娟姨一个人破了两个谣言：一是女人打游戏"菜"，二是电竞吃 的青春饭。在成为"神枪手"之前，她曾作为女儿、妻子、母 亲、销售员和育儿嫂活着，而现在，游戏成了人生后半程意外 的出口。 作者： 任晓宁 陈月芹 封图：受访者供图 她全名叫钟娟娟，那时她58岁，被直播间里很多年轻人称为"梅州枪奶"。她被邀请参加一场《反 恐精英》（CS）表演赛，把对手donk一枪爆头。 当时donk是一个17岁电竞天才少年、冠军种子选手，被视作反应速度与精准度的顶峰。电竞圈流 传着一个段子：这个世界上可能只有15个人有机会打败donk。 这一幕发生时，娟姨并不知道自己有多厉害。直到5个月后，主办方公布了一组第一视角的视频， 通过慢放与回溯，那些逐帧分析战局的年轻人们才惊觉，这位年近六旬的老太打出了不输职业选手 的一枪。 娟姨红了。很多年轻人涌入她的直播间。更多年轻人高呼，看到了自己退休后的样子。 质疑也接踵而来。不少网友怀疑阿姨背后有"枪手""假打"，逼着娟姨架上了一两个摄像头同时拍 下屏幕和手，每次直播还得把键盘的四个角全部露出，不留死角。 有新粉丝闯进直播间，带着一种社会惯性的惊诧发问："这么大年纪了还玩游戏？" 还没等娟姨开 口， ...

对于伊朗而言，2025年6月是外患，2026年1月则是内乱。 外患来临，伊朗可以做到上下同心、同仇敌忾。内乱爆发，不 仅仅是上下不同心的问题，更重要的是政权会不会被颠覆的问 题。 作者：王义伟 封图：视觉中国 2025年6月13日至24日，伊朗与以色列、美国之间爆发了一场军事冲突。这场冲突被称作十二日 战争。冲突期间，以色列战机在伊朗上空如入无人之境，肆意轰炸伊朗军事目标、击杀多名伊朗军 方高层和核科学家。伊朗则向以色列发射导弹，造成以色列人员伤亡。 彼时的哈梅内伊藏身何处，外界不得而知。但在2025年6月17日，美国总统特朗普通过社交媒体 如此表示："我们确切地知道这位最高领袖的藏身之所。他是一个容易攻击的目标，但他目前是安 全的。我们不会把他干掉，至少现在不会。" 那么这一次，如果美国、以色列再对伊朗发起打击，哈梅内伊还是安全的吗？ 这是一则由欧洲新闻电视台于1月26日发出的报道。 伊朗最高领袖哈梅内伊已转入德黑兰一处加固地堡。他的三儿子马苏德·哈梅内伊负责维系其父 （地下）与政府（地上）之间的沟通。该地堡与隧道系统相连，能抵御空袭。 此前一天的1月25日，以色列电视十三台发出报道，美国海军"林肯"号航母 ...

Core Viewpoint - The automotive industry is experiencing a significant decline in profitability, with upstream components showing steady growth, while vehicle manufacturing and downstream dealerships face considerable pressure [1][2]. Group 1: Profitability Trends - In 2025, the automotive industry achieved a profit of 461 billion yuan, a year-on-year increase of 0.6%, but the sales profit margin dropped to 4.1%, lower than the average of 5.9% for downstream industrial enterprises [2]. - The profit margin for the automotive industry fell to 4.1% in 2025, marking a five-year low, with December profits plummeting to 20.7 billion yuan, a year-on-year decrease of 57.4% [2][3]. - The overall profit margin for the automotive industry in December 2025 was the lowest in five years, with a significant decline from 4.1% in December 2024 to 1.8% [2]. Group 2: Performance of Different Segments - Among 129 A-share automotive parts companies, 80 reported a year-on-year profit increase, indicating over 60% had both revenue and profit growth [3]. - In the vehicle manufacturing segment, 16 out of 22 A-share car manufacturers were profitable, but major players like BYD and GAC Group saw significant profit declines, with GAC Group's profit dropping by 3691.33% [3]. - The downstream dealership segment is under severe pressure, with only 28% meeting sales targets and a loss rate climbing to 55% [3]. Group 3: Cost Pressures - The overall unit cost for industrial enterprises has increased significantly, with lithium carbonate prices doubling and raw material costs rising for midstream and downstream sectors [3][4]. - The cost of a typical mid-sized smart electric vehicle has increased by 4,000 to 7,000 yuan due to rising prices of lithium, aluminum, and copper, which are difficult for manufacturers to pass on to consumers [4]. - Starting in 2026, a 5% purchase tax on new energy vehicles and changes to subsidy policies will further increase consumer costs, complicating demand and supply dynamics in the automotive market [4]. Group 4: Strategic Responses - Some automotive companies are accelerating collaboration with upstream suppliers to address challenges, as seen in the strategic discussions between China Aluminum Group and China FAW Group [5].

