Core Viewpoint - The passing of Guan Jingsheng, a prominent figure in China's securities industry, marks the end of an era, highlighting his significant contributions to the development of the Chinese capital market and the establishment of key financial institutions [1][2]. Group 1: Contributions to the Industry - Guan Jingsheng was a pioneer in the Chinese securities industry, founding the first securities company in Shanghai, Wangguo Securities, and playing a crucial role in the early development of China's capital market [3]. - He introduced innovative concepts such as "shareholding system" and "separation of banking and securities," which transformed industry practices and led to the establishment of Wangguo Securities as the first shareholding brokerage [3]. - Under his leadership, Wangguo Securities achieved significant market dominance, handling 70% of A-share trading volume and 60% of underwriting business in its peak period [3]. Group 2: Key Events and Challenges - The "327 bond incident" in 1995 was a pivotal moment in Guan's career, resulting in substantial financial losses and legal repercussions due to a failed market manipulation attempt [4]. - Following the incident, Guan faced a 17-year prison sentence for bribery and embezzlement, which he later reflected on as a consequence of his pride and failure to communicate with regulators [4]. Group 3: Later Ventures - In 2016, at the age of 69, Guan founded the Shanghai Jiusu Mountain River Equity Investment Fund Management Co., continuing his involvement in the private equity sector [5]. - Jiusu Fund aims to create Sino-foreign cooperative parallel funds, representing Guan's ongoing commitment to innovate within the private equity landscape in China [5]. - Guan's career trajectory from Wangguo Securities to Jiusu Fund encapsulates the evolution of China's capital market from its nascent stages to a more mature industry [5].

Core Insights - The 2026 Spring/Summer Shanghai Fashion Week has commenced with the theme "Expanding Boundaries, Redefining" and integrates fashion releases, exhibitions, and commercial activities into the urban landscape, showcasing Shanghai's diverse charm as a fashion capital [1][9] Group 1: Event Highlights - The fashion week features a unique design concept called "Magic Cube" at the New Heaven venue, which has been the main stage for over a decade, emphasizing sustainable innovation [2] - Five major brand shows took place on the opening day, including SENSEAWEEK focusing on narrative wear, RuirUiruI inspired by lunar phases, ASDalio highlighting Chinese women's sports stories, Climate Project merging urban outdoor styles with high-tech fabrics, and TRIP&CO presenting a theme of "Future Ark" [4] - The New Heaven venue will also host a "See Now, Buy Now" event from October 18 to 19, creating a complete market loop from runway to retail [4] Group 2: Cultural Context - The transformation of the Suzhou River waterfront from production to lifestyle has provided a unique cultural backdrop for this season's fashion week, with the 20th season of the Leihu Pioneer Fashion Art Festival taking place from October 11 to 16 [5] - Historical buildings are being utilized for fashion events, such as H&M's collaboration with Chinese designers in a century-old building and jnbybyJNBY's children's wear launch themed "Space Postal Journey" [5] Group 3: Emerging Spaces - The 2026 Spring/Summer MODE Shanghai Apparel and Accessories Exhibition continues at the Hongqiao United Building, gathering global design brands and reinforcing its role as Asia's largest ordering season [6] - The Ontimeshow 2026 Spring/Summer ordering fair debuts at the West Bund International Exhibition Center, featuring over 160 renowned domestic and international brands [7] Group 4: Community Engagement - The "activation" of neighborhoods is a highlight, with the "Shanghai Fashion Weekend" event running from October 11 to 26, featuring a marketplace that combines fashion, community, and public welfare [8] - The event includes a 6-meter pop-up store for FOREVER21 and various designer brands offering immersive shopping experiences, contributing to Shanghai's goal of becoming an international fashion center [8] Group 5: Overall Impact - The 2026 Spring/Summer Shanghai Fashion Week aims to transform the city into a dynamic runway through diverse fashion activities, enhancing public engagement and cultural identity [9]

Core Insights - Under Armour has officially opened its first flagship store for Under Armour Explor in Shanghai, marking a significant step in its strategy to deepen its presence in the Chinese market [1] - The flagship store aims to create a new outdoor experience space that embodies the brand's core philosophy of "exploration without boundaries, fearlessness at heart" [1] Store Features - The store is designed with three main functional areas: a camping coffee leisure area, a professional outdoor equipment area, and a light outdoor equipment area, all centered around the concept of "48-hour light adventure" [3] - It showcases three major product lines: Extreme Expedition Series, Boundaryless Exploration Series, and Natural Evolution Series, providing comprehensive solutions for various outdoor scenarios [3] Market Strategy - The decision to establish the experience space in a prime commercial area like Xintiandi is driven by the vibrant outdoor brand atmosphere and the dynamic fashion commercial energy of the district [5] - The brand aims to strengthen its positioning in outdoor fashion by integrating cutting-edge design with hardcore technology, thereby becoming a key platform connecting outdoor consumer groups [5] Future Plans - The company plans to focus on lightweight outdoor products, such as lightweight down jackets, windproof/sunproof jackets, and lightweight shell jackets [6] - The strategy includes a threefold approach focusing on products, channels, and brand development, collaborating with elite athletes and quality partners to deepen its engagement in the Chinese outdoor market [6]

