近日，鹰角网络备受瞩目的新作《明日方舟：终末地》（简称"终末地"）开启了第三次大规模测试。 作为鹰角首次挑战持续运营的大型3D游戏，它并未选择当下拥挤的开放世界赛道，而是将小众硬核的"自动化工厂"玩法与二次元角色养成、箱庭探索深度 结合，试图开辟一条前所未有的道路。 在众多关于其"自动化工厂"玩法和战斗系统的讨论之外，还有一个更直观的冲击来自其视觉呈现。 游戏截图 三测版本，尤其是全新地图"武陵城"的亮相，不仅展现了其顶级的制作水准，更揭示了鹰角在文化表达与玩法系统一体化上的思考。 怎样把战斗和基建融合出"策略感" 就笔者游玩体验来看，终末地试图的主要玩法主要分为三种： 游戏截图 然而，它并非一个独立的模拟经营小游戏。其产出的资源直接用于制造角色装备、战斗消耗品；通过"地区建设"玩法，生产货物可以换取地区专属货币调度 券，用于解锁新功能；不同角色在基建中拥有不同的增益效果。这就形成了一个紧密的"生产-建设-养成-探索"驱动闭环：推进主线需要更好的装备，制造装 备需要升级基建，升级基建需要探索地图获取新资源与蓝图，而探索又受角色能力影响。 游戏截图 1. 战斗：终末地采用了四人同屏即时战斗，但核心并非动作游戏的 ...

Core Viewpoint - Pinduoduo has announced a significant organizational reform and strategic goal to "recreate Pinduoduo in the next three years," supported by the establishment of a co-chairman system and the impressive performance of its cross-border e-commerce platform, Temu, which achieved a GMV of 168 billion yuan in Q3 2025, a 42% year-on-year increase [1][2] Group 1: Organizational and Strategic Developments - The establishment of a co-chairman system and the focus on supply chain optimization signify Pinduoduo's commitment to enhancing its organizational structure and strategic direction [1][2] - Temu has rapidly expanded its market presence, achieving a scale in three years that took Pinduoduo's domestic platform ten years to reach, indicating a successful global market entry [1][2] Group 2: Supply Chain and Brand Development - Temu's growth reflects the successful practice of Chinese supply chains going global, leveraging cost advantages and manufacturing capabilities [2][3] - Pinduoduo is shifting from a model of OEM to supporting factories in developing their own brands, resulting in a nearly 50% increase in pricing and profit margins for some manufacturers [4][5] Group 3: Digital Transformation and Market Adaptation - The platform's digital capabilities are crucial in guiding factories through the entire process from product design to brand registration, ensuring alignment with overseas consumer preferences [5][7] - A closed-loop mechanism of "market demand-data feedback-product iteration" is transforming traditional manufacturing, allowing for higher value products that go beyond just cost-effectiveness [7][8] Group 4: Industry Impact and Future Outlook - Pinduoduo's initiatives align with the digital transformation needs of the real economy, enabling a direct connection between consumers and manufacturers, thus reducing costs and fostering innovation [7][8] - The transition from OEM to self-branded products is essential for enhancing product value and achieving precise supply-demand matching in the global market [7][8]

【文/王力 编辑/周远方】 在电影《我不是药神》上映七年后，一个与影片情节相似却性质截然不同的"仿制药"案件被央视曝光。 据央视新闻近日报道，犯罪嫌疑人毛某勾结境外药厂，将毫无有效成分、实为面粉、淀粉等灌装的假冒安罗替尼销往全国。这款假药在短短10个月内售出 380余盒，售价高达每盒1500元，涉案金额约28万元。 公开资料显示，安罗替尼是中国首个用于晚期非小细胞肺癌三线治疗的原创专利靶向药，由正大天晴药业历经十余年研发，目前仅在国内生产和销售，上市 后即被纳入医保。药企从未授权海外任何机构生产。然而，经公安机关和药企检测，所谓的"进口平替版"未检出任何安罗替尼成分，实为面粉、淀粉等无效 物质灌装而成。 许多被骗患者原本以为是电影《我不是药神》中"仿制药救命"的故事重演，实则是一起彻头彻尾的消费欺诈。受害者多为晚期肺癌患者及其家属，他们在与 死神赛跑的绝望中，抓住了这根救命稻草，却不知服下的只是毫无疗效的面粉。部分患者产生不良反应，部分因病情危重无法判断药效，还有部分已因癌症 进展离世，家属甚至无法追溯死亡是否与假药相关。 这种"人肉带货"模式刻意绕开了海关和药监部门的正规监管渠道，使得假药能够顺利进入国内市 ...

