每经记者｜王琳 每经编辑｜陈柯名 王瀚黎 王晓波 标题点睛 美国能源部长克里斯·赖特7日宣称，美国将"无限期"地控制委内瑞拉石油销售。 国际油价延续跌势，截至发稿时，美油主力合约跌1.44%，报56.31美元/桶；布伦特原油主力合约跌0.61%，报60.33美元/桶。 据广西云客户端1月7日消息，广西国际传播中心（柬埔寨）国际传播联络站记者、《柬中时报》记者获悉，太子集团（Prince Group）创始人兼董事长陈 志在柬埔寨被捕，并已被遣送回中国，接受有关部门调查。 1 隔夜市场 美股三大指数收盘涨跌不一，纳指涨0.16%，标普500指数跌0.34%，道指跌0.94%；大型科技股多数上涨，英特尔涨超6%，谷歌涨逾2%，微软、英伟达 涨超1%，亚马逊小幅上涨；Meta跌逾1%，苹果、特斯拉小幅下跌。其中，谷歌市值达到3.89万亿美元，超过苹果公司的3.85万亿美元，为2019年以来首 次。中概股多数下跌，纳斯达克中国金龙指数跌1.58%，满帮跌超7%，腾讯音乐跌超5%，贝壳、网易等跌超3%，金山云、阿里巴巴等跌超2%，富途控 股、哔哩哔哩等跌超1%；传奇生物涨超8%，百度、蔚来小幅上涨。 美国白宫新闻秘书莱维 ...

1. 美国三大股指期货涨跌不一，纳指期货跌0.19%，标普500指数期货跌0.05%，道指期货涨0.08%。 2. 欧股主要指数普跌，德国DAX指数涨0.63%，英国富时100指数跌0.63%，法国CAC指数跌0.05%，欧 洲斯托克50指数跌0.19%。 17. 自动驾驶技术公司Mobileye将以9亿美元收购机器人公司Mentee Robotics。 美股时段值得关注的事件： 21:15美国12月ADP就业人数 23:00 美国12月ISM非制造业PMI/美国11月JOLTs职位空缺/美国10月工厂订单月率 (格隆汇) 3. 美国总统特朗普：委内瑞拉的临时管理当局将向美国移交3000万至5000万桶高品质、受制裁的石油。 4. 白宫：特朗普及其团队正在讨论多种取得格陵兰岛的方案，包括从丹麦购买该领土、与格陵兰建立自 由联系协定，军事手段亦被列为选项之一。 5. 美国高院将1月9日定为今年首个意见发布日，特朗普关税案有望迎来裁决。 6. 美联储理事米兰：2026年需大幅降息超100基点，直言现行政策正在抑制经济。 7. 黄仁勋回应H200何时售往中国：正加快生产，等待许可的最终细节敲定。 8. AMD苏姿丰 ...

每经记者｜范芊芊 每经编辑｜何小桃 魏文艺 日前，雀巢在欧洲多国召回数批次婴儿奶粉，涉及德国、奥地利、丹麦、瑞典及法国。据悉，此次召回的原因是调查发现从某大型供应商处采购的一种原 料存在质量问题，可能存在源自蜡样芽孢杆菌的细菌源性物质，导致消化系统不适（腹泻和呕吐）。 《每日经济新闻》记者注意到，1月6日，雀巢中国在其官网也发布了预防性自愿回收婴幼儿配方奶粉的公告。公告称，雀巢中国自愿回收在中国大陆销售 的特定批次婴幼儿配方奶粉，受影响产品涉及力多精、铂初能恩、舒宜能恩、惠氏多批次产品。另外，雀巢中国也自愿回收所有此次涉事的进口自欧洲、 在中国大陆跨境电商渠道销售的婴幼儿配方奶粉。 校对|段炼 封面图片来源：雀巢官网 图片来源：雀巢中国官网 雀巢中国强调称，本次回收范围之外的所有其他雀巢产品及同类产品的其他批次均可安全食用。所有在中国大陆市场注册并销售的雀巢特殊医学用途婴儿 配方食品、超启能恩、启赋、S26铂臻等不受影响，所有在中国大陆跨境电商销售的雀巢能恩全护6HMO、NAN Supreme、S26金装等不受影响。 1月7日，雀巢中国方面向《每日经济新闻》记者表示："雀巢中国对此高度重视，中国市场少数产品可 ...