Core Insights - The traditional liquor retail industry is facing significant challenges due to the rise of e-commerce and changing consumer behaviors, leading to a decline in sales for many long-standing businesses [1][3][9] - The transformation of liquor stores into experiential spaces, such as "shared wine cellars," is emerging as a successful strategy to adapt to market changes and attract customers [5][9][12] Industry Challenges - Traditional liquor retailers are experiencing a loss of loyal customers as they shift to online purchasing options that offer convenience and lower prices [3][4] - Rising operational costs and competition from e-commerce platforms are putting pressure on brick-and-mortar liquor stores, leading to a struggle for survival [3][9] Business Transformation - The shift from a traditional sales model to a cultural and experiential approach has proven beneficial, as seen in the case of a liquor store owner who transitioned to hosting wine tasting events and utilizing digital tools for inventory management [7][9] - The use of data analytics has allowed businesses to better understand customer preferences and optimize inventory, enhancing operational efficiency [9][12] Customer Engagement - The new model of liquor retailing focuses on building relationships and community, with events and online interactions fostering a sense of connection among customers [9][12] - Returning customers express appreciation for the personalized experience and emotional connection offered by the transformed liquor store, indicating a successful shift in business strategy [9][12]

上海新天地东台里经过10年筹备后亮相，以百年东台路为主轴构建了8.8万平方米的"街区+盒子"格局。 短短不到600米的东台路，曾经坐落着上海第一个受正规监管的古玩市场，近30年里，它见证了中国文物收藏的风 起云涌。2015年，这个地块迎来拆迁，全部商家搬离。经过10年筹备，国庆前夕，"新天地东台里"正式亮相。 整个项目以百年东台路为主轴，覆盖6500平方米的全景天幕，并通过绿色连廊、下沉式阶梯露台等，构建约8.8万 平方米"街区+盒子"的开放格局。为了迎接国庆中秋假期，开业活动"新天地玩车节"集结了50余辆珍稀古董跑车， 打造城市中的"移动博物馆"。同期，新天地广场、新天地时尚与新天地湖滨道推出环街区汽车文化特展，实现街 区之间的联动呼应。 20余年来，上海新天地不断"长大"，今天我们需要怎样的老街新生？在瑞安新天地高级商业总监李振辉看来， 是"让老地方长出新故事，让新空间接住老情怀"。"以前人们来东台路是为了寻宝，那么现在来东台里也有开宝盒 的感觉。"他告诉第一财经记者，从上海开埠以来，有很多新生事物和文化交流在此发生，"希望能把这种时髦摩 登的生活带回来"。 靠崇德路的北端，一幅《瓶珍熙攘过闾巷》重现了当 ...

Core Insights - Lao Pu Gold, a leading brand in traditional handcrafted gold jewelry, opened its third store in Hong Kong at the International Finance Centre, enhancing its international presence and cultural significance in the luxury market [1][2] Store Expansion and Performance - The new flagship store spans over 400 square meters and is strategically located near other high-end international brands, indicating a strong positioning in the luxury retail space [1] - Lao Pu Gold has opened more than half of its new stores this year in key cities: Shanghai, Hong Kong, and Singapore, reflecting a targeted expansion strategy [1] - The Singapore store achieved a remarkable 95% conversion rate, with 90% of customers being first-time visitors to the brand, showcasing strong market acceptance [2] Market Position and Consumer Trends - Lao Pu Gold's sales performance in major cities demonstrates its competitive edge, with existing stores in Hong Kong outperforming mainland counterparts by over 30% in store efficiency [2] - The brand's consumer overlap with top international luxury brands is nearly 80%, indicating a strong foothold among high-net-worth individuals [3] - The shift in consumer perception towards Chinese brands as mainstream luxury options reflects a broader trend of evolving consumer values and market dynamics [2][3] Strategic Changes in Retail Landscape - The brand's rapid expansion into high-end malls, including independent first-floor stores, marks a significant shift in the retail strategy of luxury shopping centers, which have traditionally favored international brands [3] - Lao Pu Gold's emergence is reshaping the luxury market, challenging the long-held dominance of European luxury brands and indicating a structural change in consumer preferences [3]

