2026年初，当A股市场在结构性行情中迎来新一轮投资者信心修复之际，一只名为"鑫元消费甄选混合型证券投资基金"的产品却悄然滑向清盘边缘。这只 成立于2023年3月24日的公募基金，在不到三年的时间里，净值从1元跌至约0.52元，累计亏损接近一半。更令人关注的是，其2025年全年亏损达19.65%， 成为当年全市场主动权益类基金中表现最差的一只。 在2025年主动权益类基金平均收益率超过30%、超九成产品实现正收益的大背景下，鑫元消费甄选的溃败显得尤为刺眼。截至2025年三季度末，该基金合 并资产规模仅为0.29亿元，距离合同约定的2亿元"保壳线"相差甚远。若无法在2026年3月24日前达标，基金将依法终止运作。这意味着，留给管理人的时 间已不足90天。 命名与投资严重脱节 风格漂移成常态 尽管基金名称明确指向"消费"主题，但回溯其成立以来的持仓变化，实际投资轨迹却与消费主线渐行渐远，反而呈现出明显的风格漂移和热点追逐特征。 这种缺乏战略定力的操作，使其屡屡陷入"买在高点、卖在低点"的被动局面。 2023年二季度，即基金成立仅三个月后，其前十大重仓股中已有7只为医药股；到三季度，这一比例进一步上升至9只。彼时， ...

购票贵、退票难、提前放票、勾结黄牛、信息泄露……票务巨头大麦网深陷信任危机。 近日，有消费者在网络社交平台质疑大麦网1月4日晚"2026十个勤天后陡门新春见面会"门票未按约定时 间开票，而是在约定时间前的半小时放票。网友晒出的部分购票记录截图显示，票务交易完成时间早于 公示节点。 大麦网浙江站官方微博"大麦浙江"当日23点36分发布了关于"2026十个勤天后陡门新春见面会"的票务公 告。公告称，因平台工作人员配置失误，致使本应于2026年 1月4日20:56开售的"2026十个勤天后陡门新 春见面会—鹭卓专场"演出售票通道于20:29被工作人员误触开启。 大麦称，针对提前销售的全部门票，平台将统一按退款退票处理，票款将于7个工作日内原路退回。于 20:56后抢票用户不受本次退票影响，后续退票将再次全部重新开售。 "20点29分开票本就是工作人员失误，并非粉丝自愿，但并不是所有粉丝都不想要这张票，并且在20点 29分至20点56分期间，大麦并未给出回应和解决方案，导致20点29分购票的消费者失去了20点56分购票 的资格，请问此方案对谁公平？"一位消费者说，"现在给出方案说20点56分前全部强制退票，那29分购 ...

这是新消费智库第 2 7 3 6 期文章 新消费导读 在新消费浪潮中，有一个隐秘而古老的品类正悄然焕新 —— 石斛。一边 是 千 年 药 典 里 的 " 中 华 仙 草 " ， 一 边 是 鱼 龙 混 杂 、 信 任 缺 失 的 行 业 乱 象；一边是传统滋补品厚重的礼品属性，一边是年轻人 " 朋克养生 " 的 轻快需求。如何跨越鸿沟？ 张 曙 华，斛妈妈与九仙尊品牌创始人，用十 多 年时间完成了一场从金 融投行精英到农业深耕者，再到新品牌塑造者的跨界。她扎根 农业 ， 从 濒危物种保护与规范化种植做起，重建了霍山米斛的产业链。然而，手握 顶级供应链的她，却在品牌化道路上遭遇了 " 叫好不叫座 " 的困境。 直到 " 斛 妈 妈 " 的出现。一款形似 " 三 顿 半 " 咖 啡 的 石 斛 冻 干 粉 ， 以 "5 秒冲泡 " 的便捷性和 " 清 滋 养 " 的 定 位 ， 撬 开 了 现 代 都 市 人 的 养生场景。这背后，是一位理性、曾抗拒台前的女性创始人，被迫走到镜 头前，用 " 疗愈式 " 的内容构建品牌信任的真实故事。 本篇对话，源自新消费智库创始人王静静与张 曙 华的一场深度对谈。我 们 得 以 ...

