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Who would have thought that the most tear-jerking movie scene at the beginning of 2026 would not be the life-and-death fight between Wu Jing and Nicholas Tse, or Jet Li's look back on the screen after 14 years, but the Easter egg at the end of the film, where three old people standing in the wind and sand of the desert, wearing shabby clothes, mocking themselves as "old and useless".

Really, before the lights in the theater came on, when the subtitles were about to roll, and the screen cut to that scene, the boy next to me was stunned, and then whispered: "Fuck, it's them."

At that moment, goosebumps ran from my back to my head. Wherever these three people go, it is a living history of Chinese martial arts movies.

Three 260-year-old men, a living history of martial arts

The first person on the left is Yuan Heping, 81 years old.

It’s impossible for martial arts fans not to know this name. He is known as "the best martial artist in the world" by people in the world. The elegant duel in the bamboo forest in "Crouching Tiger, Hidden Dragon" and Neo's kung fu in "The Matrix" were all made by him. This time he was invited by Wu Jingli to direct "The Bodyguard" himself at the age of 80.

Eagle-eyed viewers discovered that his appearance in the easter egg – shabby clothes and weathered face – was a tribute to his father Yuan Xiaotian's image in the classic movie "Drunken Master". This is not just a look, it is a conversation spanning two generations. If my father's spirit in heaven saw it, he would probably be happy too.

The one in the middle, Zhang Xinyan, is 91 years old.

You may not be familiar with this name, but one sentence he said changed the fate of a young man. In 1982, he directed "Shaolin Temple", which brought martial arts movies to millions of households and made Jet Li, who was still a young man at the time, famous all over the country overnight. It can be said that without Zhang Xinyan, there would be no "Kung Fu Emperor" later.

The third person from the right is Wu Bin, 88 years old.

He is the vice president of the Chinese Martial Arts Association, but his more important identity is that he is the martial arts mentor of Jet Li, Wu Jing, and Donnie Yen, who are the leading figures in Chinese action movies. In other words, the most capable people on the screen now have to respectfully call him "Master" when they see him. Half of the Chinese action movies are his disciples.

The combined age of the three people is more than 260 years old.

They don't need to speak, as long as they stand there, their weight is as heavy as a thousand pounds.

Wu Jing's "little thoughts", it depends on how many people cry

To be honest, the intention of Wu Jing, who is the investor, producer, screenwriter and starring actor, to invite the three old men and put them at the end of the movie could not be more obvious.

This is no ordinary guest appearance, this is a solemn and respectful ceremony.

In this way, he is bowing to his mentor, the predecessors of martial arts movies, and that glorious era of martial arts.

Think about it, what did Wu Jing rely on to go from "Kung Fu Kid" to "Mr. Ten Billion Box Office" over the years? It’s the unwillingness to admit defeat and the almost paranoid love for martial arts movies. But he knows better than anyone else that he is standing on the shoulders of giants to get where he is today.

In those years, Yuan Heping taught him how to fight well, Zhang Xinyan taught him how to act impressively, and Wu Bin taught him how to practice well.

He remembered all these kindnesses.

So he brought them in and put them in the last shot of his movie. Let the audience remember these old people who dedicated their lives to martial arts movies before leaving.

This time I kneel, I kneel for my teacher's kindness, I kneel for my inheritance, and I kneel for the world that is filled with grudges and grudges.

What is more touching than the movie is the deep feeling behind the movie

Seeing this scene, I suddenly remembered a line from the movie:

"Children can do whatever they want, which is the most important thing in the world."

Our generation is accustomed to measuring everything by the input-output ratio – does this job have a future? Is this relationship worth it? Is this choice a good deal?

But he harshly suppressed the pure "I want to do it".

The "child" here refers not only to children, but also to the self deep inside each of us that has not been obliterated by the world.

Wu Jing wanted to make a martial arts film, so he made it. He wanted to invite the seniors, so he invited them. He wanted to give the Masters a shot at the end of the film, so he gave it to them.

What can ignite miracles in this complex world has always been pure love and belief, rather than shrewd calculations.

Desert, wind and sand, shabby clothes, vicissitudes of life smile. They say that they are "old and useless", but they stand there like a monument.

Jet Li's comeback is indeed big news, but anyone who really knows the industry knows that the three old men, who are 260 years old in total, are the biggest easter egg in "The Bodyguard".

Wu Jing used this easter egg to tell us: Jianghu never gets old, it just changes its way of inheritance.

And we may not be able to fight on the screen like them, but in our real lives, we can be "people of the world" who are not defined by the system or coerced by the world.

May there be a "child" in our hearts who can do whatever he wants.

May that pure love never fade away.

#影视人#

Lui Liangwei was born in Saigon, Vietnam on December 22, 1956. His family moved to Hong Kong in 1968. At that time, he was only about twelve years old. His life suddenly changed and he had to adapt to the new environment all over again. His mother had health problems in 1973, so he went to work in his father's handbag factory before finishing high school. Riding a motorcycle even left scars on his face.

In 1976, he applied for the TVB Artist Training Course. After graduating in 1977, he officially entered the industry, first playing small roles. In 1980, "Shanghai Beach" was broadcast. His performance as Ding Li made the audience remember his loyalty, and his career suddenly opened up. "The Lame Man" was released in 1991, which was a good box office success and received good reviews. He also received an Academy Award nomination.

In addition to filming, he also tried to run a small business. However, Hong Kong encountered a financial crisis in 1997 and lost a lot on his investments. He slowly recovered after selling part of his house. It was not until 2002 that the economy stabilized through the appreciation of stocks and his own home.

The first two marriages did not go very far. One was with Zhou Haimei in the United States in 1988, and they separated soon after. The other time was with Kuang Meiyun in 1996, which only lasted less than a year. He continues to film and maintain his fitness habits. He has many friends in the social circle and there are always people cheering for him at birthday parties. His life is busy but he lacks some stability.

Yang Xiaojuan was born in Guizhou in 1971. Her family had average financial conditions. She knew from a young age that she had to work hard on her own to study. After graduating from high school in 1988, she was admitted to the Department of Economics of Peking University. At that time, not many people could go to this school. She persisted by getting up early every day and going to bed late every day. She completed the economics and management major in four years and graduated at the age of 22.

Instead of staying in Beijing to find a stable job, she went directly south to Shenzhen. It was the early 1990s and there were many opportunities in Shenzhen. She started with the Moutai export business. She had to go to suppliers, negotiate prices, handle customs procedures, and send batches of liquor to overseas markets, accumulating her first pot of gold.

Later, she cooperated with a friend to open a handbag factory, taking OEM orders from foreign brands, supervising production and quality, calculating costs clearly, and making more and more orders. She has a good reputation in the Shenzhen business district and is reliable. People often come to her to help bridge problems between companies.

Relying on these solid achievements, she was later elected as the president of the Shenzhen Chamber of Commerce. In this position, she had to coordinate members from different industries, organize activities, and promote industry exchanges. She handled it in a clear and organized manner, and her network of contacts expanded from Shenzhen to the whole country. Before getting married, she had already laid a business foundation on her own. She was rich and knowledgeable, and she didn't need to rely on others at all.

Lu Liangwei and Yang Xiaojuan met at a friend's party in 1998. She had already established herself in the business world at that time, and the two had a good chat.

Lu Liangwei was deeply impressed by her and had more and more contacts with her. They registered their marriage in January 2001 and held their wedding at Le Pre Catelan restaurant in Paris, France on April 14 of the same year. The theme song of "Shanghai on the Beach" was played and witnessed by dozens of guests. After the wedding, they honeymooned in France.

His son Lu Shanyang was born in the same year. He was named because he wanted him to be kind and progressive. The life of a family of three is on the right track. Yang Xiaojuan does not put down what she is doing, but brings her experience to the family. In 2003, Lu Liangwei cooperated with a Chinese-American partner to establish Touch Media to do taxi in-car advertising. She helped to come up with ideas and explore the market. The project was rolled out in several cities and the income was good for a time.

She takes care of the family finances and gives Lu Liangwei a fixed pocket money every month. He used to spend money casually, but now the money he saves is invested in more stable projects. Lu Liangwei himself feels so secure. The family's assets have gradually increased, including several luxury homes in Hong Kong, as well as properties in mainland China and overseas.

She continued to manage businesses such as beauty and clothing agency, and opened stores in Beijing, Shanghai and other places. The two had a clear division of labor. Lu Liangwei was away filming to maintain his image, and she was in charge of investments and connections in the back. When his son Lu Shanyang grew up, he went to study at the University of Cambridge in the UK. After graduation, he worked as an intern in the IT industry. In 2023, he was already in his early twenties. His parents were relieved to see him doing things independently.

Lu Liangwei is still in good spirits these years. In 2025, he and his wife went to Sicily, Italy for vacation. The two have been together for more than 20 years, and their lives have become more and more stable. They rely on mutual support and practical cooperation.

