新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 顾祥悦指出，在肯定成绩的同时，要清醒认识到发展中的短板与挑战，在周期中应变求变，科学擘 画"十五五"发展蓝图。锚定"成为中国白酒最具成长性的创新型企业"为愿景，突出"改革创新"主旋律， 激活资源要素潜力，通过深层次机制体制改革，集聚可持续发展动能，拓展发展新空间、增创新优势， 牢牢把握发展主动权，实现质的有效提升和量的合理增长。要确立主要经济指标高于行业平均、省外市 场增速领先省内"两个高于"，把握生死存亡生命线；聚焦高质量目标、高质量改革、高质量作风、高质 量生态"四大维度"，筑牢高质量发展根基；增强危机意识、创新意识、大局意识"三大意识"，凝聚跨越 发展新动能；实施品牌价值、前后协同、组织机制"三大赋能"，打造持续增长强引擎。 据今世缘酒业官微，2月25日，2026今世缘工作大会召开。今世缘酒业党委书记、董事长、总经理顾祥 悦回顾了"十四五"及2025年公司发展成果。他表示，过去五年，面对复杂局面，公司上下同心同德、群 策群力，迎难而上、奋楫争先，实现主要经济指标优于行业平均水平，省外市场增速领先省内，高质量 发展底色更浓，跨越周期信心更足，绿色低 ...

01 多家白酒品牌赞助央视春晚 作为全球华人关注度最高的文化盛事，央视春晚历来是白酒品牌的"必争之地"。对于白酒行业而言，央 视春晚不仅是顶级流量入口，更是品牌实力、文化底蕴的展示舞台，尤其是在新春消费旺季，一句春晚 口播、一次互动合作，都能直接带动品牌曝光与终端动销。 2026年春节假期长达九天，号称"史上最长春节"。2026年的春节在2月17日，又被称为"近二十年第二晚 春节"（仅晚于2015年的2月19日）。超长假期，叠加消费复苏的预期升温，让2026年春节档的白酒营 销"慢热而又浓郁"。 春节，作为白酒消费的黄金旺季，历来是行业竞争的主战场，也是检验酒企实力、行业景气度的核心窗 口。头部品牌联手亮相央视春晚，抢占国民级流量入口；上市公司密集出台促销、控价、渠道赋能举 措，"三管齐下"冲刺春节业绩；A股白酒板块在旺季预期与基本面压力下上下震荡，资金博弈加剧。 但在热闹的背后，白酒行业"寒意"未完全散去。2026年春节白酒销售旺季较往年明显推迟，旺季周期大 幅缩短，仅集中于春节前半个月，较往年一个月左右的窗口期收窄；市场也呈现"名酒遇冷、平价走 俏、低度酒升温"的分化格局。 与此同时，白酒行业整体还在进行 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：泉州民营经济研究院 丙午马年开假第一天，2月24日，省委、省政府连续第六年以"新春第一会"形式，在福州召开民营经济 代表人士座谈会。会上，省领导与民营企业家共同学习贯彻习近平总书记关于民营经济发展的重要论 述，研究促进民营经济健康发展、高质量发展，激发"开局起势"的强大动力，以旗帜鲜明的态度、真真 切切的尊重和实实在在的举措，鼓励和支持全省广大民营企业和民营企业家坚定信心、振奋精神、奋勇 争先，为实现"十五五"良好开局、奋力谱写新征程新福建建设新篇章作出新的贡献。省委书记、省人大 常委会主任周祖翼出席并讲话，省委副书记、省长赵龙主持。省政协主席滕佳材，省委副书记、福州市 委书记郭宁宁出席。 周祖翼说，民营经济是福建发展的重要特色、优势和活力所在。"十四五"时期新福建建设取得的丰硕成 果，凝聚着广大民营经济人士的智慧和汗水。过去一年和"十四五"时期，大家积极投身新福建建设主战 场，在风雨中破浪前行，在挑战中发展壮大，向新而行、求变图强，勇担责任、热心公益，推动福建民 营经济在全省经济社会发展中的地位更加凸显。周祖翼代表省委、省政府向 ...

国金证券近日发布有色金属行业小金属双周报：氧化镨钕本期价格为84.98万元/吨，环比上涨13.51%。 氧化镝本期价格145.0万元/吨，环比上涨9.02%；氧化铽本期价格646.0万元/吨，环比上涨5.90%。近期 价格持续新高，我们认为或与2024-2025年发布的供给侧文件相关性较大，行业供改持续推进。 以下为研究报告摘要： 本期（2.2-2.13，下同）申万小金属指数收39286.62点，环比上涨3.25%，跑赢申万有色指数10.21pcts， 跑赢沪深300指数4.23pcts。 稀土：氧化镨钕本期价格为84.98万元/吨，环比上涨13.51%。氧化镝本期价格145.0万元/吨，环比上涨 9.02%；氧化铽本期价格646.0万元/吨，环比上涨5.90%。近期价格持续新高，我们认为或与2024-2025 年发布的供给侧文件相关性较大，行业供改持续推进。中钇富铕矿加工费进一步上涨至4.1万元/吨，表 明冶炼出清、格局优化或持续兑现。12月我国稀土永磁出口量环比/同比分别-3%/+7%，单月出口量创 历史同期新高；2025年全年同比-1%，表明海外仍有较大补库需求。稀土板块将继续演化估值业绩双 升，202 ...

