Core Viewpoint - The rise of turmeric drinks as a health trend reflects a growing consumer anxiety about health, with significant sales increases driven by marketing strategies that capitalize on this anxiety [1][9]. Group 1: Market Dynamics - Turmeric drinks have seen a dramatic increase in sales, with e-commerce platforms reporting a 14-fold increase during promotional periods compared to September [1]. - Major retailers like Hema and Sam's Club have reported frequent stockouts of turmeric drinks, indicating high consumer demand [3]. Group 2: Health Claims and Scientific Basis - The primary selling point of turmeric drinks is their anti-inflammatory properties, attributed to curcumin, which has shown potential in laboratory studies [5]. - However, there is a significant gap between laboratory findings and actual health benefits for consumers, as curcumin's absorption in the human body is limited [5][6]. - Many turmeric drinks do not utilize advanced absorption techniques, leading to low effective doses of curcumin [6]. Group 3: Consumer Misunderstanding - Consumers often confuse turmeric with curcumin, leading to misconceptions about the health benefits of turmeric drinks [5][11]. - The effective dosage of curcumin required for health benefits is between 500-1500 mg daily, but many products contain negligible amounts [6]. - High sugar content in many turmeric drinks contradicts their marketed anti-inflammatory benefits, potentially exacerbating health issues [7][8]. Group 4: Pricing and Cost Analysis - The production cost of turmeric drinks is significantly low, with a high markup leading to prices that can exceed 300% of the actual cost [10]. - For example, a popular brand's turmeric drink has a retail price of 52.5 yuan for 300ml, while the cost of turmeric powder used is only about 0.25-0.4 yuan [10]. Group 5: Consumer Behavior and Marketing Strategies - The marketing of turmeric drinks effectively targets modern consumers' health anxieties, offering a quick and easy solution to perceived health needs [9]. - The trend reflects a broader societal pressure to present a healthy lifestyle, with many consumers willing to pay a premium for products that symbolize health efforts [9][10]. Group 6: Recommendations for Consumers - Consumers are advised to critically evaluate turmeric drink products, focusing on curcumin content and sugar levels, and to avoid being misled by exaggerated health claims [11]. - It is recommended to consider pure curcumin supplements for those seeking specific health benefits, rather than relying on turmeric drinks [11].

Core Viewpoint - The price of the domestic varicella-zoster vaccine is being gradually reduced, with a significant price drop of over 66% from 1375 yuan to 464 yuan per dose, which may impact the company's revenue and market dynamics [1][2]. Group 1: Vaccine Pricing and Market Dynamics - Changchun Baike Biological Technology Co., Ltd. has adjusted the price of its varicella-zoster vaccine, reflecting a broader trend of price reductions in the industry to enhance public awareness and accessibility [1]. - The company has previously implemented discount pricing strategies, leading to reduced revenue and increased pressure on its financial performance [1][2]. - The global market features four varicella-zoster vaccines, with only two available in China, indicating a competitive landscape that may influence pricing strategies [1][9]. Group 2: Industry Challenges and Opportunities - The vaccine industry faces challenges such as competition, vaccine hesitancy, and consumer confidence, but long-term growth potential remains due to the low market penetration compared to developed countries [2]. - Public awareness of varicella-zoster disease is low, with a significant portion of the population unaware of the disease, which affects vaccination rates [4][5]. - A study indicated that the vaccination rate among adults aged 40 and older in China is only 0.79%, highlighting a significant opportunity for growth in the market [5]. Group 3: Financial Performance and Sales Trends - In 2023, the company produced 1.3512 million doses of the varicella-zoster vaccine, generating 880 million yuan in revenue, which was a key driver for a 70.3% increase in overall revenue [5]. - However, in 2024, revenue from the vaccine is projected to decline by 71.54% to 251 million yuan, with a significant drop in sales volume and an increase in inventory [5][6]. - The company's financial performance has shown a downward trend, with a 32.64% decrease in revenue and a 53.67% drop in net profit in 2024 compared to the previous year [6][7]. Group 4: Competitive Landscape and Future Strategies - The varicella-zoster vaccine market is becoming increasingly competitive, with GSK's vaccine still holding a significant market share despite a decrease in production [9][10]. - The company plans to enhance vaccine accessibility by integrating vaccination services with clinical medical systems and correcting public misconceptions about the disease [10]. - Baike Biological is also focusing on other vaccine projects, with ongoing clinical trials and new product developments aimed at diversifying its portfolio and improving market position [10].

