Core Viewpoint - The State Council has issued a work plan to accelerate the cultivation of new growth points in service consumption, specifically targeting sectors such as transportation, housekeeping, travel, and the automotive aftermarket [1] Group 1: Travel Services - The plan emphasizes the need to legally activate and utilize idle rural land and housing for travel services [1] - It proposes the cultivation of a number of travel destination cities or regions, encouraging local governments to leverage financial resources and industry funds to improve infrastructure [1] - Localities are encouraged to implement policies that support the construction of travel project land and service facilities, particularly in relation to the absorption of existing real estate [1] Group 2: Market Development - The plan aims to guide localities in developing niche markets within the travel sector, fostering high-quality travel destinations and public area brands [1] - It highlights the importance of regional coordination and cooperation, as well as the sharing of public services across regions [1] - Support is provided for travel destinations to moderately expand public service supply in line with market demand [1]

邓昌雄透露，活动期间将举办70多场会议及相关活动，涉及贸易投资、经济技术合作、科技创新、数字 经济、跨境电商、市场准入、海洋与渔业、知识产权、粮食安全、卫生健康、互联互通、中小企业数字 化等若干议题。 2026年1月29日，广州市政府召开APEC中国年第一次高官会及相关会议属地保障筹备情况新闻发布 会。广州市政府外事办公室副主任邓昌雄介绍，本次会议将于2月1日至10日在广州白云国际会议中心国 际会堂举办，作为APEC"中国年"首场正式活动，将聚焦"建设亚太共同体，促进共同繁荣"主题及"开 放、创新、合作"三大优先领域，举办70多场涵盖贸易投资、数字经济等多议题的会议及活动，预计吸 引1000多名来自APEC各成员经济体及相关机构的代表与会。 "广州作为中国对外开放的重要窗口和粤港澳大湾区的核心引擎，将以走在前、作示范、挑大梁的责任 担当，全力做好全流程接待服务保障，确保会议取得圆满成功，实现APEC'中国年'的'开门红'。"邓昌 雄表示，广州已启动国家重大外交外事活动属地服务保障机制，成立市主要领导挂帅的筹备工作领导小 组，下设12个专项工作组，形成"1+N"工作体系，制定1个总体方案及21个专项子方案。 集 ...

Core Viewpoint - The China Air Transport Association has solicited opinions on the draft regulations for seat reservation rules in public air transport enterprises, aiming to guide airlines in reasonably setting their seat selection service products [1] Group 1: Regulations on Seat Reservation - The proposed rules specify requirements for free seat selection and reserved seats in economy class for airlines [1] - Operationally necessary reserved seats must be based on safety and service needs, including seats for safety personnel, emergency exit restrictions, and special passengers (e.g., wheelchair users, stretchers, unaccompanied minors) [1] - Value-added reserved seats are categorized into rights-based reservations (points/miles redemption) and paid reservations (limited to international and regional flights) [1] Group 2: Free Seat Selection Requirements - The rules clarify that for domestic flights, value-added reserved seats are limited to rights-based reservations, and paid seat selection is not permitted [1] - Free rights-based reserved seats are available for passengers traveling with infants under two years old and children aged between two and twelve years [1] - The minimum proportion of free selectable seats for domestic flights is set at 70%, while for international and regional flights, it is set at no less than 65% [1]

中经记者 尹丽梅 张硕 北京报道 2025年，国内市场每卖出10辆乘用车，就有5.4辆是新能源车。当新能源汽车已经成为乘用车中销量更 大的汽车动力类型，以及截至2025年年底全国新能源汽车保有量已达到4397万辆，新能源汽车在售后维 保后端市场的"不成熟""不完善"再次被推到台前，引发业内人士的激烈讨论。 "新能源汽车作为一个相对较新的事物，目前主机厂还没有完全开放三电（电池、电机、电控）系统的 维修权限。"近日，一位从事汽车维修行业并在全国有3500+连锁门店的企业负责人，在2026新能源汽 车后市场新生态大会上对包括《中国经营报》记者在内的参会人士表示，新能源汽车现在有三个"不知 道"：第一个是修理厂不知道怎么修，第二个是二手车不知道怎么卖，第三个是保险公司不知道怎么 保，车龄越大保费和维修越贵，这些问题已经影响到新能源汽车市场的发展。 "只有放开三电系统的权限才能让新能源汽车健康发展，我们期待着主机厂能够进一步放开权限和技 术，让新能源汽车维修进一步实现标准化。"上述企业负责人的这句话道出了许多从事汽车维修行业人 士的心声。 主机厂拥有主导权 总体而言，新能源售后服务滞后于新能源汽车产业发展。新能源汽车 ...