图源：文轩图库 半年时间，两度被戴帽，上市十余年之久的贵州百灵，这一次因虚增6个亿被罚，再度失信于股民。 公开信息显示，贵州百灵企业集团制药股份有限公司（以下简称：贵州百灵）前身为1999年成立的贵州省安顺地区制药厂，是一家以苗药研发、生产、销 售于一体的医药公司。 2010年，成功登陆深交所，被称为"中国苗药第一股"，目前已发展成为国内最大的苗药研制生产企业。 巅峰期的贵州百灵在资本市场的市值一度达到531亿，然而，截至目前市值仅为78.68亿元，跌幅超过85%。 半年内摘帽又戴帽 伤透股民的心 12月19日晚间，实现连涨3天的贵州百灵突然发布公告称，公司及相关当事人已收到贵州证监局送达的《行政处罚事先告知书》。经查，公司在2019年至 2023年期间存在财务造假行为，具体表现为： 2019年少计销售费用3.5亿元，相应多计利润3.5亿元，占当期报告记载利润总额（绝对值）的95.73%；2020年少计销售费用2.4亿元，多计利润2.4亿元， 占比达115.35%；2021年少计销售费用6379.16万元，多计利润6379.16万元，占比45.04%；2023年则多计销售费用4.59亿元，少计利润4.59亿元 ...

来源丨凤凰网财经《公司研究院》 作者丨DW 在数字时代，人们习惯了便捷的线上服务，但有时，便捷的背后可能隐藏着不易察觉的"套路"。 1311 人赞同了该回答 > Ω 18 人听过 我说一个100%被骗的骗局，正常人是不可能识破 的 在飞猪 买机票,选好航班,购票人后,点确定, 会到这个界面 一 发展务 一 发家门 > 1小时内出票 1月28日 周三 06:30 温州一上海 成人 ¥230 机建燃油 ¥70 提前退改免费 托运行李共20公斤 免费手提行李1件,10公斤/件 > × 高保/工工 ! 你未添加航空保障 建议添加: 航空意外险 ¥50/程 1 ● 保障升级 意外+医疗双重保障 本模块为保险投保页面,由浙江鼎宏保险代理有限公司锯开V 继续支付 ▽ o 12月19日，一位网友在社交平台爆料称，自己在"飞猪"APP购买机票时遇到了一场隐秘搭售保险的"骗局"，且"正常人不可能识破"。 根据这位网友的亲身经历，整个"中招"过程极具迷惑性。当你在飞猪App上选好心仪的航班，填好购票人信息，点击"确定"后，会进入一个看似是 最后确认的支付界面。 在这个界面上，最醒目的莫过于一个"继续支付"的按钮。对于任何一个急于完 ...

从罗永浩微博怒怼西贝，到事件发酵网友群情激奋；从贾国龙道歉整改，到华与华再次挑起争端；每当我们以为这场旷日持久的预制菜之争终于要落下帷 幕的时候，总有"抓马"续集再次上演。 这两天，老罗放出了与华杉的对话录音——的文件名：damocles071125463681。虽未透露何时公布细节，但这文件名却耐人寻味。 效率的共谋： 商场为何成为预制菜的温床 某种程度上说，预制菜能走进大众餐桌，离不开商场的推波助澜，但如今这份效率共谋正在变成反噬自身的生存陷阱。 面对激烈的市场竞争，商场不断抬高餐饮业态占比，频繁更换餐饮品牌已拉动客流。而要在短期内完成招商，能够标准化复制、快速落地的连锁餐饮品 牌，自然成为了更稳妥的选择。 damocles意思是达摩克里斯，寓意是权力与幸福背后，往往潜藏着与之相伴的风险与危机。那么这把达摩克里斯之剑，这次又是指向谁？ 如果观察从9月开始的舆论风波，你会发现——品牌方反应果断：有些选择正面回应，坦诚成本结构与经营现实；有些趁势营销现炒优势，主打身正不怕 影子斜；还有些连夜改了招牌，怕自己成为下一个舆论焦点。 消费者更是踊跃参与：评论、转发、站队，个人情绪与用餐体验不断被放大，让预制菜从一个 ...

