Group 1 - Samsung plans to launch its first "wide-foldable" smartphone in the fall of 2026, featuring an inner screen size of 7.6 inches and an outer screen of 5.4 inches, both made of OLED material with a 4:3 aspect ratio [1] - The current market for wide-foldable smartphones is dominated by Huawei's Pura X, which recently underwent its first major price adjustment since launch, attracting significant market attention [1][3] - The Pura X was released in March this year, running on HarmonyOS 5, with initial prices set at 7499 yuan for the standard version and 9999 yuan for the top-tier version [6][9] Group 2 - Huawei has reduced the price of the Pura X by 600 yuan for the standard version, bringing the lowest configuration to 6899 yuan, while the premium version saw a reduction of 800 yuan [3] - In-store promotions include an additional discount of 100 yuan for on-site activation, with reports of increased customer inquiries and purchases following the price drop [3] - Huawei's executive previously stated that the Pura X would be a product that "everyone can afford," but the initial pricing has sparked discussions due to its high cost relative to expectations [9]

Core Viewpoint - The controversy surrounding Southern Black Sesame's product labeling highlights a disconnect between consumer expectations and actual ingredient composition, raising questions about brand integrity and consumer trust [5][8]. Group 1: Ingredient Composition and Consumer Reaction - A recent consumer post revealed that black sesame was not the primary ingredient in a walnut black sesame paste, with the ingredient list showing it in fourth place behind grain powders and glucose [2][4]. - This discrepancy led to public outcry, with consumers feeling misled, prompting suggestions to rename the product to reflect its actual composition [4][5]. - The company responded by stating that the product's new packaging has black sesame moved to the second position, but grain powders remain the primary ingredient, indicating a "grain-based, black sesame as a supplement" formulation [4][5]. Group 2: Financial Performance and Challenges - Southern Black Sesame has faced declining revenues, with figures dropping from 40.25 billion yuan in 2021 to an estimated 24.65 billion yuan in 2024, representing a nearly 40% decrease over four years [6]. - The company's net profit has also fluctuated, with a cumulative loss of 1.28 billion yuan over the same period, and a significant drop in net profit of 83.67% in the first three quarters of 2025 [6][7]. - To address financial difficulties, the company is undergoing a change in control, with a state-owned enterprise set to acquire a 20% stake, and performance commitments have been postponed to 2026-2028 due to current underperformance [7][8].

Core Viewpoint - Swire Properties is undergoing significant management changes, indicating a strategic focus on enhancing its operations in mainland China, particularly in the retail sector, which has shown stronger performance compared to its office business [7]. Group 1: Management Appointments - David Poraj-Wilczynski has been appointed as the CEO for mainland China, bringing extensive leadership experience from various sectors including marine and real estate [1][2]. - Jessica Huang has been promoted to Vice Chairman of Swire Properties, overseeing digital transformation efforts in Hong Kong and mainland China, after successfully managing the Guangzhou Taikoo Hui [4]. - Mark Wang, previously the General Manager of Beijing Taikoo Li, will take over as the General Manager of Guangzhou Taikoo Hui [4]. - Guy Moore has been appointed General Manager of Beijing Taikoo Li, with a focus on the expansion of the project set to be completed in phases by 2026 [5]. - Chen Xiaoying has been appointed General Manager of Swire Properties' residential business in mainland China, while continuing her role in investment development for North China [6]. Group 2: Retail Performance - Swire Properties' retail sales in Hong Kong have shown modest growth, with Taikoo Place shopping mall sales increasing by 3.6% year-on-year as of September [7]. - In contrast, the mainland retail market has demonstrated significant growth, with Shanghai Xinye Taikoo Hui sales up by 41.9% and a rental rate of 95% [7]. - Other notable sales increases include Beijing Sanlitun Taikoo Li at 7.8%, Shanghai Qiantan Taikoo Li at 5.6%, and Chengdu Taikoo Li at 2.4% [7]. Group 3: Investment Plans - Swire Properties has committed to a strategic investment plan of HKD 100 billion over ten years, with half of this amount allocated to mainland China [7]. - As of the mid-year financial report, 67% of the investment plan has been committed, with 92% of the HKD 50 billion earmarked for mainland projects already secured [8].

