"这几天日本航线退票的挺多，总计大概几万张了，"一家国内航司市场部相关人士今日告诉记者，加上原本也是淡季，公司取消了部分赴日航班，调整运 力投放。 第一财经记者多方了解到，在11月15日多家国内航司发布赴日航线免费退改签政策后，中日航线退票量立竿见影地增多，退票相对较多的航线主要是赴日 旅游航线。而随着天气转冷，旅客需求也在逐渐向温暖的目的地转移。 赴日旅客量连续三天下滑 航司如何调整航班 与此同时，部分国内航司也在临时取消赴日航班，调整运力到需求相对更好的国家或城市。 据航班管家数据，受民航换季及市场因素影响，中国大陆-日本周度航班量持续下滑，第45周（11.03-11.09)的周航班量1189班次，恢复率（较2019年同 期）为82.9%，环比国庆期间的第40周下降14.5%。11月18日航班取消率为13.4%, 为近五天以来最高值。 一家航司市场部人士对记者分析，最近几天赴日航班的客座率持续下滑，取消赴日计划的游客，部分人会去东南亚，部分人会在国内安排，还有一部分需 求可能就消失了，而如果继续旅游，气候温暖的国家或地区将是更多选择。 航旅纵横大数据显示，冬季国内暖冬游热度提前释放，截至11月18日，11 ...

第一财经从广汽丰田内部了解到，广汽丰田没有在2026年停产其主力燃油车的计划，并将于明日（11月 20日）发布新款威兰达。此前有市场消息称，广汽丰田至少有两款主力燃油车将在2026年停产，一款是 近期月销千余辆的紧凑级轿车，另一款是月销过万的中型SUV。（第一财经记者 黄琳） ...

Group 1: Tmall Sales Trends - Tmall's sales rankings during major promotions serve as a window to observe consumer trends, industry changes, and brand performance [1] - Strong brands like Uniqlo have consistently topped the rankings, while emerging players like Songmont have shown significant growth [1] - Brands that have fallen behind exhibit common characteristics related to path dependence and market cycles [1] Group 2: Ralph Lauren and Teenie Weenie - Ralph Lauren and its counterparts, known as the "middle-class three treasures," gained popularity among urban middle-class consumers for their classic designs and comfort [2][4] - However, Ralph Lauren's presence has diminished in recent rankings, indicating a shift in consumer preferences [4] - Teenie Weenie, once seen as a perfect alternative to Ralph Lauren, has also experienced a significant decline in rankings and overall performance [5][7] Group 3: Old Puh Gold's Rise - Old Puh Gold has emerged as a significant player in the jewelry market, achieving remarkable growth despite the decline of traditional brands like Chow Tai Fook [11][12] - The brand's strategy focuses on positioning gold as a luxury item and targeting high-net-worth consumers [12][13] - Old Puh Gold's success is attributed to its selective expansion strategy and strong brand presence in high-end commercial centers [13][15] Group 4: Nike and Fila Competition - Nike, once dominant in the sportswear market, has faced challenges from Fila, which has recently taken the top spot in Tmall's sports category [16][18] - Fila's strategy emphasizes a complete outfit approach, while Nike's focus has shifted towards direct-to-consumer channels [20] - The structural misalignment in strategies has allowed Fila to capitalize on current consumer trends, leading to Nike's decline in rankings [20] Group 5: Outdoor Brands' Decline - The outdoor brands that gained popularity during the pandemic have seen a decline in rankings, highlighting the seasonal and cyclical nature of these products [21][23] - The registration of outdoor-related companies peaked in 2023, but growth has slowed in subsequent years, indicating a market correction [23] - Brands must innovate and deepen community engagement to sustain interest beyond initial trends [23] Group 6: Arc'teryx's Crisis - Arc'teryx experienced a sudden drop in rankings due to a controversial marketing event that contradicted its brand values [25][27] - The incident damaged consumer trust, which is crucial for premium brands that rely on their reputation for quality and expertise [27] - This situation serves as a warning for brands about the importance of aligning with consumer values and maintaining brand integrity [27]

