今天的资本寒冬，是明天繁荣的前夜。 在改革开放永不停歇的时代浪潮里，回顾中国创业投资激荡三十余载的历史进程，市场惯于传颂造富神 话，却常淡忘失败积淀的珍贵教训。相比于成功，失败才是推动行业不断前行的原动力。 2018年之后，中国的创投行业进入阵痛期，经历了共享单车倒闭、P2P爆雷潮叠加资管新规等行政监管 手段的冲击，创投行业融资行为愈发谨慎。数据显示，2018年国内创投市场共披露9,609起投融资事 件，自2015年以来首次少于一万起。 创投行业进入低谷期并不是意外事件，在过去相当长一段时间内，中国的创投市场呈现出一种"短期逐 利"的特征。资本逐利性使得大量资金涌入热门领域，追求快速的回报和退出。资本短期逐利性导致大 量创新企业"断粮早夭"。 2024年以来，复杂的国际形势下，关键领域"卡脖子"风险倒逼核心技术攻关。国家对科技创新的急迫性 认知达到前所未有的高度，一场关乎国运的创新竞速赛，已经悄然拉开了帷幕。 国资背景创投基金超长存续期的突破性实践，主要是为响应"壮大耐心资本"的政策导向。2024年中央经 济工作会议明确提出，健全多层次金融服务体系，壮大耐心资本，更大力度吸引社会资本参与创业投 资。此后，国务 ...

Core Insights - The article highlights the unprecedented challenges faced by the once-dominant bakery brand, Tao Li Bread, indicating a significant decline in its market position and financial performance [1][11][10]. Financial Performance - In Q1 2025, Tao Li Bread reported a revenue drop of 14.2% year-on-year to 1.201 billion yuan, with net profit plummeting by 27.07% to 84.04 million yuan, marking the worst quarterly performance since its listing [2][3]. - From 2021 to 2024, the company's revenue growth rate fell from 6.24% to -9.93%, and net profit has been declining for four consecutive years [3][12]. Market Dynamics - The traditional packaged bread market is experiencing a "mid-life crisis," with Tao Li's struggles reflecting broader industry challenges, including competition from fresh-baked goods and convenience store offerings [10][8]. - The market is becoming increasingly fragmented, with new brands like A1 Snack Research Institute and Xiao Bai Xin Li Ruan gaining traction, while established brands like Dali and Man Ke Dun are facing significant setbacks [26][19][4]. Competitive Landscape - The competitive landscape is shifting, with convenience stores and new entrants offering fresh products that appeal to consumers, thereby eroding the market share of traditional brands like Tao Li [8][36]. - Tao Li's reliance on traditional supermarket channels is becoming a liability, as evidenced by a net loss of 144 distributors in 2024, highlighting the need for adaptation to new market realities [15][14]. Consumer Preferences - Consumer perceptions are changing, with a growing acceptance of medium and long-shelf-life products, challenging the traditional notion that "short shelf-life equals freshness" [27][20]. - New brands are leveraging innovative marketing and product differentiation to capture market share, while traditional brands struggle with product innovation and adaptation [30][29]. Industry Trends - The industry is witnessing a shift from industrialized production to scenario-based competition, necessitating traditional brands to rethink their strategies to survive [10][39]. - The rise of self-branded products in convenience stores and supermarkets is further intensifying competition, as these products often offer better pricing and perceived value [32][34]. Future Directions - The article suggests that the future of the packaged bread industry lies in exploring new consumer scenarios and adapting to changing market dynamics, rather than relying solely on traditional distribution channels [46][51]. - Brands are encouraged to innovate in product offerings and marketing strategies to better align with consumer needs and preferences in a rapidly evolving market [47][50].

Core Insights - AI agents are redefining the search landscape, shifting from "machines adapting to humans" to "humans adapting to machines" [2] - The emergence of AI large models has disrupted the traditional search market, previously dominated by giants like Google and Baidu [2][3] - The competition in the search industry is evolving towards "mind share" rather than just "traffic share" [3][4] Industry Dynamics - The competition is characterized by intensified technological stratification, with leading firms leveraging computational power and data advantages to create barriers [3] - Ecosystem competition is heating up, as traditional search engines integrate their content ecosystems to maintain dominance [3] - The value of entry points is being redefined, with AI search evolving from a tool to a traffic entry point [3] User Behavior Changes - Google search volume in Safari has declined for the first time in 20 years, while user numbers for startups like Perplexity are surging [4] - Apple's plans to integrate third-party AI search in Safari indicate a potential erosion of traditional search engine dominance [4] Business Model Evolution - The traditional advertising model in the search industry is being challenged, with subscription and enterprise services emerging as new directions [5] - Search results are evolving from "webpage lists" to "knowledge products," enhancing the added value of AI search [5] Challenges Ahead - There are significant challenges, including technical bottlenecks, ethical risks, and the need for ecosystem collaboration [6] - AI hallucination issues persist, particularly in handling ambiguous semantics [6] - Data privacy and algorithmic bias are critical ethical concerns as AI agents become more proactive in user environments [6]

