编辑丨安安 铁路元旦假期运输自2025年12月31日启动，至2026年1月4日结束，为期5天，全国铁路预计发送旅客 7780万人次，其中1月1日为客流最高峰。 ...

Core Insights - The "2025 China Manufacturing Power Development Index Report" indicates that in 2024, China's manufacturing power development index will be on par with Germany and Japan, achieving positive growth across all sub-indices, and entering the second tier of global manufacturing powers, successfully reaching the strategic goal of the "first step" in manufacturing power construction, becoming the fourth country to join the ranks of global manufacturing powers after the United States, Germany, and Japan [1] Group 1 - In 2024, China's manufacturing power development index will show positive growth and align with Germany and Japan [1] - China will become the fourth country to enter the global manufacturing power ranks, following the United States, Germany, and Japan [1] Group 2 - By 2030, seven industries, including information and communication equipment, new energy, and smart connected vehicles, are expected to maintain a world-leading position [1] - The next decade is critical for the "second step" in manufacturing power construction, with a goal for China to rank among the world's leading manufacturing powers by 2035 [1]

Core Viewpoint - Morgan Stanley's report indicates that Waymo is at a disadvantage compared to Tesla in terms of hardware costs for autonomous driving vehicles, with Waymo's operational cost per mile significantly higher than Tesla's [1] Cost Comparison - Waymo's current operational cost is approximately $1.43 per mile, while Tesla's cost is only $0.81 per mile [1] - The disparity in costs raises questions about whether Tesla will maintain a long-term advantage [1] Future Projections - Waymo plans to deploy new vehicles by 2026, which could reduce operational costs to between $0.99 and $1.08 per mile [1] - This potential cost reduction is attributed to testing lower-cost base vehicles from Hyundai and Zeekr, rather than the high-end Jaguar I-Pace models currently used [1] Insurance Cost Implications - If the safety record of autonomous taxis continues to improve, there may be a decrease in insurance costs, further impacting overall operational expenses [1]

12月30日，国家金融监督管理总局辽宁监管局发布批复，核准周峙盛银消费金融有限公司董事长的任职资格。 批复显示，盛银消金应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自本行政许可决定作出之日起3个月内到任，并按要求及时报告到 任情况。未在上述规定期限内到任的，本批复文件失效，由决定机关办理行政许可注销手续。 盛银消金应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 （国家金融监督管理总局） ...

白飞鹏，52岁，现为中国人保发法律合规部总经理，高级经济师。白飞鹏曾任人保财险法律部副总经 理，内蒙古自治区分公司副总经理；中国人保法律合规部副总经理。白飞鹏亦兼任中国保险学会法律专 业委员会委员，中国保险资产管理业协会法律合规专业委员会副主任委员，中国保险行业协会法律合规 专业委员会副主任委员，中国人保公益慈善基金会理事。白飞鹏拥有清华大学法学博士学位。 12月30日，中国人保（601319）发布公告称，该公司审议通过了关于聘任白飞鹏为公司法律总监、首席 合规官、首席风险官的议案。 ...

Core Viewpoint - China Merchants Bank has received approval for the appointment of two new assistant presidents, Cui Jiakun and Wang Xinghai, effective from December 29, 2025 [1] Group 1: Appointments - Cui Jiakun, born in December 1974, has been appointed as an assistant president of China Merchants Bank, with a background in economics from Nanjing Agricultural University and an MBA from CEIBS [1] - Wang Xinghai, born in November 1976, has also been appointed as an assistant president of China Merchants Bank, holding a bachelor's degree in international business management from Capital University of Economics and Business [1] Group 2: Career Background - Cui Jiakun joined China Merchants Bank in June 2000 and has held various positions including vice president of the Shanghai branch, president of the Suzhou branch, and president of the Guangzhou branch [1] - Wang Xinghai joined China Merchants Bank in July 1999 and has served as vice president of the Beijing branch, general manager of the Institutional Client Department and Pension Financial Department at the headquarters, and president of the Shenzhen branch [1]

Core Insights - Huawei's MateTV series has established itself in the high-end television market, ranking among the top three, showcasing strong market competitiveness [1][3] - The success of MateTV is attributed to its alignment with consumer upgrade trends, leveraging flagship smartphone technology to enhance performance and user experience [3][4] Market Position - Huawei's MateTV has captured a significant share in the high-end market, particularly in the growing segment of large-screen televisions (85 inches and above), creating barriers in high-value niches [3][4] - The brand's strategy of applying smartphone capabilities to television has disrupted traditional industry dynamics and shifted the focus from hardware to user experience [4][13] Product Recognition - The MateTV series has received multiple industry awards, including the "Annual Smart Product" from PConline and "Best Recommended Product" from First Home Appliances Network, reflecting its strong product capabilities [4] - Recognition from professional media underscores MateTV's excellence in performance, interaction, picture quality, and sound quality, affirming its position at the industry forefront [4] Technological Advancements - MateTV features flagship smartphone-level chips that ensure smooth playback of 4K content and seamless multitasking, addressing traditional television issues like lag and delay [6][10] - The integration of the Huawei Lingxi ecosystem enhances user interaction, making the experience intuitive and accessible, akin to smartphone usage [10][11] User Experience and Feedback - Analysts note that the popularity of MateTV signifies a shift in the television industry from hardware competition to experience competition, expanding its application scenarios [13] - Positive user feedback on social media highlights the convenience and effectiveness of the MateTV features, reinforcing its innovative value and market appeal [13]

