本报讯 （记者刘晓一）1月8日，世界糖果百强企业金多多食品集团正式启动旗下创意糖果品牌Amos阿 麦斯2026年度全球品牌主题行动——"阿麦斯请世界人民吃糖"。此次活动借力2026年深圳主办APEC的 重要契机，以春节糖果年货节为起点，贯穿全年持续推进，覆盖中国、美国、法国、约旦等多个国家和 地区，将品牌影响力深度渗透至不同文化背景、各类节庆场景的国际消费市场。 作为本次全球行动的首发站，深圳将率先拉开活动序幕。据悉，2026年1月下旬，一艘阿麦斯特制飞艇 将亮相深圳城市上空，通过"糖果空投"的创新互动形式开启活动篇章。消费者可扫码参与互动，有机会 赢取2026年春节限定糖果礼盒，同步成为金多多食品全球品牌叙事的首批见证者。 在国际舞台上，阿麦斯的"甜蜜足迹"遍布多个核心场景。在美国洛杉矶，品牌将登陆格莱美颁奖盛典， 以标志性音乐棒棒糖为载体，与全球顶尖音乐人开展艺术与"甜蜜"的跨界交流，践行"请全球音乐人吃 糖"的美好愿景。意大利米兰冬奥会期间，阿麦斯将多维度深度参与这一国际体育盛事：一方面与国际 体育记者协会携手，向记录赛场风采的幕后记者致敬；另一方面助力国际体育影视文化交流，弘扬体育 精神，同时为滑雪登 ...

高盛分析师Bonnie Herzog建议投资者在2026年即将到来之际，果断买入尼古丁、能量饮料、糖果及美 容类股票。她认为，随着消费者基本面显著改善，这些细分领域的增长将在未来跑赢大盘，现在正是这 几类消费股的入场良机。 12月16日，高盛董事总经理兼资深消费分析师Bonnie Herzog在最新报告中发出强烈看涨信号，认为在 经历了2025年必需消费品板块的普遍表现不佳后，市场逻辑正在发生转变。 她预计，受实际收入增长回升、就业增长、减税以及关税相关通胀消退的推动，2026年美国消费环境将 更加具有建设性，尤其是对于中等收入群体而言。这将支持一种"非必需消费优于防御性消费"的投资策 略。 Herzog强调，尽管必需消费品板块明年可能仍面临压力，但选股环境将令人鼓舞。高盛继续鼓励投资者 将新资金投入到那些具有吸引力且盈利增长能跑赢大盘的类别，具体包括能量饮料、尼古丁、糖果和美 容产品。 此外，该行还特别指出，受益于包括FIFA世界杯在内的"三大利好事件"，2026年极有可能成为"啤酒股 之年"。这一看涨呼吁正值美国经济出现复苏迹象之际。尽管市场对"K型"经济复苏的担忧犹存，但10 月份核心零售销售增长强劲， ...

近日，海外研究机构发布了2025全球最富家族榜单，沃尔玛公司的创始家族沃尔顿家族以5134亿美元的净资产再次位居榜首，其净资产首次超过5000亿美 元。 前言 全球最富有的25个家族，其财富总额较一年前合计增加了3587亿美元，合并净资产达到2.9万亿美元。进入榜单的门槛也创下历史新高：需要至少464亿美 元，比去年提高了97亿美元。 过去一年，全球最富有家族的演进故事再次印证了一条金融领域的基本真理：规模至关重要。 他们的财富增长既得益于股价上涨以及金属、宠物食品等商品需求的提升，也源于这些家族在数十年中积累的影响力与经验。 今年共有来自四大洲的四个家族首次跻身榜单：其中，来自墨西哥的拉雷亚·莫塔·贝拉斯科家族（Larrea Mota Velasco）与来自智利的卢克西奇家族 （Luksic），均执掌起源于铜矿开采的商业帝国； 意大利的德尔·韦基奥家族（Del Vecchio）因全球领先的眼镜制造商依视路陆逊梯卡集团（EssilorLuxottica）而致富，该公司进军AI眼镜领域推动了股价上 涨；而沙特Olayan家族，其横跨全球的商业版图以及与华尔街的紧密联系，使其在国内外的重要性进一步提升。 值得注意 ...

