此次调整后，宜家在中国仍有34个线下触点、3个自有数字化渠道和2个电商平台旗舰店。另外，宜 家在声明中提出，其在中国的未来发展将从"规模扩张"转向"精准深耕"，并以北京和深圳作为重点市 场进行探索，在接下来的两年内开设超过十家小型门店，其中宜家广东东莞商场将于2026年2月开 业，北京通州商场将于2026年4月开业。这也意味着，消费者未来选择宜家，将不用经历跨城的遥远 距离。 近年来，伴随着房地产周期性调整、消费者心理转变以及国内家具市场竞争内卷化，宜家中国销售额 下滑明显。宜家此前也尝试过购物中心小店模式，但均已停业，原因就在于此前宜家在中国多采 取"买地自建"模式，但要将门店开入距离城市中心较 近的地方，宜 家只能选择租店开业，但那些只 逛不买、或奔着宜家引流餐饮而来的人们，并不能支撑宜家继续将门店维系下去。 从宣布闭店之后，宜家门店人流量暴增，也印证着这个北欧品牌在中国仍旧有着一定影响力。但一直 以来，宜家的优势都在于场景体验，小型店和线上渠道也意味着对沉浸感的取舍。对于宜家而言，小 店扩张计划，将会持续对其门店模型打磨能力提出考验，而这一次的小店能否走下去，对今天的宜家 来说，已经不是一次尝试那么简单 ...

【今日头条】 业内人士：市场监管总局约谈6家光伏龙头及行业协会 不得约定产能及销售价格等 日前有市场传闻称，市场监管总局约谈了中国光伏行业协会、通威集团、协鑫科技、大全能源、新特能 源、亚洲硅业(红狮)、东方希望，约谈内容涉及通报有关垄断风险，提出明确整改意见并对企业做好整 改工作提出要求等。1月8日，中国证券报记者从业内人士处核实，本次约谈确有其事。 市场监管总局要求中国光伏行业协会及被约谈企业不得约定产能、产能利用率、产销量及销售价格；不 得通过出资比例，以任何形式进行市场划分、产量分配、利润分配；不得当前、今后就价格、成本、产 销量等信息开展沟通协调。市场监管总局还要求协会及被约谈企业在1月20日前向市场监管总局提交书 面整改措施。 【大势展望】 纳斯达克中国金龙指数涨1.09% 隔夜美股道琼斯工业平均指数比前一交易日上涨270.03点，收于49266.11点，涨幅为0.55%；标准普尔 500种股票指数上涨0.53点，收于6921.46点，涨幅为0.01%；纳斯达克综合指数下跌104.25点，收于 23480.02点，跌幅为0.44%。 大型科技股多数下跌，英特尔跌超3%，英伟达跌逾2%，美股存储概念 ...

对于婴幼儿奶粉选择，家长的核心诉求始终聚焦于"原料安全"——从奶源到配料，每一环的可控性都直接牵动家长神经。美素佳儿依托母公司荷兰皇家菲仕 兰150余年的乳业积淀与荷兰自家牧场传承，将世代积累的牧场智慧与自然科技深度融合，深耕全链路自主生产配料体系，从源头把控原料品质。这一核心 优势持续获得市场广泛认可：旗下皇家美素佳儿连续三年斩获宝宝树相关奖项，用户好评率稳定保持在99%高位，长期稳居高端奶粉市场销量前列，成为万 千家庭的安心之选。 作为母婴行业的核心关切点，婴幼儿奶粉的原料安全始终是家长决策的首要考量，也是品牌深耕市场的核心根基。荷兰皇家菲仕兰旗下美素佳儿凭借全链路 自主生产配料体系，从源头筑牢产品安全防线，不仅通过多重权威监管认证，更收获了市场与消费者的广泛信赖，以硬核实力诠释品质初心。 自主供应链加持：从源头把控配料品质稳定性 在奶粉行业，配料品质的稳定性直接关乎产品安全底线，而自主供应链正是保障这一底线的核心支撑。美素佳儿构建的"从牧场到罐装"全链路自主体系，根 基在于150年+的荷兰自家牧场与一万多位世代传承的会员奶农——他们均需接受5年以上农牧业教育，怀揣对生命的敬畏待奶牛亲如家人，更将传统牧场 ...

在经历了龙宝宝带来的回暖后，2025年的婴配粉市场迎来了久违的"平静"，市场回暖、秩序逐步恢复，让行业在深度调整中"缓了一口气"。但今年出生人口 数下滑的预期、下半年奶粉红利的衰退，让行业也在悄悄做好新一轮竞争的准备，无论是乳企悄悄调整产品结构，还是渠道的加速整合，都让这平静之下暗 流涌动。 行业今年"缓了口气" 上午9点半，山东威海小型母婴连锁创始人王浩按时打开了店门，冬季的威海也是旅游淡季，城市也看起来冷清了许多，整个上午只有几个客人进店，但他 也习以为常。"来人就卖、不来人就歇着。"王浩告诉记者。 王浩从事母婴行业已经十六年，经历了疫情期间生意断崖式下跌和疫情后激烈的奶粉价格战，如今门店的生意规模比疫情前有近5成的下滑。好在龙年出生 人口数的回升，让奶粉市场价盘和秩序开始恢复正常，也让王浩今年感觉市场重新有了生气，让人有种"缓了口气"的感觉。 不过在王浩看来，这种平静感并不是来自于行业回暖，而更像是来自新常态的逐步建立。今年以来，奶粉市场破价促销和窜货情况有明显好转，门店奶粉销 售量也终于止住了下滑，门店利润也有所回升。企业也适应了新市场趋势，经销商的业务员也少了几分焦虑感，不再一个劲地往店里跑，而是" ...

