Core Viewpoint - China Southern Airlines (CSA) has officially broken the convention of "generally closing check-in 30-40 minutes in advance" by introducing the "One Minute Boarding" service, allowing passengers to board 15 minutes before flight departure, targeting high-end business travelers and enhancing competitiveness on the Beijing-Guangzhou route [1][6][10] Group 1: Service Details - The "One Minute Boarding" service eliminates the previous check-in cut-off time, allowing passengers to complete security checks and reach the boarding gate 15 minutes before departure [3][4] - This service is designed to provide convenience for business travelers who often face tight schedules due to last-minute meetings or trips, thus improving travel efficiency [3][6] - Passengers with checked luggage still need to complete check-in 30 minutes before departure, indicating limitations for certain travelers [5][10] Group 2: Market Strategy - CSA aims to capture the high-end business traveler market, particularly in the competitive Beijing-Guangzhou route, where it currently holds a lower market share compared to the Beijing-Shanghai route [6][7] - The introduction of this service is part of CSA's broader strategy to enhance its dual-hub layout in Guangzhou and Beijing Daxing, covering key economic regions [7][8] - The service is expected to improve CSA's appeal to business travelers, especially given the distance disadvantage of Beijing Daxing Airport compared to Beijing Capital Airport [7][10] Group 3: Implementation Challenges - The successful implementation of the "One Minute Boarding" service in other routes will depend on the airport's capacity and the collaboration between airlines and airports [10][11] - CSA has established efficient cooperation mechanisms with airports to ensure quick security checks and boarding processes, which are crucial for the service's success [10][11] - The service's applicability may vary based on specific flight conditions, such as the distance from security to the boarding gate and the need for checked luggage [10][11]

（文/霍东阳 编辑/张广凯） 2019年，毛戈平和博主"深夜徐老师"的一条"改妆"视频将毛戈平"捧上神坛"。 知名化妆师下场做"美妆博主"的"降维打击"让毛戈平吃到了甜头。凭借独创的"东方骨相化妆法"，之后 多次到李佳琦直播间改妆、入驻了B站毛戈平，通过"换头术"一般的化妆技术，进一步的成功带火了其 同名的美妆产品。 在过去的二十五年里，毛戈平搭建起毛戈平美妆品牌、线下专柜和形象设计艺术学校"三位一体"的"毛 戈平宇宙"。在一众"卷低价"的国货美妆品牌中，毛戈平不是唯一将东方审美作为核心理念的品牌，但 毛戈平却是唯一能把国货卖出国际美妆品牌价格的品牌。 在美妆行业，无数品牌以创始人的故事为开篇，却罕有像毛戈平这样，仿佛"毛戈平"三字本身便具备了 光环与魔力，让消费者心甘情愿献上钱包。 "生而高端" 毛戈平从诞生时就锚定了高端的定位。 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 毛 戈平曾在投资者交流会上表示。以自己的名字命名，毛戈平在创立之初就立志要做一个国人为之骄傲的 高端民族化妆品品牌。 基于该定位，品牌也确定了以高端商场为核心的线下渠道战略。 要知道，200 ...

Core Viewpoint - The leadership transition at Great Wall Motors involves the appointment of Feng Fuzhi and Chang Yao as CEOs of the Wei brand and Tank brand, respectively, reflecting the company's strategic shift towards a direct-to-consumer (DTC) model to enhance brand positioning and sales performance [1][3][5]. Group 1: Leadership Changes - Liu Yanzhao has been promoted to Vice President of Great Wall Motors, overseeing the company's communication platform, and will no longer serve as CEO of the Wei and Tank brands [2]. - Feng Fuzhi joined Great Wall Motors at the end of 2023 as Vice President and has a background in retail management from Xpeng Motors and Li Auto [4]. - Chang Yao, who has been with Great Wall Motors since 2005, has held various roles and was appointed CEO of the Tank brand in May 2025 [5]. Group 2: Strategic Initiatives - Great Wall Motors is implementing a direct sales model, having opened over 400 direct sales stores with plans to expand to 600 by the end of 2025, aiming to enhance sales and brand premiumization [5]. - The direct sales model is expected to unify brand image, strengthen user operations, and improve service experience compared to traditional dealership models [5]. Group 3: Market Performance - In the first half of 2025, Wei brand sales reached 34,500 units, a year-on-year increase of 73.62%, while Tank brand sales were 104,000 units, reflecting a decline of 10.67% [6]. - The differing impacts of the direct sales strategy on the Wei and Tank brands highlight variations in brand positioning, user demographics, and product structures [6].

