Core Viewpoint - The dispute between Shenzhen One Avenue and KKV has escalated due to allegations of unpaid performance rent and fundamental breach of contract, leading to the forced closure of KKV's store [2][4][5]. Group 1: Contractual Dispute - KKV claims that it has consistently paid the basic rent and has not defaulted on rent payments, while One Avenue asserts that KKV has failed to pay the agreed performance rent, constituting a fundamental breach of contract [2][5]. - One Avenue cites a specific clause in the lease agreement that allows for termination if KKV fails to pay performance rent for three consecutive months or accumulates six months of non-payment within a year [5][9]. - KKV argues that One Avenue has never raised concerns about unpaid performance rent during the four years of operation, suggesting that the right to terminate the contract has lapsed [5][8]. Group 2: Performance Evaluation - One Avenue claims that KKV's store has consistently underperformed, failing to meet the agreed sales targets, which has led to the issue of unpaid performance rent [5][8]. - KKV counters that the poor performance is not solely due to its management but is also influenced by low foot traffic and unfulfilled promises from One Avenue regarding brand placement and customer attraction [8][11]. - The ongoing debate highlights the challenges in the retail sector, where the initial expectations of high foot traffic and brand appeal have not materialized as anticipated [11][12]. Group 3: Industry Context - The breakdown of the partnership reflects broader changes in the retail landscape, where the previous model of attracting customers through flagship stores is becoming less effective in a market characterized by oversupply and low conversion rates [11][12]. - Experts suggest that the focus has shifted from merely attracting brands to ensuring that they contribute to stable revenue and profitability, indicating a transition in commercial real estate towards a more sustainable model [12]. - The situation underscores the need for both parties to recognize the dynamic nature of their relationship and the importance of long-term collaboration over short-term gains [12].

12月份，食品烟酒类价格同比上涨0.8%，影响CPI（居民消费价格指数）上涨约0.24个百分点。食品 中，鲜菜价格上涨18.2%，影响CPI上涨约0.39个百分点；鲜果价格上涨4.4%，影响CPI上涨约0.09个百 分点；水产品价格上涨1.6%，影响CPI上涨约0.03个百分点；蛋类价格下降12.7%，影响CPI下降约0.09 个百分点；畜肉类价格下降6.1%，影响CPI下降约0.19个百分点，其中猪肉价格下降14.6%，影响CPI下 降约0.20个百分点；粮食价格下降0.3%，影响CPI下降约0.01个百分点。 其他七大类价格同比五涨两降。其中，其他用品及服务、生活用品及服务、医疗保健价格分别上涨 17.4%、2.2%和1.8%，衣着、教育文化娱乐价格分别上涨1.7%和0.9%；交通通信、居住价格分别下降 2.6%和0.2%。 环比来看，12月份，CPI环比上涨0.2%。其中，城市上涨0.2%，农村上涨0.2%；食品价格上涨0.3%，非 食品价格上涨0.1%；消费品价格上涨0.3%，服务价格持平。 文/张智 1月9日，国家统计局发布数据显示，2025年全年，全国居民消费价格指数（CPI）与上年持平。 201 ...

Group 1 - In December 2025, the Producer Price Index (PPI) decreased by 1.9% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month; month-on-month, it increased by 0.2%, expanding by 0.1 percentage points from the previous month, marking three consecutive months of increase [2] - The industrial producer purchase prices fell by 2.1% year-on-year, with the decline narrowing by 0.4 percentage points from the previous month; month-on-month, it rose by 0.4%, an increase of 0.3 percentage points from the previous month [2] - In 2025, the annual industrial producer ex-factory prices decreased by 2.6%, while the industrial producer purchase prices fell by 3.0% [2] Group 2 - The improvement in supply-demand structure in December led to price increases in certain industries, with coal mining and washing prices rising by 1.3% and 0.8% month-on-month, respectively, both increasing for five consecutive months; lithium-ion battery manufacturing prices rose by 1.0%, and cement manufacturing prices increased by 0.5%, both for three consecutive months [2] - Seasonal demand increases drove prices up in the gas production and supply industry and the electricity and heat production and supply industry, which rose by 1.2% and 1.0%, respectively [2] - The prices in the feather processing and wool textile dyeing and finishing industries increased by 1.2% and 1.0%, respectively [2] Group 3 - Input factors influenced the price trends in the domestic non-ferrous metals and petroleum-related industries, with domestic non-ferrous metal mining and smelting prices rising by 3.7% and 2.8% month-on-month, respectively, driven by international non-ferrous metal price increases; silver smelting, gold smelting, copper smelting, and aluminum smelting prices rose by 13.5%, 4.8%, 4.6%, and 0.9%, respectively [3] - Conversely, the decline in international crude oil prices affected domestic oil extraction and refined petroleum product manufacturing prices, which fell by 2.3% and 0.9%, respectively [3] - The year-on-year PPI decline of 1.9% showed a narrowing of the decline by 0.3 percentage points from the previous month, indicating positive changes in certain industries due to the effectiveness of ongoing macro policies [3]