相关报告：智研咨询发布的《2026-2032年中国奶粉行业市场发展规模及投资机会分析报告》 近一年中国奶粉进口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年11月中国奶粉进口数量为6万吨，同比增长3%，进口金额为5.93亿美 元，同比增长14.3%。 ...

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing shares, indicating strong confidence in its future growth and stability in cash flow [1][3]. Group 1: Share Buyback and Financial Strategy - On December 12, 2025, Feihe repurchased over 5.65 million shares, bringing the total repurchased shares to over 236 million, with a cumulative buyback amount exceeding 900 million HKD [1]. - In its mid-year earnings forecast on July 4, 2025, Feihe announced a plan to utilize no less than 1 billion HKD for share repurchases, targeting up to 10% of total shares [3]. - Feihe aims to maintain a stable dividend policy, expecting to distribute no less than 2 billion HKD in dividends for 2025, reflecting its robust operational cash flow [3]. Group 2: Product Innovation and Market Leadership - Feihe has maintained its position as the market leader in China's infant formula sector for six consecutive years, showcasing its role as a benchmark for high-quality development in the dairy industry [3]. - The company recently launched the "New Generation More Suitable" initiative, which includes a comprehensive upgrade across four dimensions: full industry chain, breast milk-based formula, fresh nutrition, and feeding effectiveness [3]. - Feihe introduced two new products, "Jicui" and "Qicui," which embody the "New Generation More Suitable" concept and set new freshness standards in the infant formula industry [5]. Group 3: Commitment to Social Responsibility and Innovation - Feihe has actively engaged in public welfare, contributing a total of 840 million RMB by the end of 2024, with a focus on medical, educational, and maternal-infant care initiatives [6]. - Since 2022, the company has invested over 65 million RMB in the "Support Longjiang Education Public Welfare Action," benefiting over 3.3 million teachers and students [6]. - Feihe's R&D investment has seen a compound annual growth rate of over 30% from 2018 to 2024, emphasizing its commitment to technological innovation [6].

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing shares, indicating strong confidence in its future growth and stability, alongside a commitment to maintaining dividends [4][7]. Group 1: Share Buyback and Financial Commitment - On December 12, 2025, China Feihe repurchased over 5.65 million shares, bringing the total repurchased shares to over 236 million, with a cumulative buyback amount exceeding 900 million HKD [1]. - In July 2025, the company announced a share buyback plan with a minimum of 1 billion HKD allocated for repurchases, targeting up to 10% of total shares [4]. - The company plans to maintain a stable dividend policy, expecting to distribute at least 2 billion HKD in dividends for 2025 [4]. Group 2: Market Leadership and Product Innovation - China Feihe has maintained its position as the leading brand in China's infant formula market for six consecutive years, reflecting its role as a benchmark for high-quality development in the dairy industry [4]. - The company launched a new product line, "New Generation More Suitable," which emphasizes breakthroughs in four dimensions: full industry chain, breast milk-like formula, fresh nutrition, and feeding effectiveness [4]. - The introduction of the "Fresh Nutrition System" ensures a comprehensive quality assurance system from raw milk to finished products, with 100% control over 11 core raw materials and full traceability [4]. Group 3: Social Responsibility and Technological Innovation - China Feihe has actively engaged in social responsibility initiatives, contributing 840 million CNY in donations and launching the "Support Longjiang Education Public Welfare Action," investing over 65 million CNY since 2022 [6][7]. - The company has prioritized technological innovation, with an average annual growth rate of over 30% in R&D investment from 2018 to 2024 [7]. - In 2025, China Feihe introduced "乳蛋白鲜萃提取科技" and established an international-leading database for HMOs, further enhancing its R&D capabilities [7]. Group 4: International Expansion - China Feihe is accelerating its internationalization efforts, having obtained a production license for infant formula in Canada, with products already available in over 1,500 North American retail stores [7].