本文来源： 今日伊滨 。 本公众号所发表内容注明来源的，版权归原出处所有（无法查证版权的或未注明出处 的均来源于网络搜集），如有侵权请及时联系删除。转载内容只以信息传播为目的，仅供参考，不代表本号认 同其观点和立场。内容的真实性、准确性和合法性由原作者负责。 宁德时代洛阳基地是洛阳市紧盯产业风口、精准招引的标志性引领性项目。目前，一期项目已全部进入 生产状态，二期项目处于设备安装和调试阶段，四期项目将于近日实质性开工。 该项目全部建成后，将带动上下游产业集聚发展，预计可实现年产值超 2000亿元，助力洛阳成为全球 重要的新能源电池产业基地，进一步推动洛阳新能源产业向高端化、智能化、绿色化发展。 ——The End—— 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 近日，位于 我 区的宁德时代洛阳基地三期项目主体结构施工加快推进。 鑫椤资讯成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业产业研究和顾问公司。鑫椤资 讯以研究为中心，提供数据库、产业前瞻预测、战略咨询和媒体宣传等服务。 ...

BOPET膜：国内产需高增，看好行业自律助力格局优化、盈利改善 双向拉伸聚酯薄膜(BOPET)性能优良，广泛应用包装印刷、光学显示、电力电气、光伏新能源等领域。 2014-2024年期间，国内BOPET行业产能、产能、表观消费量保持高速增长，但消费量增速不及产能、 产量增速，行业呈现"低端产品过剩、高端产品不足"的结构性矛盾。行业供需失衡导致BOPET价格自 2022年震荡下跌，行业上市公司2022-2023年盈利下行，2024年由盈转亏。 《中国BOPET行业自律倡议书》倡导强化行业自律，营造公平稳定的市场环境，有望助力行业供给优 化、盈利改善，2025Q1行业多数上市公司减亏。中长期来看，市场资源向具有成本和技术优势的企业 逐步集中，该行看好国内高端聚酯薄膜产品研发能力快速提升，替代进口产品不断涌现，BOPET行业 向高端化、绿色化不断发展。 智通财经APP获悉，开源证券发布研报称，2022年以来BOPET行业盈利持续承压，或导致规划产能进度 放缓或实际落地可能性降低，行业自律助力格局优化，企业盈利有望改善;中长期来看，市场资源向具 有成本和技术优势的企业逐步集中，该行看好国内高端聚酯薄膜产品研发能力快速 ...

7月9日，由中国轻工业联合会主办的2025轻工业百强企业新质发展产业大会在京召开。大会以"聚焦向'新'力 领航 新消费"为主线，汇聚300余家龙头企业代表与政产学研界精英，共同擘画轻工业高质量发展蓝图。会上发布了 2025年"中国轻工业五金制品行业十强企业"、"中国轻工业二百强企业"、"中国轻工业科技百强企业"名单，凭借 卓越的综合实力与科技创新成果，广东万和集团有限公司（以下简称万和集团）被授予"中国轻工业五金制品行业 十强企业"、"中国轻工业二百强企业"、"中国轻工业科技百强企业" 三项国家级荣誉。 中国轻工业联合会是轻工业全国性、综合性、具有服务和管理职能的工业性组织。每年公布的榜单在行业中具有 极高权威性和广泛影响力，是衡量中国轻工业企业发展活力的重要标准。其中"中国轻工业五金制品行业十强企 业"、"中国轻工业二百强企业"两大榜单主要评价企业的综合实力，要求企业不仅发展均衡，而且要具备较强的市 场活力。而"中国轻工业科技百强企业"榜单则聚焦在创新实力上，重点考量企业的营业收入、科研投入、重点实 验室及工程技术研究中心、专利数量等经济指标，进行综合评分。 紧紧跟随国家"十四五"规划"推动制造业高质量发展 ...

