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]

倒计时1天 2025第五届起点两轮车换电大会 暨轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点固态电池、起点两轮车及换电 活动时间： 2025年7月11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 小哈换电/嘟嘟换电/司马出行/雅迪科技集团/台铃集团/新日股份/汇创新能源/中兴派能/孚能科技/保力新/创明新能源/多氟多/博力 威/睿恩新能源/诺达智慧/亿纬锂能/星恒电源/比克电池/鹏辉能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/小安科技/先导智能/鑫晟达/精锐 精密等 7月6日，从西宁（国家级）经济技术开发区了解到， 青海矽珂 锂离子电池硅碳复合负极材料项目、杭州众能光电 钙钛矿 光电半导体生产 基地一期项目两大重点工程定于本月开工建设。 总投资约8亿元的青海矽珂锂离子电池硅碳复合负极材料项目展现出强大的产业集聚效应。项目充分利用原青海稀宝玉石有限公司闲置场地及 厂房，通过购置先进装备，规划建设五条年产6000吨的生产线，最终形成年产3万吨的规模化生产能力。不仅可以实现闲置资产的高效盘活， 更通过"以存量引增量"的模式 ...

近日，金种子酒公告称，因工作调整，公司董事、总经理何秀侠请求辞去第七届董事会董 事、董事会战略与 ESG 委员会委员、提名委员会委员及总经理职务。值得注意的是，在离 任公告中未出现"感谢"字样。一般情况下，企业高管的离职公告中都会作出"感谢"，以表 达对其业绩的肯定，此次不提"感谢"或许与金种子酒惨淡的业绩有紧密联系。 作为华润派来的"救火英雄"，何秀侠曾被外界寄予厚望。在其掌舵期间，金种子酒业绩持 续滑坡—— 2022 — 2024 年累计亏损达 4.67 亿元， 2024 年营收暴跌 37% 至 9.25 亿元。有安徽烟酒行业人士直言，全国名酒入局下，金种子酒目前还是靠柔和、祥和支撑， 高端化进展不顺。 文｜酒业内参 张奥 与亏损业绩形成对比的，是高管暴涨的薪资。自 2022 年华润入主后，公司高管薪酬总额 从 2021 年的 344.1 万元飙升至 2024 年的 1114.13 万元，其中何秀侠任期内年薪最高 达 304.96 万元。 中高端站不住，低端站不稳，面对业绩的下滑，金种子酒该何去何从？ 连年亏损 高管团队年薪遭反对 2022 年 2 月，华润成为金种子酒第二大股东。五个月后，华润系高管何秀 ...

文 | 酒业内参 张奥 中高端站不住，低端站不稳，面对业绩的下滑，金种子酒该何去何从？ 连年亏损，高管团队年薪遭反对 2022年2月，华润成为金种子酒第二大股东。五个月后，华润系高管何秀侠空降金种子酒出任总经理并 开始大刀阔斧的改革，她进行了组织及产品线的调整，引入华润啤酒渠道资源。但一切动作反映到业绩 上却没掀起波澜。 《酒业内参》梳理财报发现，何秀侠掌舵金种子酒前，近十年间公司仅有两年出现亏损，而在华润入主 后的数年里，金种子酒则连续亏损——2022年至2024年，金种子酒归母净利润亏损分别为1.87亿元、 0.22亿元、2.58亿元。2025年一季度，金种子酒业绩仍未见改善，实现营业收入2.96亿元，同比下降 29.41%；归母净利润亏损0.39亿元，同比减少320.62%。这也给何秀侠的离职埋下了伏笔。 值得注意的是，业绩亏损期间，金种子酒高管团队的合计薪酬居高不下。2022年华润系高管入主，彼时 高管团队薪酬总额为659.28万元，对比2021年的344.1万元，涨幅近翻倍。2023年，金种子酒高管团队薪 酬总额升至1279.43万元，2024年则降为1114.13万元。其中，何秀侠任期内年薪最高达 ...

