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: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior is shifting towards different spending patterns [4]. - The article identifies "consumption upgrading" and "demand migration" as significant business opportunities in the current economic landscape [5]. Group 2: Key Industries - 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]. - The pet economy is on the rise, with brands like "Inaba" in Japan and "Guobao" in China experiencing strong sales growth, reflecting a shift in spending towards pet care products [12][13][14]. - The adult care market is expanding, with Japan's "Unicharm" leading the adult diaper segment, which has surpassed $10 billion in market size [17][18]. - Health food and beverage sectors are thriving due to changing demographics and rising health consciousness, with brands like "Oriental Tree Leaf" and "Jianchun" gaining traction in China [21]. - The beauty economy remains robust, with products like collagen supplements and home beauty devices seeing high sales, indicating a persistent consumer desire for self-improvement [23][24][26]. - Outdoor leisure activities are gaining popularity, with brands like "Kailas" and "Camel" in China experiencing rapid sales growth as consumers seek outdoor experiences [29][31]. - The "lazy economy" is emerging, with increased demand for convenience foods and smart home appliances, as consumers prioritize time-saving solutions over traditional cooking [39][40][42]. Group 3: Market Opportunities - The article suggests that the current economic climate presents opportunities for those willing to invest in counter-cyclical sectors, highlighting the importance of recognizing and seizing these opportunities [44].

Core Insights - Amazon's report serves as a guide for merchants to identify product opportunities and market trends [2] Group 1: AI Quality Space - The home is evolving into a space that interacts emotionally with its inhabitants, creating opportunities for businesses that understand user needs [3][6] - Over 65% of consumers in Europe and the US are willing to spend more on smart home products, seeking safety, ritual, and emotional connection [4] - The market for personalized customization, emotional interaction, and privacy is significant, emphasizing technology's role in meeting emotional needs [7] Group 2: Sleep Economy - A significant issue for many is the decline in sleep quality, with 37% of American adults reporting poorer sleep in 2023 [10] - The sleep economy is booming, with consumers willing to invest in smart devices, high-quality sleep environments, and personalized sleep consulting services [11][12] Group 3: Happy Office - There is a growing expectation for workspaces to enhance comfort and productivity, with ergonomic furniture and technology becoming increasingly important [13][14] Group 4: Subtle Technology - Consumers are seeking technology that seamlessly integrates into their lives, enhancing quality 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 health and insurance [16][17] - Pets are increasingly viewed as family members, creating demand for health-focused pet products and services that foster emotional connections [19] Group 6: Outdoor Cooking - The trend of outdoor cooking is rising, driven by a desire for unique experiences and social interactions in nature [20][22] Group 7: Mobile Treasure Chest - Vehicles are transforming into multifunctional spaces, serving as homes, entertainment areas, and offices, with a focus on comfort and efficiency [23][27] Group 8: Generation Z Consumers - Generation Z, as digital natives, prioritize values-driven consumption, personalization, and unique experiences while being price-conscious [28][29] Group 9: Fitness Pioneers - The health and fitness sector is evolving towards more scientific, efficient, and personalized approaches, with technology playing a crucial role [31][34] Group 10: E-sports Enthusiasts - Emerging markets are witnessing rapid growth in e-sports, with users seeking high-performance equipment and immersive experiences [35][36] Group 11: Key Drivers - The trends are primarily driven by three factors: accelerated technology, emotional shifts, and lifestyle changes, reflecting complex consumer needs [39][40]

