Core Viewpoint - The article emphasizes the strength and global competitiveness of Guangdong's manufacturing industry, particularly in the home appliance sector, highlighting the launch of the "Guangdong Goods Going Global" spring campaign as a strategic initiative to promote Guangdong-made products worldwide [1]. Group 1: Guangdong Manufacturing Strength - Guangdong's manufacturing has evolved from traditional products to advanced technologies, including robots, drones, and AI glasses, showcasing its adaptability and innovation [1]. - The region produces a significant portion of China's home appliances, with one in two color TVs and one in three air conditioners being "Made in Guangdong" [1]. - Guangdong's home appliance industry boasts over 10 national firsts, establishing a strong foundation for its market position [24]. Group 2: Key Players in Home Appliances - Midea has developed a comprehensive range of smart home appliances, leveraging its R&D capabilities and production bases to enhance its market presence [3]. - Gree Electric has a strong focus on technological innovation, with its products and services reaching 190 countries and regions, and nearly 70% of its sales coming from its own brand [6]. - Hisense has established itself as a leader in various home appliance categories, with its refrigerators holding the top market share in 11 countries [8]. - TCL is recognized for its advanced technology in televisions, particularly in Mini LED displays, and is enhancing its smart appliance offerings through AI integration [11]. - Skyworth is actively exploring the smart home appliance sector, with its television brand achieving the highest sales in China for the first half of 2025 [14]. - Galanz has a strong global presence with its health-oriented home appliances, exporting to nearly 200 countries, supported by its proprietary technology [16]. - Vanward has maintained the top market share in the gas water heater sector for 20 consecutive years, emphasizing its reliable quality [19]. Group 3: Upcoming Initiatives - The "Guangdong Goods Going Global" campaign will feature 12 promotional events and 18 supporting activities in the first quarter of the year, showcasing the diverse appeal of Guangdong manufacturing [24].

近日， 重大跨境赌诈犯罪集团头目陈志被依法从柬埔寨押解回国 。陈志犯罪集团涉嫌诈骗、 开设赌场、非法经营、掩饰隐瞒犯罪所得等多项犯罪，目前案件正在侦办中。为贯彻落实宽严 相济的刑事政策，依法惩处赌诈违法犯罪，同时给在逃犯罪嫌疑人改过自新、争取宽大处理的 机会，根据有关法律规定，特通告如下： 来源丨央视新闻 自通告发布之日至2026年2月15日前，犯罪嫌疑人向公安机关自动投案，如实供述自己罪行 的，可以依法从轻或者减轻处罚。对威胁、报复、阻挠拟自首犯罪嫌疑人构成犯罪的，将被依 法追究刑事责任。 公安部今日（15日）发布《关于敦促陈志犯罪集团在逃犯罪嫌疑人投案自首的通告》。 公安机关敦促相关犯罪嫌疑人，要认清形势、珍惜机会，尽快到户籍所在地公安机关投案自 首，争取宽大处理。对拒不投案自首的，公安机关将公开通缉，全力缉捕，依法惩处。 通告自发布之日起施行。 ...

Core Viewpoint - The article highlights the rapid growth of Shenzhen's "first store economy," particularly focusing on the emergence of technology-driven retail spaces, such as the world's first robot 6S store, which has generated significant consumer interest and revenue [1][3]. Group 1: Robot 6S Store Performance - The world's first robot 6S store has achieved a total revenue of 20 million yuan within six months of opening and has signed contracts for six franchise stores, attracting approximately 300,000 customers, with over 30% being international visitors [1][3]. - The store operates under a unique 6S model, which includes leasing and customization services, providing a comprehensive lifecycle service system for robots [3][6]. Group 2: Technology First Stores - Shenzhen has seen a surge in technology first stores, with an average of one new store opening daily from 2022 to 2024, showcasing the city's commercial vitality and innovation capabilities [1][3]. - The article mentions various technology first stores, including a humanoid robot-themed store that integrates AI robots into the retail experience, enhancing customer interaction and service [3][6]. Group 3: Impact on Consumer Behavior - Technology first stores are becoming key drivers of foot traffic and consumer spending, with the humanoid robot-themed store attracting over 2,000 visitors daily, doubling on weekends [8][10]. - These stores are effective in targeting high-net-worth individuals and young families, significantly increasing customer dwell time by 1-2 hours [10][11]. Group 4: Industry and Market Dynamics - The introduction of technology first stores is facilitating the connection between technology, industry, and consumer markets, accelerating the adoption of innovative products like 3D printers and robots [11][12]. - The article emphasizes the need for continuous innovation and adaptation in the retail landscape, as many technology first stores face challenges in sustaining operations due to high costs and market readiness [15][16]. Group 5: Government and Market Support - The Shenzhen government is actively promoting the first store economy, aiming to add over 1,000 new stores within the year and providing financial incentives for brands to establish a presence in the city [16][18]. - Market players are also collaborating to enhance the consumer experience, integrating technology stores with other retail formats to create a more engaging shopping environment [16][18].

