Core Viewpoint - Suiruan Technology's IPO application has been accepted, aiming to raise 6 billion yuan for the development and industrialization of its fifth and sixth generation AI chip series products, as well as advanced AI software and hardware collaborative innovation projects [1][2]. Group 1: Company Overview - Suiruan Technology was founded in March 2018 and has developed four generations of architecture and five cloud AI chips, establishing a complete product system including AI chips, AI acceleration cards, intelligent computing systems, and AI computing software platforms [1]. - The company has become a leading enterprise in China's cloud AI chip sector, with a comprehensive core technology system encompassing hardware, software, and computing cluster solutions [1]. Group 2: Technical Innovations - In hardware, Suiruan Technology has developed its own instruction set and original architecture, including the GCU-CARE acceleration computing unit and GCU-LARE high-speed interconnect technology, which supports high parallelism for AI large model acceleration [1]. - On the software platform side, the company has created a full-stack AI computing and programming software platform called "Yusuan TopsRider," which reduces programming development difficulty and migration costs for mainstream AI models based on its hardware [2]. Group 3: Revenue Generation - During the reporting period, Suiruan Technology's intelligent computing center projects have already generated revenue, and the company is collaborating with clients to develop super-node solutions and commercialize high-speed interconnect clusters [2].

中经记者 慈玉鹏 北京报道 继《关于优化实施个人消费贷款财政贴息政策有关事项的通知》（以下简称"《通知》"）发布后，近 日，多家银行机构迅速落地，公布信用卡分期贴息相关办理路径及方式。 一位国有银行人士表示，《通知》明确将财政贴息政策实施期限延长至2026年年底；同时也扩大了支持 范围，贴息范围扩展至信用卡账单分期，并取消5万元及以上消费领域限制，有利于进一步推动消费。 从支持范围看，2026年1月1日—2026年12月31日期间，居民个人申请办理且符合条件的信用卡账单分期 业务，其在该期间所产生并偿还的分期利息，可按有关政策享受贴息。财政部门等有权机关对政策期限 另有要求的，适用政策规定。 办理流程方面，总体来看，客户总体仍按照一般流程在银行办理信用卡账单分期。按照相关政策要求， 享受财政贴息需要签署相关协议，授权银行获取贷款发放账户或指定账户交易信息、信用卡账单分期信 息，用于识别符合贴息条件的消费交易信息。 一家国有银行人士表示，客户使用办理账单分期后，银行将通过系统自动识别符合贴息条件的消费交易 信息。对于系统未能自动识别的，采取客户提交与贷款使用相对应的消费发票等消费凭证、银行人工审 核的方式进行识 ...

Core Viewpoint - Kangxin New Materials Co., Ltd. is making a strategic move to acquire a 51% stake in Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, aiming to diversify into the semiconductor industry due to declining demand in its core container flooring business [1][4][11] Group 1: Acquisition Details - The acquisition involves a cash payment of 392 million yuan, which will make Yubang Semiconductor a subsidiary of Kangxin New Materials [4][6] - The acquisition price reflects a valuation of 6.92 billion yuan for Yubang Semiconductor, indicating a premium of 430.8% [6][7] - Yubang Semiconductor has committed to achieving net profits of at least 50 million yuan, 53 million yuan, and 56 million yuan for the years 2026, 2027, and 2028, respectively, totaling a minimum of 159 million yuan [5] Group 2: Financial Performance - Kangxin New Materials has faced continuous financial pressure, reporting revenues of 246 million yuan, 602 million yuan, and 278 million yuan for the years 2023, 2024, and the first three quarters of 2025, with net losses of 297 million yuan, 334 million yuan, and 189 million yuan during the same periods [8][10] - Yubang Semiconductor reported revenues of 150 million yuan and 166 million yuan for the first three quarters of 2024 and 2025, with net profits of approximately 14 million yuan and 7.8 million yuan, respectively [4] Group 3: Strategic Rationale - The move into the semiconductor sector is a response to declining demand in the container flooring market, influenced by international trade dynamics and U.S. tariff policies [3][11] - Kangxin New Materials aims to optimize its industrial structure and foster new growth drivers through this acquisition, aligning with national policies encouraging mergers and acquisitions [5][11] - The company acknowledges the risks associated with the acquisition, particularly regarding the valuation of Yubang Semiconductor and the feasibility of the profit commitments [7][10]

