炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源丨深蓝财经 撰文丨杨波 不装了，摊牌了。 顶着"港股国货彩妆第一股"光环上市刚满1周年的毛戈平（01318.HK）迎来了核心团队的集中减持—— 创始人毛戈平携亲属组团减持，减持比例高达3.51%。按照今天收盘价计算，套现金额或高达15亿港 元。减持理由也令人回味，引发热议。 值得注意的是，毛戈平的核心管理层几乎都是亲属，家族化治理特征明显。这次集体减持背后，有哪些 隐情？为什么减持公告后，今天股价反而大涨7.26%？ 1 毛戈平家族组团减持，股民议论纷纷 6日，毛戈平在港交所发布公告，近日收到执行董事毛戈平、执行董事汪立群（毛戈平配偶）、执行董 事毛霓萍（毛戈平的姐姐）、毛慧萍（毛戈平的姐姐）、汪立华（毛戈平配偶的弟弟）、宋虹佺的减持 计划告知函，上述股东拟在未来6个月内主要通过大宗交易方式合计减持最多1720万H股，占总股本约 3.51%。这样的减持比例，还是属于比较大的。 值得注意的是，目前毛戈平董事会成员6人中，有5人都是毛戈平及其亲属。 唯一不是亲属的董事——宋虹佺，是毛戈平多年的创业伙伴，于2002年加入公司。现任公司执行 ...

从创富值分布情况来看，前七位企业家（家族）创富值均超过600亿元，该区间企业家数量较去年增长4 位；创富值在100亿元—600亿元区间的企业家有52位，较去年增长8位；10亿元—100亿元区间的有195 位，较去年增加18位；10亿元以下的有46位，较去年减少30位。创富估值超过百亿元的59位企业家创富 总额合计1.78万亿元，占到上榜企业家创富总额的70.92%，头部企业家创富能力加速提高。 从上榜企业家所属行业来看，化工行业仍为上榜企业家最多的行业，有116位，其中石油石化行业有65 人上榜，基础化工行业有51人上榜。紧随其后的便是生物医药和有色金属行业，分别有29位、25位企业 家出自这两个行业。 12月30日，由《山东商报》编制的"2025山东创富榜"正式发布，共有来自165家企业的300位企业家上 榜，创富总额达2.5万亿元，人均创富83.46亿元，上榜门槛为5.3亿元。 今年的十大创富企业家分别是信发集团张刚（1127.67亿元）、魏桥集团张波（748.82亿元）、道恩集团 于晓宁家族（738.25亿元）、鑫海科技王文龙（728.48亿元）、南山集团宋建波（720.3亿元）、中际旭 创王伟修家族（ ...

Core Viewpoint - The company, LuKong, has been awarded the "2024 Annual Excellence in Service to the Real Economy Award" for its contributions to empowering small and micro enterprises through innovative financial services and technology [1][4]. Group 1: Financial Services and Innovation - LuKong is recognized as a leading financial service provider for small and micro enterprises in China, focusing on enhancing the accessibility and effectiveness of financial services [1]. - The company has upgraded its financing service brand to "Ping An Rong Yi," targeting the needs of small business owners and individual entrepreneurs, utilizing a "technology + finance" dual approach to stimulate the real economy [1]. - By implementing an O2O model combining online processes with offline consulting, LuKong has significantly improved the accessibility and convenience of its financial services, with 13.68 million customers benefiting from timely financing services by Q3 2025 [2]. Group 2: Digital Finance and Efficiency - LuKong is advancing its "AI in All" strategy, leveraging artificial intelligence and big data to create a diverse intelligent service matrix, enhancing operational efficiency [2]. - The company has achieved a 2.5 times increase in per capita productivity through its remote financing service platform "Yun Fan," and improved customer due diligence efficiency by 75% using the "Zhi Dun" system [2]. - The implementation of the Aegis project has led to a comprehensive intelligent risk approval system, covering 157,000 applications within five months, enhancing both efficiency and risk control [2]. Group 3: Green Development and Social Responsibility - LuKong is committed to the national "dual carbon" goals, promoting green finance initiatives such as special financing plans for electric vehicles and participating in national park conservation projects [3]. - The company has supported over 2,500 rural women through the "@Her Entrepreneurship Program," integrating finance, public welfare, and industry to invigorate rural economies [3]. - LuKong's recognition as a leading institution in service to the real economy reflects its effective service outcomes and innovative "technology + finance" model, contributing to high-quality economic development [3].

