持有贵州茅台（600519）二十多年，珠海人老马第一次决定到股东大会来看看。 父亲持有贵州茅台十几年后，四川人单健前些年也"子承父业"成为茅台的股东，今年又一次来到茅台 镇。 5月19日，贵州茅台召开2024年度股东大会，参会人数超过1400人，再次因为报名人数超预期临时调整 了会议地点。不少到场的股东像老马一样，对"600519"这只股票很长情，买入以来一直持有。像单健这 样家里两三代人都成为茅台投资者的，也并不少见。 面对跨越山海而来的新老股东，茅台再次以招待家人的标准相待：接站车队在茅台机场随时待命，"欢 迎回家"的标语在茅台国际大酒店一路排开，开设临时通道方便未提前报名参会的股东…… 茅台管理层也保持低姿态，在股东大会前后的餐叙、茅友嘉年华等环节多次主动走近股东开展交流。在 股东们抵达首日的餐叙期间，贵州茅台酒股份有限公司党委书记、董事长张德芹到场后多次向股东行礼 表示感谢。 不辞辛劳赶来的投资者，最关心的正是管理层对经营的思考。很多投资者都想知道，管理层将如何应对 当下的白酒调整周期，从而保证茅台这艘千亿级巨轮继续稳定前行？ 在5月19日下午股东大会的投资者交流环节，管理层提前搜集了股东关心的热点议 ...

各位童鞋搭嘎猴啊，上周 " AI 应用报告"看的怎么样？有童鞋在后台留言："帝都这冰雹， 来的就像爱情一样，不期而遇却撞个满怀；满怀期待地时候呢，又迟迟不来……" 淡 定淡定，这来个冰雹就搞起吟诗作赋了，实在不符合俺们程序猿、攻城狮的习惯，不过有个 好消息是，把一定数量的冰雹包起来冻好联系北大一个课题组就可以换取玛瑙，童鞋们加 油，这个可能比爱情来的更容易 O( ∩ _ ∩ )O 哈哈 ~ 言归正传，今天就给大家分享一下 2025 汽车消费市场洞察报告。 Qu e s tMobi l e 数据显 示，随着国家政策红利的持续，电动化和智能化掀起技术焕新潮，国内的汽车消费保持了旺 盛的态势，截止到 2025 年 3 月，国内智能汽车 APP 月度活跃用户规模已经达到 8627 万，月人均使用次数也达到 47.5 次；同时，各类新能源汽车月度活跃量已经超过 3000 万 辆，其中，纯电动汽车月度活跃量超过 2000 万辆。 从用户画像上看，当前购车群体年轻化趋势明显，智能汽车 APP 行业新安装用户中， 90 后、 00 后占比已经达到 48.2% ，同比增加了 4.7% 。这种变化，反映了汽车首购年龄 正在提前， ...

（图片系AI生成） 5月18日，中共中央、国务院修订发布的《党政机关厉行节约反对浪费条例》（以下简称《条例》）明 确规定，公务接待工作餐"不得提供香烟，不上酒"。 笔者注意到，目前市场将这一政策视为"新禁酒令"，预计会引发白酒行业短期波动。19日开盘，白酒股 集体走低，其中头部几家领跌，似乎印证了上述猜想。 不过，业内对此并不担忧。实际上，这些年全国各地的"禁酒令"已相对常态化，但政务消费退潮后白酒 也已实现消费转型。眼下，白酒更应专注应对周期挑战。 "禁酒令"常态化下白酒政务消费已退潮 早在2013年白酒受多重因素影响进入调整期后，白酒企业就被迫向商务和个人消费转型。因此政务白酒 消费潮早已褪去，如今在整个白酒消费市场占比较低。 目前业内普遍认为，此次"新禁酒令"的影响如以往一样，更多是催化市场情绪短期波动，长期看对白酒 行业无实质影响。 中国酒业独立评论人肖竹青认为，在2013年之前，中国高端白酒是由公款消费支撑，2013年中央八项规 定之后，中国高端白酒是有高净值人群和各行各业的民营企业家成为中国高端白酒主力的消费人群。 "此次重新学习八项规定，短期会引起股市波动，长期而言不会有大的影响，因为高端白酒消 ...

Group 1: Industry Insights - The liquor industry is facing challenges, with companies like Luzhou Laojiao and Zhangyu expressing concerns about market conditions and sales performance [1][15] - Qingdao Beer is considering the integration of quality assets to enhance its market position, indicating a strategic approach to growth [13] - The recent regulations on public reception by government agencies may impact the consumption of alcoholic beverages in official settings [2] Group 2: Company Developments - Kweichow Moutai has completed 62.46 million shares repurchase, amounting to 10.11 billion yuan, which is two-thirds of its planned buyback [3] - Yanjing Beer is expanding into the non-alcoholic beverage market, launching a new soda brand to meet consumer demand and leverage synergies with its beer business [10][11] - Zhangyu's management remains cautiously optimistic about the long-term prospects of the domestic wine market despite current challenges [15][16] Group 3: Management Changes - Tim Ford is stepping down as CEO of Treasury Wine Estates, with Sam Fischer set to take over, bringing experience from both fast-moving consumer goods and the beverage industry [8] - Chen Qi, Vice Chairman of Shanghai Guijiu, has resigned due to personal reasons, continuing to serve as a board member [9]

