过去半个月，沃尔玛旗下自有品牌"沃集鲜"的广告占据了广州、上海等城市多个地铁通道。"从小 逛到大的超市""自家品牌，好品质吃一口就知道"等标语，试图唤醒一代人对沃尔玛超市（下称"沃 尔玛"）的集体记忆。 11月17日，沃尔玛中国宣布旗下自有品牌"沃集鲜"全面升级，近一年推出近千款新品（包含升级 产品），覆盖生鲜、食品、饮料等核心品类。同时，沃尔玛中国还明确将持续加码对沃尔玛超市门 店改造与全渠道建设投入。 作为1996年就进入中国市场的零售巨头，沃尔玛见证了中国零售业的兴衰起伏。但是作为大卖场 业态，沃尔玛近年也在面临客流和营收下降、竞争加剧等挑战。 中国连锁经营协会发布的数据显示，沃尔玛中国拥有沃尔玛超市和山姆两个品牌，截至2025年4月 30日，共有334家门店，与2019年的442家相比减少了108家。其中，仓储会员店品牌山姆在中国近 年来一直在快速扩店，与之对应的沃尔玛超市则在收缩门店数量。 沃尔玛中国显然没有放弃"沃尔玛"，而从商品、店型着手，再造沃尔玛，其中也不乏对山姆经验 的"平移"。 沃尔玛中国显然没有放弃"沃尔玛"，而从商品、店型着手，再 造沃尔玛，其中也不乏对山姆经验的"平移"。 作者： ...

Core Viewpoint - The article emphasizes the necessity of adhering to the rule of law in online governance to eliminate malicious provocations and restore a healthy discourse environment for economic and social development [1][26]. Group 1: Incident Overview - A recent controversy arose from a well-known creator's live stream, which led to a wave of online violence against brands like vivo, despite no commercial ties to the creator [1][6]. - The incident reflects a broader issue where individual disputes escalate into systematic attacks on companies, driven by malicious narratives and organized online violence [2][3]. Group 2: Nature of Online Violence - The online violence has evolved into a form of collective punishment, where brands are targeted based on individual controversies, leading to significant disruptions in their operations [6][11]. - There is a notable shift from mere opinion disputes to malicious framing, where companies are unjustly associated with unrelated negative events [4][5]. Group 3: Organized Tactics - The article highlights the emergence of organized tactics among online attackers, including detailed "guides" on how to conduct online harassment against companies and individuals [10][9]. - This organized behavior is characterized by a lack of concern for factual accuracy, focusing instead on creating psychological pressure on businesses through extreme measures [11][12]. Group 4: Implications for Businesses - Companies are increasingly facing not just market competition but also the threat of sudden and unprovoked public backlash, which raises compliance costs and complicates the business environment [14][15]. - The normalization of such online violence poses a risk to the foundational trust within society, potentially harming the overall economic landscape [15][26]. Group 5: Regulatory Response - The article discusses recent regulatory measures aimed at curbing online violence, including actions by the Central Internet Information Office to address the provocation of extreme group sentiments [18][20]. - Legal frameworks are being strengthened to punish organized online harassment and malicious marketing practices, signaling a zero-tolerance approach to such behaviors [21][22]. Group 6: Recommendations for Improvement - Platforms are urged to take responsibility for their algorithms and implement measures to identify and mitigate organized harassment [23][24]. - A call for a return to rational discourse among internet users is made, encouraging independent thought and resistance to emotional manipulation [24][25].

Core Viewpoint - The home service industry in Beijing is experiencing a price war and fluctuations in employer demand, leading to significant impacts on the salaries of service workers [1][3]. Group 1: Market Dynamics - The entry of new players into the home service market has driven down prices, with some services being offered as low as 39.9 yuan for two hours, forcing many companies to operate at a loss [2][7]. - The number of registered home service companies in Beijing has surged, increasing from 13,800 to 20,100 in the first ten months of 2025, representing a growth rate of 45.7% [2]. - The home service industry is characterized by a low entry barrier, with many new companies emerging, leading to intensified competition [5][6]. Group 2: Impact on Service Workers - Salaries for home service workers have begun to decline, with live-in caregivers for elderly clients seeing their monthly pay drop from 5,000 yuan to 4,500 yuan, and many workers accepting these lower rates [3][8]. - The average hourly wage for cleaning staff has remained stable, but specific sectors like elderly care and cleaning are witnessing slight decreases in pay [7][8]. - The changing consumption patterns of employers, influenced by fluctuating household incomes, have led to a willingness to accept lower service prices [8]. Group 3: Future Outlook - Despite current challenges, the home service industry is projected to remain a lucrative business due to ongoing demand in elder care and childcare, with an estimated labor gap exceeding 20 million [10]. - The industry is still fragmented, providing opportunities for new entrants who can develop effective business models to succeed [10]. - Maintaining service quality and providing training for workers are essential for long-term success in the home service sector [10].

