竞争环境改善，缓解行业"内卷"压力 ——从天茂集团无法披露定期报告看当前中小险企经营挑战 评级： 增持（维持） 分析师：葛玉翔 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 上市公司数 | 6 | | --- | --- | | 行业总市值(亿元) | 31,413.48 | | 行业流通市值(亿元) | 31,402.84 | 利板块再迎催化，保险股迎双击》 2025-06-13 保险Ⅱ 证券研究报告/行业点评报告 2025 年 07 月 08 日 报告摘要 请务必阅读正文之后的重要声明部分 事件：天茂集团原定于 2025 年 4 月 29 日披露 2024 年年度报告和 2025 年第一季度 报告。因公司定期报告涉及的部分信息需要进一步核实、补充完善，公司未能完成 2024 年年报的编制工作，公司无法在法定期限内（2025 年 4 月 30 日）披露上述定期报告。 公司股票已自 2025 年 5 月 6 日开市起停牌，将于 2025 年 7 月 ...

证券研究报告 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 康耐特光学：传统业务产品结构改善，智能眼 镜配套方案持续落地 [Table_ReportDate] 2025 年 07 月 08 日 报告内容摘要: [Table_S 事件：公司发布公告， ummary] 2025H1 归母净利润同比增速不低于 30%，根据我们测 算，利润体量至少为 2.71 亿元+，我们预计利润增速优于收入。公司为全球镜 片龙头，我们预计 H1 标准化镜片保持平稳增长、高折射率&功能性镜片等高价、 高毛利产品增长较快，产品结构持续优化、价格带&盈利中枢延续向上。 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康耐特光学(2276.HK) 投资评级 上次评级 智能眼镜行业销量高增，公司客户合作快速突破。根据 IDC，25Q1 全球智能眼 镜出货量为 148.7 万台（同比+82.3%，预计全年销量为 1451.8 万台/增速为 42.5%），其中音频和音频拍摄眼镜市场 ...

同时还有燕京纳豆产品，具备独特风味和高营养价值，丰富了公 司的产品矩阵，助力推进产品多元化战略。 4、关于供应链优化与智能制造 答：公司高度重视供应链优化与智能制造，已完成"十四五" 供应链数字技术转型规划及供应链平台搭建策略与运行框架，以 此为基础建立健全了完善的供应链管理体系。公司以数字化为重 要抓手，采用数字化采购方式加强战略性生产物资采购，推进供 应链转型升级，同时全面运行采购管理平台，建设物流信息系统， 实现仓储、运输等环节的全链条数字化管理，有效降低仓储及物 流成本。依托卓越管理体系，通过供应链端的优化与生产系统管 理架构的重塑形成联动，助力生产变革，在提升品控能力的同时， 进一步强化供应链的成本效益与整体协同性，为公司持续稳健发 展提供坚实支撑。 证券代码：000729 证券简称：燕京啤酒 北京燕京啤酒股份有限公司投资者关系活动记录表 编号：2025-07 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 电话会议 参与单位名称及 人员姓名 东北证券：阚磊、周建伟 交银施罗德基金：张程、张雪蓉、孙婕衎、周中、陈骏、陈均峰 ...

香港金融管理局总裁余伟文：8月底将推出人民币回购优化措施 智通财经7月8日电，香港金融管理局总裁余伟文7月8日在"债券通周年论坛2025"上表示，目前债券 通"北向通"参与者可使用合资格在岸债券作为抵押品，在香港进行人民币回购业务，未来将进一步拓展 人民币回购业务，支持再质押及跨境货币回购，结算与清算等操作安排将相应优化，预计将于8月底实 施。 ...

"总之，债券通优化扩容将有助于推动境内外金融市场实现更深层次的互联互通，扩大境内外资本的双向 流动规模，助推境内债券市场基础设施与国际市场接轨，长期来看将通过'市场活力—制度升级—货币竞争 力'正循环，助力中国金融开放从'政策型开放'走向'制度型开放'。"董希淼表示。 田利辉同时强调，需通过穿透式监管协作防范参与主体多元化带来的套利及波动风险：建立跨境质押品实 时追踪系统，对再质押链条超3层的交易启动熔断；实施动态配额管理，为非银机构首年设置南向通额度 上限，严防监管套利；推动压力测试制度化，要求保险、理财机构按季度测试离岸持仓对利率、汇率双冲 击的承受力，守住区域性金融风险底线。 值得关注的是，此次南向通扩容首次将非银金融机构纳入合资格投资者范围。南开大学金融学教授田利辉 在接受南都·湾财社记者采访时指出，这标志着中国资本账户开放进入新阶段。非银机构管理着超26万亿元 资产，其专业投研能力不仅能提升离岸资产配置效率，打破银行主导的同质化交易格局，还能带动多元化 策略，推动离岸人民币债券定价市场化，为人民币国际化注入真实需求支撑。 从具体影响来看，非银机构可借助境外债券、人民币股票柜台等工具分散单一市场风险， ...