Core Viewpoint - The negotiations regarding the EU's anti-subsidy measures on Chinese electric vehicles have made significant progress, with the EU set to issue guidelines for price commitment applications, allowing Chinese manufacturers to potentially avoid high tariffs by committing to minimum pricing [1][3]. Group 1: Background and Developments - The EU initiated an anti-subsidy investigation into Chinese electric vehicles in October 2023, leading to the imposition of high tariffs starting October 2024, with rates as high as 35.3% for non-cooperating companies [3]. - The recent agreement allows Chinese electric vehicle manufacturers to submit price commitments based on the EU's guidelines, which could replace the anti-subsidy tariffs [3][4]. - The agreement is seen as a "soft landing" for the ongoing trade tensions, with experts noting that it reflects a cooperative outcome between China and the EU [1][4]. Group 2: Market Implications - The new pricing commitments may not significantly alter the selling prices of Chinese electric vehicles in Europe, but they provide a more stable policy environment for long-term operations [4]. - The average selling price of Chinese electric vehicles in Europe is projected to be around €25,000 by 2025, compared to €30,000 for all imported electric vehicles [4]. - Chinese manufacturers have been facing an average price increase of 118% when selling vehicles in Europe compared to domestic prices, but the new agreement could allow for better profit margins [5]. Group 3: Industry Dynamics - The EU's policy aims to prevent aggressive price competition from Chinese manufacturers that could harm local automotive industries, while still allowing for a degree of flexibility in pricing [4][5]. - European automakers, such as Volkswagen and BMW, are expected to benefit from the revised tariff policies, as they have established production facilities in China and can leverage these changes for exports [6][12]. - The collaboration between Chinese and European automakers is anticipated to deepen, with joint ventures and investments in technology and production facilities becoming more common [13].

Core Viewpoint - The article highlights the increasing trend of investment in small-sized apartments in Hong Kong, driven by the phenomenon of "lower mortgage payments than rent" and high rental yields, attracting both first-time buyers and investors [1][5][11]. Market Trends - A notable demand for small-sized units is observed, with a specific focus on one-bedroom and two-bedroom apartments. A recent project saw 30,000 participants for 300 available units, resulting in a less than 1% success rate for buyers [1]. - The transaction volume for small-sized apartments (under 4 million HKD and under 40 square meters) is projected to reach 1,945 units in 2025, marking a year-on-year increase of over 70%, the highest growth among all price segments [1]. Investment Preferences - Investors are increasingly favoring small-sized units due to their higher rental yields. For instance, the rental yield for A-class housing (under 40 square meters) was reported at 3.6%, compared to lower yields for larger units [5][6]. - The preference for new properties over second-hand ones is evident, as new developments offer better amenities and developers provide discounts for bulk purchases [9]. Financial Dynamics - The rental yields for small units are now sufficient to cover mortgage costs, with a reported rental yield of 3.6% against a mortgage rate of 3.5%, creating a positive differential [11]. - The rental market has seen continuous growth, with a cumulative increase of 5.21% in 2025, contributing to the attractiveness of purchasing property [12]. Demographic Influences - The demand for rental properties is bolstered by a significant influx of talent and non-local students, with over 230,000 individuals attracted to Hong Kong since late 2022 [14]. - The ratio of students to available accommodation in Hong Kong is approximately 3.4 to 1, leading to increased demand for small rental units [15]. Market Recovery - The overall Hong Kong real estate market is showing signs of recovery, with a 15% increase in transaction volume in 2025 compared to the previous year, and residential prices rising by 4.7% [18]. - Positive market conditions are expected to continue, with forecasts suggesting a potential 10% increase in residential prices in 2026, driven by improved demand and a favorable interest rate environment [19].

Core Viewpoint - The press conference highlighted the Chinese government's commitment to maintaining a loose monetary policy in 2026, focusing on stabilizing growth, prices, and the exchange rate, while promoting consumption and supporting the private economy [1][9]. Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy, with a focus on stabilizing economic growth and ensuring reasonable price recovery [1][3]. - There is still room for interest rate cuts, with the current average statutory deposit reserve ratio at 6.3%, indicating potential for further reductions [3][4]. - The PBOC aims to create a conducive monetary environment for price recovery through integrated policies [3][4]. Structural Measures - The PBOC announced eight key measures to optimize economic structure, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase in the quota for agricultural and small business loans by 500 billion yuan [5]. - A dedicated quota of 1 trillion yuan will be set for loans to private enterprises, emphasizing support for small and medium-sized private businesses [5]. Exchange Rate Policy - The Chinese exchange rate policy remains clear and consistent, with a focus on maintaining stability at a reasonable level [6]. - Positive factors supporting the exchange rate include a large domestic market, complete industrial chains, and ongoing economic improvements [6]. - Approximately 60% of import and export trade is minimally affected by exchange rate fluctuations, with a growing trend towards using the yuan for cross-border trade settlements [6]. Foreign Exchange Market - In 2025, the foreign exchange market transaction volume reached 42.6 trillion USD, with the corporate foreign exchange hedging ratio rising to 30%, both historical highs [7]. - The foreign exchange market is expected to operate steadily in 2026, with cross-border capital flows remaining orderly [7]. Consumer Support Policies - The PBOC will enhance financial support for key service consumption sectors, including hospitality, tourism, and elderly care, through targeted loan policies [8]. - Measures will be taken to improve residents' consumption capacity and support small businesses, alongside efforts to lower financing costs in the consumption sector [8]. - The PBOC aims to optimize the consumer finance service environment by enhancing payment services and improving the overall consumer finance landscape [8].

