文 |零售圈 导语： 回顾刚过去的2025年，零售行业的大规模并购交易，几乎从未停歇。这一系列并购事件不仅改变了零售 行业的格局，也揭示了行业内部的深刻变革——零售行业正在经历新一轮"资本大洗牌"。 在这一年里，我们看到头部企业纷纷"做减法"，剥离非核心资产以聚焦主业，如阿里巴巴彻底退出银泰 百货与高鑫零售，同时也见证了不少巨头"做加法"，通过并购扩充品牌矩阵、切入新赛道，如普拉达收 购范思哲构建奢牌三角，玛氏以超350亿美元吞下品客母公司，组建零食帝国。 私募资本成为了关键推手，KKR、博裕、CPE源峰等机构频繁出手，以资本赋能实体，推动品牌转型与 扩张。而本土消费品牌如大窑汽水、蜜雪冰城，则通过引入资本或收购细分赛道玩家，加速全国化与生 态化布局。 从国际食品巨头的强强联合，到本土品牌的资本化转身；从互联网巨头实体布局的深化，到私募基金对 传统业态的焕新改造，这些交易背后，是零售业面对渠道变迁、消费分级与竞争全球化所做出的集体回 应。 无论是德弘资本对高鑫零售的"买手制"改造，还是京东跨洲收购德国Ceconomy的出海雄心，都标志着 行业正从规模扩张走向精益运营，从流量争夺转向供应链与品牌价值的深耕，他们 ...

激活"沉睡资产"，破局"困境资产"……随着经济运行周期调整和经济结构转型，资产多元化处置需 求持续攀升，特殊资产类业务步入市场机遇期。 在安信信托基础上重整新生的建元信托，围绕特殊资产业务展开了深入探索，两年间业务规模达到1300亿元。 近日，建元信托副总裁李林接受券商中国记者专访，详解特殊资产业务的机遇与挑战，以及公司开展相关业务 的经验和探索实践。 李林表示，信托的风险隔离、架构灵活等核心特性，是特殊资产处置的天然适配工具。信托公司并非简单扮演 资金提供方或资产受让方角色，而是以"制度赋能者、结构设计者、资源整合者"的定位，在特殊资产价值重塑 链条中占据不可替代的节点位置。 李林介绍，建元信托对自身的定位是"特殊资产价值的发现者、盘活者与赋能者"。从近两年的实践来看，公司 在特殊资产业务方面取得不错成效，未来将重点发力风险处置服务信托、国资国企存量资产盘活和不良资产全 链条服务等业务方向，形成"风险化解－价值提升－产业赋能 " 的良性循环。 逆周期布局：深耕"价值洼地" 在经济结构转型的大背景下，特殊资产业务被视为金融市场的"价值洼地" 。与此同时，在行业三分类转型背 景下，特殊资产业务成为信托公司发力的 ...

摘要：白牌凭借"贴牌代工+流量操盘"的轻资产模式，在电商生态中屡屡实现快速起量，但"低价内卷+短期套利"的传统打法难以支撑长期发展。知名营销咨 询公司奇正沐古，结合美妆、食品、家居等领域的真实案例，从精准选品、价值重塑、全域运营、长期布局四个核心维度，拆解白牌爆品的打造路径，融入 知名品牌营销战略咨询公司奇正沐古的实战观点，为白牌突破"短命网红"宿命、实现从爆款到品牌的跨越提供可落地。 在抖音、拼多多等平台的流量红利加持下，白牌爆品层出不穷。 从美妆领域"3天跟进热点、7天完成贴牌"的厦门帮操盘案例，到家居赛道"9.9元低价跑量"的单品奇迹，白牌靠"快、准、狠"的流量打法快速收割市场。但多 数白牌难逃"爆款沉寂即退场"的命运，如曾爆红的"温博士"因夸大宣传流量腰斩后，便被"冷博士"等同类白牌替代。 知名品牌营销战略咨询公司奇正沐古指出，白牌爆品打造的核心矛盾，在于"短期流量收割"与"长期价值沉淀"的失衡，唯有跳出"拼低价、狂投流"的惯性思 维，构建全链路的爆品运营体系，才能实现可持续增长。 一、 捕捉真实需求，避免盲目蹭热点 传统白牌选品多采用"抄作业式拼接"，如厦门帮将韩国冰淇淋泥膜质地、水晶面膜颜值与水杨 ...

在全球能源转型加速、材料技术迭代升级的时代浪潮中，我国硅基新材料行业曾凭借资源禀赋与市场红 利实现快速扩张。但随之而来的盲目跟风投资、低价恶性竞争、产品同质化等问题，将行业拖入低价竞 争式发展的泥潭。企业利润空间被严重挤压，创新投入能力不足，可持续发展动能日渐枯竭。 在此关键转折期，头部企业应发挥带头作用，积极响应国家政策导向，以政策为引领、以创新为内核、 以行业协同为支撑，率先投身反低价竞争行动。 2025年11月18日，针对有机硅行业内长期存在的低于完全成本销售、企业持续亏损的现状，合盛硅业等 11家单体厂均达成共识，主动自愿地发起减排减碳行动，推动行业走出低价竞争困境。 事实上，随着国家政策的持续发力、行业自律意识的不断增强以及企业发展理念的深刻转变，我国硅基 新材料行业的市场环境已显现积极改善的迹象——行业正从低价竞争向价值竞争转型，高质量发展新范 式已成共识。 自2023年以来，国家层面密集出台一系列政策措施，为硅基新材料行业规范发展、破解低价竞争指明了 方向。其中，2025年9月，国家发改委、市场监督管理总局联合发布《关于治理价格无序竞争维护良好 市场价格秩序的公告》，明确要求遏制企业无序低价、低 ...

