1月22日晚，宇树发布了一份关于2025年出货量数据的澄清。宇树称，过去一个月，网上流传着很多关 于宇树2025年出货数量的不实信息。宇树此前从未对外告知过2025年的销售数据。 宇树对《中国经营报》记者表示，2025年人形机器人实际出货量超5500台（指实际出售发货给终端客户 的数量，并非订单数量，订单数量更高），2025年本体量产下线超6500台。 上述均为宇树纯人形机器人的数量，不含双臂轮式等其他机器人产品。 宇树称，目前各种机器人形态多样，建议大家请勿把不同类型的机器人数量，直接合并在一起对比。 （文章来源：中国经营报） ...

高盛发布的最新研报将2026年12月的黄金目标价从先前的4900美元/盎司上调至5400美元/盎司。此次调 价的核心逻辑在于私人部门为对冲全球宏观与政策不确定性而进行的黄金多元化配置正在兑现，且相 关"对冲持仓"在2026年可能保持稳定。 （编辑：杨井鑫 审核：朱紫云 校对：颜京宁） 中经记者 郝亚娟 夏欣 上海、北京报道 2026年1月23日，黄金、白银继续刷新历史新高。现货黄金盘初站上4950美元/盎司关口，再创历史新 高，日内涨超2%；现货白银涨超3%，最高报约96.6美元/盎司。 ...

Core Insights - The People's Bank of China Shenzhen Branch reported that the social financing scale in Shenzhen exceeded 630 billion yuan in 2025, an increase of over 150 billion yuan year-on-year, with direct financing accounting for about 40% of the total, reaching a historical high [1] Financing Overview - By the end of 2025, Shenzhen's total deposits and loans ranked third among major cities in China, with a total deposit balance of 14.63 trillion yuan, a year-on-year growth of 7.8%, and an increase of over 1 trillion yuan compared to the beginning of the year, which is an increase of 800 billion yuan year-on-year [1] - The total loan balance reached 9.97 trillion yuan, with a year-on-year growth of 5.1%, and an increase of 482.84 billion yuan compared to the beginning of the year, which is an increase of over 200 billion yuan year-on-year [1] - Corporate loans increased by 289.66 billion yuan compared to the beginning of the year, with a year-on-year increase of 164.04 billion yuan, making it the main driver of credit growth [1] Credit Structure - By the end of 2025, loans for technology, green, and digital economy industries accounted for a higher proportion of total loans, increasing by 1.9, 3.3, and 1.4 percentage points respectively compared to the end of 2024, effectively supporting the transition to high-end, intelligent, and green production [2] - The balance of loans to the private economy reached 4.35 trillion yuan, accounting for 43.7% of total loans, while inclusive small and micro loans amounted to 2.01 trillion yuan, significantly supporting the development of Shenzhen's private economy [2] Technological Financial Services - The establishment of a systematic technology financial service mechanism has effectively supported the development of new productive forces, with the issuance of technology bonds by non-financial enterprises in Shenzhen totaling 44.15 billion yuan, ranking second among cities in China [3] - By the end of 2025, the balance of technology loans reached 2.28 trillion yuan, with policies incentivizing banks to support technological innovation and transformation, resulting in a year-on-year increase of 54.5 billion yuan in related loan issuance [3] Structural Financial Tools - In 2025, various structural tools incentivized local financial institutions to issue loans in relevant fields exceeding 210 billion yuan, marking a historical high [4] - The balance of loans incentivized by technology innovation and transformation re-loans reached 70.6 billion yuan, benefiting 2,996 technology enterprises and 137 technology transformation projects, ranking among the top cities in China [4] - Carbon reduction support tools have financed a number of green infrastructure and small clean energy projects, with cumulative carbon reduction loans exceeding 20 billion yuan [4]

近日，上海金融与发展实验室发布的《中小银行发展报告（2025）》（以下简称"《报告》"）指出， 2025年全年共有494家中小银行业机构因合并或解散而注销，远超前四年总和。其中，村镇银行310家， 占总数的62%；农商行160家，占32%。这些数字背后是监管层推动供给侧出清、降低潜在风险、避免 无序竞争的坚定决心。 国家金融监督管理总局召开2026年监管工作会议提到，有力有序有效推进中小金融机构风险化解。着力 处置存量风险，坚决遏制增量风险，牢牢守住不"爆雷"底线。做好统筹规划，稳妥推进中小金融机构减 量提质，合理优化机构布局。 2026年，中小银行面临的经营环境有哪些变化？如何特色化经营？ 结构性货币政策下的机遇与挑战 中经记者 郝亚娟 夏欣 上海、北京报道 在宏观经济结构调整、监管政策持续优化的多重背景下，中小银行正经历一场深刻的经营转型。 值得注意的是，《报告》指出，中小银行由于区域集中度高、客户结构相对单一，面临的区域性、结构 性风险更加突出。部分深耕房地产市场较深、地方政府债务敞口较大的中小银行，资产质量压力可能在 2026年进一步显现。加强风险监测、前瞻性计提拨备、积极处置不良资产，将是中小银行2 ...