Core Viewpoint - The article emphasizes the importance of stabilizing the new birth population in China to avoid rapid population decline and to optimize the age structure, which is crucial for balanced population development [3][4]. Group 1: Population Trends - In 2024, China's birth population is projected to be 9.54 million, an increase of 520,000 from 2023, marking the first rise since 2017, with a birth rate of 6.77‰, up by 0.38 per thousand from the previous year [3]. - Since 2022, China's population has entered a reduction phase, with a total decrease of 4.32 million over the past three years, characterized by declining birth rates, aging population, and regional population disparities [3]. Group 2: Marriage and Birth Support Policies - The article highlights the advocacy for a positive marriage and childbirth culture, with policies aimed at reducing the costs of childbirth, upbringing, and education through subsidies and tax deductions [4][6]. - Data from the Ministry of Civil Affairs shows that in the first three quarters of 2025, marriage registrations reached 5.152 million pairs, an increase of 405,000 pairs or 8.5% year-on-year [4]. Group 3: Incentives for Marriage - Various regions in China are implementing marriage incentives, such as cash rewards for newlyweds, with some areas offering up to 1,500 yuan for couples meeting specific criteria [5]. - The implementation of the revised Marriage Registration Regulations has made marriage registration more convenient, allowing couples to register anywhere in the country without needing a household registration book [5]. Group 4: Childcare Support System - A comprehensive childcare support system is being established, including annual subsidies of 3,600 yuan for each child under three years old starting January 1, 2025, and the removal of fees for the last year of public kindergarten [6][7]. - As of now, there are 126,000 childcare service institutions in China, with a total of 6.657 million childcare spots, exceeding the target set in the 14th Five-Year Plan [8].

Core Viewpoint - Feihe and JD.com have launched two groundbreaking products, Jicui and Qicui, marking a significant innovation in the infant nutrition sector, aimed at meeting the nutritional needs of Chinese babies and leading the industry into a new era of "breast milk-like formula + fresh active technology" [1][3]. Group 1: Product Innovation - The new products focus on "fresh active nutrition," addressing consumer demands for effective nutrient absorption, with 78% of educated mothers prioritizing "active nutrition" and "good absorption" when choosing infant formula [3]. - Feihe's innovation includes the first-ever integration of "fresh raw materials" into the freshness standards of infant formula, creating a closed-loop system from fresh sources to self-produced active ingredients [3][6]. - The Jicui and Qicui formulas utilize a unique low-temperature extraction process from high-quality fresh milk, achieving a freshness increase of at least 23 times and a 6.4 times improvement in nutrient absorption [6][11]. Group 2: Research and Development - Feihe has established one of China's largest breast milk databases and leads national initiatives in breast milk research, contributing to the development of new infant formulas [9][11]. - The formulas emphasize the synergistic effects of nutrients rather than just the quantity of individual nutrients, closely replicating the composition of breast milk [11][14]. - Clinical trials for the new products were conducted under strict standards, ensuring that the results are reliable and closely aligned with breast milk feeding outcomes [15][18]. Group 3: Consumer Engagement and Transparency - Feihe has introduced the industry's first "ingredient-level traceability," allowing consumers to scan QR codes on product packaging to trace the production dates of key ingredients, enhancing transparency in the supply chain [7]. - The company aims to set a new industry benchmark for self-protection formulas, demonstrating significant improvements in immune response and developmental indicators compared to traditional formulas [18]. Group 4: Market Positioning - The launch of Jicui and Qicui represents not just a formula upgrade but a commitment to providing products that are more suitable for Chinese babies, reinforcing Feihe's position as a leader in the infant formula market [18]. - The company plans to continue innovating with products and services that benefit families, ensuring that every baby can thrive under scientifically backed nutrition [18].

Core Viewpoint - Feihe has launched two innovative products, Jicui and Qicui, in collaboration with JD.com, marking a significant advancement in infant nutrition tailored for Chinese babies, leading the industry into a new era of "breast milk-like formula + fresh active technology" [1][4]. Group 1: Product Innovation - The new products focus on "fresh active nutrition," addressing consumer demands for effective nutrient absorption, with 78% of educated mothers prioritizing "active nutrition" and "good absorption" when selecting infant formula [4]. - Feihe's innovation includes the first-ever integration of "freshness of raw materials" into the standards for infant formula, achieving a closed-loop system from fresh sources to self-produced active ingredients [4][6]. Group 2: Nutritional Advancements - Jicui and Qicui utilize a unique low-temperature extraction process from high-quality fresh milk, resulting in a 23-fold increase in freshness and a 6.4-fold improvement in nutrient absorption [6]. - The products are made from raw materials produced within 30 days, significantly reducing the freshness timeline from years to days, with proprietary extraction techniques enhancing the nutritional quality [6][11]. Group 3: Research and Development - Feihe has established one of China's largest breast milk databases and leads national research initiatives, accumulating significant findings that inform the development of their infant formula [12]. - The company emphasizes a holistic approach to nutrition, focusing on the synergistic effects of nutrients rather than merely increasing individual nutrient levels, effectively replicating the composition of breast milk [14]. Group 4: Clinical Validation - Feihe adheres to a "clinical first, market second" approach, conducting rigorous clinical trials to validate the efficacy of Jicui and Qicui before their market release, ensuring high standards of evidence [21]. - Clinical results indicate that infants fed with Jicui show a 38% reduction in illness rates and a 40% improvement in recovery rates compared to conventional formulas, demonstrating superior immune support [22]. Group 5: Market Positioning - The launch of Jicui and Qicui represents not just a product upgrade but a commitment to providing formulas that are more suitable for Chinese infants, setting a new benchmark in the infant formula industry [22].