在无人关注的角落，茶里的前员工、供应商和借贷的银行一直在向茶里讨要薪资和欠款，周期长达一年。近期，茶里也迎来了司法风险集中爆发期。这家 公司离破产清算似乎只有一步之遥了。 讨薪一整年未果 12月22日，星期一，已在新公司上班大半年的刘欣收到广州市南沙区人民法院发的结案通知。今年2月，她从广州茶里公司正式离职，离职时被拖欠了3个 月的工资和8个月的公积金，她便跟部门同事一起向茶里发起了劳动仲裁。 此时距离她发起仲裁已过去整整10个月，22号当天，她跟几个茶里的前同事一起前往南沙区法院领取结案通知书。法院的工作人员告知他们，其仲裁的公 司主体——广州众森食品有限公司（以下简称众森食品），以及该公司的法人"谭谈"账户上均没钱，法院无法执行。法院让其再提供线索，并考虑追加被 执行人，即将众森食品的母公司"广州茶里集团有限公司"（以下简称广州茶里），及其法人和几位股东追加为执行人。 （刘欣按法院建议重新拟定的追加被执行人申请书） 由于原申诉已立案，再追加执行人，意味着要重新立案，所有的诉讼程序又要重走一遍。"法院告诉我们有些资料可以不用再提交，但是重新立案后，什 么时候能有一个明确结果，很难说，但年前肯定是拿不到钱了。 ...

Group 1 - The article introduces the "Nikkei BP Selected" column, highlighting that Nikkei BP is a leading B2B media company in Japan, focusing on management, professional technology, and lifestyle [1][3] - Nikkei BP was established in April 1969 and is part of the Nikkei Inc. group, catering to diverse customer needs in its three main areas of focus [3] Group 2 - The book "Design Thinking Guide: Innovation Logic and Methods" provides a comprehensive interpretation of design thinking from multiple dimensions, including tools, innovation practices, and social value [5] - It emphasizes the importance of observation methods in the application of design thinking, helping designers and practitioners discover and solve problems effectively [5][6] - The book also illustrates how design thinking can be integrated into companies to enhance communication and create a common language within teams, featuring case studies from companies like SAP and Nestlé Japan [6]

首席联合电话会-消费专场 20251225 摘要 国补政策收紧，补贴品类聚焦于黑白电等核心品类，对美的、海尔、 TCL 电子和海信视像等企业形成支撑，但需关注海信家电和格力电器等 竞争激烈品牌，一季度后或有更佳投资时机。 宠物行业保持高单位数增长，线上渠道增长显著，但产品创新进入瓶颈 期。头部品牌增长高于行业平均水平，小品牌生存承压，行业集中度提 升。人民币升值对出口企业有汇率损失，但影响可控。 中国东方教育受益于疫后扩张和国家对就业的重视，招生人数双位数增 长，新培训项目增长迅速。公司专注职业教育，就业率高，长期看具备 竞争优势，并积极拓展新兴领域业务。 中国东方教育积极布局"一带一路"项目，预期未来几年将显著提升业 绩，当前估值较低，分红率高，预计明年业绩可达 10 亿元，未来三年 复合利润增长率预计为 15%-20%。 医药行业关注小核酸产业链，诺华英克司兰进入医保但产能不足，利好 国内供应链企业。建议关注符合 FDA 审计标准并进入跨国公司供应链的 企业，如联化科技、辰大药业等。 Q&A 2026 年家电行业以旧换新政策有哪些变化？ 2026 年家电行业以旧换新政策将更加聚焦于传统大家电品类，如彩电、 ...

