2025年财政收支"账本"出炉，从地方财政收入看，31个省、自治区、直辖市中，27个地区全年财政收入比2024年实现增长，占比近九成。 一些地方非税收入增幅较大，说明"盘活存量"大有可为—— 地方财政增收，是地方经济稳中有进的直观体现，也是宏观调控效能持续释放、发展质量稳步提升的生动佐证。 非税收入的合理增长，体现了"盘活存量"的成效。各地通过梳理闲置国有资产、规范资源有偿使用，让"沉睡资产"变成"增收活水"。比如，柳州市通 过分三期公开拍卖市直行政事业单位国有资产租赁权，盘活办公用房、商业店铺等存量资产，年租金超2600万元，为市本级财政增加稳定非税收入。 翻阅2025年各地财政的增收账，有几个亮点值得关注。 非税收入的合理增长，也让大家看到了"做强增量"的巨大空间。各地提升国有资本经营收益，让更多"国企红利"充实财政钱袋子。比如，得益于水资 源集团等部分省属企业集中上缴国有资本经营收益，辽宁省2025年上半年省本级国有资本经营预算收入 2.1 亿元，增长 161.3%，其中利润收入增长 90.1%。 经济大省财政收入实现"总量稳增、质量向好"，反映出"火车头"牵引有力，我国经济增长韧性在增强，动能在积聚— ...

Group 1 - The core theme of consumer spending during the upcoming Spring Festival focuses on purchasing new year goods and gifts, with a notable increase in demand for smart and personalized products [1][2] - E-commerce platforms are leveraging technology and promotional activities to enhance consumer engagement and stimulate spending, indicating a robust consumer demand this year compared to previous years [1][3] Group 2 - Smart technology products are emerging as popular choices for new year gifts, with significant sales increases reported in home appliances, such as a 121% rise in sales of robotic vacuum cleaners and a 114% increase in embedded micro-steaming ovens [2] - The trend of "instant purchasing" for new year goods is gaining traction, with platforms like Meituan reporting substantial year-on-year sales growth in various categories, including a 572% increase in foot massage machines and a 503% increase in action cameras [2] Group 3 - The gifting of new year presents for elders and family members is a significant aspect of consumer behavior, with 45.6% of surveyed consumers prioritizing gifts for parents and elders, emphasizing health and safety as key considerations [3] - The e-commerce landscape is characterized by trends such as smart, personalized, and immediate consumption, driven by factors like consumption upgrades and improved infrastructure [3] Group 4 - Service consumption related to traditional activities, such as haircuts and cleaning, is experiencing a surge, with beauty services like hair dyeing seeing a 78% increase in search volume on Meituan [4] - The home cleaning service sector is also witnessing a peak in demand, particularly in major cities, with a doubling of orders for daily cleaning services [4] Group 5 - E-commerce platforms are actively developing AI applications to streamline the shopping experience, with initiatives like Meituan's AI search tool and JD's AI New Year Goods Map system aimed at enhancing consumer convenience and operational efficiency [5][6] - AI is expected to play a significant role in personalized recommendations and inventory management, potentially transforming the consumer market [6] Group 6 - New trends in gifting include creative products like blind boxes and culturally themed items, with 65.6% of consumers indicating plans to purchase themed gift boxes for the Year of the Horse [7] - The popularity of traditional clothing, such as Ming-style Hanfu, is on the rise, with sales in this category increasing by over 100% in the past month [7] Group 7 - E-commerce platforms are implementing various promotional strategies, including discount coupons and interactive live-streaming events, to further stimulate consumer spending during the New Year shopping season [7][8] - Future e-commerce operations should focus on enhancing value and building ecosystems that meet quality and cultural demands while expanding fulfillment networks in lower-tier markets [8]