Core Viewpoint - The macro leverage ratio in China is projected to rise to 302.4% by the end of 2025, indicating a significant increase in debt levels relative to nominal GDP, necessitating structural optimization of leverage to support economic growth effectively [1][2]. Summary by Sections Macro Leverage Ratio Trends - The macro leverage ratio increased by 0.1 percentage points from 302.3% at the end of Q3 2025 to 302.4% at the end of Q4 2025. For the entire year, it rose by 11.7 percentage points, driven by low debt growth in the household and corporate sectors, while government debt expanded significantly [2]. - By the end of 2025, the debt balances of non-financial enterprises, households, and government sectors grew by 7.8%, 0.5%, and 17.0% respectively, leading to a total debt balance increase of 8.2%, while nominal GDP only grew by 4.0% [2]. Sectoral Contributions to Leverage Ratio - The rise in the macro leverage ratio was primarily driven by the corporate and government sectors, while the household sector continued to reduce its leverage. Factors such as the adjustment in the real estate market and slow income growth led households to decrease debt and increase savings [3]. - Government investment projects and a recovering corporate financing demand, supported by proactive fiscal policies, contributed to the increase in debt levels in the corporate and government sectors [3]. Future Outlook and Policy Recommendations - The monetary policy in 2026 is expected to maintain a moderately loose stance, which may lead to continued growth in corporate and government debt, putting upward pressure on the macro leverage ratio. However, this could be offset by an increase in nominal GDP growth [4]. - Recommendations for optimizing leverage structure include supporting financing for private SMEs and technology firms, while controlling the debt expansion of state-owned enterprises. This approach aims to stabilize the leverage ratio in the household sector and promote sustainable economic growth [5][6]. - The government is encouraged to increase fiscal spending in social welfare areas, which could enhance consumer spending potential. For instance, a 1% interest subsidy on household loans could reduce interest burdens significantly and stimulate consumption growth [6].

Group 1 - The core viewpoint of the article highlights China Taiping Insurance Group's commitment to steady progress in 2025, focusing on risk prevention, management enhancement, development promotion, and safety assurance [2][3] - In 2025, China Taiping's operating revenue is projected to be 172.62 billion yuan, reflecting a year-on-year growth of 1.1%. Total assets are expected to reach 1.8 trillion yuan, an increase of 11.7% from the beginning of the year. Managed investment assets are anticipated to be 2.5 trillion yuan, growing by 4% [2] - The insurance premiums from technology insurance are expected to grow by 17.2%, with the investment scale in the technology sector increasing by 39% year-on-year. Green insurance premiums are projected to rise by 18.2%, with a 20% increase in the investment scale in the green sector [2] - Agricultural insurance premiums are expected to increase by 17.7%, while the balance of pension management assets is nearing 700 billion yuan, with personal pension insurance premiums expected to grow by 41.5% [2] - The investment scale in the Guangdong-Hong Kong-Macao Greater Bay Area is projected to grow by 26.6% year-on-year, achieving premium income exceeding 50 billion yuan, with cross-border vehicle insurance in the three regions increasing by 5.6% [2] - Premium income from businesses along the "Belt and Road" initiative is expected to grow by 15.3% year-on-year [2] Group 2 - The meeting outlined China Taiping's goals for 2026, emphasizing adherence to the central government's decisions, balancing development and safety, strengthening core functions, improving quality and efficiency, and advancing strict party governance [3] - The main line of focus for the group is "preventing risks, strengthening management, promoting development, and ensuring safety," aiming for high-quality development breakthroughs in the first year of the 14th Five-Year Plan [3] - The group aims to contribute significantly to building a strong financial nation and advancing Chinese-style modernization [3]

