以下文章来源于旅界 ，作者王玉珏 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 一位瑞士EHL酒店管理专业留学生回国后的自白书。 作者 | 王玉珏 来源 | 旅界 （ID：tourismzonenews） 01 "你回国端盘子，还要去瑞士读个硕士？" 当亲戚对我手上的瑞士洛桑酒店管理商学院(EHL）offer调侃时，我只是习以为常地微微一 笑，毕竟诸如此类的"端盘子+铺床单专业"、"毕业就是服务员"标签已经贯穿了我国内本科 四年的酒店管理学习生涯。 事实也确实如此，酒店管理专业是个典型高投入、低回报的专业。 现在回想，我本科的大学同学里，90%的人最终没有进入酒店行业，他们考研、保研、转专 业，或者在本科毕业后选择非垂直酒店领域就业。 即使在号称酒管界"哈佛"的EHL，也仅有54%的毕业生就职于泛酒店领域（如国际连锁酒 店、独立酒店等），其余46%则分布在咨询、金融、零售等非垂直行业。 其实瑞士镀金归来，我也深知酒店业作为劳动密集型服务产业，它运营的本质就决定了即便 名校毕业，大多依旧需要从端盘子、铺床等基层岗位做起。 因为你想成为管理者，就得先懂服务流程，懂部门运转，懂客户反馈，这意味着我们必须从 端盘子、 ...

Core Viewpoint - JD.com has announced the acquisition of CECONOMY, Germany's largest consumer electronics group, for approximately €2.2 billion, equivalent to over ¥180 billion, marking a significant step in its international expansion strategy [1][3][8]. Group 1: Acquisition Details - The acquisition aims to enhance CECONOMY's growth while maintaining its independent operations, with plans to transform it into a leading omnichannel consumer electronics platform in Europe [7][11]. - CECONOMY operates over 1,000 stores across 12 European countries, with its core brands MediaMarkt and Saturn holding over 30% market share in Germany [5][6]. - The deal is seen as a strategic move for JD.com to quickly establish a local presence in Europe, leveraging CECONOMY's existing store network and supply chain capabilities [11][12]. Group 2: Market Context - The competitive landscape in the retail sector is intensifying, with JD.com facing rivals like Alibaba, Pinduoduo, SHEIN, and TikTok in the global e-commerce arena [12][14]. - The acquisition reflects a broader trend of consumer mergers and acquisitions, as companies seek to strengthen their market positions amid increasing competition [15][19]. - JD.com’s strategy emphasizes a combination of self-built infrastructure and acquisitions to navigate the complexities of the European market [11][12].

以下文章来源于天天IPO ，作者刘博 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 收盘涨超400%。 作者 I 刘博 报道 I 投资界-天天IPO 欢迎加入投资界读者群 第一线 IPO 报道，「天天 IPO 」系投资界旗下专注上市公司报道公众号，欢迎关注！ 一个并不起眼的IPO诞生。 投资界获悉，今日（7月30日），悍高集团股份有限公司（简称"悍高集团"）正式登陆深 交所主板。此次IPO发行价为15. 4 3元/股，收盘涨超400%，市值320亿元。 这是佛山今年首家主板上市公司。乍听陌生的悍高集团成立于2004年，身后掌舵人是一 对佛山兄妹——欧锦锋和欧锦丽。他们以五金代工起家，历经二十余年打拼成就一家高 端全屋五金解决方案企业，见证家居行业浮沉变迁。 而此刻，随着房地产时代远去，中国家居行业正站在历史的十字路口。 兄妹联手 干出一个家居IPO 这是一个典型的粤商创业故事。 时间回到1 989年，欧汉章在佛山创立一家生产烤炉配套烤架的企业。随后在19 9 8年，儿 子 欧 锦 锋 从 德 国 留 学 归 来 ， 开 始 进 入 公 司 工 作 。 直 到 2 004 年 ， 欧 锦 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is seeking public opinions on guidelines for government investment funds, indicating a shift towards more strategic and regulated investment practices in the venture capital industry, which has been a significant source of funding in China [1][2]. Group 1: Overall Requirements - The guidelines emphasize the importance of aligning government investment funds with national strategies and preventing homogeneous competition, ensuring that funds are used effectively to support key industries and innovation [5][6]. - The focus is on creating a high-quality development framework for government investment funds that is well-structured, efficient, and risk-controlled [5][6]. Group 2: Key Investment Areas - Government investment funds should target industries that align with national development plans and encourage innovation, particularly in emerging sectors such as technology and green energy [7][8]. - National-level funds are encouraged to support major projects and technological advancements, while local funds should focus on regional strengths and support small and medium enterprises [7][8]. Group 3: Investment Direction Control - Investment funds are prohibited from investing in restricted or eliminated industries as outlined in national guidelines, and there is a push to avoid blind following of trends in emerging industries [9][10]. - The guidelines discourage the establishment of multiple funds in the same sector by the same government entity, promoting consolidation and restructuring of existing funds where necessary [9][10]. Group 4: Organizational Support - The approval process for fund establishment will involve assessments by development and reform departments to ensure compliance with the new guidelines [11][12]. - Each province is required to create a list of key investment areas for government funds, which must be approved and submitted to the NDRC by the end of 2025 [11][12]. Group 5: Evaluation and Accountability - The guidelines establish a framework for evaluating the performance of government investment funds, focusing on their alignment with national strategies and effective resource allocation [15][16]. - Funds will be subject to annual evaluations, and those that perform poorly may face restrictions or be required to adjust their investment strategies [21][22].

