11月29日，由澳大利亚网球协会、中国网球协会、四川省体育局和成都市体育局主办，泸州老窖股份有 限公司和四川国际网球中心共同承办的2026年澳大利亚网球公开赛亚太区外卡赛(以下简称"澳网亚太区 外卡赛")在成都落下帷幕。经过六天的激烈角逐，中国选手布云朝克特与哈萨克斯坦名将迪亚斯分别收 获男女单外卡，而普纳查/艾萨罗与小堀桃子/清水绫乃则分获男女双外卡。 作为澳网官方合作伙伴和唯一指定白酒，国窖1573助力选手们征战外卡赛，为赛场上每一次的全力挥拍 加油助威，也与球迷们一起享受精彩比赛，为胜利时刻干杯。 布云朝克特收获男单外卡 现场感谢球迷支持 国窖1573在澳网的胜利时刻 在男单方面，头号种子布云朝克特迎战他的决赛对手。开局对手利用切削战术一度让布云朝克特频频失 误，并率先破发，布云朝克特以1-3落后。但他很快调整状态，连保带破，以6-4先下一盘。第二盘，他 手感渐入佳境，越战越勇，以6-2锁定胜局，全程未失一盘，顺利拿下这张宝贵的2026澳网男单正赛外 卡。从第一轮伊始，小布的每场比赛都受到了球迷的热烈喝彩，取得胜利的他特意向球迷表达了感 谢："今天来了很多球迷支持我，感谢你们抽出宝贵的周末时间过来。感谢 ...

Core Viewpoint - Tianfeng Securities has received a notice of investigation from the China Securities Regulatory Commission, indicating a significant regulatory development for the company as it continues to enhance its governance and operational structure under the control of Hubei Hongtai Group [1] Group 1: Business Development - Tianfeng Securities' investment banking business is a key driver of the company's growth, successfully completing notable IPOs for Xingfu Electronics and Zhongjie Automotive this year, showcasing its expertise in hard technology and high-end manufacturing [2] - The company has achieved a total bond underwriting scale of nearly 87.1 billion yuan, ranking 6th in the number of corporate bond issuances and 8th in underwriting amount in the market [2] - Tianfeng Securities has innovated in the bond market, completing several industry-first bond issuances, including the first national bond for rural revitalization supporting small and medium-sized enterprises [2] Group 2: Research and Profitability - The research division has solidified its core client base in public insurance, achieving third place in the Best Analyst Awards and maintaining a top-five position for eight consecutive years [3] - The proprietary trading business has significantly increased investment income, reporting a 19.92% year-on-year growth in net commission income and an 82.33% increase in investment income for the first three quarters [3] - The wealth management division is focused on increasing both client numbers and asset scale, with a reported asset management scale of 196.9 billion yuan and a cumulative trading volume of 1,022.7 billion yuan [3] Group 3: Asset Management and International Operations - Tianfeng Asset Management has strengthened its investment management capabilities and received multiple awards for its ABS business, including the "Best Supply Chain ABS Award" [4] - Tianfeng International successfully assisted Yama Tea in its listing on the Hong Kong Stock Exchange and has been active in the offshore RMB bond market, leading in the issuance of municipal bonds [4] - The company is strategically focusing on high-quality business development under the control of Hubei Hongtai Group, aiming to become a new type of securities firm with strong management and performance [4]

Core Viewpoint - The article highlights the swift response of various sectors in Hong Kong to support disaster relief efforts following a fire incident at Wong Fuk Court in Tai Po, New Territories. Minsheng Bank has played a significant role in providing financial assistance and resources for the affected community [1]. Group 1: Company Actions - Minsheng Bank activated its emergency financial service mechanism to support disaster relief efforts [1]. - The bank's Hong Kong branch and Minsheng International donated 10 million HKD to aid in rescue operations, transitional housing, and post-disaster reconstruction [1]. - The bank provided immediate living supplies and emergency financial support to affected residents [1]. Group 2: Financial Services - Minsheng Bank established a green channel for emergency services, prioritizing the processing of disaster relief fund transfers [1]. - The bank ensured timely provision of financial services to support the affected community [1].

