Core Viewpoint - The incident involving a programmer's sudden death while working has sparked widespread attention and discussions regarding workplace conditions and responsibilities of companies towards their employees [1] Group 1: Company Response - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd., has not publicly addressed the incident or provided explanations to the deceased's family [2] - Internal meeting records indicate that the company claims to have covered medical expenses and other costs for the family, but the family disputes this, stating they have not received the promised funds [2] - The company has instructed employees not to engage with rumors or misinformation regarding the incident and to report any false information [2] Group 2: Employee Work Conditions - The deceased, Gao Guanghui, had been working at the company since September 2019, with increasing responsibilities and pressure leading to frequent overtime work [3][4] - Gao's wife reported that he had mentioned a performance evaluation system that included a "bottom elimination" policy, which considered overtime hours as part of the evaluation [4] - On the day of his death, Gao was actively engaged in work tasks, with multiple deadlines approaching, and was still being contacted for work-related matters during his medical emergency [4][7] Group 3: Legal Considerations - Legal experts suggest that the determination of whether Gao's death is classified as a work-related injury hinges on evidence proving he was working at the time of his medical emergency [3][7] - If recognized as a work-related injury, the family could receive various compensations, including funeral allowances and survivor benefits [8] - The company has reportedly provided a total of 390,000 yuan in humanitarian compensation, along with a year-end bonus and salary for November [8]

Core Viewpoint - Zhejiang Securities Regulatory Bureau issued a warning letter to Zhejiang Merchants Securities Co., Ltd. Hangzhou Branch due to inadequate compliance checks on past transactions and poor real-name account management, violating specific regulations [1] Group 1: Regulatory Actions - Zhejiang Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure against Zhejiang Merchants Securities Hangzhou Branch, Lin Changfu, and Ying Wenmin [1] - The actions taken are based on violations of the Securities Brokerage Business Management Measures, specifically Article 11 and Article 25 [1] - The warning will be recorded in the integrity archives of the securities and futures market [1] Group 2: Compliance Issues - The Hangzhou branch of Zhejiang Merchants Securities failed to ensure strict compliance in transaction audits and account management [1] - Lin Changfu and Ying Wenmin, as former management personnel, are held responsible for these compliance failures [1] - The regulatory body emphasized the need for the brokerage to enhance internal controls and strictly enforce regulations to prevent future violations [1] Group 3: Recommendations - The regulatory authority advised the brokerage to take effective measures to improve compliance management levels [1] - Lin Changfu and Ying Wenmin are encouraged to study laws and regulations thoroughly and integrate compliance awareness into all decision-making and supervisory processes [1]

Core Insights - The Chinese foldable smartphone market is transitioning from rapid growth to a plateau phase, with a projected shipment of approximately 10.01 million units in 2025, reflecting a year-on-year growth of 9.2%, contrasting with a decline of 0.6% in the overall smartphone market [1][2] - Huawei dominates the market with a share exceeding 70%, while other brands like Honor, vivo, OPPO, and Samsung hold less than 10% each, indicating a significant market concentration [1][2] - The anticipated entry of Apple into the foldable smartphone market in 2026 is expected to revitalize consumer interest and market dynamics [4][5] Market Dynamics - The foldable smartphone market in China is entering a "small year" in 2025, with many manufacturers adjusting their production targets downward, leading to a more pronounced market segmentation [2] - Huawei's market share increased from 50% in 2024 to 71.8% in 2025, while Honor and vivo hold 9.1% and 4.9% respectively, with OPPO and Samsung tied at 4.3% [2] - The market is characterized by a "one strong, many strong" dynamic, where Huawei's continuous investment and technological advancements have solidified its leading position [2] Product Innovations - Huawei's product lineup for 2025 includes various foldable designs, such as the Mate X6, Mate X7, and the innovative Mate XTs, which cater to different consumer preferences [3] - The expected launch of Apple's first foldable iPhone, tentatively named iPhone Fold, is set for fall 2026, featuring advanced materials and design innovations [5][6] Future Outlook - The entry of Apple is anticipated to attract more consumers to foldable smartphones, potentially driving market growth [6] - Analysts predict that the global foldable smartphone market will see a significant increase, with shipments expected to reach 20.6 million units in 2025, and a projected 30% growth in 2026 due to Apple's and Samsung's contributions [6][7] - The introduction of Apple's foldable iPhone is viewed as a pivotal moment for the foldable segment, likely catalyzing broader adoption and technological advancements in the supply chain [7]

