中经记者 慈玉鹏 北京报道 Wind数据显示，截至11月21日，有4只混合类理财产品近6个月回报率超过20%；17只混合类理财产品近 6个月回报率超过15%。其中，部分混合类理财产品近6个月回报率甚至接近40%。同时，该类理财产品 市场规模也在扩大。 《中国经营报》记者采访了解到，混合类产品凭借较高的收益潜力和良好的风险分散优势，逐渐成为投 资者和机构重点关注的对象。理财机构应进一步推动多元化资产配置与产品创新，提高产品灵活性以满 足差异化需求。 混合类理财升温 （编辑：杨井鑫 审核：何莎莎 校对：颜京宁） 普益标准研究员董丹浓表示，部分产品短期业绩的爆发式增长，核心驱动因素并非理财产品资产配置策 略的根本性转变，而是对特定市场板块阶段性机会的精准捕捉。从底层逻辑来看，混合类理财的核心配 置思路仍坚守稳健、均衡、多元的原则，风险偏好未发生实质性调整，始终以"分散风险、稳健增值"为 核心目标。 今年以来，理财规模持续增长。根据协会披露统计，截至2025年9月30日，银行理财全部存续规模为 32.13万亿元，较2025年6月30日的30.67万亿元环比增长4.76%，延续2025年以来的回升趋势。从历史数 据看， ...

行业发展逻辑的根本转向当公募基金管理规模突破36万亿元，这个里程碑式的数字并非单纯的规模扩张成果，而是行业发展逻辑从规模崇拜 向质量优先全面转向的显性标志。 《推动公募基金高质量发展行动方案》的落地，如同一场及时雨，终结了行业长期以来重规模、轻回报的粗放式增长模式，倒逼全行业重新 审视核心价值。 规模跃迁背后 在居民财富配置结构深刻变革的大背景下，公募基金的生态重构早已悄然发生。 过去被视为规模基石的货币基金，其占比下滑与增速放缓，本质上反映了投资者需求的升级,从单纯追求流动性安全，转向寻求稳健+增值的复 合收益。 权益类资产占比的持续提升，不仅是资本市场成熟度的体现，更折射出投资者对专业资产管理能力的信任回归。 值得注意的是，主动与被动投资的互补格局，打破了行业内长期存在的非此即彼的争论。这种多元化生态的形成，恰恰印证了公募基金行业 正在从满足单一理财需求向覆盖全场景资产配置演进。 在我看来，36万亿元的真正价值，不在于数字本身，而在于它背后所承载的行业责任成为连接居民财富与实体经济的核心纽带，这也是高质 量发展的核心要义、 创新与升级 高质量发展的双引擎发力如果说政策引导是行业转型的指挥棒，那么产品创新与 ...

权识国际(00381)公布，于2025年11月21日，公司全资附属公司侨雄福建与广东千军万酱集团股份有限 公司就可能合作事项订立合作框架协议。根据合作框架协议，侨雄福建与广东千军万酱共同合作，以让 全世界人民喝上真好酒作为宗旨，同时，以成为全球酒类最具信赖的国际大品牌作为愿景，以扶持退伍 军人创业，做爱国拥军的好企业作为企业的终极使命。 侨雄福建与广东千军万酱集团合作，可基于以下核心理由与裨益实现双向赋能：集团在药膳资源与健康 饮品开发的技术积累，若能结合千军万酱的酱酒基酒工艺，可共同打造"药酒融合"新品(如养生酒系 列)，抢占健康消费新兴市场。渠道方面，集团正通过药膳炖品店全国扩张计划铺设线下触点，而千军 万酱需加速实现"万家连锁门店"目标，双方可通过渠道共享形成"白酒+健康饮品"复合销售场景，提升 单店收益并降低市场开拓成本。此外，集团的港股上市平台及资本运作能力，可为千军万酱的加盟商扶 持计划(如退伍军人创业补贴)提供资金支持;千军万酱则以其成熟的酱酒品牌运营体系，助集团低风险切 入高毛利白酒赛道，并借其爱国拥军品牌形象强化市场公信力，最终实现"产能协同、产品创新、渠道 共享、资本互补"的战略闭环。 ...

Core Viewpoint - The collaboration between Qian Shi International and Guangdong Qian Jun Wan Jiang Group aims to create a globally trusted liquor brand while supporting veteran entrepreneurship and promoting patriotism [1][2]. Group 1: Collaboration Framework - Qian Shi International's wholly-owned subsidiary, Qiao Xiong Fujian, has signed a cooperation framework agreement with Guangdong Qian Jun Wan Jiang Group to explore potential collaboration [1]. - The partnership's mission is to provide high-quality liquor to consumers worldwide and establish a reputable international liquor brand [1]. Group 2: Strategic Benefits - The collaboration leverages Qian Shi International's expertise in medicinal cuisine and health beverage development, combined with Qian Jun Wan Jiang's liquor brewing techniques, to create new health-oriented products [2]. - The companies plan to share distribution channels, enhancing revenue per store and reducing market entry costs through a combined sales approach of liquor and health beverages [2]. - Qian Shi International's capital market capabilities will support Qian Jun Wan Jiang's franchise initiatives, particularly for veteran entrepreneurship, while Qian Jun Wan Jiang's established brand will help Qian Shi International enter the high-margin liquor market with reduced risk [2].

