以下文章来源于三联电子厂Pro ，作者森赛 三联电子厂Pro . 有限解释车间 本文来自微信公众号： 三联电子厂Pro ，作者：森赛，题图来自：AI生成 在城市里打车，有时候不是在赶路，是在闯一个副本。 社交平台上出现了"新能源晕车互助区"，里面的人互相分享经验。有人说自己以前在大巴上都能吃泡 面，现在坐电车打个快车就想下车换人生。也有人试图冷静分析，说自己不是矫情，是三半规管不太 争气，还有人直接把司机当成对手，在心里暗暗祈求大哥，稳点，别带节奏。 即使是老司机，也开始扛不住，有些人开了十几年油车，换到电车后，突然对自己产生怀疑。原来方 向盘握得再稳，也救不了那种突然被推一把的加速。更不用说下班高峰去接小孩，小孩上车第一句话 不是问吃什么，而是说想吐。 越来越多人发现，坐新能源车的快车，容易晕。尤其是那种"加一下、刹一下、再加一下"的通勤路 段，红绿灯像是专门为折磨人设计的节奏点。你坐在后排，本来想趁这十几分钟刷会手机，结果五分 钟后鼻子发酸、胃里翻浪，手机界面开始像梦里一样漂移。 图源：@Amy 有人形容那感觉：脑袋在做点头机，身体像摆在烧烤架上被翻面。车窗外城市一片文明，车窗内灵魂 已经开始躺平。以前晕 ...

Core Points - The article discusses habits that can negatively impact cognitive abilities, emphasizing the importance of avoiding these habits to maintain brain health [6][7]. Group 1: Sedentary Behavior - Prolonged sitting is identified as a hidden harmful habit, with studies indicating that sitting for more than 2 hours can lead to cognitive decline due to reduced oxygen supply to certain brain areas [9][10]. - It is recommended to change positions or take breaks every 20-30 minutes to mitigate these effects [10]. Group 2: Television Watching - Research shows that watching television for extended periods can decrease performance on intelligence tests, with each additional hour reducing correct answers by 0.15 [12][13]. - The passive nature of watching TV leads to a lower state of brain engagement, contrasting with the active engagement required when using a computer [12][13]. Group 3: Smartphone Use - Frequent smartphone use, particularly on social media, stimulates the brain's reward pathways, leading to a preference for immediate rewards over long-term benefits, which can impair decision-making abilities [16][17]. - It is advised to limit time spent on smartphones and engage in more mentally stimulating activities [18]. Group 4: Lack of Exercise - Physical fitness is linked to cognitive function, with studies indicating that individuals with better physical health experience slower cognitive decline as they age [20][21]. - Regular aerobic and anaerobic exercise is encouraged to support brain health [21]. Group 5: Sleep Deprivation - Quality sleep is crucial for maintaining cognitive function, and sleep deprivation can lead to decreased mental performance [23][24]. - Creating a conducive sleep environment and avoiding screens before bedtime are recommended practices [24]. Group 6: Internal Inflammation - Chronic inflammation from certain foods can negatively affect cognitive abilities by diverting brain resources to manage inflammation [26]. - It is suggested to avoid pro-inflammatory foods such as high-salt and high-oil items [27]. Group 7: Nutritional Imbalance - A lack of essential nutrients like B vitamins, iron, and magnesium can lead to cognitive decline and fatigue [28][29]. - Maintaining a balanced diet with diverse food options is emphasized to support brain function [29][30]. Group 8: Overwhelming Tasks - Excessive daily tasks can lead to decision fatigue, reducing cognitive resources available for complex problem-solving [33][34]. - Implementing routines to automate minor decisions can help conserve cognitive energy for more significant issues [34]. Group 9: Repetitive Lifestyle - A monotonous lifestyle can lead to cognitive decline due to a lack of new stimuli, which is essential for maintaining brain engagement [36][37]. - Engaging in new activities and challenges is recommended to refresh cognitive function [37].

