表哥江湖再无六一中路

Thailand takes the lead in establishing a national alliance against fraud, with nearly 60 countries signing agreements, while China and Cambodia are both absent
Excerpt from Jing Tao's commentary

While Thailand is eliminating the online fraud zones within Cambodia through military action, on December 18, it also initiated the 'Global Partnership Against Cyber Fraud' in Bangkok, with support from the United Nations Office on Drugs and Crime (UNODC). Representatives from nearly 60 countries attended and signed agreements, including Thailand, Bangladesh, Nepal, Peru, and the UAE.
Thailand states that the anti-fraud alliance aims to promote collaboration between the government, law enforcement agencies, and the private sector to address the fraud industry chain, covering aspects such as political commitment, law enforcement cooperation, victim protection, and public education.
China's absence from the signing ceremony has sparked heated discussions. China is one of the biggest victims of online fraud in Southeast Asia. Every year, a significant amount of wealth from mainland residents is scammed by criminal groups in Southeast Asia. Cambodia also failed to attend due to military conflicts with Thailand along their border (involving the fraud interest chain, which Cambodia has consistently denied).

The Central Commission for Discipline Inspection Criticizes Four Major Bureaucratism in Universities: Official Style, Numerous Gateways, Clinging and Networking, and Seeking False Fame! (Part 1)
Excerpt from Business News
Showcasing the Bureaucratism in the 'Ivory Tower'
In September 2021, the seventh round of inspections by the 19th Central Committee provided feedback to the Ministry of Education's Party Group and the Party Committees of 31 centrally managed universities, with more than half of the universities being pointed out for varying degrees of bureaucratism. Without cleaning the 'Ivory Tower', dirt and filth will still accumulate; if the academic circle does not strengthen its style construction, it will also be eroded by unhealthy trends. Compared to party and government agencies, bureaucratism in the 'Ivory Tower' has both similarities and uniqueness, as well as concealment, which damages the academic atmosphere, faculty ethos, and scholarly spirit, posing a serious threat.
Phenomenon 1: Abundant 'Official Atmosphere', Official Style
Some university administrative bodies are inefficient, and some administrative staff are bossy, turning campuses into 'official offices'. Some faculty and students encounter difficulties like 'hard to enter, hard to face, hard to handle' when going to get stamps and signatures. A student from a university in North China said that the academic affairs teacher only has half a day a week to handle business for students, and if there is an urgent matter, they can only 'worry anxiously'. Some universities have complicated procedures, requiring various departments to stamp multiple documents for routine tasks, with students having to run back and forth to different departments up to 10 times to reissue their student ID.
Administrative power controls resource allocation, leading some faculty and staff to chase 'official positions', with some going to great lengths for it. For example, a department head at a university in Inner Mongolia bribed the then Party Secretary of the school to compete for a departmental-level position. In some universities with limited academic resources, funding approval rights are mostly concentrated in the hands of university leaders, and administrative leaders often play a decisive role in the allocation of funds, project applications, and selection for various talent programs. An associate professor from a science and engineering department at a university stated that while ordinary professors may find it difficult to obtain projects, having an administrative position could change the situation.
There are also individuals who merge official and academic roles, falsely claiming to 'shoulder both responsibilities', but in reality, they 'eat from both ends'. Some hold leadership positions while frequently participating in academic activities as scholars, both enjoying the halo of leadership in resource allocation and competing for benefits against ordinary teachers, and using their leadership status to exclude academic rivals, leading to conflicts between administrative staff and faculty.
Phenomenon 2: Numerous Gateways, Inbreeding
The phenomenon of forming interest circles based on camaraderie exists in some universities. Some so-called 'big shots' in certain disciplines have numerous disciples, forming closed 'circles' that help each other via student and faculty ties. Major research funding, important scientific awards, and talent project reviews are heavily influenced by these 'big shots' and their 'circles'. Some universities apply 'double standards' when admitting graduate students, being strict with applicants from other schools while favoring those from their own school and department.
Without restraint, 'circles' can evolve into factions, with conflicts not only in academic disagreements but also in administrative power and project interests. A graduate student from a university indicated that their college, though small in number, has several factions led by different professors. If the factions fight among themselves and refuse to cooperate, it can cause significant harm to discipline construction and the development of the school.
In the language of young students, terms like 'big boss' and 'little boss' occasionally appear within research groups, with some 'big directors' controlling everything, distorting academic inheritance with a parental style. Some academic authorities monopolize academic discourse, not allowing differing views from 'masters' within a faction and suppressing those with different academic opinions. Some individuals view students as appendages or free labor, requiring students to work overtime in labs on project tasks and frequently run errands for unrelated academic research tasks. Even more egregiously, they threaten students using conditions like passing papers or graduating smoothly to engage in academic bullying.
Exchanging benefits through university connections is another form of inbreeding. Some university leaders and faculty members go to great lengths to arrange jobs for their spouses, children, and other relatives within the university circle. In recent years, inspections in Beijing found that some universities had issues like 'insufficient communication on candidate selection, violations of regulations by leaders taking on part-time jobs, and prominent cases of spouses and relatives holding positions in the university'. Some university faculty members look out for each other's friends and relatives' children. The head of the academic affairs department at a university in a southwestern province was severely dealt with for secretly accepting a colleague's request to falsify scores for their daughter in a makeup exam, raising her graduate recommendation exemption course grades.
Phenomenon 3: Neglecting Duties, Clinging and Networking
For university teachers, focusing on academic research should be their primary duty, yet some people are overly eager to compete for project funding. The time spent on pursuing projects and funding has increased, while the time dedicated to in-depth research and teaching has decreased; the time spent looking for connections and acquiring funding has increased, while the time spent on research and engaging with students has decreased. Some even immediately subcontract their projects to young teachers or students in the research group after securing funding, opting to talk instead of work, becoming 'academic contractors' and turning the 'teaching' and 'learning' relationship between faculty and students into an employer-employee relationship.
As the saying goes, 'a bench can be sat on for ten years in cold', significant technological innovations often require a scientist's lifelong dedication. However, some university teachers cannot settle down and focus, busy with socializing and neglecting teaching and research. For example, some prioritize revenue over teaching, frequently going out to lecture, give speeches, or take on part-time jobs, only wanting to pocket high appearance fees; others shuttle between various venues, seeking to gain 'reputation' and expand their 'circles', with no time to care for students; some become enthusiastic about socializing and networking after becoming leaders, dancing gracefully in social circles without putting their thoughts into school management and development.
Some university leaders and teachers bring the principle of commodity exchange from society into the 'Ivory Tower', using academic resources as a means to climb to power. Some leaders and wealthy businessmen are eager to 'pursue' in-service master's and doctoral degrees, while some professors are also willing to accept such 'students', even at the cost of lowering academic standards, and some universities are keen to invite 'celebrities' without teaching experience and academic research achievements to serve as guest professors.