Core Viewpoint - The introduction of domestic products into duty-free stores represents a significant shift in the retail landscape, aiming to enhance the visibility and accessibility of Chinese brands to both domestic and international consumers [9][11]. Group 1: Event Overview - The "National Trend Products" promotion event for duty-free stores was held on December 23 in Shenzhen, showcasing brands like Chengdu Liu-style bamboo weaving and others, highlighting the innovation of traditional crafts [1][2]. - The Ministry of Commerce released a list of recommended brands for duty-free stores, covering 19 key product categories, which will guide selection and procurement for duty-free enterprises [1][5]. Group 2: Characteristics of Selected Domestic Products - The selected domestic products exhibit three distinct characteristics: comprehensive category coverage across 19 types, wide geographical distribution with 174 brands from 26 cities, and a strong heritage with 45 time-honored brands included [5][6]. - Shenzhen is a significant hub for these products, with 25 brands making it to the first promotion list, indicating a robust local presence [5][6]. Group 3: Market Trends and Consumer Behavior - New duty-free stores are increasingly focusing on domestic products, with examples like the Chengdu duty-free store featuring local specialties and the Guangzhou cultural museum showcasing popular items like the "Bing Dwen Dwen" dolls [3][5]. - There is a notable increase in demand for domestic products among international tourists, with some stores reporting a 50% increase in international customer visits [10][11]. Group 4: Future Directions and Strategic Implications - The introduction of domestic products into duty-free stores is seen as a new initiative requiring collaboration among government, enterprises, and brands to enhance competitiveness and policy implementation [6][7]. - Duty-free stores are evolving into a new hub for showcasing local products globally, moving beyond their traditional role as mere retail spaces for international brands [10][11].

Core Viewpoint - The acquisition of approximately 43% of shares in Fenglong Co., Ltd. by UBTECH Robotics, known as the "first humanoid robot stock," marks a significant transaction in the A-share control acquisition wave led by technology companies. The total consideration for this acquisition amounts to 1.665 billion yuan, with a share price of 17.72 yuan, reflecting a 10% discount from the pre-suspension price of 19.68 yuan [1][5][6]. Group 1 - The acquisition strategy involves a combination of "agreement transfer + partial tender offer," which cleverly avoids the requirement for a full tender offer, making it a less costly and more feasible approach for gaining control [3][5]. - The first step of the acquisition includes an agreement to transfer 65.53 million shares (29.99% of total shares) from the controlling shareholder to UBTECH at a price of 17.72 yuan per share, totaling 1.161 billion yuan [5][6]. - Following the agreement transfer, UBTECH will issue a partial tender offer for an additional 28.45 million shares (13.02% of total shares) at the same price, further solidifying its control over Fenglong [5][6]. Group 2 - There is speculation about whether UBTECH could leverage this acquisition to return to the A-share market; however, current regulatory policies suggest that this is unlikely due to the company's financial status and the requirements for a successful backdoor listing [3][8][9]. - UBTECH's financial situation shows that it has not yet turned a profit, which complicates the possibility of a backdoor listing through Fenglong, making an independent IPO on the Shenzhen Stock Exchange a more viable option [8][9]. - The acquisition is not merely a shell transaction; it aims to create synergy between UBTECH's humanoid robotics business and Fenglong's established manufacturing capabilities, potentially enhancing operational efficiency and market competitiveness [13][14]. Group 3 - The acquisition is funded entirely by UBTECH's own capital, including cash reserves and proceeds from a recent placement of 3.056 billion HKD, with plans to use a significant portion for mergers and acquisitions in the robotics industry [15]. - The strategic rationale behind this acquisition is to utilize Fenglong as a financing platform and to facilitate the integration of UBTECH's technology with Fenglong's manufacturing capabilities, thereby enhancing both companies' growth prospects [12][14].