来源：瞭望智库 "我是黑土地的孩子，一辈子就想做'母亲的事业'，做良心的事业。" 说起乳业，飞鹤董事长冷友斌的语速不自觉地放得很慢，思绪仿佛回到童年的黑龙江农垦牧场。牧场的 雾气，牛棚的热气，为家里十几头牛割草、挤奶的背影……让他难以忘怀。从那个时候开始，这个生在 黑土地、长在牛棚边的孩子，再没离开过乳业。 在同行眼中，冷友斌总爱做些"不合时宜的傻事"，自建牧场、自研生产线，这些重资产的投入一度让乳 业圈不看好。飞鹤却能逆势翻盘，从地方小厂逐渐蜕变为国产奶粉标杆，乃至将中国婴儿奶粉推向全球 舞台。有人说他"敢赌""有魄力"，但在冷友斌看来，与其说是"赌赢了"，不如说是有战略眼光，选对了 方向，且坚定专注于婴儿奶粉事业。 40年来，中国乳业经历了追赶与重塑，冷友斌既是见证者，也是破局者。飞鹤的逆袭轨迹，也是中国乳 业从低谷到奋起、从跟跑到领跑的缩影。他和飞鹤的故事，有中国乳业如何学习、如何创新、如何超越 又如何在世界舞台上重新定义自己的探索实践。 为了探寻这位中国乳业坚守者的奋斗故事，瞭望智库携手中华酒打造的《品味中华·对话新时代企业 家》栏目走进飞鹤，与中国飞鹤董事长冷友斌展开深度对话，揭开那些不为人知的坚持 ...

Group 1 - The U.S. government announced a maximum tariff of 145% on Chinese goods, which is framed as a necessary action to correct trade imbalances, but has led to significant negative impacts on American middle-class families [1] - Domestic companies, such as General Motors, are facing operational disruptions due to supply chain issues caused by tariffs, with production lines halted due to a lack of imported components [2] - The consumer price index in the U.S. has risen above 6% for three consecutive months following the tariff implementation, marking the highest increase since 1982, affecting everyday goods like ketchup and baby formula [2] Group 2 - Former President Bill Clinton criticized the tariff strategy, stating that the U.S. has lost $80 billion while China's trade surplus has exceeded $1 trillion, contrasting it with past cooperative trade agreements [4] - The Democratic Party is leveraging the economic fallout from the tariffs to gather testimonies from unemployed workers, highlighting the failure of the promised manufacturing revival [4] - The U.S. administration has reduced some tariffs from 30% to 20% in response to public backlash, but domestic semiconductor manufacturing remains underutilized, and Vietnam has seen a surge in electronic orders [6] Group 3 - The International Monetary Fund reported a 1.2% decline in global trade growth due to the tariff war, with the U.S. suffering significant economic losses while China has managed to maintain growth through market expansion in Southeast Asia [8] - Major automotive companies like BMW and Toyota are shifting production to Mexico and Thailand, respectively, indicating a trend of supply chain restructuring away from the U.S. [8] - The ongoing trade conflict has highlighted the futility of unilateral actions in a globalized economy, with calls for cooperation rather than confrontation being emphasized by leaders like Clinton [10]

Core Viewpoint - The announcement details the approval process for New Zealand's New Lite Dairy Co., a subsidiary of Bright Dairy, to engage in hedging activities to mitigate foreign exchange and interest rate risks associated with its operations [3][4][5]. Group 1: Transaction Overview - New Lite's main business includes the production and sale of dairy products, with significant revenue from foreign currency sales and some raw material imports, exposing it to foreign exchange risks [3][4]. - The company plans to use forward foreign exchange contracts and interest rate swaps to hedge against these risks [3][4]. - The estimated peak value for forward foreign exchange contracts in 2026 is NZD 1.5 billion, and for interest rate swaps, it is NZD 100 million [4]. Group 2: Approval Process - The proposal has been approved by the Audit Committee and the Board of Directors, pending approval from the shareholders' meeting [2][7]. - The Audit Committee unanimously approved the proposal with three votes in favor and no opposition [7]. Group 3: Risk Analysis and Control Measures - The hedging activities are aimed at risk mitigation and will not involve speculative trading [9]. - Risks identified include market risk, operational risk, and the risk of default by financial institutions [9]. - The company has established a management system for hedging activities, ensuring compliance with legal and regulatory requirements [10][11]. Group 4: Financial Impact and Accounting Treatment - The hedging activities will be conducted in accordance with relevant accounting standards, ensuring proper financial reporting [15].

Group 1 - The company announced amendments to the Board Meeting Rules, which require approval from the shareholders' meeting [3][4][5] - The Board of Directors unanimously approved the proposal to amend the Board Meeting Rules with 7 votes in favor [3][4] Group 2 - The company plans to purchase liability insurance for its directors and senior management to enhance risk management and protect investors' interests [7][8] - The insurance coverage limit is set at a maximum of RMB 100 million per year, with an annual premium not exceeding RMB 500,000 [8] - The proposal for purchasing liability insurance will be submitted to the shareholders' meeting for approval [9] Group 3 - The company intends for its overseas subsidiary, New Zealand New Light Dairy Co., Ltd., to engage in hedging activities to mitigate foreign exchange and interest rate risks [10][13] - The expected peak value for foreign exchange forward contracts is NZD 1.5 billion, and for interest rate swap contracts, it is NZD 100 million [14] - The hedging activities will be funded entirely from the subsidiary's own or self-raised funds, without using the company's raised funds [16] Group 4 - The company has outlined a series of risk control measures for the hedging activities, including strict adherence to legal and prudent principles [21][22] - The company will only engage in hedging transactions with qualified banks and financial institutions [22] - Regular reviews and communications will be conducted to ensure compliance and effective risk management [23][24] Group 5 - The company has proposed expected daily related transactions for 2026, which require approval from the shareholders' meeting [27][28] - The company reported actual related transactions for the first ten months of 2025, indicating no significant reliance on related parties [29]