东材科技董事长唐安斌表示，公司已经及时发布公告披露此 事；熊海涛被留置一事，与成都主要领导违纪有关，她被相关 部门留置，协助调查；公司生产经营管理情况正常，董事会运 作正常，公司其他董事和高管均正常履职。 作者：张晓晖 封图：高金富恒集团官微 2026年1月27日，四川东材科技集团股份有限公司（601208.SH，下称"东材科技"）发布公告 称，公司实际控制人、副董事长熊海涛女士被四川省监察委员会（下称"四川监委"）留置、立案 调查。截至公告披露日，公司未被要求协助调查。 1月28日上午，经济观察报记者向东材科技董事长唐安斌发短信，询问是否知晓熊海涛被留置调查 一事的内情。唐安斌回复了三点，一是公司已经及时发布公告披露此事；二是熊海涛被留置一事， 与成都主要领导违纪有关，她被相关部门留置，协助调查；三是公司生产经营管理情况正常，董事 会运作正常，公司其他董事和高管均正常履职。 公开资料显示，熊海涛是四川知名企业家，她同时是上市公司毅昌科技（002420.SZ）、高盟新 材（300200.SZ）的实际控制人。2025年，熊海涛以220亿元人民币财富，居《2025年胡润百 富榜》第284位。 毅昌科技和高盟新材也 ...

Core Viewpoint - The recent collective termination of public REITs applications is significantly influenced by the decline in underlying asset valuations, marking a critical shift in the regulatory landscape and market dynamics [1][10][12]. Group 1: Termination of REITs Applications - On January 23, 2026, both the Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first instance of such a collective termination since the pilot program began [2]. - The terminated projects include various types of underlying assets such as rental housing, industrial parks, logistics, new energy, and water treatment, all structured as "public funds + infrastructure asset-backed securities" [5][6]. - The termination is attributed to the new regulatory guidelines effective December 31, 2025, which stipulate that applications not responding to feedback within a specified timeframe will be automatically terminated [10]. Group 2: Underlying Asset Challenges - The underlying assets of the terminated REITs face structural challenges that hinder compliance with regulatory requirements, such as the need for stable cash flows and operational stability [11][12]. - For instance, the rental housing REIT faced issues related to compliance verification and operational stability, leading to a lack of response to inquiries for over a year [5][11]. - The logistics REIT encountered declining rental prices and high tenant concentration, complicating its ability to demonstrate operational stability [12]. Group 3: Market Dynamics and Regulatory Changes - The public REITs market has grown significantly, with over 78 products launched and a cumulative financing scale exceeding 210 billion yuan, positioning it as the largest in Asia and the second largest globally [15]. - However, the market is now transitioning from a focus on quantity of issuance to an emphasis on the quality of underlying assets and the stability of cash flows [3][15]. - The decline in asset valuations, particularly in the real estate sector, has led to increased reluctance among original equity holders to proceed with applications, as they may not find the valuations acceptable [13][16]. Group 4: Future Outlook - The termination of these applications is viewed as a necessary phase for the high-quality development of public REITs, with expectations that the market will optimize and enhance resilience amid ongoing challenges [17]. - The introduction of commercial real estate REITs, which do not require approval from the National Development and Reform Commission, is anticipated to accelerate the approval process and improve market conditions [16][17].

