Core Viewpoint - The company, Jianfa Co., Ltd. (建发股份), has revised its 2025 financial outlook, projecting significant losses due to underperformance in its real estate and home furnishing segments, with a shift from profit to substantial losses [1] Group 1: Financial Projections - Jianfa Co., Ltd. expects 2025 revenue to be between 673.6 billion to 693.6 billion yuan, with a projected net loss attributable to shareholders ranging from 10 billion to 5.2 billion yuan [1] - The supply chain business is anticipated to generate revenue of 510 billion to 530 billion yuan, while real estate development is expected to contribute approximately 157 billion yuan, and home furnishing operations around 6.6 billion yuan [1] - The net profit margin for the supply chain business is projected to be between 0.63% to 0.67%, with real estate and home furnishing segments expected to incur significant losses [1] Group 2: Real Estate Business Performance - Jianfa Co., Ltd.'s real estate operations are managed by subsidiaries Jianfa Real Estate and Lianfa Group, which have shown contrasting performance [2] - Jianfa Real Estate is projected to achieve a net profit of approximately 6 billion yuan in 2025, while Lianfa Group is expected to incur a net loss between 10.8 billion to 9.3 billion yuan [3] - Lianfa Group's losses are attributed to market downturns and adjustments in sales strategies, leading to significant inventory write-downs estimated between 6 billion to 8 billion yuan [3] Group 3: Home Furnishing Operations - The home furnishing segment, primarily operated by subsidiary Meikailong, is expected to generate revenue of about 6.6 billion yuan but face a net loss between 22.5 billion to 15 billion yuan [4] - The decline in demand in the home retail market and reduced rental income have led to a significant drop in the fair value of investment properties, estimated to decrease by 12.6 billion to 21.5 billion yuan [4][5] - Meikailong has also made provisions for asset impairments ranging from 4.5 billion to 5.7 billion yuan, affecting various asset categories [5]

Core Insights - The sell-side research sector is intensifying efforts to boost performance during the Chinese New Year, with a significant number of conference calls scheduled, including 292 calls from February 16 to 23, averaging over 32 calls per day [1][2] - The spring strategy meetings are also being held earlier and more densely than in previous years, with seven brokerages confirmed to host events, indicating a competitive landscape for research market share [2][11] Conference Calls and Meetings - A total of 176 sell-side roadshow meetings are planned, with 108 occurring during the Chinese New Year holiday from February 15 to 23, involving over 13 brokerages [3][4] - Notable brokerages participating include Pacific Securities, Guotai Junan, and CITIC Securities, with a focus on various industries such as food and beverage, real estate, and technology [3][7] Spring Strategy Meetings - The spring strategy meetings are characterized by early initiation and dense scheduling, with the first meeting held by Huafu Securities on February 3, 2026 [11][12] - The themes of these meetings reflect a positive outlook for the capital market, with keywords like "new," "breakthrough," and "upgrade" being prevalent [12][13] - Brokerages are also expanding their geographical reach, with events planned in locations beyond traditional financial hubs, indicating a shift in focus towards emerging economic regions [12] Competitive Landscape - The competition among brokerages for research market share is intensifying, driven by pressures on research income due to ongoing reforms in public fund fees [10][11] - Medium-sized brokerages are particularly focused on enhancing their research capabilities to capture market share, while larger firms maintain strategic investments in research to support both external and internal functions [10]

2 月 14 日消息，今日，梅赛德斯-奔驰中国宣布重要人事任命。主要内容如下： 公告显示，北京梅赛德斯-奔驰销售服务有限公司总裁兼首席执行官段建军因个人原因辞去现任职务并 将离开公司。公司对段建军的个人决定深表不舍与遗憾，但也充分理解并尊重其个人选择。公司特别感 谢他自 2026 年 3 月 1 日起，以战略顾问的身份继续支持团队，保障交接工作平稳有序进行，直至 2026 年 4 月 30 日任期届满。奔驰销售公司现任销售执行副总裁李德思将被任命为总裁兼首席执行官，于 2026 年 3 月 1 日生效。 段建军 据悉，段建军于 2013 年加入奔驰销售公司担任销售与市场营销执行副总裁，于 2019 年升任公司首席运 营官，并自 2023 年起担任公司总裁兼首席执行官。在他的领导下，销售公司的业绩不断突破、屡创新 高，使中国市场连续十余年稳居梅赛德斯-奔驰全球最大单一市场。 李德思曾在梅赛德斯-奔驰总部及地区市场的不同岗位担任重要职务，积累了丰富的跨业务管理经验及 宝贵的业务洞察，拥有开阔的国际视野。他于 2004 年加入公司，在职业发展历程中先后担任多个专家 及管理岗位。他在就职奔驰销售公司执行副总裁之前的履 ...

