Core Viewpoint - The collaboration between bank wealth management subsidiaries and rural commercial banks is accelerating, driven by the need to counteract declining deposit rates and retain customer deposits while expanding market reach and product offerings [2][3][4]. Group 1: Collaboration Dynamics - Bank wealth management subsidiaries are actively seeking partnerships with rural commercial banks to enhance distribution channels and customer coverage, particularly in response to declining deposit rates [2][4]. - Several rural commercial banks have recently signed agreements with wealth management subsidiaries, indicating a surge in collaboration efforts [2][4]. - The urgency for these partnerships is underscored by the significant outflow of personal deposits from rural banks as deposit rates fall below 2%, prompting banks to seek alternative investment products [3][5]. Group 2: Market Trends and Challenges - The average annualized returns for closed-end fixed-income products have reached 2.3% and 2.73% for one-month and three-month periods, respectively, making these products attractive for rural banks to retain deposits [4]. - A notable trend is the shift in customer preference towards fixed-income wealth management products as deposit rates decline, with rural residents showing a strong interest in these offerings [3][6]. - The implementation of stricter regulations under the "Measures for the Management of Agency Sales by Commercial Banks" has raised the compliance requirements for partnerships, leading rural banks to focus more on operational compliance and risk management [8][9]. Group 3: Product Development and Risk Management - Rural banks are primarily interested in low-risk fixed-income products due to the conservative risk appetite of their clientele, with many banks planning to continue offering only these types of products [6][7]. - There is a concern that if fixed-income product yields fall below 2%, it could lead to another wave of deposit outflows, prompting banks to explore innovative product structures to maintain competitive returns [6][7]. - To enhance the yield of fixed-income products, banks are considering diversifying investments into alternative strategies while ensuring low volatility to meet customer expectations [7]. Group 4: Compliance and Operational Adjustments - The new regulatory framework requires rural banks to implement stricter internal controls and compliance measures, including a focus on sales practices and customer suitability [8][9]. - Some rural banks are taking proactive steps to improve compliance, such as enhancing communication with wealth management subsidiaries and training staff on sales practices to prevent mis-selling [9][10]. - The emphasis on compliance is critical, as any increase in customer complaints could jeopardize ongoing partnerships with wealth management subsidiaries [10].

Core Insights - The value of the Mercedes-Benz S-Class is increasingly highlighted as the market shifts from superficiality to rationality, and users prioritize experience over mere specifications [2][12] - The success of a certain domestic luxury model, which achieved 18,000 orders in 175 days, signals the rise of Chinese brands, but it has not yet become a true "taste choice" for users [2] - The luxury car market in China is experiencing a shift from "smart concept competition" to a focus on essential needs, emphasizing mechanical quality, safety, luxury essence, and overall experience [2] Market Dynamics - A leading automotive supplier predicts that international brands will regain leadership in three to five years, as the democratization of smart features diminishes the differentiation of new entrants [2] - The Mercedes-Benz S-Class is redefining modern luxury by breaking the misconceptions that "electrification equals intelligence" and "luxury equals configuration stacking" [2][5] Technological Advancements - Mercedes-Benz has strategically positioned itself in the electric vehicle market with its "dual fuel" strategy, emphasizing that intelligence and quality are the core standards for luxury cars [5] - The company has made significant investments in local autonomous driving technology, including a partnership with Momenta, and has achieved milestones such as being the first to receive international certification for L3 conditional autonomous driving [5][6] Product Features - The S-Class features a comprehensive upgrade in its intelligent cockpit, including a heads-up display, 3D digital instrument cluster, and OLED central display, enhancing both safety and immersion [6] - The vehicle's "configuration democratization" strategy addresses core consumer demands in China, with high-end features now standard across all models, reducing decision-making time for buyers [6][10] Quality and Safety - Mercedes-Benz emphasizes long-term quality over temporary features, focusing on safety, user experience, and rigorous product standards [7][9] - The S-Class undergoes extensive testing, including 15,000 virtual and over 180 real-world crash tests, ensuring high safety standards [9] Competitive Position - The S-Class has maintained its position as the top-selling luxury car for five consecutive years, with a delivery gap of 12,000 units over the second-place competitor in 2024, reflecting consumer recognition of its long-term value [10] - The brand's commitment to quality and heritage remains a core value, distinguishing it from competitors that may be seen as trend-driven [10][12] Future Strategy - Mercedes-Benz plans to launch multiple models tailored for the Chinese market by 2027, utilizing a new architecture to enhance the efficiency of its intelligent systems [10] - The company aims to integrate global technology with local needs, focusing on autonomous driving and innovative cockpit experiences [10][12]