近日，营业已有13年的85度C山师东路店发布闭店通知，该品牌就此在济南仅剩一家门店。不只85度 C，近年来，多乐之日、bread618、面包新语、皇家美孚……一个个曾红极一时的烘焙巨头纷纷陷入关 店、收缩的困境， 老牌烘焙店为何不"香"了？对此，记者进行了探访。 13年老店月底闭店 奈何好景不长，仅2023年下半年的六个月时间里，85度C济南经七路店、华龙路店、华山环宇城店、优 品汇店相继关停，迎来一波关店潮。 彼时，85度C济南一加盟商陈先生曾介绍：关店一方面是因为客单少了，业绩不行；另一方面则是因为 85度C大举进行品牌门店升级，要求重新装修，才可继续加盟，考虑到成本等多种因素，不少加盟商都 直接选择停业。 业内人士：门店亏损之外， 济南仅剩一家门店 11月18日，在85度C山师东路店内，不少消费者正在选购，部分货架已售罄。其门店张贴的闭店公告显 示，该门店将于11月30日晚闭店，如需订购蛋糕面包，可前往济南卧龙店。这意味着，85度C在济南市 场将仅剩一家门店。 提及闭店原因，该门店工作人员表示，该店虽在此经营已有13年，积累了不少老顾客，但由于房租合约 到期且房租较贵，利润不足，综合考虑之下决定闭店。 ...

Investment Rating - The report does not explicitly state an investment rating for the headphone industry Core Insights - The global headphone market is projected to grow significantly, reaching 800 million units by 2030, with a compound annual growth rate (CAGR) of 8.3% from 2020 to 2030 [7][11] - The market is shifting from developed regions to emerging economies, particularly India, which is expected to become a key growth market by 2030 [6][12] Market Distribution - The global headphone market is experiencing a transition from developed markets to emerging economies, with China reaching a mature stage and the US and Western Europe showing slow growth [12][16] - The market share of China is expected to decline from 17.5% in 2024 to 15.1% by 2030, while India's market share is projected to rise from 11.1% in 2024 to 13.9% by 2030 [6][16] Competitive Landscape - Apple continues to lead the market, increasing its share from 12.2% in 2018 to 17.7% in 2024, driven by the success of the AirPods series [5][19] - In the mid-to-high-end market, brands like Sony, Bose, and JBL maintain stable market shares due to their superior sound quality and noise-cancellation technology [19] - Emerging brands such as boAt are gaining traction in the Indian market, with their share rising from virtually zero in 2018 to nearly 4% in 2024 [19] Growth Drivers - The rise of open-ear headphones is expected to expand their market share, projected to reach 65.7 million units by 2030, with a CAGR of 11.3% [32][34] - The AI headphone market is anticipated to grow rapidly, reaching a market size of 18.48 billion yuan by 2030, with a CAGR of 32.9% from 2025 to 2030 [36][37]

Core Viewpoint - The company, a leading Hong Kong jewelry brand, is experiencing operational efficiency improvements and positive same-store sales growth despite challenges from rising gold prices and changing consumer environments [1][2]. Group 1: Company Overview - Established in 1991 in Hong Kong, the company primarily operates under the brand "Luk Fook Jewelry" and has a multi-brand matrix including "Gold to Respect" and "Luk Fook Boutique" [1]. - For the fiscal year 2025, the company achieved revenue of HKD 13.341 billion, with 39.5% from mainland China and 60.5% from Hong Kong, Macau, and overseas markets [1]. - Retail income from offline self-operated stores and e-commerce accounted for 82.7% of total revenue, with a projected increase in fixed-price gold products exceeding 15% [1]. Group 2: Market Trends and Consumer Behavior - The consumption logic for jewelry has evolved to emphasize both fashion and value retention, driven by innovative design and craftsmanship that enhance the fashion appeal of gold [1]. - The company has seen same-store sales growth of 5% and 10% in the second and third quarters of 2025, respectively, indicating a recovery in gross margins and potential stock price appreciation [1]. Group 3: Growth Strategies - The company is actively developing differentiated products that meet market demands, achieving high double-digit same-store growth in gold jewelry sales [2]. - The domestic store optimization focuses on enhancing sales service capabilities and targeting core business districts to sustain same-store growth, while plans to add 50 overseas stores aim to expand global reach [2]. - The recent gold tax reform in Hong Kong is expected to benefit the company by enhancing its brand and price competitiveness, attracting more mainland consumers [2]. Group 4: Financial Projections and Valuation - The company is projected to achieve net profits of HKD 1.501 billion, 1.787 billion, and 2.028 billion for the fiscal years 2026, 2027, and 2028, representing year-on-year growth rates of 36.48%, 19.08%, and 13.44% respectively [2]. - The current market capitalization corresponds to a price-to-earnings ratio of only 9.7X for the fiscal year 2026, with an average dividend yield of 6.26% over the past three years, indicating a favorable investment proposition [2]. - The estimated fair stock price range is set between HKD 31 and HKD 36.5 per share, with an initial coverage rating of "outperform the market" [2].

