Core Viewpoint - The 2025 World New Energy Vehicle Conference focused on "Industry Transformation and Sustainable Development," aiming to guide the global automotive industry in rationally responding to changes and exploring paths for high-quality development [1][2]. Group 1: Five Key Forces for Sustainable Development - Collaborative Innovation: The automotive technology system is evolving towards the integration of mechanics, electronics, computing, and data, necessitating cross-disciplinary collaboration in areas like solid-state batteries and intelligent driving systems [1]. - Supply Chain Collaboration: There is an urgent need to build a data-driven, interconnected supply chain system to enhance the resilience of the industry against risks [1][2]. - Talent Development: The rapid growth of smart connected new energy vehicles demands a higher caliber of composite talent, requiring a dual-track training system that aligns technical research and skills operation [2]. Group 2: Standards and Global Cooperation - Standard Co-creation: Establishing standards is essential to avoid low-level competition and promote sustainable development within the industry, particularly in cutting-edge fields like solid-state batteries and automotive AI [2]. - Open Cooperation: Sustainable development is a global issue that requires open and inclusive principles, fostering international dialogue to overcome trade barriers and build a fair and transparent global automotive ecosystem [2].

9月28日，广药集团旗下上市公司广州白云山医药集团股份有限公司（以下简称"白云山"）与南京医药股份有限公司（以下 简称"南京医药"）同时发布公告，白云山旗下广州广药二期基金股权投资合伙企业(有限合伙)（以下简称"广药二期基金"） 拟出资748,807,492.58元人民币收购Alliance Healthcare Asia Pacific Limited（"AHAPL"）持有的南京医药股份144,557,431股 非限售股份，占南京医药总股份数的11.04%。收购完成后，广药二期基金拟将成为南京医药第二大股东。 证券代码:600332 证券简称:自云山 公告编号: 2025-075 广州白云山医药集团股份有限公司 关于广州广药二期基金股权投资合伙企业(有限合伙) 收购南京医药股份有限公司 11. 04%股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 2025年9月26日,广州白云山医药集团股份有限公司("本 公司")附属企业广州广药二期基金股权投资合伙企业(有限合伙) ("广药二期基金")与 A ...

01 啥是东北烧烤？ 东北烧烤绝对是中国烧烤版图里一个极具辨识度的品类。它以黑龙江、吉林、辽宁东北三省为核心，融 合了满族、朝 鲜族、蒙古族这些少数民族的传统饮食文化，再加上黑、吉、辽三省的物产特色跟生活习 惯，慢慢形成了这种豪爽、接地气、"万物皆可烤"的烧烤方式。 它的历史其实挺悠久的，可以追溯到古代满族、朝 鲜族这些少数民族的饮食传统。 像满族，作为东北地区的主要少数民族，早期以游牧狩猎为生，烤制猎物就是他们最主要的饮食加工方 式。 不知道您有没有发现，最近几年，一股浓浓的"东北风味"正悄然席卷全国——没错，就是东北烧烤！从 街边小摊走进高端商场，从地方特色成长为百亿赛道，它早已不是那个只靠"烟火气"闯江湖的 regional player。 有人可能好奇：东北烧烤，到底凭什么能火遍大江南北？是那股子"万物皆可烤"的豪爽劲儿？还是西塔 老太太、九田家这些品牌一套套的差异化打法？又或者是背后那条越来越成熟的供应链在默默支撑？ 其实，东北烧烤的崛起，更像是一部中国餐饮品牌的进化样本：它既有对"本味"的死磕坚守，又有对模 式的大胆创新；既讲透了"好吃"的基本功，又玩转了"场景+社交"的新逻辑。 今天，我们就一起 ...

