Group 1 - The 2025 China International College Student Fashion Week took place in Beijing from May 15 to 20, showcasing fashion designs from students of 63 universities across the country [1] - Nearly half of the participating students adopted the "Guochao" style, which merges traditional clothing with contemporary design [1] - Various universities presented unique designs inspired by regional cultures, such as the integration of Miao embroidery and Tibetan patterns with modern tailoring [1][5] Group 2 - Students from Fuzhou University of Foreign Languages and Trade transformed Fujian Tulou architecture into asymmetrical clothing structures, using digital printing to reflect the waves of the Maritime Silk Road [3] - The designs from Northeast Electric Power University drew inspiration from local culture, incorporating elements like Manchu paper-cutting and the dynamics of skiing into their fashion narratives [5] - The works from Kunming University and Yunnan Vocational College of Light Industry innovatively utilized traditional techniques such as embroidery and tie-dye to present the unique ethnic styles of Yunnan [6] Group 3 - The Vice Dean of Kunming University’s School of Fine Arts and Design emphasized the students' confidence in their cultural heritage, stating that cultural confidence is the foundation of all cultural innovation [8]

Core Insights - The article highlights the transformation of the Silk Street market in Beijing into a fashion design incubator and cultural tourism complex, aiming to enhance its role in the international consumer market [12][14] - The market has seen a significant increase in inbound tourist numbers and sales, with a 245% year-on-year growth in 2024 and total sales reaching 1.6 billion yuan, of which 70% came from foreign consumers [12][14] Group 1: Market Transformation - Silk Street has evolved from a traditional market to a modern fashion design hub, signing a partnership with China International Fashion Week to create an international fashion show venue in the CBD area by March 2025 [12][14] - The market has undergone 12 renovations over 20 years, adapting to the needs of a new generation of consumers and contributing to Beijing's status as an international consumption center [12][14] Group 2: Business Model and Services - The custom clothing store at Silk Street has gained popularity among foreign tourists due to its personalized service, quick turnaround times, and the ability to accommodate multiple currencies and credit cards [13] - The store offers a "rapid customization" service, allowing tourists to select styles and materials while they explore the city, with garments ready for pickup or delivery to their hotels [13] Group 3: Cultural Integration and Branding - The founders of the custom clothing brand, Bo Ren, have integrated traditional Chinese aesthetics into their designs, appealing to foreign customers by showcasing Chinese cultural elements [13][14] - Silk Street has positioned itself as a platform for promoting Chinese design and manufacturing, aiming to elevate local brands to an international stage through various initiatives, including fashion shows and collaborations with local designers [14] Group 4: Economic Impact and Future Prospects - The market's transformation reflects the resilience of the private sector and the supportive policies from the government, which have fostered a conducive business environment for growth [14] - By 2025, Silk Street aims to further enhance its international appeal, with projections of increased tourist visits and sales, particularly from European and American markets [14]

黄金珠宝：新消费引领，金价共振 20250520 摘要 美国政策对美元信用及其影响有哪些？ 美国政策尤其是特朗普政府的一些做法可能进一步影响美元信用。例如限制全 球贸易政策不仅限制了贸易本身，也限制了全球对美元需求。如果大家对美国 政府信任感下降，会导致美债实际利率上行、汇率贬值以及黄金价格上涨。同 时其他国际货币如日元、欧元、英镑也会受益。因此，需要关注特朗普政府哪 些政策可能进一步削弱美元信用，从而推动这些变化。 全球产业链布局变化对未来投资有什么启示？ • 全球产业链布局变化，受中美贸易关系及地缘政治影响，不再仅考虑经济 因素，国家间关系稳定性成为重要考量，推动对黄金等避险资产的需求。 • 美国政策，如冻结外储和贸易限制，削弱美元信用，促使各国增加对黄金 的依赖，未来货币体系或将分化，黄金作为保值资产的重要性凸显。 • 尽管中美贸易关系及俄乌冲突可能缓解，但黄金价格上涨的宏观逻辑未变， 黄金定价需置于全球宏观变局和历史周期下考量。 • 美国作为全球中央银行，通过贸易赤字发行美元，关税政策破坏全球贸易 和货币体系，可能导致美债利率上升、美元贬值，利好黄金及其他国际货 币。 • 黄金定价框架已变，不再紧盯美 ...