Group 1: Museum Engagement and Visitor Experience - The popularity of the "Sisters" figurines at the Luoyang Museum has led to an increase in young visitors wearing Hanfu to take photos with the artifacts, reflecting a trend of cultural engagement among youth [10][11] - The museum has adjusted its exhibition layout to enhance visitor experience by relocating the "Sisters" figurines to a more accessible display area, allowing for better interaction and photography opportunities [11] - Young people are increasingly valuing emotional experiences in museums, shifting the focus from mere object display to human connection, which is becoming a new exploration direction for many museums [12] Group 2: Innovative Museum Spaces and Cultural Products - The Gansu Provincial Museum has created an immersive space called "Home of the Green Horse and Friends," where visitors can interact with life-sized sculptures and engage in themed activities, attracting hundreds of visitors daily [14][15] - The museum's creative team, composed of individuals under 30, has successfully transformed the image of the bronze galloping horse into a relatable cultural icon, enhancing visitor engagement through innovative design [15] - The Jiangsu province's "Home Viewing Big Exhibitions" initiative has seen significant visitor turnout, with a notable increase in sales of cultural products, indicating a growing trend in museum economics [19] Group 3: Cultural IP Development and Modernization - The Hunan Museum has revitalized the "cat" motif from the Western Han Dynasty, creating a series of modern cultural products that resonate with younger audiences, showcasing the potential of cultural IP development [21][22] - The museum has integrated dining experiences and cultural activities, such as themed food and merchandise, into its offerings, enhancing the overall visitor experience and engagement with historical artifacts [22] - The online platform "Shanhai" launched by the Hunan Museum features over 32,000 artifacts, providing a digital museum experience that attracts significant online participation [22]

最近，国货品牌白象联手卫龙推出的 辣条拌面刷屏了年轻人的社交圈。 泡泡玛特凭借盲盒火遍国内外市场，无数年轻人为一只Labubu大排长龙；Jellycat在社交平台上的声量比2023年增长167%，沉浸式打包方式引发网友围 观；谷子经济蓬勃发展，二次元IP成为品牌争相联动的香饽饽…...时下，这些曾让很多人直呼"看不懂"的产品与消费行为，让年轻人乐此不疲地追捧。 随着中国由生产型社会转变为消费型社会，在功能性的使用价值之外，商品背后的符号价值成为消费者关注的重点；而处于经济周期性转折的时代拐点， 不确定性的增长让年轻一代压力倍增，Z世代迫切需要一枚"情绪布洛芬"。 多元化的社会形态让年轻群体愈发关注自我认同，反PUA、拒绝内耗、寻求情绪疗愈成为新一代消费者的人生底色。《2024中国青年消费趋势报告》显 示，近三成的受访年轻人会因为"情绪价值疗愈身心"而进行消费，"千金难买我高兴"成为了很多年轻人的消费理念。 为"快乐"买单，不只是随时随地主打陪伴的玩偶，还有最能够通过肠胃影响情绪的"吃"。 最近，国货品牌白象联手卫龙推出的辣条拌面刷屏了年轻人的社交圈。继麻辣小龙虾拌面、香菜面、牛油麻辣火锅面之后，其联名产品以" ...

Core Insights - The report "Return to Self - 2025 Douyin Selected Trends for Young People" analyzes over 30,000 topics and popular videos from Douyin between January 2024 and February 2025, summarizing ten major lifestyle trends among young people [1][9]. Group 1: Cultural and Emotional Expression - Young people are engaging in "low-cost rebellion" to relieve stress, showcasing this through creative reinterpretations of popular characters and expressing their work-related frustrations [1][13]. - The "Cultural Physical Recovery Plan" is emerging, where young individuals seek healing through experiences like resigning to rediscover life and learning scientific knowledge on Douyin [1][46]. Group 2: Lifestyle Changes - A trend towards "low-energy" living is noted, with young people experimenting with pre-prepared meals and focusing on local markets and rural tourism, reflecting a shift towards "nearby living" [1][10]. - Young individuals are reconstructing their daily radius, emphasizing local experiences and community engagement [1][10]. Group 3: Career and Growth Paths - The exploration of "non-standard life paths" is prevalent, with young people developing side jobs and engaging in diverse careers, including public service and skill learning to achieve personal value [1][10]. Group 4: Social and Interest Dynamics - The integration of subculture into daily life is significant, with elements like cosplay and extreme sports reflecting a spirit of exploration and challenge [2][10]. - Young people are revitalizing traditional culture through innovative forms, such as Hanfu and intangible cultural heritage crafts, demonstrating a blend of modernity and tradition [2][10]. Group 5: Technology and Future Living - The "cyber generation" is adept at utilizing AI tools for various creative applications, showcasing a deep integration of technology into daily life [2][10]. - Young individuals are increasingly using platforms like Douyin for educational purposes, engaging with content that enhances their knowledge and skills [1][62].

