美团数据显示，近4年洗浴行业交易规模逐年递增，2025年达 到近4年峰值，同比增速超20%，成为近年来少数持续增长的 服务行业之一。 作者：郑淯心 封图：图虫创意 北京朝阳区东部的惠河南街——这条不足300米的街道，坐落着九号温泉生活馆、曲水兰亭、水裹 汤泉、V汤泉生活馆四家汤泉馆。 1月14日，记者看到，这条街涌动着不同类型的消费者。九号温泉生活馆的大堂排起长队，有小孩 牵着父母的手往里跑；水裹汤泉的大堂立牌上，"榴莲限时返场"的标语格外醒目；曲水兰亭门 口，偶尔有商务车停下，穿着西装的客人低声交谈着步入。 四家门店互为近邻、定位各异，共同存活多年。四家汤泉馆的大堂服务人员介绍起彼此的不同总结 道：4万平米的九号温泉生活馆是这条街最大的店，走的是家庭与年轻人的大客流路线，门票包含 海鲜自助餐；曲水兰亭的门票价格在千元以上，主打高端商务；水裹汤泉和九号温泉生活馆旗下V 汤泉生活馆的定位更加年轻化，门票不含餐。 这条街的"热闹"背后是洗浴行业的强劲增长。美团数据显示，近4年洗浴行业交易规模逐年递增， 2025年达到近4年峰值，同比增速超20%，成为近年来少数持续增长的服务行业之一。 美团在《2025年全国洗浴行 ...

发布会关于2026年财政政策的表述，释放了积极明确的信 号，体现了我国在复杂内外环境下"主动作为、靠前发力"的政 策思路。其核心在于保持政策连续性和必要力度的同时，更加 注重精准性、有效性以及可持续性。 作者：杜涛 封图：图虫创意 1月20日，财政部副部长廖岷在国新办举行的新闻发布会上表示，2026年，按照中央经济工作会 议部署，财政部门将继续实施更加积极的财政政策，概括起来就是"总量增加、结构更优、效益更 好、动能更强"。2026年财政部门将"硬核"支持稳就业、稳企业、稳市场、稳预期，确保"十五 五"实现良好开局。 中诚信国际研究院执行院长袁海霞对经济观察报表示，发布会关于2026年财政政策的表述，释放 了积极明确的信号，体现了我国在复杂内外环境下"主动作为、靠前发力"的政策思路。其核心在 于保持政策连续性和必要力度的同时，更加注重精准性、有效性以及可持续性。 2025年12月10日至11日在北京举行的中央经济工作会议提出，要继续实施更加积极的财政政 策，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出结构，规范 税收优惠、财政补贴政策。 针对"总量增加、结构更优、效益更好、动能更强 ...

Core Viewpoint - The article highlights the strategic initiatives and innovations of AUX Air Conditioning as it positions itself as a leading player in the 2026 home appliance market, focusing on technology, quality, and service to enhance user value and redefine competition in the air conditioning industry [2][4][24]. Group 1: Strategic Initiatives - AUX Air Conditioning launched its new brand positioning "Intelligent Air Evolution" at the national dealer conference, introducing a series of smart products and a 10-year free warranty service [2][4]. - The company aims to leverage technology and product upgrades, alongside a comprehensive marketing system, to address consumer pain points and capture more market share [2][4][9]. - AUX has committed to enhancing its dealer network through eight major upgrades, ensuring that it becomes a representative of quality, order, and service in the air conditioning industry [9][11]. Group 2: Product and Service Innovations - AUX introduced eight smart technologies in its new air conditioning products, focusing on user needs and providing comprehensive air solutions [7][11]. - The company announced a 10-year free warranty and a 365-day exchange policy, marking a significant shift from price competition to value competition in the industry [13][21]. - AUX's service upgrades are designed to enhance user experience and establish the brand as a service-oriented company, further solidifying its market position [21][24]. Group 3: Market Position and Competitive Landscape - AUX Air Conditioning has been recognized as a top player in global sales of household split air conditioners from 2018 to 2024, and it has maintained the number one position in the smart voice air conditioning segment for three consecutive years [2][4]. - The company is positioned to lead the air conditioning industry into a new era characterized by value competition, driven by its focus on user-centric strategies and long-term commitment [4][24]. - AUX's comprehensive capabilities across the entire supply chain and product lifecycle provide a competitive edge in both domestic and international markets [16][18].

