Group 1 - Dongfang Zhenxuan announced the launch of its first self-operated sanitary napkin, which will be available for sale on June 16, featuring a "pure cotton surface" aimed at safety and skin-friendliness [2][3] - The sanitary napkin's pH value is weakly acidic, and it has passed key tests such as skin sensitivity patch tests and formaldehyde-free tests, adhering to the GB 43631-2023 safety standards for infant products [3] - The first batch of sanitary napkins will include two specifications: 240mm and 290mm, with sales starting on the Dongfang Zhenxuan App and expanding to all official sales channels by June 18 [3] Group 2 - Many leading MCNs have entered the sanitary napkin market, with Huang Zitao's brand Duowei launching in May, claiming to have acquired a factory for transparent production rather than using a third-party manufacturer [4] - Duowei's sales performance has been strong, achieving over 40 million yuan in GMV during a live broadcast, with more than 5.4 million yuan in sales on the Douyin platform shortly after launch, surpassing established brands [4] - Other influencers, such as Xin Youzhi, have also established sanitary napkin brands, with significant sales figures reported, indicating a growing trend in the market [5]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Core Viewpoint - New Oriental Education Technology Group, led by Chairman Yu Minhong, is actively involved in educational and ecological initiatives in Yushu, Qinghai, enhancing local education and promoting ecological protection through strategic partnerships and live streaming events [1][3][8]. Group 1: Educational Initiatives - New Oriental's educational charity projects have been rooted in Yushu since 2008, significantly supporting the region's recovery after the 2010 earthquake [1]. - The dual-teacher classroom project supported by New Oriental has benefited nearly 10,000 students in Yushu [1]. Group 2: Ecological Protection - Qinghai is recognized as a crucial ecological barrier in China, with seven national nature reserves forming a complete ecological protection system [3]. - The team visited key ecological sites, including the Sanjiangyuan Nature Reserve, to highlight the region's ecological achievements [3]. - New Oriental signed a strategic cooperation agreement with the Sanjiangyuan Ecological Protection Foundation, donating 1 million yuan to support ecological protection efforts [3]. Group 3: Cultural Promotion - The team engaged in immersive cultural experiences, showcasing Tibetan traditions and local products through live streaming [7][8]. - The exploration of local industries, such as yak farming, aims to connect highland specialty products with national consumers, enhancing local economic development [7][8]. - The collaboration with local tourism authorities aims to promote Yushu's natural beauty and cultural heritage through a "cultural tourism + live streaming" approach [8].

Core Viewpoint - The article discusses the management philosophy of Dong Yuhui, the CEO of Yuhui Tongxing, emphasizing his unique approach to leadership and the decision not to hire professional managers, which contrasts with industry norms [1][18][21]. Group 1: Management Philosophy - Dong Yuhui's management philosophy centers on "delegation," focusing on the big picture while allowing professionals to handle specific tasks [6][7]. - He believes that excessive control can lead to a lack of initiative among employees, which can cause organizational stagnation [6][7]. - Dong emphasizes the importance of nurturing talent from within, allowing employees to rise through the ranks based on merit rather than formal qualifications [8][10]. Group 2: Company Structure and Growth - Yuhui Tongxing has grown from 70 to over 300 employees in a short period, achieving annual sales exceeding 10 billion yuan [1][4]. - The company was originally a wholly-owned subsidiary of Dongfang Zhenxuan, but it became independent in July 2022, with Dong Yuhui as the sole controlling person [16][18]. - The absence of professional managers allows for rapid decision-making and execution, which is crucial during the company's growth phase [21][22]. Group 3: Challenges and Future Considerations - The company faces challenges such as reliance on Dong Yuhui's personal brand and potential issues with supply chain management [28]. - There is a noticeable decline in viewer engagement and follower growth, indicating a need for diversification beyond Dong Yuhui's personal influence [28]. - As the company matures, the question of whether to introduce professional managers to enhance operational efficiency and strategic focus will become increasingly relevant [27][28].

