出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜视觉中国 6月16日下午14:30，"东方甄选官方号"视频号直播间开启直播，正式宣布上线首款自营卫生巾产品。 这场由东方甄选当家主播YOYO主持的发布会只进行了短短半小时，没有品牌高层的演讲和站台，没有 花里胡哨的PPT，也没有过多的现场实验与互动。半小时内，YOYO只通过几页简单的演示文稿和一块 原材料展示板从安全性、舒适性、透气性三个维度介绍了这款自营产品。 虽然自6月16日0：00起仅开通了东方甄选APP（需成为付费会员才可购买）及东方甄选会员店小程序两 个销售渠道，但据发布会尾声YOYO宣布，产品上线14小时，销量已突破30万包。 根据发布会及已发布的售卖链接显示，东方甄选首批卫生巾推出240mm和290mm两款规格，已开售的 产品共提供五种组合售卖模式，组合装的产品总片数从62片到202片不等，售价从68.6元~188.8元不 等。预估单片价格约为会员价0.8元，非会员价格0.93元。 据官方信息显示，此首批卫生巾产品将于6月18日在东方甄选全网官方销售渠道开售，且品牌将在七八 月份相继推出更加轻薄的卫生巾、安睡裤等产品，同时还有多款产品仍在研 ...

这些诚意满满的加盟政策，离不开品牌对自身产品竞争力的底气与信心。 在产品端，沪上阿姨紧跟市场趋势，不断创新以满足消费者日益多样化的需求，以提升门店销量和复购率，进而提升加盟商的生命周期。 从2024年开始，茶饮行业开启健康转型潮，各类果蔬茶、0添加、0糖满天飞，沪上阿姨也对自己的产品和标准做出升级。今年5月，沪上阿姨正式发布《中 国现制茶饮膳食营养升级白皮书》，要以"每日健康+"的理念，爆改果蔬茶。 5月20日，沪上阿姨全国门店推出"超级果蔬茶系列"，主打"每日纤维+"补充成人日均所需20%~35%膳食纤维。产品上市12小时就登上了微博热搜，相关话 题阅读量过千万，互动量达10万+。 据CIC灼识咨询认证，截至2024年12月31日，沪上阿姨已成为在售现制果蔬茶门店规模第一，10年服务了超20亿人次。截至2024年12月，沪上阿姨在全国的 门店数已突破9100多家，覆盖300多个城市。 编辑/蒙嘉怡 沪上阿姨开始备战茶饮旺季。 近日，沪上阿姨在山东济南举办2025年加盟商专场大会。 会上，沪上阿姨宣布，为减轻加盟伙伴尤其是青年创业者在前期开店和长期运营上的资金压力，在七项费用全免即运营培训、营销等服务费用全部 ...

活动现 场，李宁进行分享。北京体育大学供图 李宁受聘 为中国奥林匹克学院名誉院长。北京体育大学供图 公开课上，李宁回顾体操生涯的初心与洛杉矶奥运会独揽六枚奖牌的经历时提到，"体育不仅是竞技， 更是对意志与品格的锤炼"。在他看来，当代青年可从体育中学会"直面挑战、超越自我"的生存哲学， 将赛场上的坚韧转化为人生发展的内驱力。 "在社会的不同发展时期，体育的角色和承担的责任在不断丰富和发展。从运动员到国家形象的传递 者，体育让我深刻体会到个人与民族命运的紧密相连。"李宁认为，年轻学生可以以体育为纽带，在服 务国家战略中实现个人价值。 从奥运冠军到商业领袖的转型历程成为青年关注的亮点，李宁分享了创业过程中如何将运动员的"自 律、抗压与目标感"转化为企业管理优势。"在面对多元化发展的同时，保持热爱是应对挑战、把握机会 的底层逻辑，要以开放心态拥抱变革，将体育精神转化为创新动力与社会责任感。"李宁谈道，"人生没 有标准赛道，但体育精神是永恒的指南针，要在不确定中保持信心与热爱，一切皆有可能"。 活动现场，奥运冠军、北京体育大学教师王旭、董栋也围绕"冠军社会责任"进行了提问。李宁回答 称，"冠军的光环不仅是个人荣誉，更承 ...

