（来源：中国市场监管报） 转自：中国市场监管报 今年以来，湖南省市场监管系统聚焦民生消费领域人民群众反映强烈、社会危害性突出的问题，深入推 进"铁拳行动""铸剑行动"，查办了一批违法案件，有效净化了市场环境，维护了消费者合法权益。现将 部分典型案例公布如下： 一、桃江县市场监管局查处某电动车专卖店经营未经国家强制性产品认证（3C认证）的电动四轮车案 【案件速览】 2025年9月11日，桃江县市场监管局收到益阳市长信箱转办的举报线索，称某电动车专卖店租用仓库私 下非法买卖电动四轮车。市场监管部门于2025年9月12日对当事人涉嫌经营未经国家强制性产品认证 （3C认证）的电动四轮车的违法行为予以立案调查。经查，当事人经营未经国家强制性产品认证（3C 认证）的电动四轮车，涉案车辆总货值金额为86410元，违法所得为700元。 【处理结果】 桃江县市场监管局对某电动车专卖店经营未经国家强制性产品认证（3C认证）的电动四轮车的违法行 为，依法作出责令当事人立即停止违法行为，没收违法所得700元，罚款5万元的行政处罚。 【典型意义】 3C认证是电动四轮车的基础安全保障，未经认证的车辆，在行驶中易出现刹车失灵、电路故障等问 ...

Group 1 - The core point of the article highlights that the prices of rice and eggs in Japan have reached record highs, leading to significant changes in consumer behavior and food choices [1][3]. Group 2 - According to the Ministry of Agriculture, Forestry and Fisheries, the average price of a 5-kilogram bag of rice is 4,337 yen (approximately 194 RMB), remaining above 4,000 yen (approximately 179 RMB) for 16 consecutive weeks [3]. - The average wholesale price of medium-sized eggs in Tokyo has reached 324 yen per kilogram (approximately 14.5 RMB), marking the highest price on record [3]. - The increase in food prices is attributed to rising raw material and labor costs, as well as the depreciation of the yen, with over 20,000 food items experiencing price hikes this year [3]. - An estimated 3,600 food items are expected to see price increases in early next year [3]. - Consumers are seeking alternatives to expensive ingredients like beef, butter, and tomatoes, opting for cheaper options such as chicken, margarine, and carrots [3]. - Many are substituting rice with noodles and bread due to the high prices of rice [3].

Core Viewpoint - The recent incident involving Tongrentang's "fake krill oil" has highlighted issues related to the non-compliance of contract manufacturing practices in the consumer industry, prompting the State Administration for Market Regulation to announce the upcoming release of the "Food Contract Manufacturing Supervision and Management Measures" [1][2] Group 1: Regulatory Developments - The State Administration for Market Regulation will soon publish the "Food Contract Manufacturing Supervision and Management Measures," which will include oversight of trademark licensing, franchising, raw material processing, and custom production in food contract manufacturing [1] - The new regulations will clarify the food quality and safety responsibilities of both parties involved in contract manufacturing and improve the relevant regulatory system requirements [1] Group 2: Industry Impact - The "fake krill oil" incident is expected to accelerate the implementation of the aforementioned regulatory measures [2]

Group 1 - The core issue highlighted is the recent scandal involving Tongrentang's "Antarctic Krill Oil," which has exposed irregularities in the contract manufacturing practices within the consumer goods industry [1] - The State Administration for Market Regulation (SAMR) announced on December 25 that it will soon release the "Supervision and Management Measures for Food Contract Manufacturing," which will include oversight of trademark licensing, franchising, processing with supplied materials, and customized production [1] - The new measures aim to clarify the food quality and safety responsibilities of both parties involved in contract manufacturing and to improve the regulatory framework [1] Group 2 - The SAMR had previously issued a draft of the "Supervision and Management Measures for Food Contract Manufacturing" in January of last year, with a public consultation period set from January 9 to February 8, 2024 [1] - As of now, the draft has not been formally implemented, but industry insiders believe that the Tongrentang "fake krill oil" incident is likely to accelerate the finalization of these measures [1]

