Group 1: Shandong State-Owned Enterprises Conference - The Shandong Provincial State-Owned Enterprises Conference was held in Jinan, focusing on reviewing past achievements, analyzing current situations, and planning future development [1] - Shandong's provincial state-owned enterprises have significantly enhanced their overall strength but still face challenges, emphasizing the need for reform and innovation during the "14th Five-Year Plan" period [1][2] - The conference highlighted the importance of enhancing core functions and competitiveness, improving value creation capabilities, and ensuring continuous optimization of key operational indicators [1][2] Group 2: High-Quality Development of Workwear Industry - Shandong's government introduced the "Action Plan for High-Quality Development of the Workwear Industry (2026-2028)," aiming to cultivate over five leading workwear enterprises with annual revenues exceeding 3 billion yuan by 2028 [3][4] - The plan includes key tasks such as strengthening R&D platforms, promoting technological innovation, and enhancing market expansion efforts [3][4] - Shandong's workwear industry is already a national leader with over 5,500 enterprises and an annual revenue of 45 billion yuan, indicating significant growth potential [4] Group 3: Green Transition and Carbon Footprint Management - The "Action Plan for Promoting Green Transition and Establishing a Carbon Footprint Management System" aims to establish a product carbon footprint management system by 2027 and a comprehensive policy framework by 2030 [6][7] - The plan includes 18 measures across five areas, focusing on pilot projects, management system establishment, and enhancing carbon footprint management capabilities [6][7] - Shandong's emphasis on carbon footprint management is crucial for transitioning to a green economy and responding to international green trade dynamics [7] Group 4: Capital Connection Event - The "Investment Qilu, Win the Future" capital connection event resulted in a total signing scale of 34.7 billion yuan, linking national funds and local projects [8][9] - The event attracted 380 participants, including representatives from national funds and private equity investment institutions, facilitating deep integration of capital and industry [8][9] - The action plan aims for a 10% annual growth in venture capital investment in Shandong by 2027, with a focus on early-stage investments in hard technology [9] Group 5: Digital Infrastructure Development in Jinan - Jinan's computing power is expected to exceed 10,000P by 2026, establishing itself as a leader in Shandong, with significant advancements in digital infrastructure during the "14th Five-Year Plan" [10][11] - The city has built a comprehensive data-sharing platform, aggregating 47.4 billion data entries, which supports various sectors including public services [10][11] - Jinan aims to enhance its digital ecosystem, ranking 7th nationally in digital infrastructure by 2025, and is pursuing national pilot projects for data innovation [11]

Core Insights - The article highlights the launch of the AREAL product line by Bosideng in collaboration with British designer Kim Jones at Galeries Lafayette in Paris, marking a significant milestone for the brand as it enters the European market [1][6][11] - This event signifies a strategic move for Chinese high-end fashion brands to gain recognition and establish a presence in the mainstream European fashion scene [1][6] Group 1: Product Launch and Design - The AREAL series is the first overseas public presentation since its release in 2025, showcasing a blend of Eastern practicality and Western high fashion through innovative design [1][6] - Kim Jones, known for his roles at Dior, Fendi, and Louis Vuitton, serves as the creative director, emphasizing a modern luxury perspective on functional down jackets [6][9] Group 2: Market Strategy and Brand Recognition - The collaboration with Galeries Lafayette, a prestigious European fashion hub, reflects Bosideng's design value and brand strength, marking a significant recognition in the high-end fashion industry [6][11] - Bosideng's previous participation in major fashion weeks in London, Milan, New York, and Paris has established its stable international fashion voice, paving the way for its European market expansion [11] Group 3: Consumer Engagement and Experience - The pop-up store at Galeries Lafayette features an immersive experience with a focus on the series' core philosophy of "temperature and style," attracting local consumers and fashion buyers [9] - The launch event included discussions on the globalization path of Chinese brands and the evolution of functional apparel, highlighting Bosideng's commitment to establishing a global presence [9][11]

