Core Insights - L'Oréal reported a sales revenue of €44.05 billion (approximately ¥360 billion) for 2025, marking a 4% year-on-year growth, with the North Asia region, including China, showing signs of recovery after two years of decline [1] - Estee Lauder also demonstrated strong performance, with a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, and a significant turnaround in net profit from a loss of $590 million to a profit of $162 million [1][2] - The recovery in the beauty industry reflects not only a cyclical rebound but also the resilience and potential of the Chinese consumer market [1] Company Performance - L'Oréal's professional hair products segment led with a comparable growth of 7.5%, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [2] - Estee Lauder's net sales for the first half of the 2026 fiscal year reached $7.71 billion, a 5% increase, with a net profit turnaround from a loss of $746 million to a profit of $209 million [2] - Both companies attribute their recovery to improved consumer confidence and proactive adjustments in product structure and channel efficiency [1][2] Market Trends - The high-end beauty segment is showing signs of recovery, with L'Oréal's sales in China increasing from 1% growth in the first half to 5% in the second half of 2025 [3] - The overall Chinese cosmetics market reached a total transaction value of ¥1.104245 trillion in 2025, growing by 2.83%, solidifying its position as the largest cosmetics market globally [7] - Domestic brands have increased their market share to 57.37%, indicating a shift in consumer preferences towards local products [7] Strategic Adjustments - Estee Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for mainland China [6][7] - L'Oréal is focusing on enhancing its digital and direct-to-consumer (D2C) strategies, with e-commerce sales surpassing 30% of total revenue for the first time in 2025 [7] - The competitive landscape is shifting, with international brands needing to solidify their high-end offerings while adapting to local consumer demands [8]

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 ...

Core Insights - The high-end beauty market is showing signs of recovery, with L'Oréal and Estée Lauder reporting positive sales growth and improved profitability in their recent financial results [1][2][4] Group 1: Financial Performance - L'Oréal achieved sales of €44.05 billion (approximately ¥360 billion) in 2025, marking a 4% year-on-year increase, with the North Asia region, including China, showing a 0.5% growth after two years of decline [1] - Estée Lauder reported a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, significantly improving its net profit to $162 million from a loss of $590 million in the previous year [1][3] - L'Oréal's professional hair products segment led the growth with a 7.5% comparable increase, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [3] Group 2: Market Dynamics - The recovery in the beauty sector is attributed to restored consumer confidence and proactive adjustments in product structure and channel efficiency by major brands [2][4] - Both L'Oréal and Estée Lauder's recovery signals a cyclical turnaround in the beauty industry and reflect the resilience and potential of the Chinese consumer market [2][4] Group 3: Strategic Adjustments - Estée Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for the mainland China market, which accounts for nearly 20% of the company's overall sales [6][7] - L'Oréal emphasized its leading position in the Chinese market, with e-commerce sales surpassing 30% of total sales for the first time in 2025, highlighting the importance of digital channels [7] Group 4: Consumer Trends - The demand for high-end and ultra-high-end skincare products is stabilizing, driven by higher frequency of use and emotional value associated with these products [4][6] - The overall cosmetics market in China reached a transaction value of ¥1.104245 trillion in 2025, with a year-on-year growth of 2.83%, solidifying its position as the largest cosmetics market globally [7]

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].

这款来自力之智能科技(广州)有限公司（以下简称"力之智能"）下肢康复机器人，正为帕金森、下肢截瘫等长期卧床的数百万患 者带来康复新可能。 2025年底，在广东省人工智能与机器人产业创新发展工作领导小组办公室、广东省科技厅、中国人民银行广东省分行指导下， 南方财经全媒体集团、广东基金业协会联合民生银行等机构发起广东省AI与机器人产业投融资大调研，走访了多家AIR企业， 深入了解这一新兴产业的投融资需求，力之智能成为首家调研企业。 这家脱胎于华南理工大学的科创企业，凭借100项发明专利及国际专利的技术积淀，在"AI+医疗康复"赛道上跑出加速度，更凭 借扎实的技术与清晰的商业化路径，在上述调研结束后，迅速获民生银行千万级授信支持，成为资本与市场双重认可的"潜力 股"。 这是一家什么样的硬科技企业，它凭借哪些核心技术、拳头产品，竞逐康复科技市场？民生银行为何敢为它"下注"？ All in康复硬科技赛道 力之智能的创业故事，是一个高校教授将科研成果转化为市场成果的典型样本。 创始人谢龙汉教授长期从事人工智能、智能机器人、智能制造、智能感知等领域研究工作，2011年从香港中文大学回到华南理 工大学任教。彼时，他从医生朋友 ...

车流穿梭的背后，一套覆盖"海陆空"的智慧运维系统在同步运转。在粤港海洋基础设施联合实验室的支 撑下，港珠澳大桥数字化工程建设与运维全面推进，团队通过数字孪生等技术构建了一座与大桥1：1对 应的"数字大桥"，依托实时数据采集，精准反映港珠澳大桥的细微变化，全天候守护港珠澳大桥的结构 健康。 港珠澳大桥智慧运维的背后，大湾区的科创协同也在不断走深。依托粤港海洋基础设施联合实验室，粤 港双方的技术优势将进一步整合，共同推动港珠澳大桥智能化运维成果迭代，为大桥安全运营持续提供 技术支撑。 "海陆空"全域覆盖 春运期间，港珠澳大桥迎来车流、客流双高峰。今年2月2日至2月11日，港珠澳大桥累计车流量约15.82 万车次，同比增长26.51%。 当车流在港珠澳大桥上穿行而过，大桥的数据中心正同步"感知"着这座超级工程的每一处细微脉动。风 速、位移、环境变化，各项数据实时跳动更新，精准映射着实体大桥的实时状态。 自2018年10月开通，这座跨越零丁洋、连接粤港澳的大桥，早已超越物理通道的定义，成为大湾区的经 贸新通道和物流大动脉，让1小时生活圈从蓝图变为现实。 港珠澳大桥桥隧全长55千米，对于复杂的服役环境，精准感知结构状态 ...

