随着全球数字化转型的加速推进，跨境电商已成为国际贸易的重要组成部分，并深刻重塑着国际物流的运作模式。在这一变革浪潮中，无船承运人 （NVOCC）作为航运产业链的关键环节，正面临角色定位与业务模式的重大转型。传统的无船承运业务主要服务于大宗贸易和传统货代，而跨境电商的兴 起则催生了碎片化、高频次、高时效的物流新需求。这一转变既带来了严峻挑战，也为无船承运人的创新发展开辟了新的空间。 6. 通过自主研发或合作接入的方式，无船承运人正加快数字化建设，为跨境电商客户提供包括线上订舱、智能报关、物流追踪、数据分析等在内的数字 化服务，提升客户体验和运营效率。 三、 发展机遇：新市场环境下的业务增长点 一、 时代变革：跨境电商重塑国际物流格局 跨境电商的蓬勃发展正在改变国际贸易的基本形态，并对物流服务提出全新要求。 二、 角色重塑：无船承运人的多元化发展路径 为适应跨境电商的发展需求，无船承运人正在从传统的"运输组织者"向多元化的服务角色转变。 1. 跨境电商供应链整合者 2. 无船承运人利用其资源整合能力，将海运、报关、海外仓、末端配送等环节有效衔接，形成完整的跨境电商物流解决方案。上海盘绕企业发展有限公 司无船承运人 ...

10月1日，蜜雪冰城发布公告称，已与鲜啤福鹿家达成投资及股权转让协议，以约2.97亿元人民币收购鲜啤福鹿家53%的股权。 交易完成后，鲜啤福鹿家将成为蜜雪冰城的非全资子公司，其财务数据将纳入集团合并报表。 蜜雪冰城公告 蜜雪冰城，大家都很熟悉。 江湖人称"雪王"，是知名的饮品连锁品牌，全球（涵盖中国及海外12个国家）门店超过53000家，数量全球第一。 这里，重点介绍一下鲜啤福鹿家。 鲜啤福鹿家创立于2021年，主要业务是通过线下门店，为消费者提供现打现饮的鲜啤产品，主打每500ml售价6–10元的现打鲜啤，是国内首个获得国标"鲜 啤酒"认证的品牌。 数据显示，截至2025年8月31日，鲜啤福鹿家已在全国28个省、自治区和直辖市布局约1200家门店。 按门店数量计算，鲜啤福鹿家已经成为中国鲜啤连锁门店数量第一的品牌。 鲜啤福鹿家门店 一个是全球第一的茶饮连锁品牌，一个中国第一的鲜啤连锁品牌，在顶峰相会了。 蜜雪冰城，为何要收购鲜啤福鹿家？ 吸引"雪王"的，是一个千亿级生意。 近年来，古老的啤酒行业，正在发生一些变化。 新一代消费者厌倦了"千篇一律"的工业化拉格啤酒，追求个性化、高品质、多元化的消费体验。 精酿 ...

JIN MI FANG GROUP HOLDINGS LIMITED 今 米 房 集 團 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：8300） 自願性公佈 完成收購澤瑞龍祥的55%股權 本 公 佈 由 今 米 房 集 團 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 ， 統 稱 為 「本集團」）自願作出，旨在讓本公司股東（「股東」）及潛在投資者知悉本集團 的最新業務發展。 香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 – 2 – 述業務將(i)提升本集團在電子商務行業的參與度，(ii)可直接獲取用戶互動 數據及市場洞見以優化供應鏈，及(iii)創造增量數據資產收入來源，以補充 本 集 團現 有 的 餐 飲 服務 及 酒 類 分銷 業 務 ， 從 ...

