Core Viewpoint - The article highlights the active trading environment in the Shenzhen Shui Bei precious metals market, driven by dual demand from consumers preparing for the Spring Festival and investors looking to capitalize on lower gold and silver prices following significant price fluctuations [2][4]. Group 1: Market Activity - As the Spring Festival approaches, there is a surge in customer inquiries and purchases of gold jewelry, including necklaces, rings, bracelets, and chains, indicating strong consumer demand [2][3]. - Many consumers are taking advantage of lower prices to buy gold and silver bars, while some are also engaging in gold recycling [2][4]. - The market has seen a significant increase in trading activity, with reports of customers lining up to sell gold back to retailers and others looking to buy at perceived low points [7][9]. Group 2: Price Fluctuations - The article notes that gold and silver prices experienced extreme volatility, with silver prices dropping by 36% in a single day and gold prices falling over 12%, marking the largest daily drop in 40 years [6][11]. - Following this "epic" drop, gold prices rebounded above $5,000 per ounce, while silver prices also saw a recovery, indicating a potential market correction [6][11]. - Despite the recovery, prices remain sensitive to market conditions, with expectations that they may rise as the holiday approaches [15]. Group 3: Silver Premiums - Silver premiums have surged significantly, with reports indicating that premiums rose from 3.8 yuan per gram to as high as 6 yuan per gram, creating challenges for retailers [11][13]. - Retailers are facing difficulties in sourcing silver due to high premiums and limited availability, leading to a situation where some shops can only offer limited quantities of investment-grade silver bars [9][14]. - The article suggests that smaller silver bars tend to have higher premiums due to increased manufacturing costs, making them less attractive for investment purposes [14].

若因强化监管导致机构运营困难、服务供给萎缩，患者面临 的"看病难"问题将更加突出。因此，在规范行为的同时，也应 在政策层面为合规机构的健康发展创造条件，避免因过度收紧 而影响服务的可及性。 作者：梁嘉琳 封图：图虫创意 据《新京报》报道，湖北省襄阳市、宜昌市多家精神病医院将健康人群作为精神病人收治入院，涉 嫌通过虚构诊疗项目等方式骗取医保资金。此事引发广泛关注。2月5日，国家卫健委表示已派出 专人赴湖北，督促指导地方开展调查，并将依法依规严肃处理。 这一事件警示我们：精神专科医疗机构存在不容忽视的监管盲区。公众普遍认为，在精神心理领域 更容易出现问题的是社会心理服务机构，无论是"天价"心理咨询收费，还是以"冥想""灵修"为名 实为精神操纵的课程，都容易成为野蛮生长的灰色地带。相比之下，精神专科医疗机构在合规性上 似乎天然具有"背书"。 然而，湖北案例并非孤例。近年来，已有多家精神病医院因医保违法违规被查处。2022年2月， 国家审计署对陕西省部分市（区）医保基金进行专项审计，发现部分民营医院及精神病医院存在医 保基金使用违规违法问题。2019年至2021年，湖南省在全省范围内开展精神专科医保基金飞行检 查44 ...

