Group 1 - The forum "Global Dialogue: Sino-European Harmony" held in Brussels focused on the historical experiences, public opinion foundation, current cooperation, and future paths of Sino-European relations [1][3] - The event was organized by Global Times in collaboration with the China-EU Relations Research Center and the Global Value Chain Research Institute of the University of International Business and Economics, emphasizing the importance of public opinion in expanding cooperation [3][4] - The Deputy Editor of Global Times, Bai Long, highlighted that mutual understanding between China and Europe is crucial for maintaining stable relations and avoiding misjudgments [3][4] Group 2 - Chinese Ambassador to Belgium, Fei Shengchao, emphasized the significance of direct communication and perception between China and Europe, noting that many perceptions are based on indirect information [5][6] - The forum featured a report on a large-scale survey conducted on Sino-European mutual understanding, which included over 16,000 respondents from 20 representative EU member states and China [6] - The survey results indicated strong confidence among respondents regarding the future of Sino-European trade, with a majority expecting cooperation in high-tech and digital economy sectors [6]

2026年的世界经济论坛年会于1月19日至23日在瑞士达沃斯举行。会议期间的密集议程、公开发言与私 下交流，在短时间内制造了高度集中的信息与情绪。然而，当喧嚣逐渐退去，现场气氛随时间冷却，许 多问题反而变得更加清晰。回顾达沃斯世界经济论坛自创立以来的历史，它从来就不是一个为世界提供 现成答案的场所，而更像是一面镜子，集中折射出全球经济与政治运行中的趋势、分歧，乃至尚未被妥 善处理的结构性冲突。正因如此，本次论坛的真正价值，并不在于某些引人注目的表态或场面，而在于 它所呈现出的一个更深层事实：国际体系的运行逻辑，正在发生缓慢却明确的变化。 从整体观察来看，本次达沃斯传递出的信号并非世界正在走向"无合作"的状态。相反，合作依然存在， 只是其难度显著上升，条件越发严格，也更加依赖于权力、能力与安全保障等先决条件。这种变化，往 往容易被概括为"交易化""去规则化"，甚至被直接解读为"全球化的终结"。然而，如果将视野从当下的 情绪波动中抽离，把这一阶段置于更长的历史周期中加以审视，这样的判断仍显得过于急切，也未必准 确。 因此，首先需要澄清的是，达沃斯所呈现的，并非合作的消失，而是合作前提的明显改变。从议程设置 本身就 ...

类似的情形同样出现在20世纪70年代。固定汇率体系解体、能源危机叠加高通胀冲击，在当时被广泛视 为全球经济协调能力的严重倒退。但事后看来，那更像是一轮规则转换的阵痛期，而非国际分工的终 点。正是这些历史片段反复说明：全球化真正面临的风险，从来不是冲突本身，而是能否在冲突之后， 形成新的制度和治理方式。 将这一历史启示对照当下，可以更清楚地理解当前阶段的关键变化所在。与以往多次全球化调整期相 比，今天最突出的特征在于，权力结构变化的速度，明显快于规则体系的重构速度。新兴技术迅速扩 散，大国实力对比发生调整，而既有规则体系却仍然建立在上一轮力量格局之上。这种错位，使得规则 本身逐渐成为博弈对象，而不再只是博弈的中性框架。 在这样的环境中，各国更倾向于优先确保自身安全与议价能力，再考虑制度性合作。这并不是对规则的 否定，而是一种"先能力、后规则"的现实选择。达沃斯会场中频繁出现的交易化语言，正是这种选择在 话语层面的自然体现。但同样需要看到，这并不意味着制度、规则将被彻底抛弃。恰恰相反，越是在既 有规则失灵的阶段，各方越会在新的层级、议题和区域范围内，尝试重建可控、可预期的合作机制。 因此，如果必须对当前阶段的全球 ...

