Fixed Income Market - The bond market has shown a strong performance in the past two weeks, with the yield on the 10-year government bond decreasing from 1.90% to 1.83%, a decline of 6.7 basis points [2] - The yield on the 30-year government bond fell from 2.34% to 2.26%, a decrease of 7.4 basis points, indicating a significant rebound this week [2] - Short-term interest rates have also declined, with the 1-year government bond yield dropping from 1.36% to 1.29% [2] Global Long-term Bond Rates - Recent increases in long-term interest rates in the US and Japan have negatively impacted global bond and stock markets [3] - The rise in global long-term bond rates reflects more than just a recovery in fundamentals; it indicates challenges to fiscal discipline in developed countries and concerns over long-term demand for bonds [3] - The report suggests a cautious approach to investment, recommending a wait-and-see strategy for adjustments in the market [3] Transportation Industry - In December, the growth rate of retail sales and online retail sales slowed down due to the reduction of subsidies for trade-in programs [5] - The volume of express deliveries also saw a slowdown, with year-on-year growth dropping from 6.4% in November to 2.6% in December [5] - The report recommends focusing on companies with strong overseas growth potential, such as Jitu Express, and those with robust cash flow and competitive advantages like ZTO Express [5] Real Estate Market - The real estate market in 2025 saw a decline in supply and demand, but the rate of decline has slowed, indicating a potential stabilization [6] - Structural opportunities exist in core cities and certain second and third-tier cities, where some companies have performed well [6] - The report anticipates continued policy support aimed at stabilizing the real estate market, benefiting leading companies with strong resource acquisition capabilities [6] Environmental Protection Industry - Longking Environmental Protection is positioned as a leader in China's air pollution control industry, with a focus on green energy services linked to mining operations [7] - The company is expected to benefit from its projects in renewable energy and electric mining vehicles, which are anticipated to drive long-term growth [7] Non-ferrous Metals Industry - Zijin Mining is expected to benefit from rising copper and gold prices, with projected net profit growth of 57% in 2026 and 23% in 2027 [8] - The company is viewed as a stable operator with strong growth potential, maintaining a "buy" rating [8] Logistics Industry - Manbang Group is projected to have a revenue of 3.2 billion yuan in Q4 2025, with a year-on-year decline of 1% [9] - The company has announced a shareholder return plan, committing to return at least 50% of its non-GAAP net profit to shareholders through dividends or buybacks [9] Media and Entertainment Industry - Netflix reported a 17% year-on-year revenue growth in Q4, exceeding expectations, with a net profit increase of 29.4% [9] - The company anticipates revenue of $50.7 to $51.7 billion in 2026, with a focus on expanding advertising revenue and leveraging AI in content production [9] Food Industry - Lihigh Foods expects a revenue of 4.26 to 4.42 billion yuan in 2025, with a net profit growth of 16.1% to 23.5% [10] - The company is projected to recover in its frozen baking business and maintain strong growth in its cream business [10] Sportswear Industry - Anta Sports reported a slight decline in its main brand revenue in Q4 2025 but expects double-digit growth for the full year [16] - The company is focusing on a multi-brand strategy and plans to increase investment in product development and sports resources [16] Restaurant Industry - Xiaocaiyuan has seen a significant increase in its takeaway revenue, with a year-on-year growth of 13.7% in the first half of 2025 [17] - The company is adjusting its menu pricing and product offerings to enhance its competitive edge and focus on quality growth [17] Electronics Industry - TCL Electronics announced a strategic partnership with Sony, which is expected to enhance its global market position [18] - The company anticipates a net profit growth of 45% to 60% in 2025, driven by its globalization and mid-to-high-end strategies [18]

离婚十三年后，申通快递(002468.SZ)创始人陈小英被前夫告上法庭。 1月21日晚间，申通快递发布公告称，公司于近日收到玉环市人民法院送达的有关诉讼材料，自然人奚 春阳以股东资格确认纠纷为由，对公司以及公司实际控制人之一陈小英提起民事诉讼。 公告显示，奚春阳的诉求是判令确认登记在陈小英名下的申通快递大约4056.85万股(持股比例为2.65%) 中的2028.42万股归其所有。同时要求申通快递及陈小英就该部分股票向中登公司办理非交易过户手 续，并由公司与陈小英共同承担本案案件受理费。 公开资料显示，陈小英出生于1976年，1993年与第一任丈夫聂腾飞等人创立申通货运代理有限公司(申 通快递前身)。1998年聂腾飞去世后，陈小英与兄长陈德军共同接手申通快递。2016年，申通快递完成 借壳上市。 2017年9月，陈小英因个人原因申请辞去申通快递副董事长、董事、董事会战略委员会委员等职务。目 前，其仍持有申通快递2.65%股份，且为实控人之一。其兄陈德军担任申通快递董事长。 奚春阳是陈小英的第二任丈夫，也是申通快递创始人之一。两人于2012年正式结婚。结婚当年，共同出 资1.6亿元收购濒临亏损的 "天天快递"， ...

