记者丨江佩佩 ,见习记者林健民 编辑丨张嘉钰 1月4日，1499元/瓶的飞天茅台（2026）持续秒空，同日，飞天茅台的批发价也再次跌破1499 元的指导价。 第三方平台"今日酒价"披露的各大名酒批发参考价显示，1月4日， 2025年飞天茅台（53 度/500ml，下同）散瓶报1490元/瓶 ， 较上一日跌5元，连续4天回落 ；原箱与上一日持平， 报1505元/瓶；分别均较2025年12月31日下跌60元和65元。 | 茅台飞天 | | 2026年1月4日 (公众号: 今日酒价) | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 225年飞天(原) | 53度/500ml | 1505 | 1505 | | 225年飞天(散) | 53度/500ml ! | 1495 | 1490 U | 而在社会终端渠道上， 电商平台上再次出现低于1499元指导价的售价。 第三方平台"酒价内 参"数据显示， 飞天茅台过去24小时终端零售均价为1780元/瓶，回落了4元，已连跌9天，累 计达23.59%；而2026年以来的4天，跌幅达到了15.49%。 | 17 ...

Core Viewpoint - The transformation of the banking industry in 2025 is evolving from superficial adjustments of branches to deep structural optimization, characterized by a "slimming and muscle-building" approach, where inefficient branches are closed while new, specialized branches are established to reconstruct offline value [1][5]. Group 1: Branch Closure and Establishment - In 2025, a total of 7,871 bank branches were closed, while 8,494 new branches were established, resulting in a net increase of 623 branches, marking the first positive growth in branch numbers in three years [1][5]. - The closure rate of bank branches accelerated in 2024, with 2,483 branches closed compared to 2,649 in 2023, indicating that the total number of closures in 2025 exceeded the sum of the previous two years [2][5]. - Inner Mongolia had the highest number of branch closures due to regulatory approvals for mergers and dissolutions, totaling 2,400 branches, linked to the large-scale integration of local rural credit systems [2]. Group 2: Impact of Digital Banking - The rise of mobile banking has led to a significant decline in the business volume of traditional branches, with some experiencing a drop of over 70% in counter services [3][6]. - The operational costs of individual branches can reach several million yuan annually, contributing to a cost-revenue imbalance as transaction volumes decrease [3]. Group 3: Future Branch Strategy - Banks are focusing on transforming branches into multifunctional service points, emphasizing wealth management, corporate finance, and community services, creating an integrated "finance + lifestyle" service space [5][7]. - Over 90% of branches have implemented smart teller machines, and some have introduced innovative service models like remote video customer service and VR experience zones [6]. - The trend towards specialized branches aims to enhance brand reputation and customer retention, although challenges such as high costs and variable usage rates exist [7]. Group 4: Regulatory Guidance and Market Trends - The financial regulatory authority is guiding banks to ensure the availability of physical branches in rural areas while balancing economic and social benefits, avoiding excessive competition and financial exclusion [6]. - The future of bank branches, especially in first- and second-tier cities, is expected to see a continued reduction in numbers, but at a slower pace, with a more refined and scientific layout and differentiated operations among branches [7].

Core Viewpoint - The lithium battery industry is entering the "TWh era," with global demand for power batteries expected to exceed 1300 GWh by 2025, alongside explosive growth in the energy storage market [1][5]. Group 1: Industry Dynamics - The competition in the "TWh era" is not just about individual companies but the resilience of the entire industry chain [1]. - The shift from scale competition to a focus on efficiency, quality, and production capacity is crucial for battery manufacturers [5]. - The concept of "extreme manufacturing" is introduced as a solution to overcome the challenges of scale, efficiency, and quality [5]. Group 2: Technological Innovations - Data-driven approaches, AI empowerment, and flexible automation are key components in enhancing production efficiency [5]. - The use of digital twin technology allows for the creation of virtual factories, improving equipment delivery efficiency by up to 50% and enhancing overall equipment effectiveness (OEE) by 35% [5]. Group 3: Competitive Barriers - Deep collaboration with top-tier battery companies forms a second barrier, allowing for precise market alignment through joint R&D [7]. - A large delivery scale provides advantages in supply chain negotiations and cost control, forming a third barrier [7]. - The company emphasizes a "platformization" strategy, a robust R&D system, and global service capabilities as core competitive strengths [7]. Group 4: Market Strategy - The company advocates for a shift from price competition to a "value war," focusing on total cost of ownership (TCO) rather than just equipment purchase price [10][11]. - Differentiation through high-tech orders in solid-state batteries and large-capacity storage batteries helps avoid price wars [11]. - Global expansion is seen as a way to escape domestic price competition, with overseas revenue reaching 1.154 billion yuan in the first half of 2025, showing a continuous increase [11]. Group 5: Industry Standards and Intellectual Property - The company is actively involved in setting national and international industry standards to promote the development of standardized and modular manufacturing [11][12]. - Emphasis is placed on protecting intellectual property to encourage a shift from price competition to technology-driven competition [12].

