Core Insights - The concept of "安心" (peace of mind) has evolved beyond just products, becoming a cornerstone for brand loyalty in the mother and baby industry [1][2] - The company "孩子王" (Kid King) is setting new standards in consumer experience through initiatives focused on "放心消费" (reassured consumption) [1] Group 1: Service Innovations - "孩子王" has launched the "跨区域异地异店退换货倡议" (Cross-Regional Return and Exchange Initiative) to address consumer concerns about cross-city shopping, aiming for a seamless "one place purchase, different place return" experience [1] - This initiative involves unified service standards, interconnected system processes, and shared network resources, enhancing the service capability across regions [1] - The company is transitioning its after-sales network from "store units" to a "regional collaborative body," which is crucial for building a nationwide service network [1] Group 2: Proactive Service Model - The company has developed a "10-second response - 10-minute resolution - 24-hour closure" mechanism to efficiently address customer issues [1] - A unique proactive service model includes "主动调研" (active research), "跨部门协同" (cross-department collaboration), and "体验追溯" (experience tracing), allowing the company to anticipate customer needs and optimize services before issues arise [1] - This proactive approach has been recognized as a best practice in "放心消费" by Nanjing, highlighting its effectiveness in service optimization [1] Group 3: Comprehensive Consumer Protection - The upgraded "安心购" (Peace of Mind Purchase) service system aims to provide a comprehensive consumer protection network throughout the customer journey [2] - This system includes one-on-one guidance from professional parenting consultants, deep services for premium members, and physical support from nationwide maternal and infant care rooms [2] - The introduction of "终身无理由退" (lifetime no-reason return) challenges traditional retail after-sales boundaries, aiming to eliminate decision-making concerns for families [2] Group 4: Industry Trends - The series of initiatives by "孩子王" indicates a shift in the mother and baby industry competition from products and channels to a comprehensive service experience based on "trust" [2] - This evolution not only represents an upgrade for individual companies but also provides a reference path for the entire industry to genuinely practice a "user-centered" approach in the post-traffic era [2] - Investment in systematic efforts for "安心" will solidify consumer trust as a brand's most valuable asset [2]

从行业价值来看，贝因美的此次荣誉为国产母婴品牌提供了"口碑突围"的参考路径。当前婴幼儿奶粉市 场已从"规模竞争"转向"价值竞争"，消费者对"基础营养"的关注逐步升级为"配方科学性、溯源透明 度"，贝因美的实践，恰好契合这一趋势。 未来，随着消费理性化趋势加剧，"用户推荐"将成为品牌竞争的核心壁垒。贝因美持续深化"货真价 实"战略，不仅能进一步巩固自身在婴幼儿奶粉赛道的优势，更将为国产母婴品牌树立"以口碑赢市 场"的标杆，推动行业从"产品比拼"向"价值深耕"迈进。 近日，品牌评级权威机构Chnbrand正式发布2026年（第十二届）中国顾客推荐度指数（C-NPS）报告。 在竞争激烈的婴幼儿奶粉品类中，国产母婴龙头贝因美（002570.SZ）凭借强劲的用户推荐意愿，荣 登"顾客最推荐品牌"榜单，这一荣誉不仅是消费者对其产品力的直接认可，更印证了其34年品牌积淀 下"货真价实"战略的深度落地。 作为中国首个顾客推荐度评价体系，C-NPS的权威性源于其科学严谨的调研逻辑：2026年调查覆盖全国 100+城市，针对15-64岁常住居民按性别、年龄、收入进行随机抽样，总样本量超256.2万个，覆盖170 个细分行业、1万 ...

