Core Viewpoint - Shandong High-speed Group and Huawei have signed a strategic cooperation agreement to develop a "green computing power + clean energy" model, with Shandong High-speed's subsidiary, Shandong High-speed Holdings, as the main executor of this initiative [2][3]. Group 1: Strategic Cooperation - The cooperation will focus on two main industrial scenarios: "green computing power" and "clean energy" [2]. - Shandong High-speed Holdings will leverage its integrated computing power and energy infrastructure to support the development of "zero-carbon smart parks" and smart transportation solutions [2][3]. - The collaboration aims to contribute to the national "integrated computing power network" initiative [2]. Group 2: Industry Positioning - Shandong High-speed Holdings has completed a three-year investment layout in the "green electricity" and "computing power" sectors, positioning itself as a pioneer in integrated computing power in China [3]. - The company has invested in wind and solar energy through its stake in Shandong High-speed New Energy and has become the largest institutional shareholder of Century Internet, a well-known IDC listed company [3]. - The strategic partnership with Huawei is expected to enhance Shandong High-speed Holdings' leading position in the integrated computing power sector and contribute to global digital transformation [3].

5月21日，阿里大文娱集团召开焕新发布会，宣布更名为虎鲸文娱集团，旗下阿里影业集团发布公告宣 布拟更名为"大麦娱乐控股有限公司"。未来，大麦娱乐将以"创造高品质的现实娱乐体验，让每个人都 快乐"为使命，围绕"娱乐和AI"两大战略关键词，力求成为亚洲领先的具有科技基因的现实娱乐公司。 发布会现场，新大麦客户端正式亮相。新大麦将以最好的购票服务体验、最优质的内容搜索分发能力， 链接最大的现实娱乐消费群体，夯实"买票上大麦"的用户心智。 以多元增长引擎迈向"现实娱乐"世界 "我们致力于创造更无与伦比的现场体验、互动体验、沉浸体验，这将区别于数字化、碎片化、虚拟化 的数字娱乐方式，我们称之为'现实娱乐'。"大麦娱乐总裁李捷现场介绍。全新的大麦娱乐将持续投入 开发优质原创内容，力求成为亚洲领先的具有科技基因的现实娱乐公司。 发布会现场，李捷展示了一组数字：过去11年，阿里影业用300多部电影、240万场次的演出、400多个 小时的剧集，给数十亿人次带来了丰富的娱乐内容体验，这些数字背后，展现了阿里影业为好内容全力 以赴的投入和决心。 未来，全新升级的大麦娱乐将保持与头部内容创作者携手的初心，与行业合作伙伴共同探索更具原 ...

中国民航网讯：国泰航空今日宣布正式入驻上海机场苏州城市航站楼，并推出一站式"陆空联运"服务， 旨在通过优化空地衔接流程与提升服务质量，为旅客打造集高效、便捷、品质为一体的国际出行新体 验。 此次服务开通，也标志着国泰航空多式联运服务从粤港澳大湾区进一步拓展至长三角核心区域，是国泰 在内地多式联运布局的关键拓展。 作为多式联运服务的创新先行者，国泰航空近年来积极响应国家推动航空运输与其他交通方式融合发展 的相关战略部署。在粤港澳大湾区，国泰已成功探索包括"快船+客机""跨境车+客机""直升机+船+客 机"等多种创新模式，不断提升大湾区旅客国际出行的便利和效率。（国泰航空供稿）（编辑：王亚玲 校对：金杰妮 审核：韩磊） 国泰中国内地董事郑家驹表示："我们很高兴将国泰的多式联运服务进一步拓展至苏州及长三角地区。 苏州作为区域核心城市，拥有活跃的经贸生态与强劲的出行需求。此次合作是我们持续深耕内地市场， 积极拓展创新多式联运服务的又一成功实践，将有力的加强长三角与香港以及全球的互联互通，推动商 务及旅游等领域的协同发展。" 国泰航空正式入驻苏州城市航站楼（国泰航空供图） 为庆祝成功入驻苏州城市航站楼，助力旅客便捷出行 ...