Core Viewpoint - The A-share market is experiencing a continuous upward trend, with the Shanghai Composite Index recording seven consecutive days of gains, driven by sectors such as commercial aerospace, large aircraft, and satellite navigation [1] Group 1: Market Trends - The macro environment characterized by the Federal Reserve's interest rate cuts and a weakening dollar is expected to create a favorable allocation window for emerging markets represented by A-shares [1] - In 2025, commodity prices, including gold, are anticipated to continue rising, while the narrative around AI remains active [1] - Domestic policies aimed at reducing internal competition are expected to boost military industry enthusiasm, with sectors such as non-ferrous metals, communications, electronics, new energy, and military industry leading the gains [1] Group 2: Future Outlook - Guotai Junan is optimistic about the performance of A-shares in 2026, believing that the "transformation bull market" is not over and that market style will shift towards quality growth [1] - An improvement in the profitability of listed companies is expected next year, along with an expansion in the scale of new market entrants, indicating more pronounced "deposit migration" trends [1] - Looking ahead to 2026, the AI theme is likely to continue, and under the backdrop of policies aimed at boosting domestic demand, undervalued consumer sectors are expected to see fundamental improvements, with a focus on specific ETFs in food and beverage (515170) and tourism (562510) [1]

Group 1 - The core viewpoint of the report is that China Wangwang (00151) is expected to see revenue growth from FY2025 to FY2027, with projected revenues of 24.05 billion, 24.65 billion, and 25.27 billion yuan, representing year-on-year growth of 2.3%, 2.5%, and 2.5% respectively, while net profit attributable to the parent company is forecasted to be 4.17 billion, 4.41 billion, and 4.61 billion yuan, with changes of -3.8%, +5.7%, and +4.6% respectively [1][2] Group 2 - The food and beverage industry is characterized by multi-track layout and comprehensive marketing strategies that enhance brand strength. China Wangwang has developed into a well-known leader in the food and beverage sector over more than sixty years, with a business scope covering rice snacks, dairy beverages, and leisure foods. The company has a concentrated shareholding structure and stable internal governance, with most executives possessing rich industry experience [2] - The dairy beverage segment, which contributes over half of the revenue, is expected to grow at a CAGR of approximately 3.7% from FY2018 to FY2024. The segment benefits from increasing consumer demand for taste, and the outlook for the neutral milk beverage category, represented by the flagship product Wangzai Milk, is positive with relatively mild competition. Revenue growth for dairy beverages is projected at 0.5%, 2%, and 2% for FY2025 to FY2027 [2] - The rice snack business is expected to recover growth driven by new products and channels, with revenue growth projected at 3.5%, 2%, and 2% for FY2025 to FY2027. The leisure food segment, particularly candy, is also expected to maintain good growth, with revenue growth forecasted at 5%, 4%, and 4% for FY2025 to FY2027 [2] - The company is actively seeking breakthroughs through organizational changes, expanding emerging channels, and focusing on overseas markets. Despite pressure on traditional channels, new retail formats such as bulk snacks, platforms, content e-commerce, and instant retail are developing well. Additionally, the Asian market is benefiting from rapid growth in candy and pastries, with the share of revenue from non-traditional channels increasing from less than 10% in H1 2021 to approximately 35% in H1 2025 [2] Group 3 - The company has managed to control raw material costs and continuously optimize operational efficiency. The gross margin is expected to improve in FY2023-2024 due to declining costs. The company plans to adopt domestic substitutes to address rising prices of imported milk powder, while other major raw material costs remain manageable. Although the expense ratio may be temporarily pressured due to organizational restructuring in FY2024H2, the operating profit margin for each category is expected to recover after a short-term decline, with overall EBIT margin projected at 23.8%, 23.9%, and 24.1% for FY2025 to FY2027 [3]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The overseas macro - environment in 2026 continues to warm up. The combination of "low inflation + weak reality + Fed chair change" in the US is conducive to Fed easing, and the quality of January's economic data is expected to return to normal. The "broad fiscal + broad monetary" policy in the US promotes economic prosperity. The ECB maintained interest rates unchanged in December and raised GDP forecasts for this year and next. Japan's interest rate hike was implemented as expected without radical tightening, and it raised the 2025 GDP growth forecast while maintaining the 2026 forecast [6]. - In China, the National Housing and Urban - Rural Development Work Conference was held on December 23, deploying work for 2026 such as urban renewal, stabilizing the real estate market, and upgrading the construction industry. The renovation of underground pipe networks is a highlight, and it is expected that capital investment will increase slightly next year. In November, the year - on - year growth rate of social retail sales was 1.3%, falling short of expectations and the previous value. Investment in manufacturing, infrastructure, and real estate continued to weaken, while exports remained a significant support [6]. - In asset allocation, the macro - environment is favorable for the precious metals and non - ferrous metals sectors. In the precious metals sector, the logic of gold's rise is clear and it has a high safety margin, while silver has increased volatility risk after a sharp rally. In the non - ferrous metals sector, there are opportunities to buy on dips for commodities with more supply disruptions like copper, aluminum, and tin, and attention should be paid to lithium carbonate with good supply - demand performance. The domestic equity sector should be mainly defensive during the year - end and policy - free window period [6]. 