Group 1 - Mars has completed the acquisition of Kellanova, the parent company of Pringles, for approximately $35.9 billion (about 253.4 billion RMB), marking the largest food industry acquisition of the year [2][5] - The acquisition signifies the merging of well-known brands, with Mars owning brands like Dove and Snickers, while Kellanova is recognized for Pringles and Kellogg's cereals [2][4] - The deal was in the works for a long time, with regulatory approval received in December, leading to Kellanova's delisting from the New York Stock Exchange [5][6] Group 2 - Pringles, launched in 1968, was the first canned potato chip brand and gained popularity through unique flavors and marketing strategies [4][6] - The brand initially struggled in sales but became a hit in the 1980s after taste adjustments and effective advertising [6] - Kellanova's history dates back to 1894, and it became the second-largest snack company globally after acquiring Pringles from Procter & Gamble for $26.95 billion (about 188 billion RMB) in 2012 [6][7] Group 3 - Mars CEO Paul Wehrrauch described the acquisition as historic, emphasizing the opportunity for innovation and reaching more consumers [7] - Mars is a well-known company with a diverse portfolio, including brands like M&M's and Skittles, and has a history of significant acquisitions [8][9] - The acquisition is expected to boost Mars' snack food business revenue to approximately $36 billion, positioning it as the third-largest player in the global snack industry [9] Group 4 - The article highlights a broader trend of mergers and acquisitions in the consumer sector, with companies like Starbucks and Burger King also engaging in strategic partnerships and sales [10][12] - The competitive landscape in the consumer market is prompting brands to adjust strategies, with many familiar brands choosing to sell parts of their businesses [13] - The food and beverage sector is viewed as resilient and attractive for investment, especially during economic fluctuations, leading to increased merger activity [13]

设计做得好不好，对消费者想不想买一款商品，有很大影响。资深设计师、视觉文化研究者姜庆共在新 书《时代花火：百年视觉符号档案》中回顾了百年来的中国平面设计历史，依托近20年收藏的近5000件 物品和文献，他探讨了视觉符号与社会生活的紧密关联，更指出"广交会"是一扇重新看待设计力量的窗 口。 从飞天茅台到大白兔奶糖，从报纸广告、展会海报到企业的出口商品样本，书中遴选的500多幅图像， 展示了平面设计如何超出单纯的造型和审美价值层面，去承担国计民生变革、发展的重任。 设计在出口创汇中担当大任 在1955和1956年举办出口物资展览交流会以及中国出口商品展览会的基础上，1957年4月，第一届中国 出口商品交易会（下称"广交会"）在广州中苏友好大厦举办。作为"中国第一展"，每年春秋各办一届的 广交会，60多年来持续吸引中外人士前来洽谈经贸。 由于中外商贸交流需要，设计随着产品的展示与交易而得到重要的发展空间。广交会孕育出的设计土 壤，此后对全国都产生了重要影响。一种流行较广的观点认为，新中国成立后的10~20年中，中国没有 设计。姜庆共认为，广交会就是一个非常好的例子，展示了当年本土设计的存在，只是由于外贸性质等 多重 ...