在杰我睿珠宝出现提现困难之时，水贝市场另一家名为"粤鼎 丰贵金属"的平台也出现了无法取现的情况。 作者：老盈盈 封图：受访对象供图 近日，深圳水贝市场一家名为深圳市杰我睿珠宝有限公司（下称"杰我睿珠宝"）的贵金属平台出 现提现困难。 多名该平台上的投资人对记者表示，杰我睿珠宝开发了一款同名小程序，提供黄金购买和回收的服 务，在小程序上注册成为用户即可进行黄金交易。杰我睿珠宝原本只从事实物黄金回收生意，后来 又上线了私人黄金白银期货业务，吸引了很多用户进行"空约定价"，结果因为近期金价和银价单 边上涨行情导致"爆仓"。 提现出现困难后，杰我睿珠宝发布了一条提现规则，每人每日提现限额为1克黄金或等值500元人 民币的现金。因此全国大批投资人前往该公司，排起长队提现。多名投资人向记者表示，该小程序 的注册用户达到15万人，涉及资金或达上百亿元。 提现困难 使用该小程序的投资人陈女士对记者表示，杰我睿珠宝在黄金交易市场中，因其低工费的优势吸引 了不少人。原本该公司只是在微信群里提供黄金的回收价定价服务，后来体量大了就开发了上述小 程序。她经朋友介绍，从2024年11月开始在该小程序上购买黄金，在没有出现提现困难之前， ...

Core Viewpoint - The 2026 Jiangsu Province Urban Football League ("Su Super") has entered a critical phase of self-breakthrough as a "second-year" league, requiring continuous improvement on multiple levels, including securing substantial capital support to maintain its momentum and expand its influence [1][4]. Group 1: Partnership and Sponsorship - On January 27, 2026, Su Super announced Adidas and six other companies as official strategic partners, marking a significant event for the league [2]. - Adidas' partnership with Su Super is unprecedented, as it is rare for a world-renowned brand to sponsor a local amateur football league in China, highlighting a notable return to the Chinese football scene after a hiatus since 2014 [2][5]. - The collaboration aims to provide regionally rooted competition and training gear for the 13 participating teams, enhancing the league's cultural significance [2]. Group 2: Audience Engagement and Market Potential - The inaugural season of Su Super in 2025 was highly successful, with total attendance exceeding 2.4 million and an average of 28,628 spectators per match, including a record attendance of 62,329 for the final [3]. - Online viewership reached over 2.2 billion, with social media engagement surpassing 100 billion views, establishing Su Super as a phenomenon in sports IP with significant advertising value [4]. - The influx of world-class brands like Adidas into Su Super not only provides financial and equipment support but also enhances the league's credibility and sustainability [4][5]. Group 3: Broader Impact on Amateur Football - The success of Su Super has inspired the rise of other local amateur football leagues, such as Gan Super and Xiang Super, which have also attracted numerous sponsors, indicating a promising commercial outlook for these "provincial super" leagues [6]. - The collaboration between Adidas and Su Super serves as a model for the diversified development of amateur football leagues in China, emphasizing the importance of brand value and market expansion in fostering a vibrant football culture [5][6].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking a new starting point for the company to enhance its long-term development and provide better products and shopping experiences to consumers [2][4]. Group 1: Company Overview - Mingming Hen Mang has grown from a community store to over 20,000 outlets nationwide, becoming a staple in people's lives and aiming to be the largest offline retail channel in China [4]. - The company operates two major brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," leading the bulk sales model in China's food and beverage sector [4]. Group 2: Market Position and Strategy - The company focuses on meeting consumer demand for affordable and quality snacks, particularly in community and lower-tier markets, by restructuring the supply chain and reducing intermediaries [5]. - Mingming Hen Mang emphasizes emotional value in its offerings, creating a joyful shopping experience that transforms snack purchasing into a lifestyle choice [6]. Group 3: Supply Chain and Product Offering - The company has established partnerships with over 2,500 quality manufacturers, achieving an average product price that is approximately 25% lower than traditional supermarkets [7]. - As of September 30, 2025, Mingming Hen Mang has around 3,997 SKUs across seven categories, with a monthly introduction of hundreds of new products [7][8]. Group 4: Logistics and Operational Efficiency - The company operates 48 smart logistics centers, ensuring nationwide delivery within a 300-kilometer radius and maintaining a logistics cost ratio of 1.7% of total revenue [9]. - The inventory turnover days for 2024 were reported at 11.6 days, indicating industry-leading operational efficiency [9]. Group 5: Economic Impact and Employment - Mingming Hen Mang supports local food enterprises and agricultural products, enhancing the overall supply chain of domestic snacks and creating numerous job opportunities through its franchise model [10]. - The company’s growth contributes to the improvement of the county-level commercial system, demonstrating its commitment to the real economy [10]. Group 6: Industry Growth and Future Outlook - The retail market for leisure food and beverages in China is projected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion by 2024, with a compound annual growth rate of 5.5% [11]. - The listing on the Hong Kong Stock Exchange signifies a transition to a more transparent and stable development phase, with ongoing investments in store networks, supply chain capabilities, and product safety [11].