Core Insights - The article highlights the challenges faced by traditional direct mail models in cross-border trade, including rising tariffs, increased international shipping costs, and high return rates, which significantly squeeze profit margins [1] - The adoption of overseas warehouses in the U.S. is presented as a solution to these challenges, enabling localized supply chains and reducing logistics costs and delivery times [1] Group 1: Operational Processes - Smart warehousing and inventory management involve professional teams executing unpacking, quality checks, and AI-driven categorization, enhancing inventory turnover rates by 60% [2] - Order response and rapid delivery are facilitated by automated systems that handle picking and packing at a low operational cost of $0.5–1 per item [3] - Reverse logistics and customer closure are improved through local return centers that can process returns within 72 hours, reducing return loss rates from 35% to 5% [3] Group 2: Competitive Advantages - Cost restructuring through bulk first-leg transportation and local delivery minimizes tariff fluctuations, with logistics costs dropping from 70% of profits to below 30% [5] - Customer experience is enhanced with delivery times reduced to 1–3 days, leading to a 25% increase in repurchase rates and a threefold improvement in after-sales response efficiency [5] - Flexible supply chains support "FBA transshipment" functions, allowing for temporary storage during peak seasons to prevent stockouts [5] Group 3: Challenges and Future Directions - Current challenges for overseas warehouses include inventory accuracy management and long capital occupation cycles, with future technological advancements expected to drive transformation [6] - Regional warehousing strategies are being developed to improve delivery efficiency and reduce costs, with same-city delivery times potentially reduced to 1–2 days at costs as low as $3–5 per order [6] - The integration of IoT and big data for smart alerts and multi-platform inventory connectivity is anticipated to enhance operational efficiency [7] Group 4: Sustainability and Strategic Evolution - Green logistics initiatives are being pursued, such as utilizing port advantages for sea-rail intermodal transport to reduce carbon footprints [8] - The essence of overseas warehouses is described as "spatial folding" of supply chains, compressing long-distance trade into localized efficient responses [8] - Companies like AllToDoor are leveraging technology and network collaboration to transition cross-border logistics from a cost center to a value engine, emphasizing the need for continuous enhancement of local operational capabilities and integration of smart technologies [8]

对于大多数企业而言，产品上线后的市场推广无疑是一场硬仗。尤其是初创公司或预算有限的中小企业，常常陷入这样的困 境：动辄几十万的广告投放，效果却难以量化，钱如流水般花出去，用户增长却寥寥无几。 那么，有没有一种方法，能在产品上线时低成本引爆市场呢？本文媒介盒子就来揭秘五大"黄金法则"，助力企业省下百万广告 费！ 法则一：精准选择媒体矩阵，拒绝"广撒网"式浪费 不是所有媒体都适合你的产品，盲目投放只会让预算如泥牛入海。正确的做法是，根据产品特性和目标受众，精准选择媒体矩 阵。 1、行业垂直媒体：如36氪、虎嗅、创业邦等，这些媒体聚焦特定行业，能够直接影响投资人、行业KOL，为产品赢得专业认 可。 2、综合门户网站：如今日头条、腾讯新闻、网易新闻等，覆盖广泛用户群体，适合提升品牌知名度。 3、社交媒体&自媒体：微信公众号、知乎、小红书等平台，用户兴趣明确，能够精准触达目标人群。 4、地方媒体：地方门户、都市报等，对于本地化产品而言，是不可或缺的推广渠道。 5、海外媒体：如TechCrunch、The Next Web等，适合计划出海的产品，助力国际市场拓展。 建议：先小范围测试3-5家核心媒体，根据阅读量、转化率等 ...

