● 本报记者 昝秀丽 坚决打击财务造假、操纵价格、内幕交易等恶性违法行为，畅通行政刑事衔接机制，强化科技赋能监 管……证监会2026年系统工作会议释放出监管"零容忍"升级信号。 市场人士分析，"零容忍"持续升级，旨在进一步提升监管执法有效性和震慑力。监管执法正从"长牙带 刺"转向"精准拆弹"，资本市场生态将迎来更深层次优化。 提升监管执法有效性和震慑力 监管部门明确，坚持依法从严，着力提升监管执法有效性和震慑力，坚决打击财务造假、操纵价格、内 幕交易等恶性违法行为。 国浩律师（上海）事务所合伙人黄江东表示，"坚持依法从严""进一步严肃市场纪律"，是监管部门对新 一年资本市场执法工作定下的基调。当前，内幕交易、操纵市场等违法行为日益呈现隐蔽化、组织化和 技术化的新特征，给监管执法带来新挑战。 黄江东举例，内幕交易的认定依赖"联络+接触"推定原则，操纵市场行为则凸显团伙化、职业化特质， 两者均存在违法链条长、主体多元、手段隐蔽等问题，对全链条打击和精准追责提出更高要求。面对这 些挑战，强化协同作战，尤其是畅通行政监管与刑事司法之间的衔接机制，已成为关键共识。 近期，证监会牵头召开资本市场财务造假综合惩防体系跨部门 ...

Core Insights - The core theme of the news is the significant advancements and future potential of the artificial intelligence (AI) industry in China, particularly in the fields of humanoid robots and smart manufacturing [1][2][3]. AI Industry Development - By 2025, the number of AI companies in China is expected to exceed 6,000, with the core industry scale projected to surpass 1.2 trillion yuan [1][2]. - The AI computing power in China has reached 1,590 EFLOPS, ranking among the top globally, supporting rapid development in the AI sector [2]. Product and Application Expansion - The market for smart glasses has seen over 1.78 million units shipped, with nearly 80% being AI-enabled, enhancing technological integration into daily life [2]. - AI applications are now penetrating key industries such as steel, non-ferrous metals, electricity, and telecommunications, improving processes like product development and quality inspection [2]. Strategic Directions for AI Growth - The Ministry of Industry and Information Technology (MIIT) has outlined five strategic directions for promoting high-quality AI development, including technology innovation, application integration, enterprise cultivation, ecosystem construction, and safety governance [3]. Smart Manufacturing Advancements - AI has been integrated into over 70% of business scenarios in leading factories, with more than 6,000 vertical models developed, facilitating the evolution of smart manufacturing from automation to autonomy [3][4]. - China has established over 35,000 basic-level smart factories and is nurturing advanced and excellent-level factories to lead industry transformation [4]. Humanoid Robot Industry Progress - The humanoid robot sector is expected to see significant growth, with over 140 companies anticipated to produce more than 330 humanoid robot models by 2025 [4][5]. - Current humanoid robots are advancing in capabilities, transitioning from performance on stage and in competitions to practical applications in homes and factories [4]. Future Initiatives - The MIIT plans to continue promoting technological innovation in humanoid robots, enhance safety measures, and support the establishment of a humanoid robot open-source community to facilitate global sharing of innovative outcomes [5].

Core Viewpoint - The People's Bank of China emphasizes the acceleration of the construction of a cross-border payment system for the renminbi, aiming for diversified and multi-layered development in cross-border payment services [1] Group 1: Payment System Development - The 2026 payment settlement work will closely align with the "14th Five-Year Plan" and the goal of building a strong financial nation, promoting high-quality development of a modern payment system [1] - The meeting calls for strict implementation of transparent regulation of payment institutions and functional regulation of payment services, aiming to create a healthy industry ecosystem through a combination of administrative and self-regulatory measures [1] Group 2: Service Optimization and Innovation - Continuous efforts will be made to optimize payment services, ensuring convenient and secure payment options for users [1] - The enhancement of service quality and efficiency in payment systems will be driven by innovation, facilitating the upgrade of the industry [1]