（来源：中国妇女报） 作为"辽宁九九消费季"的重要组成部分，本次活动不仅通过搭建高品质消费平台刺激本地消费，更集中 展示了营口产业成果与地域文化，推动"营口优品"城市品牌走向更广阔市场。同时，活动为女性创业者 提供了展示交流、拓展市场的平台，促进了传统产业与新兴销售模式、实体体验与线上流量的跨界融 合，为经济发展注入新活力。 本次活动旨在响应省委、省政府激发市场活力、释放消费潜力的决策部署，为营口乃至辽宁经济高质量 发展注入巾帼力量。营口市女企业家联合会将继续发挥桥梁纽带作用，不断为女性创业者搭建平台， 让"她力量"成为推动营口经济高质量发展、赋能辽宁全面振兴的重要引擎。 中国妇女报全媒体记者贾莹莹 发自营口 12月22日，辽宁省营口市女企业家联合会"凝聚她力量 驱动新 消费"营口优品嘉年华活动正式启幕。 本次活动以"线上引流、线下体验"相结合的模式展开，内容丰富多元。"营口优品"主题展销区汇集了会 员企业及全市优秀女性创业者、女匠人的特色产品，涵盖海产品深加工、特色农产品等多个领域，集中 展现"营口制造"与"营口智造"的魅力。活动还打造了直播间带货、手作体验工坊等"她经济"消费新场 景，并联动本地电商平台让 ...

Core Insights - The Chinese musical theater market is projected to see significant growth in 2025, with a total of 19,700 performances, representing a year-on-year increase of over 15% [1] - Box office revenue is expected to reach 1.807 billion yuan, marking a 7.55% increase compared to 2024 [1] - The audience size is anticipated to reach 8.186 million, reflecting a growth of 10.41% [1] Group 1: Market Growth and Trends - The market is characterized by an increasing number of performances and an evolving product landscape, with notable imported productions such as the French musical "Molière" and the English musical "The Phantom of the Opera" leading in performance numbers [1] - The top three imported musicals by box office revenue include "The Phantom of the Opera," the 40th-anniversary concert of "Les Misérables," and the French musical "The Rock Red and Black" [1][3] - The Yangtze River Delta region continues to dominate the market, accounting for over half of the total performances and box office revenue [3][4] Group 2: Audience Demographics and Consumption - Female audience members constitute 75.50% of the musical theater market, showing a slight decrease from 2024, while the male audience share has increased [6] - The majority of the audience is under 35 years old, with this age group making up nearly 80% of attendees [6] - The frequency of attendance is rising, with over 20% of viewers attending 2 to 4 performances in 2025, and an increase in those attending 5 or more shows [6] - Average spending per person on musical theater tickets is concentrated in the range of 200 to 499 yuan, which is 3 percentage points higher than the previous year [6]

基于对于市场趋势的深度分析和洞察，2026年梦饷科技对于三大类目增长进行全面展望和布局。 "时尚性将成为消费者最核心决策之一。"刘玉华表示，2026年鞋服市场将进入功能+时尚双轮驱动模 式，主打 "科技 + 时尚"，POLO裙 、徒步鞋 、科技跑鞋、羽毛球鞋等有望成为高潜力高增长品类。而 在运动器材方面，"质价比"与"她经济"成为未来一年的关键词，2026年运动器材全球规模预计158.8亿 美元，中国市场迎来爆发，市场潜力巨大，智能化趋势从高端渗透向中高端，将成为用户购买首选特 质。 箱包类目上，去LOGO化趋势延续，消费者更看重包袋本身的材质质感、精湛工艺和独特设计。本土品 牌崛起，非遗&东方美学元素受到青睐，经典款、大容量、优质面料、非遗工艺等成为热销关键词，用 现代设计诠释传统文化的品牌会更有机会。 近日，由梦饷科技主办的2025运动箱包配饰商家大会在上海举办。骆驼、斯凯奇、拓路者、迪卡侬、鸿 星尔克、Folli Follie等近百位品牌代表齐聚梦饷科技总部，探讨 2026 年行业趋势，助力行业生态高质量 发展。 2025 年业绩亮眼，细分品类多点开花 大会上，梦饷科技运动箱包配饰类目负责人刘玉华对 2 ...

