Market Overview - US stock market opened mixed with Nasdaq slightly up while Dow Jones and S&P 500 indices declined [1] - As of the report, Dow Jones fell by 0.5% to 49,137.34, Nasdaq decreased by 0.12% to 23,407.04, and S&P 500 dropped by 0.17% to 6,901.67 [2] Sector Performance - Semiconductor sector weakened significantly, with Intel experiencing a nearly 15% drop, while SanDisk and Western Digital fell over 4% [2][3] - Other notable declines included Broadcom down over 3%, Micron Technology down 1.49%, and Qualcomm down 0.51% [2][3] Chinese Solar Stocks - Chinese solar index surged over 7%, with JinkoSolar rising nearly 9%, and Daqo New Energy and Canadian Solar both increasing over 6% [4][5] Tech Giants Performance - Among the tech giants, Nvidia rose over 2%, while Tesla and Apple saw declines [5][6] - Specific stock movements included Nvidia at 189.08 (+2.29%), Amazon at 236.04 (+0.73%), and Microsoft at 453.525 (+0.53%) [6]

Group 1 - Dairy Queen (DQ) has opened a flagship store in Shanghai, expanding its product offerings beyond ice cream to include cakes, bagels, and beverages [1] - DQ aims to broaden its product categories and consumer scenarios, recognizing that solely selling ice cream is no longer sufficient for brand growth [1][3] - The CEO of CFB Group, Xu Weilun, highlighted the importance of expanding into high-frequency consumption products within the "big indulgence category," such as desserts and baked goods [3] Group 2 - DQ plans to launch over 150 new products in 2025, with these new items expected to account for over 60% of total sales for the year [3] - The brand is entering the cake and afternoon tea market, responding to the increasing frequency of dessert consumption after meals [3] - DQ has been cautious about entering the coffee market due to intense competition and price drops in that sector, opting instead to focus on other product categories [3] Group 3 - The ice cream market in China is undergoing significant changes, with intense competition leading to the exit of some previously popular brands [4] - Current players in the market are focusing on product differentiation and unique consumption scenarios to remain competitive [4] - The report indicates that the Chinese ice cream industry is entering a phase of comprehensive competition, necessitating brands to innovate with health-focused products and optimize their cost structures [4]

1月23日晚间，深交所发布深市监管动态，2026年1月19日至2026年1月23日，深交所共对326起证券异常 交易行为采取了自律监管措施，涉及盘中拉抬打压、虚假申报等异常交易情形；对因涉嫌财务数据存在 虚假记载被中国证监会立案的"*ST立方""*ST长药"进行重点监控；共对6起上市公司重大事项进行核 查，并上报证监会1起涉嫌违法违规案件线索。 在此期间，锋龙股份多次发布公告提示，公司股价短期波动幅度较大，存在较高炒作风险。锋龙股份1 月13日曾宣布停牌核查，但复牌后仍持续涨停。 编辑｜钉钉 此外，近期"锋龙股份"股价出现严重异常波动，公司停牌核查并多次发布风险提示公告，复牌后股价连 续涨停，部分投资者在交易该股过程中存在影响股票交易正常秩序的异常交易行为，深交所依规对相关 投资者采取了暂停交易等自律监管措施。 盘面上，截至23日收盘，锋龙股份再度涨停，走出18连板行情。本轮行情自2025年12月17日启动，期间 累计涨幅超450%。 ...

Core Insights - The article discusses how young consumers are redefining the Chinese New Year experience, moving away from traditional family gatherings to more personalized and diverse celebrations [2][3] - It highlights the shift in consumer behavior from functional purchases to emotional and aesthetic expressions during the festive season, emphasizing the need for brands to adapt to these changes [2][3] Consumer Behavior Changes - "Gift-giving" during the New Year is evolving from standardized purchases to personalized emotional expressions, with consumers seeking gifts that convey emotional connections [3][4] - The consumption scenarios are expanding beyond traditional festive moments to include everyday activities, necessitating brands to engage with consumers in various contexts [3][4] - Consumer demographics are becoming more segmented, with distinct groups identified based on preferences and characteristics, requiring brands to tailor their communication strategies accordingly [3][4] Brand Strategies - Brands are encouraged to understand consumer emotions more deeply and create products that resonate with these feelings, enhancing their connection with consumers [4][5] - The example of Budweiser illustrates how brands can leverage emotional themes in their marketing, focusing on small joys in life rather than grand aspirations [5][6] - A strategic approach to product offerings is suggested, incorporating a mix of popular products, new innovations, and gift boxes to enhance brand presence during the festive season [6][7] Content and Engagement - High-quality content is essential for brands to attract and retain consumer attention, especially during the emotionally charged New Year period [7][8] - Utilizing various innovative content formats, such as short dramas and celebrity collaborations, can significantly enhance brand visibility and consumer engagement [8][9] - Integrating online and offline marketing efforts is crucial for driving sales, particularly in the food and beverage sector, where in-person experiences still play a significant role [8][9] Conclusion - Douyin (TikTok) is positioned as a key platform for capturing New Year consumption trends, providing brands with opportunities to connect emotionally with consumers [9] - The article emphasizes the importance of leveraging insights and innovative tools to transform festive traffic into sustainable business growth and brand value [9]