6月16日，香港联交所官网发布公告显示，巴奴国际控股有限公司（以下简称"巴奴"）递交了招股书。 招股书显示，巴奴门店数量145家，2024年收入达23.1亿，盈利1.23亿元。巴奴曾以学习海底捞的服务出 圈，又放弃海底捞模式再出圈。当前，巴奴门店数量增加，翻台率增加，但客单价不断下探的情况下， 巴奴同店年销售先涨后降，值得投资人关注。 杜中兵对巴奴可谓完全把控。 对于上市，杜中兵认为："企业上市其实一个多方位的挑战，政府，消费者，公众。一个企业能不能真 正的活得久，这个挑战是要接受的，其实上市公司并不是说仅仅是资本，追求上期的上市公司，其实就 是追求挑战。" 在香颂资本执行董事沈萌看来，虽然巴奴颇具知名度，但是从战略角度，无论是成本领先、还是差异 化，其优势都不够突出，所以对于注重短期话题性的投资者来说，对巴奴的判断或许更积极，而注重长 期成长性和收益稳定性的投资者而言，就略显不足。 从整体数据看，巴奴门店数量从2022年初的83家增至2025年3月的145家，增长74.7%，2023至2024年新 增60家，年均增速超30%。河南以外门店占比63%，达92家，下沉市场主导，二线及以下城市占比 78.6%，匹 ...

机构：国联民生证券 研究员：高登/于健 优质车型交付数据优势显著，其中，小鹏P7+上市6 个月，累计交付超55,000 台，；5 月，小鹏X9 交付 达3,327 台。5 月，Mona M03 升级上市，推出四个版本，指导价在11.98-13.98 万元。小鹏MONA M03 Max 搭载图灵AI 智能辅助驾驶，全球首次在15 万内实现满血版智能辅助驾驶。小鹏MONA M03 上市 仅1 小时，大定突破1.2 万台，其中Max 版订单占比83%，优质车型升级有望保持后续销量增长。 AI 进展加速，全球化进展超预期 5 月，XNGP 城区AI 智能辅助驾驶月度活跃用户渗透率达85%。小鹏MONA M03 Max全球首发"人机共 驾"功能，可以适应驾驶者习惯的同时可以根据驾驶者的加速、变道等动作完成配合，体验升级。全球 进展加速，欧洲市场扩展超预期。小鹏汽车正式进军意大利、波兰市场，成为首批登陆米兰设计周的中 国新势力车企。目前，小鹏汽车已实现覆盖欧洲十余国，并以欧洲区域为支点，加速推进全球市场布 局。 AI+超充生态拓展，海外市场持续拓展 截至2025 年3 月31 日，小鹏汽车销售门店总数690 家，覆盖22 ...

Market Overview - As of June 17, 2025, the Shanghai Composite Index closed down 0.04% at 3387.40 points, the Shenzhen Component Index down 0.12% at 10151.43 points, and the ChiNext Index down 0.36% at 2049.94 points, indicating a broad market decline [1] - Total trading volume across both exchanges reached 1.21 trillion yuan, with northbound capital remaining balanced for the day [1] Sector Performance - The top three sectors by increase were oil service engineering (up 2.55%), ground weaponry (up 1.83%), and diversified finance (up 1.61%) [1] - The sectors with the largest declines were chemical pharmaceuticals (down 2.79%), personal care products (down 2.75%), and film and television (down 2.59%) [1] ETF Performance - A total of 300 non-currency ETFs rose, with an increase ratio of 26% [1] - The China Securities Oil and Gas Resource Index rose by 1.54%, with related ETFs such as the Oil and Gas Resource ETF and others increasing by 1.91%, 1.66%, and 1.45% respectively [1] - The China Securities Financial Technology Theme Index increased by 1.02%, with the Financial Technology ETFs rising by 0.97% and 0.92% respectively [1] - The China Securities Green Power Index rose by 0.96%, with the Green Power ETF increasing by 1.04% [1] ETF Details - The Oil and Gas Resource ETF (159309.SZ) has a latest share size of 1.09 billion shares, closely tracking the China Securities Oil and Gas Resource Index, which includes major companies like China National Petroleum and China Petroleum & Chemical [2] - The latest PE-TTM for the China Securities Oil and Gas Resource Index is 11.52, which is below 76.95% of the time over the past three years [3] - The Soybean Meal ETF (159985.SZ) has a share size of 14.08 billion shares, tracking the Dalian Commodity Exchange Soybean Meal Futures Price Index [3] - The Financial Technology ETF (516100.SH) has a share size of 2.23 billion shares, tracking the China Securities Financial Technology Theme Index, which includes companies like Tonghuashun and Dongfang Caifu [3] - The latest PE-TTM for the China Securities Financial Technology Theme Index is 75.59, below 90.93% of the time over the past three years [3] Declining ETFs - The top declining ETFs included the Hong Kong Stock Connect Innovative Drug ETF (159570.SZ) down 5.24%, and other similar ETFs with declines ranging from 5.14% to 4.60% [5] - The Hong Kong Stock Connect Innovative Drug ETF has a share size of 40.88 billion shares and tracks the performance of innovative drug companies listed in Hong Kong [5] Index Performance - The S&P 500 Consumer Select Index showed a premium of 20.15%, while the S&P 500 Index had a premium of 13.30% [6]