2 月 14 日消息，消息人士 Jason C 今天在 X 平台透露，目前消费者对三星 Galaxy S26 系列手机的预售活动反应冷淡。 同时，另一名消息人士 @SPYGO19726 也对此表示，大量消费者取消了 Galaxy S26 系列的预定订单，三星预期的 3400 万台销量很难实现，而且一切均 源于"卢泰文及其团队的贪婪"（卢泰文是三星 MX 事业部负责人），他们团队根据先前泄露的正面回馈下定了 3400 万台销量目标。 据悉，三星 Galaxy S26 Ultra 手机将拥有钴紫色、星河蓝等多种配色，预计采用圆润边角设计、独立摄像头模组、全黑版本，支持 S Pen，有望搭载 5000mAh 电池。 此外，三星 Galaxy S26 系列手机将引入"隐私显示屏"技术，可在不影响正面观感的情况下，自动降低侧面观看的可视效果，进而防止他人在公众场 合"窥屏"。 ...

不仅售卖商品打折，连平时样间的商品都可以拆下来带走。 此消息一出，所有人都突然想起自己好久没去过的宜家。 为了省钱，甚至有人跨城抢购，只为在宜家薅到最便宜的羊毛。 沙发、边柜和餐具，几乎成为人人必抢的"宜家清仓三件套"。 号称"家居界迪士尼"的宜家，1月初宣布在各地关闭7家大型店面。 随后，这7家店分别开展了长达半个月的"清仓优惠"活动。 被"紧急拆迁，疯狂甩卖"忽悠了大半辈子，好不容易遇上一次真的。 不好好消费一次都对不起自己的钱包。 即将撤店的宜家，就这样迎来了属于自己的"风光大葬"。 清仓的宜家 被中产抢成了"春运现场" 清仓期间的宜家从入场开始，就是一场人生内卷的培训课： 不管你的起点多好，总会有更拼搏的人超越你。 已经近在眼前，凭什么叫我放手。 不管你跑得多卖力，总会发现有人是飞着和你竞争的。 上次见到有人跑这么快，还是去年在广东的庙里抢头香的时候。 清仓期宜家拥有所有室内场所里最强的户外属性。 因为在别处购物拍vlog用手机能搞定，在宜家拍购物vlog得用运动相机。 有博主原本想记录下自己在床上用品区扫货的过程，不承想见证了失传多年的"佛山无影手"重出江湖。 功力之深厚让评论区不禁问出：你们家没有 ...

*ST立方今日公告称，公司于2月14日收到深圳证券交易所下发的《事先告知书》，拟决定终止公司股 票上市交易。 2022年，虚增营业收入3.12亿元，占当年营业收入的51.67%，虚增营业成本3.05亿元，占当年营业成本 的53.54%，虚增利润总额51.04万元，占当年利润总额绝对值的0.33%； 2023年，虚增营业收入4586.94万元，占当年营业收入的24.00%，虚增营业成本4522.79万元，占当年营 业成本的27.55%。安徽监管局对公司责令改正，给予警告，并处以1000万元罚款。 告知书指出，公司2021年至2023年年度报告信息披露存在虚假记载，2021年和2022年连续两年存在虚假 记载的营业收入金额合计达到5亿元以上，且超过该两年披露的年度营业收入合计金额的50%。公司股 票将于2月24日起停牌。 此外，公司同日公告称，收到中国证券监督管理委员会安徽监管局下发的《行政处罚决定书》，其中指 出，公司通过开展代理业务、融资性贸易、虚假贸易虚增营业收入、营业成本、利润总额，导致2021年 至2023年年度报告存在虚假记载。 其中，2021年，虚增营业收入2.8亿元，占当年营业收入的50.09%， ...