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures closed at 4610.6, with a daily increase of 0.344, a weekly increase of 1.85%, a monthly increase of 3.09%, a quarterly decrease of 0.16%, and a year - to - date increase of 11.729%. The Shanghai 50 futures, CSI 500 futures, and CSI 1000 futures also showed different degrees of increase. The market is boosted by dual factors, but continuous offensive still needs to wait. The short - term judgment is a volatile upward trend, and attention should be paid to the situation of incremental funds [2][7]. - **Stock Index Options**: Options are used for covered call writing to increase returns. The short - term judgment is a volatile trend, and attention should be paid to the liquidity of the options market [7]. - **Treasury Bond Futures**: The long - end sentiment is still weak. The short - term judgment is a volatile trend, and attention should be paid to the implementation of monetary policy [7]. - **Foreign Exchange**: The US dollar index was at 97.9535, with a daily change of 0%, a weekly decrease of 0.77%, a monthly decrease of 1.49%, a quarterly increase of 0.13%, and a year - to - date decrease of 9.70%. The euro - US dollar, US dollar - yen, and other exchange rates also had corresponding changes [2]. - **Interest Rates**: The 7 - day inter - bank deposit - based pledge rate was 1.4, with no change on the day, a weekly decrease of 4 bp, a monthly decrease of 10 bp, a quarterly decrease of 5 bp, and a year - to - date decrease of 35 bp. The 10Y Chinese government bond yield, 10Y US Treasury yield, and other interest rates also changed [2]. 3.2 Precious Metals - Gold was at 1008.76, with a daily decrease of 0.58%, a weekly increase of 2.95%, a monthly increase of 5.75%, a quarterly increase of 15.05%, and a year - to - date increase of 63.34%. Silver and other precious metals also had corresponding changes. The short - term judgment is a volatile upward trend, driven by the expectation of loose liquidity and the tight supply of silver in the spot market. Attention should be paid to the US fundamentals, Fed monetary policy, and global equity market trends [2][7]. 3.3 Shipping - The container shipping price on the European line was 1799.7, with a weekly increase of 0.22%, a daily increase of 4.65%, a monthly increase of 22.27%, and a year - to - date decrease of 20.26%. The near - term demand is supported by pre - Spring Festival shipments, and attention should be paid to the resumption of shipping in the far - term. The short - term judgment is a volatile trend, and attention should be paid to the 2026 shipping company's resumption plan, year - end long - term contract signing prices, and the support of pre - Spring Festival cargo owner shipments to prices [2][7]. 3.4 Black Building Materials - **Steel**: The cost support is strong, and the futures price continues to rebound. The short - term judgment is a volatile trend, and attention should be paid to the issuance progress of special bonds, steel exports, and pig iron production [7]. - **Iron Ore**: The shipment and arrival decreased slightly, and port inventories continued to accumulate. The short - term judgment is a volatile trend, and attention should be paid to overseas mine production and shipment, domestic pig iron production, weather conditions, port ore inventory changes, and policy dynamics [7]. - **Coke**: After the third round of price cuts, coke enterprise profits turned negative. The short - term judgment is a volatile trend, and attention should be paid to steel mill production, coking costs, and macro - sentiment [7]. - **Coking Coal**: After the earthquake in Shanxi, the sentiment of going long is high. The short - term judgment is a volatile trend, and attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment [7]. - **Silicon Iron**: The supply pressure has been alleviated, and the futures price is mainly running at a low level. The short - term judgment is a volatile trend, and attention should be paid to raw material costs and steel procurement [7]. - **Manganese Silicon**: The supply - demand situation remains loose, and the upside space is expected to be limited. The short - term judgment is a volatile trend, and attention should be paid to cost prices and overseas quotes [7]. - **Glass**: The spot market is still weak, and the futures price is volatile. The short - term judgment is a volatile trend, and attention should be paid to spot sales [7]. - **Soda Ash**: The supply - demand situation is still in surplus, and the spot price is under pressure. The short - term judgment is a volatile trend, and attention should be paid to soda ash inventories [7]. 