报告发布方：中金企信国际咨询 此报告共计十个章节，总览如下（说明：历史数据2019-2024年，预测数据2025-2031年。此报告为常规版研报如有更多特定需求 可选择定制，我司会根据客户需求提供整套完善解决方案。）： 1）中金企信国际咨询（全称：中金企信（北京）国际信息咨询有限公司）为国家统计局涉外调查许可单位&AAA企业信用认证 机构，致力于"为企业战略决策提供行业市场占有率认证&证明、产品认证&证明、国产化率（认证&报告）、项目可行性&商业 计划书专业解决方案"的专业咨询顾问机构。 2）专精特新"小巨人"&单项冠军市场占有率、市场排名认证服务-中金企信国际咨询。 三、免费VS付费产业链侧重各有不同 付费和免费短剧的背后，是制作方和平台在产业链价值转移：付费短剧：制作方与平台类似App开发者与应用商店的关系。制作 方全权负责短剧的制作和投流，平台仅仅作为短剧的投流和播出渠道。制作方追求数量，通过"创作-投流"的高频重复获取收 益。免费短剧：制作方与平台类似抖音KOL与抖音的关系。制作方向平台提供内容，平台主导投流和流量的分配。制作方追求 质量，需要让短剧被算法大量分发。 四、免费模式下，制作方策略变化 过 ...

1）中金企信国际咨询（全称：中金企信（北京）国际信息咨询有限公司）为国家统计局涉外调查许可单位&AAA企业信用认证 机构，致力于"为企业战略决策提供行业市场占有率认证&证明、产品认证&证明、国产化率（认证&报告）、项目可行性&商业 计划书专业解决方案"的专业咨询顾问机构。 2）专精特新"小巨人"&单项冠军市场占有率、市场排名认证服务-中金企信国际咨询。 3）项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询： 集13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、 战略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提 升项目单位申报项目的通过效率。 4）中金企信国际咨询定制服务-依托自建数据库、专业自建调研团队及官方&各领域专家顾问、国内外官方及三方数据渠道资源 等为各领域客户提供专属定制类全套解决方案。 一、中国 OTA 行业：下沉与细分赛道驱动行业持续增长 旅游市场仍存增量空间：疫情后，国内旅游市场快速复苏。其中，我们认为四个方面因素 ...

摘要：【图】2025年3月新疆维吾尔自治区石油沥青产量数据 2025年3月石油沥青产量统计： 石油沥青产量：7.2 万吨 同比增长：30.1% 增速较上一年同期变化：高34.5个百分点 据统计，2025年3月新疆维吾尔自治区规模以上工业企业石油沥青产量与上年同期相比增长了30.1%， 达7.2万吨，增速较上一年同期高34.5个百分点，增速较同期全国高22.4个百分点，约占同期全国规模以 上企业石油沥青产量305.6万吨的比重为2.4%。 详见下图： 图1：新疆维吾尔自治区石油沥青产量分月（当月值）统计图 2025年1-3月石油沥青产量统计： 石油沥青产量：16.0 万吨 同比增长：13.8% 增速较上一年同期变化：高39.5个百分点 据统计，2025年1－3月，新疆维吾尔自治区规模以上工业企业石油沥青产量与上年同期相比增长了 13.8%，达16.0万吨，增速较上一年同期高39.5个百分点，增速较同期全国高11.1个百分点，约占同期全 国规模以上企业石油沥青产量825.4万吨的比重为1.9%。详见下图： 图2：新疆维吾尔自治区石油沥青产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单 ...

Core Viewpoint - The liquid milk industry in China is experiencing growth driven by government policies and increasing market demand, with a focus on quality improvement and brand development [3][4]. Group 1: Industry Overview - Liquid milk refers to liquid dairy products processed from raw milk through purification, homogenization, and sterilization, including various types such as fermented milk and pasteurized milk [1]. - The industry is characterized by a diverse range of products that cater to different consumer needs, providing essential nutrients and convenience [1]. Group 2: Policy Support - The Chinese government has implemented several policies to support the liquid milk industry, including the "14th Five-Year Plan for Dairy Industry Competitiveness Enhancement," aimed at promoting integrated development and quality improvement [3][4]. - Policies also focus on enhancing the entire supply chain and encouraging local brand development [3]. Group 3: Supply Chain Dynamics - The upstream of the liquid milk industry involves milk source supply, including feed production and dairy farming, which are crucial for ensuring the quality and stability of milk supply [5]. - An increase in feed production positively impacts the liquid milk industry by reducing costs and improving efficiency in dairy farming, thus enhancing milk yield [7]. Group 4: Market Trends and Future Outlook - The liquid milk industry is expected to continue innovating and expanding, driven by rising living standards and changing consumer preferences [1]. - A report by Huajing Industry Research Institute forecasts the development trends and investment directions for the liquid milk industry from 2025 to 2031, indicating a comprehensive analysis of market conditions and competitive landscape [8].

