内容来源：刘润公众号（runliu-pub） 什么是内卷？ 就是宁可自己饿死，也要先把对手卷死。 用掠夺性低价，自己卷自己，最后把市场烧成焦土。 五菱印尼的负责人曾说：90年代，中国摩托车大军杀入东南亚，用我们最熟悉的价格战，用三四年的时间，把摩托车的均价从700美金砍到200美金， 打得日本品牌节节败退。 但是，我们赢了吗？没有。 没利润就没售后，没售后就没品质，没品质就没口碑。 一辆辆中国摩托车在越南的雨季里熄火，在印尼的山路上解体。消费者的抱怨，无人关心。 最后，我们亲手砸掉了"中国制造"的牌子。中国摩托车全线溃败。 我们用价格战打败了日本品牌，但最终输给了自己。 这就是很多老一辈企业家心里的"意难平"，中国制造出海的一次"大败局"。 五菱刚到印尼时，政府官员问： 本田在印尼已经待了40年了，你们打算待多久？ 这句话像针一样扎心。 那一刻，五菱决定，把 "长期主义" 刻在印尼的土地上。 每次周年庆都打出口号："这是我们在印尼的第一年"，"第二年"……今年，是第七年。 所以， 别为了赢下战役，而烧掉了整个战场。 卷价格没有出路。 只有用产品品质赢得市场， 用长期主义赢得未来 ，"中国制造"这四个字才能赢得 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300688 | 创 /墨马 | 28.42 | -2.03% | 6.18万 | 1.78亿 | | 002093 | 国脉科技 | 11.35 | -1.65% | 27.48万 | 3.15亿 | | 600880 | 博瑞传播 | 4.89 | -1.41% | 15.58万 | 7694.73万 | | 000526 | 学大教育 | 37.03 | -1.12% | 2.42万 | 8991.57万 | | 002607 | 中公教育 | 2.72 | -1.09% | 302.16万 | 8.34 Z | | 603377 | ST东时 | 3.70 | -0.80% | 6.46万 | 2412.62万 | | 300010 | 豆神教育 | 6.97 | -0.71% | 98.75万 | 6.98 亿 | | 300338 | ST开元 | 3.88 | 0.52% | 3.92万 | 1527.15万 | | 605098 | ...

Core Insights - The article discusses the decline in sales of Durex, with a 50% drop in 2020 and a 40% industry-wide decline, alongside a 20% decrease in marriage rates, indicating a broader trend of reduced sexual desire in society [2][3]. Group 1: Changing Consumer Behavior - The decline in traditional sexual products is attributed to a "low-desire society," where consumer spending is shifting towards other areas [3]. - The overall e-commerce sales during the 618 shopping festival saw a negative growth of 7%, and the Double Eleven event has not reported results for four consecutive years [3]. Group 2: Emerging Growth Sectors - Five high-growth sectors are identified as alternatives to traditional sexual products: 1. **Pet Consumption Upgrade**: The pet market is projected to reach 302 billion in 2024, with one pet for every three young people [4]. 2. **Endorphin Economy**: An increase of 200 million new sports participants in the last decade, with a surge in outdoor activities and sports brands [8]. 3. **Aromatherapy**: The fragrance market is valued at 850 million USD in 2023, growing at a rate of 10% annually [8]. 4. **Emotional Fast-Moving Consumer Goods (FMCG)**: Products that provide immediate emotional satisfaction, such as colorful small items and emotional flower shops [11][12]. 5. **Self-Rescue Economy**: Health-focused products like probiotic cola and health teas are gaining popularity, reflecting a trend of anxiety rather than health consciousness [16][19]. Group 3: Underlying Consumer Needs - The five growth trends reflect the demands of a low-desire society, focusing on feelings of companionship, control, healing, ritual, and safety, which add extra value to products [20]. Group 4: Strategic Recommendations - For businesses to thrive by 2026, it is crucial to align their development with national strategies, technological trends, globalization perspectives, and user demands [21].

沪指12月16日下跌1.11%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为商贸零售、美容护 理、社会服务，涨幅分别为1.32%、0.66%、0.13%。社会服务行业位居今日涨幅榜第三。跌幅居前的行 业为通信、有色金属，跌幅分别为2.95%、2.81%。 资金面上看，两市主力资金全天净流出701.17亿元，今日有5个行业主力资金净流入，商贸零售行业主 力资金净流入规模居首，该行业今日上涨1.32%，全天净流入资金38.18亿元，其次是食品饮料行业，日 跌幅为0.02%，净流入资金为3.02亿元。 主力资金净流出的行业有26个，电力设备行业主力资金净流出规模居首，全天净流出资金131.01亿元， 其次是电子行业，净流出资金为116.07亿元，净流出资金较多的还有通信、有色金属、机械设备等行 业。 社会服务行业资金流向排名 社会服务行业今日上涨0.13%，全天主力资金净流入1.34亿元，该行业所属的个股共79只，今日上涨的 有32只，涨停的有1只；下跌的有44只。以资金流向数据进行统计，该行业资金净流入的个股有26只， 其中，净流入资金超3000万元的有5只，净流入资金居首的是中公教育，今日净流入资金4.2 ...