Core Insights - Walmart's transformation is not a single-channel or product breakthrough, but a comprehensive upgrade achieved through systematic engineering around the core demands of urban middle-class families, involving channel adjustments, product development, and ecological cooperation [1][19]. Group 1: Partnership and Store Innovations - Recently, Walmart partnered with Xiaohongshu to launch the "Mashi" series of new stores, opening two locations in Shenzhen within a month, focusing on community scenarios and offering over 2,000 selected products for daily meals [2]. - The first "Mashi Community Store" in Shenzhen's Futian District continues the core model of Walmart's community stores, emphasizing a shopping experience that integrates online and offline channels to create a consumption loop from "discovery to experience to purchase" [2][4]. Group 2: Market Trends and Consumer Needs - According to Nielsen's report, the Chinese retail market is entering a critical restructuring phase, where growth will depend on the ability to meet consumers' "relevant" product and emotional needs rather than just foot traffic or price subsidies [4]. - Walmart's strategy of "customer first" aligns with this trend, leading to deep transformations in product offerings and shopping experiences to meet the evolving demands of consumers [4]. Group 3: Channel Strategy and Community Stores - Walmart's community stores, typically around 500 square meters, are strategically located within a 10-minute walking radius of residential areas to cater to the daily meal needs of local residents [7][10]. - The company has invested nearly a year in testing and refining the key dimensions of community store locations, sizes, and product selections to create a "10-minute walking life circle" for customers [10][11]. Group 4: Product Differentiation and Brand Strategy - Walmart's private label "Wojixian" focuses on providing differentiated value through its brand philosophy of "simple and fresh," emphasizing simple ingredients, fresh raw materials, and a clean ingredient list to meet the health-conscious demands of urban middle-class families [15][16]. - The brand has launched over a thousand new products in the past year, gaining widespread consumer recognition, and aims to reduce decision-making costs for consumers by ensuring high-quality standards throughout its supply chain [16][19]. Group 5: Consumer-Centric Transformation - The transformation of Walmart highlights a shift in retail industry competitiveness from scale and price advantages to value and experience, while still recognizing the importance of price in rational consumer behavior [19]. - The key takeaway from Walmart's transformation is the necessity of centering all efforts around consumer needs, indicating that transformation should not discard past advantages but rather reshape and upgrade them in line with consumer demands [19].

自2025年10月21日就任日本第104任首相以来，高市早苗面 临两项挑战，隐藏着三种冲动。目前她已基本跨越第一个挑 战，剩下的挑战和冲动更加复杂和凶险。两个挑战是"政、 经"，三个冲动是"宪、核、台"。 作者：王义伟 封图：东方IC 2026年2月8日是日本首相高市早苗的高光时刻。 这一天，在日本众议院选举中，高市早苗领衔的日本自民党获得316个议席。日本众议院共有465 个议席。此次选举之前，自民党在众议院仅有198个议席。此次选举后，自民党的议席不仅大幅度 过半，甚至达到了提案修宪所需的三分之二议席，加上执政联盟日本维新会的36席，等于囊括了 众议院超四分之三的议席。 这是自民党自1955年成立以来取得的最好成绩。不出意外，高市早苗将继续担任首相，日本政坛 将再次呈现自民党一党独大的格局。 综合研判，笔者认为，自2025年10月21日就任日本第104任首相以来，高市早苗面临两项挑战， 隐藏着三种冲动。目前她已基本跨越第一个挑战，剩下的挑战和冲动更加复杂和凶险。 结果，她赌赢了。 接下来，高市早苗面临的最大挑战将是经济和民生问题。 经济方面，日本GDP增长乏力，长期在低位徘徊，政府债务规模已超过GDP的2 ...

Core Viewpoint - The A-share market is experiencing a critical phase where companies are engaging in various actions to avoid delisting due to financial indicators, particularly focusing on achieving revenue above 300 million yuan or turning losses into profits, as well as correcting negative net assets [1][2]. Group 1: Financial Indicators and Delisting Risks - The new "National Nine Articles" implemented in January 2025 raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, allowing companies that can exceed this revenue to avoid delisting risks [5]. - Companies like *ST Jinglun and *ST Dongjing are attempting to cross the delisting threshold through various strategies, including revenue boosts, mergers, and asset disposals [2][6]. Group 2: Company Strategies for Survival - *ST Jinglun is trying to incorporate new business lines into its main revenue streams, but faced challenges with revenue recognition for its new server business, leading to a significant reduction in reported revenue [7][8]. - *ST Dongjing reported an expected revenue increase to between 340 million and 370 million yuan, aided by new business ventures, although it still anticipates losses [9][10]. Group 3: Mergers and Acquisitions - Mergers and acquisitions are being utilized by companies like *ST Huazhong and *ST Huike to surpass financial thresholds, with *ST Huazhong projecting a turnaround in profitability due to its acquisition of a controlling stake in Zhejiang Zhuangchen [12][13]. - *ST Huike's acquisition of a 51% stake in Nanjing Yizhengtong is also noted as a strategy to meet revenue requirements, despite market skepticism regarding its financial health [13]. Group 4: Asset Restructuring and Debt Relief - Several companies are opting for asset disposals to improve their financial standings, with *ST Zhongdi successfully turning its net assets positive through significant asset restructuring [16][17]. - Companies like *ST Nanzhi and *ST Lvkang have also engaged in asset sales to achieve similar outcomes, with *ST Nanzhi transferring real estate assets to improve its equity position [17]. Group 5: Bankruptcy and Debt Waivers - Bankruptcy restructuring has emerged as a key strategy for survival, with companies like *ST Dongyi successfully completing their restructuring plans and improving their financial positions [18]. - Debt waivers from major shareholders or creditors have been reported by several companies, allowing them to quickly enhance their net asset status [18].