记者丨 杨坪 编辑丨张伟贤 12月25日，深交所上市委审议通过深圳大普微电子股份有限公司（以下简称"大普微"）IPO申 请， 标志着创业板首家未盈利企业成功过会 。 公开资料显示，大普微主要从事数据中心企业级SSD（固态硬盘）产品的研发和销售，是业内 领先、国内极少数具备企业级SSD"主控芯片+固件算法+模组"全栈自研能力并实现批量出货的 半导体存储产品提供商。 业内人士认为，此次大普微IPO过会，反映了创业板对优质创新企业的支持力度，也是资本市 场提升包容性和适应性、更好服务科技创新的生动体现。 营业收入5.57亿元、5.19亿元、9.62亿元。2025年，公司预计实现营业收入21.58亿元，同比增 长124%，预计最早将于2026年整体实现扭亏为盈。 业内人士指出，打造国产企业级SSD自主可控产业生态的需求日益强烈，不仅涉及供应链的安 全，亦是推动国内半导体产业发展的关键因素。在此背景下，发挥资本市场功能精准"浇灌"， 支持头部企业加大研发投入，推动技术创新，实现核心部件的自主可控，能够增强国内产业的 竞争力，也有助于保障国家信息产业的安全和可持续发展。 冲刺国内企业级S S D第一股 当前，人工智能存储 ...

Group 1 - The market regulatory authority has responded to the "Antarctic krill oil" incident, highlighting issues related to non-compliance in the entrusted production and processing behaviors of companies [1] - Some companies focus solely on sales profits without ensuring product quality, allowing entrusted manufacturers to produce substandard products [1] - A new "Food Entrusted Production Supervision Management Measures" will be released, which will include supervision of trademark licensing, franchising, and custom production, clarifying the food safety responsibilities of both parties involved [1] Group 2 - The market regulatory authority will guide local departments to strengthen supervision over entrusted production behaviors, such as those seen with Tongrentang's private label processing [1] - A special inspection will be organized to increase the scrutiny of products like krill oil and fish oil, with a focus on cracking down on illegal activities [1] - Tongrentang Group has issued an apology after being implicated in a scandal where the detected content was reported as zero [2]

Core Viewpoint - The recent issuance of guidelines by the People's Bank of China and the Financial Regulatory Administration marks a significant policy shift aimed at reducing the comprehensive financing costs in the micro-lending industry, with a target to lower these costs to within four times the one-year Loan Prime Rate (LPR) by the end of 2027 [1][2][4]. Summary by Sections Policy Implementation - The guidelines require micro-lending companies to clearly disclose the comprehensive financing costs of loans and to stop issuing loans with costs exceeding 24% immediately [1][5]. - By the end of 2027, all new loans must have comprehensive financing costs reduced to approximately 12%, based on the current one-year LPR of 3% [1][6]. Impact on the Industry - The guidelines are expected to accelerate the "clearing out" of the micro-lending industry, particularly affecting those companies involved in self-operated and joint lending businesses [2][13]. - The value of micro-lending licenses is anticipated to decline significantly, leading to a reduction in new business scale for micro-lending companies [13]. Regulatory Focus - The guidelines emphasize the need for local financial management institutions to monitor the lending activities of micro-lending companies closely, ensuring compliance with the new cost structures [1][6]. - There is a strong regulatory signal against arbitrage practices, with strict prohibitions on circumventing the comprehensive financing cost management requirements [6][14]. Financing Cost Dynamics - The comprehensive financing cost reduction will create a significant impact on micro-lending companies, with the new upper limit of 12% posing challenges for many firms to comply [8][9]. - The financing cost differentiation among micro-lending companies is notable, with some companies like Tencent's micro-lending unit having a much lower average issuance rate compared to others [10][11]. Market Positioning - The guidelines are likely to reinforce the role of licensed financial institutions, such as banks and consumer finance companies, as the main players in the inclusive finance sector, diminishing the attractiveness of micro-lending licenses for platforms [13][14]. - The ongoing regulatory environment has led to a significant reduction in the number of micro-lending companies, with the total dropping to 4,863 and a loan balance of 722 billion yuan as of September 2025 [15].

