and investor interest [1][2]. Company Performance - The company expects a net profit drop of nearly 90% for 2025, attributing this to "strategic transformation and the pain of transitioning between old and new drivers" [1]. - The projected revenue for 2025 is expected to decrease by 15.58% to 23.25% compared to 2024, with net profit anticipated to be between 30 million to 45 million yuan, a decrease of 87.20% to 91.47% year-on-year [3]. - The company reported a significant increase in R&D investment, reaching 522 million yuan, a 33.20% year-on-year rise, with the R&D expense ratio climbing to a historical high of 23.62% [3]. Industry Context - The aerospace information industry is recognized as a strategic emerging industry in China, with rapid growth expected in low-altitude economy and commercial aerospace sectors [1][5]. - The market for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, with expectations of surpassing 3.5 trillion yuan by 2035 [5]. - The global commercial aerospace market is anticipated to exceed $500 billion by 2025, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2030 [6]. Strategic Direction - Zhongke Xingtou has proposed a "one body, two wings" development strategy, focusing on consolidating its core advantages in geographic information while expanding into commercial aerospace and low-altitude economy sectors [8]. - The company aims to build a comprehensive service capability across the entire value chain in these emerging fields, reflecting a commitment to align with national development strategies [8]. Market Competition - The industry is experiencing intensified competition, with traditional military giants and numerous startups entering the market, increasing the demand for R&D investment and innovation capabilities [9]. - Despite significant growth in the commercial aerospace and low-altitude economy sectors, the company faces challenges in transitioning from high investment phases to profitability [9].

Group 1 - ST Fuhua (300173.SZ) announced on February 6, 2026, that its subsidiary engaged in financial fraud, leading to false records in the annual reports for 2020 and 2021. The Guangdong Securities Regulatory Bureau has ordered ST Fuhua to rectify the situation, issued a warning, and imposed a fine of 6.5 million yuan [1] - The administrative penalty decision revealed that in June 2020, ST Fuhua's subsidiary, Shenzhen Dayu Precision Technology Co., Ltd. (Dayu Precision), and Chongqing Zhongguangdian Display Technology Co., Ltd. (Chongqing Zhongguangdian) agreed on a scheme involving false payments, which inflated ST Fuhua's profits by 35.7985 million yuan in 2020, accounting for 120.18% of the total profit disclosed in ST Fuhua's 2020 annual report [1] - In 2021, Dayu Precision recognized impairment losses on the inflated prepayments, reducing profits by 22.6509 million yuan, which represented 6.64% of the total profit disclosed in ST Fuhua's 2021 annual report [1] Group 2 - ST Fuhua stated that it completed the sale of 100% equity in Dayu Precision in the first quarter of 2024, and it will no longer consolidate Dayu Precision's financials. The business of Dayu Precision is unrelated to the company's current main operations and does not affect the company's daily operations [2]

Core Insights - The article highlights the increasing establishment of venture capital funds in niche sectors, particularly focusing on "hard technology" by bank-affiliated Asset Investment Companies (AIC) [1][3]. Group 1: Investment Trends - Several bank-affiliated AICs are launching funds targeting artificial intelligence and aerospace industries, with notable examples including a 1 billion yuan fund by Lushin Venture Capital and a similar fund by Bank of China Capital [2]. - The investment focus is on sectors such as artificial intelligence hardware and software, commercial aerospace, and core application technologies [2][3]. Group 2: Drivers of Investment - The acceleration in fund establishment is driven by three main factors: expanding policy support for AIC equity investment, the growth potential of artificial intelligence as a strategic emerging industry, and the need for banks to explore new growth avenues due to narrowing profit margins in traditional lending [3]. - The shift from traditional credit support to a combination of equity and debt financing reflects a strategic move by banks to enhance their role in key technological breakthroughs and modernize industrial chains [3]. Group 3: Investment Focus and Strategy - Bank-affiliated AICs are prioritizing investments in areas aligned with national strategic directions, particularly in artificial intelligence and aerospace, to facilitate industrial upgrades and attract social capital [3][4]. - There is a tendency to focus on foundational infrastructure and closely integrated application scenarios, which present clearer business models and manageable technical risks, aligning with banks' risk control requirements [4]. Group 4: Market Impact and Future Trends - The establishment of these funds is expected to significantly increase the supply of capital in the primary market, guiding resources toward high-quality innovation projects and key industries [5]. - The entry of bank-affiliated AICs is likely to deepen the integration of production and finance, stabilizing valuation fluctuations and supporting companies with solid technology and clear applications [5]. - Future trends may include deeper exploration of vertical industries, attention to intersections between artificial intelligence and data elements, and enhanced international collaboration to introduce advanced technologies [5].

Core Insights - Major tech companies like Tencent, Baidu, and Alibaba are shifting from single-point AI interactions to multi-role collaborative AI features, indicating a new paradigm in AI applications [1][2][3] Tencent's "Yuanbao Pai" - Tencent's "Yuanbao Pai" is a social feature that integrates AI as a "permanent member" in group chats, aiming to redefine AI application experiences by leveraging Tencent's social DNA [3][4] - The initiative is seen as a strategic move to differentiate from competitors and to stimulate social growth, similar to the explosive growth of WeChat's red envelope feature [3][4] Baidu's "Wenxin Group Chat" - Baidu's "Wenxin Group Chat" includes roles like "Health Manager" and "Personal Assistant," focusing on task management and context memory to convert discussions into actionable results [2][6] - The emphasis is on reducing decision-making costs and enhancing collaboration efficiency, addressing the common issue of unproductive group chats [2][6] Industry Trends - The AI social market is viewed positively, with expectations for AI to become an integral part of daily social interactions, moving from a reactive tool to a collaborative environment [7] - The future of AI group chat is seen as a critical area for development, with the potential to transform collaboration costs and user experiences [6][7] Challenges Ahead - Key challenges include balancing AI interactions to avoid intrusive behavior, ensuring data privacy in complex group settings, and building a cohesive ecosystem for multi-agent coordination [7]