编者按：必须看到，零售业态的调改从来都不是对同行简单的模仿，而在于理念、场景、供应链、服务、组织的系统性升级，是对消费者需求、行为与自 身品牌的生态重塑。 当前，零售业转型加速，门店调改风起云涌，"叫好更叫座"却并不容易。以复刻胖东来著称的永辉超市（601933）（601933）2025年业绩继续预亏，其 2024年、2025年累计亏损超过50亿元，"永辉之痛"值得深思。 1月23日，重百新世纪超市大坪时代天街店迎来调改后的营业首日，当日门店内人流如织、热闹非凡。据统计，当日进店客流量较调改前增长6倍，全天营 业额较调改前增长达7倍。 图/永辉超市业绩预亏公告（局部） 必须看到，零售业态的调改从来都不是对同行简单的模仿，而在于理念、场景、供应链、服务、组织的系统性升级，是对消费者需求、行为与自身品牌的 生态重塑 "我们不是简单的形象翻新，而是从供应链到商品端的彻底重构。" 新世纪超市战略与业态创新负责人张帆介绍称，调改后的时代天街店营业面积扩容至 8000平米，取消了强制动线设计，让消费者实现"自主逛，自由购"。 据介绍，新卖场超5米宽的主通道让购物视线豁然开朗，1.6米高的"矮化"货架让视野通透无阻，并强化 ...

在投资世界中，"高收益"常常像一块诱人的蛋糕，吸引着无数投资者趋之若鹜。然而，真正成熟的投资 者都知道：高收益的背后，往往隐藏着高风险，甚至可能是精心包装的骗局。近年来，各类非法集资、 庞氏骗局、虚假理财平台层出不穷，不少投资者因贪图"稳赚不赔""月收益10%"等承诺而血本无归。因 此，树立理性投资观念，是每一位投资者迈向财务安全的第一步。 全景网浙江投资者教育基地秉承"沟通创造价值"宗旨，以投资者关系互动为核心，聚焦金融信息资讯服 务，通过融媒体的方式，积极探索"互联网+投教"模式，以"线上+线下"相结合的方式，让投资者教育服 务触手可及。 理性投资，远离"高收益"陷阱 ...

Group 1 - The company expects a net profit attributable to shareholders of 79 million to 99 million yuan for the full year of 2025, with a non-recurring net profit of 77 million to 97 million yuan [1] - To address challenges, the company is accelerating its global capacity layout, with the new production base in Indonesia becoming a key strategic asset [1] - The company is focusing on biodegradable materials and plant fiber molded products as strategic directions to respond to the "plastic restriction order" and market trends [1] Group 2 - The recent policy from the Ministry of Commerce and other departments promotes the use of biodegradable products and reduction of single-use plastics, benefiting the company's product matrix of plastic alternatives [2] - The company has adjusted its product structure to align with domestic policy requirements, forming a dual-driven product strategy of "traditional plastics + biodegradable materials" and "biodegradable materials + recycling" [2] - The company is in a strategic transformation period, facing external pressures from U.S. tariff policies and initial cost increases from the new Indonesian production base [2] Group 3 - The company's strategic adjustments are clear and forward-looking, aiming to reduce single market risks through global capacity layout and build long-term competitiveness via green product lines and technological innovation [3] - The company is optimizing its revenue structure by expanding into the domestic market, particularly with new-style tea drink clients [3] - With the gradual release of capacity from the Indonesian production base and the ongoing promotion of domestic green consumption policies, the company's strategic layout is expected to yield results in the future [3]