近年来，我国民营企业内部腐败犯罪多发、易发，迫切需要依 法治理。大量民企腐败案件不仅使企业蒙受经济损失，更是对 企业的健康发展影响至深。近年来，相关部门对民营企业内部 腐败问题重视程度日益提升，但民企反腐仍然任重而道远。 作者：王江 封图：图虫创意 2026年1月15日，知名游戏上市公司完美世界（股票代码：002624）通过公告披露，其三名前 员工及关联供应商负责人因涉嫌严重舞弊犯罪，已被公安机关依法刑事拘留。此次事件披露的舞弊 手法、处置措施及与刑事司法的衔接，为游戏乃至整个互联网内容产业的合规风控敲响了警钟。 首先，治理体系不健全。部分企业缺乏现代企业制度的支撑，家族式管理模式盛行，导致企业产权 界定模糊，股东权利高度集中，股东会、董事会、监事会等核心治理机构的决策与监督职能未能充 分发挥作用，形成治理结构上的显著缺陷。这种治理上的不足，为企业内部腐败的滋生提供了温 床。与此同时，民营企业受限于规模、资金及管理资源的局限，在快速发展过程中往往过度追求市 场扩张与经济利益，容易忽视内部管理制度的建设与完善。 这些"重经营、轻管理"的现象，在企业日常经营中表现为公章管理松散、财务报销流程不规范、 资金流动监管 ...

Core Viewpoint - The article discusses the evolving role of traditional slow trains (referred to as "green trains") in China's railway system, highlighting their continued importance despite the rapid expansion of high-speed rail networks. It emphasizes that these trains serve essential functions for specific demographics and regions, providing affordable transportation options. Group 1: Train Operations and Statistics - As of January 26, the new train operation schedule includes a total of 12,130 scheduled passenger trains, with many conventional trains being reclassified from Z, T, and K to D for high-speed trains [2] - On January 27, 2026, a total of 1,225 trains were scheduled to operate, including 162 direct trains (Z), 132 express trains (T), 680 fast trains (K), and 251 pure number trains [6] - The maximum speeds for different train types are as follows: Z trains at 160 km/h, T trains at 140 km/h, K trains at 120 km/h, and conventional trains ranging from 80 km/h to 120 km/h [7] Group 2: Role and Value of Green Trains - Green trains connect cities with populations over 200,000 and resource-rich areas, serving as a vital link for low-income groups and residents in remote areas [3][4] - The affordability of green trains is a significant draw, often costing half or less than high-speed train tickets, making them a preferred choice for budget-conscious travelers [10] - In remote areas, green trains are crucial for local communities, providing essential transport services and even acting as mobile libraries for students [11] Group 3: Economic and Social Impact - Green trains have lower construction costs and can effectively connect surrounding regions, promoting local economic development, especially in smaller cities [12] - From a freight perspective, green trains are more economical, with railway freight costs being about one-third of road freight costs, and they have a significantly lower environmental impact [13] - Despite their ongoing utility, the overall number of conventional trains is decreasing, with a reduction of 71 trains compared to the previous schedule [13]

Core Viewpoint - The luxury goods industry is at a crossroads of price and value imbalance, with the brand Laopugold leading the way into a new era of value consumption through cultural, craftsmanship, aesthetic, and genuine product value [2][12]. Industry Overview - By 2025, Laopugold is expected to disrupt the long-standing dominance of Western brands in China's high-end consumer market, as it experiences a contrasting growth amidst a global slowdown in luxury goods [2][12]. - Bain & Company reports that the global luxury market is entering a critical adjustment phase, with the Chinese market projected to shrink by 3% to 5% from 2022 to 2025, and active customers decreasing from 400 million to 330 million [4]. - There is a notable shift among high-net-worth individuals who are increasingly reluctant to display overt logos, indicating a move away from "symbolic consumption" towards a more intrinsic value-based approach [4][5]. Shift in Consumer Behavior - Similar to the changes seen in Japan during the 1990s, Chinese consumers are moving away from ostentatious consumption towards brands that represent cultural depth and time-honored values [5][10]. - Laopugold's success is attributed to its focus on cultural assets and craftsmanship, appealing to consumers' desire for products that embody time and cultural significance [7][10]. Laopugold's Unique Value Proposition - Laopugold emphasizes craftsmanship through traditional techniques such as engraving and hammering, which enhances perceived value beyond just the gold price [9]. - The brand has established a stable Eastern aesthetic logic that prioritizes both classic and innovative designs, allowing products to transcend fleeting trends [9]. - Laopugold integrates Chinese cultural elements into its designs, creating a strong emotional connection with consumers [9][10]. Market Position and Future Outlook - In 2025, Laopugold is projected to become the only Chinese brand present in the top 10 commercial centers in China, with a half-year store efficiency nearing 500 million, surpassing that of leading international luxury brands [12][14]. - HSBC notes that Laopugold has transitioned from a "golden flywheel" to a "brand flywheel," establishing pricing power independent of gold price fluctuations, positioning it to compete with luxury giants like Tiffany and Richemont [14]. - The rise of Laopugold signifies a shift in the luxury market, moving from a focus on price wars to a new value system based on product quality, channel strategy, and brand establishment [14][15].