Core Viewpoint - The article discusses the significant decline in the performance of Shede Liquor due to weak consumer demand and governance issues, leading to a drastic drop in stock price and market capitalization, with a focus on the company's failed high-end strategy and internal conflicts among stakeholders [1][4]. Financial Performance - Shede Liquor's revenue fell to 5.357 billion yuan in 2024, a 24% decrease, with gross margin dropping to 65.5%, the lowest in eight years, and net profit margin at only 6.35% compared to the industry average of 14.95% [1][2]. - The company's core product, "Taste Shede," suffered due to price wars, with mid-to-low-end products now accounting for 35% of sales, an increase of 8 percentage points from 2023 [1][2]. - The company experienced a significant increase in inventory turnover days from 356 to 939 days, with inventory reaching 5.219 billion yuan, constituting 70% of current assets [6][7]. Governance Issues - The governance structure is characterized by a power struggle between the controlling shareholder, Fosun Group, and local state-owned assets, leading to fragmented decision-making and strategic short-sightedness [4][9]. - The company has seen a significant increase in employee numbers (from 6,630 to 9,816, a 48% rise) but with low revenue per employee of 561,000 yuan, indicating inefficiency [2][6]. - The management's incentive structure has failed, with stock options set at low performance targets, resulting in a lack of accountability and a significant drop in net profit margin from 30.38% in 2023 to 6.35% in 2024 [3][6]. Strategic Failures - The company's high-end strategy has been ineffective, with continued price increases leading to excess inventory rather than sustainable growth [6][8]. - The company has engaged in non-core expansions, such as tourism projects, which have long payback periods and are seen as a means for local government to achieve performance metrics at the expense of shareholder value [12][13]. Stakeholder Dynamics - The relationship between Fosun Group and local state-owned assets has created a "benefit alliance," where both parties prioritize their interests over those of minority shareholders, leading to systemic neglect of their rights [9][10]. - Frequent related-party transactions have resulted in risk transfer and asset depletion, with the company becoming a platform for various interests rather than focusing on its core business [10][14]. Conclusion - Shede Liquor has become a platform for various stakeholders to extract value, with the need for a restructuring of governance mechanisms and a return to core operations to avoid further deterioration of the company's foundation [14][15].

Group 1 - The first leg of the FIS World Cup in ski jumping has commenced in Zhangjiakou, featuring renowned athletes such as Su Yiming and Ge Chunyu competing in the men's snowboard qualification round [1] - The World Cup events will continue until December 21, including ski jumping, U-shaped field, and freestyle skiing aerials, with top athletes like Gu Ailing and Xu Mengtao aiming for the championship [1] Group 2 - JD Health is offering nearly 20,000 winter sports health products from brands like Fuda, GNC, Swisse, and others to support the "Snow Pulse Full Open" initiative [4] - JD Health has launched a comprehensive sports nutrition solution covering pre-ski strategies, in-ski support, and post-ski recovery to meet consumer health needs during the ski season [4] - Promotions include a 12% discount on all ski equipment as part of JD's "Burning Winter Ski Season" campaign [4] Group 3 - Tickets for the FIS World Cup are in high demand, allowing spectators to experience the excitement of winter sports live [6] - JD Health has set up a pop-up store at the Yunding Ski Resort, offering interactive games, giveaways, and health services to enhance the skiing experience [6] Group 4 - JD Health has established an "Assurance Station" providing free warming patches and professional bone-setting services at the Yunding Ski Resort to alleviate discomfort from skiing [8] - JD Health continues to support various sports events, including marathons and extreme sports, by providing professional supplies and health guarantees to help athletes achieve excellent results [8]

金鞍载福，万象更新。 岁末寒冬，恰是生肖酒纷呈亮相的时节。环顾市场，从亲民价位到高端典藏，从地域品牌到全国名酒， 各家酒企皆以生肖文化为载体推出佳酿。然品鉴多番后，不禁思索：除却瓶身融入生肖元素，这些佳酿 是否还有更深层的价值？ 文创酒若失酒体品质，再精美的包装也只是空壳。五粮液深耕生肖酒近三十年，早就把品质二字刻进骨 子里，这款马年酒更是凭借双重稀缺，构筑别人难越的护城河。 第一重稀缺在酒体。依托"双国宝"的独特优势，不间断酿造700余年历史的元明古窖中，窖泥孕育着一 千多种珍贵微生物——这些微生物如同活的文物，经岁月沉淀酿出独一无二的窖香；再辅以国家级非物 质文化遗产的酿造技艺，最终赋予酒体"香气馥郁、醇厚绵柔、圆润丰满"的独特口感，消费者既可品鉴 当同业还在探索生肖符号的多元呈现时，五粮液生肖酒悄然面世。丙午马年素有"红马单春年，人收地 也收"的祥瑞之兆，五粮液将此寓意其与唐太宗战马"飒露紫"的雄浑气韵相融。不仅在包装设计上展现 大唐气象，更在品质把控、文化表达、价值塑造等多个维度全面升级，打造出一款真正"有灵魂"的马年 生肖酒。 据中国酒业协会数据，2024年文创酒市场规模已突破350亿元，预计202 ...

11月26日，香港大埔宏福苑发生重大火灾，造成128人遇难的惨痛后果，受灾居民的生活安置与灾后重 建牵动社会各界。特区政府迅速成立专项援助基金并投入3亿港元启动资金，各界爱心力量纷纷响应。 作为长期践行社会责任的企业，恒力集团第一时间响应号召，此次捐款将用于受灾居民紧急安置、生活 物资补给、医疗救助及社区恢复等关键工作。 据悉，恒力集团多年来积极投身公益事业，在抗疫、乡村振兴、教育医疗等领域累计捐赠超数亿元。此 次捐赠为"大埔宏福苑援助基金"再添重要助力，截至目前该基金总额已增至8亿港元。各界爱心接力将 持续为受灾同胞送去温暖，支持香港尽快完成善后与重建工作。 11月29日，恒力集团宣布向香港特区政府设立的"大埔宏福苑援助基金"捐赠3000万港元，助力火灾受灾 居民渡过难关，用实际行动诠释香江内外同舟共济的深厚情谊。 ...