目前还不能确定人工智能模型"克劳德"在行动中所起的作用。此前，美国军方曾使用这一模型分析卫星 图像和情报。据悉，推出"克劳德"的公司目前正与五角大楼进行谈判，该公司希望确保其技术不被用于 对美国人进行大规模监视和不被用于自主武器， 而五角大楼则希望人工智能公司允许美国军方在法律 允许的任何场景下使用其模型。 据央视新闻报道，记者当地时间13日获悉，知情人士透露，美军在今年1月3日强行控制委内瑞拉总统马 杜罗并移送出境的行动中，使用了美国一家公司推出的人工智能（AI）模型"克劳德"。 ...

在动态调整阶段，1月29日至2月9日，先后分批将剩余的343张长途票额投放给陇南至广元、广元至南充 北、南部至成都东等区段，99个候补购票订单成功兑现、兑现车票148张。在敞开发售阶段，2月10日 起，该趟列车实行敞开发售，截至开车前共发售188张车票，其中10个候补购票订单成功兑现、兑现车 票10张。以2月13日T18次列车（牡丹江至北京，沿途停靠6个车站）为例，全列共有447个硬卧席位， 自1月30日16时45分起售。在票额预分阶段，将19.9%的票额即89张硬卧车票分配给临近始发站的苇 河、哈尔滨2个车站，其余票额主要分配给哈尔滨至北京、哈尔滨至唐山北等客流需求较大的长途区 段。在动态调整阶段，1月31日至2月12日，先后分批将剩余的65张 三是敞开发售。根据列车开车时刻，在开车前1天或当天，铁路12306将剩余长途票额不限定区间敞开发 售，票额按照同一区间"先到先得"原则优先满足已提交候补购票需求的旅客。 以2月13日G246次列车（广州南至上海虹桥，沿途停靠8个车站）为例，全列共有1238个座席，自1月30 日10时15分起售。 在票额预分阶段，将21%的票额即260张车票分配给邻近始发站的衡阳东、 ...

21世纪经济报道记者卢陶然、李德尚玉 三明报道 医疗行业对ESG中的碳排放议题并不陌生。 在沪深北三大交易所圈定的471家A股ESG强信披上市公司中，片仔癀、华润三九、复星医药、爱尔眼科等52家医药生物企业在列，均需在未 来两个月内按照《上市公司可持续发展报告指引》要求核算、披露自身年度碳排放量，完成ESG报告的编制和发布。 在福建省三明市将乐县常口村，另一种与医疗相关的碳中和实践正在发生。常口村是"两山"理念孕育地、中国"碳票"第一村，常口村的"沪明 杏林·'双碳'健康文化公园"中生长着一片占地148亩的医疗碳汇示范林。 21世纪经济报道记者在现场看到，这片林地中红豆杉、银杏等树种错落分布，林间立有多个认养牌，标注着认捐的医疗团队名称——上海同济 医院创伤救治中心、西安交通大学第二附属医院急诊科……共计26个来自全国各地和国际的医疗团队，在这里拥有了一片片医疗碳汇林。 三明市已是全国森林覆盖率最高的城市之一，为何还要在此种树？医疗行业的碳排放有哪些来源，减碳需求有多紧迫？通过碳汇方式进行医疗 自愿碳中和又能带来哪些实际价值？带着这些问题，21世纪经济报道记者来到福建省三明市将乐县常口村实地走访。 （ " 沪 ...

Group 1 - The medical industry is increasingly addressing carbon emissions as part of ESG initiatives, with 52 pharmaceutical and biotech companies in A-shares required to disclose their annual carbon emissions within two months [1] - A medical carbon sink demonstration forest covering 148 acres has been established in Changkou Village, Sanming City, which is recognized as the first "carbon ticket" village in China [1][8] - The average carbon emissions for a hospitalized patient is approximately 100 kilograms of CO2, necessitating the planting of three trees to offset this amount [4] Group 2 - The "voluntary carbon neutrality action" in Sanming combines healthcare and carbon sinks, allowing patients to offset their carbon emissions through tree planting and other green actions [3][4] - The carbon emissions from the medical industry are significant, arising from the use of surgical instruments, medical supplies, transportation, and food consumption during patient care [4] - The "medical green carbon index" concept has been proposed to quantify the effectiveness of integrating healthcare with green carbon initiatives by comparing annual carbon sink volumes with total carbon emissions from medical processes [5][6] Group 3 - The 148-acre medical carbon sink forest has an annual carbon sink capacity of 74 tons, with contributions from 26 medical teams and international volunteers [8] - The project aims to create a traceable and verifiable carbon neutrality mechanism, allowing patients to donate carbon sinks through a mini-program, which will be recorded as a "carbon benefit banner" to express gratitude to doctors [7][8] - Sanming City, known for its high forest coverage rate of 77.12%, is leveraging its dual pilot programs in medical and forestry reforms to provide a scientific measurement and authoritative verification platform for national medical carbon neutrality actions [7][8]