Core Viewpoint - The restructuring of Zhuhai's state-owned enterprises (SOEs) is underway, with a strategic shift from traditional heavy asset operations to a more flexible capital management model, particularly for Zhuhai Guanghua Group [1][3][5]. Group 1: Changes in Leadership and Structure - Zhuhai Guanghua Group's legal representative has changed from Wang Yi to Wang Yusheng, indicating a leadership transition [1]. - As of June 11, 2023, 12 out of 13 municipal SOEs in Zhuhai have appointed new leaders, reflecting a broader governance overhaul [1][2]. Group 2: Business Model Transformation - The business scope of Zhuhai Guanghua Group has been significantly altered to focus on capital management services, moving away from heavy asset investments [1][3]. - New activities include asset management services and investment activities using self-owned funds, emphasizing a shift towards capital operation and commercial asset management [3][5]. Group 3: Strategic Integration and Resource Allocation - The addition of "enterprise management" and "headquarters management" highlights the group's enhanced ability to oversee subsidiary companies, particularly following the integration of Zhuhai Dahengqin Group [4][5]. - The transfer of Dahengqin Group to Zhuhai Guanghua Group aims to strengthen strategic coordination and resource allocation among subsidiaries [4][7]. Group 4: Financial and Asset Overview - As of the end of 2023, Zhuhai's SOEs have a total asset value of approximately 12,924.06 billion yuan, ranking second in Guangdong province [6]. - Dahengqin Group, a key player in supporting the Hengqin Guangdong-Macao Deep Cooperation Zone, has total assets of 160 billion yuan and has engaged in significant investment activities [6][7]. Group 5: Future Prospects - The restructuring presents an opportunity for Zhuhai Guanghua Group to leverage policy benefits and enhance its competitive edge in the market [8].

Group 1: Beer Business - The company is focusing on high-end product strategies and cost optimization, with plans to close two inefficient factories in 2024, aiming to reduce sales expense ratio by 0.97 percentage points and management expense ratio by 1.75 percentage points [1] - Despite a projected 2.5% decline in beer sales in 2024 due to weak dining and weather impacts, high-end product sales have increased by over 9%, with Heineken brand growth nearing 20% and other brands like Snow and Red爵 doubling in sales [1] - The beer business gross margin improved by 0.9 percentage points to 41.1%, supported by low prices for barley and glass, which continue to provide cost benefits [1] Group 2: Baijiu Business - The baijiu segment is focusing on the "summary" big product strategy, with a 35% year-on-year increase in summary product sales in 2024, contributing over 70% to baijiu revenue [2] - The company plans to enhance its core market focus in 2025, particularly in Henan and Shandong, optimizing channel inventory and controlling inefficient investments to accelerate national expansion of the summary product [2] - Short-term challenges include a slowdown in sales recovery post-Chinese New Year and potential impacts from alcohol bans on certain government and enterprise channels, but long-term growth prospects remain strong [2] Group 3: 2025 Performance Outlook - The beer sales outlook for 2025 is positive, driven by higher temperatures and lower rainfall, which are expected to boost consumption, alongside new production capacity in Fujian [3] - The company's cost reduction and efficiency improvement strategies are expected to enhance beer gross margin to over 42% in 2025, supported by an 8% year-on-year decline in beer spot costs [3] - The company is also enhancing channel collaboration and digital supply chain optimization, with online business GMV growth exceeding 30% year-on-year and inventory turnover reduced to under 45 days [3]