Core Insights - The Ministry of Industry and Information Technology projects a 5.9% year-on-year growth in industrial added value by 2025, with the manufacturing sector expected to maintain its position as the world's largest for 16 consecutive years [1] - The demand for upstream raw materials such as copper, aluminum, and rare earths is supported by robust macroeconomic data, indicating strong resilience in China's real economy and industrial development [1] Group 1: Industrial Metal ETF - The newly launched ETF, "Fuguo" (code: 159168), aims to provide investors with a streamlined way to invest in the industrial non-ferrous metal sector [1] - The ETF tracks the CSI Industrial Non-Ferrous Metal Theme Index (code: H11059.CSI), which includes 30 large-cap stocks in the industrial non-ferrous metal sector, focusing on core varieties [2] - The index has a significant weight in copper (34.4%), aluminum (21.8%), and rare earths (13.6%), totaling nearly 70% [2] Group 2: Historical Performance - The industrial non-ferrous index has demonstrated strong investment value, with a cumulative increase of 161.24% since September 24, 2024, significantly outperforming the CSI 300 index, which rose by 46.37% during the same period [3] - In 2025, the industrial non-ferrous index achieved a growth rate of 96.14%, surpassing the CSI 300 index's 17.66% increase and outperforming other related indices [3] Group 3: Investment Logic - The investment logic for industrial non-ferrous metals has shifted from traditional cyclical fluctuations to being driven by supply-demand gaps, macroeconomic support, and global resource strategies [4] - Demand for industrial non-ferrous metals is transitioning from traditional uses to technology-driven growth assets, with copper expanding into AI and renewable energy sectors, and aluminum moving towards high-end manufacturing applications [4] - Supply constraints due to long-term underinvestment and rigid limitations are exacerbating supply-demand imbalances, pushing prices higher [4] Group 4: Strategic Importance - The geopolitical landscape has elevated the strategic importance of key mineral resources like copper and rare earths, transforming them into assets with strategic value beyond traditional commodities [5] - The "Fuguo" ETF offers a way for investors to gain exposure to critical assets in the industrial sector while minimizing individual stock volatility [5] - The ETF employs a full replication strategy to minimize tracking error and is managed by Fuguo Fund, a well-established player in quantitative investment with over 16 years of experience [5]

Core Viewpoint - The oil and gas sector is positioned as a core asset with strategic value and investment potential, expected to perform steadily through market fluctuations from 2021 to 2025, serving as a "safe haven" for investors due to its high dividends and stable growth [1]. Group 1: Market Dynamics - Oil and gas remain essential as a primary energy source, accounting for over 60% of global consumption, with domestic production expected to grow under energy independence strategies [2]. - China's oil import dependency is projected to reach 71.9% by 2024, highlighting significant supply pressure [2]. - The top three constituents of the National Oil and Gas Index—China National Petroleum Corporation, Sinopec, and CNOOC—collectively account for over 90% of domestic production, reinforcing their role as key supply providers [2]. Group 2: Natural Gas Demand - Natural gas is increasingly recognized as a transitional energy source amid global energy transformation, with a compound annual growth rate (CAGR) of 8.35% in China's natural gas consumption from 2015 to 2024 [5]. - The peak consumption of natural gas is expected around 2040, reaching approximately 6000-7000 billion cubic meters [6]. Group 3: Policy and Market Environment - The implementation of the Energy Law and other reforms is expected to enhance industry efficiency and reduce extreme volatility risks, while state-owned enterprises are anticipated to increase dividend payouts [8]. - The National Oil and Gas Index has shown a consistent positive return over five years, with annual returns of 33.93%, 0.05%, 7.01%, 10.90%, and 10.13% from 2021 to 2025 [9][10]. Group 4: Index Characteristics - The National Oil and Gas Index is heavily weighted towards the "Big Three" oil companies, which together account for over 40% of the index, ensuring significant exposure to leading firms [12]. - The index includes a balanced distribution across the oil and gas sectors, with 61.5% in oil and petrochemicals and 15.8% in utilities, providing stable cash flow through gas companies [14]. - The index's current dynamic price-to-earnings ratio is 13.42, indicating reasonable valuation, with a dividend yield of 3.92%, making it attractive in a low-interest-rate environment [16]. Group 5: Current Investment Timing - International oil prices are stabilizing, with a price range of $50-60 per barrel, which is close to the main extraction cost line, limiting downside potential and supporting profit improvement [18]. - The index's return on equity (ROE) reached 9.8% in Q3 2025, significantly exceeding the overall A-share market average of 7.9%, indicating a shift towards high-quality development in the sector [22].