Core Viewpoint - After 13 months of international trade disputes, Chinese hard capsule manufacturers have received a favorable ruling from the U.S. Department of Commerce, significantly reducing anti-dumping and countervailing duties, which enhances their competitiveness in the U.S. market [1][4]. Group 1: Impact of Ruling on Shandong Heda - Shandong Heda's anti-dumping tax rate has dropped from 172.24% to 18.71%, a reduction of 153.53 percentage points, while the countervailing duty is set at 6.90% [1][6]. - The substantial decrease in tax rates not only restores the company's export competitiveness but also allows for the refund of previously paid high-rate deposits, positively impacting cash flow [1][10]. - Following the announcement, Shandong Heda's stock price surged, indicating market optimism regarding the ruling's implications [1][10]. Group 2: Background of the Investigation - The investigation began on November 13, 2024, when the U.S. Department of Commerce initiated anti-dumping and countervailing duty investigations on hard capsules from China, Brazil, India, and Vietnam [4][5]. - At the initial ruling stage, Shandong Heda faced a punitive tax rate of 172.24%, which raised concerns about its market viability in the U.S. [5][6]. - The U.S. market is crucial for Shandong Heda, with exports to the U.S. accounting for 62.38% of its total revenue from hard capsules [3][4]. Group 3: Future Strategies - Despite the favorable ruling, uncertainties remain as the U.S. International Trade Commission will announce its final determination on industry damage in February 2026, which could affect the enforcement of the anti-dumping duties [3][11]. - Shandong Heda has prioritized establishing a manufacturing facility in the U.S. as a strategic move to mitigate tariff risks and enhance its market presence [3][11]. - The company is also expanding its global footprint beyond the U.S., targeting markets in Germany, France, Italy, Canada, Brazil, India, and Japan, and has signed an exclusive agency agreement with IMCD to penetrate emerging markets [12].

Core Viewpoint - Shanghai Cihong Maternity and Child Hospital has responded to the controversy surrounding the withdrawal of a team from a top-tier hospital, apologizing for the inconvenience caused and outlining subsequent handling plans due to a strategic business adjustment [1] Group 1: Hospital's Response and Plans - The hospital has terminated its cooperation with Shanghai First Maternity and Infant Health Hospital due to business strategy adjustments, expressing regret for the inconvenience caused to pregnant women and families [1] - The hospital offers multiple options for affected patients, including continued service from its own expert team or from city-level maternity specialists, as well as refund processing according to agreements [1] - Most pregnant women have chosen to continue their prenatal care and delivery at the hospital, while some have signed refund agreements and are being processed in an orderly manner [1] Group 2: Patient Concerns and Reactions - Many pregnant women experienced sudden changes in their attending physicians without prior notice or consent, leading to significant distress and confusion [2][3] - The hospital's initial refund options were deemed unreasonable, with complaints about the calculation method for refunds, which did not consider the discounted package prices paid by patients [3] - The hospital's statement regarding not pursuing a 15% penalty for patients was criticized as lacking sincerity, and the lack of transparency regarding the qualifications of replacement doctors further eroded trust [4] Group 3: Background and Context - The cooperation between Cihong Hospital and Shanghai First Maternity and Infant Health Hospital was established in July 2023, but Cihong unilaterally decided to terminate the agreement, citing operational management reasons [4] - The hospital's management indicated that significant decisions require consultation with shareholders, and they are currently seeking new partners for cooperation [4] - The incident has raised concerns about the importance of trust in medical services, emphasizing that any business decision should not compromise patient rights [5]

(作者｜周琦 编辑｜张广凯) 又一高端牛奶低下头颅。 据南都报道，谢添地新规格产品已跌入三元区间，曾经比金典、特仑苏贵一截的标价，如今在同一货架 上反倒成了"低价担当"。 2021年，广州越秀集团掏出30亿元现金+债转股方案，把曾市值蒸发90%、黯然退市的辉山乳业收编， 成立"越秀辉山"。 将"2025年营收破百亿、择机上市"，作为复兴计划，而谢添地是越秀辉山为上市故事准备的第一颗"高 端棋子"。 但在需求疲软、库存高企、竞品围剿的夹击下，越秀选择战略后撤，谢添地也不得不低头。 2024年11月，谢添地以高举高打的姿态登场。 黑土娟姗纯牛乳250ml单盒定价12.8元，黑土A2β酪蛋白纯牛乳定价7.8元，蛋白质含量高达4.3g/100ml， 比市面上绝大多数UHT奶高出20%以上。 越秀乳业宣称，该产品使用"最顶级奶源"，辉山自营的"黑金奶源带"娟姗牛群，及A2基因筛查奶牛。 为快速让谢添地打响知名度，越秀直接直接锁定湖南卫视头部综艺，《声生不息·港乐季2》《声生不息· 大湾区季》两档节目。 有媒体报道，节目总冠名费用据业内估算在8000万元级别。 因其在节目中独特的亮相方式，让"不是所有奶都叫特仑苏，但每个 ...

