Core Viewpoint - The Shanghai Futures Exchange successfully completed the first delivery of the胶版印刷纸 (offset printing paper) futures contract OP2601, indicating a stable market operation and increasing participation from enterprises since its launch in September 2025 [1]. Group 1: Market Performance - The first delivery on January 19, 2026, involved 46 contracts, totaling 1,840 tons and a delivery value of nearly 7.6 million yuan [1]. - As of January 15, 2026, the cumulative trading volume reached 309,500 contracts, with a total transaction value of 51.387 billion yuan [1]. - The total weight of warehouse receipts for胶版印刷纸 futures amounted to 2,840 tons by January 15, 2026 [1]. Group 2: Future Outlook - The Shanghai Futures Exchange aims to enhance its service to the real economy, emphasizing responsibility in market regulation and risk prevention [1]. - The exchange plans to continuously optimize the delivery process and improve the alignment of futures and spot markets to ensure the stable operation and functionality of胶版印刷纸 futures [1].

Economic Performance - In 2025, China's GDP grew by 5.0% compared to the previous year, with quarterly growth rates of 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4 [2] - The economic performance reflects strong resilience and vitality, achieving major expected goals and marking a good start for the new journey towards the second centenary goal [2] Industrial Growth - The industrial production maintained a rapid growth rate, with the value-added of industrial enterprises above designated size increasing by 5.9%, a 0.1 percentage point acceleration from the previous year [3] - The equipment manufacturing sector saw a value-added increase of 9.2%, with its share of total industrial value-added rising to 36.8%, up by 2.2 percentage points [3] - High-tech manufacturing also showed robust growth, with a 9.4% increase in value-added, contributing 26.1% to the overall industrial growth rate, an increase of 1.7 percentage points from the previous year [3] Structural Optimization - The growth in equipment and high-tech manufacturing indicates a significant optimization and upgrading of the industrial structure, with both sectors contributing over half of the total industrial growth [3][4] - The shift in growth drivers from traditional scale expansion to quality and efficiency improvements is evident, driven by advancements in "Artificial Intelligence+" and the transition towards intelligent and green industries [4] Future Outlook - The industrial economy is expected to continue its "high, new, and green" development trend in 2026, supported by high-tech industries and equipment manufacturing [4] - Macroeconomic policies are anticipated to remain supportive, promoting industrial investment and technological upgrades [4][5]

对此，CHIP中国实验室主任罗国昭认为，在AI拉动下，对先进制程的追逐会更趋激烈，尤其是高性能 计算客户，甚至会比终端厂商需求更为旺盛。因此，短期内台积电的2纳米市场"溢价"或许会格外高， 从而对终端市场价格造成一定冲击。 多重因素拉高价格 随着半导体先进制程正式进入2纳米时代，其搭载终端设备的价格与成本备受行业关注。 在日前发布的一份最新投资者报告中，香港广发证券分析师Jeff Pu透露，苹果将在今年9月发布首款折 叠屏手机iPhone Fold，同时发布的还包括iPhone 18 Pro、iPhone 18 Pro Max，三款机型均将搭载台积电2 纳米工艺的A20 Pro芯片。 不过，对于期盼已久的消费市场而言，由于采用2纳米的A20成本高企，这也使得其价格或大幅上涨， 成为苹果迄今为止最昂贵的芯片。此前，据来自供应链的消息，台积电2纳米晶圆的报价预计超3万美 元/片，2倍其4纳米晶圆价格，而单颗A20芯片成本或将达280美元，较A19芯片同比增加约80%。 事实上，在最近几个季度的财报会上，台积电总裁魏哲家曾多次暗示涨价，并表示2纳米的需求意向已 经超过3纳米。因此，供不应求的态势无疑将增加台积电2纳 ...

Core Insights - The Chinese footwear and apparel industry is experiencing significant differentiation in 2025 due to dual influences of market adjustment and industrial transformation, with the sports and outdoor segment leading the way [1][2] - Domestic brands are reshaping the market landscape through technological innovation and globalization, while traditional brands struggle with high inventory and rigid channels [1][2] Industry Performance - In the first three quarters, revenue for large apparel enterprises fell by 4.63% year-on-year, with total profits declining by 16.19%, reflecting severe industry pressure [1] - The sports footwear and apparel market is projected to reach a scale of 598.9 billion yuan, with predictions of exceeding 896.3 billion yuan by 2030 [1] Brand Dynamics - Traditional brands are facing significant growth challenges, with examples like Fuqiniaos declaring bankruptcy and Red Dragonfly reporting losses [2] - In contrast, domestic sports brands are rising, with local brands expected to hold about 60% of the market share among the top 20 brands by 2025 [2] Market Concentration - The market is shifting towards concentration, with the top 20 companies accounting for over 30% market penetration, leading to a widening gap between large and small enterprises [3] - Adidas reported a 10% year-on-year revenue increase in the Greater China region, while Nike faced a 17% decline in revenue, highlighting the contrasting fortunes of international brands [3] Channel Innovation - The industry is witnessing a shift towards deep exploration of niche markets and a reconstruction of channel models, with a focus on offline large stores and online instant retail [4][6] - Major brands are opening large stores, with Anta planning to add 160 new "super stores" by 2025, which can achieve 2-2.5 times the sales efficiency of regular stores [6] Globalization and High-End Trends - The industry is expected to see trends of high-end, global, and technological advancements, with brands needing to differentiate and operate finely to survive [7][8] - Domestic brands are increasingly expanding overseas, with companies like Semir and HLA establishing over 100 stores in Southeast Asia, although many are still in the early stages of international branding [7] Consumer Behavior - Consumers are becoming more mature and rational, seeking high-quality and precise consumption, which poses a threat to brands lacking innovation and differentiation [9] - There remains untapped potential in the mass and middle-aged markets in China, indicating areas for future growth [9]

