中新网银川12月9日电(记者李佩珊)据银川海关9日消息，11.6万个宁夏产天然软木塞经检验检疫合格 后，已从天津港发往澳大利亚。作为宁夏竹木草制品类产品的首次出口，这一突破让当地葡萄酒产业链 延伸落地见效。 天然软木塞由栓皮栎树皮制成，凭借优异的弹性、密封性与微氧交换能力，成为葡萄酒传统封瓶材料， 素有葡萄酒"守护神"之称。此前，中国葡萄酒企业所用软木塞大多依赖进口。为完善葡萄酒产业布局， 宁夏引进软木塞进口加工企业，构建起从原料加工到成品供应的完备配套产业链。 近年来，宁夏贺兰山东麓葡萄酒产区知名度与影响力持续攀升，葡萄酒全产业链发展成效显著。除软木 塞等配套产品成功出海外，宁夏的葡萄酒也已远销40多个国家和地区，通过多个销售平台进入海外终端 市场，在各类国际葡萄酒赛事中获得1300多项大奖。从核心酒品到配套耗材，宁夏葡萄酒产业上下游产 品均受到海外市场关注，全链条国际化发展格局逐步成型。(完) （文章来源：中国新闻网） 这几日，在银川海关及相关部门的指导下，该出口天然软木塞企业快速办结出境竹木草制品生产企业资 质备案，成功实现首批产品出口，为进一步拓展海外市场打通了关键环节。 ...

Core Viewpoint - European countries are collectively shifting their focus towards China, driven by dissatisfaction with the United States' recent policies and actions, particularly under the Trump administration [1][3][10]. Group 1: European Shift Towards China - The recent visits by European leaders to China, including French President Macron and German Foreign Minister Baerbock, signify a strategic pivot towards China as a response to perceived neglect and hostility from the U.S. [1][7] - The U.S. has imposed tariffs on European goods, including a 25% tariff on EU steel and aluminum products and a 32% punitive tariff on Italian leather goods, which has strained trade relations [3][4]. - The economic outlook for the EU is bleak, with projected GDP growth of only 1.4% by 2025, exacerbated by U.S. tariffs affecting key industries like automotive and chemicals [4]. Group 2: Strengthening Sino-European Relations - During Macron's visit, significant cooperation agreements were signed, including joint development of wide-body aircraft and operational contracts for nuclear power, indicating a deepening economic relationship [5][7]. - Germany's focus has shifted from market access to supply chain security, highlighting the importance of Chinese technology and support for European industries [7]. - The EU's desire for "strategic autonomy" reflects a collective sentiment to avoid being subservient to U.S. interests, with leaders emphasizing the need for equal partnerships [7][10]. Group 3: Future Implications - The ongoing cooperation between China and Europe is expected to expand beyond trade to include digital economy and green transition initiatives, as evidenced by the resumption of the EU-China investment agreement negotiations [8]. - The shift towards China is not a rejection of the U.S. but rather a rational choice in a multipolar world, as European leaders seek to balance their interests amid U.S. protectionism [10].

在金融科技浪潮中，商业模式的创新与抗风险能力同样备受关注。香港远景未来投资管理股份有限公司 (下称"远景未来")近年来推行的一种"金融+实体"双轮驱动战略，引发了行业观察者的兴趣。这打破了 传统资产管理公司纯线上、纯金融的单一模式，试图在虚实结合中探索一条差异化的路径。 线上金融：科技赋能下的资管服务 远景未来的线上业务根基在于全球资产管理。公司宣称其业务覆盖能源、贵金属、农产品、股指等多元 领域。为支撑这项业务，技术成为了关键驱动力。公开信息显示，远景未来强调运用区块链、人工智能 与大数据技术开发智能顾问系统和风控模型。其自主研发的风险评估体系，据称能将项目识别的准确率 提升至较高水平。创始人王贵运作为拥有金融工程背景的专业人士，其技术驱动的理念深刻影响了公司 的发展方向。 分析人士认为，这种布局在商业逻辑上至少有两层含义：其一，实体产业能够创造真实的商品贸易利 润，理论上可构成独立于金融投资回报之外的收益来源，有助于平滑单一金融业务可能带来的波动。其 二，实体资产和品牌可以作为企业价值的直观承载，增强公众和合作伙伴的感知度，为整体业务提供某 种"压舱石"效应。 此外，公司还曾参与农产品采购助力乡村振兴，王 ...

