商贸零售 商贸零售 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-01 2025-05 2025-09 商贸零售 沪深300 相关研究报告 《潮宏基多渠道高效推新，毛戈平推 出高端冻龄系列 — 行 业 周 报 》 -2025.12.28 《海南自贸港封关正式启动，首日数 据表现亮眼—行业周报》-2025.12.21 《11 月社零同比+1.3%，整体增速有 所承压—行业点评报告》-2025.12.15 "人、货、场"迭代升级，关注情绪消费赛道机会 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 "人、货、场"演进升级，情绪价值驱动消费意向 2025 年伴随国家消费刺激政策陆续出台及线下业态积极调改变革，零售业态 "人、货、场"演进升级，"品质+服务"驱动下，情绪消费为行业带来新机会。 （1）人：情绪价值驱动消费意向，"研究型消费+悦己导向+长期主义"成 ...

来源：MacTalk 2025 年我主要做了两件事，一方面持续打磨自己的 AI 产品墨问，另一方面试图做一个 AI 研究员，跟进并记录这个罕见的历史时刻，同时让自己的技术 与产品感觉始终保持锋利。 到了年末，我想对 2025 年的 AI 公司和 AI 产品做个总结，再推演一下 2026 的趋势。当时查了若干 AI 公司的财报和市值，包括百度。那是在 12 月 26 号 的下午，百度的市值大概在 420 亿美元左右。元旦过完，转过年来再看，这家公司的股价已经超过 500 亿，大概在 520 亿的位置。 12 月 30 日，百度港股收涨 8.9%。那个时间点回看全年，百度股价累计上已经超过了 70%。到了 2026 年 1 月 2 日，百度在港交所发布公告：非全资附属 公司昆仑芯已于 1 月 1 日通过联席保荐人，以保密形式向港交所递交上市申请表格，正式启动主板上市进程。 在港交所公告里写得也很清晰：1 月 1 日保密递表，拟通过全球发售推进分拆上市。 市场的反应非常直接，百度美股随之大涨 15% 。其实子公司 IPO 的消息并不稀缺，百度这次反应为什么这么大？我想是因为它把长期以来最难讲清楚的 那部分价值，第一 ...

2026年1月1日，全球投资界迎来一个历史性时刻。 95岁高龄的沃伦·巴菲特正式卸任伯克希尔·哈撒韦公司首席执行官一职，由63岁的格雷格·阿贝尔接棒。这位被世人尊称为"奥马哈先知"和"邻家亿万富 翁"的投资巨擘，在执掌伯克希尔近60年后，终于步入正式退休阶段。尽管他仍将担任董事长，但这一交接标志着一个时代的落幕。 人们不禁要问，在长达八十余年的投资生涯中，他的财富是如何积累的？更重要的是，他留下的不仅是天文数字般的资产，更是一套穿越周期、历久弥新 的价值投资哲学。更重要的是巴菲特的关键投资决策、财富增长路径及其对全球资本市场的深远影响究竟有多大？ 还有大家最关心的，看似简单却内涵丰富的问题：他这一辈子，到底赚了多少钱？ 巴菲特的财富故事始于1942年，彼时他年仅11岁。用自己积攒的114.75美元，他买入了6股Cities Service优先股。这笔看似微不足道的投资，却点燃了他一 生对资本市场的热情。"我成了一名资本家，感觉真好。"他在2018年致股东信中回忆道。 到16岁时，他的投资组合已增值至相当于今天的5.3万美元；32岁成为百万富翁；56岁跻身亿万富翁行列。这一成长曲线并非依赖运气，而是源于他对复 ...

来源：环球网 2025年，中国家居行业在市场分化、存量竞争与全球化浪潮中加速变革，企业的战略抉择愈发凸显核心 竞争力。环球网策划"请出牌2026"系列访谈，对话家居行业领军者，解码年度发展逻辑，探寻未来突破 路径。本期特邀CIVRO希洛门窗品牌市场总监林雅熙，深入探讨高端系统门窗行业的市场变局、希洛 的战略布局，以及对2026年行业趋势的预判，剖析高端门窗品牌穿越周期的生存之道。 CIVRO希洛门窗品牌市场总监林雅熙 价值回归下的破局：技术纵深与服务生态双轮驱动 林雅熙指出，2025年，门窗市场最显著的变化是"加速分化"与"价值回归"——低端市场价格战愈演愈 烈，而高端市场对产品本质性能、设计美学及全周期服务的需求增速，已达低端市场的3倍。消费者正 从"为材料买单"转向"为体验和价值买单"，面对这一趋势，希洛门窗以"长期主义"为内核，立足"颠覆 自我认知"的定位，在技术、服务与渠道端打出组合拳。 技术创新是希洛夯实价值根基的核心抓手。2025年，希洛发布"全新灵动内开窗五金系统"，实现了底层 逻辑的革新而非简单配件升级。该系统将新零件数减少65%，达成"无序安装"与免工具调试，大幅降低 安装门槛与维护成本；集 ...

