以下文章来源于凤凰WEEKLY ，作者富十几 凤凰WEEKLY . 有温度、有情感、有趣味 就好像在北京，你可能分不清一个29岁的程序员和一个晨练大爷的精神面貌；在浙江，你也辨不明废品站前谁是老师傅，谁是真富豪—— 尤其当他们站在同一杆秤前，激烈地探讨纸壳的成色与行情。 没开玩笑。 影视飓风创始人Tim，亲爹是圆通速递的总裁，但依旧沉迷于卖纸箱。 我的一位浙江富二代的朋友也说，他老爹谈个上百万的合同手都不抖，但卖纸壳少算两块钱能念叨半宿。 来源丨凤凰WEEKLY 作者|富十几 众所周知，互联网爱开地图炮，省省有梗，永不塌房。 东北人是烧烤就蒜的社交牛X症，福建人是广东人的终极食材梦； 而浙江人，似乎永远和"钱"沾边。 是的，你没看错。 爱捡纸壳在浙江不是个例，而是当地人朴素的财富密码： 可以错过比特币，绝不放过纸壳头。 01 在浙江，纸壳是霸总文学的标配 我严重怀疑浙江人的胎教是《资本论》。 孩子一出生，三岁会心算，五岁懂套现，七岁就能和你聊边际效益递减。 杭州主城区的富家小孩，刚上小学就知道搞钱。 橡皮切块儿，牙签穿串儿，一番组装创新之后再倒卖给同学，完成从生产到销售的全链路实践。 哪怕长大后对优越的家境有 ...

Core Viewpoint - The article discusses the intense competition in the beauty and skincare sector during the Double Eleven shopping festival, highlighting the aggressive marketing strategies employed by brands, particularly the use of "anti-aging" claims that skirt regulatory boundaries [1][2][4]. Group 1: Marketing Strategies - Many beauty brands are using "anti-aging" and "anti-initial aging" as key marketing slogans to attract consumers, emphasizing the emotional appeal of retaining youth [2][8]. - Brands like Proya and Pechoin are prominently featuring "anti-aging" in their promotional materials, despite the lack of regulatory approval for such claims [8][12][16]. - New brands, such as Guyu, are also engaging in similar marketing tactics, creating dedicated live streams to promote their "anti-aging" products [19][21]. Group 2: Regulatory Concerns - The National Medical Products Administration has not recognized "anti-aging" as a valid claim within the 26 categories of cosmetic efficacy, making such marketing potentially non-compliant [3][25]. - Several brands have faced administrative penalties for making unapproved efficacy claims, indicating a growing scrutiny from regulatory bodies [5][29]. - Despite previous penalties, many brands continue to push the boundaries of compliance, suggesting a calculated risk approach to marketing [30][31]. Group 3: Consumer Demand and Brand Behavior - The strong consumer demand for "anti-aging" products drives brands to prioritize short-term sales over regulatory compliance, viewing the risks as manageable [30]. - The article suggests that the true boundary lies in the respect brands have for consumers, emphasizing the importance of ethical marketing practices [31][32].

这场即将到来的发债潮，恰逢美国货币市场关键流动性指标"告急"。由于美国政府停摆迫使美国财 政部囤积现金，市场流动性已被大幅抽干，其效果堪比多次加息，这使得任何新增的资金需求都可 能放大市场的波动性与风险。 天量美债来袭，考验市场承压能力 根据美国财政部的季度再融资计划，下周将迎来密集的国债拍卖。具体的发行安排： 来源|华尔街见闻 一场大规模的美债发行潮下周即将冲击市场。 刚刚过去的一周，科技巨头市值蒸发近万亿美元，拖累纳指创下七个月来最大单周跌幅。市场对高 估值的担忧、疲软的经济信号以及消费者信心的下滑，共同构成了这轮抛售的背景。 雪上加霜的是， 美国财政部计划下周拍卖总计1250亿美元的各期限国债。此外，市场预计还将迎 来约400亿美元的投资级公司债发行。在一个因假期而缩短的交易周内，如此集中的债券供应将对 市场流动性构成重大考验。 该部门计划在12月份小幅减少短期国债发行量，预计到1月中旬美债拍卖规模将再次上升。 "隐形紧缩"：流动性警报早已拉响 下周的国债发行之所以备受关注，是因为它将冲击一个早已脆弱的流动性环境。 华尔街见闻此前提及，近期美国金融系统的多项关键指标已全线告急，显示市场正面临一场日益严 ...