Core Viewpoint - The forum focused on the theme of "Innovation Leading, Green Intelligence Empowering, Supporting High-Quality Development of New Power System Equipment," emphasizing the importance of technological innovation and collaboration in the power equipment industry to achieve high-quality development in the context of China's 14th Five-Year Plan [1][2]. Group 1: Event Overview - The 2025 New Power System Development Forum was successfully held in Chongli, Hebei, with over 100 experts from power companies, research institutes, and equipment manufacturers attending [1]. - The event was organized by the China Electricity Council's Power Equipment and Supply Chain Branch, highlighting the significance of innovation in the power equipment sector [1]. Group 2: Key Insights from Speeches - Yu Chongde emphasized that the energy landscape is undergoing profound changes, and the technological innovation and stability of the power equipment manufacturing industry are crucial for energy security and high-quality economic development [2]. - Wang Lebi highlighted the need for a strong equipment industry chain supported by top-notch technological innovation and supply chain collaboration, advocating for an open and collaborative innovation ecosystem [2]. Group 3: Technical Reports and Innovations - Experts shared breakthroughs in flexible direct current transmission technology, new low-carbon coal power technology, and compressed air energy storage during the specialized report session [3]. - The meeting introduced the green procurement rules for power enterprises and the progress of the carbon footprint and environmental product declaration platform, aiming to promote the green and intelligent transformation of the power equipment manufacturing industry [3]. Group 4: Collaboration and Future Directions - The forum established a technical exchange platform, inviting representatives from various power equipment manufacturing companies to share their innovations and practices in supporting the high-quality development of the new power system [3]. - The event aimed to foster collaboration within the power equipment industry, promoting a win-win ecosystem and accelerating the transition to a new stage of high-quality development [3].

前言 销售预估 综合考虑生意模式/科学合理的预测方式（可结合市场运营思维/数理统计方法），合理制定基线预测， 针对销售业绩指标，合理增量 增量关注点： 1、结合渠道-产品季节趋势（寻找业绩增长点） 2、结合促销活动方案合理预估（特别关注容易超发的产品） 3、结合主推方案（比如说营销季度主推的明星产品） 公司的年会非常热闹，那首《燃烧我的卡路里》让我由感而发，如果每个部门都以"燃烧我的卡路里"为 已任，那么就有可能解决一些问题，今天我们就供应链协同这块进行讨论。 订单&仓储&物流 1、无效订单管理（过期订单、已取消的订单需及时关单） 6、物流这块需综合考虑因物流时效不稳定导致的库存成本，如渠道时效要求比较高，建议选择运费率 相对高一点，但时效相对稳定的物流公司。 7、捕捉大促订单的节奏，分阶段备货。另外大促活动这块需定好规则（需提前多少时间，否则只能按 正常趋势来备货） 6、结合效期库存处理（有节奏地做高低搭配） 综合以上关注点，给出合理的建议，并与销售部/市场部进行讨论（前提是取得互信，能够综合考虑对 方的利益点） 必要时需联手财务部，特别碰到以下2种情况 1、效期库存呆滞_资金链紧张 2、因销售指标太高_预 ...

文 | 赵伟、屠强 联系人 | 屠强、浦聚颖 摘要 追本溯源：出口强劲源于抢出口？30%或源于抢出口，70%或源于非美外需与份额变化。 我国"抢出口"有赖于美国"抢进口"，但后者或存在高估。 上半年美国进口增速大幅冲高至30%以上，貌 似显示"抢进口"现象；拆分结构，美国自欧盟药品进口、自瑞士黄金进口大幅冲高（金价上涨与医药行 业对关税的担忧），并非是所有商品在对等关税预期下均产生"抢进口"现象；若剔除特定商品扰动，美 国总进口增速上半年未出现大幅上升。 我国对非美市场出口高增，或也并非市场理解的"抢转口"。 东盟对美国出口明显强于我国对东盟出口， 商品出口表现也不匹配，我国对东盟出口或并非是纯粹的"转口"。更多或是供应链协同，东盟进口我国 生产资料，再加工成消费品后形成出口；我国对中东、非洲、欧盟出口走强主因相关经济体需求改善， 或也并非源于应对美国关税的"抢转口"。 "抢出口"或只能解释当前出口高增中的30%。 即使考虑与东盟供应链的协同出口效应，我国出口结构 中，仅对东盟、对中国香港存在"抢转口"现象，对其他目的地"抢出口"现象并不明显；结合7月对东盟 （2.6个百分点）、对中国香港（0.9个百分点）出 ...