Core Viewpoint - The medical protective clothing industry has experienced significant growth due to the COVID-19 pandemic, leading to increased production capacity and supply in China. However, as the pandemic situation stabilizes, demand has begun to decline, prompting a shift towards international markets. In 2024, production is expected to rebound, reaching 6.5 million sets, an increase of 8.3% year-on-year [1][11]. Industry Overview - Medical protective clothing serves as essential attire for healthcare personnel, providing safety and preventing the spread of pathogens. It includes various types of clothing based on usage, lifespan, and material processing methods [3][4]. - The industry is characterized by a high market concentration, dominated by several large enterprises that leverage technological innovation and brand development to capture significant market shares [15][16]. Industry Chain - The medical protective clothing industry chain consists of raw material supply, manufacturing, and distribution. Key raw materials include non-woven fabrics and functional materials, which are critical for product quality [9]. Current Industry Status - The demand for medical protective clothing surged during the pandemic, leading to rapid capacity expansion in China. As of 2023, demand has started to decline, with some production capacity redirected to international markets. In 2024, production is projected to increase to 6.5 million sets [1][11]. Competitive Landscape - Major companies in the medical protective clothing market include Blue Sail Medical, Shenzhen Shangrong Medical, and ZhenDe Medical. These companies are focusing on product differentiation and specialized markets to maintain competitiveness [15][16]. Development Trends - Quality Upgrade: There is a growing emphasis on product quality and functionality, with advancements in technology leading to the incorporation of features like antibacterial and antiviral materials [20]. - Personalization and Functionality: The industry is moving towards personalized products to meet the diverse needs of healthcare professionals [21]. - Smart and Technological Integration: The future of the industry includes the adoption of smart technologies for enhanced functionality and safety [22][23]. - Internationalization and Standardization: The industry aims to participate in international markets and promote product and industry standardization to enhance quality and reduce trade barriers [24].

内容概要：仓储会员超市是指以会员制为基础，精选高性价比商品，库存和销售合一的零售业态。近年 来受益于经济增长，仓储会员超市通过高供应效率以及高质价比产品吸引大量消费群体，国内行业热度 持续高涨，市场规模增长明显。数据显示，2024年我国仓储会员超市市场规模已从2012年的216.3亿元 增长至387.8亿元。未来，随着中国消费市场的持续升级，仓储会员超市行业将迎来更广阔的发展空 间，将不断为中国零售业的转型升级注入新的活力。 关键词：产业链；仓储会员超市行业规模；仓储会员超市线上线下购物占比；竞争格局；重点企业；发 展趋势 一、行业概况 仓储会员超市，是一种带有批发性质的批售式商店，在我国又称为仓储式商场或货仓式商场，是指以会 员制为基础，精选高性价比商品，库存和销售合一的零售业态。相较于传统商超，仓储会员超市以会员 为核心，建立会员制度，选址郊区库架合一节约成本，圈定客群并精选商品，规模化采购提升议价权， 以低毛利率方式运营，主要赚取会员费。 相关上市企业：沃尔玛公司（WMT）；中百集团（000759）；永辉超市（601933）；麦德龙 （CECG）；家家悦（603708）等 相关企业：开市客（Costco ...

香港证监会4月7日发布通函允许持牌虚拟资产交易平台提供质押服务。这一举措绝非孤立事件，而是 《A-S-P-I-Re虚拟资产行业发展路线图》在"产品创新"支柱下的重要实践。当市场聚焦于质押服务可能 带来的20亿美元新增管理规模时，更需将其置于香港系统性构建虚拟资产监管框架的战略维度中观察。 此次政策落地既验证了路线图"以机构化推动市场成熟"的核心逻辑，也展现出监管层在风险管控与技术 赋能之间的精准平衡。 视角三：挑战与机遇并存的实施前景。尽管新规获得市场积极反馈，但实施过程中仍需警惕三大风险 点：一是技术运维压力：新型托管方案要求平台实时监控质押资产的链上状态，这对中小型交易所的节 点运维能力构成挑战。监管层或需借鉴基建支柱中的跨部门协作机制，推动托管技术服务商生态建设。 二是跨市场风险传导：当现货ETF质押比例超过临界点，可能引发虚拟资产市场与传统金融市场的风险 共振。这要求证监会加速落实路线图联系支柱中的监管对话机制，构建跨境风险防火墙。三是收益预期 管理：散户投资者可能误解质押服务的"稳定收益"属性，需强化路线图保障支柱中投资者教育的落地执 行。建议参考传统金融市场做法，要求平台披露历史质押收益率波动区间 ...

