来源：环球网 2025年，中国家居行业处于市场端、消费端、政策端等多重变革交织的关键博弈场中，企业的每一次战 略选择都是一次关键"出牌"。为此，环球网策划"请出牌2026"系列访谈，对话家居行业领军者，解码 2025年出牌逻辑，探寻2026年王牌策略。本期对话东方雨虹民建集团，深度解码建筑建材系统服务商东 方雨虹如何以C端创新、服务升级、深化装企合作模式等创新战略，在存量时代重构增长曲线。 以"四维"组合拳直击痛点重塑行业信任 "2025年最显著的变化是，行业从规模扩张转向了品质竞争。"东方雨虹在复盘过去一年的市场表现时指 出，消费者需求已从简单的"基础满足"升级为对健康、环保、美学的多元追求，而传统维修市场长期存 在的"价格模糊、材料掺假、施工不精、售后缺位"等乱象，成为阻碍行业高质量发展的最大痛点。 面对这一挑战，东方雨虹打出了一套涵盖"产品、服务、渠道、数字化"的组合拳。在产品端，推出适配 老房翻新的产品系列，覆盖防水、瓷砖胶、美缝剂等品类，精准回应存量房升级需求；在服务端，全面 升级"雨虹服务"品牌，构建"诊断－报价－施工－验收－质保"全链路透明化体系，提供六大标准化双包 服务，以"持证上岗+全程透明 ...

Industry Overview - The automotive market in China is shifting from a focus on quantity to quality, driven by policy changes such as the reduction of new energy vehicle purchase tax incentives and the transition of the "trade-in" policy to a percentage-based subsidy [1] - Analysts predict that by 2026, the Chinese automotive market will officially enter a high-end consumption cycle, indicating a move away from low-value competition reliant on subsidies [1] Company Performance - In 2025, Great Wall Motors sold 1,323,672 vehicles, a year-on-year increase of 7.33%, with new energy vehicle sales reaching 403,653 units, up 25.44% [3] - The company achieved a revenue of 222.79 billion yuan in 2025, marking a 10.19% year-on-year growth and setting a new historical record [3] - Great Wall Motors' average revenue per vehicle reached 168,300 yuan, an increase of approximately 4,500 yuan from 2024, while the average guiding price per vehicle rose to 201,300 yuan, up 11,700 yuan from the previous year [3] Strategic Focus - Great Wall Motors is transitioning its growth drivers from solely sales volume to a three-dimensional approach that includes sales, structure, and value [3] - The company emphasizes long-term strategies and systematic capabilities to navigate through industry homogenization [3] Research and Development - Great Wall Motors has established a team of 23,000 engineers and invested nearly 10 billion yuan in building its own laboratory system to ensure core technology independence [4] - The Hi4 intelligent four-wheel drive hybrid technology received the Special Prize at the 2025 China Automotive Engineering Society Science and Technology Awards, balancing performance and efficiency [4] Global Expansion - The company has launched the world's first native AI all-power platform "Guiyuan," which supports five types of powertrains and covers seven categories, with plans to introduce over 50 global models [4][5] - Great Wall Motors' overseas sales network exceeded 1,500 by the end of 2025, with cumulative overseas sales surpassing 2 million units, indicating a successful global strategy [7] - The company has established a complete ecosystem in Brazil, with the Haval H6 achieving success comparable to luxury brands, reflecting strong product value recognition among local consumers [7]

据报道，青森县是受本轮强降雪影响最为严重的地区，该县政府已将本轮降雪认定为"灾害"，并于2月1日向中央 政府申请派遣自卫队救灾。日本内阁官房副长官尾崎正直2日表示，截至2日上午，在青森县已确认有17人因除雪 时发生事故等死亡，另有12名死者的死因疑似与大雪有关。尾崎敦促当地民众在进行除雪时采取佩戴头盔、系安 全绳索等防护措施。 【环球网报道】据日本朝日电视台2月2日报道，日本消防厅当天表示，1月20日至2月2日当前，日本全国已确认有 至少27人因持续性强降雪死亡。 ...

