1月24日，2025品牌强国经济论坛在北京举行。会上，《优化消费环境 放心消费品牌评价规范》团体标 准宣贯正式启动。该标准（T/CMBN 0002—2025）由全国商报联合会、国家市场监督管理总局发展研 究中心等单位牵头制定，农夫山泉股份有限公司、爱尔眼科医院集团股份有限公司等单位参与起草，标 志着我国"放心消费"环境建设迈向系统化、标准化的新阶段。 作为该标准起草单位之一，爱尔眼科医院集团将自身发展经验融入其中，助力消费环境优化与放心消费 生态构建。 标准出台引领方向，助力消费环境提质 消费是经济增长的重要引擎，2025年，中央办公厅、国务院办公厅联合印发《提振消费专项行动方 案》，国家市场监管总局、发改委、工信部、商务部、文旅部联合发布《优化消费环境三年行动方 案》，与此前中共中央、国务院《扩大内需战略规划纲要（2022－2035年）》及国务院办公厅转发的 《关于恢复和扩大消费的措施》形成政策合力，构建全方位消费信心保障体系。 为精准落实系列政策部署，全国商报联合会联合国家市场监督管理总局发展研究中心、对外经济贸易大 学中国国际品牌战略研究中心等权威机构，牵头起草《优化消费环境放心消费品牌评价规范》团体标 ...

Group 1 - The article highlights the significance of the Laba Festival as a cultural event that marks the beginning of the Chinese New Year celebrations, with various restaurants in Beijing launching seasonal dishes like Laba porridge and garlic [1][3] - Wangshun Pavilion Group has been conducting the "Laba Love Porridge" charity event for 21 consecutive years, expanding its reach to over 10 communities and 30 delivery stations in Beijing this year, providing free porridge to local residents and delivery workers [1][3] - The popularity of Laba porridge is evident, with the Huguosi Snack Store expecting to sell over 2,000 bowls on the festival day, showcasing the meticulous preparation process that includes over 20 ingredients [3][4] Group 2 - The restaurant industry is experiencing a surge in customer traffic as the Spring Festival approaches, with Haidilao reporting a more than 10% increase in customer numbers from January 19 to 21, and a 15% rise in the sales of beef and lamb products [3][4] - Haidilao plans to keep over 1,000 locations open on New Year's Eve and more than 1,200 on the first day of the New Year, introducing festive themed products and collaborations to enhance consumer engagement [3][4] - The combination of traditional cultural practices and modern marketing strategies is seen as a key driver for the recovery and growth of the restaurant industry during the peak consumption period of the year [4]

Core Viewpoint - The company is undergoing a significant transformation from a traditional asset-heavy direct sales model to a dual-driven strategy of "direct sales + franchising," aiming to evolve into a "chain management service + supply chain platform" enterprise, with substantial progress already made in this transition [1][3]. Group 1: Channel Structure Transformation - The fundamental restructuring of the channel is central to the company's transformation, shifting from a direct sales focus to a dual-driven strategy of "direct sales + franchising" [3]. - A key milestone in this transformation is expected in 2024, when the number of franchised stores is projected to exceed direct stores for the first time, reaching a share of 51.9% [3]. - As of June 2025, the total number of stores has reached 2,979, with franchised stores accounting for 53% of the total, indicating a clear trend towards channel structure optimization [3]. Group 2: Revenue Growth from Franchising - The rapid expansion of the franchising business has become a crucial support for the company's revenue growth, with the share of franchising wholesale revenue increasing from 4.81% in 2019 to 23.67% in 2024, reflecting a compound annual growth rate (CAGR) of 31.99% over five years [3]. - In the first half of 2025, revenue from the franchising business reached 722 million yuan, representing a year-on-year growth of 78.65% [3]. Group 3: Cost Structure Optimization - The significant optimization of the cost structure is a direct financial manifestation of the asset-light transformation, with sales expenses in 2024 decreasing by approximately 25% compared to 2022, amounting to a reduction of 325 million yuan [4]. - Management and sales expenses saw year-on-year declines of 11.9% and 14.17% respectively in 2024, with sales expenses maintaining a downward trend for three consecutive years [4]. - In the first three quarters of 2025, the sales expense ratio and management expense ratio decreased by 5.5 percentage points and 2.1 percentage points year-on-year, respectively [4]. Group 4: Comprehensive Business Ecosystem Reconstruction - The company's transformation is not merely a channel model adjustment but a comprehensive reconstruction of the overall business ecosystem, with initiatives to empower franchisees through various support measures [5]. - In 2025, the company plans to provide financial support to franchisees for store operational turnover, with further upgrades to support measures planned for January 2026 [5]. - The ongoing optimization of business layout and resource allocation aims to strengthen support for franchisees and the supply chain system, with a focus on reshaping the profit structure [5].