Core Viewpoint - As of October 2025, China's foreign exchange reserves reached $33,433 billion, marking a $47 billion increase from September, the highest level since December 2015, while gold reserves also saw a continuous increase for the 12th month in a row [2][3]. Foreign Exchange Reserves - China's foreign exchange reserves stood at $33,433 billion at the end of October 2025, up by $47 billion or 0.14% from the end of September [2][3]. - The increase in reserves is attributed to the rise in the dollar index and the overall increase in global financial asset prices, which counterbalanced the depreciation of non-dollar assets [4][5]. - The dollar index rose by 1.9% in October, but significant increases in global stock indices, such as a 16.6% rise in the Nikkei 225, contributed to the valuation effect that supported the foreign reserves [4][5]. Gold Reserves - As of the end of October 2025, China's gold reserves increased to 7,409 million ounces (approximately 2304.457 tons), with a month-on-month increase of 3,000 ounces [2][9]. - The value of gold reserves rose to $297.2 billion, accounting for 8.89% of total foreign exchange reserves, marking a historical high [9][10]. - The pace of gold accumulation by the central bank has slowed down this year, with a total increase of 139,000 ounces from January to October 2025, reflecting a strategy of buying on dips rather than chasing high prices [9][10]. Economic Outlook - The recent "14th Five-Year Plan" emphasizes the importance of high-level opening-up, which is expected to stabilize cross-border capital flows and support the foreign exchange reserves [8]. - The strong economic fundamentals of China, including its resilience and potential, are seen as key factors for maintaining stable foreign exchange reserves [8][11]. - The central bank's strategy of increasing gold reserves is viewed as a response to global uncertainties and a means to optimize the international reserve structure, with a focus on enhancing the credibility of the yuan [11].

Core Viewpoint - The competition between YingShi Innovation and DJI is intensifying, with both companies encroaching on each other's core markets, leading to concerns about market share decline and profitability pressures [3][5][9]. Group 1: Competition Dynamics - YingShi Innovation has launched a drone brand targeting the consumer market dominated by DJI, while DJI has introduced a panoramic camera to compete directly with YingShi's main products [3][5]. - The price war initiated by DJI has impacted YingShi's profit margins, with a notable decline in gross margin reported for Q3 [4][11]. - YingShi's CEO acknowledged the competitive landscape, stating that the entry of competitors into new markets creates opportunities for market expansion [6][9]. Group 2: Market Share and Financial Performance - According to different reports, YingShi's market share in the global panoramic camera market has reportedly dropped from 85%-92% to 49%, while DJI captured 43% of the market [6][8]. - Contrarily, another report claims YingShi still holds a 75% market share, indicating discrepancies in data sources and methodologies [7][8]. - For the first three quarters of 2025, YingShi reported revenues of 6.611 billion, a year-on-year increase of 67.18%, but net profit decreased by 5.95% [9][10]. Group 3: Cost Structure and Profitability - The company's R&D expenses surged by 127% to 1.085 billion in the first three quarters of 2025, contributing to the decline in net profit [10]. - Sales expenses also increased significantly, reaching 1.13 billion, a 102.6% year-on-year rise, further straining profitability [10]. - The gross margin for Q3 was reported at 47.6%, down 6.7 percentage points, attributed to the ongoing price competition in the industry [11].

Core Viewpoint - The ongoing acquisition battle for Metsera between Pfizer and Novo Nordisk has intensified, with Pfizer recently amending its merger agreement to offer up to $86.25 per share, which includes $65.60 in cash and a contingent value right (CVR) of up to $20.65 per share [1][3][4]. Group 1: Acquisition Details - Pfizer's revised offer represents a significant increase from its initial proposal of $47.50 per share, which valued the total deal at approximately $7.3 billion [9]. - Novo Nordisk entered the competition with a higher bid, initially offering $8.5 billion and later increasing it to a maximum of $10 billion, which includes $7.2 billion in equity value and $2.8 billion in cash contingent value rights [10]. - Metsera's board has unanimously recommended that shareholders approve the revised merger agreement with Pfizer, citing the deal's ability to provide immediate and tangible value to shareholders [3][4]. Group 2: Market Context - Metsera, founded in 2022 and based in New York, focuses on developing treatments for obesity and related metabolic diseases, leveraging technology from Imperial College London's research team [5]. - The company's stock price surged from approximately $36 per share in September to $83.18 per share as of November 7, reflecting investor interest amid the acquisition bids [10]. - The competition for Metsera underscores the growing potential and long-term viability of the obesity treatment market, particularly in the context of GLP-1 therapies, where major pharmaceutical companies are vying for market share [10].