Group 1 - The core viewpoint of the article is that the decline in sales of Durex and the overall industry is indicative of a broader societal trend towards lower desires, rather than a complete loss of desire itself [2][3] - The article highlights a significant drop in Durex's sales, with a 50% decrease in 2020 and a 40% decline in the entire industry, alongside a 20% drop in marriage rates [2][3] - It suggests that consumer desires have shifted to new outlets, leading to the emergence of five high-growth sectors [4][8] Group 2 - The first high-growth sector identified is pet consumption, with the market expected to reach 302 billion in 2024, indicating that pet spending has surpassed that of the maternal and infant sector [4][5] - The second sector is the endorphin economy, driven by an increase of 200 million new sports participants in China over the past decade, with a surge in outdoor activities and sports brands [8] - The third sector is aromatherapy, with the fragrance market projected to grow to 850 million USD in 2023, expanding at a rate of 10% annually [8][9] - The fourth sector is emotional fast-moving consumer goods, characterized by products that provide immediate emotional satisfaction and are easy to share [11][12][14] - The fifth sector is the self-rescue economy, reflecting a trend where consumers seek comfort and security through health-oriented products amid rising anxiety levels [16][19] Group 3 - The article concludes that these five growth trends represent the needs of a low-desire society, including companionship, control, healing, ritual, and security, which add extra value to products [20] - It emphasizes the importance of aligning business development with national strategies, technological trends, globalization, and user demands to succeed in the coming years [21]

Core Insights - The education sector experienced a rise of 1.78% on November 28, with China High-Tech leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Education Sector Performance - China High-Tech (600730) saw a significant increase of 10.03%, closing at 12.61 with a trading volume of 784,100 shares [1] - Other notable performers included: - Qiantong Education (300359) up 2.77% to 5.93 with a trading volume of 214,300 shares [1] - Zhonggong Education (002607) up 2.70% to 2.66 with a trading volume of 1,237,700 shares [1] - The overall trading volume and turnover for the education sector were substantial, indicating active market participation [1] Capital Flow Analysis - The education sector saw a net inflow of 76.38 million yuan from institutional investors, while retail investors experienced a net outflow of 82.42 million yuan [2][3] - Key stocks with significant capital inflows included: - Dou Shen Education (300010) with a net inflow of 47.70 million yuan [3] - Zhonggong Education (002607) with a net inflow of 39.39 million yuan [3] - Conversely, stocks like ST Dongshi (603377) and Kede Education (300192) faced net outflows, indicating mixed investor sentiment [2][3]

国联民生证券承销保荐有限公司 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 报告书 之 独立财务顾问报告 独立财务顾问 二〇二五年十一月 关于创业黑马发行股份及支付现金购买资产并募集配套资金报告书之独立财务顾问报告 独立财务顾问声明与承诺 国联民生证券承销保荐有限公司（以下简称"国联民生""本独立财务顾问"） 接受创业黑马科技集团股份有限公司（以下简称"创业黑马""上市公司"或"公 司"）委托，担任本次发行股份及支付现金购买资产并募集配套资金（以下简称"本 次交易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本 独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《公 开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上 市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《深圳 证券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以及 证券行业公认的业务标准、道德规范，经过审慎调查 ...

关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 申请的第二轮审核问询函的专项说明 中兴华会计师事务所特殊普通合伙 =+21*;,1*+8$ &(57,),(' 38%/,& $&&2817$176 //3 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 3-1 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） =+21*;,1*+8$ &(57,),(' 38%/,& $&&2817$176 //3 地址（location）：北京市丰台区丽泽路 20 号丽泽 SOHO B 座 20 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话（tel）：010-51423818 传真（fax）：010-51423816 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 申请的第二轮审核问询函的专项说明 中兴华报字（）第 号 深圳证券交易所： 贵 ...