Core Insights - The Chinese food industry is accelerating its transition towards high-quality development, with quality enhancement becoming a consensus within the industry. Recently, the "2025 Global Launch · Hurun China Food Industry Top 100 List" was released, where the company ranked 79th, marking a significant recognition of its industry position and digital development progress [1] Group 1: Supply Chain and Quality Assurance - The company has established a large-scale direct procurement system, signing long-term cooperation agreements with leading meat and poultry suppliers, and has invested in upstream enterprises to enhance supply chain resilience, ensuring raw material quality and cost control [2] - The company operates over 20 intelligent central factories nationwide, utilizing automated marinating equipment and rapid cooling technology to ensure consistent flavor across all stores and significantly improve production efficiency [2] - The company has developed a cold chain logistics system, equipped with over 2,000 GPS temperature-controlled vehicles, creating a three-tier logistics network with a delivery radius of 500-800 kilometers, ensuring fresh products reach consumers within 24 hours [2] Group 2: Product and Business Model Innovation - The company launched a new product, the 4.9 yuan hot marinated cup set, which includes rice noodles and hot marinated soup, achieving over 800,000 sales on Douyin in the first month, significantly increasing store traffic and creating a phenomenon in the market [3] - The company introduced three differentiated store formats: Juewei PLUS, Juewei Fresh Marinated, and Juewei Pot, to cover various consumer scenarios. Juewei PLUS targets young social consumers, Juewei Fresh Marinated focuses on community needs, and Juewei Pot caters to the lunch market for white-collar workers [3] - The recognition in the "2025 Global Launch · Hurun China Food Industry Top 100 List" reflects the industry's and market's high regard for the company, which is leading the marinated food sector towards standardization, intelligence, and all-scenario consumption through digital empowerment and innovation [3]

Core Insights - The dual explosion of edge AI and data center demands is driving a revolution in cooling technology across consumer electronics and industrial applications [1][2] - Advanced cooling solutions such as VC heat pipes, microchannel liquid cooling, and diamond films are becoming essential to meet the increasing thermal management needs [1] - The laser equipment sector is crucial for the mass production of these advanced cooling technologies, with companies like HaiMuxing emerging as key suppliers in the global supply chain [1] Group 1: Company Overview - HaiMuxing has developed core laser technologies that cover the entire cooling path, positioning itself as a critical equipment supplier for the cooling revolution [1] - The company's laser equipment is essential for the manufacturing of VC heat pipes, meeting the stringent requirements for Apple's ultra-thin 0.3mm VC heat pipes [1] - HaiMuxing's laser devices for microchannel liquid cooling (MCL) can be combined with VC heat pipes to create hybrid cooling solutions suitable for high-performance computing scenarios [1] Group 2: Market Position and Collaborations - HaiMuxing's laser equipment addresses industry challenges in the high-precision, low-damage processing of diamond materials, which are crucial for next-generation cooling solutions from companies like NVIDIA and TSMC [2] - The company's technology has been validated by top global ecosystems, and it has established deep collaborations with North American tech giants, successfully integrating into key supply chains [2] - HaiMuxing has made significant breakthroughs in AI cooling applications, with confirmed orders and shipments for its MCL laser equipment, reinforcing its competitive edge through continuous innovation [2] Group 3: Growth Potential - The explosive growth in cooling demands from edge AI and data centers positions HaiMuxing to benefit from market expansion, providing strong momentum for revenue growth [2] - The company's growth logic is undergoing systematic re-evaluation as it capitalizes on the increasing need for advanced cooling technologies [2]

富特科技在技术研发方面持续投入，特别是在前沿技术领域的布局上展现出战略眼光。公司在V2G（车 网互动）业务方面已取得阶段性进展。目前，公司相关具备双向充电功能的产品正在推进开发中，并已 与客户积极推进项目落地。随着海外新能源汽车保有量的逐步提升，以及电网端、运营端、消费端与整 车企业等多方的联动不断深入，V2G产品有望在未来为海外电网的稳定与优化提供关键支撑。产能建设 方面，目前公司的核心生产基地为安吉一厂与二厂。安吉一厂于2021年投产，设计产能120万台，目前 已处于满负荷运转状态。安吉二厂于2025年初顺利投产，产线正在逐步增加。 新能源汽车行业政策环境持续向好，为富特科技的业务发展提供了良好的外部环境。欧盟自2026年起将 逐步收紧汽车碳排放标准，要求新售轿车的碳排放量较2021年减少50%，并在2035年全面禁售燃油新 车。对于车载电源行业而言，技术创新和产品迭代正在加速。新一代车载电源正朝着高功率密度、高集 成度、双向充电和智能网联化方向发展。这些趋势与富特科技此次定增募集资金投向高度契合。东吴证 券在研报中预测，公司2026年将继续受益于国内外客户的销量增长及新客户拓展，保持高速增长。考虑 到公 ...

