Core Viewpoint - Wanda Commercial Management Group successfully issued $360 million (approximately 2.5 billion RMB) senior secured USD bonds with a coupon rate of 12.75%, marking its return to the offshore bond market after three years [1]. Group 1: Bond Issuance Details - The bond has a 2NC1.5 structure, meaning the original maturity date is two years post-issuance, set for February 5, 2028, with an early redemption option available after 1.5 years on August 5, 2027 [1]. - The issuance cost of 12.75% is considered high for offshore bond issuance by real estate companies in recent years [1]. - The bonds were backed by Wanda Commercial Management and guaranteed by three affiliated companies: Wanda Real Estate, Wanda Commercial (Hong Kong), and Wanda Commercial Overseas [1]. - The final subscription amount reached $650 million, covering 43 investment accounts, with a subscription multiple exceeding 1.8 times [1]. Group 2: Financing Urgency - The high-interest bond issuance reflects Wanda's urgent financing needs, primarily aimed at repaying maturing USD debts [3]. - In February 2023, Wanda Commercial Management issued a $400 million debt with a 11% interest rate, which was later extended due to the approaching maturity [3]. - The company is required to redeem principal in four installments between January 30, 2026, and August 13, 2027, while also making interest payments semi-annually [3]. Group 3: Debt Pressure and Corporate Structure - Wanda Commercial Management is a key asset of Wanda Group, managing over 500 Wanda Plazas, but has faced challenges in its IPO attempts since 2021 [5]. - Following the entry of new investors, Wanda Group's stake in Wanda Commercial Management was reduced from 70% to 40%, with the new investors holding approximately 60% of the shares [6]. - Since 2023, Wanda has sold over 80 Wanda Plazas while retaining operational rights, indicating ongoing efforts to manage debt [6]. - Wanda Commercial Management has been listed as a defendant in multiple debt-related cases, with a total execution amount of 14.1 million RMB [6].

记者丨 董静怡 编辑丨包芳鸣 增长主要由企业AI基础设施、企业AI解决方案以及核心谷歌云平台产品需求激增驱动。 Alphabet披露，到2025年末，谷歌云的年化营收已超过700亿美元，未履行订单金额达2400亿 美元，同比增长超一倍。 2025年对谷歌而言是一个标志性年份。 美东时间2月4日盘后，谷歌母公司Alphabet发布2025年财报，全年营收达到4028.4亿美元，首 次站上四千亿美元关口。在激烈的AI竞赛中，这家硅谷巨头依然掌握着主动权。 不过，伴随着亮眼业绩的还有巨额的投入。谷歌在财报会议中同时宣布，预计2026年资本支出 将达到1750亿美元至1850亿美元（折合人民币12142—12836亿元），较2025年的910亿美元 翻倍。财报披露后，谷歌股价在盘后交易中一度大幅跳水，最大跌幅超7%。 人工智能已不再是未来图景，而是驱动当下增长的强大引擎，但同时，要维持这股势头，其代 价正变得越来越高。 谷歌云增长4 8% 就在两年前，华尔街还在担忧ChatGPT的横空出世将瓦解谷歌的搜索护城河，甚至有人预言这 家互联网科技巨头将面临"柯达时刻"。然而，随着其2025财年第四季度及全年财务报告发布， ...

记者丨 柳宁馨 编辑丨陶力 作为我国对外开放的前沿阵地，浦东有着突出的综合优势， 集聚了数千家高端制造与物流企 业，正逐步形成多层次、立体化的供应链出海实践。 当前，全球供应链加速重构，中国企业从"产品出海"向"体系出海"深度转型，供应链的安全、 韧性与效率已成为企业全球化布局的核心关键词。 从出海的市场路径看，中国企业在新兴市场与传统市场同步发力，印证了供应链布局的广度与 韧性。2025年前11个月，我国对共建"一带一路"国家合计进出口增长6%，对东盟、欧盟贸易 分别增长8.5%和5.4%。 浦东是观察中国企业出海的一个鲜明窗口，这里诞生了第一个国家级出口加工区、第一个自贸 试验区。近年来，浦东对外投资始终保持活跃态势，聚焦高端制造、数字服务、跨境物流等产 业链高价值环节，形成了总部决策、研发赋能、全球组网的出海特色，其体系化出海动能持续 凸显。 如何理解供应链出海的内涵与实践逻辑？ 浦东聚焦企业全球化布局实际需求与业务场景，鼓 励物流企业在海内外建设灵活多样的物流供应链基础设施，为"走出去"企业提供多功能和高度 灵活的物流仓储解决方案。依托区块链技术促进航运贸易数字化发展，支持"走出去"企业开展 航运贸易 ...