Core Viewpoint - The recent outsourcing of Wahaha's purified water production to Jinmailang has sparked significant discussion in the beverage industry, particularly regarding the feasibility and implications of contract manufacturing in the drinking water sector [1][4]. Group 1: Outsourcing in the Beverage Industry - Contract manufacturing is common in the beverage industry, especially for purified water products, with companies like Jinmailang providing services to various brands due to their advanced equipment and production efficiency [6][7]. - Wahaha confirmed its outsourcing relationship with Jinmailang but has since terminated it after discovering quality control issues, indicating a shift back to self-production [7][8]. - In contrast, Nongfu Spring's chairman stated that all of their products cannot be outsourced due to the unique requirements of their production system and reliance on specific water sources [4][5]. Group 2: Differences in Water Production - The production processes for mineral water, purified water, and natural water differ significantly, with mineral water requiring complex certification and production near water sources, making outsourcing impractical [8]. - Purified water can be produced using municipal water sources, allowing for more flexibility in factory locations, which is why outsourcing is more prevalent in this category [8]. - Nongfu Spring's natural water production involves stringent standards and processes that complicate the possibility of outsourcing, as they emphasize direct sourcing and control over production [8].

Core Viewpoint - LABUBU, a character from the THE MONSTERS series by Pop Mart, has gained immense popularity, significantly contributing to the company's revenue growth and stock market performance [2][10][11]. Group 1: Revenue and Market Performance - In 2024, the revenue from the THE MONSTERS series, which includes LABUBU, is projected to reach 3.04 billion yuan, marking a year-on-year increase of 726.6% and accounting for 23.3% of Pop Mart's total revenue [2][10]. - On May 20, Pop Mart's stock price peaked at 212.2 HKD per share, briefly surpassing a market capitalization of 280 billion HKD [2][11]. - The demand for LABUBU, particularly in the U.S. market, is expected to drive new store openings and be a key growth factor for 2025-2026 [11]. Group 2: Brand and Market Strategy - Pop Mart has strategically opened stores in prime locations near luxury brands, enhancing visibility and foot traffic, which has turned these stores into social hotspots for tourists and locals [8]. - The recent global release of LABUBU's third-generation plush product saw long queues at U.S. stores, leading to Pop Mart's app topping the U.S. App Store shopping charts [8][10]. Group 3: Competitive Landscape and Challenges - The success of LABUBU is partly attributed to celebrity endorsements and market dynamics in Thailand, where it has become a cultural phenomenon [4][6]. - The toy industry is characterized by a cycle of trends, and while LABUBU is currently popular, there is a risk of market saturation and changing consumer preferences [12][14]. - Pop Mart's reliance on LABUBU raises concerns about the sustainability of its success, as past trends show that popular IPs can quickly lose relevance [12][14]. Group 4: Investment and Market Sentiment - The current price-to-earnings ratio of Pop Mart exceeds 80, indicating a potentially inflated stock price, with some investors beginning to exit [16]. - Recent capital withdrawals from major investors suggest a transition for Pop Mart towards a more mature phase in the collectible toy market, emphasizing the need for effective operational strategies [16].

Core Insights - The core message of the news is the celebration of the 30th anniversary of Zhou Hei Ya, highlighting its brand renewal strategy and commitment to quality as it aims to expand globally [1][8]. Group 1: Brand Development and Quality Control - Zhou Hei Ya has evolved from a street vendor to a national brand, emphasizing a vision of becoming "the creator of deliciousness for the world" while maintaining a quality-first approach [1]. - The company has implemented rigorous quality control measures, including advanced equipment to ensure a 99.9% impurity removal rate in its pepper sourcing, reflecting its commitment to high standards [2][3]. - Zhou Hei Ya's products have received multiple industry awards, including the iSEE Delicious Award, reinforcing its reputation for quality [4]. Group 2: Market Adaptation and Product Innovation - The company has adapted its store formats and product offerings to meet changing consumer preferences, including the introduction of new product lines such as spicy chicken and collaborations with other brands [5][6]. - Zhou Hei Ya has expanded its store count to over 3,000 across more than 300 cities in China, utilizing a dual model of direct sales and franchising to enhance market presence [5]. Group 3: Strategic Expansion and Globalization - Zhou Hei Ya is actively pursuing global market opportunities, starting with Southeast Asia, and aims to promote Chinese marinated food culture internationally [8]. - The company has diversified its distribution channels, including partnerships with major retailers and e-commerce platforms, resulting in a 75% increase in customer transactions [7]. - The introduction of new beverage products and collaborations in the seasoning sector indicates a strategic move towards creating new consumption scenarios [7].

