中经记者 罗辑 北京报道 1月26日，现货黄金价格冲高，首次突破5100美元/盎司的关键心理整数关口。 据高盛最新预测，到2026年年底，黄金目标价将升至5400美元，此前预期为每盎司4900美元。上调理由 是私人部门投资者和中央银行对黄金的需求不断增长。 （编辑：曹驰 审核：夏欣 校对：颜京宁） 高盛预计，各国央行2026年每月将购买60吨黄金，同时随着美联储降息，黄金ETF的持有量也将增加。 各国央行已开始通过传统的ETF，与私人部门投资者争夺有限的黄金。 ...

中经记者 陈雪波 卢志坤 成都报道 近日，世邦魏理仕发布《2025年成都房地产市场回顾》报告。报告显示，成都商业地产市场在过去一年 呈现出分化与重塑的特征。在宏观经济稳步向好的背景下，成都办公楼市场迎来供应高峰，总存量跻身 全国前四；零售物业市场则在新消费驱动下，积极通过存量调改与场景创新寻求增长。 世邦魏理仕华西区战略顾问部负责人邹丽娟在接受《中国经营报》记者采访时介绍："整体而言，2025 年成都零售物业市场是极具挑战的一年，空置率上行、租金下行，但同时社零前11个月破万亿、头部运 营商加码等基本面也是向好发展。"这揭示了成都商业地产在压力与机遇并存下的真实图景。 搬迁和租约重组或将继续主导市场 2025年，成都优质办公楼市场迎来了显著的供应高峰。全年录得8栋新建楼宇交付，合计贡献约51万平 方米新增面积。这些新供应高度集中于核心商务区（占比89%），其中金融城板块更是录得近八年来的 供应峰值，占比达63%，包括JFC交子金融广场1&2号楼等项目入市，标志着"金融城三期"版图正式启 幕。市场总存量也因此同比增长4.8%，达到约1037万平方米，规模跻身全国前四。 为应对竞争，业主方在租金、免租期及企业进驻 ...

从获奖项目来看，覆盖的应用场景广泛丰富。例如，斩获高校种子组特等奖的"灵鹰"，是华中科技大学 机械工程专业博士何艺鸣研发的一款人机协同智能运维系统，用于为工业装备开展"健康体检"，目前已 在工业制造、消费电子、交通运输等领域落地应用，取得了千万元级的经济效益；获得高校种子组二等 奖的同济大学"智绘医影"，将多模态大模型应用于消化内镜报告生成，能够提升诊断精度，对消化道肿 瘤早诊早治。获得企业初创特等奖的项目涉及AI+矿山、文旅、分子材料等领域场景；企业成长组特等 奖则花落广东电网电力调度控制中心、秒针信息公司。 1月25日，第三届全国人工智能应用场景创新挑战赛（CICAS）总决赛暨全国"人工智能+"应用场景创新 大会在苏州闭幕。《中国经营报》记者从现场了解到，本届赛事由中国人工智能学会（CAAI）联合苏 州市人民政府、苏州大学主办，自2025年3月启动，吸引了来自全国各高校院所和企业的3314个项目注 册参赛，经历了长达7个月的路演答辩、专家评审与场景挑战，104个项目在总决赛现场接受了涵盖功 能、算法及两者结合的全面评测，最终共有93支参赛队伍胜出，包括12个特等奖、36个一等奖和45个二 等奖。 中国人工 ...

中国政法大学财税法研究中心主任施正文表示，3号公告明确了扣除的条件，也就是说一些无合同约定 的自愿配建支出行为是不予扣除的，这从源头明确了扣除标准，对以往不允许此类支出扣除地区的企业 而言，将是一项利好。 2026年伊始，土地增值税领域迎来新的政策调整，国家税务总局发布的《关于土地增值税若干征管口径 的公告》（以下简称"3号公告"）正式施行。聚焦土地增值税征管实务中的拿地、预售、清算与尾盘销 售等关键环节，3号公告对实践中的若干涉税事项处理作出了明确规范。 随着3号公告的实施，土地增值税征管口径在全国层面实现了统一，解决了长期以来各地执行标准不一 的行业痛点。 土地增值税主要以房地产转让作为征税对象，是我国现行18个税种中尚未完成立法的4个税种之一。作 为地方税种，土地增值税涉及链条长、周期跨度大，各地在一些涉税业务事项上还存在不同执行口径， 不利于纳税人理解和遵从。 国家税务总局相关负责人介绍，3号公告的出台将进一步规范税收征管，优化办税环境，更好地服务全 国统一大市场建设，并从制度上防范税收风险、执法风险和廉政风险。 公告共包含9条内容，从预征申报起止时间、计税依据、清算核算到尾盘销售申报时间等方面明确征 ...