Group 1 - The 2025 Sohu Finance Annual Forum was successfully held in Beijing, featuring over twenty authoritative guests from academia, business, and investment sectors discussing key topics such as macro policies, industrial upgrades, corporate globalization, capital market reforms, and international dynamics [1] - Wu Xiaoqiu, a professor and former vice president of Renmin University, highlighted that China's economy has transitioned from a "shortage era" to an "excess stage" within just over forty years, emphasizing the need to expand consumption under current conditions [3] - Liu Jipeng, a professor at China University of Political Science and Law, identified three key factors for the sustainable development of A-shares after surpassing 4000 points: major shareholder reductions, low-interest buybacks, and utilizing capital markets for the benefit of investors [5] Group 2 - Teng Tai, an economist, proposed three unconventional measures to achieve the "14th Five-Year Plan" goal of a 6% annual growth rate in retail sales of consumer goods, including issuing a trillion yuan in universal consumption vouchers, reallocating state-owned equity to enhance social security, and creating a wealth effect through capital markets [7] - Yan Xuetong, honorary dean of Tsinghua University's International Relations Institute, stated that the changes in the international situation in 2025 cannot be explained by structural factors but are determined by the actions of major power decision-makers [9] - Sun Liping, a sociologist, noted that China's economy is at a turning point characterized by "overdraft, contraction, and internal competition," requiring comprehensive restoration to return to normal circulation [11] Group 3 - Huang Shaoqing, a professor at Shanghai Jiao Tong University, emphasized the importance of regulating local government economic interventions to combat "involution and efficiency traps" [13] - Zhang Bo, director of the 58 Anjuke Research Institute, indicated that the real estate sector is transitioning from high-leverage expansion to high-quality development, moving away from the "real estate-only" wealth logic [16] - Shi Yongqing, founder and chairman of the Zhongyuan Group, suggested that areas with stagnant population growth should halt land sales to allow existing properties to be absorbed [20] Group 4 - Zhang Ruipeng, vice president of Yili Group, discussed the shift in China's dairy industry from "quantity-driven" to "quality-driven," highlighting the importance of deep processing in industry upgrades [24] - Wu Xiangdong, chairman of Jin Dong Investment Group, stressed that white liquor companies must innovate to achieve breakthroughs during the industry's downturn [27] - Zhen Shaoqiang, president of Penghui Energy Group, noted that the energy storage industry is experiencing a "sweet trouble," with increasing demand but also entering a period of adjustment and intensified competition [41] Group 5 - Liang Yonghui, deputy general manager of Shandong Zhaojin Refining, pointed out that while the long-term bullish trend for gold remains, a price adjustment is expected in the short term due to rapid increases in 2025 [45] - Li Tian, a fund manager at Daqing Investment, highlighted that the rise of new consumer brands is driven by the "she economy," which presents both opportunities and challenges for sustained growth [49] - Mao Dingding, a fund manager at Chuangjin Hexin Fund, indicated that the U.S. biotech sector is approaching a significant investment turning point, with opportunities for both beta and alpha returns [51]

11月27日，"2025搜狐财经年度论坛"在北京举办。 在论坛中，淡水泉投资投资管理委员会成员、基金经理李天带来了题为"如何理解今年新消费的投资机会"的主题分享。 在李天看来，当前新消费品牌，如潮玩、化妆品、奶茶等的崛起，主要驱动力是女性消费的崛起。女性消费具有"喜欢尝鲜"和"乐于分享"两大特点，这能让 新品牌快速爆发，但也导致品牌忠诚度不高、增长持续性面临挑战。 今年，不少新消费公司在讲出海的逻辑，怎么挑选出海领域的新消费？李天表示，在过去的20年，中国被称为世界工厂，将不同的商品出海或出口，卖给全 世界的消费者。但今年很多商品被追加不同的关税，这个时间阶段，出口项目会渐渐从商品转到服务。 但为什么在今年8月份之后，很多新消费品牌的公司又迅速的让大家感觉到遇冷或衰退呢？其实它恰恰也是源于这两个特点。因为女性消费者的偏好会快速 地在不同的品牌之间切换，所以对于一些品牌势能还没有那么强、品牌心智还没有那么强的品牌，很容易流失掉这部分女性消费用户。 第二个就是针对女性消费者很喜欢分享的特点，也会在短时间内，某种程度上透支明年、后年甚至未来的一些消费，而集中到当期消费。所以你会看到很多 以女性消费者为主的品牌确实是 ...

