以下文章来源于融中财经 ，作者李冰之 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 又一个"楼塌了"的故事。 作者：李冰之 编辑：吾人 来源：融中财经 2026 年 2 月 10 日，广州中级人民法院第二法庭的法槌落下，击碎了一个延续 4 年的资本 迷梦。被告席上的张劲，头发已染上霜白，再也没有了当年站在世界 500 强庆典舞台上，挥 斥方遒的 " 广州首富 " 模样。 这位曾身家超 400 亿元、一手将雪松控股打造成营收超 2800 亿元世界 500 强的资本巨 头，因集资诈骗、非法吸收公众存款、背信运用受托财产和妨害作证等多项罪名，被判无期徒 刑。与此同时，雪松控股另有 18 名高管被追究刑事责任，刑期均在 3 年以上。 庭审中，他仅承认非法吸收公众存款的事实，却坚决否认集资诈骗罪名 ，辩称自己只是想做好 企业、并无诈骗的故意，该辩解最终未被法院采纳。 几年前也没人能想到，这个在广州商界杀出一片天的人，最终会以这样狼狈的方式落幕。更魔 幻的是，从 ...

2026年，钱从哪里来？ 这个问题，是很多人真正最关心的问题。 今天给大家分享5个关键词： 一、价值链出海 2025，大家过得确实不太容易。 摆在众多企业面前的一个重大问题，就叫做 内需不足。 需求不足，市场的容量就有限。 市场的容量有限，企业为了活下去，就只能不断加大竞争力度。 内卷、拼命干、熬夜干，收益还变少，一直卷下去不是办法，那怎么办？ 其中一个答案，或许就是 出海。 今天的出海，相比于之前的出口，发生了很大变化。 举个例子， 名创优品。 它的出海，不仅仅是把产品卖到国外去，还是把从产品到品牌、研发、商业模式，这一整条价值链条，全部搬到海外去。 比如，通过和自己的几千万私域用户高频互动，了解用户想要什么、喜欢什么，从而迅速推行。 又比如，在海外直接开店，不断加深用户认知，打造品牌形象。 二、跟随龙头协同出海 随着价值链出海潮的出现，很多行业龙头开始尝试向外走。 但你要知道，向外走并不是简单的在当地建个厂就完了。 想把出海做好，你可能需要整合一层又一层的供应链体系，与你协同合作。 这一点，在走进中国的特斯拉身上就能看到。 从上海临港出发，方圆300公里，集中了上百家新能源车的上下游企业，包括电机、电池和 ...

以下文章来源于品牌观察官 ，作者曾有为 品牌观察官 . 品牌营销头部自媒体，汇聚前沿案例与策略，为广告、公关及营销人提供每日热点追踪、经典方法论解 析及商业趋势洞察 不起眼的车灯，站上了C位。 作者：曾有为 来源：品牌观察 官 当大多数人还在把车灯当做"能亮就行"的普通零件时，资本市场已经为它沸腾了。 如果你在中国任何一个高端商场车库、任何一条拥堵的晚高峰街道站过五分钟，你一定被它 的"目光""注视过。 那不是普通的车灯，是能跟你"眉目传情"的智能视觉系统。 问界M8的迎宾光毯、享界S9的智慧灯语，让一众科技发烧友直呼"国货之光"。 而藏在这一切背后的，是一家来自常州、年入百亿的公司——星宇股份。 金属外壳，比普通车灯贵一截。技术，比国际巨头狠一分。 再后来，这家"扫地僧"级别的公司，在A股上市15年后，准备赴港交所上市了。 图源：星宇股份招股书 它不讲虚头巴脑的"未来出行生态"，不卖花里胡哨的"第三空间"。 它只做一件事，就是把车灯从"照亮路"变成"会说话"，让车企在卷疯了的同质化竞争中，还能 靠"脸"脱颖而出。 靠着这一点，星宇股份从一个做拖拉机车灯的小厂，做成了中国智能车灯市占率70.2%的绝对 龙头， ...