据北京网信办消息，针对近期快手平台出现大量色情低俗内容直播问题，在国家互联网信息 办公室指导下，北京市互联网信息办公室依法对北京快手科技有限公司涉嫌违法行为进行立 案调查。经查实，快手平台未履行网络安全保护义务，未及时处置系统漏洞等安全风险，未 对用户发布的违法信息立即采取停止传输、消除等处置措施，情节严重，影响恶劣。 出品丨21财经客户端 21世纪经济报道 编辑丨张嘉钰 证监会重拳出击，每6天1家上市公司被立案调查 网红禁止直播带货药品保健品 沪指险守4000点，白酒重挫，机构称A股年内或再创新高，港股蔚来飙涨8% SFC 21君荐读 2月6日，北京市互联网信息办公室依据《中华人民共和国网络安全法》《中华人民共和国行 政处罚法》等法律法规，对北京快手科技有限公司处警告、1.191亿元人民币罚款处罚，同时 责令其限期改正、依法依约处置账号、从严处理责任人。 北京市互联网信息办公室将持续加大网络执法力度，依法严厉打击各类违法行为，督促网站 平台严格落实主体责任，切实保障网络安全，保护人民群众合法权益，维护网络空间天朗气 清。 ...

记者丨翁榕涛 编辑丨蒋韵 2月6日，南方网发布最新一期广东省人民政府任免工作人员名单，广东恒健投资控股有限公司 （下称恒健控股）董事长唐军被免去相关职务，退休。 南方财经记者在恒健控股官网上发现，在管理团队的介绍中已经没有唐军的身影，同时董事长 的位置也处于空缺状态中。 图片来源：恒健控股官方网站 自2021年11月担任董事长以来，唐军开始"掌舵"这家数千亿资产规模的国有资本投资运营平 台，并提出探索创新联合体新模式。 此前在接受南方财经记者采访时，唐军表示，恒健控股作为广东省国有资产的"操盘手"，要坚 定不移地支持广东省战略性新兴产业利用各种资本运营手段做强做优，助力广东省科技创新集 聚和先进制造产业高速发展。 其中一个重要抓手就是探索"创新联合体"模式。 谈及推动科技与产业深度融合的创新联合体构建初心，唐军认为，从实践层面来看，传统协同 创新的模式存在不少痛点，一是资源整合效率不高，各方信息不对称，利益难协调，协同往往 流于形式。二是参与动力不足。三是成果转化不畅，技术上了书架，但是下不了车间。四是运 营难以为继。 针对上述痛点问题，恒健控股在实践探索中逐步总结出了一套由牵头方、出题方、参与方、出 资方、 ...

Core Viewpoint - The recent regulatory actions in the capital market indicate a "zero tolerance" approach, establishing a new normal for comprehensive supervision that aims to enhance the quality of listed companies and purify the market ecosystem [1][15]. Regulatory Actions - Since the beginning of 2026, at least six listed companies or key individuals have been investigated, averaging one case every six days, with 13 companies receiving administrative penalty notices or prior notifications, averaging less than three days between each [1][11]. - The regulatory focus has shifted from merely punishing companies to targeting the entire ecosystem involved in fraudulent activities, emphasizing the need for a comprehensive response chain from investigation to punishment [1][14]. Types of Violations - The reasons for investigations have diversified, including market manipulation, information disclosure violations, misleading statements, and significant omissions [8][9]. - Specific cases highlight the increasing granularity of regulatory scrutiny, with investigations targeting misleading statements and significant omissions in disclosures [9]. Financial Penalties - As of February 5, 2026, ten listed companies or delisted companies have received administrative penalties, with three others receiving prior notifications, indicating a high frequency of enforcement actions [11]. - Serious cases of systemic financial fraud, such as *ST Changyao, have led to severe penalties, including forced delisting and substantial fines [11]. Impact on Companies - Companies like Qingyue Technology and Yuandao Communication face significant operational pressures alongside regulatory scrutiny, with projected losses and substantial declines in net profits [4][5][6]. - The regulatory environment has prompted a reduction in the misuse of company funds, with many previously problematic shareholders returning misappropriated funds [12]. Long-term Mechanism - The regulatory framework aims to establish a long-term mechanism that discourages violations through strict enforcement and technological empowerment, ensuring that companies adhere to compliance standards [13][15]. - The integration of advanced technologies like big data and AI into regulatory practices enhances the precision and effectiveness of oversight, targeting deeper and more complex fraudulent behaviors [14].