Core Viewpoint - China is experiencing the fastest population aging process globally, with the elderly population expected to exceed 300 million by 2024, accounting for approximately 22% of the total population, and a significant increase in chronic diseases among the elderly poses challenges to the healthcare system and social security [4][7][33]. Population Aging and Health Challenges - By the end of 2019, the elderly population (aged 60 and above) in China reached 254 million, with an annual growth rate of 3.7%, significantly higher than the global average [4]. - The elderly population is projected to double in the next 25 years, reaching 402 million by 2040, meaning one in three Chinese individuals will be elderly [4]. - Approximately 75% of elderly individuals suffer from chronic diseases, with an average of 2.3 chronic conditions per person, particularly prevalent in urban areas [6][16]. Disease Burden and Trends - The prevalence of chronic non-communicable diseases has surged, with cardiovascular diseases being the leading cause of death among the elderly, accounting for nearly 48.98% of deaths in rural areas and 47.35% in urban areas [19][21]. - The number of Alzheimer's disease patients in China surpassed 13 million in 2019, representing 25.5% of the global total, with a standardized prevalence rate of 788.3 per 100,000 [29][30]. Healthcare System and Resource Allocation - The current healthcare system faces challenges in early detection and diagnosis of elderly diseases, with inadequate screening mechanisms and low equipment availability in primary healthcare institutions [36][37]. - There is a significant shortage of geriatric specialists, with only 59,000 doctors for a population of 300 million elderly individuals, highlighting the disparity in healthcare resources [37]. Digitalization and Elderly Care - The shift towards digital healthcare poses challenges for the elderly, many of whom struggle with using technology for medical services, leading to difficulties in accessing healthcare [45][48]. - The psychological health of "empty nest" elderly individuals is a growing concern, as isolation can lead to depression and anxiety [49]. Future Directions - There is an urgent need to establish an integrated prevention, diagnosis, and rehabilitation system for elderly diseases to address the health challenges posed by an aging population [33]. - The focus is on building a resilient healthcare system that balances resources between urban and rural areas, ensuring equitable access to elderly health services [54].

