| 珠海冠宇电池股份有限公司相关 | | --- | | 2025 年跟踪评级报告 债券 | | 中鹏信评【2025】跟踪第【411】号 01 | | 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 | | 在任何足以影响评级行为独立、客观、公正的关联关系。 | | 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 | | 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 | | 作任何保证。 | | 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 | | 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 | | 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 | | 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 | | 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评 ...

Core Insights - The emerging profession of medical companions is addressing the increasing difficulty elderly individuals face in accessing healthcare services, particularly in Shanghai where the number of certified companions has surpassed one thousand [1] - The professionalization of medical companions is hindered by a lack of regulatory standards and recognition within the national occupational classification system, leading to issues such as identity ambiguity and market disruption by unscrupulous entities [1] - The current pricing model for companion services is primarily low-cost due to the weak willingness of elderly individuals to spend, which poses challenges for establishing a sustainable business model [1] Short-term and Long-term Solutions - Short-term efforts should focus on promoting national occupational certification for medical companions and establishing nationwide service standards [2] - Long-term strategies should include talent development through specialized training programs, enhancing job security with dedicated insurance products, and expanding the companion service industry by integrating it with related services like rehabilitation equipment rental and home care [2] - The normalization of the medical companion industry is crucial, with government support to include these services in basic elderly care offerings and companies leveraging technology to improve efficiency and service quality [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The demand for photon rejuvenation services is diversifying, leading to personalized and technology-integrated innovations [4][28] - The market for photon rejuvenation services in China is expected to grow significantly, from 2.7 billion to 4.8 billion yuan between 2023 and 2027 [7] - The industry is transitioning from a phase of rapid expansion to one of standardized operations due to increased regulatory scrutiny [27] Market Background - Photon rejuvenation is a non-surgical aesthetic service that utilizes pulsed light energy to treat skin issues caused by sun exposure [5] - The technology has evolved since its introduction in the late 1990s, with significant advancements in domestic equipment development [6] Market Status - The market size for photon rejuvenation services in China grew from 820 million yuan in 2017 to 2.42 billion yuan in 2022, with a projected increase to 4.8 billion yuan by 2027 [7] - The supply side of the market is highly active, with many local companies enhancing their capabilities through R&D and acquisitions [8] - Demand remains strong due to the non-invasive nature of the service, appealing to a diverse consumer base [9][10] Market Competition - The competitive landscape is divided into three tiers, with leading brands like Jingfu and Meilai dominating the market [14][17] - The evaluation of brands is based on sales volume, depth of market engagement, and the variety of services offered [11][12][13] - The report recommends ten leading brands in the photon rejuvenation sector, highlighting their unique strengths and market positions [16][17][18][19][20][21][22][23][24][25][26] Development Trends - The industry is moving towards high-quality development driven by regulatory compliance and technological standardization [27] - Consumer demand is evolving towards personalized solutions, with AI technology enhancing treatment customization [28] - The trend of chain operations and digitalization is reshaping the competitive landscape, favoring larger, more efficient players [29]

文 | 王可 （新京报传媒研究院） "一胎99子"不是神话传说，而是一部短剧的真实设定。近日，短剧《麒麟送子，天降喜福》因离谱剧情被骂上热搜，后遭平台火速下 架。 当"爽剧"沦为"癫剧"，平台是否在纵容"黑红也是红"？ 01 谁在收割流量 《麒麟送子，天降喜福》的剧情堪称"电子发癫"——女主因怀"龙种"临盆时天降祥瑞，一口气生下99个儿子，婴儿被叠成"金字塔"搬 运进宫，反派国师还称孩子是"妖孽"。虽然短剧靠爆点收拢流量已成共识，但"一胎99子"的设定，仍因为其远超常规题材的话题性突 然火上热搜。 荒诞剧情能在平台播出，短剧的内容审核环节成为关注焦点。 今年2月国家广播电视总局相关通知中明确，对于"总投资额度不足30万元且非重点推荐的微短剧，由播出或为其引流、推送的网络视 听平台履行内容管理的职责，负责内容审核把关与版权核定，定期将审核剧目信息报属地省级广电主管部门备案。" 也就是说，这部以"奇幻题材"为名上线，两天狂揽4500万播放量的"癫剧"，如果投资额度不足30万元，则只需短剧平台自审就能和观 众见面。而平台自审，实际上存在监管盲区，即便舆论发酵后悄然下架，这种"先爆后下"的模式已经以争议内容完成了用户 ...

Core Insights - The jewelry live-streaming market in China is rapidly growing, with projected e-commerce retail sales reaching approximately 298.26 billion yuan in 2024, ranking third in growth among 18 monitored product categories [2] - Young consumers, particularly those aged 24-30, are driving the growth of the jewelry e-commerce sector, with a reported annual growth rate of 54% over the past four years on platforms like Douyin [5][6] - Despite the booming sales, the industry faces significant challenges, including exaggerated marketing, counterfeit products, and fraudulent certifications, prompting calls for regulation to ensure consumer protection [2][9][11] Group 1: Market Growth and Consumer Behavior - Jewelry live-streaming has emerged as a new trend in e-commerce, offering intuitive product displays and real-time interaction [2] - Young consumers, especially women aged 30-40, are becoming the primary drivers of jewelry consumption, with significant spending on live-streamed products [5][6] - The average annual growth rate of the jewelry sector on Douyin is 54%, indicating a strong upward trend in consumer engagement [5] Group 2: Industry Challenges - The jewelry live-streaming market is plagued by issues such as false advertising and substandard products, which undermine consumer trust [9][10] - Notable cases of fraud have been reported, including the sale of fake pearls and manipulated gemstones, highlighting the need for stricter oversight [9][10] - The prevalence of counterfeit certification poses a significant risk to consumers, as many are unable to distinguish between genuine and fake certificates [11][12] Group 3: Regulatory Developments - Regulatory bodies are increasingly focusing on the jewelry e-commerce sector, with new guidelines being introduced to standardize live-streaming practices and protect consumers [11][12] - The Shenzhen Market Supervision Administration has issued specific requirements for live-streaming marketing of jewelry products, aiming to enhance transparency and accountability [11] - Consumers are advised to purchase jewelry from reputable channels and to verify the authenticity of certifications to mitigate risks [12]

