2025年12月25日国海证券能源开采团队 公司概况： 力量发展集团有限公司(1277.HK)为一家业务贯通煤炭产业链的综合煤炭民营企业，2010年7月在开 曼群岛注册成立，2012年3月在香港联交所主板上市，公司业务覆盖煤炭生产、 洗选、 装载、 运输及 贸易，并积极拓展非煤业务以期挖掘更多利润增长机会，近年开拓了农牧业、房地产、物业管理服务等 具潜力的附属业务，但仍以开采及销售煤炭为主要收入来源(2019-2025H1营业收入占比90%以上)。 力量发展的"四高"优势，展现投资价值 首次覆盖，给予"买入"评级 高盈利：2018-2024年公司ROE持续领先主要动力煤企业，主要得益于高销售净利率推动(2018-2024 年中枢达36.97%，主要动力煤企业则主要在5%-20%区间内波动)。公司优异的吨煤盈利能力对于高销售 净利率形成支撑，其凭借大饭铺煤矿的优良煤质与高效的销售策略实现较高于同业的吨煤售价，吨煤成 本则处于相较同业较低水平，2021-2024年吨煤毛利处于400-600元/吨的高位区间内，较主要动力煤企业 中枢水平高出80-110元/吨左右(考虑力量发展销售成本中政府附加费或含资源税，其吨毛利 ...

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近期，不少市民在流感症状缓解后，仍持续出现虚弱乏力、咳嗽反复等表现。这与流感和普通感冒在致 病源、病情程度等方面的显著差异有关——流感往往起病急、症状重、对身体消耗大，即便表面症状消 退，机体功能的完全恢复仍需一定周期。在此阶段，人体虽对已感染的病毒亚型产生短期免疫，但这种 保护作用并不持久，亦无法覆盖其他亚型病毒，因此康复后仍存在再次感染的风险。若疏于防护，还可 能造成病情迁延或诱发肺炎、心肌炎等并发症。 流感的恢复期较普通感冒长 从病程特点来看，流感的恢复期较普通感冒更长。南通市海门区中医院急诊科主治中医师陈张茜指 出："流感患者临床痊愈后，免疫功能常需1至2周才能完全复原，这段'免疫脆弱期'内，若过早恢复高 强度工作、熬夜、涉足人群密集场所或忽视保暖，极易再次感邪。" 从中医角度认识流感恢复期 中医认为，流感属于"外感时邪"，多为风、寒、湿、热等病邪侵袭肺卫。高热、咳嗽等症状是人体正气 (免疫力)与病邪激烈交争的表现。愈后虽然表面症状消失，但正气已伤，尤其容易耗伤气阴，导致肺脾 两虚——肺气不足则咳喘乏力，脾气虚弱则运化失职，表现为食欲不振、倦怠乏力、肌肉酸软。此时身 体处于"正虚未复"的状态，若不妥善 ...

Core Insights - JOMOO has achieved the top global sales for smart toilets and light smart sanitary ware, reflecting its leadership in the "Technology Sanitary Ware, World JOMOO" strategy [1][3][4] Market Position and Growth - JOMOO's light smart toilets and sanitary ware have been recognized as the fastest-growing segments in China, indicating a significant market opportunity driven by changing consumer preferences towards simplicity and practicality [3][4] - The company has been awarded multiple certifications based on in-depth research by Sullivan and Frost & Sullivan, which analyzed market share, sales growth, brand value, and consumer preferences [3][4] Product Innovation - JOMOO invests at least 10% of its annual sales into R&D, leading to technological breakthroughs such as the world's first smart toilet flushing technology and full waterway sterilization [4][5] - The introduction of products like the JOMOO X90, X70, and i60 has enhanced user experience through advanced features in smart flushing, odor elimination, and maintenance [4][5] Consumer Trends - The shift in consumer demand towards "lightweight" living, characterized by a preference for smart, convenient, and aesthetically pleasing products, aligns with JOMOO's product offerings [3][6] - The light smart toilet, which includes basic smart features, has become a key growth driver for JOMOO, appealing particularly to younger consumers [5][6] Future Outlook - JOMOO aims to continue enhancing user experience by integrating advanced sanitary technology into everyday life, ensuring comfort, health, and safety for users [11]