Core Viewpoint - The article emphasizes the interconnectedness of business and investment, highlighting that understanding one enhances the comprehension of the other. It advocates for defining one's "circle of competence" and staying within it to make informed investment decisions [5][12][30]. Group 1: Circle of Competence - Warren Buffett stresses the importance of identifying and operating within one's circle of competence, using the example of Mrs. Blumkin, who successfully ran a furniture business by only engaging in areas she understood [9][19][22]. - Many CEOs of large companies often lack experience in capital allocation, leading to poor acquisition decisions when they venture outside their expertise [10][24][25]. - The article suggests that having fewer but more informed investment opportunities can lead to better outcomes, contrasting this with the prevalent culture on Wall Street that encourages frequent trading [11][32][36]. Group 2: Investment Philosophy - The investment approach advocated is to focus on high-quality businesses and to wait patiently for clear opportunities, rather than being swayed by market noise [30][36][60]. - The article discusses the advantages of owning a portion of a great business, like Coca-Cola, rather than seeking to acquire entire companies, which often leads to overpaying in competitive bidding situations [36][39][44]. - It highlights the importance of investing one’s own capital, as seen in Berkshire Hathaway, where management invests a significant portion of their wealth, aligning their interests with those of shareholders [39][40]. Group 3: Market Dynamics - The article critiques the modern investment theory that equates price volatility with risk, arguing that buying undervalued assets can be safer than overpaying for perceived stability [75][78]. - It points out the challenges of global competition and the risks associated with investing in foreign markets, emphasizing a preference for companies registered in the U.S. [81][83]. - The discussion includes the notion that successful investments often come from understanding the underlying business rather than relying on market trends or speculation [57][60].

Group 1 - TianTu Investment announced the sale of its 45.22% stake in Yuno Dairy Co., Ltd. to Kunshan Noyuan Ruiyuan Management Consulting Co., Ltd. for a transaction price of 813 million yuan [1] - IDG Capital, which is behind Kunshan Noyuan Ruiyuan, will ultimately acquire 100% of Yuno China for a total transaction price of 1.8 billion yuan, becoming the controlling shareholder [1] - The original management team of Yuno China will be retained post-transaction to maintain and enhance brand competitiveness, aiding in regional expansion and product innovation [4] Group 2 - The acquisition of Yuno China is part of a broader trend where Chinese private equity (PE) firms are increasingly acquiring international consumer brands' operations in China [6] - Notable recent transactions include CPE Yuanfeng's strategic cooperation with Burger King to form a joint venture, and Starbucks' partnership with Boyu Capital for its retail operations in China [6][7] - The trend of international brands divesting their Chinese operations is driven by competitive pressure from local brands and the advancement of local management capabilities [7]

Core Viewpoint - Warren Buffett announced he will no longer write Berkshire Hathaway's annual report or give long speeches at the annual shareholder meeting, indicating a transition to a quieter phase in his career [2][3]. Group 1: Transition of Leadership - Buffett will step down as CEO at the end of the year, with Greg Abel set to take over, while Buffett will remain as chairman and retain a significant number of shares [3]. - At 95 years old, Buffett acknowledges his declining physical abilities but continues to work five days a week at the office [4][5]. Group 2: Investment Philosophy and Achievements - Buffett's investment philosophy has evolved from the "cigar butt" approach, focusing on undervalued companies, to a "moat" strategy, emphasizing companies with sustainable competitive advantages [10][11][14]. - Berkshire Hathaway's annualized return from 1965 to 2024 is 19.9%, significantly outperforming the S&P 500's 10.4% during the same period, showcasing Buffett's successful investment strategies [5][16]. Group 3: Notable Investments - Buffett's investment in PetroChina during the SARS outbreak in 2003 yielded approximately 7 times the return, demonstrating his ability to identify undervalued opportunities [6]. - His investment in BYD, initiated during the 2008 financial crisis, resulted in a return of over 600 billion HKD from an initial investment of 1.8 billion HKD [6]. Group 4: Business Structure of Berkshire Hathaway - Berkshire Hathaway's business model is characterized by a foundation in insurance, stable cash flow from various businesses, and stock investments for capital appreciation [18][19]. - The insurance segment, including GEICO and Berkshire Hathaway Reinsurance Group, provides low-cost float capital for investments [18]. Group 5: Challenges and Future Outlook - The investment landscape has changed, making it difficult to replicate Buffett's past successes due to market efficiency and the evolution of investment opportunities [22][24]. - Buffett predicts that in the next decade, many companies may outperform Berkshire Hathaway, indicating the challenges of maintaining growth at scale [30]. Group 6: Comparison with Chinese Investors - The article discusses the absence of a "Chinese Buffett," attributing it to the relatively short history of the Chinese capital market and the lack of long-term investment culture [38][40]. - However, it notes that as the Chinese market matures and improves in governance, there may emerge unique investment legends in the future [42][43].