Core Insights - The report by KPMG indicates that multinational companies are optimistic about revenue growth in China over the next three to five years, with 94% continuing to invest in the market and 75% planning to maintain or increase their investments by 2025 [1][3] Investment Plans - There has been a significant increase in mergers and acquisitions (M&A) by multinational companies in China, driven by two key strategies: acquiring companies in advanced sectors like electric vehicles and healthcare, and vertical integration through acquiring distributors and manufacturers to better serve Chinese consumers [3] - 64% of multinational companies plan to increase investments to maintain competitiveness in China, while 36% aim to enhance production capacity and another 36% focus on improving local R&D capabilities [3] Shift in Focus - 61% of multinational companies have shifted their focus from growth to profitability over the past three years, although 36% have not made this transition [4] - Among those prioritizing profitability, 49% are focusing on improving operational efficiency, 34% on pricing strategies to enhance profit margins, and 30% on reallocating resources to high-margin products or services [6] Localization Efforts - 83% of multinational companies have partially localized their operations in China, with 54% prioritizing localization in manufacturing, 50% in supply chain/logistics, and 40% in R&D [6][8] Digital Transformation - Over 90% of surveyed companies plan or have already begun digital investments, with 52% focusing on enhancing data analytics capabilities, 46% on upgrading IT infrastructure, and 36% on investing in emerging technologies [8] - 58% of multinational companies are utilizing artificial intelligence tools in their operations [8] Strategic Reassessment - Multinational companies are reassessing their strategies in China, shifting from mere expansion to focusing on profitable business models through localization and digital investments to enhance operational efficiency and pricing strategies [9]

【文/羽扇观金工作室】 国有大行高管层再迎重大变动。12月23日，腾讯新闻《一线》从多方获悉，中信银行党委副书记、行长 芦苇将调任中国邮政集团有限公司，出任党组成员，并担任邮储银行相关职务；待相关流程完成后，芦 苇或将接任邮储银行行长。财新亦从接近监管层人士处获得相似信息。与此同时，现任邮储银行党委书 记、行长刘建军已于今年8月年满60周岁，面临到龄退休。 这一人事调整若落地，将成为今年年末银行业最重磅高管变动。对于芦苇而言，今年4月刚从中信信托 回归中信银行出任行长，履职仅8个月便再度换岗，完成从头部股份行到国有大行的跨越。资料显示， 现年54岁的芦苇是"老中信"，1997年入职中信银行后深耕26年，历任计划财务部总经理、资产负债部总 经理、董事会秘书、深圳分行行长、副行长等要职，2022年调任中信信托任董事长，今年2月回归中信 银行。 而对于资产规模逾18.6万亿元的邮储银行，行长更迭事关这家以"三农"、城乡居民和中小企业为服务定 位的零售银行战略延续。刘建军1965年8月出生，曾在招商银行深耕20年，是招行零售转型的核心推动 者之一，2021年出任邮储银行行长。今年1月，他打破国有大行惯例，以行长身份兼 ...

【文/观察者网 柳白】泰柬新一轮边境冲突进入第三周。12月22日，在马来西亚举行的东盟外长特别会 议上，两国高级别官员进行了本轮冲突后的首次面对面沟通。 据英国广播公司（BBC）报道，泰国外交部长西哈萨在会后提到，两国此前就7月交火签署的停火协 议"过于仓促"，这是因为美方希望赶在美国总统特朗普访问马来西亚前签完协议。 "我们有时不得不加快进度，因为美方希望在特朗普总统访问前促成协议签署。"西哈萨说，"但很多时 候，我们确实需要坐下来，把问题彻底谈透才行……确保停火协议能够真实反映实地局势，并且是一份 能够真正得到遵守的协议。" 西哈萨透露，泰柬两国军方官员将于12月24日举行会谈，这是达成任何停火协议的必要前提。 柬埔寨方面目前尚未就此事发表评论。 12月22日，马来西亚吉隆坡，泰国外交部长西哈萨在东盟外长特别会议后出席发布会。 视觉中国 12月8日，柬泰边境爆发新一轮交火，这是自7月冲突以来最严重的暴力事件，双方在边境线上互相炮 击，泰国还出动战机，对柬埔寨的军事阵地发动空袭。目前冲突已造成两国数十人死亡，超过90万人逃 离家园。 柬埔寨外交部称，该国将"重申其坚定立场，通过一切和平手段、对话和外交途径消 ...

Group 1 - Uber and Lyft are collaborating with Baidu to launch autonomous taxi trials in the UK, indicating a competitive push for autonomous taxi services globally [1][3] - Uber plans to initiate a pilot project with Baidu's Apollo Go in London in the first half of 2026, following their initial partnership announcement in July [3] - Lyft's CEO announced plans to test dozens of Apollo Go RT6 vehicles in London next year, pending regulatory approval, as part of their collaboration with Baidu [3] Group 2 - The shift towards partnering with Chinese autonomous driving companies, such as Baidu, may be influenced by recent operational issues faced by Waymo's autonomous vehicles in the US [4] - Global ride-hailing platforms are increasingly choosing to collaborate with Chinese autonomous driving firms, expanding their services to various regions [4] - Southeast Asian ride-hailing company Grab is partnering with Momenta and WeRide to extend autonomous taxi services in Southeast Asia, while other companies are testing autonomous shuttle services in Singapore [5]