开栏语 2025年，是全球经济在复苏与重构中寻找新平衡的一年，也是中国产业在经历了数年技术积淀、市场激荡与模式探索后，进入深度分化与价值重塑的关键节 点。我们不再仅仅追逐风口，而是更冷静地审视风口之下正在发生的改变：存储芯片"超级周期"搅动市场，国产正凭借成熟的性能、稳定的供应突围；新能 源汽车穿越价格战，驶向全球化的深海；金价暴涨，点燃一场现代淘金热；AI大模型卸下炫技光环，沉入产业毛细血管；短剧现象则掀开了内容消费的底 层革命。 这一年的核心叙事是分化与沉淀，当所有行业都在接受价值的重新丈量，真正的机遇只属于那些穿透周期噪音、构筑内生力量的建设者。我们在此记录这场 静默而深刻的重塑——潮水退去时，留在岸上的才是这个时代真正的重量。 p, 81 17 13 a support of the success of the support of and and and the many of the many of the may be and 图/IC "账期真的短了。" 一位总部在长三角的汽车供应链企业负责人在电话里向新京报贝壳财经记者感叹。他清晰地记得，就在去年，一笔货款拖上180天仍是常态，收到的常常是 ...

Core Viewpoint - The company aims to advance the development of new productive forces in line with the Central Economic Work Conference's directives by focusing on "deepening 'AI + industry' new scenarios" and "activating the potential of data elements" [1][2] Group 1: Deepening 'AI + Industry' New Scenarios - The company plans to transition from serving general large models to actively engaging in key industries such as embodied intelligence, smart tourism, and smart healthcare, providing high-quality, scenario-based training data solutions for industry-specific large models [1] - The goal is to catalyze the formation of new productive forces through professional data supply [1] Group 2: Activating Data Element Potential - The company will leverage its practices under the "Data Element X" action plan to collaborate with key regions, exploring compliant circulation and value development models for data resources [2] - This initiative aims to help local areas transform their data endowments into new development momentum, thereby promoting the digital economy [2] Group 3: Strategic Development Goals for 2026 - The company aims to become a "global leader in AI data infrastructure provision," focusing on performance growth, product innovation, and business lines [3] - In terms of performance growth, the company will consolidate its position as a core data supplier for global tech giants while expanding its market presence in key vertical industries [3] - The core objective for product innovation is to upgrade from providing data products and services to offering a full-stack data solution that includes "data + platform tools + resources" [3] - The company will implement a "dual-drive" strategy, with standardized product lines focusing on high-quality training datasets for general and industry large models, while customized service lines will collaborate with industry leaders or local governments to create reusable industry data solutions [3]

恒星力量计划2026年投入5000万元用于研发，重点推进兆瓦级空天能源小规模试验建设项目并实现投 产，夯实规模化制造基础。 公开信息显示，恒星力量（北京）科技有限公司（即"恒星力量"）是一家专注于未来空间能源开发的空 天科技公司，通过空天级能源材料技术布局下一代柔性太阳翼产品。公司刚成立不久，但站在它身后的 联合创始人兼CEO许凌却是金融科技圈的名人。作为原京东集团战略规划部负责人，他曾从0到1参与发 起和筹建了京东数科（即京东金融），他的名字也曾经和消费金融知名产品"白条"关系密切。恒星力 量，成为他离开京东数科后最新孵化的创业项目。 对于恒星力量而言，针对中央经济工作会议提出的因地制宜发展新质生产力等议题会有哪些举措？2026 年公司将有哪些战略发展目标？新京报贝壳财经记者就此采访了许凌。 新京报贝壳财经：中央经济工作会议提出持续扩大内需、优化供给，做优增量、盘活存量，因地制宜发 展新质生产力，具体到恒星力量会有哪些具体举措？ 许凌：作为一家聚焦太空能源的空天科技初创企业，恒星力量将贯彻中央经济工作会议"发展新质生产 力"的要求，锚定太空能源材料领域的颠覆性技术创新。 我们将积极对接国家科技金融"投早、投 ...

