据《中国经营报》记者不完全统计，字节跳动、腾讯、阿里巴巴、百度、京东、快手等多家互联网大厂 及主流平台纷纷入局春节红包大战，红包大战总体规模或近百亿元。 其中，字节跳动以豆包为核心、抖音同步加持，推出科技好礼+现金红包活动；腾讯旗下元宝APP投入 10亿元纯现金打造红包活动；阿里巴巴通过通义千问启动30亿元计划且支付宝等生态同步参与；百度依 托文心助手投入5亿元，打造跨元宵节的长线活动；京东投入30亿元红包与补贴并结合年货节、除夕实 物抢购主打购物抵扣福利；快手则打造了2亿元现金池，以集卡、红包雨等玩法参战。 2月12日，京东正式官宣入局，将于2月16日除夕晚8点开启"月黑风高"超级盛典，投入30亿元红包及实 物大奖，进一步点燃春节消费市场热情。 据了解，此次京东除夕福利活动将从2月16日晚8点持续至2月17日0点，用户无须等待春晚口播，整点即 可参与抢购，邀请好友还能提前解锁预约资格。 消费者可从2月15日起，在京东APP搜索"月黑风高"提前预约心仪商品，锁定优惠价格。 （文章来源：中国经营报） 马年春节临近，春节红包大战竞争升级。 ...

春节将至，青岛企业宸芯科技（874661.NQ）上市进程又生变数。2月9日，宸芯科技发布公告称，拟将 上市板块由北交所变更为创业板。 "企业在四年内三易上市板块，表面是策略腾挪，实则是研发资产转化为可证券化财务业绩的时间窗口 尚未打开。原始股东阶段性退出与资本补充诉求的双重挤压，加剧了这一进程的仓促感。"田利辉说。 "从行业背景看，芯片设计行业研发周期长、资金需求大，而公司2024年以来由盈转亏，净利润连续多 期为负，导致其在盈利指标上难以满足部分板块的硬性要求。"苏商银行特约研究员张思远向记者指 出，此外，科创板对"硬科技"属性的严格审核（如研发投入占比、专利数量、技术壁垒）或是宸芯科技 2023年辅导验收后未获受理的重要因素。 南宁学院金融专家、博士石磊则认为，宸芯科技上市之路看似"坎坷"，实则是企业在动态发展中不断校 准资本路径的理性选择，每一次调整都基于其发展阶段、财务状况与板块定位的匹配。 记者注意到，宸芯科技自2022年启动科创板辅导以来，经历了"科创板搁浅—新三板挂牌—北交所辅导 —创业板转板"的多次路径调整，反映出其在不同阶段对自身定位、财务指标与板块规则的匹配度判断 存在变化。 对于此次上市 ...

Core Viewpoint - The express delivery industry is ensuring uninterrupted service during the Spring Festival, addressing consumer concerns about potential delivery halts, while also focusing on reducing internal competition and improving profitability [1][2][3]. Group 1: Service Operations During Spring Festival - Multiple express companies, including Zhongtong Express, Shentong Express, and Jitu Express, have confirmed that they will maintain normal operations during the Spring Festival, with specific arrangements for employee shifts to ensure service continuity [1][3]. - Zhongtong Express will operate from February 16 to February 21, while Jitu Express has planned resource allocation to ensure operational stability during the holiday period [3][5]. Group 2: Industry Trends and Financial Performance - The express delivery sector is experiencing a "reverse involution," leading to an increase in single-ticket revenue for companies like Shentong Express and Yunda Express, with expectations for continued growth in 2026 [2][6]. - From late 2025, the industry has shifted from price competition to profit recovery, with Yunda Express reporting a 5.9% year-on-year increase in single-ticket revenue in December 2025 [6]. Group 3: Fundraising and Financial Strategies - Zhongtong Express plans to issue $1.5 billion in convertible senior notes, with a net amount of approximately $1.404 billion allocated for refinancing and general corporate purposes [7]. - Shentong Express intends to issue medium-term notes not exceeding 2 billion yuan to enhance liquidity and support project development [7]. Group 4: Market Outlook - Analysts predict that the express delivery industry is in the early stages of an upward cycle, with improving profitability and a shift towards higher service quality, which is expected to foster sustainable development [7].

