2026.02. 09 本文字数：1285，阅读时长大约3分钟 类似说辞，相信大家很耳熟。现实中，在一些群众理解度、接受度不高的政策、指令执行过程中，对 于老百姓的质疑，执行者常常以"三段论"答复："上面要求的""我只负责执行""有问题找领导"。然 而，常听、常见不代表合理，仔细分辨这"三段论"的逻辑和实质，可以发现存在三方面的认识错 误。 首先，错误地将政府施政当作工程"分包"，割裂了行政治理工作的整体性。 在我国，上下级政府 （及其部门）虽然是各自独立的法人，但对相应辖区的治理实行双重负责。一个地方治理得好，必然 是本级政府和上级政府戮力同心的结果；治理得不好，肯定也是谁都不能撇清责任。如果下面只负责 干活，出了问题责任在上面，或者上面只负责制定政策，执行不好怪下面，如此"各管各"，那么出 问题就几乎是不可避免的。 其次，错误地将下级"负责执行"的职责定位当作免责理由，模糊了自身的主体责任。 各级政府都是 本级人民代表大会选出来的，是代表辖区人民执政的。每一项施政举措，无论是上级统一部署，还是 本地自主决策，都需要对辖区人民负责，焉有"出了问题找上面"之理？当然，如果上级制定的政策 确有问题，上级也得担责 ...

Core Viewpoint - The article discusses the recent optimization measures for refinancing in the capital market, emphasizing support for high-quality listed companies and enhancing adaptability for technology innovation enterprises to better serve the development of new productive forces [3]. Group 1: Support for High-Quality Listed Companies - The optimization measures focus on increasing support for high-quality listed companies by streamlining refinancing audits and improving efficiency while adhering to a principle of selecting the best [5]. - Adjustments have been made to the requirements for the use of raised funds, allowing high-quality companies to invest in new industries, new business formats, and new technologies that align with their main business [5][6]. Group 2: Introduction of "Light Asset, High R&D Investment" Standard - The Shanghai and Shenzhen Stock Exchanges plan to introduce a "light asset, high R&D investment" recognition standard for main board companies, following its successful implementation in the Sci-Tech Innovation Board [8]. - As of now, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total proposed financing of 35.12 billion, representing 37% of the number of companies and 76% of the financing amount for 2025 [8][9]. Group 3: Refinancing Interval Optimization - The measures optimize the refinancing interval requirements for unprofitable technology companies, allowing them to initiate new refinancing after six months if previous funds are fully utilized or unchanged in direction [10]. - This adjustment aims to provide certainty for technology companies, facilitating timely fundraising for R&D and business development [10]. Group 4: Strengthening Regulation on Control Changes - The measures enhance regulation on refinancing related to changes in control, requiring public commitments from companies and issuers to complete financing within the validity period of approvals [11]. - Violations of these commitments will lead to increased penalties, aiming to regulate the behavior of companies seeking to change control through refinancing [11]. Group 5: Comprehensive Supervision of the Refinancing Process - The exchanges have introduced a series of reform measures to enhance the inclusivity and adaptability of the refinancing system while strengthening the supervision of the entire refinancing process [12]. - This includes prohibiting the disclosure of refinancing plans if companies have significant legal violations or governance issues, thereby increasing the cost of illegal activities [12].

