此次变更标志着娃哈哈集团管理层正式完成代际交接，宗馥莉虽保留29.40%股权，但已彻底退出经营 管理层。 据企查查APP最新工商信息显示，2025年11月27日，杭州娃哈哈集团有限公司完成重大工商变更：宗馥 莉正式卸任法定代表人、董事长及总经理职务，其职位由许思敏接任。 值得关注的是，此次宗馥莉辞任十分彻底。在11月18日举行的娃哈哈集团2025年经销商大会上，许思敏 作为总经理代表集团发言，宗馥莉未出席该重要会议，进一步印证其已完全退出日常经营管理。 新任掌门人许思敏系1994年生于广东揭东的法学专业人才，毕业于浙江大学法学系，此前曾担任宏胜集 团法务部部长。2024年，许思敏以监事身份进入娃哈哈高管团队，此次晋升为董事长、总经理及法定代 表人，完成从法务专家到企业掌舵人的职业跃升。 本文系观察者网独家稿件，未经授权，不得转载。 值得一提的是，在此次辞任之前，宗馥莉曾于2024年7月24日因杭州市上城区人民政府及部分股东对其 继任宗庆后离世后的经营管理合理性提出质疑，提交辞呈。经一周协商，7月31日娃哈哈集团发布声 明，各股东达成友好协商，宗馥莉继续履行管理职责。 然而时隔一年，宗馥莉于2025年9月12日 ...

Core Points - CATL and Stellantis have officially laid the foundation for a battery factory in Spain, marking the largest investment by a Chinese company in the country, amounting to €4.1 billion (approximately ¥33.68 billion) [1][3] - The factory, located in Figueruelas, Aragon, is expected to train up to 4,000 workers and is projected to start production by the end of 2026, supplying batteries for Stellantis' automotive plants [1][3] Investment and Economic Context - Spain is the second-largest automobile producer in Europe, with lower labor costs and industrial energy prices approximately 20% below the EU average, positioning itself as a battery hub [3] - The Spanish government plans to build three additional battery factories, including projects from companies like Farasis Energy, PowerCo, and InoBat [3] Trade Relations and Cooperation - The year marks the 20th anniversary of the comprehensive strategic partnership between China and Spain, with recent visits by Spanish King Felipe VI to China aimed at enhancing cooperation in trade, industry, technology, and green energy [3] - Spain's Minister of Industry, Trade and Tourism expressed the country's willingness to collaborate with various nations, particularly China [3] Local Workforce and Training - CATL plans to collaborate with local universities to train Spanish workers and will send some employees to its manufacturing base in China for additional training [4][5] - The proportion of Chinese workers is expected to decrease to below 10% as the factory expands, providing more job opportunities for local workers [5] Technological Knowledge Gap - The automotive industry in Spain is facing stricter local procurement requirements for components, but there is a noted lack of technical knowledge in battery production within the country [3] - A local industry representative acknowledged that Chinese battery technology is several years ahead of Spain's capabilities, indicating a need for Spain to observe and learn [3]

Core Points - Spain is actively responding to the electric vehicle industry's transition, aiming to solidify its position as the second-largest automotive producer in the EU, following Germany [1] - CATL's investment in a lithium iron phosphate battery factory in Spain aligns with the country's development goals and strengthens its partnership with China [1] - The joint venture between CATL and Stellantis has commenced construction with a total investment of €4.1 billion, marking the largest single investment by China in Spain [1] - The factory is expected to start production by the end of 2026, with an annual capacity of 50 GWh [1] - The project has received €300 million in funding from the EU, highlighting Europe's reliance on Chinese technology despite potential trade rule tightening [1] Investment and Employment - The factory will train up to 4,000 local workers, with a commitment from CATL to share technology to support Europe's energy transition [1][4] - CATL plans to send 2,000 Chinese employees to Spain in phases for the factory's construction, which is unprecedented for Chinese industrial projects in Europe [4] - The CEO of the Spanish factory indicated that local hiring is a priority, with plans to collaborate with Spanish universities for targeted training [4] Political and Strategic Context - The project has garnered support from both major political parties in Spain, reflecting a strategic ambition to establish Spain as a European battery production hub [5] - Spain offers competitive advantages such as industrial electricity prices 20% lower than the EU average and low labor costs, attracting global capital [5] - Despite a hardening stance from Europe towards China, Spain maintains close trade relations, as evidenced by recent high-level visits and discussions on bilateral cooperation [6]

