随着广深港高铁5G-A专网加速服务的落地，在以300公里时速飞驰的列车里，旅客仍可以享受下行最高 3Gbps、更流畅的极速网络体验。实测显示，服务开通后玩游戏时延更小，打视频电话时不卡顿，体验 更流畅。 如今，想要尝鲜5G-A专网加速服务，广东移动客户只需登录中国移动APP，点击"5G"栏目首页"高铁加 速包"即可办理。接下来，广东移动将在地铁、演唱会、场馆等多场景进行5G-A规模部署，提供更加便 捷、高效、多元的网络服务。 采写：南都·湾财社记者 程洋 "乘坐高铁，网络体验更流畅了！"6月12日，广东移动携手华为率先推出全国首个5G-A高铁专网加速服 务，为旅客试点提供更流畅的极速网络体验，实现商旅出行新体验。 广深港高铁广深段是珠三角城际快速轨道交通的骨干线路，自2011年12月26日正式通车以来，列车开行 数量日均超130列，年客流量在2000万左右，累计发送旅客超2亿人次，是国内"最繁忙"的高铁线路之 一，为区域经济一体化和人员流动提供了重要支撑。和5G相比，5G-A能够在容量、速率、时延、定 位、可靠性等方面实现大幅提升，带来更快更优质的通信体验。在广深港高铁，广东移动充分发挥5G- A网络能力优势 ...

Industry Overview - Gout is a chronic disease caused by purine metabolism disorders, characterized by hyperuricemia and the deposition of urate crystals in joints and tissues, leading to various clinical symptoms [1][2] - The gout medication market in China has grown significantly, with the market size increasing from 700 million yuan in 2015 to 2.2 billion yuan in 2024 [1][10] - The prevalence of hyperuricemia in China is approximately 14%, with a patient population of around 197 million, while gout prevalence ranges from 1% to 3%, affecting approximately 15.5 to 42.29 million people [6][8] Market Dynamics - The gout medication market is primarily driven by the increasing incidence of gout and hyperuricemia due to lifestyle changes and dietary habits [10] - The market is currently experiencing a contraction due to the entry of mainstream gout medications like febuxostat into centralized procurement, but future growth is expected as patient numbers rise [10] - By 2030, the gout medication market in China is projected to exceed 10 billion yuan [10] Product Classification - Gout medications are categorized into acute anti-inflammatory analgesics and long-term urate-lowering drugs, with urate-lowering drugs accounting for about 40% of the global market [2][4] - In the domestic market, traditional drugs like febuxostat and benzbromarone hold a market share of approximately 60% [2] Competitive Landscape - The industry is characterized by intense competition, with generic drugs dominating the market while innovative drugs are rapidly being developed [14] - Major players include Kangyuan Pharmaceutical, Huahai Pharmaceutical, Yipinhong, and Hengrui Medicine, which are focusing on developing new urate-lowering agents to address the limitations of existing medications [14][15] - The introduction of centralized procurement policies has pressured generic drug prices, prompting companies to shift towards high-value innovative drugs [14] Key Companies - Hengrui Medicine is developing a new urate-lowering drug, SHR4640, which has shown significant efficacy and low toxicity, with a market application expected in 2025 [15][18] - Yipinhong is working on AR882, a new urate excretion promoter, which has received FDA support for global clinical trials [15] - Tonghua Dongbao has expanded its product pipeline in the gout treatment area, with two new drugs in clinical trials [16] Development Trends - The industry is shifting from generic to innovative drug development, with URAT1 inhibitors becoming a research focus [20] - Biologics and long-acting therapies are emerging as new growth points, with products like SEL-212 expected to enhance patient compliance and market potential [21] - Personalized treatment and combination therapies are becoming key research directions, aiming to meet unmet clinical needs [22]