对此，孙富春及其团队尝试"解题"的思路是采集数据分门别类，建立多维度的知识表达，同时构建训练 环境，形成知识引导下端到端的学习，让机器人在物理数字系统中实现跨域、跨任务、跨场景的学习。 除此之外，需要注意的是，在具身智能未来发展过程中，支持快响应、低时延、高精度的采集设备也需 要不断升级，这样能更有效地提高数据采集的高效性与实用性。 （文章来源：中国经营报） "为什么一定要搞训练场？"孙富春解释称，具身智能被国家列入未来产业之一，重要性不言而喻。建设 训练场，能够推动具身智能的数据标准化，将仿真数据与真实数据结合，破解高质量训练数据缺乏的难 题。 孙富春指出，推动具身智能机器人的"脑""身"协同问题，其中一条路径便是通过数据来提高泛化能力， 其所在的清华大学目前正在做相关研究和探索，数据获取面临着成本问题、效率问题、真实性和有效性 等问题，亟待解决。 在孙富春看来，目前具身智能训练场存在两个方面的挑战。第一是对具身智能人形机器人的定义与内涵 还存在很多不一致性，目前尚在"仁者见仁，智者见智"的阶段；第二是现有的数据采集途径——如遥操 作、仿真平台、机器人采集等，容易造成重复采集、采集数据较难使用和共享，缺乏统 ...

Core Viewpoint - The Guangzhou International Cultural Center (GICC) aims to be a cultural landmark for Guangzhou and the world, enhancing the city's cultural influence and supporting the high-quality development of the cultural industry in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4]. Company Overview - The GICC is invested and constructed by Southern Publishing Media, which is part of the Guangdong Publishing Group, recognized as one of the "Top 30 Cultural Enterprises in China" and ranked 23rd in the "Global Publishing Top 50" for 2025 [5]. - Over the past five years, Guangdong Publishing Group has achieved significant growth, with total assets, net assets, and operating income all exceeding 100 billion yuan, and net profit surpassing 1 billion yuan for the first time [5]. Project Details - The GICC will stand 320 meters tall, covering an area of approximately 162,000 square meters, with a total investment of about 4.56 billion yuan [4]. - The design of the building, led by the globally renowned architectural firm FGP, is inspired by traditional Chinese culture, specifically the concept of "Book Mountain" [4]. Cultural Industry Context - The launch of the GICC's招商 coincides with a critical period for the cultural industry in the Greater Bay Area, which has seen continuous growth, with Guangdong's cultural industry revenue leading the nation for 22 consecutive years [5]. - The cultural industry in the Greater Bay Area now contributes over 6% to the GDP of the nine mainland cities within the region [5].

Group 1: Event Overview - The 2026 Beijing International Commercial Aerospace Exhibition was held from January 23 to 25, focusing on "Gathering Global Resources to Promote Commercial Aerospace" [1] - Over 300 core enterprises from both domestic and international markets participated, showcasing advancements across a total exhibition area of 20,000 square meters [1] Group 2: Product Highlights - Leading domestic commercial rocket companies showcased their latest products, demonstrating significant progress in reducing space entry costs and increasing launch frequency [2] - Blue Arrow Aerospace presented the improved model of its "Zhuque-2" rocket, the world's first liquid oxygen-methane rocket to achieve multiple successful launches, highlighting its performance, cost, and reusability advantages [2] - The next-generation reusable rocket "Zhuque-3" was also displayed, aiming to significantly lower marginal launch costs, marking a key step for China's commercial aerospace sector towards economic paths similar to SpaceX's Falcon series [2] Group 3: Diverse Technological Developments - Other companies like Beijing Xinghe Power Equipment Technology showcased the "Zhishenxing" series of medium reusable liquid rockets and the "Gushenxing" series of small solid rockets, which have been validated in commercial launch tasks [2] - Deep Blue Aerospace and Interstellar Glory presented models of their respective reusable rocket technologies, indicating a multi-layered and complementary development landscape in China's commercial launch vehicle sector [3] Group 4: Satellite Manufacturing and Applications - The exhibition highlighted a shift from single-satellite technology breakthroughs to system-level constellation applications, with low Earth orbit broadband communication satellites being a major focus [3] - Galaxy Aerospace showcased the "Lingxi-03" satellite model, featuring flexible solar wing technology that enhances power-to-weight ratio and is suitable for efficient deployment in rocket fairings [3] Group 5: Financial and Insurance Services - The exhibition included a dedicated area for "Aerospace Investment and Financial Services," indicating a deeper integration of financial capital with the aerospace industry [6] - Major state-owned banks presented tailored financial service solutions for commercial aerospace companies, while PICC introduced customized insurance products for the entire lifecycle of rockets and satellites [6] Group 6: International Engagement and Market Potential - Diplomats from countries like Argentina, Peru, and Canada attended the exhibition, along with representatives from top international investment firms such as Goldman Sachs and Sequoia Capital, indicating strong interest in China's commercial aerospace market [7] - The Beijing Economic and Technological Development Zone has become a core hub for the domestic commercial aerospace industry, housing over 210 enterprises and 75% of the country's commercial rocket companies [7]

