Core Viewpoint - The Chinese Ministry of Commerce strongly opposes the European Commission's recent investigations into Chinese companies under the Foreign Subsidies Regulation (FSR), citing discrimination and a lack of transparency in the process [1][2]. Group 1: Investigations and Responses - The European Commission has initiated multiple investigations into Chinese companies, including CRRC Group and Tongfang Weishi, which are seen as discriminatory actions against foreign investment [1]. - The Ministry of Commerce has identified the FSR investigations as trade and investment barriers, highlighting issues such as insufficient evidence, excessive enforcement, and a lack of transparency in procedures [1]. - The European Union Chamber of Commerce in China has expressed strong dissatisfaction with the FSR investigations, noting that they have led to significant operational impacts on Chinese enterprises in Europe [2][4]. Group 2: Impact on Chinese Enterprises - The FSR investigations have reportedly caused direct and indirect losses to Chinese companies amounting to approximately €2.1 billion [5]. - A survey conducted by the European Union Chamber of Commerce revealed that 63% of the 205 surveyed Chinese enterprises in Europe reported that their business was affected by the FSR, with 51% indicating damage to their commercial reputation and market image [5]. - The investigations have led to Chinese companies being forced to withdraw from bidding projects in public procurement due to the FSR, indicating a trend of increased scrutiny on Chinese investments [4][5]. Group 3: Calls for Fair Treatment - The European Union Chamber of Commerce has called for the European Commission to exercise caution in using its investigative powers under the FSR and to stop discriminatory enforcement actions against Chinese enterprises [4][5]. - There is a demand for the European Commission to provide a fair, just, and transparent business environment for foreign investors, emphasizing the need to lower compliance burdens for companies operating in Europe [5].

据韩联社报道，韩国科技副总理兼科学技术信息通信部长官裴庆勋18日表示，他认为中国也许将成为比 美国更强大的人工智能（AI）竞争对手，并强调韩国要加快推进AI基础设施建设与技术研发，以在全 球AI竞争中占据市场制高点。 大韩商工会议所（大韩商会）当天在首尔中区商会会馆举办一场座谈会，裴庆勋应邀出席并作如上表 述。 裴庆勋 资料图。 韩联社 裴庆勋说，今年通过民官合作扩充尖端AI基础设施，成功吸引国际科技巨头的投资，为韩国迈向AI三 强奠定基础，并强调迅速掌握世界顶尖AI模型和技术的必要性。 谈及全球AI格局，裴庆勋表示，美国在AI方面投入巨大、成果显著，但中国同样不可小觑，甚至可能 成为更强大的竞争对手。韩国可以在中美之间找到自身定位，但仍有大量准备工作需要完成。为跻身全 球第一、第二梯队，韩国需要进行更多投资并做好战略思考。 本文系观察者网独家稿件，未经授权，不得转载。 ...

Group 1 - Steven Laureys, a prominent Belgian neurologist, emphasizes the opportunity for collaboration with China in scientific research, particularly in the context of increasing Chinese investment in science despite challenges in the U.S. research environment [1][2] - Laureys has expanded his global research network to China, specifically partnering with Hangzhou Normal University, highlighting China's emergence as a significant force in global scientific innovation [1][2] - The collaboration aims to address the needs of a large population of patients with consciousness disorders in China, where there is a lack of national guidelines for assessing consciousness levels and making treatment decisions [5][6] Group 2 - The Zhejiang-Belgium Consciousness Disorders Joint Laboratory, established in October, is the only government-supported research center in China focused on this field, aiming to create a comprehensive framework for case analysis [5][6] - Laureys also leads research in Europe and the U.S. on the neural basis of commercial success, intending to adapt this research to the unique cultural context of China [6] - The collaboration is expected to have profound impacts on clinical and ethical decision-making in the treatment of consciousness disorders, as highlighted by his partner at Hangzhou Normal University [3][5]

