Core Insights - The evolution of sponsorship in the Spring Festival Gala reflects the changing landscape of the Chinese economy, transitioning from a production-driven era to a technology-driven era [4] Group 1: Historical Sponsorship Trends - The first sponsor of the Spring Festival Gala in 1984 was Jinan Kangbasi Clock Factory, which used 3,000 clocks as payment for a 10-second ad, leading to significant brand recognition and production growth [1] - In the 1990s, liquor and pharmaceutical companies emerged as major sponsors, with Kongfu Banquet Wine spending 30.79 million yuan in 1995, resulting in a sales surge to 918 million yuan the following year [1] - From 2003 to 2019, Midea Group dominated the zero-point advertising space, with ad costs rising from millions to tens of millions [1] Group 2: The Rise of Internet Giants - In 2015, Tencent spent 53.03 million yuan for exclusive sponsorship, launching the "Shake to Grab Red Envelopes" feature, which led to over 8.1 billion interactions in one night and significantly increased WeChat payment adoption [3] - The competition among internet giants intensified, with Alibaba, Baidu, Kuaishou, Douyin, JD, and Pinduoduo all vying for attention through massive red envelope giveaways, focusing on user engagement and data acquisition rather than mere brand exposure [3] Group 3: The Current Landscape and Future Trends - In 2026, traditional internet companies are still present, but new players in hard technology, particularly AI and robotics, are taking center stage [4] - ByteDance's Volcano Engine became the exclusive AI cloud partner for the 2026 Spring Festival Gala, showcasing AI's integration into interactive experiences, while several top robotics companies also participated [4] - This shift signifies a broader transition in the economy towards a technology-driven era, aligning with the national strategy of promoting "new quality productivity" [4]

据猫眼专业版数据，截至2月15日22时左右，2026年春节档档期总票房已破4亿元。 此外， 春节档新片预售票房已突破3.7亿元。其中《飞驰人生3》独占鳌头，大幅领先第二名《惊蛰无声》，《镖人：风起大漠》《熊出没・年年有熊》 《星河入梦》位列3—5名。 首日排片165130场 惊蛰无声 累计猫眼想看38.1万 映前2天 7882.21元 首日预售6668.35万 首日排片146126场 镖人： 风起大漠 累计猫眼想看25.0万 映前2天 熊出没·年年有熊 累计猫眼想看25.9万 映前2天 3612.75万 首日预售3255.01万 首日排片61383场 星河入梦 累计猫眼想看9.7万 映前2天 4549.93万 首日预售3779.62万 首日排片93061场 2946.22元 首日预售2121.62万 首日排片40003场 1861.79元 首日预售1583.65万 首日排片44441场 熊猫计划之部落奇 遇记 累计猫眼想看35.7万 映前2天 映前2天 今年春节档上映的影片种类多样、题材多元，涵盖喜剧、动作、动画、科幻等类型。 影片《惊蛰无声》（上映时间：2月17日 大年初一）讲述国安小组针对重要情报外泄事件 ...

Group 1 - The Spring Festival holiday begins on February 15, with a nine-day duration, and marks the start of toll-free travel for small passenger vehicles on highways [1] - It is estimated that by February 15, 2026, the total inter-regional passenger flow will reach 28,592 million trips, reflecting a 0.1% month-on-month increase and a 10.5% increase compared to the same period in 2025 [1] - The expected passenger volumes for various transport modes include: 13.95 million for railways (down 8.8% month-on-month, up 4.3% year-on-year), 0.85 million for waterways (down 11.9% month-on-month, up 28.1% year-on-year), and 2.37 million for civil aviation (down 1.6% month-on-month, up 6.4% year-on-year) [1] Group 2 - During the Spring Festival travel period, transportation departments across regions are enhancing service guarantees, particularly in key hubs like Beijing [2] - The "Eight Stations and Two Airports" in Beijing have achieved full coverage of subway connections, significantly improving passenger flow and transfer efficiency during peak hours [2] - In response to rising travel demand, ferry services from Beihai to Weizhou Island are being optimized, with new vessels introduced and integrated transport services launched to facilitate passenger transfers [2]

其中，铁路客运量预计1395万人次，环比下降8.8%，比2025年同期增长4.3%。水路客运量预计85万人次，环比下降11.9%，比2025年同期增长 28.1%。民航客运量预计237万人次，环比下降1.6%，比2025年同期增长6.4%。 公路人员流动量（包括高速公路及普通国省道非营业性小客车人员出行量、公路营业性客运量）预计26875万人次，环比增长0.7%，比2025年 同期增长10.8%。其中，公路营业性客运量预计3795万人次，环比下降5.4%，比2025年同期增长6.8%；高速公路及普通国省道非营业性小客车 人员出行量预计23080万人次，环比增长1.7%，比2025年同期增长11.5%。 21世纪经济报道 记者张旭 报道 2月15日是为期9天的春节假期首日，也是高速公路对七座及以下小型客车免收车辆通行费的首日。 记者从交通运输部获悉，预计2026年2月15日（春运第14天，农历腊月二十八），全社会跨区域人员流动量28592万人次，环比增长0.1%，比 2025年同期增长10.5%。 （资料图） 随着探亲流、旅游流叠加，广西北海至涠洲岛等航线热度持续攀升。北海新绎游船提前研判客流趋势，精准调配运力 ...

