从北方的专业雪场到南方的室内冰馆，从亲子冰雪体验到专业赛事参与，冰雪运动正从小众爱好走向全 民健身。随着冰雪季来临，各地滑雪场、冰上运动中心迎来客流高峰。然而，"雪道尽头是骨科"的调侃 背后，是冰雪运动潜藏的安全风险。 不少消费者疑惑，自己家庭已经为自己配置了普通意外险，还有必要再单独买保险吗？上海市海华永泰 律师事务所高级合伙人、律师孙宇昊提示，滑雪属于高风险运动范畴，一般的意外险通常是保障日常风 险，大多将高风险运动列入免责条款。一般的意外险都有责任免除，诸如滑雪、滑冰、潜水、跳伞等运 动都属于高风险运动，在一般意外险的责任免除范畴之内，如果消费者购买此类意外险，后续因滑雪、 滑冰等造成的意外伤害，无法得到赔付。 随着冰雪运动参与人数的激增，保险需求随之暴涨，相关产品也持续丰富。根据冰雪运动事故涉及的责 任主体不同，目前市场主要保险种类包括场所公众责任保险、组织者责任保险、滑雪意外伤害保险、滑 雪赛事保险等多个险种。 这些产品中，哪些产品涵盖普通"玩家"的冰雪运动？主要是包含冰雪项目的意外险产品，如滑雪意外 险、包含冰雪运动的运动意外险、冰雪旅行险等。这些产品能直接保障个人在冰雪运动过程中发生意外 的医疗 ...

| 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/6期 | | --- | --- | --- | --- | --- | | 可售房屋套数: | 92920 | 批准预售许可证: | 20 | 网上认购] | | 可售房屋面积(M2): 7507263.6900 | | 批准预售面积(M²): 542294.9600 | | 网上认购面积( | | 其中 | 38650 | 其中 住宅套数: | 1808 | 其中 住宅] | | 面积(M2): 5237511.9200 | | 面积(M2): 248019.1600 | | 育积( | | 商业单元: | 240 | 商业单元: | 18 | 商业 | | 面积(M²): 175434.4100 | | 面积(M²): | 11750.1500 | 南积( | | 办公单元: | 515 | 办公单元: | 70 | 办公室 | | 面积(M2): 502547.8300 | | 面积(M-): | 126127.7300 | 面积( | | 车位个数: | 43070 | 车位个数: | 5251 | 车位 | | 面积(M² ...

| 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/6期 | | --- | --- | --- | --- | --- | | 可售房屋套数: | 92920 | 批准预售许可证： | 20 | 网上认购 | | 可售房屋面积(M²): 7507263.6900 | | 批准预售面积(M²): 542294.9600 | | 网上认购面积( | | 其中 | 38650 | 其中 | 1808 | 其中 住宅] | | 面积(M2): 5237511.9200 | | 面积(M2): 248019.1600 | | 面积( | | 商业单元： | 240 | 商业单元： | 18 | 商业 | | 面积(M2): 175434.4100 | | 面积(M2): 11750.1500 | | 南积( | | 办公单元： | 515 | 办公单元: | 70 | 办公室 | | 面积(M²): 502547.8300 | | 面积(M2): 126127.7300 | | 面积( | | 车位个数: | 43070 | 车位个数： | 5251 | 车位 | | 面积(M²): 1162 ...

Core Insights - The demand for holiday travel and home leisure consumption has surged, leading to increased reliance on instant delivery services during the New Year holiday period [1][2] - SF Express's same-city delivery service reported a 55% year-on-year increase in average daily orders during the New Year holiday, with significant growth in beverage and fast food orders [1] - The company has introduced new content for holiday services, collaborating with Dunhuang Academy to design themed IP for the New Year [1] Delivery Performance - During the New Year holiday, the average daily beverage orders doubled year-on-year, while fast food orders increased by over 90% [1] - Various categories, including supermarkets, beauty products, and electronics, experienced high double-digit growth in order volume compared to the previous year [1] - On December 31, the order volume for SF Express's C-end business doubled compared to regular days, with significant increases in the delivery of flowers and important business documents [2] Service Enhancements - SF Express has implemented specialized solutions for the safe delivery of fragile items like flowers and cakes, including custom protective packaging and standardized delivery protocols [2] - The company has also catered to various customer needs during the holiday, such as emergency purchases, equipment rentals, and luggage delivery, enhancing the travel experience [1]

