作者丨周潇枭 编辑丨李博 视频｜ 柳润瑛 12月30日，国家发展改革委和财政部联合对外发布《关于2026年实施大规模设备更新和消 费品以旧换新政策的通知》（下文简称《通知》），明确了2026年"两新"政策的补贴范围 和补贴标准。 《通知》明确指出，在继续支持工业、电子信息、能源电力、交通运输等领域设备更新项目 的基础上， 将老旧小区加装电梯、养老机构等设备更新纳入支持范围。在汽车报废更新、 汽车置换更新、家电、数码和智能产品等领域，实施消费品以旧换新政策。 官方消息显示，为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消 费需求，近日，国家发展改革委会同财政部已向地方提前下达2026年第一批625亿元超长期 特别国债支持消费品以旧换新资金计划。 优化"两新"政策支持范围 《通知》明确指出，在继续支持工业、电子信息、能源电力、交通运输、物流、教育、文 旅、医疗、设施农业、粮油加工、安全生产、海关查验、住宅老旧电梯、节能降碳环保等领 域设备更新项目的基础上，将老旧小区加装电梯、养老机构、消防救援设施、检验检测等领 域设备更新纳入支持范围，更好满足民生和安全需要。支持商业综合体、购物中心、百货 店 ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced a new policy regarding the value-added tax (VAT) on the sale of residential properties by individuals, effective from January 1, 2026 [1] - Individuals selling residential properties purchased for less than 2 years will be subject to a VAT rate of 3% on the total sale amount [1] - Individuals selling residential properties purchased for 2 years or more will be exempt from VAT [1] Group 2 - The announcement also indicates that the previous regulations regarding the transition from business tax to VAT will be terminated on the same date [1] - Prior to January 1, 2026, individuals who have not yet declared and paid VAT on property sales may apply the new regulations as per the announcement [1]

Core Viewpoint - The implementation of the "Regulations on the Implementation of the Value-Added Tax Law of the People's Republic of China" aims to enhance the operability of the tax system, promote fairness in tax law, and stabilize market expectations, thereby supporting high-quality economic development [2][3][4]. Group 1: Background and Significance - The formulation of the Regulations is driven by the need to establish a tax system conducive to high-quality development and social equity, as emphasized in the 20th National Congress of the Communist Party of China [2]. - The Regulations will ensure the effective implementation of the Value-Added Tax Law, enhance the operability of the tax system, and create a supportive environment for high-quality development [2][3]. Group 2: Overall Approach - The overall approach to the Regulations includes fully implementing the Value-Added Tax Law, maintaining continuity in the tax system, and balancing various interests by allowing for practical operational flexibility [4]. Group 3: Specific Provisions - The Regulations provide detailed definitions for taxable items, including tangible movable property, services, intangible assets, and real estate [5][6]. - Specific standards for tax exemptions for agricultural producers, medical institutions, and other sectors are established, along with requirements for timely public disclosure of tax policies [7]. - The Regulations outline the calculation methods and principles for export tax refunds, ensuring compliance with the Value-Added Tax Law [7]. Group 4: Implementation Support - The Ministry of Finance and the State Taxation Administration will focus on improving supporting institutional regulations, upgrading tax information systems, and providing extensive training and guidance to ensure effective implementation of the Regulations [8].

Core Viewpoint - The article discusses the IPO of Beijing Zhiyu Huazhang Technology Co., Ltd. ("Zhiyu"), which is set to become the first publicly listed company focused on large AI models globally, with a planned listing on the Hong Kong Stock Exchange under the stock code "2513" [1]. Group 1: IPO Details - Zhiyu plans to issue approximately 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering. The estimated fundraising amount is around HKD 4.3 billion, with a projected market capitalization exceeding HKD 51.1 billion at the IPO price of HKD 116.20 per share [1]. - The company has attracted significant interest from cornerstone investors, who have committed to subscribe for approximately HKD 2.98 billion, accounting for nearly 70% of the total offering, providing a solid foundation for post-listing trading [2][3]. Group 2: Use of Proceeds - Approximately 70% of the net proceeds (around HKD 2.9 billion) will be allocated to research and development in general AI large models, aimed at strengthening Zhiyu's competitive position in this area. About 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform [4]. Group 3: Financial Performance - Zhiyu's revenue for 2022, 2023, and 2024 is projected to be HKD 57.4 million, HKD 124.5 million, and HKD 312.4 million, respectively, indicating a compound annual growth rate of 130%. The revenue for the first half of 2025 is expected to reach HKD 190.9 million, representing a year-on-year growth of 325% [7]. - Despite the revenue growth, Zhiyu has reported net losses of HKD 1.43 billion, HKD 7.88 billion, and HKD 29.58 billion for 2022, 2023, and 2024, respectively, with a net loss of HKD 23.58 billion in the first half of 2025 [7]. - The company has invested heavily in R&D, with expenditures of HKD 844 million, HKD 5.29 billion, and HKD 21.95 billion for 2022, 2023, and 2024, respectively, and HKD 15.95 billion in the first half of 2025, totaling approximately HKD 4.4 billion in cumulative R&D investment [7]. Group 4: Market Position and Strategy - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, holding a market share of 6.6% based on 2024 revenue [7]. - The company's revenue primarily comes from large model services, with localized deployment accounting for about 70% of revenue, although cloud deployment revenue is on the rise. Zhiyu aims to maintain its localized deployment revenue while increasing the revenue share from its MaaS platform to enhance scalability [7]. - As of the first three quarters of this year, Zhiyu has served over 12,000 institutional clients, showing significant growth compared to the first half of the year. The company anticipates a revenue increase of over 60% year-on-year by the third quarter of 2025 [8].