Core Viewpoint - The article discusses the newly issued "Guidelines for Tolerance of Failure in the Field of Technological Innovation in Shenzhen," which aims to create a supportive environment for innovation by allowing for the forgiveness of failures in scientific research and technology projects [2][4]. Summary by Sections Introduction - Shenzhen's government has officially released guidelines to promote tolerance for failure in scientific research, emphasizing that failure is a common occurrence in the innovation process [2][3]. Guidelines Overview - The guidelines consist of five parts, detailing three basic principles, five conditions for diligent responsibility, nine scenarios for exemption, and the procedures for investigation and recognition [4]. Conditions for Diligent Responsibility - The guidelines specify five preconditions for diligent responsibility: alignment with strategic direction, adherence to democratic decision-making processes, absence of personal gain from authority, proactive engagement, and willingness to correct mistakes [4]. Exemption Scenarios - Nine specific scenarios are outlined for exemption from responsibility, including: 1. Failure to complete projects despite diligent efforts [5]. 2. Non-passing of milestone assessments for significant projects [5]. 3. Funding for high-risk innovative projects that do not meet expected outcomes [5]. 4. Inability to continue projects due to uncontrollable factors [5]. 5. Challenges due to inappropriate technical routes [5]. 6. Key technologies becoming public unexpectedly [5]. 7. Market changes rendering developed products irrelevant [5]. 8. Research difficulties due to new mechanisms or methods [5]. 9. Other scenarios as defined by relevant regulations [5]. Applicability and Procedures - The guidelines apply broadly to all technology innovation activities funded by municipal financial resources, covering various entities including public institutions and enterprises [7]. The procedures for recognition include initiation, acceptance of investigation, organization of decisions, and feedback on results [7]. Importance of the Guidelines - The guidelines provide a systematic and operational framework that respects the exploratory nature of scientific research, aiming to alleviate the pressure on researchers and encourage innovation by reducing the fear of failure [6][9]. Broader Context - The article highlights a growing trend in the investment community towards embracing a culture of tolerance for failure, which is essential for fostering innovation and creativity in high-risk sectors like artificial intelligence and biotechnology [9][12].

Core Viewpoint - The article highlights the successful completion of nearly $10 million in Series A funding for Finloop, a global one-stop Web5 wealth technology platform, indicating strong market recognition of its business model and growth potential [1][3]. Group 1: Business Model and Strategy - Finloop operates as a B2B service platform supporting a full range of financial products across Web2 and Web3, providing end-to-end technology solutions and an AI operational platform [5][7]. - The company focuses on integrating traditional finance with digital assets, enhancing its capabilities in real-world assets (RWA) and stablecoins [4][9]. - Finloop has developed core systems in wealth technology, including the FinOne 1.0 wealth management platform and FinMix trading backend, addressing compliance and efficiency challenges faced by financial institutions [8]. Group 2: Market Position and Regulatory Environment - The company is well-positioned within Hong Kong's evolving digital asset economy, aligning with government policies such as the recently introduced stablecoin regulations [10]. - Finloop launched the FinRWA Platform (FRP), which integrates asset tokenization technology and distribution, setting a new industry benchmark [10]. - The company aims to establish Hong Kong as a global innovation center for RWA and liquidity hub, collaborating with various partners in the digital finance ecosystem [10]. Group 3: Future Outlook - Finloop is actively expanding its presence in Singapore and the Middle East, with plans to apply for licenses and build teams in these regions [11]. - The company is poised to accelerate the on-chain transition of trillion-dollar traditional assets, positioning itself at the forefront of the financial revolution under its Web5 strategy [11].

Core Viewpoint - The article highlights the significant investment in Guo Wang Xin Yuan, a subsidiary of the State Grid Corporation, which has attracted major investors like China National Petroleum Corporation and China Life Insurance, marking a record in state-owned asset financing and private equity investment in 2025 [1][5][8]. Group 1: Company Overview - Guo Wang Xin Yuan, established in 2005 and headquartered in Beijing, focuses on the development and operation of green adjustable power sources, primarily through pumped storage hydropower [3][10]. - The company has become a leader in the pumped storage sector, operating 75 plants with a total capacity of 9,404 MW, making it one of the largest in the world [14]. Group 2: Investment Details - The recent capital increase will raise funds for pumped storage projects, potentially mobilizing over 3 trillion yuan in investments [6][5]. - Key investors include China National Petroleum Corporation, China Life Insurance, and Anhui Energy Group, with China Life committing 5 billion yuan, showcasing a deep integration of insurance capital with the energy sector [5][7]. Group 3: Strategic Importance - The investment is seen as a crucial step in enhancing China's pumped storage capacity, supporting energy transition, and achieving national carbon neutrality goals [5][6]. - The collaboration between major energy and financial institutions is expected to strengthen the new energy system and ensure energy security in China [7][9]. Group 4: Industry Context - The article emphasizes the strategic significance of energy in the context of global competition, particularly in relation to artificial intelligence and clean energy investments [16][18]. - China has been a leader in clean energy investments, with projections indicating a doubling of investment scale by 2024, highlighting the country's commitment to renewable energy [16][17].