新消费市场的背景与现状 新消费市场的兴起得益于多方面因素的共同推动。从经济层面来看，我国经济的稳定增长使得居民人均可支配收入持续上升，消费能力不断增强，为新消 费市场的蓬勃发展奠定了坚实的经济基础。在技术进步方面，互联网技术的迅猛发展，尤其是移动互联网的广泛普及，以及大数据、人工智能等前沿技术 在商业领域的广泛应用，赋予了商家精准营销和个性化服务能力，加速了新消费市场的变革与升级。政策支持也为新消费市场的发展保驾护航，国务院办 公厅发布意见，计划 3 至 5 年构建促进新型消费发展的体制机制和政策体系，国家发展改革委和财政部也联合发布措施，统筹大量资金释放消费潜力。在 这样的背景下，新消费市场呈现出繁荣的现状，2024 年社会消费品零售总额达到 487895 亿元，比上年增长 3.5%，其中网上零售额表现亮眼，全国网上零 售额 155225 亿元，比上年增长 7.2%，实物商品网上零售额占社会消费品零售总额的比重为 26.8%。新消费模式具有明显特点，消费升级趋势下消费者对品 质、品牌、服务等方面要求提高，线上线下融合形成全渠道零售模式，数据驱动实现精准营销和个性化推荐，共享经济模式也逐渐渗透到零售行业。 新 ...

烟草包装在烟草行业中扮演着至关重要的角色，不仅用于品牌推广和产品保护，还用于遵守世界各国政府制定的严格法规。主要的包装材料包 括烟用内衬纸、商标纸、封签纸、烟用包装膜、拉线等。 1. 严格的政府法规 普通包装法：澳大利亚、法国和英国等国家强制要求使用图形健康警示（覆盖包装 50-90% 的面积），禁止使用标识和品牌颜色。 健康警示：越来越多的图形和文字警示迫使包装重新设计，并限制了品牌空间。 儿童安全包装：法规要求采用防篡改密封或复杂的开启机制，以保护儿童安全。 2. 防伪需求 非法烟草贸易的增长推动了对先进安全特征（例如全息图、二维码、隐形墨水）的需求，这些特征可用于验证产品真伪并遵守世界卫生组织的 《烟草控制框架公约》议定书。 3. 转向低风险产品 电子烟、加热烟草（例如 IQOS ）和尼古丁袋的日益普及需要专门的包装（例如耐热材料、防潮层）。 4. 可持续发展压力 政府和消费者需要环保解决方案（例如可生物降解薄膜、可回收纸板），以减少塑料垃圾和碳足迹。 5. 新兴市场增长 亚太地区（例如印度、印度尼西亚）和非洲地区烟草消费的不断增长，推动了对经济高效、大容量包装的需求。 6. 个性化和品牌化 尽管受到监 ...

证券代码：002216 证券简称：三全食品 三全食品股份有限公司投资者关系活动记录表 编号：2025-003 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 名单详见附件 | | 人员姓名 | | | 时间 | 2025 年 6 月 12 日 10:00-11:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：刘铮铮 | | 员姓名 | 证券事务代表：徐晓 | | | 1、请简单介绍一下公司直营渠道目前的经营情况？ | | | 答：公司直营渠道通过调整组织结构，开展 "总对总"业务合作，强 | | | 调管理精细化，提升费用使用效率；加强客户服务，持续推进商超系统 | | | 个性化产品定制。此外在产品端深入调研市场需求，适时调整产品策略， | | | 持续优化产品品质，丰富产品口味，精准切入多样化及个性化消费需求， | | | 未来将在健康养生、品质升级、体验升级等方面继续创新。 | | | 2、公司电商渠道 ...

