2025年，面对国内外经济环境的复杂变化，在以习近平同志为核心的党中央坚强领导下，各地区各部门深入贯彻落实党中央、国务院决策部署， 坚定不移贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，统筹发展和安全，实施更加积极有为的宏观政策，纵深推进全国统一大市 场建设，国民经济运行顶压前行、向新向优，高质量发展取得新成效，经济社会发展主要目标任务圆满实现，"十四五"胜利收官。 三、服务业平稳增长，现代服务业发展良好 全年服务业增加值比上年增长5.4%。其中，信息传输、软件和信息技术服务业，租赁和商务服务业，交通运输、仓储和邮政业，批发和零售 业，住宿和餐饮业增加值分别增长11.1%、10.3%、5.2%、5.0%、4.9%。12月份，服务业生产指数同比增长5.0%。其中，信息传输、软件和信息 技术服务业，租赁和商务服务业，金融业生产指数分别增长14.8%、11.3%、6.5%。1—11月份，规模以上服务业企业营业收入同比增长7.8%。12 月份，服务业商务活动指数为49.7%，比上月上升0.2个百分点；服务业业务活动预期指数为56.4%，上升0.5个百分点。其中，电信广播电视及卫 星传输服务、货币金融服务、资本 ...

Group 1 - The core viewpoint of the article indicates that the service industry in China is projected to grow by 5.4% in 2025 compared to the previous year, highlighting a positive trend in various sectors [1] - The information transmission, software, and IT services sector is expected to see the highest growth at 11.1%, followed by leasing and business services at 10.3%, and transportation, warehousing, and postal services at 5.2% [1] - In December, the service production index increased by 5.0% year-on-year, with notable growth in the information transmission, software, and IT services sector at 14.8% [1] Group 2 - The revenue of large-scale service enterprises increased by 7.8% year-on-year from January to November [1] - The service business activity index for December was reported at 49.7, showing a slight increase of 0.2 percentage points from the previous month, while the business activity expectation index rose to 56.4, up by 0.5 percentage points [1] - Specific sectors such as telecommunications, monetary financial services, and capital market services reported business activity indices above 60.0, indicating a high level of economic activity [1]

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - In December 2025, China's exports continued high - growth, imports rebounded significantly, and the trade surplus expanded. The Fed's January rate - cut probability decreased, and the RMB showed an appreciation trend. The central bank adjusted the structural monetary policy tool rate and commercial real - estate credit policies, aiming to improve capital activation and support the real economy [8][10]. 3. Summary According to Relevant Catalogs 3.1 National Economic Accounting - GDP quarterly data from 2023 to 2025 are presented, showing the performance of different industries, including agriculture, forestry, animal husbandry, fishery, industry, and services. The contribution rates and pulling effects of the three industries on GDP are also provided [13][18]. 3.2 Industry Analysis - **Industrial Sector**: The growth rate, added - value of major industries, and production of key products are analyzed. The profit situation of industrial enterprises shows mixed results, with some industries growing and some declining. The inventory of industrial enterprises is at a relatively high level, and enterprises still have the intention to reduce inventory [28][43][53]. - **Price Index**: In December 2025, the national consumer price index (CPI) increased year - on - year, and the industrial producer price index (PPI) decreased year - on - year but the decline narrowed. The prices of different categories in CPI and PPI showed different trends [60][68]. 3.3 Real Estate Market - In January - November 2025, real estate development investment, construction area, new - start area, completion area, sales area, and sales volume all declined year - on - year. The prices of new and second - hand residential properties in major cities also showed different degrees of decline [122][126][130]. 3.4 Foreign Trade and Investment - In December 2025, China's total import and export volume reached a record high. Exports to ASEAN and the EU increased, while exports to the US decreased. The export of key products and the import of key commodities are presented in detailed tables [93][100][101]. 3.5 Fixed - Asset Investment - From January - November 2025, national fixed - asset investment (excluding rural households) decreased year - on - year. Private fixed - asset investment also declined. Investment in different industries showed different trends, with the second - industry investment growing and the third - industry investment declining [114]. 3.6 Domestic Trade - The growth of service retail sales and social consumer goods retail sales is analyzed, and the year - on - year changes in retail sales of different industries above the quota are presented [158][165]. 3.7 Transportation - The transportation volume of goods and passengers by different means, the subway passenger flow in major cities, and the freight rates of shipping routes are analyzed [168][173][179]. 3.8 Banking and Currency - The new social financing scale, social financing scale stock, new RMB loans, and money liquidity are analyzed. The central bank emphasizes reasonable interest - rate control to promote the decline of the real - economy financing cost [183][194][200]. 3.9 Bond Market - The issuance of interest - bearing bonds and the yields of long - and short - term treasury bonds are analyzed [213][216]. 3.10 Foreign Exchange and Gold - The RMB exchange rate against the US dollar and the US dollar index are presented. China's gold reserves increased, and the foreign exchange reserves reached a new high [220][223]. 3.11 Fiscal and Employment - The central and local general public budget revenues and expenditures are analyzed, and the urban surveyed unemployment rate and new urban employment are presented [232][236][242]. 3.12 Business Climate Survey - The global and Chinese manufacturing and non - manufacturing PMI are analyzed. In December 2025, China's manufacturing PMI returned to the expansion range, and the non - manufacturing business activity index also rebounded [245][248][256]. 3.13 US Macroeconomy - The US real GDP growth rate, employment situation, treasury bond yields, retail sales, and the Fed's asset structure and federal funds rate are analyzed [263][266][274].

