每经记者｜孙宇婷 实习记者 李雨冰 每经编辑｜陈旭 消费市场，亦是情绪市场。 每一个头条背后，都涌动着复杂的大众情绪。这些情绪在消费者、品牌与资本之间奔涌交织，共同谱写 出2025年十幕跌宕起伏的年度大戏。 在即将告别2025年，迎来2026年之际，让我们拉开帷幕，重新回到那些定义情绪，也定义市场的关键现 场。 镜头①：唏嘘 事件：娃哈哈宗氏财产纠纷 新闻：2025年7月，娃哈哈创始人宗庆后百亿元遗产引发股权纷争，时任董事长宗馥莉遭到"宗家三兄 妹"联手起诉。 情绪解读：商业帝国的传承，从万众瞩目的佳话演变为一场关于亲情、权谋与契约的公开审视。公众的 情绪在惋惜与审慎间摇摆——有对过往辉煌的怀念，也有对现实难题的无奈。 弹幕：时代的注脚，写满了唏嘘。 镜头②：狂热 事件：港股"新消费三姐妹"新闻：2025年港股消费板块刮起新消费旋风：蜜雪集团、老铺黄金、泡泡玛 特跻身千亿元市值，获"新消费三姐妹"称号，并带动A股、港股消费板块集体上行。 情绪解读：在资本寒冬的叙事中逆流而上，"新消费三姐妹"在港股的集结成为一抹亮色。它们证明了真 正扎根于大众需求的商业模式，终将被资本市场所拥抱。 弹幕：锣声一响，黄金万两。 ...

Group 1 - The core viewpoint of the articles highlights the successful initiatives in Fangcheng County to promote entrepreneurship and employment through various support measures and competitions [1][2]. Group 2 - Fangcheng County has seen the addition of 2,626 returnee entrepreneurs this year, leading to nearly 20,000 jobs created [1]. - The county issued 77 entrepreneurial guarantee loans totaling 46.44 million yuan, which helped nearly 500 key groups achieve employment [1]. - A comprehensive entrepreneurial service system has been established, covering project promotion, policy consultation, business guidance, and financing services [1]. - 37 online entrepreneurial training sessions were conducted, with over 1,500 participants receiving professional guidance and more than 1,800 individuals obtaining targeted entrepreneurial counseling [1]. - The county simplified the application process for entrepreneurial guarantee loans, allowing quicker access to financial support for projects [1]. Group 3 - Innovative events such as the Fangcheng Noodle Master Skills Competition and the Youth Innovation and Entrepreneurship Competition attracted 215 entrepreneurial projects, awarding 24 prizes across various categories and distributing 720,000 yuan in entrepreneurial support funds [2]. - These competitions provided a platform for entrepreneurs to showcase their projects while aligning with local industrial development needs, encouraging many young workers to return and start businesses [2]. Group 4 - Fangcheng County has strengthened its entrepreneurial development support by integrating education and industry, establishing a training system that includes training institutions, enterprises, and vocational schools [2]. - This year, 18,000 individuals participated in vocational skills training, resulting in the addition of 4,059 skilled workers, including 2,166 high-skilled talents [2]. - A closed-loop service model combining training, certification, recruitment, and employment was created to ensure entrepreneurs possess both technical skills and market connections [2].

纽约的高楼大厦、硅谷的现代园区和深圳的科技工厂，全球3028位亿万富豪的财富版图首次突破16万亿 美元大关，其中近三分之二的财富集中在三个国家。 2025年福布斯全球富豪榜上，埃隆·马斯克的财富一年内增加了1470亿美元，达到惊人的3420亿美元。 这个数字比全球近百个国家的国内生产总值还要高。 全球亿万富豪人数首次突破3000大关，达到3028人，比去年增加247人。这些富豪的总身家达到16.1万 亿美元，比一年前增加了整整2万亿美元。 这个总财富数字超过了除美国和中国之外所有国家的GDP总和。 扎克伯格首次获得第二名，他的Meta公司在社交媒体领域尝试各种创新，股价表现良好。贝索斯的亚 马逊在电商、云计算等核心业务上依旧保持较强竞争力，不断开拓新市场与新业务领域。 埃里森的甲骨文在数据库、云计算服务等方面占据重要市场份额。值得注意的是，奢侈品巨头阿尔诺因 旗下LVMH集团股价下跌，身家降至1780亿美元，从去年的榜首跌至第五位。 科技富豪们不仅垄断了榜单前列，他们的财富增长速度也远超其他行业。根据福布斯数据，前15名千亿 级富豪的总资产达到2.4万亿美元，甚至超过榜单后1500名富豪财富总和。 产业地图： ...