中经记者 孙汝祥 夏欣 北京报道 2026年1月23日，证监会官网披露2026年1号《行政处罚决定书》。因余韩操纵证券市场，证监会决定没 收其违法所得5.11亿元，并处以5.11亿元的罚款，合计罚没10.22亿元。 同时，证监会还决定对余韩采取3年证券市场禁入措施、3年证券市场禁止交易措施。 业内专家对《中国经营报》记者表示，余韩案是监管层对"长周期、大额收益"类操纵的标志性罚单。证 监部门以严厉处罚告诉市场，在全面注册制和大数据监控下，"坐庄模式"已经走到尽头。 罚没10亿元+3年市场禁入+3年禁止交易 证监会《行政处罚决定书》显示，2019年6月25日至2024年8月16日(以下简称"操纵期间"),余韩控制使 用"陈某某"等67个账户(以下简称"账户组")交易"博士眼镜"。 操纵期间,余韩通过集中资金优势、持股优势连续买卖,在自己实际控制的账户之间进行交易等手段操 纵"博士眼镜",影响股票交易价格和交易量。 操纵期间共1252个交易日,账户组在837个交易日参与交易,累计竞价买入1.11亿股,金额21.10亿元,累计竞 价卖出1.02亿股,金额21.54亿元,买入成交量占市场成交量的比例超过10%的有18 ...

中经记者 陈家运 北京报道 1月23日，白银有色（601212.SH）公告披露，预计2025年实现归属于母公司的净利润为-4.5亿元至-6.75 亿元，与上年同期的盈利8079.17万元相比，业绩由盈转亏。 白银有色方面表示，2025年有色金属及贵金属产品市场价格同比上升，主要产品产量同比增加，毛利率 同比上升。但是由于下属子公司上海红鹭国际贸易有限公司与南储仓储管理集团有限公司及其上海分公 司的仓储合同纠纷案，2025年上半年基于该案件进展及谨慎性原则，计提预计负债金额约3.14亿元。另 外，由于市场价格波动，导致当期点价交易形成的嵌入式衍生金融工具公允价值变动损失同比增加，相 应影响了公司业绩。 （编辑：董曙光 审核：吴可仲 校对：宛玲） ...

Core Viewpoint - The chlor-alkali industry is facing significant challenges in 2025, with multiple companies, including Xinjiang Tianye and Huashu Co., forecasting substantial losses due to declining PVC prices and oversupply in the market [1][2][3]. Company Summaries - Xinjiang Tianye (600075.SH) expects a net loss of approximately 50 million yuan for 2025, a stark contrast to a profit of 68.435 million yuan in the same period last year [1][3]. - Huashu Co. (600935.SH) anticipates a net loss between 145 million yuan and 180 million yuan, attributing the losses to weak demand and excess capacity in the PVC sector [3]. - Yinglite (000635.SZ) projects a net loss of 550 million yuan for 2025, marking a 9.44% year-on-year decline, and has recorded losses for four consecutive years [3]. Industry Analysis - The PVC market is characterized by "high supply, high inventory, and weak demand," leading to a cumulative price drop of approximately 11% for SG-5 type PVC in 2025 [2][4]. - The domestic PVC production capacity increased by 220,000 tons in 2025, reaching a total capacity of 29.93 million tons, a year-on-year growth of 7.35% [4]. - The average operating rate in the PVC industry is expected to remain around 77%-78% in 2025, with some high-cost small enterprises potentially exiting the market due to ongoing losses [4]. Demand Factors - The demand for PVC products is under pressure, particularly in the real estate sector, which accounts for about 60% of PVC downstream products [4]. - The area of completed housing in China decreased by 18% year-on-year in the first eleven months of 2025, further impacting PVC demand [4]. Future Outlook - Analysts suggest that the PVC industry may see a structural adjustment in 2026, with potential for supply-demand imbalances to gradually ease, although the oversupply situation is unlikely to be fundamentally resolved [4][5]. - The competitive landscape in the PVC market is expected to intensify, necessitating companies to enhance their competitiveness to survive future market changes [5].

（文章来源：中国经营报） 近日，工业和信息化部发布的《道路机动车辆生产企业准入审查要求》（简称《要求》），首次将摩托 车企业准入要求以独立章节形式系统呈现，从设计、生产、检验到售后，设定了全链条、高标准的准 入"生死线"。 尤为值得关注的是《要求》的第三部分，其明确："自本文件发布之日起，不再受理摩托车生产企业新 建子公司申请，不再受理摩托车生产企业子公司变更生产地址申请。"这条规定彻底关闭了通过新增主 体或迁移地址来规避监管或进行低水平扩张的大门。 与以往政策相比，本次修订最显著的变化在于为摩托车类企业设立了独立的"能力要求"章节。这意味着 摩托车企业的准入审查，从此拥有了与乘用车、货车等门类同等细致、系统的专项标准体系，结束了以 往相对模糊或参照执行的状态。监管的精细化和严格化程度达到新高度。 ...