邓正红软实力表示，美国发出对俄罗斯采取更强硬措施以促成乌克兰和平协议的信号，并且还宣布封锁委内瑞拉石油出口，受此影响，石油软实力出现反弹 式上行，12月17日（周三）国际油价走高。截至收盘，纽约商品期货交易所西得克萨斯轻质原油1月期货结算价每桶涨0.67元至55.94美元，涨幅1.21%；伦 敦洲际交易所布伦特原油2月期货结算价每桶涨0.76美元至59.68美元，涨幅1.29%。 美国准备在俄罗斯总统普京拒绝俄乌和平协议的情况下，对俄罗斯能源行业实施新一轮制裁。美国正在考虑多种选项，例如针对运输俄罗斯原油的所谓"影 子油轮船队"的船只，以及便利相关交易的贸易商等。美国总统特朗普表示已下令全面封锁所有受制裁油轮进出委内瑞拉，还说委内瑞拉已被南美历史上规 模最大的舰队完全包围。 当地时间17日，委内瑞拉主要石油储存设施及码头停泊的油轮正在迅速装满原油，预计在约10天后达到最大储存上限。上周，委内瑞拉一艘油轮被扣押，再 加上美国计划封锁其他受制裁船只，导致委内瑞拉石油储存能力日益紧张。委内瑞拉国家石油公司（PDVSA）在周日因网络攻击暂停码头作业后，周三恢 复原油和燃料的船货装载，但由于美国威胁将依据制裁对油轮进行 ...

主办单位： 起点锂电、起点储能、起点研究院SPIR 赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远 东电池/诺达智慧/奥鸿智能/中天和/超业精密/北测新能源/蓝京新能源/贤辰智享/东唐智能/达力智能/ 亿鑫丰/爱签/和明机械/金力股份/孚悦科技/乾纳智能装备/多氟多/科迈罗/三合一体/果曼钠电/新能安/ 海辰储能/瑞浦兰钧/鹏辉能源/国轩吉泰美/创明新能源/德赛电池/先导智能/亿纬锂能/移族/新日股份/ 弘正储能/亮见钠电/易事特/清陶云能/信宇人/星恒电源/昆仑化学/星翼能源 /汇创新能源 等 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 倒计时5天 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 锂电产业高景气发展趋势下，相关项目却接连生变。 12月10日， 凯盛新材再发布公告称，决定 暂缓实施公开发行可转换公司债券募投项目"10000吨/年锂 ...

摘要 在全球锂电装备新秩序中， "领跑卡位"的最终目标，是实现产业价值的重塑。中国装备企业不仅要成为"订单赢家"，更要成为全球产业链的"价值引领 者"。 当规模化与灵活性的平衡、工艺复杂度与良率稳定性的突破、全球化响应能力的构建三大挑战交织， 全球锂电装备行业正加速告别旧有格局，迈入新 秩序构建的关键阶段。 作为以激光技术为核心、引领国产替代的装备企业代表， 海目星 在推动锂电制造效率革命与全球化布局上走在前列。 在 2025（第十五届）高工锂电年会上， 海目星激光董事长兼董事长赵盛宇博士 以 "全球锂电装备新秩序：中国企业的领跑卡位与价值重塑" 为主 题，从行业趋势、企业实践、全球布局三个维度，深度剖析中国设备企业如何在新秩序中抢占领跑地位、重塑产业价值。 （海目星董事长兼总经理赵盛宇博士） 2025年，全球锂电设备行业正迎来一场兼具规模与质量的 "订单潮" 。据高工锂电不完全统计，上半年 海目星、先导智能、赢合科技、利元亨 等头 部企业新签及在手订单总额已 超 300亿 元 ，同比增幅达 70%～80% ，标志着电池领域 新一轮扩产周期全面启动 。 不同于上一轮单纯追求规模的扩张逻辑，本轮扩产以 "高安全 ...