2月11日，广物控股集团召开2026年工作会议，梁庆彦以新身份出席并作工作报告。其提出2026年是"十 五五"规划的开局之年，也是集团脱困转型的攻坚之年，"要坚定信心、迎难而上，坚决打赢脱困转型攻 坚战"。 梁庆彦表示，今年要推进发展方式变革，以基础重构实现从"管资产"到"管资本"的跃升，包括推进土 地、物业资产盘活，统筹产业园区整体规划建设与招商运营，多维度攻坚扭亏治亏，实现减亏止损增 效。 2月14日，广东省人社厅发布广东省人民政府最新人事任免，任命梁庆彦为广东省广物控股集团有限公 司董事长。这是广物控股集团董事长空缺约五个月后，在集团任职多年的核心高管走马上任。 同时，他还提到要推进组织架构调整与人员补齐配强，开展板块专业化整合，优化资源配置提升协同效 能，精准开展战略性新兴产业投资并购，培育新质生产力与产业新增长极，稳步推进混合所有制改革， 以股权多元化激活企业市场化发展活力等。 公开信息显示，梁庆彦，1967年12月出生，中共党员，本科毕业，硕士学位，经济师。历任广东省商业 企业集团党委委员、副总经理，广东省商贸控股集团党委委员、副总经理，广东省商贸控股集团党委副 书记、董事、总经理，广物控股集团党 ...

Core Viewpoint - Gaode has faced increasing regulatory pressure, being summoned three times in five days due to issues related to its ride-hailing business, including commission rates and compliance with regulations [1][23]. Group 1: Regulatory Pressure - Gaode and five other ride-hailing platforms were summoned by financial regulators on February 13 due to lending practices [1]. - The company has been under scrutiny for its commission practices and management of partner platforms, leading to a call for introspection and compliance improvements [22][23]. - As of December 2025, Gaode's order compliance rate was 69.4%, significantly lower than self-operated platforms like Didi and Cao Cao, which exceed 80% [18]. Group 2: Business Model and Financials - Gaode operates as an aggregator, facilitating transactions without owning a fleet or managing drivers, which allows it to maintain lower operational costs [13]. - The commission rates for aggregators range from 10% to 20%, with Gaode's effective rate calculated at 7.4% based on data from a partner company [4]. - In the first half of 2025, Gaode contributed to 94.5% of a partner's total transaction value, highlighting its significant role in the market [4]. Group 3: Market Dynamics - By the end of 2025, there were 395 ride-hailing platforms in China, with Gaode capturing a substantial share of the market [3]. - The number of ride-hailing orders processed by Gaode is projected to reach 2.92 billion by December 2025, accounting for 30% of the total market [25]. - The company has been quietly expanding its ride-hailing business while focusing on new initiatives, such as Robotaxi services, to adapt to market changes [28][36]. Group 4: Driver and User Experience - Drivers report dissatisfaction with transparency regarding commission structures, indicating a lack of clarity in earnings [2][7]. - The average passenger reward per order has fluctuated, with a notable decrease in recent periods, reflecting the pressure on driver incomes [9]. - The operational model of aggregators like Gaode has led to a "passing the buck" phenomenon, where service issues are often not adequately addressed, impacting user experience [16].

"我们全球最大的两个市场美国和中国，在下半年均实现强劲复苏，同时在新兴市场的拓展持续加快。通过聚焦效率提升，我们成功对冲了汇 率和关税的不利影响，再度创下毛利率和营业利润率双纪录。"在此次财报业绩会上，欧莱雅集团首席执行官叶鸿慕表示，中国市场的高端消 费正在恢复，这增强了欧莱雅的信心。 不仅如此，雅诗兰黛集团同样交出了一份亮眼的成绩单。在截至2025年12月31日的2026财年第二财季内，雅诗兰黛销售额同比增长6%至42.29 亿美元，高于市场预期；净利润录得1.62亿美元，较上年同期亏损5.90亿美元大幅改善127%。中国大陆市场净销售额连续第二个季度实现两位 数增长，增幅达到13%，成为业绩修复的重要支撑。 回暖殊为不易，一方面得益于消费信心的修复，另一面也反映出品牌在产品结构、渠道效率上的主动调整。两大巨头的复苏信号，不仅是美妆 行业的周期反转，更是中国消费市场韧性与潜力的直观体现。 消费需求提升 从欧莱雅四大板块的财报来看，高端化产品的表现尤为关键。 2025年，专业美发产品部表现最为突出，以7.5%的可比增长首次突破50亿欧元大关，领跑所有事业部；皮肤科学美容部紧随其后，增长5.5% 至72亿欧元； ...

