导语： 2025年结束了，喜庆的春节就要来临，然而对于电商从业者来说，似乎还未到开怀庆祝的时候。眼下的电商人，尤其是中小卖家，既要想方设法应对政策与合 规，又要研究供应链，以及品牌与市场竞争面临的诸多挑战，这些问题和麻烦常常导致他们分身乏术，苦不堪言。 当然，行业也有好消息：营销视频领域正在掀起一场由Multi-Agent多智能体技术驱动的重大变革，这可能是前所未有的机遇，忙于降本增效的电商人如果能够 乘其东风，或许可以成功破局。 电商人深陷营销困局，降本增效难在哪儿？ 元旦到来之前，在深圳做电商的老张，压根没心思迎接2026新年，他正为即将上线售卖的产品发愁。准确来说，老张是为广告视频拍摄而感到焦虑：请的模特档 期已经约好，但是排的日期很靠后，拍摄时间非常紧张，而且拍摄团队的报价有些高。 2025年，老张公司的营销广告支出开始占到销售额的10%以上，远高于以往年份的8%以下，本就不够丰足的利润空间出现了严重挤压。广告视频不仅拍摄成本 高，而且拍摄效率低，他们有时需要十几条高质量的产品展示视频，用于亚马逊、TikTok等平台广告投放，但按照传统的拍摄工作流程，这要花费半个月，甚至是 数周时间来完成。 更让老张 ...

1.2026年我国潮玩产业总价值或突破1000亿元 兴趣消费是消费者基于个人兴趣爱好或情感需求产生的消费行为，核心是为"热爱"买单。随着90后、00后成为消费主力军，露营装备、手 办潮玩等新型兴趣消费正在快速崛起。记者了解到，除了一些各式各样的玩偶手办，一些更为细分的赛道——娃衣、挂件，也正在年轻人 当中悄然圈粉。《中国潮玩与动漫产业发展报告》数据显示，2026年，中国潮玩产业总价值预计将达到1101亿元，年均增速超过20%。 点评：潮玩产业蓬勃发展，市场规模将迎千亿突破。 2.贾国龙：将回归一线，不再打造个人IP 西贝餐饮集团创始人贾国龙近日接受上海证券报专访时表示，将回归一线、聚焦主业，不再打造个人IP。从2025年9月的西贝"预制菜风 波"到近期人民日报"三评"西贝事件，贾国龙和罗永浩的线上之争逐渐熄火。此前，贾国龙在网络上较为活跃，但此次贾国龙对上证报记 者坦言："我觉得我不适合打造个人IP，容易激动，表情过于丰富，容易让别人觉得'老贾又在吹牛'，而且有说教的成分。我原来不这么觉 得，但自己的视频看多了之后，发现确实'爹味儿'很重。我对做个人IP没信心，一点信心都没有。" 点评：西贝创始人贾国龙告别个 ...

男足U23亚洲杯进决赛了，决赛对手是老对手日本队。 赛前一些媒体挺激动的，不过对老球迷来说，看过的球赛太多，心里早就波澜不惊了。 2004年，我看了成年亚洲杯决赛的直播，历史最强中国队主场迎战日本队，那一场算得上"惜败"。 第二个丢球，禁区前我们球员拿到球后，想控制一下发动反攻，但就在停球的那一瞬间，已经被日本队员预判到了停球的位置，被直接抢断后射门，再进一球。 我相信他再射同样几脚，也未必踢出这么刁钻的角度，但是他预判到了我们的动作、意图和精准落点，就已经赢在先机了。 20多年过去了，虽然差距依然大，但既然我们进决赛了，就肯定想要赢，关键是靠什么赢？ 死守120分钟，然后再点球获胜？ 有这种可能性，不过纵观洲际大赛决赛，强如意大利队的成功率也就50%。 结果大家都看到了，中国队确实也尽力了，仅仅是输给了冠军，我们应该看到进步，他们取得了历史性突破，值得掌声！ 但0-4残酷的事实告诉我们，要想拿第一，还是要靠进攻。 图源：网络 图源：网络 差距在预判意识 但攻与防，就如矛与盾，是一体的两面，20多分钟就丢了两球，接下来进攻就更难了。中国队差的并不是战术选择，谁都能喊一声："冲啊"，但能达到效果谈何容 易。 从 ...

