Group 1 - The establishment of the Suzhou Online Ride-Hailing Industry Trade Union marks a new phase in the standardized development of the industry and the protection of workers' rights [1] - The trade union includes major platforms such as Didi Chuxing, T3, and others, as well as regulatory authorities and labor unions, covering the entire Suzhou area [1] - The first leadership team of the trade union was elected, with Zhu Chao becoming the chairman, and the union's charter was approved [1] Group 2 - The union will focus on principles such as protecting rights, serving workers, promoting development, and standardizing the industry [2] - It aims to enhance industry compliance and service quality, striving for a goal of "zero complaints and full compliance" [2] - The union will gather industry insights to promote innovative practices and address development bottlenecks, contributing to high-quality urban transportation and improved public services in Suzhou [2]

Domestic News - The first mandatory national standard for automotive driving assistance systems has been officially released, set to be implemented on January 1, 2028. This standard mandates that automatic emergency braking systems (AEB) become standard equipment in light vehicles, with a projected AEB system installation rate exceeding 60% for new passenger cars by 2025 [3] - During the "14th Five-Year Plan" period, the manufacturing and sales revenue of new energy vehicles is expected to grow at an annual rate of 49.5%. In 2025, the manufacturing of new energy vehicles is projected to increase by 14.3%, while the clean energy power generation sector is expected to see a 17.3% revenue growth, accounting for 38.5% of total electricity production revenue, an increase of 6.9 percentage points from 2021 [4] - Xi'an has opened applications for a vehicle replacement subsidy for 2026, offering a maximum subsidy of 15,000 yuan for eligible consumers replacing old vehicles with new energy or fuel vehicles. The subsidy is set at 8% of the new vehicle sales price for new energy vehicles and 6% for fuel vehicles, with a cap of 15,000 yuan and 13,000 yuan respectively [5] - Lantu has announced its product plan for 2026, which includes four new models, all equipped with L3 autonomous driving capabilities. The first model, Lantu Taishan Ultra, is expected to be delivered in March 2026 [6][7] - BYD has launched the 5.0 version of its "Tianshen Eye" driving assistance system, featuring advanced reinforcement learning capabilities. By the end of last year, BYD had over 2.56 million vehicles equipped with this system, generating over 160 million kilometers of data daily [8] - Dongfeng's overseas version of the Nano 06 has been launched in Costa Rica, with 270 orders received during the launch event [9] - NIO has officially pushed the new version of its World Model (NWM), which includes a new urban navigation battery swap feature, supporting over 2,000 battery swap stations nationwide [10] - Alipay has partnered with Xiaomi to introduce a smart parking payment feature in Xiaomi's smart glasses, allowing users to pay for parking with voice commands or by scanning a parking code [11][12] International News - Malaysia has announced a vehicle scrappage subsidy program for cars older than 20 years, allowing owners to receive up to 8,000 ringgit in total for purchasing new vehicles after scrapping their old ones [13] - Thailand's automotive sales reached a two-year high in 2025, with total sales of 621,166 vehicles, an 8.5% increase from 2024. Electric vehicle sales accounted for 276,697 units, representing 45% of total sales [14] - Uber has established the AVLabs team to leverage its extensive real-world data from ride-hailing services to support the development of autonomous driving technology [15] - Volvo Financial Services has extended its partnership with Bank of America until 2030 to continue providing financing and leasing services to Volvo customers and dealers in the U.S. [16] Commercial Vehicles - The largest new energy heavy truck supercharging station in Hainan has been put into operation, with a total installed capacity of 8,000 kilowatts, enhancing the reliability and efficiency of the new energy heavy truck charging network in the province [18] - DAF has launched the XG Electric and XG+ Electric models, targeting the high-end transport market with spacious cabins designed for long-haul operations [19] - SANY Heavy Truck has partnered with Longxin Technology to create a comprehensive energy ecosystem for heavy trucks, aiming to alleviate long-distance charging anxiety [20] - BYD's T4 electric truck has surpassed 1,000 units in cumulative sales, gaining popularity in various urban distribution markets due to its low energy consumption and high reliability [21]