Core Viewpoint - The article emphasizes that Feihe has spent 63 years developing a brand that is "more suitable for Chinese babies," focusing on a systematic approach that integrates research, production, and data to establish trust and quality in its products [4][6][22]. Group 1: Historical Development - Feihe has evolved over 63 years, establishing itself as a leader in the dairy industry by prioritizing the suitability of its products for Chinese infants [11][13]. - The brand's journey began with a commitment to quality and safety, leading to the establishment of a full supply chain control in 2006, which helped it navigate industry crises [12][14]. - By 2019, Feihe became the highest-valued dairy company in Hong Kong, reflecting its growth alongside the recovery of the Chinese dairy industry [13]. Group 2: Research and Development - Feihe's approach to "suitability" is rooted in extensive research, including the establishment of a national research team focused on maternal and infant nutrition, which has led to significant findings in infant formula development [19][29]. - The company has developed a unique system that emphasizes the nutritional needs of Chinese infants, using local data to inform its product formulations [20][28]. - Feihe's commitment to research is demonstrated by its involvement in over 40 national research projects and the publication of numerous academic papers, establishing it as a leader in the field [29][33]. Group 3: Quality and Safety - The brand's "two-hour ecological circle" ensures that milk is processed within two hours of milking, maintaining freshness and nutritional quality, which is a significant competitive advantage [22][23]. - Feihe's products exceed international standards in protein content and purity, reinforcing its commitment to quality and safety [17][20]. - The company has built a comprehensive clinical validation system, which includes long-term studies to ensure that its products meet the nutritional needs of infants [25][26]. Group 4: Market Position and Strategy - Feihe's strategy contrasts with many international brands that rely on global supply chains; instead, it focuses on local sourcing and production to enhance product quality [14][19]. - The brand has successfully transformed the concept of "suitability" into a quantifiable and verifiable scientific proposition, enhancing consumer trust [22][38]. - Feihe's leadership in the market is not just based on sales but on setting new standards for quality and safety in the dairy industry, redefining competition in the sector [29][39].

Core Viewpoint - The sale of New Zealand assets by Bright Dairy's subsidiary, New Lite, for $170 million to Abbott's New Zealand branch is seen as a strategic move to alleviate financial burdens and improve operational efficiency for both companies [1][5][10]. Group 1: Asset Sale Details - New Lite plans to sell its North Island assets, including the Pokeno factory, which has an annual capacity of 40,000 tons and produces various nutritional products [5]. - The sale price of $170 million is based on an asset book value of approximately NZD 2.82 billion and an assessed value of NZD 2.85 billion, indicating a fair negotiation process [5]. - The transaction is expected to enhance New Lite's net profit by NZD 10 million to NZD 15 million in the fiscal year 2026 [1][6]. Group 2: Financial Context - New Lite has been facing significant financial losses, with an estimated EBIT loss of NZD 20 million for the fiscal year 2025, prompting the need for asset divestiture [6][9]. - The North Island assets were underutilized, and the sale is intended to provide cash flow for debt repayment and reduce interest costs, thereby improving the financial environment for New Lite [9][10]. Group 3: Strategic Implications - The transaction is viewed as a win-win situation, allowing Abbott to secure production capacity while enabling Bright Dairy to focus on its core business and enhance competitiveness [1][10]. - Analysts suggest that this move reflects a shift in strategy for Chinese dairy companies from heavy asset investments to more flexible asset-light models, which can mitigate risks and improve operational efficiency [11].

Core Viewpoint - The sale of New Zealand North Island assets by Bright Dairy's subsidiary, New Zealand Newlight Dairy, aims to alleviate significant operational losses and refocus on core business activities [1][3]. Group 1: Transaction Details - Newlight plans to sell its North Island assets to Abbott's subsidiary for $170 million (approximately 1.21 billion RMB) due to underutilization of capacity leading to substantial losses [1]. - The expected closing date for the transaction is April 1, 2026, with projected net profit increases of approximately NZD 10 million to NZD 15 million for the 2026 fiscal year [1]. - The assets being sold include the Pokeno factory, RPD site, and Jerry Green warehouse, with the Pokeno factory having an annual capacity of 40,000 tons [2]. Group 2: Financial Impact - The North Island assets have a book value of NZD 4.4 billion, with a net value of approximately NZD 2.82 billion, and are projected to incur an EBIT loss of NZD 20 million in the 2025 fiscal year due to underutilization [2]. - The sale is expected to provide Newlight with sufficient cash flow to repay debts and reduce future operating loan requirements, significantly lowering interest costs [3]. Group 3: Company Background - Bright Dairy has faced multiple challenges, leading to the decision to divest the North Island assets, which can no longer serve as a revenue pillar [3]. - Newlight, a significant overseas asset for Bright Dairy, has been struggling with poor operational performance, reporting losses of CNY 296 million in 2023 and projected losses of CNY 450 million in 2024 [1].