A real test from Heihe: the Xpeng X9 Super Extender only needs 12 minutes to charge from SOC 10% to 80% in extreme cold conditions at minus 20 degrees! With an 800V + 5C system, it can charge super fast even in low temperatures, and the charging rate does not decay in extreme cold. The hardcore battery guarantee, combined with a 1602km ultra-long comprehensive range, completely eliminates range anxiety. This is the confidence behind the X9 Super Extender's continuous sales achievements and its strong entry into the northern market!

In response to media reports about ByteDance's net profit of $40 billion in the first three quarters and an expected net profit of $50 billion this year, a person familiar with ByteDance stated to the 'Science and Technology Innovation Board Daily': The data for the first three quarters and the full year in the reports are not accurate and have significant deviations. (Financial Association)

Very Rare! U.S. Media Reports: 'Earthquake' in the U.S. Foreign Affairs System
Excerpt from Global Times New Media Global Network

According to a report by the U.S. 'Politico' news website on the 19th, a State Department official familiar with the situation revealed that the Trump administration is firing a group of career diplomats appointed by former President Biden. This State Department official stated that about 24 ambassadors received notification to leave their posts. All of these ambassadors are career diplomats, making this move quite rare.
John Dinkelman, president of the U.S. Global Diplomatic Service Association, confirmed that the association has received reports from several ambassadors stating that they received phone notifications asking them to leave by January 15 or 16 next year, but they were not informed of the specific reasons. Dinkelman indicated that he has not grasped the exact total number of recalled ambassadors.
Dinkelman believes this will harm the U.S.'s diplomatic standing, saying, 'This further undermines confidence in career diplomats' ability to effectively execute U.S. foreign policy.' The U.S. State Department, however, insisted in a statement that recalls are 'standard procedure for any administration.' The statement said: 'Ambassadors are the president's personal representatives, and the president has the right to ensure that he has personnel in these countries who can advance the 'America First' agenda.'
'Politico' pointed out that this is yet another significant personnel adjustment in the foreign affairs system during Trump's tenure. What is particularly unusual is that the ambassadors being replaced all come from the career diplomatic system. Typically, new presidents replace politically appointed ambassadors from their predecessors, but career diplomats usually remain in place, as they are generally believed to faithfully execute any administration's foreign policy. However, the Trump administration has shown a lack of trust in the career diplomats within the State Department.
U.S. media reports that whether ambassadors are politically appointed or career diplomats, their terms are determined by the president. However, despite rapidly removing Biden's politically appointed officials from these positions after taking office, Trump has been slow to fill many ambassadorial positions, with some nominations stalled in the Senate. Senate Foreign Relations Committee Democratic Chief Member Jeanne Shaheen stated, 'We currently have about 80 ambassadorial positions vacant. However, the president has handed over U.S. leadership to other major powers by replacing those loyal, senior career ambassadors.'

How is this matter in Hainan being considered?
This matter in Hainan, its significance is greater than that of Shenzhen back in the day. At that time, Shenzhen actually solved the issue of differentiating between areas inside and outside the borders, acting as a sort of unblocking mechanism. What does this time mean for Hainan? It’s equivalent to turning the entire Hainan into a free trade zone between China and overseas. Through Hainan, China is connecting globally in a comprehensive way, almost entirely connecting the world. Once you come to Hainan, you can pretty much do whatever you want. I feel that in the future, you will see things like RV bags, GUCCI, some pharmaceuticals, high-end pharmaceuticals, and even some refining operations being moved to Hainan because of the duty-free status; as long as the value-added portion exceeds 30%, it’s exempt from tariffs, which is quite remarkable, even in finance.
My voice has been converted
How's the explanation?