Core Viewpoint - Tencent Music Entertainment Group (TME) has officially announced the acquisition of long audio platform Ximalaya for approximately $2.4 billion, marking it as the largest merger in China's internet audio sector in recent years and indicating a new ecological integration and value reassessment in the Chinese audio marketing market [1][2]. Group 1: Acquisition Details - The acquisition will be executed through a cash and equity mix, with Tencent Music paying $1.26 billion in cash, issuing up to 5.2% of Class A common stock, and an additional 0.37% in incentive equity to fully acquire Ximalaya [2]. - Post-acquisition, Ximalaya will operate as a wholly-owned subsidiary of Tencent Music, maintaining its brand and team independence [2]. Group 2: Strategic Implications for Tencent Music - This acquisition represents a strategic upgrade for Tencent Music, which has faced challenges such as slowing growth in subscription users and diminishing streaming benefits [3]. - By acquiring Ximalaya, Tencent Music aims to fill its gap in the long audio sector and achieve a comprehensive content layout of "music + long audio" [3]. - The content distribution and monetization logic of Ximalaya complements Tencent Music's user system, allowing for precise recommendations and multi-platform exposure, which can drive cross-member growth and deepen content commercialization [3]. Group 3: Ximalaya's Positioning - For Ximalaya, being acquired by Tencent is both a strategic retreat and an opportunity for transformation, as it has struggled with weak profitability and user growth in recent years [4]. - Integration into Tencent's ecosystem provides Ximalaya with capital, technology, and opportunities for upgrading creator resources, copyright cooperation, distribution networks, and IP linkage while maintaining brand independence [4]. Group 4: Changes in Audio Marketing Landscape - The acquisition is expected to significantly impact the audio marketing industry, as long audio has become a key trend in content consumption, especially among Gen Z and users in lower-tier markets [5]. - The integration of Tencent Music and Ximalaya will lead to three key changes in audio marketing: 1. Creation of a "sound economy" closed loop through comprehensive content reach [5]. 2. Acceleration of content recommendation and commercialization driven by AI, enhancing ROI for advertisers [7]. 3. Optimization of monetization paths for creators, fostering closer brand collaborations through new models like custom podcasts and IP co-creation [8]. Group 5: Industry Outlook - The merger will accelerate industry reshuffling, posing stronger competition for platforms like NetEase Cloud Music and Tomato Listening [9]. - The ability of a sound platform to provide a complete chain of "content breadth + distribution depth + commercial tools" will become a crucial reference for brand investment decisions [9]. - This acquisition is seen as a systemic test of the integration capabilities of "content + technology + commerce," redefining marketing boundaries in the audio sector [9].

Group 1 - The tourism market is experiencing a peak in bookings as summer approaches, with university students leading the demand for travel [1] - Graduation travel is particularly popular, with a notable increase in bookings for graduation travel products from June 9 to 11, with major cities like Beijing, Shanghai, Chengdu, and Guangzhou being popular departure points [1] - Theme parks are the most favored travel option among graduates, with Shanghai Disneyland, Beijing Universal Resort, and Hong Kong Disneyland ranking as the top three in terms of bookings [1] Group 2 - The average price of domestic and international flights has been steadily increasing, with a significant rise expected in July, prompting travelers to adjust their travel plans to avoid peak times [1] - Airlines are responding to the high demand by adding new routes, such as China Southern Airlines launching direct flights from Harbin to Vladivostok and Guangzhou to Almaty, increasing their international and regional routes to 150 [1] - Data indicates that university students are trying to travel earlier to avoid the peak of middle school students' travel, with family-oriented destinations expected to account for over 60% of summer consumption [1] Group 3 - The outbound tourism market is recovering due to improved visa accessibility, restored flight capacity, and optimized supply chains, with popular short-haul destinations including Japan, UAE, and Southeast Asia [2] - Hotel bookings for outbound travel have expanded to cover 1,788 cities globally, an increase of 375 cities compared to last year, with some popular destinations seeing hotel booking increases of nearly 70% year-on-year [2] - The tourism market is shifting from a focus on "traffic competition" to "price restructuring," emphasizing quality, personalization, and differentiation as key competitive factors [2] Group 4 - The summer tourism market is expected to fully recover and undergo structural upgrades by 2025, with family-oriented travelers becoming a core driving force [3] - The market will exhibit three main trends: a focus on family travel, prominent themed experiences, and an increase in demand for deep experiential travel [3] - These changes are anticipated to present new opportunities and challenges for the tourism industry [3]