Core Insights - The article highlights the career of Li Xiaojia, known as "Mr. Connect," who has played a pivotal role in linking Chinese enterprises with international capital throughout his financial career [3][4] - Li Xiaojia's initiatives, including the establishment of the Hong Kong-Shanghai Stock Connect (沪港通), have significantly advanced the interconnectivity of financial markets between China and the world [5][6][7] - The article also discusses Li Xiaojia's recent venture, Drip Irrigation Capital (滴灌通), which aims to connect global capital with small and micro enterprises, addressing the financial needs of the grassroots economy [12][13] Interconnectivity Initiatives - In 2012, Li Xiaojia and the then-chairman of the Shanghai Stock Exchange sketched the initial concept for the Stock Connect on a napkin, which later evolved into a formalized trading mechanism [5][6] - The Stock Connect was officially launched on November 17, 2014, marking a significant step towards the mutual opening of capital markets between mainland China and Hong Kong [7][8] - Subsequent initiatives like the Shenzhen-Hong Kong Stock Connect and Bond Connect followed the same foundational logic established by the Stock Connect [7][8] Challenges and Reforms - The article outlines the challenges faced in implementing reforms, particularly regarding the acceptance of dual-class share structures, which were initially met with resistance due to concerns over fairness and regulatory integrity [9][10] - The successful listing of Xiaomi in 2018 under a dual-class share structure marked a significant milestone in these reforms, demonstrating the potential for innovation within Hong Kong's financial market [10][11] Drip Irrigation Capital - Drip Irrigation Capital was founded to provide financial services to small and micro enterprises, which have traditionally been underserved by conventional financial products [12][13] - The company aims to create a sustainable investment model that balances risk and return, particularly in the context of high capital costs associated with overseas financing [12][13] - The venture has undergone multiple phases of development, with the current focus on standardizing cash flow assets from small enterprises to meet the investment needs of larger institutional investors [14][15]

Core Viewpoint - The ongoing legal dispute regarding the acquisition of Holland Novochem B.V. by Forbon Technology Netherlands B.V. has resulted in a court ruling requiring Forbon to pay over €6.1 million in compensation, interest, and legal fees to HNC [1][3]. Group 1: Acquisition Background - In 2015, Forbon Technology Netherlands B.V. aimed to acquire 100% of Holland Novochem to enter the European fertilizer additive market, marking a significant step in the company's overseas expansion strategy [1]. - The acquisition involved a payment plan divided into four installments, with the final payment due in 2018. Disputes arose over the calculation of Holland Novochem's 2017 profits, leading to disagreements on the final payment amount [2]. Group 2: Legal Proceedings - In 2019, Forbon paid €9,389,827 to a trust account for the fourth installment, but HNC did not accept this payment, leading to a court case in Amsterdam [2]. - In March 2024, the court ruled that Forbon must pay €9,289,192.50 for the equity transfer, with the transfer of 15% of Holland Novochem's shares occurring shortly thereafter [2]. - In October 2024, HNC initiated a lawsuit for damages related to the delayed payment, seeking statutory interest and compensation, which led to asset preservation measures against Forbon [3]. Group 3: Financial Impact - The court's ruling in December 2025 mandated Forbon to pay over €6 million in statutory interest and legal fees, rejecting Forbon's counterclaim [3]. - Forbon is expected to recognize a provision in its 2025 annual report, which could reduce its net profit by approximately ¥48.04 million, over half of its net profit of ¥93.59 million for 2024 [4]. - The company has indicated plans to appeal the ruling, with potential impacts on current and future profits remaining uncertain [4].