快递进村 "山货"出山 环县出产的羊羔肉及黄花菜、小杂粮等特色农产品品质优良、口碑颇佳。曾经，这些优质"山货"因物流 不畅"困"在深山，只能在本地及周边市场零散销售；如今，借助便捷的快递网络，村民们通过电商平 台，就能将农产品卖到全国各地。 环县持续完善县乡村三级寄递物流体系，新开辟客货邮融合线路11条、新建便民服务站21个，2025年全 年快递业务量达737.86万件，完成业务收入2300万元；全县农产品网络零售额同比增长35%，其中羊羔 肉、黄花菜等特色产品的线上销售额占比超60%。 屋内货物琳琅满目，一角的货架上，贴着快递单的包裹被整齐码放。供销综合服务社负责人张守永正忙 着帮村民扫码取件，他介绍道："这个快递点刚开设一周，第一天派送28单，到今天已经累计派送180 单。快递公司先把包裹送到西川的代办点，再由代办点分拣配送进村，虽然忙点累点，但能让大伙儿少 跑腿，值！" 冬阳和煦，暖意融融。这个小小的快递点，不仅解决了村民取件远、取件难的问题，更成了村里的"信 息交流站"和"情感联络点"。村民们取快递的间隙，总会围在一起唠唠家常、聊聊见闻，幸福的笑容洋 溢在每个人的脸上。 龚淌村的变化，正是环县推进"快 ...

Group 1 - China and the US are expected to hold another round of trade negotiations, emphasizing the need to implement the consensus reached by the two countries' leaders [2][24] - The Chinese government expressed serious concerns over the EU's new cybersecurity policy, which aims to exclude Chinese companies from the European mobile communication network, arguing that Chinese enterprises have contributed positively to the European telecom industry [3][25] - French President Macron's statement at Davos highlighted the need for more Chinese direct investment in Europe, with China emphasizing its commitment to mutual benefits and not pursuing trade surpluses [4][26] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement urban renewal actions to promote high-quality development in the real estate sector, aiming to create modern, livable cities [7][28] - The Ministry of Industry and Information Technology reported significant growth in emerging industries, with industrial robot production increasing by 28% and the AI core industry expected to exceed 1.2 trillion yuan [8][29] - The National Taxation Bureau of Shanghai imposed a fine of 100,000 yuan on Pinduoduo for failing to report tax-related information as required [15][37] Group 3 - Moore Threads released its first performance forecast post-IPO, expecting revenue between 1.45 billion and 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% year-on-year [16][38] - The financial reports from various companies indicate a mixed outlook, with some expecting significant profit increases while others anticipate losses, reflecting the diverse performance across sectors [20][44]

每经记者｜王琳 每经编辑｜陈柯名 王瀚黎 张喜威 标题点睛 美国总统特朗普21日在瑞士达沃斯与北约秘书长吕特会晤后称，暂时不会按原定计划向反对美国得到格陵兰岛的欧洲8国加征关税。 美股三大指数集体收涨，道指涨1.21%，纳指涨1.18%，标普500指数涨1.16%。现货黄金日内上涨1.54%，报4836美元/盎司。现货白银跌1.45%，报93.17 美元/盎司，盘中一度下跌4.46%，逼近90美元/盎司。 恒指期货夜盘收涨0.13%，报26638.70点，涨53.64点。 欧洲斯托克600指数上涨0.01%，欧洲斯托克指数上涨0.03%，欧元区蓝筹股下跌0.06%。法国CAC 40指数上涨0.13%，西班牙IBEX指数上涨0.13%，英国 富时100指数上涨0.14%，德国DAX指数下跌0.51%。 1月21日，53%vol 500ml贵州茅台酒（丙午马年）经典版印刷错误的消息引发广泛关注。有网友指出，马年茅台外包装所印制的星宿图中，"昴宿"的 "昴" 字存在印刷错误，被写成了形近字 "昂"。21日晚间，"小茅i茅台"微信公众号发文表示，经第一时间查证，发现确实少了一"丿"，由"昴"变成了"昂"，公司 已在第 ...

Core Viewpoint - The former president of Shentong Express, Xi Chunyang, has filed a lawsuit against the company regarding a dispute over the ownership of shares valued at approximately 280 million yuan, claiming half of the shares registered under Chen Xiaoying's name [1][2]. Group 1: Lawsuit Details - Xi Chunyang has initiated a civil lawsuit against Shentong Express and its actual controller, Chen Xiaoying, over a shareholder qualification dispute [1][2]. - The lawsuit centers on 40.5685 million shares, with Xi requesting the court to grant him ownership of half of these shares, which corresponds to a market value of 280 million yuan based on the company's closing price [1][2]. - The company has stated that the lawsuit is related to a divorce property settlement between Xi and Chen, and it does not have a direct impact on the company's profits and losses [1]. Group 2: Background Information - Chen Xiaoying is recognized as the founder and one of the actual controllers of Shentong Express, often referred to as the "Queen of Express" [2]. - Xi Chunyang, who was previously married to Chen, served as the executive president of Shentong Express and chairman of Tiantian Express, having cashed out when Suning acquired Tiantian Express for 4.25 billion yuan in 2017 [2]. - The couple divorced in 2012, but there is no mention of any arrangements regarding property division or share ownership in the company's restructuring documents [3]. Group 3: Industry Developments - Reports suggest that Xi Chunyang may be joining a logistics platform called "Ben Niao Express" in early 2025, which focuses on large parcel delivery and community distribution services [4]. - The core team of Ben Niao Express consists of industry veterans from major companies like Shentong, Zhongtong, Tiantian, and YTO [4]. - There is currently no authoritative source confirming Xi's association with Ben Niao Express, although there are speculations about a "mysterious logistics mogul" joining the company [4][5].

