Core Viewpoint - Hong Kong is set to establish a gold central clearing system to provide efficient and reliable clearing services for various transactions, marking a significant step towards developing an international gold trading market as outlined in the 2025 Policy Address [1][2] Group 1: Establishment of the Gold Central Clearing System - The gold central clearing system will begin trial operations this year, aiming to enhance transaction efficiency and risk management by providing international standard clearing services [1][2] - This system addresses the previous lack of a unified clearing mechanism in Hong Kong, reducing transaction costs and improving the risk management framework [2][3] Group 2: Strengthening Hong Kong's Financial Hub Status - The establishment of the clearing system complements Hong Kong's plans to expand its gold storage capacity to over 2,000 tons within three years, reinforcing its position as a regional gold reserve hub [2][3] - The complete ecosystem of "trading—clearing—delivery—storage" will attract sovereign funds from the Middle East and central banks from Southeast Asia to store gold in Hong Kong [2][3] Group 3: Enhancing International Appeal - The new system aims to attract more international participants by standardizing clearing services, thereby solidifying Hong Kong's status as a major global gold trading market [3][4] - It will facilitate cross-border connectivity and align with national financial opening strategies, promoting the development of gold financing, asset management, and cross-border trade [3][4] Group 4: Collaboration with Shanghai Gold Exchange - A cooperation agreement with the Shanghai Gold Exchange will enhance cross-border precious metal trading and clearing systems, improving the convenience of gold clearing and delivery [4][5] - The collaboration aims to create an "Shanghai Gold + Hong Kong Price" pricing system, complementing Western markets and increasing Asia's weight in global gold pricing [5] Group 5: Focus on Physical Gold and Pricing Mechanism - The central clearing system will emphasize physical delivery, aligning with the Asian market's preference for tangible gold assets, thus attracting more investors focused on physical assets [5] - By lowering barriers for international institutions to participate, the system will diversify the investor base in Hong Kong's gold market, enhancing the authority of pricing mechanisms [5]

"河南人口总量、人口密度、人口流动量都比较大，社会问题复杂多样，必须扎扎实实加强社会治 理。"2025年5月，习近平总书记在河南考察时，指出河南社会治理面临的形势任务和肩负的重大责任。 在2026年河南省两会期间，河南省政协委员、UU跑腿创始人乔松涛关注新就业群体参与基层治理的课 题，建议让该群体成为社区治理合伙人，推动其从临时参与到深度融入。 新就业群体也被称为"新职业群体""新业态从业者""平台经济从业者"等。近年来，以平台经济为代表的 新业态蓬勃兴起，在即时配送、寄递物流等行业形成一批互联网平台企业和快递企业。此类平台和企业 聚集了网约配送员、快递员、网约车司机等以灵活就业为主的新就业群体。 事实上，很多新就业群体已经参与到基层社会治理当中。河南本土媒体在去年的报道中曾提到，推 动"骑手"变"帮手"，助力基层治理效能提升。从单纯的商品配送者，逐步成长为基层社会治理中一支不 可忽视的"流动力量"。 乔松涛表示，当前，新就业群体参与基层治理的渠道多依赖社区临时号召或平台临时推送，缺乏常态 化、制度化的参与路径。另外，数据共享和响应处置机制不畅，跨部门、跨层级协同效率有待提升。激 励机制建设滞后，新就业群体参 ...

Core Viewpoint - JD Property, a subsidiary of JD Group, has submitted an A1 application to the Hong Kong Stock Exchange, aiming for a mainboard listing, showcasing its asset scale, business structure, competitive advantages, and overseas strategy [1] Group 1: Company Overview - JD Property is positioned as a leading modern infrastructure development and management platform in China, managing over 120 billion RMB in assets and covering more than 280 modern infrastructure assets globally [1] - The company has established a comprehensive infrastructure network, with domestic coverage across 29 provincial administrative regions and international presence in key logistics nodes in Asia-Pacific, Europe, and the Middle East [2] Group 2: Financial Performance - In 2024, JD Property achieved total revenue of 3.42 billion RMB, a year-on-year increase of 19.1%, with revenue for the first nine months of 2025 reaching 3 billion RMB, surpassing the total for 2023 [3] - The core business of infrastructure solutions contributed 3.16 billion RMB in revenue in 2024, accounting for 92.6% of total revenue, with external customer revenue making up 62.5%, reflecting a 3.2 percentage point increase from 2023 [3] Group 3: Asset Management and Investment - JD Property has established multiple funds and investment platforms, with a fund management scale increasing from 25.5 billion RMB at the beginning of 2023 to 41 billion RMB by September 2025 [4][5] - The company’s fund management accounted for 33.7% of its total asset management scale, providing a solid foundation for future development in fund and partnership management [5] Group 4: Profitability and Challenges - Despite impressive growth, JD Property reported net losses of 1.83 billion RMB in 2023, 1.2 billion RMB in 2024, and 160 million RMB in the first nine months of 2025, while adjusted profits showed a positive trend [6] - The decline in gross margin is attributed to ongoing fair value losses in domestic investment properties, with significant impacts from macroeconomic conditions [6] Group 5: Ownership and Fundraising - JD Group holds a 74.96% stake in JD Property, with Liu Qiangdong indirectly controlling approximately 77.9% of the voting rights [7] - The funds raised from the listing will primarily be used to expand the infrastructure asset network in key overseas logistics nodes and enhance the density and quality of infrastructure assets in China [7]

