布达佩斯中央市场对面马路不远处的路口，便是瓦茨街的尽头。瓦茨街是布达佩斯最繁华的步行商业街，北起弗洛斯马提广场，南至中央市场，全长约 600米，两侧多为18-19世纪建造的华美历史建筑，遍布各种品牌商店、餐厅和咖啡馆。 FOR B TRADITIONAL MARKET START I OHE To eg 4 1 and in 电 THE DELLE 1111 APE a 0 1 - SALE t 88 BUDAPEST it all 瓦茨街细节 瓦茨街一带是布达佩斯保存最完好的古典商业街区，沿街建筑各不相同，多半融合了新古典主义与折衷主义风格，外立面有各种各样的浮雕装饰和铸铁栏 杆。 瓦茨街所呈现的商业繁荣，是佩斯最真实的一面。相比安静的布达，佩斯承载了布达佩斯的大半商业繁华。 瓦茨街细节 占据布达佩斯1/3面积的佩斯，有着远比布达平坦的地势，城市化程度极高。它最初是凯尔特人的定居点，罗马人在布达建成阿昆库姆军事要塞之后，在 多瑙河对岸的佩斯区域建立了辅助营地。中世纪时的佩斯已是独立城市，1241年毁于入侵的蒙古人之手，不久后重建。1873年，它与布达和奥布达合并为 布达佩斯。 瓦茨街细节 也正是在合并之后， ...

必胜客、九毛九加码烧烤赛道 继海底捞之后，最近又有两个餐饮巨头盯上了烧烤赛道。 九毛九：用潮汕牛肉火锅的方式来做烧烤 九毛九切入了一个非常细分的赛道——潮汕牛肉烧烤，试水新品牌"潮那边·潮汕烧烤牛肉"，客单价在126元左右。内参君特地到广州番禺天河城探店了品 牌首店。 店门前的明厨档口，挂着一排排新鲜牛肉，两位师傅手起刀落刀功娴熟，旁边的牌子上写着牛肉到店时间。这个设置非常熟悉，借鉴了潮发、八合里等潮 汕牛肉店的明档现切模式，让新鲜、现切展示在最鲜明的位置。 店员告诉内参君，店内的牛肉供应链是与潮发合作，每日新鲜现到。门口的"透明菜单"中显示，32道菜都是新鲜食材，占比约76%。 ◎摄图：内参君 乍一看，给人一种"用潮汕牛肉火锅的方式来做烧烤"的体感。 门店的菜单中，除了潮汕牛肉，还出现了不少潮汕特色美食，如潮式古早冬瓜冰茶、潮汕卤水灼鲜西兰苔、潮汕手作卤肉饭等。 ◎摄图：内参君 该店采用"自助点单+店员代烤"的复合型服务模式，人力成本并不低。自助点餐引入了pad设备，内置智能机器人"笨蛋椰比Yebit"，可以传统点菜，也可以 对话互动，还有教授烤肉技巧的教程等。 此外，门店同步布局周边产品零售业务，店中使用 ...

Core Viewpoint - The GDP growth target for 2026 is expected to remain around 5%, with macro policies focusing on promoting consumption and expanding investment to ensure a good start for the 14th Five-Year Plan [3] Export Performance - China's export performance in 2025 was better than expected, with nominal exports increasing by 5.4% in USD and 6.2% in RMB in the first 11 months. After adjusting for price factors, actual export growth was 7.9% in USD and 9.0% in RMB [4][5] - The strong external demand contributed significantly to China's economic growth, with net exports boosting GDP growth by 1.5 percentage points in the first three quarters of 2025, accounting for 29.0% of the cumulative GDP growth [4] - The expected growth rate for China's exports in 2026 is projected at 3.4% in USD terms, supported by stable US-China tariffs and China's cost advantages [9][28][30] Manufacturing Investment - Manufacturing investment is expected to recover slightly in 2026, from around 1% growth in 2025 to approximately 2% in 2026, driven by resilient exports and policy support for advanced manufacturing [31][46] - The decline in manufacturing investment in 2025 was attributed to "strong supply and weak demand" and trade friction, but the outlook for 2026 suggests a recovery due to improved export expectations and continued policy support [36][46] Real Estate Sector - The direct drag of the real estate sector on the economy is expected to weaken in 2026, with a projected decline in commodity housing sales area of about 5% and a narrowing of the decline in real estate investment to around -11% [55][58] - The real estate sector's recovery will depend on improved consumer confidence and the successful resolution of credit risks among property developers [56][57] Consumption and Investment - Expanding domestic demand is crucial for achieving the 5% GDP growth target in 2026, with a focus on promoting consumption and investment [64] - The government is expected to maintain support for consumption through long-term special bonds, with a funding scale at least equal to the 300 billion RMB allocated in 2025 [66][68] - Infrastructure investment is projected to rebound to 8% growth in 2026, supported by previously announced policies [64]