Core Viewpoint - The article highlights the increasing incidence of shingles among younger individuals, particularly in high-stress professions, and emphasizes the low vaccination rates in China, which poses a significant public health risk [1][2][3]. Group 1: Shingles Incidence and Impact - Shingles, caused by the varicella-zoster virus, is commonly associated with individuals over 50, but recent cases among younger celebrities indicate a rising trend in younger populations, particularly those with high-stress jobs [2][5]. - The pain associated with shingles is severe, with reports indicating that it can reach levels comparable to childbirth, leading to a lack of public awareness regarding its severity and the importance of vaccination [7][9]. Group 2: Vaccination Rates and Challenges - The vaccination rate for shingles in China is alarmingly low, with only 0.79% of adults aged 40 and above vaccinated as of September 2024, compared to higher rates in the U.S. [6]. - The high cost of vaccines, with imported vaccines priced at 3,260 yuan and domestic vaccines around 1,400 yuan, significantly hinders vaccination efforts, especially among retirees with limited income [9][10]. Group 3: Market Dynamics and Pricing Strategies - The vaccine market has seen a price war since 2025, with prices for imported vaccines dropping from 3,260 yuan to 1,652 yuan, and domestic vaccines being offered at half price, which may lead to long-term sustainability issues for vaccine manufacturers [3][11]. - Companies are facing inventory challenges, with a significant drop in vaccine issuance in 2025, indicating a mismatch between supply and demand [11]. Group 4: Public Awareness and Marketing Strategies - There is a notable gap in public awareness regarding shingles and its vaccine, particularly among older adults who are the primary target demographic [13]. - Vaccine companies are utilizing social media and other platforms for marketing, focusing on educating the public about the disease and the availability of vaccines, despite regulatory restrictions on direct advertising [12][14].

无论是经济增长潜力的充分释放、科技自立自强水平的提高， 还是人民生活品质的提高，都离不开企业和企业家，都需要企 业家精神。企业家的角色不可替代。 作者： 社论 封图：图虫创意 在已经走过的四分之一世纪，我们一直在问自己：什么样的企业和企业家是受尊敬的？之所以不停 地问这样一个问题，是因为从2001年创刊起，经济观察报就以理性、建设性为办报宗旨，要求自 己不冲动、不虚伪、不媚俗、不破坏，将推动中国和世界的商业文明与进步作为自己的使命。 受尊敬企业年会也是从2001年开始举办的。20多年来，我们见证了中国经济的狂飙突进，也见证 了中国企业在商业上的成功。特别是近些年来，中国企业在新能源、人工智能、芯片半导体等领域 不断实现突破，表现出强劲的竞争力，一批优秀的中国企业正迎来高光时刻。 这个过程也是中国企业和企业家赢得尊敬的过程。经济观察报和这样的企业一路前行，我们陪伴了 企业和企业家的成长，也对何以受尊敬有了更深刻的认识。我们以为，如果从创业那一天起，就把 追求受尊敬作为基本信条，这样的企业就不大容易为短期利益所惑，做出违背初心的决定。因为它 更在乎长远。它不仅会考虑股东回报，也会在乎员工权益和供应商的利益。 经济 ...