Lu Liangwei has a good career and life. Yang Xiaojuan's business acumen and careful management have made him less worried. The family is together in harmony, and the marriage has truly come to an end.

Han Yueqiao was born in a military family in Zuoquan, Shanxi Province in 1957. Her parents were both in the army, and her upbringing was as strict as military camp rules. When she was seven years old, her parents saw that her body was thin, so they threw her into a sports school to practice gymnastics.

Fast forward to 1979, when she was twenty-two years old, and an opportunity struck her. The movie "Love and Inheritance" wanted a ballet girl to play the role of Han Shasha. With her solid dance skills, she got the role in the first try. After the movie was released, she became instantly popular and became a household name.

In the 1980s, she continued to take roles, such as playing a sentry in "The Outpost in the Birch Forest" and playing a national girl in "The Peacock Princess". She performed well in each film. She was so busy with her career that she still found time to study acting at the Shanghai Theater Academy. From 1983 to 1985, she learned lines and practiced expressions there.

She even directed her own drama, writing, directing, acting and producing in "The Same Sun", and she was so busy that she was sweating profusely. To put it bluntly, she was the kind of woman who refused to admit defeat and relied on her strength to gain a foothold step by step. Among the actresses of that era, she was considered top-notch.

When Han Yueqiao's career was booming, love affairs also followed. She met Zhang Ningyang, who was seven years older than her. He was born in 1950 and was an Air Force engineer. His father was Zhang Zhen, the vice chairman of the Military Commission. The Zhang family has a prominent background, and all of his brothers have worked brilliantly in the army.

Zhang Ningyang is steady and down-to-earth. The two were introduced to each other, got along well, and got married after being together for more than a year. The wedding was held in a low-key manner in the military compound. Most of the guests were veteran cadres, and everyone toasted.

During the newlywed period, the two lived a harmonious life, getting up early to have breakfast, walking and chatting on weekends, and their relationship was quite harmonious. Zhang Ningyang was busy with work, but he was also considerate to her. When she was tired from filming, he would rub her shoulders.

But after a few years of marriage, problems slowly emerged. Zhang Ningyang is engaged in technical research and travels for several months all year round. She also travels across the country on the crew, and the two of them never see each other. We kept in touch by phone, which was okay at first, but then we talked less and less. Sometimes he asked her if she could do less drama and take care of her family more, and she would be quiet for a long time.

This tug-of-war lasted for several years, and by the end of 1992, the two sat down and signed a divorce agreement. There was no quarrel, they broke up peacefully. She later recalled that it ended not because of anyone's fault, but because the paths were different. Zhang Ningyang later reorganized her family, and she did not complain and continued her life.

Not long after the divorce, Han Yueqiao encountered an even bigger blow. In the mid-1990s, her brother was diagnosed with terminal cancer. Without saying a word, she turned down all her film appointments and went home to take care of him. Her brother is her closest family member. She watches over him every day and helps take care of everything. During those years, she stayed with her brother for more than seven years, during which time she began to learn painting to distract herself.

Her younger brother loves to draw, so she started to follow him, from simple doodling to serious study. At first it was just to kill time, but then I became really obsessed. After her brother passed away, she carried his wishes and continued to delve into painting.

In 2006, she went to Italy to see an art exhibition. She was inspired there and came back to apply for the Art School of Peking University to systematically learn techniques. She sat in the front row during class, listened carefully and took notes, and practiced until late at night when she went home.

Her painting style is varied, including oil paintings and Chinese paintings. The themes are mostly landscapes, flowers and birds, incorporating personal feelings. At first, he appeared in small exhibitions and got a good response. Later, he held a personal exhibition and his works sold well. One painting was also collected by a Belgian princess, which gave her a foothold in the painting world.

Her works have appeared several times at auctions, and the prices are quite high. She also does charity, donating money from selling paintings, and organizes office benefit exhibitions to call on everyone to help. Painting became her new career, without the aura of the screen, but she felt more comfortable. Han Yueqiao's career change was unambiguous. From actor to painter, he relied on real skills. Her works are not just for fun, they are recognized by professionals.

She hasn't stopped yet. In 2024, she filmed the comedy "Fuding Family", playing a mother-in-law role and taking it seriously. I also tried the short play "Happy Chinese New Year Flower Buns and Macarons" to learn Internet skills from young people. I usually like to drive and collect models, which are very stable to drive.

I cook for my parents, carry a camera to take pictures of scenery in my spare time, and prepare a photo album. She often spends time in the studio, writing every stroke and piling her works on the wall. She lives independently and does not rely on others. Han Yueqiao's life, from acting to painting, has been down to earth every step of the way. Her brother's incident caused her to change careers, but it also allowed her to find a new direction. Her story, to put it bluntly, is that she refuses to accept old age and never stops.

Time flies so fast, it has been 15 years since Steve Jobs left us.

In a world without Steve Jobs, the sun still rises, but it lacks some flavor of soul.

Every time I think about "The Lost Interview", people can't help but wonder, is Steve Jobs really gone?

In 1990, Jobs gave a 52-minute television interview. After the interview, the master tape was lost.

Surprisingly, shortly after Jobs passed away in 2011, interview director Paul Sen discovered the missing master tapes in his garage.

It lay there quietly, as if waiting for the day it would see the light of day again.

The following text comes from this "lost interview".

Where did Apple start?

A small blue box.

After Jobs met Wozniak, they accidentally discovered a huge BUG in the telephone network built by the telecommunications giant AT&T.

AT&T puts the computer signal in the same frequency band as the sound, which means that if someone can simulate the computer signal, it will be recognized by AT&T as belonging to its own phone network, so that you can make unlimited free calls.

Jobs and Wozniak turned this vulnerability into a product, which they called the "blue box."

Jobs said that without the Blue Box, there would be no Apple Computer.

Because for the first time, they realized that they could control behemoths, infrastructure worth billions of dollars, with the help of small things.

Of course, with the personalities of Jobs and Wozniak, it was impossible not to use the blue box to do some mischief. They called the Pope pretending to be US Secretary of State Henry Kissinger. The joke is big enough.

With the experience of changing the world, the two quickly built the Apple I, thereby slowly building the entire Apple empire.

How did Apple succeed?

Steve Jobs's answer was very Steve Jobs. He said that he discovered an interesting phenomenon. Many people do not ask why they are doing something before doing it. If you ask them, the answer is often that everyone does it.

Jobs sighed, "Everyone does it" is like a legend. I don't know where the source is, but just follow it.

Steve Jobs believed that when everyone is repeating things without thinking, if you are willing to ask, think deeply, and work hard, you can quickly learn how to do business.

From the great to the simple, the great truth is always in the clear, but most people turn a blind eye.

Jobs's understanding of computers was that they were a "bicycle for thinking."

He explained that the idea for the "thinking bicycle" came from an article he read in Scientific American as a child.

This article uses energy consumption per kilometer as a standard to test the movement efficiency of species on the earth. It turns out that the most efficient animal is the vulture, with humans ranking very low.

That’s not the end of it, the author of this article also measured cyclists. What surprised Jobs was that once a person rides a bicycle, his efficiency becomes the highest, far better than that of a vulture.

This article influenced Jobs's life. He deeply realized that human beings are makers of tools, and tools can greatly amplify our innate abilities.

The essence of the personal computer is the bicycle of the human mind.

The real meaning of programming is not to write a program, but to mirror the thinking process and teach us how to think.

AI panic continues

In the last week before the holiday, global AI panic continues to spread.

Software stocks in the U.S. stock market plummeted indiscriminately, and Apple, with its thick eyebrows and big eyes, began to be questioned. Apart from hardware, there is almost no good direction.

According to Bloomberg statistics, we haven’t seen anything like this since the dot-com bubble burst.

Over the past eight trading days, 115 stocks in the S&P 500 have fallen 7% or more in a single day.

In the past, when this happened, the average market retracement was about 34%, but in 2026, the index is still at a high level.

The domestic situation is the same as but different from the U.S. stock market.

The difference is that the trading volume of US stocks is still booming, while the Chinese stock market has begun to boil frogs in lukewarm water.

On February 10, US stock trading volume exceeded US$1 trillion in a single day, setting another record high. Due to the Spring Festival effect, the Chinese stock market has been slightly light in trading. The basic market is 2 trillion, which means it cannot go up or down.

On February 13, the central bank released deposit and loan data for January. As a result, non-bank deposits related to the stock market increased significantly by 1.45 trillion. You know, in January last year, non-bank deposits decreased by 1.11 trillion. Make a judgment.

However, as the index began to trade sideways and individual stocks fell more than they rose, the funds that entered the market at the beginning of the year slowly lost their enthusiasm.

This week, AI applications such as large models have become a few market highlights, with overperformance in both Shanghai and Shenzhen. Zhipu, a large model company, saw its stock price surge by 140% in a single week.

The sudden surge in AI applications is the result of the simultaneous emergence of a series of important catalysts.