Core Insights - The article emphasizes the importance of establishing a "strong energy nation" as part of China's dual carbon goals, focusing on energy security and transition [4] - It highlights the launch of 52 national zero-carbon parks, which aim to significantly reduce carbon emissions, setting a standard of near-zero emissions rather than complete elimination [3][5] - The introduction of mandatory ESG disclosure guidelines marks a significant step towards a unified sustainable disclosure framework in China [3] Policy Updates - The central economic work conference prioritizes the dual carbon goals and plans to develop a top-level framework for building a strong energy nation [4] - The goal for new energy installations is set to exceed 200 million kilowatts by next year, with a target of 25% non-fossil energy consumption by 2030 [4] - The construction of national zero-carbon parks is driven by strict energy structure and green electricity ratio requirements, fostering investment and development [5] Industry Insights - The demand for green certificates is rising due to policy support and corporate commitments, although the full potential for consumption remains untapped [5] - The A-share market is preparing for its first ESG disclosure evaluation in 2026, with 471 listed companies expected to participate [5][6] - The ecological environment ministry is pushing for pollution control in nearly 10,000 enterprise sites, ensuring safe land use for key projects [6] Environmental Initiatives - China aims to achieve a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [4] - The country is also focusing on solid waste management, aiming to curb the growth of solid waste by implementing a comprehensive governance system [4] - The development of mixed financing models is crucial for climate adaptation projects, which are often less profitable and require public financial support [9] Technological Advancements - Innovations in energy storage, such as lithium-ion capacitors, are being developed to enhance power system reliability and support various applications [8] - The transition from traditional data centers to AI-driven data centers is expected to increase the demand for green electricity and energy storage systems [10] - The article discusses the potential of carbon capture technologies to convert CO2 emissions into usable materials, indicating a shift towards sustainable practices in various industries [10]

Group 1 - Wang Zonghe, a former fund manager at Penghua Fund, passed away on December 29 due to illness, having over 17 years of experience in the securities industry [1] - Wang Zonghe's peak management scale exceeded 50 billion yuan in 2020, with his fund, Penghua Craftsmanship Selected Mixed Fund, achieving a record subscription amount of 137.1 billion yuan on its first day [1] - Under his management, funds such as Penghua Consumer Preferred and Penghua Pension Industry achieved returns exceeding 200% before his departure [1] Group 2 - In the second half of 2021, Wang Zonghe shifted his investment focus from the volatile liquor sector to sectors like pharmaceuticals, new energy, and banking, adding popular stocks such as Sungrow Power Supply and CATL [1] - Due to health issues, Wang Zonghe resigned from all managed public funds on April 22, 2023, and officially left Penghua Fund on February 6, 2024 [1]

支持汽车报废、置换更新， 支持老旧营运货车报废更新 今天（12月30日），国家发展改革委、财政部明确了明年"两新"政策的支持范围和补贴标准。 那么明年以旧换新政策都有哪些变化？老百姓都能享受哪些优惠？一起来看专家的解读。 明年"两新"政策在支持范围上进行了优化。 消费品以旧换新政策重在提升覆盖人群广、带动 效应强的重点消费品"得补率"，继续支持汽车、家电、数码产品的补贴，并且增加了智能眼镜 和智能家居产品（含适老化家居产品）的购新补贴。 国家信息中心经济预测部宏观经济研究室副主任邹蕴涵介绍，2026年的消费品以旧换新政策重 在产品向新， 新增了智能产品的补贴 ， 消费者在购买比如AR眼镜之类的智能化产品时，也 可以享受消费品以旧换新的补贴，这种是将人工智能等新的产品进一步加快推向普通群众生 活，让高品质智能化的产品更好地走进日常生活。 在补贴标准方面， 邹蕴涵进一步介绍，政策从总体考虑到具体的细则都进行了优化升级，也就是要更好地结合市 场的内生动力的需求，以及政策效力，为民生需求解渴，也为刚需提供更多的助力，能够更好 地推动明年的消费平稳向好。 此外， 国家已于近日向地方提前下达2026年第一批 625亿元 ...