Group 1 - The Hong Kong stock market's sportswear sector has shown strength, with Anta Sports (02020.HK) rising over 6% [1] - Bosideng International (03813.HK) increased by more than 4% [1] - Other companies such as Li Ning (02331.HK) and Xtep International (01368.HK) also experienced gains [1]

Group 1 - The Hong Kong stock market's sportswear sector is experiencing a strong performance, with Anta Sports rising over 6%, and Bosideng International increasing by more than 4%, while Li Ning and Xtep International also saw gains [1] - The overall positive trend in the sportswear sector indicates growing investor confidence and potential for further growth in this industry [1] Group 2 - A-share accounts can now facilitate T+0 trading for Hong Kong stocks without the need for the Hong Kong Stock Connect, potentially increasing accessibility for investors [2] - This development may lead to increased trading volume and liquidity in the Hong Kong stock market, particularly for stocks in the sportswear sector [2]

国内旅游需求稳健，酒店价格下滑有望收窄 1)国内酒店：1Q25公司住宿预订收入55.4亿元，同增23%，超市场预期1.4%;1Q25国内酒店预订量同增 接近20%，需求稳健。今年五一公司国内酒店预订量同增20%，酒店ADR基本和去年持平，节假日出行 需求旺盛。该行预计2Q25公司国内酒店间夜量维持中低两位数同比增长;2)国内交通：公司预计2Q25机 票、火车票预订量同增中低个位数，该行预计收入同比有望持平。 泰国需求尚未回暖，旅游目的地分流 智通财经APP获悉，中金发布研报称，基本维持携程集团-S(09961)25/26年收入预期，考虑到费控好于 预期，上调25/26年非通用准则净利润预测3%/3%至164和189亿元。维持跑赢行业评级，该行维持美股 和港股的目标价75.9美元和588.5港元，对应美股和港股的2025年非通用准则市盈率估值24倍和24倍，较 当前股价分别有13%和14%的上行空间，公司目前交易于美股21倍和18倍，港股21倍和18倍的25/26年非 通用准则市盈率。 中金主要观点如下： 1Q25非通用准则净利润高于一致预期 公司公布1Q25业绩：收入同增16%至138亿元，符合一致预期;非通 ...

近几年，阿迪达斯和耐克都在重新审视调整自己的市场策略，特别是更换CEO后的耐克，市场都在期待新CEO上任能带来业绩的明显变化。 作为阿迪达斯和耐克的零售运营商，滔搏也在等待拐点，只不过这个拐点不是等待出来的，而是"制造"出来的。2025年，运动零售运营商滔搏先后宣布与英 国专业跑步装备品牌soar、挪威高端户外品牌Norrøna签约，成为它们在中国市场的独家运营合作伙伴，全面负责这两个品牌在中国市场的品牌传播、市场推 广、渠道销售、消费者运营等全链路运营工作。 如果说，阿迪达斯和耐克面向的是更广泛的大众运动市场，是竞技体育领域运动品牌的标杆，那么滔搏先后签约的这两个品牌，则聚焦跑步和户外两个细分 市场，更多地代表了垂类领域消费者对运动生活方式的偏好与需求。 户外和跑步运动市场是近两年体育用品市场较大的增量空间。对于这一趋势变化，滔搏早有洞察。根据滔搏出品的《中国泛年轻人群运动消费白皮书》的定 量调研结果，在年轻群体运动偏好榜中，跑步因被49.2%的调研者选择而排名第一，篮球排名第二，羽毛球排名第三，足球仅排名第六。 而户外作为一种新兴潮流生活方式，深受年轻人喜爱。这里说的户外，包括滑雪、骑行、潜水、冲浪、攀岩 ...