Core Viewpoint - The passing of independent director Xie Zhiming is acknowledged by Lens Technology, which expresses condolences and gratitude for his contributions to the company [4][6]. Group 1: Company Announcement - Lens Technology announced the unfortunate passing of independent director Xie Zhiming due to illness, and the board expressed deep condolences and sympathy to his family [4]. - Following Xie Zhiming's death, the board's membership decreased from 7 to 6, remaining above the legal minimum but below the number stipulated in the company's articles of association [6]. - The company plans to promptly appoint a new independent director in accordance with relevant regulations and will ensure that the current independent directors temporarily fulfill the responsibilities until a new appointment is made [6]. Group 2: Company Operations and Financials - Lens Technology's main business includes the production and assembly of components such as glass, sapphire, ceramics, metals, plastics, touch modules, biometric systems, and acoustic products [6]. - The company has initiated a "de-Apple" strategy to reduce dependency on Apple, exploring new business opportunities, including humanoid robots, which have garnered significant interest from institutional investors [6][7]. - For the first three quarters of 2025, Lens Technology reported revenue of 53.663 billion yuan, a year-on-year increase of 16.08%, and a net profit of 2.843 billion yuan, up 19.91% [7].

文 | 《BUG》栏目 周文猛 近日，"航旅纵横大面积误发通知"引发广泛关注。 据多位网友反映，自己在 11 月 29 日 15:00 左右收到来自航旅纵横的航班取消提醒，但 在重新购票后才发现，实际航班并未取消，而是由于航旅纵横系统故障"推送了错误信 息"，导致自己"额外承担了票价差价及退票手续费"。 据《 BUG 》栏目不完全统计，此次收到"航班取消错误信息"的用户包括东方航空、海南航 空、厦门航空、北部湾航空等多家航司乘客，波及用户面较广。但事发后，航旅纵横方面并 未很快给出解决方案，且公司客服也以"提醒信息仅供参考"等为由，拒绝了部分用户提出 的"退款"要求。 据《 BUG 》栏目不完全统计，此次收到"航班取消错误信息"的用户包括东方航空、海南航 空、厦门航空等多家航司乘客，波及用户面较广。 继昨日表态"将根据用户实际损失提供专项补偿"后，航旅纵横今日在与《 BUG 》栏目沟通 中透露，此次误报发生时间为 11 月 29 日 15 点 10 分至 15 点 26 分，最新的专项补偿 包括"新购机票差价和退票手续费用"，公司将承担因错误提醒导致的此类用户损失。 目前相关系统问题已完成修复，但更多的"专项 ...

同时，软银还与OpenAI签署了修订协议，承诺将追加投资225亿美元（约合人民币1602亿 元），将于12月通过愿景基金2完成全部投资。 彼时，软银首席财务官后藤芳光在财报说明会上表示： "由于对 OpenAI 的投资规模较 大，因此通过（出售股票）来筹集资金并加以运用"。 事实上，在软银清仓英伟达的当月，包括华尔街知名 "空头"迈克尔·伯里、硅谷"风投教 父"彼得・蒂尔、桥水基金等知名投资者和机构都在三季度对英伟达进行了减持或清仓。 | | Michael Burry's Holdings: Q3 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Company Name | | Primary Industry | Avg. price paid 2 0 | Share Count Chg. (%) 2 0 | No of shares held 3 0 | Market value I O | Portfolio % Change 2 0 | | | PLTR Put Palantir Technologies ...

文 | 新浪财经北美站站长 康路 当华尔街开始重新定价美国未来的利率路径时，一个名字频繁出现在市场的推演之中：凯文 ·哈塞特（Kevin Hassett）。从学术派经济学者，到白宫经济顾问委员会主席，再到特朗 普第二任期的国家经济委员会（NEC）主任，他在过去十年里逐步从"温和的右倾经济学 者"成长为"特朗普最可信任的经济盟友"。 而当美联储面临数十年来最受关注的主席更替时，哈塞特的政治忠诚、政策理念与市场立 场，使他成为能够深刻重塑全球利率周期、美元方向与加密货币等风险资产的关键人物。 哈塞特在11月12日在华盛顿经济俱乐部演讲为关税等经济政策辩护 谜底预计将在圣诞节揭晓。 美国博彩网站Kalshi上，特朗普提名哈塞特为美联储主席的概率已飙升至80%，高于一周 前的40%。上周末，美国总统特朗普在空军一号上对媒体表示，已经决定了谁将接替美联 储主席杰罗姆·鲍威尔。"我知道我会选谁，是的。" 美国博彩网站显示，押注哈塞特被提名的概率大幅上升 特朗普的政治盟友 凯文·哈塞特在过去十年里完成了显著的身份转变。他最初被认为是一位温和的右倾经济学 者，专注研究税收、资本市场和长期增长。他曾在美联储任职，也曾在哥伦比亚 ...