According to a report by Xinhua News Agency on February 9, leaders learned about information technology application innovation in Beijing, inspected demonstrations of representative scientific and technological innovation achievements, and had cordial exchanges with scientific researchers and representatives of technology enterprise leaders.

According to subsequent disclosures, AI application companies such as large models are the main direction of investigation.

Just one day after the inspection, on February 10, the National Development and Reform Commission and other departments issued implementation opinions on accelerating the promotion and application of artificial intelligence in the field of bidding.

The opinions pointed out that in accordance with the principles of government guidance, multi-party participation, scenario traction, and safety and controllability, the application of artificial intelligence in the field of bidding and bidding will be actively and steadily promoted, and full coverage application will be achieved in some provinces and cities by the end of 2026.

The country has strong support, and market participants have also delivered answers that exceeded expectations.

Recently, ByteDance’s Seedance 2.0 video generation model has become popular around the world. Many professionals believe that it is comparable to the deepseek moment last year.

Feng Ji, the creator of the Black Wukong myth and CEO of Game Science, issued an article on February 10 saying that the newly launched Seedance 2.0 is an amazing leap in AI's ability to understand multi-modal information. AIGC's childhood is over.

On February 12, Musk also posted on social media that the (Seedance) large model was developing too fast.

The disruptive innovation brought by AI may be a fatal blow to many industries.

Seeing Seedance 2.0 coming, the American Film Institute can’t sit still. According to Intelligent Era AGI news, on February 13, the Motion Picture Association of America stated:

In just one day, the Chinese AI service Seedance 2.0 made unauthorized use of U.S. copyright-protected works on a large scale. ByteDance launches such products without effective infringement prevention mechanisms, ignoring mature copyright laws that protect the rights and interests of creators and support millions of American jobs. ByteDance should immediately stop relevant infringement activities.

Despite Byte's actions, they appear to have had little success.

Domestically, BAT, which has been winning for a long time, has been hit, and its stock prices have fallen continuously.

In the Year of the Horse, prices are going to rise?

Citizens of no country in the world like rising prices. This is true for China and the same is true for the United States.

But for those in charge of the economy, moderate price increases are a good sign, while long-term deflation or inflation are not good.

On February 11, the National Bureau of Statistics announced the price situation in January 2026. Although CPI is positive year-on-year (0.2%), compared with the end of 2025 (0.8%), the growth rate has fallen rapidly.

According to the Bureau of Statistics, the year-on-year increase in CPI fell mainly due to two reasons: the wrong month of the Spring Festival and the drop in oil prices.

Among them, the impact of the Spring Festival on the wrong month is greater. The Spring Festival of 2025 is in January, and weighted items such as meat, eggs, vegetables, and milk will see large increases in the Spring Festival month. According to calculations by Soochow Securities, fresh vegetables alone have a downward effect on CPI of 0.27 percentage points.

However, even excluding the impact of the Spring Festival dislocation, the CPI trend is still weaker than the historical average.

According to agency statistics, since 2010, the average month-on-month CPI growth rate in comparable months during the Spring Festival in mid-to-late February has been 0.6%, which is higher than the 0.2% in 2026.

Although the overall situation is average, the core CPI, excluding food and energy prices, is still remarkable. According to the Bureau of Statistics, in January 2026, core CPI increased by 0.3% month-on-month, the highest in the past six months.

According to statistics from Huachuang Securities, among the core CPI, core commodities rose from 2.5% to 2.6% year-on-year, and the increase expanded for nine consecutive months.

The current situation is still far from the moderate inflation that the government wants to achieve, and we may see more warming policies introduced during the year.

On January 30, the Economic Daily published an article in the name of Jin Guanping to promote a reasonable recovery in prices.

The article pointed out that only by operating prices within a reasonable range can we not only ensure the stability of residents' basic living costs, but also allow enterprises to obtain reasonable profit margins.

This will help encourage enterprises to expand investment and innovation, which will in turn lead to an increase in jobs and residents' income, forming a virtuous cycle of "expanded demand – reasonable prices – positive expectations – strong investment".

Promoting a reasonable recovery in prices can also force the supply side to shift from "fighting for low prices" to "fighting for quality and experience", guiding the flow of production factors to high value-added areas, optimizing the efficiency of resource allocation, and accelerating the coordinated upgrading of consumption structure and industrial structure.

Although it is a consensus that prices will rise reasonably, how to prescribe the right medicine is the key.

After a series of anti-XX measures in 2025, various positions will continue to exert their efforts in the beginning of 2026.

According to the Financial Associated Press on February 9, the Ministry of Transport recently interviewed AutoNavi. The main content of the interview was about issues such as lowering freight rates and inadequate management.

The Ministry of Transport requires AutoNavi to strengthen monitoring and early warning of abnormal price and income fluctuations; conscientiously implement its public commitment to reduce commissions (charges) to ensure reasonable income for drivers; and prevent orders from being resold and commissioned at different levels.

These measures are intended to protect the interests of online ride-hailing drivers and also to increase the price of online ride-hailing. In a word, no price war is allowed.

On the same day, six ministries and commissions including the Ministry of Human Resources and Social Security jointly provided employment administrative guidance to 16 companies including Meituan, Taobao Flash Sales, and JD.com. Enterprises are required to effectively protect the rights and interests of workers in the new employment form.

We have analyzed many times before that the platform economy has developed to this day, and the result of low price theory is to sacrifice the interests of users, merchants, riders and other parties.

If you want quality and credit to return to normal levels, you must increase takeout prices to a reasonable level. In Jin Guanping’s words, only in this way can a virtuous cycle of “expanding demand – reasonable prices – improving expectations – and vigorous investment” be formed.

On the eve of the Spring Festival, the "Internet Platform Antitrust Compliance Guidelines" were released.

According to the 21st Century Business Herald, the "Guidelines" specifically proposed new monopoly risks in eight scenarios, including: algorithmic collusion between platforms, organizations helping operators within the platforms reach monopoly agreements, unfair high prices on platforms, sales below cost by platforms, blocking, "choose one" behavior, "the lowest price in the entire network", differential treatment by platforms, etc.

“The lowest price on the entire network” is one of the monopoly risks.

According to China's policy logic, as long as it is determined, it will fundamentally change.

In fact, many businesses have recently begun to increase takeout prices. On February 2, Business Week and other media published articles stating that restaurant chains such as KFC and Cudi Coffee have recently increased takeout prices and reduced subsidies.

Let’s look at Cudi first.

Starting from February 1, 2026, Kudi Coffee will only retain 3-7 products in the special price area, which will continue to sell for 9.9 yuan. The remaining products will return to the regular selling price of 11.9-16.9 yuan, and some core single products will increase by 30%-60%.

This is the first time Cudi has returned to normalcy since joining the 9.9 game on May 24, 2024.

Cudi’s main rival Luckin also made similar moves, even earlier. Unless you purchase a membership card, it is almost impossible to enjoy 9.9 on a regular basis.

Why have tea brands such as Kudi and Luckin given up on 9.9? In addition to government guidance, a return to business common sense may be the main reason.

According to Luckin’s financial report, its revenue in the third quarter of 2025 was 15.287 billion yuan, a year-on-year increase of 50.2%.

Revenue has soared, but profits are another story. In the third quarter, Ruixing’s operating profit was 1.777 billion yuan, a year-on-year increase of only 12.9%, and the net profit margin fell to 8.4%.

You know, in the same period in 2024, Ruixing's net profit margin was once as high as 12.9%.

While the prices of Luckin and Cudi were strangulating, upstream coffee beans continued to rise sharply. According to tradingeconomics data, coffee prices have more than doubled since 2024 and will remain at a high level in 2026.

The cost has increased significantly while the unit price remains unchanged, which obviously does not conform to business logic. As a result, either the coffee is getting weaker, or the company's profitability drops significantly, or both.

Unlike Cudi who canceled their price discounts, KFC actually raised their prices.

On January 26, according to International Finance News, KFC, a subsidiary of Yum China, increased takeout prices by an average of RMB 0.8.

At the performance exchange meeting on February 4, Yum China CEO explained that this KFC price adjustment is a mild adjustment that only affects the takeout menu and does not have any changes to dine-in prices. Promotions such as 'Crazy Thursday' have also not been adjusted.

Why raise prices for takeaways? The CEO of Yum China said that this was mainly to offset the increase in rider costs caused by the increase in the proportion of food delivery.

KFC's takeout is mainly its own delivery, using its own delivery staff. In other words, if the proportion of takeout increases, more delivery staff will need to be recruited, and the cost will indeed increase.

According to the latest financial report, Yum China's takeout sales will increase by 25% year-on-year in 2025, and takeout sales will account for approximately 48% of the company's restaurant revenue, an increase from 39% last year.

The following is a KFC dine-in and takeaway price list compiled by International Financial News:

It is not difficult to see that the price of takeout is very different from that of dine-in, which reflects the labor cost.