Core Viewpoint - The leadership transition at Master Kong marks a return to family management after a decade of professional management, with Wei Hongcheng set to take over as CEO in 2026, following the retirement of Chen Yingrang in 2025 [1][4]. Company Announcement - Master Kong's announcement signifies the end of a managerial era, as the company returns to family leadership with Wei Hongcheng, the third son of founder Wei Yingzhou, stepping into the CEO role [4]. - The transition follows a series of strategic moves, including Wei Yingzhou's retirement to a senior advisory role in 2019 and the appointment of his sons to key positions within the company [4]. Leadership Profile - Wei Hongcheng, 43, holds degrees from Imperial College London and Harvard Business School, and has experience at Blackstone and PepsiCo before joining Master Kong in 2015 [5]. - He has been credited with effective strategic decision-making in the beverage segment, contributing to steady revenue and profit growth during his tenure [5]. - Wei Hongcheng currently holds 5 million shares and 1.385 million stock options in the company, with an estimated total compensation of approximately 9.37 million yuan for 2024 [5]. Performance Challenges - Master Kong's performance has been under pressure, with a reported revenue of 80.651 billion yuan in 2024, reflecting a minimal year-on-year increase of 0.3% [8]. - The company experienced a revenue decline of 2.7% in the first half of 2025, with total revenue of 40.092 billion yuan, and a net profit increase of 20.5% to 2.271 billion yuan [8][10]. - The beverage segment, which contributes nearly 70% of total revenue, saw a decline of 2.6% in sales, marking the first drop in beverage sales since 2021 [10][11]. Market Dynamics - The convenience food market is facing challenges due to changing consumer habits, with a shift towards delivery services impacting sales of instant noodles and packaged beverages [8][12]. - The company reported a 2.5% decline in instant noodle sales in the first half of 2025, with various product categories experiencing mixed performance [13]. - The overall market for instant noodles is under pressure, with a need for innovation to meet evolving consumer demands [14]. Strategic Outlook - The transition to family management is seen as a potential advantage for long-term strategic execution, as Wei Hongcheng takes over amid declining revenues and shrinking distribution channels [17]. - The ability of the new CEO to identify new growth opportunities within the existing framework established by previous leadership will be crucial for Master Kong's future [18].

【文/观察者网 王恺雯】在欧洲汽车行业承压之际，欧盟委员会当地时间12月16日发布汽车产业一揽子 方案，提议放宽2035年"燃油车禁令"相关要求。 路透社18日援引分析人士和专家观点指出，欧盟新的方案或为欧洲传统车企争取更多时间，以缩小与中 国车企的差距，但从长远来看，未来依然属于电动汽车。 欧盟在2023年决定，从2035年起全面禁售会导致碳排放的新的燃油轿车和小型客货车。但在欧洲汽车行 业协会的不断游说下，欧盟公布的最新方案将2035年新车"零排放"目标调整为较2021年"减排90%"。 报道指出，欧盟此举是为了帮助欧洲车企更好地与发展迅速的中国对手竞争。 新方案允许欧盟在2035年后继续销售插电式混合动力汽车、增程式电动汽车，甚至是传统内燃机车辆。 同时提议设立新的小型纯电动车类别，并对在欧洲制造的车型给予额外积分。 行业分析师指出，欧盟的新方案"基本满足"欧洲车企游说的诉求。 "（欧盟）委员会已允许欧洲汽车业进行选择，并获得了竞争的机会，"战略咨询公司Grant Thornton Stax的董事总经理菲尔·邓恩（Phil Dunne）说。他表示，希望欧洲汽车产业能凭借具有成本竞争力的电 动汽车"赶上中 ...