Core Insights - The number of companies in the Shanghai Stock Exchange (SSE) announcing positive earnings forecasts for 2025 is increasing, indicating a recovery in performance and a solid foundation for the "14th Five-Year Plan" period [1][7][9] Group 1: Performance Highlights - As of February 9, 2026, 271 companies on the SSE main board have issued positive earnings forecasts for 2025, with 168 expecting profit increases and 85 companies turning losses into profits [1] - The performance of companies is particularly strong in the non-ferrous metals and electronics sectors, with leading companies maintaining high profit levels [2][8] - In the non-ferrous metals sector, companies are experiencing a "volume-price resonance," with both production increases and rising prices contributing to profit growth [2][8] Group 2: Sector-Specific Insights - Non-ferrous metal companies are benefiting from rising prices and increased production, with Zijin Mining expected to achieve a net profit of 51-52 billion yuan, a year-on-year increase of 59%-62% [2] - The electronics sector is driven by AI demand, with companies like Huaqin Technology forecasting a revenue increase of 54.7%-56.1% and a net profit increase of 36.7%-38.4% [3] - The AIoT market is rapidly growing, with companies like Rockchip expecting significant revenue and profit growth due to increased demand in automotive electronics and AI servers [3] Group 3: Industry Trends - The semiconductor and biopharmaceutical sectors on the STAR Market are showing signs of recovery, with nearly 60% of companies reporting profit growth [5][6] - The integrated circuit industry is benefiting from AI applications, with 87 companies reporting a combined net profit increase of approximately 99.49 billion yuan [5][8] - The biopharmaceutical sector is experiencing a resurgence, with innovative drug companies reporting significant revenue growth and improved profitability [6] Group 4: Future Outlook - The earnings forecasts reflect structural optimization and profitability recovery, indicating a strong foundation for the Chinese economy amid complex challenges [7][9] - The focus on innovation and structural optimization will be crucial for the next five years, with SSE companies playing a key role in driving economic stability [9][10] - The continuous improvement of the capital market environment is expected to attract long-term investment, fostering a positive cycle between technological innovation and capital support [10]

Core Viewpoint - China Shenhua (601088.SH) has received approval from the China Securities Regulatory Commission (CSRC) to issue shares for asset acquisition and raise supporting funds, indicating a strategic move to enhance its core business capacity and resource reserves [1][2]. Group 1: Transaction Details - China Shenhua plans to issue 1.363 billion shares to acquire assets from its controlling shareholder, China Energy Investment Corporation, and its wholly-owned subsidiary, with a cash payment ratio of 70% and share issuance ratio of 30% [1]. - The transaction involves 12 target companies across various sectors, including coal, coal power, and coal chemical industries, aimed at optimizing the company's entire industrial chain [1]. Group 2: Financial Metrics - As of July 31, 2025, the total assets of the target assets amount to 233.423 billion yuan, with a net asset value of 87.399 billion yuan [2]. - The target assets generated a revenue of 113.974 billion yuan in 2024, with a net profit of 9.428 billion yuan after excluding non-recurring items [2]. - The adjusted total transaction price is 133.598 billion yuan, reflecting a capital increase of 4.927 billion yuan in one of the companies post-evaluation [2]. Group 3: Impact on China Shenhua - Post-transaction, China Shenhua's coal reserves will increase to 6.849 billion tons, a growth rate of 64.72%, while its recoverable coal reserves will rise to 3.45 billion tons, marking a 97.71% increase [2]. - The coal production capacity is expected to reach 512 million tons, reflecting a 56.57% growth [2]. - The basic earnings per share (EPS) for 2024, after excluding non-recurring losses, will increase to 3.15 yuan, representing a 6.10% enhancement [2].