本文字数：2079，阅读时长大约4分钟 2026.01.23 作者 |第一财经 陈玺宇 封图 |欧洲工商管理学院（INSEAD）院长韦洛索 全球经济不确定性上升、地缘政治风险反复显现，中国企业的出海路径也在发生新的变化——无论是在 欧洲市场快速发展的电动车，还是在东南亚、中东等地区加速布局的科技企业。 达沃斯论坛期间，第一财经记者专访了欧洲工商管理学院（INSEAD）院长弗朗西斯科·韦洛索 （Francisco Veloso）。作为长期观察全球企业战略与管理实践的学者，韦洛索在达沃斯与多位国际工商 界领袖保持密集交流，对中国企业出海的趋势变化、优势与挑战有着清晰判断。 在专访中，韦洛索从企业能力、创新与规模、人工智能（AI）以及地缘政治风险等多个维度，梳理了 中国企业出海所面临的新环境，并就不确定性上升背景下如何继续前行，分享了他的观察。 第一财经：你对今年达沃斯论坛的整体氛围有何感受？ 韦洛索：地缘政治无疑是一个非常突出的主题，但与此同时，AI革命同样不可忽视。我担心的一点 是，不确定性可能让一些企业陷入观望，从而停滞决策。但现实是，技术变革的节奏非常快，企业无法 停下脚步，即便决策并不完美，也必须持续行动 ...

Group 1 - The core idea of the articles is that courier and delivery services are ramping up recruitment efforts ahead of the Chinese New Year to ensure operational efficiency during peak demand periods [1][2][5] - Courier companies are offering high incentives, such as referral bonuses of up to 1,500 yuan, to attract new talent and retain existing staff during the holiday season [4][6] - The peak demand period, known as the "New Year Goods Festival," is expected to occur in early February, with challenges such as adverse weather conditions impacting delivery operations [2][4] Group 2 - Companies are preparing for the post-holiday recruitment challenges, as many workers return home for the New Year, leading to a temporary labor shortage [5][6] - The average daily income for couriers during the holiday period is projected to be 2 to 3 times higher than usual, incentivizing them to stay on duty [4][6] - Delivery platforms are implementing various incentive programs, including performance bonuses and additional allowances, to encourage riders to work during the holiday season [6][8] Group 3 - Experienced riders are considered valuable assets, as they tend to have lower turnover rates and can handle unexpected situations effectively [8][9] - New riders are often trained by experienced ones, creating a mentorship system that benefits both parties and enhances overall service quality [8][9] - The recruitment process does not differentiate between new and experienced riders, as the learning curve for delivery tasks is relatively short [9]

消息面上， 1月23日，英特尔公布截至2025年12月27日的第四季度营收为137亿美元，同比下降约4%， 按通用会计准则（GAAP）计算，公司第四季度净亏损约6亿美元，合每股亏损0.12美元。 1月23日，美股芯片股盘前集体下跌，英特尔大跌近14%，报46.74美元/股。 编辑｜钉钉 此外，阿斯麦跌近3%，美光科技、西部数据跌超1%，英伟达、高通、超威半导体均下跌。 < C WDC.O 243.290 量 892.7万 股本 3.42亿 市盈 " 32.3 万得 盘口 1.390 0.57% 换 2.61% 市值 832亿 市净 14.13 > + 盘前 239.000 -4.290 -1.76% 美东 04:50 √ 美光科技(MICRON TECHNOLOG ( 日 MU.O 397.580 量 3%60.8万 股本 11.26亿 市盈 77.6 万得 盘口 8.470 2.18% 换 3.52% 市值 4475亿 市净 7.61 > 盘前 391.490 -6.090 -1.53% | | -- 美东 04:49 √ 英伟达(NVIDIA) < 白 NVDA.O 184.840 量 1.4亿 股本 2 ...

