Core Viewpoint - The price of Feitian Moutai has significantly declined during the 2024 and 2025 Double Eleven shopping festivals, driven by aggressive discounting strategies from e-commerce platforms, leading to a perception that the "Moutai myth" has fallen apart [1][2][12]. Price Trends - During the 2024 Double Eleven, Feitian Moutai was priced at approximately 2036 yuan on Taobao, 2061 yuan on Pinduoduo, and 2499 yuan on JD [1][18]. - In 2025, prices dropped further, with Taobao listing it at 1640 yuan and Pinduoduo at 1499 yuan, marking a significant decline from previous years [2][7]. - The price of loose Feitian Moutai has shown a downward trend, with reports of prices falling below 1600 yuan during the promotional period [5][6]. Market Dynamics - The extended promotional period for Double Eleven has led to a "price drop" phenomenon, with prices fluctuating daily and reaching new lows [5][6]. - The price of loose Feitian Moutai fell to 1715 yuan by October 27, 2024, and continued to decline, breaking the psychological barrier of 1700 yuan shortly after [6][12]. - E-commerce platforms are engaged in a fierce subsidy war, further driving prices down and impacting the profit margins of offline distributors [12][13]. Consumer Sentiment - Consumer reactions indicate a divide, with some expressing disappointment over the falling prices, suggesting that the prestige associated with Moutai is diminishing [2][12]. - The perception of Moutai as a high-value product is being challenged as prices approach cost levels, leading to concerns about the brand's market position [12][22]. Industry Context - The decline in Moutai prices is part of a broader trend affecting the high-end liquor market, with other brands like Wuliangye and Guojiao 1573 also experiencing significant price drops [22][26]. - The overall market for high-end liquor is under pressure due to changing consumer preferences, economic conditions, and stricter drinking policies [21][22]. Future Outlook - Analysts predict that the price of Moutai may continue to align closer to the official guidance price of 1499 yuan, reflecting ongoing market adjustments [21][22]. - The white liquor industry is expected to undergo a prolonged period of adjustment, with inventory issues and pricing pressures becoming the norm [48][49].

【文/观察者网 邓军 编辑/赵乾坤】 卡塔尔航空公司与国泰航空有限公司之间长达近八年的股权投资关系正式宣告终结。 综合彭博社、《香港经济日报》的报道，国泰航空（00293.HK）与卡塔尔航空近日共同发布声明，国 泰航空计划以每股10.8374港元（约合9.92元人民币）的价格，回购卡塔尔航空所持有的6.43亿股国泰航 空股份或9.57%股权，交易总金额约为69.69亿港元（约合63.83亿元人民币）。国泰航空将动用内部资 金及现有信贷额度完成支付。 国泰航空方面表示，此次回购旨在"让卡塔尔航空有序退出"，并最大限度地减少"因卡塔尔航空在市场 上出售股份而可能造成的任何潜在的重大市场波动"。此外，公司也视其为"提升每股收益的良好机 会"。国泰航空强调，在全面评估未来融资需求及市场环境后，公司具备充足资金完成此次回购。 《香港经济日报》报道称，国泰航空集团主席贺以礼表示："此次股份回购体现了我们对国泰航空集团 未来发展的坚定信心，也彰显了我们对香港国际航空枢纽发展的坚定承诺。" "这项决定是我们积极优化投资、为集团长期发展奠定基础战略的一部分。"卡塔尔航空集团首席执行官 巴德尔·穆罕默德·阿尔—米尔说，在调整股权 ...

广州农商银行作为被告或被申请人、第三人的诉讼及仲裁金额超过人民币1000万元的未决诉讼案件共4 件，涉及标的金额约人民币2.08亿元，其中2件案件处于一审阶段，1件处于二审阶段，1件处于发回重 审一审阶段。 11月6日，广州农商银行发布公告，公示其涉及的4起法律诉讼。 其中，2022年5月10日，雅安农村商业银行股份有限公司就广州农商银行理财产品"安心回报262号"向广 州农商银行提起诉讼，要求支付本金及利息合计人民币60251356.19元。根据广州市天河区人民法院于 2023年8月29日作出的一审判决，广州农商银行被判令向雅安农商银行支付人民币36325589.16元。其 后，广州农商银行就该判决提出上诉。广州市中级人民法院于2024年12月9日裁定撤销原判并发回重 审。重审一审已于2025年6月23日开庭，现正等待判决结果。 2023年，河南舞钢农村商业银行股份有限公司就广州农商银行理财产品"安心回报262号"向广州农商银 行提起诉讼，要求返还或移交理财产品资产。原告于2023年12月25日开庭时变更诉讼请求，要求按现状 返还或移交理财产品资产，资产价值暂计人民币31666285.52元，并要求后续收益 ...