Core Viewpoint - Anta Group has announced the acquisition of a 29.06% stake in Puma for €1.5 billion, becoming its largest single shareholder, while emphasizing respect for Puma's independent governance structure and brand identity [1][4]. Group 1: Acquisition Details - The acquisition will be financed through Anta's internal cash reserves and is expected to be completed by the end of 2026, pending regulatory approval [1]. - Following the announcement, Anta's stock rose over 3% in Hong Kong [1]. - Puma is currently facing operational challenges, with a 10.4% year-on-year decline in sales and a net loss of €62.3 million in Q3 2025 [1]. Group 2: Strategic Implications - The acquisition is seen as a strategic milestone in Anta's "single focus, multi-brand, globalization" strategy, aimed at enhancing its global competitiveness in the fashion sports sector [4]. - Experts believe that Puma's inclusion will complete Anta's brand pyramid, allowing for a broader customer base and product line [2]. - Anta aims to leverage its experience in direct-to-consumer operations and supply chain optimization to enhance Puma's performance [1][4]. Group 3: Historical Context - Anta has built a sports empire over 17 years through 11 major acquisitions, starting with the takeover of FILA in 2009 [3][5]. - The company has successfully integrated various brands, including Descente and Amer Sports, to diversify its offerings and meet consumer demands [5]. Group 4: Global Expansion Strategy - The acquisition of Puma is expected to accelerate Anta's international expansion, providing access to Puma's established global sales network [7]. - Anta's globalization strategy involves a dual approach of self-branded international expansion and the global operation of acquired brands [7]. - Analysts suggest that this partnership will enhance Anta's influence in the global sports market and help overcome barriers to brand recognition [7][8]. Group 5: Future Outlook - Anta's brand value is projected to rank fourth globally by 2025, following Nike, Adidas, and Lululemon, indicating its growing market presence [8]. - The company faces the challenge of balancing Puma's brand independence with achieving synergies to realize its vision of becoming a global brand [8].

本文来自微信公众号： 秦朔朋友圈 ，作者：朱兆一，头图来自：AI生成 "永无止境的内部争论和未说出口的分歧，让欧洲无法团结，讲话也不够诚实，难以找出真正的解决方 案。欧洲并未成为真正的全球强权，依然是个漂亮但分裂的小国与中等强国万花筒。" 这一幕带着黑色幽默的象征意味。美国商务部长卢特尼克在达沃斯晚宴上宣告"全球化已死"，欧洲央 行行长拉加德愤然离场；在这之前丹麦首相则带领整个代表团在特朗普演讲中途起身退席。一场本 为"加强合作"的全球精英盛会，最终沦为新旧秩序激烈碰撞的角斗场。 很多人开始讨论今年的达沃斯是不是全球化的"最后晚餐"。的确这座瑞士的小镇曾是"全球化叙事的 圣殿"，如今却愈发像退潮后的交易大厅——灯火依旧通明，菜单早已更换，餐桌礼仪也在崩塌。市 场准入能谈、安全能谈，甚至领土与资源都能谈，唯一的前提是：接受"力量即定价权"的新规则。 一、不是只有特朗普在指责欧洲 把特朗普对欧洲的指责简单归为"民粹咆哮"并不难，但这会掩盖关键事实：特朗普敢在达沃斯当众发 难，核心是摸准了欧洲的痛点。泽连斯基对欧洲的批评，从另一个角度印证了这些痛点的真实。 尽管两人立场与目的截然不同。 欧洲面临的早已不是单一压力， ...

Core Viewpoint - The recent attention on Guyue Longshan's yellow wine, following its founder Jensen Huang's appearance at a private banquet, has significantly boosted the brand's visibility and product interest, reflecting the company's strategic focus on high-end, youthful, global, and digital transformation [1][2]. Product Strategy - Guyue Longshan is enhancing its high-end product line, focusing on aged wines, with key offerings like Guoniang and Qinghuazui. The company boasts the world's largest yellow wine cellar, with over 11 million jars and 260,000 kiloliters of different vintage reserves [1]. - The company has developed a key technology in collaboration with Jiangnan University to reduce undesirable substances in wines aged over ten years, improving the drinking experience and aligning with modern health-conscious trends [1]. Brand Communication - The company emphasizes high-end positioning and promotes its brand as a "Chinese Consumer Name Brand," leveraging national-level intangible cultural heritage brewing techniques to strengthen its recognition as a benchmark for authentic yellow wine [2]. - Marketing initiatives include the "Hundred Cities Enjoy Guyue Longshan" campaign and high-end tasting events in collaboration with the China Entrepreneurs Club, alongside increased investment in new media platforms to enhance brand effectiveness [2]. National Expansion - Guyue Longshan is breaking the traditional regional concentration of the yellow wine industry in Zhejiang, becoming a representative company with a higher degree of national presence. As of mid-2025, over 40% of the company's revenue comes from markets outside Jiangsu, Zhejiang, and Shanghai [2]. - The company has opened 66 tasting and slow wine bars across the country, focusing on brand display, cultural dissemination, and consumer experience, while also exploring international market opportunities [2]. Industry Trends - The high-end yellow wine market is entering a new development phase driven by consumption upgrades and cultural confidence. Guyue Longshan's ongoing high-end strategy and technological advancements not only solidify its industry position but also provide a practical path for the yellow wine sector to overcome low-price competition and branding challenges [3]. - The yellow wine industry is actively exploring youth-oriented and scenario-based transformations, connecting with new consumers through collaborations with cultural IPs and expanding new consumption scenarios, accelerating the revaluation of the industry's worth [3].

