经济观察报 记者 刘颖 邹永勤 当国际金价扶摇直上，不断突破历史高点时，深耕黄金产业链二十多年的深圳金雅福控股集团有限公司（下称"金雅福控股"）却"爆雷"了。 据多名投资者反映，他们投资的与金雅福控股相关的黄金理财产品从11月开始出现大面积逾期，无论投资者如何催促，金雅福控股都无法给出明确的兑付时 间。 多名投资者称，12月12日，金雅福控股董事长黄仕坤在内部沟通会中称，希望投资者"借给他们一点时间"。目前，投资者已经向相关部门报案。 12月25日下午，经济观察报记者以投资者身份致电深圳市盐田区地方金融管理局，一名工作人员称，11月初已经成立金雅福专班，当时有投资者提及相关产 品兑付不了的情况后，政府便已介入。金雅福涉及的项目盘根错节，他们要核查的东西很多，包含员工的流水等。目前他们正在给金雅福"自救"的机会，如 果发现其资不抵债，将会对其进行后续清算。该工作人员称，目前警方与金融监管等部门协同，黄仕坤虽然人在香港，但他的弟弟黄仕峰以及一众高管已经 被经侦控制。他进一步表示，对于金雅福这件事涉及的资金总规模有多大、涉及的人数有多少，还是未知数，建议可参考网上的消息（网传70亿元到80亿 元）。现在，他们正处于 ...

编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 2025年12月11日，美国纽约，在享有"能源奥斯卡"盛誉的普氏全球能源奖颁奖礼上，57岁的李振国荣膺"终身成就奖"，成为首位获此殊荣的中国企业家。与 此同时，他所创办的隆基绿能科技股份有限公司（下称"隆基"或者"隆基绿能"）也摘得"企业影响力奖"。"这份荣誉不仅属于我个人，更属于所有为隆基、 为全球能源转型不懈奋斗的同事与伙伴。"李振国说。 荣耀的背后，深藏着一场持续几十年的"破局"长征。 自1995年投身太阳能领域起，李振国便笃定于单晶硅技术的研发与攻坚。在那个光伏成本高昂、技术路线纷杂的年代，他选择了一条"少有人走的路"——坚 守单晶硅实验室。他始终怀抱一个朴素而坚定的愿景："让光伏成为最经济的能源"。其所推动的低碳技术，如今已成为行业广泛应用的基石。2025年8月， 李振国入选中国工程院院士增选有效候选人名单。 从早期技术受制于人、市场依赖海外，到一步步攻克关键技术、实现全产业链自主；从被视为"边缘选项"到成为全球能源转型的主流力量，李振国与隆基绿 能 ...

Core Viewpoint - The article highlights the evolution and challenges of China's capital market through the insights of Wu Xiaoqiu, a prominent scholar and advocate for financial reform in China, emphasizing the need for continuous reform to achieve the goal of becoming a global financial center [4][20]. Group 1: Historical Context - The establishment of the Shanghai and Shenzhen Stock Exchanges in December 1990 marked the official birth of China's capital market [5]. - In the mid-1990s, there was skepticism in academia regarding the relevance of capital market research compared to macroeconomics, which led Wu Xiaoqiu to shift his focus from macroeconomic studies to securities investment [6][7]. Group 2: Key Contributions and Theories - Wu Xiaoqiu founded the Financial and Securities Research Institute at Renmin University in 1996 and initiated the China Capital Market Forum in 1997 to discuss long-term issues affecting capital market development [7]. - He proposed the "Capital Market Center Theory," arguing that the capital market is the core and foundation of the modern financial system, which was controversial at the time [8]. Group 3: Major Reforms and Developments - The stock market's value was equivalent to 50% of GDP by the end of 2000, with the Shanghai Composite Index rising significantly during that period [9]. - Wu Xiaoqiu identified the need for the split share structure reform, which addressed the liquidity barriers in China's capital market, leading to the publication of a foundational book on the subject in 2004 [12]. - The split share structure reform was initiated in 2005, marking a significant milestone in the development of China's capital market [14]. Group 4: Market Challenges and Responses - Following the completion of the split share reform, the Chinese stock market experienced a bull market from 2006 to 2007, with the Shanghai Composite Index increasing over 400% [15]. - The 2008 global financial crisis prompted Wu Xiaoqiu to advocate for reforms rather than short-term market interventions, emphasizing the importance of maintaining market transparency and fairness [16]. Group 5: Current Perspectives and Future Goals - Wu Xiaoqiu expressed concerns about the slow progress of reforms and the need for a dual-peak financial system, recognizing the significant role of commercial banks alongside the capital market [18]. - He highlighted the importance of continuous reforms in the legal and regulatory framework to combat issues like insider trading and fraud, which undermine market integrity [19]. - Wu Xiaoqiu's long-term vision includes the internationalization of the RMB and the establishment of China as a major global financial center by 2050, emphasizing the need for robust legal frameworks and market reforms [20].