Core Viewpoint - The South Korean stock market has emerged as the strongest performer globally in 2023, with the KOSPI index rising 72% by the end of October, significantly outperforming other indices such as MSCI Emerging Markets (31%) and S&P 500 (18%) [5][8]. Market Performance - The KOSPI index's remarkable performance is driven by sectors such as semiconductors (up 128%), military (up 102%), and automotive (up 67%), while utilities and textiles lagged behind with increases of 23% and 18%, respectively [5]. - The total market capitalization of the South Korean stock market reached 3,500 trillion KRW, a year-on-year increase of 48% [5]. Foreign Investment - In October, emerging market funds saw a net inflow of $32 billion, with South Korea accounting for 28% of this, surpassing India (17%) and Brazil (12%) [8]. Economic Factors - The global economic environment has shifted to a "three lows" scenario, with rising expectations for U.S. interest rate cuts, a drop in WTI crude oil prices to around $60, and a declining U.S. dollar index, which has strengthened the Korean won against the dollar, yielding a 6.8% exchange rate gain for foreign investors in Korean assets [12][13]. - A recent tariff agreement between South Korea and the U.S. is expected to reduce costs for Korean automotive exports by 10%, potentially increasing Hyundai's annual profits by 1.2 trillion KRW [14]. Semiconductor Sector - The semiconductor industry is experiencing a super cycle driven by AI, with SK Hynix and Samsung controlling 91% of the high-bandwidth memory (HBM) market [17]. - The price of DRAM has increased from $1.8 to $3.2 per GB, and NAND from $0.3 to $0.52, leading to significant profit margin increases for SK Hynix and Samsung [17]. - SK Hynix reported a net profit of 12.598 trillion KRW (approximately $8.8 billion) in Q3, doubling year-on-year [18]. Government Support - The South Korean government is actively supporting the economy, with plans to invest 35 trillion KRW for economic relief, including 12 trillion KRW for semiconductor R&D and 8 trillion KRW for military exports [24][25]. - Reforms in corporate governance have led to increased stock buybacks, with KOSPI component stocks repurchasing a total of 18.7 trillion KRW [27]. Retail Investor Activity - Retail investors in South Korea have become a dominant force in the market, with a significant increase in trading activity and leverage usage [35][52]. - As of mid-October, retail investors' leverage reached 23.83 trillion KRW, nearing the historical peak of 25.65 trillion KRW in 2021 [35]. Market Sentiment - Despite the bullish sentiment, there are concerns about potential market corrections, as foreign investors have realized an average gain of 42% and may exit the market if the KOSPI falls below 4,000 points [62]. - The South Korean economy's growth has lagged behind stock market performance, with GDP growth at only 1.1% in Q3 [63].

Core Viewpoint - The expansion of Guangzhou Baiyun International Airport marks a significant milestone, positioning it as a major hub in the Guangdong-Hong Kong-Macau Greater Bay Area, with the potential to reclaim its status as the busiest airport in China [5][11]. Group 1: Airport Expansion and Capacity - The newly expanded airport features the T3 terminal and a fifth runway, enabling an annual passenger capacity of 120 million and cargo capacity of 3.8 million tons, making it the largest single-terminal airport globally [5][16]. - In 2020, Guangzhou Airport achieved the highest passenger throughput globally, surpassing Atlanta, but was later overtaken by Shanghai in 2024 [5][11]. - The airport's expansion is expected to break previous throughput limits, with projections indicating a potential to exceed 80 million passengers in the current year [16][21]. Group 2: Economic Impact and Trade Growth - Guangzhou's foreign trade volume reached 923.68 billion yuan in the first three quarters of the year, with an impressive growth rate of 12.5%, leading among major cities [17]. - The airport's enhanced cargo capabilities are crucial for the growth of cross-border e-commerce, with the airport handling 33.3% of international cargo volume attributed to e-commerce in 2023, a significant increase from 2019 [21][22]. Group 3: Competitive Landscape and Future Challenges - The airport faces competition from other major hubs in the Greater Bay Area, particularly in international routes, where Guangzhou's international passenger volume is only 19.6%, compared to Shanghai's 44.2% [26][28]. - The development of a new airport in the Pearl River Delta is expected to create a combined capacity of 220 million passengers across the region, necessitating coordinated management among the airports to optimize growth [27][28].

