（本文作者刘远举为上海金融与法律研究院研究员） 当地时间2026年1月3日凌晨，委内瑞拉首都加拉加斯多地接连传出爆炸声。美国官员透露，美国总统特 朗普已下令对委内瑞拉境内目标实施打击，包括军事设施。目前，特朗普称已抓获委内瑞拉总统及其夫 人。 虽然美国已经多年悬赏抓捕马杜罗，但亲自入侵下场抓捕，是一个重大的转变。 美国打仗，不稀奇，抓其他国家领导人也不稀奇，但美国自己干，并不常见。1989年12月20日，美国入 侵巴拿马，抓了诺列加，被美国以贩毒谋杀等罪名判处了40年有期徒刑。 那么，抓委内瑞拉总统，似乎就是典型的门罗主义了。 历史表明，门罗主义作为19世纪特定历史条件下的产物，其"美洲事务由美洲国家解决"的表述，本质上 是美国为拓展自身影响力预留空间的战略工具。随着全球化深入发展，世界已形成"你中有我、我中有 你"的命运共同体。当前国际格局下，任何试图以"区域排他性"为名实施单边行动的做法，都与时代潮 流相悖。地理隔绝已非现实，洲际导弹、全球供应链和跨国治理需求，使任何国家无法在封闭环境中实 现可持续发展。美国若试图重拾类似门罗主义的思维，不仅无法解决自身挑战，更将损害全球和平稳 定。 但此次事件又仿佛不完 ...

Core Insights - Hainan officially launched its full island closure operation on December 18, 2025, which is perceived as a shopping paradise but has deeper implications for the national economy and food security [1][39] Group 1: Economic Implications - The closure allows for a significant increase in the number of zero-tariff goods from 1,900 to 6,600, meaning approximately 74% of product categories entering Hainan will be tariff-free [9][39] - The "processing and value-added 30% tariff exemption" policy enables imported raw materials to be processed in Hainan and sold to mainland China without additional tariffs if their value is increased by 30% [10][18] - This policy creates a "price buffer zone" that can stabilize domestic prices during international market fluctuations, ensuring that food prices remain manageable for consumers [16][39] Group 2: Agricultural Development - Hainan is positioned as a critical area for seed development, with over 70% of new crop varieties in China having been cultivated in the "South Breeding Valley" [22][29] - The closure facilitates easier access for foreign seed resources, enhancing research and innovation in agricultural technology [28][39] - The strategic focus on self-sufficiency in seed production is crucial for national food security, allowing China to reduce reliance on foreign imports [20][39] Group 3: Strategic Positioning - Hainan serves as a vital gateway for China to the Pacific and Indian Oceans, enhancing its role in global supply chains and acting as a "safety house" amid potential disruptions [34][37] - The closure is part of a broader strategy to test economic resilience and regulatory frameworks in an open environment, preparing for potential global trade challenges [39]

Core Viewpoint - Yunnan Betaini Biotechnology Group Co., Ltd. reported strong financial performance in Q3 2025, focusing on internal growth quality and optimizing operational strategies in a complex market environment [1] Financial Performance - The company achieved a revenue of 3.464 billion yuan and a net profit attributable to shareholders of 272 million yuan in the first three quarters [1] - In Q3 alone, the net profit reached 25.22 million yuan, marking a year-on-year increase of 136.55%, indicating improved sustainable profitability [1] Strategic Execution - The gross profit margin for the period was approximately 74.33%, an increase of 0.60 percentage points compared to the same period last year, attributed to effective operational strategies centered on brand building and member operations [2] - Operating cash flow reached 442 million yuan, a significant year-on-year increase of 6772.14%, reflecting strong cash generation capability and improved operational efficiency [2] R&D Investment - R&D expenses totaled 171 million yuan, maintaining a high R&D expense ratio of 4.95%, which supports long-term competitive advantages [3] - The company completed 17 new raw material registrations, enhancing its technical reserves in the efficacy skincare field [3] Brand Strategy - The company's multi-brand strategy showed effectiveness during the Double Eleven shopping festival, with its main brand, Winona, ranking among the top ten in Tmall's beauty pre-sale list [4] - The brand Aikeman achieved second place among domestic new brands in Tmall's beauty category, indicating successful high-end strategy implementation [4] Long-term Value Path - The steady improvement in operational quality during Q3 reflects the solid execution of the company's strategy and confirms its long-term development path [6] - The ongoing strategic transformation is gradually converting long-term investments in R&D, brand matrix, and global operations into sustainable growth momentum [7]