12月25-26日，2025第十一届中国农业品牌年度颁奖盛典在成都隆重召开。天马科技（603668）集团董事长陈庆堂先生凭借其在渔牧行业引领产业升级的前 瞻战略、攻克技术壁垒的创新实力以及践行乡村振兴的责任担当，荣膺"2025中国农业名片领袖人物奖"！ 深耕笃行，久久为功。董事长陈庆堂先生此次当选，源于其三十余年来在行业的深耕与坚守。董事长陈庆堂先生是享受国务院政府特殊津贴专家，享受教 授、研究员待遇的高级工程师，博士后导师，获国家科技创新创业人才、国家"万人计划"科技创业领军人才、中国农业"乡村振兴十大领袖人物"等殊荣。他 不仅是天马科技集团的创始人、掌舵人，更是中国渔业协会鳗业工作委员会(中国鳗联)会长、中国农业产业化龙头企业协会副会长、中国渔业协会副会长、 中国饲料工业协会副会长。 此次"领袖人物奖"旨在表彰在农业领域具有前瞻性战略眼光、推动产业变革并产生深远社会影响的杰出人物。当前，中国农业正处于从"大"向"强"迈进的关 键时期。董事长陈庆堂先生以宏阔的战略视野，确立了"以鳗鱼产业为核心，以食品为新蓝海，以饲料为主基石"的产业发展格局。集团大力发展新质生产 力，构建了科学、智慧、生态、高效的渔业发展新 ...

智动力（300686）公告，公司实际控制人吴加维、陈奕纯因涉嫌信息披露违法违规，被中国证监会罚款 150万元，其中吴加维承担100万元，陈奕纯承担50万元。时任副总经理陈丹华因违反《公司法》相关规 定，违规减持179.53万股，交易金额1861.35万元，被警告并罚款80万元。 海南华铁（603300）公告称，公司因涉嫌信息披露违法违规，于2025年收到中国证监会立案告知书。近 日，公司和相关责任人收到《行政处罚事先告知书》。中国证监会浙江监管局拟对公司责令改正、警 告，并处800万元罚款；对胡丹锋、张祺奥、郭海滨分别处以400万元、260万元、260万元罚款。 大烨智能（300670）公告，公司于2025年12月26日收到中国证监会下发的《立案告知书》，因公司涉嫌 信息披露违法违规，根据相关法律法规，中国证监会决定对公司立案。 ST长园（600525）公告称，公司于当日收到中国证监会下发的《立案告知书》，因公司涉嫌信息披露 违法违规，中国证监会决定对公司立案。 经济观察网臻镭科技公告，公司于2025年12月26日收到中国证券监督管理委员会下发的《立案告知 书》，因公司涉嫌信息披露违法违规，根据《中华人民共和 ...

经济观察网据央视新闻客户端消息，中国驻阿拉木图总领馆26日证实，德国汉莎航空慕尼黑至北京航班 病亡乘客不是中国公民。 当天早些时候，德国汉莎航空慕尼黑至北京航线的LH0722次航班紧急备降哈萨克斯坦阿拉木图国际机 场，原因是机上一名乘客失去意识。后经医护人员确认，该乘客在飞行途中已死亡。 ...

经济观察网12月26日，在2025年361°品牌日上，亚洲奥林匹克理事会(以下简称"亚奥理事会")总干事侯 赛因.阿尔-穆萨拉姆宣布与361°开启新一轮战略合作。据了解，双方已合作17年，361°是亚奥理事会合 作最久的中国体育品牌。亚奥理事会认可其长期贡献，期待361°继续发挥专业优势，以运动科技和海外 拓展赋能亚洲赛事。361°集团品牌管理中心总经理郑业欣称，新合作是践行长期主义的重要里程碑，未 来将继续坚持"全球化、专业化、年轻化"，深耕国际赛事，推动体育文化交流。 ...

