Group 1 - A user named Mr. Huang reported that his iQIYI membership is set to expire in 2043, indicating he has paid for 25 years of service [5] - Mr. Huang faced difficulties in obtaining a refund due to the original payment account being inactive and registered by someone else [3] - iQIYI responded to Mr. Huang's refund request, stating they are initiating the refund process while ensuring the security of funds [6] Group 2 - The company emphasized that user experience and fund security are their top priorities [6] - iQIYI will maintain active communication with Mr. Huang to resolve the issue appropriately [6] - The incident has garnered public attention, with notable figures commenting on the situation [3]

Core Viewpoint - The investigation of Gao Yuwen, former chairman of China Medical Health Industry Co., Ltd., highlights ongoing anti-corruption efforts within the company, which has seen multiple executives investigated for serious violations in recent years [1][2]. Group 1: Investigation and Leadership Changes - Gao Yuwen is under investigation for serious violations and is being reviewed by the Central Commission for Discipline Inspection and the Tianjin Municipal Supervisory Committee [1]. - Since 2024, at least 11 executives or former executives from China Medical have been investigated for misconduct [2]. - Li Xin, former assistant general manager, was also investigated for serious violations and had overlapping work periods with Gao Yuwen [2]. Group 2: Company Structure and Operations - China Medical, established in 1983, is the only pharmaceutical and medical device production and operation platform under the General Technology Group [1]. - The company operates in four main sectors: international trade, pharmaceutical commerce, medical devices, and pharmaceutical industry [2]. Group 3: Financial Performance - In 2024, the company reported a revenue of 34.148 billion yuan, a year-on-year decrease of 12.04%, and a net profit of 535 million yuan, down 48.91% [3]. - In the first half of 2025, revenue was 17.076 billion yuan, a decline of 6.71%, with a net profit of 294 million yuan, down 16.19% [3]. - For the first three quarters of 2025, the net profit attributable to shareholders was 477 million yuan, a year-on-year decrease of 4.64% [4].

Core Viewpoint - The promotional "4% recharge benefit" of SF Express's new speed transport card is becoming a "digital chicken rib" for many consumers, as the "gift money" remains unused due to complex rules and restrictions [2][4][10]. Group 1: Consumer Experience - Many users report that their "gift money" is difficult to consume, with some having significant amounts stuck in their accounts due to stringent usage rules [4][6]. - The rules for using the gift money are not easily noticeable, requiring users to navigate through multiple conditions to utilize it effectively [6][9]. - A consumer example illustrates that even with a small balance of gift money, users face challenges in making payments due to system restrictions [9][10]. Group 2: Financial Performance - SF Express's gross profit margin has declined from 20% in 2017 to 13% in the third quarter of 2024, indicating increasing pressure on profitability [2][12]. - The company's total business volume reached 12.15 billion packages in the first three quarters of 2025, a year-on-year increase of 28.3%, but revenue growth does not translate into profit growth [12]. - The average revenue per package has dropped significantly, with a reported decline of 8.49% in November 2024 compared to the previous year [12][13]. Group 3: Market Dynamics - The express delivery industry is experiencing intense price wars, leading to a consolidation of smaller companies and increased competition among major players [12][14]. - SF Express has a large user base, with over 240,000 active monthly customers and more than 780 million individual members, which contributes to the accumulation of unused gift money [11][12]. - The company is adjusting its strategies in response to market pressures, including a shift in e-commerce return logistics to other service providers [14]. Group 4: Stock Market Performance - Despite stable operational performance, SF Express's stock price has declined significantly, losing two-thirds of its value since its peak in February 2021 [3][15]. - The introduction of an employee incentive plan has added pressure to the stock price, as it requires accounting for stock-based compensation [15]. - The company's recent IPO in Hong Kong and subsequent stock dilution have also negatively impacted its stock performance [17].

