Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is entering a phase of stock competition with a notable decline in production, prompting companies like Yanghe to adopt a "slow and steady" development philosophy to navigate challenges [1]. Group 1: Industry Trends - The production of baijiu from large-scale enterprises decreased by 11.3% year-on-year, totaling 3.215 million liters from January to November 2025, indicating a significant contraction in the industry [1]. - The industry is experiencing a shift towards stock competition, with many brands reducing their operations to weather the downturn [3]. Group 2: Yanghe's Brand Strategy - Yanghe has adjusted its brand investment structure, reducing sales expenses by 17.75% and advertising promotion costs by 21.03%, while increasing regional advertising expenditure to 37.38%, reflecting a strategic shift from broad coverage to targeted engagement [3]. - The brand has established emotional connections with consumers, exemplified by the "Dream Blue M6+" being featured in the CCTV Spring Festival Gala for seven consecutive years, embedding the brand in national collective memory [3]. Group 3: Local Market Engagement - Yanghe has demonstrated flexibility in regional markets by sponsoring local sports teams and integrating brand stories into local culture, transitioning from a "sponsor" to a "partner" [5]. - Collaborations with national entities like China Rocket and China Aviation to launch co-branded products have resonated with younger consumers, enhancing the brand's appeal [5]. Group 4: Market Dynamics and Sales Strategy - Yanghe is focused on converting online traffic into offline consumption, utilizing strategies like QR code red envelopes and tasting events to drive product usage and repeat purchases [6]. - The company has implemented a strategy of "de-stocking, enhancing momentum, and stabilizing prices," which, while reflecting short-term revenue declines, lays a solid foundation for long-term health [7]. Group 5: Financial Performance and Pricing Stability - Yanghe's main products have maintained stable prices, with market inventory reducing by double digits, supported by strict measures against low-price dumping [7]. - The wholesale price of "Dream Blue M6+" has only slightly adjusted from 550 yuan to 540 yuan, with retail prices remaining stable between 600-700 yuan, acting as a stabilizer in the mid-range price segment [7]. Group 6: Long-term Strategy and Investment - Yanghe's strategic choices reflect a commitment to long-termism, with significant investments in R&D increasing by 77.92% year-on-year, aimed at enhancing product quality and innovation [10]. - The company possesses substantial resources, including 70,000 premium cellars and an annual production capacity of over 160,000 tons, providing a buffer against market fluctuations [10]. Group 7: Market Perception and Future Outlook - Despite short-term performance pressures, analysts recognize Yanghe's adjustments in market health, product structure optimization, and long-term operational rhythm as positive developments [11]. - The company's approach is likened to a marathon strategy, focusing on steady progress rather than immediate gains, positioning it for future success as market conditions improve [12].

23日，中国驻芝加哥总领事馆提醒领区广大华侨华人、留学生、中资机构人员及游客注意保暖，尽量减 少外出。极寒天气可能导致部分地区道路结冰甚至关闭、航班延误或取消等。 （文章来源：中国基金报） 来源：央视新闻 记者获悉，受风暴影响，截至当地时间1月23日下午，美国至少14个州宣布进入紧急状态。其中包括密 苏里州、阿肯色州、路易斯安那州、密西西比州、田纳西州、得克萨斯州等。得州州长宣布134个县进 入灾难状态。美国首都华盛顿市长缪里尔·鲍泽当日宣布首都进入紧急状态。 ...

Core Viewpoint - The U.S. government, led by President Trump, is pursuing the acquisition of Greenland but has stated it will not pay any fees for it, despite ongoing negotiations and Denmark's firm stance against selling the territory [1][3]. Group 1: Acquisition Costs and Political Implications - Experts estimate the total cost of acquiring Greenland could approach $1 trillion, which would include not only the purchase price but also relocation fees for the Greenlandic population, subsidies for local welfare systems, and investments in infrastructure and defense [3]. - The U.S. national debt currently stands at $38 trillion, raising questions among investors about the wisdom of such a purchase, with political opponents criticizing the allocation of funds [3]. - The U.S. Constitution requires that any territorial acquisition must be approved by a two-thirds majority in the Senate, meaning Trump would need to persuade at least 14 Democratic senators even with full Republican support [5]. Group 2: Strategic Importance of Greenland - Greenland, the world's largest island, is strategically located within the Arctic Circle and is rich in resources such as rare earth elements, graphite, copper, and nickel, making it valuable for energy transition and chip manufacturing [7]. - The U.S. currently operates a military base on the island, and control over Greenland is deemed crucial for Trump's planned missile defense system, enhancing NATO's effectiveness [7][8]. - Maintaining close ties with Greenland is viewed as essential for U.S. influence in the Arctic region, as highlighted by Senate Republican leaders [8].