Core Viewpoint - The essence of a true high-end brand lies in its spiritual value proposition and the recognition of its values by users, emphasizing trust and responsibility in addressing issues that arise with complex products like automobiles [2][6]. Group 1: Brand Development and Philosophy - Wei Jianjun, the founder and chairman of Great Wall Motors, emphasizes that building a high-end brand requires patience and a commitment to core values, which have remained unchanged over the years [3][5]. - The brand "WEY" is the first high-end automotive brand in China named after its founder's surname, reflecting a commitment to integrity and accountability [3][4]. - The design of the WEY logo draws inspiration from historical elements in Baoding, showcasing pride in the brand's origins [4]. Group 2: Market Position and Challenges - Despite challenges in the past decade, the company remains focused on its high-end positioning, asserting that true high-end brands have yet to emerge in the Chinese automotive market [5][8]. - The company acknowledges that many brands are selling high-end products rather than establishing high-end brand equity, indicating a long journey ahead for brand building [8]. Group 3: Product and Technology - The company believes that a high-end product must be supported by top-notch technology, with a focus on mechanical quality and driving experience [9][12]. - The introduction of the "one car, multiple power" platform aims to adapt to various market needs and energy structures globally, enhancing competitiveness through scale [11][13]. Group 4: User-Centric Approach - The company emphasizes a user-centric philosophy, stating that the essence of automotive development should focus on benefiting users and being socially responsible, rather than merely pursuing luxury [7][10]. - The commitment to safety is highlighted as a core luxury value, with past incidents demonstrating the brand's reliability [6]. Group 5: Organizational Structure and Leadership - The company has invested over 2 billion yuan in establishing a direct sales system to better support its high-end brand, recognizing the limitations of previous distribution channels [9][12]. - Frequent changes in leadership have been noted, with the company acknowledging the pressures faced by CEOs in managing a high-end brand [13][15].

Group 1 - The core idea of building a high-end brand is to represent responsibility and credibility, as seen in the naming of brands after their founders, which reflects a commitment to quality and trustworthiness [2] - A true high-end brand must possess a value proposition that resonates with users on a spiritual level, emphasizing "trust" and "safety" as key components of luxury [3] - The process of creating a high-end brand requires patience, as many new brands in China are still in their entrepreneurial stages [4] Group 2 - Wei Jianjun has been the chairman of Great Wall Motors since June 2001, overseeing the company's strategic planning and business development [5] - Under Wei's leadership, Great Wall Motors has transformed from a small local factory into a modern multinational enterprise, with a diverse portfolio of brands and products, including SUVs, sedans, and new energy vehicles, operating in over 170 countries [6] - Wei emphasizes a philosophy of specialization and continuous improvement, advocating for companies to act as "technical translators" and risk "advisors" for users [6]

Core Viewpoint - The auction of assets from Qoros Automotive, which has been publicly accused of being sold at a low price, has faced significant scrutiny and controversy, culminating in a failed second auction attempt with no bids placed [2][4][6]. Group 1: Auction Details - The second judicial auction for the assets of Qoros Automotive commenced on January 16, 2026, with a starting price of ¥859.6 million (approximately $8.596 billion), but ended without any bids, resulting in a failed auction [2][5]. - The assets listed for auction included real estate and equipment located at No. 1 Tongda Road, Changshu City, as detailed in the evaluation report [2][4]. - The first auction had also failed, with a reserve price set at ¥1.0745 billion (approximately $10.745 billion), which was later reduced for the second auction [8]. Group 2: Allegations and Responses - Yao Zhenhua, the chairman of Baoneng Group, publicly accused local authorities of illegally undervaluing the assets, claiming they were worth approximately ¥8 billion (around $80 billion) but were appraised at only ¥1.5 billion (approximately $15 billion) [4][5]. - The Changshu municipal government responded to the allegations, asserting that the claims made by Yao Zhenhua were unfounded and that the judicial process was being followed correctly [6][9]. - The ongoing judicial proceedings related to Qoros Automotive's bankruptcy restructuring have seen over 400 cases filed against the company, with claims exceeding ¥1.8 billion (approximately $18 million) [7]. Group 3: Financial Background - Baoneng Group has invested approximately ¥26 billion (around $260 million) in Qoros Automotive from 2018 to the end of 2025, including equity acquisition and operational costs [5]. - Qoros Automotive has a production capacity of 150,000 vehicles annually and possesses a robust technology and product development system, indicating potential for future profitability if operations resume [5].