Core Viewpoint - Recent fluctuations in international gold prices have significantly increased volatility, impacting both gold itself and related bank wealth management products, which has prompted a reassessment of asset allocation capabilities in the context of risk awareness [1][2]. Group 1: Market Dynamics - The recent volatility in the gold market is attributed more to emotional and capital dynamics rather than fundamental shifts [2]. - The gold market experienced rapid price increases and decreases, driven by factors such as expectations of Federal Reserve interest rate cuts and geopolitical risks, followed by a reversal in market sentiment due to potential changes in Fed leadership [2]. - Institutions maintain a long-term positive outlook on gold, viewing it as a core asset in the new macroeconomic cycle, transitioning from a traditional safe-haven asset to a sovereign reserve asset [2]. Group 2: Strategic and Tactical Importance of Gold - Gold's strategic role in wealth management remains unchanged, serving as a hedge against currency credit risks, while its tactical importance is increasing as it adjusts within certain price ranges to address geopolitical and monetary uncertainties [3]. - The design of bank wealth management products positions gold as a "satellite" asset, enhancing portfolio resilience rather than determining absolute returns, with typical allocations ranging from 5% to 15% [5][6]. Group 3: Product Design and Risk Management - Most mainstream "fixed income + gold" products still primarily consist of fixed income assets, with only a small portion allocated to gold derivatives, ensuring risk control while seeking flexible returns [6]. - The impact of market fluctuations on wealth management products is considered manageable, as gold primarily serves a hedging and diversification role without cash flow returns [6]. Group 4: Investor Behavior and Education - The recent market dynamics have challenged the perception that safe-haven assets are free from volatility, necessitating a shift in investor expectations and understanding of risk [7][8]. - Investors are advised to align their product choices with their risk tolerance, with conservative investors recommended to stick to low-exposure "fixed income +" products, while aggressive investors may consider accumulating gold or ETFs for higher returns [7][8].

Core Insights - The reports highlight that the global oil and gas industry is entering a period of profound transformation by 2025, characterized by intensified turmoil, system restructuring, and a reconfiguration of the landscape due to geopolitical conflicts, economic restructuring, and energy transition [1][2] Group 1: Global Oil and Gas Industry Trends - The global oil and gas sector is facing a complex "new situation" with increasing volatility and a reshaped framework, driven by intertwined geopolitical conflicts and economic changes [1] - By 2026, the global economy is expected to exhibit "low growth, high differentiation, and increased turmoil," posing severe challenges to global energy security and market stability [1] - The oil market is anticipated to shift from a tight balance to a state of oversupply, with Brent crude prices projected to range from $60 to $65 per barrel under normal conditions, and potentially rise to $70 to $75 per barrel amid geopolitical tensions [3] Group 2: China's Oil and Gas Industry Developments - China's oil and gas industry is demonstrating strategic confidence and resilience, aiming for progress while maintaining stability, with a focus on achieving the goals set for the 14th Five-Year Plan [1][4] - By 2025, China's energy self-sufficiency is projected to reach 84.4%, with non-fossil energy consumption accounting for 21.8% of total energy use, and this is expected to rise to over 23% by 2026 [4] - Oil and gas production in China is set to reach a historical high of 420 million tons of oil equivalent by 2025, with crude oil production expected to stabilize at 200 million tons in 2026 [4][5] Group 3: Energy Security and Policy Implications - The global energy security landscape is becoming increasingly complex, with the report indicating that while fossil energy remains relatively secure, the risks associated with electricity supply are rising [6] - The report calls for a more inclusive and cooperative approach to energy security, emphasizing the need for multilateralism and practical collaboration across various sectors, including energy investment and climate governance [6] - China's energy security situation is improving, marking a new phase in its journey towards becoming an energy powerhouse [6]