Core Viewpoint - Lushan New Materials has officially launched a new type of battery-free dual-mode electronic skin, aiming to become a key supplier of materials and solutions for humanoid robots and smart terminals during the 14th Five-Year Plan period [1][2]. Group 1: Product Launch - The new battery-free electronic skin features "pressure-temperature" dual-mode integrated sensing technology, allowing it to capture both pressure and temperature changes, providing richer environmental information [1]. - Compared to traditional capacitive and piezoresistive sensors, the battery-free electronic skin offers high sensitivity and high signal-to-noise ratio, making it sensitive to subtle forces like fingertip touches and pulse beats [1][2]. Group 2: Material and Cost Advantages - The materials used in the battery-free electronic skin are soft and stretchable, allowing for a close fit to complex surfaces like robot joints and fingertips without affecting movement freedom [2]. - The core sensitive materials are based on polymers and ion compounds, which can be optimized for cost control, indicating significant potential for large-scale application [2]. Group 3: Strategic Transformation - The launch of the electronic skin represents a significant step for Lushan New Materials in transitioning from a functional materials supplier to a solution provider, leveraging over 20 years of experience in functional materials [2][3]. - The company is actively responding to the demands of the humanoid robot and artificial intelligence industries by developing a series of key supporting materials [3]. Group 4: Market Applications - The electronic skin is expected to enable robots to have tactile feedback, enhancing accuracy and safety in tasks such as grasping [3]. - In health and energy monitoring, the electronic skin can provide real-time monitoring support for rehabilitation devices, smart wearables, and lithium batteries [3]. - The company aims to explore the practical value of electronic skin in real-world scenarios through collaboration with integration enterprises and research institutions [3]. Group 5: Growth Strategy - Founded in 1998, Lushan New Materials focuses on the research, production, and sales of green, high-performance functional polymer materials, with applications in various fields including renewable energy and optical displays [4]. - During the 14th Five-Year Plan period, the company is concentrating on electronic consumer products and renewable energy, promoting the development of advanced new materials [5]. - The company plans to enhance market share through new products and projects, implementing a dual-driven development strategy to solidify its market position [5].

Core Viewpoint - Yihua Da is committed to deepening its global strategic layout during the "14th Five-Year Plan" period, aiming to become a global infrastructure supplier for intelligent equipment [1] Group 1: Company Strategy and Development - Yihua Da focuses on the long-tail demand for automation equipment, providing a one-stop supply of factory automation components through standardized design and classification [2] - The company has developed a comprehensive product system covering 199 major categories and 4,573 subcategories of factory automation components, establishing industry standards [3] - Yihua Da has achieved steady growth, with a revenue of 2.197 billion yuan in the first three quarters of 2025, representing an 18.30% year-on-year increase [3] Group 2: Digital Transformation and Innovation - The company embraces digitalization, utilizing AI technology to enhance efficiency in quoting and recognition processes, significantly reducing response times [4] - Yihua Da is exploring the integration of more components for robots and aims to become a key supplier in the robotics sector [4] Group 3: Financial Performance and Shareholder Engagement - Yihua Da implemented semi-annual dividends for the first time in August 2025, reflecting strong cash flow and commitment to shareholder returns [5] - The company maintains a cash dividend ratio exceeding 30% annually since its listing in 2021, emphasizing transparency and communication with investors [6] Group 4: Global Expansion - Yihua Da is accelerating its globalization strategy, viewing overseas markets as a crucial part of its overall development [7] - The company has made significant progress in its overseas layout over the past two to three years and plans to enhance its global presence [7]

Core Viewpoint - Fangda Special Steel has successfully connected its ultra-high temperature subcritical gas power generation Unit 2 to the grid, marking a significant advancement in the efficient utilization of surplus gas and aligning with national carbon reduction goals [1] Group 1: Project Overview - The ultra-high temperature subcritical power generation project includes two 65MW generator units, which are part of a key technological upgrade to support the national "dual carbon" objectives [1] - The project utilizes advanced domestic technology, featuring two 220t/h ultra-high temperature subcritical gas boilers and two 65MW steam turbines, significantly improving power generation efficiency compared to traditional units [1] Group 2: Environmental Impact - The project is expected to generate an additional 680 million kilowatt-hours of electricity annually, reducing the company's reliance on purchased electricity and decreasing carbon emissions by 364,900 tons per year [1] Group 3: Management and Efficiency - The project was executed with meticulous management throughout its lifecycle, ensuring high standards and efficiency, which contributed to the successful grid connection of Unit 2 [2] - The centralized control of the main control systems for the two 65MW generator units enhances both power generation efficiency and management effectiveness, with plans to extend this centralized control to other power supply systems within the company [2]