Group 1 - The "2025 Honorary Zhejiang Business" selection aims to discover and recognize benchmark forces in the real economy, with Hu Jiaming being one of the twelve selected for his outstanding practices in the home appliance manufacturing sector [3] - Hu Jiaming leads Beion Intelligent Technology, which has developed the TPA bipolar dust-catching air purification technology, capable of efficiently capturing particles as small as 14.6 nanometers, representing a disruptive innovation in the industry [3][5] - Beion's products have achieved significant sales success, ranking first in both sales volume and revenue for non-consumable air purifiers in China, and its desktop water purifier has also received top certifications in the high-end market [3] Group 2 - Beion Intelligent serves 96 countries and regions, with over 7,000 installations in Germany and 15,000 in Japan, becoming the leading air disinfection brand in terms of healthcare personnel satisfaction [5] - The company successfully listed on the New Third Board and entered the innovation tier in September 2024, marking a new phase of development [5] - Hu Jiaming's entrepreneurial spirit is deeply influenced by the "Four Thousand Spirit" of Wenzhou, and he has actively promoted local investment, establishing a subsidiary in the Leqing Economic Development Zone to localize the supply chain [5][7] Group 3 - Hu Jiaming's recognition as a candidate for the Honorary Zhejiang Business reflects the innovative spirit and global vision of Leqing entrepreneurs, emphasizing their commitment to local development and national economic growth [7] - The honor serves as both a milestone and a new starting point for Hu Jiaming and the Leqing business community, which is focused on high-quality development through innovation and industrial growth [7]

Group 1 - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration announced the first batch of national-level zero-carbon park construction list, including 52 parks such as Beijing Economic-Technological Development Area and Gansu Qingyang East Data West Computing Industry Park [1] - Local development reform commissions and relevant departments are encouraged to support the construction of national-level zero-carbon parks, promoting green electricity direct supply models and encouraging innovation in technology, policy, and business models [1] - Tongli Tianqi's subsidiary, Tianqi Hongyuan, focuses on core technology research and development in the energy storage and microgrid industry, forming a complete technical system from cell-level optimization to system integration [1] Group 2 - In March, Tongli Tianqi and Tianqi Hongyuan signed a strategic cooperation framework agreement with the Gansu Qingyang government to collaborate on energy storage equipment manufacturing and energy storage station construction [2] - The first phase of the project includes building an energy storage equipment production line and an independent energy storage station, which will supply green electricity directly to the data center of the Qingyang "East Data West Computing" industrial park [2] - In July, Tongli Tianqi signed a strategic cooperation agreement with Gansu Mobile to develop "new energy communication infrastructure" projects, leveraging Gansu Mobile's resources and digital capabilities [2]

Core Insights - The 3rd National Finals of the Chinese-style Massage Competition organized by Fan Wenhua concluded in Guangzhou, showcasing the skills of 100 elite practitioners in facial care [1][3] Group 1: Event Overview - The finals featured a gathering of industry leaders, including Fan Wenhua, founder of the facial care brand, who ignited the ceremonial torch, symbolizing the event's significance [5] - Participants demonstrated a blend of traditional Chinese techniques and modern practices, creating a visual and sensory feast [3] Group 2: Company Background - Fan Wenhua has been dedicated to facial care since 1988, with over 6,000 stores nationwide, aiming to enhance the facial care experience for customers [9][19] - The brand emphasizes the mission of sharing beauty and love through a combination of Eastern and Western care techniques [9] Group 3: Innovation in Techniques - The "Fan-style Facial Care Technique" integrates traditional Chinese methods with modern technology, focusing on various facial care points and steps to enhance skin health [7] - The introduction of the "Eastern and Western Combination" facial care model aims to improve product absorption and address skin issues effectively [11] Group 4: Industry Standards - Fan Wenhua led the establishment of the first industry standard for facial care services, promoting a more regulated and healthy development in the beauty industry [13] - The company is actively involved in setting standards for beauty chain store management, marking a significant shift from providing quality services to establishing industry benchmarks [13] Group 5: Customer Experience - The company has developed a standardized and personalized facial care process, utilizing AI skin detection to tailor solutions for individual skin issues [16] - The evolution from a "product + service" model to a "targeted skin care" approach reflects the company's commitment to continuous improvement in customer experience [18]

Core Insights - The core viewpoint of the articles emphasizes that 2026 will mark a pivotal year for Chinese consumption, focusing on the reconstruction of consumption around "meaning" and "value" [3][9][18] Group 1: Consumption Trends and Changes - The report by Zhimeng Consulting outlines ten years of structural changes in Chinese consumption, highlighting a shift from "scale expansion" to "quality enhancement" [5][9] - Key trends identified include "value new cycle," with consumers increasingly seeking deeper meaning and personal value in their purchases [10][12] - The past decade has seen a transition in consumer focus from material possession to the exploration of consumption significance and individual value [9][17] Group 2: Key Consumer Trends for 2026 - The ten core trends for 2026 include: rational-emotional coexistence, quality calculation, spiritual nomadism, daily highlights, empathetic experiences, local trends, insiderism, health tuning, brand consensus, and AI scenario power [10][12] - Rational-emotional coexistence is highlighted as a leading trend, indicating that consumers are "rational emotionalists," balancing practical needs with emotional satisfaction [12][14] - Quality calculation signifies the arrival of the "value-price ratio" era, with 77.8% of consumers preferring "less but better" consumption [14] Group 3: Future Predictions - The future of the Chinese consumption market is expected to undergo three significant transformations: accelerated structural upgrades, extreme vertical segmentation, and psychological value becoming a core competitive dimension [17] - Brands that excel in product quality, experience, and value expression will survive the upcoming market reshuffle [17] - The competition will increasingly focus on understanding user depth and creating psychological value, with a call for brands to concentrate on quality reconstruction, scenario reshaping, and consensus building [17][18]

