放弃续费的会员和被KPI驱策的山姆员工 中新网北京12月11日电 (记者 赵方园)活老鼠出现在山姆原味麻薯包装盒里的消息，在连续五年持有山 姆会员卡的北京顾客王盼心里撕开了一道难以弥合的裂口。 "我明年不会续卡了。"王盼坦言。她的想法并非个例，今年以来，"山姆不再值得""山姆平替"等讨论在 社交平台持续升温。 黑猫投诉平台上，针对山姆的投诉量已突破1.3万条，食品安全、虚假宣传等问题高度集中。曾以严苛 选品和稳定品质建立口碑的山姆，为何走到今天？ 降级的选品标准 12月9日，深圳一名消费者晒出日常订单，其于12月8日晚通过山姆App的"极速达"服务，购买了包括鲜 奶、橙汁及一盒24枚装Member's Mark原味麻薯在内的商品。但当晚送达的银色保温袋中，除冷链商 品，还出现了一只活老鼠。 更让会员感到难以接受的，是自有品牌Member's Mark(MM)出现"肉眼可见的降级"。7月，有会员发现 MM有机大豆的质量等级从1级降为3级，但价格未变。据九派新闻报道，山姆会员商店官方客服回应确 认，"这个品质确实是有下降。" 与此同时，山姆的选品逻辑也正面临"大众化"的质疑。 过去一年，好丽友、溜溜梅、卫龙等传统 ...

智通财经APP获悉，开源证券发布研报称，我国商业航天市场规模逐年增长，已初步形成覆盖上游制 造、中游发射与运营、下游应用服务的全链条生态。"降本增效"成为市场规模化的关键，其核心突破点 在于低成本推动航天产业实现"商业化"核心驱动力、小型且轻量化以及卫星发射场持续扩展。近期商业 航天司的设立及商业航天发展三年规划的出台，充分彰显顶层对商业航天发展的重视，高度看好商业航 天的投资机遇。 开源证券主要观点如下： 我国商业航天全产业生态初步形成，"降本增效"成为规模化的关键 我国商业航天市场规模逐年增长，已初步形成覆盖上游制造、中游发射与运营、下游应用服务的全链条 生态。"降本增效"成为规模化的关键，其核心突破点在于：(1)可重复使用火箭技术的革命性意义在于 通过显著降低发射成本、缩短任务周期，从而大幅提升运力供给，其中低成本是推动航天产业实现"商 业化"的核心驱动力；(2)小型化、轻量化卫星技术的发展有效降低了卫星的制造和发射成本，使得卫星 应用更加广泛。(3)卫星发射场持续扩展，逐步迈入高密度、常态化发射新阶段。 低轨卫星星座具有低时延、发射灵活度高和制造成本低等特点，是世界主要航天国家争夺空间资源的新 赛道。 ...

Core Viewpoint - The logistics industry is increasingly focused on cost reduction and efficiency, with high-power, low-fuel-consumption, and highly reliable natural gas engines becoming the focal point in the heavy-duty truck market [1][4]. Group 1: Product Launch and Market Demand - Cummins officially launched the new flagship powertrain, the 16N natural gas engine, on December 8, featuring a powerful output of 720 horsepower, addressing the energy efficiency challenges in long-haul logistics and complex mountainous transport [2][4]. - The 16N engine aims to fill a market gap for high-power natural gas engines, particularly in the southwest and northwest regions of China, where customers have expressed a strong demand for high power and lower fuel consumption [6][19]. Group 2: Technical Innovations - The 16N engine underwent four years of deep research and over 5 million kilometers of road validation, designed specifically for natural gas fuel rather than being a simple modification of diesel engines, addressing long-standing limitations in the industry [8][10]. - The engine features a new strong swirl combustion system and a compression ratio of 15:1, achieving a brake thermal efficiency (BTE) close to 44%, which is industry-leading [9][10]. Group 3: Competitive Advantages - The 16N's core competitiveness lies in its dedicated design for natural gas, ensuring efficient combustion and significant fuel savings, with real-world tests showing up to 10% fuel consumption reduction in certain scenarios [10][12]. - The engine is equipped with advanced features such as a high-strength design, a long maintenance interval of 300,000 kilometers, and smart technology for enhanced safety and operational efficiency [12][19]. Group 4: Customization and Global Strategy - Cummins has established a comprehensive product line of natural gas engines, covering power outputs from 430 to 720 horsepower, tailored to various logistics scenarios [13][19]. - The company is expanding its production capacity and adapting its global strategy to meet the rising demand for natural gas engines, with plans for localized product development in diverse markets such as Southeast Asia, Africa, and South America [18][19].

