（原标题：绥芬河：向北开放的"春节流量密码"｜故乡里的中国） 经济观察报记者 王雅洁 从哈尔滨出发，D字头列车一路向东，穿行在完达山脉的茫茫林海雪原间。两个多小时后，列车抵达中 俄边境线上的绥芬河。 这座总人口十万左右的小城，正迎来一个特殊春节，2026年是中俄双向免签政策全面落地后的首个春 节。 与往年不同，口岸联检大厅里，不再只仅有扛着大包小包的"倒爷"面孔，还有 多了拖家带口的旅游团、拎着滑雪板的年轻人、背着相机的中年夫妇。他们从俄罗斯的符拉迪沃斯托 克、哈巴罗夫斯克、莫斯科等地而来，在这个中国农历新年前夕，涌入这座边境山城。 几个俄罗斯面孔拖着行李箱，踩着冰碴走进旁边的贸易市场。裹着军大衣的搬运工蹲在台阶上抽烟，眯 着眼看着来往人流。今年来此的俄罗斯人，手里拎的不再是清一色的超大编织袋，有人只背着一个双肩 包，有人手里攥着手机，用翻译软件和商贩讨价还价。 这座因路而兴、因商而活的边境山城，正经历一场从"过货"到"过人+过货"的双轮驱动转型。免签红利 带来的跨境人气，正在转化成实实在在的贸易增量。对于当地人来说，这个春节，注定与以往不同。 百年口岸 一百二十年前，随着中东铁路的贯通，这个原本只有几户人家 ...

经济观察网 2026年02月11日，中百集团（000759）在投资者关系平台上回复投资者提问，披露截至 2026年1月末公司股东户数为91745户。同日，胖东来创始人于东来宣布退休并转为顾问，胖东来模式备 受零售行业关注；中百集团作为曾积极学习该模式的"胖东来概念股"之一，其转型进展可能引发市场情 绪波动。 机构观点显示，截至2026年02月14日，中百集团市场舆情偏中性，机构调研频率较低。盈利预测方面， 机构预计2025年净利润为-8000万元，同比减亏50%，但2026年预测仍为亏损状态，凸显经营压力持 续。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 根据内部数据库，中百集团股价近一周（2026年02月09日至02月13日）震荡下行。02月09日收盘价为 7.24元，02月13日收盘价跌至7.01元，累计跌幅约3.18%；期间最高价为02月09日的7.24元，最低价为02 月13日的7.01元。截至02月13日最新行情，股价报收7.01元，单日跌幅0.28%，换手率1.88%，整体表现 弱于大盘。 机构观点 ...

Core Viewpoint - The founder of Pang Donglai, Yu Donglai, emphasizes that the company's decision to remain unlisted is rooted in prioritizing employee happiness over capital market pressures, presenting a significant contradiction in the retail industry where companies typically pursue public listings for expansion [3][4]. Group 1: Business Philosophy - Pang Donglai's "never going public" declaration reflects a deliberate separation from capital logic, with an average monthly salary of 9,886 yuan for employees, significantly higher than the 4,000 yuan level before Yonghui Supermarket's transformation [4][6]. - The company maintains a low employee turnover rate of only 1.05% among its 8,000 employees, showcasing the effectiveness of its high welfare system [4][6]. - Yu Donglai argues that going public would require accountability to investors focused on quarterly reports, which could undermine the company's commitment to employee welfare and supply chain optimization [4][6]. Group 2: Management Structure - A key aspect of Pang Donglai's strategy is the mandatory retirement of management by age 60, which aims to address the succession challenges faced by private enterprises [6][10]. - The governance structure combines family control with professional management, allowing the board to retain decision-making authority while delegating operational control [6][10]. - This approach contrasts with other companies, such as Lao Gan Ma, where the founder's return at an advanced age highlights the difficulties of leadership transition [6][10]. Group 3: Employee-Centric Model - Pang Donglai distributes 95% of its net profits to employees, with average annual bonuses of 100,000 yuan for regular employees and 700,000 yuan for management, fostering loyalty and commitment [6][8]. - The company offers extensive benefits, including 40 days of paid leave and 10 days of "unhappy leave," which materializes the concept of employee happiness into tangible policies [6][8]. - The high employee retention and customer repurchase rate of 82% demonstrate the effectiveness of this employee-centric model, creating a positive feedback loop of high investment leading to high loyalty and premium pricing [8][10]. Group 4: Strategic Positioning - Pang Donglai's strategy focuses on regional depth rather than national expansion, with 80% of its products sourced through self-purchasing, reducing procurement costs by 30%-50% [10][12]. - The company’s operational model, characterized by a 7-hour workday and 140 days of annual leave, poses challenges for replication outside its home region [10][12]. - The performance of Pang Donglai, achieving 235 billion yuan in revenue with only 14 stores by 2025, illustrates that a focused regional strategy can be as effective as nationwide expansion [10][12]. Group 5: Broader Implications - The case of Pang Donglai raises fundamental questions about the ownership and purpose of enterprises, contrasting with publicly listed companies like Yonghui and RT-Mart that struggle with profitability [8][12]. - The company's choice to prioritize employee welfare over capital market pressures represents an alternative model of business that challenges conventional notions of success in the retail sector [8][12]. - This experiment in business philosophy may offer insights into sustainable paths for private enterprises in China, questioning the necessity of public listings for success [12].