"这凸显了美国科技行业，乃至更广泛经济领域的重大挑战。" 让彭博社发出这番感慨的，是美国的两座数据中心，它们分别由Digital Realty和Stack Infrastructure公司 开发，因当地无法供电而空置数年。 更为"黑色幽默"的是，这两家中心都位于英伟达的总部——美国加利福尼亚州圣克拉拉。 在英伟达等企业的推动下，云服务和人工智能热潮推动数据中心需求空前高涨，但电力供应正成为最大 瓶颈，这主要源于电网基础设施的老化、输电线路建设缓慢以及各种监管和许可障碍。 Digital Realty于2019年申请建设一座数据中心。约六年后，该项目仍是一座空壳，等待全面通电。Stack Infrastructure（今年早些时候被Blue Owl Capital收购）在附近拥有一个需用电48兆瓦的项目，同样空 置，而这座城市自营的公用事业公司硅谷电力（Silicon Valley Power） 正在努力升级其供电容量。 电力系统的压力只会进一步加剧。根据彭博新能源财经（BloombergNEF）预测，到2035年，仅美国的 人工智能计算电力需求就可能翻倍还不止。英伟达CEO黄仁勋和OpenAI CEO萨姆·奥 ...

该卡以促进电影消费为目标，卡面设计融入经典电影"龙标"形象元素，配套"电影票买一赠一"优惠权 益，并叠加餐饮代金券、商圈优惠等多项生活福利，让持卡人更好跟着电影品美食、畅消费，助力多元 消费生态构建。龙卡龙标电影信用卡的推出，是"电影+"跨界合作的又一次探索创新，将为电影消费注 入金融新活力。 国家电影局网站消息，11月11日，中国建设银行联合中国银联、大麦娱乐打造的龙卡龙标电影信用卡在 2025年金鸡百花电影节金鸡电影市场启动仪式上正式发布。中宣部电影局、中国建设银行、中国银联、 大麦娱乐有关负责人等出席发布仪式，并为首批持卡人代表授卡。 ...

"这凸显了美国科技行业，乃至更广泛经济领域的重大挑战。" 让彭博社发出这番感慨的，是美国的两座数据中心，它们分别由Digital Realty和Stack Infrastructure公司 开发，因当地无法供电而空置数年。 更为"黑色幽默"的是，这两家中心都位于英伟达的总部——美国加利福尼亚州圣克拉拉。 在英伟达等企业的推动下，云服务和人工智能热潮推动数据中心需求空前高涨，但电力供应正成为最大 瓶颈，这主要源于电网基础设施的老化、输电线路建设缓慢以及各种监管和许可障碍。 Digital Realty于2019年申请建设一座数据中心。约六年后，该项目仍是一座空壳，等待全面通电。Stack Infrastructure（今年早些时候被Blue Owl Capital收购）在附近拥有一个需用电48兆瓦的项目，同样空 置，而这座城市自营的公用事业公司硅谷电力（Silicon Valley Power） 正在努力升级其供电容量。 电力系统的压力只会进一步加剧。根据彭博新能源财经（BloombergNEF）预测，到2035年，仅美国的 人工智能计算电力需求就可能翻倍还不止。英伟达CEO黄仁勋和OpenAI CEO萨姆·奥 ...

11月11日上午，根据"智元上纬"公众号发布内容，上纬新材将发布一款身高1.88米的全尺寸机器人。 据悉，11月10日，企查查APP显示，近日，智元机器人关联公司智元创新（上海）科技有限公司发生工 商变更，企业名称变更为智元创新（上海）科技股份有限公司，同时企业类型同步由有限责任公司（外 商投资、非独资）变更为股份有限公司（港澳台投资、未上市）。 具体来看，在官方发布的内容中包含两张图片，第一张图片以黑色为背景，呈现了一个机器人的形象， 上方有白色的"大有可为"文字以及"1.88"和刻度线，底部有"上纬新材"的标识，第二张图片也展示了具 有科技感的机器人形象，配有白色的 "敬观其变" 文字。 据悉，智元机器人官方回应称，上纬新材是独立开展具身智能业务，并非联合智元开展。 此前，在11月6日，年内涨幅超20倍的科创板股票上纬新材发布公告称，将提前启动董事会换届选举， 其中，"稚晖君"彭志辉被提名为董事候选人。 国内机器人企业智元机器人的关联方上市公司上纬新材，已决定入局具身智能机器人领域，并已发布机 器人新产品信息。据悉，目前，名称为智元上纬的公众号已经上线，账号主体为"上纬新材料科技股份 有限公司"。 ...