Core Viewpoint - The steel cord wire rod industry in China is experiencing significant growth, driven by the booming automotive sector and increasing demand for high-performance tires, with the market size projected to reach 4.808 billion yuan in 2024, reflecting an 8.53% year-on-year increase [4][11]. Industry Overview - Steel cord wire rod, also known as cord steel, is a high-strength hot-rolled product with a diameter of approximately 5.5mm and a carbon content strictly regulated between 0.62% and 1.02% [6]. - It is a premium quality hard wire steel, essential for the production of steel cords used in radial tires, which are critical for automotive applications [6]. Market Policies - Recent policies in China have elevated the steel industry to a strategic level, with a focus on high-end, intelligent, and green development, benefiting the steel cord wire rod sector [7]. - Initiatives such as the "Three-Year Action Plan for Digital Transformation in the Steel Industry" and "Energy Conservation and Carbon Reduction Action Plans" are fostering a favorable environment for industry upgrades [7][8]. - Policies encouraging innovation through tax incentives and subsidies are promoting technological advancements and enhancing the competitiveness of domestic steel cord wire rod products in the international market [8]. Industry Chain - The steel cord wire rod industry features a tightly integrated supply chain, with upstream suppliers including iron ore, coal, and various alloying materials, while downstream applications primarily involve tire manufacturing for various vehicle types [9][10]. - The production of steel cord wire rod is directly influenced by the stability of raw material supply and the technological advancement of production equipment [9]. Current Development Status - The automotive industry in China has shown robust growth, with total vehicle production and sales reaching 31.282 million and 31.436 million units in 2024, respectively, marking increases of 3.7% and 4.5% year-on-year [11]. - The rise of new energy vehicles (NEVs) has significantly boosted demand for high-performance tires, which in turn drives the need for high-quality steel cord wire rods [11]. Competitive Landscape - The steel cord wire rod industry in China is characterized by a competitive landscape dominated by major domestic players like Ansteel and CITIC Special Steel, complemented by foreign companies such as Kobe Steel and Saarstahl [12]. - Domestic firms are increasingly closing the technological gap with foreign competitors, particularly in the ultra-high-strength segment, through enhanced R&D and collaboration with research institutions [12]. Future Development Trends - The industry is expected to focus on high-end product development to meet the increasing performance demands of tires, particularly for NEVs, necessitating advancements in strength, toughness, and corrosion resistance [15]. - There is a growing emphasis on green manufacturing practices, with companies investing in energy-saving technologies and waste treatment systems to align with environmental regulations and enhance their market competitiveness [16].

从胜利走向胜利 作者：陈晨 编辑：悟道 风品：李莉 来源：首财——首条财经研究院 双春闰六月，伏天蒸桑拿！今年恰逢"闰六月"，高湿高热的天气让啤酒业旺季更旺。 尤其存量竞争、各大巨头深陷"零和博弈"之际，旺季早已超越单纯的销售行为，成为观察产业生态变迁 的窗口。 7月7日，燕京啤酒发布2025半年度业绩预告：预计归属于上市公司股东的净利约10.62亿元至11.37亿 元，同比增长40%至50%；扣除非经常性损益后的净利约9.26亿元至10亿元，同比增长25%至35%。今 年一季度营收38.27亿元，净利1.65亿元。据此计算，二季度净利预计8.97亿元至9.72亿元区间，环比增 长显著。 7月8日，兴业证券、光大证券等五家券商更新评级，均给予燕京啤酒增持或买入，东吴证券更预测全年 净利达15.05亿元。 殷殷期许，振奋人心。要知道，"十四五"（2021~2025年）被燕京定义为战略重构期，并提出"二次创 业，复兴燕京"的中长期目标。上述出彩的半年报及全年预期，无疑为这个战略收关打下基础。 究竟如何做到的？韧性逆增源泉是什么、又能持续多久？二创复兴的奔赴路上，还有什么挑战隐忧呢？ 1 高利润高分红 行业下行期的 ...