内容来源：刘润公众号（runliu-pub） 此前，麦肯锡发布了一份报告:《 下一个重大竞争：改变商业格局的行业领域 》。 报告详细分析了未来最有可能改变全球商业格局的18个赛道，并预测2040年，这18个赛道将实现29万—48万亿美元的收入，贡献18-34%的 全球GDP增长。 1）电商。 麦肯锡预测，到2040年，电商在全球零售收入的占比，可能会到27%-38%，目前大约有20%。 电商行业的增长点，在于发展中国家的市场扩展，或者是发达国家中新品类的增长 。 比如，医疗保健，或者是珠宝和手工艺品等，更有"情绪价值"的产品。因为它们，更容易通过叙事的方式，在社交电商销售。 全球范围来看，无论是电商平台的获客，还是最后一公里的配送，还会大概率迎来大量投资。 2）电动汽车。 无论在乘用车还是商用车，电动车的份额还会提升。麦肯锡判断，电动车在全球乘用车销量中的占比，会在2040年超过50%。 电池技术的突破，智能算法的革新，也都将会是重要的影响因素。无论是电动车企业还是传统车企，都会加大研发投资。 3）云服务。 世界正在变得更加互联，这就对企业提出了更高的储存和计算能力要求。 新的AI产品，更需要大量的算力。 根 ...

Core Viewpoint - The retirement of Yu Donglai, founder and chairman of Pang Donglai Group, marks a significant shift in the company's governance structure, transitioning from personal leadership to a committee-based management model, emphasizing institutional continuity over individual authority [5][12][44]. Group 1: Retirement Announcement and Governance Changes - Yu Donglai announced his retirement on February 11, 2026, stating he would transition to an advisory role, with daily operations managed by a decision-making committee [8][12]. - The decision to retire is not sudden but part of a long-term strategy to empower a professional management team, moving away from family succession to a system of shared leadership [12][16]. - The decision-making committee will consist of core internal members, implementing a rotating management system to ensure diverse leadership [12][16]. Group 2: Institutional Reforms and Management Philosophy - Over the past three years, Yu has initiated a system reform aimed at decentralizing decision-making and fostering a culture of autonomy among employees [13][15]. - The company has established a culture of democratic decision-making, with middle management positions filled through public competitions, ensuring transparency and alignment with core values [19]. - Yu's retirement aligns with the company's long-term strategy of maintaining a youthful management team, with a rule that the highest management must retire before the age of 60 [21][24]. Group 3: Financial Performance and Employee Welfare - As of November 2025, Pang Donglai's sales exceeded 20.035 billion yuan, with a cash reserve of 4.1 billion yuan, indicating strong financial health [26]. - Employee compensation is robust, with an average monthly salary of 9,886 yuan and a protection system for personal dignity, including compensation for mental and physical harm [26][27]. - The company emphasizes customer service stability, allowing employees to autonomously resolve minor disputes, reinforcing a customer-centric approach [27][29]. Group 4: Challenges and Market Position - Despite Yu's efforts to share his successful model, competitors like Yonghui Supermarket have struggled to replicate Pang Donglai's success, highlighting the unique cultural and operational environment of the company [32][33]. - The company's focus on regional depth and long-term value creation contrasts with the short-term profit pressures faced by publicly traded companies, which can hinder similar initiatives [32][33]. - The transition to a committee-based management model presents challenges, including decision-making efficiency and the potential dilution of the company's core values and service standards [40][41]. Group 5: Future Outlook and Industry Implications - The retirement of Yu Donglai raises questions about the future identity of Pang Donglai, with employees expressing confidence in the institutional safeguards that have been established [37][41]. - The company's approach serves as a case study for other Chinese private enterprises facing succession challenges, emphasizing the importance of institutional resilience over individual leadership [42][44]. - The ongoing commitment to a non-public listing and regional focus positions Pang Donglai as a model for sustainable growth in the retail sector, challenging the prevailing norms of rapid expansion and profit maximization [42][44].

Core Viewpoint - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating significant profits, particularly in the context of Japan's "lost 30 years" and the evolving consumer behavior in China [3][4]. Group 1: Emerging Business Opportunities - The article identifies eight key industries that are experiencing growth, highlighting that a low-desire society does not equate to a lack of opportunities [4]. - The concept of consumption upgrading and demand migration is presented as the largest business opportunity [5]. Group 2: Second-Hand Economy - In the context of reduced spending on luxury goods, the second-hand economy is flourishing, with companies like "大黑屋" in Japan and "红布林" and "胖虎" in China seeing substantial revenue increases [6][7]. - The article notes that platforms like "闲鱼" and "转转" are experiencing significant user engagement and transaction volume growth [9][10]. Group 3: Pet Economy - The pet economy is highlighted as a growing sector, with young consumers spending on premium pet products despite having fewer children [12]. - Companies like "中宠" and various pet brands are witnessing strong sales growth, indicating a shift in consumer spending towards pet care [13][14][15]. Group 4: Adult Care Products - The adult diaper market in Japan has surpassed $10 billion, showcasing the potential of the aging population as a significant economic driver [18][19]. - The article suggests that aging should be viewed as an opportunity rather than a burden, contributing to a multi-trillion dollar "sunset economy" [19]. Group 5: Health Food and Beverages - The rise in health consciousness and demographic changes are driving demand for sugar-free beverages and functional foods, with brands like "东方树叶" and "简醇" gaining traction in China [21][22]. Group 6: Beauty and Aesthetics - The beauty industry continues to thrive, with products like collagen supplements and home beauty devices achieving significant sales, indicating a persistent consumer desire for beauty enhancements [23][24][26]. Group 7: Outdoor and Leisure Activities - The outdoor equipment market is growing, with brands like "凯乐石" and "骆驼" benefiting from increased consumer interest in outdoor activities [29][31]. - The article notes that even in economic downturns, consumers are willing to invest in experiences and leisure [32]. Group 8: Convenience and Time-Saving Products - The "lazy economy" is emerging, with increased demand for frozen foods and smart home appliances that save time, reflecting a shift in consumer priorities towards convenience [39][40]. - The article posits that in a low-desire economy, time-saving solutions may hold greater commercial value than cost-saving measures [42].