Core Insights - Specialized and innovative enterprises represent high-quality small and medium-sized enterprises, playing a crucial role in promoting new industrialization and developing new productive forces. As of the end of Q3 2025, there are 10,482 recognized specialized and innovative enterprises in Beijing [1] Group 1: Financial Coverage and Support - By the end of Q3 2025, all specialized and innovative enterprises in Beijing have opened accounts in local banks, achieving full financial service coverage, with a financing coverage rate of nearly 80% [1] - The Beijing Financial Regulatory Bureau has collaborated with relevant departments to dynamically update the list of specialized and innovative enterprises and promote precise matching by banking institutions [1] Group 2: Loan Composition and Trends - As of the end of Q3 2025, the proportion of credit loans among loans to specialized and innovative enterprises in Beijing reached 58.7%, indicating a shift from traditional "heavy collateral" to "heavy credit" in the local technology financial ecosystem [2] Group 3: Financing Costs and Future Directions - The financing costs for specialized and innovative enterprises in Beijing have significantly decreased in 2025. The annualized interest rate for loans issued to these enterprises in the first three quarters of 2025 dropped by 44 basis points compared to the entire previous year, and it is 78 basis points lower than the average interest rate for small and micro enterprises in the same period [3] - The Beijing Financial Regulatory Bureau plans to continuously improve the financial support system for technological innovation, guiding financial resources to more precisely and effectively support specialized and innovative enterprises, thereby contributing to the construction of an international technology innovation center and promoting high-quality development through new productive forces [3]

校对 陈荻雁 此外，全市银行体系对专精特新企业的整体授信额度达1.28万亿元，为专精特新企业提供了较为充分的 融资支持，企业可根据研发进度和市场拓展情况灵活调用资金，避免了"等米下锅"的窘境。 编辑 杨娟娟 新京报贝壳财经讯（记者黄鑫宇）专精特新企业是优质中小企业的代表，是推进新型工业化、发展新质 生产力的重要力量。12月30日，据国家金融监督管理总局北京监管局（简称"北京金融监管局"）披露， 截至2025年三季度末，北京市专精特新企业贷款余额已达2620.65亿元，较年初增长30.44%。户均贷款 余额达到4136.13万元，较年初增长13.56%，银行对单家企业的支持力度明显加强。 同时，北京金融监管局积极督导银行落实无还本续贷政策，确保对贷款到期后仍有融资需求且满足条件 的企业"应续尽续"。截至2025年三季度末，北京辖内专精特新企业贷款的中长期贷款余额达821.39亿 元，较年初增长18.76%，为企业长期研发提供了稳定的资金支持。 ...

据第三方数据平台统计，12月11日，董宇辉在"与辉同行"直播间进行了一场持续五个半小时的家居专场 直播，累计销售额达3.56亿元。其中，顾家家居推出的一款功能沙发单品销售额突破1亿元，成为当日 直播间销售冠军。（智通财经） 【#顾家家居回应董宇辉亿元沙发代工质疑#】近日，头部主播董宇辉在"与辉同行"直播间创下单场3.56 亿元销售额纪录，其中一款顾家家居（603816.SH）沙发单品成交额突破1亿元，引发市场广泛关注。 然而，伴随高额订单而来的，是部分网友对商品是否由第三方代工生产的质疑。据每日经济新闻报道， 12月29日，顾家家居相关负责人回应记者称："对于大家普遍关心的公司在董宇辉直播间所售沙发均为 公司自制；生产保障方面，公司目前正在加快生产。" ...