Jul-08 the first and the first the first to the state of th （作者薛洪言为星图金融研究院副院长） 时近2025年尾声，全球资本市场正经历着罕见的复杂变局。经济复苏步伐不一，地缘政治扰动频发，货币政策转向在即，多重因素交织下，投资布局难度显 著加大。在此背景下，聚焦具备"强逻辑、高壁垒、稳需求"特征的优质赛道，已成为机构资金穿越宏观波动的关键策略。随着2026年，这一被业内视为"货 币宽松周期"与"产业升级浪潮"深度叠加的关键节点临近，一批政策支持明确、需求刚性突出且供应壁垒显著的行业，正凭借其"抗周期能力强、成长确定性 高"的核心优势，脱颖而出。 本文将深入剖析有色金属、电力设备、航空航天、生物医药及AI硬件五大高确定性赛道，从产业周期、政策红利、技术突破与供需格局等多维度，系统解 构其内在投资逻辑与价值实现路径，拟为投资者布局2026年提供一份清晰的行动指南。 一、有色金属：三重共振驱动资源品价值重估 2025年以来，申万有色金属指数累计上涨77.71%，领涨所有一级行业。这一强势表现并非偶然，而是货币环境、需求结构与供应刚性三重因素共振的必然 结 ...

航司如何调整航班 与此同时，部分国内航司也在临时取消赴日航班，调整运力到需求相对更好的国家或城市。 "这几天日本航线退票的挺多，总计大概几万张了，"一家国内航司市场部相关人士今日告诉记者，加上原本也是淡季，公司取消了部分赴日航班，调整运力 投放。 第一财经记者多方了解到，在11月15日多家国内航司发布赴日航线免费退改签政策后，中日航线退票量立竿见影地增多，退票相对较多的航线主要是赴日旅 游航线。而随着天气转冷，旅客需求也在逐渐向温暖的目的地转移。 赴日旅客量连续三天下滑 在外交部，教育部，文旅部先后提醒中国公民近期谨慎赴日后，包括三大航和民营航司在内的十几家国内航司，都陆续发布了赴日航线免费退改签通知，免 费退票时间截至12月31日。 18日，春秋航空日本株式会社（下称"春秋日本"）也发布针对中日国际航线客票的特殊处理通知，2025年11月15日（含）前购买，且乘机日期于2025年11月 15日（含）至2025年12月31日（含）之间国内进出东京成田的航班，可免收退改签手续费。春秋日本也成为首家接受免费退改的日本航司。 春秋日本由日本航空控股，春秋航空参股33%，目前春秋航空只负责春秋日本在国内的机票销售，不 ...

Core Insights - The recent price increase of Moutai reflects a shift in the market dynamics, with e-commerce promotions normalizing and a potential oversupply situation in the liquor industry [1][4] Price Trends - After the "Double Eleven" sales event, the price of Moutai has rebounded, with online prices for 53-degree 500ml Moutai reaching approximately 1670 yuan per bottle, an increase of 30 yuan compared to previous days and nearly 80 yuan higher than the lowest price during the sales [2] - Offline retail prices for Moutai are also around 1700 yuan per bottle, with some wholesalers reporting a price increase to 1695 yuan per bottle, reflecting a rise of about 45 yuan [2][3] Supply and Demand Dynamics - The overall market demand for Moutai has not significantly changed, but the retail prices are adjusting based on market conditions [2][3] - The current cost price for distributors is around 1700 yuan per bottle, despite the factory price being 1169 yuan, indicating that additional costs are incurred through various product offerings [3] E-commerce Impact - E-commerce platforms have established a trend of regular promotions for Moutai, which has led to reduced profit margins for various stakeholders in the supply chain [4] - Despite the price recovery, the profit margins for resellers remain low, with some resellers only marking up prices by 10 to 20 yuan per bottle [4] Industry Trends - The liquor industry is experiencing a shift from a high-volume growth model to a focus on quality, with companies needing to adapt to changing consumer behaviors and market conditions [8] - The trend towards e-commerce in the liquor sector is becoming increasingly prominent, with online sales accounting for a growing percentage of revenue for traditional liquor companies [8]