2025年以来，生猪养殖行业仍处于深度调整期，磨底时间明显拉长，周期波动与成本压力叠加，考验着 每一家企业的战略定力。在这一背景下，湖南猪企新五丰，正通过精细化的成本管控、清晰的全产业链 布局以及高效的对外资源整合，以务实耕耘应对猪周期。 规模化养殖稳住农业基本盘 苦练内功挖掘降本增效空间 作为湖南省属唯一的生猪产业上市平台，新五丰正深度融入国家生猪产业集中化升级的大趋势。公司 以"低谷蓄力、上行收获"的周期策略，在行情低迷期逆势布局新增产能，生猪出栏量从2021年的44.15 万头跃升至2025年的542.24万头，生猪养殖已初具规模。这不仅夯实了区域农业基本盘，更精准卡位了 市场份额向头部集中的关键窗口期。 养殖端的降本增效是新五丰规模扩张的核心支撑，公司深挖降本空间，从生猪养殖的最大成本——饲料 支出入手，构建了"自给+外销"相结合的饲料成本控制体系。公司一方面研发非常规原料利用和豆粕减 量技术，降低饲料成本；另一方面，通过跟踪采食量、控制膘情、精准调配饲料和杜绝浪费来减少消 耗。目前，公司饲料年产量已达120万吨。2025年上半年，公司饲料产能517,050.59吨，除供自有猪场 外，饲料外销也为公司 ...

1月22日，当悉尼夜色与中国白酒醇香相遇，一场跨越国界的文化与商业对话在澳大利亚开启。 当晚，舍得酒业在悉尼举办舍得老酒节暨舍得自在全球上市发布会，这是其全球巡回老酒节的第五站， 也是战略新品29度舍得自在正式走向海外市场的首发站。 这场登陆南半球的老酒盛会，不仅是舍得国际化布局的关键落子，也是中国白酒在全球市场差异化竞争 的破局缩影。在复星全球生态资源的赋能下，舍得酒业持续拓展出海版图，其产品已远销42个国家和地 区，海外市场销售终端达1300家，销售规模与终端动销实现快速增长，为行业出海提供了独具价值的实 践标杆。 全球巡回老酒节落地澳大利亚，舍得老酒文化持续"圈粉"海外 从去年开始，从北美、欧洲到东南亚再到大洋洲，舍得酒业持续以老酒节IP破圈海外，与世界分享舍得 文化与老酒魅力。此次澳大利亚站老酒节延续了以老酒文化渗透高端圈层的核心逻辑，实现白酒文化与 海外精英圈层的深度链接。 酒业家了解到，本次活动现场汇聚了澳大利亚当地政商代表，以及本地经销商、老酒收藏家等华人侨领 与商界精英。借助精英圈层的影响力，舍得老酒在政商高端场景中完成自然渗透，这种以文化认同为基 础的圈层营销，打破了海外市场对中国白酒的认知 ...

近日，首届中国企业数字化转型与数字经济产业发展大会成功召开，以"政策领航、技术赋能、生态共 生"为核心逻辑，全方位呈现数字经济发展前沿与企业转型实践路径。近年来，中央顶层设计到地方配 套落实，围绕数字经济基础设施、数据要素流通、AI赋能传统产业的扶持政策密集出台，产业发展的 制度性红利正加速释放。在此背景下，富国基金将于今日起正式发行富国数字经济混合（A类： 026642；C类：026643），该产品拟由AI"捕手"罗擎担纲，助力投资者高效捕捉数字经济领域的投资机 遇。 不押注单一环节，全链条布局数字经济 回望刚刚过去的2025年，堪称"AI元年"，彼时年初DeepSeek的横空出世开启了中国科技资产的价值重估 叙事。从全年维度来看，作为算力底座的AI硬件基础设施率先发力，算力基础设施指数全年涨幅飙升 100%，而下游板块AI应用表现相对落后，AI应用概念指数全年涨幅为34.58%。然而，产业趋势的演进 总在动态变化中，步入2026年，多重产业利好正在形成共振，推动AI应用加速进入价值兑现期，一方 面，互联网大厂AI应用布局进入"收获期"，文心助手、豆包与千问构成了三大亿级AI应用入口，标志着 技术已进入大规 ...