Core Viewpoint - The article discusses the challenges and complexities of replicating the "胖东来" (Pang Donglai) retail model, highlighting the difficulties faced by other supermarkets in adopting this approach and the unique characteristics that define Pang Donglai's success [5][8][29]. Group 1: Industry Challenges - The retail industry is experiencing significant turmoil, with major players like 永辉超市 (Yonghui Supermarket) and 中百 (Zhongbai) reporting substantial losses, while 胖东来 continues to thrive, achieving a sales target of 20 billion yuan ahead of schedule [8][9]. - The traditional supermarket model relies heavily on key account (KA) relationships, which often leads to high fees for suppliers and a lack of control over product selection [10][12]. - The shift towards a new model, as exemplified by 胖东来, involves reducing reliance on KA and focusing on direct consumer sales, which requires a fundamental change in operational strategy [12][13]. Group 2: Management and Organizational Structure - The difficulties in adopting the 胖东来 model stem from the need to overhaul existing procurement systems and the entrenched interests within traditional supermarket structures [13][14]. - The management challenges include maintaining high standards of employee compensation and performance while ensuring that the complexities of large-scale operations do not dilute the effectiveness of management practices [16][22]. - 胖东来’s approach to employee compensation is notably generous, with base salaries for various positions significantly higher than industry standards, which is intended to reduce corruption and improve performance [16][21]. Group 3: Learning from 胖东来 - Other supermarkets attempting to learn from 胖东来 often struggle to implement the necessary changes, as the model requires a deep understanding of operational efficiency and customer engagement [9][30]. - The article emphasizes that simply copying products or practices from 胖东来 is insufficient; a comprehensive transformation of the business model and culture is essential for success [12][31]. - The unique characteristics of 胖东来, including its focus on self-branded products and customer-centric strategies, make it difficult for competitors to replicate its success without significant organizational changes [12][29].

Core Viewpoint - The article discusses the concept of "TACO" (Trump Always Chickens Out), highlighting how former President Trump's negotiation tactics often involve extreme threats followed by retreats, impacting global trade dynamics and U.S. foreign policy [4][10]. Group 1: TACO's Origins and Impact - TACO began with the implementation of "reciprocal tariffs" on April 2, 2025, where a 10% baseline tariff was imposed on all trade partners, escalating to higher rates for countries with significant trade deficits with the U.S. [10][12]. - The tariffs on Chinese goods peaked at 145%, leading to a significant drop in U.S. imports from China by over 40% in May 2025, indicating a temporary decoupling of U.S.-China trade [12][14]. - The average tariff rate on Chinese goods reached approximately 29.3% by November 2025, with exemptions for essential consumer goods [14]. Group 2: TACO's Predictable Cycle - Trump's TACO strategy follows a predictable cycle: extreme pressure, market panic, asset price reactions, tactical retreats, and then claiming victory [15]. - Each TACO instance serves not only as a negotiation tactic but also as a means to divert attention from domestic issues, such as the Epstein documents scandal [15][16]. Group 3: Global Reactions and Consequences - The article emphasizes that TACO has weakened the credibility of U.S. negotiations, with global markets becoming desensitized to Trump's tactics, potentially leading to more aggressive policies if left unchecked [18][20]. - European leaders express concern over their reliance on the U.S., facing a critical juncture where they must either unite or risk fragmentation under U.S. pressure [20][22]. Group 4: Future Implications of TACO - The article suggests that Trump's unpredictable nature complicates international relations, as his administration's tactics could lead to significant geopolitical shifts [22][25]. - The TACO approach reflects a broader "America First" strategy, where even allies are subjected to pressure, raising concerns about the future of U.S. foreign policy and international cooperation [25][26]. Group 5: Economic Strategies and Market Dynamics - As the 2026 midterm elections approach, Trump's administration is expected to aggressively manipulate energy prices to secure political support, aiming to lower gasoline prices significantly [27][28]. - The potential for oil price manipulation could lead to volatility in global markets, particularly affecting relationships with key allies like Saudi Arabia [31].