Core Viewpoint - The article highlights the journey of Lin Qingfeng, a former weightlifter who transitioned from an Olympic champion to a coach, emphasizing the challenges athletes face after retirement and the importance of education and support for their future careers [1][2][12]. Group 1: Athletic Career - Lin Qingfeng won the first gold medal for China in men's weightlifting at the London Olympics in 2012, lifting 187 kg [1]. - He faced significant challenges early in his career, including being rejected twice by the provincial team before eventually proving himself at the 2009 National Games [6][7]. - His journey included rigorous training and overcoming self-doubt, leading to a breakthrough in performance under a renowned coach [6][7]. Group 2: Transition to Coaching - After retiring in 2017 due to injuries, Lin Qingfeng took three years to adapt to life outside of competitive sports before becoming a coach [2][12]. - He initially worked as the leader of the weightlifting team in Xiamen and later as a coach for the Fujian Provincial Sports Bureau, eventually being selected for the national weightlifting team [2][12]. - The coaching role requires managing various logistical details and supporting athletes, contrasting with the singular focus of being an athlete [13]. Group 3: Challenges Post-Retirement - Lin Qingfeng expressed the uncertainty and pressure athletes face after retirement, including the need for better support systems for transitioning athletes [2][12]. - He noted the disparity in opportunities for athletes from less popular sports compared to those from more mainstream sports, highlighting the need for clearer policies to support retired athletes [17]. - The article emphasizes the importance of education for athletes, as many face limited job prospects after their sports careers end [15][16]. Group 4: Advocacy for Athletes - Lin Qingfeng advocates for improved educational resources and support for young athletes to ensure they have viable career paths post-retirement [15][16]. - He believes that addressing these issues is crucial for attracting more youth to sports and retaining talented athletes within the system [17]. - His recent donation of his Olympic gold medal symbolizes a commitment to fostering the next generation of athletes and contributing to the broader sports community [18].

Core Viewpoint - Fubon Technology's subsidiary, Forbon Technology Netherlands B.V., has lost a first-instance lawsuit regarding a share transfer dispute, which may reduce the company's net profit by approximately 48.04 million yuan [1][4]. Group 1: Legal Proceedings - The Amsterdam court ruled that Forbon must pay over 610,000 euros in compensation, interest, and litigation fees to HNC [1][3]. - The dispute originated from a 2015 agreement where Forbon planned to acquire 100% of Holland Novochem B.V. but faced disagreements over profit calculations for the final payment [2][3]. - HNC initiated a lawsuit for damages due to delayed payments and received court approval for asset preservation measures against Forbon [3][4]. Group 2: Financial Impact - The total amount payable by Forbon, including statutory commercial interest and litigation costs, is approximately 6.1 million euros [4]. - This financial obligation is expected to reduce Fubon Technology's net profit for 2025 by about 48.04 million yuan, which is over half of the company's net profit of 93.59 million yuan for 2024 [4]. Group 3: Company Response - In response to investor concerns, the company stated it is reviewing its legal and business teams to improve contract management and dispute resolution mechanisms [4]. - Fubon Technology plans to appeal the court's decision, indicating uncertainty regarding the final impact on current and future profits [4].

Core Insights - Ninebot Company held its 2026 Dealer Conference in Changzhou, Jiangsu, showcasing significant achievements and a strategic blueprint for the next decade focused on smart technology, electrification, and globalization [2][3] Group 1: Strategic Vision - CEO Wang Ye emphasized the company's commitment to "incremental growth, not stockpiling; innovation, not internal competition," positioning Ninebot as a disruptor in the two-wheeler industry [3] - The future vision includes three strategic pillars: smart technology, electrification, and globalization, with a focus on expanding into large markets such as Europe, Southeast Asia, Japan, South Korea, and Latin America [5][6] Group 2: Technological Advancements - Ninebot aims to lead the industry into a "universal smart driving" era by equipping all new products with advanced driving systems and the proprietary Nimble OS by 2026 [5] - The company plans to address user range anxiety through advanced battery technology and a rapidly developing fast-charging network, allowing for a significant reduction in charging times [5][9] Group 3: Market Performance - Ninebot's cumulative sales in the Chinese market surpassed 9 million units by September 2025, reflecting strong consumer trust in its technology [6] - The company holds a dominant position in the smart two-wheeler market, with 70% of sales in 2025 attributed to Ninebot [11] Group 4: User Engagement and Safety Initiatives - Ninebot is actively engaging with younger demographics through various initiatives, including collaborations with brand ambassadors and community events [11][14] - The establishment of the "Ninebot Safe Driving Academy" aims to enhance safety awareness and proactive driving skills among users, marking a shift from reactive to preventive safety measures [13][14]

