Company Overview - Taxfriend Co., Ltd. (603171.SH) has experienced a significant decline of 22.77% over the past 20 days, with a closing price of 66.79 yuan as of February 13, 2026, primarily due to the controlling shareholder's reduction plan, technical adjustments, market sentiment, and high valuation pressure [1] - The controlling shareholder, Ningbo Sichi, plans to reduce its stake by up to 3% (approximately 12.19 million shares) from March 3 to June 2, 2026, raising liquidity concerns [2] - The stock price reached a peak of 90.60 yuan on January 16, 2026, with a cumulative increase of over 39% prior to the announcement of the reduction plan, leading to profit-taking [2] Financial and Technical Analysis - The stock has broken key moving averages, with the 20-day and 30-day moving averages at 73.58 yuan and 73.84 yuan, respectively, indicating a weak technical position [3] - The MACD has turned negative (-0.029), and the KDJ indicator has entered the oversold zone (K value of 19.11) [3] - There has been a net outflow of 32.987 million yuan from major funds over the past five days, with a single-day net outflow of 20% on February 13, 2026, and a turnover rate dropping to 0.86%, reflecting decreased market participation [3] Fundamental Analysis - The company's price-to-earnings ratio (TTM) stands at 253.45, placing it in the 97.6th percentile over the past five years, significantly higher than the industry median [4] - Despite a year-on-year increase of 42.33% in net profit attributable to shareholders for Q3 2025, there are concerns regarding the sustainability of AI product commercialization [4] - Sales expenses have increased by 20.05% year-on-year, and R&D expenses have risen to 337 million yuan, leading to a decline in gross margin to 59.19%, putting short-term profitability under pressure [4] Industry Context - The overall computer sector has seen a decline, with the Shenwan Computer Index dropping approximately 5% over the past 20 days, and the IT Services II sector down by 0.76%, indicating a downward shift in industry valuation [5] - Concept indices related to AI and digital economy have recently retreated, with Taxfriend's associated indices in smart governance and tax reform down by 0.21% and 0.90%, respectively, suggesting a cooling off in speculative trading [5]

一、数字金融 注：2023年中央金融工作会议提出了要做好金融"五篇大文章"，分别为科技金融、绿色金融、养老金融、普惠金融与数字金融。尽管笔者团队的主要研究 领域是国际金融，但近年来我们还是沿着五篇大文章的方向做了一些相关研究。在此做一个梳理总结。点击文章下面的超链接，可以直接阅读相关文章。 1、张明、包宏：《加密货币突破数字边界：全球博弈与中国方略》，中信出版集团，2026年1月版。 2、陈卫东、张明、李成威、马昀（2025）："全球货币治理：稳定币的影响、风险与对策"，《国际经济合作》，第5期，第1-18页。本文被中国人民大学 复印报刊资料《世界经济导刊》2025年第11期全文转载。 3、包宏、张明、王瑶（2025）："私人数字货币与金融风险：关联、分类与监管"，《国际贸易》，第8期，第73-85页。 4、张明、包宏、王瑶（2025）："稳定币对国际货币体系的影响：基于货币流通域的分析"，《国际经贸探索》，第8期，第88-103页。 5、张明、陈胤默、王喆："数字货币对国际货币体系的冲击"，《数字经济发展与治理》，2025年第2辑，中信出版集团，2025年7月，第168-181页。 6、张明、杨芸淞、包宏（ ...

经济观察网 佳力图（603912）近期及未来有几个值得关注的事件，主要涉及财务表现、资金动向和股 东行为。 业绩经营情况 佳力图于2026年1月20日发布业绩预告，预计2025年全年扣非后净利润亏损6000万元至7400万元。公告 解释亏损原因为市场竞争激烈、主材成本上涨导致毛利率下降，以及新产品研发投入增加和楷德悠云数 据中心项目运营成本上升。2025年三季报已显示归母净利润为-4373.72万元，同比大幅下滑。需关注后 续2025年年度报告的正式披露。 股价与资金表现 行业与风险分析 公司所属的液冷产业因算力需求扩张受机构关注，长期或受益于数字经济发展。但佳力图当前盈利承 压，2025年三季报毛利率仅14.09%，同比下滑。需观察公司能否通过成本控制或订单改善实现业绩拐 点。 公司基本面 2025年三季报显示营收微增至4.83亿元，但净利润大幅下滑，负债率达49.11%。应收账款占比较高，现 金流状况需关注。这些基本面因素可能影响长期走势。 以上内容基于公开资料整理，不构成投资建议。 股东安乐工程集团有限公司计划减持不超过1,625.40万股（占总股本比例不超过3%），减持期间为2026 年1月30日至2 ...