5月23日，东方甄选在微博发布声明称：近日，就东方甄选与崔某网络侵权纠纷案，北京市第四中级人 民法院作出二审判决，驳回崔某上诉，维持一审原判。该判决为终审判决。根据判决，崔某须在相关抖 音账号发布并置顶道歉声明，向东方甄选赔礼道歉，并赔偿东方甄选3.6万元。 东方甄选 十天注 25-2-7 14:00 发布于 北京 来自 微博网页版 近日,北京互联网法院就抖音用户崔某网络侵权案作出判决,认定被告发布言论不 实,侵害了东方甄选名誉权,要求被告在抖音账号置顶道歉声明,并赔偿东方甄选 36000元。 2024年6月22日,应贵州省商务厅邀请,东方甄选前往贵州开展"东方甄选·贵州 行"直播活动。随后,被告使用"东坡妹妹"、"小王子的四十四次日落"等抖音账号, 捏造并发布多条针对东方甄选的谣言,称"东方甄选对文旅直播活动,向贵州省政 府部门收取高达七位数宣传费",并谎称"有相关沟通原音录音"等证据,误导大量 网友。根据第三方统计、被告捏造的谣言内容、阅读量超过430万次、吸引点赞超 过8000次。 2024年6月29日,我司发布声明,澄清东方甄选从未向政府要过宣传费,也坚持 不向任何企业或商家收取坑位费。但崔某依然继续 ...

Core Viewpoint - The Beijing Fourth Intermediate People's Court upheld the first-instance ruling in the case of online infringement involving Dongfang Zhenxuan and a user named Cui, requiring Cui to publicly apologize and compensate Dongfang Zhenxuan 36,000 yuan [1][6]. Group 1: Court Ruling Details - The court ruled that Cui's statements were false and infringed upon Dongfang Zhenxuan's reputation, leading to a negative impact on its business operations [2][3]. - Cui is required to post a public apology on his Douyin accounts "东坡妹妹" and "Lily," maintaining the apology for at least 168 hours [3][6]. - The court found that the first-instance ruling was factually clear and legally correct, thus rejecting Cui's appeal [6][8]. Group 2: Background of the Case - The case originated from Cui's false claims regarding Dongfang Zhenxuan's financial dealings with the Guizhou provincial government, alleging that the company charged a seven-figure promotional fee [2][8]. - The false statements made by Cui garnered over 4.3 million views and more than 8,000 likes, significantly misleading the public [2][3]. - Dongfang Zhenxuan had previously issued a statement clarifying that it never requested promotional fees from the government or any businesses [2][3]. Group 3: Company Response and Future Actions - Dongfang Zhenxuan expressed its commitment to using legal means to protect its rights against malicious rumors and defamation [3][6]. - The company thanked its supporters for their ongoing concern and support throughout the legal proceedings [4][6].

5月23日，东方甄选(01797.HK)发布声明称，近日就东方甄选与崔某网络侵权纠纷案，北京市第四中级 人民法院作出二审判决，驳回崔某上诉，维持一审原判。根据判决，崔某须在相关抖音账号发布并置顶 道歉声明，向东方甄选赔礼道歉，并赔偿东方甄选3.6万元。 法院认为，崔某的上诉理由不能成立，不予采纳；一审判决在事实认定和法律适用方面均无不当，依据 《中华人民共和国民事诉讼法》相关条款，判决其驳回上诉，维持原判。 被告捏造有关抹黑言论 2024年6月，东方甄选举行"东方甄选·贵州行"直播活动。期间，被告人崔某使用"东坡妹妹"、"小王子的 四十四次日落"等抖音账号发布"东方甄选对文旅直播活动，向贵州省政府部门收取高达七位数宣传 费"等不实言论。 崔某还谎称存有"相关沟通原音录音"等证据，致使言论不断发酵升级。据第三方统计，被告捏造的谣言 内容，阅读量超过430万次，吸引点赞超过8000次，误导大量网友跟风围观，对东方甄选的企业声誉造 成严重影响。 6月29日，发现不实言论后，东方甄选发布声明称，公司从未向政府要过宣传费，也坚持不向任何企业 或商家收取坑位费，但崔某依然继续发布侵权视频及不实言论。 东方甄选遂向北京互联 ...