连锁药房大逃杀！ 作者 | 贝壳XY 编辑 | 小白 2022年10月，风云君就曾关注到老百姓（603883.SH）控股股东医药集团（全称老百姓医药集团有限 公司）减持一事，彼时一口气减持了2%股份，轻松到手3.44个小目标。 | | | | | | 減持价 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 减持数量 | 減持比 | 减持期间 | 减持方 | 格区间 | 减持总金额(元) | 减持完成 | 当前持股数 | 当前持股 | | | (股) | 例 | | 式 | (元/ | | 情況 | 量(股) | 比例 | | | | | | | 股) | | | | | | 老百姓医药集 | 11, 646, 890 | | 2% 2022/9/28~ | 大宗交 | 29.54- | 344, 049, 130, 60 | 已完成 | 152, 741, 673 | 26.23% | | 团有限公司 | | | 2022/9/28 | 易 | 29.54 | | | | | （来源：老百姓公告 ...

在基金代销行业深刻变革的当下，蚂蚁基金能否在流量与服务之间找到新的平衡，真正以用户为中 心，提供专业、个性化的财富管理服务，这场艰难的"战役"，不仅关乎自身命运，更影响着数亿投 资者的财富未来。 在互联网金融的浪潮中，蚂蚁基金（蚂蚁集团旗下基金代销公司）曾凭借支付宝App的超级流量， 聚数亿基金投资者的"碎银几两"成高塔，在基金销售方面以雷霆之势超越"零售之王"招商银行成为 首家非货基保有量破万亿的销售巨头。 然而，从基金销售"爆款"频出，到蚂蚁金选的推荐模式在市场风格切换后备受质疑，信任危机亦由 此显现。 尽管蚂蚁基金通过升级筛选机制、优化准入规则、强化风险管 理等试图提升服务，但其商业模式与市场环境的复杂多变，使 其仍面临重重考验。 作者：洪小棠 封图：图虫创意 如今，尽管蚂蚁基金通过升级筛选机制、优化准入规则、强化风险管理等试图提升服务，但其商业 模式与市场环境的复杂多变，使其仍面临重重考验。 编 者 按 在公募基金的32万亿江湖中，在基金公司、基金经理与基金产品之外，还有一股搅动行业生 态的暗涌，藏匿于代销渠道的角力之中。银行、券商、第三方平台等代销机构，既是投资者接 触基金的第一道"筛选器"，也是行 ...

出品｜搜狐财经 作者｜毕然 编辑｜李文贤 当前，零食与烘焙行业正经历从"浅水区"到"深水区"的深度变革。 沙利文大中华区合伙人及董事总经理张葛建在5月8-10日举办的FBIF2025食品饮料创新论坛上提到，零食行业正从单纯的"好吃"向"吃好"转变。取而代之的 是"产品创新+场景挖掘+价值传递"的全新竞争维度。 搜狐财经盘点了论坛中零食领域的行业分享。 沙利文大中华区合伙人及董事总经理张葛建提出当前零食创新呈现健康化、情绪满足、新中式等五大趋势；百事公司、沙利文等均提到下沉市场潜力巨大； 明治品牌、阿华田、旺旺、白象等国内外企业代表则分享了从产品创新、渠道建设、品牌推广的经验，"3.0时代，满足情绪价值，需要产品跟消费者有更多 的互动。 零食赛道正经历深度变革，下沉市场潜力巨大 在和其他成熟的国家或者成熟市场乃至东南亚的市场比，中国食品饮料品类依然存在巨大的上升空间。 百事公司亚太区兼大中华区战略、业务发展和风投负责人汪还琼列举数据表示，以百事所处的咸味零食来看，中国人均年消费量目前只是两公斤，而这个数 字在美国高达15公斤，即便在澳大利亚也接近7公斤。 "这意味着我们和发达国家存在1/6或者6倍、8倍这样的差 ...

证券代码：002285 证券简称：世联行 益后的净利润三者孰低为负值，且扣除后的营业收入低于 3 亿元；或者追溯重述后 最近一个会计年度期末净资产为负值。（五）中国证监会行政处罚决定书表明公司已 披露的最近一个会计年度财务报告存在虚假记载、误导性陈述或者重大遗漏，导致 该年度相关财务指标实际已触及本款第一项、第二项情形。（六）本所认定的其他情 形。关于公司 2025 年的经营状况可持续关注公司后续披露的定期报告。公司始终以 稳健经营为基础，努力提升内在价值和可持续发展能力，积极发展公司主营业务， 公司在做好基本面的同时，及时准确传递公司信息，加强与投资者的交流，增进资 本市场对公司价值的认同。 深圳世联行集团股份有限公司 投资者关系活动记录表 编号：2025-023 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司 2024 年度业绩说明会的投资者 | | 人员姓名 | | | 时间 | ...