近日，科学技术部、农业农村部、国家林业和草原局共同批复支持建设草业国家技术创新中心。该中心 以内蒙古自治区政府为组织单位，蒙草生态（300355）为牵头建设单位，集聚现代牧业(集团)有限公 司、四川林业集团有限公司等9家企业和中国科学院西北生态环境资源研究院、中国农科院草原所、中 国农业大学等6家高校院所协同共建。成立草业国家技术创新中心（内蒙古）有限公司作为实体化运营 机构，将按照"4+5"的模式进行空间协同创新布局，即在呼和浩特市设立总部，建设草品种选育与种子 高效生产、优质饲草生产与高效利用、草地生态修复与可持续利用、智能装备集成与创新4个研究所， 在东北寒区、华北温区、西北旱区、南方暖区、青藏高原高寒区等全国五大代表性区域建设5个区域中 心。 中心将践行新型举国体制，聚焦国家生态安全、粮食安全重大战略需求，以打造引领草业高质量发展的 战略力量为目标，开展草产业关键核心技术攻关，推动成果转化与产业化，保障国家生态安全和种业安 全、强化优质饲草供给、促进乡村振兴。 布局建设草业国家技术创新中心是深入贯彻落实习近平总书记重要指示批示精神、党的二十大及二十届 历次全会精神，促进我国草产业高质量发展的重要举措。 ...

Core Viewpoint - Fuda Alloy Materials Co., Ltd. is experiencing significant growth driven by the expansion of global power infrastructure investments and the booming demand in emerging sectors such as data centers and energy storage, leading to a projected net profit increase of 119.14% to 219.95% in 2025 compared to the previous year [1] Group 1: Business Transformation - The company is transitioning from traditional low-voltage electrical applications to new scenarios involving data centers and energy storage, capturing the growth opportunities presented by the AI-driven surge in power demand [2] - Fuda Alloy has expanded its business with North American data centers, achieving a revenue increase of 507% in the first half of 2025, driven by its robust technology and supply chain resilience [2] - The company’s high-performance electrical contact materials have successfully penetrated the supply chains of major tech giants like Microsoft and Meta, enhancing its market position [2] Group 2: Energy Storage Developments - Fuda Alloy's products, such as silver-tin oxide and silver-copper contact materials, are being supplied to major clients like Sungrow and Huawei for energy storage inverters, showcasing their high performance and reliability [3] - The company is actively engaged in R&D projects aimed at developing new materials for energy storage applications, which are critical for enhancing product value and profitability [3] Group 3: Anticipated Asset Injection - There is market anticipation regarding the potential asset injection from Zhejiang Guangda Electronics, which is under the same controlling shareholder as Fuda Alloy, following a previous attempt to acquire a 51% stake [4] - Guangda Electronics is a leading player in the photovoltaic silver paste sector, with a strong technical position and a diverse product portfolio, which could significantly enhance Fuda Alloy's performance upon integration [5] Group 4: Space Photovoltaics Opportunity - The photovoltaic industry is poised for growth in the space sector, with significant developments anticipated in space solar power, driven by increasing energy demands from satellite deployments [7] - Fuda Alloy and Guangda Electronics are well-positioned to capitalize on this emerging market, leveraging Guangda's advanced technology in low-temperature silver paste and conductive materials [7] - The synergy between Fuda Alloy's electrical contact materials for data centers and Guangda's future space photovoltaic silver paste business aligns with the broader AI-driven demand for computational power [8] Group 5: Future Outlook - Fuda Alloy is at a pivotal moment, balancing steady growth in traditional business with the potential for explosive growth in new sectors, particularly in data centers and energy storage [9] - The anticipated asset injection from Guangda Electronics could further enhance Fuda Alloy's capabilities in the burgeoning space photovoltaic market, marking a transformation into a key player in the AI era [9]