开源证券发布研报称，截至Q4末，网易-S(09999)合同负债环比+5%至205亿元，增长动能强劲。基于新 游上线时间预期，当前股价对应PE分别为14.1/12.5/11.6倍，看好老游戏长线运营、新游上线、AI赋能深 化共驱成长，维持"买入"评级。 开源证券主要观点如下： 长线运营激发经典游戏活力，《燕云十六声》反映出海实力，在研产品丰富 2025Q4游戏及相关增值服务实现收入220亿元（同比+3.4%）；毛利率为70.5%，同比+3.8pct。《梦幻西 游》端游Q4及2025全年营收创新高；《天下》连续五年收入增长，2025.12升级三端互通后，PCU、付 费用户数等创新高；该行看好公司通过优化美术、玩法等激发经典游戏活力。《燕云十六声》国服Q4 推出周年庆版本后日活与营收创新高，登顶内地iOS游戏畅销榜，海外于2025.11上线后最高位列Steam 全球畅销榜第二，截至2026.2.11全球玩家数超8000万。该行认为《燕云十六声》海外成功或反映公司已 具备"讲好中国故事"能力，看好《归唐》等"国风"大作出海表现。《遗忘之海》选择新颖的"航海冒险 题材+木偶美学"切入开放世界赛道，截至2026.2.12 ...

Investment Rating - The report indicates a positive outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points, respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing overseas inventory demand. The prices for praseodymium and neodymium oxide rose by 13.51%, dysprosium oxide by 9.02%, and terbium oxide by 5.90% [3][18][19]. - Tin prices have shown volatility, with a decrease of 10.74% in the current period. The potential ban on tin raw material exports from Indonesia may create significant replenishment demand for tin processing companies, positively impacting tin prices in the long term [4][28]. - Tungsten prices have increased significantly, with tungsten concentrate rising by 15.99% and ammonium paratungstate by 15.11%. The report suggests that the strategic reserve initiatives in the U.S. may elevate tungsten's priority in global markets [4][40]. - Antimony prices have shown a slight increase, with antimony ingot prices up by 0.62% and antimony concentrate by 2.13%. The report anticipates a recovery in exports, which could lead to a price rebound [5][47]. - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 2.97% and ferromolybdenum by 3.33%. The report notes that low inventory levels and increased defense spending may support further price increases [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Commodity prices for rare earths, tungsten, and molybdenum have shown upward trends, while tin prices have decreased [16]. 2. Main Product Fundamentals and Insights 2.1 Rare Earths - The report emphasizes the ongoing supply-side reforms and the rising prices of rare earths, with significant export demand expected to continue [3][18][19]. 2.2 Tin - The potential export ban from Indonesia could lead to increased demand for tin processing, positively affecting prices in the long run [4][28]. 2.3 Tungsten - The report highlights the strategic importance of tungsten in global markets, with prices rising significantly due to supply constraints and increased military spending [4][40]. 2.4 Antimony - Antimony prices are expected to recover as export conditions improve, with a focus on high-growth resource companies [5][47]. 2.5 Molybdenum - Molybdenum prices are projected to rise due to low inventory levels and increased demand from the defense sector [6][51].

央视网消息：这个假期，科技成为各地新春文旅火热的关键词之一。从沉浸式体验到智慧化服务，前沿技术与传统年俗深度交融，为游客解锁 了别样年味。科技不仅让传统文化"活"了起来，更以硬核实力筑牢了文旅体验的安全屏障。 机械臂"捕捉"年味 科技旅拍成打卡新宠 在贵州铜仁，一台高速摄影机械臂亮相中南门古城景区。随着操作员的指令，机械臂灵活伸展完成旋转、摆动、伸缩、平移等动作，实现360 度环绕拍摄，将古城风貌与游客笑脸一同收录。仅需3分钟就可为游客拍摄"电影感"短视频，成为当地春节文旅消费的一个新亮点。 科技赋能 千年古镇更具现代气息 在江苏马陵山景区，智能机器人带来舞蹈、武术、互动、巡游等多元表演，为景区注入新潮活力。窑湾古镇同步上线科技互动与非遗体验，机 器人巡游、打铁花表演、实景演艺相映成趣，让千年古镇更具现代气息。 传统民俗+科技 乡村庙会贺新春 在山东临沂，"朱村庙会贺新春"活动火热进行，铿锵的锣鼓声此起彼伏，一边是秧歌队伍穿梭往来，洋溢着淳朴浓郁的乡土年味。另一边，机 器人登台献艺，科技感十足，引来阵阵欢笑与掌声。春节期间，每天都有大量游客来到朱村，当地为新能源车主建设了"光储充"一体化充电服 务站，让游客享 ...