Core Viewpoint - The 2026 Spring Festival film market is expected to shift from a "one strong, many strong" pattern in 2025 to a "multi-strong competition" landscape, with a focus on lower-tier markets and female audiences as key competitive factors [4][10]. Film Lineup - Eight films have been scheduled for the 2026 Spring Festival, with total box office revenue (including previews) exceeding 540 million yuan as of February 9 [3][4]. - The films set to release include "Fast Life 3," "Boonie Bears: Year of the Bear," "The Bounty Hunter: Winds Rise in the Desert," "Silent Awakening," "Star River in Dream," and "Panda Plan: Tribal Adventures," with a documentary "Return to the Wolf Pack" re-releasing on the third day of the new year [3]. Market Trends - The Spring Festival box office has seen significant growth, from 1.451 billion yuan in 2014 to 9.514 billion yuan in 2025, reflecting a more than 5.5 times increase [4]. - The 2025 Spring Festival set a new record for box office revenue, driven by "Ne Zha," confirming the explosive potential of the Chinese film market [4]. Audience Insights - Audience preferences for new films vary significantly, with "Silent Awakening" appealing to younger and female viewers, while "The Bounty Hunter: Winds Rise in the Desert" attracts male audiences [4]. - Lower-tier cities have contributed over half of the box office revenue for three consecutive years, with regions like Shanxi, Henan, Shandong, and Hebei being key battlegrounds [10]. Government Initiatives - The Ministry of Commerce launched the "Happy New Year" campaign to stimulate holiday consumption, encouraging local governments to offer viewing discounts during the Spring Festival [5]. Industry Participation - Numerous listed companies, including Maoyan Entertainment, Bona Film Group, China Film, Wanda Film, Hengdian Film, and Light Media, have heavily invested in the Spring Festival films [7][8]. Challenges Ahead - The 2026 Spring Festival may face challenges due to the high box office base set in 2025, with cautious scheduling and marketing strategies from domestic film producers [11][12]. - The overall audience demand is showing a trend towards concentration at the top, with potential for surprise hits in a market with low expectations [11].

Core Viewpoint - The article discusses the growth targets set by various provinces in China for the "14th Five-Year Plan," with most provinces aiming for an average annual growth rate of around 5% over the next five years, reflecting a shift towards high-quality development amidst economic challenges [4][5][6]. Summary by Sections Growth Targets - 17 provinces have announced their growth targets, with most setting an average annual growth rate of approximately 5%. Notable exceptions include Hainan with a target of over 6%, and Xinjiang aiming for 5.5%-6% [6][10]. - Specific growth targets for various provinces include: - Heilongjiang: 4.5%-5% - Jilin: around 5% - Beijing: around 5% with a range of 4.5%-5% - Guangdong: around 5% [7][8]. Economic Analysis - The Chief Economist Forum member, Liao Bo, indicates that the "14th Five-Year Plan" plays a crucial role in achieving socialist modernization, predicting a national GDP average growth rate of around 5% during this period. The contribution of total factor productivity to economic growth is expected to rise to about 60% [8][9]. - The report highlights that as China transitions to a higher-income economy, the era of rapid economic growth is ending, with investment and consumption growth rates declining due to various factors, including geopolitical tensions and de-globalization [8][9]. Provincial Insights - Provinces like Jiangxi and Sichuan have set growth targets that aim to narrow the gap with national averages, with Jiangxi targeting around 5% and Sichuan emphasizing progress in economic strength and innovation [9][10]. - Guangdong's growth target of around 5% is significant given its recent economic pressures, including a 3.9% growth in 2025, which is below the target. The province faces challenges from the real estate market adjustment and needs to adapt to maintain its growth trajectory [11][12]. Investment Trends - Xinjiang's fixed asset investment is highlighted as a key indicator of economic stability, with a reported growth of 7.2% in 2025, significantly above the national average. This reflects a recovery in private investment across various sectors [11][10]. - The article notes that Guangdong's economic transformation is ongoing, with the real estate sector's downturn impacting overall investment and consumption, posing both short-term and long-term challenges [12].