记者在走访中注意到，春节将近，部分网点出现了ATM机现金暂时短缺、柜台大额取款需预约的情 况。一些小微企业主和个体工商户也表示，为应对春节前工资发放、货款结算等需要，已主动与银行沟 通预约，以确保资金顺利支取。 本报（chinatimes.net.cn）记者吴敏 见习记者 林佳茹 北京报道 新年伊始，传统现金需求高峰随之到来。在部分县域地区，中小银行网点柜台及ATM机出现临时性现 金供应偏紧现象，引发储户关注。专家分析指出，这与县域居民对现金使用的结构性需求密切相关。 中国邮储银行研究员娄飞鹏在接受《华夏时报》记者采访时指出，县域居民对现金的依赖源于金融服务 覆盖不均、部分居民不习惯用移动支付，以及小微企业和老年人对现金交易的偏好，尤其在春节前因消 费集中、工资发放、红包发放等季节性因素，会导致对现金需求显著上升。 娄飞鹏同时指出，中小银行并非资金短缺，关键在于应对短期需求波动的服务管理能力。现金调度机 制、需求预测精度以及网点协同效率等方面，仍有持续优化空间。 储户取款体验受关注 "本想取些现金提前订购年猪，结果ATM机显示'余额不足'，只能取1万；柜台说目前也只能给取1万， 这才凑够了2万。"1月3日，在 ...

Core Insights - The article highlights the significant performance of the Yongying Technology Select A fund, which achieved a total return of over 233% in 2025, making it the annual champion among public funds [1][3] - A notable market phenomenon is observed where top-performing funds and underperforming funds experienced similar maximum drawdowns of around 30%, yet their net value performances diverged significantly [2][3] Fund Performance - Yongying Technology Select A fund recorded a total return of 233.29% with a maximum drawdown of -27.04% [1] - Other top-performing funds include Zhonghang Opportunity Navigator A with a return of 168.92% and a maximum drawdown of -21.63%, and Hengyue Advantage Select A with a return of 147.85% and a maximum drawdown of -32.44% [1][3] Drawdown Analysis - The article emphasizes that the nature of drawdowns and the ability to recover are more critical than the drawdown itself in determining long-term returns [2][4] - High-performing funds often faced drawdowns due to temporary market adjustments in sectors like AI and high-end manufacturing, which are characterized as "effective drawdowns" [5] - Conversely, underperforming funds experienced drawdowns linked to weak fundamentals and policy changes, leading to "ineffective drawdowns" that hinder recovery [5] Risk Assessment - Traditional risk metrics such as volatility and maximum drawdown are deemed less effective in today's highly differentiated market [6] - The article suggests that investors should analyze the reasons behind drawdowns rather than focusing solely on the percentage decline in net value [6][7] - Investors are encouraged to understand the type of risk they are taking, whether it is a "growth volatility" or a "value trap," and to consider the fund manager's risk management capabilities [7]

Core Viewpoint - The United States is escalating its threats regarding the acquisition of Greenland, with President Trump emphasizing the need for full ownership rather than just existing lease agreements, which has led to diplomatic tensions with Denmark and Europe [1][8]. Group 1: U.S. Position and Actions - President Trump stated that the U.S. must "own" all of Greenland, highlighting the strategic value of ownership over mere lease agreements [1]. - A proposed "purchase plan" is under discussion within the White House, which may involve a one-time payment to Greenland residents ranging from $10,000 to $100,000 to persuade them to separate from Denmark [2]. - The U.S. Secretary of State indicated that discussions regarding Greenland will continue, with military options still on the table [6]. Group 2: International Reactions - The European Union expressed significant concern over the U.S. threats, calling for respect for international law and discussing potential responses to U.S. military threats [2][8]. - Danish and Greenlandic officials are actively lobbying U.S. Congress members to dissuade the Trump administration from pursuing its plans regarding Greenland [3][5]. - A joint statement from several European countries emphasized that only Denmark and Greenland have the right to decide on matters concerning their own affairs [8]. Group 3: Implications for U.S.-Europe Relations - Analysts suggest that the U.S. threats could lead to a significant deterioration in transatlantic relations, with potential military action marking the end of the alliance [13][16]. - The situation reflects a shift in the perception of the U.S. as a security threat rather than a reliable ally, prompting Europe to reconsider its defense strategies [13][16]. - The ongoing tensions may push Europe towards a more independent foreign and security policy, moving away from reliance on U.S. assurances [16].