网约车投诉典型问题 网约车投诉主要集中在三类问题，涉及乘客与司机两大群体： 乘客端投诉集中于： 黑猫大数据中心联合黑猫投诉 【下载黑猫投诉客户端】平台发布《黑猫投诉2025年度网约车领域投诉 数据报告》，通过投诉数据盘点2025年行业趋势、行业热点问题等，通过投诉数据变化情况回顾行业消 费趋势。 投诉量超19万，同比上涨25% 2025年，黑猫投诉平台上网约车投诉量共计191，567件，同比增长25.20%。投诉量变化与节假日分布 呈现显著相关性：其中劳动节期间投诉量升至全年最高点，清明节与国庆节也出现显著增长。这一趋势 主要源于假期出行需求激增，导致运力紧张、服务响应延迟，叠加价格波动因素，共同推高了投诉数 量。 计费争议：司机绕路、擅自收取高速费、优惠券未抵扣、预估价与实付价不符； 服务安全：司机态度恶劣、拒载、中途甩客及危险驾驶。 司机端问题聚焦： 平台治理：派单延迟、判责不公、账号无故封禁或扣分、定位偏差导致接错乘客等。 小额投诉占比超半数 从投诉金额分布情况来看，小额投诉较为集中，30元以下的投诉占比超过了一半，达52.09%，该区间 对应为短途、起步价订单，其中消费者端主要集中在短途行程扣费异常、 ...

在国际化方面，公司与阿布扎比达成合作，积极推动自动驾驶技术与换电体系出海。曹操出行正以全链 路生态和清晰的商业化路径与国内外双线布局，全力推进Robotaxi 战略落地。 盈利预测与投资评级：公司Robotaxi 商业化路径清晰，构建车辆技术运营生态闭环。我们维持曹操出行 2025-2027 年营业收入预期分别为206.7/262.4/323.7 亿元，对应PS 分别为0.9/0.7/0.6 倍（截至2026 年1月 27 日），基于网约车业务稳步发展、Robotaxi 业务空间广阔，维持"买入"评级。 机构：东吴证券 研究员：张良卫/黄细里/童明祺 事件：2026 年1 月28 日，公司公告拟配售不多于1200 万股配售股份，占扩大后已发行股份总数的约 2.06%，配售价每股32.46 港元，筹资净额3.83 亿港元，较1 月27 日收市价35.66 港元折让约8.97%，所 得款项净额将主要用于Robotaxi 业务。 整体资金运用旨在强化公司Robotaxi 与企业服务领域的战略布局。约67.7%将投入国内外Robotaxi 业务 的发展，重点用于采购定制化的Robotaxi 车辆、构建与之匹配的运营体 ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for Cao Cao Mobility (02643), highlighting a clear commercialization path for its Robotaxi business and the establishment of a vehicle technology operation ecosystem [1] Recent Events - On January 28, 2026, the company announced a plan to place no more than 12 million shares, accounting for approximately 2.06% of the enlarged total issued shares, at a price of HKD 32.46 per share, raising a net amount of HKD 383 million, which is about 8.97% lower than the closing price of HKD 35.66 on January 27 [1] Financial Allocation - Approximately 67.7% of the raised funds will be invested in the development of domestic and international Robotaxi businesses, focusing on the procurement of customized Robotaxi vehicles, building matching operational systems, and ongoing core technology research and development [2] - About 22.3% will be used to expand enterprise services through operational investments, platform upgrades, and recent or ongoing acquisitions, such as Weixing Technology and Zhejiang Geely Business Services [2] - The remaining approximately 10% will be allocated for working capital and general corporate purposes [2] Strategic Importance - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy a total of 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in the new share incentive plan [3] - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data, algorithms, and a nationwide service network accumulated over ten years of shared mobility [3] - The second-generation Robotaxi has entered the pilot operation phase, transitioning from human-monitored to unmanned operations, with fully customized models set to debut this year [3] - Internationally, the company has partnered with Abu Dhabi to promote the export of autonomous driving technology and battery swap systems [3]