Core Viewpoint - The recent decline in polysilicon prices and trading volumes is attributed to weak supply-demand dynamics and market rumors regarding antitrust issues, leading to panic selling among investors [1][2][4]. Group 1: Market Dynamics - As of January 16, polysilicon futures have seen a year-to-date decline of 13.92%, erasing gains since August and frequently falling below the critical threshold of 50,000 yuan/ton [1]. - The trading volume and open interest for polysilicon have significantly decreased, with open interest dropping to around 84,296 contracts, only 20% of last year's peak [9]. - The recent market sentiment has been exacerbated by rumors of antitrust actions against leading polysilicon companies, causing further panic among investors [2][3]. Group 2: Supply and Demand - The supply of polysilicon remains high, with January production estimated at around 107,000 tons, while demand is projected to be less than 80,000 tons, indicating a continued oversupply [4]. - Downstream production rates for solar cells and modules have also decreased, reflecting weak end-user demand [4]. - The overall market is experiencing a supply-demand imbalance, which is pressuring prices and leading to inventory accumulation [4]. Group 3: Policy Impact - The Chinese government announced the cancellation of VAT export rebates for photovoltaic products starting April 1, 2026, which may create short-term export demand but is expected to benefit the industry in the long run [2]. - The "anti-involution" policy aims to alleviate price competition within the photovoltaic industry, but the recent price surge in polysilicon has not been matched by increases in other segments, leading to operational pressures on downstream companies [6][7]. Group 4: Trading Regulations - The recent decline in trading volumes is partly due to the exchange implementing stricter risk control measures to curb speculative trading, which has raised transaction costs and reduced arbitrage opportunities [9][10]. - Concerns have been raised about the potential for polysilicon futures to become a "zombie product" similar to coal futures if trading continues to cool [9]. - Despite current challenges, the futures market is expected to remain relevant due to the strategic importance of the photovoltaic industry in China [10].

Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Holding Company (China Aviation Oil) aims to create a powerful entity in the aviation fuel industry, enhancing supply chain control and competitiveness in line with China's dual carbon goals [3][24]. Industry Overview - The aviation fuel supply chain, valued at several hundred billion yuan, is undergoing significant restructuring, impacting upstream suppliers, midstream refining companies, independent traders, and downstream airlines [2][4]. - The merger is not merely a scale expansion but focuses on "professional integration," shifting competition from channel-based to efficiency and cost across the entire supply chain [4][5]. Merger Implementation - Following the merger announcement, both companies initiated the integration of production and procurement systems, aiming to optimize the supply chain from refineries to airports [3][6]. - A joint working group has been established to assess logistics, customer contracts, and supplier lists, with a focus on ensuring stable market supply during the transition [6][7]. Market Reactions - The merger has raised concerns among midstream small and medium-sized refining companies and independent traders, who fear losing business as Sinopec's capacity may cover most of China Aviation Oil's needs [13][14]. - Some companies are exploring alliances with other large refiners or considering direct supply to airports to maintain market presence [13][14]. User Perspective - Airlines, as the end users of aviation fuel, are closely monitoring the merger's impact on fuel costs, which constitute over 30% of their operational expenses [18][19]. - While the integration may enhance supply stability and reduce costs, airlines are concerned about diminished bargaining power against a unified supplier [18][19]. Future Considerations - The merger is expected to accelerate the green transition in the aviation sector, with both companies collaborating on sustainable aviation fuel (SAF) initiatives [24][25]. - Regulatory scrutiny is anticipated to ensure fair competition and prevent monopolistic practices, with the National Market Supervision Administration likely to review the merger [23][25].

Core Viewpoint - Recordati's subsidiary in China, Ruikangdi, has officially filed for deregistration and will completely exit the Chinese market, ceasing all business activities and supply of rare disease medications, including the only oral drug for Cushing's syndrome, Osilodrostat [1][2] Group 1: Company Actions - Ruikangdi announced the completion of its liquidation process on December 11, 2025, and will terminate all operations shortly [1] - The exit will result in the discontinuation of several rare disease drugs, including Osilodrostat, which was only recently commercialized in China [1][2] - Recordati had high expectations for Osilodrostat's sales in China, where it was priced at approximately 8,000 yuan per box, with an average annual treatment cost of around 200,000 yuan [1] Group 2: Market Challenges - The failure to include Osilodrostat in the national medical insurance directory has been cited as a significant factor in Ruikangdi's decision to exit [3][4] - The market for rare disease drugs in China faces challenges such as high development costs, limited patient populations, and reliance on multi-tiered payment systems, which complicate access to these medications [2][3] - The number of patients purchasing Osilodrostat in domestic pharmacies is estimated to be around 50, highlighting the limited market penetration [2] Group 3: Industry Trends - Ruikangdi's exit reflects a broader trend of multinational pharmaceutical companies reassessing their strategies in the Chinese market, with several companies restructuring or divesting their operations [4][6] - The exit of Ruikangdi and other companies may lead to increased opportunities for domestic pharmaceutical firms and could drive innovation and upgrades within the local industry [6]