Core Viewpoint - The article discusses the successful restructuring of Shenyang Machine Tool Co., highlighting the role of China International Capital Corporation (CICC) in facilitating the judicial reorganization process, which alleviated nearly 50 billion yuan of debt and attracted strategic investors [3][4][17]. Group 1: Background and Challenges - Shenyang Machine Tool, established in the 1930s, faced severe financial difficulties by 2019, including high debt ratios and operational challenges, leading to its judicial reorganization [2][3]. - The company was once a leader in the machine tool industry, achieving 18 billion yuan in revenue in 2011, but fell into continuous losses post-2015, prompting government intervention [6][11]. Group 2: Restructuring Process - CICC was appointed as the financial advisor for the restructuring project, opting for judicial reorganization over a negotiated agreement to effectively manage the debt [7][8]. - The restructuring involved a layered approach, addressing 12 legal entities and utilizing various methods such as cash settlements, debt extensions, and debt-to-equity swaps, achieving a 94% approval rate for the restructuring plan [8][12]. Group 3: Post-Reorganization Developments - Following the restructuring, strategic investor China General Technology Group injected substantial capital to restore production and improve financial health, focusing on upgrading products and operations [11][12]. - The company has since shifted towards high-end machine tools, implementing smart manufacturing technologies that significantly enhance operational efficiency [13][17]. Group 4: Broader Impact and Future Plans - CICC has facilitated over 800 billion yuan in funding for distressed enterprises in Northeast China, preserving approximately 65,000 jobs and restructuring debts totaling 800 billion yuan [17]. - The company aims to replicate the successful restructuring model across various industries in the region, establishing a strong presence and support system for local enterprises [17].

经济观察报采访过程中，多家钢铁企业、焦化企业均认为，氢 冶金是钢铁行业的未来，未来焦炭使用量势必减少，但焦炉煤 气中含有的氢气，反而可能成为钢铁企业的新需求点。 作者：潘俊田 封图：图虫创意 曾经被用来"点天灯"的焦炉煤气，正被视为山西焦化业未来的增长点。 山西是焦化大省。山西焦化总产能约有1.42亿吨，已建成的焦炉产能达1.18亿吨。2024年山西焦 炭产量9211.6万吨，占全国18.8%，位居全国第一。这些焦炭绝大部分作为原料，供应给山西省 内及周边省份的钢铁厂。 但国内钢铁产量已趋于稳定。2021年全国粗钢产量约10.3亿吨，2024年产量约10.05亿吨。钢厂 利润持续走低，2021年热卷年均生产利润约800元/吨，2024年已不足100元/吨。 受钢铁行业下行影响，山西焦化行业增长承压。2024年，山西焦化行业工业增加值增速全年累计 下降0.4%，全行业实现营收2356亿元，同比下降12.1%，实现利润-69.3亿元，同比增亏30.9 亿元。 在此背景下，山西焦化企业将目光投向炼焦过程中的各类副产品——如煤焦油、焦炉煤气甚至余 热，试图通过延伸煤化工产业链寻求突破。 苗茂谦是太原理工大学教授、原太 ...

Core Viewpoint - The investigation into the causes of the fire at Hong Fu Court and the subsequent recovery actions are just beginning, following the tragic incident that resulted in 128 fatalities [3][4]. Incident Overview - The fire at Hong Fu Court started on November 26 at 2:51 PM and was extinguished approximately 44 hours later, with the site still emitting strong odors from burnt materials [2]. - The fire led to the complete destruction of the external facade of three buildings, with scaffolding and protective nets reduced to ashes [2]. Casualties and Arrests - As of November 28, the fire resulted in 128 confirmed deaths, and the police arrested three executives from the construction company involved, charging them with manslaughter [3]. - Initial investigations revealed that the materials used for the building's protective netting and window sealing posed significant fire hazards [3]. Fire Safety Failures - Residents reported that the fire alarm system did not activate, leading to reliance on phone notifications for evacuation [6][7]. - A former security chief noted that the fire alarm system had been disabled prior to the incident, contributing to the rapid spread of the fire [8]. Firefighting Challenges - The building's height (over 90 meters) posed significant challenges for firefighting efforts, as the main firefighting equipment could only reach up to 56 meters [8][9]. - A "rescue vacuum" existed above the 19th floor, complicating evacuation and rescue operations [9]. Material Concerns - The use of flammable materials, specifically foam boards used to seal windows, was identified as a critical factor in the fire's rapid escalation [11]. - The construction contractor, Hong Ye Construction Engineering Co., was awarded a contract worth HKD 330 million for renovation work, which included the use of these hazardous materials [11]. Emergency Response and Community Support - Following the fire, the Hong Kong government and various organizations mobilized to provide immediate assistance to affected residents, including financial aid and temporary housing [14][15]. - Significant donations from corporations and community members exceeded HKD 500 million, demonstrating strong community support for the victims [16][17]. Regulatory and Structural Review - The incident has prompted calls for a review of building safety regulations, particularly concerning the use of bamboo scaffolding and fire safety measures [21][22]. - The need for improved oversight in construction practices and fire safety protocols has been highlighted as essential to prevent future tragedies [22][23].

