近日，万宁中国官网公告称，药妆连锁店万宁mannings即将关闭中国内地所有线下门店及线上商城，包 括线上万宁官方商城、天猫、京东、拼多多旗舰店也停止销售，未来仅保留跨境官方商城、跨境电商继 续为中国内地用户提供服务。 2004年，万宁进入内地市场，与屈臣氏、莎莎为代表的港资连锁店不同的是，万宁一直主打"药妆"和健 康类产品，形成错位竞争。凭借现代化的管理、丰富的国际品牌商品、创新的购物体验，万宁迅速成为 内地一、二线城市消费者的美妆购物圣地。巅峰时期，万宁门店数曾突破200家，并尝试布局线上渠 道、打通会员体系，融入内地市场。 万宁于1972年在香港成立，是名副其实的老牌美妆连锁。1976年，彼时仍称作牛奶国际控股有限公司 （Dairy Farm International Holdings Limited）的DFI零售集团入主万宁，除了万宁，其在香港还经营7-11 便利店、美心等多个连锁品牌，可谓实力雄厚。 本报（chinatimes.net.cn）记者胡梦然 深圳摄影报道 《华夏时报》记者在万宁公告发布后走访深圳万宁门店，发现店内已贴上"清货促销"标志，大部分商品 低至5折，有多个货架商品已销售一空，有 ...

Core Viewpoint - The demand for robot rental services is rapidly increasing, as evidenced by the recent performance of robots at public events, leading to the launch of the "Qingtian Rental" platform by Zhiyuan Robotics, which aims to establish a comprehensive ecosystem for robot rentals by 2026 [2][3][4]. Group 1: Market Overview - The robot rental market is still in its early stages but is expected to experience significant growth in the next two years, with a market size projected to exceed 10 billion yuan this year and potentially reach 100 billion yuan next year [3][4]. - The current demand in the robot rental market is driven by novelty and interest, with an estimated annual demand of around 8 billion yuan, indicating a trend towards commercialization and platform integration [4][5]. Group 2: Company Strategy - Zhiyuan Robotics aims to create an open third-party rental platform that welcomes various robot manufacturers, with a target of onboarding over 10 manufacturers by next year [6][7]. - The "Qingtian Rental" platform not only facilitates rentals but also offers customization and collaborative services, enhancing the overall rental experience [6][7]. Group 3: Challenges and Opportunities - The main challenges for the rental platform include competition among different robot brands, compatibility issues, and the need for standardized services and pricing mechanisms [7][9]. - Despite these challenges, the Robot as a Service (RaaS) model is seen as a key driver for market expansion, allowing for lower entry barriers and catering to temporary needs and small to medium enterprises [9].

"存不了款了，连二类卡都没法开了。"近期，多位储户发现，曾经以便捷和高息吸引全国客户的民营银 行，悄然收紧了异地存款业务。 近日，《华夏时报》记者实测多家民营银行发现，一场针对异地揽储的全面规范正在展开：部分银行直 接禁止异地储户开立二类卡；部分银行允许开户却限制购买存款；另有银行则通过"额度售罄"等方式， 实质性地关闭了异地存款通道。 民营银行长期以来"名义限本地、实质揽全国"的隐秘异地揽储模式，正在逐步退出历史舞台。 重庆富民银行、威海蓝海银行则采用"额度售罄"的隐性管控方式。记者成功开立这两家银行的二类卡后 发现，线上渠道的所有期限存款产品均为"售罄"状态，无法办理存入业务。 异地存款通道全面收紧 记者实测发现，尽管各家银行管控力度不一，但收紧异地存款已成为普遍趋势。 其中，梅州客商银行、江西裕民银行、福建华通银行直接关闭了异地储户的二类卡开立通道。梅州客商 银行APP直接提醒"您暂不满足我行开户条件"，裕民银行则提示"地域不符，暂不可开户"，两家银行均 开户失败。 "应监管要求，我行目前仅面向江西地区的用户开户。"江西裕民银行的工作人员向《华夏时报》记者解 释称，该行APP在开户时会自动核验客户的身份 ...

华夏时报记者 张智 北京报道 "回顾2025年，中国宏观经济表现稳中向好，经济运行存在两大亮点。其一，得益于贸易伙伴多元化、 出口产品国际竞争力提升，以及全球人工智能产品需求高涨，外需在美国关税逆风中保持韧性；其二， 伴随年初我国在人工智能领域取得的技术突破，以及政府提高对民营经济、科技创新的关注，2025年高 技术产业投资保持较高热度，经济新动能加速培育，国内产业升级节奏加快。"毕马威发布的《2026年 宏观经济十大趋势展望》（下称"趋势"）显示。 当前，科技创新不断刷新我国增长动力。 2025年，中国经济在复杂环境中顶住压力、稳步前行。 这是"十四五"圆满收官的一年。在一系列政策落地下，我国经济社会发展跃上新的台阶，现代化产业体 系建设取得新进展、科技创新取得新突破、人民生活水平取得新提升。 "中国在内外部压力下实现了经济的平稳增长，从数据上看，前三季度5.2%的增速，四季度4.6%，全年 5%基本无虞，全年经济总量有望达到140万亿元左右，继续位居世界主要经济体前列，'十四五'即将圆 满收官。"中国人民大学国家发展与战略研究院邹静娴对《华夏时报》记者表示。 一个亮点是，12月份以来，各大国际机构纷纷调高 ...