Core Viewpoint - The market's expectations for China Star Network have shifted from technological breakthroughs to commercial implementation, with a focus on the upcoming three years for increased satellite launches [1][3]. Management Changes - China Star Network has undergone significant management changes, with new appointments including Gou Ping as chairman and Liang Baojun as general manager, signaling a strengthened focus on satellite technology development and integration with traditional telecom operators [2][5]. Satellite Deployment Timeline - The urgency of deploying the planned 13,000 low-orbit satellites is driven by international regulations requiring the first satellite to be launched within seven years and 10% of the planned satellites deployed within nine years, making 2029 a critical deadline [2][6]. Capital Investment - China Star Network's subsidiary, Star Network Digital Technology, has increased its registered capital from 120 million to 700 million RMB, a 483% increase, to support ground-based infrastructure and application ecosystems for satellite internet [3][9]. Ground Infrastructure Development - The company plans to build a large-scale ground station network in Xiong'an, which is essential for connecting satellite signals to ground networks, thereby enhancing service capabilities [10][11]. Commercialization Challenges - The satellite internet industry faces dual challenges: competition for frequency resources with international rivals and uncertainties in market acceptance and technology stability [13][14]. Policy Environment - While satellite internet has been included in the "new infrastructure" category, uncertainties remain regarding policy implementation and regulatory frameworks, which could impact project timelines and operational costs [14]. Strategic Collaborations - China Star Network is exploring partnerships, such as its joint venture with China Mobile to establish a satellite-ground integrated network, which may serve as a breakthrough for commercialization [14]. Technological Advancements - Recent technological milestones include the successful trial of a satellite broadband video call based on 5G NTN standards, laying the groundwork for consumer applications in satellite internet [14]. Industry Outlook - With technological breakthroughs, policy support, and increasing market demand, the satellite industry is rapidly evolving, and the management changes and capital investments at China Star Network are pivotal in this competitive landscape [15].

Core Viewpoint - The article discusses the intense trademark dispute between two entities claiming the "Huiyuan" brand, leading to confusion in the market regarding the authenticity of Huiyuan products [2][3][22]. Trademark Dispute - The core of the conflict revolves around the ownership and usage rights of the "Huiyuan" trademark, with both parties asserting their legitimacy [5][14]. - On January 8, 2025, Huiyuan Group announced its intention to fully take over Beijing Huiyuan, citing a breach of investment agreement by its partner, Wensheng Asset Management [5][9]. - Beijing Huiyuan claims that the trademark ownership is clear and undisputed, asserting that it has halted any authorization for Huiyuan Group to produce its products [6][14]. Financial Issues - The financial dispute stems from differing interpretations of the restructuring investment agreement, with Huiyuan Group accusing Wensheng Asset of failing to fulfill its financial commitments [9][10]. - Beijing Huiyuan contends that the funds from the restructuring plan were used appropriately for debt repayment and operational costs, while Huiyuan Group claims that the funds were not utilized for production [9][10]. Market Impact - The ongoing dispute has led to significant disruptions in the market, with some e-commerce platforms reporting prolonged stock shortages of Huiyuan products since September 2025 [22][23]. - The market share of Huiyuan has drastically declined from 53.4% in 2016 to 11.0% in 2025, trailing behind competitors like Coca-Cola [22].

