中经记者方超 石英婧 上海报道 "在去年的12月份，我们和高和资本签署了战略协议，这意味着接下来我们会与高和资本携手，成立专 项不动产基金，共同持有无锡荟聚、北京荟聚和武汉荟聚。"日前，英格卡购物中心中国区总裁朱洁敏 对包括《中国经营报》记者在内的媒体表示。 在朱洁敏作出上述回应的背后，英格卡购物中心"打包出售"3座荟聚的信息，引发商业地产界广泛关 注，朱洁敏对此表示："我想强调的是，对于英格卡购物中心来说，中国是一个非常重要的战略市 场。"其同时表示，投资开发和优化资产是英格卡购物中心常见的战略举措。 各地荟聚打造融合北欧美学与中国传统的美陈装置。受访者供图 "继续使用荟聚品牌" 三地荟聚被"打包"注入基金，英格卡购物中心在中国市场的大动作，一度成为业内焦点。 将时间拨回2025年12月12日，彼时，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成立一 只专项不动产基金，共同持有无锡荟聚、北京荟聚、武汉荟聚3座聚会体验中心。 据悉，上述合作将在获得中国相关主管部门的批准后正式生效。公开信息显示，根据协议，高和资本将 担任该基金的基金管理人及执行合伙人，而英格卡则将作为普通合伙人及基石投资者。 "与此同 ...

Group 1 - The core viewpoint of the article highlights that this year's Spring Festival travel peak is expected to reach historical highs, with a predicted total of 3.4 billion people traveling on the peak day and an overall flow of 9.5 billion people during the Spring Festival period [1] - The Spring Festival travel period will last from February 2 to March 13, totaling 40 days, with the holiday itself from February 15 to February 23 [1] - Daily highway traffic is expected to peak at 71 million vehicles, while the total number of trips made by new energy vehicles is projected to reach 380 million [1] Group 2 - The Ministry of Transport plans to enhance the allocation of transportation capacity across various modes, including road, rail, air, and water, to meet the high demand during the Spring Festival [2] - The railway sector anticipates a precise supply of capacity, with over 14,000 passenger trains expected to operate on peak days, reflecting a 5.3% increase in seating capacity compared to the previous year [2] - The transportation department will implement measures such as extending operating hours and reducing intervals between departures to ensure efficient passenger flow at transport hubs [2] Group 3 - The demand for passenger and vehicle transport across the Qiongzhou Strait is expected to be particularly strong, with over 4.66 million passengers and 1.17 million vehicles projected to be transported, marking increases of 12% and 10% respectively [3] - The transportation department will enhance transport capacity by increasing the number of sailings and implementing unified scheduling to improve ferry services [3] - The transport capacity for new energy vehicles is set to increase significantly, with daily transport capabilities expected to rise from 3,500 to 5,000 vehicles by 2025 [3]

Group 1: Tax Revenue and Economic Support - Tax revenue is a crucial source of national finance, accounting for approximately 80% of total fiscal revenue during the "14th Five-Year Plan" period, with over 156 trillion yuan collected [1] - The tax department has implemented tax reductions and refunds exceeding 10 trillion yuan, providing significant support for the growth of business entities [1] Group 2: Innovation and Technology Development - Qing'an Energy Storage Technology (Chongqing) Co., Ltd. has integrated algorithms and AI to optimize electricity costs and predict user energy needs, with R&D expenses projected to reach nearly 7% of sales revenue by 2025 [2] - The company is expected to benefit from over 10 million yuan in tax deductions for R&D expenses and various tax incentives, which have supported the launch of three innovative products [2] Group 3: High-Tech Industry Growth - The high-tech industry has seen an average annual sales revenue growth of 13.9% during the "14th Five-Year Plan," with significant contributions from AI and related sectors [3] - In 2025, high-tech manufacturing and services are projected to grow by 10.1% and 16.6% respectively, indicating a robust acceleration in innovation-driven industries [3] Group 4: Digital Economy Integration - The digital twin technology has become essential for industries seeking new productivity, with companies like Shanghai Piao Vision Network Co., Ltd. providing comprehensive digital solutions [4] - The core digital economy industries have experienced an average annual sales revenue growth of 10.5%, reflecting the ongoing digital transformation across sectors [4] Group 5: Support for Digital Transformation - The rapid development of industrial digitalization has injected digital momentum into the real economy, laying a solid foundation for high-quality economic growth [5] - The tax department plans to continue implementing tax incentives to support technological innovation and facilitate the deep integration of the digital economy with the real economy [5]

