鸣鸣很忙"闯关"成功 港交所"量贩零食第一股"的角逐尘埃落定，鸣鸣很忙闯关成功。 而在IPO"通关"前夜，2026年年货节也已提前预热，头部品牌的年货布局，正成为量贩零食下半场的首场实战演练。 通过聆讯前的去年12月，中国证监会国际合作司发布关于鸣鸣很忙境外发行上市及境内未上市股份"全流通"备案通知书。 根据备案事项，鸣鸣很忙可发行不超过7666.64万股境外上市普通股、25名股东拟将所持合计约1.98亿股境内未上市股份转为境外上市股份，并在香港联合 交易所上市流通。 1月6日晚间，港交所网站披露聆讯后资料集，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）通过港交所上市聆讯，即将成为港股"量贩零 食第一股"。 聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现零售额（GMV）661亿元人民币，同比增长74.5%，超2024年全年。公司旗下零食很忙 和赵一鸣零食的全国合计在营门店数达19517家，全国签约门店数破2万。 从业绩层面来看，2025年前九个月，鸣鸣很忙实现收入463.71亿元，同比增长75.2%；经调整净利润18.10亿元，同比大幅增长240.8%。同期经营现金流净 额达2 ...

12月中旬，认养一头牛发布了2026年的冰淇淋新品，推出清洁配方系列、鲜牛乳系列、冰爽系列、迷你分享装等冰淇淋新品。 2024年3月，认养一头牛首次推出"儿童冰淇淋"系列产品，后陆续发布了牛乳冰淇淋、分享装的大容量产品等。近两年来，认养一头牛在冰淇淋业务上逐 渐加码，其上市的产品也取得了不错的业绩表现。 2025年12月，认养一头牛发布的冰淇淋新品系列产品 1、蝴蝶效应和一家公司的消失 今年8月，其钟薛高在其微信公众号和小红书账号中发了两条关于判决书的内容，称这场恶意剪辑的官司，打了整整4年，如今拿到了得来不易的判决书。 所有舆论的起点，那句"爱买不买"，最终判决是恶意剪辑，而并非创始人林盛对消费者的喊话。 据公开信息，认养一头牛儿童冰淇淋自2024年4月上市至今销售已突破1000万杯。其他冰淇淋产品，比如径山抹茶鲜牛乳冰淇淋上市一周就卖出14万支， 荔枝冰淇淋借助《长安的荔枝》影视内容热度，上市一个月也达到百万支的出库量。 如果把时间拨回到三年前，彼时冰淇淋行业的新品牌代表还是钟薛高，凭借超强的营销能力，开创式的产品，到今天仍然是很多追求品质冰淇淋消费者 的"白月光"。 无形之中，钟薛高为后来其他冰淇淋品牌 ...

整体而言，胶原蛋白类医美注射产品价格较高，当前求美者需求尚未充分满足。更多注册证落地并推向 市场，我们预计未来将形成高（>10000元/支）、中（4000~6000元/支）、低价位（500~2000元/支）的 产品梯队，满足各类求美者需求，极大提升医美渗透率；同步提升胶原蛋白类注射剂在医美生物材料中 的占比。 胶原蛋白：消费者认知强、需求旺；注册证虽增未满，当前产业仍处红利期。 头豹研究院测算，以出厂价计，2024年中国医美注射剂市场规模约268亿元/+26.4% YoY，2028年该市 场规模将增加至653亿元，期间CAGR为+24.9%；且预计其中胶原蛋白类产品2024~2028年CAGR预测为 +50.7%。根据各公司公告、医美行业渠道结构及公司商业模式惯例，我们估算2024年，胶原蛋白医美 注射剂前两大龙头出厂价营业收入合计约15亿元，对应终端规模约54亿元左右；正品行货市场终端规模 合计在60~70亿元。 中信证券发布研报称，需求角度，消费者对胶原蛋白具备强认知，需求旺盛；供给角度，天然胶原蛋白 和重组胶原蛋白的注册证均处趋势性增加通道。短期看，注册证总体数量在合理范围，实际上市并放量 的产品较少， ...