Core Viewpoint - Despite facing various internal and external challenges, China's economy demonstrates strong resilience, with regions like Suzhou and Shenzhen showcasing robust technological innovation. However, areas heavily reliant on exports to the U.S. and real estate are under significant pressure and undergoing difficult transitions, reflecting the diversity of the Chinese economy [1][2]. Economic Performance Insights - The chief economist of Guangdong Kaiyuan Securities, Luo Zhiheng, conducted research across several provinces, revealing that while the economy faces challenges, there is a notable emphasis on new industries such as renewable energy and biomedicine. Local governments are actively working to revitalize existing assets [2]. - The overall economic performance in 2025 can be summarized by two "better than expected" areas: export growth and capital market performance, while consumption recovery and real estate market trends fell short of expectations [3][4]. Export Trends - Export growth exceeded expectations, supported by China's strong production capacity and product competitiveness. Some companies reported that while short-term orders remained stable, they faced challenges in shipping due to uncertainties, leading to increased inventory costs [4][5]. - The export market is diversifying, with a significant decrease in the proportion of exports to the U.S. and an increase in exports to ASEAN and Africa, which is expected to reach 6% by 2025. Additionally, the structure of exports is upgrading from low-end consumer goods to high-end capital goods and intermediate products [5][6]. Capital Market Dynamics - The capital market's performance has also surpassed expectations, driven by breakthroughs in AI and improvements in market regulations, which have enhanced its attractiveness. By September 2025, the technology and electronics sector's market value surpassed that of the banking sector, indicating a significant shift in economic structure [6][7]. Consumption and Real Estate Challenges - Consumption recovery has not met market expectations, and the real estate market continues to face challenges, necessitating collaborative efforts to stabilize it. The central economic work conference emphasized the need to prioritize domestic demand expansion and stabilize the real estate market [7][8]. Income Distribution Reform - To boost consumption, key reforms in income distribution are essential, focusing on enhancing consumer capacity, willingness, and the adaptability of supply to demand. This involves improving residents' income and addressing public resource allocation [8][9]. - The optimization of national income distribution is crucial, with residents' income currently at 62%, which is slightly below the global average. The low proportion of property income and labor remuneration needs to be addressed to enhance overall consumption [9][10]. Policy Recommendations - To increase residents' income and stimulate consumption, several measures are proposed, including strengthening the capital market, enhancing state-owned enterprise profit contributions, and encouraging wage increases through fiscal incentives [10][11]. - Improving public services and welfare investments is vital for enhancing residents' quality of life and boosting consumption potential, creating a positive economic cycle [11][12]. Future Focus Areas - In 2026, key areas of focus will include global economic and geopolitical risks, breakthroughs in domestic income distribution reform, addressing low growth in fiscal revenue, and optimizing local government and microeconomic incentives to drive economic development [18][19].

Core Viewpoint - The company, Rongbai Technology, is under investigation by the China Securities Regulatory Commission (CSRC) for allegedly misleading disclosures regarding a significant procurement agreement with CATL, despite stating that its operations remain normal [2][7]. Group 1: Procurement Agreement - Rongbai Technology signed a procurement cooperation agreement with CATL for the supply of 3.05 million tons of lithium iron phosphate cathode materials, with a total sales amount exceeding 120 billion yuan, effective from Q1 2026 to 2031 [2][4]. - The company acknowledged that the 120 billion yuan contract value is an estimate and that the actual sales volume and amount are uncertain, as the agreement does not specify a procurement amount [4][5]. - The total order value is equivalent to approximately eight years of Rongbai Technology's revenue, which was 15.1 billion yuan in 2024, and would require about 50 years to produce at the current capacity [4]. Group 2: Capacity and Expansion Plans - Rongbai Technology's current production capacity is significantly lower than the requirements of the procurement agreement, with its newly acquired subsidiary, Guizhou Xinren, having an annual production capacity of only 60,000 tons [4][5]. - To meet the contract obligations, the company plans to invest approximately 8.7 billion yuan over the next three years, with capital expenditures of 3.6 billion yuan, 3.3 billion yuan, and 1.8 billion yuan expected in 2026, 2027, and 2028, respectively [5]. - The company has established a lithium iron phosphate division to enhance its production capabilities by integrating resources from other entities [5]. Group 3: Financial Performance and Market Position - Rongbai Technology reported a projected net loss of between 190 million yuan and 150 million yuan for 2025, attributing the loss to a decline in sales volume during the first three quarters [9]. - Despite the projected loss, the company indicated a significant improvement in performance in the fourth quarter, achieving record sales of cathode materials and returning to profitability [9]. - The company’s main customer, CATL, accounted for approximately 45% of its revenue in the first three quarters of 2025, highlighting the dependency on this key client [9].