Core Viewpoint - The Guangdong Intercity Railway Operations Company has expanded its operational scope by obtaining transportation licenses for new intercity railway segments, marking a significant step in local intercity railway operations in Guangdong [1][2]. Group 1: Company Developments - The Guangdong Intercity Railway Operations Company, a wholly-owned subsidiary of the Guangzhou Metro Group, has received transportation licenses for the Suishen Intercity segment from Xintang South Station to Shenzhen Airport Station and the Guangzhou-Qingyuan Intercity segment from Guangzhou Baiyun Station to Huadu Station (excluding) [1]. - The Guangzhou Metro Group has now achieved a total intercity railway operation mileage of 516.4 kilometers following the recent operational commencement of the Guangzhou-Qingyuan Intercity Railway South Extension Line and the formal takeover of the Suishen Intercity by the group [1][2]. - Guangdong Intercity Railway Operations Company is the third entity in China to obtain intercity railway operation qualifications, following Hubei Intercity Railway Co., Ltd. and Guangdong Guangzhu Intercity Rail Transit Co., Ltd., but is the first to actively utilize this qualification for local operations [1]. Group 2: Industry Trends - The trend towards local government and social capital investment in intercity railways has been supported by national policies since 2013, leading to a shift towards local investment dominance in intercity railway operations [2][3]. - Guangdong has been a pioneer in exploring autonomous intercity railway operations, with the Guangzhou Metro Group taking over the operation of the Pearl River Delta intercity railways since 2018, marking a transition from single-line operations to a networked system connecting multiple cities [2]. - Other regions, such as Hunan and Jiangsu, are also preparing for autonomous intercity railway operations, with local governments receiving central policy support to innovate operational management models and establish independent operational systems [3].

Core Insights - The World Gold Council's report indicates that global gold demand is projected to reach 5002 tons in 2025, marking a historical high driven by geopolitical and economic uncertainties [1] - The total monetary value of gold demand for the year is estimated at $555 billion [1] Investment Demand - There has been a significant influx of investors into gold ETFs, with a net increase of 801 tons for the year [1] - Physical gold investment remains robust, with global demand for gold bars and coins reaching 1374 tons, valued at $154 billion [1] Regional Performance - The markets in China and India have shown remarkable growth, with year-on-year increases of 28% and 17% respectively, together accounting for over 50% of the demand in the physical gold segment [1] Central Bank Purchases - Central bank gold purchases are expected to remain high in 2025, with official institutions increasing their holdings by 863 tons [1] - Although the total demand may not exceed the previous three years' average of over 1000 tons, central bank purchases are still a significant driver of global gold demand in 2025 [1]

Core Insights - The report from the Chinese Academy of Social Sciences indicates a shift in economic policy direction for 2026, moving from "strengthening extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts" [1] Group 1: Policy Adjustments - The adjustment aims to create policy space for the turning point in the Sino-US economic and financial cycles, shifting monetary policy from total stimulus to structural optimization to avoid widening interest rate differentials [1] - The balance between stabilizing growth and preventing risks is emphasized, with a focus on the impact of government debt expansion on long-term fiscal sustainability and the rising macro leverage ratio [1] - The approach combines short-term demand management with long-term structural reforms, aiming to smooth short-term economic fluctuations while addressing systemic issues [1] Group 2: Recommendations - The report suggests a dual approach of policy support and reform innovation to effectively release domestic demand potential [2] - It advocates for high-quality urban renewal as a means to stabilize and boost investment [2] - The report calls for innovative macroeconomic governance strategies to accelerate the repair of microeconomic entities' balance sheets [2]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has announced adjustments to its "Ruyi Gold Accumulation" business and certain physical gold product sales, implementing limit management starting February 7, 2026, on non-trading days of the Shanghai Gold Exchange [1] Group 1 - ICBC will impose limits on the Ruyi Gold Accumulation business, including daily accumulation/redemption limits for all customers or individual customers, as well as total limits for single transactions [1] - The limits will be dynamically set and will not affect the withdrawal of gold [1]