I believe many people have experienced that if the price of dine-in at a restaurant is the same as that of takeout, or even cheaper after platform subsidies, the taste and quality are often discounted. KFC's approach at least ensures close quality.

Prepared dishes, which are closely related to takeout catering, have also seen new developments recently. On February 6, the National Health Commission’s website posted the “National Food Safety Standards for Prepared Dishes (Draft for Comments)”.

The consultation draft clarifies the definition of prepared dishes as:

Prepackaged dishes are made from one or more edible agricultural products and their products as raw materials, with or without the use of seasonings and other auxiliary materials, without the addition of preservatives, through industrial pre-processing (such as mixing, pickling, rolling, shaping, stir-frying, frying, roasting, boiling, steaming, etc.), with or without seasoning packets, and can be eaten after being heated or cooked.

The category of prepared dishes does not include staple foods, clean vegetable foods, ready-to-eat foods and dishes made in central kitchens.

The dishes produced in the central kitchen, which have been controversial before, are clearly not pre-made dishes.

It’s worth noting that it’s not the pre-prepared dishes that have added preservatives.

Will a large number of Chinese patent medicines withdraw from the market? misunderstanding

Recently, many media have published articles saying that a large number of Chinese patent medicines will withdraw from the market.

What's going on?

The media quoted the "Special Regulations on the Registration and Management of Traditional Chinese Medicines" issued by the State Food and Drug Administration in February 2023. Starting from July 1, 2026, any Chinese patent medicine that is still marked as "unclear" in the drug instructions [Contraindications], [Adverse Reactions], and [Precautions] will not be registered for marketing.

According to media reports such as The Paper, monitoring data from the China Association of Traditional Chinese Medicine shows that as of the end of 2025, there were approximately 57,000 valid approval numbers for proprietary Chinese medicines in my country, involving approximately 9,000 varieties, of which more than 40,000 approval documents were marked as "unclear" in terms of contraindications, adverse reactions, or precautions.

More than 40,000 approval documents were marked as "unclear" and quickly spread after being widely disseminated by the media.

Many people believe that the traditional Chinese medicine industry will usher in a major purge.

Is this really the case? Not so.

According to the analysis of Deng Yong, a professor of health law at Beijing University of Chinese Medicine, the "Special Provisions on the Registration and Management of Traditional Chinese Medicine" is not an airborne policy. It was announced as early as early 2023, leaving relevant companies with relatively sufficient time to revise the instructions. For important traditional Chinese medicine products, pharmaceutical companies are likely to start related work early.

"People's Daily" reported that data from the State Food and Drug Administration showed that the vast majority of traditional Chinese medicine varieties have completed this round of re-registration in the past two years.

Southern Plus quoted people in the traditional Chinese medicine industry as saying that most of the above-mentioned approvals (more than 40,000) are "zombie approvals" that have not been produced for a long time and have low clinical value. Approvals for proprietary Chinese medicines that are truly active and widely used in the market account for less than 10%.

"Zombie approval" is the focus of this cleanup and will not affect the normal use of medicine by ordinary people.

Taking Isatis granules as an example, there may be more than 700 existing approval documents, but the actual products on sale should not exceed 100. The remaining 600 or so approval documents are called "zombie approval documents."

Zhang Boli, an academician of the Chinese Academy of Engineering, believes that according to the national adverse drug reaction/event reports in the past five years, traditional Chinese medicines account for 12% and chemical drugs account for 81%. Traditional Chinese medicines are relatively safe. The core purpose of the promulgation of this regulation is to fill in the shortcomings of safety information in the instructions of Chinese patent medicines and promote the high-quality development of the Chinese medicine industry.

Another point that has been misunderstood is that July 1, 2026 is not the real closing time.

According to an article in the "People's Daily" on January 30, the "Special Regulations on the Registration and Management of Traditional Chinese Medicine" will be implemented on July 1, 2023, with a three-year transition period. In addition, the drug re-registration cycle is five years, and the policy actually sets a transition period of three to eight years.

In other words, the real "closure" time should be in 2031.

Improving the quality of traditional Chinese medicines is a general trend. In addition to the "Special Provisions on the Registration and Management of Traditional Chinese Medicines", many policies have been introduced recently.

On February 5, eight departments including the Ministry of Industry and Information Technology issued the "Implementation Plan for the High-Quality Development of the Traditional Chinese Medicine Industry (2026-2030)" (hereinafter referred to as the "Implementation Plan").

The "Implementation Plan" puts forward many clear quantitative goals, such as cultivating 60 high-standard traditional Chinese medicine raw material production bases; building 5 traditional Chinese medicine industry integrity innovation centers; promoting the approval of a number of innovative traditional Chinese medicine drugs for marketing, cultivating 10 new varieties of traditional Chinese medicines, and promoting the transformation of a number of medical institutions' traditional Chinese medicine preparations into innovative traditional Chinese medicine drugs.

Innovative traditional Chinese medicine drugs have always been a top priority in the reform of the traditional Chinese medicine system, and some results have been achieved in recent years.

According to data from the State Food and Drug Administration, since 2020, several first-class innovative drugs with "non-classic famous prescriptions" have been launched every year.

In 2025, the number of approved new traditional Chinese medicines will accelerate. A total of 32 models were approved throughout the year, 7 of which were Category 1.1 innovative traditional Chinese medicines, a four-year high.

Of course, there are more "ancient classic recipes" based on expert review mechanisms. In 2025, a total of 23 models will be approved, accounting for more than 70%.

In addition to making a fuss about traditional Chinese medicine innovation, the government is also raising the threshold of the production process.

On March 1, 2026, the "Special Provisions on the Supervision and Management of Production of Traditional Chinese Medicines" was officially implemented. This regulation puts forward stricter requirements on the processing, packaging, labeling and other aspects of traditional Chinese medicine.

For traditional Chinese medicine companies, they are still in the throes of centralized procurement, with little innovation contribution, and the overall situation is still in a period of adjustment.

According to statistics from China International Finance Securities, as of the third quarter of 2025, the gross profits and net profits of listed Chinese medicine companies have continued to decline.

According to Choice data, as of the end of January, 29 Chinese medicine companies had disclosed their performance for 2025, and only one had an increase in net profit.

The stock price trend also reflects the market's attitude towards the traditional Chinese medicine industry. When the market climbed to 4,000 points, the CSI Traditional Chinese Medicine Index was still hovering near 10,000 points, which is the 2020 level.

If rare earths are no longer scarce, where is the trump card?

Just when China was on the verge of overcoming GPU limitations, Japan, with the support of the United States, achieved a breakthrough in the field of rare earths.

On February 2, the Japanese Cabinet Office announced that rare earth mud was successfully mined from the waters of Minamitorishima, and stated that if the experiment is successful, Japan is expected to start commercial mining in February 2027.

According to reports from Nikkei and other media, this extraction is part of the "Japan Strategic Innovation and Creation Plan (SIP)", for which the Japan Marine Research and Development Agency has been preparing for 15 years.

Japan emphasized that this is the first step for Japan to realize the domestic industrialization of rare earths.

According to Japanese media estimates, the Minami Toriyama Sea is rich in mineral deposits, which can meet the current global consumption demand for dysprosium for 730 years and yttrium for 780 years.

Once such huge amounts of rare earth elements are commercially mined on a large scale in Japan, it is destined that rare earth elements will no longer be scarce.

Our response is nuanced. At the regular press conference of the Ministry of Foreign Affairs on February 3, the spokesperson stated that there have been such reports in Japan in recent years.

Even more subtle are our actual actions.

On February 6, Japan’s Kyodo News Agency reported that multiple trade sources said that relevant Chinese authorities have approved a number of rare earth exports to Japan. Sources said Japan was once worried that tightening controls would lead to a suspension of exports, but in fact there was no comprehensive embargo.

How to understand it?

It's a bit like the US's GPU restrictions on China. We have analyzed many times in our articles before that Japan, as the first country to be controlled by rare earths, has relatively mature response experience and has been actively preparing for the long-term independent control of rare earths.

At present, the United States is becoming more and more important behind Japan.

On February 3, according to media reports such as Zhitong Finance, Laochuan launched a strategic key mineral reserve plan. The estimated investment of $12 billion is aimed at reducing U.S. dependence on China for rare earths and other metals.

Lao Chuan said that this reserve, called the "Vault Plan", will be the first critical mineral reserve in U.S. history, ensuring that American businesses and workers will never be harmed by any supply shortage.

The US$12 billion in financing consists of two parts, with US$10 billion provided by the Export-Import Bank of the United States and US$2 billion from the private sector.

What are the strategic mineral metals? The United States has not yet made it clear.

However, according to the list of critical minerals released in November 2025, in addition to rare earths, 10 minerals including copper, silver, and uranium may be counted.

The United States' strategic key mineral reserve plan has been recognized by many Western countries. After all, it has common interests with the United States in this regard.