| 重组报告书 | 修订说明 | | --- | --- | | 章节 | | | 释义 | 补充释义 | | 重大风险提示 | 完善交易标的有关风险的相关表述 | | 第四节 交易标的 | 补充披露标的公司高新技术企业资质状态 | 创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 报告书（草案）（修订稿）修订说明的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 创业黑马科技集团股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金方式购买北京版信通技术有限公司（以下简称"版信通"）100%股权， 同时拟向不超过 35 名特定投资者发行股票募集配套资金（以下简称"本次交易"）。 公司于 2025 年 7 月 14 日收到深圳证券交易所出具的《关于创业黑马科技集团股 份有限公司发行股份及支付现金购买资产并募集配套资金申请的审核问询函》 （审核函〔2025〕030010 号），并于 2025 年 8 月 12 日披露了问询函回复及相 关申请文件。根据深交所的进一步审核意见，公司于 2025 年 9 月 29 日对相关文 件进行了修订 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码:300688 证券简称:创业黑马 公告编 号:2025-054 创业黑马科技集团股份有限公司 关于变更独立财务顾问主办人及协办人的公告 上述变更后，本次交易的独立财务顾问主办人为朱晓洁女士、王嘉麟先生、 李营斌先生，独立财务顾问协办人为曲欣然女士、陈煜先生、阚绪兴先生。 特此公告。 创业黑马科技集团股份有限公司 董事会 创业黑马科技集团股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金方式购买北京版信通技术有限公司（以下简称"版信通"）100%股权，同 时拟向不超过 35 名特定投资者发行股票募集配套资金（以下简称"本次交易"）。 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"）为公司 本次交易的独立财务顾问，国联民生承销保荐原委派朱晓洁女士、王嘉麟先生、 李营斌先生、陈宇琦女士担任本次交易的独立财务顾问主办人，委派曲欣然女士、 蒋一玮女士、陈煜先生、阚绪兴先生担任本次交易的独立财务顾问协办人 近日，公司收到国联民生承销保荐出具的《关于变更独立财务顾问主办人及 协办人的函》，国联民生 ...

国联民生证券承销保荐有限公司 关于深圳证券交易所 《关于创业黑马科技集团股份有限公司发行股份及 支付现金购买资产并募集配套资金申请的第二轮审 核问询函》回复之核查意见 独立财务顾问 二〇二五年十一月 2-1 | 目 | 录 2 | | --- | --- | | 问题 | 1．关于主营业务合规性 3 | | 问题 | 2．关于标的资产的持续经营能力 33 | | 问题 | 3．关于标的资产的业绩真实性 42 | | 其他事项 | 73 | 深圳证券交易所： 贵所于 2025 年 11 月 11 日出具的《关于创业黑马科技集团股份有限公司发 行股份及支付现金购买资产并募集配套资金申请的第二轮审核问询函》（审核函 〔2025〕030015 号）（以下简称"第二轮问询函"）已收悉，创业黑马科技集 团股份有限公司（以下简称"创业黑马""上市公司"或"公司"）与相关中介 机构对第二轮问询函所列问题进行逐项核查和落实，并按照要求在《创业黑马科 技集团股份有限公司发行股份及支付现金购买资产并募集配套资金报告书（草 案）》（以下简称"重组报告书"）中进行了相应的修订和补充披露。国联民生 证券承销保荐有限公司（以下简称"独立财 ...

创业黑马科技集团股份有限公司 关于深圳证券交易所 《关于创业黑马科技集团股份有限公司发行股份 及支付现金购买资产并募集配套资金申请的 第二轮审核问询函》之回复 独立财务顾问 二〇二五年十一月 深圳证券交易所： 贵所于 2025 年 11 月 11 日出具的《关于创业黑马科技集团股份有限公司发 行股份及支付现金购买资产并募集配套资金申请的第二轮审核问询函》（审核函 〔2025〕030015 号）（以下简称"第二轮问询函"）已收悉，创业黑马科技集 团股份有限公司（以下简称"创业黑马""上市公司"或"公司"）与相关中介 机构对第二轮问询函所列问题进行逐项核查和落实，并按照要求在《创业黑马科 技集团股份有限公司发行股份及支付现金购买资产并募集配套资金报告书（草 案）》（以下简称"重组报告书"）中进行了相应的修订和补充披露。现回复如 下，请予以审核。 说明： 1、除另有说明外，本回复中的简称或名词的释义与《创业黑马科技集团股 份有限公司发行股份及支付现金购买资产并募集配套资金报告书（草案）》（以 下简称"重组报告书"）中的含义相同。 2、本回复中若合计数与各分项数值相加之和在尾数上存在差异，均为四舍 五入所致。 1-1 ...