最近资本市场上最火的概念，那必须是商业航天。 更关键的是，商业模式变了。以前的卫星主要是国防和科研；现在卫星互联网要赚钱，给偏远 地区提供网络，甚至未来直接给手机直连卫星。这次的名单里，有中国移动、中国电信这类运 营商入场，意味着卫星网络将和地面5G/6G融合，变成像水电煤一样的"天空基础设施"。 当然，市场剧烈波动之后，还是需要一些冷静的思考。申报不等于立刻发射，蓝图要落地，中 间还有很多事情要做。从国际申报、协调到实际发射组网、提供服务，周期漫长，且最终实际 部署数量一定会根据技术、成本、市场动态优化调整。截至2025年底，我们两大主力星座—— 星网和千帆，在轨卫星合计也才两百多颗。 别急，把蓝图变成现实，我们面前还有三个问题要解决：第一，是卫星的制造能力，未来需要 像汽车流水线一样大规模、低成本地生产；第二，是发射成本，还需要再降低一个数量级；第 三，也是最关键的，是商业闭环。造出来、打上去之后，这些卫星提供的服务如何落地，如何 真正让企业和消费者用起来，形成一个健康的商业模式。这三个问题的解决程度，将直接决定 这二十万颗星的蓝图，最终能落地多少。 所以，对于投资者来说，既要看到这个赛道长期的确定性，也 ...

Core Viewpoint - The article discusses a legal dispute involving Ba Wang Cha Ji and its founder Zhang Junjie, focusing on the company's efforts to combat rumors related to Zhang's personal life and business, which have caused significant harm to him and his family [1][3]. Group 1: Legal Proceedings - Beijing Internet Court has announced the delivery of legal documents regarding a network infringement liability dispute involving Ba Wang Cha Ji and Zhang Junjie against an individual named Zhao [1]. - The court hearing is scheduled for March 3, 2026, and the announcement states that the documents are considered served 30 days after the announcement date [2]. - Zhang Junjie has expressed the necessity to address the rumors that have circulated online, indicating that legal action is a measure to protect his reputation and that of his family [1][3]. Group 2: Company Background and Market Performance - Ba Wang Cha Ji was founded by Zhang Junjie in 2017 and has since expanded to over 7,000 stores globally, with more than 200 million registered members [3]. - The company went public on NASDAQ in April 2025, and as of January 14, 2026, its stock price was reported at $11.88 per share, reflecting a decline of 2.14%, but it rebounded by 1.52% on January 15, 2026, with a market capitalization of $2.18 billion [3].

记者丨孙长忠（清华大学全球私募股权研究院研究员） 作为美联储密切关注的更基础的通胀指标，剔除住房后的超级核心通胀2025年12月环比增长 约0.3%，较前值放缓，同比增长约2.7%，比2025年11月略有上升（1年前约为4%），均处于 疫情以来最低区域，而剔除住房后的整个核心CPI仅增长0.1%，说明通胀回归2%目标的"最后 一公里"虽然漫长，但总体趋势仍在延续。 美联储的决策依据不是CPI，而是美国商务部公布的PCE通胀数据。住房在CPI篮子中权重占 比33%，在核心CPI中占比近40%，但在PCE中仅占15%，PCE通胀数据通常低于CPI数据，预 计2025年12月仍将如此，考虑到上述住房因素，可能幅度更大。2025年和2024年年初通胀均 有所反弹和顽固，主要由于许多企业年初调整价格，再加天气因素，下一步1、2月份通胀数 据需继续关注。 美国通胀在高关税环境中相对温和再次挑战了经济学理论。经济学基本逻辑认为，提高关税 会增加进口商品价格，通常会带来一次性的通胀上行，实际却更为复杂。美国关税冲击会增 加美国经济不确定性，削弱企业投资意愿和消费者信心，造成需求下降，价格自然面临下行 如果说2025年11月因 ...

Group 1 - The Ministry of Finance and another department announced the extension of tax policies for foreign institutions investing in the domestic bond market, specifically exempting corporate income tax and value-added tax on bond interest income from January 1, 2026, to December 31, 2027 [1] - The exemption from corporate income tax does not apply to bond interest income earned by foreign institutions that have established entities or places in China, which are related to the income [1] Group 2 - A significant policy change has been introduced, allowing commercial housing loan down payments to be reduced to 30%, indicating potential easing in monetary policy [2] - The central bank has indicated that there is still room for further interest rate cuts and reserve requirement ratio reductions, which could stimulate economic activity [2] - Eight major measures will be introduced to expand the coverage of enterprise annuities, potentially enhancing retirement savings for employees [2]