Core Viewpoint - LeMo Technology, known for its shared electric massage chairs, is set to go public on the Hong Kong Stock Exchange, aiming to raise approximately HKD 222 million through the issuance of 5.56 million shares at HKD 40 each, with the listing expected on December 3 [1] Company Overview - LeMo Technology is recognized as the leading provider in the machine massage service market in China, holding a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 based on transaction volume, and over 50% based on revenue [1] - The company operates under the brand "LeMo Bar," providing services in various public locations such as shopping malls, cinemas, high-speed rail stations, and airports [1] Growth and Expansion - From 2022 to 2024, LeMo Technology is in a rapid growth phase, expanding its service points from 21,727 at the end of 2022 to 45,993 by the end of 2024, with over 53,300 massage machines deployed across 337 cities [2] - Revenue projections for the company are expected to grow from CNY 330 million in 2022 to CNY 798 million in 2024, representing an increase of approximately 150% over three years [2] Financial Performance - In the first eight months of 2023, LeMo Technology reported revenue of CNY 631 million, a year-on-year increase of 13.8% from CNY 554 million in the same period last year, indicating a slowdown compared to previous growth rates [2][3] - Profit figures show a significant increase from CNY 6.48 million in 2022 to CNY 87.34 million in 2023, but a slight decline is projected for 2024, with profits expected to decrease by 1.76% to CNY 85.81 million [3] Profitability and Margins - The gross profit margin for machine massage services was 24.66% in 2022 and increased to 41.47% in 2023, but is projected to decline to 36.16% in 2024, reflecting a drop of over 5 percentage points [3] - Despite a slight recovery in gross margin to 36.61% in the first eight months of 2023, it remains below the 41.32% recorded in the same period last year, indicating challenges in maintaining profitability [3] Market Challenges and Future Outlook - LeMo Technology acknowledges challenges in expanding its market share and penetration, including increased service point usage fees, rising equipment costs, and higher operational expenses associated with a direct sales model [4] - The overall market for machine massage services in China is projected to reach CNY 2.7 billion by the end of 2024, with expectations of growth to CNY 5.6 billion by 2029, suggesting that even as a market leader, LeMo Technology may face limitations in scaling [4] - The company plans to accelerate its overseas market expansion by increasing the number of massage machines sold to international partners, but faces challenges such as differing consumer preferences, higher labor costs, and difficulties in securing ideal service locations [4]

Core Viewpoint - The ongoing conflict between Luo Yonghao and Hua Shan highlights the tensions within the Chinese marketing and public relations industry, particularly regarding accountability and public statements made by industry leaders [1][4]. Group 1: Incident Overview - Luo Yonghao issued an ultimatum to Hua Shan, demanding a public apology by 6 PM on November 26, failing which he threatened to release recorded conversations [1][4]. - The dispute originated from Hua Shan's comments on a salary increase for employees at Xibei, which Luo Yonghao found misleading and provocative [1][4]. - As of November 27, Hua Shan had not apologized, and Luo Yonghao confirmed he had not received any private apology [4]. Group 2: Background of the Parties Involved - Hua Shan is the founder of Hua Yu Hua, a marketing consulting firm known for its "super symbol" theory, which has been influential in the branding and marketing sector [10][11]. - The firm has worked with notable clients such as Xibei, Haidilao, and others, creating memorable marketing campaigns [11][13]. - Luo Yonghao and Hua Shan have a history of conflict, including a previous incident in September regarding Xibei, which ended with a private apology from Hua Shan [10][11]. Group 3: Industry Implications - The incident reflects broader issues in the marketing industry, such as the reliance on established firms for branding strategies and the challenges they face in adapting to new market conditions [13]. - Hua Yu Hua's approach has been criticized for being formulaic, focusing on large, bright designs and catchy slogans, which some believe may not resonate with modern consumers [11][12]. - The ongoing public dispute may impact the reputation of both parties within the industry, potentially altering client perceptions and future business opportunities [1][4].