Core Insights - Warren Buffett, at 95, announced his retirement from daily management of Berkshire Hathaway, marking the end of a 60-year investment era and presenting a significant test for his successors and the value investment philosophy [1][2] Investment Performance - Since its first investment in 1962, Berkshire Hathaway has grown into a diversified holding company with a market value exceeding $1 trillion, achieving a total return of 5,502,284% from 1964 to 2024, compared to the S&P 500's 39,054% during the same period [2] - Buffett's long-standing commitment to value investing is highlighted as particularly valuable in the current market environment characterized by speculative assets [2] Evolution of Investment Philosophy - Buffett's investment philosophy evolved through three distinct phases: - Early Stage (1949-1971): Focused on "cigar butt" investments, seeking stocks priced significantly below their intrinsic value [3] - Mid Stage (1972-1989): Shifted towards assessing the intrinsic quality and long-term competitiveness of companies, exemplified by the acquisition of See's Candies [3] - Late Stage (1990-Present): Introduced the "moat" concept, emphasizing the importance of long-term competitive advantages in investment decisions [3] Market Caution - Buffett's retirement signals a cautious stance towards the current U.S. stock market, as evidenced by Berkshire's record cash reserves of $381.7 billion and a trend of net stock sales over the past 12 quarters, raising over $6 billion in cash in Q3 alone [5] - The market valuation metric, the ratio of total market capitalization of publicly traded stocks to U.S. GDP, has reached historical highs, which Buffett previously described as "playing with fire" [5] Leadership Transition - Greg Abel is set to succeed Buffett as CEO, with Buffett praising his management skills and work ethic; however, market skepticism remains, as Berkshire's stock has declined over 10% since the succession announcement [7] - The company has recently received a rare "sell" rating from Keefe, Bruyette & Woods, citing several unfavorable factors impacting its outlook [7] Influence in China - Buffett's limited but impactful investments in China, including stakes in PetroChina and BYD, have left a lasting legacy, with significant returns on both investments [8][9] - His value investing philosophy has profoundly influenced Chinese investors, with many adopting his principles of "circle of competence," "margin of safety," and "long-term holding" [9] Future of Value Investing - Despite Buffett's retirement, the principles of value investing are expected to persist, although their application may evolve under Abel's leadership, with Berkshire's substantial cash reserves poised for future acquisitions [10] - Buffett's legacy as a legendary investor will continue to shape the investment landscape, emphasizing the importance of adapting investment strategies to changing market conditions [10]

Group 1: Core Insights - The China International Import Expo (CIIE) showcases innovative products and reflects new consumer trends, serving as a key window to understand the evolving Chinese consumer market [1] - Exhibitors express confidence in the Chinese market due to a transparent and stable policy environment, as well as a fair and inclusive market landscape [1] Group 2: Health and Wellness Consumption - Lululemon highlights the growing health consciousness among Chinese consumers, positioning China as its second-largest global market, driven by an improved business environment and rising consumer confidence [2] - The demand for high-quality, eco-friendly health products is increasing, indicating a higher consumer awareness regarding health products [3] Group 3: Interest-Based Consumption - PEZ candy, known for its collaboration with popular IPs, attracts significant consumer interest at the expo, showcasing the emotional connection consumers have with brands [4] - Pop Mart leverages its popular IPs to create immersive experiences, enhancing consumer engagement and interaction at the event [5] Group 4: Smart Technology Trends - Companies like Samsung are focusing on AI integration in consumer products, enhancing user experience through smart technology [6] - SYR Hansgrohe introduces AI-driven products that adapt to user habits, targeting emerging markets such as the silver economy and pet care [7]