Core Insights - The core issue facing Chinese brands is not a lack of expression but rather a deficiency in a meaningful structure that consumers can engage with over time [3][4]. Brand Building - Brand construction should transcend traditional "positioning" theories, shifting from mere storytelling to creating a stable brand narrative world [4][5]. - Current brand marketing struggles with fragmented cognition, where brands invest heavily in emotional communication but often produce content that is abundant yet hollow, leading to rapid but unstable growth [4]. Brand Narrative Model - A new model called the "Brand Narrative Octagram" is proposed, which operates across eight dimensions: core values, social context, emotional benefits, functional benefits, sensory recognition, personality, facts, and consumer roles [6]. - This model aims to address three fundamental issues: the purpose of the brand, the role of the consumer, and how to maintain consistency over time [6]. Case Studies - Analysis of brands like Nike, Guansha, Tesla, and Haier illustrates that Nike's cohesive narrative world is supported by the strong activation of its "Just Do It" value, while Guansha builds a stable sensory world through its core value of "Eastern restraint and mind-body unity" [6][7]. - Some brands, despite having dense product narratives, fail to maintain a stable core value or consumer role projection, leading to a collapse of their narrative world [7]. Brand Stability Assessment - The "CIRPOT Hexagram" model is introduced to evaluate brand world stability based on six dimensions: clarity of core values, completeness of worldview, role projection, product synergy, openness, and temporal stability [6][7]. Conclusion - The ultimate goal of brand building is not merely to determine what to communicate but to create a meaningful world where consumers are willing to "reside" long-term [7].

Core Insights - The report indicates that embodied intelligence is one of the hottest investment and financing sectors in 2025, with 744 investment events and a total financing amount of 73.543 billion yuan by December 2025 [1][2] Group 1: Investment Landscape - The capital financing scale for embodied intelligence is rapidly expanding, but the transition from technological breakthroughs to practical applications requires a development cycle, with commercialization still in the early exploration stage [1] - The report highlights that the industry has not yet found definitive answers regarding model implementation paths, data solutions, and application landing routes, indicating ongoing exploration across multiple paths and scenarios [1] Group 2: Training Facilities - The construction of training facilities for embodied intelligence has become a hotspot, aimed at addressing the high costs and low efficiency of data collection in the physical world [2] - Approximately 30 training facilities have been established or are planned in China, but their actual effectiveness remains to be validated, facing challenges such as insufficient scene depth, repetitive construction, and lack of interoperability between training facilities [2] Group 3: Technological Exploration - The report analyzes the current technological exploration in the field of embodied intelligence, focusing on two main directions: "general brain" and "skill scalable learning," which can be categorized into four routes [2] - The latter three routes aim to develop the foundation of embodied intelligence and construct a "general brain," while the modular hierarchical approach focuses on breakthroughs in robotic motion skill learning [2]

Core Viewpoint - The China Banking Association (CBA) has officially released the "Guidelines for the Collection of Personal Consumer Loans by Financial Institutions (Trial)" to standardize credit card and personal consumer loan collection practices, protect the legal rights of debtors, and promote healthy industry development [1]. Summary by Sections Section 1: Definition of Collection Behavior - The guidelines provide clear definitions for various collection behaviors within the industry [1]. Section 2: Establishment of Collection Behavior Norms - The guidelines comprehensively address key issues such as collection timing, frequency, and the acquisition of contact information, emphasizing clarity and enforceability while setting prohibitive red lines [1]. Section 3: Strengthening External Agency Governance - The guidelines specify requirements for member units regarding the management of external collection agencies, establishing a constraint mechanism [1]. Section 4: Enhancing Internal Control Management - Financial institutions are required to improve their internal management capabilities to achieve a combination of governance and management [1]. Section 5: Promoting Industry Self-Regulation - The CBA encourages self-collection, technological innovation, and the governance of black and gray market activities, while promoting the establishment of a shared information system for illegal activities by external collection agencies [1]. Next Steps - The CBA will enhance tracking and guidance to ensure the effective implementation of the guidelines, aiming for continuous progress in promoting high-quality industry development [1].