记者还摘取了"金融红宝书"中部分精华内容，以飨读者。 近日，华宝证券发布《2025金融产品年度报告：生态跃迁》（以下简称"金融红宝书"），在资管行业引起关注。 券商中国记者了解到，与大部分券商研究所以股票行业研究为主不同，华宝证券创新研究部将金融产品研究作为研究主线， 并每年推出一本300页左右的"金融红宝书"，洞察大资管行业的最新变化，今年已发布至第14本。历年"金融红宝书"的主题与 内容，也为业内津津乐道。 券商中国记者近日专访华宝证券研究创新部负责人张青，他同时是今年"红宝书"的创作者之一与牵头人。张青谈到，从规模 来看，保险、公募基金与其他资管业务拉开差距；以投资者为中心的买方投顾模式正在不断深化，推动行业从"规模竞 赛"向"价值共生"的转变。此外，金融科技化浪潮下，资管行业的人才结构变化也值得关注。 华宝证券研究创新部负责人张青 保险、公募基金与其他资管业务拉开差距 据张青介绍，近几年，我国大资管行业的格局发生巨大变化。在结构上，保险、公募基金的资金运用规模与其他资管业务规 模拉开差距。得益于指数化进程的加快，公募基金产品规模在2023年超越银行理财产品，并且在2024年继续拉大领先优势。 净值化转 ...

Core Insights - The "2025 Industry Conference" focuses on the transformation and high-quality development of the ceramic sanitary ware industry, with over 400 attendees from leading brands, associations, and distributors [2][3] Group 1: Industry Overview - The conference was held on April 25 in Nanchang, Jiangxi, organized by the China Building Materials Circulation Association and other partners [3] - The event unveiled the authoritative "2025 Annual China Building Sanitary Ceramics Brand List," with Macro Ceramic Tiles recognized as a top brand [5] Group 2: Quality Control - Quality is the core competitiveness of Macro Ceramic Tiles, which implements a comprehensive quality control system covering raw materials, processes, and product quality [7] - The company ensures high purity of raw materials at 98% through a unique mining team and has a large-scale storage facility [7] - Macro Ceramic Tiles has passed multiple quality certifications and has been recognized for its quality standards [10] Group 3: Product Strategy - Macro Ceramic Tiles employs top international designs and core technologies to create a diverse product matrix that meets various consumer needs [12] - The company offers over 1,000 differentiated products across 12+ product lines, catering to retail, integrated, and engineering customization channels [12] Group 4: Innovation and Standards - Innovation drives Macro Ceramic Tiles, which has established a research platform with universities and has achieved numerous national and provincial recognitions [14] - The company has led the formulation of 13 national standards and 3 industry standards, establishing itself as an innovation benchmark in the industry [14] Group 5: Market Positioning - Macro Ceramic Tiles has a nationwide service network with over 3,000 service points, serving more than 20 million households [16] - The company has seen growth in channel coverage and customer satisfaction, with a focus on digital marketing and standardized dealer management [16] - The recognition as a top brand reflects the company's multi-dimensional development in quality, product, innovation, and market presence [18]

计划通过本次IPO募集10至15亿美元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，顺丰控股股份有限公司（以下简称"顺丰"）今日开启预路演，并计划于2024年 11月27日正式在港交所主板完成"A+H"两地上市。 顺丰计划通过本次IPO募集10至15亿美元，这也将使其成为仅次于美的集团的今年港股第二大IPO。 根据弗若斯特沙利文 的 报告，按2023年收入 计算 ，顺丰是中国及亚洲最大的综合物流服务提供 商，也是全球第四大综合物流服务提供商。 在1993年成立至今30余年的发展历程中，顺丰率先进行了多项创新，引领中国的物流行业变革—— 20世纪90年代末，顺丰开创了收派员激励模式「按件计提」，使收派员的利益与公司保持一致； 2003年，顺丰采用手持巴枪，提高了运营效率，在中国首次开创了快递路线信息的收集和追踪； 2009年，顺丰成为中国首家成立自有货运航空公司"顺丰航空"的民营物流服务提供商；2012年， 顺丰在中国率先使用电子面单，提高了包裹处理的自动化率和实时追踪能力。 截至2024年6月30日，顺丰覆盖了中国所有的城市及98.1%的县级行 ...