文｜好酒地理局 两千五百多年前，周王室衰微，老子辞官西行，骑青牛出函谷关，留下五千言《道德经》，为华夏文明 立下一座精神丰碑。 这部经典，以"道法自然"为核心要义，不仅塑造了宇宙观、哲学与生活美学的底色，更跨越时空、远播 海外，是全球翻译语种最多、发行量最大的中文典籍之一。 海德格尔、托尔斯泰、荣格等西方哲学家都深受启发，现代生态哲学、可持续发展理念更与老子"道法 自然"的核心思想高度契合。这位先哲的思想，穿越千年，依然震古烁今。 近期，一场跨越河南三地的文化盛宴——宋河"紫气东来高端文化对话"直播系列活动，在老子故里鹿 邑、中心城市郑州、道教圣境老君山依次展开。 这场文化巡礼，以"问道"为线索，串联起历史与当代、传统与现代、自然与商业的多重对话，将老子思 想与品牌发展深度交融。 于宋河而言，长期主义的发展智慧，贯穿于始终。 何为"道"？何为"自然"？一个白酒品牌为何要执着于文化寻根？当我们循着宋河的"问道"足迹，从涡水 之畔走到云海之巅，答案将逐渐清晰。 天地之中，文明之初，"道法自然" 任何一种伟大文明的诞生，都离不开特定的地域土壤。 摊开中国地图，河南犹如这个古老文明的心脏地带，被称为"天地之中"。 我 ...

Core Insights - The housing rental industry is shifting from "scale expansion" to "refined management" in the era of stock assets, focusing on efficient activation and long-term value enhancement of idle assets [1][19] - The performance of the Woqu Guangzhou Nanpu Subway Station Light Community demonstrates the market potential for quality rental models and showcases a full-cycle solution for idle assets through "brand empowerment" and "operational efficiency" [1][3] Group 1: Efficient Activation of Idle Assets - The Woqu Guangzhou Nanpu Subway Station Light Community was transformed from an idle asset for over two years, with a rapid project completion time of 70 days to reach move-in standards, saving 25-30 days compared to traditional cycles [2] - The project achieved a 95% occupancy rate within three months of opening, with a current occupancy rate of 98.9% and a retention rate of 80% [3][4] Group 2: Market Positioning and Customer Targeting - The project is strategically located near the Guangzhou Nanpu Subway Station, benefiting from a "15-minute living circle" with access to schools, commercial complexes, hospitals, and parks, enhancing its appeal to urban white-collar workers and families [6][7] - The targeted customer base includes commuters relying on the subway and educators attracted by nearby high-end private educational resources, ensuring stable demand and rental income [7][17] Group 3: Innovative Business Model - The integration of "boutique hotels + high-quality long-term rentals" balances high returns with long-term stability, providing a dual revenue structure that mitigates risks associated with seasonal fluctuations [8][21] - The project’s brand-driven operations have led to a rental yield of 2.69 yuan/m²/day, outperforming similar products in the region by 42% [3][4] Group 4: Sustainable Cash Flow and Asset Value Enhancement - The project has successfully transformed idle assets into high-performing properties, creating a stable and growing cash flow through brand-driven operations [9][22] - The operational data and cash flow stability provide a solid foundation for future financial maneuvers, such as refinancing or exit strategies, thereby enhancing asset value [9][22] Group 5: Quality Living Experience - The project emphasizes high-quality living through upgraded physical spaces, offering modern designs and amenities that enhance the living experience [12][15] - Community engagement initiatives, such as social events and activities, foster a sense of belonging among residents, contributing to the high retention rate [16][17] Group 6: Industry Insights and Future Directions - The success of the Woqu Guangzhou Nanpu Subway Station Light Community illustrates the importance of understanding the evolving dynamics of the rental housing market, emphasizing quality and service over mere scale [19][23] - The case serves as a model for the industry, highlighting the need for deep asset value exploration, operational efficiency, and continuous customer experience optimization in the stock asset era [23]