Core Viewpoint - The commercial aerospace industry in China is experiencing rapid growth, particularly in the space photovoltaic sector, driven by advancements in reusable rocket technology and large satellite constellation networks [1][2]. Group 1: Industry Growth and Demand - The space photovoltaic sector has seen a significant increase in demand due to the scaling of satellite networks and the upgrade of onboard equipment, which enhances energy supply efficiency [1][3]. - The commercial aerospace era has shifted satellite launches from dozens to potentially thousands per constellation, significantly increasing the demand for space photovoltaic cells [3][4]. - The efficiency of solar power generation in space is 2-3 times higher than on Earth due to continuous sunlight availability in geostationary orbit [2][3]. Group 2: Technological Advancements - Current space photovoltaic technology utilizes solar energy collected in space, which is then transmitted to Earth as microwaves or lasers, achieving high conversion efficiency [2][3]. - Emerging technologies such as P-type HJT and perovskite solar cells are expected to become viable alternatives to traditional gallium arsenide cells, potentially lowering costs and enhancing performance [3][6]. Group 3: Market Dynamics and Investment Opportunities - The space photovoltaic industry is currently in its introduction phase, with a focus on developing supply capabilities and addressing the unique challenges posed by the space environment [4][5]. - Companies that establish a foothold in the space photovoltaic market can benefit from high profit margins due to the low sensitivity to costs in space applications [5][6]. - Investment opportunities are expected to arise in segments such as thin-film HJT and perovskite solar products, which are anticipated to capture larger market shares as commercial aerospace expands [6][7]. Group 4: Future Outlook - The rapid development of the commercial aerospace industry is expected to create a new growth area for space photovoltaics, with long-term investment value becoming increasingly apparent as technology matures [7]. - The differentiation among companies in the supply chain will likely intensify, providing varied growth opportunities as the industry evolves [7].

● 本报记者武卫红 2025年，杰创智能（301248）全面推进"AI+"战略并取得积极进展。日前，公司发布一系列全场景AI新 产品，再次引发关注。杰创智能董事长孙超表示，"十五五"时期，公司将持续深耕人工智能赛道，坚定 推进"AI+"战略，以硬核技术赋能千行百业，为数字经济高质量发展注入更多动能。 全场景AI新产品亮相 1月14日，杰创智能在广州举办主题为"'十五五'周期下的中国经济与产业机遇"的研讨会。在此次研讨 会上，杰创智能围绕AI基础设施与"AI+安全"两大核心领域，全面展示其AI技术落地的解决方案。 打造两大新增长曲线 当前，全球科技革命加速演化，人工智能成为重塑产业格局的关键力量。杰创智能专注于人工智能产品 的研发与制造，构建了覆盖AI基础设施与"AI+"行业应用的全栈技术体系，持续推进"AI+云计 算"和"AI+安全"两大高增长业务。 孙超表示，近年来，公司坚定推进"AI+"转型升级，在技术研发和产品落地方面取得了突破性进展。 在"AI+云计算"业务方面，杰创智能持续投入云计算产品和智能算力硬件产品的研发，大力拓展智算云 服务与算力集群建设，扩大智算云业务规模，深化与互联网生态伙伴的合作。20 ...

Core Insights - The demand for the Year of the Horse commemorative coins and notes is extremely high, leading to significant challenges in obtaining them through official channels, with many collectors reporting that they are unable to secure any during the reservation process [1][2] - The secondary market for these commemorative items is thriving, with notable price premiums observed, particularly for specific serial numbers deemed "lucky" [2][3] - There is a growing interest in beautifully packaged commemorative coin and note gift sets, which are being marketed as suitable for gifting, especially during the festive season [3] Market Dynamics - The limited supply and high demand for the Year of the Horse commemorative coins and notes have resulted in significant price premiums in the secondary market, with prices for the notes reaching up to 40 yuan for a 20 yuan note and 14 yuan for a 10 yuan coin [2] - The online trading platforms are also experiencing high demand, with prices for specific types of notes reaching as high as 1,200 yuan for certain serial combinations [3] - The market for these commemorative items is characterized by a "new notes lead the price, serial number matters, and supply-demand pricing" logic, indicating that scarcity and cultural significance play crucial roles in determining market prices [4] Cultural and Investment Considerations - The cultural significance of the Year of the Horse commemorative coins and notes, which carry auspicious meanings, contributes to their appeal, although the relatively high issuance volume may limit their long-term value appreciation [5] - Industry experts caution against speculative trading in these items, emphasizing that their collectible nature outweighs their investment potential, and investors should focus on the quality and grading of the items [4][5]

Core Viewpoint - The Ministry of Finance and other departments have issued a notification to establish and adjust a number of duty-free shops at ports of entry, aiming to enhance the shopping experience for inbound travelers and stimulate consumption in the duty-free retail sector [1] Group 1: Establishment of Duty-Free Shops - A total of 41 ports, including Wuhan Tianhe International Airport, will each have one new duty-free shop established [1] - The Hengqin port duty-free shop will allow residents from Macau to purchase duty-free goods up to a value of 15,000 yuan [1] - The initiative significantly increases the number of duty-free shops at ports of entry, broadening their coverage [1] Group 2: Purpose and Impact - The establishment and adjustment of these duty-free shops aim to facilitate duty-free shopping for inbound travelers [1] - The move is intended to leverage duty-free shops to support and boost consumer spending [1] - The notification also includes adjustments to existing duty-free shops whose operating contracts are expiring or where passenger functions have changed [1]