Core Insights - The U.S. IPO market is expected to experience explosive growth in 2025, with a total of 531 companies filing for IPOs with the SEC, representing a year-on-year increase of 55.72% [1] - Chinese companies are a significant contributor, with 147 applications, accounting for 27.68% of the total, making them the largest source of IPOs from outside the U.S. [1] - Among the 147 Chinese applicants, 89 are operational entities, and 24 have successfully listed on U.S. exchanges, including notable companies like Cha Tea (CHA), Pomegranate Cloud Medical (POM), and Giant Dragon Online (JLHL) [1] - However, 24 Chinese companies faced rejection from the SEC due to incomplete information in their "blank prospectuses," highlighting the importance of compliance in information disclosure for successful U.S. listings [1] - This trend reflects the global demand for quality enterprises and the vitality of the Chinese economy, indicating that going public in the U.S. remains a crucial path for internationalization [1] - Compliance and thorough information disclosure will be key factors for success in future U.S. listings [1]

Core Insights - The "2025 Guangxi Enjoy Winter Consumption Month" series of activities has been launched to stimulate the consumer market through a "government + enterprise + finance" approach, providing citizens with substantial benefits and joy during winter [1][2] Group 1: Consumption Market Performance - In Guangxi, the retail sales of above-designated size units increased by 8.4% from January to November, which is a 1.4 percentage point increase compared to the previous month [1] - The new car sales driven by the automobile purchase subsidy program exceeded 118,000 units, generating over 16.3 billion yuan in sales, making it a key driver of consumption growth [1] - The redemption of shopping and travel consumption vouchers surpassed 750,000, leading to nearly 160 million yuan in goods and oil consumption [1] - Restaurant and accommodation consumption vouchers were redeemed over 510,000 times, directly boosting consumption by 72.35 million yuan [1] Group 2: Product Categories and Sales Growth - Sales of upgraded products such as new energy vehicles, communication equipment, home appliances, cosmetics, and sports entertainment goods increased by 20.7%, 42.6%, 28.5%, 11.5%, and 4.6% respectively [1] - Basic living goods such as daily necessities, tobacco and alcohol, and grain and oil products saw sales growth of 25.7%, 21.5%, and 10.8% respectively [1] Group 3: Future Initiatives - Consumers can access various consumption vouchers through platforms like Cloud Flash Payment, Meituan, Ctrip, Douyin, and One-Key Travel Guangxi, with some cities offering exclusive promotional activities [2] - Guangxi plans to deepen the collaboration between government, banks, and enterprises, promote the integration of commerce, culture, tourism, and sports, and create distinctive promotional consumption activity brands [2] - The region aims to expand new consumption scenarios, develop new business formats, accelerate the construction of commercial circulation facilities, and enhance the level of consumption supply to provide citizens with the benefits of consumption upgrades [2]

"如果丢了工作，可能下个月的生活费就没有了。" 说这话的不是流浪汉，是一个在仓库有正式工作的美国合法公民。来美国最初的那几天打了几次Uber，和各个种族、背景的司机聊过。这位兼职的老墨司 机说这话时语气很平静，就像在描述今天的天气。 这不是个案。根据2025年5月美联储发布的《美国家庭经济状况调查报告》，37%的美国成年人连400美元的意外都无法轻松应对——一次小型车祸的自付 额，一次急诊的挂号费，一台坏掉的冰箱，就可能压垮一个人。只有55%的美国人有足够的应急储蓄覆盖三个月支出，30%的人表示无论用什么方式都撑 不过三个月。 这些数字不是贫困线以下的人群画像，而是覆盖了大量年薪五万、八万、甚至十万美元的中产家庭。收入看起来体面，但财务结构已经绷到极限。这就是 最近国内热议的"斩杀线"——美国人自己很少用这个词，因为这种处境就是日常本身。 作为一个长期关注消费赛道的投资者，我更关心一个被忽视的问题：为什么市场给美国消费定价"韧性"，给中国消费定价"疲软"？但如果把视角从数据表 现切换到数据结构上，会看到完全不同的东西—— 美国人的消费更多是一种义务，想活成个人样就得花钱；中国人的消费更多是一种权利，不花钱也能 ...