Group 1 - The industries not applicable for the R&D expense tax deduction policy include tobacco manufacturing, accommodation and catering, wholesale and retail, real estate, leasing and business services, entertainment, and other industries as specified by the Ministry of Finance and the State Administration of Taxation [3] - The latest version of the national economic industry classification is GB/4754-2017, which is used to determine the applicability of the policy [3] Group 2 - Activities that cannot be included in R&D activities for tax deduction purposes include routine upgrades of products/services, direct application of research results, technical support provided after commercialization, simple changes to existing products or processes, market research, quality control, and research in social sciences, arts, or humanities [5] - R&D activities are defined as systematic activities aimed at acquiring new scientific and technological knowledge, creatively applying this knowledge, or substantially improving technology, products, services, or processes [5] Group 3 - Companies must adhere to national financial accounting standards for accounting treatment of R&D expenses and maintain auxiliary accounts for R&D projects to accurately collect and account for deductible R&D expenses [7] - Companies should separately account for R&D expenses and operational expenses, ensuring accurate and reasonable allocation of all expenditures [7]

营商环境是经营主体赖以生存发展的根基。近年来，哈市推出银行企业开办帮办代办服务、营业执照全 城通办通取服务、设置营业执照"E站通"24小时服务专区等多项创新举措，助推冰城经营主体开办便利 化水平保持全国前列。数据显示，哈市企业开办时间从过去的11.5天已压缩至目前的38分钟。 同时，哈市启动拓展赠送印章数量和"大礼包"更新换代工作，让企业享受"真金白银"的福利。新版"企 业开办大礼包"采用公文包式设计，由过去的纸袋、纸盒升级为布料公文包，内设证照位、印章位和卡 片位等多个存储仓位，方便携带、更加实用。对新开办企业赠送名称章、财务专用章、法定代表人章、 合同专用章，政府赠送印章的数量由3枚增加到4枚。同时，哈市市场监管局设计制作了惠企政策清单， 编写了概要，扫码即可阅读政策全文，助力企业全面掌握政策，及时申领企业发展奖励和补贴资金。 （来源：黑龙江日报） 转自：黑龙江日报 本报讯（记者刘瑞）日前，哈尔滨市市场监管局公布了去年1月至12月哈尔滨市新设立企业数据，去年 全年哈市新设立企业48477户，其中，有限公司42371户、占新设立企业的87.40%。 按照《国民经济行业分类》，去年1月~12月设立的有限公司数 ...

浙文互联也是类似的情况，GEO业务尚未形成收入。但是自2026年1月5日以来，股价累计涨幅 43.99%。该公司的最新动态市盈率为132.13倍，根据申万行业分类，所属"传媒行业"市盈率为53.13倍。 引力传媒、新华网、浙文互联则都表示GEO业务尚未形成收入。 其中，引力传媒（603598.SH）近期涨幅最大。自2025年12月30日至2026年1月13日期间，该公司股票 累计上涨97.54%。 该公司的最新动态市盈率为311.50倍，最新市净率为40.53倍，显著高于行业平均水平。截至2026年1月 13日，引力传媒所处的L7租赁和商务服务业的最新静态市盈率为32.49倍，最新市净率为2.23倍。 面对飙涨的股价，引力传媒称，公司GEO事业部仍处于组建筹划阶段，GEO业务尚未形成成熟的商业 模式，其市场认可度及盈利模式均存在不确定性，该业务尚未形成相关收入。目前，公司主营业务仍为 广告代理服务。 同时，该公司提示称，业绩存在波动风险。2025年前三季度，引力传媒实现营业收入64.62亿元，实现 归属于上市公司股东的净利润2036.02万元，毛利率2.69%，较去年同期下降1.73个百分点，主要系行业 竞争 ...