21世纪经济报道： 汽车行业黑公关事件频出，比亚迪也是受害者，您和团队是如何应 对呢？ 李云飞： 对，因为过去几年，整个中国汽车行业竞争非常激烈。有时候有各种黑公关、黑数 据。那作为品牌公关的负责人，我和我们的团队一样的有时候很愤慨。 换位思考一下，很多媒体都很清楚，我们比亚迪从来不拉踩别人，但是很多同行做了很多特别 针对别人一个事情，最终体现在了比如说黑公关的数据。 王（传福）总上个礼拜五（12月5日）称，比亚迪现在是龙头企业，我们要受得了委屈，别人 可以欺负我们，我们就忍着呗。 我们有一个基本纲要，里面也明确地讲，我们讲好自己的事情就行，就不主动拉踩别人是我们 的底线，也是我们的红线。我们是这么要求，也是这么想这么干的。 21世纪经济报道： 有个观点叫做强势群体在舆论场中会沦为弱势表达，你也是认同 的。 李云飞： 是，我很认同。我包括我们的管理人员，我们的团队，我们总结下来的话，做好自 己的技术，做好自己的产品，做好自己的品牌。我觉得就长期主义，与公道自在人心。 我觉得大的环境的话还是很多时候是带节奏的。各个平台你去看，但凡诋毁你的，侮辱你的， 不时带节奏的，随随便便动辄转发在上万、几万甚至几十万。那我想 ...

哈佛商业评论 . 《哈佛商业评论》创建于1922年，是哈佛商学院的标志性杂志，被全球商界誉为"管理圣经"。 更多管 理智慧，请登录网站：www.hbr-caijing.com 国家是时间河流上的航船，而我们每家企业、每个个体，都只是航船上的乘客而已。 当经济周期的浪潮奔涌而过，信用卡正从"黄金时代"驶入一片暗流涌动的水域：规模上，中 国人民银行数据显示，截至2 0 2 4年末，我国信用卡和借贷合一卡数量同比下降5 . 1 4%；外部 环 境 上 ， 社 会 经 济 的 整 体 波 动 明 显 影 响 着 大 众 消 费 行 为 ， " 理 性 收 缩 " " 小 额 高 频 " 成 为 新 常 态，直接影响着信用卡交易额的增长前景。 以下文章来源于哈佛商业评论 ，作者刘玥 与行业的变化同步而来的是技术领域的革新。AI等技术的快速进化正在重构金融服务链条， 从风险定价到用户运营的逻辑都在被改写，信用卡行业也开始思考如何"在高速行驶的同时， 平稳地更换车轮"。 时代的变革带给信用卡行业诸多挑战，这也是为什么招商银行信用卡中心特别关注对宏观趋 势与行业走势的研判。正如招商银行信用卡中心总经理刘加隆所言："现在要做什 ...

Core Viewpoint - The article introduces a valuable free app called "Enterprise Early Warning" for comprehensive corporate information queries, which is particularly useful for finance professionals needing detailed data for due diligence, financial analysis, and legal matters. Group 1: Basic Corporate Information - The app provides comprehensive basic information such as business registration, board members, annual reports, and equity relationships, which are essential for general users [3]. - It includes tags for companies based on their attributes, such as listed companies, state-owned enterprises, and those that have issued bonds [3]. Group 2: Financial and Operational Data - Users can access key financial statements including balance sheets, income statements, and cash flow statements, along with financial analysis on profitability, solvency, and operational efficiency [10]. - The app allows users to view detailed expense breakdowns, including R&D investments and main business composition [10]. - It supports industry comparisons, enabling users to assess a company's revenue and competitiveness within its sector [13]. Group 3: Legal and Litigation Information - The app features a module for judicial litigation, which includes information on lawsuits, enforcement actions, and judicial auctions [14]. - Users can categorize cases by type and analyze historical litigation data for better insights [15]. Group 4: Financing Data - The app covers a wide range of financing sources, including venture capital, IPOs, bank loans, credit limits, bond financing, and accounts receivable [25]. - It integrates data from various public sources, ensuring timely updates on financing activities and related corporate announcements [27].