11月24日晚，中国国家主席习近平同美国总统特朗普通电话。随后，在特朗普要求下，美日两国领导人进行了通话。 耐人寻味的是，美日双方均未透露这次通话的具体内容。在被问到是否谈及台湾问题时，高市早苗更以"细节不便透露"为由搪塞过去。 第二层，我们知道高市早苗这一轮挑衅不仅是试探中国，其实也在试探美国，甚至是企图改变战后国际秩序。众所周知，特朗普第二次上台以来外交战略回 归杰克逊主义，抛弃了以建立联盟为核心的威尔逊主义；他认为联盟没有太大用处，反而拖累了美国。这在欧美关系中体现得非常明显。所以要回归大国博 弈，把所有的战略外交资源放到中国、俄罗斯这些大国上。 中美两国元首自釜山会晤后不到一个月内再次通话，传递了怎样的信号？特朗普为何在此时主动给日本打电话？这会在多大程度上影响日本的盘算？中国如 何进一步反制日方的挑衅？观察者网对话上海外国语大学杰出教授黄靖，分享他的观察。 ·高市言论不仅挑衅中国，也在试探美国 观察者网：这两天，国内外媒体的关注焦点被两通电话所吸引。11月24日，习近平主席同特朗普总统通话；紧随其后的是，特朗普要求与日本首相高市早苗 通话。尽管美日领导人通话并未透露具体内容，但外界对于两次通话背后所 ...

Group 1: Semiconductor Industry - The Chinese Ministry of Commerce urges the Dutch government to propose constructive solutions regarding ASML Semiconductor to stabilize the global semiconductor supply chain [1] - The Dutch government has announced a suspension of administrative orders, but improper administrative and judicial interventions remain, leading to continued uncertainty in the semiconductor supply chain [1] Group 2: High-Tech Manufacturing - From January to October, profits in high-tech manufacturing increased by 8.0% year-on-year, outperforming the average profit growth of all industrial sectors by 6.1 percentage points [2] - The smart electronics manufacturing sector showed strong growth, with profits in the smart drone manufacturing and smart vehicle equipment manufacturing sectors increasing by 116.1% and 114.9%, respectively [2] - Semiconductor manufacturing also saw significant profit growth, with integrated circuit manufacturing, electronic specialty materials manufacturing, and semiconductor discrete device manufacturing profits rising by 89.2%, 86.0%, and 17.4%, respectively [2] Group 3: Stock Market Performance - U.S. stock markets continued their strong performance, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all rising for the fourth consecutive trading day [3] - Technology stocks were a major driver of the market's upward movement, with Oracle's stock surging over 4%, Broadcom rising more than 3%, and AMD nearing a 4% increase [3] - Major tech companies like Microsoft, Nvidia, Tesla, and Netflix recorded gains of over 1%, while Alphabet's stock fell by more than 1% [3] Group 4: GPU Market - Domestic GPU company Muxi Co. plans to officially launch its IPO on December 5, aiming to raise 3.904 billion yuan for three major GPU projects [4] - The new C700 series product from Muxi Co. is designed to compete with Nvidia's H100 [4] Group 5: Corporate Actions - HP announced a global workforce reduction of approximately 10% as part of a comprehensive AI transformation plan, aiming to save $1 billion annually by applying AI tools across various functions [7] - The company plans to lay off between 4,000 to 6,000 employees by the end of the 2028 fiscal year, with stock prices dropping over 5% following the announcement [7] Group 6: Legal Issues in Semiconductor Industry - TSMC has accused a former executive of leaking trade secrets to Intel, which Intel has denied, asserting that it has strict policies against using or transferring third-party confidential information [5][6] - TSMC filed a lawsuit against the former senior vice president, claiming potential misuse of confidential information after he joined Intel [6]