Core Viewpoint - The second-hand market prices for Labubu series blind boxes from Pop Mart have significantly dropped, leading to widespread discussion and concern about the brand's future and pricing strategy [1][3]. Price Decline - The price of the Labubu "Sitting Party" plush series, originally priced at 594 yuan, peaked at over 1400 yuan in July but has now fallen to around 630 yuan; single blind boxes that sold for 99 yuan are now trading as low as 60 yuan, below the original price [3]. - Hidden variants of Labubu have also seen drastic price reductions, with one variant dropping from 46,000 yuan to approximately 480 yuan, a decline of over 98% [5]. Market Dynamics - The number of Labubu listings on platforms like Xianyu has increased, but the average transaction price has decreased to 83.5 yuan since June [5]. - Discount promotions in physical stores, including 50% off and "buy one get one free" offers, have been observed, with some unsold items priced as low as 29 yuan [7]. Company Performance - Labubu, a key IP for Pop Mart, achieved over 100 million units sold in 2023, making it the fastest-growing IP for the company [8]. - The company's stock price has dropped over 40% from a high of 339.8 HKD in August to 190.8 HKD by December 30, resulting in a market capitalization loss exceeding 200 billion HKD [11]. Future Outlook - Analysts suggest that Pop Mart is transitioning from explosive growth to a phase of sustainable growth, with revenue growth for Labubu expected to slow significantly by 2026 [11]. - The increase in monthly production capacity from 10 million to 50 million units is viewed as a primary factor contributing to the collapse of second-hand market prices, indicating a potential risk to the brand's perceived scarcity and desirability [8].

Core Viewpoint - The company Zhongju Gaoxin (600872.SH) announced a share buyback plan of 300 million to 600 million yuan to enhance shareholder value and investor confidence, following a significant increase in shareholding by its major shareholder, Torch Group, which invested approximately 400 million yuan [1][2]. Group 1: Share Buyback and Stake Increase - The buyback plan is seen as a strong recognition of the company's value, with a buyback price cap set at 26 yuan per share, allowing for substantial room compared to current market prices [2]. - The total investment in the buyback and shareholding increase by the major shareholder and the chairman amounts to approximately 1 billion yuan, demonstrating confidence in the company's future [1][2][3]. - Following the completion of the shareholding increase, Torch Group's ownership in Zhongju Gaoxin rose to 23.71% [2]. Group 2: Business Transformation and Strategy - The company is transitioning from "extensive expansion" to "high-quality growth," focusing on scientific and digital channel management to optimize inventory and pricing systems [4]. - A strategic partnership with Jiangnan University aims to enhance product development, driving the core business towards healthier and functional products, resulting in improved gross margins [4][5]. - The company is shifting its business model to empower the restaurant sector, providing tailored solutions to small and medium-sized restaurants, which is expected to become a new revenue growth driver [6]. Group 3: Brand Positioning and Market Strategy - Zhongju Gaoxin is actively reshaping its brand image to reflect "high-end, healthy, and professional" attributes, moving away from traditional perceptions of the seasoning industry [5]. - The company is implementing a diversified strategy that includes building product centers and pursuing strategic acquisitions to overcome growth bottlenecks [6]. - The management is committed to enhancing market share and achieving sustainable growth in enterprise value through a restructured supply chain and scaled growth in the restaurant channel [6].

据悉，i茅台自2022年5月19日正式上线。2022年销售收入为118.83亿元，占公司总收入的9.31%。2023 年销售收入达到223.74亿元，同比增长88.29%，占直营渠道收入的33.28%。2024年销售收入为200.24亿 元，同比下降10.51%，占总营收的11.7%。2025年前三季度收入126.92亿元。 让渠道更"活"，茅台要聚焦"哪里买"，推动构建线上线下融合、传统现代互补的渠道网络。用好 i 茅 台，管好现有的电商渠道，逐步引入一批有实力、诚信合规经营的新电商平台，也鼓励有条件的渠道商 到线上开设授权店，构建覆盖面更广、经营更合规、信息更透明的线上渠道网络。专卖店、自营店、文 化体验馆等终端要 积极转变工作思路，主动作为，让消费者知道哪里是官方、正品、真渠道，让销售 终端真正"活起来"。 茅台将立足消费需求变化，坚持以市场化思维引领茅台酒营销提质增效，充分借助不同渠道、不同业态 的触达潜力，持续提升消费者购买茅台酒的便捷度与体验感，通过构建多样化、全覆盖的销售模式，强 化茅台酒品牌渗透、风险防控、消费者触达等多维度优势，提升消费者购买的便利性与满意度。 （企业公众号、企业公告） 12 ...