Core Viewpoint - Great Wall Motors has launched a new vehicle platform named "Guiyuan," which emphasizes a modular architecture and aims to enhance global competitiveness and reduce manufacturing costs [2][4][5]. Group 1: Platform Overview - The "Guiyuan" platform was named through a public vote, receiving 22,000 votes, and is designed to return to the essence of automotive service [2]. - It features a highly modular architecture inspired by movable type printing, allowing for flexible combinations of 49 core modules and 329 shared components [2][3]. - The platform supports five powertrain types: plug-in hybrid, hybrid, pure electric, fuel, and hydrogen, covering seven vehicle categories [3]. Group 2: Global Market Strategy - The high compatibility of the "Guiyuan" platform will help Great Wall Motors expand into international markets, addressing diverse regional demands for vehicle powertrains [4]. - The company aims to sell over 500,000 vehicles in overseas markets by 2025, with a target of 600,000 units in 2026, representing one-third of total sales [4]. Group 3: Cost Efficiency and Production - The "Guiyuan" platform boasts an 80% parts commonality rate and a 30% reduction in development cycles, leading to more stable and cost-effective supply chains [5]. - The platform's design is expected to enhance vehicle resale value and lower long-term ownership and maintenance costs for consumers [5]. Group 4: Integration with Existing Platforms - The "Guiyuan" platform is part of a broader platform system that includes the Lemon, Tank, and Coffee Intelligent platforms, each serving different vehicle types and technologies [6]. - Great Wall Motors plans to launch over 50 global models based on the "Guiyuan" platform, which will further integrate and adjust existing platforms [6]. Group 5: Sales Performance and Future Goals - In 2025, Great Wall Motors achieved a total sales volume of 1.324 million units, a year-on-year increase of 7.33%, with 403,700 units being new energy vehicles, up 25.44% [6]. - The sales target for 2026 is set at 1.8 million units, with an ambitious growth rate of 36% anticipated as the "Guiyuan" platform models are introduced [6].

（原标题：心理学上说：遇到比你强势的人，不要示弱、不要顺从，记住这个效应你会更强大） 你有没有过这种感受？ 职场里，碰到控制欲强的领导，明明自己的方案更合理，但是对方说话很强硬，就不敢解释了，只好 说："好的，好的，我马上改"； 很多人把"示弱、顺从"当成生存技巧，觉得"退一步海阔天空"。 但心理学上的"淬火效应"告诉我们：面对强势的人，如果你越示弱，对方只会觉得你好欺负。真相就 是，你只有守住立场、拒绝顺从，才能练出更坚韧的内心，掌握关系的主动权。 一、什么是淬火效应 淬火的本来意思是：金属加热后，迅速放进冷却剂里，硬度和强度会大幅提升，变得更耐用。 在人际关系里也一样，遇到压力、冲突，或是被人强势对待时，主动扛住压力，不逃避、不妥协，反而 能提升心理承受力，明确自己的边界，学会解决问题。就像金属淬火，是一次次自我升级。 反之，在压力面前选择示弱、顺从，就像没经过淬火的金属，看似暂时没"变形"，其实骨子里很脆弱， 下次再遇到类似压力，只会更容易被击垮。 二、为什么对强势者示弱、顺从，只会适得其反？ 为什么很多人会选择示弱？本质是怕冲突、怕被否定、怕失去。 但在强势的人眼里，你的示弱就是"无力反抗""认可他的 ...

