柯烨明观察到，中国养老机构竞争愈加激烈。在这个过程中， 有些养老机构会通过提高服务质量来吸引潜在消费者，但也不 排除部分机构采取价格战，以牺牲服务品质为代价来降价引 流。 作者： 田进 封图：图虫创意 在第八届中国国际进口博览会（下称"进博会"）举行期间，法国欧葆庭养老康复集团（下称"欧葆庭"）的管理层参加了进博会的多场配套论坛。在欧葆 庭中国区CEO柯烨明看来，进博会是中外企业交流的一个重要契机，欧葆庭可以在这里接触世界各国的产品和服务提供者。中国深化改革和开放市场 的承诺，对跨国企业而言是定心丸。 欧葆庭成立于1989年，在全球20多个国家经营1000多家机构，10万多张床位。欧葆庭主要服务对象为高龄、失能、认知症人群，目前在南京、上海有 两家高端养老机构。2019年，欧葆庭首次参加进博会，此后从未缺席过进博会。 柯烨明称："过去十余年，中国养老服务市场为国际企业提供了重要机遇。展望未来，中国养老服务市场对外资而言既是机遇也是挑战，我们也真诚地 希望中国政府继续支持外资企业在养老领域的发展。" 采 访 人 供 图 |专访| 经济观察报：作为外资养老机构，你们所感知到的中国养老市场的营商环境有何变化？ 柯烨 ...

Core Viewpoint - The Chinese market is a key growth engine for lululemon, with significant potential for expansion and innovation [2][3]. Market Performance - Lululemon has achieved over 30% revenue growth in the Chinese market from FY2021 to FY2024, making it the fastest-growing market globally [2]. - As of now, lululemon operates 165 stores in China and continues to expand [2]. Product Innovation and Market Strategy - The company is focusing on expanding its product categories and channels, showcasing a variety of products at the China International Import Expo [3]. - Lululemon's product innovation is driven by insights from the Chinese market, with 25% of products being newly designed each quarter, aiming to increase this to one-third next year [7][8]. Targeting Male Consumers - The men's apparel segment is identified as a significant growth area, with increasing acceptance of lululemon among male consumers [5][6]. - The brand emphasizes functionality, comfort, and versatility in its men's products, catering to the rising demand for casual and athletic wear among men [5]. Channel Expansion - Lululemon is actively engaging in social e-commerce platforms like Douyin and Xiaohongshu, alongside traditional retail expansion [9]. - The company maintains a direct-to-consumer model to ensure consistent brand experience across its 165 stores [9].

从产业革命的宏大叙事来看，这一次或许真的不一样。AI技术 的成熟度、资本投入的规模性以及商业需求的真实性，共同决 定了这股浪潮的确定性远高于过往。 作者： 陈白 封图：图虫创意 在英伟达触及5万亿美元市值高位之后，全球市场对AI泡沫的担忧，在11月开始逐渐在资本市场体 现出来。全球人工智能概念股集体走弱，美股、日韩及A股市场均未能幸免。关于泡沫的争论声量 再一次被放大。 历史似乎总在押韵。当一种革命性技术展现出重塑世界的潜力时，资本的狂热、市场的喧嚣以及随 之而来对泡沫的担忧，几乎是必然上演的剧目。 从17世纪的郁金香狂热到2000年年初的互联网泡沫，人类的商业史一再重演着预期、狂热与现实 的碰撞。然而，以史为鉴的目的并非简单断言"泡沫已至"，而是为了在喧嚣中厘清两个至关重要的 问题：第一，我们所谈论的泡沫，究竟是资本市场意义上的短期估值泡沫，还是产业本身发展过 热？第二，如果泡沫是新技术革命的伴生物，我们应当如何看待它所承载的建设性意义？ 将资本市场的短期价格波动与产业本身的长期革命性价值混为一谈，是观察者最容易陷入的误区。 当前市场的回调，在很大程度上是资本市场在极度乐观情绪释放后，对短期估值锚点、盈利兑 ...