Core Viewpoint - The A-share market's liquor sector is experiencing a strong performance, with individual stocks showing a general upward trend as the traditional sales peak season approaches due to the upcoming Spring Festival [1] Group 1: Market Performance - The liquor sector index (BK0477) closed at 48,951.83, with a 1.23% increase, indicating a positive market sentiment [2] - Notable stocks such as Jinhuijiu and Huangtaijiu reached their daily limit, while others like Wuliangye and Moutai also saw significant gains [1][2] Group 2: Seasonal Factors - The upcoming Spring Festival is expected to boost sales in the liquor industry, with Moutai's price showing signs of recovery, providing strong price support for liquor stocks [1][3] - The 2026 Spring Festival is anticipated to have one additional day compared to previous years, which may enhance actual sales performance [1][3] Group 3: Macro Environment - The improvement in macroeconomic policies is seen as a positive factor for the liquor sector, with a focus on boosting domestic demand and real estate [3] - The government plans to implement a strategy for expanding domestic demand from 2026 to 2030, which could benefit the liquor industry [3] Group 4: Investment Sentiment - The allocation of public funds to the liquor sector has decreased to 3.93%, indicating a low historical level that may provide room for recovery [3] - Notable investor Duan Yongping expressed confidence in Moutai's stock price, suggesting it is undervalued from a long-term perspective [3] Group 5: Industry Outlook - Despite some companies facing earnings pressure, the valuation of the liquor sector is at historical lows, which may lead to a recovery ahead of earnings improvement [4] - Analysts believe that the liquor industry, as a barometer of the macro economy, is likely to benefit from government support for real estate and domestic demand [4]

来源：中新经纬 2日，A股三大指数开盘涨跌不一，随后震荡下行，集体大跌超2%。截至收盘，沪指跌2.48%，深证成指跌2.69%，创业板指跌2.46%。全市成交额2.61万 亿，超4600只个股下跌。 板块方面，白酒板块领涨；电网设备概念逆势走强；午后食品饮料股局部异动，多股逆势上涨；培育钻石、特高压等板块涨幅居前。 贵金属板块大跌，招金黄金、中金黄金、四川黄金、湖南黄金等十余股跌停；存储芯片概念午后跌势扩大，多股跌停；煤炭板块持续走弱，多股大跌；油 气、农业、半导体芯片等方向跌幅居前。 | L | w A股 | | | | --- | --- | --- | --- | | A股 港股 美股 | 全球 | 商品 | 外汇 》三 | | 已为您生成昨日市场智评 | | | 查看 | | 内地股票 △ ⊙ | | | | | 行情 | 资金净流入 | | 涨跌分布 | | 上证指数 | 深证成指 | | 科创综指 | | 4015.75 | 13824.35 | | 1760.23 | | -102.20 -2.48% | -381.54 -2.69% | | -72.33 -3.95% | | 万得全A | 创 ...

Group 1 - The A-share market's liquor sector showed strong performance with a broad increase in individual stocks, including Jinhuijiu and Huangtaijiu reaching the daily limit, indicating a significant recovery in market sentiment [1] - The upcoming Spring Festival is expected to boost sales in the liquor industry, with Moutai's price showing signs of recovery, providing strong price support for liquor stocks [1][3] - Citic Securities predicts that the liquor industry will focus on market cultivation and consumer education, which will promote sales and reduce burdens for distributors during the Spring Festival [1][3] Group 2 - The macro policy environment is improving, which is beneficial for the liquor sector, as it is a typical cyclical industry influenced by domestic demand and real estate conditions [3] - Public fund holdings in the liquor sector have dropped to 3.93% by the end of 2025, indicating a low allocation that provides ample room for capital recovery in the current rebound [3] - Notable investor Duan Yongping expressed confidence in Moutai's stock price, suggesting it is undervalued from a long-term perspective and plans to increase his holdings [3] Group 3 - Despite some companies in the liquor sector facing earnings pressure, the valuation repair may precede earnings recovery, as the sector has adjusted for about five years [4] - The current market sentiment is pessimistic, but stock prices may lead the fundamentals in finding a bottom [4] - Analysts believe that the liquor industry, as a barometer of the macro economy, is likely to benefit from strong support for real estate and domestic demand, presenting long-term investment opportunities in leading companies [4]

【环球时报-环球网报道 记者李萌】在2月2日外交部例行记者会上，有记者提问称，据了解，近期，有 中国企业人员入境美国时遭美方无端盘查扣留近60小时并被遣返。外交部对此有何评论？ 林剑强调，中方敦促美方严肃认真对待中方关切，要求美国执法部门立即停止错误行径，停止对中国企 业人员的无端盘查，切实落实两国元首重要共识，保障两国人民正常友好交流。中方将继续采取坚决有 力措施，坚定维护中国公民的正当合法权益。 对此，发言人林剑表示， 近期美方执法部门多次对中国企业人员进行长时间无理盘查，扣押并遣返， 执法手段粗暴，严重侵犯中国公民的正当合法权益，严重破坏两国正常的商务交流合作和人文交往氛 围，并与两国元首釜山会晤关于加强经贸领域合作的共识严重不符。中方对此强烈不满，坚决反对。 ...