经济观察网 创世纪（300083）公告，全资子公司深圳创世纪二审败诉，需赔偿北京精雕科技集团有限 公司经济损失3.8亿元和合理开支200万元，共计3.82亿元，并承担一审、二审案件受理费共计393.54万 元。预计本次判决结果对公司当期净利润影响金额约为2.79亿元。 ...

一款名为"海龟汤"的情境猜谜游戏，近两年迅速从桌游圈变成校园里的热门游戏。"海龟汤"以简短离奇 的谜面、出人意料的谜底和强互动性，俘获了大批中小学生。然而，伴随其走红的，是大量充斥血腥、 暴力与死亡情节的"红汤""黑汤"内容悄然流入校园，并且此类游戏在电商平台与线下门店可以轻易买 到。对低幼儿童而言，这类暗黑推理潜藏着不容忽视的心理健康风险。 这样的情节，不仅游戏呈现极端暴力，更将亲情异化为杀机，消解儿童对亲密关系的基本信任。心理专 家指出，小学阶段儿童认知仍处具象运算期，对虚构与现实的边界辨识力弱，长期接触此类内容，易出 现睡眠障碍、回避独处、注意力涣散，甚至模仿冲动，严重者会妨碍安全感与同理心的建立。这类暗 黑"海龟汤"对儿童的心理冲击，已非"吓一跳"的娱乐效应，而是可能留下长久印记的伤害。 探究红汤、黑汤的流行，离不开游戏机制与青少年心理的叠加效应。死亡与伤害等极端情节天然具 备"反常理"张力，能瞬间拉高汤面的离奇感，为水平思考拓展空间，满足探索欲。在安全环境中体验恐 惧，又能释放压力并获得"战胜危险"的成就感，这与恐怖电影、密室逃脱的吸引力同源。而青春期的自 我觉醒，使青少年对生命、死亡等禁忌话题怀有 ...

Core Insights - The outbound tourism market in China is experiencing a strong recovery with an average annual growth rate of 44.3% by 2025 [1] - The traditional group tours are declining, with over 70% of travelers now opting for independent travel, primarily driven by the "digital natives" of Generation Z [2] Group 1: Industry Challenges - There is a significant "experience downgrade" for travelers accustomed to a highly integrated digital lifestyle in China when they travel abroad [2][3] - The outbound tourism experience is hindered by three major structural gaps: infrastructure connectivity, information exchange, and local service access [4] - The "infrastructure connectivity gap" arises from differences in network standards, complex roaming agreements, and varying levels of communication infrastructure across countries [5] - The "information exchange gap" is characterized by increased decision-making costs due to fragmented information sources and language barriers, making it difficult for travelers to navigate unfamiliar environments [7] - The "local service access gap" reflects the challenges faced by short-term visitors in establishing a digital identity to access local services, which often requires extensive setup [9][10] Group 2: Solutions Proposed by Huawei - Huawei aims to address these gaps by providing a comprehensive solution that integrates services across the entire travel experience, from pre-trip planning to post-trip sharing [11][12] - The proposed solution includes a unified service platform that aggregates travel information, visa updates, personalized itinerary suggestions, and easy booking options [14] - During the trip, Huawei's services will offer seamless connectivity, navigation, and local recommendations, enhancing the overall travel experience [15][16] - Huawei is also focusing on upgrading its core technologies and services, such as the Petal Maps and Tianji Tong app, to support global connectivity and enhance user experience [17] Group 3: Ecosystem Development - Huawei is building a collaborative ecosystem by empowering partners and developers to enhance outbound travel services, ensuring users have access to high-quality offerings [18][20] - The integration of services like Grab and Keeta into Huawei's ecosystem has significantly improved user experience, with Grab reporting an 18-fold increase in monthly orders after joining [18][19] - As of now, over 120 outbound service cards have been launched within the HarmonyOS ecosystem, covering essential travel needs such as dining, accommodation, and shopping [20] - The number of devices equipped with HarmonyOS has surpassed 32 million, indicating a substantial market opportunity for global partners [21]