在人工智能深度渗透商业领域的当下，GEO（生成引擎优化）已成为企业精准触达目标客户的核心技术。它通过优化 企业信息，使其符合 AI 抓取逻辑规则，确保当目标客户进行搜索时，企业信息能够被优先推荐，从而提升品牌曝光 与商业转化效率。 随着市场需求的持续攀升，众多 GEO 优化供应商纷纷崭露头角，各自展现出独特的技术实力与服务优势。2025 年 7 月，经过深入的市场调研与客户反馈分析，上海互鼎科技、耐特康赛、奥美、巨宇网络这四家供应商在竞争中脱颖而 出，为企业提供了多样化的优质选择。 一、上海互鼎科技：创新领航，定制赋能 上海互鼎科技凭借其强大的创新能力与定制化服务，在 GEO 优化领域展开研究并执行。公司致力于通过前沿技术的 深度应用，为企业打造高度适配的 GEO 优化解决方案，确保企业信息在 AI 抓取与推荐体系中获得优势。 | | 服务 v | 解决方案 | 宮例 | 智库 × | 新闻 | 关于 | 联系 | | --- | --- | --- | --- | --- | --- | --- | --- | | SERVICE | | | | | | | | | VIEW | | | | | | | | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed [2]. Core Insights - The report emphasizes the focus on "supply-side optimization" and "anti-involution" competition, with potential policy implementations expected in the second half of the year [3][8]. - Key industries identified for "anti-involution" include those with high inventory, high CAPEX, low capacity utilization, and low price levels, particularly in sectors such as chemicals, non-ferrous metals, coal, steel, and various manufacturing and consumer goods [3][11][13]. - The report outlines five perspectives for identifying potential beneficiaries of the "anti-involution" policies, including state-owned enterprise (SOE) share, industry concentration, tax revenue impact, labor intensity, and price elasticity post-capacity reduction [5][6]. Summary by Relevant Sections Policy Focus - The report highlights that the Central Financial Committee meeting on July 1 emphasized supply-side optimization and "anti-involution" competition, referencing past supply-side reforms from 2015-2016 as a model for future policy actions [3][8]. Key Industry Characteristics - Industries with high inventory, high CAPEX, low capacity utilization, and low price levels are targeted for policy intervention. These include: - Cyclical industries: Chemicals (chemical products, rubber, non-metallic materials), non-ferrous metals (energy metals), coal, and steel (common steel, steel raw materials) [3][11]. - Manufacturing: Electric new (motors, grid equipment, batteries, photovoltaics), machinery (automation equipment), automotive (passenger vehicles), military electronics, and construction [3][11]. - Consumer goods: Home appliances (appliance components), food and beverage (food processing, liquor, snacks) [3][11]. Five Perspectives for Industry Selection - **State-Owned Enterprise (SOE) Share**: Industries with higher SOE shares are expected to have stronger policy execution efficiency, including coal, common steel, cement, glass, and consumer sectors like liquor [3][5]. - **Industry Concentration**: Higher concentration industries are more likely to achieve supply clearing through stronger pricing power and quicker policy response, particularly in energy metals, non-metallic materials, and consumer goods like liquor [3][5]. - **Tax Revenue Impact**: Industries with lower tax revenue contributions will have a smaller impact on local finances during capacity reduction, focusing on sectors like glass, energy metals, and common steel [3][5]. - **Labor Intensity**: Industries with lower labor intensity will have a reduced impact on employment during capacity reduction, including non-metallic materials, chemical products, and energy metals [3][5]. - **Price Elasticity Post-Capacity Reduction**: Industries with a strong correlation between asset turnover and gross margin are expected to see greater price and margin expansion post-capacity reduction, including glass, chemical products, and energy metals [3][5]. Potential Beneficiary Industries - The report identifies several industries as potential beneficiaries of the "anti-involution" policies based on the five perspectives, including: - Coal mining, common steel, precious metals, glass fiber, coke, energy metals, steel raw materials, cement, chemical products, non-metallic materials, and various manufacturing sectors [6][7].

前6个月成都开通多条国际货运航线 架起国际"空中快车道" 据成都海关在6月发布的外贸数据显示，今年前5个月，四川外贸进出口4305.2亿元，稳居全国第8位，同比增长7.5%。同期，成都实现外贸进出口超3500亿 元，同比增长10.4%，占四川省进出口总值的81.7%，拉动同期四川外贸增长8.3%。 外贸货运数值持续增长，离不开成都的国际航空市场活跃。据了解，今年以来，成都继续加快国际全货机航线拓展，已先后开通了直飞达卡、德里、阿姆斯 特丹等国际全货机航线。 此外，在今年5月，中州航空在成都连续新开直飞捷克布拉格、英国东米兰德的国际货运航线。中州航空相关负责人表示，"以成都直飞英国东米兰德航线为 例，每周将执飞1班，主要承运汽车配件、高端制造业零部件及生鲜冷链等货物。我们一次能搭载约103吨货物，助力成都向西开放战略高地建设。" 今年上半年，成都两座机场的货运吞吐量公布。其中，成都天府国际机场货运吞吐量达21.62万吨，同比增长24.43%；成都双流国际机场货运吞吐量达35.56 万吨，同比增长21.68%。今年1~6月，成都航空货运吞吐量占西南地区超过50%。 这一系列增速不仅巩固了成都"百万吨级"航空货运城 ...