Core Viewpoint - The rise of home cooking services is driven by consumer demand for quality and personalized dining experiences, particularly among younger individuals seeking convenience and taste [1][2]. Group 1: Market Demand - Home cooking services cater to the need for personalized dining, allowing consumers to choose ingredients and control the cooking process [1]. - The service is particularly favored for specific occasions such as postpartum recovery and family gatherings, where privacy and professional cooking are valued [1]. Group 2: Industry Challenges - Safety concerns arise from having strangers in homes, leading to potential risks regarding personal safety and food hygiene [2]. - There is a lack of industry standards for food safety and service relationships, making it difficult to assign responsibility in case of issues [2]. - Individual practitioners face high communication costs and low matching success rates, while professional teams struggle with efficiency and cost management [2]. Group 3: Recommendations for Sustainable Development - Service platforms should implement management standards, including pre-screening of service personnel to ensure qualifications [3]. - Contracts should be established with consumers to clarify service fees and responsibilities, enhancing transparency [3]. - Regulatory bodies should strengthen oversight of service quality and provide social security measures for practitioners to promote healthy industry growth [3].

网红主播美颜泛滥成灾，平时是美女，忘记开美颜瞬间变老太太，近日，一位网红在直播过程中不慎关 闭了美颜功能，瞬间从"妙龄美女"变成"老太太"的画面被网友截图疯传，引发了广泛热议，这一"翻 车"事件虽然令人啼笑皆非，却也再次将"过度美颜"这一直播行业中的普遍现象推上了舆论的风口浪 尖。 美颜技术早已不是什么新鲜玩意，无论是磨皮、瘦脸、大眼，还是自动补光、AI换脸，各类滤镜层出 不穷，足以将任何一张普通的脸庞，塑造成标准化的"网红脸"，而在平台推流、粉丝打赏的利益链条 中，美颜已然成为许多主播获取流量和收益的重要工具，甚至可以说是"门面担当"。 此次翻车事件虽然只是个别现象，但它所折射出的，却是整个行业亟需反思的现状：直播究竟要靠"真 实"打动人，还是继续用虚假的外壳包装所谓的"人设"，美颜本身并没有错，它本质上只是工具，是对 外貌的一种修饰，但一旦被滥用、过度依赖，便会变成欺骗的手段，失去了应有的度和界限。 对于观众而言，也应逐步提升媒介素养，认识到直播并非现实，屏幕里的"完美女性"很多都是技术产 物，不可轻信，更不可为之沉迷，对于平台和行业而言，更应思考是否该引入规范和监管，让美颜不再 成为谎言的遮羞布，而只是 ...

Group 1 - The Ministry of Industry and Information Technology has issued a notice to initiate the second batch of industrial robot industry standard announcement application work [1] - Relevant industrial robot companies are encouraged to voluntarily apply by filling out the "Industrial Robot Industry Standard Enterprise Application Report" and providing supporting materials [1] - Provincial-level industrial and information authorities and relevant central enterprise groups are responsible for the preliminary review of application materials from local enterprises and will submit qualified applications to the Ministry of Industry and Information Technology [1]

Core Insights - The pet funeral service industry in China is rapidly growing due to increasing pet ownership and changing attitudes towards pet care, with over 1.2 billion pets expected by 2024 and millions of pets dying each year [1][6] - The market size of the pet funeral industry reached 1.825 billion yuan in 2023, projected to grow to 5 billion yuan by 2025 and exceed 10 billion yuan by 2030 [6] Industry Overview - The pet funeral service includes a range of post-mortem services such as body disposal, burial, cremation, and memorialization [4] - As of June 2025, there are over 8,000 registered companies in China offering pet funeral services, with most established in the last three years [4] Regulatory Environment - Recent updates to laws and regulations, such as the revised Animal Epidemic Prevention Law in 2021, mandate proper disposal of deceased pets, contributing to the industry's growth [5] - Local regulations in cities like Shanghai require pet owners to send deceased pets to designated disposal facilities rather than burying them [5] Market Challenges - The industry faces issues such as unlicensed operations, false advertising, and chaotic pricing structures [2][7] - Reports of misleading practices include "backseat cremation" and mixing multiple pets during cremation, leading to consumer distrust [8][9] Recommendations for Improvement - Experts suggest enhancing regulations and standards for pet funeral services, clarifying responsibilities for pet owners and veterinary institutions regarding proper disposal [13] - There is a call for improved public awareness and a collaborative regulatory framework involving multiple government departments to ensure compliance and protect consumer rights [14]

这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...