近期，在2025第十一届GDMS全球数字营销峰会上，连线Insight与小熊电器海外事业部市场负责人钟宛芸进行了一次深度对话，探讨了小家电品牌出海的 机遇与挑战、海外市场产品如何做出差异化等问题。 文 /窦文雪 编辑/子夜 近年来，随着国内市场竞争日趋白热化，"出海"已经成为众多中国家电品牌寻求增长动能的新选择。 其中，一些小家电品牌的表现尤为活跃。与大家电、3C产品相比，小家电具有研发周期相对较短、更贴近生活场景、易通过社交媒体加速传播等特点， 这为其在海外市场实现快速渗透提供了可能。 挑战也同样不容小觑：一方面，国际巨头与当地品牌已占据先发优势，建立了深厚的市场壁垒；另一方面，同质化竞争与价格战的风险如影随形，小家电 品牌一旦抓不住销量增长的契机，便相当于宣告一条产品线的出海失败。 因此，在国内的发展方式要借鉴，也要创新。出海品牌必须着眼当地消费者的文化习惯、家庭结构、消费偏好等细微差异，从前端调研开始，抓住用户的 核心需求，产出具有独特性的产品。 用产品说话，一直是品牌出海最有力的发声方式。 以下为对谈详细内容，连线Insight在保留原意的基础上，进行了略微删减和修改。 一家小家电品牌， 靠差异化布局 ...

Core Viewpoint - Longpan Technology (603906) is actively pursuing a capital increase plan to fund high-performance phosphate-based cathode material projects, indicating a strategic focus on expanding production capacity and enhancing competitiveness in a challenging market environment [1] Group 1: Capital Increase and Project Plans - The company announced a plan on August 21 to issue A-shares to specific investors, with the aim of raising funds for two major projects: an 110,000-ton high-performance phosphate-based cathode material project in Shandong and an 85,000-ton project in Hubei [1] Group 2: Cost Control and Supply Chain Strategy - To manage costs, the company is implementing a vertical integration strategy, including a 40,000-ton lithium carbonate smelting project in Yichun, Jiangxi, to secure raw material supply [1] - The company is also adopting a demand-driven procurement strategy to minimize inventory impairment risks [1] Group 3: Market Position and Strategy - The industry is currently at the bottom of the cycle, and the company plans to enhance its competitiveness through internationalization strategies and product differentiation [1]

来源：环球网 【环球网科技综合报道】12月16日消息，据科技媒体OC3D报道，显卡制造企业蓝宝科技北美公关经理 Ed Crisler近日公开发声，呼吁AMD等GPU芯片制造商放宽设计限制，给予板卡合作伙伴更大的创新空 间，以推动显卡市场差异化发展。 作为AMD的独家板卡合作伙伴，蓝宝石与华硕、技嘉、微星等同行相比，其市场表现和产品线长期受 芯片制造商提供的技术条件约束。Ed Crisler表示，这一现状并非个例，英伟达的板卡合作伙伴同样面 临类似限制。 Ed Crisler表示，尽管板卡合作伙伴目前可在散热器更换、布局调整等方面进行优化，但严格的设计限 制仍制约了在用户体验功能和工业设计上的创新潜力。他期待芯片制造商进一步放宽限制，让各品牌产 品能够在设计上脱颖而出，为消费者提供更多元化的选择。（纯钧） "我们希望芯片制造商能适当放权，"Ed Crisler强调，"只需提供核心芯片、显存，明确主板兼容的必要 参数，剩下的设计工作应交由合作伙伴完成。让我们充分发挥创意，打造真正差异化的产品，改变当前 市场同质化日趋明显的局面。" 他指出，当前同一级别GPU的工厂超频显卡，其最低与最高频率对应的性能差异仅在1.5 ...