据业内人士测算，公募基金费率改革三阶段全部完成后， 预计每年会为投资者节省510亿元成 本 ，并让公募基金综合费率水平下降约20%。 记者丨 余纪昕 编辑丨周炎炎 元旦假期前的最后一天——2025年12月31日，备受关注的 公募基金销售费用新规 终于"落 地"。中国证监会于当日修订发布了《公开募集证券投资基金销售费用管理规定》（简称《正 式稿》），并明确自2026年1月1日起施行。 影响多大 那么，此次新规正式发布，对债市走向将产生怎样的影响？ 一位公募基金债券基金经理告诉记者，债市生态本身较为多元，单一政策变化对基金机构购债 积极性的提升效果"不好说"，但相比落地前的不确定性， "如今有了明确的文件，大家悬着的 心总归是放下来了"。 与2025年9月发布的征求意见稿相比，21世纪经济报道记者注意到，此次正式稿中一些细节有 所放宽，被业内视为债市投资端的明显利好消息。 针对市场最为关注的赎回费问题，正式稿对债基产品的赎回费给予了部分条件性的豁免：对于 个人投资者持有期满7日的指数型基金和债券型基金，以及机构投资者持有期满30日的债券型 基金，基金管理人可另行约定赎回费标准。 | | 债券型基金赎回费用 | | ...

记者丨 叶映橙,见习记者林健民 市场分析认为， 美国对委内瑞拉发动袭击，叠加近期国际地缘政治事件频发，将推动原油市 场波动加剧。 对于后市，经济学家盘和林向21财经·南财快讯记者表示： "短期将推高油价，长期降低油价， 因为美国石油资本进入会拉高未来委内瑞拉石油出口产能。" 光大期货认为，近期全球陆上及水上库存累库速度虽有所放缓，但绝对库存依然处于高位，维 持对于2026年一季度供需压力较大的判断不变。受地缘事件影响，假期结束后国内市场能化品 种开盘可能出现较大波动，建议投资者密切关注事态进展，做好风险管理。 国金证券石油化工团队认为，当前原油价格仍在地缘冲突与供需过剩的矛盾中博弈，主要支撑 来自地缘因素。 地缘冲突引发的原油价格上涨都将是一时性的，中期将进一步加剧原油过剩 的压力。如委内瑞拉冲突结束，委内瑞拉产量可能修复至110万桶/天以上。 1月2日，美油主力合约收跌0.16%，报57.33美元/桶，周涨1.04%；布伦特原油主力合约跌 0.08%，报60.8美元/桶，周涨0.93%。 大型石油企业将进入委内瑞拉，投资数以十亿计美元，"维修"石油基础设施并创造收益。 据新华社报道，委内瑞拉已探明石油储量3 ...

周先旺严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律和生活纪律，构成严重职务违 法并涉嫌受贿犯罪，且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处 理。依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员 政务处分法》等有关规定，经中央纪委常委会会议研究并报中共中央批准，决定给予周先旺开 除党籍处分；由国家监委给予其开除公职处分；收缴其违纪违法所得；将其涉嫌犯罪问题移送 检察机关依法审查起诉，所涉财物一并移送。 今天（4日），中央纪委国家监委网站连发四份通报。 湖北省政协原党组成员、副主席周先旺被"双开" 经中共中央批准，中央纪委国家监委对湖北省政协原党组成员、副主席周先旺严重违纪违法问 题进行了立案审查调查。 经查，周先旺丧失理想信念，背弃初心使命，搞迷信活动；无视中央八项规定精神，接受可能 影响公正执行公务的宴请和旅游活动安排；违反组织要求，不按规定报告个人有关事项，在干 部选拔、职工录用等工作中为他人谋取利益并收受财物；廉洁底线失守，违规收受礼金，利用 职权为亲属经营活动谋利，搞权色交易；不正确履行职责，造成巨额国有资产损失风险；生活 腐化堕落，家风不正，对其 ...