长期以来，洋口港依托深水岸线优势，在散杂货和能源运输等领域形成了坚实基础，但集装箱业务的缺 失，始终制约着港口服务区域产业链的综合能力。江苏如东洋口港经济开发区党工委委员、管委会副主 任陈炜表示，"洋太"集装箱航线的开通，是洋口港集装箱业务发展的一个重要里程碑，更是推动港口 从"大码头"向"强枢纽"转型的核心战略支点，将为本地及周边的机械设备、电子产品、纺织原料、五金 产品、日用消费品等货物提供更加便捷高效的出海通道。 洋口港建设发展集团党委副书记、副总经理，洋口港港务公司董事长、总经理何淑华算了一笔"明白 账"："航线固定航程12小时，准班率高；相比传统模式，综合物流成本可降低20%以上；单箱碳排放降 幅更可达74%，真正实现了高效、省钱、省碳。" 金红叶纸业（南通）有限公司供应链物流部经理黄河表示："'洋太'集装箱航线稳定的航班可以为企业 提供可靠的物流保障，有助于企业降本增效。" 9月26日上午，伴随着响亮的汽笛声，一艘满载集装箱的船舶缓缓驶离洋口港通用码头，标志着备受瞩 目的如东洋口港"洋太"集装箱航线正式开通，至此，洋口港实现集装箱运输"零的突破"。如东县委书记 杨万平宣布航线开通。 据了解，"洋太 ...

Core Viewpoint - The acquisition of a 30% stake in Hubei Yongyi by Aiyingshi aims to enhance the company's self-owned brand business and optimize product offerings, despite the financial challenges posed by Hubei Yongyi's current losses [1][2][3]. Group 1: Acquisition Details - Aiyingshi plans to purchase 30% of Hubei Yongyi for 19 million yuan, using its own funds, which will allow Aiyingshi to hold a total of 30% of Hubei Yongyi after the transaction [1]. - Hubei Yongyi, established in February 2015, specializes in hygiene products, including baby and adult diapers, and has several proprietary brands [1][3]. - The transaction is classified as a related party transaction since the seller, Shi Qiong, is the actual controller and chairman of Aiyingshi [3]. Group 2: Financial Performance - Hubei Yongyi reported a net loss of 1.0272 million yuan in 2024, which worsened to a loss of 3.5605 million yuan in the first half of 2025, indicating a significant decline in profitability [2][3]. - Aiyingshi's revenue for the first half of 2025 was 1.835 billion yuan, reflecting an 8.31% year-on-year increase, while net profit attributable to shareholders rose by 10.17% to 47 million yuan [2]. Group 3: Strategic Implications - The acquisition is expected to facilitate supply chain vertical integration, reduce procurement costs, and enhance market competitiveness for Aiyingshi [2][5]. - The deal is seen as a strategic move to secure upstream supply and increase the proportion of self-owned brands, which is crucial for improving gross margins and integrating the supply chain [5]. - The transaction price of 19 million yuan is considered reasonable given Hubei Yongyi's current financial state, with the valuation of the 30% stake being 65.3685 million yuan [4][5].

