Core Insights - The market for Pokémon trading cards is experiencing rapid price increases, particularly for rare cards, with some prices rising from a few thousand to over ten thousand yuan within a year [2][4] - The investment interest in trading cards is growing, with various companies in the sector pursuing financing and IPOs, indicating a shift towards viewing cards as both collectibles and investment assets [9][11] Market Trends - The secondary market for Pokémon cards has seen significant price surges, especially for limited edition and special collaboration cards, driven by scarcity and market demand [2][4] - The Pokémon brand is expanding its presence in China through official venues and events, enhancing community engagement and user experience [6][11] Investment Dynamics - Several companies in the trading card industry are actively seeking funding or preparing for public listings, reflecting the increasing capital interest in the sector [9][11] - The trading card market is evolving towards a dual value proposition of collection and investment, attracting institutional investors due to its high margins and user retention potential [11][14] Regulatory Considerations - The trading card industry faces compliance risks, particularly concerning the protection of minors, which could impact companies' ability to engage with capital markets [12][17] - Regulatory scrutiny is increasing, with potential requirements for age verification and restrictions on high-value card sales to minors [17]

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have announced a nationwide adjustment to the minimum down payment ratio for commercial property loans, lowering it to no less than 30% to support a new model of real estate development and promote the destocking of commercial real estate [1][3]. Group 1: Policy Changes - The minimum down payment ratio for commercial property loans has been adjusted to 30%, significantly lowering the barrier for purchasing commercial properties [3][5]. - Prior to this adjustment, most cities had a minimum down payment requirement of 50%, with some banks setting it as high as 60% or more [3]. - The adjustment is seen as a direct response to the high inventory levels in the commercial real estate market, with a focus on enhancing market activity [3][4]. Group 2: Market Conditions - As of November 2025, there is an estimated 141 million square meters of commercial real estate available for sale nationwide, with 52 million square meters of office space included in this figure, indicating a significant oversupply [2]. - The average time for inventory turnover is reported to be around 30 months, with some areas experiencing turnover periods of 50 to 70 months, highlighting the urgency of destocking [4]. Group 3: Industry Expectations - There is a consensus in the industry regarding the need for further policy relaxation to address the high inventory levels and the challenges in selling existing commercial properties [4][6]. - Various cities are implementing supportive policies, such as allowing the conversion of existing commercial properties into rental housing and other uses, to stimulate market activity [4]. - The demand for loans related to long-term rental apartments and other commercial property investments is expected to increase as a result of the lowered down payment requirement [5].

本文字数：1374，阅读时长大约3分钟 2026.01.17 公开资料显示，许粉2006年9月加入万达集团，最初担任南宁万达国际电影城有限公司财务经理，后担 任万达商管公司及其下属区域公司多个职务。2025年8月，许粉成为珠海万达商管首位女性COO，负责 运营体系工作。 据悉，对于许粉职位的任命，珠海万达董事会经过了长期考察，期间公司对多位候选人进行全面考核， 包括内部和外聘人员，最终决定由许粉出任CEO。这一方面是按市场化原则择优用人，同时也体现了对 万达团队的认可。 目前，成立于2021年珠海万达，已经较早年间有较大变化。 作者 |第一财经 孙梦凡 万达系的轻资产平台"珠海万达"，迎来首位女性CEO。 据知情人士处透露，近日珠海万达商管发布"关于首席执行官（CEO）和首席运营官（COO）的任命"通 知，由许粉担任首席执行官职务，全面负责公司管理和运营工作；珠海万达联席董事长黄德炜，不再兼 任首席执行官职务。 与此同时，陈琦被任命为首席运营官（COO），此前其曾在卓越商管和旭辉商管担任总裁，并作为核 心高管成员在龙湖商管和凯德商用主要运营岗位任职。 看起来简单的高层变动，背后实则是万达系"老将"重回公司经营 ...