Market Overview - On February 9, US stock indices opened lower, with the Nasdaq down 0.37%, the Dow Jones down 0.21%, and the S&P 500 down 0.26% [1] - The Nasdaq China Golden Dragon Index fell by 0.7%, with notable declines in several Chinese concept stocks, including Li Auto, Bilibili, New Oriental, and NIO, which all dropped over 3% [2] Chinese Concept Stocks - Li Auto decreased by 3.80% to $18.250 - Bilibili and New Oriental both fell by 3.30%, with prices at $30.490 and $60.650 respectively - Other significant declines included Ctrip Group down 1.95% to $58.240, Baidu down 1.64% to $143.540, and JD Group down 1.10% to $27.760 [3] Large Tech Stocks - Large technology stocks showed mixed performance, with SanDisk dropping over 4% and AMD down nearly 2%, while Oracle saw an increase of nearly 5% [4] - SanDisk fell by 4.55% to $570.725, while Oracle rose by 4.93% to $149.855 [5]

Core Viewpoint - The article discusses the intensifying competition among banks for deposits ahead of the Spring Festival, highlighting strategies employed by both small and large banks to attract customers through interest rate adjustments and promotional incentives [3][4]. Group 1: Deposit Competition - Small banks are raising interest rates on specific deposit products, with some rural commercial banks offering three-year deposit rates close to 2% [3][5]. - Over 10 small banks have increased deposit rates since the beginning of 2026, particularly targeting specific products and higher minimum deposit amounts [5]. - Large banks are not directly raising rates but are enhancing their deposit acquisition efforts through rewards and incentives, such as cash rebates and points for new customers [6]. Group 2: Expectations on Deposit Flows - The competition for deposits reflects banks' anticipation of a significant amount of term deposits maturing in 2026, with expectations that most of these funds will remain within the banking system [4][8]. - Estimates suggest that approximately 75 trillion yuan of household term deposits will mature in 2026, with 67 trillion yuan being one year or longer [8]. - Despite concerns about potential "deposit migration" to the stock market, industry insiders believe that the majority of maturing funds will continue to circulate within the banking system [8][9]. Group 3: Trends in Risk Appetite - The increase in maturing deposits is not particularly pronounced, with annual growth rates of 4 trillion to 7 trillion yuan observed since 2022 [9]. - Current low-risk appetite among residents is evident, as data shows a negative correlation between income confidence and savings willingness [9]. - Historical trends indicate that periods of declining savings willingness often coincide with rising income expectations [9]. Group 4: Asset Allocation Post-Maturity - Funds from maturing deposits are expected to flow primarily into low-risk assets, such as bank wealth management products and money market funds [11][13]. - Historical data from Japan indicates that during similar economic conditions, residents increased their holdings in cash, deposits, and insurance while reducing investments in stocks and high-risk assets [10][12]. - The preference for low-risk investments is expected to continue, with a significant portion of maturing deposits likely being allocated to wealth management products [13][14].

1959年，庞增和将《江南春》图卷等137件画作捐赠给南博收藏。上世纪90年代，经时任常务副院长 徐湖平违规签批，原省文化厅未按规定严格审核、违规批复同意，南博将《江南春》图卷等书画违规调 拨原省文物总店（以下简称总店）销售。2025年5月，《江南春》图卷在嘉德拍卖公司预展，被庞增 和后人庞叔令向国家文物局举报后撤拍。之后，庞叔令和律师两次到南博现场察看，南博未能提供《江 南春》图卷、《仿北苑山水轴》、《双马图轴》、《设色山水轴》、《松风萧寺图轴》等5幅捐赠画 作，其余132件捐赠画作仍收藏在南博。对此，调查组按照"一画一专班"模式，全力推进5幅画作追溯 调查工作。 1.关于《江南春》图卷。1997年7月初，时任总店书画库保管员兼销售员张某见到违规调拨至总店的 《江南春》图卷标价25000元，认为有利可图，遂与其男友王某合谋，准备自己买下再加价转卖，并 利用工作之便，将价格标签偷改为2500元。为规避总店工作人员不能购买店内商品的规定，也怕王某 被店内同事认出，便安排王某的同事陈某某出面购买。同年7月8日，陈某某到总店经张某之手打9折后 以2250元买走《江南春》图卷。为防止更改价格的行为被发现，张某故意将发 ...

