证券日报网讯 供销大集（000564）9月16日发布公告，在公司回答调研者提问时表示，商贸物流业务聚 焦"物流+商贸"双轮驱动，围绕地方特色农业产业优势，打造集农产品集采交易、仓储、冷链于一体的 综合型物流园，依托供应链升级、全渠道运营，积极拥抱数字化转型，链接更多上下游贸易伙伴。报告 期内，集采集配中心板块管理湘中、江永、五峰、邵阳、平江5个集采集配中心及物流园，运营面积超 70万平方米。公司将通过集采集配中心服务扩容、物流园功能升级及城乡网络密度提升，强化三级流通 服务体系，持续释放商贸物流业务在乡村振兴与消费升级中的战略引擎价值，加速构建"县域枢纽+城 市节点"双向流通网络，深化农产品上行与工业品下行通道。 ...

Core Insights - The letter from the chairman of Hars to investors highlights the company's 40-year journey and its evolution in the vacuum vessel industry, marking significant milestones such as its establishment in 1996 and becoming the first listed company in the Chinese cup and kettle industry in 2011 [1][3] Industry Overview - The Chinese cup and kettle industry has undergone a transformation from technology introduction to brand emergence and consumption upgrade, with Hars actively participating in this evolution [2] - The North American market has seen explosive growth in the cup and kettle sector driven by expanded consumption scenarios, product innovation, and brand rejuvenation strategies [2] - The outdoor activities market in Europe and America has transformed thermal cups from mere tools to essential items for outdoor activities, with brands like YETI and Stanley leading this trend [2] - In the first half of 2024, China's thermal cup exports reached $2.354 billion (approximately 17 billion RMB), a year-on-year increase of 582.7%, with Zhejiang Yongkang contributing about 70% of the total export volume [2] Company Performance - Hars reported a nearly 40% year-on-year increase in revenue for 2024, growing from 510 million RMB to 3.4 billion RMB over thirteen years, with cumulative dividends of 722 million RMB [3] - The company aims to enhance its research and development, products, branding, and channels, positioning each cup as a "super interface" for users' lifestyles [3] Market Challenges and Strategies - Despite rapid industry expansion, international market uncertainties have impacted Hars, particularly in the second quarter, where OEM revenue growth slowed due to unclear tariff policies [4] - The company has seen a slight increase in revenue concentration from its top five clients, indicating a structural adjustment in the foreign market [4] - Hars is accelerating the construction of its factory in Thailand to mitigate tariff disruptions, with the second phase of the factory reaching production capacity in the first half of the year [4] - The company has received positive feedback from core clients as it adapts to new regional expansion strategies and optimizes its supplier system [4]

Core Viewpoint - The article emphasizes the importance of service consumption in improving people's livelihoods and driving economic transformation, proposing measures to boost consumption and expand domestic demand [1]. Group 1: Cultivating Service Consumption Promotion Platforms - Implementation of the "Service Consumption Quality Improvement and Benefit Action" to enhance policy support, build platforms, and optimize the consumption environment [2]. - Development of pilot cities for new service consumption formats and scenarios, promoting innovative service consumption landscapes [2]. Group 2: Enriching High-Quality Service Supply - Expansion of high-level opening up in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [3]. - Support for cultural and artistic sectors through funding and resource utilization to create impactful cultural events and exhibitions [3]. - Encouragement of foreign sports events and local mass sports events to enhance service consumption through sports tourism [3]. Group 3: Stimulating New Service Consumption Growth - Attraction of more foreign visitors through optimized visa policies and promotion of cultural resources [4]. - Expansion of digital service consumption by encouraging e-commerce platforms to innovate in online and offline integration [4]. - Adjustment of school holiday schedules to increase opportunities for tourism and service consumption [4]. Group 4: Strengthening Financial Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [5]. - Promotion of service trade innovation through market-oriented investment in service consumption enterprises [5]. - Enhancement of consumer credit support to stimulate service consumption through government and financial institution collaboration [5]. Group 5: Improving Statistical Monitoring Systems - Optimization of service consumption statistical methods to reflect regional development accurately [6]. - Encouragement of the use of big data for monitoring and analyzing service consumption trends [6].

