证券日报网2月12日讯，香飘飘（603711）在接受调研者提问时表示，面对因春节时间点变化带来的旺 季销售窗口期变动，结合外部消费市场环境变化，公司坚持"稳中求进"的经营基调，主动调整产品出货 节奏，严格管控渠道库存规模，维持产品价盘稳定，确保产品货龄新鲜，切实保障消费者及经销商利 益。第四季度，公司营收同比下降幅度相比前三季度实现较明显收窄。 ...

Core Viewpoint - The company emphasizes a brand philosophy of "steady progress and long-term value" through a new promotional video that uses chess culture as a metaphor for wealth management, encouraging a calm and long-term perspective on market fluctuations and wealth accumulation [1][3]. Brand Communication - In a context of information overload and market volatility, the company identifies "stability" as a key communication theme, which signifies a disciplined approach to investment rather than stagnation, rooted in thorough research and stringent risk control [3]. - The video integrates the wisdom of chess into the wealth management context, promoting a mature investment mindset that respects market rules and understands the symbiotic relationship between risk and return [3]. Operational Commitment - To fulfill its commitment to "steady progress," the company focuses on rigorous investment processes and decision-making discipline, establishing a comprehensive research system covering macroeconomic, industry, and individual analyses to support investment decisions [3]. - The company has implemented a multi-layered, full-process risk control mechanism to safeguard client assets, while also providing investment products that align with clients' risk preferences and fostering transparent communication to build trust [3]. Future Development - Looking ahead, the company aims to enhance its core capabilities, improving the professionalism and precision of asset allocation, while maintaining its commitment to responsible wealth management and the pursuit of long-term stable returns [4]. - The company aspires to be a reliable "guardian" and "companion" in clients' wealth journeys, using professionalism and integrity as foundations to help investors navigate the complex market landscape [4].

"现代化基础设施是现代化产业体系的有机组成部分。'十五五'刚刚开局，大家都在谋划推进，要注意算投入产出账，提高适 配度，既不能无视短板，也不能过于超前、造成浪费。" 谋划长期性战略任务，都离不开辩证分析，在过犹不及和矫枉过正之间，往往就在一个"度"上，讲究的是科学而精准。这也 是新时代以来，习近平总书记反复强调"坚持稳中求进工作总基调"这一治国理政重要原则的深远考量。 近日，在省部级主要领导干部学习贯彻党的二十届四中全会精神专题研讨班开班式上，习近平总书记以"适配度"为现代化基 础设施建设指引方向。"适配"，也是总书记为我们指明的一种科学的思维方法。 "适配"在经济学中是一个常用术语。在阐发坚持扩大内需时，习近平总书记反复强调"提升供给体系对国内需求的适配性"；针 对纵深推进全国统一大市场建设，总书记明确要求"统一要素资源市场，促进自由流动、高效配置，减少资源错配和闲置浪 费"；对于持续深化供给侧结构性改革，总书记指出"有进有退、有保有压，增强供给与需求的适配性、平衡性"。 谋划一省一域之发展，习近平总书记同样强调这一点。比如，在谈及海南发展定位时，指出"今后要在全国大局中找准定位， 增强适配性，尤其要考虑生 ...

2月3日，今世缘发布投资者来访接待记录表。对于对2026年逐季的恢复节奏，管理层回应，近两年我们 的基调非常明确，就是"稳中求进"。 "稳"是基础：重点是稳价盘、稳市场预期、稳渠道信心、稳市场 份额。从2025年的结果看，我们的基本盘是稳定的，波动在可预期和可承受的范围内，表现优于部分规 模体量相近的友商。 对于2026年的节奏，我们判断报表端压力最大的是一季度，主要是因为去年的基数较高。从第二季度开 始，随着同比基数的降低，有望看到改善的迹象。 对于费用投放，管理层表示，行业竞争加剧使得投入的边际效应在下降。从报表来看，我们的利润率确 实出现回落，这是为应对竞争、保护基本盘所必须面对的，我们接受行业整体利润率下行的趋势。 "进"是方向：在市场竞争力、运营质量、厂商团队信心等方面寻求进取。我们以积极的心态看待头部酒 企的变革，估计长期会对渠道结构带来深远影响。 (编辑：林辰)关键字： 今世缘 白酒 2026年的关键不是简单收缩，而是优化和精准化。我们将更加强调有效投入，在动作、流程、管理、考 核上做优化。例如，品牌广告投入将从粗放转向精准，传统促销预算也会优化。 大原则是固定费用总量保持稳定，但会削减效率不高 ...

