2月25日，经济观察报从捷豹路虎中国获悉，原中国总裁及首席执行官潘庆升任全球采购董事，同时继续兼任中国总裁，分管政府事务与战略合作伙伴关 系；现任捷豹路虎中国首席财务官（CFO）韩少帅（Tim Howard）接任中国区首席执行官（CEO），中国首席商务官吴辰及其团队将直接向其汇报。 潘庆 韩少帅 值得一提的是，韩少帅的履新也成为财务背景高管，掌舵区域市场乃至整车集团的又一案例。在汽车行业向电动化、智能化深度转型的背景下，财务背景高 管凭借对企业现金流、成本管控、资源优化的专业能力，成为车企实现稳健转型的核心人选。从宝马到丰田，CFO升任CEO已成为全球汽车行业转型期的显 著趋势。 丰田汽车于2026年2月6日宣布，CFO近健太将于4月接任社长兼CEO，成为丰田历史上首位财务出身的核心掌舵人，其核心职责聚焦企业内部管理改革与盈 利结构优化，为品牌技术转型与市场布局筑牢财务根基。2025年6月华晨宝马宣布财务高级副总裁宝思齐接任总裁兼CEO，其深耕财务与金融服务领域三十 余年，成为华晨宝马首任女性CEO。 捷豹路虎对中国市场的重视，在此次人事调整前已有明确信号。2026年1月末，2025年11月上任的捷豹路虎全球 ...

近日，二手回收行业乱象频发，央视等媒体密集曝光了一系列触目惊心的案例，揭开了该行业从虚构瑕 疵、公益欺诈到数据安全的多重黑幕。 旧手机、旧衣物、钻石黄金、二手奢侈品回收等多个领域存在严重问题。旧衣回收中，未经消毒的二手 衣物被虚假宣传为"尾货"售卖，存在卫生与欺诈风险；二手奢侈品回收平台未核实身份，导致未成年人 低价贱卖贵重物品；手机回收则普遍存在虚报高价、寄后压价、损坏产品、数据泄露等风险和套路。 乱象根源在于行业标准缺失、监管不足、平台为压缩成本违规操作。专家建议，治理行业乱象需发挥合 力，推动标准制定、强化监管、加快技术溯源、建立鉴定渠道与行业自律等。 二手奢侈品回收也存在严重问题。据报道，湖南长沙一名15岁女孩将总价13万元的卡地亚手表、迪奥包 包等奢侈品通过"聚云奢"平台以9300元贱卖。平台未核实出售人身份，甚至默许其冒用成年人身份证完 成交易。经统计，一块购入价4.6万元的卡地亚手表仅卖2000元，2.9万元的迪奥包回收价1500元，浪琴 手表更是从1.2万元暴跌至850元，回收价不足原价的1/10。 律师表示，由于监护人拒绝追认相关交易，因此该交易不具备法律效力，若平台未尽到身份审核义务， 需 ...

随着新能源汽车渗透率提升及产业政策支持，轮胎需求可能受益于结构性机会，尤其是高性能、低滚阻 轮胎领域。政策动向或对行业需求产生间接影响。 产能扩充 经济观察网 基于最新信息，中策橡胶（603049）未来可能涉及以下值得关注的事件，主要围绕产能扩 张、行业政策及全球化布局等方面： 公司项目推进 公司印尼二期项目预计投产，泰国工厂持续增产，同时墨西哥工厂布局稳步推进，以优化全球供应链结 构。这些举措旨在提升海外产能，应对贸易壁垒并扩大盈利空间。 行业政策现状 此外，公司股东户数减少、股权集中度提升等结构变化也可能成为长期关注点。需注意，上述事件基于 公开信息梳理，具体进展需以公司公告为准。 以上内容基于公开资料整理，不构成投资建议。 公司持续投入绿色轮胎技术，并通过国内基地（如金坛、天津）扩产，未来产能释放有望驱动收入增 长。 ...

Core Viewpoint - China Life Insurance, a leading life insurance company, has faced regulatory penalties exceeding 2 million yuan for multiple violations, highlighting compliance shortcomings despite strong financial performance in 2025 [1][6]. Regulatory Penalties - On January 30, the Luoyang Regulatory Bureau imposed a fine of 900,000 yuan on China Life's Luoyang branch for fabricating intermediary business and deceiving policyholders [2]. - On February 14, the Hubei Regulatory Bureau fined the Hubei branch 1.17 million yuan for preparing false documents and other deceptive practices, with 11 responsible individuals penalized [1][2]. Violations and Compliance Issues - The violations included fabricating false materials, using insurance business for personal gain, and providing benefits outside of contractual agreements, indicating serious compliance issues within the company [4][5]. - The penalties affected not only provincial and municipal branches but also extended to branch managers and frontline agents, revealing systemic issues in management and oversight [4][6]. Financial Performance - Despite the compliance issues, China Life reported a net profit of 167.8 billion yuan for the first three quarters of 2025, a 60.5% year-on-year increase, with total premium income reaching 669.6 billion yuan, up 10.1% [5]. - The company emphasized its strategy of deepening asset-liability linkage and increasing equity investments as key drivers of its financial growth [5]. Industry Regulatory Environment - The recent penalties reflect a shift towards more stringent and regularized oversight in the insurance industry, with the regulatory authority intensifying efforts to address market irregularities and protect consumer rights [6]. - The fines, while relatively small compared to the company's size, underscore significant governance and internal control weaknesses that could undermine the company's long-term reputation and consumer trust [6].