彼得·德鲁克曾说过："预测未来的最好方式就是创造它。" 本次调研涵盖"WISE2025 商业之王年度人物系列名册"、"WISE2025 商业之王年度企业系列名册"、"WISE2025 商业之王年度焦 点产品名册"。36氪将通过专业调研，深入洞察2025年商业生态领域的创新全貌：看见那些有引领力的、有创新力的、有前瞻力 的人；挖掘那些推动产业发展，为经济增长提供创新动能的企业；聚焦那些在不同场景中实现创新应用、重塑用户体验的产 品。 9月，36氪"WISE2025 商业之王系列年度名册"调研正式启动，包含3个系列，15个调研维度，分别为： 1.WISE2025 商业之王年度人物系列名册 年度品牌影响力人物 2025年，全球商业正站在新一轮技术革命与产业变革的交汇点。人工智能从落地走向千行百业，数字化转型进入深水区，绿色 低碳成为全球经济新共识，地缘政治格局加速产业链重构。 在这个背景下，中国经济依然展现出强大的韧性与活力。据预测，2025年中国数字经济规模预计突破60万亿元，占GDP比重超 过40%。人工智能、新能源、生物医药等新兴产业保持两位数增长，成为拉动经济高质量发展的新引擎。 值得关注的是，中国商业生态 ...

Group 1 - The core viewpoint of the article highlights the structural transformation of Yuyuan Group amidst changing consumer demands and macroeconomic conditions, showcasing its resilience and strategic reforms [1][2] - In the first half of 2025, Yuyuan Group reported a revenue of 19.112 billion yuan and a net profit of 63 million yuan, with a significant increase in operating cash flow by 71% year-on-year, indicating strong financial health [1] - The company is actively embracing change by shifting its sales model from weight-based to piece-based in its jewelry business, redefining gold jewelry as art and emotional carriers, which aligns with the evolving consumer preferences for cultural and emotional value [6][7] Group 2 - The awakening of cultural confidence among contemporary Chinese consumers is reshaping the consumption landscape, with a growing preference for domestic brands that embody cultural significance and modern aesthetics [3][4] - Yuyuan Group's successful cultural events, such as the "Yuyuan Summer Fantasy Night," exemplify the integration of traditional culture with modern trends, attracting a younger audience and revitalizing traditional brands [3] - The company's "Eastern Lifestyle Aesthetics" development philosophy effectively captures the trend of cultural integration, creating a unique brand value system that resonates with consumers seeking lifestyle and cultural identity [5] Group 3 - The jewelry fashion segment is a crucial pillar for Yuyuan Group, with a revenue of 12.8 billion yuan in the first half of 2025, and a 47% quarter-on-quarter growth in Q2, reflecting strong market performance [6] - The company's proactive strategy in response to rising gold prices includes promoting emotional and cultural aspects of jewelry, which has led to successful collaborations and high sales figures for culturally themed products [7] - The shift in consumer mindset towards valuing emotional and cultural significance over mere functionality is transforming the competitive landscape of the Chinese market, favoring brands that prioritize cultural value and brand building [7] Group 4 - In the commercial real estate sector, Yuyuan Group's core projects are showing positive effects, with nearly 20 million visitors to Yuyuan Mall and a 55% year-on-year increase in GMV, indicating a recovery in its main business [8] - The development of the "Great Yuyuan" area is set to enhance the company's future growth prospects, integrating various functions such as culture, commerce, and tourism into a comprehensive cultural commercial complex [8][9] - The ongoing supportive real estate policies in Shanghai are expected to boost market confidence and facilitate the steady recovery of Yuyuan Group's property development and sales business [8][9]

Group 1 - The A-share market has shown strong momentum in August, driven by three main factors: global liquidity, resolution of systemic risks, and emotional catalysts at key moments [1][2] - The current market environment suggests a transition to a "slow train" led by fundamental revaluation, indicating potential investment opportunities [2][10] - Domestic funds have significant potential for reallocation, with household deposits amounting to 160-170 trillion yuan, compared to A-share market capitalization of just over 100 trillion yuan, indicating a high deposit-to-market ratio [3][4] Group 2 - External funds are influenced by U.S. dollar liquidity, with expectations of multiple interest rate cuts by the Federal Reserve, which could lead to increased global liquidity and support for A-shares [4][10] - Regulatory signals indicate a desire for long-term, value-oriented investment strategies, which may provide a supportive environment for the market [9][10] - The real estate market is undergoing adjustments, with signs of stabilization in lower-tier cities and potential recovery in consumer sentiment, which could positively impact overall economic conditions [19][26] Group 3 - Investment strategies should focus on high-dividend assets, physical assets, and technology sectors to navigate the current economic landscape characterized by stagflation [34][35] - The technology sector is seen as a key driver for overcoming economic stagnation, with a focus on companies that can lead future innovations [35][36] - Opportunities arising from China's economic transformation include overseas expansion, industrial upgrades, and consumption in lower-tier markets, which could yield significant returns for investors [36][37]