Core Viewpoint - Xiaomi's stock price has experienced significant volatility, with a nearly 100% increase in the first half of the year followed by a decline of over 35% from its June peak, reflecting the challenges faced by the company and its founder Lei Jun's influence on market sentiment [1] Group 1: Stock Buyback and Market Response - Lei Jun's recent investment of over 100 million HKD in Xiaomi shares and the company's aggressive stock buyback strategy, with a single buyback amount reaching up to 400 million HKD, are seen as efforts to instill confidence in the market [1] - Following these actions, Xiaomi's stock price rose over 5% on November 25, returning above 40 HKD, indicating a potential recovery trend [1] Group 2: Business Challenges - Xiaomi's smartphone business, a cornerstone of the company, reported a revenue of 46 billion CNY in Q3 2025, a year-on-year decline of 3.2%, with a gross margin dropping to 11.1% due to rising manufacturing costs and aggressive pricing strategies from competitors like Huawei [2] - The IoT and lifestyle products segment, while showing a revenue growth of 5.6% to 27.6 billion CNY in Q3, faced a 15.7% decline in smart home appliance revenue, attributed to reduced government subsidies and intensified competition [2] Group 3: Automotive Business and Trust Issues - Xiaomi's automotive division has seen rapid growth, with the 500,000th vehicle rolling off the production line in just over a year, but it faces scrutiny over product quality and marketing practices, leading to a potential trust crisis [4] - Controversies surrounding the SU7 Ultra model, including legal disputes over marketing claims, have raised questions about the integrity of the company's messaging and the founder's accountability [5][6] Group 4: Industry Implications - The challenges faced by Xiaomi reflect broader issues within the Chinese electric vehicle industry, which is transitioning from a focus on hardware to software reliability and ethical data use, highlighting the need for improved transparency and communication [6] - The company's reliance on founder Lei Jun's personal brand and the need for a shift from a "celebrity-driven" model to one based on product reliability and service quality are critical for regaining consumer trust [7]

Core Points - The article discusses the ongoing anti-corruption protests in the Philippines, particularly focusing on the government's handling of a multi-billion dollar infrastructure corruption scandal [1][2][4] - The protests reflect a significant trust crisis for President Marcos, exacerbated by political rivalries and the historical context of family politics in the Philippines [2][5][19] Summary by Sections Protests and Public Sentiment - Thousands of Filipinos protested in Manila, demanding accountability for a corruption scandal involving billions of dollars [1] - This is the second major protest since the corruption allegations surfaced in July, indicating growing public discontent [1][2] - The protests are fueled by a broader trust crisis in the Marcos administration, with public support and trust ratings declining significantly [5][6][8] Trust and Approval Ratings - Marcos' approval rating dropped from 62% in July 2025 to 54% in September 2025, while disapproval rose from 19% to 26% [6] - Trust levels fell from 64% to 57% in the same period, with significant declines among lower-income groups [7] - Recent polls indicate that public trust in the government is at an all-time low, with many believing corruption is more prevalent now than three years ago [8][10] Government Response and Political Dynamics - The Marcos administration has attempted to distance itself from the corruption allegations, employing a "sacrificial" strategy by allowing key political allies to resign [9][12] - Key figures, including the Speaker of the House and the Secretary of Public Works, have resigned amid the scandal, reflecting an effort to mitigate public outrage [12][13] - The establishment of an "Independent Commission on Infrastructure" to investigate the corruption has been met with skepticism, as many doubt its effectiveness [10][23] Corruption Allegations and Historical Context - The article highlights the historical context of corruption in the Philippines, noting that up to half of the funds allocated for flood control projects may have been lost to corruption [10][14] - Allegations include that contractors must pay kickbacks of 20% to 25% before projects even begin, significantly reducing the actual funds available for construction [9][10] - The political rivalry between the Marcos and Duterte families adds complexity to the situation, with both sides implicated in corruption [2][19] Future Implications - The protests are expected to continue, particularly as the typhoon season approaches, which could exacerbate public dissatisfaction with inadequate infrastructure [19][24] - The military and police have expressed support for the Marcos administration, indicating that a coup is unlikely despite the protests [20][24] - The article suggests that if the administration fails to address the corruption issues before the next typhoon season, the trust crisis could deepen, potentially leading to a shift in political power dynamics [24][25]