11月28日，记者获悉，京东折扣超市安徽首店将入驻合肥欢乐颂购物中心，12月3日正式营业。这是该 业态继河北涿州与固安、江苏宿迁五店落地后，在国内区域市场的又一重要布局，标志着京东折扣超市 正式进驻安徽零售市场。 此前，京东折扣超市于今年8月在涿州、宿迁相继开设五家门店，11月宿豫店开业实现宿迁"两县三 区"全域覆盖，凭借供应链优势与高性价比定位引发市场热烈反响，宿迁四店同开单日客流超30万人 次，涿州首店开业两日亦迎来超10万人次到访。11 月 26 日，京东折扣超市宿豫庐山城市之家店开业， 不仅助力品牌完成宿迁 "三县两区" 全域覆盖，更以单日近 5 万人次客流再掀消费热潮，多次开业表现 成功验证了该业态的市场接受度。此次入驻合肥，恰逢欢乐颂购物中心12周年店庆，二者联动有望进一 步激活区域消费潜力。 业内人士表示，京东折扣超市入局安徽，将凭借其供应链优势，为当地零售市场注入新活力，同时也可 能重塑区域零售竞争格局，为消费者带来更丰富的高性价比购物选择。 此次落地的安徽首店延续"大店型、多SKU"核心模式，依托京东在安徽投用的1.4万平米自建仓，覆盖 常温与低温存储功能，25公里服务半径可实现商品快速配送 ...

Core Insights - The auction of three special edition Wuliangye zodiac wines on JD.com demonstrated the strong collectible status of these products, with final bids of 29,128 yuan, 10,185 yuan, and 9,971 yuan respectively, highlighting JD's robust supply chain capabilities in the rare collectibles market [1][3] Group 1: Auction Details - The Wuliangye zodiac wine is designed based on the legendary warhorse "Zhaoling Liujun," symbolizing its historical significance and craftsmanship, with each bottle uniquely numbered and crafted by artisans with nearly 20 years of experience [3] - The auction saw a total of 352 bids, indicating high consumer interest and engagement in collectible items [1][3] Group 2: Market Trends - The zodiac wine market is experiencing a surge in popularity, driven by auspicious meanings associated with the Year of the Horse, such as "one horse ahead" and "success at once" [6] - JD.com reported a significant increase in participation during the 2025 11.11 event, with over 40 million participants and a more than 13-fold increase in user engagement for core auction items [3] Group 3: JD Auction's Strategy - JD Auction has successfully hosted multiple high-end collectible events, showcasing a range of items from luxury pens to sports memorabilia, thus creating a new pathway for consumers to fulfill their collecting desires through professional bidding [4] - The platform's ability to attract rare collectibles and innovative auction formats has positioned it as a leader in the emerging auction market [3][4]

Core Insights - The article highlights the strong market interest in Moole Technology, which has positioned itself uniquely in the domestic GPU market with its "full-function GPU" strategy, achieving the largest IPO on the Sci-Tech Innovation Board this year with a share price of 114.28 yuan [1][9]. Company Overview - Moole Technology was founded in 2020 by Zhang Jianzhong, a former leader at Nvidia China, with the goal of making full-function GPUs accessible to more users in China [2]. - The company has developed four generations of GPU architecture in less than five years, distinguishing itself from competitors by integrating multiple functionalities such as graphics rendering, AI computing, video processing, and scientific computing into a single chip architecture called MUSA [2][3]. Market Positioning - Moole Technology's full-function GPU is designed to be compatible with the existing global GPU ecosystem, particularly Nvidia's CUDA, which lowers the cost and barriers for users transitioning from Nvidia to Moole's platform [3]. - The company has established a comprehensive product matrix around its four generations of self-developed GPU architecture, focusing on AI computing products, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [3]. Industry Trends - The company is strategically positioned to benefit from two major trends: the domestic replacement wave and the explosive demand for AI computing power [4][6]. - The domestic GPU market is experiencing a significant supply-demand mismatch, particularly in the high-end segment, which Moole Technology aims to address with its innovative MUSA architecture [7]. Investment Appeal - The IPO attracted significant attention, with oversubscription rates exceeding 4000 times for online applications and 1572 times for offline applications, indicating strong investor confidence [1][10]. - Following the IPO, Moole Technology's total market capitalization is expected to exceed 53.7 billion yuan, reflecting its potential for growth and valuation in the rapidly expanding GPU market [9][12]. Future Outlook - Moole Technology is positioned as a key player in the domestic GPU sector, with its innovative technology and market strategies aligning with national policies supporting the semiconductor industry [7][13]. - The company is expected to continue growing its revenue and market share, becoming an important investment target in the context of China's digital economy and AI infrastructure development [13].