Group 1 - Wuliangye believes that the liquor industry will gradually enter a recovery period due to the continuous improvement of the macro economy, the rebound in consumer demand, and the ongoing support from various industrial policies [2] - Tesla plans to start training its Optimus robot at the Austin factory next month, indicating a potential acceleration in the mass production of humanoid robots, which may revolutionize manufacturing and logistics [2] - In Guangzhou, the consumption by foreign visitors through overseas bank cards and mobile payments exceeded 35 million transactions, amounting to over 11.3 billion yuan, with year-on-year growth of 57% and 58% respectively [3] Group 2 - Hainan Free Trade Port is expected to see a significant increase in passenger flow during the upcoming Spring Festival, with an estimated 22.368 million travelers [4] - In Hunan, the financial system has shown reasonable growth, with total deposits reaching 8.91 trillion yuan, a year-on-year increase of 8.2%, and loans totaling 7.89 trillion yuan, up 6.1% [5] - The first unprofitable company, Shenzhen Dapu Microelectronics, has received approval for its IPO registration on the ChiNext board, marking a significant milestone for the board [6] Group 3 - By 2025, the wholesale and retail industry in China is projected to achieve an added value of 14.6 trillion yuan, with a year-on-year growth of 5.0%, accounting for 10.4% of GDP, a historical high [7] - The scale of China's bank wealth management market has surpassed 33 trillion yuan, with a year-to-date growth of 11.15%, and the number of investors holding wealth management products has increased by 14.37% [8] - Zhongke Aerospace has completed its IPO counseling, transitioning from "counseling acceptance" to "counseling work completed" [9] Group 4 - BYD plans to increase its vehicle deliveries outside of China to 1.3 million units by 2026, representing a nearly 25% increase from last year's overseas deliveries of 1.05 million units [10] - The price of iPhone Air has dropped significantly, with discounts leading to a price reduction of nearly 3000 yuan in three months, making it more competitive in the market [11][12] - Over 10% of Japanese manga artists and illustrators have reported a decline in income due to generative AI, with some experiencing income drops of over 50% [12]

编者荐语： 不能把太空拱手让给星链。 以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 作者：张静波 来源：华商韬略（ID：hstl8888） 美国德州，马斯克旗下星舰基地。数千名工程师，正在墨西哥湾畔，如冲锋般日夜赶工。而就在马斯克领 衔的这支舰队一路狂飙之际： 中国，终于放大招了。 聚焦标杆与热点、解构趋势与韬略 01 一鸣惊人 2025年岁末，国际电信联盟（ITU）官网一则消息，引爆全球： 中国一次性提交了约20.3万颗低轨/中轨卫星的频率与轨道资源申请！ 这件事到底有多炸裂呢？先看一组数据： 截至2026年初，全球在轨卫星数量大约1.4万颗，这其中六成以上、近9400颗，属于马斯克旗下星链计划。 按计划，星链发射总数约为4.2万颗。 换句话说，中国一次申请数量就相当于星链计划的5倍，更是目前全球在轨卫星总数的15倍。 虽然这只是申请，申请不一定得到批准，批准也不一定如数实际部署，但这一消息还是迅速引发全球震 动，甚至刺激了诸如美国的太空行动。 美国联邦通信委员会（FCC）在中国申请消息公布后，火速批准了SpaceX额外部署7500颗星链卫星。 与此同时，马斯克宣布：将4400颗星链卫星从550公里 ...

Core Viewpoint - The article narrates the journey of BeiGene, a leading biopharmaceutical company in China, founded by John V. Oyler and Wang Xiaodong, highlighting its evolution from a startup to a global player in innovative drug development, overcoming significant challenges along the way [4][5]. Group 1: Investment and Founding - In 2010, John V. Oyler, an accomplished entrepreneur, and Wang Xiaodong, a prominent scientist, decided to establish a world-class biopharmaceutical company in China, aiming to innovate and sell drugs globally [4][6]. - Oyler's previous successes included selling BioDuro for $77 million and leading Genta to a valuation of $1.7 billion [6][7]. - The decision to base the company in China was driven by the country's large population, the return of trained scientists, and favorable government initiatives aimed at fostering innovation in drug development [10][11]. Group 2: Early Challenges - BeiGene faced severe financial constraints in its early years, with initial funding of just over $30 million, while drug development typically requires around $1 billion and ten years [13]. - The company attempted to license drugs from Johnson & Johnson but faced setbacks when the drugs did not perform as expected in clinical trials, leading to a significant morale drop within the team [14]. - Oyler sought funding from various sources, including investment firms and pharmaceutical companies, during a critical period when the company was on the brink of collapse [15]. Group 3: Strategic Decisions - In 2014, BeiGene opted for a "de-CRO" strategy, choosing to build its own clinical teams rather than outsourcing to contract research organizations, which was a common practice in the industry [18][19]. - The company expanded its internal clinical development team to over 3,000 members, allowing it to conduct trials in 45 countries and maintain control over costs and data quality [20]. - Oyler's leadership led to multiple successful public listings, including on NASDAQ and the Hong Kong Stock Exchange, which helped secure necessary funding [22]. Group 4: Major Partnerships and Growth - In 2017, BeiGene formed a strategic partnership with Celgene, which provided significant upfront payments and equity investment, enhancing its commercial capabilities [22][23]. - The company faced a crisis when Celgene was acquired by Bristol-Myers Squibb, leading to the termination of their partnership, but it quickly rebounded by securing a new partnership with Amgen [25][27]. - BeiGene's innovative drug, Brukinsa (Zebutinib), became a market leader after demonstrating superior efficacy in head-to-head trials against the established drug Imbruvica [31][33]. Group 5: Financial Performance and Future Outlook - By 2025, BeiGene reported sales of 27.595 billion yuan, a 44.21% increase year-on-year, and achieved a net profit of 1.139 billion yuan, marking a significant turnaround from previous losses [36]. - The company’s market capitalization exceeded 500 billion yuan, solidifying its position as a leading player in the Chinese pharmaceutical market [36]. - The planned rebranding to BeOne Medicines reflects its global ambitions and successful transition into a profitable biopharmaceutical enterprise [36].