作为中国乳品行业首家"中华老字号"企业，南京卫岗乳业有限公司已成长为集奶牛育种、智慧养 殖、乳品加工、冷链物流、文旅融合于一体的农业产业化国家重点龙头企业。李忠军现场参观企业展览 馆、产品生产线，对公司发展取得的成绩表示肯定。他说，卫岗乳业历经近百年发展，早已融入南京市 民的生活。希望企业充分运用前沿技术，加强产品研发创新，不断拓宽销售渠道，持续做优品质、做强 品牌、做大规模，努力打造乳业高质量发展的"卫岗样板"。 12月29日，代市长李忠军专题调研重点企业时强调，要深入学习贯彻党的二十届四中全会和中央 经济工作会议精神，认真落实省委省政府和市委部署要求，坚定信心、主动作为，深入对接企业需求， 精准赋能企业发展，不断激发高质量发展新动能。 调研中，李忠军强调，各级各部门要把服务企业作为扩内需、稳增长、促转型的重要抓手，持续优 化营商环境，加大政策支持力度，切实提供全生命周期的服务，更加精准有效解决实际困难，不断提振 企业信心、激发市场活力，为全市高质量发展提供坚实支撑。 江苏小厨娘餐饮集团深耕南京20多年，旗下拥有小厨娘淮扬菜、青谷团膳、半山有渔等多个品 牌，是全国淮扬菜规模最大的餐饮企业。李忠军与企业负责人 ...

Group 1 - BYD has denied rumors about launching flying cars, stating that there are no such plans or arrangements [2] - Zhaomi Technology has achieved a compound annual growth rate of over 100% for six consecutive years, with plans to reward all employees with 1 gram of gold as a year-end bonus [2] Group 2 - TSMC's 2nm technology is set to begin mass production in Q4 2025, utilizing the first-generation nanosheet transistor technology for improved performance and power efficiency [3] - The Chinese government plans to relax household registration restrictions outside of a few major cities to facilitate the integration of rural populations into urban areas [3] Group 3 - The China Passenger Car Association predicts a positive start for the car market in January 2026, driven by early implementation of national subsidies and the impact of the delayed Spring Festival [4] Group 4 - Moutai's sales of the Moutai 1935 product are expected to exceed 10 billion yuan in 2025, while Moutai Prince liquor sales are projected to surpass 6 billion yuan [6] - NIO has delivered its 40,000th ES8 vehicle, achieving this milestone in just 100 days since deliveries began [7] Group 5 - Seven Fresh Kitchen has launched a nationwide partner recruitment plan, aiming to cover all first- and second-tier cities by 2026 [9] - The first fully compliant unmanned logistics vehicle is set to be launched in early 2026 [9] Group 6 - Amazon has decided to suspend its drone delivery plans in Italy due to broader commercial regulatory issues, despite progress with aviation regulators [10] - Waymo is testing its autonomous taxis in London, showcasing its Jaguar I-Pace electric vehicles on the streets [11] Group 7 - South Korea's exports are projected to reach a record high of over $700 billion in 2025 [12] - Orion, a South Korean food giant, plans to invest 240 billion won (approximately $167 million) to expand its production facilities in Russia by 2027 [13] Group 8 - New York City's subway system will transition to a contactless payment system starting January 1, 2026, discontinuing the sale and recharge of the old subway cards [14][15]

Core Viewpoint - The article discusses the stark contrast in China's consumer market in 2025, highlighting a significant divide between thriving companies and those that have collapsed, marking a shift from a "growth at all costs" mentality to a focus on efficiency and sustainability in business models [5][6][11]. Group 1: Market Dynamics - In 2025, the consumer market experienced a "violent clearing," with many once-prominent unicorns collapsing, signaling the end of an era characterized by unsustainable growth strategies [6][8]. - The year 2025 is described as a "tombstone" for new consumption, as the last illusions surrounding high prices and influencer-driven brands were shattered, exemplified by the downfall of brands like Zhong Xuegao [8][9]. - The collapse of established giants like Christine and Xu Li Shan reflects a failure to adapt to changing consumer preferences and market conditions, leading to their eventual exit from the market [9][10]. Group 2: Survivors and New Trends - Despite the failures, a new wave of companies thrived in 2025, particularly in the new tea beverage sector, with brands like Mixue Ice City and Tea Baidao successfully going public [15][16]. - The success of these companies is attributed to their focus on supply chain efficiency and cost control, moving away from traditional notions of craftsmanship to a more industrialized approach [16][17]. - The "lipstick effect" emerged as consumers shifted spending from large purchases to small, affordable pleasures, benefiting brands like Bubble Mart and new tea beverage companies [18]. Group 3: Investment Landscape - The investment landscape in 2025 saw a dramatic reduction in financing activities, with only 74 rounds of funding compared to 133 in the previous year, indicating a shift away from reckless spending [23][24]. - The restaurant sector remained a focal point for investment, accounting for 45 out of the 74 financing rounds, as capital sought safety in high-frequency, essential consumer needs [24][26]. - Brands that demonstrated strong supply chain control and technological integration, such as those in the coffee sector, began to attract significant investment, reflecting a new focus on efficiency and innovation [27][28]. Group 4: Future Outlook - The article suggests that the consumer market in 2026 will prioritize global distribution over domestic expansion, as companies seek to leverage their efficiencies in international markets [31][32]. - The survival of brands in the coming years will depend on their ability to adapt to changing consumer behaviors and market conditions, emphasizing the importance of supply chain management and genuine consumer engagement [33][34].

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