Zong Fuli quietly earned 1.1 billion yuan.

(Excerpt from Ben's Lakeside Private Garden)
Back in March 2025, Zhejiang Wahaha Venture Capital Co., Ltd. purchased 69,952 shares of Muxi at a price of 1,429.56 yuan per share, spending 100 million yuan.

In March 2025, Muxi Co., Ltd. underwent a capital reserve transfer, distributing 345,260,443 shares to all shareholders in proportion to its capital reserve. The company's registered capital increased from 14,739,557 yuan to 360,000,000 yuan.

With this capital reserve transfer, Zhejiang Wahaha Venture Capital Co., Ltd.'s holdings increased from 69,952 shares to 1,708,500 shares.

Based on Muxi's closing price of 716.5 on December 19th, Zhejiang Wahaha Venture Capital Co., Ltd. earned a total of 1,708,500 * 716.5 - 100 million = 1.12 billion yuan from Muxi shares.

Zhejiang Wahaha Venture Capital Co., Ltd. was established in 2010, with its investors being Hangzhou Wahaha Hongzhen Investment Co., Ltd. and Shi Youzhen. Hangzhou Wahaha Hongzhen Investment Co., Ltd. is a sole proprietorship owned by Zong Fuli, and Shi Youzhen is Zong Fuli's mother.

This 1.12 billion yuan unrealized profit is less a precise bet by Zong Fuli in the semiconductor sector and more a revealing glimpse into the vast venture capital empire she has quietly built.

Zong Fuli has long since transcended the framework of traditional industry, using multiple investment platforms as fulcrums to construct a vast network in the venture capital field spanning multiple cutting-edge sectors such as artificial intelligence, biomedicine, new energy, and consumption upgrades.

Wahaha Venture Capital, involved in Muxi, is undoubtedly the core hub of this network.

This investment platform, established in 2010, has not only made significant investments in the recently successful Muxi Group, but also directly invested in companies such as Zhejiang Deqing Wahaha Technology Innovation Center and Dali Zongsheng Intelligent Technology. The latter focuses on the R&D of unmanned retail intelligent terminals, cleverly complementing Wahaha's offline channel advantages.

Furthermore, it has indirectly penetrated a wider range of high-quality projects by becoming a limited partner (LP) in several top-tier funds.

For example, through the Ningbo Meishan Bonded Port Area Fengchuan Hongbo Investment Fund, it holds shares in biopharmaceutical companies such as Beijing Weiyuan Likang, which develops gene therapy drugs, and Suzhou Tongxin Medical, a company developing ventricular assist devices.

Through the Hillhouse Capital Yangtze Artificial Intelligence Equity Investment Fund, it has ventured into cutting-edge technology fields such as Yuannian Technology, a provider of enterprise digital transformation services, and Shanghai Yitu Network Technology, an AI vision unicorn.(It's worth mentioning that Yitu Technology is one of the "Four Little Dragons" of AI.) With direct investment on one hand and fund deployment on the other, she employs a two-pronged approach: precise targeting and risk diversification through professional institutions.

While Wahaha Venture Capital still bears the mark of the "Wahaha Group," Ningbo Jinhui Investment Management Co., Ltd. is Zong Fuli's purely personal investment platform.

This company, 100% owned by her, has become a bridge connecting her with top-tier investment institutions such as CICC Capital, Gaorong Capital, CDH Investments, and ZhenFund.

Through these platforms, her investment reach extends to more high-profile projects.

Ningbo CICC Qixing holds a stake in Ant Group; Ningbo Meishan Bonded Port Area CICC Haochen has invested in STAR Market-listed United Imaging Healthcare; Beijing Gaorong Phase IV Kangteng Investment has invested in chip companies like Guoxin Technology and energy storage unicorns like Viking Energy Storage; and Shenzhen CDH Xinjia has invested in new energy companies like TELD.

From internet giants to hard technology pioneers, from new energy to healthcare, Zong Fuli's personal investment portfolio covers almost all high-growth sectors, and her investment logic has shifted from early industry synergy to a purer value investing approach.

In addition, Zong Fuli has built the industrial foundation supporting her venture capital empire by wholly owning several core investment companies.

Behind the successful investment in Muxi Co., Ltd. lies the solid foundation and diversified ecosystem of Zong Fuli's venture capital empire.

With the continued rise in sectors such as semiconductors and artificial intelligence, and her deep investments in biomedicine and new energy entering a harvest period, Zong Fuli's venture capital empire will unleash even greater potential.

The 1.1 billion yuan investment may simply be a well-timed, yet insignificant, "low-key debut."