其实，玲娜贝儿和Labubu的形象看似相差千万里，但不是没有相似之处。和迪士尼拥有的众多经典形象相比，玲娜贝儿没有独立的故事线，人物 设定也不甚清晰，主要依靠和粉丝的互动让自身内涵变得丰满和立体。而Labubu的身世来历更是"神秘"，每个人都可以按照自己的理解去描绘它 的故事。 就此而言，从玲娜贝儿到Labubu，它们的走红都符合后现代文化的特点——人们不再将社会文化视为自然而然的、既定的，而是认定它是历史过 程的产物，因而能够被改变或转型。年轻人对"个性"的强调，本质就是对多元性和多样化的颂扬，哪怕是作为精神陪伴的潮玩，也不应该是被事 先设计好、规定好的标准化工业产品。 年轻人总是倾向于拒绝任何"普遍化"的社会文化，但并不意味着他们愿意处于隔绝、孤独的处境中。必须认识到，在现代商业社会中，我们的想 象力和实际欲求源自他人，经过包装和赋值，商品拥有的符号内容意味着一种身份认同，更是不同独特主体得以交往的"通行证"。 换句话说，年轻人从潮玩中得到的情绪价值绝不仅是"治愈感"，而是一种"对话"和"理解"——自我的品味得到赞美，自我的审美得到认同。 在这条道路上，Labubu无疑比玲娜贝儿走得更远，也更为激进。玲娜 ...

Core Viewpoint - The current Chinese consumer market is characterized by "consumption stratification" rather than a simple "consumption downgrade," with consumers willing to pay for "quality low prices" and "justifiable premiums" [1] Group 1: Market Trends - Overall consumption remains insufficient, but new consumption trends are emerging as hotspots [1] - The transition from mass consumption to personalized and rational consumption is underway in China [1] Group 2: Structural Highlights - Structural highlights in the consumption market must be built on a stable macroeconomic foundation [1] - The consumption willingness and ability of Generation Z, along with their focus on value-for-money and quality-price ratios, are driving the new consumption wave [1] Group 3: Regional Insights - The negative impact of real estate on lower-tier cities is gradually diminishing, which is helping to release consumption potential [1]

点击小程序查看报告原文 当前，尽管总体消费仍显不足，但新消费不乏热点。中国消费市场更多呈现 " 消费分级 " 的特征，并非简单 的 " 消费降级 " ，消费者更愿为 " 有品质的低价 " 和 " 有理由的溢价 " 买单。我国也正处在从大众消费向个性与理性 消费转换的阶段。从总量看，消费市场结构性亮点必须建立在整体消费企稳的宏观基础之上。从结构看， Z 世 代的消费意愿、消费能力以及注重情价比和质价比的消费特征，均驱动了新消费的浪潮，而低能级城市受房地 产的拖累也正在减弱，助力消费潜力释放。 资料来源：Wind，艾媒咨询，中金公司研究部 4）。2024年小红书用户调研数据显示，产品品质、情绪价值、性价比是用户购物决策的前三大考虑因素（图 表5），功能需要、愉悦心情、彰显品味个性是购买产品的前三大原因（图表6）。 尽管总体消费仍显不足，但新消费不乏热点。 一方面，从总量上看，受金融周期下行调整影响，消费的量价均 较低迷，无论是人均居民消费支出还是CPI均低于2020年前的趋势（图表1）。但另一方面，消费的新热点和新 浪潮不断涌现，以茶饮、潮玩、轻奢、宠物龙头为代表的新消费企业[1]在2024年平均实现了65%的营 ...