3.5 Non - ferrous Metals and New Materials - **Copper**: Inventories continue to accumulate, and copper prices are oscillating at a high level. The short - term judgment is a volatile upward trend, and attention should be paid to supply disruptions, unexpected domestic policies, the Fed being less dovish than expected, and the recovery of domestic demand falling short of expectations [7]. - **Alumina**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure. The short - term judgment is a volatile trend, and attention should be paid to the failure of ore production to resume as expected, the over - recovery of electrolytic aluminum production, and extreme sector trends [7]. - **Aluminum**: The Mozal aluminum plant is facing shutdown, and aluminum prices are oscillating at a high level. The short - term judgment is a volatile upward trend, and attention should be paid to macro - risks, supply disruptions, and demand falling short of expectations [7]. - **Zinc**: LME zinc inventories continue to increase, and the upside space for zinc prices is limited. The short - term judgment is a volatile trend, and attention should be paid to the risk of macro - turnarounds and the unexpected recovery of zinc ore supply [7]. - **Lead**: The downstream's willingness to take delivery has improved, and lead prices may stop falling and stabilize. The short - term judgment is a volatile trend, and attention should be paid to supply - side disruptions and the slowdown of battery exports [7]. - **Nickel**: Indonesia plans to significantly reduce the RKAB of nickel ore, and nickel prices have rebounded. The short - term judgment is a volatile trend, and attention should be paid to unexpected macro - and geopolitical changes, Indonesian policy risks, and the failure of supply to be released as expected [7]. - **Stainless Steel**: The rebound of nickel prices has driven the stainless - steel futures price to rise. The short - term judgment is a volatile trend, and attention should be paid to Indonesian policy risks and unexpected demand growth [7]. - **Tin**: The downstream's rigid demand is resilient, and tin prices are oscillating strongly. The short - term judgment is a volatile upward trend, and attention should be paid to the expected复产 in Wa State and changes in demand improvement expectations [7]. - **Industrial Silicon**: Market sentiment fluctuates, and silicon prices have rebounded. The short - term judgment is a volatile trend, and attention should be paid to the unexpected resumption of supply - side production and policy changes [7]. - **Polysilicon**: The expectation of state - reserve purchases is still fermenting, and polysilicon prices continue to be highly volatile. The short - term judgment is a volatile trend, and attention should be paid to the unexpected resumption of supply - side production and domestic photovoltaic policy changes [7]. 3.6 Energy and Chemicals - **Crude Oil**: The geopolitical situation remains unresolved, and oil prices have risen for five consecutive days. The short - term judgment is a volatile trend, and attention should be paid to OPEC+ production policies and geopolitical situations [10]. - **LPG**: The strong - reality situation is facing a loosening, and attention should be paid to the implementation of downstream production cuts. The short - term judgment is a volatile trend, and attention should be paid to cost - side developments such as crude oil and overseas propane [10]. - **Asphalt**: The raw material benefits have been realized, and asphalt futures prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to sanctions and supply disruptions [10]. - **High - Sulfur Fuel Oil**: High - sulfur fuel oil futures prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to geopolitical situations and crude oil prices [10]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil follows crude oil in oscillation. The short - term judgment is a volatile downward trend, and attention should be paid to crude oil prices [10]. - **Methanol**: The coastal and inland markets are in a stalemate, and methanol is seen as oscillating. The short - term judgment is a volatile trend, and attention should be paid to macro - energy and overseas actual shutdown dynamics [10]. - **Urea**: Both supply and demand are weak, and the futures price is oscillating. The short - term judgment is a volatile trend, and attention should be paid to the coal market and the progress of commercial storage [10]. - **Ethylene Glycol**: Polyester production cuts have dampened market sentiment, and ethylene glycol has entered a low - valuation range again. The short - term judgment is a volatile downward trend, and attention should be paid to coal and oil price fluctuations and port inventory rhythms [10]. - **PX**: Bullish funds continue to bet, and the negative news of polyester production cuts has been quickly digested. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil, macro - abnormalities, and refining and chemical plant disruptions [10]. - **PTA**: Cost and sentiment jointly drive the price, and polyester production cuts have emerged. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil, macro - abnormalities, and insufficient support from downstream polyester loads [10]. - **Short - Fiber**: The pattern of strong upstream and weak downstream is prominent, with serious differentiation and passive profit compression. The short - term judgment is a volatile upward trend, and attention should be paid to the downstream yarn factory's purchasing rhythm and the conversion rhythm between peak and off - peak seasons [10]. - **Bottle Chips**: The cost of upstream raw materials supports the price. The short - term judgment is a volatile upward trend, and attention should be paid to the implementation of bottle - chip enterprise production - cut targets and the commissioning of new plants [10]. - **Propylene**: The spot market is strong, and there is an expectation of a decrease in PDH operating rates. The short - term judgment is a volatile trend, and attention should be paid to oil prices and the domestic macro - situation [10]. - **PP**: The expectation of maintenance boosts the market. The short - term