国家卫生健康委6日发布《食品安全国家标准 预制菜》（征求意见稿）（以下简称"标准"）， 面向社会公开征求意见。 预制菜食品安全标准以保障消费者饮食健康、规范预制菜产业高质量发展为主要目的，重点从 食品安全和营养健康方面对预制菜产品做出规定： 一方面，强化源头和过程管理，对预制菜的原料、生产加工、产品包装、贮存运输、经营销售 等全链条、各环节可能存在的风险因素和风险环节均提出管控措施。 另一方面，针对预制菜终产品，将现行的《食品中污染物限量》等10余项通用标准、《动物性 水产制品》等10余项产品标准、《食品生产通用卫生规范》等10余项过程规范类标准，以及10 余项食品接触材料等食品相关产品标准和检验方法标准进行了系统整合，提出不同原料和加工 方式的预制菜的安全控制指标，以方便预制菜生产企业对照实施。 标准征求意见的主要内容包括： 一是合理界定预制菜的定义与管理范畴。 根据食品安全风险分析理念，结合六部门《通知》 有关预制菜政策的解读说明，标准对预制菜的概念作出进一步细化明确，规定了预制菜不包 括：主食类食品、净菜类食品、即食食品和中央厨房制作的菜肴，上述食品均有其他相应的食 品安全国家标准予以管理。 二是突出强 ...

记者丨 李依农 技术将对经济产生变革性影响 编辑丨李莹亮 和佳 2026年伊始，全球经济正回归长期潜在增长轨道，信贷逐步修复，市场信心边际回升。瑞银全 球经济和策略研究主管卡普顿（Arend Kapteyn）在接受南方财经记者专访时表示，在利差收 窄、汇率波动有限且市场流动性充足的背景下，股票仍是最具优势的资产类别，美股今年预计 可涨约10%，欧洲与日本市场也有望录得约8%的涨幅。 他对中国经济保持乐观：新兴经济部门已贡献约四分之一的增长，是推动整体经济的重要动 力。他建议投资者在新兴市场中重点关注中国与巴西，这不仅可获取AI相关敞口，也兼顾估值 与盈利增长优势。 同时，他提醒，投资者仍需关注美国潜在的财政刺激、劳动力市场结构性风险以及整体不确定 性，这些因素可能成为全球市场的主要风险；相比之下，地缘政治因素虽然难以预测，但对金 融市场的直接冲击或相对有限。 卡普顿。资料图 中国在全球新经济领域领先 南方财经： 我们把目光转向中国。怎么看中国经济前景？未来推动经济增长的主要动 力会来自哪些方面？ 卡普顿： 现在还处在年初阶段，我们的预测通常还会经历多次调整。 我们认为，新兴经济部门对整体经济增长的贡献，已经接 ...

Core Viewpoint - The implementation of the "Live E-commerce Supervision Management Measures" marks a significant regulatory shift, particularly affecting the promotion of "three products and one device" (drugs, health foods, special medical purpose formula foods, and medical devices) through influencers, which may lead to a substantial restriction on their marketing channels [4][6]. Regulatory Changes - The new regulation defines individuals with influence who promote products in live e-commerce as commercial advertisers, thus requiring them to comply with advertising laws [5]. - The regulation aims to address the rampant issues of false advertising in the live e-commerce sector, particularly concerning health-related products, which have seen a high incidence of misleading promotions [8]. Industry Impact - The new rules are expected to fundamentally change marketing strategies in industries such as pharmaceuticals and health products, moving from a focus on traffic-driven sales to compliance-driven, trust-based marketing [11]. - Companies like Shouxiangu have successfully utilized influencer marketing, achieving significant viewership and sales, but will now need to adapt to the new compliance landscape [11]. Compliance Strategies - Companies are advised to establish a "three-layer firewall" for advertising content compliance and to innovate marketing channels that align with regulatory expectations [12]. - Legal experts suggest that businesses should prioritize compliance in their promotional strategies, including using brand self-broadcasting instead of influencer endorsements to mitigate risks [12]. Future Trends - The industry is expected to shift from broad marketing tactics to more precise trust-building efforts, emphasizing transparency and compliance in promotional activities [12].

记者丨 李益文 编辑丨张楠 2月6日，国投白银LOF（161226.SZ）开盘后再度封于跌停板，报3.099元。这已是该基金自2月2日复牌以来，连续第五个交易日开盘即跌停。 截至收盘，跌停板上的封单仍超过700万手。 | 〈 | 国投自银LOF | | | | --- | --- | --- | --- | | | 161226.SZ | | | | 3.099 | 昨收 3.443 开盘 | | 3.099 | | -0.344 -9.99% | 流通盘 36.4亿 流通值 | | 113亿 | | 最 高 | 3.099 成交量 64.95万 换手率 | | 1.78% | | 最 低 | 3.099 成交额 2.01亿 | 均 价 3.099 | | | IOPV | | | | | 净值走势 国投瑞银白银期货A(1612... 2.4073 -4.12% | | | | | 分时 五日 日Ｋ 月Ｋ 月Ｋ 更多 ◎ | | | | | 叠加 | | 均价: 3.099 盘口 | | | 3.787 | | 9.99% 卖5 3.103 4363 | | | | | 卖4 | 3.102 1266 | | ...