Core Viewpoint - Shandong Jishijiao Technology Co., Ltd. (referred to as Jishijiao) has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth trajectory since its establishment in June 2015 [1][3]. Company Overview - Jishijiao was founded by three alumni from Sun Yat-sen University and has focused on the enterprise-level computer vision sector, leveraging diverse backgrounds in strategic planning, consulting, and technology development [1][3]. - The company has created China's first "AI Vision Algorithm Mall," which has launched over 1,500 algorithms covering more than 100 industries, serving over 3,000 clients including Tencent Cloud and Alibaba Cloud [3]. Market Position - According to Frost & Sullivan, Jishijiao ranks eighth in China's emerging enterprise-level computer vision solutions market with a market share of only 1.6%, significantly trailing the market leader's 12.1% share [3]. Financial Performance - Jishijiao has completed 11 rounds of financing, with a notable D round in November 2024 that valued the company at 2.31 billion RMB, reflecting a growth of over 243 times since its angel round valuation of 9.5 million RMB in 2015 [3][4]. - Revenue has shown rapid growth, with figures of 102 million RMB in 2022, 128 million RMB in 2023, and projected 257 million RMB in 2024, while the first three quarters of 2025 saw revenue of 136 million RMB, a year-on-year increase of 71.6% [5][6]. Profitability and Cash Flow - Despite revenue growth, Jishijiao has faced significant challenges with profitability and cash flow, reporting losses of 60.72 million RMB in 2022 and 56.25 million RMB in 2023, with a brief profit of 8.71 million RMB in 2024, followed by a loss of 36.30 million RMB in the first three quarters of 2025 [5][6]. - The company has experienced continuous negative cash flow from operating activities, totaling over 190 million RMB from 2022 to the first three quarters of 2025, attributed to deteriorating accounts receivable turnover [6]. Research and Development - Jishijiao has invested over 100 million RMB in R&D from 2022 to 2024, with R&D expenses accounting for 34.4% of revenue in the first three quarters of 2025. However, the output ratio remains low, with only 30 patents and 117 software copyrights held by a 101-member R&D team [6][7]. Employee Retention - The company has faced high employee turnover rates, with rates of 63.04%, 42.86%, and 45.91% from 2022 to 2024, which has impacted the continuity of technical development and project delivery [8][9]. Compliance Issues - Jishijiao has encountered compliance challenges, including insufficient social security contributions and unregistered lease agreements, which may pose risks during its IPO process [9].

Core Viewpoint - The article highlights the significant growth of Chinese electric vehicle manufacturers in the European market, despite the EU's unfavorable stance towards Chinese electric cars, with a notable increase in sales and market share in 2025 [1][13]. Group 1: Market Performance - In December 2025, the European automotive market is projected to reach sales of 1.15 million units, a year-on-year increase of 7.6%. Chinese automakers' monthly sales in Europe surpassed 100,000 units for the first time, reaching 109,900 units, a 127% increase, with a market share of 9.5% compared to 4.5% in the same month of 2024 [1]. - For the entire year of 2025, the European market is expected to sell 13.3 million vehicles, a 2.3% increase year-on-year, with pure electric vehicle sales growing by 30% and plug-in hybrid vehicle sales by 34%. Chinese automakers are projected to sell 810,000 units in Europe, a 99% increase, capturing a market share of 6.1%, up from 3.1% in 2024 [1]. Group 2: Leading Brands - SAIC's MG brand emerged as the top-selling Chinese passenger car brand in Europe, selling 307,000 units in 2025, a 26% increase, ranking 16th in the market [3]. - BYD followed closely with sales of 187,000 units, a remarkable 276% increase, moving up from 31st to 22nd place in the rankings [5][6]. - Chery's Jaecoo and Omoda brands ranked third and fourth, with sales of 56,944 and 52,950 units, respectively, contributing to a total of 120,000 units sold by Chery in Europe, significantly up from 17,000 units in 2024 [7]. Group 3: Strategic Approaches - SAIC leveraged MG's British heritage to enhance localization, which contributed to its sales growth. The brand's pricing strategy, with models priced below £20,000, helped mitigate the impact of high EU tariffs on Chinese electric vehicles [3]. - BYD focused on meeting the core demands of European consumers for new energy vehicles, particularly with its Seal U model, which dominated the mid-size SUV segment in Europe [6]. - Polestar, a brand with limited presence in China, saw a 56% increase in sales to 47,579 units, with Europe accounting for approximately 78% of its global sales [11]. Group 4: Future Outlook - The article anticipates that the pressure from the EU market will continue, but Chinese automakers are expected to adapt and thrive. A price commitment mechanism is being discussed to replace high anti-subsidy tariffs, which may lead to short-term fluctuations in sales but ultimately improve competitiveness [14]. - Projections indicate that from 2026 to 2028, Chinese electric vehicle exports to the EU will maintain an annual growth rate of around 20%, positioning them as a key driver of global electric vehicle market growth [15].