Core Insights - The article emphasizes the transformation of the fine dining industry in China, highlighting the importance of "food+" and online integration as essential capabilities for restaurant operations [1][2][4] - The "2025 Black Pearl Restaurant Guide" conference showcased the evolving landscape of fine dining, focusing on emotional value and innovative culinary experiences [1][2][5] Group 1: Industry Trends - The fine dining sector is experiencing a significant shift, with a growing emphasis on cultural, aesthetic, and philosophical experiences in addition to taste [1][2] - The younger generation's preferences are becoming more globalized, favoring relaxed dining environments and personal experiences over traditional business meals [2][5] - The integration of online platforms is crucial for restaurants, with "food+" concepts and diverse experiences driving a 90% year-on-year growth in multi-faceted dining packages [2][3] Group 2: Event Highlights - The "2025 Black Pearl Restaurant Guide" conference featured a diverse range of participants, including chefs and culinary innovators, to discuss the future of fine dining [1][4] - The event introduced a new registration process to engage more food enthusiasts and industry professionals, reflecting the growing interest in China's fine dining ecosystem [1][2] - The conference included discussions on the role of chefs as key players in the industry's transformation, with many chefs also being skilled in business management [4][6] Group 3: Business Strategies - Restaurants are adopting innovative pricing and value strategies to attract new consumer groups, moving beyond traditional price competition to focus on value resonance [3][5] - The use of online platforms like Meituan has enabled restaurants to enhance their visibility and customer engagement, leading to increased revenue and customer loyalty [5][6] - The Black Pearl initiative continues to recognize and reward culinary innovation, encouraging chefs to push boundaries and create unique dining experiences [6][7]

Core Viewpoint - The "Two New" policy is driving a consumption upgrade wave in Longyou County, leading to increased economic activity and consumer satisfaction through initiatives like trade-in programs for various products [1][2]. Group 1: Policy Implementation - The county's supervisory bodies are focusing on ensuring the effective execution of the "Two New" policy by establishing a three-tiered mechanism for responsibility and accountability [1]. - A weekly scheduling and bi-monthly reporting system has been implemented to monitor the progress of the policy's execution and ensure that responsibilities are clearly defined [1]. Group 2: Financial Efficiency - The county has introduced 20 supporting measures for equipment updates and trade-in programs, significantly improving the efficiency of fund allocation from an average of 45 days to 15 working days [2]. - As of June, the county has utilized 40.71 million yuan in national bond funds for trade-in programs, which has stimulated 300 million yuan in consumer spending, providing a strong boost to the local economy [2]. Group 3: Regulatory Oversight - A combination of offline inspections and online data analysis has been employed to prevent pricing issues and ensure compliance with the policy [3]. - The county has conducted 18 inspections of subsidy fund usage and has addressed issues related to policy execution, including the handling of four individuals for violations [3]. - Training sessions for merchants have been organized to promote transparency and ensure that consumers are well-informed about the policies and pricing [3].