" 妈，我也 50 多岁了，我也没有几年活头了，你让我有点自己的时间，行不行？ " 53岁的宁宁对着妈妈轻声哀求，语气里藏着三千个日夜的疲惫与委屈，她的妈妈确诊阿尔茨海默病已8年，近三千个日夜的贴身照料，成了一场单向奔赴的 坚守——无论宁宁如何小心迁就都难换妈妈一句满意，这不是宁宁一个人的困境，而是千万认知症患者及家庭共同面临的现实。权威媒体报道中，据估计， 我国60岁及以上人群中有认知障碍患者5300多万其中轻度认知障碍患者3877万，痴呆患者1507万，认知症照护已成为严峻的社会课题。 86岁的刘爷爷，曾是心脏内科专家，如今却被帕金森综合征与腔隙性脑梗"困住"。每到黄昏，日落综合征还会发作：昔日沉稳的医者，变成一个时而对着窗 户呼喊救命，时而蜷缩在地上嘶吼挣扎的病人。 同样被认知症困扰的吴奶奶，却有截然不同的表现——她对陌生人充满戒备，见到摄影师执意要查对方的身份证，语气里满是不安与多疑。直到护理员轻声 安抚："小伙伴报警了，他是来取证的"，吴奶奶紧绷的神经才逐渐放松下来。 还有很多认知症老人被情绪激越困扰：突如其来的打人冲动，刻板机械的重复行为，瞬间失控的大声嘶吼、漫长无尽的沉默淡忘......这些看似 ...

Core Viewpoint - KFC has announced a price adjustment strategy, increasing delivery product prices by an average of 0.8 yuan, while maintaining dine-in prices unchanged, reflecting a normal market adjustment to optimize cost structures and provide high-quality services to consumers [1][4]. Group 1: Price Adjustment Strategy - The price increase applies only to delivery channels, with popular promotional packages like "Crazy Thursday" and "Weekend Madness" remaining at the same price, indicating a focus on protecting core consumers [1][5]. - KFC's previous price adjustments in December 2022 and December 2024 involved increases ranging from 0.5 yuan to 2 yuan, with promotional items also retaining their prices during those adjustments [2][5]. Group 2: Operational Scale and Cost Management - As of September 2025, KFC operates over 12,600 stores in China, leveraging its extensive network for competitive advantage, while also expanding into the coffee market with over 1,800 "KFC Coffee" locations [4]. - The company aims to adjust prices to cover rising labor, rent, and logistics costs, which are essential for sustainable development [4]. Group 3: Market Analysis - Analysts note that KFC's decision to raise delivery prices while keeping dine-in prices stable is a strategic response to rising costs in raw materials, labor, and logistics, which are common challenges in the restaurant industry [5]. - The small price increase for delivery services, combined with maintaining high-traffic promotional packages, helps alleviate cost pressures without significantly impacting price-sensitive consumers, thus supporting long-term brand competitiveness [5].

