中经实习记者 孙小琴 记者 夏欣 北京报道 融资保证金比例调整后的第三个交易日，A股市场呈现成交缩量、情绪降温的特征。 前海开源基金首席经济学家杨德龙表示，目前两融余额量的下降，和融资保证金上调政策有关系，已经 起到了一定的作用。而且释放出给市场降温的信号，也让一部分投资者控制风险又减少了融资量。 东方财富数据显示，1月19日A股融资买入金额合计为2674亿元，较上周五3357亿元下降20.35%。而如 果对比1月14日峰值的4508亿元，下降幅度则达到40.68%。 对于融资买卖额度的大幅下降，苏商银行特约研究员薛洪言表示，融资买入额较峰值下降40.68%，这 一变化与政策调整直接相关，但更准确的理解是政策预期引导与市场自身调节共同作用的结果。 薛洪言认为，政策上调保证金比例，直接降低了单位保证金的融资购买力，抑制了部分高杠杆交易需 求。同时，从政策发布到实施的几天里，市场已产生预期并开始提前调整，加速了融资盘的回落。 "前期的峰值水平本身已属异常活跃，存在内在回调压力，且市场指数波动与投资者风险偏好变化也同 步产生影响。"薛洪言强调，政策确实起到了精准、及时的降温效果，有效抑制了杠杆的过快扩张，且 通过平 ...

Core Viewpoint - The financial performance of Industrial Bank for the year 2025 shows moderate growth in total assets, revenue, and profits, indicating stability in its operations and a focus on key lending sectors [2] Financial Performance - As of the end of 2025, the total assets of Industrial Bank reached 11.09 trillion yuan, an increase of 5.57% compared to the end of 2024 [2] - The bank achieved an operating income of 212.741 billion yuan, reflecting a year-on-year growth of 0.24% [2] - The total profit amounted to 89.973 billion yuan, which is a 3.27% increase year-on-year [2] - The net profit attributable to shareholders was 77.469 billion yuan, showing a growth of 0.34% compared to the previous year [2] Loan and Deposit Growth - The balance of various loans increased by 3.70% to 5.95 trillion yuan compared to the end of 2024 [2] - Technology finance loans exceeded 1.12 trillion yuan, while green finance loans reached 1.1 trillion yuan, and loans to the manufacturing sector approached 1 trillion yuan [2] - The balance of deposits grew by 7.18% to 5.93 trillion yuan compared to the end of 2024 [2] Dividend Announcement - On January 20, the shareholders' meeting approved a mid-term dividend proposal, with a cash dividend of 5.65 yuan per 10 shares (pre-tax) to be distributed to all ordinary shareholders, amounting to an expected total cash dividend of 11.957 billion yuan [2]

中经记者陈燕南北京报道 "金属矿多采用深挖开采模式，深度可达500米至600米。煤矿埋藏通常较浅，但露天金属矿往往向下延伸极深， 这给定位等技术带来了新的挑战。在深度达500米的狭窄隧道中，路面多为坑洼不平的土路，与乘用车行驶的结 构化隧道完全不同，但无人驾驶系统仍需适应这样的环境。"易控智驾副总裁林巧在接受记者采访时表示。这种 复杂工况下的技术适配能力，成为矿山无人驾驶区别于普通智能驾驶的核心特征，也是其释放社会效益的基础。 在5000米的高原上，越来越多的无人驾驶矿车组成了多编组车队，无惧高原的极寒、大风环境，在数公里的崎岖 山道中穿梭作业。在越来越多的矿区，无人矿卡车队正在从"支线"变为主力军，在效率和安全方面创造出实际价 值。 目前，不少头部无人矿卡公司已具备产业化成熟经验和能力，从产业演进来看，露天矿山无人驾驶在技术研发、 商业模式、产业链生态等方面已进入稳定上升期，全国矿山无人矿卡保有量持续提升。 中国煤炭工业协会信息化分会秘书长王丹识对《中国经营报》记者表示，我国露天煤矿无人驾驶实际运行车辆已 由2020年的88台增长至2025年的4000余台。在政策、技术和模式三轮驱动下，2025年成为矿山无 ...