会议强调，今年是中国共产党成立105周年，是"十五五"开局之年。5家党组要以习近平新时代中国特色 社会主义思想为指导，坚持党中央集中统一领导，不折不扣把党的二十届四中全会精神和党中央关于今 年工作的决策部署落到实处。坚持稳中求进工作总基调，锚定"十五五"时期经济社会发展重大战略任 务，努力实现良好开局。加强党组自身建设，认真履行全面从严治党主体责任，带头树立和践行正确政 绩观。中央书记处要围绕中央政治局、中央政治局常委会部署要求，立足职责抓好重点任务落实，高质 量完成党中央交办的各项任务。 会议还研究了其他事项。 新华社电 中共中央政治局1月30日召开会议，审议《中央政治局常委会听取和研究全国人大常委会、国 务院、全国政协、最高人民法院、最高人民检察院党组工作汇报和中央书记处工作报告的综合情况报 告》。中共中央总书记习近平主持会议。 会议对全国人大常委会、国务院、全国政协、最高人民法院、最高人民检察院党组和中央书记处2025年 的工作给予充分肯定，同意其2026年工作安排。会议认为，过去一年，5家党组坚持以习近平新时代中 国特色社会主义思想为指导，坚定维护党中央权威和集中统一领导，认真贯彻落实党的二十大和二十 ...

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the importance of maintaining a stable yet progressive work approach, focusing on major strategic tasks for economic and social development during the 14th Five-Year Plan period [1] Group 1 - The meeting was chaired by General Secretary Xi Jinping, highlighting the leadership's commitment to governance and strategic planning [1] - The emphasis is placed on strengthening the construction of party organizations and fulfilling the responsibility of strict governance over the party [1] - The Central Secretariat is tasked with implementing key tasks and ensuring high-quality completion of assignments from the Central Committee [1]

Core Viewpoint - The central theme of the articles emphasizes the need for a systematic approach to ensure a stable and high-quality economic development in China for 2026, focusing on the principles of "seeking progress while maintaining stability" and "establishing before breaking" [1][2][13] Group 1: Stabilizing the Economy - The foundation of stability is characterized by the smooth operation of the economy and positive social expectations, which are essential for achieving "promoting stability through progress" [3][4] - Implementation of a "policy synergy" action is crucial, enhancing the systematic and coordinated nature of macroeconomic regulation, with a focus on effective fiscal and monetary policies [4][5] - Fiscal policies should prioritize key areas, ensuring that limited resources are directed towards major national strategies and social welfare, while monetary policies should remain moderately loose to support stable economic growth [4][5] Group 2: Driving New Growth - The core of "progress" lies in cultivating new productive forces, driven by technological innovation, which is essential for sustainable economic development [6][7] - Key actions include tackling core technologies and enhancing the transformation from laboratory innovations to market applications, particularly in strategic fields like AI and biotechnology [6][7] - Restructuring the industrial system to improve the resilience and security of supply chains is necessary, with a focus on integrating AI into various sectors and promoting intelligent manufacturing [7][8] Group 3: Establishing Key Reforms - The "establish before breaking" approach emphasizes the need to create new production relationships that align with the development of new productive forces, which is vital for high-quality economic growth [9][10] - Establishing unified market rules is essential to facilitate the free flow of resources and eliminate local protectionism, thereby enhancing domestic economic circulation [9] - Reforming state-owned enterprises and improving the business environment for private enterprises are critical to stimulate market vitality and ensure fair competition [10] Group 4: Guiding Expectations and Ensuring Livelihoods - Implementing a "expectation guidance" initiative is necessary to stabilize market confidence, involving comprehensive communication strategies to clarify policy intentions and effects [11][12] - Strengthening employment policies and enhancing public services are vital to ensure a solid social safety net, which will encourage consumer spending and support economic growth [12] - The focus on improving social security systems and expanding access to quality public services will help alleviate concerns in education, healthcare, and retirement, fostering a more stable economic environment [12] Group 5: Overall Logic for Economic Development - The overall strategy for 2026 emphasizes a balanced approach between quality and quantity, aiming for structural optimization and the transformation of development momentum [13] - The development framework should integrate "new momentum breakthroughs, macro policy coordination, key reform pillars, and social expectation guidance" to create a synergistic effect [13] - A careful balance between establishing new systems and addressing existing risks is crucial for achieving sustainable economic stability and growth [13]