Putin's Romance
Excerpt from Ye Lihua Seeking Reality
According to a report by China News Service, Putin held an "annual review" event in Moscow, where he answered about 80 questions covering topics such as international relations, geopolitical situations, and the development of the Russian economy and military. The event lasted for about four and a half hours.
Among them, Putin answered a question about his private life, generously admitting that he is in a relationship and also said he believes in love at first sight.
This makes it quite difficult, because for Putin to say this, there are only five possibilities, ranked from most to least likely. Putin divorced his ex-wife about 13 years ago and is now over seventy, being the leader of a country. Not only is he not young, but he has also been divorced, so the most likely outcome is that Putin is just being quirky.
Then someone asked, so he is likely to say my partner is Russia, and Russia is the only companion for the rest of my life, which can strengthen patriotic sentiment while also showcasing a bit of humor, presenting a more three-dimensional image that makes Russian voters like him even more.
The second more likely reason is that Putin has adopted the same image marketing strategy as before. He has previously flown fighter jets, gone on adventures, and participated in activities with judo athletes, showcasing himself as young, energetic, and quite powerful. This is a consistent part of Putin's activity arrangement, so dating is also a form of marketing.
Generally speaking, only young and middle-aged people date. Putin saying he is dating is still reinforcing his previous image.
The third somewhat possible reason is that Putin has indeed found a new partner. Such things always need some groundwork to be promoted. Frontline soldiers fighting fiercely, while the top leadership finds a new wife, might end up causing a public uproar similar to a Chinese partner insisting on sending a letter to the South Pole, which could provoke strong public sentiment.
So he might lay the groundwork first, making it a fool's day joke. If someone rejects his confession, he can just say it was a fool's day joke. There’s always a way out.
The fourth possibility is not as great, as Putin is hinting at Trump. Recently, there has been some public discourse in the U.S. claiming that Trump was Clinton's homosexual partner, stating that they had been involved since the 1980s, with Clinton in the 1990s juggling Lewinsky and Trump.
Later, Trump and Hillary became bitter enemies, hence a series of stories arose. This kind of American version of hook literature is certainly a piece of folklore, but folklore does not need to be responsible for real history; it just needs to be wild to have a sufficient market.
Although the matter is false, we all understand a basic principle: official history looks official, while folklore looks wild, but many stories can become real incidents just by changing the names. Official history is merely a textbook, while folklore is just urban legends; movies and TV shows tell the real history.
Trump's story is not about being elected president to make America great again; that’s official history. And it’s not about finding a partner like Clinton, that’s folklore, but there’s another version of the story about feelings.
Putin is subtly pointing at Trump because he can't say it outright. This story exists in American literary works, and possibly in Russian entertainment as well. In short, Trump’s first wife is from Eastern Europe, helping him build his business.
The least likely explanation is that although Putin is a national leader, he speaks quite casually and does not care about the possible signals his words might release, just like us ordinary people, who do not need to take responsibility for what they say; they can say whatever they want.
When asked about his romantic life, he suddenly claimed he has found a new love. Totally aimless, spontaneous, saying whatever comes to mind. Even leaders of great nations can speak casually; Putin also has his work time, and at that moment, he might just have been distracted.
Any explanation is plausible, and which is more likely entirely depends on one’s stance. Sometimes people can believe whatever they want because they can believe anything. The many records of folklore from ancient times to present are just to elicit a laugh, while official history is merely to unify thoughts.
Sometimes, dramatic elements make contradictions appear more real. Just like "Zootopia 2," which has always told a story of racial conflict. Life is like a play, and political figures merely perform what interest groups want them to perform, and when Putin gets tired of acting, he might just improvise a bit.

- Pony.ai officially launched its fully unmanned Robotaxi commercial operations in the University Town of Guangzhou, with its first deployment in the largest and most densely populated open university park in South China, covering hundreds of thousands of highly digitalized young users.
- As the only company currently operating fully unmanned commercial Robotaxis in the area, this layout marks a key step in its scalable strategy of "starting from university hubs and radiating towards the core urban districts," continuously expanding into central urban areas.