中经记者路炳阳北京报道 至2025年年底，京哈高铁开通5年来客流屡创新高，京津冀区域线路旅客发送量达到6380.6万人次，高铁运能运力不断扩容，从初期的12对增至2025年年底 的88.5对，增幅高达638%。 中国铁路北京局集团有限公司（以下简称"国铁北京局"）人士对《中国经营报》记者表示，2026年一季度新图实施后，京哈高铁再新增2对，开行列车达到 创纪录的90.5对。日均发送量旅客稳步提升，从初期的1.5万人次增至目前的5.6万人次，增幅达273%。届时还将在长白山至北京方向增开G字头动车组列车4 列，再次提升东北地区进出关旅客运输能力。 从列车开通方向上看，京哈高铁已经从开通初期的通达哈尔滨、沈阳、承德等地，逐渐延伸涵盖至大连、牡丹江、齐齐哈尔、长白山，向南到达石家庄、邯 郸等方向。京哈高铁在2025年5月突破5000万人次后，当年又实现一年发送旅客突破2000万人次大关，达到2042.7万人次，同年10月1日创下单日最高峰13.94 万人次新纪录。 北京朝阳站作为京哈高铁的起始站，也是京哈高铁全线最大的车站，从开通初期的日均34列逐步增长到2025年的日均80列，5年时间增长137.4%。北京朝阳 ...

中经记者 颜世龙 北京报道 继上海之后，北京成为又一座"5万亿"城市。 从2007年地区生产总值首次突破万亿元大关，到"十四五"开局之年跨越4万亿元台阶，再到"十四五"收 官之年（2025年）突破5万亿元，达到52073.4亿元的新跨越，北京成为继上海后第二座跨入"5万亿俱乐 部"城市。 这意味着，5年的时间，北京经济增量约1.4万亿元，相当于多造了一个海淀区。同时，北京当前的经济 体量也已经超过比利时2024年的GDP，跻身全球前25大经济体。 《中国经营报》记者注意到，北京此次站上"5万亿"台阶，主要贡献来自第三产业服务业，尤其是高端 服务业。其中，信息传输、软件和信息技术服务业实现增加值12192.4亿元，增长11.0%，金融业实现增 加值8668.2亿元，增长8.7%，两个行业对全市经济增长的贡献率超过七成。而这也为北京在"十五五"期 间，高质量发展迈上新台阶奠定坚实基础。 高端服务业是"压舱石" 北京市统计局于1月21日发布的最新数据显示，2025年北京市实现地区生产总值达52073.4亿元，同比增 长5.4%，增速较2024年提高0.3个百分点，高于全国平均增速0.4个百分点。 具体到产业结构中， ...

Core Insights - ByteDance has launched a new AI hardware product, the "AI Recording Bean," in collaboration with Anker Innovation, marking a significant step in integrating AI capabilities into hardware for enterprise office scenarios [1][2] - The AI Recording Bean is designed to enhance collaboration by transforming meetings into reusable knowledge units, addressing key pain points in the AI recording industry [2][4] Group 1: Product Features and Differentiation - The AI Recording Bean weighs only 10 grams and features dual omnidirectional microphones, a 5-meter effective pickup radius, and 8 hours of battery life, extendable to 32 hours with a charging dock [1] - Its true differentiation lies in its deep integration with Feishu's AI capabilities, enabling real-time voiceprint recognition, multilingual transcription, and automatic generation of multimodal summary documents [2][3] - The device aims to streamline the workflow by eliminating manual steps in recording and summarizing meetings, thus enhancing efficiency [2][3] Group 2: Market Context and Competitive Landscape - The AI recording hardware market is becoming increasingly competitive, with major players like DingTalk and WeChat Enterprise also developing similar products [1][5] - The focus of competition is shifting from hardware performance to the integration of specialized AI with dedicated hardware, allowing for unique collaborative methodologies [3][5] - The launch of the AI Recording Bean is part of a broader strategy to fill ecological gaps in offline meeting scenarios and to create a complete work loop by connecting online collaboration with offline communication [5][6] Group 3: Strategic Implications and Future Outlook - The AI Recording Bean is priced at 899 yuan, targeting enterprise and professional users rather than the consumer market, indicating a strategic focus on high-value data acquisition [6] - The ongoing competition in AI recording hardware is seen as a data acquisition battle, where companies aim to leverage high-quality meeting data for model training and improved AI outcomes [5][6] - Future developments may see WeChat Enterprise focusing on customer communication and external scenarios, differentiating its approach from Feishu and DingTalk [6]

Core Insights - Toyota achieved a slight increase in sales in China, exceeding 1.78 million units in 2025, compared to 1.776 million units in 2024, marking it as the only foreign multinational automotive group to experience growth in the Chinese market for that year [1] Group 1: Sales Performance - The sales performance of Toyota's joint ventures in China contributed significantly to the overall sales increase, indicating a recovery in the market [1] - FAW Toyota reported sales of 805,500 new vehicles in 2025, with several key fuel models maintaining stable sales [1] - Specific model performances include the Crown Land Cruiser with annual sales of 59,900 units (up 14% year-on-year), RAV4 with 204,200 units (up 6%), and the Avalon with 126,700 units (up 39%) [1]