Core Insights - The article discusses the generational differences between young people and their predecessors, highlighting a shift towards self-exploration and personal needs rather than grand narratives [1] - The theme of the report is "Returning to Self" and focuses on the trends among young people as observed on Douyin (TikTok) [1] Group 1: Trends in Young People's Behavior - Young people are moving away from traditional standards to create their own life scripts, with Douyin providing a platform for individual expression and interaction [6] - The popular topics on Douyin reflect the focal points of user interests and interactions, with rich content leading to trendsetting [7] - Young individuals are engaging in low-cost daily "rebellion," allowing themselves to explore life in a childlike manner [11] Group 2: Lifestyle Changes - There is a notable shift towards a "low-energy" lifestyle, where young people seek efficiency without sacrificing experiences, utilizing the internet for freedom [13] - Young people are reconstructing their daily living radius, embracing local culture and experiences, and challenging themselves to explore new places [15] - They are arming themselves with knowledge and skills, exploring unconventional career paths while integrating personal passions into their daily lives [17] Group 3: Technological Integration - The acceleration of technological iteration is leading to a blend of new and old practices, with young people embracing a cyber lifestyle while keeping traditional skills alive [19] - Douyin serves as a cultural hub for youth, witnessing and supporting this transformation while fostering diverse creators [20]

Core Viewpoint - Luzhou Laojiao's 2024 performance shows a slowdown in revenue and profit growth, with a focus on adapting to market changes and consumer demands, particularly among younger demographics [3][4]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of about 13.473 billion yuan, up 1.71% [3]. - The fourth quarter revenue was around 6.893 billion yuan, with a net profit of approximately 1.88 billion yuan, showing a decline compared to the same period last year [3]. Market Dynamics - The liquor industry is transitioning from a phase of rapid growth to one of quality and sustainability, with increased competition and market differentiation [4]. - Luzhou Laojiao has set a goal for 2025 to achieve stable revenue growth amidst a challenging market environment characterized by high inventory and price discrepancies [4]. Inventory and Channel Management - The company maintains normal supply channels and has prepared adequately for the upcoming Dragon Boat Festival sales, despite previous media reports suggesting a halt in order acceptance [5]. - Luzhou Laojiao collaborates closely with distributors to adjust sales targets and market policies dynamically, ensuring a reasonable profit margin for clients and promoting healthy market development [4][5]. Digital Transformation - The company is undergoing significant digital reforms, shifting from a channel-driven sales strategy to a consumer-focused approach, enhancing marketing capabilities through digital tools [5]. - Concerns regarding the diminishing marginal effects of digital marketing strategies have been acknowledged, with the company emphasizing the importance of management system innovation [5]. Youth Engagement and Product Innovation - Luzhou Laojiao is actively developing products that cater to younger consumers, including innovative and cross-border collaboration products, with the "Three-Body" science fiction-themed liquor set to launch in June [3][7]. - The company has engaged in various promotional activities across cultural, artistic, and sports domains to resonate with the younger generation [7][9].

Core Viewpoint - The frequent turnover of executives in the fund industry reflects deep adjustments amid intensified competition and stricter regulations, with a notable trend towards younger leadership [3][4][5]. Group 1: Executive Changes - In the first half of May 2025, eight executives from five institutions underwent position changes, with a significant focus on general managers and presidents [3]. - Notably, Han Yong, the general manager of Huatai-PB Fund, stepped down after nearly 14 years, marking a significant transition in the industry [4]. - The new general manager of Shanghai Dongfang Securities Asset Management, Cheng Fei, born in 1983, represents a younger generation of leaders, highlighting the trend of increasing youth in executive roles [4][5]. Group 2: Strategic Implications - The departure of veteran executives like Han Yong raises questions about the future direction of their firms, particularly regarding the sustainability of successful products like the CSI 300 ETF [5]. - The transition to younger leadership is seen as a response to the industry's need for versatile talent, with new executives often possessing diverse backgrounds in investment research and asset management [5][6]. Group 3: Regulatory and Compliance Pressures - The tightening of regulatory policies has led to increased pressure on compliance and risk management, prompting many firms to adjust their compliance leadership [7][8]. - The role of compliance officers is evolving, with a growing demand for professionals who understand both legal regulations and asset management practices [8]. Group 4: Differentiation Strategies in Smaller Firms - Smaller fund companies are experiencing executive changes that reflect strategic adjustments aimed at survival and differentiation in a competitive landscape [9][10]. - Recent leadership changes in firms like Tianzhi Fund and Everbright Prudential Fund indicate a shift towards enhancing regulatory compliance and optimizing investment research frameworks [9].