Core Viewpoint - Xinfang Pharmaceutical (002390.SZ) disclosed a tax payment and late fee of 50.7869 million yuan, which will negatively impact its 2025 financial performance [2] Group 1: Financial Impact - The company needs to pay 5.07869 million yuan in tax and late fees, with 2.6957 million yuan attributed to the company and 48.0912 million yuan to its subsidiaries [2] - The tax payment and late fees will be included in Xinfang Pharmaceutical's 2025 profit and loss statement [2] - For the first three quarters of 2025, the company's revenue was 4.266 billion yuan, a year-on-year decrease of 6.55%, and the net profit attributable to shareholders was 152 million yuan, a year-on-year decrease of 13.74% [2] Group 2: Business Overview - Xinfang Pharmaceutical's main business includes medical services, pharmaceutical distribution, and pharmaceutical manufacturing [2] - The company is a leading pharmaceutical distributor in Guizhou Province, with key medical institutions including Guizhou Medical University Affiliated Tumor Hospital, Guizhou Medical University Affiliated Baiyun Hospital, and Guizhou Medical University Affiliated Wudang Hospital [2] Group 3: Legal Issues - Recently, the People's Procuratorate of Kaiyang County, Guizhou Province, has filed a public prosecution against Xinfang Pharmaceutical for alleged corporate bribery [2]

Core Insights - The company aims to make lithium-ion batteries more economical in the next 2 to 3 years, focusing on technological innovations that address real operational pain points in the new energy light commercial vehicle sector [1][4] - The electric logistics market, particularly intercity freight, presents a significant opportunity, with current electrification rates below 12% despite over 45% of light trucks being used for this purpose [1][2] Technological Innovations - The company has developed a hybrid battery system that balances energy density between lithium iron phosphate and ternary lithium batteries, achieving 800 km of real-world range while keeping cost increases minimal [2] - The newly launched sodium-ion battery, with a capacity of 45 kWh, retains over 92% usable capacity at -20°C and can be charged even after being frozen at -30°C, addressing low-temperature operation challenges [2][3] Market Opportunities - The domestic market for new energy light commercial vehicles is projected to exceed 900,000 units by 2026, indicating a major opportunity for large-scale electrification [4] - The company plans to establish 3,000 battery swap stations by the end of 2026, enhancing the infrastructure needed for electric logistics [5] Competitive Landscape - The competition in the new energy commercial vehicle battery market is intensifying, with second-tier battery manufacturers gaining market share as main manufacturers seek cost-effective solutions [6] - The company emphasizes value competition over price competition, focusing on transforming cutting-edge technology into practical, replicable solutions for users [6] Strategic Goals - The company aims to achieve cost parity between sodium-ion and lithium-ion batteries within 2 to 3 years, while also enhancing the energy density of sodium batteries to match current lithium iron phosphate levels [3] - The company is committed to providing a comprehensive value system for users, including battery health transparency and lifecycle management to enhance the resale value of electric vehicles [3][5]

2026年1月25日晚间，妙可蓝多发布公告称，公司副董事长、总经理以及法定代表人柴琇离任。妙可蓝 多行政总经理蒯玉龙接任总经理一职，并担任公司法定代表人。 《中国经营报》记者注意到，柴琇原定任期到期日为2027年11月17日，此次离任原因为"免职"。 不过，妙可蓝多依然在公告中提到："对柴琇女士为公司发展所作出的贡献表示衷心感谢！" 业内有声音称，柴琇此次被免职比较突然，或与上述事件有关。 妙可蓝多在公告中表示，公司对并购基金出资形成的其他非流动金融资产，预计存在公允价值变动损 失，预计将对公司净利润造成重大影响。 "考虑所得税等影响因素，上述拟确认公允价值变动损失预计减少公司 2025年度归属于上市公司股东净 利润11911.08万元—12661.08万元。截至2025 年9月30日，公司未经审计的归属于上市公司股东的净利 润为17593.81万元，上述拟确认公允价值变动损失事项，预计不会导致公司2025年归属于上市公司股东 的净利润由正转负。"妙可蓝多在公告中如此表示。 妙可蓝多是我国知名奶酪品牌，也是A股唯一以奶酪为核心业务的上市公司，柴琇是创始人。早在2021 年4月，妙可蓝多拟向蒙牛定增募资不超30 ...