Core Viewpoint - The current consumption investment landscape is undergoing significant changes, characterized as a "small ice age" rather than a traditional winter, with long-term shifts in consumer culture and expectations [2][4]. Group 1: Market Trends - The uncertainty surrounding IPO exit prospects has been a common challenge, although there has been some recovery since last year [3]. - The Chinese consumption market shows clear stratification, with first-tier cities entering the fourth consumption era, while others are transitioning between the third and fourth eras, presenting diverse investment opportunities [10]. - Recent years have seen a rise in cost-effective consumption, while high-end brands that have withstood market tests are increasingly favored by consumers seeking small rewards for themselves [11]. Group 2: Investment Opportunities - The investment focus is shifting towards mid-to-high-end brands, as the previous wave of new consumption models is unlikely to return [7][14]. - The supply-side technological changes are expected to bring substantial transformations to the consumption market and investment landscape [5]. - The aging population in China is creating opportunities in the silver economy, while younger generations are increasingly focused on health trends, indicating a long-term driving force for consumption [18]. Group 3: Consumer Behavior - Consumers are moving away from trial-and-error consumption patterns, especially when income growth expectations are low, leading to a return to conservative spending habits [12]. - The success of mid-to-high-end brands, such as Zhou Hei Ya and Bao Shifu, reflects the changing consumer preferences towards differentiated products [13][16]. Group 4: Future Trends - The rise of new Chinese brands targeting the mid-to-high-end market is anticipated, similar to the historical processes seen in German and Japanese manufacturing [17]. - The pet economy is also highlighted as a growing sector, with strong user demand for innovative solutions, such as pet sterilization through vaccines [18].

证券日报网讯12月15日，创业黑马（300688）在互动平台回答投资者提问时表示，公司《2025年三季度 报告》中普通股股东总数30085户。 ...

格隆汇12月15日丨创业黑马(300688.SZ)在投资者互动平台表示， 公司作为火山引擎授予的"官方合作伙 伴"，获得售卖火山引擎全线产品的授权代理。 ...

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Opportunities - The article identifies eight key industries that are experiencing growth despite a low-desire society, highlighting that consumer demand is shifting rather than disappearing [4][5]. - The second-hand economy is booming, with examples like Japan's "Daikokuya" and China's "Hongbulin" and "Panghu" seeing significant revenue increases as consumers opt for second-hand luxury goods [6][7][8][9]. - The pet economy is flourishing, with brands like "Inaba" in Japan and "Guibao" in China witnessing strong sales, as younger generations prioritize spending on pets over traditional family structures [11][12][13][14][15]. Group 2: Health and Wellness Trends - The adult care market is expanding, with Japan's "Unicharm" leading the adult diaper segment, which has surpassed $10 billion in market size, indicating a potential growth area in China [16][17][18]. - Health food and beverage sectors are rising due to changing demographics and increased health awareness, with brands like "Oriental Leaf" and "Jianchun" gaining traction in the post-pandemic era [21][22]. Group 3: Beauty and Lifestyle - The beauty economy is thriving, with products like collagen supplements and home beauty devices achieving significant sales, reflecting a consumer desire for affordable beauty solutions [23][25]. - Outdoor and leisure activities are gaining popularity, with brands like "Snow Peak" in Japan and various Chinese outdoor brands experiencing rapid sales growth, as consumers seek experiences over material possessions [25][26][27]. Group 4: Emotional and Convenience Economies - The emotional economy is highlighted through the success of brands like "Labubu" and "Rio," which cater to consumers' desires for comfort and enjoyment during challenging times [28][29][30]. - The convenience economy is on the rise, with frozen food brands and smart home appliances addressing the needs of younger generations who have less time for cooking [33][35][36]. Group 5: Strategic Planning and Future Outlook - The article concludes by urging businesses to adapt their strategies in light of these emerging trends, emphasizing the importance of strategic planning and resource allocation to thrive in a low-desire economy [39][40].

内容来源：刘润公众号（runliu-pub） 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？ 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、电池和各种新能源汽车所需的软硬件系统。 正是在他们的支持下，特斯拉的上海超级工厂才得以疯狂运转，并以当年开工、当年投产、当年交付的特斯拉速度有名。 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 ...

以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 如果有人说一个从没喝过清酒的投资人，敢压住千万赌中国清酒复兴，肯定是是疯了。 我会笑着承认，我就是这个疯子。 那瓶来自赣州的清酒，不仅撬开了我的味觉，更是撞开了一场跨越 2000年的文化轮回。 2024年初，我的办公室来了一位特殊的创业者刘汉卿。 他带着一瓶清酒、一份商业计划书，还有满脸的执拗。 我原本以为这只是又一个普通的消费项目，没想到 15分钟后，我直接打断了他说： " 你不用讲了，这个项目我投了，我要当你的联合创始人。 " 后来，我团队的人总笑我冲动。 但只有我知道，这不是一时兴起。 那天，刘汉卿打开酒瓶时， 我第一次喝到了真正的中国清酒。 清爽不辣，入喉余味仍留着米香，完全颠覆了我对" 清酒等于日本酒 "的认知。 更让我震撼的是，他说的一句话： 日本清酒垄断市场，但清酒的根在中国，周礼里就有记载。 吴世春 梅花创投合伙人、黑马加速导师 我们花了两年，打破了他们的菌种封锁。 这句话，一下子就戳中了我心底的执念。 我是从江西农村走出来的客家人，骨子里一直很认同中国创造的底气。 我建议，他在广东河源建全国最大的清酒工厂和赣州上游的庄 ...