黑龙江省西部的齐齐哈尔市，因栖息着世界珍禽丹顶鹤，素有"鹤城"美誉。这里既有广袤的草原风光， 也积淀着厚重的工业记忆。从稻香四溢的田间，到机械轰鸣的工业园区与生产车间，装备制造、绿色食 品加工、智慧农业等产业在这片土地上蓬勃发展、生机盎然。 （来源：中华工商时报） 转自：中华工商时报 齐齐哈尔不仅孕育丰厚物产，更推动民营经济蓬勃成长。"用心倾听民声，用实际行动解决难题。"齐齐 哈尔市委统战部副部长、市工商联党组书记郁喆表示。齐齐哈尔市工商联立足职能定位，强化责任担 当，积极探索服务民营经济健康发展、高质量成长的创新举措，为地方振兴发展持续注入强劲动能。 深化思想引领，凝聚发展共识 齐齐哈尔市工商联紧紧抓住新时代民营经济人士思想政治工作特点，创新教育载体，策划发起"爱上齐 齐哈尔--企业家为鹤城代言"大型城市形象传播活动，将思想引领具象化为可感可知的城市认同与家乡 情怀，引导企业家将企业发展与家乡建设紧密融合。 创新载体，打造"企业家矩阵"传播新范式。活动摒弃传统宣传模式，以齐齐哈尔籍企业家和扎根鹤城创 新创业的异地企业家为主角，联合专业文化公司进行系统策划与制作。通过深度访谈，挖掘企业家创业 守业故事、人生感 ...

经济观察报记者 王雅洁 大年初四，2月20日，齐齐哈尔。 火车站前的候车大厅里，推着行李箱的旅客排起了队。与一周前不同，此刻的队伍方向已经调转，广州、深圳等方向的检票口前排着长队，而抵达出口处， 拖着行李箱的人们正抖落身上的寒气，快步走向公交站台。他们是回家过年的游子，短暂的团聚之后，又将启程南下。 站前广场上，出租车、网约车司机热情地招呼着来客。他们身后那座建于1979年的站房，保留着苏式建筑风格，墙面已经斑驳。 这座车站见证了这座城市四十年来的人口流动曲线：20世纪80年代，这里是全国重要的铁路枢纽，日均发送旅客超过三万人；20世纪90年代，南下的务工潮 开始涌动，春节后的售票窗口前排起长龙；2000年以后，候车室里拖着行李箱的年轻人越来越多，目的地越来越远。从沈阳、大连延伸到北京、上海，再到 深圳、海南。 齐齐哈尔火车站附近的景象。王雅洁/摄。 这座城市曾是新中国工业版图上的明珠。重型装备制造、特种钢材生产、铁路货车制造，这些产业写进了共和国的工业史。20世纪80年代，齐齐哈尔的工业 产值位居全国前十，城区人口超过百万，是东北老工业基地的典型样本。 三十年间，这座城市经历了体制转轨的阵痛、市场经济的冲刷 ...

Recent Events - On January 6, 2026, Nestlé announced a precautionary recall of certain infant formula products in 31 countries due to potential contamination with Bacillus cereus from a supplier's arachidonic acid oil. This recall affects 30 batches of products in the Chinese market, including brands like "力多精" and "铂初能恩." The potential impact on brand trust and supplier relationships warrants ongoing attention [2]. Strategic Initiatives - In October 2025, Nestlé announced plans to lay off approximately 16,000 employees globally (6% of total workforce) over the next two years, focusing on optimizing white-collar and marketing positions. The goal is to achieve annual cost savings of 1 billion Swiss francs by 2027. The Chinese market is included in this restructuring framework. Starting January 1, 2026, Nestlé will merge its infant nutrition business with Wyeth Nutrition to form the "Nestlé Nutrition Business," led by谢国耀. Additionally, the CEO of the China region, 马凯思, is driving a shift from a "channel-driven" to a "demand-driven" approach, integrating e-commerce teams to enhance efficiency [3]. Performance Overview - For the first three quarters of 2025, Nestlé's organic growth rate in the Greater China region was -6.1%, with the third quarter dropping to -10.4%. The pricing contribution rate remained negative at -3.2%, indicating that price reductions did not effectively boost sales. Global sales amounted to 65.9 billion Swiss francs, reflecting a year-on-year decline of 1.9% [4]. Stock Performance - On January 6, 2026, Nestlé's U.S. stock trading volume surged by 88.91%, with the stock price declining by 1.22% to $95.55. Over the past 60 days, the cumulative increase was 3.21%, but there was a cumulative decline of 3.27% from the beginning of the year to January 6 [5]. Industry Environment - The competitive landscape in the Chinese market is intensifying, with domestic brands such as 飞鹤 and 君乐宝 increasing their market share in the infant formula sector. Brands like 瑞幸 and Manner are also diverting coffee consumption demand. Additionally, historical food safety issues, such as the 2023 recall incident in Canada, combined with the recent recall, may prolong the brand trust recovery period [6].