Core Viewpoint - The program "Between Mountains and Waters" showcases the successful transformation of Longhua Village's Meizizhai into a model of "common prosperity" through digital innovation and community engagement, supported by local government and social forces [1][3]. Group 1: Community Development - The program highlights the significant changes in Meizizhai, which was once a quiet revolutionary area, now revitalized through digital tools and community participation [1]. - The "rural CEO" initiative has empowered local youth and residents, fostering a sense of ownership and community spirit among villagers [3][5]. - The transformation has led to the creation of diverse business models, including cafes and homestays, enhancing the local tourism and economy [5]. Group 2: Economic Impact - The "common prosperity" project has generated over 1.5 million yuan in wages for local employment and increased collective income by more than 200,000 yuan [5]. - The initiative has created job opportunities for over 30 villagers and established operational teams to support local businesses [5]. - The program aims to attract more tourists and promote sustainable development through unique local experiences [3]. Group 3: Technological Integration - The use of digital tools has enabled villagers to market local products, such as bamboo shoots, directly to consumers, enhancing their market reach [7]. - The involvement of tech companies like Tencent demonstrates the role of technology in supporting rural development and empowering local entrepreneurs [7].

智通财经记者 | 方卓然 智通财经编辑 | 庄键 "大新天地"片区概念从规划走向现实。 2025年9月29日，位于上海新天地东区核心地段的新天地东台里正式焕新亮相，这座开放式商业空间总 面积达8.8万平方米。随着其投入运营，"大新天地"片区的整体概念进一步落地。 对于老上海人而言，东台路的变化堪称"颠覆性"：记忆中以古玩花鸟为特色、摊位密集且空间逼仄的老 路，现已改造为开阔通畅的城市道路。道路两侧的核心地标"太平洋新天地"，由三幢高度不一的甲级写 字楼构成，其配套裙楼则采用错落式设计，定位为体验式商业场景。 特别值得注意的是，东台里也是中心城区近年来少见的大体量综合体，拥有全市最大的全景天幕。 瑞安新天地高级商业总监李振辉对智通财经表示，虽然硬件"满配"，新天地东台里的业态并不以贵为 主。他认为，"在全球化商业语境下，单纯的商品交易早已沦为商圈的基础功能。真正的核心竞争力， 更多体现在多元服务业态的构建能力。" 回溯至上世纪末，东台路曾是上海极具标志性的存在。作为上海首个文物监管旧工艺品市场，它以琳琅 满目的古玩、鲜活热闹的花鸟市集闻名。 时光悄然推移，曾经热闹的东台路工艺品市场，渐渐难以跟上上海市民与游客对 ...

Core Insights - Mobil 1 participated in the Shanghai Xintiandi Car Festival starting September 29, 2025, showcasing its brand image that merges classic automotive culture with modern technology [1] - The main exhibit featured a classic car with the iconic "Red Pegasus" paint, aligning with the festival's theme of "Classic and Future" [1] - Mobil 1 set up interactive experiences to create a platform for automotive culture enthusiasts, extending its technical communication concept from "track to road" [1] Product Development - Mobil 1 has completed technical upgrades to meet the new ILSAC GF-7 and API SQ oil standards set to be implemented in 2025 [1] - The upgraded products maintain high performance while improving piston cleanliness, fuel economy, prevention of low-speed pre-ignition, and wear protection, successfully challenging a 25,000-kilometer oil change interval [1] Marketing Strategy - The brand not only showcased automotive culture during the Golden Week holiday but also collaborated with OCR to create a multi-dimensional scene that integrates display, experience, and consumption [1] - Mobil 1 provided a platform for car owners and consumers to express individuality and seek resonance within automotive culture [1]

Core Viewpoint - The Shanghai government is committed to advancing the construction of the "Five Centers" as a strategic direction for the city's development, emphasizing the importance of talent and innovation in achieving these goals [1][2][3]. Group 1: Five Centers Construction - The construction of the International Economic Center aims to expand the economic scale and build a modern industrial system while integrating more actively into the global economy [2]. - The International Financial Center will focus on enhancing security and controllability while promoting high-level financial openness to better serve the real economy and technological innovation [2]. - The International Trade Center will enhance trade hub functions and promote high-quality development of new trade formats, improving Shanghai's position in the international trade and investment network [2]. - The International Shipping Center will address shortcomings in high-end shipping services and enhance global resource allocation capabilities [2]. - The International Science and Innovation Center will focus on improving basic research levels and breaking through key core technologies to accelerate the transformation of scientific achievements [2]. Group 2: Talent Development - Talent is regarded as the most valuable strategic resource for the construction of the "Five Centers," with a focus on creating a high-level talent hub [3]. - Young university students are encouraged to engage in national strategic tasks and contribute to the construction of the "Five Centers," embodying the spirit of innovation and proactive learning [3]. - The Shanghai government will support the development of universities, including Shanghai Jiao Tong University, providing a platform for students and faculty to showcase their talents and achieve their aspirations [3].