弱于周期，兴于结构——纺服行业 2025 年度中期投资策 略 20250710 国内渠道成本改善，线下租金费用率下降。综合性服装品牌应关注线下 红利，垂类服装品牌如户外赛道应关注内容营销平台如抖音。安踏布局 运营户外品牌值得关注。 制造行业海外库存周期健康，但关税压制及需求恶化预期可能导致累库。 关税政策影响基本符合预期，制造商承担绝对关税税率在低个位数。未 来投资应关注订单端变化。 下半年品牌端将迎来低基数增厚效应，三季度可投资性最强。推荐贝塔 加阿尔法组合，包括海澜之家和安踏体育。关注三季度后业绩改善显著 且估值偏低的公司，如森马、报喜鸟和比音。 Q&A 今年以来品牌和制造板块的整体表现如何？ 今年以来，品牌端的终端零售表现稳中恢复。一季度录得低单增长，二季度趋 势小幅环比改善。三季度在低基数下，零售端弹性显露出较好的态势。出口端 则相对疲软，纺织品和服装出口增速持平左右。从去年整体来看，制造板块迎 来了去库尾声后的补库景气修复，实现了收入和利润的增长。尤其是利润端因 毛利修复和费用率结余显露出经营杠杆弹性。而品牌则在去年下半年零售承压 及杠杆拖累下出现收入个位数下滑、利润大幅下降。今年一季度品牌零售小幅 ...

截至2024年，和敏基金会已向社会捐赠资金超6.5亿元，其中医疗卫生领域5.5亿元，体育及教育领域 4553万元，社区关爱领域5626万元，2025年预计将向社会捐赠资金11.3亿元。 和敏基金会将医疗大健康作为核心捐赠方向，响应"健康中国"战略，全资20亿元捐建上海市第六人民医 院福建医院（和敏院区）。该医院定位为非营利性三级甲等综合性公立医院及国家创伤区域医疗中心， 项目已于2024年11月全面封顶，预计2025年底竣工，2026年上半年投入使用。建成后，医院将辐射福建 及周边省份，甚至"一带一路"国家。截至2024年，该项目已投入超5.2亿元。 此外，和敏基金会设立"助医关爱基金"，捐赠总价值2000万元的医疗设备，受益群众超6.5万人次；与 白求恩公益基金会合作开展先天性心脏病患者救助，筛查超1600人，救助190人。2023年，和敏基金会 联合中华全国体育基金会推出"优秀运动员伤残救助计划"，计划五年捐赠1000万元，截至2024年已资助 271名运动员。 在教育领域，和敏基金会实现了从基础教育到高等教育的全方位捐赠。为了帮助晋江学籍（户籍）家庭 经济困难的孩子顺利完成大学学业，和敏基金会从2022 ...

市场价2500元，1600元就能租下，北京朝阳区将台乡"将小爱"公益寓站，成了顺丰小哥秦永财和妻子的 小家。在这里，他们有了第二个娃。 每天收派快递上百件，起早贪黑不觉苦，秦永财笑道："租房享低价，孩子能托管，干活有劲，小家也 有盼头。" 一句"有劲"，道出多少小哥的心声；一声"盼头"，藏着心底最柔软的牵挂——家。对小哥来说，家的定 义，朴素简单，又牵动人心：房租能担，娃儿能管，病了能看。 家的概念，也在延展。随着各地加快推动小哥融入城市，他们正从"城市过客"变为"共建力量"。城就是 家，家就是城，"小家"与"大家"，正在双向奔赴。 "家"的温度，折射城市对劳动者的尊重。为城市奔忙的千万小哥，其住宿难、就医难、子女陪伴难等问 题如何解？怎样在城市中找到归属感？又如何成为城市治理和发展的重要力量？ "小哥初到大城市，最操心住宿问题" 一张床、一间房、一套房，各地探索逐步满足小哥安居需求 秦永财的家，18平方米，不算宽敞，但收拾得整洁温馨，衣柜、餐桌等一应俱全。彩色地垫上，小儿子 咿呀学语；洁白墙壁上，大儿子的奖状高高悬挂。 "这位置，这价格，想租一样大的几乎不可能，更别说带家具了。"秦永财是安徽阜阳人，18岁成 ...