judgment is a volatile trend, and attention should be paid to oil prices and domestic and foreign macro - situations [10]. - **Plastic**: The support of maintenance is limited. The short - term judgment is a volatile trend, and attention should be paid to oil prices and domestic and foreign macro - situations [10]. - **Styrene**: There are constraints on both rising and falling. The short - term judgment is a volatile trend, and attention should be paid to oil prices, macro - policies, and plant dynamics [10]. - **PVC**: Market sentiment is positive, and the short - term futures price is strong. The short - term judgment is a volatile trend, and attention should be paid to expectations, costs, and supply [10]. - **Caustic Soda**: Low - valuation support leads to a rebound at a low level. The short - term judgment is a volatile trend, and attention should be paid to market sentiment, operating rates, and demand [10]. 3.7 Agriculture - **Oils and Fats**: Rapeseed oil was relatively strong yesterday. The short - term judgment is a volatile trend, and attention should be paid to the expected changes in domestic and foreign oil and fat production and demand [10]. - **Protein Meal**: The inventory pressure continues, and the prices of soybean meal and rapeseed meal are oscillating at a low level. The short - term judgment is a volatile trend, and attention should be paid to downstream demand, South American weather, the macro - situation, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: Snowy weather has a phased impact on the supply in the production area. The short - term judgment is a volatile downward trend, and attention should be paid to demand, the macro - situation, and weather [10]. - **Pigs**: Both supply and demand are increasing, and pig prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to breeding sentiment, epidemics, and policies [10]. - **Natural Rubber**: The price maintains a narrow - range oscillation. The short - term judgment is a volatile trend, and attention should be paid to production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: The futures price trend continues to be strong. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil [10]. - **Cotton**: The rebound continues. The short - term judgment is a volatile upward trend, and attention should be paid to production and demand [10]. - **Sugar**: Short - sellers taking profits drives the sugar price to rebound. The short - term judgment is a volatile downward trend, and attention should be paid to imports and Northern Hemisphere production [10]. - **Pulp**: The price is fluctuating in a recent high - level range, and the futures price trend is dominated by funds. The short - term judgment is a volatile upward trend, and attention should be paid to macro - economic changes and fluctuations in US - dollar - denominated quotes [10].

Core Insights - The report highlights the strong performance of the A-share market, with a focus on sectors such as aerospace, robotics, and general equipment, indicating potential investment opportunities in these areas [5][7][8][9][10]. - The animation film industry is experiencing significant growth, with domestic animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a shift from a niche category to a major player in the film market [13][14][15]. - The automotive industry is maintaining good growth, particularly in the electric vehicle sector, with a notable increase in production and sales, indicating a robust market outlook [17][18][21]. - The semiconductor industry continues to show strong demand, driven by AI and cloud computing, with significant growth in global semiconductor sales and a positive outlook for the sector [32][33]. Domestic Market Performance - The Shanghai Composite Index closed at 3,959.62, with a slight increase of 0.47%, while the Shenzhen Component Index rose by 0.33% to 13,531.41 [3]. - The average price-to-earnings ratio for the Shanghai Composite and ChiNext indices is at 16.19 and 49.94, respectively, indicating a favorable long-term investment environment [7][8][9]. Industry Analysis Animation Film Industry - In 2025, animated films accounted for over 250 billion yuan in box office revenue, representing nearly 50% of the total market share, with top films like "Nezha 2" and "Zootopia 2" leading the charge [13][14]. - The influence of domestic animated films is on the rise, with a significant increase in box office share from 32.28% (2013-2019) to 67.59% (2019-2025) [15]. Automotive Industry - In November, the automotive sector saw production and sales reach 3.53 million and 3.43 million vehicles, respectively, marking a month-on-month increase of 5.15% and 3.22% [17]. - The penetration rate of new energy vehicles reached 53.16%, with production and sales of 1.88 million and 1.82 million units, reflecting a year-on-year growth of 20.03% and 20.59% [18][21]. Semiconductor Industry - The semiconductor industry is experiencing a robust growth cycle, with global sales increasing by 27.2% year-on-year in October 2025, driven by strong demand for AI computing hardware [32][33]. - The introduction of new models like Google's Gemini 3 is expected to reshape the competitive landscape in the AI sector, highlighting the importance of semiconductor technology in future developments [33]. Investment Recommendations - The report suggests focusing on sectors such as aerospace, robotics, and electric vehicles for short-term investment opportunities, while also highlighting the animation film industry as a growing area of interest [5][7][18]. - In the semiconductor sector, companies involved in AI and cloud computing technologies are recommended for investment due to their strong growth potential [32][33].