让创业者不再孤独@i黑马 江南春 分众传媒董事长 黑马导师 以下文章来源于i黑马 ，作者江南春 i黑马 . 整个社会都在喊没钱了，为什么这些公司反而年赚百亿？ 日本"失落 30年的秘密" ， 就在这八个行业里面 。 低欲望社会 ， 不等于没机会。 消费分级 ， 需求迁移 ， 才是最大的商业机遇 。 当人们不买房子，不追奢侈品的时候，钱都流向了哪里？ 第一，二 手经济 日本二手奢侈品市场，以 大黑屋 为代表，收入暴涨。 在中国， 红布林 、 胖虎， 同样业务大涨。 买不起爱马仕、 LV ， 但 抢着买二手。 但在日常消费品领域， 闲鱼 日活破亿， 转转 的 GMV 也大幅飙升。 闲置不是垃圾，是流动的黄金。 第二 ， 宠物经济 年轻人不太生孩子，但可以给猫买高级的罐头。 日本 Inaba 靠猫粮上市，中国乖宝 （ 中宠 ） 股价强劲 。 诚实一口、凯锐思、 疯狂小狗、 伯纳天纯、比瑞吉、 网易严选、 卫仕 等宠物品牌，销量持续攀升。 宠物不仅是主粮零食营养品，以 新瑞鹏 为代表的宠物医院，以 泰 淘气 为 代表 的宠物益生菌 、 保健品 ， 都大幅飙升 。 宠物开支逆势增长， " 毛孩子 " 才是真刚需。 第三 ...

Group 1 - The article discusses the downfall of Li Zhaoting, the former richest person in Shijiazhuang and head of the Dongxu Group, highlighting his recent detention by local authorities amid an ongoing investigation [3][5]. - Li Zhaoting's empire, which once included three publicly listed companies with total assets exceeding 200 billion yuan, has collapsed due to financial misconduct, including the inflation of revenues and profits through fraudulent accounting practices [5][9]. - The Dongxu Group was found to have inflated its revenue by 478.25 billion yuan and profits by 130.01 billion yuan from 2015 to 2019, leading to significant penalties from regulatory bodies [9][10]. Group 2 - Li Zhaoting's capital operations relied heavily on high leverage, with pledges on shares reaching 92.3% and 99.35% for Dongxu Optical and Dongxu Blue Sky, respectively, creating a fragile financial structure [13]. - The crisis began to unfold in 2019 when Dongxu Optical faced difficulties in meeting its debt obligations despite having substantial cash reserves, indicating underlying financial issues [14]. - Following the regulatory crackdown, Dongxu Optical and Dongxu Blue Sky were forced to delist from the stock market, leaving only Jialinjie as the remaining listed entity of the Dongxu Group [14][15]. Group 3 - Jialinjie reported a revenue of 918 million yuan and a net profit of approximately 52 million yuan for the first three quarters of 2025, showing a year-on-year growth of 205.46%, despite the turmoil surrounding its actual controller [15]. - The future of Jialinjie remains uncertain as it is controlled by Li Zhaoting through various investment vehicles, raising concerns about its operational independence [15][16].