附件二：投资者关系活动记录表格式 证券代码： 002404 证券简称：嘉欣丝绸 浙江嘉欣丝绸股份有限公司投资者关系活动记录表 编号：2025004 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 ■现场调研 □其他 参与单位名称及 人员姓名 华创证券 申起昊 时间 2025 年 5 月 20 日 地点 公司会议室 上市公司接待人 员姓名 证券事务代表 李超凡 投资者关系活动 主要内容介绍 交流公司生产经营情况（以机构提问，公司回答的方式展开） 一、公司介绍 公司向机构投资者介绍公司的历史沿革、主营业务构成、市场 分布、内销品牌"金三塔"、茧丝绸行业供应链平台"金蚕网"、 供应链布局、资产状况、股东回报等情况。 二、交流问答 问题一：公司外贸业务的竞争优势有哪些？ 答：公司深耕丝绸行业四十余年，以外贸业务为龙头，生产制 造为基础，拥有完整的丝绸产业链，建立了本地、内地和海外 三大供应链基地，工贸一体优势和多年积累的优质客户群体， 为公司主要的竞争优势；公司具备较强的营销能力和生产能 力，拥有一支超过 300 人员的营销队伍，和单一的外贸公司或 生产型企业相 ...

"这个物件有什么功能？""谁是墓主？""文物都是真的吗？"程义被游客包围，受到问题的轰炸。 5月18日，游客在苏州考古博物馆内观赏展出的文物（手机照片）。新华社记者 黄硕 摄 新华社南京5月19日电（记者蒋芳、黄硕、朱筱）中国旅游日和国际博物馆日之际新开放的苏州考古博物馆涌入观众数量之多，出乎馆长程义的意 料。 "我原以为第一天最多会有三四千人来，其中大多数是这个领域的专家，但实际上我们接待了七八千人，许多是普通市民和外地游客。"他说。 程义认为即将到来的儿童节将是另一个游客高峰，届时正值端午假期，博物馆正为此准备一场特别的苏州出土玩具展。暑期预计还会有更多人 来。 苏州考古博物馆呼应了中国兴起的考古旅游热。近年来，中国的考古博物馆和历史博物馆正成为网红打卡点，游客往往要提前在网上预约、排着 长队进馆。不仅故宫这样的知名博物馆参观者络绎不绝，许多人还热衷前往偏远的古迹处旅行。 "苏州是古代长三角文化和经济交流中心，建设这样一个博物馆很有意义。它不仅向公众普及考古知识，还唤起人们对家乡的自豪感。"程义说。 他认为，国家经济的发展、综合国力的增强，是人们对历史文化产生浓厚兴趣的重要原因。"以前饭都吃不饱，大家不会 ...

Group 1 - Richemont reported a 4% increase in revenue to €21.4 billion for the fiscal year ending March 31, 2025, with operating profit declining by 1% to €3.76 billion, resulting in an operating margin of 20.9%, down 240 basis points year-on-year [1] - The Asia-Pacific market, particularly China, saw a significant revenue decline of 13%, with the Chinese market alone dropping by 23%, marking it as the only core market with double-digit decline [1] - CEO Nicolas Bos acknowledged the competitive threat from local brand Laopuhuang, emphasizing the importance of capturing market share from the non-branded segment in the jewelry market [1] Group 2 - Laopuhuang, established in 2009, is recognized as the leading brand in traditional gold craftsmanship in China and has been listed in the "Hurun Report" for three consecutive years since 2023 [3] - Morgan Stanley's report highlighted Laopuhuang's growing competitive threat to Cartier, which contributes over half of Richemont's sales and more than 70% of its profits, attributing the pressure on Cartier to the performance of Laopuhuang in the Chinese market [3] - Laopuhuang's single-store sales are projected to reach $45.5 million in 2024, surpassing Cartier, Van Cleef & Arpels, and Tiffany, indicating its potential to compete with international luxury brands [3] Group 3 - Laopuhuang's rapid growth is attributed to its precise positioning as a high-end brand and its cultural heritage, resonating with the rising "Guochao" cultural pride among local consumers [5] - Unlike European jewelry brands that primarily use K-gold, Laopuhuang's products are made of pure gold or gold-containing materials, making them more appealing to Chinese consumers [5] - Sales for Laopuhuang are projected to reach $3.3 billion by 2026, representing an 18-fold increase over five years [5]