Core Insights - Apple is pursuing a satellite internet strategy, planning to introduce 5G NTN (Non-Terrestrial Network) technology in the upcoming iPhone model [1] - The company has been developing its satellite capabilities for about a decade, initially aiming to replace traditional cellular networks entirely [1][7] - Apple has expanded its satellite services, including emergency SOS features and non-emergency satellite messaging, relying on Globalstar's satellite network [2][4] Group 1 - Apple is developing multiple satellite functionalities, including APIs for third-party developers, satellite-enabled Apple Maps, and enhanced satellite messaging that supports image transmission [5] - Significant upgrades to Globalstar's satellite infrastructure are necessary to achieve these functionalities, with Apple providing financial support [6] - Internal debates exist within Apple regarding whether to build its own satellite services, with a growing consensus against becoming a telecom operator [7] Group 2 - Despite internal debates, there are strong reasons for Apple to continue developing its satellite capabilities, as satellite communication may become a mainstream technology for mobile connectivity [8] - Apple's current satellite agreements are primarily compatible with Globalstar, limiting flexibility in switching suppliers [8] - The strategy includes offering core satellite functionalities as free services to boost iPhone sales while charging for advanced features through partnerships with telecom operators or satellite service providers [8] Group 3 - The competitive landscape is changing, with Globalstar facing financial pressures and potential acquisition interest from SpaceX [8] - A partnership with SpaceX could facilitate the launch of premium satellite service packages, including voice calls, video chats, and web browsing via satellite [9]

Core Insights - JD.com has surpassed 700 million annual active users, showcasing its resilience and adaptability in the retail sector [1][4][21] - The company is not just an e-commerce platform but a value-driven enterprise that balances supply chain technology and service [3][12][20] - JD.com's supply chain efficiency is a key driver of its growth, enabling it to offer competitive pricing and quality products [4][12][26] User Growth and Engagement - JD.com achieved a 19.1% growth rate in unique user acquisition, making it the fastest-growing company in China's internet sector as of August [4][21] - The active user count has increased by 40% year-on-year, indicating strong market engagement [21][26] - The "Jingxi Self-operated" platform has contributed significantly to user growth, adding 15 million new users in one year [6][11] Supply Chain Strategy - JD.com has developed a "super supply chain" that enhances operational efficiency and reduces costs, which is crucial for maintaining competitive pricing [12][20][26] - The company operates over 1,600 logistics centers in mainland China, with a self-operated product count reaching millions [12][26] - Supply chain efficiency improvements translate to increased profits, with every 1% efficiency gain potentially leading to multiple points of profit at the consumer level [12] Business Model and Ecosystem - JD.com emphasizes a win-win distribution mechanism, focusing on creating a sustainable ecosystem that benefits consumers and manufacturers alike [11][20][26] - The company has successfully integrated its supply chain capabilities into various sectors, including food delivery and local services, enhancing overall user experience [16][23] - JD.com's approach to low pricing is rooted in supply chain efficiency rather than compromising on quality, ensuring a sustainable business model [24][26] Market Position and Future Outlook - JD.com is positioned as a benchmark for supply chain technology and a model for creating value in the retail industry [3][12][27] - The company's commitment to understanding consumer trends and needs has allowed it to adapt and thrive in a competitive landscape [9][20] - JD.com's ongoing focus on supply chain innovation and user experience is expected to drive future growth and maintain its competitive edge [26][27]

Core Insights - The article discusses how Feishu's multi-dimensional spreadsheet, combined with AI capabilities, is reshaping productivity in the e-commerce sector, particularly in preparation for the Double 11 shopping festival [1][2]. Group 1: Feishu's Role in E-commerce - Feishu has conducted nearly 100 training sessions focused on e-commerce this year, reaching over 500,000 practitioners, thereby leading the industry into the AI era [1][5]. - The integration of "AI + Feishu Multi-dimensional Spreadsheet" is positioned as a core tool to enhance operational efficiency amidst challenges like multi-platform operations and data fragmentation [2][4]. Group 2: Case Studies and Applications - In the apparel sector, brands like Jiao Nai have utilized Feishu's multi-dimensional spreadsheet to collect user feedback for product iteration, create a centralized dashboard for cross-channel collaboration, and leverage AIGC technology to significantly reduce design time for marketing materials [2]. - The food industry example includes brands like Three Squirrels, which streamlined their product development and sales processes using Feishu's tools, and Babycare, which improved customer complaint response times [2]. Group 3: Evolution of Feishu Multi-dimensional Spreadsheet - The Feishu multi-dimensional spreadsheet has evolved from a "high-level spreadsheet" to a "business toolbox," featuring capabilities such as data integration, AI workflow construction, and standardized business processes [3]. - By 2025, the spreadsheet is expected to transform into a genuine business system, catering to the needs of e-commerce practitioners for self-built systems [3]. Group 4: Industry Trends and Future Outlook - The e-commerce sector is experiencing a shift towards AI-driven operations, with a focus on standardization before scaling, as companies increasingly integrate AI into their workflows [4]. - Feishu has introduced an AI application maturity standard to help businesses assess the effectiveness of their AI tools, aiming to enhance understanding and practical application of AI products [5].