Core Insights - The Chinese real estate investment trust (REITs) market, particularly in commercial real estate, is poised for significant expansion by the end of 2025, marking a pivotal shift in real estate financial policy and indicating a transition from "development and sales" to "operation and management" [1] Market Overview - The Chinese real estate market is currently in a phase of "stabilization," undergoing profound structural changes amid ongoing policy support and market adjustments [2] - The primary market for new homes shows signs of bottoming out due to policy incentives, while inventory pressure remains across various cities [2] - The secondary housing and office markets are characterized by a "price for volume" strategy to stimulate transaction activity [2] - The commercial retail market demonstrates resilience through consumption upgrades and inventory transformations, while the bulk investment market has cooled significantly, with institutional investors adopting a cautious stance [2] - In Beijing, the total transaction volume for bulk property investments in 2025 was approximately 23.88 billion yuan, a decline of over 30% year-on-year, reaching a low not seen in over a decade [2] Policy Changes and Institutional Reform - Recent years have seen a concentration of policy benefits in the residential sector, with insufficient attention to commercial real estate assets [3] - A series of high-profile policies aimed at addressing liquidity issues in commercial real estate were introduced at the end of 2025, including the release of the "63rd Document" and the "21st Announcement" by the China Securities Regulatory Commission [3] - The "63rd Document" outlines a systematic framework for the high-quality development of the REITs market, while the "21st Announcement" initiates pilot programs for commercial real estate REITs, significantly broadening the scope of underlying assets [3] Commercial Real Estate and REITs - The inclusion of commercial real estate in the REITs framework is seen as a critical step in revitalizing the real estate sector, addressing the challenges of asset liquidity and promoting effective capital circulation [5] - The pilot policies set high-quality standards for underlying assets, compelling owners to enhance operational management to generate stable cash flows, thus creating a virtuous cycle of asset upgrading and capital recovery [6] - The move towards transparency and efficiency in the valuation of commercial real estate is expected to facilitate better asset pricing and liquidity premiums for quality projects [6] International Comparisons - The U.S. and Japan serve as benchmarks for successful REIT markets, where commercial real estate constitutes a significant portion of REIT market capitalization, underscoring its importance for long-term market health [7] - The expansion of China's REITs to include commercial real estate aligns with international best practices and signals a fundamental shift in the operational focus of real estate companies from high turnover development to sustainable cash flow management [7]

《中国经营报》：星际荣耀的总部在北京，但在全国布局中，四川被赋予了火箭发动机生产、总装总成 等核心制造任务。最终选择四川，是基于哪些关键考量？ 解放：这可以说是天时、地利、人和的共同结果。首先，四川有深厚的工业与航天底蕴，作为传统 的"三线"建设重点区域，拥有非常丰富和完整的产业配套资源。我们绝大部分产业链的延伸，都能在川 内找到相应的供应商，这为实现火箭的批量化生产提供了坚实基础。其次，四川省及成都、绵阳两地政 府对商业航天这一未来产业的认知度和支持力度都非常大，营造了良好的发展环境。最后，从国家战略 层面看，向西南内陆布局也契合构建战略纵深和"战略腹地"的宏观思路。综合来看，四川占据了产业基 础、政策支持与地理战略的多重优势，是我们的理想选择。 《中国经营报》：提到四川，人们自然会联想到西昌卫星发射中心。但据了解，你们目前的发射任务主 要依托海南文昌基地。未来，四川西昌是否可能成为你们商业发射的选项？ 解放：是的，这确实是行业内非常关注的一个方向。目前，国内获批执行商业发射任务的主要是海南文 昌和甘肃酒泉卫星发射中心。选择文昌，主要是因为其沿海地理位置便于执行"海上发射、海上回收"的 任务模式，安全性更有 ...

近日，京东平台正式推出黄金手机壳，最低11299元起，最高达112299元。 1月22日，记者登录京东平台发现，京东京造自营投资金旗舰店已上架一款AU99.99黄金手机壳，产品 以"真金在握"作为广告语，内置足金9999金片。该产品按黄金重量价格分5个档位，10g的标价11299 元、20g的标价22499元、30g的标价33699元、50g的标价56199元、100g的标价112299元，适配iPhone 17 Pro Max。 （文章来源：中国经营报） 世界黄金协会1月15日发布的数据显示，2025年金价共计53次刷新历史纪录，这也推动全球投资者以前 所未有的资金规模配置实物黄金和黄金ETF。 2026年开年，黄金价格继续上涨。1月21日，现货黄金伦敦金首次站上4800美元/盎司关口，国内品牌足 金饰品价格跟涨，多品牌金饰克价逼近1500元。 1月22日，国内多家黄金珠宝品牌公布的境内足金首饰价格较前一日有所调整，老凤祥报价1495元/克， 较前一日克价跌3元；老庙黄金报价1496元/克，较前一日克价涨3元；周生生报价1492元/克，较前一日 克价跌3元；周大福报价1498元/克，较前一日克价维持不变。 ...