据新华社消息，巴西总统府23日发布公告说，巴西总统卢拉宣布将对中国公民部分短期签证类别实行免 签，以回应中国对巴西公民实施的免签政策。 （文章来源：中国基金报） 公告说，此举是在巴中两国深化合作背景下作出的重要决定，旨在进一步便利人员往来、促进双边交 流。政策实施日期有待公布。 ...

Market Overview - The U.S. stock market showed mixed results with the Dow Jones index falling by 0.58% to 49,098.71 points, while the S&P 500 index rose by 0.03% to 6,915.61 points, and the Nasdaq index increased by 0.28% to 23,501.24 points [1] - For the week, the Dow Jones index declined by 0.58%, the S&P 500 index fell by 0.35%, and the Nasdaq index decreased by 0.06% [2] Geopolitical and Economic Factors - The U.S. House of Representatives passed a budget bill for fiscal year 2026, which was signed by President Trump, reducing the risk of a government shutdown at the end of January [4] - However, due to a snowstorm, the Senate postponed a vote on a temporary spending bill, and a consensus with the House must be reached by January 30 to fully mitigate shutdown risks [4] - The Trump administration announced a 25% tariff on all countries trading with Iran, which has heightened geopolitical tensions and may increase market risk aversion [4] - U.S. inflation expectations for January were lower than anticipated, and the manufacturing PMI preliminary value was slightly below expectations, while the services PMI preliminary value remained stable, indicating a mixed economic recovery [4] Company Performance - Intel, a major chip manufacturer, experienced a significant drop of 17%, closing at $45.085, with a total market capitalization of $225.2 billion [5] - Intel's quarterly earnings report indicated a weak performance outlook, with CEO Pat Gelsinger stating that the company could not meet market demand for its products and that production yields were below expected targets [6] - Citigroup lowered Intel's target stock price from $50 to $48 [7] Precious Metals Market - Precious metals continued to surge amid geopolitical tensions and a weak U.S. dollar, with gold prices reaching a historic high of over $4,990, marking an increase of over 8% for the week [8] - Silver and platinum also hit record highs, with weekly gains exceeding 14% and nearly 19%, respectively [8] - As of the latest data, COMEX gold was up 1.42% at $4,983.1 per ounce, COMEX silver rose by 7.15% to $103.26 per ounce, and spot platinum increased by 2.7% to $2,704.3 per ounce [9]

来源：新华社 （原标题：中国足协宣布聘任决定） 中国足协再度聘任范普维尔德担任技术总监 范普维尔德曾在2018年底受聘成为中国足协首位外籍技术总监，并于2022年6月因个人原因不再与中国 足协续约。 他还曾担任比利时足协技术总监、摩洛哥足协技术总监等职务，在国家足球技术发展总体设计、男女足 国家队建设、青少年足球发展、教练员培养等方面具有丰富经验。 中国足协表示，范普维尔德未来将重点聚焦中国足球技术发展路线设计、国家队技战术水平提升、青训 体系顶层设计、教练员培养体系完善、技术发展国际事务联络及天赋青少年球员海外发展等领域。 中国足协23日宣布，根据中国足球中长期技术发展的规划，以及协会工作实际需要，再次聘任比利时人 克瑞斯·范普维尔德担任中国足协技术总监。 图源：中国足协微博 ...