1月4日上午，"汉堡王崩了"在社交平台引发热议。 部分网友发文称汉堡王官方小程序、APP及支付宝等第三方接入端口出现集中故障，用户遭 遇页面卡顿、闪退甚至定位错误等异常现象，线上点餐系统完全停滞。 11时12分，汉堡王中国发文致歉："感谢所有小伙伴们对本次品牌代言人活动的热情支持，这 份心意我们真切感受到了！由于瞬时访问量巨大，系统承载能力不足，当前小程序/APP正在 紧急修复。给大家带来不好的体验，我们深表歉意。" 约一个小时后，汉堡王中国再次发文致歉："由于系统故障，部分小伙伴未能如愿买到2026代 言人元旦礼盒套餐，我们万分歉意。我们也非常理解大家此刻的失落心情，但请放心，所有 热爱都不会被辜负。我们近期将在天猫汉堡王官方旗舰店开放2026代言人元旦礼盒套餐（1 月 4 日同款周边）的预订。具体时间和规则我们将尽快公布。" 据中新经纬报道，汉堡王北京西城区一门店工作人员表示，"由于这次联名周边套餐比较火 热，短时间内访问量较大，导致线上点单系统崩溃，目前正在进行系统修复中，再次对于系 统的问题深表歉意。" 截至发稿时，汉堡王官方小程序点单功能已恢复正常。 据了解，汉堡王本次联名活动为2026代言人田栩宁 ...

Core Viewpoint - The article highlights the discrepancy between the displayed and actual yields of bank wealth management products, emphasizing that many investors are unaware of the actual returns they receive compared to the advertised rates, which can be as high as 5% to 7% [1][2]. Group 1: Investor Awareness and Experience - Many investors are attracted to wealth management products due to high displayed yields but later find that their actual returns are significantly lower, often without understanding the reasons for this discrepancy [1]. - A survey by 21st Century Asset Management Institute tested eight major bank apps, revealing that the displayed annualized returns are often not directly comparable to the actual returns shown in the holding pages, which are typically presented in monetary terms [2][3]. Group 2: Data Presentation in Banking Apps - The tested bank apps primarily display annualized returns over various time frames, but the actual holding returns are shown in monetary terms and non-annualized percentages, making it difficult for investors to compare [2][3]. - Only one bank, WeBank, provides a holding annualized return, allowing customers to directly compare their actual returns with the advertised rates [5]. Group 3: User Experience and Accessibility - The majority of banks display holding returns and rates, but the user experience varies significantly; some banks make it easy to find this information, while others require multiple clicks, which can lead to confusion [7][9]. - Some banks, like Industrial and Commercial Bank of China, only show returns in monetary terms without providing percentage yields, limiting investors' ability to assess their performance [12]. Group 4: Regulatory Changes and Future Implications - New regulations from the National Financial Supervision Administration aim to improve the transparency of performance data for wealth management products, emphasizing the importance of investor awareness and access to information [19][20]. - The article suggests that banks need to simplify the presentation of performance data to enhance investor understanding and trust in wealth management products [20].

据新华社报道，美国太空探索技术公司旗下卫星互联网项目"星链"3日表示，将为委内瑞拉提 供一个月免费宽带服务。 2 悦 读 · 智能 权 威 . r7 o 扫码点击下载 SFC 来源丨新华社 编辑丨金珊 中方呼吁：立即释放马杜罗总统和夫人 "今天是委内瑞拉，明天就可能是任何一个国家" 特朗普披露马杜罗被抓细节，称美国将"管理"委内瑞拉 21君荐读 "星链"当日通过社交媒体发布消息称："将为委内瑞拉民众提供免费宽带服务至2月3日，确保 网络连接不中断。" "星链"没有作进一步解释。目前委网络连接基本正常。 美国3日凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯并抓走委总统马杜罗及其 夫人。 一键追踪美国"闪击"委内瑞拉时间线： ...

Group 1 - The core viewpoint of the article highlights the strong performance of the Guangdong film market during the 2026 New Year's holiday, with a total box office of 7.39 billion yuan, making it the only province to exceed 1 billion yuan in box office revenue [1] - Guangdong's film "The Hidden Kill" led the New Year's box office with 1.26 billion yuan, contributing to a cumulative box office of 2.04 billion yuan, showcasing a blend of action and unique visual aesthetics that resonated with audiences [1] - The New Year's film lineup included 11 new releases across various genres, catering to diverse audience preferences, while previous hits like "Zootopia 2" and "Avatar: The Way of Water" continued to attract viewers, contributing significantly to the overall box office [1] Group 2 - In 2025, Guangdong's total box office reached 63.48 billion yuan, with over 152 million admissions and more than 15.63 million screenings, maintaining a 12% share of the national box office for 24 consecutive years [2] - The province excelled during major holiday periods such as May Day, National Day, and summer vacations, with box office figures consistently ranking first nationwide, reflecting a year-on-year growth of 20.5% [2] - The increase in total admissions by approximately 27.77 million compared to 2024 indicates a robust market development and a solid foundation for future growth in the film industry [2]