Group 1 - The core economic growth target for Beijing is set at approximately 5% for 2026, reflecting a balance between current needs and long-term goals [2] - The goal is part of a broader strategy to achieve significant progress in the "14th Five-Year Plan" period, aiming for a doubling of the economic total by 2035 compared to 2020, necessitating an average annual growth rate of around 4.5% over the next decade [2] - Employment quality, income stability, and increased government investment in public services and social security are highlighted as essential components requiring sustained economic growth [2] Group 2 - Over the past five years, Beijing's economy has crossed two trillion-yuan thresholds, with a projected growth of 5.4% in 2025, surpassing the national average by 0.4 percentage points, indicating a solid foundation for future development [3] - Key supporting conditions include deep integration of technological and industrial innovation, continuous market vitality from reforms, and a strong "Beijing Service" business environment [3] - In 2025, the industrial added value of Beijing is expected to grow by 6.5%, with total industrial output reaching 2.8 trillion yuan, while modern service sectors contribute significantly to GDP, accounting for 47.4%, an increase of 6.6 percentage points since 2020 [3] Group 3 - The central economic work conference emphasizes a focus on stability while seeking progress, enhancing quality and efficiency, and integrating existing and new policies to strengthen counter-cyclical and cross-cyclical adjustments [4] - The Beijing government has outlined seven initiatives to ensure the achievement of the economic growth target, aiming for a balance between ambitious yet realistic goals that can boost confidence and respect economic laws [4]

Core Viewpoint - The series of articles by "Zhong Caiping" published at the beginning of 2026 aims to set the tone for the economic outlook and provide guidance for development during the critical start of the "14th Five-Year Plan" period, emphasizing confidence and clarity in policy direction [1][3]. Group 1: Economic Outlook and Policy Direction - The articles highlight the resilience and strength of the Chinese economy, asserting that it can withstand significant challenges, thereby establishing a foundational tone of "seeking progress while maintaining stability" for the year [3][4]. - The emphasis on "pragmatism" and "tailored approaches" in economic work reflects a commitment to learning from past experiences and providing precise guidance for local governance [4][6]. Group 2: Key Strategies for Economic Growth - The focus on expanding domestic demand and improving livelihoods is identified as a priority, with strategies including enhancing consumer income and optimizing investment in infrastructure and public services [6][9]. - The articles advocate for a dual approach of boosting both consumption and investment, with specific measures to increase residents' income and support new consumption trends [6][7]. Group 3: Open Economy and International Cooperation - The commitment to high-level openness is reiterated, with an emphasis on quality over quantity in international trade and investment, aiming to create a mutually beneficial environment for both domestic and foreign enterprises [7][9]. - The articles outline four key areas for enhancing openness: expanding the domestic market, deepening supply chain cooperation, optimizing the investment environment, and promoting the Belt and Road Initiative [7][9]. Group 4: Guidance for Stakeholders - The articles serve as a practical guide for individuals, businesses, and local governments, emphasizing the importance of stable expectations, accurate direction, and a realistic mindset in pursuing long-term development [9]. - Stakeholders are encouraged to focus on domestic demand and cooperative opportunities, aligning with government support for new consumption and innovative production sectors [9].

Core Viewpoint - The article emphasizes the importance of a scientific methodology in economic work, guided by Xi Jinping's economic thought, to enhance the effectiveness and foresight of economic strategies and policies [1][3]. Group 1: Methodological Importance - Methodology is essential for understanding and transforming the world, reflecting how issues are observed and addressed [1]. - The Communist Party's tradition of valuing methodological approaches in economic construction dates back to Mao Zedong, who emphasized the need for practical methods in economic work [2]. - Xi Jinping has highlighted the need for correct strategies and methods to implement economic policies effectively, especially in the face of complex domestic and international challenges [3]. Group 2: Key Methodological Principles - The principle of "seeking progress while maintaining stability" is crucial for economic work, ensuring a stable environment for development and structural adjustments [5]. - A systematic perspective is necessary to address the interconnectedness of various economic factors, requiring a comprehensive approach to problem-solving [6]. - The principle of "adapting to local conditions" is vital for economic work, emphasizing the need for tailored strategies based on regional characteristics and resources [8][9]. - Combining goal-oriented and problem-oriented approaches is essential for achieving economic development targets while addressing pressing issues [10]. - Bottom-line thinking is critical for risk management in economic activities, ensuring preparedness for uncertainties and challenges [11]. Group 3: Application of Methodology - The application of Xi Jinping's economic thought is necessary for addressing unprecedented challenges in economic work, requiring a systematic analysis of supply and demand dynamics [14]. - Emphasizing the importance of research and understanding local conditions can lead to differentiated and specialized development paths [14]. - The need for a correct view of performance is highlighted, focusing on genuine economic growth rather than superficial metrics [14].