"你吃饭怎么又弄得满身都是"…… （原标题：心理学上说：不要在小事上消耗孩子，这十句话，建议每天读一遍） 生活里，诸如此类的细碎场景每天都在上演。 很多时候，我们忍不住对着孩子的小疏忽、小混乱反复叮嘱、纠正，甚至忍不住批评说教。 "妈妈，我袜子找不到了" "宝宝，你怎么又把玩具扔一地" 读完这些，你有没有松一口气么？ 放过孩子打翻的牛奶，包容孩子没归位的玩具，看淡孩子偶尔的小马虎。 父母少一分在琐事上的苛责，孩子就多一分探索世界的底气。 把目光放长远，守住成长的核心底线，给孩子留足试错的空间，才是育儿路上最智慧的"减法"。 本文转载自微信公众号"Sunny心理师 筑梦心理" 我们却忽略了一个被很多家长忽视的心理学真相：过度在小事上消耗孩子，正在悄悄磨损他们的内驱力 与专注力。 当孩子的精力被一次次拉回到"袜子有没有放好""玩具有没有归位"这类无关成长核心的琐事上时，他们 本该用来探索世界、发展兴趣、建立自信的心理能量，早已在不知不觉中被透支。 以下关于育儿的十句话，建议父母每天都要读一遍： ...

Group 1 - Uber and Lyft are collaborating with Baidu to test autonomous taxi services in the UK by the first half of 2026, using Baidu's Apollo Go RT6 model [2] - Uber has shifted its strategy from in-house development of autonomous driving to partnerships with external technology companies, including a strategic investment in WeRide [2] - The Robotaxi project in the UK is not being executed by WeRide, despite previous interactions with UK officials regarding autonomous driving technology [3] Group 2 - WeRide has reported cumulative losses of approximately 7.87 billion RMB from 2021 to the first three quarters of 2025, indicating that it remains in the investment phase [4] - Autonomous driving companies face high operational costs due to the need for vehicle procurement, sensor systems, and compliance with regulations, which makes profitability challenging [5] - Regulatory restrictions on operational areas and times, along with fluctuating urban travel demand, contribute to the rigid cost structure and unstable revenue for Robotaxi services [5]

（原标题：产科医生马良坤：生育这件小事 | 我们的四分之一世纪） 编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者 的故事，共绘一幅属于这段岁月的集体记忆图谱。 0:00 与人们印象中步履匆匆、神色凝重的医生形象不同，马良坤总是在笑。 她的一天从清晨六点开始，一小时瑜伽后骑车上班，下班后又骑车赶往瑜伽馆锻炼和冥想，诊疗和运动 的空隙，她用来完成科研和线上线下的科普。 12月的一天，在协和门诊楼三楼产科的诊室里，马良坤正在出诊。她声音明亮，语调柔和，对每位孕妇 问好，听完胎心后顺手扶她们起床。 今年53岁的马良坤身兼多职，是两个孩子的母亲，是北京协和医院（下称"协和"）产科主任医师，还是 拥有数百万粉丝的"网红医生"。 她总是笑盈盈的，脚步轻快，一闪进门，一闪又到了宣教室。送走一位孕妇的间隙，她会从椅子上弹起 来，做上30秒瑜伽拉伸。当另一位孕妇推门而入，她一秒切换回工作状态，笑着打招呼："嚯，这小肚 子！" 其实，在诊室里教孕妇做运动、聊心情，并不是马良坤工作前二十年的工作常态。曾经，她是深夜产房 的"救火队员"，24小时待命，经常面对的是抢救发生胎盘 ...