According to Jiemian News, Burgum, head of the U.S. National Energy Council, revealed that about 30 countries, including Japan, Australia and South Korea, hope to join a key minerals trading club composed of U.S. allies and partners.

Burgum further stated that the club will implement tariff-free trade and exchanges and set a price floor for mineral products.

In addition to rare earths, which other strategic minerals does China have strong control over? Tungsten, which is widely used in military and aerospace applications, is one of them.

According to the United States Geological Survey, in 2025, China's tungsten reserves accounted for 52% of the world's total, and its production accounted for more than 80%.

From the perspective of changes in reserves, China and Russia are the only countries with proven reserves that are still growing significantly.

In 2023, China's tungsten ore resource reserves surged by 27.78%, and Russia's reserves also increased by more than 50% in 2020.

As China's various "dig and dig" plans accelerate, China's tungsten resources may be able to reach a higher level.

Compared with rare earths, China has stronger control over tungsten, and has a monopoly position from the most upstream resources to product processing.

In February 2025, the Ministry of Commerce and the General Administration of Customs announced the implementation of export controls on tungsten and other related items. Export operators must apply for permission from relevant departments if they need to export.

Two months later, the country also began to tighten its restrictions on tungsten resources.

On April 21, 2025, the Ministry of Natural Resources issued a notice on the total volume control indicators for tungsten mining in 2025 (the first batch). Compared with 2024, the total amount has decreased by 6.45%.

This is the first downward adjustment after 2020, and the global market believes that this is an irreversible trend.

With changes in the supply structure and rising market expectations for tight supply in the future, tungsten products have surged across the board. As of February 13, 2026, the main varieties have increased by 4 to 5 times.

According to data from the General Administration of Customs, China will export a total of 13,149 tons of tungsten products in 2025, a year-on-year decrease of 27.51%, and the control effect is obvious.

In terms of imports, China will import 22,900 tons of tungsten products in 2025, a year-on-year increase of 37.59%. The signal of China’s tungsten hoarding is obvious.

Overseas, except for Kazakhstan’s Bakuta tungsten mine, which has seen significant growth in the past two years, production in Canada, the United Kingdom and other European and American countries has fallen short of expectations.

America's hope lies with Canadian company Almonty.

In July 2025, it was revealed that Almonty had signed a three-year offtake agreement with a U.S. defense contractor for exclusive use by the U.S. military.

In July, with the help of the United States, Almonty also landed on the Nasdaq. In half a year, its stock price increased more than four times, giving it more financing capabilities and accelerating the mining of tungsten resources.

When Lao Chuan fights with Canada, he has to make careful decisions.

Which provinces will rise in 2026?

2025 is over. The GDP at the national level has reached the standard, but what about the local level?

According to statistics from Caitong Securities, there is about a 50-50 split between those who achieved their goals and those who failed to achieve them.

Hebei, Shandong, Shanghai, and Beijing exceeded their expectations, while Hainan, Inner Mongolia, Liaoning, and Guangdong had a bit high expectations for themselves.

Don’t chase what’s gone, and keep working hard in the future.

The local two sessions that just concluded have clearly outlined the growth blueprint for various regions in 2026. According to media reports such as Lianhe Zaobao, the major economic provinces (Guangdong, Jiangsu, Shandong, and Zhejiang) generally set their GDP growth target at around 5 in 2026, which may also be a national-level target.

After leaders expressed greater tolerance for slowing economic growth, more provinces lowered their economic targets.

As many as 19 countries have lowered their growth forecasts for 2026, and only Jiangxi has raised its growth target to 5%-5.5%.

It is worth mentioning that Guangdong and Zhejiang have set range targets in 2026. The last time the two provinces set range targets was in 2019 and 2020.

Look at key segmentation targets such as consumption and investment.

According to agency statistics, the zero-weighted growth target of each province's social sector in 2026 is 0.2 percentage points lower than that in 2025. Does this mean that the national social zero target will be further lowered? It's possible.

In terms of fixed investment, the weighted values ​​of each province are also a little lower than in 2025, a decrease of 0.5 percentage points.

At the real estate level, urban village renovation and old community renovation, which have been relatively important in recent years, have also experienced varying degrees of decline.

According to Huachuang Securities, the number of households renovated in urban villages dropped by 77% in Zhejiang and 68% in Chongqing. The renovation of old residential areas in Beijing fell by 76% and in Jiangsu by 57%.

At present, only Shanghai has taken a positive stance on the transformation of urban villages and made it clear that it will fully launch the overall transformation project of urban villages. In addition, Shandong has also stepped up efforts to renovate old residential areas.

Provinces with large economies are better equipped to develop science and technology industries. The Yangtze River Delta and the Greater Bay Area almost all regard technological innovation as one of their core tasks.

For example, Zhejiang Province ranks first or second among its key tasks in 2026, with consumption ranking third.

After reading the annual plans of various places, you will find that the variables are in the stock market and property market.

Taking Shanghai as an example, in 2025, due to the wealth effect of the stock market, real estate, finance, and consumption will all perform better than expected.

According to data from the Shanghai headquarters of the People's Bank of China, as of the end of December 2025, the balance of domestic and foreign currency deposits in Shanghai increased by 11.3% year-on-year, significantly outperforming the national level.

According to analysis by the Money and Credit Research Department of the Shanghai Headquarters of the People's Bank of China, in Shanghai in 2025, the growth rate of demand deposits of households and non-financial enterprises has rebounded significantly from the end of the previous year, while the growth rate of time deposits and other deposits has fallen accordingly.

This confirms the phenomenon of Shanghai investors moving their deposits.

Unlike other regions, Shanghai also benefits from foreign investment. According to data from the Shanghai headquarters of the People's Bank of China, the total cross-border receipts and payments under Shanghai's securities investment will increase by more than 19% year-on-year in 2025, mainly due to foreign capital's participation in RMB asset allocation.

Thanks to the stock market, Shanghai's property market is also heating up.

According to statistics from the Shanghai headquarters of the People's Bank of China, at the end of 2025, housing loans in Shanghai increased by 8% year-on-year, significantly higher than the 2024 level.

Similar places to Shanghai are Hong Kong.

Against the backdrop of strong Hong Kong stocks and booming IPOs, Hong Kong assets have been collectively sought after, and the Hong Kong property market has shifted from recovery to growth.

Currently, most institutions predict that Hong Kong's property market will rise by 5% in 2026, and the more optimistic Centaline Real Estate even believes that it will rise by 15%.

If China's stock market continues to heat up in 2026, the wealth effect in developed regions will further emerge. Drawing on the experience of Shanghai and Hong Kong, the property market may recover faster than expected.

If it comes true, the economic performance of developed provinces may exceed expectations, and the overall level of China's economy will therefore rise.

In January 2026, second-hand housing sales in Shanghai, Beijing, Shenzhen and other places have exceeded expectations.

According to official disclosures from various places, the cumulative transaction volume of second-hand houses in Shanghai in January exceeded 22,800 units, a year-on-year increase of 24.18%, which was the highest level in the same period in the past five years.

In Beijing, 15,000 second-hand residential units were signed online in January, a year-on-year increase of 20.8%, holding steady at the boom-bust level of 14,000 units for three consecutive months.

Shenzhen recorded 6,802 second-hand houses in January, a significant year-on-year increase of 45.5%, hitting a new high in the past 10 months.

If the above performance continues, the economy in 2026 may be far beyond plan.

This week's Tan articles are the last regular articles of Ye Tan Finance before the Spring Festival. We will start updating normally on February 21st (the fifth day of the Lunar New Year). Here, we wish all our friends good health and safety in the Year of the Horse in advance.

Iran says it will complete draft nuclear deal within 3 days, US’s largest nuclear-powered aircraft carrier enters Mediterranean Sea

The day after the United States issued another "ultimatum" to Iran, Iranian Foreign Minister Araghchi said on the 20th that the draft of the nuclear agreement would be completed within 2 to 3 days and handed over to the United States after it is finally approved by Iranian leaders.

US President Trump confirmed on the same day that he was considering a "preliminary limited military strike" against Iraq. Some U.S. officials revealed that the U.S. strike against Iran may include targeted killings and promoting regime change in Tehran.

Although both sides have stated that they hope to reach an agreement, from a realistic perspective, the war between the United States and Iran is imminent. Analysts believe that if the United States uses force against Iraq, it will have unpredictable and extremely destructive chain consequences.

The United States again warns of pressure as the largest aircraft carrier approaches the Middle East

U.S. President Trump spoke twice about the Iranian issue on the 20th and increased pressure on Iran. U.S. officials claim that U.S. military planning for Iraq has entered a more advanced stage.

Trump confirms considering "limited" strike against Iran

On the 20th local time, Trump confirmed to the media before a working breakfast with U.S. governors at the White House that he was considering a "preliminary limited military strike" against Iran. But he did not elaborate on this.