Hainan's closure has nothing to do with Singapore (Part II)
Excerpt from 'Even Mice Have Mothers' - Musings of a Mouse Mother
IV. Fragile Foundation: Singapore's Development Dilemma of Reliance on American Hegemony
Singapore's prosperity is largely built upon a deep dependency on the American hegemonic system. This dependency is not limited to security but permeates various aspects such as economy, finance, and diplomacy. As the global trend of 'the East rising and the West declining' becomes more pronounced, the relative decline of American hegemony and the profound changes in the international order reveal the vulnerability of Singapore's dependent development model.
Singapore, as a city-state with a small land area and scarce resources, heavily relies on external forces for its security. Since the Cold War, Singapore has maintained a close defense cooperation relationship with the United States and has deeply integrated itself into the American Indo-Pacific strategy framework. This strategic dependency on American security and regional economic reliance faces challenges under the context of the US-China rivalry. The strategic contraction of the US military in the Asia-Pacific region has gradually loosened Singapore's security umbrella. Meanwhile, tensions with neighboring countries like Malaysia and Indonesia remain unresolved. Once the checks and balances provided by the US are lost, Singapore's security environment will become more complex and volatile. Singapore's inclination to take sides between China and the US has become increasingly evident, as it frequently echoes the US position on issues such as the South China Sea and the Russia-Ukraine conflict, thereby losing its core value as a neutral bridge.
Singapore's economy is highly reliant on the US-led globalization system and the hegemony of the US dollar. As a globally renowned offshore financial center, its business core revolves around the US dollar. If the hegemony of the US dollar falters or if the global trade system moves towards fragmentation, Singapore's financial advantages will be at risk of collapse. With a high degree of external dependence, Singapore's economy is susceptible to global fluctuations. For example, during the 1997 Asian financial crisis, Singapore's annual economic growth rate plummeted from 8.4% to 0.4%, and during the 2008 global financial crisis, Singapore's economic growth rate also saw a significant decline. The economic 'decoupling' between the US and China, along with the regionalization of supply chains, has weakened its hub value, while the development of land logistics routes in China and Arctic shipping routes further impacts its economic foundation.
Misjudgments have also emerged in Singapore's diplomatic strategy, as it has taken a biased stance in the US-China rivalry, even making absurd claims like 'the Second World War was triggered by trade wars.' On the Diaoyu Islands issue, it has deviated from its neutral stance, demanding that China make concessions on core interests. This predicament stems from a loss of cultural identity, as the implementation of 'de-Chinese' policies has distanced it from Chinese culture, leading to an identity crisis: desiring to integrate into the Western world while struggling to let go of its reliance on the Asian economy; wanting to be a leader in ASEAN but failing to gain the trust of member countries. In its elite governance model, the arrogance of technocrats permeates; they focus too much on short-term interests and base their strategies on the erroneous assumption of 'American hegemony is eternal,' neglecting the rapidly changing external environment, resulting in a lack of resilience in its development strategy.
V. The Cost of an Era: Singapore's Strategic Missteps in 'Teaching China How to Act'
In the profound transformation of the global landscape of 'the East rising and the West declining,' China's rise is unstoppable. However, some Singaporean politicians have taken on the role of 'teacher' and made unfounded comments on China's development, a strategic misjudgment that not only violates the principle of international equality but will also cost Singapore dearly.
Due to its low freshwater self-sufficiency, Singapore has invested heavily in water treatment systems, fully aware of the importance of resource autonomy, yet it obstructs China's self-reliance path in fields like chips. Shanmugam even claims that China should not pursue complete self-sufficiency, misinterpreting self-reliance as a policy of isolation. This 'I can do it, but you cannot' posture undermines the credibility of a neutral country. On historical issues, although Singapore once suffered the massacre of tens of thousands of Chinese by the Japanese army, Huang Xuncai claims Southeast Asia has turned the page and demands that China tolerate Japanese provocations. This disregard for history and betrayal of national memory sacrifices historical justice for short-term interests.
Singapore has misjudged its own strength and the trend of the times, believing that dependency on American hegemony can maintain prosperity and showcase the superiority of its model, and that China's rise can be contained. However, history has proven that attempts to contain China's rise are destined to fail, and prosperity based on hegemony is unsustainable.
The cost brought about by this strategic misstep is gradually becoming apparent. Economically, the policy dividends of Hainan Free Trade Port are continuously being released, and more multinational companies are relocating their regional headquarters and processing bases from Singapore to Hainan; as cooperation between China and ASEAN countries in trade, infrastructure, cultural exchanges, digital economy, and green economy continues to deepen, Singapore's intermediary role in regional cooperation may be impacted, and its function as a 'bridge between East and West' is gradually weakening. As China actively addresses the 'Malacca Dilemma' through the construction of land routes for oil and gas pipelines from Myanmar and Russia, as well as promoting the commercialization of Arctic shipping routes, the strategic importance of the Malacca Strait is gradually diminishing, and Singapore's geographical advantages are correspondingly weakened.
In fact, China has never regarded Singapore as a competitor, nor does it intend to suppress Singapore's development. However, if Singapore continues to cling to Cold War thinking, choosing sides among great powers and pointing fingers at China, it will further miss cooperation opportunities and be marginalized in the reconstruction of the regional economic landscape.
In the context of the 'East rising and the West declining' era, what Singapore needs to do most is not to point fingers at China or act 'arrogantly,' but to reassess its own positioning, abandon the development model of dependency on hegemony, and cooperate with China in a spirit of equal respect, seeking new development space in regional economic integration.
After Hainan's closure, please call me Lord Qiong.
VI. The Path of Win-Win in Reshaping the Landscape
The operation of Hainan Free Trade Port is an important part of China's foreign opening strategy, marking China's inherent demand as a global trade power and the deepening of its opening to the outside world. This initiative aligns with the normal phenomenon of global free trade port competition and is not aimed at any specific country. The challenges faced by Singapore stem from the incompatibility of its traditional development model with the new era of openness, rather than the result of China's strategic squeeze.
For China, the construction of Hainan Free Trade Port is an important practice in promoting high-level openness and building a dual circulation hub, aimed at injecting new momentum into the global economy. China insists on open win-win cooperation and is willing to share development opportunities with all countries.
Singapore needs to abandon strategic misjudgments, recognize historical trends, and free itself from excessive dependence on the US, cooperating with China with an equal attitude. If it follows the trend of the times, Singapore will gain new development opportunities; if it clings to Cold War thinking, its regional position will be eroded or even overturned.
Hainan's closure has nothing to do with Singapore; it does not deserve to be our opponent.