（来源：邯郸日报） 本报讯（记者佘志娟）近日，邯郸经开区精心打造的"经开LIVE"全民共享直播间，在情岛世集商业街 区正式投入运营。作为一处创新型开放式数字空间，该直播间集共享直播、本土优品展示、数字技能实 战演练于一体，以"零门槛、轻运营"模式，将数字经济实践融入市民日常生活，成为区域商业生态升 级、数字文化培育的全新地标。 走进"经开LIVE"全民共享直播间，专业灯光、音响及高清直播设备一应俱全，整体打造出沉浸式直播 体验环境。其最大亮点在于便捷高效，市民及访客只需通过简单的扫码预约，便可自主启用全套专业设 备，真正实现"路过即播、扫码即用"，让创意表达、商业分享变得触手可及。直播间内还精心陈列着麒 赫饼干、康诺牛奶、奥维化妆品等邯郸经开区本土优质产品，主播可随手取用、即时体验、现场分享， 轻松化身推介家乡好物的"城市推荐官"。 据了解，该直播间不仅为个人及小微主体提供免费便捷的高标准硬件支持，大幅降低了直播创业与内容 创作的门槛，更着力打通线上流量与线下实体的联动通道，实现"线上内容传播"与"线下场景体验"双向 赋能，持续吸引市民游客到情岛世集街区实地消费打卡，有效提升街区人气与商业活力，为区域经济高 ...

Core Points - The meeting held in Xi'an on February 13, 2026, emphasized the importance of high-quality development and modernization in Shaanxi province [1][2] - The provincial leadership highlighted the achievements made during the "14th Five-Year Plan" period, noting significant progress in economic development and social stability [1] - The focus for the new year includes deepening reforms, enhancing education, technology, and cultural development, and promoting various economic sectors [2] Summary by Sections Leadership and Attendance - The meeting was attended by key provincial leaders, including the Secretary of the Provincial Party Committee, the Governor, and the Chairman of the Provincial Political Consultative Conference [1][2] - Representatives from various sectors, including military, media, and international guests, were also present [2] Achievements and Progress - The past five years have seen strong guidance from national leadership, resulting in significant advancements in various sectors [1] - The province has focused on implementing major national policies to promote stable growth, structural adjustments, and improved public welfare [1] Future Directions - The new year will see a commitment to uphold the "two establishments" and "two safeguards," with a focus on Xi Jinping's thoughts on socialism with Chinese characteristics [2] - Key initiatives will include enhancing county economies, private sectors, and digital economies, aiming to contribute to national rejuvenation and modernization efforts [2]

传统服务业稳量提质，筑牢发展根基。批发和零售业、交通运输仓储和邮政业、住宿和餐饮业作为服务 业的传统支柱领域，2025年持续发力、提质增效，实现稳步增长，有力支撑全省经济稳健向好。数据显 示，三大行业增加值分别同比增长7.0%、7.0%、6.0%，合计拉动经济增长1.4个百分点，成为服务业稳 定增长的"压舱石"。值得关注的是，传统服务业并非简单维持规模，而是在创新驱动下实现质效提升， 如青岛港（601298）升级智慧码头设施，通过"真空式自动系泊系统"大幅提升作业效率，推动交通运输 业向智能化、高效化转型，成为传统服务业提质增效的生动缩影。 新动能加速集聚，推动服务业转型升级。2025年，山东持续推动新经济领域转型升级，生产性服务业与 先进制造业融合效应加速释放，新兴服务业快速发展，为服务业高质量发展注入新活力、提供新支撑。 其中，信息传输软件和信息技术服务业、租赁和商务服务业、金融业三大新兴服务行业表现突出，增加 值分别同比增长8.1%、9.9%、5.7%，合计拉动经济增长0.8个百分点，增速远超服务业平均水平，成为 推动产业向新向优发展的重要保障。据悉，2025年全省人工智能企业营收保持30%以上增长，核 ...