Core Insights - The "Meituan Black Diamond Member Experience Officer" program has successfully launched in Chongqing, highlighting the city's appeal as a travel destination during the Spring Festival [2][3] - Chongqing's tourism bookings have seen significant growth, with a 32% year-on-year increase in Spring Festival cultural and tourism reservations, and a 73% increase in hotel bookings [2] - The program aims to enhance the hotel experience by integrating various cultural activities and local experiences, expanding the concept of "accommodation+" [6] Group 1: Tourism Growth - Chongqing's hotel bookings for the Spring Festival have surged, with high-end hotel night rates exceeding 800 yuan and a staggering 542% increase in bookings from "out-of-town tourists" [2] - The top ten sources of out-of-town visitors to Chongqing include major cities such as Beijing, Shanghai, and Guangzhou [2] - The demand for hotel bookings has increased significantly, with a 157% rise in early reservations for Marriott hotels in Chongqing [5] Group 2: Experience Integration - The "accommodation+" concept is being promoted, allowing guests to engage in various activities such as cocktail parties, opera performances, and local culinary experiences [3][6] - The program includes unique offerings like the "one meal seals the gods" dinner and packages that combine hotel stays with local cultural experiences [5] - The integration of local attractions, such as the drone light shows and scenic views from high-altitude hotels, enhances the overall visitor experience [5][6] Group 3: Demographic Trends - There is a notable increase in hotel bookings among younger travelers, with a 55% growth in reservations from the post-2000 generation [5] - The senior demographic (60 years and older) has also shown a significant increase in bookings, with a 79% rise in hotel reservations [5] - The trend indicates a shift towards more diverse travel experiences among different age groups, with a growing interest in cultural and local activities [6]

作为全球领先的自动驾驶全栈技术与运营服务提供商，蘑菇车联通过"前装量产+视觉与固态激光 雷达融合"技术路线，显著提升了系统的一致性与可靠性，使目标感知距离提升超50%，漏检率/误检率 下降70%，接管率降低两个数量级，且大幅降低了研发与硬件成本，为自动驾驶巴士规模化落地奠定坚 实基础。其自研的新一代端到端自动驾驶系统MOGO AutoPilot，融合MogoMind物理世界多模态大模 型，通过海量真实路况数据训练，能够模拟人类司机的驾驶逻辑，在复杂场景中快速生成最优驾驶决 策。 当前，适逢全球自动驾驶产业从封闭场景向城市主干网跨越的关键期，技术协同与生态共建成为行 业发展趋势。在1月初的中韩商务论坛上，中韩双方共签署32份合作文件，自动驾驶成为重点合作领 域。同时，韩国提出《提升自动驾驶汽车产业竞争力计划》，目标是2027年实现L4级自动驾驶商业 化，跻身全球自动驾驶前三，并将光州指定为韩国首个"自动驾驶实证城市"，全面推进自动驾驶技术研 发及服务落地。 此次战略合作契合了中韩两国在人工智能、自动驾驶等战略新兴领域的合作共识。蘑菇车联将持续 以技术创新为核心，联合autonoma等生态伙伴全面整合技术能力与市 ...

Core Viewpoint - The company is establishing a new subsidiary, Jietai Intelligent Manufacturing, in collaboration with two investment partners, focusing on high-end intelligent equipment and new materials for consumer electronics, which is a strategic move to enhance its transformation in the consumer electronics sector and capture opportunities in the space photovoltaic market [1][4] Group 1: Company Strategy - The new subsidiary, Jietai Intelligent Manufacturing, has a registered capital of 50 million yuan, with the company holding a 51% stake, ensuring absolute control [1] - The business scope of the new company includes research, production, and sales of high-end intelligent equipment, superhard materials, and electronic new materials, which aligns with the core needs of the consumer electronics industry [1][2] - The establishment of Jietai Intelligent Manufacturing represents a further deepening of the company's "equipment + consumables" integrated strategy, following its previous collaboration with global consumer electronics glass manufacturers [2] Group 2: Market Opportunities - The company is leveraging its core technology in diamond wire to enter the space photovoltaic sector, which is expected to grow rapidly, with silicon-based components being a key material [3] - The company's diamond wire technology offers a competitive advantage in precision and cost control, which is crucial for the high standards required in space photovoltaic production [3] - The global photovoltaic industry is evolving towards efficiency and diversification, with space photovoltaic presenting significant growth potential, positioning the company as a key supplier in this emerging market [3][4] Group 3: Financial Performance - In 2025, the company faced pressure from the photovoltaic industry cycle, but it has shown significant operational improvement in the fourth quarter, indicating the gradual contribution of its new consumer electronics business [4] - The dual-track strategy of focusing on consumer electronics and space photovoltaic is seen as a clear strategic logic, with the potential to enhance the company's resilience against industry cycles [4]