Group 1 - The implementation of the "Regulations on the Implementation of the Value-Added Tax Law of the People's Republic of China" is set for January 1, 2026, aiming to detail taxpayer and tax scope [1] - The regulations specify the applicable tax rates, including zero tax rates for certain exported goods and cross-border services, and outline principles for transactions involving multiple tax rates [1] - Methods for calculating taxable amounts under different circumstances are established, including specific types of VAT deduction certificates and rules for input tax deductions [1] - Tax incentives are clarified, including specific standards for VAT exemption projects and requirements for timely public disclosure of VAT policies [1] Group 2 - The regulations enhance tax administration measures, detailing requirements for general taxpayer registration, issuance of special VAT invoices, and rules for export tax refunds [2]

2025年，南方财经号平台生态持续进阶，超3500名创作者携手21财经客户端，以专业视角解 码经济大势，用深度洞察回应市场关切。从宏观政策解读、产业赛道研究，到微观商业洞察、 热点事件剖析，更有联名栏目共创等多元内容形态，为用户奉上了一场场财经内容盛宴。 为致敬每一份坚守与创新，南方财经号平台正式发布2025年度创作者优秀案例。今年的评选在 延续内容专业性、传播力、活跃度、影响力、用户喜爱度五大核心维度的基础上，新增了"生 态共建贡献"评价指标，更全面地考量创作者的综合价值。最终，48名创作者脱颖而出，获 选"年度卓越南方财经号""年度最具影响力南方财经号""年度新锐南方财经号""年度优质创作 者南方财经号"等多项荣誉。 关于南方财经号平台 南方财经号平台由南方财经全媒体集团倾力打造，依托21财经客户端建设运营，是粤港澳大湾 区内首个由主流媒体建设运营的财经内容聚合平台和财经创作者社区。得益于主流媒体的专业 性和权威性，截至目前，南方财经号平台已经吸引了超过3500名创作者入驻，成员涵盖我国多 个经济管理部门、智库机构、金融机构、知名企业、专家学者、专业财经媒体以及头部财经自 媒体。 点击入驻南方财经号>> ...

Core Viewpoint - The luxury car market in China, previously dominated by European brands, is undergoing a significant transformation with the introduction of the Chinese brand ZunJie S800, which has successfully established itself in the high-end segment, marking a new era of competition in the ultra-luxury market [1][2]. Market Dynamics - The ultra-luxury car market, historically defined by European brands, is losing its traditional barriers as Chinese brands like ZunJie S800 enter the market with competitive pricing and innovative technology [5][6]. - In 2024, Maserati's sales in China dropped to 1,228 units, a decline of over 90% from its peak, while Bentley and Rolls-Royce also experienced significant sales declines of approximately 20% and 38% respectively [5][6]. Technological Advancements - The ZunJie S800 features advanced technology such as the Huawei QianKun intelligent driving system, which aims to redefine luxury driving experiences by enhancing safety and comfort through automation [10][12]. - The vehicle's production involves a "quality alliance" with over 220 global suppliers, aiming to exceed the craftsmanship standards set by century-old luxury brands [17][19]. Consumer Behavior - The new generation of high-net-worth individuals is shifting their purchasing preferences from traditional luxury symbols to technology-driven features, valuing driving enjoyment and comfort over brand heritage [7][9]. - Approximately 80% of early adopters of the ZunJie S800 are men aged 40 to 50, many of whom are replacing vehicles from established luxury brands like Mercedes-Benz and Porsche [13][14]. Sales Performance - The ZunJie S800 achieved over 6,500 orders within the first month of its launch, indicating strong market acceptance and demand [5][9]. - By December 2025, the ZunJie S800 had delivered over 3,127 units in a single month, setting a new record for the model [9][21]. Industry Impact - The ZunJie S800 is seen as a catalyst for change in the Chinese automotive industry, pushing suppliers to innovate and improve their capabilities to meet the new standards set by the vehicle [17][21]. - The introduction of the ZunJie S800 signifies a shift in the luxury car market, where technology and user experience are becoming the new benchmarks for success [10][21].