Core Viewpoint - The article highlights the transformation of Quanjude, a century-old brand, showcasing its ability to innovate while maintaining traditional values, particularly through the success of its new product, the thick milk cap yogurt, which has gained popularity among younger consumers [6][19][24]. Group 1: Tradition and Heritage - Quanjude has a rich history of 161 years, relying on its core competencies rooted in traditional craftsmanship and flavors that resonate with consumers [7][8]. - The brand emphasizes the importance of maintaining high standards in its signature Peking duck preparation, including the selection of quality ducks and precise cooking techniques [9][12]. - The commitment to tradition is reflected across its four major brands, each adhering to their respective culinary heritage [14][15]. Group 2: Innovation and Modernization - Quanjude's innovation strategy integrates traditional values with modern consumer preferences, focusing on enhancing service quality, menu innovation, and creating engaging dining experiences [21][24]. - The brand has expanded its menu to include over 400 dishes in its whole duck banquet, catering to diverse tastes and preferences [22]. - New product offerings, such as the milk cap yogurt, complement traditional dishes and have become popular among younger consumers without the need for extensive marketing [24]. Group 3: Consumer Engagement and Experience - Quanjude has transformed its dining spaces to create unique consumer experiences, such as the "Cloud Courtyard" concept in its Peace Gate store, blending traditional architecture with modern aesthetics [25][26]. - The brand has successfully shifted its image from a tourist destination to a local dining favorite, with over 60% of customers being local residents [36][38]. - Positive consumer feedback highlights the quality of service and dining experience, reinforcing the brand's reputation [39][40][45]. Group 4: Strategic Development and Future Outlook - Quanjude is pursuing a dual-driven strategy of "Dining + Food Products" to ensure sustainable growth and mitigate operational risks [46][47]. - The brand is expanding its product range to include convenient snacks and ready-to-eat items, making its offerings more accessible to consumers [50][53]. - The establishment of the "Old Brand Innovation Research Institute" aims to support the development of healthier and more convenient food products, ensuring the brand's relevance in the modern market [54][56].

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Core Viewpoint - The article emphasizes Hong Kong's role as a vital platform for mainland Chinese enterprises to expand internationally, highlighting the collaboration between Hong Kong and mainland China to leverage opportunities in global markets [1][2][3]. Group 1: Event Overview - The 8th China International Import Expo is currently taking place, with a promotional event titled "Hong Kong: The Preferred Platform for Mainland Enterprises Going Global" organized by the Hong Kong government and the Hong Kong Trade Development Council [1]. - The event attracted 500 business representatives, indicating strong interest and engagement from the business community [25]. Group 2: Key Speeches and Messages - Hong Kong Chief Executive John Lee emphasized the importance of aligning with national strategies to enhance cooperation and mutual benefits between Hong Kong and mainland enterprises [2]. - Xu Qifang, Deputy Director of the Central Government's Hong Kong and Macao Affairs Office, highlighted the significance of the event in supporting mainland enterprises to explore overseas markets [2]. - Shanghai's Vice Mayor Wu Wei noted the achievements of the Shanghai-Hong Kong cooperation mechanism and encouraged local enterprises to utilize Hong Kong's advantages for global expansion [2]. Group 3: Strategic Initiatives - The Ministry of Commerce introduced a comprehensive overseas service system, proposing 16 measures to enhance the capabilities of enterprises going global, leveraging Hong Kong's strengths in cross-border investment and trade [3]. - The event featured a keynote speech by Dr. Feng Guojing, who discussed the unique advantages of Hong Kong as a partner for mainland enterprises seeking to expand internationally [3]. Group 4: Interactive Discussions - The event included interactive discussions with prominent figures from both Hong Kong and mainland enterprises, focusing on how to achieve complementary advantages in innovation, finance, and professional services [3][4]. - Participants expressed optimism about Hong Kong's role as a bridge to emerging markets in Southeast Asia and the Middle East, recognizing the opportunities for mainland enterprises [4].

Core Viewpoint - The article promotes the Langsha autumn and winter thickened fleece half-zip casual long-sleeve shirt as a versatile and stylish solution for seasonal clothing challenges, emphasizing its comfort, warmth, and functional design [6][36]. Group 1: Product Features - The shirt utilizes a three-layer air layer fabric structure, which retains warmth while allowing moisture to escape, providing comfort during physical activities [8][10]. - It features double-sided brushed fabric and coarse needle fleece stripes, offering a high-quality touch and a structured appearance that avoids bulkiness [12][13]. - The addition of camellia oil and silk protein in the fabric enhances skin moisture and reduces static, improving overall wearing experience [15][31]. Group 2: Design and Functionality - The shirt includes a raglan sleeve design for increased mobility and a seamless half-zip for easy temperature regulation [27][29]. - Anti-static treatment is applied to prevent static cling and maintain a neat appearance [31][52]. - The tailored fit is designed to be flattering without being overly tight, making it suitable for various occasions [33][34]. Group 3: Brand Background - Langsha, established in 1995, has evolved from a family business focused on high-quality socks to a well-known brand in the apparel market, recognized for its commitment to material quality and craftsmanship [41][45]. - The brand has invested in advanced Italian equipment to enhance production quality, ensuring a strong reputation in the industry [43][45]. Group 4: Pricing and Availability - The promotional price for the shirt is set at 78 yuan, making it an attractive option for consumers looking for quality winter wear [36][88].