经济观察网 2月24日，记者向京东确认，刘强东近日创立了独立游艇品牌Sea Expandary，进入游艇产 业，计划从研发、制造、销售、运营、租赁、经纪、服务等全产业链布局游艇产业。 记者看到，刘强东创设的游艇品牌Sea Expandary的官网 se.360cec.com、企业邮箱 info@seaexpandary.com均已上线，据官网介绍，Sea Expandary定位为全球领先的绿色智能游艇全产业生 态，将面向全球市场，构建集研发设计、制造、全球销售、游艇会服务及海洋科考综合服务为一体的全 链条游艇产业，该游艇品牌将主打新能源智能化游艇，计划通过深入应用AI和机器人技术，打造更安 全、智能、静谧、环保、舒适的游艇产品。 （作者 郑淯心） （作者 经观智讯） 国内游艇市场正在快速增长。交通运输部数据显示，近三年中国游艇数量增速显著，新登记游艇约占游 艇总数的54.7%，预计"十五五"时期仍将持续保持增长态势。 ...

3、国投白银LOF：2月25日10:30复牌 2月24日，国投白银LOF公告，本基金将于2026年2月25日开市起至当日10:30停牌，自2026年2月25日10:30复牌，停牌期间本基金赎回业务照常办理。若本基 金2026年2月25日二级市场交易价格溢价幅度未有效回落，本基金有权通过向深圳证券交易所申请盘中临时停牌、延长停牌时间等措施。 4、29.46亿元市值限售股今日解禁 今日看点 2月25日重点关注的财经要闻与资本市场大事： 1、德国总理默茨将访华 据外交部网站消息，应国务院总理李强邀请，德国总理默茨将于2月25日至26日对中国进行正式访问。德国总理默茨此次将率高规格经贸代表团访华，来自 汽车、化工、生物制药、机械制造、循环经济等德优势领域的约30家头部企业高管随访，充分体现了德方对深化双边经贸关系的强烈意愿。 2、央行将在香港发行500亿元人民币央票 近日，央行发布公告，2月25日（周三）中国人民银行将通过香港金融管理局债务工具中央结算系统（CMU）债券投标平台，招标发行2026年第一期和第二 期中央银行票据。 2月25日，12家公司共发布14个股票回购相关进展。其中，3家公司首次披露股票回购预案，2 ...

公司动态 北海国发川山生物股份（600201）有限公司(证券代码：600538.SH)近期因对旗下司法鉴定技术子公司 连续三年计提大额商誉减值而受到上海证券交易所的关注。公司针对问询函作出详细回复，解释了相关 业务的经营状况、业绩变动原因及潜在的商誉减值风险。 国发股份在回复中指出，业绩预测与现实的巨大落差，核心在于不可预见的市场环境剧变。公司解释 称，高盛生物的销售高度依赖于公安系统等客户基于DNA实验室建设、案件检测需求及数据库规划等 进行的招投标采购。收购时的业绩预测主要依据对预期订单的乐观估算，而实际订单则完全取决于客户 的实际采购节奏与预算情况。 自2023年起，各级财政支出普遍收紧，导致公司核心客户——公安系统的预算大幅缩减，对检测设备与 服务的采购需求随之下降，招投标项目明显减少。这一系统性变化直接冲击了高盛生物的业绩基本盘， 其中标金额从2022年的11,021.31万元骤降至2023年的6,812.50万元，降幅高达38.19%，收入与利润因此 同比大幅下滑。这一不利影响在后续年度持续发酵，并叠加了市场竞争加剧导致的毛利率受压，以及部 分公安客户回款周期延长带来的资金占用压力，共同导致202 ...