Group 1 - The 2025 World Cross-Border E-Commerce Development Conference was held in Langfang, focusing on building a global marketing service system to empower industrial belts for overseas expansion [1][3] - The conference released the "Operating Standards for Cross-Border E-Commerce Platform Enterprises and Related Service Providers," providing guidance for the standardized management of the cross-border e-commerce industry [3][7] - Shenzhou Holdings KJ has actively participated in the formulation of the operating standards and received certification as a global cross-border e-commerce marketing service provider, offering practical solutions for digital empowerment and the construction of a new ecosystem for cross-border supply chains [3][4] Group 2 - The conference featured a keynote speech by Shenzhou Holdings KJ's Executive Vice President, who proposed a comprehensive solution for the digital development of industrial belts, emphasizing the importance of technology, scenarios, and ecosystem integration [4] - The newly released standards aim to create a sound governance system for cross-border e-commerce, promoting orderly and sustainable development within the industry [7] - Shenzhou Holdings KJ has expanded its cross-border e-commerce ecosystem network, covering the entire process from warehousing and logistics to cross-border payment, customs clearance, and marketing operations [7][9] Group 3 - Shenzhou Holdings KJ was selected as one of the few global cross-border e-commerce marketing service providers, gaining priority access to connect with industrial belts and brand enterprises [9] - The company has established connections with over 40 mainstream e-commerce platforms and operates more than 20 overseas warehouses, with a transportation network covering 50 countries and regions [9] - The demand for supply chain digitalization and cross-border e-commerce technology services is high among enterprises, indicating a pressing market need as the scale of cross-border development expands [11]

Core Insights - The introduction of AI intelligent agents in manufacturing aims to provide a comprehensive upgrade from production optimization to supply chain management through the "AI Agent + Industrial Vertical Model" [1] - The AI intelligent agents enhance operational efficiency and smart capabilities, breaking through traditional lean production constraints [3] - Real-world applications of AI intelligent agents have led to significant improvements in manufacturing processes and cost reductions [4] Group 1: AI Intelligent Agent Solutions - The AI intelligent agent solution covers various aspects such as industry data inquiry, 3D design, yield data analysis, predictive maintenance, and intelligent supply chain decision-making [1][5] - The solution aims to help enterprises achieve cost reduction, efficiency enhancement, quality improvement, and digital transformation [1] Group 2: Operational Efficiency Improvements - A heavy-duty engine manufacturing base improved its vehicle production efficiency to a level where a vehicle can be completed in approximately 4.5 minutes, showcasing the transformative impact of AI [3] - The AI intelligent agent connects various business processes, enabling management precision, manufacturing flexibility, process visibility, and intelligent decision-making [3] Group 3: Real-World Impact - A plane manufacturing group reduced lifecycle costs of parts by over 100 million yuan through a 3D parts management system [4] - A semiconductor company increased production capacity by 13% using intelligent scheduling for semiconductor manufacturing [4] - A leading battery company achieved a recall accuracy rate of 93.4% for abnormal vehicles through real-time battery anomaly detection [4] - A specialized enterprise improved expert support efficiency by 30% using a smart service operation system [4] Group 4: Specific Applications of AI Intelligent Agents - Industry data inquiry is facilitated by building an enterprise-level knowledge base that supports 24/7 natural language interaction for quick responses [5] - 3D design capabilities allow for rapid association of similar parts from 2D images, significantly shortening R&D cycles [5] - Yield data analysis utilizes a multimodal model to create a factory-level data panorama, enhancing problem identification speed [5] - Predictive maintenance employs smart sensor networks to collect real-time equipment parameters, reducing unplanned downtime [5] - Intelligent supply chain decision-making analyzes market demand and logistics costs to generate procurement plans and inventory strategies [5] Group 5: Future Outlook - The collaboration between AI agents and the manufacturing industry is expected to strengthen, leading to new advancements in manufacturing [6]