Core Insights - Honeywell reported a sales revenue of $37.442 billion for 2025, marking an 8% year-over-year increase, despite a 6% decline in operating profit and a contraction of 250 basis points in operating margin [1][2] - The company anticipates sales for 2026 to be between $38 billion and $39.8 billion, representing a growth of 3% to 6%, with an expected segment profit margin of 22.7% to 23.1% [1][3] Financial Performance - In 2025, Honeywell's adjusted sales growth was 9%, while operating profit decreased by 6%, leading to a 250 basis point reduction in operating margin [2] - The fourth quarter of 2025 saw sales of $9.8 billion, a 6% increase year-over-year, driven by strong demand in aerospace and smart building sectors [2] - Operating profit for Q4 2025 fell significantly by 35%, with an operating margin decline of 640 basis points to 10.2% due to one-time impairment charges and litigation costs [2] 2026 Outlook - Honeywell projects a segment profit margin increase of 20 to 60 basis points for 2026, with adjusted earnings per share expected to be between $10.35 and $10.65, reflecting a growth of 6% to 9% [3] - Operating cash flow is forecasted to be between $4.7 billion and $5 billion, while free cash flow is expected to range from $5.3 billion to $5.6 billion, indicating a growth of 4% to 10% [3] Business Spin-off Plans - Honeywell's spin-off plan aims to allow the newly formed companies to tailor growth strategies, with the automation and aerospace business spin-off expected to be completed by Q3 2026 [4] - The company has already completed the spin-off of Solstice Advanced Materials, which is now independently listed on NASDAQ under the ticker "SOLS" [4] - Key personnel appointments have been made for the aerospace division post-spin-off, indicating a strategic focus on optimizing the business portfolio [4] Strategic Focus - Honeywell has classified its productivity solutions and services, along with warehouse and workflow solutions, as assets held for sale to concentrate on its core automation sectors [5][6] - The company aims to strengthen its leadership position in the global automation industry through this strategic focus [6]

中经记者 卢志坤 北京报道 在分析当下企业发展模式时，卜希霆以胖东来和与辉同行为例，阐述了两种截然不同但殊途同归的成功 路径。 胖东来代表"重投资、高就业、普惠型"的实体模式，通过"三三三"分配机制将利益反哺员工与城市。 与辉同行则代表"轻资产、高效率、强IP"的流量模式，依靠故事性与个人魅力驱动消费。 卜希霆强调，尽管两者在资产轻重与运营模式上存在本质差异，但其核心逻辑一致，均是基于信任产生 的货币化感知。 针对人、货、场逻辑的演变，卜希霆提出，当今消费已从功能满足转向情绪价值与意义追求。 品牌占领用户心智需从三个维度发力：一是以人文构建关系，从功能美学上升至精神动力；二是通过新 质生产力保鲜，利用柔性生产适配代际需求；三是践行社会责任，建立品牌圈层与共识。 此外，卜希霆特别强调了场景应用的重要性。结合国家关于加快场景培育的政策背景，他呼吁品牌不仅 要做战略的参与者，更要成为标准的定义者。 2026年1月30日，在《中国经营报》主办的"2025中国商业品牌价值创新年会"上，中国传媒大学文化产 业管理学院硕士生导师，沉浸城市智库、沉浸艺术典藏博物馆发起人卜希霆在发表主题演讲时表示，在 当前经济下行与碎片化信息 ...

Core Insights - China's urban development is undergoing a fundamental shift from scale expansion to qualitative enhancement, with urban renewal becoming a national strategic path and a core direction for enterprises seeking new growth [1][2]. Group 1: Urban Development Transition - The central government has recognized a significant transition in urban development, moving from rapid urbanization to stable development, and from large-scale expansion to optimizing existing assets [2]. - The "14 trillion yuan" funding support for urban renewal during the 14th Five-Year Plan period is expected to be facilitated through budget funds and government bonds [2]. Group 2: Implementation of Urban Renewal - Urban renewal is now viewed as a systematic transformation rather than fragmented projects, emphasizing a shift from investment-driven to demand-driven approaches [2][3]. - Successful case studies, such as the transformation of idle buildings into public service spaces in Shenzhen and community upgrades in Zhejiang, illustrate diverse pathways and methodologies for urban renewal [3]. Group 3: Role of Local Governments and Financial Institutions - Local governments are encouraged to establish strong coordination mechanisms to break down departmental barriers and foster collaboration [4]. - Financial institutions are urged to innovate financial products to provide long-term, low-interest funding support for urban renewal initiatives [4]. Group 4: Market Opportunities and Challenges - The real estate market is expected to still have significant opportunities, with a shift in housing demand from quantity to quality, focusing on asset operation, urban renewal, and rental housing [4]. - Companies are increasingly focusing on niche markets and specialized operations to build new competitive advantages, particularly in the aging population sector, which presents a substantial market potential [6].