中经记者 刘旺 北京报道 耐克在中国市场即将迎来外籍新帅。 《中国经营报》记者从耐克方面获悉，现任大中华区领导董炜将于3月31日正式卸任。同时，耐克宣布 任命Cathy Sparks为新任耐克大中华区副总裁兼总经理。 耐克对董炜评价颇高，该公司方面提到，董炜于2005年加入耐克。在过去20余年间，她在大中华区担任 多项重要领导职务。在其任期内，耐克深度参与并见证了大中华区体育、文化及业务发展的多个里程 碑，包括北京奥运会、中国消费者与数字生态的迅速崛起，以及全球疫情期间的挑战与复苏。 在董炜的带领下，耐克通过上海马拉松、耐克高中篮球联赛（CHBL）、ACG崇礼168以及"下站东 单"等标志性品牌活动，持续推动大中华区的运动文化发展。"我们衷心感谢董炜为这一关键市场所作出 的长期贡献，并祝愿她在未来一切顺利。"耐克公司方面表示。 不过，仍要看到的是，耐克在中国市场出现了业绩下滑的情况。在不久前发布的2026财年第二季度 （2025年9—11月）财报中，耐克大中华区营收为14.23亿元，同比下降约17%。其中，直营Nike Direct 下滑18%，其中数字化业务Nike Digital下降36%，Nike自有门 ...

Core Viewpoint - The ongoing dispute between Jia's Electric and Bull Group highlights issues of advertising ethics and market competition in the electrical appliance industry, particularly regarding misleading marketing practices and the impact on consumer perception [3][4][5]. Group 1: Company Dispute - Jia's Electric's founder, Kuang Jian, accused Bull Group of using substandard materials and misleading advertising, specifically criticizing the claim that "7 out of 10 Chinese households use Bull" as deceptive [3][4]. - The conflict escalated when Jia's Electric launched a campaign against Bull's advertising, leading to Bull Group filing a lawsuit for 4.2 million yuan in damages, claiming defamation and damage to its commercial reputation [4][5]. - The legal action by Bull Group did not deter Jia's Electric; instead, it intensified the competition, with Jia's Electric asserting that Bull's advertising practices violate Chinese advertising laws [5][6]. Group 2: Market Dynamics - Bull Group has maintained a dominant market position in the power strip sector, but Jia's Electric's campaign has raised awareness of perceived product deficiencies, potentially affecting Bull's market share [4][5]. - The advertising slogan used by Bull Group has been criticized for creating a misleading perception among consumers, which could impact the competitive landscape and the survival of smaller companies like Jia's Electric [6][7]. - The overall market for home improvement and electrical appliances is under pressure, with reports indicating that some companies are experiencing significant declines in performance, highlighting the challenges faced by smaller enterprises in a competitive environment [6][7]. Group 3: Strategic Responses - In response to the competitive pressures, Jia's Electric is considering launching new products, including a power strip, to capitalize on the heightened visibility from the dispute [7]. - Kuang Jian emphasized the need for innovation and diversification in product offerings to survive in a market dominated by larger players like Bull Group [7]. - The situation illustrates the broader challenges faced by small to medium-sized enterprises in the industry, where aggressive marketing tactics and established brand dominance can stifle competition and innovation [6][7].

（编辑：卢志坤 审核：童海华 校对：颜京宁） 中经记者 吴静 卢志坤 北京报道 近日，融创中国与中信双方宣布进一步深化融资合作，重启天津梅江地块，在既有合作基础上再添新 作。 据了解，梅江地块拥有得天独厚的资源，是天津公认的高端居住核心区，周边坐拥260万平方米的梅江 公园生态绿肺和众多城市地标，配套成熟，居住氛围浓厚。近年来，世界智能大会、世界达沃斯论坛、 上合组织峰会等国际盛会相继落地。 基于对优质资产的共同认可，双方决定协同资源合力推进。中信旗下中信金融资产、中信信托、中信银 行将为项目提供全周期的资金支持及金融服务，中信城开、中信实业将为项目提供专业的咨询服务，中 信建设则将为项目提供国际级总包建设服务与品质保证。 据悉，本次合作得到了天津各级政府的支持，随着首笔资金落位，央地合作的又一次重要样本顺利落 地。 ...

Group 1 - Spain is the second country in the world in terms of high-speed railway operating mileage, with a total of 3,993 kilometers, following China, which has 50,000 kilometers [1][5] - The Spanish company CAF is a major player in the rail transport equipment industry, focusing on urban metro, light rail vehicles, and high-speed trains, ranking third in Europe after Siemens and Alstom [1] - Spain's transportation sector is actively seeking collaboration with Chinese companies to enhance infrastructure development and achieve mutual benefits [1][2] Group 2 - The Chinese Ministry of Transport expressed willingness to deepen practical cooperation with Spain in civil aviation and railways, aiming for tangible results [2] - Oscar Puente, Spain's Minister of Transport, highlighted the successful experiences of China Railway Construction Corporation (CRCC) in railway construction, indicating a desire for knowledge exchange [2][3] - Spain is focusing on upgrading its railway infrastructure and welcomes collaboration with Chinese firms in areas such as new energy and materials [2][3] Group 3 - The Spanish railway management emphasizes the need to consider specific national requirements while learning from international experiences and technologies [3][4] - Discussions on modernizing existing conventional lines versus building new high-speed infrastructure highlight the importance of cost, capacity, travel time, and local conditions [4] - High-speed rail is recognized for its speed, convenience, and environmental benefits, with a focus on complementing other transportation modes rather than competing with them [4]

