Core Viewpoint - Playboy, Inc. has signed a final agreement to sell 50% of its business in China to United Trademark Group (UTG) for a total cash amount of $122 million, aiming to address brand dilution issues and enhance operational management in the region [1][2]. Group 1: Transaction Details - The transaction consists of three parts: $45 million paid over two years for the acquisition of the 50% stake, $67 million as a minimum guaranteed dividend over eight years, and an additional $10 million for brand support over the next three years [1]. - After the transaction, UTG will take over product development, channel expansion, and brand operations in China, while Playboy retains a 50% stake and benefits from guaranteed dividends and additional revenue sharing [1]. Group 2: Background on UTG - UTG, headquartered in Shanghai, manages over 10 international brands, including Jeep and several Italian brands, and has been the exclusive agent for Playboy in mainland China [2]. - This acquisition marks a shift for UTG from being a brand agent to a co-owner of the Playboy brand in China [2]. Group 3: Brand Management Challenges - Playboy's aggressive brand licensing strategy in China has led to brand value dilution, with the company relying heavily on licensing for revenue, which constitutes nearly half of its total income [2][3]. - As of 2023, the brand's revenue share from China has significantly decreased to 9.51%, down from approximately 27% in 2021, indicating a decline in market presence [4].

南方财经全媒体集团成立于2016年11月17日，是经中 央批准的全国首家全媒体集团,致力于打造成为中国一 lill L 流财经媒体和金融信息服务平台。南方财经坚持以用户 为中心,聚焦"移动优先、产品牵引、数据驱动",已 建成以21财经客户端为旗舰,《21世纪经济报道》 《21世纪商业评论》、经视频客户端、金融数据终 端、智能投顾终端等互为支撑的数字化、智能化产品矩 阵,总用户数超1.5亿,经济舆论引导能力和助力预期 管理能力不断增强。 育厅财经全媒体集团 中元 W 17K 海 我们是谁 ·《 投研总监 产品总监 证券行情软件方向 投顾讲师 建设具有全球影响力的中国一流财经 (3 战略目标 媒体和金融信息服务平台。 21 2 2| 数字传媒 t : 1世纪经济报道 经视频 4 投资频道 cally hose 7 -10 2 7 2 11 1 媒体 金融信息与 NCE IN 加入我们 成为财经未来的"造浪者" eff E 30+席位 20+岗位 4 大职业序列 9北京 9上海 �广州 �深圳 �香港 9组约 每个岗位都有"清晰的成长路径" 首席/资深记者 资深编辑 专业采编类 财经新闻编辑 21世纪经济报道 21 ...

敖翀进一步分析称，随着流动性的持续释放，中国和全球经济有望在未来6-12个月内出现阶段性回暖，带动市场需求回升。在叠加供给刚性的 情况下，可能使金属价格在调整后重获支撑，并存在再创新高的可能。 除金银外，敖翀认为铜因其兼具流动性驱动与潜在的供需格局改善潜力，中长期更为看好。而对于部分已累计一定涨幅的小金属品种，则需警 惕其因投机需求主导而可能面临的价格波动风险。 记者丨冯紫彤 金珊 编辑丨刘雪莹 2月12日，黄金白银深夜重挫，现货 黄金跌超3%，现货白银日内跌幅一度扩大至11%。 13日开盘，黄金白银延续跌势，现货黄金一度向下跌 破4900美元，最新报4912.5美元/盎司。现货白银跌超0.6%，最新报74.7美元/盎司。 | W | | | 伦敦金现 SPTAUUSDOZ.IDC | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 4912.527 | | 昨结 | 4924.304 | 总量 | | | O | | -11.777 | -0.24% 开盘 | | 4927.743 | 现手 | | | 0 | | 最高价 | 4930 ...

Market Overview - The US stock market experienced a significant decline, with the Dow Jones falling by 1.34%, the S&P 500 down by 1.57%, and the Nasdaq dropping by 2.03% [1][2]. Technology Sector - Major technology stocks saw a collective downturn, with Cisco leading the decline, plummeting over 13% due to rising memory prices impacting its performance, resulting in a quarterly gross margin below expectations. Other notable declines included Apple down 5%, Facebook nearly 3%, and Tesla and Amazon both down over 2% [2]. Semiconductor Industry - The semiconductor sector faced widespread losses, with the Philadelphia Semiconductor Index decreasing by 2.5%. Key players like Micron Technology fell nearly 4%, while Intel, AMD, and Broadcom dropped over 3% [2]. Banking Sector - Bank stocks also fell sharply, with JPMorgan Chase down over 2%, Goldman Sachs declining by more than 4%, Citigroup down over 5%, and Morgan Stanley nearly 5% [2]. Energy Sector - Energy stocks collectively declined, with ExxonMobil down nearly 3%, Chevron down nearly 2%, and Occidental Petroleum dropping over 3% [2]. Chinese Stocks - Chinese stocks listed in the US saw a general decline, with the Nasdaq Golden Dragon China Index down 3%. Individual stocks like Tencent Music and Huya fell over 10%, while Beike dropped nearly 6% [3]. Precious Metals - Precious metals experienced a significant drop, with spot gold falling below $5000, closing at $4920.97 per ounce, and spot silver declining over 10% to $75.3 per ounce [3]. Oil Prices - International oil prices also fell, with WTI crude oil futures down 2.77% to $62.84 per barrel, and Brent crude oil futures down 2.71% to $67.52 per barrel [5]. Cryptocurrency Market - The cryptocurrency market saw major declines, with Bitcoin dropping nearly 3% to $65,820.2, and over 110,000 traders liquidated positions in the past 24 hours [6]. Federal Reserve Outlook - According to the latest data, the probability of a 25 basis point rate cut by the Federal Reserve by March is 7.8%, while the probability of maintaining the current rate is 92.2%. By June, the probability of a cumulative 25 basis point cut rises to 49.9% [6].