Core Insights - The report by Adobe Analytics indicates that AI-driven shopping models are expected to explode by the fall-winter shopping season of 2025, with a projected 520% year-on-year increase in shopping traffic driven by AI, peaking ten days before Thanksgiving [1] - In China, the Qianwen APP achieved over 10 million orders in just 9 hours during the "30 Billion Big Free Order" event, completing 120 million orders in 6 days, showcasing the transformative impact of AI applications on consumer behavior [1] - The travel and hospitality industry is rapidly adapting to AI as a strategic channel, with major collaborations announced between Qianwen and over 40 global travel brands, including airlines and hotel groups [1] Industry Dynamics - The travel and hospitality sector is experiencing a significant shift as conversational AI emerges as a new entry point, fundamentally changing the way consumers interact with services [2][3] - Traditional online booking processes are cumbersome, but generative AI simplifies decision-making for users, allowing them to express complex travel needs in natural language [2] - The introduction of AI is expected to disrupt the established distribution structures in the travel industry, enabling companies to bypass traditional layers and directly reach consumers [3][4] Competitive Landscape - The fear of missing out on AI-driven opportunities is prompting travel companies to accelerate their transformation efforts, as missing a migration to new entry points can lead to higher customer acquisition costs [4] - Major travel brands are increasingly collaborating with AI platforms like Qianwen and Fliggy, recognizing the potential for rapid order growth and the importance of maintaining control over user assets [6][9] - The competitive landscape is shifting, with brands realizing that defining the next generation of entry points will provide significant advantages in the market [5][6] User Engagement and Experience - AI is becoming a powerful tool for brands to identify high-value users, particularly among tech-savvy consumers aged 20 to 35, who prioritize efficiency and have strong purchasing power [11] - The integration of AI is transforming the transactional nature of travel services into long-term relationships, allowing brands to optimize offerings based on user preferences and feedback [12] - AI's ability to capture user intent and preferences enables brands to evolve from standardized service providers to personalized "smart travel assistants," enhancing customer loyalty [12] Future Outlook - The integration of AI into the travel industry is expected to create a new operational order, with brands that can build future-oriented business systems gaining a competitive edge [12] - The ongoing competition for AI-driven entry points is reshaping the OTA market, presenting unique opportunities for travel businesses seeking to differentiate themselves and achieve brand premium [12]

Core Insights - Chengdu Customs reported a significant increase in outbound tax refund applications, with 4,582 applications verified in January, amounting to 50.019 million yuan, representing a year-on-year growth of 687.3% and 77.2% respectively [1][3] - The Chengdu Tianfu International Airport is positioned as a key hub in Southwest China, with passenger traffic expected to reach over 6.4 million by 2025, reflecting a 12.6% year-on-year increase [1] - The implementation of policies such as "immediate refund upon purchase" and lowering the minimum refund threshold to 200 yuan has stimulated cross-border consumption, with projected growth in tax refund applications to 19,000 and total refund amounts to 430 million yuan by 2025, marking increases of 295.2% and 139.6% respectively [1][3] Industry Developments - The optimization of the outbound tax refund process has been a focus for Chengdu Customs, integrating various services into a "one-stop" window for enhanced efficiency [3] - The airport has introduced dedicated LED screens and bilingual signage, along with multilingual translation devices to facilitate the process for outbound travelers [3] - Additional verification points have been established to manage peak periods during the Spring Festival, improving the overall convenience for travelers [3]

李光耀曾经评价李嘉诚没有创新，都是靠着垄断来赚钱。这句话是有一定道理的。对于自己企业30万雇员来说，李嘉诚也没有特别特意的照顾，他就是做一 个商人应该做的事情。 于东来跟李嘉诚，谁配得上伟大？有人会说，李嘉诚是华人首富，隐形资产上千亿美元，生意遍布全球几十个国家，控制十几家上市公司，在华人商界是首 屈一指。于东来凭什么跟他比？ 说好听的，于东来是个大老板，说不好听就是个开超市的。很多人都觉得是这样。可是在我看来，于东来这个开超市的，就是比李嘉诚这个全球超级大富豪 伟大多了。一个商人的伟大，从来不是他赚了多少钱，也不是他的公司市值有多少亿，更不是他有多少家上市公司。 那你可能会说，李嘉诚也做了很多慈善，他一生累计捐款已经高达300多亿，而且这是他捐出去的钱，不单单是他捐给慈善基金的钱。于东来一生累计的捐 款估计连李嘉诚的百分之一都没有。从这个角度来说，于东来也是比不上李嘉诚。 那为什么我说于东来更加伟大呢？ 一个商人的伟大，从来不是他赚了多少，而是他改变了什么。李嘉诚幼年父亲早逝，他在舅舅、叔父的帮助下，成功赚到第一桶金，之后又进入了房地产行 业，一跃成为了香港四大地产商之一，后来又涉及多元化经营，成为了华人商 ...