（文/霍东阳 编辑/张广凯） 西班牙快时尚品牌MANGO又回线下了。 深圳海岸城门店已经建起围挡，据悉，门店将于12月25日正式启幕，MANGO还在社交媒体上发出了围挡打卡活动。据社交媒体上网友发布的内容可以发 现，该门店围挡上标注的是"新形象呈现 全国首家"。 MANGO官方账号则在11月22日发布了一条"重逢倒计时"。两年前，这个曾经在中国拥有约200家门店的品牌几乎全面撤离了中国的线下市场，仅保留了山 东烟台一家门店作为象征性存在。 2023年，MANGO明确表示不再把中国市场作为优先关注的对象，转而重点发力美国和印度。有媒体认为，这几乎是宣告了MANGO在中国市场的战略性放 弃。 但2025年末，MANGO的高调"重逢"似乎意味着品牌对中国市场又有了新的打算。 而今，MANGO带着全新的形象店设计谨慎回归。 作为最早进入中国市场的快时尚品牌之一，MANGO在华二十余年的发展轨迹既见证了国际品牌在中国市场的早期辉煌，也因战略失误陷入长期困境。 2002年，MANGO以先行者的姿态进入中国市场，比其主要竞争对手Zara早了整整四年。 在最初的拓展阶段，MANGO选择了以代理商为主的轻资产模式，并快速铺开网 ...

Core Viewpoint - Mannings, a well-known health and beauty retail chain in Hong Kong, announced the closure of all its offline stores in mainland China by January 15, 2026, marking the end of its retail story in the region after over 20 years of operation [1][4] Group 1: Company Strategy and Market Position - Mannings' conservative and slow strategic approach has led to its disadvantage in market scale, making it difficult to transition from a regional brand to a national brand, with only about 100 stores remaining in mainland China by 2025 [2] - The brand's entry into mainland China in 2004 was significantly delayed compared to competitors like Watsons, which entered in 1989, resulting in missed opportunities during a booming retail period [1][2] - Mannings' ambitious goal of adding 300 stores within three years, announced in 2014, ultimately failed, leading to a lack of scale and brand presence in the market [1][2] Group 2: Market Challenges and Competition - The rise of online channels has significantly diverted foot traffic from Mannings' physical stores, while new beauty retail formats have attracted younger consumers with unique experiences and product selections [3] - Mannings has struggled to replicate its successful business model from Hong Kong in mainland China due to regulatory constraints and a lack of a clear market positioning, resulting in a blurred brand image [2][3] - The company's attempts to innovate through digital marketing and new store formats have not yielded significant results, failing to reverse the declining trend in its mainland operations [3][4] Group 3: Financial Performance and Strategic Decisions - Mannings has consistently operated at a loss in mainland China, relying on financial support from its parent company, DFI Retail Group, which has shifted focus towards its Hong Kong and Macau operations [4] - The decision to exit the mainland market aligns with DFI's broader strategic adjustments, as the health and beauty segment's growth is primarily driven by the Hong Kong market, marginalizing mainland operations [4] - The closure of Mannings' mainland stores is indicative of a broader trend in the retail industry, signaling the end of an era for traditional beauty retail models that depend solely on physical presence and product display [4]

Group 1 - Hainan Free Trade Port officially launched its island-wide customs closure on December 18, marking a significant milestone in its development [1] - The first batch of international vessels, including "De Fu 1200," "Hua Shun Oil 698," and "Hong Jin Shuo," received ownership certificates from the Hainan International Ship Registration Authority, becoming the first international ships registered at "China Yangpu Port" [3] - Siemens Energy became the first Fortune 500 company to establish operations in Hainan, with the project manager receiving the business license for Siemens Energy (Hainan) Co., Ltd. [4] Group 2 - The first five foreign nationals received work and residence permits in Hainan, with the process streamlined to allow completion within four days [6] - The first batch of "zero tariff" petrochemical raw materials, totaling 179,000 tons and valued at nearly 400 million yuan, arrived at Yangpu, allowing companies to save approximately 10 million yuan [7] - The first batch of processed goods, including 3,300 boxes of chocolate from Hainan, passed through the "second line port" at Haikou Meilan Airport, benefiting from tax exemptions due to a 30% value-added processing requirement [8] Group 3 - Hainan Refining and Weida Chemical completed the customs clearance for the first batch of goods eligible for tax exemptions due to cumulative processing value, significantly reducing procurement costs for Hainan Refining and lowering polyethylene costs by 400 yuan per ton for Weida Chemical [9] - Sanya Phoenix International Airport processed its first batch of "zero tariff" imported goods, including scientific equipment from Germany and Hong Kong, with total tax reductions amounting to approximately 128,000 yuan and 182,100 yuan respectively [11]