The White House (file photo)

At the White House press conference that day, he issued a warning to Iran, saying that a "fair agreement" should be reached.

US official: Military planning upgrade may involve targeted killings

CCTV reporters learned on the 20th that two U.S. officials revealed that the U.S. military’s military planning against Iran has entered a more advanced stage, including carrying out targeted strikes on individual personnel and even promoting regime change in Tehran under the orders of President Trump.

The latest planning shows that the United States is formulating a more specific and targeted attack plan and is waiting for Trump's final decision.

A U.S. official mentioned that Israel’s targeted strikes during last year’s 12-day conflict with Iraq proved “the practicality of targeted elimination of command-level targets,” especially against members of the Revolutionary Guards’ command chain. But at the same time, it was emphasized that precision strikes require a high degree of intelligence support and may bring the risk of collateral casualties.

America’s largest aircraft carrier sails into Mediterranean Sea

At present, the US military has deployed a large number of military forces in the Middle East, mainly focusing on aircraft carrier battle groups and fighter formations. US mainland strategic bombers can also take part in the operation.

The USS Ford aircraft carrier has sailed into the Mediterranean (Source: BBC)

According to the latest news, the USS Gerald R. Ford, the largest nuclear-powered aircraft carrier in the United States, and an escort destroyer appeared near Gibraltar. The USS Ford aircraft carrier has passed through the Strait of Gibraltar and entered the Mediterranean Sea.

The White House previously ordered the deployment of a second aircraft carrier to the Middle East. The "Ford" aircraft carrier and its escort ships were dispatched from the Caribbean to the Middle East and will join the "Abraham Lincoln" aircraft carrier strike group in the Persian Gulf.

Iran: The only solution is diplomacy, "to finalize the draft agreement within three days"

On the 20th local time, Iranian Foreign Minister Araghchi said that there is no military solution to Iran’s peaceful nuclear program, and the only solution is diplomacy.

“The draft agreement will be finalized within three days.”

Iranian Foreign Minister Araghchi (file photo)

Araghchi said that both Iran and the United States hope to reach an agreement as soon as possible, and the only problem is how to reach a "fair, win-win, and just" agreement.

He also said that Iran decided to draft a possible agreement to discuss the draft at the next negotiation and start negotiations on the text. "I believe it can be completed in two or three days." After final confirmation by high-level officials, the draft will be handed over to the special envoy of the U.S. President, Witkov.

Talk and prepare for war

While Iran is engaging in dialogue and negotiation with the United States, showing its willingness to resolve differences, it is also fully preparing for war, demonstrating its determination to defend itself and its ability to fight back.

As the United States continues to increase military pressure, Iran's Islamic Revolutionary Guard Corps Navy held a real-force exercise in the Strait of Hormuz from the 16th to the 17th. Its warships launched new missiles and drone units conducted offensive drills.

On the 19th, the Iranian Navy and the Russian Navy held a one-day joint exercise in the Sea of ​​Oman and the northern waters of the Indian Ocean.

The Permanent Mission of Iran to the United Nations stated in an official letter to the United Nations Security Council on the 19th that Iran does not seek tension or war, nor will it actively provoke war. In the event of military aggression, Iran will respond and all bases, facilities and assets of "hostile forces" in the region will become legal targets.

If the United States uses force against Iraq, it will lead to multiple responses

Analysts believe that the Trump administration is trying to use extreme military pressure to force Iran to make concessions in negotiations, that is, to "obtain maximum benefits at the minimum cost." If that fails, it may launch a military strike against Iran.

What will be the consequences if the United States uses force against Iran? The BBC cited several possibilities.

Several possibilities resulting from U.S. military operations:

1. The U.S. military’s naval and air forces carried out limited precision strikes against the military bases, ballistic missile launch and storage facilities of Iran’s Islamic Revolutionary Guards Corps and its affiliated “Basij” militia, as well as Iran’s nuclear projects to overthrow the current Iranian regime.

2. The U.S. military’s strikes failed to overthrow the Iranian regime, but forced it to adjust its policies, reduce its support for armed forces in many regions of the Middle East, and stop or scale back its nuclear and ballistic missile programs.

3. After the collapse of the current Iranian regime, a powerful military government led by Iran’s Islamic Revolutionary Guard Corps will replace it.

Possible retaliatory measures by Iran:

1. Launch missile and drone attacks on some US military bases and targets in Israel and the Middle East.

2. Lay mines in the waters of the Persian Gulf.

3. Sink U.S. warships. A U.S. Navy officer said that if Iran uses a large number of drones and high-speed torpedo boats at once, no matter how powerful the U.S. shipboard defense system is, it will not be able to withstand such a saturation attack.

Overall, the United States' use of force against Iran may have unpredictable and extremely destructive chain consequences.

However, analysts say that the United States has not yet taken action because it has military considerations and multiple concerns.

First of all, the United States is still deploying more military forces, especially waiting for the second aircraft carrier strike group to arrive in the Middle East. Secondly, the United States is worried about triggering a long-term, large-scale conflict and consuming its strategic resources and energy. In addition, they are also worried about triggering violent fluctuations in the global energy market and harming their own economy.

Judging from domestic public opinion in the United States, a Quinnipiac University poll in January this year showed that 70% of American voters do not want the United States to use force against Iran. If the use of force against Iraq fails to achieve obvious "results" and instead attracts domestic and international criticism, and even hurts the U.S. economy, the Trump administration's domestic approval rating may further decline. This year is a midterm election year for the U.S. Congress, and this political cost is also an important concern for the Trump administration.

Recently, Shengshi Technology (002990) announced that the company held a board meeting on February 13 to review and approve the proposal to establish a wholly-owned subsidiary, Shenzhen Shengxin Investment Co., Ltd., with a registered capital of 200 million yuan. The company holds 100% of its equity. The investment funds are all the company’s own funds.

Regarding the purpose of this investment, Shengshi Technology stated that external investment is an important measure for the company to improve its industrial layout and promote extended development. The company has established a wholly-owned subsidiary, Simpson Thacher Investment Company, as a dedicated platform for the company's external investment, which will help the company improve its business structure and promote external investment matters.

In terms of risks, the establishment of an investment subsidiary this time will involve certain investment risks due to changes in the industry environment and uncertainty in the investment returns of the target company. In this regard, the company will actively improve the legal person governance structure of its subsidiaries and strengthen internal control management of external investments to reduce investment risks.

Data show that Shengshi Technology Co., Ltd.’s main business is research on new generation information technologies such as artificial intelligence, big data, and the Internet of Things, providing intelligent products and “AI+ industry” solutions that are in line with future development, as well as smart society construction services. The company's main products are smart ports, smart transportation, smart airports, other artificial intelligence products and "AI+ industry" applications.

Shengshi Technology's revenue and net profit have both declined in 2024, and the decline in net profit is expected to further expand in 2025. The company expects the full-year net profit attributable to the parent company to be 62 million yuan to 87 million yuan, a year-on-year decrease of 50.26% to 64.55%; the non-net profit after deducting is expected to be 51 million yuan to 72 million yuan, a year-on-year decrease of 50.79% to 65.15%.

Regarding the performance changes, Shengshi Technology explained that due to the impact of the settlement cycle, payment collection for some projects was delayed, and the company needed to make asset impairment provisions, which had a greater impact on the company's net profit for the current period.

In 2025, the company implemented the 2024 restricted stock incentive plan, and the confirmed share-based payment expenses increased compared with the same period last year; at the same time, the company increased investment in new business research and development, and research and development expenses increased.

In the secondary market, as of the close of trading on February 13, Shengshi Technology rose 1.19% to 28.06 yuan per share, with a total market value of approximately 7.348 billion yuan, a cumulative decline of approximately 16% in the past year.

This year's New Year's Eve is in full swing, and the popularity of the Spring Festival Gala and movies has not completely faded away. New dramas with various themes have been launched online, but there are very few works that can really bring the whole family together.

Just when everyone feels that this Spring Festival schedule lacks a bit of warmth, CCTV 8 officially launched 30 episodes of the nostalgic youth drama "When the Years Are Loved" today.

This drama directly filled the gap in family-friendly period dramas and captured the hearts of audiences of different age groups in just 4 episodes.

Period dramas produced by CCTV have always been synonymous with quality. From the restoration of Feng Hua Dao to the polishing of the plot, every aspect is rigorous, and "The Love of Time" is naturally no exception.

This drama is adapted from the famous novel "Children" and is directed by director Huang Wei, who directed the industrial line of "Dajiang Dahe". It is jointly created by two screenwriters, Bian Zhihong and Zhang Dahai. From the perspective of the team, it has a hit gene.

"When Time Has Love" sets the background of the story in Tiexicheng, Northeast China in the 1990s, focusing on three generations in a large factory.