近期刚提交上会稿的北京维通利电气股份有限公司（下称"维通利"）将于12月30日迎来深交所上市委的 审议。 在最新的招股书中，公司对近两年半内受到的七次行政处罚、股权高度集中于实控人家族等情况进行了 披露。 此外，亮眼业绩的背后，核心产品毛利率的持续下滑以及紧绷的现金流，共同构成了其IPO路上的多重 考验。面对质疑，维通利对《华夏时报》记者的采访进行了回应。 七次行政处罚 维通利主营业务为硬连接、柔性连接、触头组件、叠层母排和CCS（电池连接系统）等电连接产品，以 及同步分解器的研发、生产和销售。公司产品是电力传输与连接的核心基础件，广泛应用于发电、输配 电、新能源汽车"三电"系统、风电光伏逆变储能及轨道交通装备等领域。 该公司计划在深交所主板上市，募集资金15.94亿元。财务数据显示，报告期各期（指2022年到2025年 上半年，下同），公司营业收入分别为14.37亿元、16.99亿元、23.90亿元及14.10亿元，归母净利润分别 为1.14亿元、1.87亿元、2.71亿元及1.39亿元，2022年至2024年营业收入和归母净利润年均复合增长率分 别为28.98%和54.23%。 招股书披露，报告期内维通利 ...

"中国全球第二大消费市场的地位更加稳固，社零总额从2020年的39.1万亿元提升到去年2024年的48.3万 亿元，年均增长5.5%。和美国比，从绝对值来看，我们的社零相当于美国的80%左右；但是从实际购买 力来看，按照世界银行所给出的数据和算法，我们的社零已经超过美国，是美国的1.6倍。"商务部部长 王文涛在"十四五"高质量发展新闻发布会上表示，中国在一些细分领域的规模保持"龙头"地位，比如网 上零售连续12年全球第一，汽车销量也是全球第一。空调、洗衣机等家电细分领域销量，也都是全球第 一。"中国有14亿人口，任何一样产品乘上14亿，肯定是一个超大规模的市场。"他说。 海南封关后的火爆就是一例。海南自由贸易港12月18日正式全岛封关，苹果、华为、金店、大牌美妆店 门口都排起了长队。至24日首周海口海关共监管离岛免税购物金额11亿元、购物件数77.5万件、购物人 数16.5万人，同比2024年分别增长54.9%、11.8%、34.1%，向全球展示了海南商业的开放机遇和发展的 信心。 本报（chinatimes.net.cn）记者刘诗萌 北京报道 2025年，从年头年尾，两部动画片点亮了整个中国电影市场。 前一 ...

Core Viewpoint - Since 2025, China's cross-border trade and personnel exchanges have significantly increased, providing strong momentum for the development of cross-border payments [1] Group 1: Cross-Border Payment Trends - The cross-border payment industry is undergoing transformation, moving away from a single funding channel model towards diversified scenarios, full-chain services, and global layout [1][2] - The demand for cross-border consumption is driving innovation in payment services, with a shift from focusing solely on large corporate transactions to including small personal transactions [3] - The integration of QR code payment systems across borders is rapidly advancing, enabling real-time currency conversion and optimizing cross-border settlement processes [3] Group 2: Infrastructure and Policy Support - The continuous improvement of infrastructure supports technological innovation, with the CIPS system covering 189 countries and processing 4.03 million transactions in the first half of the year [5] - Recent policies have provided critical support for diversified payment scenarios, simplifying processes and establishing standards for cross-border payment innovations [6] Group 3: Evolving Role of Cross-Border Payment Providers - Cross-border payment services are evolving from mere payment facilitation to comprehensive support for businesses, including market research, resource matching, and fund management [7] - Companies are launching products that support multiple currencies and financial management, reducing operational costs and risks for cross-border sellers [8] Group 4: Addressing Market Challenges - Cross-border enterprises face challenges due to varying payment environments in different markets, leading to the development of unified payment solutions to streamline operations [9] - Payment providers are enhancing their service offerings by integrating financial services into business scenarios, creating a closed loop of "payment + value-added services" [10] Group 5: Global Expansion and Compliance - Companies are expanding their global presence by obtaining various payment licenses and establishing local offices to address compliance challenges [10][11] - The establishment of a comprehensive global payment license framework supports operations in over 100 countries and regions, facilitating transactions in more than 130 currencies [11]