Core Viewpoint - The article discusses the official release of the "Chongqing City Digital Transformation Action Plan," which aims to accelerate the construction of a digital Chongqing empowered by AI, establishing new models for urban development, services, safety, and governance [1] Summary by Relevant Categories Goals and Objectives - By 2027, Chongqing aims to establish a comprehensive digital system with over 1,500 basic spatial layers published, a dispatchable intelligent computing scale reaching 100,000 PFLOPS, and a data supply-demand satisfaction rate maintained above 96% [1] - The plan includes the construction of 5,000 high-quality datasets and the development of 200 comprehensive scenarios [1] - The digital economy's core industry added value is expected to account for 11.1% of the regional GDP, with 1,000 new data enterprises to be cultivated [1] Core Capability Enhancement Actions - The action plan outlines five core capability enhancement actions covering areas such as digital infrastructure, intelligent central systems, six major systems, grassroots intelligent governance, and a suitable data ecosystem [1]

来源：人民日报客户端 当深山菌菇借着直播镜头走上城市居民餐桌，当优质产品伴着快递小哥的身影送抵乡村，一组振奋人心的数据悄然刷屏：2025年，我国农村网络零售额首 次突破3万亿元大关，同比增长6.7%。农产品网络零售额达7833.1亿元，同比增长9.9%。 实现3万亿突破，是农村网络零售新的起点。当前，县域商业发展还有短板，部分农村地区电商人才、农特产品品牌影响力等仍待加强，农村网络零售高 质量发展还有广阔空间。继续坚持政策引导、市场主导，持续完善农村流通网络、培育壮大市场主体、强化电商人才支撑，农村网络零售必将持续迸发新 活力、释放新潜能，突破一个又一个新关口、创造一个又一个新辉煌。让亿万农民和消费者在数字经济的浪潮中收获更多幸福与美好。 这串跃动的数字，不仅是农村电商蓬勃发展的生动注脚，更是数字中国赋能乡村振兴的有力佐证，藏着亿万农民增收致富和美好生活的热切期盼，更彰显 着超大规模市场的强劲韧性与无限生机。 3万亿元的突破性成就，受益于政策的精准护航。从商务部等17部门联合出台意见加强县域商业体系建设，明确"十四五"时期"县县有连锁商超和物流配送 中心、乡镇有商贸中心、村村通快递"的目标，到"数商兴农"政策 ...

Group 1 - The recent announcement by Zhengyuan Zhihui (300645.SZ) regarding judicial matters related to its actual controller does not affect the company's equity structure, governance mechanism, or daily operations [1] - The resolution of these matters clarifies long-standing uncertainties, improves the credit environment, alleviates pressure from major shareholder pledges, and creates favorable conditions for the gradual release of the company's operational and developmental potential [1] - The company has systematically completed board restructuring, legal representative changes, and the transition of the chairman's position since April 2025, ensuring compliance with the Company Law and internal regulations [1] Group 2 - Zhengyuan Zhihui's business structure has been continuously optimized, with significant advantages in digital technology integration and application innovation, providing a solid foundation for long-term development [2] - The Q3 2025 report shows operating cash inflow of 994 million yuan, a year-on-year increase of 15.58%, indicating the effectiveness of the company's "soft and hard integration" technology capabilities [2] - The company's net profit attributable to shareholders reached 25.56 million yuan in Q3 2025, a substantial increase of 37.2%, with a 69.0% growth in non-recurring net profit, reflecting improved profitability and operational quality [2]

这串跃动的数字，不仅是农村电商蓬勃发展的生动注脚，更是数字中国赋能乡村振兴的有力佐证，藏着亿万农民增收致富和美好生活的热切期盼，更彰显 着超大规模市场的强劲韧性与无限生机。 转自：人民日报客户端 当深山菌菇借着直播镜头走上城市居民餐桌，当优质产品伴着快递小哥的身影送抵乡村，一组振奋人心的数据悄然刷屏：2025年，我国农村网络零售额首 次突破3万亿元大关，同比增长6.7%。农产品网络零售额达7833.1亿元，同比增长9.9%。 3万亿元的突破性成就，受益于政策的精准护航。从商务部等17部门联合出台意见加强县域商业体系建设，明确"十四五"时期"县县有连锁商超和物流配送 中心、乡镇有商贸中心、村村通快递"的目标，到"数商兴农"政策持续落地见效，着力培育农村新型商业带头人、加强农业品牌建设，一系列有温度、有 力度、有精度的举措，为农村网络零售搭建起广阔发展舞台，推动各类资源要素持续向农村市场倾斜，顺畅打通了工业品下乡、农产品进城的"双向快车 道"。 3万亿元的突破性成就，离不开农村基础设施的不断完善。农村电商发展曾受制于物流不畅，如今，随着县域商业建设行动深入推进，县城综合商贸服务 中心、乡镇商贸中心陆续升级提质，具 ...