The orphan Zhang Xiaoman grew up eating the food from the factory and became a "son of Tiexicheng" who values ​​love and righteousness. The factory director's daughter Yan Xiaodan is brave and courageous, carrying dreams and responsibilities in her heart. Xia Lei, a top student, is steady and down-to-earth and is the "Dinghaishenzhen" of the trio.

The story of them going from passionate young people in the factory to going their separate ways to explore the world, and finally reuniting due to nostalgia to protect their hometown, is full of fireworks.

There are many old objects in the play, such as 28-year-old bicycles, old-fashioned machine tools, and retro floral skirts. Each one of them accurately touches the nostalgic nerves of the audience.

Zhang Xiaoman, played by Huang Jingyu in the play, completely broke his previous tough guy image.

Most people's impression of Huang Jingyu is that of a special soldier in military dramas or a boss in modern dramas. His role is very single.

This time, in order to play the role of Zhang Xiaoman well, he went to the Shenyang factory one month in advance to experience life, and learned the gestures of old workers when cleaning machine tools.

When his grandmother died unexpectedly, he slumped to the side with wet eyes, his face turned sideways and unable to breathe, his hands tightly grasping the cold machine tool casing, his brows furrowed, and his lips trembling as he said, "If the factory is gone, the family is gone."

The confusion, reluctance and helplessness in his eyes are intertwined. There are no exaggerated body movements, but he vividly interprets the pain of the little character facing the family accident.

This scene also allowed the audience to see that Huang Jingyu is no longer an actor who only "plays cool". He has successfully broadened his acting career and his acting skills have become more mature and stable.

Guan Xiaotong's performance in the play dazzled all the audiences, and it can be called another peak of her acting career.

The year before last, she played the role of Zhuang Xiaoting in "Alley People" and received numerous praises for her natural and down-to-earth performance. This time, Yan Xiaodan has a bit more sassiness and tenacity of a Northeastern girl than Zhuang Xiaoting.

In order to get closer to the character, Guan Xiaotong deliberately lost her star aura. In the play, she wore white washed overalls, a simple ponytail, and a bare face, completely integrating into the image of a female factory worker in the 1990s.

In the neighborhood dinner scene, Yan Xiaodan walked to the yard with a bowl of stew, smiling and passing chopsticks to the elders. The pear dimples at the corners of her mouth were looming, and her eyes were full of agility and cleverness.

But when someone questioned the decision to reform the factory, she straightened her back and argued hard. Her speech speed became faster, her eyes became firm, and there was no sense of contradiction between the two states.

The audience expressed that Guan Xiaotong's performance this time did not have any idol baggage. She brought Yan Xiaodan's vivid and three-dimensional performance to life. It is not an exaggeration to say that she "kicked open the door to Chinese period dramas".

As a powerful veteran actor, Guo Jinglin's performance in the play is still rock solid. The old factory leader he plays is the "backbone" of the entire factory area.

When Guo Jinglin had a scene where he stood in the factory broadcast room and spoke, he was wearing a straight Mao suit, holding a microphone in his hand, and his voice was deep and powerful, and every word revealed his love and reluctance for the factory.

There are stories hidden in his eyes. When he looks at the workers, he has the care of the elders for the younger ones. When he looks at the factory gate, he also has emotion about the years.

There are no unnecessary expressions. Just his eyes and tone of voice establish the image of an old worker who sticks to his job. Every shot is full of appeal.

The joining of Jia Bing adds a lot of warm and bright colors to this drama. He plays the eighth-level fitter Ding Guoqiang in the drama. This character is cold on the outside and hot on the inside, with a hot temper but extremely protective.

When a young worker made a mistake while operating a machine tool, Ding Guoqiang rushed over and turned off the power immediately. He frowned and scolded the young worker loudly. The expression on his face was so serious that he was so frightened that the worker did not dare to look up.

But after turning around, he silently picked up the tools and helped the young worker repair the machine tool. He also whispered, "Be careful next time, safety first."

Jia Bing performed Ding Guoqiang's "sharp mouth and soft heart" just right. He was strict when reprimanding and gentle when caring. The two contrasting emotions were handled naturally and smoothly by him, making this character particularly vivid and three-dimensional.

"When Time Has Love" has only been airing for 4 episodes, and it has already soared in popularity.

After watching it, some netizens said that this drama reminded them of their parents' youthful years. They could chat with their parents non-stop while watching the drama. Moreover, the drama was so realistic that it took people back to the 1990s in a second.

Some netizens bluntly said that the actors' acting skills were all on point, and there was not a single crotch-stretching role.

Now it is only the first day of broadcast. It has no gorgeous special effects or bloody plot. It has captured the hearts of the audience just by its true period restoration and the actors' heartfelt performances.

This drama is not only a tribute to the factory years in the 1990s, but also a celebration of human friendship. It tells us with a warm story that no matter how the times change, friendship will always be the basis for us to move forward.

I wonder if everyone has watched this drama? What do you think?

According to news from the Russian Ministry of Emergency Situations on the 20th, the bodies of seven victims have been found in the ice collapse accident on Lake Baikal, and divers are currently planning to launch salvage operations.

The Chinese Consulate General in Irkutsk confirmed to Xinhua News Agency reporters on the 20th that a vehicle carrying eight Chinese tourists fell into a large crack in the ice near Olkhon Island in Lake Baikal that day. One Chinese tourist was rescued and came ashore, while the remaining seven Chinese tourists sank into the lake and drowned.

The driver involved is a 44-year-old local man

The rescued person is a man from Jiangsu

There was a rise in temperature in the local area before the incident.

According to the Yangtze Evening News, the driver involved is a 44-year-old local man who once served as a children's football coach. It is said that he directly took orders privately to organize the ice tour and was not a formal travel agency.

The local area has confirmed the identities of four tourists (including one survivor). They are a family from China, including a husband and wife, a 14-year-old child, and a female relative. The identities of the remaining four Chinese tourists are still being verified.

According to reports from Shenzhen Newspaper Group, the rescued person is a man from Jiangsu Province and his current health condition is stable.

According to the "Irkutsk Komsomolskaya Pravda" website, the accident occurred near the Sagan-Hushun Cape on Olkhon Island. Public information shows that Olkhon Island is the largest island in Lake Baikal. It is located in the west of the middle of Lake Baikal. The island is 73 kilometers long, 15 kilometers wide, and covers an area of ​​more than 700 square kilometers. The lake coastline is 210 kilometers long.

A UAZ van carried a total of 9 people, including 1 local driver and 8 Chinese tourists. One Chinese tourist successfully escaped by rescuing himself, but the whereabouts of the remaining eight are unknown. The police and the Baikal search and rescue unit of the Russian Ministry of Emergency Situations (МЧС) rushed to the scene to carry out search and rescue, but the vehicle quickly sank into the water.

According to local media reports, cracks have appeared on the ice surface of Lake Baikal due to recent warming. The ice passage to Olkhon Island has not yet been opened. Driving on the ice is extremely dangerous and the local government has strictly prohibited it.

Meteorological data shows that the temperature in Central Siberia, where Lake Baikal is located, has been rising since February 15. By February 19, before the incident, the maximum temperature in the lakeside city of Irkutsk was as high as 13.8 degrees, and the daily average temperature was 2.3 degrees, both setting the highest February values ​​in more than 100 years of local meteorological records. The maximum temperature was more than 20 degrees warmer than the same period in normal years.

However, the car was still driving on the ice, and according to witnesses, after seeing the cracks in the ice, the driver did not stop or go around, but tried to speed through, causing the vehicle to fall directly.

In addition, this tour group is suspected of not being officially registered. According to sources, the driver is "a person who illegally organizes ice tours on Lake Baikal" and is hired by tour organizers to receive orders from Chinese tourists at prices far below market prices.

The Russian Investigative Committee has opened a criminal investigation into "ice accidents leading to the death of a group of tourists." The investigation is being carried out for the crime of providing tourism services that did not meet safety requirements, causing the death of more than 2 people and dereliction of duty. The specific cause and conditions of the accident are being ascertained.

A tourist witnessed the incident at the scene the day before:

There are cracks everywhere

On the evening of February 20, a Chinese tourist who had been to the site of the incident the day before the incident told reporters that the incident occurred near the "Three Brothers Rock" on Olkhon Island. Her group happened to have been to the incident site on the 19th, and the ice there was full of cracks. When returning, the driver had to find the way back for a long time before finding the way he came.

Ice cracks photographed by tourists (Source: Internet)

The reporter learned that the incident took place near the "Three Brothers Rock" on Olkhon Island in Lake Baikal. A tourist who visited the area near the incident on the 19th told Jimu News that she learned about the incident from the tour guide. Eight Chinese tourists and one driver fell into the water, and only one tourist was rescued. Currently, all local travel agencies have canceled their northern and southern routes, and vehicles are no longer allowed to go to the lake. She went near the "Three Brothers Rock" on the 19th. When she returned, there were ice cracks along the way. In order to avoid the ice cracks, the driver had to find the way for a long time before returning to the way he came. When she was taking photos near the ice crack, she heard the sound of the ice cracking and ran away in fright. At present, their trip to Olkhon Island has ended and they will return to Irkutsk by hovercraft on the 21st. The itinerary has not been affected.