Investment Rating - The report maintains a "Buy" rating for key companies such as Shenzhou International and Huali Group, with specific price-to-earnings (PE) ratios projected for 2026 [9][38]. Core Insights - The textile and apparel industry is experiencing a weak recovery in the Chinese consumer market, while the U.S. and European markets show steady growth. The overall industry inventory is considered healthy, with expectations for upstream order growth driven by stable downstream replenishment [31][32]. - The report highlights the strong performance of direct-to-consumer (DTC) channels in the Asia-Pacific region, particularly in China, where DTC revenue growth is driven by e-commerce [18][23]. - Key investment themes include a focus on high-quality stocks in apparel manufacturing, brand apparel with stable growth or reversal logic, and strong alpha candidates in the gold and jewelry sector [21][22][33]. Summary by Sections Weekly Topic - PVH Group reported a 2% year-over-year revenue increase for FY2025Q3, reaching $2.294 billion, with a notable decline in gross margin due to increased tariffs and a challenging promotional environment [1][14]. Regional Performance - Asia-Pacific: FY2025Q3 revenue decreased by 1% year-over-year, but DTC business showed low single-digit growth, particularly in China [18][23]. - EMEA: Revenue grew by 4% year-over-year, but DTC and wholesale businesses faced declines due to a weak consumer environment [23]. - Americas: Revenue increased by 2%, driven by adjustments in the women's product line, although direct sales faced challenges [23]. Investment Themes - **Apparel Manufacturing**: Recommendations include Shenzhou International (PE of 12x) and Huali Group (PE of 18x), with expectations for improved core customer orders in 2026 [21][31]. - **Brand Apparel**: Focus on companies like Tmall and Anta Sports, with PE ratios of 15x and 16x respectively, and a recommendation for Bosideng (PE of 14x) [21][32]. - **Gold and Jewelry**: Companies like Chow Tai Fook and Chow Hong Ki are highlighted for their strong product differentiation and brand strength, with PE ratios of 17x and 21x respectively [22][33]. Recent Reports - The report emphasizes the importance of maintaining a long-term perspective in the apparel manufacturing sector, with expectations for revenue growth exceeding 10% CAGR from 2025 to 2026 for Shenzhou International [34][38].

Core Insights - The company, Luk Fook Holdings (00590), expects a revenue increase of approximately 20% to 30% for the six months ending September 30, 2025, compared to the same period last year, driven by effective product differentiation and sales strategies that significantly boosted the sales of priced jewelry products [1] - The company anticipates a profit increase of about 40% to 50% during the same period, benefiting from rising gold prices, an increased proportion of priced jewelry sales, and operational leverage enhancing profit margins [1] Revenue Expectations - Revenue is projected to rise by approximately 20% to 30% year-on-year [1] - The growth is attributed to successful sales strategies and product differentiation [1] Profit Projections - Profit is expected to increase by around 40% to 50% compared to the previous year [1] - Key factors contributing to profit growth include rising gold prices and a higher sales proportion of priced jewelry products [1] - Operational leverage is also expected to enhance profit margins [1]

Core Viewpoint - The white liquor industry is undergoing a deep adjustment, with regional brands like Kuozi Jiao facing significant survival challenges due to structural imbalances and outdated channel models [3][4][9]. Group 1: Company Performance - Kuozi Jiao reported its worst quarterly performance since going public, with Q3 revenue of 643 million yuan, a year-on-year decline of 46.23%, and a net profit of 26.97 million yuan, down 92.55% [3]. - High-end liquor revenue fell by 27.98% to 2.961 billion yuan, while mid-range liquor revenue decreased by 15.38% to 41 million yuan; low-end liquor was the only segment to grow, increasing by 25.09% to 114 million yuan [4][5]. Group 2: Market Dynamics - The decline in Kuozi Jiao's high-end liquor sales reflects a broader trend of consumer downgrade impacting non-leading brands, while top brands like Moutai and Wuliangye continue to thrive due to their strong brand recognition and pricing power [4][9]. - Kuozi Jiao's product iteration has lagged behind changing consumer preferences, particularly among younger consumers seeking lower-alcohol and healthier options [5]. Group 3: Channel Strategy - The "big merchant system" channel model has become a hindrance for Kuozi Jiao, leading to weak control over distribution and market responsiveness [6][7]. - Kuozi Jiao's reliance on a few large distributors has resulted in a disconnect from the end market, making it difficult to adapt to changing consumer demands [8]. Group 4: Industry Implications - Kuozi Jiao's drastic profit drop serves as a warning for the entire white liquor industry, highlighting the need for product innovation and flexible channel strategies to survive in a competitive landscape [9][10]. - The industry is shifting from rapid growth to a focus on high-quality development, with many regional brands needing to make fundamental choices to avoid decline [10].