Market Overview - The US stock market showed mixed results with the Dow Jones up by 0.46%, while the Nasdaq fell by 0.31% and the S&P 500 increased by 0.09% [1] - Major tech stocks had varied performances, with Nvidia rising by 0.7% and Amazon and Apple both declining by over 1% [3] Semiconductor Sector - Micron Technology reported that its new NAND flash wafer factory is on track to begin shipments in the second half of 2028, with HBM4 customer shipments expected to increase in the first quarter of 2028, one quarter ahead of schedule [4] - The CFO of Micron indicated that market demand significantly exceeds supply, predicting that supply constraints will persist until after 2026 [4] Retail Sector - Notable gains were observed in major US retailers, with Walmart rising over 2% to reach a historical high, and Macy's, Kohl's, and Ross Stores also seeing increases [4] - McDonald's reported a 9.5% year-over-year revenue growth in Q4, reaching $7 billion, with adjusted earnings per share of $3.12, exceeding expectations [4] Software Sector - Cisco experienced a significant drop of over 9%, marking its largest decline in 2023, due to disappointing gross margin guidance despite raising its annual forecast based on AI demand [4] - Other software stocks showed mixed results, with Fastly surging over 60% post-earnings, while Applovin plummeted over 14% [4][5] Chinese Stocks - Chinese stocks listed in the US faced collective declines, with the Nasdaq Golden Dragon China Index falling by 1.4%, and major companies like Tencent Music and Pinduoduo dropping by nearly 6% and 2.5% respectively [4][6] Commodity Market - Precious metals saw a decline, with spot gold down by 0.37% at $5065 per ounce and silver down by 1.43% at $83 per ounce [6][7] - International oil prices also fell, with Brent crude futures down about 1% to $68.75 per barrel and WTI crude futures down about 1% to $63.99 per barrel [7] Cryptocurrency Market - The majority of cryptocurrencies experienced gains, with Bitcoin rising by 0.96%, remaining below $68,000, while over 118,000 individuals faced liquidation in the past 24 hours [9][10]

作者丨李果 编辑丨周上祺 从总体表现看，13座万亿GDP城市中， 2025年餐饮收入超过1000亿元的城市有7座，分别是重 庆、上海、成都、北京、广州、深圳和苏州，除苏州外，其余6城也是万亿消费城市。 其中重 庆是唯一一座餐饮消费超2000亿元的城市，2025年达到2470亿元，充分展现了重庆的美食消 费实力，同时也与这座城市超3190万人的庞大常住人口数量有关。 在常住人口的人均餐饮消费方面，有4座城市人均餐饮消费超过7000元。2025年上海的人均餐 饮消费额达到7783元，是纳入统计的所有城市中消费金额最高的一座，苏州和重庆分别为 7756元和7743元。尽管烟台的餐饮收入仅495亿元，但在人口规模较低的背景下，这座城市的 人均餐饮消费达到了7033元。 另有5座城市人均餐饮消费超6000元，分别是济南（6772元）、深圳（6671元）、成都（6640 元）、广州（6476元）和北京（6062）。 人均餐饮消费最低的城市，是新晋万亿GDP城市之 列的大连市，2025年人均餐饮消费3185元。 同时大连亦是餐饮收入最低的城市，2025年为 240亿元，约重庆的十分之一。 餐饮收入占社会消费品零售总额比重方 ...

作者丨 杨娜娜 编辑丨姜诗蔷 图源：上海市基金同业公会 2月2日，上海地区公募基金迎来了极具分量的"开年第一会"。 当日，上海市基金同业公会理事会合规风控专业委员会2026年度第一次会议暨督察长联席会议 在上海召开。中国证监会、上海证监局相关处室负责同志，以及上海地区75家公募基金的总经 理或督察长出席会议。 上海市基金同业公会发文指出，与会代表围绕行业高质量发展、廉洁从业、基金销售行为规 范、投资纠偏的合理平衡、考核激励、公司治理、行业文化等议题充分交流，形成的多项共识 性意见，为行业规范发展提供了实操性参考。 这场会议的规格之高、议题之锐，远超以往。 多位与会公募人士向21世纪经济报道记者证 实，相较于2025年8月举办的督察长联席会议，本次会议不仅重申了合规底线， 更释放了多个 重磅信号，包括严禁未取得销售资质的网络大V开展基金引流活动，以及基金净值估算功能按 要求予以停止。 会议还对部分机构违规外泄监管通报行为提出严厉批评。有资深业内人士向记者表示，被泄露 内容或与此前"全面强化公募基金分红监管"的通报有关。该通报显示，部分基金公司存在利用 基金分红税收优惠政策协助机构投资者逃避税的行为。 可以看得出 ...