Core Insights - The report titled "2025 'Middle-Aged Women's Era' Brand Marketing Observation Report" by Yien Data focuses on the cultural rise of the "middle-aged women" demographic and its implications for brand marketing [1] - The term "middle-aged women" has evolved from a singular identity label to a cultural symbol representing independence and self-awareness, with significant social media engagement [1][2] - The rise of this demographic is driven by three main factors: awakening of self-awareness among women, the economic power of women in household decision-making, and the influence of metaphysical culture [1][44][47] Group 1: Cultural and Social Dynamics - The social media volume related to "middle-aged women" has increased by 203% year-on-year, reaching 701,000 posts and 187 million interactions, with the hashtag WelcomeToTheMiddleAgedWomenEra becoming a trending topic [1][14][15] - Xiaohongshu (Little Red Book) is the primary platform for discussions about "middle-aged women," contributing 91% of the related social media volume, focusing on themes like independent achievements and awakening stories [1][18][19] - The emergence of relatable figures, such as middle-aged actresses and everyday women sharing their stories, has enriched the narrative around "middle-aged women," making it a mainstream cultural topic [2][26][32] Group 2: Brand Marketing Trends - Brand marketing is increasingly aligning with the "middle-aged women" demographic, showcasing diverse categories and deep emotional resonance, particularly in fashion, food and beverage, and cosmetics [2] - Luxury brands are notably active, with LOEWE appointing 65-year-old actress Hui Yinghong as a global ambassador, emphasizing experience and resilience [2] - The new tea beverage sector is rapidly expanding its marketing strategies to resonate with this demographic, as seen in collaborations with popular figures [2] Group 3: Economic Impact - The "she economy" has surpassed 10 trillion RMB, with women being the primary decision-makers in household spending, controlling 82% of purchasing decisions [1][44] - In various categories such as travel and home decor, women account for over 60% of consumption, reflecting their enhanced economic status and influence [1][44] - The report highlights a shift in women's value demands, moving from passive acceptance of societal roles to active self-selection, with health management and psychological well-being being top priorities across all age groups [39][41]

Core Viewpoint - The Chinese beauty industry is undergoing significant transformation, with a notable decline in small, individually operated beauty salons due to rising operational costs, increased competition, and changing consumer preferences towards branded services [1][2]. Industry Overview - The beauty market in China is valued at nearly 500 billion, with approximately one million beauty institutions, 90% of which are single-store operations, a figure that is rapidly changing [1][2]. - The industry is characterized by extreme fragmentation, with less than 0.1% of brands operating more than 20 locations [3]. Market Dynamics - Factors contributing to the decline of private beauty salons include high rental costs, intense customer acquisition competition, increased consumer trust in brands, and a lack of digital operational capabilities [2][3]. - The entry of capital has accelerated industry consolidation, exemplified by Meili Tianyuan's acquisition of major brands like Siyuanli and Nairui [2][4]. Consumer Behavior - Consumer behavior is shifting towards brand loyalty, with branded beauty institutions seeing search volumes 2.3 times higher than non-branded ones, leading to a 40% reduction in customer acquisition costs [3]. - The average transaction value increases by 20% to 50% with each level of brand recognition [3]. Operational Challenges - High operational costs, particularly in prime commercial areas, are squeezing the profitability of single-store operations, with annual rents in key areas reaching several million [3][4]. - The adoption of digital tools is becoming essential, with Meili Tianyuan investing over 200 million in developing proprietary systems to enhance service delivery [3]. Strategic Moves - Meili Tianyuan's strategy involves acquiring leading brands to gain quality membership assets and prime locations, while enhancing operational efficiency through digitalization and standardization [4][5]. - The company aims to maintain service quality while expanding, which is crucial given the industry's unique customer relationship dynamics [4][5]. Financial Performance - Post-acquisition, Nairui's single-store revenue increased by 44%, and profit margins improved from 6% to 11% [4]. - The company reported a cash balance of 2 billion and projected operating cash flow of 1 billion for the year, indicating strong financial health [7]. Market Positioning - Meili Tianyuan's recent IPO positions it as the last major player to enter the market before new regulatory challenges emerged, making future listings difficult [7][8]. - The company claims a dominant position in the high-end beauty market, suggesting a potential monopoly in the sector [7][8]. Future Outlook - The beauty industry is expected to continue evolving from a fragmented to a more consolidated structure, driven by digitalization and brand establishment [8][9]. - The growth is primarily supported by high-net-worth individuals, raising concerns about market segmentation and the sustainability of growth in the broader consumer base [5][9].