2026.02. 09 去年底，吉利系动力电池公司威睿动力起诉欣旺达动力（欣旺达子公司），起诉原因是欣旺达动力在 2021年6月至2023年12月期间向威睿动力交付的电芯存在质量问题，并向后者索赔超23亿元。 而极氪001正是搭载这批欣旺达电芯的重要产品，仅2022年就售出了超7万辆，其中WE86版占比超 60％。但随着极氪001的放量，部分极氪001 WE86车主反馈，车辆存在充电速度变慢、感知电量 不准等问题。此前，极氪汽车已经为部分极氪001 WE86车主免费更换了电池包。2月9日，极氪发 布情况说明称，随着监测技术的持续升级和样本数据的不断累积，极氪发现了此次召回范围内车辆 （特定批次的动力电池）的潜在安全隐患。 2月6日，吉利系和欣旺达达成和解。记者获悉，对使用欣旺达电芯的极氪001 WE86消除可能存在 的影响，正是双方和解的前提条件之一。 根据《和解协议》，对于截至2025年12月31日已经实际发生的成本费用金额，欣旺达动力应向威睿 动力支付的剩余金额为6.08亿元；对于2025年12月31日之后实际发生的成本费用金额（包括相关 车辆召回），双方按约定分担实际发生的成本费用。对于应承担的成本费用 ...

公司将努力采取相应有效的措施，尽快解冻银行账户。 编辑丨瑜见 萃华珠宝表示，因公司资金紧张，流动性短缺，公司及子公司多笔金融机构贷款逾期违约，截至2026 年2月6日，公司及部分子公司累计借款逾期本金为2.54亿元。多家金融机构已提起诉讼或仲裁，从而 导致公司及子公司主要银行账户被人民法院冻结，对公司业务开展带来重大影响。 2月9日，萃华珠宝公告，公司于近日收到中国证监会下发的《立案告知书》，因公司涉嫌信息披露违 法违规，根据相关法律法规，中国证监会决定对公司立案。目前公司部分经营活动和业务尚能开展。 2月6日晚间，萃华珠宝公告称，公司股票将于2月9日开市时起停牌一天，于2月10日开市时起复牌， 复牌后公司股票被实施其他风险警示，股票简称由"萃华珠宝"变为"ST萃华"，证券代码不变，公司股 票日涨跌幅限制为5%。 ...

Core Viewpoint - The article highlights the rapid growth of county-level economies in China, with over 70 counties now exceeding a GDP of 100 billion yuan, particularly noting the dominance of Jiangsu province in this trend [3][4]. Summary by Sections Economic Growth and Achievements - Jiangsu province leads with 23 counties in the 100 billion GDP category, accounting for over 30% of the national total [3]. - Baoying County in Jiangsu achieved a GDP of over 100 billion yuan during the 14th Five-Year Plan, with industrial sales reaching 120 billion yuan [3][4]. - Jiangsu accounts for half of the top ten counties by GDP in China, with four of the top five counties being from Jiangsu, known as the "Four Little Dragons of Southern Jiangsu" [3][4]. Key Counties and Their Industries - Kunshan, with a GDP of 561.53 billion yuan and a growth rate of 5.8%, has maintained its position as the top county for 22 consecutive years [4]. - Kunshan is transitioning its main industries from "pen chain" to "fruit chain" and "car chain," while also expanding into emerging sectors like artificial intelligence and high-end food [4]. - Jiangyin, ranked second in comprehensive strength among counties, achieved a GDP of 527.22 billion yuan, showing a significant economic performance [4]. Talent Attraction and Educational Institutions - The developed county economies are attracting a large influx of talent, with Kunshan seeing a net population increase of 107,000, primarily among young people [5]. - A cluster of prestigious universities has established campuses in Southern Jiangsu counties, enhancing local talent cultivation and supporting industrial upgrades [5].