Core Insights - The article highlights the dedication and challenges faced by property management staff, particularly focusing on the experiences of a young project manager, Xuan Tianxiang, who transitioned from military service to property management [1][3][4] - It emphasizes the positive changes in old residential communities under the management of Country Garden Services, showcasing the importance of effective communication and community support [3][5][8] Group 1: Property Management Challenges - The property management team faces difficulties in communicating with elderly residents, who often have different expectations and may not understand the services provided [3][4] - Residents express concerns about the low property management fees (0.8 yuan per square meter per month) and the increasing demands from the community, questioning the sustainability of service quality [4][5] - The article mentions that the property management company has changed multiple times, indicating challenges in maintaining consistent service [4] Group 2: Community Engagement and Support - Residents like Mr. Cui actively support the property management team, demonstrating a willingness to collaborate and communicate effectively to resolve issues [4][5] - Long-term residents, such as Mr. Liu, show commitment by consistently paying property fees and providing constructive feedback for service improvements [5] Group 3: Technological Integration - The property management company has implemented smart technologies to enhance service efficiency, including AI and IoT solutions that streamline communication and service requests [8][9] - Xuan Tianxiang utilizes a digital platform to manage service requests, significantly improving response times and operational efficiency [8][9] Group 4: Workforce Dynamics - The article highlights the demographic composition of the communities managed, with a significant portion of residents being retirees, which influences the type of services required [9] - Xuan Tianxiang's daily routine involves extensive communication and problem-solving, reflecting the demands placed on property management staff in these communities [9]

Group 1 - The core viewpoint of the articles emphasizes that A-shares are currently undervalued compared to historical levels, presenting a global comparative advantage [1][2][6] - Guotai Junan Securities predicts that the AI application industry will establish a trend, with a potential "double hit" expected in 2026, as some companies see AI orders/revenue/ARR constituting over 10% of total revenue [1][6] - The report identifies four key directions for AI applications: super entry points, AI infrastructure, high growth sectors, and high barrier industries [1][6] Group 2 - The analysis from Dongfang Caifu Securities indicates that 2026 will be a phase of "structural repair" and "new momentum cultivation," necessitating asset diversification to manage uncertainties [2][7] - The report discusses various asset classes: cash assets are under pressure in a low-interest environment but provide liquidity; bond assets are reasonably valued but face pressure on long-term yields; stock assets are seen as undervalued, particularly in high-dividend sectors [2][7][8] - The recommendation includes a pyramid model for asset allocation, with a focus on high-grade bonds and utility stocks, while also suggesting participation in industrial metals and frontier sectors like commercial aerospace and AI applications [8]

Core Viewpoint - In 2025, NetEase Cloud Music is projected to achieve revenue of 7.76 billion yuan, a slight decrease of 2.4% year-on-year, primarily due to strategic adjustments in its social entertainment business; adjusted net profit is expected to be 2.86 billion yuan, reflecting a significant year-on-year increase of 68.2% [1] Revenue Breakdown - Online music service revenue is expected to perform well, growing by 12.0% year-on-year to 5.99 billion yuan, driven by a continuous increase in the number of paying users; membership subscription revenue is anticipated to grow by 13.3% year-on-year to 5.05 billion yuan [1] - Social entertainment services and other revenues are projected to be 1.77 billion yuan, a year-on-year decline of 32% [1] Business Strategy and Market Position - The company is focusing on its core music business, with online music services as the main growth engine; the strategic transformation has shown significant results [2] - By the end of 2025, the platform is expected to have over 1 million independent musicians and more than 5.6 million uploaded tracks, creating a unique ecosystem of original content [1] Profitability and Cost Management - The company's gross margin is expected to increase by 2.0 percentage points year-on-year to 35.7%, driven by a higher proportion of high-margin online music revenue and reduced revenue-sharing costs from the contraction of the social entertainment business [2] - Strict cost control measures have led to a significant year-on-year decrease of 33.2% in sales and marketing expenses, contributing to a 38.5% year-on-year increase in operating profit [2] Product Innovation and User Experience - The company continues to innovate its products, launching the self-developed AI generative recommendation model "Climber" to enhance personalized recommendation efficiency; additional features like "Automix" and "Shen Guang Player" have been introduced to improve user engagement and platform value [2] Future Projections - Revenue is expected to reach 8.6 billion yuan and 9.3 billion yuan in 2026 and 2027, respectively, with year-on-year growth rates of 11% and 8%; adjusted net profit is projected to be 2.24 billion yuan and 2.53 billion yuan, with a year-on-year decrease of 22% in 2026 due to high base effects from 2025 [2]