4269家门店背后，是深度关系的基石 当许多品牌沉迷于流量变现，植物医生却选择了一条看似"笨重"的道路——深耕线下。截至2025年6月 末，其线下门店数量达4269家，覆盖国内核心市场，并逐步延伸至日本、泰国、印尼等地。这个数字的 意义，不只在于规模本身，更在于它揭示了一个商业本质：真实场景中的消费体验，仍是品牌与用户建 立深度关系的基石。 "门店不只是销售终端，更是品牌触达用户的情感接口。"一位行业观察者指出。植物医生的门店系统之 所以能成为护城河，正在于其构建了"产品-服务-社交"三位一体的场域。消费者在此不仅能选购产品， 更能体验专业的护理服务，参与会员沙龙，获得超越商品价值的情绪满足。这种回归"人"与"空间"的互 动模式，让品牌在数字时代的洪流中，反而找到了更为稳固的价值锚点。 2025年深秋，植物医生的IPO进程更新为"已问询"。翻开其招股书，我们所看到的不仅是一家企业走向 资本市场的足迹，更是一份对"长期主义"的深刻诠释与坚定践行。 "我们做的不是'成分故事'，而是'成分科研'。"植物医生研发负责人曾在访谈中强调。截至2025年10 月，品牌已获得专利223项，其中发明专利68项。这些数字背后，是 ...

Core Insights - The article highlights the remarkable growth of Chery, a Chinese automotive company, which achieved a total sales volume of 2.806 million vehicles in 2025, with exports accounting for 1.344 million units, representing 47.9% of total sales, and a 54.9% year-on-year increase in new energy vehicle sales [1][4] Group 1: Market Performance - Chery's sales performance in 2025 includes 2.806 million total vehicles sold, with 1.344 million exported, marking a significant achievement in both domestic and international markets [1][3] - The company has established itself as a leader in the export of Chinese passenger vehicles, maintaining the top position for 23 consecutive years [3] - Chery's new energy vehicle sales reached 904,000 units, reflecting a robust growth rate of 54.9% year-on-year [4] Group 2: Strategic Positioning - Chery's success is attributed to its long-term strategic focus on technology investment and global market expansion, contrasting with competitors who prioritize short-term sales [2][6] - The company has developed a diverse brand portfolio, including Chery, Jetour, and iCAR, which allows it to cater to various market segments and consumer preferences [3][4] - Chery's commitment to quality has earned it the title of "Five Crown King" in J.D. Power's evaluations, indicating its leadership in new car quality and customer satisfaction [4][6] Group 3: Technological Advancements - In 2025, Chery launched over ten industry-leading core technologies, enhancing its competitive edge in areas such as chassis, battery, and intelligent driving systems [6][7] - The company has a global R&D team of 30,000 personnel, with a significant focus on software development, positioning it well in the era of software-defined vehicles [7][10] - Chery's multi-technology strategy, including hybrid, electric, and hydrogen fuel options, demonstrates its adaptability and resilience in the face of market challenges [7][8] Group 4: Globalization and Future Growth - Chery's globalization strategy has evolved to include local production and deep integration into international markets, evidenced by its receipt of the first "China-Europe Carbon Footprint Data Recognition" certificate [8][10] - The company is exploring new growth avenues beyond traditional automotive sales, including financial services, software subscriptions, and advanced technologies like Robotaxi and humanoid robots [8][10] - Chery's rise in the Fortune Global 500 rankings, moving up 152 places to 233, reflects its successful global expansion and recognition in the automotive industry [8][11]

"我们脱胎于科研院所，见了太多高科技成果论文一发、专利一申请，就束之高阁的情况。"将那些"锁 在柜子"里的高科技成果转化为现实生产力，支持中国科技创业之星，这是李浩他们的初衷，也是"中科 创星"这一名称的由来。 理想很丰满，现实很骨感。在互联网大潮风起云涌、不断创造暴富神话的年代，投资圈热衷的是快和 热，几乎没人看好又慢又冷的硬科技。还有人直接问李浩：你现在投的这些硬科技企业，什么时候能上 市？他答不上来，"因为项目还处于早期，陪跑十年八年是常态"。 的确，孵化意味着超乎寻常的耐心，硬科技项目孵化尤其如此。有些很有潜力的企业，直到多年后或准 备做IPO时都没有实现盈利，当年决定投资时的情况可想而知。对此，李浩看得很开，"在孵化的过程 中我们支持了该支持的人和企业，至于它五年还是十年后再上市，我们没那么迫切"。 窄边眼镜、蓝色休闲西服，视频连线那头的中科创星创始合伙人李浩，还是那身常常出现在公众视野里 的标志性装束。问及2025年取得哪些成绩，他迟疑片刻，打了个比喻："我们是早期硬科技投资机构， 做的事就像撒种子，今天问哪一粒种子长成参天大树，还为时尚早。" 这种"十年磨一剑"的长期主义，在投资圈里显得有点"不 ...