Core Viewpoint - The acquisition of a controlling stake in Yiyuan Wine Industry by Yang Lingjiang, founder of 1919, marks a significant move in the liquor distribution sector, allowing for potential integration of high-margin wine production into 1919's operations [1][2]. Group 1: Acquisition Details - Yang Lingjiang acquired 73.63% of Yiyuan Wine Industry for approximately HKD 159 million (around RMB 144 million) [1]. - Yiyuan Wine Industry's stock had been trading below HKD 1 since the second half of 2022, indicating a favorable acquisition cost for Yang [1]. - The acquisition is defined as a personal investment by Yang and does not involve direct asset injection or business merger between 1919 and Yiyuan [1]. Group 2: Strategic Implications - The acquisition is expected to enhance 1919's profitability by integrating Yiyuan's high-quality wine into its sales network, transitioning from a liquor retailer to a comprehensive liquor service provider [2]. - Yiyuan Wine Industry, established in 1997, has faced challenges, including a significant revenue decline of 46.8% in 2024, leading to a net loss of RMB 41.02 million [2]. - Analysts believe that Yang's involvement will lead to strategic business model adjustments and potential further capital actions [2][3]. Group 3: Market Positioning - Yiyuan's status as a publicly listed company provides a platform for capital integration, facilitating Yang's broader international market ambitions [3]. - The acquisition aligns with the trend of Chinese liquor companies expanding their operational elements overseas, including capital and management [4]. - Yang Lingjiang's proactive approach and past decisions have positioned 1919 to navigate industry cycles effectively, enhancing its market presence [4][5]. Group 4: Future Prospects - The transaction is viewed as mutually beneficial, allowing 1919 to strengthen its supply chain while providing Yiyuan with access to 1919's extensive distribution network [7]. - Yang's acquisition of Yiyuan Wine Industry is likely to be a strategic move to incorporate the wine segment into his expanding liquor business portfolio [7].

Core Viewpoint - BYD plans to build a "giant" chassis factory in Brazil within the next three years to meet the surging demand for electric buses, significantly increasing its production capacity from approximately 600 units to a maximum of 7,000 units annually [1][5]. Group 1: Production Capacity Expansion - The new factory will replace the current operations in Campinas, which are spread across multiple leased buildings, and will have a total area of about 180,000 square meters compared to the current 7,000 square meters [6]. - BYD aims to double its current production capacity in the short term by establishing a temporary factory near Campinas within 4-6 months [5]. - The new factory is expected to achieve full production capacity of 6,000 to 7,000 chassis per year and will also consider the production of electric trucks [5][6]. Group 2: Market Demand and Orders - Since 2015, BYD has been assembling electric bus chassis in Campinas, and it expects to produce about 1,200 chassis in 2026, which is double the total production of the first ten years in Brazil [2]. - The company has received nearly full-year orders and is currently focused on expanding capacity while fulfilling existing orders [2][4]. - The growth in electric bus orders reflects a trend of fleet renewal, particularly in São Paulo, where operators are updating buses that have exceeded their service life during the pandemic [4]. Group 3: Export Potential - The new factory project is also aimed at supporting export operations, with BYD viewing Brazil as a natural manufacturing hub for exporting electric buses to neighboring South American markets, especially the Southern Common Market [8]. - There is potential for future exports to Africa, although any expansion beyond South America will occur after production and logistics integration is completed [8]. Group 4: Historical Context and Business Development - BYD's entry into the Brazilian market began with commercial vehicles before moving to passenger cars, adapting to local conditions by shifting from importing complete vehicles to local chassis assembly [9]. - The company has expanded its business in Brazil to include special electric trucks and battery-related businesses, such as solar panels and energy storage [9]. - In 2023, BYD introduced passenger car production in Brazil, taking over a former Ford factory in Camaçari, with an initial investment of 5.5 billion reais (approximately 7.1 billion yuan) and an expected creation of up to 20,000 jobs [9][11].