Core Viewpoint - The recent volatility in the gold market is primarily driven by the easing of geopolitical risks surrounding Greenland, as indicated by U.S. President Trump's statements at the World Economic Forum [6][7]. Group 1: Gold and Silver Market Analysis - On January 22, the spot gold price experienced a daily decline of 1.00%, reaching a low of $4777.23 per ounce before fluctuating around the $4800 mark [4]. - Spot silver hit a peak of $90.79 per ounce before rising to $94 per ounce, showing high-level fluctuations [4]. - The market's risk aversion has decreased due to the temporary alleviation of tariff threats related to Greenland, leading to a pullback in gold prices [7]. Group 2: Copper Market Insights - Analysts predict that gold prices may rise less sharply in 2026 compared to 2025, while copper is expected to perform strongly [8]. - The price dynamics of copper differ significantly from precious metals; copper's potential price increase is more closely tied to rising investments in the power sector rather than the safe-haven appeal of gold [8]. - The relationship between gold and copper is complex; both are influenced by U.S. dollar policies, but they react differently to inflationary pressures [9].

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以下文章来源于风财眼 ，作者银行财眼 风财眼 . 风财眼致力于银行领域的原创报道，旨在履行媒体监督职责，以期共营健康的金融环境。 来源丨 凤凰网财经《银行财眼》 2026年刚开年，总资产超9000亿的广州银行却有点"烦"。 近日，广州银行信用卡中心中山分中心获批关停，此前江门分中心已于月初停业，成为年内首家官宣收缩信用卡业务的城商行。同在1月初，广州银 行肇庆分行4天内连收两笔监管罚单，合计罚款200万元，违规事项均与贷款业务相关。 一边是曾领跑城商行的信用卡业务逐步收缩，一边是合规漏洞接连显现，这波开年烦心事，正是这家老牌城商行盈利下滑、资产质量承压下多重困境 的缩影。 01 两家信用卡分中心关停 1月上旬，国家金融监管总局江门、中山监管分局相继批复，同意广州银行信用卡中心江门、中山分中心终止营业。其中，江门分中心2022年底才成 立，运营不足3年便仓促退场。 凤凰网财经《银行财眼》注意到，接连关闭信用卡分中心的背后，是广州银行信用卡业务规模持续缩水的尴尬处境。 作为零售"王牌"，广州银行信用卡业务曾风光无限。自2012年正式发卡后，仅用5年便跻身城商行信用卡业务第一梯队。 数据显示，2018年末，该行信用 ...

以下文章来源于中新经纬 ，作者李自曼 中新经纬 . 中新经纬是由中国新闻社主办的财经新媒体，拥有中国互联网新闻信息采编发布服务资质。以手机客户端（APP）等为主要传播平台，以"权威、前瞻、专 业、亲和"为特色宗旨，传播财经资讯、解读经济政策、讲述商界故事，打造精英的财经资讯平台。 "进门时身心俱疲，出门时神清气爽，每周一次的情绪充电站。"近日，来自河北的高高（化名）和中新经纬分享她的"闻香"体验时说。 近日，中新经纬发现，像高高一样通过 "闻香"来舒缓情绪、找回内心平静的人正悄然增多。在社交平台上，不少人分享自己借助芳香疗愈对抗压力、 改善睡眠的经历。这种为情绪买单的消费行为，背后是一个正在崛起的庞大市场。 01 "花5000多元寻找情绪解药" "工作压力大，疏于运动，感觉比较疲惫。试过之后芳香疗愈后，感觉身心放松了不少，睡眠质量也有所提升，就坚持下来了。"高高说。 2025年10月底，创业两年的"90后"高高在一家芳香疗愈工作室充值了5000多元，办理了20次的会员套餐，折算下来单次价格约260元。充值后， 她每周都会前往体验，至今已经消费了10次。 高高介绍，她去的芳香疗愈工作室，主要运用植物精油，通过嗅 ...

华北平原的冬晨，在雪后醒得格外沉默。五点多，天还浸在青黑里，昨夜的积雪压在屋檐、树梢和 院墙上，把村庄包裹成一片静谧的纯白。风穿过光秃秃的树枝，带起细细的雪沫。 王秀英醒来时，看向床边墙上的温度显示器： 20.5℃ ， 这个数字让她安心 。 趿着鞋走向厨房 ， 拧开水龙头， "哗"的一声，清亮温暖的水流冲进洗手池。 这个简单的动作，在 数年前 大雪封门的清晨，曾是一种奢望。 温度骤降，厨房水管会在一两个小 时内冻得结结实实。没有水，做不了饭，喝不上热水，连洗漱都成问题。 最近，随着一股强冷空气来袭，北方多地再次迎来强降雪和断崖式降温。 不期而至的 极端天气 ， 成了村里许多取暖设备的试金石。王秀英听说，邻居 家有的因为室外机结冰严重无法化霜，有的在 低温下制热效果大打折扣，不得不重新搬出电暖器救急。 而自家院里那台室外机，却在积雪中平稳 运行了一整夜 。 村庄在寒冷中醒来，但 像王秀英一样 用上新设备的 人们已不再忙乱焦虑。一种更稳定、更可靠的 温暖，正守护着这片雪后的清晨。 早年的辛苦劳作让王秀英的膝盖出了些毛病，她的丈夫前几年也被诊断出毛细血管相关的疾病。医 生对二人的嘱咐是，必须时刻保暖。 大雪骤降，两 ...