Group 1 - The core idea of the articles revolves around the evolving trends in the Chinese New Year meal market, highlighting the increasing demand for both innovative dishes and cost-effectiveness among consumers [1][2][4] - Hema has launched the "Fengshen" spicy crab as a key product for the New Year meal season, developed in collaboration with Michelin chef Zeng Huaijun, aiming to provide a unique dining experience at home [1][5] - Consumer research indicates that over 60% of consumers prefer purchasing ready-made or semi-finished dishes for their New Year meals, while only 3% are willing to order a complete meal set, reflecting a desire for convenience without sacrificing personal involvement in meal preparation [2][3] Group 2 - The competition in the New Year meal market is intensifying, with brands focusing on both product innovation and the concepts of "cost-effectiveness" and "emotional value" [4][6] - Hema's "Fengshen" series emphasizes emotional value by offering dishes that are not only high-quality but also suitable for social sharing, thus appealing to younger consumers who prioritize both aesthetics and taste [5][6] - The "Fengshen" series has seen a 116% year-on-year sales increase since its launch, indicating a successful alignment with consumer preferences for both quality and emotional connection in their dining experiences [6]

此外，李世杰补充表示，人民币升值预期持续强化也是重要催化因素。2025年12月人民币汇率逼近7.0 关口，进入2026年后在岸人民币已升至6.96附近，全年累计涨幅明显。在此背景下，国际业务占比较高 的企业出于降低外币敞口风险、锁定汇兑收益的考虑，主动推动结汇操作。同时，美元走弱预期升温、 美联储降息周期预期延续，也在外部环境层面放大了这一行为。 兴业研究高级研究员张梦也指出，年末净结汇走高具有明显的季节性特征。每年年末本身是传统的结汇 高峰期，而2025年11月下旬至12月美元兑人民币连续突破7.10、7.05、7.00等关键点位，强化了市场的 升值预期，并触及部分企业的成本汇率或盈亏平衡汇率，从而显著放大了客盘结汇量。 日前，广发证券发布研报显示，2025年12月净结汇创历史新高。12月银行代客净结汇7055亿元，环比、 同比分别上升5891亿元、7806亿元。 分析人士指出，人民币在2025年12月后呈现加快升值态势，是推动企业和个人加快结汇的重要直接因 素。在人民币持续升值背景下，若延迟结汇，外汇资产折算为人民币时将面临更明显的价值缩水，因此 相关主体倾向于提前将外汇兑换为人民币。 汇管信息科技研究院 ...

Core Viewpoint - The introduction of a "digital identity" for every power battery in China's new energy vehicle industry marks a significant institutional reform, transitioning the industry from chaotic growth to regulated maturity, with a projected market scale exceeding 100 billion yuan by 2030 [1][3]. Group 1: Industry Transformation - The new regulation will enforce a "vehicle-battery integrated scrapping" policy, fundamentally altering the operational landscape and ensuring stable raw material supply for compliant enterprises [1][2]. - The current stock of new energy vehicles in China has surpassed 40 million, leading to an impending wave of battery retirements, with annual retirements expected to exceed 1 million tons by 2030 [1]. Group 2: Lifecycle Management - The establishment of a tracking system for batteries will create a dynamic "life file," enhancing regulatory oversight and curbing illegal circulation while enabling new business models based on accurate data [2][3]. - The system will drive optimization across the industry chain, necessitating design considerations for recyclability, production traceability, and battery health monitoring [2]. Group 3: Competitive Landscape - Future competition will hinge on digital capabilities, with companies that effectively utilize traceability data to optimize recycling networks and accurately assess battery residual value gaining a competitive edge [2][3]. - Leading companies are already achieving breakthroughs in recycling technologies, allowing for efficient extraction and recycling of key metals, which will translate into tangible competitive advantages in a regulated market [2]. Group 4: Implementation Challenges - Successful execution of the digital identity system relies on the integrity of data, supported by IoT technology and clear responsibility mechanisms, alongside a well-functioning recovery network [3][4]. - Long-term sustainability in the market will depend on ensuring that compliant businesses achieve real economic benefits and that the costs of recycling are lower than those of raw material extraction [3][4].