新政实施后，黄金饰品产业链中下游企业的税务成本有所上 升，短期内利润空间受到挤压。部分企业已通过上调产品价 格，将成本压力向终端消费者传导。同时，业界普遍预计新政 将推动黄金交易进一步向场内集中，促进行业整体透明化和规 范化发展。 作者： 陈姗 封图：图虫创意 11月初，在中国最大的黄金批发市场——深圳水贝市场，从事黄金生产加工业务的周先生突然遭 遇订单停滞的情况。"部分加工厂可能需要暂时调整生产节奏。"他告诉记者，这不是个别现象，近 期水贝市场交易活跃度明显下降，进入"半停滞"状态。 这背后，是黄金产业链正在"消化"刚刚出台的黄金税收新政所带来的影响。 近日，财政部、国家税务总局发布《关于黄金有关税收政策的公告》（下称"新政"），明确黄金有 关税收政策，并自2025年11月1日起实施，执行至2027年12月31日。此次黄金税收新政，对特定交 易所场内黄金实物交割环节按买方用途及主体性质实施差异化征管。新政将黄金交易划分为"投资 性"与"非投资性"两条"赛道"，非投资性用途及非会员买方税负明显增加。 多个水贝商家向记者表示，黄金税收新政发布后，目前业内普遍持观望态度，等待具体操作细则进 一步明确。此外，在加税 ...

Core Viewpoint - The unmanned delivery vehicle industry is transitioning from a testing phase to large-scale commercial operations, with significant investment and technological advancements driving this change [2][3]. Investment and Market Growth - In October, significant financing events occurred in the unmanned delivery sector, with New Stone Technology raising over $600 million in Series D funding, marking the largest financing in China's autonomous driving sector [2] - The total disclosed financing in the unmanned driving sector exceeded 14.6 billion RMB (approximately $2.1 billion) in the third quarter of 2025, indicating a shift towards large-scale commercial applications [2] - The delivery vehicle market is projected to see a shipment of approximately 6,600 units in 2024, with over 12,000 units shipped in the first half of 2025 [3] Market Potential and Business Expansion - The market for unmanned delivery vehicles is expanding from single-use cases in express delivery to broader applications in instant logistics and urban delivery, targeting over 30 million urban delivery vehicles in China [3] - New Stone Technology reported that the proportion of sales from the express delivery sector has decreased from 100% to 50%, indicating diversification into non-express scenarios [3] Cost Efficiency and Technological Advancements - The operational cost per kilometer for unmanned vehicles is approximately 0.4 RMB, with delivery costs potentially dropping below 0.04 RMB, showcasing a significant cost advantage over traditional delivery methods [4] - New Stone Technology has developed an L4-level driverless technology that has begun commercial deployment, enhancing operational efficiency and expanding use cases [4] Regulatory and Operational Challenges - The unmanned delivery vehicle industry faces challenges related to road rights, with a lack of unified management regulations and entry standards hindering growth [6][7] - The absence of a comprehensive standard system for low-speed unmanned vehicles complicates cross-regional operations and interoperability [7] - Safety concerns and public acceptance remain critical issues as the number of unmanned vehicles in urban areas increases [8] Policy and Future Outlook - As of mid-2025, 103 cities in China have opened road rights for unmanned delivery vehicles, covering over 80% of major logistics nodes [9] - The industry is at a pivotal point for transformation and large-scale commercialization, with ongoing efforts to address regulatory, standardization, and safety challenges [9]