Core Viewpoint - Heytea, once a leading brand in the tea beverage industry, faced significant operational pressures due to high costs and declining sales during the pandemic. The company opened franchising in late 2022 to accelerate expansion and reach lower-tier markets, which initially contributed over 50% of its revenue in 2023. However, the rapid expansion led to operational challenges and conflicts with franchisees, ultimately resulting in the suspension of the franchise program after two years [4][5][6][10]. Summary by Sections Franchise Strategy and Initial Success - Heytea's franchise model was seen as a "lifesaver," contributing significantly to revenue growth in 2023, with franchise operations accounting for over 50% of total income [4][10]. - The company initially maintained strict standards and brand integrity in its franchise operations, which provided some brand support during the early stages of franchising [4][5]. Challenges Faced by Franchisees - Franchisees encountered multiple challenges, including cost pressures, operational restrictions, and intense market competition, leading to a deterioration of confidence in the brand [5][6][10]. - Many franchisees reported long-term losses, with some expressing frustration over the lack of support from the headquarters, particularly regarding product launches and cost management [6][10]. Decline in Performance - Franchisees experienced a significant drop in sales, with average daily revenues declining from over 600,000 yuan to as low as 2,000 yuan per store within a year [7][10]. - The competitive landscape intensified, with brands like Gu Ming offering similar products at lower prices, further eroding Heytea's market position [8][10]. Operational Inefficiencies - Heytea's strict operational guidelines, aimed at ensuring food safety and quality, inadvertently increased costs for franchisees, leading to unsustainable business models [9][10]. - The company's franchise model struggled with efficiency, as the lengthy setup process and equipment delivery issues hampered timely openings for new stores [24][25]. Strategic Shift and Suspension of Franchising - In early 2024, Heytea announced the suspension of its franchise program, recognizing the need to reassess its operational strategy and address the underlying issues within the franchise system [10][36]. - The company is now focusing on refining its brand image and product offerings, aiming to return to a higher-end market position while providing better support for existing franchisees [37][38].

Core Viewpoint - The article discusses the evolution of the U.S. dollar's dominance in the global financial system, highlighting how financial instruments and geopolitical strategies have been used to maintain this supremacy, particularly through mechanisms like the SWIFT system and the Petrodollar agreement [5][13][27]. Group 1: Historical Context - The Bretton Woods Conference in 1944 established a dollar-gold standard, positioning the U.S. dollar as the world's primary reserve currency, which was later challenged by the "Triffin Dilemma" [9][10]. - The U.S. dollar's link to gold ended in 1971 when President Nixon suspended the dollar's convertibility into gold, marking the transition to a fiat currency system [12][13]. Group 2: The Petrodollar System - The 1973 oil crisis led to the establishment of the Petrodollar system, where oil transactions were conducted exclusively in U.S. dollars, creating a structural demand for the dollar globally [15][27]. - This system allowed the U.S. to finance its deficits by printing dollars, which were then recycled back into the U.S. economy through the purchase of U.S. Treasury bonds by oil-exporting countries [15][27]. Group 3: Financial Control Mechanisms - The SWIFT system, established in 1973, became a crucial tool for tracking and controlling international financial transactions, effectively allowing the U.S. to monitor global financial flows [18][20]. - The U.S. Treasury's Office of Foreign Assets Control (OFAC) maintains a blacklist that can freeze assets and restrict transactions, serving as a powerful tool for enforcing economic sanctions [25][31]. Group 4: Case Studies of Financial Power - The case of BNP Paribas illustrates the consequences of violating U.S. sanctions, resulting in a $8.97 billion fine, which exemplifies the reach of U.S. financial regulations [30][31]. - The article highlights the impact of sanctions on countries like Iran and Russia, demonstrating how financial tools can be used to exert geopolitical pressure and isolate nations from the global financial system [36][38]. Group 5: Emerging Alternatives - In response to U.S. financial dominance, countries are exploring alternatives such as the Chinese Cross-Border Interbank Payment System (CIPS) and digital currencies, which aim to reduce reliance on the U.S. dollar [44][48]. - The resurgence of gold as a reserve asset reflects a growing concern over the security of dollar-denominated assets, prompting central banks to increase their gold holdings [42][43].