Group 1 - The ice cream market in Linyi is showing a clear trend towards affordable products, with high-priced "ice cream assassins" becoming rare and low-priced options dominating consumer preferences [2][3] - Sales of ice cream products priced below 5 yuan have increased by approximately 30% compared to previous years, with brands like Mengniu, Yili, and Helu Xue seeing daily sales exceeding 1,000 boxes [3] - Consumers are increasingly favoring traditional low-cost ice creams like "Old Popsicle" and "Choco Pie," while high-end products priced over 20 yuan are seeing reduced interest from both consumers and wholesalers [3] Group 2 - There is a growing demand for healthier ice cream options, with consumers prioritizing low-sugar and low-calorie products, reflecting a shift towards health-conscious eating habits [4] - Sales of health-oriented ice creams, such as those with zero sugar and high fresh milk content, account for about 30% of overall sales, indicating a significant market trend [4] - A specific low-sugar green bean ice cream has seen sales increase by nearly 200% compared to 2024, highlighting the rising popularity of health-focused products among consumers [4] Group 3 - The ice cream market is also witnessing innovation in product design, with creative ice creams resembling various food items like chicken legs and hamburgers, priced around 10 yuan [5] - Collaborative ice cream products featuring popular cartoon characters are being launched, targeting younger consumers, with prices ranging from 10 to 20 yuan [5] - Despite the creative appeal, brands recognize that merely relying on novelty and collaborations is insufficient for market success; improvements in ingredients and taste are essential for gaining market share [5]

Group 1: Green Economy - The green economy is emerging as a significant growth driver, with opportunities in new energy, energy conservation, and green building sectors [1][2] - The new energy vehicle industry is expected to maintain strong growth, supported by policies, technological advancements, and increased consumer awareness [1] - The energy-saving and environmental protection sector shows promising prospects, with rising demand for industrial energy conservation, building energy efficiency, and wastewater treatment [1] Group 2: Digital Economy - The digital economy is becoming a core force in economic development, with technologies like artificial intelligence, big data, cloud computing, and blockchain creating new growth points [3][4] - Artificial intelligence is being applied across various fields, enhancing efficiency and accuracy in healthcare, manufacturing, and finance [3] - Big data and cloud computing provide robust support for data storage, processing, and analysis, enabling businesses to achieve digital transformation [3] Group 3: Health Industry - The health industry is experiencing a golden development period, driven by increasing health awareness and an aging population [5][6] - There is a growing demand for medical services, including high-end medical care, rehabilitation, and internet healthcare [5] - Health management services are gaining popularity, offering personalized solutions for disease prevention and health maintenance [6] Group 4: New Consumption - The trend of consumption upgrading is creating innovative opportunities in new consumption fields, focusing on personalized, quality, and experiential demands [7] - High-quality food and beverage, fashion beauty, and smart home products are in high demand, with consumers prioritizing quality and brand [7] - New consumption models like live-streaming e-commerce and social e-commerce are rapidly developing, enhancing consumer shopping experiences [7] Group 5: Cross-Border E-commerce - Cross-border e-commerce is experiencing rapid growth, providing new opportunities for businesses to expand into international markets [8] - Emerging markets such as Southeast Asia, the Middle East, and Africa are showing significant consumption potential, with increasing internet penetration [8] - Optimizing supply chains is crucial for cross-border e-commerce, as it involves multiple processes including procurement, warehousing, and logistics [8]

据新华社消息，中共中央政治局委员、国务院副总理刘国中10日到北京大学医学部调研医药创新发展工 作。他强调，要深入学习贯彻习近平总书记关于科技创新和卫生健康工作的重要指示精神，按照党中 央、国务院部署，面向人民生命健康，强化协同攻关和政策落实，加强医药领域基础研究和科技创新能 力建设，积极支持创新药和医疗器械加快发展，为推进健康中国建设提供有力支撑。 刘国中来到北京大学医学部药学院，详细了解有关药物研发、重点实验室建设运行等情况，并主持召开 座谈会，听取相关企业、高校、科研院所、医疗机构的意见建议。他强调，医药是人类与疾病斗争的有 力武器。近年来，我国医药创新发展呈现良好态势，医药研发能力、市场竞争力和创新活力显著提升。 要坚定信心，充分发挥我国在产业体系、发展环境等方面优势，聚焦重点难点问题，有力推动医药创新 和产业高质量发展。要加强产学研深度融合，鼓励企业、高校、科研机构与医疗机构联合攻关，提高医 药科技创新水平，在药物、疫苗和医疗器械研发方面取得更多突破性成果。要加强人才培养和综合服务 平台建设，促进医药科研成果产业化。要充分利用人工智能、大数据等新技术，加快生命健康数据库建 设，提升医药研发效率和医疗水 ...