Core Insights - The article discusses the disparity between the promises made by companies in the AI and AR glasses industry and their actual capabilities, highlighting a potential bubble in the market driven by inflated claims and unfulfilled orders [2][3][5] Group 1: Market Dynamics - A Shenzhen-based AI glasses company announced significant funding and projected order growth, but faced delivery delays and customer dissatisfaction, indicating a disconnect between claims and reality [2][3] - The "hundred glasses war" is characterized by numerous players claiming large orders, but the actual sales figures are often much lower, leading to skepticism among investors [5][6] - The industry is seeing a surge of interest from major tech companies like Huawei and Xiaomi, as well as platforms like Alibaba and Tencent, all seeking new entry points into the consumer electronics market [2] Group 2: Order and Sales Discrepancies - Reports indicate that actual shipments of smart glasses are significantly lower than claimed, with one company stating a shipment of only 20,000 units despite claiming much higher figures [6][10] - Suppliers reveal that many companies are inflating their order numbers, with some using framework contracts to misrepresent sales figures, leading to a lack of trust in reported data [7][10] - High return rates in the smart glasses market, often exceeding 40%, further complicate the reliability of sales data, as many products fail to meet consumer expectations [10][19] Group 3: Investment Sentiment - Investors are becoming increasingly cautious about the smart glasses sector, with some opting to invest in upstream suppliers rather than direct competitors in the hardware space [9][17] - The article highlights a trend where investors prefer to back niche markets within the smart glasses industry, such as gaming or outdoor sports, rather than general-purpose devices that face stiff competition from larger tech firms [17][18] - The overall sentiment in the investment community is one of skepticism, with many believing that the current excitement around smart glasses may not be sustainable [18][19] Group 4: Product Development Challenges - The integration of multiple components in smart glasses, such as chips and sensors, poses significant challenges in terms of weight, power consumption, and user comfort, leading to products that are often seen as "half-finished" [13][14] - Many companies are struggling to achieve the necessary balance between functionality and user experience, with current products often falling short of consumer expectations [14][19] - The article emphasizes that the technology behind smart glasses is still evolving, and many products are not yet ready for mass adoption due to performance and usability issues [12][14]

Core Viewpoint - The optimism surrounding AIPC (Artificial Intelligence Personal Computer) from manufacturers may not be reliable, as the AI experience that consumers can directly perceive is still immature [6][23]. Group 1: AIPC Market Dynamics - Lenovo's AIPC sales are on the rise, indicating a growing trend in the market [3]. - Intel reported a revenue of $13.65 billion in Q3 2025, marking a 2.8% year-on-year increase, attributed to AIPC demand [4]. - By the end of 2025, Intel expects to supply processors for over 100 million AIPC units [4]. Group 2: Hardware and Software Ecosystem - AIPC integrates a Neural Processing Unit (NPU) alongside traditional CPU and GPU, enhancing AI task execution [2][7]. - The AIPC market is driven by various chip manufacturers, including Intel, AMD, and Qualcomm, each offering unique architectures and capabilities [9][10]. - Microsoft leads the operating system market with its "Copilot+PC" standard for AIPC, requiring a minimum NPU performance of 40 TOPS and 16GB of RAM [11]. Group 3: Consumer Experience and Challenges - Despite high expectations, AIPC's software ecosystem is fragmented, and many productivity applications do not effectively utilize the NPU [5][20]. - Users report dissatisfaction with AI functionalities, citing issues with accuracy and usability [19][20]. - The physical limitations of local devices pose challenges for running high-parameter AI models, impacting user experience [22]. Group 4: Future Outlook - The rapid growth of AIPC is closely tied to the end of support for Windows 10, pushing businesses to upgrade [18]. - The true potential of AIPC may not be realized until the developer ecosystem matures and AI applications become more robust [23][24]. - AIPC penetration is projected to exceed 50% by 2028, indicating a long-term growth trajectory [24].

Core Viewpoint - Increasing number of overseas clients are requesting to extend payment terms to 90-120 days due to macroeconomic fluctuations affecting consumer willingness and ability to spend, leading to longer product sales cycles [1][3][4] Group 1: Impact on Foreign Trade Enterprises - Approximately 20% of overseas clients of a lighting and home design export company have requested extended payment terms, a situation unprecedented in over 20 years of foreign trade experience [2][6] - Concerns arise that agreeing to these extended terms may lead to significant financial risks, including potential malicious defaults from clients, which could consume annual business profits [4][11] - The trend of extending payment terms is becoming commonplace, with clients citing geopolitical risks and economic downturns as reasons for their requests [6][7] Group 2: Factors Influencing Payment Term Extensions - Three main factors are influencing the requests for extended payment terms: global economic fluctuations, reluctance to incur high-interest financing costs, and currency depreciation pressures due to rising dollar indices [7][8] - Clients in Eastern Europe have reported unsold inventory and are relying on holiday sales to recover funds, further complicating payment timelines [6][8] Group 3: Responses from Foreign Trade Enterprises - Some companies are proposing discounts for early payments or increased upfront payments to mitigate risks associated with extended payment terms [11][12] - However, these measures have had limited success as clients continue to express financial constraints due to the economic climate [12] Group 4: Financing Challenges - As the number of clients requesting extended payment terms increases, companies are experiencing heightened pressure on cash flow, prompting them to seek trade financing solutions [14][15] - Banks are tightening lending criteria due to concerns over potential defaults linked to extended payment terms, making it more difficult for companies to secure necessary financing [15][16] - Companies are exploring options like export credit insurance to hedge against payment defaults, but face challenges in obtaining coverage due to clients' lack of credit ratings [16]