Economic Performance - In 2025, China's GDP reached 140.19 trillion yuan, marking a 5% increase from the previous year, and achieving a significant milestone in economic growth [2][3] - The economy demonstrated resilience and progress, with a "four consecutive jumps" in GDP crossing 110 trillion, 120 trillion, 130 trillion, and finally 140 trillion yuan during the "14th Five-Year Plan" [3][4] New Growth Drivers - Research and development (R&D) investment intensity reached 2.8% in 2025, surpassing the OECD average for the first time, indicating a strong focus on innovation [4] - The manufacturing sector saw a 9.3% increase in the value added of digital product manufacturing, with significant growth in new energy vehicles, which accounted for over 50% of domestic new car sales [4][5] Trade and Consumption - Despite external challenges, China's total goods import and export value reached 45.47 trillion yuan in 2025, a 3.8% increase year-on-year, with exports growing by 6.1% [5] - Retail sales of consumer goods surpassed 50 trillion yuan, reflecting a 3.7% increase from the previous year, showcasing the strength of domestic consumption [5] Price Stability - The Consumer Price Index (CPI) remained stable in 2025, with an annual average unchanged from the previous year, while December saw a 0.8% increase, the highest in nearly three years [6][9] - Factors contributing to CPI stability included a decline in food prices by 1.5% and energy prices by 3.3%, which collectively impacted CPI negatively [6][7] Future Outlook - The government aims to promote economic stability and reasonable price recovery as key considerations for monetary policy in 2026, with expectations for CPI to achieve moderate positive growth [9][10] - Structural reforms and demand expansion are anticipated to support price recovery, with a focus on improving residents' income and employment expectations [8][9]

Core Insights - The "14th Five-Year" Financial High-Quality Development Conference and the 2026 Pujiang Financial and Development Forum were successfully held in Shanghai, focusing on the future of China's financial landscape [1] Group 1: Financial Trends - During the "14th Five-Year" period, China is expected to experience a long-term decline in interest rates and a shift in financial structure towards direct financing, presenting new development opportunities for the asset management industry as it becomes a key channel for funds transitioning from credit markets to equity markets [3] Group 2: Insurance Industry - The former Vice Chairman of the China Banking and Insurance Regulatory Commission, Liang Tao, emphasized the need to enhance technological insurance infrastructure, innovate co-insurance models, and provide comprehensive risk protection throughout the lifecycle, while leveraging insurance funds as "patient capital" to build a multi-tiered capital support system [3] Group 3: Banking Sector Innovations - The Chairman of Shanghai Pudong Development Bank, Zhang Weizhong, shared insights on the practices in the fintech sector, highlighting the creation of a "commercial bank + investment bank + ecosystem" service model, which integrates services across equity, debt, loans, insurance, leasing, incubation, and networking to support the full-cycle growth of technology enterprises [3] - The Chairman of Shanghai Rural Commercial Bank, Xu Li, discussed the dual approach of "talent team building + ecosystem empowerment" to enhance comprehensive service capabilities for new productive forces, establishing industry research institutes to deepen industry understanding and creating the "Xindongneng+" ecosystem platform to connect various resources for precise and comprehensive services for innovative enterprises [3]

中经记者 秦玉芳 广州报道 在渐近投资研究院院长、首席经济学家朱振鑫看来，适度宽松的货币政策已经执行了较长时间，再加上 实体经济需求依然偏弱，所以流动性总量基本够用，甚至是过于宽松的，利率尤其是实体信贷利率依然 处于历史低位。在这种情况下进行结构性宽松更为合理，既能更有效地支持实体经济，也可以更有效地 避免货币空转。 结构性降息背景下，如何确保资金有效实现精准滴灌？在薛洪言看来，为确保资金精准直达、防止空转 或挪用，监管部门需构建全链条配套体系。这包括强化激励约束机制，例如将工具使用与银行相关考核 挂钩，并对违规行为采取收回资金等约束措施；建立精细化的台账监管制度，要求银行对相关贷款单独 核算、逐笔登记并追踪资金流向；同时借助征信系统等平台实现跨部门信息共享以核查真实用途。 此外，薛洪言指出，还需完善风险分担机制，通过政府性融资担保等方式降低银行风险顾虑，从而确保 资金真正流入目标领域。"可以合并设立2000亿元科技创新与民企债券风险分担工具，强化风险共 担。"娄飞鹏表示。 朱振鑫也强调，为了精准支持，除了加强银行的日常监管之外，还可以通过财政出台一些配套支持政 策，让银行更有动力去放贷，也让企业和居民更有能 ...