Core Viewpoint - The online travel agency (OTA) industry is facing significant scrutiny as Ctrip Group is under investigation for alleged monopolistic practices, which may impact its operations and market dynamics [2] Group 1: Regulatory Actions - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [2] - Ctrip has stated that its business operations are normal and that it will cooperate with regulatory authorities to ensure compliance [2] - Ctrip has faced multiple regulatory discussions since 2025, including issues related to "choose one from two" practices and price manipulation [2] Group 2: Financial Performance - In Q3 2025, Ctrip reported a net operating revenue of 18.3 billion RMB, a year-on-year increase of 16% and a quarter-on-quarter increase of 24% [3] - For the first three quarters of 2025, Ctrip's total revenue reached 47.011 billion RMB, with a net profit attributable to shareholders of 29.013 billion RMB [3] - The accommodation booking segment contributed over 40% of Ctrip's revenue [3] Group 3: Market Dynamics - The hotel industry in China has approximately 570,000 facilities and 19.27 million rooms, with a chain rate of 26.75% for hotels and 40.09% for rooms, indicating significant room for growth compared to developed countries [3] - The low chain rate suggests many hotels lack strong direct sales capabilities, relying heavily on large OTAs for room distribution, which strengthens the market position of major OTAs [3] Group 4: Pricing and Competition Issues - Some OTAs exert pressure on hotels regarding pricing, promotion, and platform rankings, leading to conflicts where hotels may have to subsidize lower prices while OTAs profit [4][5] - Smaller accommodation providers, such as guesthouses, face challenges without reliance on large OTAs, exacerbating the power imbalance between platforms and merchants [5] - The imbalance in revenue and commission structures has led to dissatisfaction among merchants, particularly in the hospitality sector [5] Group 5: Regulatory Framework - In December 2025, new regulations were issued to govern pricing behaviors on internet platforms, emphasizing that platform operators cannot force merchants to lower prices or impose unfair fees [6] - These regulations reflect a governmental effort to address conflicts between channels and merchants, ensuring fair practices in the OTA industry [6][7] Group 6: Future Considerations - The necessity of OTAs and e-commerce platforms is acknowledged, but there is a call for a balanced approach to commission structures to prevent merchant losses and market shrinkage [7] - The rise of live streaming and fragmented sales channels may divert consumers and merchants from traditional OTAs, prompting a need for these platforms to explore diversified business models [7]

Group 1 - The core point of the article is the leadership changes at Konka, with the resignation of CEO Cao Shiping and the appointment of new executives with China Resources background, indicating a shift in management dynamics [1][2] - Konka's net profit for 2025 is expected to be negative, with a projected operating loss, following a revenue decline of 5.43% year-on-year to 7.679 billion yuan in the first three quarters of 2025, resulting in a net loss of 980 million yuan [1] - The company is reducing its investment in the Wuzhen Jiayu Fund from 200 million yuan to 130 million yuan, reflecting a contraction in investments during the period of China Resources' ownership [2] Group 2 - Konka's business includes color TVs, white goods, and PCB boards, with its sales ranking fifth in the offline market and tenth in the online market for color TVs in China in 2025 [4] - The upcoming "trade-in" subsidy policy in 2026 is expected to stimulate demand in the domestic home appliance market, although competition in the industry is intensifying [4] - The company is seeking to integrate into the China Resources system to clarify its strategy, optimize resource allocation, and enhance its technological and management capabilities [2]

微信编辑| 小羊 2026.01.17 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。） 来源 |纵览新闻 知名公益人陈行甲因2024年年薪超70万陷入争议漩涡。根据深圳市恒晖公益基金会在官方网站公布的 2024年度工作报告显示，创始人陈行甲的年薪为730100元。有声音质疑，陈行甲在公益组织任职，获取 如此高的薪资是否合适？但大部分网友表示了支持，认为陈行甲领取的薪资符合相关规定，那么就无可 厚非，甚至多名网友公开力挺，称不能用苦行僧标准来道德绑架公益人。1月16日下午，深圳市恒辉公 益基金会工作人员表示，基金会财务支出均经过审计，民政部门注意到了网友所说的有关薪酬方面的问 题，并进行了问询，基金会也有相应回复，民政部门核实后发现没有问题。 在深圳市恒晖公益基金会官方网站，记者通过公布的2024年度工作报告看到，陈行甲内部职务为副理事 长，本年度在基金会领取的报酬为730100元。2023年度工作报告则显示，陈行甲本年度在基金会领取薪 酬为902700元。 ...