"作为西部高质量发展示范省份，陕西省城市发展已进入存量盘活为主、增量优化为辅的内涵式发展新 阶段，如何用好城市更新抓手完善城市功能、增进民生福祉，成为推动城市品质跃升的核心课题。"刘 勇在接受本报记者采访时指出。 针对上述问题，刘勇结合陕西城市更新实际情况提出三方面具体建议，与政府工作报告中"加强地下管 网改造、推进老旧小区改造"等部署形成呼应。 提案数据显示，陕西省在城市更新领域的投入力度持续加大。2025年全省计划实施城市更新项目1175 个，全年已开工767个，开工率超过65%；"十四五"期间累计新开工城镇老旧小区改造11330个，2025年 新开工743个，开工率达85.4%。 然而刘勇调研发现，当前陕西省城市更新工作仍存"浅层推进"现象，部分项目仅聚焦建筑外立面整治， 未触及地下管网老化、排水防涝体系不完善等核心痛点。"城市品质提升亟须向纵深推进、提质升级。" "部分城市主干路机非混行问题突出，非机动车道与人行道占道现象频发，公交站点布局设计的科学性 有待提升。"刘勇观察到，西安市的道路交通体系还存在很大改进空间。同时，西安城墙内受历史格局 与文保要求限制，街巷狭窄使得交通微循环不畅，与高新路机非分 ...

Core Viewpoint - Vanke (000002.SZ) is expected to report a net loss of approximately 82 billion yuan and a non-recurring net loss of about 80 billion yuan for the year 2025, primarily due to a significant decline in the scale of real estate project settlements and low gross margins [1] Group 1: Financial Performance - The main reasons for Vanke's expected losses include a notable decrease in the settlement profits from real estate development projects, which are linked to sales from 2023 and 2024, as well as the consumption of existing and near-existing inventory in 2025 [1] - The high land acquisition costs for these projects have led to a substantial reduction in total gross profit during the reporting period [1] - Additional provisions for credit impairment and asset impairment have been made due to increased business risk exposure, alongside losses from some operational activities after depreciation and amortization [1] Group 2: Support from Major Shareholder - Shenzhen Metro Group, Vanke's major shareholder, has provided over 30 billion yuan in shareholder loans under favorable conditions to help alleviate Vanke's liquidity pressure [2] - The collaboration between Shenzhen Metro Group and Vanke has been strengthened, including a leasing operation framework agreement for Vanke's long-term rental apartment brand, "Boyu," enhancing cooperation in the housing rental sector [2] - A pilot project for "robotic autonomous delivery via subway for businesses" has been launched in partnership with Shenzhen Metro Group, set to gradually go live in the fourth quarter of 2025 [2] Group 3: Operational Strategies - Vanke has focused on maintaining company operations and fulfilling housing delivery commitments, completing the delivery of 117,000 homes in 2025, with 16,000 of these delivered 30 days ahead of schedule [3] - The company has implemented various measures to enhance delivery work, including improving project management quality and utilizing smart technologies like 360° cameras and drones for site monitoring [3] - Vanke aims to optimize its business layout and structure through strategic focus, standardized operations, and technological empowerment, with the goal of overcoming challenges and emerging from its current difficulties [3]

铁科院相关负责人在接受媒体采访时表示，2025年CR450动车组样车在沪渝蓉高铁开展运用考核时跑出 了动车组单列时速453公里、相对交会时速896公里的最新纪录。 中国中车相关人士称，CR450动车组技术实现全面迭代升级，突破了减阻降耗、减振降噪、全要素轻量 化系统集成三大成套技术，大功率永磁牵引、时间敏感列车网络通信、多级控制制动三大系统技术，以 及高临界速度高安全转向架等多项关键技术。 全球最快高铁CR450动车组样车目前已经完成近30万公里运用考核，考核里程接近一半。2026年CR450 动车组将会在成渝中线展开更接近运营条件的全面测试，争取早日投入运营。2026年1月29日，中国铁 道科学研究院集团有限公司（以下简称"铁科院"）发布上述消息。 铁科院称，CR450动车组在批量生产、投入运营前，都要进行运用考核，考核里程为60万公里。 中国国家铁路集团有限公司（以下简称"国铁集团"）人士对《中国经营报》记者表示，2026年，国铁集 团将在CR450动车组核心技术攻关和应用型技术创新方面继续实现突破，面向铁路建设和运营，研究形 成成渝中线等试验方案，完成CR450动车组剩余30万公里运用考核和设计定型，推 ...