Core Viewpoint - The series of microfilms "Northeast True Action" produced by China Feihe captures the emotional memories of Chinese people through storytelling, emphasizing the themes of perseverance and tradition in the context of Northeast China [1][10]. Group 1: Company Overview - China Feihe has established itself as a leader in the dairy industry by focusing on self-research and production of key nutritional ingredients, significantly reducing reliance on international sources [12][13]. - The company has developed the first domestic production line for lactoferrin, mastering the production of 11 core nutritional ingredients, which strengthens the foundation of nutrition and safety [4][12]. - Feihe's commitment to quality is reflected in its 100% self-controlled farms and its innovative approach to fresh milk processing, setting new industry standards [6][12]. Group 2: Industry Context - The microfilm series illustrates the "stubborn spirit" of Northeast people and enterprises, showcasing how this resilience contributes to the industrial backbone of the nation [3][6]. - Feihe's approach contrasts with the industry trend of adopting light-asset models, as it emphasizes full control over its supply chain from grass to cow, thereby ensuring product quality [6][12]. - The company has been recognized with nominations for the China Quality Award, highlighting its commitment to excellence in the dairy sector [6]. Group 3: Social Impact - Feihe has created 170,000 jobs and increased the income of 160,000 farmers by integrating them into the dairy industry supply chain, demonstrating its commitment to shared prosperity [13]. - The company has donated nearly 850 million yuan to various social welfare initiatives, including education and healthcare, reflecting its dedication to community support [13]. - Feihe's narrative in the microfilms aligns with its mission to enhance national health and well-being, reinforcing its role as a trusted leader in the nutrition sector [9][12].

Core Viewpoint - The new chapters of the "Northeast True Action" series, "Where to Go" and "Frozen Pears Home," highlight the stories of ordinary people in Northeast China, showcasing their resilience and dedication to family and homeland, while emphasizing the commitment of Feihe as a leading player in the Chinese dairy industry [1][3][5]. Group 1: Film Overview - "Where to Go" features Zhang Wanyi as the lead, while "Frozen Pears Home" stars Lin Gengxin and Zhao Daniu, both films express Feihe's craftsmanship and commitment to high-quality dairy production [3][5]. - The narratives capture the spirit of perseverance and craftsmanship inherent in Northeast culture, reflecting the emotional ties of Chinese people to their homeland and the significance of family reunions during the New Year [5][7]. Group 2: Company Commitment - Feihe has established itself as a standard-bearer in the global infant formula industry, having built a robust research foundation over 64 years, leading innovations in "fresh nutrition" [9]. - Since 2006, Feihe has achieved 100% self-owned farms and dairy cows, ensuring the freshness and safety of its milk supply, and has set industry standards for infant formula production [9]. - In 2022, Feihe led a national key project on breast milk research, establishing the largest maternal and infant health database in China, which supports the development of infant formula tailored to Chinese babies [11]. Group 3: Product Development - Feihe is expanding its product offerings beyond infant formula to include products for all age groups, leveraging its expertise in dairy production to address the health needs of the entire population [11]. - The company aims to provide scientifically validated products that are suitable for Chinese consumers, reinforcing its commitment to safeguarding public health [11].

Core Viewpoint - The new chapters of the "Northeast True Action" series, "Where to Go" and "Frozen Pears Home," highlight the stories of ordinary people in Northeast China, showcasing the themes of perseverance and cultural heritage through artistic expression [1][6][9]. Group 1: Film Overview - "Where to Go" features Zhang Wanyi as the lead, while "Frozen Pears Home" stars Lin Gengxin and Zhao Daniu, both films emphasize the craftsmanship and commitment of Feihe as a leading enterprise in the Chinese dairy industry [3][5]. - The films utilize metaphors such as the "frozen pear" to represent the longing for home and family reunions during the New Year, capturing universal emotional memories related to dedication and the anticipation of returning home [6][9]. Group 2: Company Commitment and Innovation - Feihe has established itself as a pioneer in the infant formula industry, defining new standards for freshness and safety by owning 100% of its dairy farms and milk sources since 2006 [10][13]. - The company has developed 11 key raw material production capabilities and launched the world's first fresh raw material traceability system, enhancing transparency and safety in the supply chain [10][13]. - Feihe's commitment to research includes leading a national team for breast milk studies and creating a comprehensive database for HMOs, ensuring that its products are tailored to the needs of Chinese infants [13].