Core Viewpoint - Chuanfeng Power is facing multiple challenges, including increased tariffs in the U.S. and the cessation of sales partnerships with KTM in Europe, prompting a shift in focus towards the domestic electric motorcycle market [2][11]. Group 1: Financial Impact and Market Dependency - Chuanfeng Power's U.S. subsidiary CF-MOTO has been notified to pay $19.3287 million in increased tariffs, which represents 90% of its net profit for the first half of the year [2]. - The company's ATV sales heavily rely on the U.S. market, with 2024 projected sales of 169,100 units generating revenue of 7.21 billion yuan, accounting for 48% of total revenue [5]. - In 2023, Chuanfeng Power's revenue reached 12.11 billion yuan, a year-on-year increase of 6.44%, while net profit grew by 43.65% to 1.008 billion yuan [7]. Group 2: Strategic Shifts and New Initiatives - In response to market pressures, Chuanfeng Power plans to issue 2.178 billion yuan in corporate bonds to expand its electric motorcycle production capacity to 3 million units [2][11]. - The company is also focusing on the domestic electric motorcycle market, with plans to invest 3.5 billion yuan in a new production base in Zhejiang Province [11]. - Chuanfeng Power aims to enhance its electric motorcycle brand, Jike, which has seen a significant increase in sales, with a 318% year-on-year growth in Q3 [13]. Group 3: Challenges in International Markets - The cessation of KTM's sales partnership in Europe has raised concerns about Chuanfeng Power's competitiveness in that market [11]. - The company has acquired the European "GOES" brand to strengthen its presence, but the majority of the ATV market remains in the U.S., necessitating new growth avenues [10]. - Chuanfeng Power's global strategy is impacted by increased tariffs on products from Mexico and Thailand, affecting its supply chain and market access [8]. Group 4: Concerns Over Profitability and Market Position - The profitability of Chuanfeng Power is under scrutiny as the electric motorcycle segment has lower profit margins compared to traditional motorcycles [13]. - The company faces competition in the high-end electric motorcycle market, with established brands like Yadea and Aima leading the market [14]. - Recent stock sell-offs by executives and major shareholders have raised questions about the company's future valuation and market confidence [12].

自2016年以来，有关部门已多次强调要在全国推广三明医改 经验，不过各地进展不一。10月下旬，曾主导三明医改的詹积 富在接受经济观察报专访时表示，各地学习三明医改，首先需 要书记、市长认识到位，一把手要有改革的勇气。 作者： 张铃 美编：肖利亚 福建三明一场从2012年开始的改革，深刻影响了中国医改的走向和进程。 10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。会上，国家卫健委党组书记、主任雷海潮提出推进医疗、医保和医药协 同发展和治理，以公益性为导向深化公立医院改革，"十五五"期间，将以地市为单位全面推广三明医改经验。 三明医改是在三明医保基金面临"穿底"风险、医患矛盾突出的情况下启动的，改革内容包括成立医保局、药品耗材集采、政府承担办医责任、医生收 入年薪制等。 近二十年，除了三明模式外，中国部分地方也探索了其他医改模式。比如：始于2000年的宿迁医改，市政府几乎将所有公立医院改制出售，成为中国 医疗改革道路上一个独特样本；始于2002年的高州医改，采取市场化议价的方式降低医院采购成本，定位"平价医疗"，同时以技术和服务吸引患者。 最终，以强调政府办医责任、政府参与药品耗材议价、坚 ...