Group 1 - Evergrande Auto and its subsidiaries have been listed as defendants in a legal case with an execution amount exceeding 200 million yuan, as reported by Tianyancha [2] - Moutai has corrected the packaging for its 53% vol 500ml classic version of Moutai liquor (Year of the Horse) and plans to resume production on January 23, 2026 [3][4] - The Ministry of Industry and Information Technology has announced the 2025 National Key R&D Program for the industrialization of high-tech achievements, with a two-year implementation period [4] Group 2 - Victory Technology has denied rumors of placing an order for 1,000 ultra-fast devices with Dazhu CNC, stating that the information circulating online is false [5] - Shanghai has registered 8 new generative AI services, bringing the total to 153 registered services as of January 23 [6] - Ericsson reported a 6% year-on-year increase in sales for Q4 2025, with sales amounting to 69.29 billion Swedish Krona and an adjusted EBITA of 12.7 billion Swedish Krona, achieving a profit margin of 18.3% [7] Group 3 - TikTok has announced the establishment of a U.S. data security joint venture, TikTok USDS Joint Venture LLC, which will handle data protection, algorithm security, and content review in the U.S. [8][9] - The inventory of passenger vehicles in China is projected to reach 3.65 million units by the end of December 2025, with a year-on-year increase of 600,000 units [10] - UBS plans to offer cryptocurrency trading services to select private banking clients, marking a significant move into the digital asset space [11] Group 4 - Reports of Tesla's Full Self-Driving (FSD) system being approved in China next month have been deemed false by reliable sources [12] - The company behind the "Is it dead?" app has been listed as operating abnormally due to remote work, according to the Zhengzhou market supervision authority [13] - Tongyuan Environment clarified that it is not involved in the optical module industry chain and has no business ties with Wang Xiaodong's employer [14]

Core Viewpoint - The article highlights the rapid expansion and growth of Yuanji Cloud Dumplings, which has become the largest Chinese fast-food chain globally, with a significant increase in store numbers and revenue over recent years [5][6][18]. Group 1: Expansion and Growth - As of early 2023, Yuanji Cloud Dumplings had 1,990 stores, which increased to 4,266 by September 2025, marking a growth of 2.14 times [5][6]. - The average opening rate is one to two new stores every three days, indicating aggressive expansion [5]. - By November 2025, the total number of stores exceeded 5,000, showcasing the brand's rapid growth trajectory [13]. Group 2: Financial Performance - In 2023, the company's revenue was 2.026 billion yuan, which grew to 2.561 billion yuan in 2024, representing a year-on-year increase of 26.4% [5][6]. - For the first three quarters of 2025, revenue reached 1.982 billion yuan, reflecting an 11% increase compared to the same period in 2024 [6][18]. - The average net profit per order was approximately 0.99 yuan in 2023, 0.72 yuan in 2024, and 0.91 yuan in the first nine months of 2025, indicating a low-margin business model [21]. Group 3: Business Model and Market Strategy - Yuanji Cloud Dumplings operates primarily as a fast-food chain, focusing on convenience and affordability, with menu items priced between 15 to 25 yuan [8][9]. - The majority of its stores (95%) are franchise-operated, relying on a supply chain model where revenue is generated from selling ingredients to franchisees [18]. - The company is expanding into lower-tier cities, with the number of stores in third-tier and below cities increasing from 617 in 2023 to 1,121 by the third quarter of 2025, nearly doubling its presence [16][17]. Group 4: Challenges and Future Directions - The brand faces challenges in maintaining consumer recognition and expanding its franchise network, which is crucial for sustained growth [22]. - Future growth strategies include targeting the northern market and university campuses, although there are concerns about regional taste preferences [22][23]. - The company is also exploring international expansion, having opened its first overseas store in Singapore in late 2024 and planning further openings in Southeast Asia [23].