随着入境旅游的持续升温，到中国过年成热潮。 国家移民管理局预测，春节假期全国口岸日均出入境人员将突破205万人次，同比增长14.1%。有数据显示，最近两周，外国游客春节机票预订量同比激增 超4倍。另据《旅行和旅游世界》报道，中国春节已成为全球旅游新亮点。 2026马年春节，正凭借浓郁年味与多元体验，吸引全球旅行者来华，为新春增添独特活力。 沉浸式过年 外国游客深度体验中国年 在中国，各种美食，美景，节日习俗与传统文化成为吸引着来自世界各地游客的核心魅力，冰雪游、非遗体验、特色购物等成了外国游客的热门选择。 冰雪游与避寒游升温 冰雪游与避寒游形成两大主流趋势，带动东北、新疆、青海等冰雪目的地，以及云南、海南等南方目的地的预订量持续增长。 △哈尔滨冰雪大世界呈现冰雪风光 北方冰雪季凭借极致冰雪景观、便利入境政策和丰富民俗活动，成为全球游客的热门目的地。 黑龙江边检总站最新数据显示，2026年前一个月，全省已累计查验出入境人员24.4万人次，同比增长29.7%。春节假期，预计出入境旅客总量约4.5万人次。 △《旅行与旅游世界》报道截图 2026年，海南迎来了封关运作后首个春节。据海口出入境边防检查总站预测，2026 ...

美国12月零售销售环比持平，预期为增长0.4%，控制组销售额下降0.1%，但未经季节性调整的销售额 跃升至创纪录的8170亿美元，受季节性因素放大影响。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 美国12月零售销售环比持平，预期为增长0.4%，控制组销售额下降0.1%，但未经季节性调整的销售额 跃升至创纪录的8170亿美元，受季节性因素放大影响。 ...

【中国经济观测点】由新华财经国家金融信息平台打造，从微观数据见微知著，为市场提供更加具有"颗 粒度"的经济观测和经济画像。本期发布的是2026年1月全国企业注册变化以及各省份、各行业的特点。 新华信用数据显示，2026年1月，全国新注册经营主体176.66万家，同比增加23.99万家，增长15.71%。具 体如下图所示： 青海省新注册经营主体数量增长最快 从各地新注册经营主体的增速来看，1月份，全国注册情况普遍比上月好，只有三个地区增速为负值，其 余均为正值。其中，青海省增速62.53%，排名第一。 1月新注册经营主体增速排名TOP10情况如下图所示： 广东省新注册经营主体数量稳居首位 分省来看，广东省新注册经营主体数量连续多月稳居第一，1月份新注册经营主体19.27万家，同比增长 31.36%，在全国占比高达10.91%。 其余排名前十的省份还有湖北省、浙江省、河南省、山东省、江苏省、河北省、四川省、福建省和湖南 省等，具体数据如下表： | 地区 | 2026年 1月新注册经营主体 (单位:家) | | --- | --- | | 广东 | 192690 | | 湖北 | 133524 | | 浙江 | 1 ...

Employment Data - In January, non-farm employment increased significantly by 130,000, surpassing the expected 65,000, marking the largest increase since January 2025[7] - Private sector employment added 172,000 jobs in January, with a three-month average of 103,000 and a fourth-quarter average of 50,000[7] - The education and healthcare sectors contributed the majority of the employment increase, adding 137,000 jobs[8] Unemployment and Labor Participation - The unemployment rate fell by 0.1 percentage points to 4.3%, driven by improved job demand[9] - The labor participation rate rebounded by 0.1 percentage points to 62.5%, primarily due to increases in the 20-54 age group[13] Wage Growth - Average hourly earnings increased by 0.4% month-on-month, exceeding the expected 0.3%[19] - Year-on-year wage growth decreased slightly to 3.7%, remaining stable within the 3.7%-3.9% range since the second half of 2025[19] Market Expectations - Following the strong employment data, the probability of a Federal Reserve rate cut in March dropped from 21.7% to 7.9%, and the probability of a cut before June decreased from 75% to 59.8%[2] - U.S. stock indices rose, the dollar strengthened, and U.S. Treasury yields increased, with the 10-year yield reaching a high of 4.2% before retreating[2]