Core Viewpoint - The ongoing lithium resource battle at the beginning of 2026 will see winners not only among the largest players with the most mines but also among those who can transform resource endowments into sustainable competitive advantages through excellent operations, technological breakthroughs, and strategic collaboration [1] Group 1: Capital Operations and Mergers - In early 2026, major lithium companies initiated a series of capital operations focused on resource control, with Tianqi Lithium announcing a fundraising and asset disposal plan to raise approximately 71 billion yuan [2][6] - Morgan Stanley's report indicated that Tianqi Lithium's fundraising could significantly increase the likelihood of subsequent mergers and acquisitions, despite potential dilution risks exceeding 6% [2] - Shengxin Lithium completed the acquisition of the remaining equity in Huirong Mining for 1.26 billion yuan, fully integrating the Sichuan Muroong lithium mine into its portfolio [3][8] Group 2: Strategic Resource Acquisition - Salt Lake Co. announced the acquisition of a 51% stake in Wenkang Salt Lake for 4.605 billion yuan, enhancing its core resource layout in lithium extraction [3][9] - Shengxin Lithium and Zhongxin Innovation signed a framework agreement for deep cooperation, committing to purchase 200,000 tons of lithium salt products from Shengxin Lithium between 2026 and 2030 [9] Group 3: Market Dynamics and Strategic Logic - The series of financing and acquisition actions reflect a common logic: betting on the "certainty" of resource supply amid the uncertainties of fluctuating lithium prices and geopolitical risks [4] - Tianqi Lithium's strategy emphasizes securing resources to stabilize operations during price downturns and capitalize during peaks, moving away from reliance on price speculation [11][12] - The pursuit of low-cost, high-grade resources is seen as a stabilizing factor during market cycles, with Tianqi Lithium's operations achieving significantly lower cash costs compared to industry averages [12] Group 4: Challenges and Risks - Concerns regarding development costs and efficiency arise as mining depths increase, potentially affecting ore grades and recovery rates [17] - The pressure of rising costs due to stricter environmental regulations and labor costs poses significant challenges to resource development [17] - The complexity of overseas operations, including regulatory and community relationship risks, presents additional uncertainties for companies aiming for global expansion [19]

彼时，福彩与体彩销售占比均接近50%。而到2025年，福彩销售量只有体彩的一半，甚至低于体 彩竞猜型彩票的销量。 2026年，冬奥会、足球世界杯、亚运会等国际赛事扎堆举办，将对彩票销售带来何种影响？能否 扭转2025年下半年以来彩票销量的下滑趋势？ 从2018年开始，福彩在全国彩票市场的占比持续下降，从 2017年与体彩平分秋色的"半壁江山"，逐步收缩至2025年占 比只有三成出头，与体彩的差距不断扩大。 作者：杜涛 封图：图虫创意 从2017年到2025年，短短9年间，全国彩票销售及分类型彩票销售都经历了频繁的高低波动。 1月30日，财政部数据显示，2025年1—12月累计，全国共销售彩票6279.69亿元，同比增加 44.83亿元，增长0.7%。其中，福利彩票机构（下称"福彩"）销售2085.77亿元，同比增加6.21 亿元，增长0.3%；体育彩票机构（下称"体彩"）销售4193.92亿元，同比增加38.62亿元，增长 0.9%。 2018年，彩票行业销售额达到5114亿元的高峰，之后几年受政策监管以及疫情影响，跌至3000 亿—4000亿元，这两年又迅速回到6000亿元以上。 2017年，全国彩票销售收 ...

