Core Viewpoint - In 2026, the State Administration for Market Regulation will fully promote the implementation of domestic verification and evaluation work for inspection and testing instruments and equipment, focusing on three main areas [1] Group 1 - The establishment of an authoritative verification and evaluation standard system will be market demand-oriented, particularly developing a series of verification and evaluation standards for domestic instruments and equipment in the automotive and food sectors [1] - The initiative aims to tackle "bottleneck" core key technologies, focusing on high-end general equipment such as tire coupling road simulation testing machines to enhance the reliability and stability of domestic testing instruments and equipment [1] - The program will also cultivate brands with international competitiveness [1]

来源：证券时报网 作者：胡华雄 美国"股汇债"三杀。 当地时间1月20日（周二），美国股市三大股指全线重挫，其中道琼斯工业指数盘中一度下跌逾900点，标准普尔500指数和纳斯达克指数收盘均重挫逾 2%。值得注意的是，道琼斯工业指数还创出2025年10月10日之后最近3个月来最大单日跌幅。 除了美股大幅走低外，美元汇率大幅走低，Wind行情数据显示，当天美元指数盘中一度跌约0.8%，收跌近0.5%。此外，美国国债全线大跌，美国10年期 国债收益率涨6.76个基点，报4.2906%；两年期美债收益率涨0.87个基点，报3.5947%；30年期美债收益率涨7.92个基点，报4.9158%。其中，30年期和10年 期美债收益率盘中一度创去年9月初以来新高，债券收益率和价格走势相反，收益率上升意味着债券价格下跌。 当地时间1月20日（周二），美国股市三大股指全线重挫，其中道琼斯工业指数收盘报48488.59点，下跌870.74点，盘中一度下跌逾900点，跌幅达 1.76%，创出最近3个月来最大单日跌幅；标准普尔500指数跌2.06%，报6796.86点；纳斯达克指数重挫，跌幅达2.39%，报22954.32点。 | 代 ...

同时，耐克任命Cathy Sparks为新任大中华区副总裁兼总经理。Cathy拥有25年耐克工作经验，从波特兰 Niketown门店零售岗位起步，曾担任耐克亚太及拉美区(APLA)副总裁兼总经理，推动该区域业务转型 与增长，她对运动文化有深入洞察，将带领团队深化与消费者的连接。 (耐克集团) 耐克宣布，现任大中华区领导董炜(Angela Dong)将于3月31日卸任。董炜于2005年加入耐克，在大中华 区担任多项重要领导职务二十余年，期间推动了上海马拉松、耐克高中篮球联赛(CHBL)、ACG崇礼 168、"下站东单"等品牌活动，持续推动大中华区运动文化发展，公司感谢其为大中华区这一关键市场 做出的长期贡献。 ...

近日，光明乳业在上证e互动平台跟投资者交流。其中，有投资者询问，"最近金山区1.5升的鲜牛奶价 格调整了，请问是全市场统一调整还是局部调整?" 对此，光明乳业回应，公司将紧抓消费机遇，产品端以消费者需求为导向，依托科技赋能推动工艺升级 与产品创新；渠道端积极适应渠道变革趋势，全面提升渠道运营能力；品牌端始终坚持"光明"品牌高品 质、新鲜、健康的定位，通过文艺、体育、科技等多领域触达，持续增强品牌影响力。 针对投资者质疑的"今年公司业绩这么差，管理层还会涨薪吗？"的提问，光明乳业方面表示，公司薪酬 体系严格遵循相关治理规定，并与公司整体经营目标及长期发展战略相挂钩，旨在促进团队积极履职、 推动业务可持续发展。面对当前挑战，管理层将全力以赴推动全产业链提质增效，持续落实各项改善经 营、提升盈利能力的举措。 还有投资者就公司控股企业新西兰新莱特乳业有限公司产品出口至欧盟国家的收入占比，以及销售方面 进行询问。对此，光明乳业方面介绍，新莱特目前没有直接对欧盟的销售，作为生产企业，主要将其产 品销售给客户，由客户分销至全球市场。 对此，光明乳业方面回复，产品终端零售价格受零售终端定价策略及促销活动影响，存在短期波动。公 ...

本公司持有新莱特 65.25%的股份，新莱特经营亏损导致本公司归属于母公司净利润为负值。新莱特上 述问题已基本得到解决。 （企业公告） (编辑：林辰)关键字： 光明乳业 乳业 近日，光明乳业发布2025年度业绩预亏公告。当中披露公司预计去年净亏损1.2亿到1.8亿元，与上年同 期相比，将出现亏损。预计去年归属扣非后的净亏损为3700万元到9700万元。 对于业绩预亏原因，公告表示，2025 年度，公司海外子公司 Synlait Milk Limited（新西兰新莱特乳业有 限公司）生产基地出现生产问题，造成存货报废、生产成本费用增加等直接损失较大，对新莱特当期损 益造成影响，导致新莱特 2025年度经营亏损。 ...

报废原因为，公司根据目前的市场形势判断澳洲、甘肃和新疆基地每年的原酒供应足以满足未来 4-5 年 每年的生产销售需要；加之公司因受实控人事件影响，公司经营现金流较为紧张，需减少未能带来及时 现金流的非必要业务支出（包含对龙湖基地的持续资金投入），以保证公司目前正常的生产经营；公司 后续将寻找租户将土地对外出租获取租金收入。 谈及国内原酒减值，公告表示，2026 年公司生产技术质量科对库存原酒进行了质量等级鉴定，对现存 原酒做出等级划分，针对年份较长，质量下降已无法调配葡萄酒的原酒，规划后续用来蒸馏酒精后调配 白兰地使用； 针对年份较长、口感、色香均无法达到公司中高端葡萄酒要求的，2026 年规划开发入门级葡萄酒，面 向年轻群体和三四线城市级农村宴席市场，提高威龙葡萄酒市场占有率，加速资金回笼。公司对相关原 酒进行减值测算，预计减值金额为 3,875 万元。实际减值金额将以会计师事务所审定的数据为准。 （企业公告） 近日，威龙股份发布2025年度业绩预亏的公告。披露预计去年实现营业收入 3.41 亿元到 3.91 亿元，扣 除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入为3.15 亿元到 3.60 ...