2月11日，记者发现，因晒妻子生产过程视频被质疑的千万粉丝博主"保罗在美国"已被平台禁 言，其账号主页显示，该用户因违反相关法律法规和政策，已被禁言。 据此前报道，今年2月，"保罗在美国"发布妻子生产视频，称产程长达23小时，妻子三级撕 裂、产后大出血，失血量达3344毫升，经紧急手术与输血后脱离危险，母女平安。 其间，保罗全程跟拍，发布含妻子裸露画面的视频，且在妻子大出血抢救时仍持续拍摄，被指 过度消费隐私、漠视伴侣痛苦、只为流量。目前，其发布的相关争议视频已删除。 记者从北京春林律师事务所庞九林律师处了解到，保罗虽对敏感部位打码，但产妇的"痛苦"仍 被千万人观看，这已涉嫌侵犯妻子肖像权与隐私权。"保罗妻子在失血状态下被拍摄，其'同 意'的清醒性与自愿性存疑，可能构成无效同意。" 来源丨人民日报 编辑丨江佩霞 见习编辑林芊蔚 万亿巨头疑似售假，消费者直呼塌房 影石年会送员工5套房，还有豪车和定制金钞 SFC 21君荐读 ...

Core Viewpoint - The article discusses the recent regulatory warnings issued to several companies, particularly focusing on the risks associated with stock price volatility and misleading information regarding business operations and orders [3][6]. Group 1: Regulatory Warnings - The Shanghai Stock Exchange issued a regulatory warning to Shuangliang Energy, highlighting the need for accurate and complete information disclosure regarding its overseas orders related to SpaceX, which could mislead investors [3][5]. - Shuangliang Energy's stock price experienced a significant increase, reaching a limit up of 10.71 yuan per share, with a total market capitalization of 201 billion yuan following the announcement of three overseas orders for high-efficiency heat exchangers [5]. Group 2: Stock Price Volatility - Honghe Technology issued a risk warning after its stock price increased by over 20% in three consecutive trading days, urging investors to be cautious about market volatility [7]. - Honghe Technology's stock price reached a limit up, closing at 73.27 yuan per share, with a market capitalization of 645 billion yuan [7]. - Zhangyue Technology also warned investors about potential risks, indicating that its AI short drama business revenue is expected to be less than 1% of its total revenue for 2025, alongside a projected net loss of approximately 1.95 billion yuan for the same year [9][10]. Group 3: Market Trends and Speculation - Decai Co. issued a risk warning regarding its subsidiary's involvement in the trending "manga production" concept, clarifying that the subsidiary is still in its early development stages and has no significant business orders or revenue [12]. - Decai Co.'s stock price rose to 67.36 yuan per share, reflecting a four-day consecutive increase [13]. - Jiamei Packaging cautioned that its associated enterprise's capital operations are independent and unrelated to the listed company, warning of potential rapid stock price declines due to high market valuations [15].

Core Viewpoint - The collaboration between KAYOU and the Spring Festival Gala marks a significant milestone for the card industry, elevating card games from a niche hobby to a mainstream cultural phenomenon in China [1][3][5]. Group 1: Market Trends and Consumer Engagement - Card consumption is resonating with consumers and traditional culture, completing a significant market transition [3]. - The Spring Festival Gala, with a viewership share of 78.88% in 2025, serves as a powerful platform for cultural dissemination and consumer engagement across generations [5]. - The card industry is experiencing a shift from a youth-centric market to a broader demographic, with increasing interest from adults due to the cultural and collectible value of card products [5][14]. Group 2: Product Innovation and Cultural Integration - KAYOU's "Qiji Chicheng Collection Card," featuring elements of Chinese culture centered around the horse, represents a blend of tradition and modernity, appealing to a wide audience [1][15]. - The collaboration with the Dunhuang Cultural Group to launch the "Dunhuang Twelve Horses Card" showcases the integration of historical and cultural themes into collectible products, enhancing their aesthetic and collectible value [10][13]. - The card industry is characterized by its fluidity and interactivity, allowing for cross-generational engagement and cultural exchange [14]. Group 3: Economic Impact and Industry Growth - The collectible card market in China reached a scale of 26.3 billion yuan in 2024, with a compound annual growth rate of 56.6%, indicating robust growth in the sector [17]. - KAYOU's success is attributed to its comprehensive industry system, from product design to global distribution, validating the market value of Chinese cultural IP [20]. - The collaboration with the Spring Festival Gala is expected to enhance the recognition and acceptance of card products among the general public, accelerating market penetration [15][21].