一是优化信息公开渠道，提升信息获取便利性。将官网业务规则查询系统在线浏览功能拓展至全部业务 指南，整合同一发行人在上市审核、持续监管等阶段的信息披露内容，建立持有型不动产ABS证券信息 披露专区。 二是提升监管服务质效，提高上市公司治理水平。完善ESG信息披露评价标准，拓展上市公司股东 会"一键通"手机投票服务，将董秘任职培训模式由线上调整为线上线下相结合。 三是丰富指数化投资标的，更好满足多元投资需求。进一步完善"固收+"多资产类指数体系，加强指数 及ETF产品宣传推广。 中经记者 孙汝祥 夏欣 北京报道 《上海证券交易所2026年为市场办实事项目清单》（以下简称"《项目清单》"），近日正式对外发布。 《项目清单》是上交所在深入学习贯彻党的二十届四中全会、中央经济工作会议和全国金融系统工作会 议精神的基础上，结合提升资本市场包容性适应性、深化投融资综合改革、推进上交所数字化转型等重 点任务，以助力资本市场高质量发展为目标，梳理形成的具体落地举措。 《项目清单》包括五个方面十件"实事"，覆盖上交所上市审核、一线监管、产品创新、市场服务、投资 者保护、信息技术等主要业务领域。 四是深化综合服务供给，增强市场参与 ...

Core Insights - Coca-Cola Company reported a revenue of $47.941 billion for the year 2025, reflecting a 2% year-on-year growth, while net profit surged by 23% to $13.137 billion [1][2] - The company's fourth-quarter revenue reached $11.822 billion, also growing by 2%, with net profit increasing by 5% to $2.316 billion, and earnings per share (non-GAAP) of $0.58, exceeding market expectations [2] Revenue and Profit Performance - For the full year 2025, Coca-Cola's revenue was $47.941 billion, a 2% increase compared to the previous year, while net profit was $13.137 billion, marking a significant 23% growth [1][2] - In Q4 2025, the company achieved a revenue of $11.822 billion, a 2% growth, and net profit of $2.316 billion, a 5% increase [2] Product Innovation and Market Strategy - The company's innovation in product categories, particularly the no-sugar series, has become a core growth driver, with no-sugar Coca-Cola sales increasing by 14% for the year and 13% in Q4 [2] - Diversified categories such as bottled water, sports drinks, coffee, and tea also contributed positively, with a 2% increase in sales across these segments [2] Supply Chain and Market Focus - Coca-Cola emphasized its strategic focus on the Chinese market, highlighting it as one of the most important markets, with plans for proactive investments in supply chain resilience [3] - Significant investments in new production facilities in various regions of China, including AI-driven operations and green certifications, demonstrate the company's commitment to enhancing its supply chain network [3] Brand Innovation and Community Engagement - Coca-Cola China has strengthened its connection with local consumers through product innovations and cultural resonance, such as the "sharing bottle" and limited edition designs [4] - The company has also integrated community resilience into its operations, responding to emergencies and supporting rural schools through its water initiatives, reflecting its long-term commitment to ESG principles [4] Market Outlook - Analysts believe that Coca-Cola's robust financial performance, explosive growth in no-sugar categories, and steadfast investment in the Chinese market showcase its risk resilience and strategic determination [4] - The anticipated release of production capacity in 2026 is expected to further solidify Coca-Cola's leadership position in the Chinese market [4]