据"财政部"微信公众号消息，12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工 作，布置2026年重点任务。财政部党组书记、部长蓝佛安作工作报告。 会议强调，中央经济工作会议系统部署2026年经济工作。各级财政部门要坚持稳中求进工作总基调，以 推动高质量发展为主题，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，继续实施更加 积极的财政政策并提高精准度和有效性，做优增量、盘活存量，着力扩内需、优结构、增动能、惠民 生，着力稳就业、稳企业、稳市场、稳预期，着力推改革、强管理、防风险、增效益，推动经济实现质 的有效提升和量的合理增长，保持社会和谐稳定，为实现"十五五"良好开局提供有力保障。 会议指出，2026年继续实施更加积极的财政政策。 一是扩大财政支出盘子，确保必要支出力度。 四是持续优化支出结构，强化重点领域保障。 五是加强财政金融协同，放大政策效能。 会议要求，2026年财政工作抓好以下重点任务。 一是坚持内需主导，支持建设强大国内市场。大力提振消费，深入实施提振消费专项行动。积极扩大有 效投资，加大对新质生产力、人的全面发展等重点领域投入。加快推进全国统一大市场建设，规范 ...

Core Viewpoint - The article discusses the launch of a new investment course by Li Bei, priced at 12,888 yuan, aimed at teaching ordinary people how to achieve over 10% annualized returns through four sessions [2][4]. Group 1: Course Details - The course consists of four sessions, each lasting 2 hours for thematic sharing and 1 hour for interactive Q&A, with a total duration of two days [4]. - Participants can purchase sessions individually at a price of 3,888 yuan each, and the course is limited to 200 attendees, potentially generating around 2.58 million yuan in revenue if fully booked [5]. Group 2: Instructor's Motivation - Li Bei clarified that the course was an unexpected venture and not part of a planned business strategy, emphasizing that she does not rely on this for significant income [6]. - The course aims to provide insights into investment frameworks and address common questions about investment characteristics and financial tools [4][6].

Group 1 - December PMI data will be released on December 31, with November manufacturing PMI at 49.2%, an increase of 0.2 percentage points from October, indicating improved economic conditions [1] - The non-manufacturing business activity index for November is at 49.5%, a decrease of 0.6 percentage points from October, suggesting a decline in service sector activity [1] - The comprehensive PMI output index for November stands at 49.7%, down 0.3 percentage points from October, reflecting overall economic contraction [1] Group 2 - The 2025 Shenzhen Brain Conference is being held from December 28 to 30, aiming to create a platform for industry integration and innovation [2] - The purchase tax for new energy vehicles will be adjusted to a 50% reduction starting January 1, 2026, changing the maximum tax exemption from 30,000 yuan to 15,000 yuan per vehicle [3] Group 3 - A total of 622.7 billion yuan in reverse repos will mature next week, with significant amounts maturing on specific days, including 470.1 billion yuan on Sunday [4] - Next week, the market will see a significant decrease in the scale of locked-up shares being released, with only 3 trading days due to the New Year holiday, totaling 3.683 billion shares worth approximately 58.097 billion yuan [5] Group 4 - Specific companies with significant lock-up share releases include Baiwei Storage and Yingxi Network, each with a release value exceeding 10 billion yuan [5] - Detailed data on individual companies releasing shares includes various firms with their respective release dates, quantities, and market values [6][7] Group 5 - There are no new stock issuances planned for the upcoming week, with only three trading days available [8]

Core Viewpoint - The Japanese Ministry of Defense has suspended Kawasaki Heavy Industries from participating in bidding for two and a half months due to the company's admission of falsifying fuel efficiency data for submarine engines [2] Group 1: Company Issues - Kawasaki Heavy Industries acknowledged that it had manipulated test data for 673 marine engines, including those manufactured for the Japan Maritime Self-Defense Force [2] - The company has committed to implementing measures to prevent similar misconduct in the future [2] Group 2: Broader Industry Context - Japan has seen a series of corporate scandals involving data falsification across various sectors, including automotive, steel, shipbuilding, and chemicals, leading to a widespread trust crisis in "Made in Japan" products [3] - In 2017, Kobe Steel admitted to falsifying product data, affecting hundreds of companies in industries such as automotive and aerospace [6] - In 2021, Mitsubishi Electric was found to have falsified inspection data for products including train air conditioning systems, dating back to around 1985, impacting approximately 84,000 units [8] - In 2022, Hino Motors was involved in a scandal regarding falsified engine emissions and fuel consumption data [10] - In 2024, multiple companies, including Toyota and Honda, were reported to have engaged in data manipulation affecting millions of vehicles, leading to significant recalls and public apologies from executives [12] - The loss of craftsmanship in Japanese manufacturing has raised concerns, as the reputation for quality and affordability is being eroded by these scandals [14]