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-20 | 投资者关 | 特定对象调研 ☑ | | | | □分析师会议 | | --- | --- | --- | --- | --- | --- | | 系活动类 | □媒体采访 | | | | □业绩说明会 | | | □新闻发布会 | | | | □路演活动 | | 别 | □现场调研 | | | | □其他 | | 活动参与 | 国投证券 | | | | 周古玥、陈天琰，招银理财袁尧、郝雪梅、吴嘉杰、姚思劼、彭治 | | 人员 | 力 | | | | | | 时间 | 2025 年 | 12 月 | 10 | 日 | 16:00—17:00 | | 地点 | 公司 会议室 | 3322 | | | | | 形式 | 座谈交流 | | | | | | 上市公司 | | | | | 财务部（资本运营部、证券事务部）经理、证券事务代表：刘八妹 | | 参加人员 | | | | | 财务部（资本运营部、证券事务部）业务经理：岳圣文 | | 姓名 | | | | | | | | | 问答交流： | | | | ...

Core Insights - Yilian Technology has achieved a significant milestone with a cumulative global shipment of over 100 million CCS (Cell Connection Components), reflecting strong market recognition and showcasing its technical and manufacturing capabilities [2] - The company has evolved into a leading provider of comprehensive electric connection solutions over more than 30 years of focused development in the electric connection sector [3] Company Development - Founded in 1991, Yilian Technology initially focused on household appliance wiring harnesses and later expanded into the automotive sector in 2000, establishing partnerships with major automotive brands [3] - A key partnership with CATL in 2013 laid the groundwork for the company's explosive growth over the past decade [3] Competitive Advantage - The company's competitive edge stems from a combination of technological innovation and deep integration with major clients, which provides insights into market demands and stable order sources [3] - Yilian Technology emphasizes a "coexistence effect" between technology and ecosystem, allowing it to stay at the forefront of innovation and participate in setting industry standards [4] Cost Reduction and Efficiency - The company adheres to a "three no" principle: no reduction in quality, no delays in delivery, and no shirking of responsibility, focusing on systematic optimization to enhance cost advantages without compromising quality [4] - Future developments in the CCS sector will focus on lighter, thinner, and more integrated components, driven by advancements in materials science and thermal management technologies [4] Product Innovation - Yilian Technology's CCS products are critical in the supply chain, directly impacting the safety and efficiency of power systems, with a 99.99% welding yield rate achieved through advanced laser welding technology [6] - The company has expanded its product line to include FPC (Flexible Printed Circuit) technology, which complements CCS by providing integrated solutions for battery systems [7] Manufacturing Excellence - The company has established a high-end manufacturing system that integrates precision processing, laser welding, and intelligent detection, achieving CMMM Level 3 certification in August 2025 [8] Strategic Partnerships - As a core supplier to major companies like CATL, Yilian Technology maintains its bargaining power and technical independence through innovation and quality assurance [9] - The company balances deep service to core clients while standardizing capabilities to efficiently serve a diverse customer base, facilitating broader market expansion [9] Market Expansion - Yilian Technology is actively expanding its expertise in electric connection and thermal management technologies into new sectors such as energy storage and industrial control, anticipating significant growth in these areas over the next three to five years [10]