Core Viewpoint - The article discusses the implementation of a digital empowerment platform in Chengdu's Pidu District aimed at enhancing grassroots governance and resolving conflicts through a combination of online and offline strategies [2][4][22]. Group 1: Digital Empowerment in Governance - The Pidu District has established a credit supervision platform for prepaid consumption, particularly targeting high-risk industries such as fitness, beauty, and education, to prevent businesses from misappropriating consumer funds [4][8]. - Over 400 merchants have joined the platform, with more than 100,000 transactions recorded, leading to a significant decrease in disputes and complaints, thereby promoting consumption and improving the legal business environment [8]. Group 2: Conflict Resolution Mechanisms - The platform dynamically locks 20% to 35% of prepaid funds based on the merchant's risk level, and any significant fund transfer triggers an alert for regulatory intervention [6][4]. - The integration of data from various departments, including courts and public security, allows for real-time monitoring of conflict hotspots, shifting governance from experience-based to data-driven decision-making [9][13]. Group 3: Community Engagement and Accessibility - The district has developed online appointment mediation, AI consultations, and digital platforms to facilitate conflict resolution, allowing residents to address issues without extensive travel [14][20]. - Local community leaders act as first mediators, and the system has successfully resolved neighborhood disputes through direct engagement, exemplifying the effectiveness of localized conflict resolution [18][16]. Group 4: Infrastructure and Support - A comprehensive governance center has been established, housing 17 permanent departments, with additional support from specialized mediation teams for complex cases, ensuring that residents have access to necessary resources [22].

Core Viewpoint - The opening of Quanjude's new Bayli store represents a significant step in the company's strategy of "innovation while maintaining tradition," enhancing its dining experience by integrating modern dining with Beijing cultural elements [1][2]. Group 1: Store Opening and Design - Quanjude's Bayli store, set to open on December 26, 2025, features a total area of 665 square meters with 132 dining seats and three private scenic rooms, offering a panoramic view of the resort area [1]. - The design concept of the Bayli store aims to transform dining spaces into immersive cultural experiences, moving beyond traditional dining to include local culture and aesthetic experiences [2]. Group 2: Thematic Renovations - Quanjude has undertaken thematic renovations in three major stores in Beijing, including a three-story "Sky Courtyard" at the Peace Gate store and a 3D immersive restaurant at the Qianmen Origin store, enhancing the cultural dining experience [2]. - The new store in Haikou, opened in May, combines classic Beijing flavors with local Hainan characteristics, reflecting the company's strategy to expand its market presence [2]. Group 3: Product Innovation - The Bayli store continues to offer classic dishes like Peking Duck while introducing innovative and fusion dishes, catering to both traditional and modern tastes [3]. - New menu items include popular dishes such as "Beijing Onion Braised Sea Kelp" and "Truffle Cream Baked Shrimp Balls," appealing to younger consumers seeking fresh experiences [3]. Group 4: Marketing Strategies - To celebrate the opening, the Bayli store offers various promotional activities, including free snacks for social media posts and cash rebates for store credits, aligning with the company's all-encompassing marketing strategy [4]. - The store's marketing efforts leverage platforms like Dazhong Dianping, Douyin, and Xiaohongshu, reflecting a shift towards a more contemporary brand image [4]. Group 5: Consumer Trends and Market Position - The service retail sector has seen a 5.4% year-on-year growth from January to November, indicating a shift in consumer spending towards service experiences [5]. - Quanjude's dual strategy of "dining + food products" showcases its adaptability and innovation in response to changing consumer preferences, positioning the brand as a modern lifestyle service provider [5].

野村：2026 年食品饮料策略 - 继续找寻细分高成长赛道 和渠道 20151223 摘要 C 端消费信心逐步恢复，细分赛道中贴近消费者的渠道增长强劲，如便 利店和会员店领跑线下销售，同比增长 4.9%，新零售模式下的即时零 售赛道也值得关注。 食品饮料板块估值处于历史低位，性价比凸显，成本端基本稳定，预计 明年原材料成本持平或下降，为企业盈利提供支撑。 酒水饮料需求承压，白酒行业面临出清和禁酒令影响，但非白酒业务中， 啤酒品类稳健，黄酒竞争格局变化显著，葡萄酒及预调酒受可选消费属 性影响承压。 饮料和乳制品差异大，头部企业如农夫山泉、东鹏饮料等功能性及健康 化产业增速快，但并非所有公司都能享受子行业高增长红利。 零食板块快速增长，但烘焙和熟食经营承压，万辰、卫龙等品牌对渠道 变化反应灵敏，带来持续增长。预加工食品如安井业绩触底反弹，餐饮 供应链公司全渠道发展。 明年（2026 年）在继续降级的周期中，如何捕捉细分渠道和品类的正增长？ 尽管整体行业承压，但依然存在许多新增的增长亮点，可能会出现非常高的个 股上涨潜力。我们认为应重个股、轻行业。具体来看，有几大趋势值得关注： 尽管社零整体承压，但仍在预期范围内。 ...