Group 1 - The core viewpoint of the article indicates that Shenzhen Xinxing (603978.SH) expects a net loss attributable to shareholders of the parent company for the year 2025 to be between -69 million and -46 million yuan, which represents a reduction in losses of 222 million to 245 million yuan compared to the same period in 2024 [2] Group 2 - The company explains that the newly launched cold-rolled production line for battery aluminum foil is still in the debugging and capacity ramp-up phase, which has not yet stabilized, leading to low gross profit levels for this business [2] - Additionally, the company's lithium hexafluorophosphate products face dual pressures of weak market demand and intensified competition in the first three quarters of 2025, resulting in persistently low product prices [2] - Although prices for lithium hexafluorophosphate began to rise in October 2025, the impact of earlier low-price orders has compressed the profit margins, preventing a full release of profits in the fourth quarter of 2025 [2]

Core Viewpoint - Xingyun Co., Ltd. (300648.SZ) anticipates a significant increase in losses for the fiscal year 2025, projecting a net loss attributable to shareholders between 155 million to 230 million yuan, compared to a loss of 82.44 million yuan in the previous year [2] Financial Performance - The expected net loss for 2025 is between 155 million to 230 million yuan, while the expected non-recurring net loss is projected to be between 170 million to 248 million yuan, compared to a loss of 97.44 million yuan in the previous year [2] Business Transformation - The company attributes the anticipated losses to increased expenses and the impact of business transformation, emphasizing the need for investment in new technologies and products to maintain long-term competitiveness [2] Market Conditions - The company notes that the market is highly competitive in 2025, leading to increased investments in research and development, as well as in domestic and international market channel development [2] Cost Structure - There has been a year-on-year increase in sales, management, and research and development expenses, driven by rising labor costs [2] Investment Losses - The company has reported that investment losses from its equity investees for 2025 are expected to widen compared to the previous year, contributing to the overall financial strain [2] Asset Impairment - Based on accounting policies and a principle of prudence, the company has made provisions for impairment on certain long-held and potentially impaired inventory and other assets [2]

2026年1月29日晚间，坚朗五金（002791.SZ）发布2025年度业绩预告。根据公告信息，坚朗五金预计 2025年度归母净利润及扣非净利润同比均由盈转亏，其中归母净利润预计亏损7000万元至9500万元，扣 非净利润预计亏损9500万元至1.15亿元。 对于当期亏损原因，坚朗五金方面表示，2025 年度国内建筑建材行业市场竞争持续加剧，叠加房地产 市场深度调整带来的需求收缩，对公司经营产生一定影响。 "2025年公司持续围绕建筑配套件集成供应战略定位开展工作，为应对市场变化，公司积极优化业务结 构，然而公司与房地产关联度较高的国内业务订单减少；同时公司强化风险防控，审慎开展大型工程项 目合作，导致工程渠道收入同比下滑；新产品和新场景业务方面开拓进度相对滞后。"坚朗五金方面表 示，在海外市场方面，公司依托前期市场开发积累和客户资源保持了良好增长趋势，但目前海外业务总 体占比还较少，无法抵冲国内业务下滑影响。因此，2025年度公司整体营业收入预计同比下降15%左 右。 此外，坚朗五金方面指出，当期公司部分资产因市场环境变化出现减值迹象，基于谨慎性原则，公司根 据相关规定，对可能发生减值的相关资产计提相应减值 ...

近日，日照银行在银行间市场成功发行"橙信二号2026年度第一期供应链票据定向资产支持商业票据"。 该产品为全国首笔采用"循环购买"机制的供应链票据资产支持商业票据（以下简称"供票ABN"），发行 金额1.34亿元，期限360天，这是供票ABN的产品期限首次突破6个月，具有重要的创新示范意义。 江西财经大学九银票据研究院执行院长肖小和指出，供应链票据资产证券化有利于中小企业作为发起机 构开展资产证券化，并在一定程度上降低中小企业融资成本；同时促进了票据市场创新发展，供应链票 据资产证券化为供应链票据发展提供了新的思路，为供应链中小企业提供了更多、更优质的金融服务。 "循环购买"机制提升资金周转效率 据了解，该产品由日照银行担任特定发起机构代理人及票据服务机构，东方证券、恒丰银行担任主承销 商，中铁信托担任发行载体管理机构。基础资产涵盖山东省内8个地市多家企业签发的供应链票据，其 中加工制造业企业占比超70%，充分体现了金融资源对实体经济特别是制造业的精准支持。通过设 置"循环购买"机制，进一步提升供票ABN的资产盘活、账期优化效益，为持票中小企业提供了有力资金 支持，进一步畅通融资渠道。 普兰金服副总裁周海滨向 ...