定价方面，不同集团发售价将不超过每股发售股份71.20港元，且目前预期不低于每股发售股份62.01港 元。香港公开发售的申请人须于提出申请时（视申请渠道而定）支付最高发售价每股发售股份71.20港 元，另加1.0%经纪佣金、0.0027%证监会交易征费、0.00015%会财局交易征费及0.00565%联交所交易 费，倘最终厘定的发售价低于每股发售股份71.20港元，则可予退还。 "BeBeBus母公司不同集团通过港交所聆讯，标志着中国高端母婴品牌资本化迈入新阶段。"盘古智库高 级研究员江瀚指出，在消费升级与生育支持政策协同发力的背景下，中高端育儿市场逆势扩容，2024年 规模达340亿元，2029年有望突破500亿元。BeBeBus精准切入耐用型育儿产品赛道，以GMV计已居行 业首位，市占率4.9%，展现出强大的市场渗透能力。其三年营收CAGR达56.9%，经调整净利润CAGR 高达236.8%，增长与盈利双优，验证了"高客单价+高复购率"商业模式的可持续性。 在江瀚看来，上市将加速不同集团的全球化与可持续发展布局。因为募资用于海外扩张、品牌建设与新 品研发，叠加已获碳标签与EATNS认证的ESG实践，BeB ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The report analyzes the performance of upstream, midstream, and downstream industries in different economic cycles and their historical trends from 2005 to 2024. It also explores the relationship between the ratio of upstream and downstream indices and the A - share market, finding that the correlation reversed around 2015 due to economic structure transformation, policy regulation, and changes in the industry competition pattern. The current weak economic recovery may drive the upstream to take the lead, which helps in stock index style selection and may create medium - to - long - term arbitrage opportunities [1][18][22]. 3. Summary by Directory 3.1 Different Economic States and Industry Performance - **Upstream Industry**: The upstream industry includes raw materials, energy, and mining. It performs best in the economic recovery stage, with the order of performance being economic recovery > economic expansion > economic stagflation > economic recession. In the recovery stage, it rebounds first due to increased demand for raw materials and energy, rising commodity prices, and positive market expectations. In the expansion stage, demand grows, but high raw material prices may lead to policy regulation. In the stagflation stage, demand growth slows, and profits fluctuate. In the recession stage, demand and profits decline [3]. - **Midstream Industry**: Comprising manufacturing and related sectors, it performs strongest in the economic expansion stage, with the order of performance being economic expansion > economic recovery > economic stagflation > economic recession. In the expansion stage, it benefits from increased manufacturing orders and high capacity utilization. In the stagflation stage, demand growth slows, and costs rise. In the recession stage, demand and profits decline significantly [5]. - **Downstream Industry**: Including consumer goods and services, it performs best in the economic expansion stage, with the order of performance being economic expansion > economic stagflation > economic recession > economic recovery. In the expansion stage, consumer demand is strong, and optional consumer goods perform better. In the stagflation stage, inflation affects consumption, but essential consumer goods are relatively stable. In the recession stage, demand and profits decline [6]. 3.2 Historical Review of Upstream, Midstream, and Downstream Trends - **2005 - 2007 (Upstream Explosion)**: The stock market rose overall, with the style being upstream > midstream > downstream. The economic fundamentals first expanded and then contracted. Upstream industries, represented by coal and non - ferrous metals, rose more than five times due to factors such as global commodity bull markets and China's industrialization. Midstream industries, like machinery, benefited from the real - estate market. Downstream industries were relatively weak due to lagging resident income growth [10]. - **2008 - 2009 (Full - Industry Chain Collapse and Policy Rescue)**: The stock market was weak, with the style being downstream (defensive) > midstream > upstream. Affected by the financial crisis, the upstream industry declined sharply, the midstream was supported by falling raw material prices and government investment, and the downstream rebounded first due to policy support [14]. - **2010 - 2015 (Midstream Upgrade and Downstream Consumption Rise)**: The stock market had a "V" - shaped trend, with the style being downstream > midstream > upstream. The economy was in a transformation stage. The upstream was affected by over - capacity, the midstream benefited from falling raw material prices and the development of high - end manufacturing, and the downstream reached its peak due to industry upgrades, policy support, and a loose financial environment [15]. - **2016 - 2020 (Supply - Side Reform and Consumption Differentiation)**: The stock market fluctuated and generally rose, with the style being upstream (2016 - 2017) > downstream > midstream. Supply - side reform led to a significant increase in upstream profits from 2016 - 2017. The midstream was affected by trade frictions and supply - side reform, and the downstream benefited from global liquidity and the "drinking and medicine - taking" market during the epidemic [15][16]. - **2021 - 2024 (Carbon Neutrality and Global Supply Chain Reconfiguration)**: The stock market declined, with the style being upstream (2021) > midstream (2022 - 2023) > downstream. The upstream was boosted by new energy demand in 2021. The midstream was affected by geopolitical conflicts and the epidemic but was supported by the development of photovoltaic and energy - storage industries. The downstream was affected by the epidemic and the real - estate downturn [17]. - **Summary**: Midstream performance is usually in the middle, and the upstream and downstream show obvious differentiation. Upstream indices rise first in the economic recovery, followed by the midstream, and finally the downstream. In the economic decline, the downstream has some defensive properties. Upstream is sensitive to supply - side policies, downstream to demand - side policies, and midstream is passively affected by events and policies [17]. 3.3 Industry Comparison and A - Share Market Review - The ratio of the upstream index to the downstream index is expected to be positively correlated with the A - share market. However, the correlation reversed around 2015. Before 2015, the upstream was more elastic, and the ratio was positively correlated with the A - share market. After 2015, the downstream became more elastic due to economic transformation, policy regulation, and other factors. Despite the change, the upward trend of the ratio still has indicative significance, and the current weak economic recovery may drive the upstream to take the lead [18][20][22].