36氪「职场Bonus」（ID：ZhiChangHongLi） 5月16日，阴天。下午3时，上海静安恒隆广场8层，近百名身着西服职业装的人，聚在猎头公司CGL总部所在的办公楼。 对绝大多数CGL员工来说，这个下午的经历实属罕见，也过于突然：此地正在召开一场追思会，以纪念四天前离世的创始人庄华。 座无虚席，还有不少人站着。除CGL员工外，来者还有猎聘创始人戴科彬、CGL的副董事长陈玮……以及与庄华相处多年（几年到三十几年不等）的合伙 人。 CGL的COO方晓菲看上去一如既往地干练。主持人一段嗓音低沉的致词过后，她带稿步上台前。在她身后，长桌和墙沿摆满了白绿交间的祭奠花束，画 框和投影幕布上，庄华职业照上的笑颜令人恍惚。 "这个月，是我和老P（庄华）共事的第十年。"她终究没能克制住，一瞬间哽咽，"很难过，我们是在这样的场景下聚在一起，而他用这样的方式陪伴着我 们。" "参加追思会，大家都哭了。"一位员工感怀道。在庄华因心血管疾病突发离世当日的白天，他还完成了一场关于猎头生意本质和要素的内部培训，并和团 队一起拜访了客户。"甚至办公桌上的笔记本都没合上。" 庄华，英文名Pierre，业内素以"老P"称之。他拥有26 ...

导 语： 在托举茅台 1935 两年走上百亿神坛后，经销商压货承受力达到了极限，但根本还在于终端动销不畅。某大区茅台经销商透露，在他 的片区，终端真实动销率在 20%-30% 的水平。 中国白酒行业图谱中，茅台 1935 是一个颇具研究价值的样本。 作为贵州茅台酒厂 ( 集团 ) 有限责任公司（下称茅台集团）的战略补位产品，茅台 1935 应"十四五"重任而生，目标直指 200 亿。短短两年内，茅台 1935 便创造了从零到百亿销售额的"飞升"神话，却在第三年陷入价格倒挂的困局。 无论是注入品牌势能，还是渠道捆绑销售，以及对于时下宴席热点追踪，茅台集团始终将茅台 1935 放在系列酒的核心位置。 但由于定价失焦造成的错位，茅台 1935 的渠道库存与终端动销之间出现了显著断层。渠道驱动型增长模式的先天缺陷，也由此显露。 通过茅台 1935 浮沉史样本更能看到，脱离终端消费而催生品牌"神话"，已是旧时代的故事。 在高端白酒市场，"认知护城河 > 产品定价 > 渠道推力 " 仍是颠补不破的真理。即便 贴着茅台金字招牌，也不得不让位于消费规律与常识的铁律。 原地起飞 茅台 1935 的由来，要从 茅台集团 "十四五 ...

Group 1: Project Development - The company is currently constructing several water supply and drainage projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day) and multiple recycled water plants, which are in the debugging or trial operation stages [2][3]. Group 2: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government authorities, with adjustments contingent on cost audits and public hearings. Changes in upstream resource pricing will trigger synchronized adjustments [3]. - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 RMB/ton for the central urban area of Chengdu for the 2024-2026 period [3]. Group 3: Accounts Receivable Management - As the company expands its market presence, accounts receivable have increased, totaling approximately 4 billion RMB by the end of 2024. The company emphasizes the management of accounts receivable and has improved collection efforts [4]. Group 4: Business Expansion Strategy - The company aims to deepen its market presence in Chengdu and surrounding areas, optimize resource allocation, and explore mergers and acquisitions to strengthen its national market position. It also plans to extend into niche areas such as direct drinking water and waste disposal [4]. Group 5: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing projects, which are expected to decrease as projects are completed within the next 1-2 years. The company is committed to increasing cash dividends for shareholders as projects come online and capacity is released [4].