Core Viewpoint - The average dining price for dine-in has dropped to levels close to those of ten years ago, indicating a significant shift in the restaurant industry dynamics, driven by oversupply, changing consumer preferences, and competitive pricing strategies [4][6]. Group 1: Factors Lowering Dine-in Prices - The average dine-in price in 2025 is projected to revert to levels seen in 2015, influenced by structural market issues and shifts in consumer trends [6]. - As of August 2025, the number of dining establishments in China has surpassed 7.6 million, with a total of 16.03 million restaurant businesses, indicating a severe oversupply in the market [8]. - The oversupply has led many new restaurants to adopt low-price strategies to attract customers, particularly in the fast-food and beverage sectors, which has further driven down average dine-in prices [10][11]. - Consumer demand has shifted from high-end dining experiences to more casual and affordable options, with a notable decline in the percentage of consumers willing to increase their dining expenditures, dropping from 50% in 2023 to 31.3% in 2024 [12]. Group 2: Impact on Different Types of Businesses - New restaurants, often referred to as "new stores," are struggling to survive in a highly competitive low-price environment, leading to a higher failure rate [14][15]. - Established restaurants, or "old stores," face challenges as they may mistakenly engage in price wars, undermining their previously established market position and brand value [16]. - The average lifespan of dining establishments has decreased from 2.1 years in 2015 to approximately 16.9 months in 2023, with projections suggesting it may drop to around 15 months by 2025 [15]. Group 3: Strategies for Survival and Growth - The restaurant industry is entering a "super value" era, where businesses must focus on delivering genuine value rather than relying solely on low prices [18]. - Successful restaurants should prioritize retaining existing customers by understanding their preferences and ensuring that the dining experience meets their expectations for value [19]. - Instead of engaging in price competition, restaurants should enhance their operational capabilities, product offerings, and overall customer experience to attract consumers seeking quality over price [20]. - The shift in consumer behavior indicates that customers are not merely looking for cheaper options but are willing to pay more for perceived value, suggesting a need for restaurants to adapt their strategies accordingly [21].

Core Viewpoint - The article discusses the recent fire incident involving the Li Auto MEGA vehicle, detailing the company's response, the cause of the incident, and the subsequent recall plan to ensure user safety [2][3][6]. Group 1: Incident Details - The primary cause of the fire was identified as insufficient corrosion resistance of the coolant in a specific batch of Li Auto MEGA 2024 vehicles, which could lead to leakage and potential thermal runaway of the battery under certain conditions [3]. - Prior to the fire, the company's cloud-based warning system had received alerts about the vehicle, but due to the lack of precedent for non-collision fires, immediate emergency measures were not taken, resulting in a missed opportunity for intervention [4]. - The vehicle's low-voltage power supply for emergency functions was designed to remain operational in extreme conditions, allowing users to unlock doors and exit the vehicle [5]. Group 2: Recall and Safety Measures - Li Auto has proactively initiated a recall plan for the affected batch of vehicles, emphasizing a zero-tolerance approach to safety risks and committing to thorough inspections and repairs [6]. - Other models from Li Auto are not affected by this recall, as the coolant issue is specific to the MEGA 2024 model. The company’s cloud-based monitoring platform is designed to identify potential safety risks and contact users promptly [7]. Group 3: Public Response and Perception - The company's response has been generally well-received, with approximately 85% of comments on their official statement being positive, highlighting the company's accountability and proactive measures [10]. - Despite the positive feedback, there are lingering concerns regarding the overall safety of electric vehicles, particularly in light of the fire incidents, which have led some owners to conduct "escape drills" for emergencies [12][14]. Group 4: Industry Implications - The incident raises questions about the safety standards of electric vehicles, particularly regarding battery management systems and coolant quality, which may not be fully addressed by existing regulations [15][16]. - The competitive landscape of the automotive industry is shifting, with a need for manufacturers to prioritize safety over rapid innovation and market capture, especially in light of recent negative incidents [20][21].