Core Viewpoint - The article highlights the remarkable journey of Zhongwei Company under the leadership of its founder, Yin Zhiyao, emphasizing its growth into a semiconductor giant with a market value exceeding 210 billion yuan and its ambitions to become a platform enterprise in the semiconductor industry [4][16][19]. Group 1: Company Background and Leadership - Yin Zhiyao, the 82-year-old chairman of Zhongwei Company, returned to China to start the company after a successful career in the U.S., driven by a sense of national duty [6][10]. - Under Yin's leadership, Zhongwei has achieved significant milestones, including the development of China's first high-end etching equipment and breakthroughs in 5nm etching technology [6][13]. - The company was listed on the STAR Market in 2019, marking its recognition in the capital market [13]. Group 2: Financial Performance - Since its listing, Zhongwei's stock price has increased over 11 times, driven by consistent revenue growth [16]. - Revenue is projected to grow from 19.47 billion yuan in 2019 to 90.65 billion yuan in 2024, with net profit expected to rise from 1.886 billion yuan to 16.16 billion yuan in the same period [16]. - The company anticipates a revenue of 123.85 billion yuan in 2025, representing a year-on-year growth of 36.62% [16]. Group 3: Strategic Goals and Expansion Plans - Zhongwei aims to cover 50%-60% of the high-end semiconductor equipment market within the next 5-10 years, positioning itself among the top-tier global micro-processing equipment companies [18]. - The company employs a three-dimensional development strategy focusing on integrated circuit equipment, expanding into broader semiconductor applications, and exploring emerging non-semiconductor fields [18]. - Zhongwei plans to enhance its product range and market presence through strategic investments and acquisitions, including a recent acquisition of a majority stake in Hangzhou Zhonggui, a company specializing in high-end chemical mechanical polishing equipment [19][20]. Group 4: Industry Context and Competitive Landscape - The semiconductor equipment market is increasingly competitive, with a significant portion dominated by foreign companies. Zhongwei's growth is seen as a response to this challenge [12][13]. - The potential of the CMP (Chemical Mechanical Polishing) sector is recognized, with its investment share in semiconductor equipment expected to rise from 5%-8% to 12% as chip manufacturing advances [20]. - The article draws parallels between Zhongwei's growth strategy and the historical paths of major international semiconductor companies, emphasizing the importance of both organic growth and strategic acquisitions [20].

Core Insights - Amazon's report on global e-commerce trends highlights emerging consumer preferences and market opportunities, serving as a guide for businesses in product selection and strategy [1][2]. Group 1: AI-Driven Consumer Experience - The trend of "AI Quality Space" indicates that homes are evolving into emotionally interactive environments, with over 65% of consumers in Europe and the U.S. willing to spend more on smart home products [3][4]. - Consumers are seeking personalized experiences that cater to emotional needs, such as safety and comfort, which presents significant market opportunities for businesses that understand user demands [6][7]. Group 2: Sleep Economy - The "Dream Cabin" trend addresses the growing issue of sleep quality, with 37% of U.S. adults reporting a decline in sleep quality in 2023 [10]. - The sleep economy is expanding, with consumers willing to invest in products that enhance health and quality of life, including smart sleep monitoring devices and high-quality sleep environments [11][12]. Group 3: Workplace Happiness - The "Happy Office" trend reflects a shift in expectations for workspaces, emphasizing ergonomic designs and comfort to enhance productivity and well-being [13][14]. Group 4: Subtle Technology Integration - Consumers are increasingly favoring technology that seamlessly integrates into their lives, enhancing quality of life without being intrusive, as seen in brands like Apple [15]. Group 5: Pet Economy - The global pet industry is projected to grow by 45% over the next six years, with 55% of pet owners in Europe and Japan willing to spend more on pet healthcare and wellness products [16][17]. - Pets are becoming integral family members, leading to increased demand for personalized pet products and services that foster emotional connections [19]. Group 6: Outdoor Cooking - The trend of outdoor cooking is gaining popularity, driven by a desire for unique experiences in nature, leading to demand for professional outdoor cooking equipment and related products [20][21][22]. Group 7: Mobile Living Spaces - Vehicles are transforming into multifunctional spaces, serving as mobile homes or offices, with innovations in comfort and utility becoming key selling points for automotive companies [23][27]. Group 8: Generation Z Consumers - Generation Z, as digital natives, is becoming a significant consumer force, prioritizing values such as sustainability, personalization, and emotional engagement in their purchasing decisions [28][29][30]. Group 9: Health and Fitness - The focus on health remains paramount, with modern consumers seeking scientific, efficient, and enjoyable fitness solutions, supported by the rise of smart wearable devices and personalized fitness programs [31][34]. Group 10: Esports Market - The esports market is rapidly expanding, particularly in emerging markets, with consumers seeking high-performance equipment and immersive experiences [35][36][37]. Summary of Trends - The report identifies three key drivers of these trends: accelerated technology, emotional shifts, and lifestyle changes, reflecting the complex needs of contemporary consumers [39]. - Many new opportunities lie within fundamental human desires for a better quality of life, emphasizing the importance of understanding consumer behavior [40].