Core Viewpoint - Dongfeng Motor Corporation emphasizes the importance of innovation driven by consumer needs and usage scenarios, aiming for differentiated competition and value creation in the automotive industry [2][10]. Group 1: Technological Advancements - Dongfeng is leading the development of the DF30 chip, which has overcome the 40nm automotive process bottleneck and is set for mass production in 2026 after successful winter testing [4]. - The company is also developing a semi-solid-state battery with an energy density of 350Wh/kg, expected to be integrated into vehicles by 2026, allowing for a driving range exceeding 1000 kilometers [4][9]. - Dongfeng's self-developed chips have reached a domestic production rate of 67%, with plans for further advancements in IGBT and silicon carbide power semiconductors [8]. Group 2: Smart Manufacturing and Production Efficiency - The Dongfeng Lantu smart manufacturing base utilizes 935 industrial robots, achieving a production efficiency increase of 50% and enabling customized vehicle configurations with rapid delivery times [5]. - The factory is powered by green energy, with 45,000 solar panels generating 22 million kWh annually, covering 50%-75% of its electricity needs [7]. Group 3: Environmental Commitment and Sustainability - Dongfeng is committed to green development, focusing on creating green products and manufacturing processes, which has led to a reduction of over 160,000 tons of carbon emissions by the end of 2025 [7]. - The company aims to achieve significant sales milestones by 2025, targeting over 1.5 million units for its self-owned brands and over 1 million units for new energy vehicles [7]. Group 4: Systematic Innovation and Future Outlook - Dongfeng's "Tianyuan Intelligent" technology brand is designed to enhance its autonomous vehicles through a comprehensive architecture that includes a large model and electronic frameworks [9]. - The company has been recognized for its innovation, holding over 28,300 valid patents, and aims to transition its research and development results into market-ready products by 2026 [9][10].

Group 1 - The core announcement is that Moole Technology (688795.SH), known as the "first domestic GPU stock," has completed the full adaptation and verification of the new generation large model GLM-5 from Zhipu AI (02513.HK) on its flagship AI training and inference GPU MTT S5000 using the SGLang inference framework [2] - GLM-5 is positioned as a top-tier coding model with a 20% performance improvement over its predecessor, featuring breakthroughs in Agentic Engineering capabilities, enabling end-to-end development from requirements to applications [2] - GLM-5 ranks fourth globally and first in open-source on the authoritative Artificial Analysis list, achieving state-of-the-art scores in mainstream benchmark tests, surpassing Gemini 3 Pro [3] Group 2 - The MTT S5000 GPU is designed specifically for large model training, inference, and high-performance computing, with a maximum AI computing power of 1000 TFLOPS, 80GB of memory, and a memory bandwidth of 1.6TB/s [3] - The inter-card bandwidth of the MTT S5000 is 784GB/s, and it fully supports precision calculations from FP8 to FP64 [3]

AI竞争激烈 2024年，国务院国资委部署了中央企业"AI+"专项行动，旨在推动中央企业在人工智能领域的创新发 展。该行动要求央企将人工智能作为"十五五"规划重点。 "这项行动的重要程度，远远超过其他专项行动。"国企改革专家李锦认为，美国以"技术高度"定义AI上 限，中国以"应用广度"释放AI价值，中美AI竞争呈现双极并立、错位竞争格局。 李锦分析认为，美国模式是技术驱动+资本主导+霸权维护，中国模式是应用牵引+举国体制+自主可 控。2026年的中国进入场景落地与基础突破并行的关键期，重点放在场景落地上。中国进入"场景驱动 型"，以"人工智能+"战略为纲，形成"政策引导、基建先行、场景落地"路径。 《中国经营报》记者从国务院国资委了解到，中央企业"AI+"专项行动深化部署会上，中央企业举行了 AI重点企业集中入驻焕新社区仪式、央企"AI+"具身智能产业共同体成立仪式。 中经记者 索寒雪 北京报道 "中央企业要进一步增强发展人工智能产业的责任感和紧迫感。"近日，国务院国资委召开中央企 业"AI+"专项行动深化部署会，会议强调中央企业要强化自主创新，着力突破关键核心技术。 国务院国资委党委书记、主任张玉卓指出，要 ...