Core Viewpoint - The trade deficit between the EU and China, amounting to $310 billion, has become a contentious issue, with French President Macron threatening tariffs if the situation is not addressed. However, the complexity of trade relationships suggests that a simple deficit does not equate to a loss for Europe [2][4][6]. Trade Structure - The EU's trade structure with China shows a significant reliance on Chinese manufacturing due to its efficiency and cost-effectiveness, with many European households using Chinese products [4]. - French products, including aircraft, wine, cosmetics, and luxury goods, are thriving in the Chinese market, indicating a mutually beneficial relationship [4][12]. - European companies benefit from investments in China, often earning more than what is reflected in export figures, which is frequently overlooked in discussions about trade deficits [4][6]. Economic Context - The economic pressures in Europe, including high inflation and an ongoing energy crisis, have led to increased scrutiny of trade relationships, with Macron's statements reflecting domestic political pressures rather than a genuine desire to disrupt trade [8][10]. - The concept of "strategic autonomy" in Europe aims to reduce reliance on external markets, but the reality is that Europe remains heavily dependent on international supply chains [10][16]. Cooperation Beyond Trade - The depth of cooperation between China and France extends beyond trade, encompassing technology partnerships, cultural exchanges, and educational collaborations, which are vital for both economies [12][14]. - France's agricultural and luxury sectors have seen consistent growth in China, highlighting the importance of this market for French economic stability [14][16]. Political Dynamics - Macron's tough stance on trade appears to be more of a political maneuver aimed at addressing domestic concerns rather than a reflection of the actual economic relationship between the EU and China [8][18]. - The potential for tariffs could harm European businesses and consumers, as they rely on Chinese goods and materials, suggesting that a cooperative approach would be more beneficial [16][18].

Market Overview - The non-white liquor sector experienced a decline of 0.64% on December 8, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Key stocks in the non-white liquor sector showed mixed performance, with Huichuan Beer rising by 2.30% to a closing price of 12.88, while *ST Yedao fell by 1.84% to 6.40 [2] - The trading volume for Huichuan Beer was 200,400 shares, with a transaction value of 257 million yuan [1] Capital Flow - The non-white liquor sector saw a net outflow of 84.13 million yuan from main funds, while retail funds experienced a net outflow of 52.30 million yuan [2] - Speculative funds, however, recorded a net inflow of 136 million yuan [2] Individual Stock Capital Flow - Zhujiang Beer had a main fund net inflow of 17.75 million yuan, with a retail net outflow of 35.32 million yuan [3] - Yanjing Beer saw a main fund net inflow of 13.73 million yuan, while retail funds had a net outflow of 44.29 million yuan [3] - The overall trend indicates that while some stocks attracted main fund interest, retail investors were generally withdrawing from the sector [3]

天眼查App显示，近日，悦酌三人行（宁夏）葡萄酒有限公司成立，法定代表人为高凯，注册资本100 万人民币，经营范围为许可项目：酒类经营；酒制品生产；食品互联网销售。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目： 水果种植；农作物栽培服务；广告制作；咨询策划服务；市场营销策划；项目策划与公关服务；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广；体验式拓展活动及策划。（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The core initiative "Youth Power" aims to connect university students with local industries in Yinchuan, promoting employment opportunities and understanding of the local economic landscape [1][2] - The program has organized 13 sessions of "Yinchuan Youth Journey," involving over 500 students visiting key industries such as wine, goji berries, dairy, artificial intelligence, and computing power [2][3] - Students are gaining firsthand experience and insights into local industries, enhancing their employability by understanding recruitment channels, salary structures, and workplace incentives [3] Group 2 - The "Return to Hometown" social practice activities have successfully created over 2,300 internship positions, with significant participation from students, enhancing their practical skills and career clarity [4][5] - The establishment of "Youth Power" university liaison stations across 26 cities has facilitated information sharing about job opportunities and local policies for Ningxia students studying outside the region [7][8] - The initiative has fostered a sense of belonging among students, encouraging them to consider returning to Yinchuan for employment and contributing to local development [6][8]

