在公募基金行业竞争日趋激烈的当下，中小基金公司该如何突围？如何打造自身优势？中国证监会2025 年5月印发的《推动公募基金高质量发展行动方案》对上述问题给出了答案。行动方案提出，制定中小 基金公司高质量发展示范方案，支持特色化经营、差异化发展。在公募行业高质量发展的新征程里，信 达澳亚基金也正在书写全新的特色化发展图谱。 近日，信达澳亚基金总经理方敬在接受中国证券报记者专访时表示，中小型基金公司资源相对有限，更 需要适当聚焦，在取舍之间明确发展重点。基于公司成长基因和客户需求导向，信达澳亚基金将从过去 的以主动权益投资为主，拓展至深耕主动投资领域，瞄准科技为代表的主动投资、"固收+"绝对收益策 略产品线、"指数+"策略等方向打造特色化优势，致力于成为一家专业化底色鲜明的主动投资基金公 司。 洞悉客户需求 ● 本报记者 张韵 方敬坦言，之所以提出公司的发展路径从主动权益拓展至主动投资，本质上也是因为对客户需求的剖 析。过去，公司更多聚焦于传统的主动权益产品，这些产品虽然也能满足部分风险偏好相对积极客户的 需求，但尚无法覆盖大众投资者的全部配置逻辑。相当一部分资金还是遵循"金字塔"配置原则，希望追 求稳健增值，而 ...

Core Viewpoint - Pop Mart is launching a collaboration with Honor, a leading smartphone brand, to create a trendy toy-themed smartphone, which has generated significant interest in both the toy and tech communities [2][4]. Group 1: Collaboration Details - The collaboration is not a self-developed phone by Pop Mart but an IP co-branding partnership with Honor [2]. - The specific collaboration model between Honor and Pop Mart has not been disclosed yet, but it could range from lightweight branding to deep customization across the product lifecycle [4]. - Pop Mart is known for its "IP + blind box" model, successfully creating and operating several popular IPs, including MOLLY and SKULLPANDA, and has established three core business segments: consumer products, service experiences, and entertainment [4]. Group 2: Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [5]. - The THE MONSTERS series, which includes the LABUBU IP, generated revenue of 4.81 billion yuan, marking a 668% increase and accounting for 34.7% of total revenue [5]. - Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 1 billion yuan in revenue [5][6]. Group 3: Market Context - Honor, originally a sub-brand of Huawei, has become a leading smartphone brand in China, holding a market share of 19.5% in Q2 2022, 19.4% in Q3 2023, and 17.1% in Q1 2024 [6]. - The Chinese smartphone market is experiencing intense competition, with Honor facing challenges from brands like vivo, Apple, and Huawei, which have recently outperformed it in terms of shipment volumes [7][8]. - The overall smartphone market in China saw a slight decline in shipments, with a total of approximately 68.5 million units shipped in Q3 2025, down 0.5% year-on-year [8][9].

东京烘焙职业人原创《中国烘焙匠人店》系列已开启。来 # 听创始人说，说他们精彩的创业故事。 我们希望能够从创始人、主理人的经历中，去记录、去观察、去思考开店这件不容易的事情，我们 相信，这是一种值得探索的事。 【独家采访 · 第 203 家】 在宁波街头，藏着一家自带 "温暖滤镜" 的烘焙店 —— 「朴呼呼pu~huhu」 。刚出炉的面包裹挟 着浓郁麦香漫出店门，橱窗里胖乎乎的九层贝果让路过的孩子眼睛发亮，忙碌的上班族攥着温热的 面包，在氤氲香气中短暂卸下疲惫。 这家 2023 年才诞生的品牌，凭一款全国首创的九重奏米贝果火遍江浙沪，成为面包脑袋们争相打 卡的宝藏店铺。 创造「朴呼呼」"面包界叠叠乐"风格的人，是主理人徐巍玮。2023年之前，她的身份是一名吃遍全 球的美食旅行家。 她曾一个人走遍多个国家，每到一座城市，最执着的事就是穿梭在街头巷尾的面包房，寻找藏在烟 火气里的美味。 在异国小镇的一家老面包房里，她亲眼见证了一幕治愈人心的场景：白发苍苍的店主将刚出炉的可 颂小心翼翼地递给同样年迈的顾客，对方接过温热的面包时，眼里瞬间泛起笑意，那是一种被食物 和善意包裹的满足。这个瞬间深深触动了徐巍玮："好面包从 ...