Core Insights - Japan is experiencing record-high prices for rice and eggs, with significant impacts on consumer behavior and food choices [1][2] Group 1: Price Increases - The average price of a 5-kilogram bag of rice in Japan reached 4,337 yen (approximately 194 RMB), remaining above 4,000 yen for 16 consecutive weeks [1] - The average wholesale price of medium-sized eggs in Tokyo is now 324 yen per kilogram (about 14.5 RMB), marking the highest price on record [1] Group 2: Consumer Behavior - Many Japanese consumers are now considering eggs and rice as luxury items, with some expressing reluctance to add eggs to their meals, such as curry rice [1] - Consumers are seeking cheaper alternatives for high-priced ingredients like beef, butter, and tomatoes, opting for chicken, margarine, and carrots instead [2] - Due to the high rice prices, many are substituting rice with noodles and bread [2] Group 3: Broader Economic Context - The price surge in food items is attributed to rising raw material and labor costs, as well as the depreciation of the yen [1] - Over 20,000 food items in Japan have seen price increases this year, with nearly 3,600 more expected to rise in price early next year [1]

Core Viewpoint - The spring market rally is likely to continue in January, with A-shares expected to show a strong upward trend, driven by technology growth and certain cyclical industries [1][2]. Group 1: Market Trends and Influences - Historical data indicates that when the spring market rally starts early, A-shares tend to perform strongly in January, influenced by policies, external events, and liquidity [2]. - Key factors affecting A-share performance in January include positive policies and external events, which can lead to an increase in the Shanghai Composite Index, as seen in past instances like the easing of US-China trade tensions in 2019 and the optimization of pandemic policies in 2023 [2]. - Liquidity plays a crucial role in January's A-share performance; a loose liquidity environment may lead to an increase in A-shares, while tight liquidity could result in weaker performance [2]. Group 2: Economic and Policy Outlook - Positive policy expectations are anticipated to rise in January, with potential announcements of provincial "14th Five-Year" plans and consumer stimulus measures [3]. - Global central banks are expected to continue easing, and the relationship between China and the US is likely to remain stable, with limited external risks [3]. - Economic recovery is expected to continue, albeit weakly, with corporate profit growth likely to improve, particularly in technology and cyclical sectors [3]. Group 3: Sector Performance Expectations - Technology growth and certain cyclical industries are expected to outperform in January, driven by upward trends in the technology sector, particularly in artificial intelligence, and demand for non-ferrous metals and chemicals [4]. - Historical analysis shows that when the spring market rally begins early, technology growth sectors tend to perform relatively better in January [4]. - The upcoming themes in January, such as commercial aerospace and controllable nuclear fusion, are expected to catalyze market interest [4]. Group 4: Investment Recommendations - A balanced allocation strategy is recommended for January, focusing on technology growth, cyclical sectors, and consumer industries [5]. - Specific sectors suggested for investment include machinery (robots), military (commercial aerospace), new energy (nuclear fusion, energy storage), electronics (semiconductors, AI hardware), and media (AI applications, gaming) [5]. - There is potential for recovery in brokerage firms and consumer sectors (food, retail, and social services) that may see marginal improvements in fundamentals [5].

市场策略丨深度报告 [Table_Title] 水到渠成，万舸争腾——A 股 2026 年度投资策 略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年市场展望：水到渠成，慢牛延续。1）盈利：盈利底部拐点已现，充裕的流动性和资本 开支逐渐兑现在上市公司的业绩当中。2）估值：股债性价比处于历史均值附近，低利率时代继 续提供估值上行动力，在中长期资金入市的背景下，中国股市的证券化率仍有较大提升空间。 行业配置展望：科技已至，周期渐起。在大类资产配置-普林格周期视角下，仍看好美股和商品。 按照下一个五年规划的政策指引方向，建议关注科技方向、国内大循环、战略安全和对外开放 等几个重点方向。在科技制造和部分周期的行情推动下，市场有望出现更加全面的牛市行情。 分析师及联系人 [Table_Author] 戴清 李巍东 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 60 %% %% %% %% research.95579.com 2 [Table_Title 水到渠成，万舸争腾—— ...