Core Viewpoint - The meeting between China Railway Construction Corporation (CRCC) and SANY Group aims to deepen cooperation and promote high-quality development in the construction and engineering machinery sectors [1][3]. Group 1: Cooperation and Strategic Alignment - CRCC's Chairman Dai Hegen expressed gratitude for SANY Group's long-term support and highlighted SANY's leadership in the engineering machinery industry, noting its high management standards and effective execution [3]. - Both companies have established a strong relationship based on mutual trust and support, with a focus on enhancing cooperation in areas such as high-end intelligent equipment, lighthouse factories, supply chain collaboration, management mechanisms, and research [3]. - SANY Group's Chairman Xiang Wenbo acknowledged the strong foundation for cooperation and emphasized the complementary nature of both companies' industries, aiming to leverage their strengths in infrastructure, new equipment, new energy, overseas business, and technological innovation [3]. Group 2: Future Development and Goals - The collaboration aims to create a model of cooperation between state-owned and private enterprises, focusing on achieving mutual benefits and higher quality development [3]. - Both companies are committed to exploring overseas markets together and providing customized solutions to meet CRCC's needs [3].

Investment Rating - The investment rating for the company is "Buy" based on the strong performance and growth potential observed in the report [1]. Core Insights - The company is expected to continue its strong operational trends in Q4 with new store openings, seasonal demand, and product launches, indicating sustained growth momentum [2]. - The overseas expansion is accelerating, with a target of 200 stores by the end of the year, reflecting a significant increase from 140 stores reported mid-year [2]. - The company's IP ecosystem and supply chain optimization are strengthening its competitive barriers, with successful performance from key IPs and new product launches expected to drive sales [2]. - The financial forecasts indicate substantial growth in revenue and net profit over the next few years, with projected net profits of 112.8 billion, 166.2 billion, and 200.3 billion for 2025, 2026, and 2027 respectively [3][4]. Financial Summary - Revenue is projected to grow from 13.038 billion in 2024 to 59.496 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 106.92% to 15.21% [3][4]. - The net profit is expected to increase significantly from 3.125 billion in 2024 to 20.032 billion in 2027, with growth rates of 189% and 21% in the respective years [3][4]. - Earnings per share (EPS) are forecasted to rise from 2.36 in 2024 to 14.92 in 2027, indicating strong profitability growth [3][4]. Key Financial Ratios - The company is expected to maintain a healthy return on equity (ROE) of 29.26% in 2024, increasing to 32.59% by 2027 [5]. - The debt-to-equity ratio is projected to decrease from 26.80% in 2024 to 19.27% in 2027, indicating improved financial stability [5]. - The current ratio is expected to improve from 3.63 in 2024 to 5.29 in 2027, reflecting strong liquidity [5].

Core Viewpoint - The collaboration between Yiyaton and Kohler Group signifies a strategic partnership aimed at enhancing supply chain integration, multi-channel operations, and sustainable development in the Chinese home furnishing market [1] Group 1 - On September 16, Kohler Group visited Yiyaton's integrated supply chain base for discussions [1] - The two companies engaged in in-depth discussions regarding business cooperation, strategies for the Chinese home furnishing market, sustainable development, and digital future [1] - A strategic cooperation agreement was signed, indicating a long-term and comprehensive partnership between the two companies [1]

Core Viewpoint - The global pump industry has shifted from a focus on product competition to a comprehensive competition based on technology, with LEO Pump Industry aiming to break foreign technology monopolies and lead industry standards [1][9]. Group 1: Technological Breakthroughs - LEO Pump Industry has achieved significant technological breakthroughs, including the development of high-temperature hydrogenation liquid turbine technology in the petrochemical field, filling a domestic gap [3]. - The company led the Zhejiang Province "Vanguard" R&D project, resulting in the successful development of high-performance silicon carbide ceramic membranes, achieving international advanced levels and breaking foreign monopolies [3]. - The silicon carbide ceramic membrane has received 17 invention patents and 25 utility model patents, with expert evaluations confirming its technology as reaching international advanced levels [3]. Group 2: Supply Chain Capabilities - LEO Pump Industry has elevated supply chain collaboration to a strategic level, covering eight major sectors including construction, municipal water, and petrochemicals, establishing a diverse and stable product matrix [5]. - The company held the "Empowerment and Building a New Future for Supply Chain" conference, marking a new phase in its supply chain modernization transformation [7]. - LEO has integrated ESG governance factors into supplier management, demonstrating a commitment to sustainable supply chain development [7]. Group 3: Industry Leadership and Standards - LEO Pump Industry has participated in the formulation of 22 national standards, 40 industry standards, and 33 group standards, gradually gaining a voice in standard-setting [7]. - The company aims to provide intelligent, safe, and efficient fluid solutions, with a strategic goal of becoming a globally recognized brand and ranking among the top ten in the industry [9][10].