Core Insights - The launch of the Lantu Taishan SUV represents a significant milestone for Lantu Motors, showcasing its ambition and confidence in the high-end new energy vehicle market [1][3][13] - Lantu Motors has achieved remarkable production milestones, becoming the first state-owned enterprise high-end new energy brand in China to exceed 300,000 units produced [3][10] - The Lantu Taishan SUV is designed with a focus on Chinese aesthetics and luxury, reflecting cultural confidence and aiming to redefine "Chinese luxury" in the automotive sector [5][7] Industry Overview - During the "14th Five-Year Plan" period, China's new energy vehicle industry has transitioned from catching up to leading globally, with a projected 93% contribution to global growth in 2024 [3][13] - The automotive industry is experiencing a technological transformation, with Lantu Motors adopting a dual strategy of "full-stack self-research + open cooperation" to drive innovation [8][10] - The Lantu Taishan SUV integrates advanced technologies from Huawei and the manufacturing expertise of Dongfeng Motor, marking a significant technological breakthrough in the high-end SUV segment [10][12] Product Features - The Lantu Taishan SUV features a length of over 5.2 meters and a width exceeding 2 meters, designed with a focus on aesthetics inspired by Chinese landscapes and architecture [5][10] - It is equipped with cutting-edge technology, including the Huawei QianKun intelligent ADS 4 for L3-level autonomous driving capabilities and a high-performance 800V intelligent hybrid system [8][10] - The vehicle boasts a comprehensive safety design, including a seven-layer collision protection system and advanced battery safety features, ensuring high levels of occupant protection [12][13] Market Positioning - Lantu Motors aims to establish a complete product matrix with the Lantu Taishan, covering all categories of new energy vehicles, including sedans, MPVs, and SUVs [3][10] - The launch of the Lantu Taishan is seen as a declaration of confidence in creating a "domestic luxury flagship," resonating with the current cultural sentiment in China [5][13] - The vehicle's design and technological advancements position it as a competitive player in the global luxury automotive market, showcasing China's capability to produce top-tier products [10][13]

Core Viewpoint - Anjuke Foods (02648) has shown a nearly 5% increase in stock price, attributed to its solid performance in the third quarter and positive market conditions for frozen food products [1] Financial Performance - For the first three quarters, Anjuke Foods reported a revenue of 11.371 billion yuan, representing a year-on-year growth of 2.66% [1] - The net profit attributable to shareholders reached 949 million yuan [1] Market Trends - According to Zhongyin International, the company's main business revenue remained stable in Q3, with new channels performing well [1] - Huachuang Securities noted that channel data has shown healthy and rapid growth in October and November, despite high base comparisons [1] Growth Drivers - The company is driving growth through product innovation, adapting to channel changes and consumer demands [1] - Factors contributing to improved sales include the absence of a distributor conference promotion in Q3, low channel inventory levels, and the positive impact of new products [1] - The onset of colder weather is expected to boost demand for frozen food products, with potential for further acceleration during the upcoming Spring Festival [1]

Core Viewpoint - Anjiu Foods (603345) reported a steady performance in Q3, with revenue growth driven by product innovation and favorable channel dynamics, indicating potential for continued improvement in the upcoming quarters [1] Financial Performance - For the first three quarters, Anjiu Foods achieved a revenue of 11.371 billion yuan, representing a year-on-year increase of 2.66% [1] - The net profit attributable to shareholders reached 949 million yuan [1] Market Dynamics - The company is experiencing robust growth in new channels, with Q3 showing a positive trend in sales performance [1] - Factors contributing to this growth include the absence of a promotional event in Q3, low channel inventory levels, and the successful introduction of new products [1] Seasonal Trends - The upcoming winter season is expected to boost demand for frozen food products, further enhancing sales performance [1] - The current favorable sales conditions, combined with the anticipated seasonal demand during the Spring Festival, suggest potential for accelerated growth [1]