来源：环球网 【环球网消费综合报道】1月26日，贵金属市场迎来高光时刻，黄金概念股全线爆发，成为资本市场关 注的焦点。受现货黄金价格强势突破5000美元并持续走高的提振，A股黄金板块个股表现抢眼，湖南黄 金、盛达资源、福达合金、豫光金铅均以"一字"涨停开盘，中国黄金、恒邦股份、四川黄金、招金黄金 等近十只个股亦强势封死涨停板，晓程科技、铜陵有色、西部黄金、曼卡龙等多股强势跟涨。期货市场 同步走强，沪金主力合约早盘大涨3.73%，盘中亦刷新历史高点。 消息面上，国际金价势如破竹，现货黄金早盘涨幅扩大至近2%，最高触及5093.15美元/盎司，距离5100 美元仅一步之遥。上周美元指数大跌近2%，创下半年来最差周表现，与此形成鲜明对比的是，黄金单 周上涨8.4%。市场分析人士指出，多重宏观与避险因素共同助推了金价迭创新高。市场对美元资产避 险属性的担忧促使欧洲、印度等多地基金加速减持美债，并推进资产多元化配置。丹麦最大的养老基金 之一AkademikerPension也出于对财政纪律、美元走弱以及地缘紧张局势等一系列问题的担忧，宣布退 出其持有的1亿美元美债头寸。 在金价持续走牛的背景下，资本市场资金动向也备受关 ...

Group 1 - The core viewpoint of the articles highlights the optimistic outlook for China's economy in 2026, driven by structural upgrades in exports and recovery in domestic consumption, which are expected to provide significant certainty for global economic growth [1][3]. - International financial institutions are increasingly confident in China's economic resilience, with reports indicating a fundamental shift in export drivers from cost advantages to technology and supply chain efficiency [1][3]. - The competitiveness of Chinese exports is being enhanced through product upgrades and innovation, particularly in high-value and high-tech sectors such as automobiles, batteries, solar energy, and grid equipment [1][3]. Group 2 - The recovery and upgrade of domestic consumption are seen as key drivers of economic growth, with evidence of structural transformation in demand patterns [3]. - The stability of China's industrial and supply chains is a significant advantage for multinational companies, making China an attractive market for foreign investments [3]. - Foreign institutions are actively reallocating assets towards Chinese markets, with a shift in focus from short-term valuation benefits to long-term growth potential driven by industrial transformation [3][4]. Group 3 - Long-term capital is increasingly securing cornerstone investments in high-quality Chinese assets, indicating a shift from short-term holdings to long-term allocations [4][5]. - The average subscription rate for cornerstone investors in Hong Kong IPOs has reached 39.15%, the highest in two years, reflecting growing international capital interest in China's industrial upgrades [4]. - The focus of international long-term capital is shifting from price-driven strategies to value-driven approaches, emphasizing the importance of companies' positions in the supply chain, technological barriers, and future profitability [5].

Core Insights - The report highlights the significant presence of public funds in the stock market, with 2,977 stocks appearing in fund heavy positions as of the end of Q4 last year, indicating a clear trend in institutional investment strategies [1] - A total of 107 stocks have a fund holding ratio exceeding 10%, showcasing the high influence and control of institutional funds over these stocks [1] Group 1: Fund Holdings and Stock Performance - Among the 107 stocks with over 10% fund holdings, 56 saw increased investments in Q4, with notable increases in holdings for ShenGong Co., Tianhua New Energy, and Maiwei Co., with increases of 59,020.96%, 15,808.35%, and 959.13% respectively, indicating strong institutional confidence in their fundamentals [2] - Conversely, 48 stocks experienced reductions in fund holdings, with notable decreases for Nuocheng Jianhua-U, Kaiter Co., and Keda Li, with reductions of 43.91%, 41.04%, and 39.95% respectively [2] - Three new stocks entered the heavy holding category, with Baiao Saitu, Litong Technology, and Xingtou Measurement Control having fund holding ratios of 21.55%, 12.60%, and 10.03% respectively [2] Group 2: Institutional Investment Trends - The phenomenon of institutional clustering remains significant, with over 100 funds holding 42 of the 107 stocks, and 29 stocks held by 50 to 99 funds, indicating a strong consensus among institutional investors [4] - Notably, Ningde Times, despite a holding ratio of 11.63%, has the highest number of fund holders at 2,056, followed by Zhongji Xuchuang, Zijin Mining, and Xinyi with over 1,300 fund holders each [4] - The stocks with high fund holdings are predominantly in the "hard technology" and "innovation" sectors, with 42 from the Sci-Tech Innovation Board, 27 from the Growth Enterprise Market, and 31 from the Shanghai and Shenzhen main boards, reflecting a focus on growth sectors [4] Group 3: Performance Expectations - Among the 107 stocks, 26 have released performance forecasts for 2025, with 18 expecting profit increases, 4 expecting declines, and 2 forecasting losses, indicating a generally positive outlook [5] - The highest expected profit growth is for Baiwei Storage at 473.71%, followed by Changxin Bochuang and Baiao Saitu with expected growths of 378.70% and 303.57% respectively, providing strong support for long-term fund holdings [5] - The concentration of fund holdings in the electronics and biopharmaceutical sectors suggests an increased market expectation for technological innovation and consumer recovery [5]