Core Viewpoint - The competition between Midea and Xiaomi has intensified, shifting from collaboration to direct rivalry, particularly in the home appliance sector, with both companies adopting distinct strategies to capture market share [7][10][11]. Financial Performance - Midea Group reported Q3 revenue of 111.93 billion yuan, a year-on-year increase of 10%, and a net profit of 11.87 billion yuan, up 9% year-on-year [6]. - Xiaomi's market capitalization is significantly higher at 1.17 trillion HKD, with a price-to-earnings (P/E) ratio double that of Midea, indicating a market expectation of higher growth [7][8]. Competitive Landscape - Midea's strategy focuses on maintaining profitability and expanding its B2B business, which has seen revenue growth rates exceeding 20% in recent quarters [8][9]. - Xiaomi emphasizes user control and ecosystem integration, with a P/E ratio of 29, reflecting investor confidence in its growth potential [8][30]. Historical Context - The partnership between Midea and Xiaomi began in 2014, aimed at leveraging Midea's manufacturing capabilities and Xiaomi's internet expertise, but has since evolved into competition, particularly after Xiaomi entered the air conditioning market in 2018 [11][12]. - Midea has divested all its Xiaomi shares, realizing a profit of approximately 5.65 billion yuan from an initial investment of 1.273 billion yuan [12][13]. Market Strategies - Xiaomi employs aggressive pricing strategies and ecosystem integration to attract consumers, while Midea focuses on service quality and rapid installation to leverage its strengths in customer service [9][18]. - Midea's sub-brand, Hualing, targets price-sensitive consumers, while its main brand has also engaged in price reductions to counter Xiaomi's market share gains [19][20]. Future Outlook - The competition is expected to escalate, particularly in the air conditioning market, with both companies preparing for a significant battle in 2025 [14][20]. - Xiaomi aims to expand its presence in other major appliance categories, such as washing machines and refrigerators, while Midea seeks to defend its market position through cost efficiency and product innovation [23][25]. Industry Implications - The rivalry between Midea and Xiaomi is indicative of a broader transformation in the home appliance industry, pushing companies to innovate and improve operational efficiency [32].

Group 1 - The article discusses the concept of the "middle class" and its ambiguous definition, which varies based on income, assets, education, and social status [6][8][9] - It highlights the increasing frequency of the term "middle class" in business news and its association with consumer behavior, particularly in the context of brands that cater to this demographic [6][9] - The article presents data showing a decline in the middle class's share of national income in various countries, such as the U.S. and France, indicating a long-term trend of "middle class shrinkage" [10][11][13] Group 2 - The article identifies the sources of anxiety for the middle class, including economic growth, job security, and the rising cost of living, which have led to a perception of instability [15][17] - It discusses the impact of globalization and technological advancements on job markets, resulting in a bifurcated labor market where "good jobs" are scarce [16][17] - The article emphasizes the need for diversified pathways to middle-class status, suggesting that vocational and technical education could help blue-collar workers ascend to middle-class positions [17][18] Group 3 - The article explores the internal factors contributing to middle-class anxiety, such as consumer behavior and the pursuit of a lifestyle that mimics wealthier classes [23][26] - It notes that many middle-class individuals engage in "status consumption," leading to financial strain and a distorted view of their economic standing [26][27] - The article concludes with a call for a "conscious reform" among the middle class to reassess spending habits and investment strategies, moving away from outdated notions of hard work leading to financial stability [28]