Core Viewpoint - The merger of Hailianxun and Hangzhou Turbine Power Group aims to enhance asset quality and operational efficiency, responding to national policies on state-owned enterprise reform and promoting the integration of high-end equipment manufacturing in the energy sector [1][5]. Group 1: Merger Details - Hailianxun has completed the acquisition of Hangzhou Turbine through a share swap, issuing 1,174,904,765 new shares at a price of 9.35 yuan per share, resulting in a market value of approximately 10.985 billion yuan [1]. - The merger will resolve Hangzhou Turbine's historical B-share issues and enhance its financing capabilities, particularly for its gas turbine and high-end equipment business [1]. Group 2: Industry Context - The global gas turbine industry is entering a decade-long boom, with significant demand driven by AI and energy efficiency needs, projecting a global gas installation capacity of over 100 GW in the next ten years [2]. - The U.S. is expected to add 250 GW of new gas capacity in the next five years, indicating a substantial growth opportunity for companies in this sector [2]. Group 3: Technological Advancements - Hangzhou Turbine has made significant progress in developing its 50MW HGT51F heavy gas turbine, achieving successful ignition and full-load performance tests, marking its entry into the market [3]. Group 4: International Expansion - Hangzhou Turbine's high-end equipment has successfully entered international markets, exemplified by a biomass power project in Côte d'Ivoire and a waste-to-energy project in Hong Kong, showcasing China's capabilities in high-end equipment manufacturing [4]. Group 5: Strategic Importance - The merger supports national strategic initiatives, particularly the "Two Machines Special Project," aimed at achieving technological independence in high-end energy equipment [5]. Group 6: Market Demand Outlook - The demand for gas turbines is expected to rise due to ongoing global computing power expansion and energy structure optimization, indicating a long-term favorable market environment for the industry [6].

2026年的春节，伴随着长达九天的假期，全国的消费市场正迎来新一轮的活力迸发。近期，商务部等九 部门联合印发的《2026"乐购新春"春节特别活动方案》正式出炉，旨在通过"商旅文体健融合、线上线 下联动"，为全民打造一场全域联动的消费盛宴。方案明确鼓励商场、超市等线下实体合理安排春节营 业时间，备足优质货源，联动开展惠民促销。 作为中国皮革行业领军者与专业市场标杆的海宁中国皮革城（002344），不仅积极响应国家促消费号 召，更以其前瞻性的"政策+场景"双轮驱动战略，在春节消费旺季中展现出独特的"不打烊"韧性与创新 活力。通过精确的业态管理、多元场景的融合，海宁皮城正超越传统市场的单一功能，逐步构建一个聚 合购物、体验、直播、文旅等多元素的春节消费新地标。 海宁皮城2026年春节的营业安排，并非简单的"一刀切"式延长，而是针对不同客群需求和业态特性，制 定的精细化运营方案，这正是其"场景驱动"策略的微观体现。核心零售购物场景（A座、D座）承担着 服务节日即时消费的重任，其营业时间最具延续性。从腊月廿八到正月初七，仅在除夕当天适度缩短时 间，初一至初三便延长营业，初四至初七则进一步接近常态，确保了消费者在整个春节 ...