Another tourist said that he saw a car sinking from the ice crack of Lake Baikal at around 2 pm local time on the 20th. The vehicle completely sank within a minute. But he didn't know the details.

Two incidents occurred within one month,

previous accident

The vehicle drove into an ice crevice and rolled over

On January 28, a UAZ off-road vehicle (commonly known as a "van") carrying 10 Chinese tourists fell into a crack in the ice while driving on the ice of Lake Baikal and overturned, killing one Chinese tourist and injuring four others. A local criminal investigation was launched. According to the Chinese Consulate General in Irkutsk, the tourists who were killed were members of a Jiangsu tour group.

This is an accident vehicle taken on Lake Baikal in Russia on January 28. A car carrying tourists overturned on the ice of Lake Baikal in Russia on the 28th, resulting in the death of a Chinese tourist. Source: Xinhua News Agency

Chinese Consulate reminder

Chinese citizens traveling to Lake Baikal in Russia in winter

be safe

1. It is strictly prohibited to cross the ice in violation of regulations. Be careful when going on the ice. The ice surface of Lake Baikal is full of cracks and pressure bulges that are difficult to detect with the naked eye, making it very dangerous. Please do not trust "veteran drivers" or "experienced drivers" when riding a vehicle through natural ice or unopened ice roads. When driving on icy roads approved by local authorities, you should also pay attention and drive with caution. For transportation on the ice, priority is given to taking a hovercraft.

2. Screen the ground pick-up service qualifications and refuse to operate vehicles illegally. Illegal operating vehicles often lack necessary safety guarantees and emergency response capabilities. They often choose dangerous routes in order to avoid inspection or pursue excitement. It is also difficult to protect their rights after an accident. Please be sure to book transportation and travel services through formal channels, confirm that the carrier has legal passenger transport qualifications and purchase insurance, and do not choose unqualified operating vehicles for cheap or temporary convenience.

3. Keep warm and keep warm, and pay attention to the weather forecast. The winter weather in the Lake Baikal region is severely cold, with temperatures staying below -20°C for a long time, with the lowest ever falling below -50°C. It is also windy and snowy, and the outdoor temperature is extremely low. Please pay close attention to the local weather forecast and road conditions before traveling, prepare enough cold-proof clothing, travel in groups as much as possible, and keep communication open. If you feel unwell or have an accident, please stop your trip immediately and seek help.

The rollover vehicle is called a "little steel cannon"

Some tourists said there were no handrails or seat belts on the bus

After the incident, many netizens left messages in the comment area questioning whether the rollover vehicle was a "black car"? Is the car used by a regular travel agency?

"When visiting Lake Baikal, everyone basically takes this kind of car, which is called a 'little steel cannon' in the local area." Mr. An, a tourist, said that through the hotel or B&B where they are staying, tourists can book this kind of vehicle for ice fun.

Usually the vehicle travels very fast and there is an obvious bumpy feeling when riding. However, there are no handrails or seat belts on the car to ensure safety.

Mr. An said that "small steel cannon" cars can usually seat up to 10 people including the driver, and generally will not be overloaded. The cost of booking this vehicle is RMB 400 per person, which includes full-day tour route transportation and a lunch.

Financial Associated Press, February 21 (Editor Zhao Hao) The latest news shows that the American technology giant Meta Platforms has cut equity incentives for most employees for the second consecutive year.

According to people familiar with the matter, Meta will reduce the size of its annual stock options for most employees by about 5%, a decision that affects tens of thousands of employees. In the previous year, the company had cut about 10%, which shocked many employees at the time.

The compensation structure for Meta employees includes base salary, annual bonuses, and "equity refreshers." The company will adjust equity compensation based on industry trends, but still strives to provide competitive or even leading packages in various markets.

Some employees have discovered that the equity awards they receive this year will be reduced by about 5%, but the specific reduction will vary depending on the position.

Some employees discussed the pay change on the anonymous workplace forum Blind. One person wrote: "Another cut. What am I working so hard for? Goodbye Meta!" Another joked: "Then I'll cut my hours by 5%."

However, some employees said that with the job market in the technology industry weak and the company's overall salary still attractive, the possibility of large-scale resignations is not high.

In addition, Meta is also reforming the performance appraisal system. Several people familiar with the matter said the new system would provide higher rewards for top employees. While equity awards have generally shrunk, companies' overall compensation budgets have actually increased as they have been tilted toward high-performing employees.

At present, Zuckerberg has begun to make staggering expenditures in the field of artificial intelligence, trying to surpass competitors such as OpenAI and Google in advanced models, and achieving "super intelligence" as the ultimate goal.

Last month, Meta predicted in its performance report that capital expenditures would reach US$115 billion to US$135 billion in 2026, exceeding analysts' average forecast of US$110.6 billion. This figure is nearly double its 2025 capital expenditures ($72.2 billion).

At the same time, Zuckerberg also poached top AI talents from competitors with annual salaries and bonuses of tens or even hundreds of millions of dollars.

To appease nervous investors who have yet to see huge returns on their investments in AI, Zuckerberg is also pushing for greater efficiency and cost-cutting in other areas. In January this year, the company cut about 1,500 jobs in its loss-making Metaverse division.

(Zhao Hao, Financial Associated Press)

On September 9, 2025 local time, a loud noise suddenly came from a high-end residential area close to the royal family in Doha, the capital of Qatar, and a blatant air raid broke the peace here.

Israel later publicly admitted that the target of this operation was Khalil Haya, the leader of the Hamas Politburo who was meeting in the building, with the intention of completing a precise "beheading". This cross-border attack occurred in the core area of ​​the Middle East mediation, which directly shook the entire regional structure and brought the Palestinian-Israeli peace talks that had just turned around to a complete standstill.

As a core ally of the United States in the Middle East, Qatar not only hosts the largest overseas air force base of the US military, but also invested heavily in building a US-made air defense system based on Patriot-3 and NASAMS. It has successfully intercepted incoming targets many times before, and its defense capabilities are highly recognized.

However, in this Israeli air strike, this tight air defense network was "misfired" throughout the entire process. It neither issued an early warning nor implemented any interception. Qatar's official explanation is difficult to convince the public, and it also allows the outside world to see clearly the US's connivance and acquiescence in Israel's military actions.

When the attack occurred, Haya was leading the Hamas negotiation team to carefully study the ceasefire plan and draft peace agreement proposed by the United States. A dialogue related to the future of the region instantly turned into a bloody assassination scene.

Hamas confirmed that the air strike killed five members, including Haya's son and office director, while the number one target Haya miraculously escaped. This attack went far beyond the scope of ordinary military operations. It was a blatant trampling on the international mediation mechanism and completely cut off the most critical communication bridge between Palestine and Israel.

Khalil Haya was born in Gaza in 1960 and holds a doctorate in philosophy. He joined Hamas in 1987 and is a core figure with deep qualifications and high prestige within the organization.

He has long been responsible for foreign affairs and negotiation affairs, and won the trust of the late leader Sinwar. In 2017, he served as deputy chairman of the Hamas Political Bureau. After Sinwar's death, he became a key member of the five-person interim leadership committee. As the core representative of Hamas in its foreign negotiations, he has a firm stance and outstanding negotiation skills, making him naturally the number one target that Israel is eager to eliminate.

For Haya personally, this air raid was another indelible pain in his life. All three of his sons died in Israeli military attacks. In 2007, seven relatives were killed in an attack on his home. In 2008 and 2014, he lost his son, daughter-in-law and grandson one after another.

Now that he has lost another son, the hatred of the country and the family is piling up on him. Even though he was in desperate situations many times and his family members left one after another, Haya still did not back down and remained at the forefront of negotiations and resistance.

Hamas has permanently located its Politburo in Doha, which is a special arrangement under the multi-party game in the Middle East. As a key mediator in the Palestinian-Israeli conflict, Qatar maintains good communication with both parties and provides Hamas with a relatively safe space for activities. The United States also acquiesces to this and maintains informal contact channels.

Over the years, Doha has hosted many rounds of key negotiations and is a rare peace buffer zone in the region. However, this Israeli attack undoubtedly destroyed this important platform with its own hands.

Israel's desperate risk this time is essentially the result of the Netanyahu government's domestic political calculations and the bottomless support of the United States. Israel hopes that by clearing out the core leadership of Hamas, it will completely dismantle the negotiating power and continue the war.

Although Qatar strongly condemns and reserves the right to counterattack, it does not have the ability to substantively confront, and the Palestinian-Israeli peace talks have basically collapsed. Haya's survival and pain are a true reflection of the long-term conflict between Palestine and Israel, and it also allows the world to see clearly that military adventures can never bring true peace and tranquility.