Core Viewpoint - The trade cooperation between China and ASEAN in agricultural products has been thriving, showcasing complementary advantages and providing strong momentum for economic development, while highlighting its unique and important position in the global economic landscape [1] Trade Volume and Growth - In the first eight months of this year, China's import and export of agricultural products with ASEAN reached 290.6 billion yuan, a year-on-year increase of 9.7%, accounting for 20.1% of China's total agricultural product trade [1] - The trade volume between China and ASEAN has grown from over 870 billion yuan in 2004 to nearly 7 trillion yuan in 2024, marking a sevenfold increase and maintaining growth for nine consecutive years [1] Complementary Resource Endowments - ASEAN's tropical and subtropical regions provide a rich variety of tropical agricultural products, such as rubber, coffee, cocoa, and tropical fruits, which are highly favored by Chinese consumers [2] - In 2024, China is expected to import approximately 1.56 million tons of durian, valued at 6.99 billion USD, with nearly 60% sourced from Thailand [2] - China's vast territory allows for significant production of temperate and subtropical agricultural products, meeting ASEAN's diverse food consumption and processing needs [2] Industrial Structure Complementarity - China's advanced agricultural technology and strong competitiveness in agricultural machinery, feed production, and processing can support ASEAN countries in enhancing agricultural production efficiency [2] - ASEAN's primary agricultural products, such as rubber and palm oil, are essential raw materials for China's manufacturing industries, contributing to stable production in sectors like tire manufacturing and food processing [2] Market Demand Alignment - China's large consumer market provides ample space for ASEAN agricultural products, with rising demand for tropical fruits and specialty seafood driven by improved living standards [3] - The rise of e-commerce platforms has expanded the channels for ASEAN agricultural products to enter the Chinese market, facilitating access for unique products [3] - ASEAN's steady demand for Chinese processed agricultural products and feed further diversifies consumption options in the region [3] Trade Category Complementarity - The trade between China and ASEAN features distinct advantages, with ASEAN exporting fruits, cassava, and palm oil, enriching China's agricultural market [3] - China exports down feathers and animal feed to ASEAN, which are well-received and support local industries, enhancing trade cooperation [3] Policy and Cooperation Mechanisms - The implementation of the Regional Comprehensive Economic Partnership (RCEP) has created favorable conditions for agricultural trade, with over 90% of regional trade achieving zero tariffs [4] - The completion of negotiations for the upgraded version of the China-ASEAN Free Trade Area 3.0 will facilitate broader cooperation in emerging fields like digital and green economies [4] Infrastructure Connectivity - The operation of the China-Laos Railway has significantly boosted trade, with over 60,000 freight trains and a cargo volume exceeding 67.6 million tons, including over 15 million tons of cross-border goods [4] - Improved cold chain and storage facilities along the railway enhance the efficiency and cost-effectiveness of transporting ASEAN agricultural products [4] Future Outlook - The digital economy is expected to empower trade upgrades, with e-commerce integration breaking spatial limitations and big data analysis enabling precise supply-demand matching [6] - There is significant potential for cooperation in green agriculture and sustainable development, with China providing technical experience in ecological agriculture and organic farming [7] - The integration of supply chains will enhance regional competitiveness, optimizing resource allocation and production efficiency through the RCEP and the upgraded free trade area [7]

行业自律约束：12家主要风机制造商于2024年10月签署《中国风电行业公平竞争自律公约》，运营商更 加关注质量而非价格，这与近年来风机事故增加的背景相关。 行业自律推动价格复苏 摩根士丹利分析师Eva Hou指出，中国风电行业成功实现反内卷的关键因素包括需求强劲增长、行业自 律机制建立以及供应链整合。数据显示，2025年前8个月陆上风机招标价格较2024年上涨8%，海上风机 价格上涨12%。 这一成果主要归功于： 强劲需求增长：年新增装机从2021年的48吉瓦和2022年的38吉瓦，增长至2023年、2024年和2025年前7 个月的76吉瓦、79吉瓦和54吉瓦。年招标量也从2021年的54吉瓦激增至2024年的164吉瓦。 摩根士丹利上调中国风电行业评级，其认为反内卷努力后板块或迎来复苏。 据追风交易台消息，摩根士丹利在最新研究报告中指出，经过近三年的下行周期后，中国风电价值链通 过行业自律成功实现了反内卷，在2025年初实现了价格和整体盈利能力的转机。该投行预计国内风电装 机需求将保持韧性，并看好关键零部件供应商和海缆企业的投资机会。 报告显示，中国风电行业在经历了2022-2024年的困难时期后，通过内 ...

Group 1 - The pricing of Tesla's robots aligns with Figure's valuation, indicating a potential increase in the valuation ceiling for global robot manufacturers [1][2] - Figure's recent C-round financing has raised its post-money valuation to $39 billion, with a projected price per robot of $20,000 based on a production target of 100,000 units [2] - Tesla's robot business is projected to reach a market cap of $500 billion, with a target delivery of 1 million units, suggesting a price per unit of $25,000 [2] Group 2 - Core component companies are expected to enjoy significant valuation premiums, with potential P/E ratios reaching 200 times in the early stages of the industry [3] - The hardware cost for robots is estimated at 70%, with joint modules priced at $300 each, leading to a projected P/S ratio of around 30 times for joint module companies [3] - The market for robots is anticipated to grow exponentially, allowing core component companies to rapidly increase their valuations during the initial to scaling phases [3] Group 3 - Companies with capabilities in continuous R&D, engineering feasibility, and global manufacturing are likely to integrate into the supply chains of leading robot companies like Tesla and Figure [4] - Key components such as dexterous hands and actuators are critical for the practical application of robots, emphasizing the importance of supply chain vertical integration [4] - The focus on supply chain integration, AI chip development, and dexterous hands is central to the product requirements of both Tesla and Figure [3][4]