Core Insights - LeEco founder Jia Yueting has established a second debt repayment trust to expedite the settlement of debts in China, following a significant debt crisis that began in 2017 [3] - The first debt repayment trust was approved by a California bankruptcy court in 2019, allowing Jia to transfer all his shares in Faraday Future (FF) into the trust [3] - Jia has resumed his role as Co-CEO of FF in April this year, aiming to revitalize the company after its near bankruptcy following its public listing [3] Group 1 - Jia Yueting revealed that the first asset will be injected into the new trust within a week, sourced from 50% of the equity incentives granted by FF and 50% of his 7% stake in AIxC [1][3] - AIxC is set to be renamed and listed on NASDAQ on November 20, along with the announcement of a new strategic plan [3]

马思远认为，科技巨头间的密切合作一方面是对人工智能的潜力抱有极高期待，另一方面，行业已经意 识到需要通过战略合作才能应对目前在算力和部署上的诸多瓶颈。 人工智能发展正经历一场深度重构，美国科技巨头们打破传统竞争边界，频频组成以算力和基建为纽带 的战略联盟，该如何理解这一"合纵连横"？随着技术变革的浪潮重塑劳动力市场，身处其中的年轻人又 将如何面对未来？ 在近日于浙江杭州举行的世界经济论坛"产业转型升级新动力"论坛上，第一财经记者专访了世界经济论 坛执⾏董事、⾸席技术官马思远（Stephan Mergenthaler）。 马思远认为，科技巨头间的密切合作基于两个因素，一方面是对人工智能的潜力抱有极高期待，另一方 面，行业已经意识到需要通过战略合作才能应对目前在算力和部署上的诸多瓶颈。 而对于人工智能时代下的年轻人就业困境，他的态度则十分乐观。他表示，具备与人工智能协作的思维 和能力的年轻人将对企业有极强吸引力，而这些能力的发挥也将催生新的职业形态和价值。 第一财经：在人工智能驱动产业转型上，中国、欧盟和美国分别处于什么阶段，面临哪些挑战和机遇？ 但与此同时，各方也在激烈竞争，由此形成了一种颇为有趣的、近乎"竞合 ...

（文章来源：第一财经） 11月19日下午，中国疫苗行业协会发布了《关于反对"内卷式"竞争促进疫苗及其相关生物制品行业高质 量发展的倡议》，提出坚决抵制无序低价竞争，在招投标全流程中，严禁以低于成本的报价参与竞标， 切实保障产品与服务的质量标准。 ...

10月币圈动荡余波 数据提供商CoinGecko追踪的18000多种加密货币的总市值自10月6日的市场峰值以来，已整体下跌 25%，总市值蒸发了约1.2万亿美元。同期，比特币价格下跌约28%，至91700美元，接近4月以来的最低 水平，几乎完全抹去了年内涨幅。除比特币外，今年市值最大的20种加密货币中有6种下跌了40%以 上，3种下跌了约60%。CoinShares的一份报告显示，包括比特币ETF在内的数字资产投资产品，上周流 出了20亿美元，是今年2月以来的最大单周规模。 HashKey Group的高级研究员孙（Tim Sun）对第一财经记者表示，加密市场10月10日史无前例的大清算 对市场的冲击远远没有结束。此外，又叠加了美国联邦政府史上最长期限的关门、市场流动性收紧和美 联储降息预期的鹰派转向，"多个风险共振，加剧了市场波动，同时也让市场情绪进一步受到打压，资 金开始从ETF流出，部分长期持有者开始获利了结，这些都加剧了盘面的脆弱。" "当前，比特币与美股的共振效应越发明显，越来越受制于主流资金的风险偏好。"孙称，"所以在宏观 市场利空频发的背景下，比特币也很难走出独立行情，同时由于其波动性本就较高， ...