Core Viewpoint - The article discusses the upcoming IPO of Dahong Technology, a leading manufacturer of folding bicycles, led by 84-year-old physicist Han Dewei, who is recognized as the "father of modern folding bicycles" [2][5]. Company Overview - Dahong Technology plans to list on the Hong Kong Stock Exchange, having recently received IPO approval from the China Securities Regulatory Commission [2]. - The company has achieved annual sales exceeding 200,000 units, with a product lineup that includes over 70 models of folding bicycles and related accessories [6][7]. Historical Background - Han Dewei, the founder, was born in 1941 and moved to Hong Kong at a young age. He later earned a PhD in physics and worked on tactical laser development before founding Dahong in 1982 [4][5]. - The first prototype of the folding bicycle was developed after seven years of research, leading to the establishment of the Dahong brand in California [5]. Financial Performance - Dahong's sales figures from 2022 to 2024 show a compound annual growth rate (CAGR) of 24.1%, with projected sales of 149,000 units in 2022, 156,900 units in 2023, and 229,500 units in 2024 [7][8]. - Revenue for the same period is expected to grow from 254.2 million RMB in 2022 to 450.7 million RMB in 2024, with net profit increasing from 31.4 million RMB to 52.3 million RMB [8]. Market Position - Dahong holds a significant market share in the folding bicycle industry in mainland China, with 26.3% of retail volume and 36.5% of retail revenue projected for 2024 [8]. - The company has a strong patent portfolio, being the brand with the most patents in the folding bicycle sector in China [8]. Sales Channels - Over 90% of Dahong's revenue comes from bicycle sales, with a significant portion generated through offline distribution channels, which account for nearly 70% of total sales [9]. - The company's online direct sales have seen substantial growth, increasing from 14.1 million RMB in 2022 to 100 million RMB in 2024, reflecting a CAGR of 166.1% [10]. Industry Context - The bicycle industry in China is characterized by a high concentration of production for export, with domestic consumption primarily focused on lower-end markets [12]. - The industry faces challenges such as low profit margins and intense competition, particularly from international brands dominating the high-end market [12]. - The rise of electric bicycles (E-bikes) has attracted investment, but the market has also seen significant volatility, with some companies facing financial difficulties [14].

Core Viewpoint - The article discusses the rapid changes in consumer preferences among the middle class in China, particularly in outdoor activities like camping, cycling, and skiing, highlighting a shift from enthusiasm to disillusionment and financial constraints [4][6][29]. Group 1: Changing Trends in Outdoor Activities - The once-popular outdoor activities, referred to as the "three treasures" of the middle class—camping, cycling, and skiing—are experiencing a decline in interest and participation [4][5]. - Social media trends have shifted from promoting outdoor activities to discussions about abandoning them due to high costs and inventory issues [5][6]. - The middle class's preferences are volatile, with a tendency to quickly abandon previous interests for new trends, leading to a cycle of rapid consumption and subsequent disillusionment [6][12]. Group 2: Market Dynamics and Consumer Behavior - The production of mid-to-high-end bicycles in China saw a 15.1% year-on-year increase in 2023, indicating a brief surge in interest before a market correction [9]. - Skiing gained popularity post-Winter Olympics, with a 209% increase in ski ticket orders in early November 2023 compared to 2019 [9]. - However, the skiing industry is facing significant challenges, with many brands reporting sales declines of 30%-50% and some even halting operations due to excess inventory [17][20]. Group 3: Economic Factors and Consumer Spending - The article notes a shift in consumer behavior, with middle-class individuals becoming more price-sensitive and seeking value for money, leading to a decline in spending on previously popular outdoor activities [24][29]. - The camping industry, which had seen growth during the pandemic, is now struggling with high competition and low consumer turnout, leading to many businesses closing or pivoting [21][22]. - The overall sentiment reflects a broader economic trend where middle-class consumers are prioritizing essential spending over luxury or leisure activities [24][29]. Group 4: Industry Challenges and Future Outlook - The influx of new businesses in the cycling and outdoor sectors has led to oversaturation, with many companies unable to sustain operations amid declining consumer interest [15][20]. - The article emphasizes the need for businesses in these sectors to adapt to changing consumer preferences and economic realities, suggesting that only those with a long-term vision and commitment to quality will survive [31][32]. - The narrative concludes with a cautionary note about the fleeting nature of trends and the importance of understanding the underlying consumer motivations in the outdoor industry [30][32].