Core Viewpoint - Anta's acquisition of Puma shares is a strategic move to enhance its global capabilities, but it faces challenges due to Puma's declining performance and internal growth issues within Anta's main brands [1][2]. Group 1: Acquisition Details - On January 27, Anta Group announced a cash acquisition of 29.06% of Puma SE for €1.5 billion (approximately 12.4 billion RMB), making Anta the largest shareholder of Puma [2]. - The transaction is expected to be completed by the end of 2026, pending regulatory approval and customary closing conditions, with funding sourced entirely from Anta's internal cash reserves [2]. - Anta interprets the acquisition as a means to strengthen its product categories, enhance its brand image, and fill market gaps in North America and Europe [2]. Group 2: Market Context - Puma's performance has been declining, with its revenue growth dropping from double digits to 6.6% and 4.4% in 2023 and 2024, respectively, and a net profit decline of 13.7% in 2023 and 7.6% in 2024 [8]. - In 2025, Puma's sales fell by 4.3% to €5.974 billion, with a net loss of €309 million, attributed to high inventory, weak brand momentum, and increased promotional activities [8]. Group 3: Strategic Implications - This acquisition marks Anta's sixth investment in international brands, distinguishing it from previous acquisitions that focused primarily on the Greater China region [5]. - Puma's strong presence in mainstream sports categories like football and running, along with its established market in North America and Europe, allows Anta to bypass lengthy market cultivation periods [5][9]. - The acquisition is seen as a new paradigm for Chinese brands, moving from mere capital expansion to a focus on brand and management globalization [4]. Group 4: Challenges for Anta - Anta's main brands, including Anta and Fila, are experiencing slowed growth, with Anta's retail sales showing low single-digit growth and Fila's growth lagging behind other brands [12][13]. - The complexity of managing multiple brands poses significant challenges, particularly in supply chain management and resource allocation, which could lead to operational burdens [13].

"济宁打造北方内河航运中心，是山东建设绿色低碳高质量发 展先行区的核心动力，也是济宁市资源型城市转型的核心支 撑，战略条件基本成熟。" 山东省人大代表、济宁能源集团党 委书记、董事长张广宇介绍，其中关键一环是大力推进新能源 船舶制造，打造标准化、系列化、品质化的绿色船舶智造中 心。 作者：王惠 封图：受访者供图 发展内河新能源船舶，已成为新一轮区域协同与绿色转型的关键落子。 2026年1月27日，山东省第十四届人民代表大会第三次会议正式开幕，山东省人大代表、济宁能 源发展集团有限公司（下称"济宁能源集团"）党委书记、董事长张广宇在接受经济观察报记者专 访时指出，推动内河航运高质量发展、有效降低全社会物流成本已成为国家重大战略抉择。2026 年内河航运将迎来新的战略机遇，内河新能源船舶也将迎来突破增长期。 当天，山东省省长周乃翔在作政府工作报告时表示，截至2025年底，京杭运河山东段主航道基本 达到二级航道标准，小清河复航实现"河海直达"，内河港口吞吐量5年增长1.6倍，铁路水路货运 周转量实现翻番。2026年，山东要开工建设京杭运河与小清河航道连通工程、梁山港二期，打造 济宁北方内河航运中心。 眼下，湖北、安 ...