Why do customs in Frankfurt and Paris prefer to check Chinese people? Talking about Hainan's customs closure
Excerpt from He Liran He Liran
Rui Rui Rui comments on German cities, from solid to fluid
Expecting DHL to be better than SF Express is like eating a poisonous mushroom
Let's first talk about Hainan's customs closure.
Many people, upon seeing the two characters "customs closure", instinctively react with tightening, restrictions, and even subconsciously associate it with scenes like island closures and control.
But that's not it. Hainan's customs closure is not an island closure; it is a system arrangement that has been incorporated into the national plan and promoted for many years, now just gradually entering the practical stage.
To put it directly, it establishes a separate set of rules for Hainan regarding tariffs and the flow of goods: overseas goods entering Hainan can enjoy lower tariffs or even be tax-exempt; Hainan goods entering the mainland need to be declared and pay taxes as required; mainland goods entering Hainan also have list management and regulatory requirements. This is the meaning of "within the borders, outside the customs"; essentially, it operates Hainan as a special trade zone.
This is a good thing! In the future, Hainan will be full of duty-free shops, and traveling from the mainland won't be as troublesome as going to Hong Kong, which requires a Hong Kong-Macau travel permit. In the future, Argentine beef, European cosmetics, and Japanese electronics sold in Hainan will have no tariffs, dramatically reducing prices!
If viewed only from a domestic perspective, this matter can easily be interpreted as a regional preferential policy. But when the perspective is broadened, it becomes clear that it is highly consistent with the changes in the global trade environment in recent years. A very obvious trend is that major economies are re-emphasizing tariffs and borders. Tariffs are no longer just tools at the negotiation table but have returned to a core position in finance, industry, and security.
Across the ocean, that old man with the last name "Te" said one sentence, and the new Cold War began.
......
In the past two years, flying from China to Europe and landing at hub airports like Frankfurt and Paris Charles de Gaulle, many people will have a noticeable feeling: the probability of being randomly checked for luggage, being asked to open boxes, and being questioned about the value of items has increased significantly. Especially with a Chinese passport, it seems to be more likely to be "asked to the side".
Damn.
If understood only from an emotional perspective, it can easily lean towards discrimination and political atmosphere. But from the operational level — customs are not focused on people, but on "goods" and "taxes".
It's all business.
In the European customs system, Chinese travelers have always been classified as a group with a "high probability of carrying goods". This is not a value judgment but a risk profile accumulated from long-term data: China is a significant source of global manufacturing and consumer goods, with frequent travel and a wide variety and price range of goods carried. For customs, there is a clear taxable possibility with this type of traveler, so they naturally receive focused checks.
To be honest, there are many WeChat groups among Chinese living in Germany for a long time, coming and going, and advertisements are often posted. I will fly from one place to another on a certain date, and I can bring any legal items, like documents, and the unit price is increasingly competitive, seemingly 20 euros per kilogram.
There are also many people who bring cigarettes, mobile phones, and other items from China. If it’s for personal use, that’s fine, but selling them is tax evasion; conversely, buying back from Europe follows the same logic, but luckily, it’s not very cost-effective now due to the soaring euro.
If I were customs, I would also strictly check you, Dong, sorry, it's just for those few items in your pocket.
......
The same logic is also reflected in the EU's changing attitude towards Chinese small commodities. For a long time, low-priced packages were in a gray area by default: small amounts, large quantities, and the administrative cost of taxing each item was too high, so many times they were just released directly. But now the situation has changed. Package information is highly electronic, platforms, logistics, and payment systems can be interconnected, with sources, prices, and paths clear and traceable; at the same time, the fiscal pressure on European countries continues to exist. Under these conditions, continuing to not tax a large number of low-priced goods no longer has a realistic basis.
This trend is even more evident at the industrial level. Take BYD as an example; in the Chinese market, its competitiveness comes from cost and scale; after entering Europe, it is difficult to maintain extreme price advantages for the same product. Import tariffs, anti-subsidy investigations, environmental and safety certifications, local compliance costs, plus political and public opinion risks stack up layer by layer, naturally pushing prices higher. This is also why more and more Chinese car companies are promoting local factory construction in Europe while exporting — it's not that they don't want to sell cheaply, but under the existing rules, low prices are more likely to trigger risks.
For ordinary companies, the reality of going to Europe is more straightforward. If the price is too low, it easily attracts attention; if the profit is high, the tax base is right there; once the profit margin thins, the ability to withstand policy fluctuations rapidly declines. Many companies eventually realize that what determines whether they can stay long-term is not just product competitiveness but whether they can be included in the "inside logic". As long as they always stand outside, every entrance and exit will be recalculated for cost.
In this context, looking at Hainan's customs closure becomes easier to understand its positioning. It is not an isolated domestic policy but a reserved interface for itself in the environment of global re-emphasis on tariffs and borders. By reducing tariff friction and simplifying rules in a localized area, it aims to hedge against external environmental uncertainties while providing a middle ground for enterprises and capital.
There’s no way, it's a manifestation of de-globalization.
Just like a company that is not performing well has to start strictly checking attendance. Countries now lack money, and even the coins that were left in the corner of the sofa have to be taken out and used.
No way out, I have to save and cut costs too.
......