文安宁 上周，商汤科技迎来密集的产品发布周期，包括瞄准短剧创作的智能体"Seko"、办公场景的智能体"小浣熊"、电商场景的营销智能体如影，以及大晓机器 人、咔皮家族等。 纵观下来，商汤本次发布周有几大特点。第一，用户价值牵引，让AI深入真场景，解决真问题。第二，底层创新驱动，用技术范式的原始创新打破瓶 颈，推动AI商业化落地进入爆发。第三，还有一个贯穿此次发布的核心主线，就是该公司持续构建并深化的国产化AI生态体系。该生态体系以商汤自研 的日日新大模型为核心驱动力，深度融合了涵盖国产芯片、高性能计算集群的底层算力体系，并实现了从底层硬件到终端应用的全链路生态布局。 几天前，商汤科技发布了行业首个多剧集生成智能体Seko2.0，其背后依托的商汤自研的日日新Seko系列模型则完成了对国产AI芯片寒武纪的适配，让国 产算力对AIGC核心场景的支持实现了从语言到多模态的关键跨越。 更早的时候，商汤大装置SenseCore还与昇腾384超节点率先完成全面适配，基于商汤大装置SenseCore与昇腾384超节点的特点，双方团队联合攻关，在调 度优化、系统稳定性以及故障恢复等方面提出多项行业创新。 商汤科技与国产芯片的适配 ...

李迅雷/文 2024年中央经济工作会议首次提出"着力实现增长稳、就业稳和物价合理回升"，2025年年末的中央经济 工作会议再次提出"把促进经济稳定增长、物价合理回升作为货币政策的重要考量"。可见，让物价合理 回升已经成为一项重要的政策目标。 那么，如何才能让物价合理回升，难点在哪里？本文就此话题展开讨论。 此轮物价低迷周期始于2012年 通胀是经济发展中的常态，因为货币规模总是不断膨胀。但经济体偶然也会出现通缩，通缩通常是经济 结构的扭曲导致的，如商品供需结构、居民收入结构等。2022年以来，我国PPI步入负值区间且无明显 的回升迹象，CPI也在0-1%之间徘徊，这就引发了大家的关注。 实际上，从2012年5月份开始，我国的PPI走势与欧美就发生了分野，即我国开始步入负值区间，欧美则 维持正增长。而且，我国这轮PPI步入负值区间时间长达4年零5个月，到2016年10月才回正。 为何会PPI为负能那么长时间呢？首先是2011年全球大宗商品价格出现历史性的大拐点，随后黄金等贵 金属价格也出现了大幅回落。其次是我国为应对美国次贷危机扩散对中国经济造成的冲击，2009年出台 了为期两年的大规模基建投资刺激政策，这项政 ...

Core Insights - The Chinese liquor industry is still in a deep adjustment phase as of the end of 2025, shifting from volume growth to a focus on market share redistribution due to declining demand pressures [2][3] - The high-end market is losing its appeal, leading to a downward adjustment in mainstream price ranges, with distributors adopting a cautious outlook for the upcoming Spring Festival sales [2][3] - Key issues facing the industry include overcapacity, high inventory levels, price inversions, and a lack of consumption scenarios, as highlighted by industry leaders [2][3] Market Dynamics - The price of Moutai liquor has become a significant indicator of industry adjustments, with its wholesale price dropping to 1500 yuan per bottle in December 2025, reflecting broader market challenges [3][4] - Among 20 A-share listed liquor companies, only Guizhou Moutai and Shanxi Fenjiu reported positive growth in the first three quarters of the year, while the remaining 18 experienced negative growth [3][4] - The new regulations on government consumption and changing preferences among younger consumers are contributing to the industry's downturn [3][4] Industry Adjustments - The current adjustment is characterized by a proactive approach from leading companies, focusing on quality improvement and channel optimization rather than aggressive price cuts [4][5] - There is a significant market differentiation occurring, with top brands managing to maintain their positions while smaller and less established brands face existential threats [4][5] - The industry is expected to enter a "U-shaped" recovery phase in 2026, driven by structural differentiation and improvements in actual sales and inventory levels [5][6] Strategic Shifts - The industry is undergoing a transformation in response to new consumer behaviors, with a consensus on the need for lower-alcohol products to cater to younger demographics [6][7] - Companies are increasingly embracing e-commerce and new retail models to adapt to changing market dynamics [6][7] - Internationalization is becoming a necessary strategy, with companies like Luzhou Laojiao expanding into over 70 countries, although challenges such as trade barriers and cultural differences remain [7][8] Future Outlook - The industry is expected to realign its value propositions to connect more closely with consumers' daily lives, marking a significant shift in survival logic [8]