嗨，我是阿娜。 上周末回老家翻抽屉，翻出一只老凤祥的金镯子。 光面、圆棍、活扣，经典款。是我外婆在我工作第一年送的，说是"压箱底的金子，留着以后用"。镯子内侧还刻着我的名字拼音——笔画歪歪扭扭的，是镇 上老师傅手工敲的。 说实话，款式确实有点老气了。加上我平时写字敲键盘，戴镯子叮叮当当的不方便，这两年一直躺在抽屉深处。 那天拿出来擦了擦，翻来覆去看了一会儿，突然意识到： 金子就是金子。它不该只是一件"舍不得戴"的旧物。 我想把它换成更适合现在的样子——一条细细的锁骨链，或者干脆变现，给外婆买件羊绒衫。 先上功课。这是我花了两个晚上从各种官网、财报、行业文章里扒出来的二手黄金回收避坑指南，建议存一下 黄金回收看什么价？ 但问题来了：二手黄金回收，到底怎么卖才不被坑？ 我在小红书搜了一晚上，越看越焦虑： 有人发帖说金店报价比大盘低了80块一克；有人说称重的时候被"抹了零头"；还有人明明买的足金，回收时被说成"含金量不足"，当场砍掉两千块。 我捧着这只刻着我名字的镯子，愣是不敢随便交给别人。 行。不猜了。 拿着它亲自跑一圈。 街边金店、二手交易平台、爱回收——三家全走一遍。 价格、流程、安全感，摊开看。 01 | ...

Group 1 - Lexin increased by 8.72% [1] - Niu Technologies rose by 6.76% [1] - Wanwu Xingsheng gained 5.97% [1] - Century Internet climbed by 5.80% [1] - Daqo New Energy saw an increase of 5.64% [1]

Core Insights - ATRenew Inc. is positioned as a leading technology-driven platform for pre-owned consumer electronics in China, actively participating in global discussions on circular economy infrastructure [1][5] Group 1: Company Overview - ATRenew operates a comprehensive platform for pre-owned consumer electronics transactions and services, integrating C2B, B2B, and B2C capabilities since its inception in 2011 [6] - The company focuses on recycling and trade-in services to address environmental impacts, aiming to prolong the lifecycle of consumer electronics [6] Group 2: Industry Participation - ATRenew was the sole representative from China at the Circular Markets London event, which focused on global circular economy practices [1] - The event facilitated discussions among industry leaders on market dynamics, recycling value chains, and cross-border opportunities [2] Group 3: Market Dynamics - Mr. Jeremy Ji, ATRenew's Head of Corporate Strategy, highlighted the differences between China's pre-owned electronics market and those in North America and Europe, noting China's open market structure [3] - The company has developed automated operational infrastructure to standardize non-standard assets into a compliant global supply chain, addressing unique market conditions [4] Group 4: Strategic Vision - ATRenew aims to connect China's large device market with international demand for quality pre-owned products, leveraging its open market structure and growing trade-in participation [5] - The company seeks to align local sourcing advantages with international standards to enhance its competitiveness in the global circular market [5]

Core Viewpoint - Chinese concept stocks collectively strengthened, with the Nasdaq China Golden Dragon Index rising nearly 2% [1] Group 1: Stock Performance - Zenggu and Bomei Group surged over 9% [1] - NIO and New Oxygen increased by more than 8% [1] - Li Auto, Century Internet, Aihuishou, and Hesai rose over 4% [1] - GDS Holdings, Kingsoft Cloud, Baozun, and Huya gained over 3% [1] - Pony.ai, XPeng Motors, Baidu, and Bilibili climbed over 2% [1] - Alibaba, NetEase, and JD.com saw an increase of over 1% [1]

Group 1 - Kingsoft Cloud experienced a decline of 7.81% [1] - GDS Holdings saw a drop of 6.95% [1] - Bilibili fell by 6.63% [1] - Neng Chain Intelligent Electric decreased by 5.64% [1] - Wanwu Xingsheng dropped by 5.63% [1]

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]

本文源自：金融界AI电报 新东方涨5.22%，海天网络涨5.14%，万物新生涨4.99%，贝壳涨4.20%，复朗集团涨4.12%。 ...