【环球网科技报道 记者 林梦雪】"作为人工智能领域的前沿热点，具身智能在CES之后热度持续攀升，其核心要义在于将智能能力 与实体设备深度融合，通过感知-决策-执行-反馈的完整闭环，实现对物理世界的主动改造。"近日，英特尔研究院副总裁、英特尔 中国研究院院长宋继强系统解读了具身智能技术的最新进展、核心挑战与产业落地路径。 硬件产品方面，英特尔最新发布的第三代酷睿Ultra For Edge处理器成为关键支撑。该产品专为工业级应用与物理AI设计，具备180 TOPS的AI算力，采用Intel 18A制程工艺，在能效比上实现显著提升。其核心优势在于工业级可靠性，包括宽温工作范围、10年稳 定供货周期，以及针对机器人场景优化的高实时性与确定性。配合英特尔机器人AI套件与具身智能SDK，形成从硬件到软件的完 整解决方案——前者提供模块化的参考设计与优化软件包，支持传统视觉模型与大模型（含VLA）的高效运行；后者新增LLM任 务规划、EtherCAT实时通信等关键能力，复用英特尔在工业机器人领域的成熟技术积累，大幅降低厂商开发成本。 据他解释，具身智能的核心特征在于物理闭环与主动交互，区别于单纯的信息处理类AI应用。无论 ...

Core Viewpoint - Miaokelando (600882.SH) has undergone significant personnel changes, marking a transition from founder-led management to a professional management team under the control of its major shareholder, Mengniu [1][3]. Group 1: Management Changes - Founder Chai Xiu has been removed from his positions as vice chairman, general manager, and legal representative, with the CFO Kuai Yulong taking over [1]. - The removal of Chai Xiu was triggered by overdue guarantee debts from an external acquisition fund linked to him, with Mengniu being the creditor [3]. Group 2: Financial Impact - The overdue debts are expected to reduce Miaokelando's net profit for 2025 by approximately 119 million to 127 million yuan [3]. - Despite previous commitments from Chai Xiu to cover losses, his failure to fulfill this promise accelerated Mengniu's takeover [3]. Group 3: Historical Context - Miaokelando experienced a successful period under Chai Xiu, with a revenue compound annual growth rate exceeding 50% from 2018 to 2021, and a market valuation that once surpassed 30 billion yuan [4][5]. - The company faced regulatory warnings in 2019 for providing funds to related parties, highlighting risks associated with high leverage and aggressive capital operations [5]. Group 4: Current Business Situation - As of the first three quarters of 2025, Miaokelando reported revenues of 3.957 billion yuan, a year-on-year increase of 10.09%, and a net profit of 176 million yuan, up 106.88% [5]. - The core cheese business generated 1.166 billion yuan in revenue in the third quarter, reflecting a 22% year-on-year growth [5]. Group 5: Strategic Transition - The company is in a critical business transformation phase, facing intense competition from traditional rivals and new market entrants [5]. - Management is focusing on product diversification, channel expansion, and operational efficiency, aiming to develop new growth avenues while maintaining profitability [5]. Group 6: Future Challenges - The transition in management is seen as a necessary step for the integration of industrial capital and the establishment of a more standardized governance structure [6]. - The key challenge for Miaokelando will be to leverage Mengniu's advantages to transition from a single cheese brand to a comprehensive nutrition platform for families [6].