（来源：千龙网） 人才的集聚与使用效率，决定了一座城市的发展高度。北京经济继续保持了稳中有进的态势：2025年地 区生产总值达5.2万亿元，规模超越众多中等发达国家。这座城市的经济增长，已经愈发由技术、知识 和高附加值产业驱动，而非依赖传统规模扩张。 2026年初，北京举办了开年时的人工智能第一会，北京市发改委相关负责人告诉新京报记者，"我们希 望北京是一个最容易成功的城市"。正在召开的北京两会上，多位代表委员从营商环境、人才政策支持 等各个方面，谈北京怎样让年轻人有获得感，怎样帮助年轻人在创业、就业、生活等方面更容易成功。 与此同时，针对当下存在的问题，纷纷提出了解决办法。 新就业人群 设定安全工时与强度红线 平台应建立风险共担基金 北京市网约车司机、外卖骑手等新就业形态劳动者，总体规模约300万人，构成了北京市劳动力市场的 重要组成部分。然而，该群体中不少人仍游离于传统社会保障体系之外。 北京市政协委员、中国劳动关系学院国际交流合作处（港澳台办公室）处长许艳丽提出，对日均工时超 8小时、收入依赖单一平台的新就业形态劳动者，可以用制度约束平台承担雇主责任，缴纳全额社保。 对兼职劳动者，设立"分层保障"制度， ...

Major Events - Cao Cao Travel (02643) plans to place up to 12 million shares at a discount of approximately 8.97%, aiming to raise about HKD 383 million [1] - Bio-Asia (02315) intends to increase capital in Jiangsu Bio-Asia through a debt-to-equity swap [1] - Beijing Energy International (00686) subsidiary plans to acquire 70% equity in Yangzhou Tai Run Low Carbon Technology Development for RMB 248 million [1] - Ruipu Lanjun (00666) intends to invest a total of RMB 50 million to acquire and increase capital in Fuan Guolong Nano Materials Co., Ltd. for 10.8696% equity [1] Financial Data - Qingdao Bank (03866) reported a net profit attributable to shareholders of RMB 5.188 billion for 2025, an increase of 21.66% year-on-year [1] - New Oriental-S (09901) reported a 42.3% year-on-year increase in net profit attributable to shareholders for the second quarter, reaching USD 45.5 million [1] - Huaxin Cement (06655) expects a net profit attributable to shareholders for 2025 to be between RMB 2.7 billion and RMB 2.95 billion, representing a year-on-year increase of 11.6% to 21.9% [1] - Nine Dragons Paper (02689) issued a profit warning, expecting a mid-term profit of approximately RMB 2.15 billion to RMB 2.25 billion, a year-on-year growth of 216.0% to 230.7% [1] - Yunzhisheng (09678) anticipates annual revenue from large model-related businesses to be approximately RMB 600 million to RMB 620 million, a year-on-year increase of about 1057% to 1095% [1] - Oriental Selection (01797) reported a mid-term profit attributable to shareholders of RMB 239 million, marking a turnaround from loss to profit [1] - Meilian Group (01200) reported a pre-tax profit of approximately HKD 460 million for the first 11 months of 2025, expecting significant profit growth for the 2025 fiscal year [1]