Core Insights - Yilian Technology has achieved a significant milestone with a cumulative shipment of over 100 million CCS (Cell Connection Components), reflecting strong market recognition and robust technical capabilities [1] - The company has evolved into a global leader in providing comprehensive electric connection solutions after over 30 years of focused development in the electric connection field [1] Group 1: Competitive Strengths - The company emphasizes that technological research and large-scale manufacturing are foundational to ensuring high reliability and low costs, while deep partnerships with leading clients provide insights into market demands and stable order sources [2] - Yilian Technology's competitive advantage stems from a "symbiotic effect" between technology and ecosystem, allowing for innovation that aligns closely with market trends and participation in industry standard-setting with major clients [2] - The company adheres to a "three no" principle: no compromise on quality, no delays in delivery, and no shirking of responsibility, focusing on systematic optimization to enhance cost advantages without sacrificing quality [2] Group 2: Future Outlook - The future of the electric connection sector is expected to evolve towards lighter, thinner, and more integrated CCS components, driven by continuous breakthroughs in materials science and thermal management technologies [3] - The demand for CCS components will be propelled by advancements in digital technologies (AI, 6G), energy revolutions (electric vehicles, green grids), smart societies (industrial IoT), and extreme explorations (deep space, deep sea) [3] Group 3: Product Development - Yilian Technology's CCS products are critical in the battery pack industry, directly influencing the safety and efficiency of power systems, with high reliability requirements from manufacturers [3] - The company has successfully expanded its product line from CCS to FPC (Flexible Printed Circuit) boards, driven by customer needs and technological extensions, enhancing its overall solution capabilities for battery systems [4] - Innovations in multi-material composite welding processes have significantly improved connection reliability and lifecycle, while advancements in FPC have increased bend resistance to over 100,000 cycles [4] Group 4: Manufacturing Excellence - The company has established a high-end manufacturing system integrating precision processing, laser welding, and intelligent detection, achieving CMMM Level 3 certification, indicating industry-leading standards in smart manufacturing [5] Group 5: Market Expansion Strategy - As a core supplier to major companies like CATL, Yilian Technology maintains its bargaining power and technical independence through innovation and quality assurance [6] - The company balances deep service to core clients with the standardization of capabilities to efficiently empower a diverse customer base, facilitating broader market expansion [6] - Yilian Technology is actively expanding its electric connection and thermal management technologies into new sectors such as energy storage and industrial control, anticipating these areas to drive future growth [6][7]

关店近千家、营收持续下滑的周黑鸭，走到了'悬崖边'？ 再曝涉食安问题 12月10日下午，据封面新闻报道："12月9日，一名网友发布视频称，在电商平台购买了两份周黑鸭鸭翅，未拆封的包装袋里出现5条白色虫子蠕动。"封面 新闻称在9日下午联系周黑鸭了解情况，对方记录信息后称会回访，10日上午，记者再次拨打电话，对方表示将由专人回复，但截至发稿未收到回复。 图：截自都市现场 回到最新的虫子事件，从媒体的报道与采访得出的线索来看，目前尚未能明确虫子的来源，加之相关曝光视频被删除，周黑鸭也未对相关舆情进行回应 （截至目前），所以暂时还无法下定论，食品安全无小事，互联网那些事也将继续保持关注。 值得一提的是，在黑猫投诉平台，最近一个月左右，也出现了多条针对周黑鸭的投诉，理由五花八门，有因"周黑鸭不干净有毛皮，商家态度差"，有 因"周黑鸭产品有虫洞还发霉，商家只赔200我不同意！"，还有网友因"周黑鸭套餐锁骨有塑料细物，拼客服不作为，求依法赔偿"…… 据封面新闻的描述，网友曝光的视频引发广泛关注后，不少网友开始讨论虫子的来源，有人怀疑是苍蝇幼虫，有人怀疑是蛆虫，也有人认为鸭翅是高盐度 腌制品 ，虫子不可能是鸭翅本身产生的。 ...