黄金股强势，紫金黄金国际、 大唐黄金 涨逾8%，老铺黄金涨逾6%。 | 名称 | 现价 | 涨跌幅~ | 涨跌 | | --- | --- | --- | --- | | 紫金黄金国际 | 205.800c | 8.43% | 16.000 | | 大唐黄金 | 0.800c | 8.11% | 0.060 | | 老铺黄金 | 788.000c | 6.78% | 50.000 | | 景福集团 | 0.540c | 1.89% | 0.010 | | 潼关黄金 | 3.490c | 1.75% | 0.060 | | 英皇钟表珠宝 | 0.241c | 1.26% | 0.003 | 科技股多数上涨，小米集团涨近3%，阿里巴巴、快手、联想集团、哔哩哔哩等涨超2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 · | 成交额 | | --- | --- | --- | --- | --- | | 小米集团-W | 36.240c | 1.000 | 2.84% | 64.39亿 | | 快手-W | 81.250c | 2.150 | 2.72% | 30.13亿 | | 联想集团 | 8.840c | 0. ...

Core Viewpoint - Another AI chip company deeply tied to major internet firms is moving closer to an IPO, reflecting the growing trend of domestic AI chip companies aligning with tech giants like Baidu, Alibaba, and Tencent [2] Group 1: Company Developments - Kunlun Chip, a subsidiary of Baidu, submitted its IPO application to the Hong Kong Stock Exchange in January [2] - Suiyuan Technology's IPO was accepted, revealing that over half of its revenue in the first three quarters of the previous year came from direct sales to Tencent [2] - Suiyuan Technology plans to raise 6 billion yuan for the development and industrialization of its fifth and sixth generation AI chip series [3] Group 2: Financial Performance - Suiyuan Technology reported revenues of 0.9 million yuan, 3.01 million yuan, 7.22 million yuan, and 5.4 million yuan for the years 2022 to 2024 and the first nine months of 2025, respectively, with losses of 11.16 billion yuan, 16.65 billion yuan, 15.1 billion yuan, and 8.88 billion yuan during the same periods [3][4] - Cumulatively, Suiyuan Technology incurred losses of 42.9 billion yuan from 2022 to 2024, with unrecouped losses of 41.65 billion yuan as of September 2025 [3][4] Group 3: Research and Development - The company has invested 35.29 billion yuan in R&D from 2022 to 2024, representing 316.86% of its cumulative revenue during that period [4] - High R&D costs and the need for collaboration with internet giants for product validation are cited as reasons for ongoing losses [4] Group 4: Customer Concentration - Suiyuan Technology's sales to its top five customers accounted for 94.97%, 96.50%, 92.60%, and 96.41% of its revenue from 2022 to 2025 [4] - The proportion of revenue from Tencent has increased significantly, from 8.53% in 2022 to 71.84% in the first three quarters of 2025 [4] Group 5: Market Position - Suiyuan Technology holds a market share of approximately 1.4% in the domestic AI chip market, similar to other domestic competitors [5] - The competitive landscape shows that international firms like NVIDIA dominate the market, with a 70% share, while domestic firms struggle to gain significant market presence [6]

Core Viewpoint - The sugar substitute stock, Bailong Chuangyuan (605016.SH), experienced a surge in share price following the announcement of a significant profit increase, driven by the approval and application of allulose sugar in China [2][3]. Group 1: Company Performance - Bailong Chuangyuan reported a revenue of 1.38 billion yuan for 2025, marking a year-on-year increase of 19.8% [2]. - The company's net profit attributable to shareholders reached 370 million yuan, reflecting a substantial growth of 48.9% year-on-year [2]. - The growth in performance is attributed to an optimized product structure, with a higher sales proportion of high-margin resistant dextrin products, as well as cost reductions from technological upgrades and improved capacity utilization [2]. Group 2: Market Trends and Product Development - The market is increasingly focused on the development prospects of allulose sugar, with multiple institutions monitoring Bailong Chuangyuan's positioning in this sector [2]. - The company has established a production capacity of 15,000 tons of crystalline allulose sugar and plans to launch a new food raw material factory in Thailand by 2026, which will add 12,000 tons of crystalline allulose sugar and 7,000 tons of liquid D-allulose sugar capacity [3]. - Allulose sugar has been officially approved as a new food raw material in China, with its demand projected to reach between 150,000 to 200,000 tons in the next 3-5 years [3]. Group 3: Competitive Landscape - Despite the promising outlook for allulose sugar, its cost remains significantly higher than that of erythritol, which has hindered large-scale application [4]. - The past two years have seen a decline in the performance growth of other sugar substitute companies due to the chaotic expansion of erythritol production, leading to a drop in raw material prices [4]. - Major sugar substitute companies, including Baolingbao and Sanyuan Biological, are now focusing on allulose sugar to regain market momentum [4].