【导读】白银还在涨！ 白银去年上涨约147%，主要受强劲需求、金属精炼产能扩张受限，以及市场持续供给短缺推动。 分析师表示，地缘政治紧张、美元整体偏弱、以及市场对美联储今年将转向宽松的预期，都是宏观层面去美元化趋势的一部分，并仍在影响黄 金需求。"白银的基本面叙事比黄金更有说服力……或许它不像黄金那样是储备资产，但它同样受益于避险资金流入以及美元走弱"。 英特尔股价暴跌 23日晚间，美股三大指数涨跌不一。道指下跌，纳指以及标普500指数上涨。 兄弟姐妹们啊，今晚又见证历史了。 白银突破100美元/盎司整数关口 1月23日晚间，纽约白银期货、伦敦现货白银双双突破100美元历史性关口！ 陈立武在采访中表示，需求"相当强劲"，公司正在全力解决制造问题。但他也指出，英特尔在第四季度消耗了大量库存。 陈立武说："我们的良率和制造生产水平没有达到我的标准，我们需要改善。" 此前英特尔一直处在华尔街乐观情绪推动的上涨浪潮中。近几个月投资者大量买入，押注新产品将进一步改善财务表现。英特尔还获得了美国 政府、英伟达以及软银集团等高关注度投资。 Wedbush Securities分析师Matt Bryson表示："市场对英特尔 ...

Group 1 - Longyun Co., Ltd. plans to acquire 58% equity of Yuheng Film and Television Group through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [2][5] - The stock of Longyun Co., Ltd. will be suspended from trading starting January 26, with a closing price of 17.85 yuan per share and a total market value of 1.666 billion yuan as of January 23 [2] - The shareholders of Yuheng Film and Television include Shanghai Bingchang Enterprise Management Center (57.55%), Longyun Co., Ltd. (42%), and Duan Zekun (0.45%) [5][7] Group 2 - The acquisition aims to enhance Longyun Co., Ltd.'s content marketing resources, leveraging Yuheng Film and Television's capabilities in content production and various media formats [8] - Longyun Co., Ltd. reported a 26.42% increase in revenue to 373.03 million yuan for the first three quarters of 2025, but a significant decline in net profit by 2569.94% to -65.06 million yuan [8][9] - The company is currently facing challenges with "increased revenue but decreased profit," attributed to intensified competition, declining gross margins, and rising expenses [11]

Group 1 - Longyun Co., Ltd. plans to acquire 58% equity of Yuheng Film and Television Group through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [1][3] - The stock of Longyun Co., Ltd. was suspended from trading starting January 26, with a closing price of 17.85 yuan per share and a total market value of 1.666 billion yuan as of January 23 [1] - The shareholders of Yuheng Film include Shanghai Bingchang Enterprise Management Center (57.55%), Longyun Co., Ltd. (42%), and Duan Zekun (0.45%) [3] Group 2 - Longyun Co., Ltd. signed a cooperation intention agreement with Shanghai Bingchang and Duan Zekun on January 23, aiming to make Yuheng Film a wholly-owned subsidiary after the acquisition [5] - The major shareholder of Shanghai Bingchang is Duan Peizhang, who is also the controlling shareholder of Longyun Co., Ltd., indicating a close relationship between the parties involved [5] Group 3 - Longyun Co., Ltd. is currently facing a "revenue growth without profit" situation, with a 26.42% year-on-year increase in revenue to 373 million yuan for the first three quarters of 2025, while the net profit attributable to shareholders decreased by 2569.94% to -65.06 million yuan [8][10] - The company’s revenue for the reporting period was 117.11 million yuan, reflecting a 32.07% increase compared to the same period last year [9]

Group 1 - Wang Huaiqing has been elected as the new chairman of Huatai Securities, with a term of three years starting from the board's approval date [5][6] - The board also approved a capital increase of up to 9 billion HKD for its wholly-owned subsidiary, Huatai International Financial Holdings, to support overseas business development [2][10] - The new board and executive team have been established, with key positions filled, including Jiang Xiaoyang as chairman and Zhu Qian as general manager of Huatai Asset Management [11][12] Group 2 - Wang Huaiqing has extensive experience in finance and state-owned enterprise management, having worked in various roles within the Jiangsu provincial government and financial institutions [5][6] - The new board's specialized committees have been formed, with Wang Huaiqing serving as the chair of the Development Strategy Committee [7][8] - The executive team includes experienced members who have long served within the company, ensuring a deep understanding of its culture and business model [12] Group 3 - Huatai Securities is accelerating its internationalization strategy, with the capital increase for Huatai International seen as a significant step in enhancing its global business footprint [10] - The asset management division reported a revenue of 1.21 billion CNY and a net profit of 713 million CNY in the first half of 2025, with a management scale of 627.03 billion CNY, reflecting a year-on-year growth of 23.92% [12]