港股市场策略周报 港股市场策略周报 - 投资要点 l 港股市场表现回顾： n 除中小盘外，本周港股主要指数普遍下跌。本周恒生综指/恒生指数/恒生科技分别-3.22%/-3.02%/-6.51%。本周市 场一级行业板块中4个行业上涨、8个行业下跌，资讯科技业、原材料业、非必需性消费跌幅居前，分别下跌7.8%、 6.22%、4.55%。本周整体情况为：中小盘表现占优，其余风格的股指均有不同程度的下跌，其中恒生科技跌幅最深。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为88.51%，估值水平接近5年均值向上两个标准差。 l 港股市场宏观环境： 2 2026.02.02-2026.02.08 | 分析师： | 刘景锋 | | --- | --- | | 中央编号： | BXJ117 | | 联系电话： | 852-6222 4563 | | 邮箱： | liujingfeng@cnzsqh.hk | 1 n 基本面：2026年中央一号文件公布，强调确保国家粮食安全，发展农业新质生产力，实施"常态化精准帮扶"机制。 n 资金面：美联储3月维持利率不变的概率超8成；美国ISM PMI重返扩张区间；南向资金净流 ...

01打造"周五遛娃日"心智节点，破解周末"去哪玩"决策难题 在寒冷的冬季，户外的气温限制了活动半径，家长们既希望为孩子提供新鲜有趣的体验、解放宝妈双 手，又希望保证孩子的温暖与舒适，这种"冬季周末到底能去哪遛娃"的决策难题，恰恰揭示了亲子消费 市场一个未被满足的关键痛点：家庭需要的不只是一个个零散的场所推荐，而是一套可预期、有保障的 周末解决方案。 抖音生活服务也通过数据洞察发现，亲子家庭的决策焦虑呈现出清晰的规律性，每逢周四周五，"周末 带娃去哪"相关搜索量便会出现增长，峰值可达工作日均值的2.5倍，这充分说明在周末休闲消费场景 中，存在着一个高度集中、亟待引导的"决策前黄金窗口期"，但传统亲子商家营销模式难以系统性地承 接这种周期性、即时性的需求，导致宝妈们不仅苦于"不知道带孩子去哪玩"，更常陷入"不知道还能带 孩子体验这里"的信息困境，而商家也因此错失了每周固定的高质量客流机会。 为此，抖音生活服务在此次「冬日遛娃好去处」活动中，创新性地将每周五打造为一个具有强认知和强 权益属性的固定节点——"周五遛娃日"，通过一套组合策略实现全方位触达，在活动开启后每周五遛娃 相关搜索是活动前周五搜索的3倍以上，周五 ...

Core Insights - The Chinese maternal and infant industry is undergoing significant changes, marked by a historical low in newborn population and rising prices for infant formula products [1][2] - Major players like Feihe are facing declining revenues and profits, while companies like Kidswant are expanding through acquisitions and showing strong performance [1][4] Industry Overview - The newborn population in China has decreased from a peak of 18.67 million in 2016 to 7.92 million in 2025, marking a significant demographic shift [2][3] - The decline in birth rates has led to increased pressure on leading maternal and infant companies, with Kidswant reporting a revenue increase of 8.10% year-on-year in the first three quarters of 2025 [4][10] Company Performance - Kidswant's revenue for the first half of 2025 was 4.91 billion yuan, with a net profit of 209 million yuan, reflecting a strong performance despite challenges [4][10] - Feihe's revenue has fluctuated, with a reported decline of 9.36% in the first half of 2025, following a trend of revenue and profit decreases since 2022 [1][4] Market Trends - The maternal and infant market is shifting towards online sales, with offline sales decreasing from 69.4% in 2022 to 59.7% in 2024, indicating a change in consumer purchasing habits [5] - The average price of maternal and infant products is rising, with a reported increase of 8.1% in January 2025, as consumers show a preference for higher-quality products [12] Strategic Moves - Kidswant is expanding its business through acquisitions, including a 16 billion yuan purchase of LeYou International and a 16.5 billion yuan acquisition of SiYu Industrial, diversifying its offerings beyond traditional maternal and infant products [11] - Feihe is targeting the adult nutrition market, launching its first AI-powered nutritional product aimed at older adults, reflecting a strategic shift in response to demographic changes [11] Consumer Insights - There is a growing acceptance of higher-priced infant formula among consumers, with over 60% preferring mid to high-end products priced above 200 yuan per can [12] - Different consumer segments in various city tiers have distinct purchasing priorities, with urban consumers focusing on product safety and shopping experience [12] Conclusion - The maternal and infant industry in China is transitioning from a focus on new user acquisition to deepening customer engagement and maximizing lifetime value, necessitating product innovation and brand strengthening [18]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06186 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 8,807,664,704 259,587,000 9,067,251,704 增加 / 減少 (-) 本月底結存 8,807,664,704 259,587,000 9,067,251,704 致：香港交易及結算所有限公司 公司名稱: 中國飛鶴有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 ...