2026年2月7日，深交所官网更新一则公告，无锡江松科技股份有限公司（简称江松科技）及其保荐机构 国投证券撤回上市申请文件。这家光伏电池自动化设备领域市占率前三的企业，在历经一轮审核问询 后，最终选择在临门一脚之际离场。 近年来，国投证券在创业板IPO保荐业务中的高撤回率已引起市场关注。数据显示，2022年至2026年 间，国投证券作为保荐机构的创业板IPO项目共计28家，其中18家终止（撤回），撤回率高达64.29%， 居于同期中大型券商前列。 国投证券再添撤回案例 据悉，江松科技本次IPO的保荐机构为国投证券，保荐代表人为王庆坡与万能鑫；中兴华会计师事务所 （特殊普通合伙）负责审计工作，签字会计师为庞玉文和陈东东；法律事务则由北京市金杜律师事务所 提供支持，签字律师为杨振华和陈复安。 公开资料显示，王庆坡现任国投证券投资银行业务委员会业务总监，曾参与金杨股份、东威科技等多个 IPO及并购项目；万能鑫现任国投证券投资银行业务委员会执行董事，曾参与江天科技、金杨股份、中 捷精工（301072）等企业的发行上市工作。 值得注意的是，江松科技项目是王庆坡与万能鑫各自职业生涯中第二个主动撤回的IPO项目。此前，王 ...

Core Insights - The event "Perceptible High-Quality Exploration Hui (Beijing Station)" successfully showcased innovative products from Yili Group's yogurt division, highlighting the company's differentiated strategy in the health yogurt sector [1] - Yili's new products include the "Grassland Big Milk Bucket" yogurt featuring the unique Yilife-SST 01 strain from Hulun Lake, and the Lemon Oat Pearl yogurt, both emphasizing regional culture and refreshing taste [1][2] Product Innovations - The "Grassland Big Milk Bucket" yogurt is designed with a core concept of "eating yogurt with a spoon, tasting the grassland flavor," utilizing a traditional strain that embodies the essence of the grassland [1] - The product combines traditional milk boiling wisdom with modern fermentation technology, resulting in a rich and immersive grassland flavor experience [1] - The Lemon Oat Pearl yogurt offers a unique "five-layer" taste experience, including fresh lemon aroma, smooth fermented yogurt, sweet and sour lemon pulp, chewy oat pearls, and fragrant lemon peel [2] Market Positioning - Yili's new products reflect the company's "perceptible high quality" product strategy, aiming to meet diverse consumer needs through technological innovation and quality control [2] - The introduction of these products is expected to drive high-quality development in China's yogurt industry, with a focus on consumer preferences and health benefits [2]

Core Insights - The official announcement from AITO reveals that the new AITO M7 has surpassed cumulative deliveries of 100,000 units since its launch in September last year, establishing a benchmark in the 300,000-level SUV market [1] - The success reflects both the product strength and user reputation of AITO, highlighting the correctness of Seres' dual technology route of "range extender + pure electric" [1] - Seres has positioned itself as a pioneer and leader in range extender technology, having started research and development in 2016, leading to the launch of the next-generation Seres Super Range Extender System [1] Product and Technology Highlights - The next-generation Seres Super Range Extender System is built on the "Saiyi (C2E) range extender architecture" and "RoboREX intelligent control technology," featuring three industry-leading advantages: quiet operation, high integration, and high efficiency [1] - The system has achieved a 15% reduction in comprehensive fuel consumption, with an actual oil-electric conversion efficiency of 3.65 kWh/L and a maximum thermal efficiency of 44.8%, placing it among the top tier in the industry [1] User Experience and Market Position - In terms of NVH performance, the noise perception frequency during range extender operation has decreased by 90%, providing users with a near-library level of quiet driving experience, effectively achieving "electric vehicle-like smoothness with gasoline vehicle-like worry-free range" [2] - Seres has transitioned its range extender business from "self-research and self-use" to "technology output," having established deep cooperation with 25 industry enterprises [2] - The company aims to achieve sales of over 200,000 range extenders by the first half of 2025, maintaining a leading position in the market and becoming a significant representative of China's core technology output in the new energy sector [2] - Seres is expected to drive the transition of China's new energy vehicles from "product output" to "technology output," leading the industry towards a new stage of higher quality development through continuous technological innovation and product iteration [2]