Investment Rating - The report maintains a cautious optimism for the apparel industry in 2026, highlighting potential recovery driven by middle-income consumer growth and stimulus policies [5] Core Insights - The retail industry in 2026 will focus on delivery speed, value, and the introduction of agency commerce, with successful companies expanding market share through alternative revenue sources like memberships and media [3][4] - The consumer environment in the U.S. is expected to improve, benefiting discretionary spending, particularly in high-growth sectors like energy drinks, nicotine, and beauty products [6] - The food packaging and retail sectors will see improved profit margins due to falling commodity prices, although competition from private labels is intensifying [7] - Key investment themes include the performance of middle-income consumers, with a projected 2.5% increase in real income for the third and fourth income quintiles in 2026 [2] Retail Industry Summary - Four key themes for the retail industry in 2026: delivery speed, value, agency commerce, and the expansion of alternative revenue sources [3] - Companies like Dick's Sporting Goods, Monster, Philip Morris, and Estee Lauder are highlighted as top investment picks [3][14] Apparel Industry Summary - The apparel industry is expected to recover due to consumer demand for wardrobe updates and supportive policies for middle-income groups [5][11] - Factors influencing profitability include pricing management, demand elasticity, and tariff impacts [5] Nicotine Products Summary - Nicotine products have outperformed the market for two consecutive years, driven by consumer pressure and value-oriented behavior [6] Food Packaging and Retail Summary - The decline in commodity prices is expected to enhance profit margins, while competition from private labels poses risks [7] - Companies like Albertsons, Kroger, and Sprouts are positioned to benefit, along with protein companies like Tyson Foods and Hormel [7] Consumer Staples Summary - Recommended stocks in the consumer staples sector include Philip Morris and Monster, both showing strong growth potential [8] - Attention is drawn to companies like Pepsi, Elf, and Celsius, which may be undervalued due to excessive short-selling sentiment [8] Investment Opportunities Summary - Notable investment opportunities include Dick's Sporting Goods, Monster, Philip Morris, Estee Lauder, Ross Stores, and Marriott, all expected to benefit from favorable consumer trends [14]

Group 1 - OPPO is in deep cooperation with Alipay and plans to announce another strategic partnership in January [1] - OPPO's ColorOS product development director denied rumors of rejecting collaboration with ByteDance regarding "Doubao AI phone," emphasizing an open attitude towards partnerships [1] Group 2 - JD's restaurant platform, Seven Fresh Kitchen, has opened 30 stores in Beijing within four months, achieving coverage in major urban areas within the Fifth Ring Road [2] Group 3 - Thunderbolt eSports Hotel has signed over 200 locations nationwide, doubling its scale in six months, with high occupancy rates and a young customer demographic [3] Group 4 - Hyundai Motor Company is recalling over 51,000 vehicles in the U.S. due to safety hazards, including issues with trailer lights and potential short circuits [4] Group 5 - "Yisoo Innovation," a tech company focused on desktop laser processing equipment, has completed a Pre-A round financing of 100 million yuan to enhance core technology and expand product lines [5] Group 6 - Alibaba upgraded its voice model family Qwen3-TTS, introducing new models for voice design and cloning, which can generate human-like voices and enhance applications in various fields [6] Group 7 - Tencent Music launched its AI music creation tool "VEMUS" for public testing, offering a comprehensive platform for music creation with low barriers to entry [7] Group 8 - SoundAI released its multi-modal AI fashion headphones on Kickstarter, designed as a "personal perception tool" integrating sound and vision [8] Group 9 - The National Development and Reform Commission and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," increasing the number of entries to 1,679 [9] - The central bank and eight departments are exploring cross-border digital currency payment trials with Singapore [9] Group 10 - Beijing has adjusted housing purchase policies for non-local residents, reducing the required duration of social insurance or income tax payments for home purchases [10] Group 11 - The State Administration for Market Regulation is implementing stricter regulations for live e-commerce, including the establishment of a supervisory framework [11] Group 12 - Japan's Tokyo Electric Power Company plans to restart the Kashiwazaki-Kariwa nuclear power plant on January 20, marking the first restart of a nuclear reactor since the Fukushima disaster [12][13]