进入2026年，一场由AI算力需求引爆的存储芯片风暴正席卷全球消费电子产业链。作为智能手机的"大 脑"之一，内存的价格成为风暴眼。 据多家媒体报道，三星电子与SK海力士两大存储巨头已成功将供应给苹果的LPDDR内存芯片价格大幅 提升。其中，三星要求季度涨幅超80%，SK海力士的涨幅更是接近100%。这打破了苹果长期以来凭借 超大规模采购所享有的"价格特权"。 "苹果目前对iPhone 18系列的定价策略是'尽可能不涨价'，至少起始价不动。"天风国际证券分析师郭明 錤在1月28日于X平台发布的推文中如此写道。几乎同一时间，韩国媒体传出消息：三星电子与SK海力 士已与苹果完成谈判，将在2026年第一季度将供应给iPhone的低功耗内存芯片价格大幅调高，涨幅高达 80%至近100%。 全球AI热潮引发内存供应格局剧变、消费电子行业普遍承压的背景下，苹果为何敢于逆势"硬扛"成本压 力？多位业内人士接受《中国经营报》记者采访时表示，苹果看似矛盾的选择，实则是一场经过精密计 算的商业策略。这背后，是其高达36%的硬件产品毛利率和75%的服务业务毛利率，以及"硬件引流、 服务变现"的成熟生态闭环。 内存价格翻倍与"尽可能不 ...

"AI不是替代人，而是让人从重复劳动中解放出来，成为'指挥官'。"日前在2026医药钉峰会上，钉钉大 健康行业负责人韦亚伟表示，AI正从信息、知识、数据、流程与协同五大层面，系统重构药企的工作 方式。 另据钉钉商业总裁杨猛在现场透露，目前已有超六成医药企业和超半数公立医院使用钉钉，打造全新 AI操作系统。 据了解，AI已在不同赛道医药企业的数智化浪潮中按下加速键。云南白药、信达生物、乐普生物、昭 衍新药、仙乐健康等一批代表企业已率先落地AI。 "百年老店"云南白药与钉钉共同打造了全集团的数字底座"白药钉"，数字化布局已贯穿中药材溯源、智 能工厂生产到AI辅助研发的各个环节。云南白药集团数字战略科学家李少春提出，未来的AI智能体须 具备"手和脚"，即与自动化流程和物理设备深度融合，方能释放真正的生产力。 （文章来源：中国经营报） A1录音卡能够实时捕捉并智能分析医药代表拜访场景，自动提取关键信息，生成结构化报告，使一线 市场情报得以无损耗、秒级同步至决策层，真正实现"让听见炮火的人指挥战斗"。 在数据处理与应用层面，AI带来了显著的民主化趋势。借助AI表格，业务人员无须依赖IT部门，便能 以自然语言对话的方式， ...

Core Viewpoint - Guangzhou is launching a series of initiatives themed "Guangdong Goods Go Global, The Most Guangzhou New Year" to stimulate the service consumption market, focusing on personalized, diverse, and high-quality demands from citizens and tourists [1][3]. Group 1: Policy and Strategic Initiatives - The Guangzhou government, in collaboration with local enterprises, announced a comprehensive plan for service consumption for the 2026 New Year, emphasizing strengthening local consumption, deepening national market engagement, and expanding global reach [3][4]. - The city aims to create a consumption upgrade model that integrates commerce, culture, tourism, and retail sectors [3][4]. Group 2: Consumer Engagement and Experience - Guangzhou is leveraging the Lunar New Year shopping season to create a cultural consumption experience, involving 35 Chinese time-honored brands and 150 local brands to enhance the festive shopping atmosphere [4][6]. - The government plans to distribute 50 million yuan in dining vouchers to boost food consumption, enhancing the "Food in Guangzhou" brand [4][5]. Group 3: Technological Integration in Tourism - The city is breaking traditional tourism models by incorporating technology to create immersive experiences, such as smart transportation services and AI-driven hospitality options [6][7]. - New initiatives include autonomous buses and intelligent hotels, aiming to elevate the quality of tourism services and promote a high-quality, personalized travel experience [6][7]. Group 4: Local Brand Development - Local enterprises are innovating service consumption scenarios, with attractions like the Chimelong Resort integrating local culture into their offerings, enhancing the overall visitor experience [7][8]. - Miniso is creating unique shopping environments that reflect Lingnan culture, while Vipshop is promoting local fashion brands through special events, contributing to the local economy [7][8].