苹果中国官网为迎接2026年新春开启了为期4天的限时优惠，官网几乎所有产品都有折扣，除了最新发 布的iPhone 17系列。 1月22日，苹果中国官网推出"新春限时优惠活动"，用户于1月24日至1月27日以符合条件的支付方式购 买iPhone、Mac、iPad和Apple Watch等指定产品最高立省1000元。 但《中国经营报》记者留意到，在这场新春大促中，2025年秋季才发布的最新旗舰——iPhone 17系列 并未出现在优惠名单之中。 具体来看，iPhone 16系列的多款机型则享受了不同程度的优惠，iPhone 16及iPhone 16 Plus可立省300 元，而iPhone 16e则可节省200元，MacBook Pro最高降1000元，MacBook Air降700—800元。 近几年，苹果几乎每年农历新年前都会在中国官网推出为期数天的"限时优惠"活动，这已成为其固定营 销日历的一部分。2024年9月发布的iPhone 16系列，在苹果2025年1月的"叱咤福利"新年促销活动中就有 400—500元的优惠。 事实上，记者留意到，从苹果直营渠道2025年"双11"购物促销就可以看出，iPhone ...

中经记者 张靖超 北京报道 北京时间1月21日（美东时间1月20日盘后），流媒体巨头网飞（NASDAQ：NFLX）发布了2025财年第 四财季（对应2025年第四季度）报告。数据显示，网飞当季营收120.5亿美元，同比增长17.61%，净利 润24.2亿美元，同比增长29.43%，调整后每股收益0.56美元；2025财年营收451.8亿美元，同比增长 15.85%，净利润109.8亿美元，同比增长26.05%，调整后每股收益2.53美元。 但营收与净利润双增的业绩并未让网飞市值与股价获得充足的增长动力。财报发布后的第一个交易日， 网飞股价下跌2.18%，报收85.36美元/股。 张毅认为："制片厂提供IP和制作能力，而以网飞为代表的流媒体平台在算法、数据和全球化的发行能 力方面都是有保障的。从行业的趋势来看，流媒体和传统影视的竞争已经日趋融合。" 网飞也在股东信中称，华纳兄弟与网飞是高度互补的业务，合并后将能为创作者提供更多机会，并增强 整个娱乐行业。通过收购，网飞将获得全球最强大的影视内容库之一，可用于开发新内容，并帮助公司 拓展消费品、体验和视频游戏等新兴业务。 收购华纳兄弟仍有变数 对于下跌原因，多位业 ...

Core Viewpoint - The actual controller of Zuojiang Technology, Zhang Jun, has been criminally detained for suspected violations of information disclosure laws, following previous administrative penalties for financial fraud [1][4][5]. Group 1: Criminal Detention and Administrative Penalties - Zhang Jun was detained on January 14, 2026, for suspected violations related to the disclosure of important information [2]. - In February 2025, Zuojiang Technology was fined 5 million yuan, and Zhang Jun was fined 2.5 million yuan for inflating revenue and profits, leading to false financial statements [4]. - Zhang Jun, along with other executives, received a five-year ban from the securities market due to their roles in the financial misconduct [4][5]. Group 2: Financial Fraud and Market Impact - Zuojiang Technology inflated its reported revenue by 11.16 million yuan and profits by 10.71 million yuan in its quarterly reports for 2023, which were found to contain false records [4][12]. - The company's stock price surged by 835% from 32.07 yuan per share in April 2022 to a peak of 299.8 yuan per share in July 2023, despite the financial irregularities [9][11]. - The company was labeled as the "most expensive ST stock in history" during this period of inflated stock prices [1][9]. Group 3: Regulatory Response and Investor Protection - Regulatory authorities have emphasized a "zero tolerance" approach to financial fraud, aiming to protect investors' rights and interests through strict enforcement measures [4][5]. - The connection between administrative penalties and criminal accountability is intended to increase the costs of violations and deter future financial misconduct [6][5]. - The comprehensive responsibility system aims to ensure that major violators face severe consequences, thereby fundamentally curbing the motivation for financial fraud [6].