"配料成分第一位居然不是黑芝麻，那还能叫黑芝麻糊吗？" 近期，国民品牌南方黑芝麻因配料表排序问题引发热议，一句"灵魂拷问"道出了无数消费者的困惑。 黑芝麻排配料表第四位 近日，一名网友晒出其购买的核桃黑芝麻糊包装照片，认为配料表的排序与产品名称不符。 该配料表中，首位并非"黑芝麻"，而是包含大米、小麦、玉米等在内的谷物粗粮粉，食用葡萄糖和麦芽糊精紧随其后，作为产品名称核心元素的黑芝麻 仅位列第四位。 这名网友认为，配料表的排序与产品名称不符。 图片来源：社交平台 亏损下的业绩承诺延期 作为老牌国货食品企业，黑芝麻近些年受市场环境变化、战略摇摆等因素影响，已陷入业绩连降困境。 2021年—2024年，公司营收分别为40.25亿元、30.16亿元、26.77亿元、24.65亿元，四年间营收规模缩水近四成；盈利能力同样堪忧，同期归母净利润分 别为-1.09亿元、-1.4亿元、0.43亿元、0.78亿元，虽在波动回升，但四年累计仍亏损1.28亿元。 这一发现迅速引发关注，网友纷纷调侃"买的是黑芝麻糊，实际喝的是加糖米糊"，甚至建议产品直接改名为"南方米糊"。 随着舆论发酵，12月20日，南方黑芝麻旗舰店工作人员回应媒 ...

Core Viewpoint - The implementation of the "Action Plan" in 2025 will accelerate the integration of the Yangtze River Delta urban agglomeration, enhancing infrastructure connectivity, industrial collaboration, and public service sharing, thereby unlocking development dividends [1][2]. Infrastructure Connectivity - The Yangtze River Delta will focus on creating a unified infrastructure network, with significant progress in road and rail connectivity, including the completion of three previously disconnected roads and a 15% increase in road network density along the Ning-Hang Ecological Economic Belt [2]. - By October 2025, the total railway operating mileage in the Yangtze River Delta will exceed 15,000 kilometers, with high-speed rail mileage surpassing 7,700 kilometers, establishing a "one-hour commuting circle" among core cities [2]. Industrial Collaboration - The region will see a "cohesion effect" in industrial innovation, with over 300 billion yuan invested in cross-regional industrial cooperation projects [3]. - The Yangtze River Delta has formed 26 advanced manufacturing clusters, accounting for one-third of the national total, with leading industries such as integrated circuits, biomedicine, and artificial intelligence dominating the market [3]. Public Service Sharing - The region will enhance public service equality, with over 236,000 cross-province medical insurance settlements and 54 billion yuan in medical expenses settled by 2025 [4]. - The average PM2.5 concentration in the region will decrease by 8% year-on-year, reflecting significant improvements in ecological cooperation [4]. Economic Growth - The Yangtze River Delta contributes 24.6% of the national GDP with an average annual growth rate of 5.58% from 2018 to 2024, outperforming the national average [4][6]. - The number of "trillion-yuan cities" in the region has increased to nine, with Shanghai, Suzhou, and Hangzhou each surpassing 1 trillion yuan in GDP in the first half of the year [4]. Challenges and Opportunities - Despite significant economic advantages, the Yangtze River Delta faces challenges in matching the quality and collaborative efficiency of international urban agglomerations like New York and Tokyo [7][8]. - The region's urban agglomerations exhibit a "bite" relationship, but there is still a need for tighter connections and interactions among them to achieve comprehensive collaborative development [7]. Future Directions - In 2026, the focus will be on enhancing infrastructure efficiency, with planned investments exceeding 500 billion yuan in transportation projects [9]. - The industrial collaboration will shift from "project cooperation" to "ecological co-construction," aiming to establish a new pattern of innovation community [10]. - Legislative measures will be accelerated to address the lack of legal empowerment, with 3-5 local collaborative regulations planned to ensure unified and stable development [11].