跨省游以4至7天行程为主流，飞机团与动车团比例接近1:1，一家一团小包团出游数量同比上涨明显，东北、云南、贵州、四 川、广西、华东、湖北、甘肃、福建、山东等目的地排名靠前。值得一提的是，大部分团队都对除夕年夜饭团餐进行了升级， 如"四川、峨眉乐山、成都双飞5天"就安排成都鸳鸯火锅川味团年饭，用脆爽的口感和辛辣的刺激让游客体验四川人过年氛围。 自1999年黄金周制度落地以来，我国首个长达9天的春节长假今日（2月15日，农历腊月廿八）正式拉开帷幕，悠长假期点燃全 民出游热情，广东旅游市场迎来客流井喷，来粤旅游、出境、出省、省内周边出游、景区游览等旅游消费场景同步升温，处处 洋溢着喜庆的新春氛围。据 岭南控股 （000524）旗下广之旅数据显示，亲子游、民俗游、避寒游成为假期首日游客主流出行选 择，凭借独特岭南文化、别样年味及舒适气候等特点，今年外省来粤旅游团数量增长明显，"请到广东过大年"品牌效应得到持 续释放，并呈现进一步定制化、精品化趋势。 广之旅董事长、总裁邬琛表示，旅行社倡导广大游客在长假畅玩期间践行文明旅游理念，做到合理避峰出游、遵守公共秩序， 爱护文物古迹与生态环境，不乱扔垃圾、不攀折花木，尊重各地民 ...

2月13日，欧莱雅发布2025年财报，公司去年实现销售额440.5亿欧元（约合人民币超3600亿元），同比 增长4%。其中，中国市场所在的北亚区在2025年销售表现止跌企稳，同比增长0.5%，扭转了两年持续 下滑态势。 "我们全球最大的两个市场美国和中国，在下半年均实现强劲复苏，同时在新兴市场的拓展持续加快。 通过聚焦效率提升，我们成功对冲了汇率和关税的不利影响，再度创下毛利率和营业利润率双纪 录。"在此次财报业绩会上，欧莱雅集团首席执行官叶鸿慕表示，中国市场的高端消费正在恢复，这增 强了欧莱雅的信心。 不仅如此，雅诗兰黛集团同样交出了一份亮眼的成绩单。在截至2025年12月31日的2026财年第二财季 内，雅诗兰黛销售额同比增长6%至42.29亿美元，高于市场预期；净利润录得1.62亿美元，较上年同期 亏损5.90亿美元大幅改善127%。中国大陆市场净销售额连续第二个季度实现两位数增长，增幅达到 13%，成为业绩修复的重要支撑。 回暖殊为不易，一方面得益于消费信心的修复，另一面也反映出品牌在产品结构、渠道效率上的主动调 整。两大巨头的复苏信号，不仅是美妆行业的周期反转，更是中国消费市场韧性与潜力的直观体现。 ...

Core Viewpoint - *ST Lifan faces delisting after three consecutive years of financial fraud, with the Anhui Securities Regulatory Commission imposing a fine of 10 million yuan and initiating delisting procedures due to false financial disclosures from 2021 to 2023 [1][5][6]. Group 1: Financial Fraud Details - *ST Lifan inflated revenue and costs through three main methods: agency business, financing trade, and fictitious trade [2][3]. - The company engaged in agency business with 12 companies, using total amount accounting despite lacking control over the goods, which violates accounting standards [2]. - Financing trade involved signing contracts with clients while providing upfront payments, which should not be recognized as revenue or costs [2]. - Fictitious trade in 2022 involved a business with a media company that lacked commercial substance, leading to further inflated financial figures [3]. Group 2: Financial Impact - From 2021 to 2023, *ST Lifan's financial reports showed significant inflation: - In 2021, revenue was inflated by 280 million yuan (50.09% of total revenue) and costs by 277 million yuan (60.61% of total costs) [4]. - In 2022, revenue was inflated by 312 million yuan (51.67%) and costs by 305 million yuan (53.54%), with a profit inflation of 510,000 yuan (0.33%) [4]. - In 2023, revenue was inflated by 45.87 million yuan (24.00%) and costs by 45.23 million yuan (27.55%) [4]. Group 3: Regulatory Actions and Consequences - The Anhui Securities Regulatory Commission ordered *ST Lifan to correct its practices, issued a warning, and imposed a fine of 10 million yuan [5]. - The company is set to be delisted due to the cumulative inflated revenue exceeding 500 million yuan over two years, which is more than 50% of the reported revenue for those years [6]. - *ST Lifan has received multiple warnings regarding delisting risks and has been under scrutiny for its accounting practices since at least January 2024 [9].