面对人口的老龄化，从业者开始思考：在退休后还没住进养老 院之前，这些"活力老人"的需求是什么，如何满足这些人的需 求？ 作者：郑淯心 封图：图虫创意 2026年1月30日，在北京中体行国际旅行服务有限公司的会议室里，康养旅居事务部副总经理陶 卫刚结束一个长达3小时的老年旅行团方案讨论。这家成立于1999年的公司，是国内专注于服务 高端老年群体的头部旅行社之一。 2026年1月28日，还有几个月就将从大学教师岗位退休的上海陈阿姨，与几位老友一同前往山东 泰安的康养基地，开始了为期十余天的旅居生活。 选择康养基地而非普通酒店，陈阿姨有着自己的算盘："我和同伴一个房间，11天总费用2000多 元，平均每人每天才100元左右，比住酒店还便宜。" 在陈阿姨看来，康养基地提供的远不止住宿：从专人管家协调每日活动，到针对老年人口味的健康 餐饮；从提供书法、KTV、影音室等免费设施，到出门即达的公园湖景——这些是康养基地提供 的旅居产品，酒店则只有住宿的功能。 在这里，陈阿姨的一天从容而充实：清晨集体练习八段锦，上午在湖畔公园散步，午后可以预约书 法、手工或一场私人影院观影，偶尔也会约车去附近泰山、岱庙旅游。 陈阿姨今年60 ...

财政科学管理并不是简单的"严格管理"，而是以科学决策为引 领、以制度规则为保障、以数据技术为支撑、以绩效结果为导 向的全链条管理模式。 作者： 杜涛 封图：图虫创意 继2024年全国财政工作会议提出"加强财政科学管理"后，2025年底召开的中央经济工作会议和全 国财政工作会议再次提及这一要求。这意味着，2026年"加强财政科学管理"依然是财政工作的重 点之一。 2025年起，财政部已经开始在12个省份组织开展财政科学管理试点。从各地公布的资料来看，零 基预算、绩效改革、国资管理、地方债务管理等内容，均被纳入财政科学管理的范畴。 粤开证券首席经济学家罗志恒说，财政科学管理是通过科学、系统、制度化的方式提升公共资源的 配置和使用效率。"财政科学管理是应对当前财政紧平衡、缓解地方收支矛盾的必要手段。一是盘 活统筹资源，将散落在各部门、各层级的资产充分利用起来，缓解地方财政'钱不够'的问题；二是 优化地方财政支出结构，为重点支出腾挪更多空间，提高财政支出整体效率；三是防控地方政府债 务风险，避免'钱还不上'的流动性风险和金融风险。" 辽宁大学地方财政研究院院长王振宇进一步解释，财政科学管理并不是简单的"严格管理"，而 ...

不仅是新势力车企，随着中国汽车市场发生结构性转变，传统 车企的渠道也在持续调整，呈现出全新的发展态势。一场覆盖 全行业的渠道变革已然上演。 作者：周菊 封图：图虫创意 近日，理想汽车对销售渠道进行调整，计划在2026年上半年关闭约100家效益较低的零售门店， 部分一二线城市商超核心地段的门店也在其中。尽管理想汽车回应称，仅会调整关闭少量低效门 店，"关闭100家门店"系不实信息，但新势力车企调整缩减销售渠道已成为一个显著的行业现 象。 除了理想汽车，特斯拉、小鹏及蔚来等企业也有类似的渠道收缩举动。2025年，蔚来整合旗下三 个品牌的渠道和服务，乐道和萤火虫的车辆在蔚来NIOHouse展示销售，并关闭了部分商超门店； 广汽融合旗下埃安和昊铂两个新能源品牌的渠道；特斯拉减少了一线城市商超体验店数量，在传统 汽车商圈增设更多传统4S店形态的销售网点；小鹏早在2023年就推进"木星计划"，关闭经营不 善、效率低下的直营门店，扩大授权经销商规模。"这标志着新势力已经从'跑马圈地'进入'精耕细 作'期。这个变化的核心是商业逻辑变了，以前烧钱换流量，现在必须算细账。高昂租金换不来销 量就是浪费，车企开始回归商业本质，砍掉低 ...