同时，调薪覆盖范围呈现"全岗位兼顾、核心岗倾斜"特征。 比亚迪（002594）涨工资了。 12月22日，不少标有"比亚迪员工"的网友在脉脉等平台发文称，比亚迪涨薪500元至3000元不等，最高 涨薪4500元。对此，《国际金融报》记者向比亚迪方面求证，其表示涨薪属实，但对于涨薪幅度以及涉 及人员数量并不方便透露。 记者从知情人士处了解到，此次调薪的核心逻辑是"绩优者多得"，不同绩效等级对应明确涨幅梯度。多 数绩效达标员工的月薪涨幅集中在1000元左右，表现突出者可达到3200元/月，而少数绩效顶尖的核心 技术人才或管理层，能斩获4500元/月。未获得调薪的员工多为绩效待改进者，部分事业部也存在因业 务调整暂未参与调薪的情况。 截至今年11月，年内比亚迪的累计销量达到418万辆，随着年关将近，若12月单月销量仍保持40万辆朝 上，比亚迪2025年全年销量预计突破460万辆，有望突破曾对外宣布的460万辆全年销量目标。 基层生产岗中，深圳、郑州等基地的普工底薪自2025年4月已上调至2770元(含800元技能津贴)，叠加此 次调薪后，综合月薪普遍突破6000元，高强度加班场景下可达9300元；技术研发岗是调薪重点 ...

Core Insights - The forum themed "Technology Empowering Finance, Talent Driving the Future" was held in Lujiazui Financial City, focusing on the integration of financial technology, international talent cultivation, and industry-education collaboration [1] - The event highlighted the importance of enhancing financial services to support the real economy and the national "going out" strategy through technology empowerment in finance [1] - A new training program aimed at bridging financial talent with the real economy will be launched in 2026, focusing on key areas such as technological innovation and digital economy [2] Group 1 - The forum gathered representatives from government, social organizations, higher education, research institutions, and leading financial institutions to discuss cutting-edge financial technology and talent development [1] - Zhang Hui, Deputy Secretary of the Financial Work Committee of Pudong New Area, emphasized the need for collaboration between finance, education, and technology to innovate talent cultivation models [1] - The forum underscored Shanghai's role as an international financial center and Pudong's mission to lead breakthroughs in financial development [1] Group 2 - Liu Qingfu, a professor at Fudan University, analyzed the systemic transformation of the financial industry driven by technology, highlighting the need for a new skill set among financial professionals [2] - Foreign financial technology representatives shared experiences on digital financial infrastructure and the necessity for hybrid talents who understand both finance and digital technology [2] - The "Five Major Articles" training program aims to systematically engage financial practitioners with the real economy to enhance the precision and effectiveness of financial services [2] Group 3 - The first roundtable discussed the need to break the talent shortage in financial technology by creating an open and collaborative ecosystem that encourages cross-disciplinary innovation [3] - The second roundtable focused on building a comprehensive talent cultivation system that aligns with the status of an international financial center, integrating global modeling methods with Chinese financial practices [3] - The goal is to develop a financial professional workforce that possesses both global perspectives and a deep understanding of domestic market characteristics [3]

Core Viewpoint - GAC Group is intensifying its reform efforts one year after the launch of the "Panyu Action," focusing on integrating its autonomous brands and enhancing operational efficiency [1][5]. Group 1: Brand Integration and Structure - GAC officially initiated the integration of its autonomous brand business units (BUs) on December 18, creating a structured BU framework that includes the establishment of the Haobo and Aion brands under a unified management system [2]. - The integration aims to address three major pain points in the autonomous brand development: coping with industry competition, aligning with market segmentation, and improving market responsiveness [3]. Group 2: Channel Integration - The core strategy for integration involves channel fusion, with a phased approach to combine sales and service networks for Haobo and Aion, targeting over 30 cities by January 31, 2026, and achieving full integration by March 31, 2026, with over 1,000 sales points [3]. - Haobo targets the mid-to-high-end market, while Aion focuses on the mainstream market, ensuring complementary positioning to avoid internal competition [3]. Group 3: Operational Efficiency and Innovation - The "Panyu Action" has led to significant improvements in operational efficiency, reducing the new car development cycle from 26 months to 18-21 months and cutting R&D costs by over 10% [5]. - GAC has established a shared center and a large R&D system for its autonomous brands, optimizing the number of planned models by approximately 20% [5]. Group 4: Strategic Partnerships and New Products - GAC's joint venture with Huawei, "Hua Wang Automotive," has launched the high-end brand "Qijing," targeting the premium market with a product matrix focused on young elites [6]. - The flagship sedan Haobo A800 has received an L3-level autonomous driving road test license, and GAC has signed a ten-year strategic cooperation agreement with CATL to develop a battery swap ecosystem [7]. Group 5: Market Performance and Future Goals - GAC's transformation has shown initial results, with a 7% quarter-on-quarter revenue growth and an 11% increase in sales in Q3 2025, while the autonomous brand segment grew by 15% [7]. - The company aims to achieve a sales target of 2 million units for its autonomous brands by 2027, with a market share of over 60% during the "14th Five-Year Plan" period [7].