在政策、技术等多重因素驱动下，我国新能源汽车产销量、市场渗透率等关键指标持续向好。中汽协数 据显示，2025年1~11月，我国汽车产销量分别达3123.1万辆和3112.7万辆，同比分别增长11.9%和 11.4%。 其中，新能源汽车作为行业核心增长引擎，表现尤为突出。2025年前11月，新能源汽车产销量同比增幅 均超30%，销量占汽车总销量的比例攀升至47.5%，已逼近50%的关键节点。 而与新能源车险保有量持续上涨不太和谐的是，新能源车险的承保盈利问题一直未解。2024年，我国保 险行业承保新能源汽车3105万辆，保费收入1409亿元，保额106万亿元，承保亏损57亿元，呈现连续亏 损状态。进入2025年，虽然头部"老三家"在新能源车险承保方面实现了盈利，但是中小险企却一直未走 出承保亏损的泥沼。 面对难题，中小险企该如何应对？新能源车险业务究竟能否成为中小险企弯道超车的利器？带着这些问 题，日前，《每日经济新闻》记者专访了现代财险总裁张宗韬。拥有丰富监管与市场经验的张宗韬，就 当前中小险企在新能源车险方面面临的挑战和难题给出了见解。 做新能源车险要改变思路 不同于寿险行业的百花齐放、你追我赶，财险行业的 ...

文｜祎 依 编辑｜张 坤 在价格战反复上演、技术快速下沉、淘汰压力持续加码的背景下，2025年已经成为过去。 这一年，中国汽车产业没有出现戏剧性的逆转时刻，却在持续的高强度运行中，完成了一次重要过渡：电动化进入普及区间，智能化开始接受安全与责任 的现实检验；企业扩张的冲动被压缩，效率、治理与组织能力被推到更显眼的位置。 一些旧的竞争方式正在失效。一味依赖规模、速度和营销话语，越来越难以支撑长期增长；取而代之的，是对技术边界、产业协同和规则秩序的重新重 视。无论是反内卷治理、国企改革推进，还是出海逻辑与资本路径的变化，这些看似分散的事件，正在共同指向一个事实——中国汽车产业，正在进入一 个更重耐力、也更考验成熟度的阶段。 基于我们的观察，仅以几个关键瞬间，回顾2025年的中国汽车。 反内卷全面启动：中国汽车被拉回规则竞争 但答案不止于反内卷，更在于摒弃同质化竞争 新长安成立，央企改革这堂课有了鲜活新案例 对一个长期强调市场竞争的行业而言，这样的高强度介入并不常见，却并不令人意外。 因为以价格战为代表的内卷式恶性竞争，早已不只是企业之间的博弈问题。价格持续下探，吞噬整车企业利润的同时，也通过账期、压库和成本转嫁， ...

Core Insights - The health insurance market, particularly the million medical insurance, is transitioning from rapid growth to a more competitive and saturated environment, with premium growth slowing significantly [2][4][5] - The million medical insurance, once a growth driver, is now facing challenges such as homogenization, competition from inclusive insurance products, and evolving consumer demands [1][4][5] - A new wave of product iterations is underway, focusing on differentiation and service enhancement to meet consumer needs and adapt to regulatory changes [6][7][10] Market Trends - As of November 2025, the total premium for commercial health insurance reached 943.9 billion yuan, with a year-on-year growth of only 2.39%, indicating a slowdown compared to previous years [2][4] - The commercial medical insurance sector is expected to surpass critical illness insurance for the first time in 2024, with approximately half of its market share attributed to million medical insurance [2][4] Competitive Landscape - The industry is experiencing intense competition characterized by product similarity, with many offerings featuring similar coverage limits and deductibles, leading to a cycle of price competition and service enhancement [4][5] - The mismatch between supply and demand is evident, as current offerings primarily cover standard health insurance needs, leaving gaps in high-end medical services and coverage for non-standard health individuals [4][5][9] Consumer Demand - There is a growing consumer demand for services related to post-operative recovery, chronic disease management, and overall healthcare experience, which contrasts sharply with the current supply of similar insurance products [5][6] - The need for differentiated products that address long-tail demands is becoming increasingly critical as consumers seek more comprehensive health solutions [5][12] Product Innovation - Major insurance companies are launching updated versions of their million medical insurance products, focusing on customer-centric features and expanding coverage to include outpatient medications and high-value drugs [6][7][10] - The integration of rehabilitation costs into core coverage is emerging as a significant trend, reflecting a shift towards addressing long-term healthcare needs [8][9] Future Directions - The future of million medical insurance is expected to focus on three main innovation lines: extending coverage beyond traditional medical scenarios, enhancing service models through digital health platforms, and implementing personalized insurance solutions based on individual health data [13] - The industry is encouraged to find its position within the multi-tiered healthcare system, ensuring effective integration with basic medical insurance and critical illness insurance to provide tangible value to consumers [12][13]

编号：2025-04 | | √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 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 活动参与人员 | 国金证券研究所 非银金融首席分析师舒思勤女士、非银金融分析师洪希柠女 | | | 士、非银金融分析师方丽女士 | | 时间 | 2025 年 12 月 29 日下午 14:00-16:00 | | 地点及形式 | 腾讯会议 | | | 公司党委副书记、总裁度万中先生，副总裁郎蒙先生，合规 总监兼董事会秘书覃力先生，总裁助理兼零售财富委员会副 | | 公司接待人员 | 主任李煜女士，战略管理部副总经理（主持工作）杨光先生、 | | | 证券事务代表易涛先生等。 | | 交流内容及具体 | 详见附件。 | | 问答记录 | | | 关于本次活动是 | 接待过程中，公司接待人员与投资者进行了充分交流与沟通， | | 否涉及应披露重 | 严格按照有关制度规定，没有出现未公开重大信息泄露等情 | | 大信息的说明 | 况。 | | 活动过程 ...