Group 1: Financial Performance - The company's net profit for 2024 saw a significant decline of 404.66%, primarily due to impairment losses on goodwill and long-term equity investments [4][10] - The adjusted net profit, excluding non-operating impairment losses, showed stable profitability in core business operations [10] - The company's non-recurring net profit for 2024 was -287 million CNY, representing a year-over-year decline of 610.72% [9][10] Group 2: Revenue Insights - The revenue from toy sales decreased significantly, largely impacted by the preschool toy "Super Wings" [2][3] - The company's animation and television media revenue growth rates were 13.54% and -87.84%, respectively, with the decline in television media attributed to the divestment of a subsidiary [10] Group 3: Strategic Initiatives - The company is actively expanding its production capacity in Thailand to mitigate the impact of U.S. tariffs on its supply chain [2] - In the潮玩 (trendy toys) sector, the company collaborates with major brands like MiHoYo and Tencent, with this segment currently contributing less than 10% to overall revenue [5] - The company is leveraging AI technology in its products, with a noticeable increase in demand for AI toy products compared to the previous year [6] Group 4: Market Position and Future Plans - The company aims to enhance its market competitiveness in the潮玩 sector by expanding product categories and improving product playability [5] - The company is committed to integrating traditional cultural elements into its IP content creation, focusing on storytelling that reflects Chinese heritage [5] - The company is embracing live streaming and short video marketing strategies to boost brand exposure and e-commerce conversion [8]

导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到 基金经理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的 代码和信息，也必须来自基金经理的内容创作。 下面，我们分享来自景顺长城基金科技军团的5月思考。一直以来，景顺长城科技军团通过持续 深耕产业链，不断取得前沿、深度的投资洞见。他们也是买方基金公司中，少数提供持续观点分 享的投研团队，相信这一期的5月观点，也能帮助大家理解景顺长城科技军团的投研思考。 最后，也欢迎大家持续给我们投稿！可以发送邮件到：azhu830@yeah.net 杨锐文：看好内需、自主可控和反内卷方向 资机会。同时医药板块长期受益于人口老龄化，而且估值消化的比较充分，具备中长期配置价 值。 周寒颖：关注自主可控和信创、内需标的、被错杀的出海品种、贵金属板块 中美之间的关税对抗对市场情绪的影响已经接近修复，中美博弈的走向和对内政策决定了未来的 操作思路。基于我们对中美关税战结果的乐观预期，关注自主可控和信创板块、长期受益的内需 标的、被错杀的出海品种及贵金属板块方面的投资机会。未来中国的政策将围绕降低储蓄率和扩 大内需做文章 ...

Core Insights - The event "Pudong Quality Creation · National Trend Rebirth" marks a strategic collaboration between Putian footwear and Tmall Fashion, aiming to enhance the digital transformation of the footwear industry [1][2] - The partnership is expected to elevate Putian shoes from a regional identifier to a national brand, providing consumers with reliable and comfortable products [2] Group 1: Strategic Collaboration - The strategic cooperation aims to create a "digital upgrade model" for the national footwear industry [2] - Tmall will provide resources for traffic support, data empowerment, and brand incubation services to Putian shoe enterprises [2] Group 2: Innovative Achievements - The launch of the "Putian Shoe Quality Control Mark" and a three-dimensional anti-counterfeiting certification system utilizing blockchain technology for full traceability [3] - Introduction of the Putian shoe anime IP "Pupin · Tiantian," inspired by local heritage skills, to create a cultural symbol with commercial value [4] - Implementation of the "1+N" brand strategy, with agreements signed between Putian state-owned capital operation group and leading footwear companies [5] Group 3: Event Highlights - The signing of the strategic framework agreement and the launch of the "618 Consumption Season" for Putian shoes [6] - A brand showcase featuring outdoor functional shoes, national style shoes, and customized products, highlighting the dual competitiveness of technology and culture [7] Group 4: Future Outlook - The collaboration is seen as a stepping stone for Putian shoes to integrate quality and intelligence, aiming to convey the innovative strength of Chinese footwear to the world [9]

近日，片仔癀（600436）化妆品获全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research （艾媒咨询）授予的"珍珠霜全国销量第一 "" 珍珠霜第一品牌"双项市场地位确认。 艾媒咨询深度洞察行业前沿领域，以"全球产业数据库+AI算法"双轮驱动，为企业提供精准市场洞察与 战略支持，赋能全球化增长。旗下iiMedia Ranking（艾媒金榜）通过iiMeval大数据评价模型，为新消费 品牌提供权威评估与消费指南，引领行业标准。 科研赋能，打造硬核实力 作为经典国货美妆品牌，片仔癀化妆品长期以来重金投入研发创新。片仔癀化妆品公司不仅是国家高新 技术企业，其检测中心也通过了国家CNAS实验室认可。45年来片仔癀化妆品不仅设立了总部护肤研究 中心，更在上海成立了研发中心，引入国内外一流的先进科研设备，并打造了5大研究中心、3大中式成 分共建基地，构建了完善的"产、学、研、医、检"五位一体科研体系，也成为国内30余个化妆品行业团 体标准制定者之一。在一系列的科研投入之下，片仔癀化妆品完成了中式成分功效研究报告100+份， 获得了100+专利技术和33个祛斑美白特证，所有产品均通过了权威机构功效评价 ...