Core Viewpoint - Recently, Shiyao Group (01093HK) has made significant announcements, including its subsidiary XinNuoWei (300765) submitting an IPO application to the Hong Kong Stock Exchange and the appointment of Cai Lei as CEO, indicating a strategic shift towards innovation and R&D investment during a challenging performance period [1][2] Group 1: Management Changes - Cai Lei, the son of the chairman Cai Dongchen, has been appointed as CEO, which is seen as a positive signal for the company's transformation strategy due to his familiarity with the company [1][3] - The management restructuring is part of a broader transition from a generic drug giant to an innovation-driven pharmaceutical company, with a focus on R&D and international expansion [2][5] Group 2: R&D Investment - Shiyao Group has significantly increased its R&D investment, reaching 5.7 billion yuan in 2024, maintaining double-digit growth for several years [5] - The company has 15 clinical-stage drugs in development, with 9 being ADC drugs, and has secured over $1.2 billion in international collaborations [4][6] Group 3: Financial Performance - For the first three quarters, Shiyao Group reported revenues of 19.891 billion yuan, a year-on-year decrease of 12.32%, and a net profit of 3.511 billion yuan, down 7.06%, primarily due to drug procurement and price adjustments [8] - Despite the revenue decline, R&D expenses reached 4.185 billion yuan, a year-on-year increase of 7.9%, accounting for 27.1% of the revenue from the core pharmaceutical business [8] Group 4: Strategic Initiatives - The company is focusing on business integration and resource synergy, particularly with the restructuring of ST Jingfeng (Jingfeng Pharmaceutical), where it invested 526 million yuan to gain control [7] - The integration aims to leverage Jingfeng's capabilities in cardiovascular, orthopedic, and anti-tumor plant drugs to enhance market share and product upgrades [7]

Core Insights - The fourth Shanghai International Online Literature Week successfully gathered writers, scholars, and industry representatives from 14 countries, highlighting the evolution of cultural export from content-only to a dual-track model integrating online digital ecosystems with offline physical experiences [1] - Online Chinese web literature is establishing a global cultural consumption network through collaborations with various media forms such as film, gaming, and tourism [1] Market Trends - The global web literature landscape is expected to undergo significant changes by 2025, transitioning into a multi-polar growth model, with web literature emerging as a major source of global IP [2] - The Chinese web literature market is projected to reach a revenue of 49.55 billion yuan in 2024, marking a year-on-year growth of 29.37%, while the overseas market is expected to generate 4.815 billion yuan, growing by 10.68% [2] - By the end of 2024, the cumulative number of Chinese web literature works is anticipated to reach approximately 42.1 million, with a robust foundation for creation [2] User Engagement - Latin America has emerged as a significant player in the global web literature market, with Brazil leading in monthly active user growth at 779%, while the U.S. market also saw a 91% increase in user scale [5] - The diversity in the market presents opportunities for precise global positioning of Chinese web literature, with popular titles varying by region [5] AI and Technology Integration - AI is playing a crucial role in the globalization of Chinese stories, with over 10,000 new AI-translated works added in 2025, representing a 281% increase in total historical scale [7] - The total number of translated web literature works is expected to exceed 13,600 by 2025, with significant growth in various languages, including a 349% increase in Indonesian and a 336% increase in Spanish [7] IP and Cultural Integration - The integration of IP with tourism is becoming a prominent trend, with successful collaborations such as "The King's Avatar" and "Dao of the Weird Immortal" creating immersive experiences in international markets [10][12] - The "King's Avatar" initiative attracted over 10,000 tourists to Switzerland, showcasing the potential of IP-driven tourism to engage new audiences [12][13] - Successful IP and tourism integration requires deep cultural resonance, emphasizing emotional connections, local co-creation, and the use of technology for immersive experiences [13][14] Content and Media Expansion - The report highlights the emergence of benchmark works adapted from web literature, with over 1,300 published works and 2,100 comics launched overseas by the company [9] - Notable adaptations include "Doupo Cangqiong" series, which achieved 1.18 billion views on YouTube, and "The King's Avatar," which received high ratings on platforms like IMDb [9]