Core Viewpoint - The article emphasizes the importance of cultivating a long-term capital ecosystem led by "patient capital" to support youth innovation in Beijing, aligning with the city's goal of becoming a national technology innovation center [1][2]. Group 1: Policy Framework and Long-term Capital Ecosystem - Beijing has implemented measures to establish a growth mechanism for future industry investments, laying a solid policy foundation for the development of patient capital [1][2]. - The city aims to optimize capital empowerment mechanisms and foster a long-term investment culture to unleash the potential of youth innovation [2]. Group 2: Mechanisms for Supporting Youth Innovation - A proposed mechanism includes the introduction of guidelines for government-led funds to participate in venture agreements, focusing on long-term investments in six key future industries [3]. - The suggestion includes eliminating short-term performance metrics in fund assessments and providing management fee subsidies for projects with investment periods exceeding five years [3]. Group 3: Investment Culture Transformation - The article advocates for a shift in investment logic from a financial-focused approach to a strategic cultivation model, encouraging funds to adopt milestone-based agreements linked to technological breakthroughs [4]. - It suggests that companies signing agreements without buyback or forced exit clauses should receive positive incentives during IPO reviews [4]. Group 4: Risks Associated with Venture Agreements - The article identifies hidden risks associated with venture agreements, including compliance risks, liquidity pressures, control risks, and insufficient policy alignment, which hinder the IPO process for youth innovation companies [5]. - It highlights that over 30% of companies in review may retain exit paths through hidden mechanisms despite appearing to terminate venture clauses [5]. Group 5: Recommendations for Risk Management - Recommendations include the accounting profession initiating a "compliance health support plan" for startups, providing comprehensive professional support to manage venture agreement risks [6]. - Suggested actions involve developing a liquidity warning system, conducting health checks on venture agreements, and offering training programs to strengthen compliance foundations for youth entrepreneurs [6].

Core Viewpoint - Shenzhen Yuanxin Energy Storage Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, showcasing rapid growth in its energy storage system sales and integrated solutions, while facing challenges such as low capacity utilization and customer concentration [1][3]. Group 1: Company Overview - Yuanxin Energy Storage, established in July 2019, is a global provider of integrated energy storage system (ESS) solutions, focusing on full lifecycle solutions for global energy storage assets [2]. - The company is led by co-founders Wang Yu and Zhang Jiajing, who have extensive experience in the clean energy sector [2]. Group 2: Financial Performance - The company reported revenues of approximately 435 million yuan, 1.144 billion yuan, and 881 million yuan for 2023, 2024, and the first three quarters of 2025, respectively, with profits of 40.74 million yuan, 96.27 million yuan, and 70.89 million yuan during the same periods [3]. - Revenue and profit growth rates for 2023 and 2024 were 163% and 136%, respectively, while the first three quarters of 2025 saw a staggering 610% revenue increase and a 44% profit increase year-on-year [3]. Group 3: Business Strategy and Market Trends - The company has shifted its focus from energy storage system product sales, which accounted for 86.5% and 57.8% of revenue in 2023 and 2024, to integrated energy storage system solutions, which accounted for 92.7% of revenue by September 2025 [3]. - The average selling price of integrated energy storage solutions decreased from 1.26 yuan/Wh to 0.44 yuan/Wh between 2023 and September 2025, attributed to lower raw material costs and increased competition [4]. Group 4: Customer Concentration and Risks - In 2023, 2024, and the first three quarters of 2025, revenue from the top five customers accounted for 53.6%, 81.6%, and 80.8% of total revenue, with the largest customer’s revenue share increasing from 11.8% to 40.7% [6]. - The company has experienced frequent changes in its top customers, raising concerns about customer stability and potential risks to business performance [6][7]. Group 5: Supply Chain Dynamics - A significant supplier, located in Fujian, is also a customer of Yuanxin Energy Storage, creating a dual relationship where the company sells battery modules to and purchases battery cells from this supplier [8]. - The company’s market presence is primarily domestic, with overseas market expansion still in its early stages, contributing only about 1% of revenue from overseas markets by the first three quarters of 2025 [8]. Group 6: Future Plans - The proceeds from the IPO will be used to enhance technological capabilities, expand overseas business, and upgrade existing production facilities [8].

根据通报，舞弊行为主要集中在职务侵占与商业贿赂两大领域，涉及腾讯的IEG（互动娱乐事业群）、 CSIG（云与智慧产业事业群）、PCG（平台与内容事业群）等多个核心业务部门及子公司。其中4起职 务侵占案件已获法院判决，刑期从拘役五个月至有期徒刑三年不等。微信支付、在线视频、广告营销等 业务线亦有员工因收受好处费被查处。 （文章来源：中国经营报） 1月23日，腾讯通报2025年度反舞弊调查结果，全年共查处触犯"腾讯高压线"案件70余起，90余名员工 被解聘，其中20余人因涉嫌犯罪被移送公安机关，30余名外部涉案人员同期被查。值得关注的是，AI 技术已成为腾讯反腐体系中的核心工具，通过动态风险模型在合作伙伴准入、招投标等关键环节实现主 动预警。 腾讯在通报中表示，通过自建AI分析工具系统化梳理风险点，在合同管理、费用报销等环节构建动态 监控模型。通过持续的案件反馈，腾讯不断提升模型的准确度和深化探索AI与大数据分析技术在舞弊 线索主动挖掘中的应用。"这一系列实践不仅帮助我们更及时发现潜在风险和完善内控机制，也在一定 程度上减少了舞弊案件的发生，加强了对公司和员工的保护。" 另外，腾讯方面强调，对于触犯"腾讯高压线" ...

Core Viewpoint - The collaboration between Sunac China and CITIC has been deepened to restart the Tianjin Meijiang land project, leveraging existing partnerships and resources [1] Group 1: Project Overview - The Meijiang land is recognized as a high-end residential core area in Tianjin, surrounded by 2.6 million square meters of ecological green space and numerous urban landmarks [1] - The area has hosted significant international events such as the World Intelligence Congress and the World Economic Forum, enhancing its profile [1] Group 2: Financial and Consulting Support - CITIC's subsidiaries, including CITIC Financial Assets, CITIC Trust, and CITIC Bank, will provide comprehensive financial support and services throughout the project lifecycle [1] - CITIC Urban Development and CITIC Industry will offer professional consulting services, while CITIC Construction will ensure international-level construction quality and guarantees [1] Group 3: Government Support - The collaboration has received support from various levels of the Tianjin government, marking a significant example of central-local cooperation [1]

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 ...