Core Viewpoint - Gamehaus Holdings is launching the "Gamehaus 2.0" strategic upgrade plan to enhance its game publishing model by integrating the entire game lifecycle and improving efficiency through a standardized service platform [1][9]. Industry Pain Points - The gaming industry faces challenges in predicting hit games, with traditional publishing relying on a linear "betting" model that results in inefficiencies and data silos [2]. - Gamehaus aims to address these issues by redefining the role of publishers as integrators of the entire game lifecycle, thereby enhancing resource allocation and data integration [2]. Company Mission and Vision - Gamehaus has established a new mission to act as a bridge between global developers and players, ensuring that creative games reach their audience [3]. - The vision is to become the preferred partner for global creative game teams, focusing on producing groundbreaking works that redefine player experiences [3]. Lifecycle Integration and Business Model - Gamehaus will manage the entire value chain of game development, from ideation to monetization, moving away from traditional linear models [4]. - The company is building a global, multi-tiered creative supply chain through various strategies, including partnerships and acquisitions [4]. Role in Creative Validation - In the initial creative validation phase, Gamehaus acts like a Hollywood producer, sourcing creative options and allowing small teams to focus on prototype validation [5]. - The company then transitions successful prototypes to larger teams for further development and global scaling [5]. GBS Platform and "Three Powers" Model - Gamehaus has developed the Gamehaus Business System (GBS) to provide comprehensive support to creative teams, enhancing their operational capabilities [6][7]. - The GBS encompasses three key components: value discovery, ecosystem empowerment, and value amplification, creating a synergistic effect [7]. AI Integration and Project Development - Gamehaus is actively integrating AI technologies into its GBS platform to enhance operational efficiency and project development [8]. - Collaborations with European studios have led to the advancement of creative projects, with a focus on leveraging AI for improved game development processes [8]. Future Outlook - Gamehaus 2.0 aims to redefine the standards of the global gaming creative industry, establishing a replicable methodology for success in game publishing [9].

Core Insights - Selling contract templates on platforms like Xiaohongshu represents more than just earning pocket money; it serves as a low-cost entrepreneurial exercise that allows individuals to experience a complete business cycle [1] - The project not only generates income but also equips participants with essential skills in market analysis, content marketing, and e-commerce operations, which enhance their competitiveness in future career development [4] Market Research and Demand Insight - The first step involves conducting market research and demand insight by searching for keywords like "labor contract" on Xiaohongshu, which helps in understanding the real needs and pain points of contemporary users [6] Data Analysis and Trend Validation - By filtering popular notes from the past week, participants learn to use platform data to assess the authenticity of trends, which is a more valuable skill than merely following trends blindly [8] Content Creation and Value Packaging - The content creation phase is crucial for shaping personal branding and product value, where users create electronic documents or physical products that convey professionalism and trust [10][11] - The process of producing electronic documents enhances visual communication skills, teaching how to present images clearly and reliably [13] Supply Chain Integration - The third step involves supply chain integration, where purchasing competitor materials or sourcing resources from e-commerce platforms is a practice in efficiently acquiring essential project resources at minimal cost [22] Platform Operation - Operating a store on Xiaohongshu teaches survival and development strategies on mainstream public traffic platforms, familiarizing users with platform rules and e-commerce backend operations, laying the groundwork for managing larger projects in the future [24] Long-term Value Perspective - The approach to the virtual track on Xiaohongshu is similar across the board, but the key lies in the perspective taken; once stable sales are achieved, advertising becomes a tool to amplify results, emphasizing the opportunity to enhance business acumen and practical skills [25]