Summary of the Conference Call for 万物新生 Company Overview - **Company**: 万物新生 - **Industry**: E-commerce and second-hand electronics Key Points Financial Performance - Total revenue for Q3 2026 reached 5.15 billion RMB, a year-on-year increase of 27% [3] - EP business product revenue grew over 28%, contributing significantly to overall revenue [3] - Non-GAAP operating profit margin improved to 2.7% [3] - The company plans to allocate 60% or more of non-GAAP net profit for dividends or buybacks from 2025 to 2027 [3] Business Model and Revenue Structure - ET to C (direct-to-consumer) business increased to 36%, with a target of 50% [2][4] - The gross margin for retailing quality second-hand goods is approximately 6% higher than TOB models [2] - Platform business maintained double-digit growth, with significant increases in 拍拍堂 and 拍拍交易 [2][4] - The commission rate for platform services has been reduced to around 6% [2][4] Market Trends and Policies - The old-for-new subsidy policy indirectly benefits the company by promoting new device sales, leading to more quality recycling sources [6][7] - The rise in storage costs has led to price increases for new Android devices, making second-hand Apple and Huawei phones more competitively priced [8][9] Competitive Advantages - The company's core competitive advantage lies in its 1P model, providing a convenient transaction experience across C-end recycling, B2B platform transactions, and B2C retail [2][13] - The company differentiates itself from C2C models like 闲鱼 by offering a closed-loop industry chain [13] Future Growth Targets - The company aims for a revenue growth of 25% in 2026, with a non-GAAP operating profit margin target of 3.1% [2][14] - Net profit is expected to grow by over 50% [14] - Plans to open 5,000 stores by 2027, focusing on both self-operated and franchise models [16] Product and Service Innovations - Exploring new business models, including exporting unique iPhone versions and enhancing recycling penetration [15] - Plans to improve the efficiency of quality inspection through automation, potentially reducing fulfillment costs by 1.5% [20][19] Marketing and Sales Strategy - Marketing expenses are expected to be flexible, with a focus on brand promotion through new media channels [21] - A budget of 250 million RMB is allocated for new media marketing in 2025 [21] Industry Dynamics - The gold recovery service has seen significant growth, with over 80% of transactions involving gold [5][24] - The platform's user base is expected to grow from 1.37 million to around 1.6 million by year-end [25] Revenue Channels - 京东 accounts for approximately 45% of EP business revenue, benefiting from government subsidies and user engagement [23] - The take rate for platform services remains stable at around 6% [26] Conclusion - The company is well-positioned for growth with a clear strategy to enhance its business model, improve operational efficiency, and capitalize on market trends in the second-hand electronics industry.

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining by 0.2% [1] Company-Specific Movements - Jefferson Capital Inc (NASDAQ:JCAP) experienced a significant drop of 4.4%, trading at $22.00, following the announcement of a secondary offering of 10 million shares [1] - MOBIX LABS, INC. (NASDAQ:MOBX) fell sharply by 25.4% to $0.24 due to plans for a common stock offering [2] - Datavault AI Inc (NASDAQ:DVLT) shares decreased by 12.4% to $1.26 after a previous surge of 43% on Monday, linked to a nationwide deployment announcement [2] - BitVentures Ltd – ADR (NASDAQ:BVC) saw a decline of 9.7% to $13.33 after a 5% gain on Monday [2] - Zenas Biopharma Inc (NASDAQ:ZBIO) tumbled by 6.6% to $15.50 following a 52% drop on Monday due to Phase 3 trial results [2] - Theravance Biopharma Inc (NASDAQ:TBPH) dipped 6% to $17.07 after a 3% decline on Friday [2] - Graphic Packaging Holding Co (NYSE:GPK) fell 4.9% to $14.70 ahead of its fourth quarter financial results announcement [2] - ATRenew Inc (NYSE:RERE) declined by 4.1% to $5.65 after a 9% gain on Monday [2] - Rezolve AI PLC (NASDAQ:RZLV) fell 3.7% to $3.07 in pre-market trading [2] - NovaBay Pharmaceuticals Inc (NYSE:NBY) slipped 3.4% to $6.52 after a 15% jump on Monday [2] - Starfighters Space Inc (NYSE:FJET) decreased by 3.3% to $9.08 after a 10% dip on Monday [2]

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of $7.64, based on an 18x adjusted PE for 2026 [1][7]. Core Insights - The company is a leader in China's second-hand circular economy, integrating the entire 3C second-hand recycling industry chain through four main business lines: Aihuiqiu, Pai Jitang, Paipai, and AHS Device, achieving a closed-loop system of C2B recycling, B2B circulation, and B2C retail [1][19]. - The company is expected to evolve from a fulfillment service provider to a brand owner, enhancing profit margins through retail and compliant refurbishment while expanding into multiple categories for growth [1][21]. Industry Overview - The second-hand electronics market is characterized by low penetration rates and high growth potential, with a projected transaction volume of approximately 702 billion yuan in 2024, reflecting a CAGR of 28.7% from 2020 to 2024 [24][27]. - The recycling penetration rate for 3C products in China is only 4.4% as of 2024, indicating significant room for growth compared to developed countries [2][24]. Company Advantages - The company’s competitive edge lies in its vertical integration of the entire industry chain, creating cost and efficiency barriers through resource collaboration [3][20]. - The company has established a strong partnership with JD.com, which significantly reduces customer acquisition costs, with nearly 40% of its recycling sources coming from JD.com [23][19]. Future Growth Prospects - The company plans to expand its store count from approximately 2,000 to over 5,000, which is expected to enhance fulfillment capabilities and drive revenue growth [4][21]. - The company is diversifying its recovery categories, including luxury goods and gold, which could open a second growth curve, with a total market gross profit potential of around 60 billion yuan [4][21]. Financial Projections - The company’s revenue is projected to reach 20.97 billion yuan in 2025 and 26.29 billion yuan in 2026, with a compound annual growth rate of 25.2% from 2025 to 2027 [6][11]. - The adjusted net profit is expected to be 4.06 billion yuan in 2025 and 6.76 billion yuan in 2026, with corresponding adjusted EPS of 1.82 yuan and 3.03 yuan [6][11].