Group 1 - The article discusses the historical significance of American manufacturing as a backbone of national strength and social structure, highlighting the decline of stable job opportunities for the middle class due to the loss of manufacturing jobs [4][5]. - It raises critical questions about whether the U.S. can bring back some manufacturing capabilities and if the service sector can fill the gap left by manufacturing in providing stable, middle-class jobs [5][36]. Group 2 - The formation of American manufacturing civilization was characterized by the ability of companies to integrate resources across states and industries, supported by government initiatives that set clear demand through public works and military procurement [7][8]. - The post-war period saw significant contributions from education and population structure, with the GI Bill expanding access to higher education and vocational training, while infrastructure projects like the Interstate Highway Act fueled domestic demand [11][12]. Group 3 - The decline of American manufacturing is attributed to three main forces: rising institutional friction, globalization pushing manufacturing to low-cost regions, and the concentration of wealth among high-skilled workers due to technological and financial trends [22][24][25]. - Institutional friction has led to a preference for less risky projects, making it harder for manufacturing to thrive in the U.S. as the approval processes become longer and more complex [24][26]. Group 4 - The article emphasizes that while nominal GDP share of manufacturing has decreased, the actual output has remained stable, indicating that manufacturing has not disappeared but rather shifted in its role within the economy [30][34]. - Employment in manufacturing peaked in June 1979 at 19.6 million and has since declined to approximately 12.8 million by June 2019, reflecting a significant drop in its share of total employment [35][68]. Group 5 - The service sector's ability to absorb displaced manufacturing jobs is questioned, as it struggles to provide sufficient, well-paying jobs with clear career advancement paths, particularly in a high-cost living environment [36][39]. - The article outlines that the service sector is characterized by a "dumbbell structure," where high-end jobs require significant education and skills, while low-end jobs offer low wages and instability, making it difficult to support a middle-class lifestyle [39][40]. Group 6 - The discussion on re-industrialization in the U.S. highlights the need for a dual approach: ensuring national security in critical industries while also addressing the social structure to allow ordinary people to share in economic growth [44][46]. - The article suggests that a realistic path forward involves selective return of manufacturing capabilities, focusing on key industries while also investing in infrastructure, energy transition, and skill development to create stable job opportunities [49][51]. Group 7 - The challenges of re-establishing manufacturing in the U.S. are not solely financial; they also include regulatory hurdles, skill shortages, supply chain density, and overall cost structures that complicate the return of manufacturing jobs [53][54][55]. - The article argues that simple policies like tariffs and subsidies are insufficient to address the complex structural issues facing American manufacturing and that a more nuanced approach is necessary [56][58]. Group 8 - The article concludes that if manufacturing cannot recreate a robust middle class, the U.S. must explore a combination of industries to provide dignified work for ordinary people, including infrastructure, energy transition, and restructured service sectors [60][61]. - It emphasizes that the ultimate goal is to restore a social structure where ordinary people can achieve dignity through work, rather than merely focusing on the number of manufacturing jobs [62][63].

包银高铁这条钢铁动脉不仅重塑了黄河"几字弯"城市群开放维度，更成为内蒙古向北开放战略的新支点。依托高铁串联的区域协同优势，包头外贸进出 口、外资利用实现亮眼增长，本土企业借通道红利加速"出海"，口岸、班列与腹地产业深度联动，推动城市向区域性国际供应链运营枢纽迈进。 战略支点 开启协同新篇 高铁的到来，恰逢包头开放型经济活力显现之时。2025年1至11月，包头市实现外贸进出口总值218.9亿元人民币，其中，出口113.3亿元，进口105.6亿 元，展现出进出均衡、协同发展的健康态势。尤为关键的是，在《区域全面经济伙伴关系协定》（RCEP）等自贸协定框架下，2025年1至10月，我市对 RCEP其他成员国进出口总额达70.3亿元，占同期全市进出口总额的36%，已成为我市外贸格局中举足轻重的市场。同年1至11月，我市累计开行中欧班列 4列，货值达9904万元人民币，为畅通国际贸易通道注入新动能。高效的货运通道也为拓展市场提供了直接助力：今年8月，包头组织汽车企业赴俄罗斯开 展经贸洽谈，成功签署了1500台汽车销售合作协议，"包头制造"借道西向、开拓市场的潜力显现。 通道联动 构建价值闭环 装卸设备加紧作业 包银高铁 ...