Market Overview - The U.S. stock market experienced fluctuations, with the Dow Jones down by 83.11 points, or 0.17%, closing at 49,359.33 points, while the Nasdaq and S&P 500 both fell by 0.06% [3] - For the week, the Dow Jones decreased by 0.29%, the Nasdaq by 0.66%, and the S&P 500 by 0.38% [3] - The upcoming earnings season is expected to peak next week with major companies like Netflix, Johnson & Johnson, and Intel reporting their results [3] Sector Performance - Chip stocks showed strong performance, with Broadcom rising by 2.5% and AMD by 1.7% [5] - Bank stocks stabilized, with JPMorgan up by 1.0%, Bank of America by 0.7%, and Citigroup by 0.5%, despite concerns over credit card interest rate caps [5] - The Nasdaq China Golden Dragon Index fell by 1.1%, with notable movements including NetEase up by 1.4% and Alibaba down by 3.2% [6] Economic Indicators - U.S. industrial production increased by 0.4% month-on-month in December, matching the revised growth from November and exceeding market expectations [7] - The National Association of Home Builders reported a surprising decline in builder confidence for January, dropping 2 points to 37, the first decrease since August [7] - Federal Reserve Vice Chair Michelle Bowman indicated readiness to adjust monetary policy if labor market conditions do not show clear improvement [7] Treasury Yields - The 10-year U.S. Treasury yield rose by 7.1 basis points to 4.23%, marking the largest increase since November [7] - The 2-year Treasury yield increased by 3.5 basis points to 3.60% [7] Commodity Market - International oil prices saw a slight increase, with WTI crude rising by 0.42% to $59.44 per barrel and Brent crude by 0.58% to $64.13 per barrel [8] - Precious metals experienced a decline, with COMEX gold futures down by 0.82% to $4,588.10 per ounce and silver futures down by 4.12% to $88.09 per ounce [8]

根据商务部新闻办公室信息，2026年1月14日至17日，加拿大总理卡尼应邀对中国进行正式访问。访问 期间，双方就深化经贸合作达成广泛共识，签署了《中国—加拿大经贸合作路线图》，形成了关于处理 双边经贸问题的初步联合安排。双方围绕各自关注的经贸问题在各层级开展了多轮密集磋商，其中包括 电动汽车。 在加拿大增加关税之前，在华生产并向加拿大出口产品的电动汽车企业主要是特斯拉和极星，整体出口 量处于快速增长阶段。乘联分会秘书长崔东树整理的数据显示，2024年上半年，中国向加拿大出口新能 源乘用车1.32万辆，同比增长500%；2023年全年出口4.17万辆，同比增长751%。在加拿大对中国产电 动车关税增加后，中国出口至加拿大的电动车出现了负增长。 此次中加达成的每年4.9万辆电动车配额，恢复至贸易摩擦前中国电动车出口加拿大的水平。 商务部美大司负责人表示，2024年，加方对中国电动汽车加征100%附加税，中国对加出口电动汽车受 到很大影响。根据最新调整安排，加方将给予中国电动汽车每年4.9万辆的配额，配额内享受6.1%的最 惠国关税待遇，不再征收100%附加税，配额数量将按一定比例逐年增长。中方认为，这是加方朝着正 ...

西贝贾国龙与罗永浩线上之争持续受到关注。 21时50分许，新黄河记者从罗永浩方面有关人士确认，@罗永浩的十字路口 以及@西贝贾国龙 两个账 号均被禁言。 据北京日报，微博CEO王高飞"来去之间"发布微博：以后想论战，应该还是需要通过媒体采访的方式来 进行~~"网络名人账号行为负面清单……（八）组织约架论战。因个人争端和利益冲突等原因，策划或 组织网上论战骂战、线下约架，攻击竞争对手，挑起网络戾气，占用公共资源。" 1月16日晚间，贾国龙在"西贝人心声"账号发布题为《西贝遭罗永浩污蔑回应（一）》的微博。 "我是贾国龙。现在还没到十点。我在这里，做出全面回应。这是第一篇。因为今天，罗永浩公开回应 的最后一句，再一次恶意煽动公共情绪。"贾国龙表示。 贾国龙表示："我首先明确表达，自去年9月10日至今，我本人和公司所有员工，没有针对罗永浩报过一 次警，这些年西贝依法纳税合法经营，从来没搞过任何蝇营狗苟之事。" 1月16日早些时候，贾国龙发布微博称，"今晚10点将就罗永浩对西贝的重大污蔑诽谤一一全面回应。" 近日，贾国龙证实，西贝将一次性关闭全国102家门店，占门店总数的30%。 目前已有西贝门店开始关闭。 他还表示， ...

Group 1 - The core viewpoint of the article highlights the need for media interviews for public debates instead of online confrontations, as stated by Weibo CEO Wang Gaofei [3] - The article mentions a negative list of behaviors for online influencers, which includes organizing online disputes and offline confrontations due to personal conflicts and interests [3] - Two accounts, @罗永浩's "Crossroads" and @西贝贾国龙, were banned from speaking on the platform as part of the enforcement of these new guidelines [3]