Core Viewpoint - The recent temporary suspension of trading for Guotou UBS Fund's Guotou Silver LOF has drawn significant attention from investors, particularly following a series of controversies regarding its valuation adjustments and compensation plans [1][2]. Group 1: Trading Suspension and Market Response - On February 24, Guotou Silver LOF announced a one-hour trading suspension, with the price experiencing high volatility upon resumption, ultimately closing at the daily limit [1]. - The fund's announcement indicated that if the premium on the secondary market did not effectively decrease, it would apply for further temporary suspensions to warn the market of risks [2]. - The fund's secondary market price was significantly above its net asset value, leading to a surge in investor arbitrage activities [3]. Group 2: Valuation Adjustments and Investor Impact - As of February 13, the premium rate for Guotou Silver LOF reached 21.25%, with significant discrepancies between domestic and international silver prices due to regulatory constraints on domestic futures [4]. - The fund's decision to revalue its holdings based on international market fluctuations resulted in a record single-day net asset value decline of over 31% on February 2, impacting investors who were unaware of the impending valuation changes [4][5]. - Analysts have raised concerns that the arbitrage strategy promoted by LOF products may obscure core risks, particularly in extreme market conditions where liquidity can vanish [4]. Group 3: Compensation Plan and Industry Reactions - Following the valuation adjustment, Guotou UBS Fund announced a compensation plan for individual investors affected by the losses, offering full compensation for losses under 1,000 yuan and proportional compensation for amounts exceeding that [5]. - This compensation approach has sparked widespread discussion within the industry, as it is considered unprecedented for fund managers to offer such remedies in response to valuation disputes [6]. - Legal experts have noted that the distinction between procedural flaws and investment risk will be crucial in determining the legitimacy of compensation claims, potentially raising the "error tolerance cost" for the public fund industry [6]. Group 4: Financial Impact and Company Response - The compensation plan is expected to have a negative impact on Guotou Capital's net profit for 2026, estimated to be less than 5% of the audited net profit for 2024, which translates to a maximum impact of approximately 135 million yuan [7]. - Despite the controversy, Guotou Capital's stock price remained relatively stable, with a slight decline observed following the announcement [7].

业绩经营情况 竞争对手《华盛顿邮报》于2026年2月4日宣布裁员约30%并关闭非核心部门，凸显传统媒体盈利压力。 此类事件可能加剧市场对板块整体担忧，间接影响纽约时报估值。公司与美国政府存在法律纠纷，若诉 讼升级可能增加运营成本或影响新闻采集能力。 经济观察网 纽约时报公司未来可能影响股价的关键事件如下。 公司预计于2026年4月初公布第一季度财报。投资者可关注订阅用户增长是否达成指引、成本控制进展 以及广告收入受经济不确定性影响的程度。此次财报将检验管理层对2026年全年收入30亿美元、每股收 益2.65美元目标的初步进展。 业务与技术发展 公司正重点扩展视频新闻业务并加大产品开发投入，以应对数字媒体竞争和消费者习惯变化。转型效果 将影响长期增长动能，需跟踪其数字订阅能否持续扩张。AI技术对内容分发模式的冲击可能带来挑 战，公司需平衡创新投入与盈利能力。 行业政策与环境 未来发展 需持续观察宏观经济对广告收入的影响，以及读者向社交媒体和AI驱动平台迁移的趋势。纽约时报能 否通过高端会员制等活动拓展收入渠道，将决定其抗风险能力。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Insights - The report by Frost & Sullivan indicates a significant increase in the daily usage of enterprise-level large models in China, with a rise to 37 trillion tokens in the second half of 2025, marking a 263% increase from 10.2 trillion tokens in the first half [1][3]. Group 1: Market Dynamics - The primary drivers for enterprises using large models shifted from enhancing product performance and customer experience in the first half of 2025 to improving operational efficiency and R&D effectiveness in the second half [3]. - The market for enterprise-level large models is rapidly consolidating around leading vendors, with the top three models (Qwen, Doubao, and DeepSeek) accounting for over 70% of daily token consumption in the second half of 2025, compared to less than half in the first half [3][4]. Group 2: Vendor Performance - Alibaba Cloud's Qwen model saw its market share nearly double to 32.1% in the second half of 2025, with a growth rate of 14.4% [3][4]. - The report highlights that enterprises are increasingly favoring fewer vendors to reduce long-term operational costs related to interface maintenance and version management, creating higher migration barriers for leading vendors [4]. Group 3: Open Source Trends - There is a notable increase in enterprises' willingness to adopt open-source models, with the proportion of closed-source users planning to add open-source options doubling from 22.6% in the first half to 48.5% in the second half of 2025 [4]. - Chinese companies accounted for 90.2% of the global new open-source large models introduced in the second half of 2025, significantly outpacing international competitors [4]. Group 4: Competitive Landscape - The competition among domestic open-source models has expanded beyond single-point performance to include size, deployment flexibility, and cost control [5]. - Since its launch in 2023, Qwen has released over 400 models, achieving over 1 billion downloads and extending its language capabilities to 201 languages, establishing itself as the leading open-source model globally [5].