Core Viewpoint - The domestic glass industry is undergoing a significant transformation in its fuel structure, shifting towards a diversified model dominated by natural gas, with petroleum coke and coal gasification as important supplements [1][2] Fuel Structure - As of mid-2025, 59.38% of the national float glass production capacity will utilize natural gas, particularly dominant in North and East China [1] - Petroleum coke accounts for 20.77% of the fuel mix, concentrated in Central and South China, while coal gasification holds an 18.00% share, mainly in North, Northwest, and Northeast China [1] Driving Forces - The primary driver of this fuel structure change is environmental policy, particularly the "Energy Conservation and Carbon Reduction Action Plan," which promotes the replacement of traditional fuels with cleaner energy sources [2] - Fuel costs, which constitute 30% to 40% of total production costs, significantly influence companies' fuel choices [2] - Despite natural gas being the mainstream choice, high gas prices have led to losses for companies using it, while those using coal gasification have seen better profits due to lower coal prices [2] Industry Dynamics - The competition between old and new production capacities is reshaping the industry landscape, with older natural gas-fired facilities being the most affected by recent shutdowns [2] - A structural contradiction exists where the push for natural gas due to environmental policies is challenged by the high costs that older facilities cannot sustain [2] Future Outlook - Regional policies are accelerating the transition, such as Hubei's timeline for converting petroleum coke to natural gas, which will significantly alter the fuel composition in Central and South China [3] - The industry is exploring advanced low-carbon technologies, including all-electric melting technology for daily glass and all-oxygen combustion technology for float glass, which has been adopted as industry standards [3] - Hydrogen technology is in the research and demonstration phase, representing a long-term direction towards zero-carbon manufacturing [3] Local Initiatives - In Hebei's Shahe glass industry, the energy transition is not a straightforward switch from coal to natural gas but involves a mixed replacement strategy centered on coal gasification, supplemented by pipeline natural gas [4] - The Zhengkang Clean Gas Project, funded by local enterprises, is a key player in this energy transition, having commenced operations in March 2025 [3][4] Economic Considerations - The choice of coal gasification as a core path is based on multiple factors, including cost advantages and resource endowments, making it more economically viable than relying solely on natural gas [4] - The transition to cleaner energy sources is expected to increase production costs, leading companies to face tough decisions on whether to invest in upgrades or temporarily shut down older lines [4] Industry Collaboration - Industry chain collaboration is becoming a core trend, with companies building upstream and downstream relationships to enhance operational efficiency [5] - Financial capital is increasingly integrated into the industry, with government initiatives supporting credit for industrial upgrades [5] - Collaborative efforts between government, universities, and enterprises are focused on overcoming technical challenges and nurturing talent for innovation [5] Competitive Landscape - The industry is shifting from homogeneous competition to product differentiation, with leading companies moving towards high-value specialty glass sectors [5] - Despite the focus on high-end products, price wars remain intense, with some manufacturers resorting to price cuts to recover cash flow, leading to market price distortions [5] - Operational efficiency is becoming crucial, with companies utilizing innovative inventory management strategies to enhance cost control [5] Overall Industry Direction - The future development path of the Shahe glass industry is clearly oriented towards high-end, intelligent, green, and financialized operations, with collaboration aimed at resource aggregation and competition driving firms towards high-value sectors [6]