Core Viewpoint - Shanghai has launched its first policy for creating an "industrial ecosystem" business environment, focusing on the leasing and business services industry, aiming for revenue to exceed 1.5 trillion yuan by 2028, maintaining its national leadership in this sector [1][2]. Group 1: Industry Overview - The leasing and business services industry is a significant pillar of Shanghai's economy, with expected revenue surpassing 1.3 trillion yuan in 2025, accounting for over 8% of the city's economic output [2]. - The growth rate of this industry has slowed in recent years, lagging behind the national average, prompting the need for strategies to stimulate growth [2]. Group 2: Action Plan Details - The "Action Plan" outlines a clear "industrial map" with specific revenue targets for various sectors by 2028, including advertising, human resources, and legal services, with designated districts for each sector [3][4]. - Seven key districts will focus on the leasing and business services industry, with targeted revenue contributions from each area to avoid homogeneous competition and resource misallocation [3][4]. Group 3: Spatial Development - The plan emphasizes not only the establishment of business parks but also the creation of an ecosystem that fosters interaction and innovation among businesses [5][6]. - Specific types of business spaces will be developed, including mixed-use spaces and specialized industry parks, to enhance operational efficiency and collaboration [6][7]. Group 4: Factor Aggregation - The focus on factor aggregation highlights the importance of talent, data, and professional service platforms tailored to the needs of the service industry [8]. - The plan includes targeted measures for attracting talent in critical areas such as international law and tax services, along with incentives for businesses to expand internationally [8][9]. Group 5: Policy Innovations - The "Action Plan" encourages districts to implement unique supporting policies, such as service vouchers for professional services, to stimulate growth in the leasing and business services sector [9]. - The initiative reflects a shift in Shanghai's service industry development strategy, aiming to create a closed loop of "industry leadership - spatial support - factor empowerment" for high-quality growth [9].

Core Insights - The production service industry is viewed as a key driver for GDP growth, with Shanghai leading the initiative to enhance this sector through a comprehensive action plan aimed at achieving a revenue target of over 1.5 trillion yuan by 2028 [1][2] Group 1: Industry Overview - The rental and business service industry in Shanghai is the largest in the country, with an expected revenue of over 1.3 trillion yuan by 2025, accounting for more than 8% of the GDP [2] - This sector includes various services such as advertising, exhibitions, legal, and consulting, and is well-aligned with Shanghai's urban functions and resource endowments [2][3] - Despite its leading position, the growth rate of Shanghai's rental and business service industry has slowed, lagging behind the national average, necessitating strategies to accelerate growth [2][3] Group 2: Action Plan and Strategies - The action plan introduces a "three-gathering" logic focusing on industry, space, and resource aggregation, with 28 measures aimed at enhancing industry concentration and quality [3][4] - Key objectives include accelerating the concentration of advantageous sub-industries in specific districts, with a focus on high-quality business entities and essential resources [3][4] - The plan aims to create a closed-loop logic of "industry leading - space carrying - resource empowering" to systematically restructure the service industry [3][4] Group 3: Focus Areas and Differentiation - The action plan outlines specific revenue targets for various sectors by 2028, such as achieving 50% of total revenue from digital advertising in designated districts [4][5] - Each of the seven key districts will have defined focus areas to avoid homogeneous competition and resource misallocation, promoting distinctive regional strengths [5][6] - By 2028, the revenue from these districts is expected to exceed 70% of the city's total, with significant contributions from key areas like Pudong and Jing'an [5][6] Group 4: Future Goals and Competitiveness - The plan aims for the rental and business service industry's annual revenue growth to exceed the city's overall economic growth and the industry average by 2028 [6] - Strategies to enhance competitiveness include digital transformation, brand upgrading, and international expansion, with a goal to cultivate high-growth and unicorn enterprises [6] - The initiative also focuses on building a professional service talent pool and creating benchmark events to foster a conducive environment for the industry [6]

Group 1: Service Industry Performance - The province's service industry has shown steady growth, with revenue from large-scale service enterprises reaching 779.72 billion yuan, a year-on-year increase of 6.2%, accelerating by 1 percentage point compared to the previous month [1] - The business services sector has led this growth, with revenue from leasing and business service enterprises increasing by 21.2%, contributing 73.4% to the overall growth of the service industry [1] - Revenue from resident services, repair, and other service enterprises grew by 12.3%, with significant increases in automotive repair and maintenance (36.8%) and computer and auxiliary equipment repair (36.2%) [1] Group 2: Cultural, Sports, and Entertainment Industry - The cultural, sports, and entertainment sector saw a revenue increase of 12.7%, benefiting from more cultural festivals and concerts [2] - Revenue from cultural agents and artistic creation and performance grew by 45.9% and 24.6%, respectively, while the film market rebounded with production and screening revenues increasing by 116.9% and 14.9% [2] - Sports events and fitness activities contributed to a 16% growth in the management of sports facilities, enhancing public access to quality cultural and fitness options [2]

Group 1 - The report highlights a significant reduction in credit bond issuance towards the end of the year, with a net repayment of 635 billion yuan, contrasting with a net financing of 482 billion yuan in the previous week [6][8]. - The primary active maturities remain in the short to medium term, with a focus on 3-year bonds as potential riding opportunities following the implementation of new redemption regulations [1][6]. - The report indicates a low trading volume in the secondary market, with total transactions amounting to 3964.25 billion yuan, a sharp decline from 9679.95 billion yuan in the previous week [6][9]. Group 2 - The issuance of short-term financing bonds totaled 380.8 billion yuan, while 942.8 billion yuan matured, indicating a significant outflow [6][7]. - The report notes that the majority of issuers are rated AA+, accounting for 39.44% of the total, with the construction sector being the largest contributor at 43.66% [6][7]. - The yield on 3-year AAA medium-term notes increased by 3.15 basis points to 1.89%, reflecting a general upward trend in medium to long-term yields [9][10].