Group 1: Aviation Sector - The aviation industry is expected to continue its recovery trend in ticket prices due to low supply growth, industry self-regulation, and a low base effect [1] - The overall revenue levels in the aviation sector are anticipated to improve [1] Group 2: Oil Transportation Sector - The oil transportation sector is projected to maintain high prosperity driven by multiple factors including OPEC+/U.S. production increases, cross-regional price arbitrage, low oil prices boosting inventory replenishment, and geopolitical disturbances [1] Group 3: Highway Sector - The highway sector is expected to have upward potential as insurance funds begin year-end allocations, and the market's risk appetite experiences fluctuations [1] - The attractive dividend yields of AH highway stocks contribute to the sector's appeal [1] Group 4: Liquor Industry - The liquor industry is experiencing a "volume increase, price drop" phenomenon, with traditional e-commerce platforms seeing prices fall below critical levels due to dealer inventory pressures and platform subsidies [2] - Emerging channels like instant retail and Douyin are showing growth, indicating a shift in consumer purchasing behavior towards "buy now, drink now" [2] - Major liquor companies are initiating anti-counterfeiting actions to stabilize prices and balance online and offline channel interests [2] Group 5: Traditional Chinese Medicine Sector - The traditional Chinese medicine industry is expected to see demand recovery by year-end, with inventory levels clearing up [3] - There are opportunities for fundamental and valuation improvements in the sector [3] - The innovation sector is seen as a potential second growth curve for traditional Chinese medicine companies [3] Group 6: Blood Products and Vaccine Industries - The blood products sector is focused on the "14th Five-Year" plan for plasma station construction and industry consolidation [3] - The vaccine industry is monitoring sales improvements of key products and progress in innovative pipelines, with policies and international expansion expected to drive further development [3]

Core Viewpoint - The upcoming 2025 Greater Bay Area Agricultural Products Trade Fair and Specialty Products Expo, scheduled for December 12-14 in Guangzhou, aims to showcase the unique agricultural products of the Pearl River Delta, highlighting their industrial value and development potential [16][95]. Group 1: Geographic Indications and Agricultural Products - As of June this year, Guangdong has approved 229 geographic indication products, ranking among the top in the country [10][13]. - Ten products, including the Xinhui dried tangerine peel, have been included in the "China-EU Geographic Indication Product Mutual Recognition and Protection List," enhancing the international profile of Guangdong's agricultural products [14][15]. - The trade fair will serve as a significant platform for showcasing these products and their unique industrial values [15][95]. Group 2: Urban Agriculture Development - Guangzhou and Shenzhen, with a combined population of nearly 37 million, are reshaping the agricultural value chain through industrialization and information technology [21][22]. - In 2024, the planting area for lychee in Zengcheng is expected to reach 200,000 mu, with a total output of approximately 50,000 tons [22]. - The trade fair will provide an important showcase for urban agricultural development [25]. Group 3: Industry Innovations and Market Expansion - The Guangdong region is seeing significant growth in its agricultural sectors, with the Xinhui dried tangerine peel industry alone generating a total output value of 26.018 billion yuan [51]. - The trade fair is viewed as a crucial opportunity for connecting with international markets [54]. - The integration of technology, culture, and health into the agricultural sector is expected to enhance the competitiveness of geographic indication products [90][92]. Group 4: Future Development and Strategic Opportunities - The construction of the Guangdong-Hong Kong-Macao Greater Bay Area presents unprecedented strategic opportunities for the geographic indication agricultural products of the Pearl River Delta [86]. - The trade fair is anticipated to elevate the brand influence and market competitiveness of these products [87]. - The future development of these products will focus on "value reconstruction," transforming them into a complex industry IP that integrates technology and global trade [90][92].

Core Insights - Jiumaojiu Group (09922.HK) reported a decline in same-store daily sales for its brands, with Taier, Song Hotpot, and Jiumaojiu experiencing year-on-year decreases of 9.3%, 19.1%, and 14.8% respectively in Q3 2025, although the declines narrowed compared to Q2, indicating effective operational adjustments and brand upgrades [1][4] - The Chinese dining market is undergoing a significant transformation in consumer perception of "value," particularly among younger consumers who now equate it with a combination of "cost-performance" and "experience," prompting brands to enhance dining environments, service quality, and social attributes to meet new market demands [1] Company Strategy - Jiumaojiu Group's strategic adjustments are representative of industry trends, with its core brand Taier launching the "5.0 Fresh Model" restaurant upgrade and layout optimization, focusing on fresh ingredients like live fish, fresh chicken, and fresh beef, which aligns with consumer demands for quality and freshness [3][4] - As of the announcement date, Taier has established 106 new model restaurants, with same-store daily sales showing continuous improvement for three consecutive quarters, particularly achieving positive year-on-year growth in first-tier cities like Beijing and Shanghai in Q3 [4] - The group plans to accelerate the rollout of the "5.0 Fresh Model" restaurants, aiming to expand to over 200 locations by the end of 2025 due to positive market feedback [4] Brand Development - Song Hotpot is focusing on dual upgrades in product offerings and atmosphere, enhancing its fresh product categories and positioning a joyful atmosphere as a core brand asset, transforming dining into a fun and quality social space to attract younger customers [4] - Jiumaojiu's Northwest Cuisine brand is targeting the children's dining sector by developing children's meals, opening experience stores, and incorporating interactive activities to increase family customer loyalty and market competitiveness [4] - The average customer spending level across the main brands has remained relatively stable over several quarters, indicating a shift from reliance on short-term promotions to strengthening product quality and enhancing customer experience, marking a critical step in adapting to the new market normal [4]