Core Viewpoint - Beyond Meat, known as the "first stock of plant-based meat," has faced significant challenges in the Chinese market, leading to the closure of its flagship stores on major e-commerce platforms and the suspension of its production facility in Jiaxing, China [2][4][8]. Company Overview - Beyond Meat was founded in 2009 and went public in 2019, experiencing a stock price surge of 163% on its debut. The company has notable investors, including Bill Gates and Leonardo DiCaprio [6]. - The company launched its products in China in 2020 through partnerships with major food chains like Starbucks, KFC, and Pizza Hut, aiming to capture the B2B market [6][8]. Market Challenges - The plant-based meat market in China has not developed as expected, with limited consumer interest beyond the vegetarian demographic. Beyond Meat's products are priced higher than local alternatives, with prices exceeding 60 yuan per kilogram, comparable to beef prices [5][12]. - The company has struggled with declining sales, reporting a drop in revenue from $419 million in 2022 to $326 million in 2024, with cumulative losses reaching $864 million [14]. Consumer Perception - Consumer feedback indicates dissatisfaction with the taste and texture of plant-based meat products, with many describing them as inferior to real meat. Approximately 74% of consumers reported they do not plan to repurchase plant-based meat products, primarily due to taste issues [15][16][21]. Future Outlook - Despite the current challenges, the plant-based meat market in China is projected to grow, with estimates suggesting a market size of approximately $760 million by 2024 and $3.85 billion by 2033, with a compound annual growth rate of around 20% [20][21]. - The lack of standardized regulations for plant-based meat in China poses a challenge for consumer trust and product acceptance, which could hinder market growth [20][21].

中山佳能打印机工厂所属的佳能（中山）办公设备有限公司，11月24日向全体员工发出公 告称，近年由于市场环境急剧变化，LBP（激光打印机）市场持续萎缩、中国国内LBP品牌 快速崛起，公司经营困难持续加剧，决定11月21日停止生产经营。 据第一财经报道，多家中山企业向记者确认，中山佳能打印机工厂已于11月21日停产，员 工临时放假到11月28日，目前该厂正在与员工、供应商结清关系。 更多财经视频，请关注视频号"新浪财经" 据IDC的数据，2025年上半年中国A4激光打印设备出货量317.7万台，同比下降5%；A3 激光打印设备出货量27.2万台，同比下降10%。同时，中国激光打印机市场竞争加剧，国 产品牌份额扩大。IDC和第三方公司的数据显示，国产品牌A4激光打印机在中国市场的份额 从2010年的16%跃升至2024年的42%，佳能2024年在全球激光打印机市场的份额占比达 22.9%，但在中国市场的份额仅占6.4%。 佳能（中山）办公设备有限公司是日本佳能株式会社2001年6月在中山火炬开发区投资设 立的企业，生产多品种激光打印机，是佳能主要的激光打印机生产公司之一，到2022年4 月累计生产1.1亿台激光打印 ...

文 | 《BUG》栏目 张俊 知名零食连锁品牌好想来，又出现食品安全问题。 有消费者向《 BUG 》栏目爆料称，在好想来门店购买的沙琪玛竟然吃出了"一根刺"，质疑其选品机制存在漏洞。好想来官方客服回应 称"请您保留好购物凭证、产品等情况，后续会有专员联系您处理。"但截止发稿前并没有专员联系处理。 在黑猫投诉上，不少消费者反馈类似问题，有的买到了变质发霉的食品，有的吃出了虫子，还有的吃出了疑似指甲的异物。目前，好想来 的累计投诉量超过千件。 好想来母公司万辰集团披露的数据显示，今年上半年其在全国拥有 15365 家门店，其中加盟店占比超 99% ，这或许也是其食品安全问 题频发的原因之一。另外，线下门店过于密集之下，好想来上半年闭店近 300 家。 据他描述，该沙琪玛产品于今年 11 月生产，品牌名为莫小希，配料显示是黑糖 + 红枣 + 枸杞。但在他打开包装吃下第一口，就吃出了 一根刺状的物品，扎到了牙龈。 "我本来是好想来的常客，但以后真的不敢再去了。"他搜索发现，莫小希归属于一家小微食品企业，名为江苏好的食品有限公司。工商资 料显示，这家公司注册资本 5000 万元，实缴资本 630 万元，参保人数为 47 ...