设想落地，仍需解决几个现实问题。首先是本职工作与公益之间的时间冲突。外卖、快递行业本 身就在和时间赛跑，若参与志愿服务或突发事件处置，将面临超时罚款的风险。其次，权益保障 仍存在不合理之处。有媒体报道，某骑手因救火致残，却被平台以"不在配送途中"为由拒赔，无 形中让善举多了份顾虑。再者，应急能力与专业知识的普遍欠缺，也将制约他们应对突发状况时 的实际能力。 因此，激活这股流动力量不能仅靠"吆喝"，应构建长效的制度支撑。一方面，平台需主动履行社 会责任，把骑手从"算法"中解救出来，为其参与治理的行为设置容错或奖励机制。另一方面，政 府需要协同社区、平台等加快治理创新。目前不少地方已经开始探索新就业群体积分服务模式。 比如，成都市锦江区牛市口街道开发的微信小程序，通过"随手拍""一键直报"等，即可将问题上 报社区获得和兑换积分。此外，政府、社区和平台也可以联合开展安全隐患识别、应急救护等场 景化培训，提升该群体"会帮忙"的能力。 默默奉献值得赞颂，但让每一次有价值的举手之劳都能被看见、被认可，亦不可或缺。当城市的 流动力量被激活，并深度嵌入到治理网络当中，我们迎来的将是一个运转更高效、管理更精细的 城市，更是一个 ...

Core Viewpoint - ZTO Express (Cayman) Inc. has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based solely on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The recent upgrade reflects a 6.2% increase in the Zacks Consensus Estimate for ZTO Express over the past three months, with expected earnings of $1.64 per share for the fiscal year ending December 2025, unchanged from the previous year [9]. Impact on Stock Prices - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors adjust their valuations based on these estimates, leading to buying or selling actions that affect stock prices [5]. - The upgrade to Zacks Rank 1 positions ZTO Express in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term due to improved earnings outlook [11]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The system maintains a balanced distribution of ratings, ensuring that only the top 5% of stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [10].

因对一笔现市值约2.8亿元的股权归属存在异议，申通快递前总裁奚春阳将申通快递告上法庭。 1月21日晚间，申通快递披露公告称，公司已于近日收到玉环市人民法院送达的有关诉讼材料。奚春阳 以股东身份资格确认纠纷为由对公司、公司实际控制人之一陈小英提起民事诉讼。 其中，申通快递被列为被告，陈小英被列为第三人。具体来看，奚春阳的主要诉讼请求集中在一笔股权 的归属认定上。据公告，奚春阳诉请法院判令登记在陈小英名下的公司4056.85万股中的半数归自己所 有。以申通快递今日的收盘价格计算，对应市值高达2.8亿元。 对于该事件影响，申通快递在公告中表示，诉讼事项是奚春阳与陈小英之间的离婚财产分割涉及的股东 资格确权纠纷，对上市公司损益无直接影响。 股东资格确权存纠纷 前总裁状告申通快递 奚春阳与陈小英均是申通快递发展历史上的重要人物。 其中，陈小英是申通快递创始人、实际控制人之一，被外界称为"快递女王"。1998年，其第一任丈夫聂 腾飞在出差途中遭遇车祸意外离世。随后，陈小英在其兄长陈德军的帮助下，将申通快递越做越大，直 至完成借壳上市。 2017年9月，陈小英因个人原因申请辞去公司副董事长、董事、董事会战略委员会委员职务。 ...

Core Viewpoint - The article highlights the resilience and dedication of Hunan SF Express couriers in overcoming severe weather challenges to ensure timely delivery of packages during a cold wave [1][3]. Group 1: Courier Operations - SF Express couriers in Hunan are actively working despite harsh weather conditions, demonstrating commitment to their promise of timely delivery [1]. - Couriers are taking extra precautions, such as adding anti-skid chains to vehicles and optimizing delivery routes to navigate icy conditions [1]. - The article illustrates the personal efforts of couriers, such as carrying packages up slippery slopes to ensure customer satisfaction [1]. Group 2: Emergency Response Measures - Hunan SF Express has implemented an extreme weather emergency plan, forming a special task force to manage operations during the cold wave [3]. - The company proactively procured and distributed materials like industrial salt, anti-skid chains, and heating packs to support couriers [3]. - Safety reminders are being pushed through internal systems, and delivery routes are dynamically adjusted to account for icy areas [3].