Core Viewpoint - Recent management changes at Weilong Delicious, including the resignation of CFO Peng Hongzhi and the appointment of Yu Feng, reflect potential challenges the company faces in product and market areas [2][3][4] Management Changes - CFO Peng Hongzhi will resign on August 31, with Executive Director Yu Feng taking over from September 1 [3] - This marks the second management change within six months, following the appointment of a new CEO in April [3] - The current executive directors are all members of the Liu family, indicating a strong family control over the company [3] Industry Challenges - The snack food industry is becoming increasingly competitive, prompting the Liu family to regain control of key positions to ensure consistent strategic direction [4] - The traditional "spicy strips" product line is losing popularity among mainstream consumers due to health concerns, impacting sales [5][7] - Sales of spicy strips have declined from 193,600 tons in 2021 to 124,400 tons in 2023 [5] Financial Performance - In 2024, Weilong Delicious reported revenue of 6.266 billion yuan, a year-on-year increase of 28.63%, and a net profit of 1.069 billion yuan, up 21.37% [6] - Revenue from vegetable products reached 3.371 billion yuan, growing 59.1% and surpassing the revenue from spicy strips [6] Product Development - The company is shifting towards healthier product offerings, increasing the sales of vegetable products like konjac snacks [6][7] - However, the konjac products have faced quality control issues, leading to consumer complaints [7] - The market for konjac snacks is becoming crowded, with competitors like Salted Fish and Three Squirrels entering the space [7]

北京提振消费24条来了。 为深化国际消费中心城市建设，北京市人民政府7月10日印发《北京市深化改革提振消费专项行动方案》（下称《行动方案》），从推动居民增收减负、优化 服务消费体验、增强商品消费动能等六方面提出24条措施，着力优化消费供给，提升消费品质，优化消费环境，减少消费领域掣肘。 针对居民在购房、购车过程中的痛点，《行动方案》进一步优化了住房消费和汽车消费政策，支持住房公积金"既提又贷"，明确将优化小客车指标配置，有力 畅通消费循环。 《行动方案》要求，力争到2030年，北京市市场总消费额年均增长5%左右，打造2—3个千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、 资源配置能力和创新引领能力进一步提升，国际消费中心城市建设取得新突破。 北京市商务局有关负责人指出，《行动方案》顺应消费升级趋势，把握消费热点需求，进一步优化升级消费供给。同时，《行动方案》突出改革创新，聚焦 消费领域裉节难点，激发市场活力。 支持住房公积金"既提又贷" "优化住房消费新供给"是本次《行动方案》的一大亮点。 在具体举措上，《行动方案》要求优先向轨道交通站点和就业密集地区供应住宅用地，完善"保障 +市场"住房供应体 ...

Core Viewpoint - The article emphasizes the importance of four specific food categories that can contribute to longevity and health, based on research linking dietary habits to lower mortality rates and environmental sustainability [2][3]. Group 1: Food Categories - Fruits are a cornerstone of both the Mediterranean and Planetary Health diets, providing essential nutrients like vitamins C and A, and antioxidants that support immune health and reduce inflammation [5][6]. - Dairy products, although less emphasized, are associated with longevity and include low-fat or non-fat options that are rich in calcium and vitamin D, crucial for bone health [7][8]. - Unsaturated fats from sources like olive oil and avocado oil are vital for maintaining healthy cholesterol levels and promoting brain health [9][10]. - Nuts are highlighted as a healthy snack option, rich in heart-healthy fats, fiber, and omega-3 fatty acids, contributing to overall health and longevity [10].

金十数据7月10日讯，中共中央政治局委员、国务院副总理刘国中10日到北京大学医学部调研医药创新 发展工作。他强调，要强化协同攻关和政策落实，加强医药领域基础研究和科技创新能力建设，积极支 持创新药和医疗器械加快发展，为推进健康中国建设提供有力支撑。要坚定信心，充分发挥我国在产业 体系、发展环境等方面优势，聚焦重点难点问题，有力推动医药创新和产业高质量发展。要加强产学研 深度融合，鼓励企业、高校、科研机构与医疗机构联合攻关，提高医药科技创新水平，在药物、疫苗和 医疗器械研发方面取得更多突破性成果。 （新华社） 刘国中：加快医药创新发展 更好保障人民健康 ...