Core Viewpoint - Li Auto is strategically shifting its focus towards artificial intelligence and humanoid robotics while closing underperforming retail stores to enhance operational efficiency and reduce costs [2][4][5] Group 1: Store Closures and Strategic Shift - Li Auto announced plans to close a small number of low-efficiency retail stores by 2026, but emphasized that this will not involve mass closures [2] - The company is transitioning from a focus on "new energy" to "intelligent" strategies, indicating a long-term organizational restructuring [2][4] - As of November 30, 2025, Li Auto had a retail network of 544 centers, 170 delivery centers, and 556 service centers across 230 cities [3] Group 2: Performance and Market Strategy - In 2025, Li Auto delivered 406,300 vehicles, a year-on-year decline of 18.81%, failing to meet its target of 640,000 deliveries [4] - The company faced profitability challenges, reporting a net loss of 624 million yuan in Q3 2025 due to a recall event [4] - Li Auto's previous growth model, based on rapid expansion and market penetration, is nearing its limits as competition increases and market growth slows [5] Group 3: Future Focus and AI Investment - Li Auto is restructuring its product lines from three to two, aiming for efficiency and market coverage [6] - The company is reinforcing its brand positioning around "embodied intelligence" and is venturing into humanoid robotics [6][7] - Li Auto's CEO has indicated a commitment to maintaining high R&D investments, particularly in AI, even during challenging sales periods, viewing this as a long-term strategic bet [7]

中经记者 陈家运 北京报道 财务数据显示，2022年至2024年，八一钢铁的归母净利润分别亏损13.62亿元、11.63亿元、17.52亿元， 亏损规模呈现扩大趋势。 2025年前三季度，八一钢铁曾出现阶段性减亏迹象。当期，其实现营业收入146.17亿元，同比下降 1.39%，归母净利润亏损5.72亿元，同比增长60.43%，扣非归母净利润亏损6.06亿元，同比增长 58.27%。 然而，在2025年第四季度八一钢铁业绩却大幅亏损。根据业绩预告测算，八一钢铁第四季度归母净利润 亏损额高达12.78亿元至14.78亿元，远超前三季度亏损总和。 2026年1月25日，八一钢铁（600581.SH）公告披露，预计2025年归母净利润亏损18.50亿元至20.50亿 元，扣非归母净利润亏损19亿元至21亿元。这已是八一钢铁连续第四年亏损。并且，其预计2025年末净 资产为-17.60亿元至-19.50亿元，触及《上海证券交易所股票上市规则》第9.3.2条规定的退市风险警示 情形。 八一钢铁方面表示，当前钢铁行业处于"减量发展、存量优化"的深度调整期，"供需双弱"叠加环保政策 收紧、原燃料与钢材价格"剪刀差"、产能过剩 ...

中经记者 陈家运 北京报道 时间回溯至2021年4月。彼时，湖南黄金董事会审议通过《行业培育协议书》，鉴于当时平江黄金矿产 资源开发风险较高，约定由控股股东湖南黄金集团代为培育项目，待条件成熟后湖南黄金行使优先收购 权。历经四年多勘探开发，黄金天岳已完成万古矿区核心区域探矿工作。 湖南黄金（002155.SZ）一项酝酿五年的资产整合计划终于落地。 近日，湖南黄金发布重大资产重组预案，拟通过发行股份方式收购黄金天岳及中南冶炼全部股权，将价 值约6000亿元的平江万古超大型金矿田核心资产纳入上市公司。 湖南黄金相关负责人在接受《中国经营报》记者采访时表示，此举旨在打通"采选—冶炼"全产业链闭 环。此次整合标志着湖南黄金从区域矿企向全国性黄金龙头企业的战略转型进入实质性阶段。 资源价值6000亿元 根据重组预案，本次交易的标的分为两大板块：黄金天岳与中南冶炼。 其中，黄金天岳由湖南黄金的控股股东湖南黄金集团持股51%、天岳投资集团持股49%，核心资产为湖 南省平江县万古金矿田的探矿权与采矿权，主要从事矿权整合、勘探及金矿采选销售，产品以金精矿为 主。中南冶炼则为湖南黄金集团全资子公司，专注于高砷、高硫等难处理金精矿 ...

中经记者 慈玉鹏 北京报道 2026年，居民定期存款大规模到期，有机构预测规模将超过50万亿元。《中国经营报》记者采访了解 到，在存款利率下行的大背景下，2026年"开门红"期间，保险产品成为银行重点推荐的理财产品，主要 为分红险和年金险，受到客户欢迎，成为银行抢客"利器"。部分产品年化利率或达到3%以上，具体根 据市场情况或有变动。 另外，此前一个银行网点只能和1家主合作保险公司与3家辅合作保险公司合作，相当于只能卖这4家的 保险产品。而2024年5月，监管取消了该限制，打开了合作大门。 均属于长期投资 从产品特点看，一位北京地区银行人士告诉记者，分红险和年金险均有一定封闭期，至少存完第二年方 可取出。像分红险，一般都是交3年，第4年回本，而年金险的话，一般最快也是第5年回本。该类产品 均是长期投资，属于终身型理财产品。 上述北京地区银行人士告诉记者，从收益看，一般分红险要比年金险高。而从流动性看，如果客户有现 金流需求，则更适合年金险。年金险分为两种，一种是快返型年金险，基本第五年就开始返回年金加分 红；一种是养老型年金，即等到客户退休之后每年返回固定金额。而分红险（增额人寿险），一般是前 3年每年投入金 ...