Why are there always constant arguments in relationships?
Excerpt from Psychologist Wang Ping Wang Pingwangping
In psychology, there is a term "identification with bad objects," meaning that when one is constantly criticized by parents in childhood, they grow up to resemble their mother, always blaming others, especially those closest to them.
In fact, every child who is criticized has a very difficult time. When you were young, feeling that no matter what you did was wrong and that you would be criticized no matter how you acted, this sense of deprivation and deep helplessness was too hard to bear. So you wanted to become a high and mighty critic to escape that unbearable feeling.
Perhaps this approach protected you, but it also brought you endless pain, as you are always in conflict with those closest to you (partners, children).
You always protect yourself like a hedgehog; whenever you sense a possibility of being criticized, you will first strike back at the other person. You will raise your voice, blame the person you perceive as "possibly criticizing you," but most of the time, this is a misjudgment. The other person does not intend to blame you, but due to your fear of being criticized, you blame them first.
When you think about it carefully, perhaps you only blame others when you feel bad yourself. Perhaps you cannot tolerate the "bad" within yourself, which puts you at risk of being blamed.
You need to project this "bad" onto your wife, husband, or child so that you can feel safe. You will blame others for their neglect, hostility, and anger, but it is hard to see that it is your own words and actions that have triggered the other person's anger. This has also become your relationship pattern.
Perhaps you will also ally with others, complaining to friends and family about how your partner or children make you angry, thereby gaining their affirmation and proving the validity of your anger.
In fact, from the moment you begin to speak, it is destined that your partner and children are the "bad" ones because you will choose a stance that is advantageous to yourself to prove you are right and will not tell the referee the whole story. You do not need a third-party perspective to help you understand what has happened between you. You only need a judge to tell you: you are not wrong; it is all their fault; you are innocent, and everyone else is "bad."
Being criticized since childhood creates a deep sense of deprivation.
Perhaps you have a feeling that enjoyment can make life uncontrollable. You will self-deprive, unable to let yourself enjoy the present life, and always feel an inexplicable anger in your chest, triggering some conflicts.
Perhaps you have had such experiences:
On a sunny weekend morning, your husband prepares breakfast, and after eating with the children, everyone does their favorite things, a scene of harmony and tranquility. However, when you get up and see the unwashed dishes on the table, and the kitchen is messy, an anger arises within you, demanding that they wash the dishes and clean up. Maybe your husband will say he will wash them in a moment, but after a few minutes, nothing has been cleaned. You remind them again, but nothing gets done. At this point, you become furious and lash out at them, ultimately ruining the entire weekend.
There may be many similar scenes in life, always destroyed by a nameless anger, ruining a beautiful experience.
This nameless anger may stem from your sense of deprivation. Your childhood experiences tell you that relaxing and even occasionally indulging are not allowed and will be criticized. At the same time, you also envy your partner and children; they can enjoy the weekend so freely, while you have never had such an experience. Therefore, human emotions are very complicated, and love sometimes mixes with hate.
If this person is you, now is the time to hug yourself well, and tell your younger self: "It’s okay; it’s all in the past. You have grown up now, and you are stronger, no longer needing to disguise yourself as a hedgehog to protect yourself."
If this person is your partner or parents, who always criticize you, you should also tell yourself that it is not you they are criticizing, but themselves (they may have also been criticized by their parents in childhood). When they criticize you, you are being experienced as their inner child. Their dissatisfaction is with themselves, not you; you are just a scapegoat.

Winter Solstice Blessings!
The day is the shortest, the yang energy begins to grow, which echoes Buffett's saying: “Life is like a snowball; the important thing is finding wet snow and a long hill.”
The Winter Solstice is as significant as the New Year, reunions warm the heart, may you choose the right track with long slopes and thick snow on your long investment journey, and maintain patience and composure.
May your winter be free of worries, your positions be worry-free, and may your returns soar in the coming year, with the snowball growing larger and larger!

Today, Old Ye is investing a lot,
Let's take a look at our super Xiaopeng friends
Bringing their own food
Diligent
Relentless, huh? @Thomas Electric Train @XP-He Xiaopeng

The performance of the Xiaopeng X9 Super Extended Range in the snow is indeed astonishing, with its core being the world's first 'Ice and Snow Stability System'. This system achieves precise control under extreme road conditions through the collaboration of three key technologies: long-travel air suspension, intelligent high-torque precision control, and active rear-wheel steering.

This guy's attitude towards China has shifted from hawk to dove. After more than a year of real work, he finally understands the situation a bit better.
"China is going to be, is, and it will continue to be a rich and powerful country and a factor in geopolitics," Rubio told reporters in Washington. "Our job is to find opportunities to work together with the Chinese Communist Party and the Chinese government."
"China will be, is, and will continue to be a rich and powerful country, playing an important role in geopolitics. Our task is to find opportunities to cooperate with the Chinese Communist Party and the Chinese government." -- December 19, 2025, remarks at the State Council year-end briefing.

Electric vehicles are no longer just a phenomenon in wealthy countries.
Countries like Vietnam, Uruguay, Thailand, Costa Rica, and Indonesia have all surpassed the United States in the share of new car sales that are electric vehicles.
When the cost of electric vehicles becomes competitive with that of fuel vehicles and there are no policy restrictions, changes will come quickly.