Core Viewpoint - The launch of the new brand "Xiao Ma Liu" by Ma Liu Ji aims to capture the non-first-tier market by offering a competitive advantage through 90% innovative dishes and a more affordable price point, complementing the main brand's offerings [1][4]. Group 1: Brand Positioning and Strategy - Xiao Ma Liu's first store opened in Shijiazhuang, targeting young consumers with a focus on trendy dining experiences and a lower average spending of 60-70 yuan per person [2][3]. - The brand's strategy includes a significant departure from the main brand's offerings, with 90% of the dishes being different, aiming to attract a diverse customer base [2][4]. - The introduction of Xiao Ma Liu is seen as a strategic move to expand into lower-tier markets and enhance the overall market presence of Ma Liu Ji [3][4]. Group 2: Market Trends and Consumer Behavior - The current dining market is experiencing a trend of consumption stratification and down-market expansion, with younger consumers increasingly valuing cost-effectiveness and convenience [4][6]. - Xiao Ma Liu's smaller store format and lower price point align with the market demand for lightweight and flexible dining models [4][5]. Group 3: Operational Challenges and Recommendations - Despite the brand's initial popularity and recognition, Xiao Ma Liu will face challenges in the competitive landscape of non-first-tier cities, requiring a localized management approach and optimized supply chain [6][7]. - Recommendations for Xiao Ma Liu include enhancing dish innovation to avoid homogenization, focusing on unique products to create memorable experiences, and balancing cost with customer experience to ensure sustainable profitability [6][7].

Core Insights - The new brand "Xiao Ma Liu" launched by Ma Liu Ji aims to capture the non-first-tier market with a focus on affordable Sichuan cuisine and a vibrant atmosphere [1][6][8] - Xiao Ma Liu differentiates itself from the main brand by offering 90% innovative dishes and a lower average spending of 60-70 yuan per person, compared to 100 yuan for Ma Liu Ji [2][6] - The brand's strategy targets young consumers and aims to fill market gaps by providing high cost-performance options, which is essential for scaling [7][8] Brand Positioning - Xiao Ma Liu is designed to appeal to younger demographics with a trendy environment and lively music, while maintaining the essence of Sichuan cuisine [1][6] - The restaurant features a smaller footprint and a distinct aesthetic compared to Ma Liu Ji, emphasizing a more youthful and accessible brand image [2][6] Market Strategy - The launch of Xiao Ma Liu is part of Ma Liu Ji's broader strategy to explore various market segments and expand its consumer base, particularly in lower-tier cities [7][8] - The brand's approach includes leveraging social media for pre-launch marketing and engaging with consumers through innovative product offerings [6][9] Competitive Landscape - The restaurant industry is experiencing a trend of consumer segmentation and down-market expansion, with Xiao Ma Liu positioned to meet the rising demand for affordable and convenient dining options [8][9] - Despite the advantages of brand recognition and supply chain support, Xiao Ma Liu will face challenges from local competitors and the need for effective cost management [9][10] Operational Recommendations - To ensure sustainable profitability, Xiao Ma Liu should focus on menu innovation, local market adaptation, and maintaining quality control [10] - The brand is encouraged to enhance its supply chain transparency and establish a rapid response mechanism to uphold its reputation amidst food safety concerns [10]

Core Viewpoint - The news highlights the cautious approach of ByteDance regarding its "Doubao AI Glasses," which are set to enter the shipping phase with a planned quantity of 100,000 units and a starting price below 2,000 yuan, although there are conflicting reports about sales plans and product details [1][2]. Group 1: Product Development and Strategy - ByteDance's "Doubao AI Glasses" are developed in collaboration with Longqi Technology, with the latter responsible for the underlying UI and ByteDance for the app development [2]. - The first generation of Doubao AI Glasses is primarily aimed at Doubao's loyal users and is not intended for public sale [2]. - The second generation of Doubao AI Glasses is currently in development, with no mass production yet, and the decision on whether to open sales to ordinary consumers will take months to determine [2]. Group 2: Technology and Market Positioning - The glasses utilize the Qualcomm AR1 chip instead of the previously rumored Hengxuan 2800 chip with an external ISP chip [2]. - ByteDance's focus is not solely on the hardware but on establishing a new interactive entry point that integrates terminals, models, and ecosystems [1][2]. - The company aims to transition AI from passive responses to proactive services through visual recognition, spatial awareness, and contextual understanding, positioning Doubao AI as a default option for human-computer interaction in the AI era [2]. Group 3: Competitive Landscape - The competitive landscape for AI hardware is intensifying, with major companies like Meta, Apple, Huawei, Xiaomi, Baidu, and Alibaba entering the market, offering a variety of products from audio glasses to AR headsets [2]. - IDC forecasts that the shipment volume of smart glasses in China will reach 2.9 million units by 2025, representing a year-on-year growth of over 120% [2].