Core Viewpoint - The development of rural e-commerce is essential for agricultural transformation and increasing farmers' income, with a focus on building agricultural and commercial industrial parks to enhance the e-commerce ecosystem and promote high-quality agricultural products to national and global markets [1][4]. Group 1: Suggestions for Rural E-commerce Development - The establishment of comprehensive agricultural and commercial industrial parks is recommended to integrate rural e-commerce with cold chain logistics, brand cultivation, and technological support [1][3]. - A specialized "e-commerce incubation zone" within these parks should be created to provide one-stop services such as technical training, operational guidance, and brand planning for enterprises and cooperatives [3][4]. - Encouragement for the introduction of professional live-streaming teams and e-commerce operation companies to enhance the skills of farmers and promote the use of digital tools in agriculture [3][4]. Group 2: Enhancing Agricultural Product Value - Emphasis on "industry integration" and "brand cultivation" as dual drivers for rural e-commerce, aiming to upgrade the entire agricultural supply chain and enhance product value [4][5]. - The creation of regional public brands for agricultural products is suggested, along with the promotion of green, organic, and geographical indication certifications to build influential enterprise and product brands [4][5]. - The integration of rural e-commerce with leisure agriculture, rural tourism, and cultural experiences is proposed to diversify agricultural value and enhance farmers' income [4][5]. Group 3: Government and Policy Support - The need for collaboration among government departments in policy support, land security, financial assistance, and talent introduction to create a favorable environment for rural e-commerce and agricultural industrial parks [4][5]. - Recent policies have been introduced to support rural e-commerce, including initiatives to cultivate local farmer influencers and promote themed live-streaming activities [5][6]. - Official data indicates a 7.4% year-on-year growth in online retail sales of agricultural products from January to July 2025, highlighting the potential of rural e-commerce [5].

国务院新闻办公室于2026年1月29日举行新闻发布会，介绍2026年春运形势和工作安排。 "交通运输、公安等部门将强化道路疏堵保畅，加强充电、加油等自驾出行服务保障。"国家发展改革委 副主任李春临表示，"针对新能源车充电需求快速增长的情况，我们会同相关方面统筹推进充电基础设 施的建设和发展。截至2025年年底，我国电动汽车充电设施已累计超过2000万个，新能源车充电保障能 力得到持续有力提升。" 2000万个充电桩组成最大充电网络 交通运输部数据显示，截至2025年年底，全国新能源汽车的保有量已经达到4397万辆，其中2025年新注 册登记的新能源汽车1293万辆。新能源车特别是纯电动汽车的加快普及，对高速公路充电服务保障提出 了更高要求。 徐东华认为："目前市场前景驱动强劲，但面临多重核心挑战与战略机遇：核心技术领域需突破电池后 期环保处理瓶颈，完善充电桩基础设施网络布局；智能驾驶技术需强化安全；产业生态正经历智能化转 型与互联网技术深度融合。" 春运高峰在节后 "春运春节期间，我们初步预计，新能源汽车出行占比和平常相比还会进一步提高，提前做了一些针对 性安排。"交通运输部新闻发言人、运输服务司负责人高博介 ...

（文章来源：中国经营报） 中证高等级科技创新债券指数等9条指数从交易所或银行间市场上市的科技创新债券中，分别选取信用 等级、上市地点及剩余期限等符合条件的债券作为指数样本，以反映相应科技创新债券的整体表现。 中证指数有限公司公告，将于2026年2月2日正式发布中证高等级科技创新债券指数等9条指数，为市场 提供多样化业绩基准与投资标的。 ...

此外，平台还致力于推动测试标准化，构建整机与核心零部件的质量检测能力，形成可复用、通用性强 的测试方法与指标体系，为产品可靠性提供权威保障。 中经记者吴静卢志坤北京报道 2026年1月29日，北京人形机器人创新中心宣布其中试验证平台正式启用，并在现场成功下线第1000台 客户定制化样机。该平台于2025年建成投产，占地面积9700平方米，致力于满足具身智能机器人的技术 验证与应用落地需求，为我国人形机器人产业提供从研发到量产的关键支撑。 《中国经营报》记者了解到，该平台聚焦具身智能机器人领域，配备了专业化智能设备与底层基础设 施，建设有整机生产示范线、关节生产线、小批量试制线以及专业测试区域，并部署数字化运维系统。 平台面向产业链上下游企业、高校及科研院所开放，提供试制打样、性能工艺验证、工艺优化、功能模 块装调、整机装调、测试验证等一站式服务。 目前，平台已拥有试制生产和测试设备500台套，具备年产5000台套具身智能机器人的能力。 作为工业和信息化部重点布局的未来产业载体，该平台的投运标志着我国在人形机器人领域搭建起从技 术研发到产品转化、从小批量试制到规模化生产准备的重要桥梁。它将有效推动产业标准化、数 ...