Industry Insights - Low-alcohol beverages are currently a trend but are not seen as the future of Chinese liquor. The high pricing of these products indicates a lack of genuine intent to cater to young consumers [5][6][9] - Young consumers are less inclined to purchase traditional Chinese liquor due to its high price point, preferring more affordable options like fruit wine and beer. As they gain more experience and income, they may develop a taste for high-quality liquor [6][9] - The storage value of low-alcohol liquor is minimal, as evidenced by the lack of price appreciation over the past decade, contrasting with the significant price increase of high-alcohol liquor [6][9] - The current market dynamics indicate a significant price competition among liquor producers, driven by overproduction and a mismatch between supply and demand. This situation is expected to persist for the next 3 to 5 years [9][14] - The liquor distribution channels are facing challenges, but this adjustment period presents an opportunity for channel development and profitability in the long run [9][10] Company Developments - The company has been expanding its offline retail presence, aiming to open 10,000 stores in the next three years, leveraging the removal of upstream production constraints [19][20] - The company emphasizes a competitive pricing strategy, proposing that premium liquor should only have a minimal markup to attract price-sensitive consumers [20][22] - The company is focusing on enhancing its brand image and market presence through innovative marketing strategies, including the development of personal brands by entrepreneurs [15][23] - The company has reported a 20% year-over-year revenue growth in the third quarter, indicating a strong operational performance [19]

值得注意的是，这些"假奶粉"通过各大电商平台销售，销售区域几乎覆盖全国各个省份。对 于此次曝光的假奶粉事件，《 BUG 》栏目向淘宝、京东、拼多多、抖音等电商平台进行求 证，截至目前官方暂无回应。 2024 年 8 月，河南省中牟县警方发现，城郊一处偏僻的仓库里连续好几天传出浓烈的奶香 气，经蹲点侦查，锁定此处为生产假奶粉的窝点。随后，警方现场抓获该窝点从事生产作业 的 12 名嫌疑人，并查获大量生产伪劣奶粉的原料、包装材料及设备等。 上述窝点中生产的所谓"奶粉"假冒"俄罗斯花牛""俄罗斯蓝牛"等品牌，实则为植脂末、麦芽 糊精（成本仅 3-4 元 / 斤）加入奶香精混合而成的"假奶粉"，这些产品几乎不含任何乳成 分，不具备婴幼儿成长所需的营养成分。据了解，此起生产销售假冒伪劣奶粉的案件涉案金 额达 650 余万元。 昨日，央视《今日说法》节目播出专题报道《没有营养的奶粉》，揭露了一起令人震惊的假 冒伪劣奶粉案件。 文 | 《BUG》栏目 闫妍 京东客服表示，"未接到有问题商品通知，上架在售商品都是确保无误才可上架售出的。"并 强调，"如果涉及问题商品，我们会下架核实。仔细排查确认无误会重新上架的，确保平台客 ...

Group 1 - The core issue revolves around a public dispute between Luo Yonghao and Hua Shan, with Luo indicating that a significant announcement will be made on Monday, which may overshadow the ongoing conflict [2][4] - Luo Yonghao has stated that the recording of his conversation with Hua Shan will be released when he feels it is appropriate, emphasizing that it contains no substantial revelations, just a personal conflict [2][5] - Hua Shan's company, Hua Yu Hua, has been involved in a long-term partnership with Xibei since 2013, providing branding and marketing strategies [7][8] Group 2 - The controversy began when Hua Shan claimed that Xibei was "being plotted against," prompting Luo to challenge him publicly [4][5] - Luo has demanded a public apology from Hua Shan, stating that if it is not issued by a certain deadline, it could negatively impact Hua Yu Hua's reputation in the market [5][6] - Hua Shan has activated a protective mode on his social media to prevent malicious comments and messages, indicating the intensity of the ongoing dispute [7]