Group 1 - The MSCI index adjustment is expected to trigger over $17 billion in passive trading in the Asia-Pacific and global emerging markets, with a net inflow of approximately $1.6 billion [2] - Chinese stocks are projected to receive about $1.4 billion in net passive fund inflows, the highest among global markets, while France, the UK, and the US markets are expected to see significant outflows [2] - The adjustment reflects a structural reallocation of global funds across regions and industries, with a focus on market capitalization, free float, liquidity, and investability [1][2] Group 2 - The passive fund inflows are concentrated in specific sectors, with notable increases in technology hardware and semiconductors (+$2.2 billion), capital goods (+$930 million), and software and services (+$480 million) in the Asia-Pacific region [4] - In the Chinese market, key beneficiaries include semiconductor-related hardware, AI software, and upstream resources like non-ferrous metals, with companies such as SenseTime, Longi Green Energy, Hesai Technology, and Pony.ai expected to attract at least $200 million in passive inflows [4] - In the US market, companies like Lumentum and Coherent are anticipated to receive nearly $700 million in net inflows due to the index adjustment [5] Group 3 - The adjustments will take effect after the market closes on February 27, with the next quarterly adjustment scheduled for May 12 [6]

Group 1 - The core point of the article is that Venezuela's oil sales revenue has exceeded $1 billion, and the U.S. has established a new account at the Treasury to manage these funds without routing them through Qatar [1][2] - The U.S. has reached a short-term agreement with Venezuela to sell an additional $5 billion worth of oil in the coming months, with shipments already sent to U.S. refineries and Europe [2] - The U.S. Treasury has issued two general licenses that significantly relax sanctions on Venezuela's energy sector, although the state-owned oil company can only sell oil to companies with specific permits, limiting export expansion [2] Group 2 - The previous arrangement of routing oil sales revenue through a Qatari account was criticized by Democratic lawmakers for its transparency and legality, prompting calls for an independent audit [1] - The U.S. Secretary of Energy, Chris Wright, emphasized that the funds will now be directly managed by the U.S. government, reducing the risk of Venezuelan creditors freezing U.S. bank accounts [1] - The recognition of the Venezuelan government and the complex terms of sanctions exemptions continue to restrict the full recovery of the country's oil exports [2]

Core Insights - ByteDance announced the release of Doubao Model 2.0, which includes Pro, Lite, Mini, and Code models, optimized for large-scale production environments to enhance multimodal understanding, complex instruction execution, and long-range task processing capabilities [1] Group 1: Model Features - Doubao 2.0 Pro targets deep reasoning and long-chain tasks, competing with GPT 5.2 and Gemini 3 Pro [1] - Doubao 2.0 Lite surpasses the previous main model Doubao 1.8 in overall capabilities [1] - Doubao 2.0 Mini is designed for low latency, high concurrency, and cost-sensitive scenarios [1] - The Code model is specifically developed for programming scenarios and can integrate with AI programming product TRAE [1] Group 2: Performance Metrics - Doubao 2.0 has achieved state-of-the-art (SOTA) levels in multimodal understanding, excelling in visual reasoning, perception, spatial reasoning, and long-context understanding tasks [1] - In dynamic scene evaluations like TVBench and EgoTempo, Doubao 2.0 outperformed human benchmarks [1] - The model demonstrated excellent performance in long video understanding across multiple streaming real-time question-answering benchmarks [1] Group 3: Competitive Edge - Doubao 2.0 Pro scored higher than GPT 5.2 in scientific evaluations such as SuperGPQA and HealthBench [1] - The model achieved gold medal results in IMO, CMO mathematics competitions, and ICPC programming contests [1] - The reasoning cost of Doubao 2.0 Pro is approximately an order of magnitude lower than that of leading industry models [1] Group 4: Availability - Doubao 2.0 Pro is now available on Doubao App, desktop, and web versions, with users able to experience it in "Expert" mode [2] - The Code model has been integrated into the Chinese version of TRAE [2] - Volcano Engine has launched API services for the Doubao 2.0 series models for enterprise and developer use [2]

Core Insights - The automotive industry is currently at a critical juncture described as "four phases overlapping," presenting significant survival challenges for companies [1] Technology Developments - The company has achieved industry-leading self-developed Star Source range extension technology, addressing the "power depletion" issue in range-extended vehicles [1] - The pilot production line for all-solid-state batteries has been established [1] - In the smart connected vehicle sector, the Haobo GT climbing version has been launched, featuring AI smart cockpit and driving assistance functions, with 68 complete vehicle OTA upgrades and over 700 new and optimized features completed throughout the year [1] Sales Performance - The company experienced a continuous quarter-on-quarter sales growth for three consecutive quarters last year, with January sales reaching 116,600 units, representing a year-on-year increase of 18.47% [1] Product Planning - The company plans to launch 9 refreshed and new models by 2026, aiming to repay user trust with high-quality products and services [2]