Core Viewpoint - Oriental Selection has successfully defended its legal rights against online defamation, with a court ruling in its favor regarding a case involving false accusations made by an individual named Cui [1] Group 1: Legal Proceedings - On May 23, the Beijing Fourth Intermediate People's Court upheld the original ruling in the defamation case against Cui, rejecting his appeal and confirming the first-instance judgment [1] - The final ruling requires Cui to publicly apologize on his Douyin account and pay Oriental Selection 36,000 yuan in damages [1] Group 2: Company Response - Oriental Selection has stated its commitment to using legal means to protect its rights against malicious rumors and online defamation [1] - The company clarified that it has never charged the Guizhou provincial government any promotional fees during its cultural tourism live-streaming events, countering Cui's claims of receiving seven-digit fees [1] Group 3: Ongoing Issues - Despite the court ruling, Cui continued to disseminate defamatory videos and false statements about Oriental Selection [1] - Oriental Selection has reiterated its policy of not charging placement fees to businesses or merchants [1]

Core Viewpoint - The ongoing disputes between internet celebrities and MCN (Multi-Channel Network) agencies highlight the deep-rooted conflicts in the influencer economy, particularly regarding profit distribution, content control, and IP ownership, which have become increasingly prominent as the industry has evolved [1][8]. Group 1: Reasons for Continuous Disputes - The collaboration between MCN agencies and internet celebrities has become a core driver of the industry, yet conflicts over profit distribution, content control, and IP ownership frequently arise, drawing public attention [1][2]. - The rapid increase in the influence and commercial value of internet celebrities has not been matched by timely adjustments in profit distribution mechanisms, leading to heightened tensions as creators recognize the disparity between their contributions and returns [2][4]. Group 2: Unreasonable Contract Terms - MCN agencies often dominate contract negotiations, resulting in vague and stringent terms that create an imbalance of power, planting the seeds for disputes from the moment contracts are signed [3][4]. - Legal cases related to contract disputes involving internet celebrities are numerous, with keywords like termination, job-hopping, breach, and compensation frequently appearing in litigation documents [3]. Group 3: Conflict Between Personal IP and Commercial Operations - Many disputes between MCNs and internet celebrities stem from the conflict between depersonalized operations and the personal branding of creators, with MCNs seeking to commodify influencers while creators aim to maximize their personal brand value [4][6]. - The case of Li Ziqi and her agency illustrates how neglecting the creator's role in content production can lead to significant disputes, as seen in the recent events involving influencer Sui Po [4][6]. Group 4: Impact of Disputes - The increasing number of disputes not only affects the parties involved but also poses challenges to the entire industry ecosystem, potentially limiting the career development of influencers and damaging their reputations [6][8]. - For MCN agencies, disputes can harm brand image and increase operational costs due to legal proceedings, while the departure of top influencers can directly impact business development [6][8]. Group 5: Path Exploration - The ideal relationship between MCNs and influencers should be one of mutual benefit rather than a zero-sum game, necessitating a reevaluation of cooperation models, particularly in profit distribution and contract terms [7][8]. - Exploring new cooperation models, such as IP co-ownership and tiered profit-sharing, could help balance commercial operations with content quality [7]. - Contracts should clearly define rights and obligations, particularly regarding profit distribution and IP ownership, and should be flexible enough to adapt to changes in influencer influence and market conditions [7].

公开信息显示，现任基金经理晏青先生:中国国籍,上海交通大学经济学硕士。曾任交银施罗德基金管理 有限公司研究员、基金经理,上海弘尚资产管理中心(有限合伙)投资经理、海外投资总监。现任永赢基金 管理有限公司权益投资部副总经理。2019年10月16日至2020年11年10月担任永赢创业板指数型发起式证 券投资基金的基金经理;2020年3月25日至2023年10月17日,担任永赢股息优选混合型证券投资基金的基 金经理。2020年9月29日至今,担任永赢港股通品质生活慧选混合型证券投资基金的基金经理。曾任永赢 股息优选混合型证券投资基金基金经理。2021年5月14日担任永赢港股通优质成长一年持有期混合型证 券投资基金的基金经理。 5月19日，永赢港股通优质成长一年混合（011315）下跌0.84%，最新净值0.72元，连续3个交易日下 跌，区间累计跌幅1.67%。 据了解，永赢港股通优质成长一年混合成立于2021年5月，基金规模2.40亿元，成立来累计收益 率-27.57%。从持有人结构来看，截至2024年末，永赢港股通优质成长一年混合的基金机构持有0.02亿 份，占总份额的0.58%，个人投资者持有3.40亿份，占总 ...