Core Insights - The report by Zhiyan Consulting highlights a significant decline in China's wine imports, with a volume of 0.12 billion liters in October 2025, representing a year-on-year decrease of 37.6% [1] - The import value for the same period was $1.03 billion, showing a year-on-year decline of 13.3% [1] Industry Overview - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and customized reports [1] - The firm has over a decade of experience in the industry research field, emphasizing quality service and market insight [1]

Group 1 - ST Tongpu announced that its ninth board meeting was held on December 3, 2025, via telecommunication [1] - The meeting reviewed the proposal for the third extraordinary shareholders' meeting of 2025 [1] Group 2 - There are concerns regarding market manipulation and platform review loopholes related to the stock surge of Xiangyang Bearing [1] - The incident highlights potential issues in market oversight and investor behavior [1]

Core Viewpoint - ST Tongpu, a company with nearly 90 years of winemaking history, has recently experienced a five-day stock surge, reaching a one-year high, despite its ongoing ST status due to historical issues related to illegal guarantees [1][19]. Group 1: Historical Development - Tonghua Wine Co., Ltd. is a well-established brand in China's wine industry, with nearly 90 years of winemaking experience. The company underwent restructuring in 1999 and was officially listed on January 15, 2001. It has experienced multiple changes in shareholding, notably when Xinhua Group became the largest shareholder in 2004 [2][20]. Group 2: Main Business - ST Tongpu's main business is divided into two segments: wine manufacturing and sales, and e-commerce for consumer goods. The wine segment focuses on various types of wines, including dry, ice, sweet, and grape spirits, using unique mountain grapes from Changbai Mountain. The e-commerce segment operates through its subsidiary, Jiurun Yuan, and has obtained internet distribution rights from several brand owners, collaborating with platforms like JD.com, Tmall, and Pinduoduo. The company has recently decided to gradually stop selling white wine online and will focus on wine and non-white wine consumer goods in the future [3][21]. Group 3: Financial Performance (2022-2024) - ST Tongpu's financial data has shown volatility in recent years. Key indicators include: - Basic earnings per share: -0.13 yuan in 2022, -0.17 yuan in 2023, and -0.12 yuan in 2024 [5][23]. - Net asset per share: 0.78 yuan in 2022, 0.72 yuan in 2023, and 0.67 yuan in 2024 [6][24]. - Sales gross margin: 19.49% in 2022, 17.99% in 2023, and 14.54% in 2024 [7][25]. - In 2024, the company reported revenue of 869 million yuan, a year-on-year increase of 1.22%, but a net loss attributable to shareholders of 49.88 million yuan, indicating continued losses [8][26]. - As of the first half of 2025, the company's debt-to-asset ratio reached 66.8%, indicating significant financial pressure [9][27]. Group 4: Reasons for ST Status - The direct reason for ST status is historical issues related to illegal guarantees. In August 2020, the company discovered that the former actual controller had illegally used the company's seal to guarantee a loan agreement for Dalian Dinghua International Trade Co., Ltd. The arbitration involved an amount as high as 306.3 million yuan, and although the arbitration court deemed the guarantee invalid, the company was ordered to bear compensation liability of approximately 61.26 million yuan [10][28]. Additionally, the internal control audit report for 2020 received a negative opinion, contributing to the ongoing ST status [11][29]. Group 5: Current Problem Resolution Status - As of the third quarter of 2025, the core issues leading to ST status remain unresolved, and the conditions for removal have not been met. The company has filed a lawsuit against the former actual controller for losses related to the illegal guarantee but lost the first instance in July 2025 and has appealed, with the case currently in the second instance [12][30]. The company has recognized estimated liabilities for the arbitration matter and is disclosing progress monthly, indicating a commitment to using legal means to protect its rights and mitigate risks [12][31]. Group 6: Potential Speculative Themes - Despite the pressure on fundamentals, the market may focus on the following themes: 1. Business focus: The decision to stop the e-commerce white wine business and return to the core wine business is seen as a signal of strategic clarity [13][32]. 2. Equity incentives: A restricted stock incentive plan is set to be launched in 2025, proposing to grant approximately 6.26% of shares to 45 core employees, which may be interpreted as management's confidence in the future [13][32]. 3. Historical heritage: The company has nearly 90 years of winemaking history and a unique underground wine cellar, providing a foundation for brand storytelling [14][33]. 4. Active stock price: In September 2025, the stock experienced a "five consecutive boards" phenomenon, with a monthly increase of over 40%, likely attracting short-term capital attention [15][34].