18A良率仍是关键 从业务结构看，英特尔2025财年第四财季呈现出"核心增长、基础承压"的分化特征。 增长动力主要来自数据中心与人工智能（DCAI）业务。该板块在第四财季的营收达47.4亿美元，同比 增长9%，超过44.2亿美元的市场预期，环比增幅达到15%。Granite Rapids、Sapphire Rapids等服务器芯 片需求强劲，叠加与英伟达合作定制Xeon+NVLink芯片的协同效应，成为财报最大亮点。 凯投银行在研报中明确指出，超大规模云服务商对数据中心的强劲需求，将持续为DCAI业务提供增长 支撑，并将英特尔评级从"行业标配"上调至"增持"，目标价60美元/股。 造成第四财季营收同比下滑的核心因素是客户端计算组（CCG）业务，该板块全年营收322亿美元，同 比下降3%。一方面，受PC市场整体复苏乏力影响；另一方面，外界认为是英特尔自身产能错配——此 前将产能向新一代Gen6 CPU倾斜，却未能匹配市场对成熟Gen4、Gen5产品的需求，导致部分订单流 失。此外，18A先进制程良率虽每月提升，但尚未达到行业领先水平，新增产能释放缓慢，进一步制约 了整体营收规模。 2026年1月23日，英特尔（ ...

进入2026年，车市迎来政策与市场的双重"换挡"。1月1日起，新能源汽车全额免征购置税政策退坡为减 半征收，与此同时，国家及地方新一轮"以旧换新"补贴陆续启动，以消费券、保险补贴等形式刺激购车 需求。但相关数据显示，目前国内市场仍处于调整期。 中经记者 夏治斌 石英婧 上海报道 豪华品牌阵营亦反应迅速，纷纷"亮剑"。宝马中国在2026年年初宣布对旗下多达31款车型的官方指导价 进行下调，此举迅速成为行业焦点，引发了市场的广泛关注与热议。 对于不同品牌采取的促销措施，惠誉评级亚太区企业评级董事杨菁告诉记者："此轮开年促销主要为企 业对冲短期政策退坡的举措，但不同类型品牌面临的挑战不尽相同。" 乘联分会数据显示，1月1—11日，全国乘用车市场零售同比下滑32%，环比下降42%。面对挑战，各大 车企并未重蹈简单降价的价格战覆辙，而是迅速打出一套涵盖金融方案、用户权益、服务保障等多维度 的"价值组合拳"，试图在稳定销量的同时，构建新的竞争壁垒。 对于2026年开年车市掀起促销热潮的背后原因，汽车行业资深分析师、资深顾问梅松林告诉《中国经营 报》记者，这是在新政策、新形势下企业采取的市场积极应对策略，也是带有进攻性的进 ...

Core Insights - The Guangdong automotive industry is undergoing a profound transformation, moving from scale growth to value-driven innovation, with key players like BYD, GAC Group, and Xpeng leading the charge in technology, intelligence, and internationalization [1][6]. Group 1: Industry Transformation - The sales figures for 2025 indicate a new landscape: BYD with 4.602 million units, GAC Group with 1.8135 million units, and Xpeng with 429,000 units, reflecting not just production scale but also advancements in technology and international strategy [1]. - The transformation of the Guangdong automotive industry is characterized by simultaneous progress in technology research, intelligent applications, ecosystem development, and international brand growth, moving from "volume advantage" to "quality advantage" [1][6]. Group 2: GAC Group's Innovations - GAC Group is implementing a comprehensive reform called "Panyu Action," focusing on user-centric processes and project-driven new car development, reducing development cycles to 18-21 months and cutting R&D costs by over 10% [2]. - The company has achieved significant advancements in hybrid and electric technologies, with the "Star Source Range Extender" technology achieving a conversion rate of 3.73 kWh/L and the Quark electric drive motor exceeding 99% efficiency [2]. - GAC Group's ADiGO GSD intelligent driving system covers 99.9% of road scenarios, and its safety system has prevented 5.51 million potential accidents, showcasing a quantifiable safety value [2][3]. Group 3: Xpeng's Technological Advancements - Xpeng is focusing on a fully self-developed physical AI system, with plans to release the second-generation VLA model and a new Robotaxi, emphasizing the integration of AI across various transportation modes [4]. - The second-generation VLA model utilizes nearly 1 billion clips of training data, equating to 65,000 years of human driving experience, enhancing its ability to handle complex scenarios [4]. - Xpeng's Robotaxi is set for mass production without reliance on high-precision maps, while its flying car, the A868, boasts a range of 500 kilometers and a top speed of 360 km/h [4]. Group 4: BYD's Data-Driven Approach - BYD's "Eye of Heaven" assisted driving models have sold over 2.56 million units, with an activation rate of 94.13% for assisted driving features, highlighting the company's commitment to safety [4]. - The company is continuously optimizing its assisted driving experience through OTA upgrades, generating 1.6 billion kilometers of data daily to enhance algorithm iterations [4]. - BYD's focus on data-driven strategies is establishing a competitive edge in the electric vehicle market [4]. Group 5: Regional Industry Dynamics - The automotive landscape in Shenzhen and Guangzhou has shifted significantly, with BYD expanding its production network and GAC Group enhancing its product matrix and international presence [5]. - The core transformation of Guangdong's automotive industry is driven by technological innovation, data utilization, and industry collaboration, moving towards a value-leading model rather than mere production competition [5]. - Guangzhou aims to establish a trillion-level "Smart Car City" by 2035, laying the groundwork for digital, intelligent, and international development across the entire industry chain [5].