2026年2月6日——2026年10月11日 展览地点 展名 尼罗河的赠礼——古埃及文物与数字艺术体验展 展览时间 （原标题：羊城看展：尼罗河的赠礼——古埃及文物与数字艺术体验展） 一场名为"尼罗河的赠礼——古埃及文物与数字艺术体验展"即将在广州南越王博物院展出。本次展览由 南越王博物院与英国阿伯丁大学博物馆携手举办，共展出180件（组）古埃及文物，以及26（组）南越 王墓出土文物，三件完整木乃伊棺椁与木乃伊将全展期展出，展出文物涉及珠宝、生产用具、化妆用具 等多个品类，拼贴出一幅充满烟火气息的古埃及图卷。 南越王博物院（王墓展区）综合陈列楼三楼 ...

Core Viewpoint - Ctrip has faced increasing tensions with merchants due to stagnant commission rates and restrictive practices, leading to a significant backlash from the hospitality industry and regulatory scrutiny [1][2]. Group 1: Commission Structure and Merchant Relations - Ctrip's commission rates have remained unchanged for six years, with overall costs for merchants reaching 30%-40% due to various promotional methods [1][11]. - Merchants report that despite high commission rates, declining traffic and average order values have made it difficult to sustain profitability, leading to sentiments of "working for the platform" [1][7]. - The introduction of the "special label" (特牌) for hotels has created additional burdens, as merchants are often restricted from selling on other platforms, impacting their revenue streams [3][4]. Group 2: Regulatory Actions and Investigations - The National Market Supervision Administration has initiated an antitrust investigation into Ctrip for potential abuse of market dominance, which includes examining practices across hotel and flight bookings [2][15]. - The Yunnan Provincial Tourism Homestay Industry Association has begun collecting evidence of unfair competition against Ctrip, indicating a growing movement among merchants to challenge the platform's practices [3][16]. Group 3: Market Dynamics and Competition - The hospitality market in Yunnan is experiencing a significant imbalance, with merchants relying heavily on Ctrip for bookings, often accounting for 70%-90% of their orders [7][11]. - As competition intensifies, the effectiveness of Ctrip's promotional strategies has diminished, leading to increased costs for merchants without guaranteed returns [10][11]. - Ctrip's market share in the domestic OTA sector is approximately 56%, with its strategic investments further consolidating its dominance [14][15]. Group 4: Future Outlook and Industry Implications - The ongoing antitrust investigation may lead to regulatory changes that could reshape Ctrip's operational practices and its relationship with merchants [15][16]. - Industry experts suggest that while regulatory actions may address some issues, the fundamental challenges of oversupply and insufficient demand in the market remain [16][17]. - Ctrip is actively pursuing international expansion to diversify its growth avenues, indicating a strategic shift in response to domestic market pressures [17][18].

（原标题：监管部门为食品直播划定"底线"和"红线"） 近日，市场监管总局发布《直播电商经营者落实食品安全主体责任监督管理规定》，明确自2026年3月 20日起，直播间内禁止销售13类危害食品安全的商品，并细化10项直播行为禁令，为直播电商食品经营 和直播行为划定"底线"和"红线"。 随着直播带货食品投诉量占整体投诉四成以上，成为问题最集中的品类，监管层早已定性：直播电商食 品安全属"高风险领域"，必须重点整治。此次新规出台直击行业痛点，回应消费者对食品安全的强烈关 切，标志着直播电商监管迈入精细化、系统化新阶段。 此次明确的13类禁售食品清单，聚焦高风险、高危害食品，包括：用非食品原料生产或添加有毒有害物 质的食品，如工业酒精勾兑酒、非法添加西布曲明的减肥产品；致病性微生物、重金属超标的食品，如 菌落总数超标的即食食品、镉含量超标的稻米；过期、腐败变质、霉变生虫的食品，如发霉坚果、变质 肉类；病死毒死或检疫不合格的畜禽水产制品，如私屠滥宰的猪肉、药物残留超标的鱼类；无标签的预 包装食品，如"三无"进口零食、散装称重后二次包装的糕点；国家明令禁止生产经营的食品，如河豚鱼 干、未经许可的野生动物制品等。这些食品直 ...