【#摩尔线程2025年营收增幅预计超两倍# S5000智算卡已规模量产】1月21日，"国产GPU第一股"摩尔 线程（688795.SH）发布2025年度业绩预告，营收预计为14.50~15.20亿元，同比增长230.70~246.67%； 扣非净利润预计亏损10.40~11.50亿元，与上年同期相比，亏损收窄幅度为29.59~36.32%。 值得一提的是，摩尔线程还发布公告称，将使用自有资金补足募投项目的资金需求，保障GPU研发项目 顺利推进，募投资金将投向三大核心研发项目：新一代自主可控AI训推一体芯片、新一代自主可控图 形芯片、新一代自主可控AI SoC芯片。#摩尔线程[超话]# 中经记者 李玉洋 上海报道 摩尔线程在公告中表示，得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司以AI训 推一体智算卡MTT S5000为代表的产品竞争优势进一步扩大，市场关注与认可度持续提升，推动收入与 毛利增长，整体亏损幅度同比收窄。据了解，摩尔线程旗舰级AI训推一体全功能GPU智算卡MTT S5000 的性能已达到市场领先水平，并实现规模量产。 ...

Group 1 - The core viewpoint of the article is that Xiabuxiabu Group is entering the Western cuisine market by launching a new sub-brand "Xiaoniupai," which focuses on handmade Taiwanese-style thick steak and aims to provide high-quality steak at an affordable price [1][2] - The first store of "Xiaoniupai" is set to open on February 6, 2026, in Beijing, and the brand will offer a business model that includes 158 free dishes and afternoon tea drinks alongside the steak [1] - The founder and chairman of Xiabuxiabu, He Guangqi, emphasized that "Xiaoniupai" is a key initiative in the company's multi-brand and diversified development strategy, aiming to fill a market gap for affordable high-end steak [1][3] Group 2 - In recent years, Xiabuxiabu has adjusted its business operations due to declining performance, including reducing the average spending at its high-end hot pot brand "Coucou" and decreasing the total number of stores by 13% to 937 as of June 30, 2025 [2] - The company has seen a significant increase in its takeaway business, with monthly sales per store rising from 35,300 yuan in the first half of 2024 to 42,700 yuan in the first half of 2025, marking a growth of 20.9% [2] - The current market for steak lacks a national benchmark brand, presenting an opportunity for Xiabuxiabu to establish itself in a segment where there are no dominant players [2] Group 3 - The article highlights a market pain point where mid-to-high-end steak prices exceed 300 yuan, making it unaffordable for everyday consumers, while traditional budget steak options often lack quality [3] - There is a significant disparity in beef consumption between China and other countries, with China's per capita beef consumption at only 6 kg, which is less than one-sixth of that in the United States, indicating a large untapped market potential [3] - Industry forecasts predict that the Chinese steak market will reach approximately 40 billion yuan by 2025, with the total market size expected to grow to 120 billion yuan in the future [3]

数据显示，美国年均牛肉消费量达36千克/人，日本为12千克/人，而作为世界第二大经济体的中国，人 均牛肉消费量仅为6千克，不足美国的六分之一。这一显著差距背后，是一片尚未饱和的蓝海市场。 值得注意的是，呷哺呷哺外卖业务表现亮眼，单店月销售额从2024年上半年的3.53万元增长至2025年上 半年的4.27万元，增幅达20.9%。上半年整体订单量增长超过55%，带动外卖毛收入同比增长22.4%。 从市场格局来看，当前鸡、鸭、鱼、猪、羊等主流肉食品类均有千店级头部连锁品牌，唯独牛排品类存 在有品类无巨头的空白，缺乏全国性标杆品牌，这为呷哺呷哺集团的战略布局延伸提供了机遇。 值得一提的是，当前市场存在明显的痛点，中高端品质牛排客单价突破300元，让日常消费望而却步。 传统百元牛排自助很难享受到高端食材，消费者陷入品质与价格的艰难取舍。贺光启指出，有些牛排餐 厅虽然经营很多年，但规模没有做大，这是因为高客单价的餐厅基本很难走大规模，太低客单价的餐厅 又缺少获利能力，有些小几十元的牛排又很难有质量保证。 （文章来源：中国经营报） 近日，火锅头部企业呷哺呷哺集团宣布跨界布局牛排赛道，推出全新子品牌"呷牛排"，首店将于20 ...