这场危机带有一点公共物品的悲剧的味道。战争需要武器、资金和国际背书，但这些资源享受的是全体人民，而代价往往由特定群体承担：纳税 人、前线士兵、普通家庭。当负责分配和监管的人员也被怀疑和调查时，援助国的选民开始提出另一个问题：我们的资金是不是被当作提款机了？ 如果无法说服选民，支持自然难以持续。新闻中提到的国家列表并非巧合，而是政治现实的回响。如果将目光聚焦回乌克兰国内，公众的愤怒不仅 仅针对一张发票或几个账户，更深层次的是对被背叛的感觉。政府想要调动民众为战争做长期牺牲，首要的前提是信任积累，而一旦这份信任被腐 败掏空，恢复起来的代价将比任何武器都要高得多。那些在国外为乌克兰摇旗呐喊的声音，也因为国内的丑闻而显得苍白无力——支持的热情会因 难以监督的账目和看不到的结果而逐渐冷却。在国际政治中，舆论和现实往往是两条不同的轨道。有些人会将俄罗斯情报机构的说法视为信息战的 一部分，但如果回到事实本身：腐败案的发生，部长们的辞职，欧洲国家重新评估援助——这些事实并不依赖于谁在放大它们；它们的影响是实实 在在的。援助方有权质疑受援国的治理，而受援国则必须承受被审视的后果。如果将两者对立成要么支持，要么背叛的极端二选一， ...

Core Viewpoint - The rise of AI-generated fake images has led to a significant increase in fraudulent refund claims in the e-commerce sector, causing distress among merchants and undermining trust in the online shopping ecosystem [3][19][36]. Group 1: Impact on E-commerce - E-commerce platforms are facing a surge in fraudulent refund requests, where individuals use AI-generated images to falsely claim product defects [3][17]. - Merchants report that customers are submitting obviously fake images, sometimes with AI watermarks still visible, to justify their refund requests [5][8]. - The "only refund" policy, initially designed to streamline customer service, has become a burden for merchants as they now have to scrutinize refund requests more closely [17][22]. Group 2: Consequences for Merchants - Small businesses, particularly those in lower-tier cities, are severely affected by these fraudulent activities, with malicious refunds threatening their daily operations and livelihoods [23][24]. - The financial strain from these scams can wipe out the profits from multiple sales, pushing merchants into a precarious position where they must choose between accepting orders or risking losses [24][25]. - Merchants are increasingly raising prices to offset the risks associated with potential fraudulent refunds, which ultimately impacts consumers [22][36]. Group 3: Regulatory and Platform Responses - In response to the growing issue, regulatory bodies have begun implementing measures to combat AI misuse, including guidelines to prevent the malicious use of AI-generated content [29][30]. - E-commerce platforms are enhancing their verification systems to protect merchants' rights and prevent fraudulent activities [30][32]. - The establishment of an account integrity system aims to track and penalize users who engage in fraudulent refund practices [30][32]. Group 4: Trust and Ethical Considerations - The ongoing fraudulent activities are eroding the foundational trust that underpins the e-commerce ecosystem, leading to a situation where both consumers and merchants are increasingly suspicious of each other [19][36]. - The article emphasizes the importance of maintaining ethical standards in transactions, advocating for a return to simple, honest exchanges between buyers and sellers [38][39].