以下文章来源于商业弧光 ，作者李佳琪 在2019年~2023年业绩持续下滑的四年间，章燎原曾数次经历体重骤降。六年前的2019年，三只松鼠 年营收达到120亿元，所有人都认为这将是未来持续增长周期的起点。但打击骤然而至：在接下来的 四年里，三只松鼠陷入寒冬，年营收再也没有达到120亿元。 直到2024年底，当看到年度业绩单上年营收重新回到120亿元（ 虎嗅注：税后约106.2亿 ）时，已经 49岁、在"坚果圈"打拼了十几年、江湖人称"松鼠老爹"的章燎原终于松了一口气。"两个120亿，相 同的数字，但它的内涵和意义发生了显著的变化。第一个120亿是巅峰，今天的120亿则是起点。过 去的120亿是流量+红利+运气的从0到1的结果，今天的120亿则是从1到10的成功，我们真的具备了 一些能力和实力。"章燎原说。 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜三只松鼠 通过饮食、运动等方式增重后，三只松鼠创始人、CEO章燎原的体重终于超过了100斤。 商业弧光 . 听风者，捕光人，最准点的商业节拍 本文播客版由豆包AI播客功能自动生成 松鼠还为此举办了一场盛大的会议，主题为"三生万物"，时间定在了五月。会议 ...

中国高端装备制造又迎来里程碑时刻。7月9日，全球最大辗环机全系列轴承在洛阳轴承集团股份有限公司下 线交付，填补了我国在超大型、超重载环形锻件装备核心零部件领域空白，标志着我国在该系列轴承的设计 与制造领域实现领跑。 同时，攻关团队创新加工工艺及检测方法，使轴承几何精度、旋转精度达到世界领先水平，打破了国外高端 轴承的技术垄断。 从产品应用场景来看，该项目轴承的成功研制，不仅满足了辗环机在极端工况下的高承载、强冲击、耐高温 等要求，还攻克了大尺寸、大壁厚套圈的材质均匀性和精密加工难题。 "此次产品的成功下线，不仅是洛轴集团技术实力的集中体现，也是我国轴承行业在超大型、超重载轴承的设 计与制造领域的又一次技术突破。轴承的交付，代表着我国超大型高端装备核心部件自主研发能力的不断提 升。"中国轴承工业协会理事长周宇表示。（记者 陈学桦 范坤鹏） 轴承，被喻为工业的"关节"，是机械设备的核心基础零部件，直接影响着装备制造能力。辗环机是大型环形 件制造核心装备，其轴承的精度、承载力和可靠性直接关系到国家重大装备的制造水平。此次需配套的辗环 机为首次研制，最大辗环直径22米，最大轧制力3552吨；其轴承的尺寸、重量超过行业 ...

通过饮食、运动等方式增重后，三只松鼠创始人、CEO章燎原的体重终于超过了100斤。 在2019年~2023年业绩持续下滑的四年间，章燎原曾数次经历体重骤降。六年前的2019年，三只松鼠年营收达到120亿元，所有人都认为这将是未来持续增 长周期的起点。但打击骤然而至：在接下来的四年里，三只松鼠陷入寒冬，年营收再也没有达到120亿元。 直到2024年底，当看到年度业绩单上年营收重新回到120亿元（虎嗅注：税后约106.2亿）时，已经49岁、在"坚果圈"打拼了十几年、江湖人称"松鼠老爹"的 章燎原终于松了一口气。"两个120亿，相同的数字，但它的内涵和意义发生了显著的变化。第一个120亿是巅峰，今天的120亿则是起点。过去的120亿是流 量+红利+运气的从0到1的结果，今天的120亿则是从1到10的成功，我们真的具备了一些能力和实力。"章燎原说。 松鼠还为此举办了一场盛大的会议，主题为"三生万物"，时间定在了五月。会议当天，位于上海浦东新区的会场外飘起了微雨，这浇灭了人头攒动的躁热。 会场内，媒体、加盟商、供应商悉数落座后，位于台侧的乐队先是吹响了唢呐，而后大小提琴等西洋乐加入合奏。 乐队声毕，身穿燕尾服的指挥走上 ...