Core Viewpoint - The article discusses the IPO of Guangzhou Wenshi Information Technology Co., Ltd. (Wenshi Information), highlighting its growth in the e-paper technology market amid challenges such as fluctuating profits and cash flow issues [2][4][12]. Financial Performance - Wenshi Information's revenue is projected to grow from RMB 804 million in 2023 to RMB 1.018 billion in 2024, but net profit is expected to decline slightly from RMB 124 million to RMB 121 million, indicating a "revenue without profit" situation [5][7]. - The company's cash flow from operating activities turned negative, dropping from RMB 14.08 million in 2024 to -RMB 41.21 million in 2025, raising concerns about its financial stability [8][10]. Market Position and Strategy - Wenshi Information targets knowledge workers, such as students and professionals, differentiating itself from competitors like Amazon's Kindle by offering an open Android system that allows for a wider range of applications [4][5]. - The company has established a unique ecosystem with significant backing from major players like Lenovo and E Ink Holdings, which also serves as a key supplier [12][13]. Challenges and Risks - The company faces structural challenges in the e-paper industry, including increased inventory turnover days and high accounts receivable, which may impact its operational efficiency [2][3]. - Wenshi Information's reliance on external markets is significant, with nearly 60% of its revenue coming from overseas, which exposes it to global market fluctuations [13][15]. - The aggressive dividend policy, with a total of RMB 1 billion distributed in dividends despite negative cash flow, raises concerns about the company's financial health and sustainability [15][16]. Future Outlook - As Wenshi Information approaches its IPO, it aims to leverage international financing and technology valuation benefits, but it must navigate a competitive landscape and address internal technological challenges [16][17].

Core Viewpoint - The phenomenon of the zodiac water from Nongfu Spring highlights the market's fascination with scarcity, driving both demand and speculative trading [2][20]. Group 1: Product Overview - Nongfu Spring's zodiac water series began in 2016 with the "Monkey Year" bottle, and has since released a new design annually, culminating in 11 editions by 2026 [2]. - The water source is from Changbai Mountain's Moyan Spring, and the bottle design took three years to develop, with the company maintaining a policy of "giving away, not selling" [2]. Group 2: Market Dynamics - A small market has emerged on second-hand platforms and social e-commerce, with prices varying significantly based on the year and rarity of the bottles [4]. - For instance, the newly released "Horse Year" set is priced around 35 yuan, while the "Monkey Year" set can fetch between 300 to 800 yuan due to its limited availability [5]. Group 3: Consumer Behavior - Various participants in the market include collectors, resellers, and gift-givers, with motivations ranging from personal enjoyment to financial speculation [12][13]. - Some consumers view collecting as a challenge or a way to achieve a sense of accomplishment, while others hope for future appreciation in value [18][20]. Group 4: Psychological Factors - The strategy of "only giving away" creates a sense of scarcity, enhancing the desire for ownership of limited-edition items [18]. - The connection between zodiac culture and personal identity fosters emotional resonance, making the bottles appealing as gifts [18]. Group 5: Speculative Trends - The rising prices of earlier editions in the second-hand market stimulate a "low investment, high return" mentality among collectors [20]. - However, there are risks associated with market overheating, including potential changes in brand strategy or shifts in consumer interest that could lead to price volatility [20].

来源丨凤凰网财经《公司研究院》 作者丨 DW 一段婚姻曾连接两家快递巨头，却在离婚 14年后再掀股权风云。 近日，申通快递实际控制人陈小英因前夫奚春阳的起诉，再度成为舆论焦点。这场官司的核心在于一笔巨额股权的归属。奚春阳请求法院判令，登 记在陈小英名下的 4056.85万股申通股票中，有一半应归自己所有。 按申通 1月21日收盘价13.78元/股计算，这部分股权市值高达2.8亿元。受此消息影响，截至1月22日午盘，申通股价微跌0. 29 %至13. 74 元，总市值 210.33 亿元。 昔日爱人因近 2.8 亿股权对簿公堂，这不仅是一场离婚后的财产清算，更像一把钥匙，意外打开了中国快递业 "桐庐帮"数十年的恩怨江湖与崛起 史。 （奚春阳 &陈小英） | 今开 | 13.80 | | 最高 | 13.82 | | 成交量 | 12.98万手 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 13.78 | | 最低 | 13.44 | | 成交额 | 1.77亿 | | 换手率 | 0.89% | | 市盈(TTM) | 18.40 | | ...