Core Viewpoint - The company plans to issue up to 12 million shares at a price of HKD 32.46 per share, raising approximately HKD 383 million, primarily for its Robotaxi business, despite an 8.97% discount from the closing price on January 27, 2026 [3]. Funding Utilization - Approximately 67.7% of the raised funds will be allocated to the development of domestic and international Robotaxi operations, focusing on purchasing customized vehicles, building operational systems, and ongoing core technology research [4]. - About 22.3% will be used to expand enterprise services, including operational investments, platform upgrades, and acquisitions like Weixing Technology and Zhejiang Geely Business Services [4]. - The remaining 10% will be reserved for working capital and general corporate purposes [4]. Strategic Importance of Robotaxi - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in its new share incentive plan [5]. - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data and algorithms accumulated over ten years in shared mobility to support Robotaxi commercialization [6]. Operational Progress - The second-generation Robotaxi has entered pilot operations, transitioning from human-monitored to unmanned operations through a remote safety service platform and intelligent management system [6]. - The fully customized model is set to debut this year, supported by a "green intelligent passage island" and replicable construction standards to create an automated support network [6]. - Internationally, the company has partnered with Abu Dhabi to promote autonomous driving technology and battery swapping systems [6]. Financial Projections - The company maintains revenue forecasts for 2025-2027 at RMB 20.67 billion, RMB 26.24 billion, and RMB 32.37 billion, respectively, with corresponding price-to-sales ratios of 0.9, 0.7, and 0.6 [7].

"河南人口总量、人口密度、人口流动量都比较大，社会问题复杂多样，必须扎扎实实加强社会治 理。"2025年5月，习近平总书记在河南考察时，指出河南社会治理面临的形势任务和肩负的重大责任。 在2026年河南省两会期间，河南省政协委员、UU跑腿创始人乔松涛关注新就业群体参与基层治理的课 题，建议让该群体成为社区治理合伙人，推动其从临时参与到深度融入。 新就业群体也被称为"新职业群体""新业态从业者""平台经济从业者"等。近年来，以平台经济为代表的 新业态蓬勃兴起，在即时配送、寄递物流等行业形成一批互联网平台企业和快递企业。此类平台和企业 聚集了网约配送员、快递员、网约车司机等以灵活就业为主的新就业群体。 事实上，很多新就业群体已经参与到基层社会治理当中。河南本土媒体在去年的报道中曾提到，推 动"骑手"变"帮手"，助力基层治理效能提升。从单纯的商品配送者，逐步成长为基层社会治理中一支不 可忽视的"流动力量"。 乔松涛表示，当前，新就业群体参与基层治理的渠道多依赖社区临时号召或平台临时推送，缺乏常态 化、制度化的参与路径。另外，数据共享和响应处置机制不畅，跨部门、跨层级协同效率有待提升。激 励机制建设滞后，新就业群体参 ...

Core Insights - The 2026 Didi Ride-Hailing Channel Ecosystem Partner Conference was held in Zhuhai, focusing on the theme "Foundation Co-jump, Mountain and Sea Coexistence" to foster collaboration among over 300 partners from industry associations, core channel merchants, and the supply chain [1][2] Group 1: Conference Objectives and Themes - The conference aimed to align strategies, share business insights, and promote a stable ecosystem for the ride-hailing industry, emphasizing safety, high-quality, and sustainable development [1] - Keynote speeches from industry leaders highlighted the importance of Didi as a backbone enterprise in the ride-hailing sector, contributing to employment and supporting national initiatives to expand service consumption and unleash domestic demand [2][8] Group 2: Didi's Strategic Directions - Didi's CEO Cheng Wei expressed gratitude to partners and emphasized the company's commitment to long-term principles, focusing on building a healthy ride-hailing ecosystem while enhancing service quality for drivers and passengers [6] - Didi's channel head, Sun Shu, outlined plans for 2026, including upgrading ride experience categories and improving driver service levels, with a shift in market focus from cost-effectiveness to service and experience [6][10] Group 3: Partner Contributions and Achievements - In 2025, funding directed through Didi to top-tier cities reached 18.5 billion yuan, with significant improvements in asset operation efficiency for partners, including increased vehicle rental rates and extended rental periods [7] - The conference featured partner representatives sharing best practices in driver service and operational excellence, reinforcing the collaborative spirit of the ecosystem [7] Group 4: Industry Challenges and Solutions - The conference addressed common challenges in the industry, such as asset disposal and driver service scalability, with dedicated forums for exploring effective paths to optimize asset structures and balance service with growth [9] - Didi and its partners have established a comprehensive service ecosystem covering various areas, providing drivers with a secure and supportive experience, including initiatives like the "Driver Service Care Plan" [9][10]