Core Insights - Xiaopeng Motors held a user profile sharing event for the Xiaopeng X9 Super Extended Range model, highlighting its appeal to young families through innovative features and design [1] - The Xiaopeng X9 has successfully penetrated diverse user demographics, including younger generations and female consumers, achieving a significant market presence in the high-end MPV segment [3] Product Features - The Xiaopeng X9 Super Extended Range boasts six core product strengths: futuristic design, active rear-wheel steering, advanced driver assistance, three-row electric folding seats, an impressive range of 1602 km, and a snow stability system [1][6] - The vehicle features a unique combination of a large battery and fuel tank, eliminating range anxiety and enabling long-distance travel [4][7] Market Performance - As of December 2025, the Xiaopeng X9 delivered 5,424 units, reflecting a year-on-year growth rate of 289.1% [3] - The user base is predominantly young, with 57.2% being born in the 1990s and 13.7% in the 2000s, significantly younger than the average MPV buyer [3] User Demographics - 21% of Xiaopeng X9 buyers are first-time car purchasers, indicating strong appeal among new car buyers [3] - Female ownership stands at 22%, showcasing the model's attractiveness to family-oriented consumers [3] Driving Experience - The vehicle's test drive conversion rate is 50%, indicating high customer satisfaction and interest [3] - The Xiaopeng X9 is equipped with advanced driving capabilities, including 2250 TOPS computing power for comprehensive driving assistance [6] Regional Growth - The Xiaopeng X9 has seen significant sales growth in northern markets, with core city sales increasing by over 300% [4] User Utilization - 92.3% of users utilize the vehicle for intercity travel, with 81.6% reporting daily drives exceeding 500 km [7]

Core Viewpoint - The company, Yonghui Supermarket, anticipates a net loss of 2.14 billion yuan for the year 2025 due to significant strategic adjustments in its operations, shifting from "scale expansion" to "quality growth" [1] Group 1: Strategic Adjustments - In 2025, the company undertook major operational strategic adjustments, rebranding as "New Yonghui, New Quality" [1] - The company modified 315 stores and closed 381 stores that did not align with its future strategic positioning, leading to substantial losses [1] - The impact of store modifications includes asset write-off losses, loss of revenue from store closures, and one-time setup costs totaling approximately 910 million yuan [1] Group 2: Financial Impact - The estimated gross profit loss from store closures due to renovations is around 300 million yuan [1] - The closure of 381 stores resulted in significant losses, including asset write-off losses, employee severance compensation, and lease-related penalties [1] Group 3: Supply Chain Strategy - The company is reforming its supply chain with a focus on "sunshine transparency, quality-driven, and efficiency improvement," addressing traditional supply chain pain points [1] - Short-term challenges include stock shortages and declining gross margins, which have impacted revenue; however, these effects are gradually being mitigated as supply chain reforms progress [1] Group 4: Investment and Asset Impairment - The company recognized a fair value loss of 236 million yuan on its overseas equity investment in Advantage Solutions due to a continuous decline in stock price [2] - A preliminary assessment indicates that the company will recognize a long-term asset impairment of 162 million yuan for its underperforming store assets, subject to final audit results [2]

Core Viewpoint - The company reported a significant decline in net profit for December 2025, primarily due to rising raw material costs and a decrease in the revenue share of high-margin products [1] Financial Performance - The net profit attributable to the company for December 2025 is projected to be RMB 5.1635 million, representing a year-on-year decrease of 79.83% [1]

Core Insights - The article discusses the launch of the "Sui Sui An Ping" protection plan by Ping An, aimed at enhancing home care safety for elderly individuals, particularly those living alone [1][4] - The plan upgrades the traditional daily check-in model by integrating a complete feedback loop of "identification-response-rescue," combining technology alerts with offline intervention [1][2] Group 1: Service Features - The "Sui Sui An Ping" plan allows elderly users to check in daily for safety and choose reminder cycles of 3 or 5 days; if they fail to check in, emergency contacts are notified through various communication methods [1] - The "Ping An Butler" service brand offers a comprehensive service system that includes smart devices, platform monitoring, and human assistance, enabling rapid response to emergencies [2] - The system can identify risks such as falls or unconsciousness and coordinate immediate offline rescue services, ensuring a seamless transition from online check-ins to real-life assistance [2] Group 2: Strategic Direction - Under the "14th Five-Year Plan," addressing population aging and promoting the coordinated development of the elderly care industry is a key strategic direction for the country [3] - Ping An is committed to deepening its "comprehensive finance + medical care and elderly care" strategy, leveraging over a decade of experience in insurance and healthcare to create a professional ecosystem for family doctors and elderly care [3] - The company aims to implement a "Four Arrivals + Six Bests" healthcare service model, ensuring that clients receive the most suitable medical care and experience [3] Group 3: Market Impact - As a flagship member of Ping An's elderly care service ecosystem, Ping An Good Doctor has responded to national policy initiatives by developing a dual service model of "family doctor + elderly care manager" [4] - The "Ping An Butler" service has expanded to cover 100 cities nationwide, with over 240,000 elderly individuals qualifying for services, achieving a 100% response rate for smart alerts [4] - The service recently received a five-star rating from the China Quality Certification Center (CQC), marking it as a leader in home elderly care services [4]