11月27日，小米创办人，董事长兼CEO@雷军 在微博表示："香港小米基金会捐赠1000万港元，紧急驰 援香港大埔火灾救援。祈愿逝者安息、伤者康复，受灾同胞早日渡过难关。" @雷军 微博截图 @小米公益基金会 27日发布声明： 昨天下午，香港新界大埔区宏福苑多栋住宅楼发生五级火灾，造成重大损失，救援工作牵动着全国人民 的心。 11月27日上午，香港小米基金会紧急驰援1000万港元，用于受灾居民的医疗救助、紧急安置、过渡期生 活救助等救援工作。 香港小米基金会将持续关注赈灾救援情况，并与社会各界携手，帮助受灾同胞早日渡过难关、重返正常 生活。 感谢主管部门及合作慈善公益机构的悉心指导与协作，感谢社会热心人士的支持，向所有恪尽职守的消 防员，以及所有积极参与抢险赈灾的伙伴们致以最崇高的敬意。 同根同心，守望相助。携手救灾，我们同在！ @小米公益基金会 微博截图 ...

Core Viewpoint - The article discusses the evolving landscape of intellectual property (IP) in the context of China's increasing patent applications and the implications of EU's demands for technology transfer from China, highlighting a shift from being perceived as a victim of IP infringement to becoming a proactive participant in the global IP system [1][10]. Group 1: Patent Application Trends - In 2024, China submitted 20,081 patent applications to the European Patent Office (EPO), marking a 0.5% increase from 2023, and reflecting a nearly 400% growth over the past decade [4][5][22]. - The number of domestic applicants in China is 91%, while only 9% are from abroad, indicating a strong domestic focus compared to other countries like the US and Japan, which have higher foreign applicant percentages [2][4]. - Despite challenges such as trade wars and the pandemic, China's patent application growth has remained robust, with a notable increase of 29.2% during the peak of the trade war [5][6]. Group 2: Competitive Positioning - Chinese companies are increasingly recognized as active participants in the global IP landscape, with major firms like Huawei leading in patent applications, ranking second globally in 2024 with 4,322 applications [22][23]. - The article emphasizes that the rapid growth of Chinese patent applications in Europe suggests a potential shift in the global patent landscape, with China poised to surpass Japan and Germany in the near future [8][9]. - The competitive dynamics are shifting, with European companies feeling threatened by China's rapid advancements in technology and patenting, indicating a need for a new narrative around IP that emphasizes cooperation rather than conflict [12][36]. Group 3: Strategic Implications - The article suggests that China should embrace a new narrative around IP, positioning itself as a defender and supporter of global IP norms, which could enhance its international reputation and facilitate smoother market entry for Chinese companies abroad [10][38]. - The need for Chinese companies to protect their technological advantages while navigating international markets is highlighted, particularly in regions like Southeast Asia and India, where technology transfer demands are prevalent [32][36]. - Establishing a positive image in the IP domain is crucial for Chinese firms to maintain their competitive edge and foster a conducive business environment for overseas expansion [17][38].

（文/解红娟 编辑/张广凯） 兰世立公开宣战五天后，金龙鱼决定进行反击。 11月25日深夜，益海嘉里通过官方微信号发布《关于兰世立先生相关不实言论的声明》（以下简称"《声明》"），针对兰世立在其多个自媒体账号上发布大 量与我司有关的不实言论进行公开澄清。 《声明》首先从此前的法律判决结果切入，表明法院已认定兰世立言论侵权。上海市浦东新区法院及上海市第一中级人民法院的判决共同认定，兰世立于 2024年7月11日在其自媒体账号上发布的视频侵犯了益海嘉里的权益，判令兰世立公开道歉、消除影响并支付30700元。 针对兰世立质疑金龙鱼玩弄法律游戏这一说法，《声明》详细说明了判决执行过程，强调其合法合规。《声明》指出，判决生效后，兰世立先生未按期履 行，法院依法强制执行冻结了兰世立先生一个银行账户中的30700元，后兰世立先生支付了10万元并进行了公开道歉，法院于2025年11月10日解除了冻结。 我司于11月18日将其多付的款项69300元退回。 此外，对于兰世立11月20日召开新闻发布会公开宣战一事，《声明》指出，兰世立在发布会上声称没有收到其多付的款项、法院冻结其全部银行账户、并仍 未解冻等相关不实言论，严重侵犯了 ...