Core Insights - The rise of short video formats, particularly "short dramas," is significantly impacting traditional media landscapes, especially in Latin America, where this new entertainment form is experiencing explosive growth [1][2] Group 1: Market Trends - Sensor Tower reports that global downloads of short drama platforms surged by 186% year-on-year in Q4 2025, reaching 733 million, surpassing the combined downloads of Netflix and Disney+ at 658 million [2] - Latin America is identified as the fastest-growing market for short dramas, with downloads of the top 20 short drama apps increasing by approximately 402% in 2025, following a staggering 4300% growth in 2024 [2][4] Group 2: Consumer Behavior - The appeal of short dramas lies in their ability to provide immediate emotional stimulation with low barriers to entry, making them particularly suitable for consumers accustomed to fast-paced content on platforms like TikTok and Instagram Reels [1][4] - The traditional narrative style of short dramas aligns well with the popular "telenovelas" in Latin America, facilitating easier acceptance among local audiences [4] Group 3: Economic Factors - The economic environment in Latin America supports the growth of short dramas, with an estimated revenue increase of 9.1% from 2024 to 2025, significantly outpacing the U.S. growth rate [4] - The expanding middle class and the digitalization of services like retail and ride-hailing are driving demand for short video streaming [4] Group 4: Competitive Landscape - Netflix has also seen rapid growth in Latin America, with its revenue from the region increasing the fastest among its global markets [5] - Experts believe that short dramas do not pose a direct threat to established players like Netflix, as they target different audiences and have distinct revenue models, primarily relying on advertising and pay-per-episode [5] - Omdia estimates that total revenue for all non-Chinese short drama streaming platforms will reach $3 billion by 2026, which is significantly lower than Netflix's quarterly revenue of $12 billion [5]

来源：环球网 【环球网财经综合报道】据《联合早报》消息，2026年春节前夕，中国科技企业在人工智能（AI）领 域的竞争日趋白热化，一场被外界视为复制11年前"移动支付战争"的"红包大战"再次打响。被认为在AI 产品竞争中暂居劣势的腾讯与百度，率先发起春节攻势，试图通过巨额红包补贴的策略，争夺用户注意 力并颠覆当前的市场格局，腾讯旗下的AI应用"元宝"与百度的"文心助手"分别在春节期间豪掷10亿元与 5亿元红包，重现微信支付当年逆袭支付宝的奇迹。 腾讯此次的攻势极为迅猛且具有明确的战略意图。1月25日，腾讯宣布开启"元宝"春节10亿元红包活 动，该活动于2月1日正式启动后，效果立竿见影。当天清晨，"元宝派红包"的相关链接便开始在微博、 微信群等社交平台疯狂刷屏，巨大的流量涌入直接推动"元宝"在苹果应用商店免费榜上的排名飙升，一 举超越了字节跳动旗下目前最火的AI竞品"豆包"，跃升至榜首。据报道，为了最大化挖掘社交关系链的 价值，用户在下载"元宝"后需授权绑定微信，且应用专门设计了"分享红包"功能，支持用户一键转发至 微信、QQ等腾讯系社交软件。腾讯创始人马化腾对此项目寄予厚望，并在腾讯年会上公开发声，期 望"元 ...

Core Viewpoint - A recent surge in arbitrage opportunities related to Listed Open-Ended Funds (LOFs) has attracted significant attention from investors, leading to a collective price increase in multiple LOFs, prompting regulatory warnings to mitigate high premium risks [1][2]. Group 1: Market Dynamics - The popularity of the Guotou Silver LOF has driven market interest, with its price soaring and premium rates exceeding 60% due to its unique focus on silver futures [2]. - Following the suspension of the Guotou Silver LOF's subscription and arbitrage channels, oil-related LOFs have gained traction, with several experiencing price increases and premium rates surpassing 20% due to rising international oil prices [2]. Group 2: Regulatory Response - In response to the escalating trading sentiment, regulatory authorities have activated risk warning mechanisms, allowing for temporary trading suspensions if premium rates do not decrease effectively [1][5]. - Multiple LOF products announced a one-hour trading suspension to manage risks, emphasizing the need for investor caution regarding high premium rates [1]. Group 3: Risks and Considerations - The LOF arbitrage strategy relies on the price difference between market trading prices and the net asset value of the funds, which can be misleadingly perceived as a guaranteed profit opportunity [4]. - There are significant risks associated with time delays in the arbitrage process, particularly the T+2 settlement period, which can lead to potential losses if market conditions change unfavorably during this time [4]. - Low trading volumes in some LOF products can create liquidity issues, where rapid price changes may prevent investors from selling at desired prices, leading to increased losses [4]. Group 4: Investor Awareness - Analysts stress the importance of recognizing that arbitrage trading is a high-stakes operation requiring expertise in timing and liquidity, contrary to the perception of low-risk opportunities [5]. - Investors are advised to remain rational and not be swayed by social media narratives promoting high returns, as this can obscure the underlying risks of liquidity and price corrections [5].