来源：中外管理传媒 "现在一些电商拼命鼓励低价，往往造成产品品质的下降。从长远看，铺天盖地的低价产品，只会摧毁 价值、摧毁税收、摧毁就业。一些平台的所谓生态链企业，最后存活下来的，不到5%！" 哲理的故事： 一部《繁花》，几多品读，表面是饮食男女，实则是山河岁月，是时代变迁的真实写照。在这部时代感 十足的电视剧中，也蕴含着许多关于成功之道的启示和生意场上的智慧与深意。 "外行是死不光的。"《繁花》中的这句台词让正在追剧的莱克电气董事长倪祖根，再一次产生了深深的 共鸣。 "很多人认为，通过价格战可以洗牌，可以把别人干掉。但我认为，一家企业的核心竞争力，还是两个 方向：一个是消费者导向，解决顾客痛点，创造潜在需求；另一个则是差异化竞争导向，研发的产品一 定要和竞争对手在技术上有显著的差异，充分发挥出自己的独特性。"倪祖根说，"现在一些电商拼命鼓 励低价，往往造成产品品质的下降。从长远看，铺天盖地的低价产品，只会摧毁价值、摧毁税收、摧毁 就业。一些平台的所谓生态链企业，最后存活下来的，不到5%！" 的确，中国很多产业的发展路径，往往陷入这样的恶性循环：一哄而上——同质化经营，低成本低价竞 争，导致劣币驱逐良币——一 ...

本报记者 杨笑寒 12月25日，为规范资产管理信托产品、理财产品、保险资管产品的信息披露行为，强化投资者合法权益保护，国家金融监 督管理总局（以下简称"金融监管总局"）发布《银行保险机构资产管理产品信息披露管理办法》（以下简称《办法》）。《办 法》立足"同类业务、相同标准"，统一明确了资产管理信托产品、理财产品、保险资管产品信息披露的基本原则、责任义务、 共性内容及内部管理要求，对三类产品的信息披露行为进行了系统规范，督促机构严格履行信义义务，充分保障投资者的知情 权和选择权。 受访专家表示，《办法》的推出将降低投资市场的信息不对称，同时允许三类产品结合各自特点作出细化规定，这意味着 保险资管、信托、银行理财或将在统一框架下开展差异化竞争，产品特色和投资能力将成为核心竞争力。 支持差异化竞争 金融监管总局有关司局负责人表示，资产管理业务的本质是"受人之托、代人理财"。充分保障投资者的知情权和选择权， 是资产管理机构履行信义义务的必然要求。当前，资产管理信托产品、理财产品、保险资管产品均无专门的信息披露监管制 度，现行要求分散在不同制度中，存在标准不完全一致等问题，亟须构建适合三类资产管理产品特点的信息披露制度 ...

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18 marks a significant shift in trade dynamics, transforming previously theoretical policies into tangible profit opportunities for traders [1] Group 1: Policy Changes - "One line open" allows for zero-tariff movement of goods between Hainan and foreign countries, while "two lines manage" establishes a control line between Hainan and mainland China to prevent tax-free goods from flooding the domestic market [3] - The policy of "processing value-added over 30% exempt from tariffs" enables foreign raw materials to enter Hainan, be processed, and then sold to mainland China without import duties, significantly impacting traditional transshipment trade models [3] Group 2: Economic Impact - The direct shipping volume from Yangpu Port to Indonesia surged by 78% in the first ten months of 2025, while Singapore's transshipment volume to Indonesia dropped by 23% [4] - Major companies like the Golden Agri-Resources Group are establishing factories in Yangpu, saving up to $120 million annually in transshipment costs [4] - The cost advantages in Yangpu include a 8%-15% lower price for bonded fuel compared to Singapore, and a maximum corporate and personal income tax rate of 15%, lower than Singapore's 17% [4] Group 3: Shipping and Trade Dynamics - The volume of bonded fuel at Yangpu Port increased by 210% year-on-year in the first three quarters of 2025, with 30% of clients coming from ships registered in Singapore [6] - The number of container ships passing through the Malacca Strait from China decreased by nearly 40% in the first half of 2025, leading to a 30% drop in Singapore's port container throughput [6] Group 4: Broader Economic Shifts - The energy supply and financial services sectors in Singapore are facing challenges as China's energy transport routes diversify, reducing reliance on Singapore [8][10] - The transformation of Hainan is creating new job opportunities, attracting talent from various regions, while also leading to rising costs and pressures in local businesses [10] Group 5: Competitive Landscape - The competition between Hainan and Singapore is characterized by differentiated positioning, with Singapore maintaining its reputation in high-end services while Hainan focuses on processing and trade linked to the vast Chinese market [12] - The global trade landscape is shifting from a "sugar stick model" to a "spider web model," reducing dependency on Singapore for trade between China and ASEAN countries [13]