2025.12.27 微信编辑| 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 本文字数：454，阅读时长大约1分钟 根据2025年5月7日发布的《中国人民银行关于下调个人住房公积金贷款利率的通知》，自2025年5月8日 起，下调个人住房公积金贷款利率0.25个百分点，5年以下（含5年）和5年以上首套个人住房公积金贷 款利率分别调整为2.1%和2.6%。5年以下（含5年）和5年以上第二套个人住房公积金贷款利率分别调整 为2.525%和3.075%。 对于2025年5月8日以前已经发放的个人住房公积金贷款，自2026年1月1日开始，执行调整后的个人住房 公积金贷款利率。以普通家庭贷款120万元，贷款年限为30年，等额本息还款方式为例，利率调整后， 首套房节省利息为57100.85元，二套房节省利息为59070.01元。以多子女家庭贷款156万元，贷款年限为 30年，等额本息还款方式为例，利率调整后，首套房节省利息为74229.62元，二套房节省利息为 76789. ...

Core Insights - The recent food delivery war, characterized by over 10 billion yuan in subsidies from major platforms like Meituan, Taobao, and JD, has significantly impacted the industry, leading to increased order volumes but decreased profitability for many merchants [2][3][4] - The competition has altered consumer habits, with a notable shift towards delivery over dine-in, and has resulted in a waste of resources due to excessive promotions [6][9] Group 1: Impact on Merchants - Many merchants, like Yu Li, experienced a surge in sales during the subsidy war, with revenues exceeding 200,000 yuan in July compared to 50,000 yuan in July 2024, but faced doubled costs leading to negligible profits [3][4] - The average order value dropped from over 30 yuan to around 15 yuan during the subsidy period, affecting overall profitability [3][4] - Merchants like Huang Lin noted that low-priced subsidized items did not retain customers, and profits were higher when not participating in such promotions [4] Group 2: Impact on Delivery Riders - Delivery riders, such as Zhou Pengfei, reported increased earnings during the subsidy war, with daily incomes rising by 5,000 yuan and peak earnings exceeding 900 yuan on high-demand days [5] - The number of delivery riders has nearly doubled in some areas, indicating a significant increase in workforce due to the heightened demand [7] Group 3: Financial Performance of Platforms - Meituan reported a 2.8% year-on-year decline in revenue for its core local business in Q3, resulting in an operating loss of 14.1 billion yuan [7] - Alibaba's instant retail business saw a 60% year-on-year revenue increase, but adjusted EBITA fell by 78% to 907.3 million yuan due to investments in user experience and technology [7] Group 4: Industry Trends and Future Outlook - The food delivery industry is expected to enter a new phase as subsidies decrease and regulatory scrutiny increases, with a focus on sustainable operations and improved merchant profitability [10][11] - Platforms are shifting from aggressive market capture strategies to refined operations, aiming to balance user experience with commercial sustainability [10] - Regulatory bodies are emphasizing the protection of small merchants and the establishment of a more rational competitive environment [9][10]

Core Viewpoint - The Chinese Ministry of Commerce has announced a preliminary ruling on anti-subsidy investigations against dairy products imported from the EU, determining a subsidy rate of 21.9%-42.7% and implementing temporary anti-subsidy measures, marking a response to EU subsidy policies and domestic industry demands [2][5]. Group 1: Investigation Process and Findings - The investigation was conducted in accordance with Chinese laws and WTO rules, ensuring fairness and transparency throughout the process, including consultations and hearings with stakeholders [3][4]. - Preliminary evidence indicates that EU dairy products are subsidized, causing substantial harm to the domestic industry in China, with a causal relationship established between the subsidies and the damage [5][6]. Group 2: Impact of EU Subsidies - The EU provides numerous subsidies through its Common Agricultural Policy (CAP), which allows European dairy producers to maintain profitability even during low international milk prices, enabling them to export at prices below cost to China [5][6]. - The investigation specifically targets cheese and high-fat cream, which are critical areas for the transformation and value enhancement of China's dairy industry, indicating that EU products not only result in sales losses but also hinder the progress of local dairy products towards higher-end processing [5][6]. Group 3: China's Stance on Trade Measures - The Chinese Ministry of Commerce has emphasized its cautious and restrained approach to trade remedy measures, having initiated only a few investigations against the EU since 2025, while the EU has launched numerous investigations against Chinese products [7][8]. - The Ministry has expressed a willingness to resolve trade disputes through dialogue, contrasting its restrained actions with the EU's aggressive use of trade remedy tools, which are perceived as discriminatory against Chinese enterprises [8][9].