Core Insights - Zhang Chaoyang's New Year's Eve speeches focus on fundamental science, diverging from typical commercial narratives, and have become strategically significant for Sohu [2][4] - The speeches serve as a platform for testing and refining Sohu's products, aligning with Zhang's philosophy of being a "product manager" [4][11] - This approach has created a sustainable model that links Zhang's personal brand with Sohu's product direction, enhancing the platform's value [4][10] Content Strategy - Zhang's speeches have attracted millions of viewers and fostered a thriving knowledge live-streaming ecosystem on Sohu Video [4][10] - The "knowledge New Year" concept contrasts with mainstream narratives focused on economic forecasts, instead emphasizing foundational scientific principles [6][10] - The themes of the speeches over the years, such as general relativity and quantum mechanics, aim to deepen understanding of the universe rather than provide immediate financial advice [10][14] User Engagement - The format encourages a "slow thinking" experience, allowing audiences to appreciate the reasoning behind scientific concepts, which has cultivated a loyal viewer base [10][14] - Zhang's personal involvement in content creation has established a strong connection between users and the platform, promoting a subscription-based model rather than relying solely on algorithmic recommendations [11][13] Product Development - The live broadcasts serve as real-time product testing, leading to improvements in features like whiteboard functionality and playback options based on user feedback [15][18] - The "Physics Class" series has become a benchmark for Sohu's knowledge live-streaming strategy, demonstrating the viability of high-quality, in-depth content in building user loyalty [14][20] Long-term Vision - Sohu's strategy emphasizes long-term value creation over short-term gains, rejecting low-quality content and focusing on building trust with users [21] - The company remains cautious about trends like AI, prioritizing the development of a robust video social platform instead of rushing into new technologies [21] - Zhang's public appearances and content initiatives are part of a systematic approach to reinforce Sohu's brand identity and test strategic directions [21]

Core Viewpoint - Zhang Chaoyang's New Year's physics lecture emphasizes understanding the solar system's laws as key to comprehending human civilization's origins and future direction [3][4]. Group 1: Lecture Content - The lecture covered topics from planetary orbital equations to tidal forces and interstellar migration limits, focusing on hard-core physics without inspirational slogans or commercial promotion [3][4]. - Zhang's physics course, initiated out of personal curiosity, has evolved into a significant knowledge IP, influencing various educational and scientific dialogues [4][5]. - The course has conducted 270 live sessions over four years, accumulating over 26,000 minutes of online content, contributing to the human knowledge base [6][7]. Group 2: Strategic Focus - Sohu's "关注流" (Attention Flow) strategy emphasizes real human interaction and social relationships, contrasting with algorithm-driven platforms like Douyin and Bilibili [4][5]. - The company has avoided blindly chasing trends like AI and algorithms, focusing instead on social engagement and the Attention Flow concept [5][6]. - Zhang believes that in an era of content homogenization and algorithm saturation, real social interaction and deep engagement represent a blue ocean opportunity [6][7]. Group 3: Future Plans - Zhang is preparing the fourth book in his physics series, focusing on general relativity, with plans to extend into cosmology and quantum field theory [6]. - Sohu Video will continue to advance in areas like American drama procurement and vertical short dramas, with Attention Flow remaining the strategic core [7].

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 新浪财经"酒价内参"过去24小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在新年第三 天继续下行，整体价格进一步下探。如果十大单品各取一瓶整体打包售卖，今日总售价为9083元，较昨 日回落19元，创下近11日以来新低。市场在新年伊始连续回调，整体价格中枢持续下移。 今日市场呈现涨跌互现的分化格局。上涨产品中，国窖1573表现强势，环比上涨8元/瓶，领涨全场。习 酒君品价格上涨6元/瓶。古井贡古20与青花汾20价格分别微涨1元/瓶。洋河梦之蓝M6+价格则与昨日持 平。下跌产品方面，青花郎价格回调幅度居前，下跌9元/瓶。精品茅台与水晶剑南春价格均下跌8元/ 瓶，后者价格创下近期新低。五粮液普五八代价格下跌6元/瓶。飞天茅台价格下跌4元/瓶。尽管部分品 牌实现低点反弹，但市场整体仍被观望情绪主导，多数核心产品价格承压。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交 终端零售价格，力求为社会各界提供一份关于知 ...