本报青岛12月25日讯（记者刘成）近年来，青岛积极推动国企开放应用场景，为新技术、新产品、新模 式提供真实试验场。青岛市属国企自2024年上半年启动场景开放工作，首批推出24个场景，今年初再发 布65个数字化转型、人工智能等场景需求，覆盖战略性新兴产业、传统优势产业和公共服务行业等多个 重点领域。目前，已打造了一批标杆应用示范场景，形成33个应用案例。 国企开放的场景，既精准指出产业链上下游环节存在的痛点与机遇，为企业指明创新和发展方向，也成 为引资引智的"强磁场"。青岛啤酒智慧产业园集聚11家配套企业，针对生鲜产品供应链痛点，实现全程 在线化、数字化跟踪，构建"陆运+高铁/航空+陆运"多式发运网络，确保全国24小时送达。华通集团开 放旗下青岛造船厂优质场景资源，以股权合作方式引入招商局集团旗下招商工业，吸引其投资10.3亿元 共建青岛造船厂。 "场景既是需求、问题、杠杆和机会，也是资源、配套、投资与合作。"青岛市国资委党委书记、主任王 孝芝说，青岛国资系统要紧紧围绕"以场景开放引领科技创新、以场景开放引领产业链发展、以场景开 放引领招商引资"三条主线，聚焦现代化产业体系建设，动态更新和拓展场景清单；创新场景 ...

内蒙古伊利实业集团股份有限公司关于2025年度 第十四、十五期超短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 证券代码：600887 证券简称：伊利股份 公告编号：临2025-091 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 二〇二五年十二月二十六日 内蒙古伊利实业集团股份有限公司（简称"公司"）于2025年10月成功发行了2025年度第十四、十五期超 短期融资券，具体情况如下： ■ 2025年12月24日，公司完成了2025年度第十四、十五期超短期融资券的兑付工作，本息兑付总额分别为 人民币7,520,712,328.77元、8,523,473,972.60元，均由银行间市场清算所股份有限公司代理划付至债券持 有人指定的银行账户。 ...

这是新消费智库第 2 7 3 3 期文章 新消费导读 凌晨三点翻朋友圈，看到自己三年前写的那段 " 防老登化 " 文字，自己 都觉得脸疼。这三年，眼看着多少当年风光无两的品牌，从神坛跌落的速 度比爬上去还快。创始人从 " 某某总 " 变成 " 送外卖的某某 " ， 朋 友 圈从三天可见变成一条横线 —— 这种故事，我微信里能找出十几个。 我 们 总 在 喊 " 品 牌 老 化 " ， 使 劲 给 品 牌 换 皮 肤 、 投 年 轻 流 量 、 编 新 故 事 。 但 我 越 来 越 觉 得 ， 这 事 儿 就 像 骂 镜 子 里 的 自 己 显 老 —— 镜 子 没 毛 病，是老的那张脸。 当你活成一座孤岛 老化不是一夜之间，而是一层一层把自己包进茧里。 1. 你身边只剩下 " 好人 " 和 " 数据 " 回想一下，你上次被人当面反驳是什么时候？不是客气地 " 建议 " ，而是直接说 " 老板，你这想法有问题 " 。 去年见一位前辈，他的办公室像作战指挥中心，大屏滚动着各种曲线和数据。聊了两小时，他句句都是 " 行业共识 "" 大家都这么看 " 。我 小心翼翼提了句： " 但年轻用户好像不这么想 ……" 他摆 ...