编辑：何颖曦 盘面上看，传媒、半导体板块走低；煤炭板块爆发，掀涨停潮；地产、石油、钢铁、电力、银行、 券商、保险、汽车等板块拉升，光伏、氢能源概念等活跃。 中国经济周刊-经济网讯 截至收盘，上证指数报4102.20点，涨幅0.85%，成交额10635.45亿元；深 证成指报14156.27点，涨幅0.21%，成交额14174.26亿元；创业板指报3311.52点，跌幅0.40%，成交额 6755.89亿元。 ...

2026年2月3日，极氪旗下新车——极氪8X迎来实车首次亮相。作为极氪品牌面向2026年推出的超级电混高性能旗舰SUV，8X基 于SEA-S超级电混架构打造，是该架构下继9X之后第二款旗舰车型。 极氪9X是去年难得的现象级爆款，2025年11月-12月蝉联"50万级大型SUV销冠"，成交均价达到53.8万元，海外更是出现了加价 求购的盛况。按照主流市场9系与8系车型10万元左右的定价差距，参考极氪9X市场表现，预计极氪8X的顶配版本将逼近50万 元。如果按照氪9X成交均价53.8万元估算，极氪8X的成交均价将达到43万元以上。 随着实车正式露出，极氪8X的外观细节、空间与动力方案等也将进入密集信息释放期，有望成为今年最受关注的旗舰新车之 一。（景煊） 新车在设计上延续家族旗舰基因，同时以更具力量感与优雅比例的车身型面，瞄准40万-50万级豪华SUV用户对"性能与体面"的 双重诉求。前脸采用9X同款一体式直瀑格栅，一样的旗舰霸气豪华；0.618黄金比例车身、1.12宽高比低趴姿态，配合劳斯莱斯 同款零面差车门工艺，将空气动力学与雕塑级美学融为一体。据悉，8X将提供"云珀红、月海灰、玄武灰、极夜黑和极昼白"五 款 ...

Core Viewpoint - The collaboration between Qinghai Huzhu Tianyoude Qinkui Wine Co., Ltd. and a restaurant brand to launch the "Yizun Huangniu · Tianyoude Qinkui Wine Co-branded Experience Store" in Lanzhou marks a significant step in the company's "Four Beauties Strategy," particularly in the integration of "fine food and fine wine" [1] Group 1 - The "Four Beauties Strategy" focuses on "fine wine, fine food, beautiful scenery, and beauty," aiming to upgrade the brand from a provider of excellent products to a leader in highland quality lifestyle [1] - The "Food Strategy" serves as an extension of the value of "fine wine," acting as a friendly entry point to connect with consumers and convey the cultural essence of the Qinghai-Tibet region [1] - The Vice General Manager of the company, Chen Mingfeng, emphasized that this partnership is a strategic choice based on shared development philosophies, market insights, and a deep understanding of future consumption trends [1] Group 2 - This co-branding initiative signifies a new phase of large-scale, benchmark, and cross-regional development in the exploration of food and wine integration [1] - As a key national leading enterprise in agricultural industrialization, the company aims to link Qinghai-Tibet specialty products with global culinary culture, empowering brand upgrades and enhancing quality of life through industrial integration [1]