Core Viewpoint - Wanbang Digital Energy Co., Ltd. is shifting its focus to the Hong Kong stock market after unsuccessful attempts to list on the A-share market, having recently submitted its IPO application to the Hong Kong Stock Exchange [1][4]. Group 1: Company Overview - Established in 2014, Wanbang Digital is a leading supplier of smart charging equipment and a pioneer in microgrid systems, having delivered over 300 microgrid systems across various applications by the end of the reporting period [2]. - The company reported revenues of approximately 3.474 billion yuan, 4.182 billion yuan, and 3.072 billion yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, with corresponding net profits of about 474 million yuan, 321 million yuan, and 305 million yuan [2]. Group 2: Financial Performance - The revenue breakdown for the first three quarters of 2025 shows that smart charging equipment and services contributed approximately 2.183 billion yuan (71.1%), microgrid systems contributed 608 million yuan (19.8%), and large-scale energy storage systems contributed 281 million yuan (9.1%) [2]. - Revenue from large-scale energy storage systems decreased by 31.3% from 409 million yuan in the first three quarters of 2024 to 281 million yuan in the same period of 2025, attributed to the early development stage of this business segment [2]. Group 3: IPO Plans and Use of Proceeds - The funds raised from the IPO are intended for research and development, global market expansion, increasing production capacity at facilities in Changzhou and Yancheng, strategic investments and acquisitions, working capital, and general corporate purposes [3]. - The net cash flow from operating activities is projected to decline significantly from 1.151 billion yuan in 2023 to 272 million yuan in 2024, with approximately 1.043 billion yuan expected for the first three quarters of 2025 [3]. Group 4: Historical Context and Challenges - Wanbang Digital has attempted to list on the A-share market twice, with no success, and has now turned to the Hong Kong market, believing it will provide better access to overseas capital and enhance its global brand influence [4][5]. - The company has a significant relationship with its controlling shareholders, with Wanbang Taiyi being one of its major clients, contributing revenues of 278 million yuan, 203 million yuan, and 170 million yuan during the reporting periods, representing 8%, 4.9%, and 5.6% of total revenue, respectively [5].

Core Insights - The civil aviation industry in China achieved a profit of 6.5 billion yuan in 2025, driven primarily by air cargo, airports, and aviation fuel and materials, with passenger transport lagging behind [1][3] - The industry aims to transport 810 million passengers in 2026 and will focus on addressing "involution" competition and preventing airlines from engaging in predatory pricing [1][5] Financial Performance - In 2025, the civil aviation sector completed a total transport turnover of 1,640.8 billion ton-kilometers, with passenger transport reaching 770 million and cargo mail transport at 10.172 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [3] - Domestic and international cargo mail transport volumes grew by 7.3% and 22.1%, respectively, with Chinese airlines capturing 44% of the international cargo market, an increase of 3 percentage points [3] Airline and Airport Performance - Major airlines such as Air China, China Eastern Airlines, and China Southern Airlines reported net profits of 1.87 billion yuan, 2.103 billion yuan, and 2.307 billion yuan, respectively, by Q3 2025 [3] - Listed airports like Shanghai Airport and Guangzhou Baiyun Airport reported net profits of 1.634 billion yuan and 1.096 billion yuan, while Beijing Capital Airport incurred a loss of 239 million yuan, although this was a 48.11% reduction in losses year-on-year [4] Market Dynamics - The recovery of international flights has significantly improved operational efficiency, with international passenger transport increasing by 21.6% year-on-year and international cargo transport volumes showing substantial growth across various regions [4] - The industry is experiencing a trend of "involution" competition, with airlines adopting low-price strategies, leading to a 12.7% decline in average economy class ticket prices in 2024 and a further 3.1% drop in 2025 [5][6] Strategic Initiatives - The civil aviation sector plans to enhance the domestic aviation market by addressing "involution" competition through regulatory reforms and improving operational efficiency [6] - The focus will also be on increasing the domestic production rate of aviation products, with specific attention to the C919 and C909 aircraft models [7] Low-altitude Economy Development - The meeting highlighted the importance of developing the low-altitude economy, with significant progress in general aviation and the establishment of low-altitude flight service stations [7][8] - The industry aims to promote high-quality development in general aviation and low-altitude economy, including the establishment of a comprehensive monitoring service platform for low-altitude flights [8]

Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. is the first domestic company to successfully develop and obtain approval for the ECMO system, aiming for an IPO on the Sci-Tech Innovation Board by the end of 2025 [1][3]. Financial Performance - Hanno Medical has reported significant losses over the past three and a half years, totaling over 600 million yuan, with net profits of -64.79 million yuan in 2022, -341 million yuan in 2023, -183 million yuan in 2024, and -82.27 million yuan in the first half of 2025 [3][7]. - The company has consistently negative cash flow from operating activities, with figures of -84.01 million yuan, -35.19 million yuan, -119 million yuan, and -71.57 million yuan during the reporting periods [9]. - The asset-liability ratio has been increasing, reaching 72.36% in the first half of 2025, significantly higher than the industry average [9][10]. Market Potential - The ECMO market in China is expected to grow significantly, projected to reach 3.71 billion yuan by 2030, with a compound annual growth rate (CAGR) of 25.2% from 2024 to 2030 [6]. - The demand for ECMO treatment is increasing, with the number of cases rising annually, while the per capita equipment availability is still low compared to developed countries, indicating a substantial market gap [6]. Product Development and Challenges - Hanno Medical's core product, the Lifemotion ECMO system, has generated limited revenue since its launch, failing to cover substantial R&D investments [7]. - The company faces several barriers to commercializing its ECMO products, including high technical and cost barriers, market monopolization by imported brands, inadequate training and support systems, and long-term profitability challenges [8]. IPO and Future Plans - Hanno Medical's IPO application was accepted on December 23, 2025, and it is the only pharmaceutical company selected for on-site inspection in the first batch of 2026 [3][4]. - The company plans to raise 1.062 billion yuan through the IPO, which will be allocated to R&D center construction, production base development, marketing network establishment, and working capital supplementation [10].