Core Viewpoint - Huawei has become an indispensable presence in China's smart automotive industry, with its technology significantly enhancing the products of various car manufacturers, leading to a perception that without Huawei, success is unattainable [1][3]. Group 1: Huawei's Influence at the Auto Show - The 2025 Guangzhou Auto Show showcased Huawei's extensive presence, with multiple brands featuring Huawei's technology prominently, including independent booths for brands like Aito and Avita [2][3]. - Huawei launched its new "Jing" series brands, including "Qijing" and "Yijing," in collaboration with Dongfeng and GAC, marking a significant expansion of its automotive ecosystem [5][6]. Group 2: Market Performance and Brand Strategy - As of October 2023, Huawei's "Jing" series brands are set to release new models, with Yijing's first vehicle expected to debut at the Beijing Auto Show in April 2026, and Qijing planning to launch two new cars in 2026 [6][10]. - In October 2023, Huawei's vehicles equipped with the "Kirin" driving system achieved sales of over 100,000 units in a single month, indicating strong market acceptance [13]. Group 3: Partnerships with Luxury and Joint Venture Brands - Audi's A5L Kirin Intelligent Driving Edition became the first fuel vehicle globally to feature Huawei's Kirin technology, highlighting the growing trend of luxury brands adopting Huawei's solutions [8][9]. - Japanese joint venture brands like Dongfeng Nissan and GAC Toyota are also integrating Huawei's technology, with Nissan's "Tianlai Hongmeng Cabin" being promoted as the world's first fuel vehicle with the Hongmeng cabin system [9]. Group 4: Competitive Landscape and Differentiation - The proliferation of "Jing" and "Jie" brands raises concerns about differentiation among car manufacturers using Huawei's technology, as many brands may start to appear similar [14][15]. - Industry experts suggest that while Huawei's technology provides a competitive edge, the true differentiation will depend on how car manufacturers address consumer pain points and enhance their overall product offerings beyond just technology [14][15].

Core Viewpoint - The relative stability of the Chinese aviation fuel market has been disrupted, initiating a transformation led by industry giants that aims to reshape the rules and landscape of the sector [1][6]. Restructuring Announcement - On October 30, 2025, China Aviation Oil (Singapore) Corporation Limited announced that its controlling shareholder, China Aviation Oil Group, is undergoing a restructuring with another enterprise group [2][8]. - The restructuring involves comprehensive integration of assets, channels, and personnel, marking a significant shift from mere capital cooperation to a full industry chain reconstruction [3][4]. Market Dynamics and Reactions - The restructuring has prompted swift and complex reactions from various enterprises within the industry, with concerns about pricing power and supply stability being paramount among aviation companies and smaller refining firms [6][10]. - The restructuring aims to create a "super supply chain" that integrates distribution networks and refining capabilities, potentially enhancing efficiency from refining to refueling [9][10]. Competitive Landscape - The merger of China Aviation Oil Group and a major energy enterprise could significantly alter the competitive landscape of the domestic aviation fuel market, focusing on efficiency improvements across the entire supply chain [5][11]. - The restructuring is expected to elevate competition from channel-based to efficiency and cost-based competition across the entire industry chain [10][11]. Industry Structure and Market Share - Historically, the aviation fuel market in China has been characterized by a stable structure dominated by state-owned giants, with China Aviation Oil Group acting as a key intermediary [13][14]. - China Aviation Oil Group holds approximately 40% of the market share in the distribution and terminal service segments, while state-owned enterprises like Sinopec and PetroChina dominate the production side with about 81% market share [14]. Future Opportunities and Challenges - The restructuring is anticipated to create both pressures and opportunities for smaller players in the market, as they may face challenges in maintaining market share against a newly formed giant [14][21]. - The focus on sustainable aviation fuel (SAF) is emerging as a critical area, with China Aviation Oil Group actively investing in SAF production to align with future regulatory requirements [20][21]. Strategic Adjustments - Companies within the industry are reassessing their strategies in light of the restructuring, with some exploring partnerships or alternative supply channels to mitigate risks associated with the potential dominance of the new entity [16][18]. - The restructuring is seen as a catalyst for a new wave of differentiation and consolidation within the aviation fuel market, prompting companies to adapt to the evolving competitive landscape [11][21].