Core Insights - Beijing's foreign trade enterprises are focusing on "innovation" to navigate global trade tensions and tariffs, transitioning from traditional OEM models to high-quality development through independent R&D and global branding [1] - The "14th Five-Year Plan" emphasizes trade innovation and the construction of a strong trade nation, pushing foreign trade development beyond traditional frameworks towards high-tech empowerment and quality supply [1] - Integration of domestic and foreign trade has become a stabilizing factor for Beijing's foreign trade enterprises, enabling them to mitigate market risks and expand growth opportunities [1] Group 1: Digital Economy and Cross-Border E-commerce - Worth Buying Technology is leveraging AI and content-driven strategies to create localized consumption platforms abroad, moving beyond traditional cross-border e-commerce models focused solely on product transactions [2][3] - JD.com is enhancing its international presence with new shipping zones in Malaysia and Thailand, and has established over 100 overseas warehouses to improve logistics efficiency [4][5] - JD Global Sales has seen over 100% year-on-year growth in transaction volume and order quantity in key markets since the launch of its 11.11 campaign [6] Group 2: AI and Technological Integration - AI technology is being integrated into cross-border trade by Beijing companies, enhancing operations in e-commerce, supply chain management, and consumer services [7][8] - The establishment of the Beijing Digital Economy Enterprises Overseas Innovation Service Base aims to support internationalization of digital industries and facilitate cooperation with countries along the Belt and Road [9][10] Group 3: Policy Support and Market Expansion - The Beijing Digital Economy Enterprises Overseas Innovation Service Base is designed to provide comprehensive support for enterprises looking to expand internationally, including policy innovation and ecosystem services [12][14] - Beijing is promoting a dual circulation strategy, focusing on domestic market stability while seeking growth in international markets, which helps to counter global trade uncertainties [15][25] - The city is implementing measures to foster integration of domestic and foreign trade, including financial support for enterprises and the establishment of a favorable environment for trade development [24][25]

Core Viewpoint - The company Xi Lin Men is undergoing a name change from "Xi Lin Men Furniture Co., Ltd." to "Xi Lin Men Health Sleep Technology Co., Ltd." to reflect its strategic transformation towards sleep technology, marking a significant shift from traditional furniture manufacturing to providing comprehensive sleep health solutions [1][8][20]. Group 1: Company Transformation - The name change is seen as a culmination of over a decade of technological investment and development, including the launch of innovative products like the Smart One adjustable air spring mattress and the AI-powered aise宝褓 series [5][10][20]. - Xi Lin Men has invested over 1.2 billion yuan in research and development over the past ten years, holding 2,376 valid patents and achieving significant technological advancements in sleep products [10][19]. - The company has established itself as a leader in the sleep technology sector, with its flagship product aise宝褓 receiving the highest L4 certification for smart mattresses, indicating a strong market demand for innovative sleep solutions [8][9][10]. Group 2: Market Response and Financial Performance - Following the announcement of the name change, Xi Lin Men’s stock experienced a strong market reaction, with a limit-up on the day after the news and a subsequent increase of over 5% [5][10]. - In the first three quarters of 2025, the company reported revenues of 6.196 billion yuan and a net profit of 399 million yuan, reflecting year-on-year growth of 3.68% and 6.45% respectively, with a gross margin of 36.03% [17]. - The company’s market share is approximately 4.5%, indicating room for growth in a highly fragmented industry with over 40,000 mattress companies in China [18]. Group 3: Technological Advancements - Xi Lin Men has developed a fully automated 5G smart factory, significantly enhancing production efficiency with minimal human labor, and has established a national quality testing center for rigorous product testing [11][15]. - The company has collaborated with leading academic institutions to advance its research capabilities, including partnerships with Tsinghua University and Zhejiang University for sleep technology research [10][19]. - Xi Lin Men has been recognized as a high-tech enterprise in the furniture industry, breaking traditional perceptions and laying the groundwork for its transition to a sleep technology company [19].

公告显示，本次交易预计构成重大资产重组及关联交易，不构成实际控制人变更和重组上市。截至公告 披露日，交易尚处筹划阶段，具体方案以后续披露信息为准。因交易存在不确定性，为确保公平信息披 露、维护投资者利益，公司股票自12月30日开市起停牌，预计停牌时间不超过10个交易日。 新京报贝壳财经讯 12月29日，五矿发展发布公告称，当天公司收到实际控制人中国五矿集团有限公司 《关于筹划重大资产重组事项的通知》。初步考虑，公司拟通过资产置换、发行股份及支付现金方式购 买控股股东中国五矿股份有限公司持有的五矿矿业控股有限公司股权、鲁中矿业有限公司股权，并募集 配套资金，拟置出原有业务相关的主要资产及负债。 ...

新京报贝壳财经讯 12月29日，宁波华翔发布公告称，公司子公司宁波华翔启源科技有限公司与潜行未 来（杭州）机器人有限公司（简称"潜行未来"）签订《战略合作协议》，双方拟在具身智能机器人，特 别是四足机器人产品的研发、制造和销售服务等领域加强合作。潜行未来创始人为国内资深四足机器人 团队，多年来深耕行业级应用赛道。 ...