Duan Yongping, Vivo, OPPO, and Chery's choice of "shell" for car manufacturing is Zotye Automobile (SZ000980). This restructuring officially launched in October 2025 and is currently entering the substantive operation phase.
1. Cooperation structure and operation model
1. Core restructuring team
The new management team of Zotye Automobile has formed a "dual-wheel drive" structure:
Chery system leads production and manufacturing: Han Biwen (President, former senior executive of Chery Jaguar Land Rover), Li Lizhong (Chairman, former deputy general manager of Chery), etc., responsible for technology and production.
BBK system manages capital and channels: Xu Mingzhe (Director), Yan Minxia (CFO), etc., responsible for finance and strategy. These executives all come from the BBK system founded by Duan Yongping.
2. Role positioning of each party
Participant Main role Resources invested
Duan Yongping Behind-the-scenes strategic guidance Capital operation experience, investment vision, through related party layout
Vivo/OPPO Technical empowerment, channel collaboration Automotive-grade chips, smart cockpit technology, offline retail network
Chery Core manufacturing, technology output Complete vehicle R&D capabilities, production bases, supply chain system
Zotye Qualification carrier, production capacity base New energy vehicle production qualifications, ready-to-use production lines (annual output of 300,000 units), A-share listed platform
2. Why choose Zotye as the "shell"?
Three core values make Zotye an ideal choice:
1. Scarce license resources: Holds four new energy vehicle production qualifications, serving as a "passport" to enter the car manufacturing field.
2. Ready production capacity and production lines: Production bases in Chongqing, Yongkang, etc., are well-equipped for rapid resumption of production, saving at least 2-3 years and hundreds of billions in investment compared to building new factories.
3. A-share listed platform: As a listed company (SZ000980), it can be directly used for financing, providing funding support for subsequent expansion, and paving the way for Chery's potential A-share listing.
3. Cooperation progress and future planning
Timeline:
October 2025: Zotye completes the board of directors' re-election, Chery system and BBK system fully take over.
November 29, 2025: Han Biwen officially assumes the role of president, marking the substantial execution phase of the restructuring.
Early December 2025: Initiate asset cleanup, plan to dispose of part of the shares to raise funds to support resumption of production.
Two possible development paths (not mutually exclusive, may run in parallel):
1. Chery reverse merger listing model: BBK system first clears Zotye's debts, Chery then carries out industrial integration, eventually using Zotye as Chery's A-share listing platform.
2. New smart car brand model: Using Zotye as a carrier, integrating OPPO/Vivo's smart technology with Chery's manufacturing capabilities to create a new energy vehicle brand aimed at the global market, focusing on a differentiated route of "smart cockpit + high-quality manufacturing".
It is worth noting that Duan Yongping himself has not directly invested in Zotye, but has "curved entered" through BBK system executives, which aligns with his consistent "behind-the-scenes investor" style. He has publicly stated multiple times that he "will not come out of retirement to build cars" but has also acknowledged that he is "very interested in car manufacturing and will continue to pay attention".
4. Specific participation methods of Vivo and OPPO
Vivo and OPPO are not participating as "car manufacturers" but as technical and ecological partners:
Technical level: Provide automotive-grade chip solutions, smart cockpit systems (such as vivo Jovi InCar), communication technology patents.
Channel level: Open tens of thousands of offline stores nationwide as experience and sales points, providing "0 distance" user access for new car launches.
Ecological level: Integrate cars into the "people-car-home" smart ecological closed loop, achieving seamless connection between mobile phones and cars (such as OPPO's ICCOA alliance, which has connected over 80% of mobile phone and car brands).
Summary
Duan Yongping, Vivo, OPPO, and Chery chose Zotye Automobile as the shell for car manufacturing, marking a cross-border integration of "capital + technology + manufacturing". Zotye provides qualifications and production capacity, Chery is responsible for complete vehicle manufacturing, while the BBK system (including Duan Yongping, Vivo, OPPO) contributes funding, technology, and channel resources.
Currently, the restructuring is still in the early stages, and the future product form and brand name have yet to be announced. However, it is expected that this new car will integrate the intelligent experience of smartphones with the manufacturing quality of traditional car companies and is likely to focus on the overseas market, becoming another calling card of Chinese smart manufacturing.
Note: The above information is based on the latest public data from December 2025, and specific cooperation details may be adjusted as the restructuring progresses.

Morgan Stanley predicts that robots will grow from today's $91 billion to $25 trillion by 2050.
Adoption is already visible:
· Since 2015, global robot installations have grown at a CAGR of approximately 13%
· Capital expenditures for logistics automation have increased by over 20% annually
· Warehouses using robots can improve productivity by 25-30%.

The proposal by South Korean lawmakers to restore the use of Chinese characters and the statement of support from President Lee Jae-myung has recently attracted considerable attention. As a country deeply influenced by Chinese character culture, South Korea has gradually phased out Chinese characters from public view since the implementation of "Hangul-only" in the 1970s. However, the phenomenon of young people being "illiterate in Chinese characters" has led to issues such as cultural gaps in the interpretation of ancient texts and understanding of legal provisions, making the "return of Chinese characters" a hot topic of discussion.

In fact, this discussion has long been in the making—over 80% of high schools offer Chinese character courses, and the popularity of private Chinese character examinations remains high, demonstrating the irreplaceability of Chinese characters in cultural heritage. Supporters believe that the "selective integration" of Chinese characters in key areas can reinforce cultural foundations, while opponents are concerned about the educational burden and the independence of Hangul. Furthermore, the trend of increasing support among young people after technology has lowered learning barriers indicates that tradition and modernity are not necessarily incompatible.

Ultimately, writing has never been a matter of either-or choices. Hangul carries national identity, while Chinese characters connect historical roots. This exploration of "combining main and auxiliary" essentially represents a rational restoration of cultural gaps and provides new ideas on how to balance tradition and modernity in a diverse linguistic context.