Core Insights - The "2025 China Enterprise Competitiveness Conference" was held in Beijing on December 9-10, highlighting the importance of data as a core production factor alongside land and capital [3][8] - Li Wei, Chairman of QuChain Technology, emphasized the role of "Blockchain + Privacy Computing" as foundational technology to bridge data innovation services with application scenarios [3][8] Healthcare Sector - QuChain Technology aims to address issues in China's healthcare system, such as data fragmentation and discipline separation, by creating a trusted medical data space that integrates resources from health authorities, hospitals, and data bureaus [3][8] - In the smart healthcare domain, the company is developing high-quality datasets and AI multimodal fusion models to enable intelligent diagnosis and imaging functions, exemplified by a collaboration with Peking University Dental Hospital to launch China's first dental AI medical registration certificate [3][8] Insurance Sector - The company has implemented a rapid claims project for accident insurance in Wenzhou, which connects data across health insurance, health commissions, hospitals, traffic police, and insurance companies, allowing patients to claim online without upfront costs [4][9] - This initiative has reduced insurance companies' annual costs by 80%, creating a win-win situation for users, companies, and data providers, with potential for nationwide expansion [4][9] Pharmaceutical and AI Innovation - QuChain Technology leverages integrated high-quality medical data to support drug development and foster more medical AI innovations, driving digital transformation in the healthcare industry [4][9] Financial Sector - The financial industry has high demands for data credibility and security, and QuChain Technology utilizes "Blockchain + Privacy Computing" to enable compliant sharing and efficient use of financial data, addressing privacy risks in multi-party data collaboration [4][10] - The company has established multiple replicable commercial cases in the financial sector, which is characterized by strong willingness to pay and clear demand for technology [10] Future Directions - Li Wei indicated the need to further explore data value across industries and promote more scenarios that achieve cost reduction and efficiency enhancement, aiming to build a standardized, vibrant, and integrated national data market [5][10]

本报讯 （记者丁蓉）12月9日，广东塔牌集团股份有限公司（以下简称"塔牌集团"）发布《关于变更部 分回购股份用途并注销减少注册资本的公告》。 公告显示，基于回购专用证券账户部分回购股份存续时间即将期满3年，为提高公司长期投资价值，提 升每股收益水平，进一步增强投资者信心，塔牌集团拟将存放于回购专用证券账户中的1812.45万股回 购股份的用途由"用于公司实施员工持股计划"变更为"用于注销并减少公司注册资本"，并按规定办理股 份注销、工商变更登记等相关手续。 2025年前三季度，得益于所处市场区域气候好转及受上年同期销量基数较低的影响，塔牌集团产品销量 实现同比上升，水泥销量同比上升6.37%，"水泥+熟料"销量同比上升5.05%；得益于煤炭价格的下降和 公司采取的瘦身强体、降本增效措施的累积效应，该公司水泥平均销售成本同比下降了7.03%，大于水 泥销售价格的同比降幅4.34%，管理费用亦实现同比下降，水泥主业盈利水平同比有所改善。同时，得 益于资本市场的持续回暖，该公司投资收益（含浮盈）同比大幅增长，叠加处置关停企业的收益增加， 公司非经常性损益同比增加1.41亿元。在上述因素叠加影响下，公司实现归属于上市 ...

Core Viewpoint - The CEO of the company, Zhang Junbin, has denied rumors regarding a potential acquisition by Jiuyang, emphasizing the company's commitment to pursuing an IPO in Hong Kong and addressing internal management and competitive challenges [1][2]. Group 1: Acquisition Rumors and IPO Plans - Zhang Junbin refuted the acquisition rumors, stating they are intended to undermine employee morale, and reaffirmed the company's determination to proceed with its IPO plans [2]. - The company has made significant progress in its capital efforts, having secured $100 million in financing led by Tencent and a robotics fund, with a valuation exceeding 10 billion [2]. Group 2: Internal and External Challenges - The company is facing internal challenges, including frequent management changes, with key personnel departures impacting operations [3]. - The competitive landscape for robotic vacuum cleaners is intensifying, with the company holding a 14.7% market share, ranking fourth behind major brands like Ecovacs and Roborock [3]. - The average selling price of robotic vacuums has declined, squeezing profit margins and increasing market concentration, making survival difficult for smaller players [3]. Group 3: Future Strategy - The company aims to focus on "efficient operations" in 2026, avoiding the pitfalls of becoming a "large company" and emphasizing cost-effective management practices [4]. - Zhang Junbin highlighted the need for improved operational awareness and efficiency to navigate the competitive landscape and ensure the success of the IPO process [4].