安踏体育 2020 HK 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 1 月 28 日 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 战略布局 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 1 月 28 日发布的题为《Strategic move》 的报告，安踏体育股价在 1 月 27 日上涨 2%，此前公司宣布以每股 35 欧元的价格（含税总对价 15.05 亿欧元/122.8 亿元人民币）现金收购 Artémis（皮诺家族）持有的彪马（PUMA）SE 29.06%股权，其资金全部来自内部资源。此 次交易符合安踏"单聚焦、多品牌、全球化"战略，鉴于彪马在大中华区销售额占比仅 7%（显著低于同业 17%- 30%水平），未来市场空间拓展潜力巨大。安踏管理层确认交 ...

行业： 评级： 汽车 强于大市（维持） 2026年1月28日 证券研究报告 智能化+全球化驱动，把握结构性机会 2026年汽车行业投资策略 分析师：吴迪（汽车首席） SAC：S0820525010001 wudi@ajzq.com 联系人：徐姝婧 SAC：S0820124090004 xushujing@ajzq.com 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 目 录 2 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 4. 风险提示 4. 风险提示 目 录 3 0. 核心摘要 请务必阅读正文之后的信息披露和免责申明 4 n 复盘：受益于设备更新及消费品以旧换新的"两新"政策助力，以及企业新品密集上市，终端需求持续释放，全年汽车销 量实现较快增长。2025年申万汽车板块整体涨幅+24.3%，同期沪深300指数涨幅+17.7%。2025年中国汽车总销量达 3440万辆，同比+9.4%，其中乘用车销量3010万辆，同比+9.2%，商用车销量430万辆，同比+10.9%。 n 展望：202 ...

银河证券此前指，短期受益国内矿采回暖，公司掘进机和宽体车销售有望筑底回升;中长期公司掘进机 龙头优势稳固，非煤矿山设备占比有望持续提升，智能化、电动化、全球化优势显著，有望顺应国内长 周期大体量基建项目建设、煤机智能化和海外矿山设备更新趋势实现业绩放量。 智通财经APP获悉，三一国际(00631)涨超6%，高见12.85港元创新高，本月股价累涨超40%。截至发 稿，涨6.25%，报12.75港元，成交额3.24亿港元。 消息面上，近期，金属大宗价格持续走高。招商证券认为，美联储降息预期强化+矿类大宗价格走强的 背景下，全球矿山机械行业需求或迎拐点，该行看好的是β迎来中长期向上的景气周期。展望未来，在 美元持续降息预期下，2026年全球矿机景气度升温具备更高确定性，而中期维度随着资源品供给紧张加 剧、矿山品味下降，全球矿机有望迎来新一轮创新高式的上行周期。建议关注"露天矿机/出海进展领 先"及"商业模式存在边际变化"的双主线投资方向。 ...

股票研究 /[Table_Date] 2026.01.28 收购 PUMA 29%股权，全球化布局注入 新动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 安踏出资 15 亿欧元收购 PUMA 29%股份，成为最大股东。PUMA 业绩面临短期压 力，当前正处清货节奏。我们认为此次收购是安踏推进"单聚焦、多品牌、全球化" 战略的关键一步。 投资要点： | 财务摘要(百万人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 70826 | 78410 | 85846 | 95707 | | (+/-)% | 13.6% | 10.7% | 9.5% | ...