Core Viewpoint - The article discusses the recent stock performance and public response of Bawang Tea Ji, highlighting a significant drop in stock price and the company's efforts to address concerns regarding caffeine content in their products [1][10]. Stock Performance - On December 26, Bawang Tea Ji's stock price fell over 14% at one point, reaching a new low since its listing, and closed down 2.54% at $11.90 [1][2]. - The total market capitalization of Bawang Tea Ji is approximately $2.184 billion, with a price-to-earnings (P/E) ratio of 8.89 [2]. Caffeine Content Controversy - The company acknowledged public concerns regarding caffeine levels, stating that a cup of their tea has caffeine content comparable to a latte and significantly lower than that of an Americano [3][5]. - Bawang Tea Ji emphasized that caffeine is a naturally occurring compound in tea, not an additive, and is referred to as "theine" in cultural contexts [4][10]. Product Development and Innovation - The company has been exploring the development of low-caffeine and caffeine-free tea options, having already launched products that reduce caffeine content by approximately 50% [7][10]. - Bawang Tea Ji aims to maintain the authentic flavor of tea while catering to varying consumer needs, indicating a commitment to continuous research and collaboration with industry experts [8][10]. Legal Response to Misinformation - In response to negative online discussions and accusations regarding high caffeine levels, the company has initiated legal action against the spread of false information that could harm its reputation [10].

Group 1 - Xiaomi's 17 Ultra Leica version sold out within hours of its pre-sale launch, with the highest resale price reaching 20,000 yuan, significantly above the official starting price of 8,999 yuan [1][1][1] - The 16GB+512GB version is available on Xiaomi's official store, while the 16GB+1TB version is out of stock across various platforms, indicating high demand [1][1] - Over 1 million reservations were recorded on JD platform for the Xiaomi 17 Ultra Leica version [1] Group 2 - Zhou Dafu responded to criticism regarding its "cow and horse" gold pendant, stating it is only sold online and has seen high sales; they are open to customer feedback for future improvements [2][2] - The pendant is priced starting at 3,044.7 yuan, and the company clarified the pendant's meaning as representing resilience and good fortune [2] Group 3 - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership, following its previous entry into Qatar [7][7] - The company also opened a flagship showroom in Abu Dhabi and a large service center in New Cairo, Egypt [7] Group 4 - Douyin launched a long-form text feature allowing users to publish articles up to 8,000 words with up to 30 images and background music [6][6] - The mobile version of this feature is expected to roll out soon [6] Group 5 - LV responded to a customer's complaint regarding a pair of shoes that caused injury, stating that they only offered an exchange and did not support returns for used products [8][8] - The shoes were purchased for 9,250 yuan, and the customer required medical treatment due to the injury [8] Group 6 - The first mandatory standard for electric vehicle energy consumption will be implemented in China starting January 1, 2026, tightening limits by approximately 11% compared to previous recommendations [10][10] - This standard aims to guide the development of energy-saving technologies while accommodating diverse vehicle types [10] Group 7 - The first batch of L3 autonomous vehicles in China has begun large-scale road operation in Chongqing, consisting of 46 vehicles equipped with L3 autonomous driving systems [16][16] - These vehicles are authorized to operate on specific urban roads [16] Group 8 - Fujitsu will join a next-generation memory development project led by SoftBank, aiming for commercialization by the 2027 fiscal year [22][22] - This project will utilize technologies from Intel and the University of Tokyo [22]

Core Insights - The "Le Gou Town" initiative in Guangdong Province aims to promote consumption and cultural tourism through the establishment of specialized towns that showcase local industries and attractions [1][2] Group 1: Overview of "Le Gou Town" - The third batch of "Le Gou Town" includes 12 locations, each focusing on specific industries such as fashion, food, jewelry, and e-commerce [1] - Notable towns include Shenzhen's Cuizhu Street, known for its jewelry industry with over 6,000 enterprises and a daily foot traffic exceeding 10,000 [1] - Dongguan's Humen Town, recognized as a "Chinese Clothing City," boasts an annual sales figure exceeding 84 billion yuan [1] Group 2: Integration of Industry and Tourism - "Le Gou Town" is designed to integrate industry with consumption and cultural tourism, enhancing experiential scenarios for visitors [2] - The initiative leverages local specialties, such as Maoming's lychee production, to create unique tourism experiences, including the first lychee-themed open highway service area in the province [2] - The project is part of the "Yue Enjoy Warm Winter, Travel in Guangdong" campaign, aiming to elevate local economies through a cycle of shopping and tourism [2]