金地集团总部 黄指南/摄 本报记者 张蓓 见习记者 黄指南 深圳报道 季彤离任后，金地悬空的国资代表席位画上句点。 1月7日，金地集团（600383.SH）公告披露，经股东单位推荐与董事会提名委员会审查，福田投资控股 有限公司（下称：福田投控）董事长杨宇球将补选进入金地第十届董事会，填补季彤因工作变动离任后 悬空的国资代表席位。 从治理逻辑来看，补位本在外界预期之内。作为金地第二大股东，福田投控向来以核心管理层派驻保障 股东话语权，杨宇球兼具国资体系深耕背景与企业管理经验，成为派驻代表完全契合市场化治理惯例。 而意料之外的是补位调整形成的时间差差异。接近公司治理层面的知情人士向本报记者透露，与万科较 快完成管理层迭代的核心分野在于股东层级与程序顺位的不同。 据他分析，万科此前的股东代表调整，源于第一大股东更迭，相关前置程序已在股东层面完成闭环，为 标的公司人事衔接扫清障碍；而金地此次补位的主导方为第二大股东，且股东方内部管理层调整先行落 地，标的公司需待股东方核心人选正式就位后，方可启动内部提名、审查与补选全流程，程序顺位差异 客观上导致了人事衔接的时间差。 全域换防收官 当房地产行业的调整进入深水区，人事变 ...

"中国强烈谴责美国严重违反国际法和侵犯委内瑞拉主权的行为。"希尔写道，"委内瑞拉总统尼古拉斯· 马杜罗·莫罗斯领导的政府感谢中国政府的支持，中国政府捍卫国际法，维护委内瑞拉人民对其领土和 自然资源的完全主权。" 商务部：中方持续深化中委经贸关系意愿不会改变 据新华社报道，委内瑞拉外长希尔7日通过社交媒体发文感谢中国政府支持。 商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关委内瑞拉的提问时说，美方的霸 权行径，严重违反国际法，侵犯委内瑞拉主权，威胁拉美地区和平与安全，中方对此坚决反对。中委经 贸合作是主权国家之间的合作，受到国际法和两国法律的保护，其他国家无权干涉。无论委政局如何变 化，中方持续深化两国经贸关系的意愿不会改变。 （文章来源：华夏时报） 何亚东表示，中国同拉美国家开展经贸合作始终秉持平等相待、互利共赢原则，从不寻求势力范围，也 不针对任何一方。经济互补性是中拉经贸合作的坚实基础，开放包容、合作共赢是鲜明特色。中方将继 续同拉美国家一道，以团结协作应对国际风云变幻，以平等互利为基础开展经贸合作，实现共同发展。 来源 ：新华社、央视新闻 ...

Core Viewpoint - The launch of the 53% vol 500ml Flying Moutai on the iMoutai platform marks a significant shift in Moutai's sales strategy, focusing on direct sales and consumer engagement, which is expected to stabilize prices and reshape market dynamics [2][5][6]. Group 1: Market Response and Pricing - Since the launch on January 1, 2026, the retail price of Flying Moutai has stabilized around 1600 yuan per bottle, reflecting a shift in the sales approach from passive to proactive customer service [2][3]. - The iMoutai platform has seen high demand, with stock selling out within half an hour despite limits on purchases, indicating strong consumer interest [2][3]. - Offline prices for Moutai products are generally stable, with a slight premium over the iMoutai official price, suggesting a rationalization of the pricing structure in the market [3][4]. Group 2: Distributor and Channel Dynamics - Distributors are facing pressure to adapt to a changing market, moving away from traditional sales methods to a more service-oriented approach as Moutai emphasizes direct sales [4][7]. - The shift in Moutai's strategy is seen as a response to the need for transparency and efficiency in the distribution process, reducing reliance on middlemen [5][6]. - The competitive landscape for high-end liquor is evolving, with Moutai's strategy serving as a bellwether for industry trends, indicating a move towards direct consumer engagement and pricing control [7][8]. Group 3: Long-term Strategic Implications - Moutai's recent actions are part of a broader marketing reform aimed at aligning product pricing with consumer value, enhancing market transparency and fairness [5][6]. - The year 2026 is viewed as a pivotal point in Moutai's business strategy, shifting focus from channel control to consumer experience and perception [6][7]. - Analysts predict that the increased supply of Flying Moutai will continue to drive market share growth, catering to a broader consumer base [7].

公告明确，郁亮的辞职报告自送达董事会之日起生效，辞职后其将不再担任万科任何职务。作为公司核 心管理层成员，郁亮在任期间深度参与企业战略规划与经营管理，此次变动不会导致公司董事会成员低 于法定人数，亦不会对日常经营及董事会正常运作产生影响。万科方面表示，将按法定程序尽快完成董 事补选，保障公司治理连续性。 截至公告披露日，郁亮持有万科739.49万股股份，辞职后仍需严格遵守中国证监会及深圳证券交易所关 于上市公司股东股份管理的相关规定。据公开履历，郁亮深耕万科多年，任职期间见证并推动企业多项 重大战略落地，其退休辞任属于正常人事更替。 编辑：张蓓 文/黄指南 1月8日，万科企业股份有限公司发布人事公告，万科董事、执行副总裁郁亮因到龄退休，正式提交书面 辞职报告，申请辞去相关职务。 ...