Core Viewpoint - The traditional snack giants are facing a survival crisis as they struggle against the rise of low-cost snack brands, leading to significant declines in revenue and profit margins [1][2][20]. Group 1: Performance of Traditional Snack Giants - Laiyifen reported a double-digit decline in both revenue and net profit in its 2024 annual report, marking the largest loss since its IPO [1] - Good Products also experienced its first annual loss since its listing in 2020 [1] - Three squirrels terminated the acquisition of Ailingshi and announced a strategic partnership with Snack Selection, while facing legal challenges from Ailingshi [1][2] Group 2: Rise of Low-Cost Snack Brands - Low-cost snack brands are rapidly gaining market share through a "low-margin, high-volume" model, posing unprecedented challenges to traditional snack companies [2] - Brands like "Very Busy" and "Snack Revolution" have emerged, focusing on price competitiveness and direct factory connections, undermining the brand premium of traditional players [3][4] Group 3: Changing Consumer Behavior - Young consumers are becoming more rational, with a decreasing willingness to pay a premium for brands [4] - The perception of high prices and product homogeneity among traditional brands is leading to a loss of consumer loyalty [3][4] Group 4: Challenges Faced by Traditional Giants - Three Squirrels heavily relies on online channels, with 70% of its revenue still coming from third-party e-commerce platforms in 2024 [5] - The company aimed for a "ten-thousand store plan" by 2024 but only managed to open 333 stores, closing 549 in 2022 alone [6] - Laiyifen's store count decreased by 16.28% from 2023 to 2024, highlighting the struggles of traditional retail models [6] Group 5: Profitability Issues in the Low-Cost Segment - Leading low-cost brands like "Wancheng" and "Mingming Very Busy" have achieved rapid growth but maintain low profit margins of 0.91% and 2.1% respectively [7][8] - The franchise model prevalent in low-cost brands raises concerns about sustainability, as profitability for franchisees is crucial for continued expansion [8] Group 6: Future Directions for Traditional Giants - Traditional snack companies are exploring new product lines and pricing strategies to combat the low-cost competition, with Good Products initiating a significant price reduction across 300 products [14] - However, this price-cutting strategy risks damaging brand value and consumer trust [14] - The need for operational upgrades and a complete supply chain overhaul is emphasized as essential for survival in the evolving market [17][20] Group 7: New Business Models - Three Squirrels has opened its first lifestyle store, expanding beyond snacks to include a variety of products, indicating a shift towards a more comprehensive retail approach [18] - The company is also developing a convenience store model, focusing on a low-margin strategy with a diverse product mix [18] Group 8: Conclusion - The snack industry is undergoing a transformation where traditional high-end branding is losing relevance, and the focus is shifting towards affordability and value [20] - The future of the snack market will favor brands that can deliver genuine value to consumers, necessitating a reevaluation of cost structures and value propositions by traditional giants [20]

Group 1: Market Performance - The Hang Seng Healthcare Index (HSHCI) decreased by 0.18% as of July 10, 2025, with mixed performance among constituent stocks [3] - Major gainers included Giant Bio (02367) up 4.24%, Yaoshi Bang (09885) up 4.13%, and Dongyangguang Changjiang Pharmaceutical (01558) up 3.48% [3] - The Hang Seng Healthcare ETF (513060) fell by 0.17%, with a latest price of 0.58 yuan, but saw a 2.48% increase over the past week [3] Group 2: Regulatory Developments - The National Medical Products Administration (NMPA) announced measures to optimize lifecycle regulation to support high-end medical device innovation, particularly benefiting the in vitro diagnostics (IVD) industry [4] - Policies include accelerated approvals and international registration facilitation, which will enhance the global competitiveness of IVD companies [4] - The document from NMPA is expected to directly benefit the IVD sector, with domestic biochemical diagnostics largely free from foreign constraints [4] Group 3: ETF Performance Metrics - The Hang Seng Healthcare ETF recorded a financing buy-in of 220 million yuan and a financing balance of 267 million yuan [5] - Over the past two years, the ETF's net value increased by 20.23%, with a maximum monthly return of 28.34% and an average monthly return of 6.82% [5] - As of July 4, 2025, the ETF's one-year Sharpe ratio was 2.07, indicating strong risk-adjusted returns [5] Group 4: Valuation and Tracking - The Hang Seng Healthcare ETF has a current price-to-earnings ratio (PE-TTM) of 27.84, which is below the historical average, indicating a low valuation compared to the past three years [6] - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.069% over the past year [5][6] - The ETF's management fee is 0.50%, and the custody fee is 0.15%, contributing to its overall cost structure [5]