以下文章来源于19号商研社 ，作者周嘉宝 宜家中国运营主体英格卡集团在中国内地经营的宜家商场数量将从38家减至31家。 文 ｜ 周嘉宝 编辑 ｜ 黎倩 来源｜ 19号商研社（ID：time_biz） 封面来源 ｜ Unsplash 新年第7天，宜家中国突然官宣"割肉"7家商场。 宜家中国在1月7日发布公告称，自2026年2月2日起，宜家中国将停止运营包括宜家上海宝山商场、宜家广州番禺商场、宜家天津中北商场、宜家南通商 场、宜家徐州商场、宜家宁波商场和宜家哈尔滨商场在内的7家商场。 其中，计划关停的宜家上海宝山商场在2013年开业，营业面积达5.5万平方米，总投资1.37亿美元，仅顶层餐厅就有814个用餐位，是彼时亚洲地区最大的 宜家商场。 "9.9元的瑞典肉丸配1元的冰淇淋，再也吃不到了。"社交平台上，宜家商场的大撤退让不少消费者不舍。此次调整后，除了上海、广州、天津另有宜家商 场支撑当地消费者线下购物外，在南通、徐州、宁波、哈尔滨，消费者将暂无法通过线下门店体验宜家产品，只能通过官网、天猫、京东等线上渠道消 费。 19号商研社 . 看透消费，看透你。互联网新闻信息服务许可证编号：44120230006 至此 ...

机构：中邮证券 研究员：蔡雪昱/张子健 投资要点 品牌IF 椰子水延续良好表现，公司同步推进品牌建设与运营完善。IF 椰子水25 年预计保持较快增长势 头，增速领先行业平均水平；Innococo25 年上半年销量出现下滑，下半年受渠道调整影响订单交付，预 计整改后年底将恢复正常，因此我们预计下半年市场表现将继续承压。公司25Q3 市场份额较去年同期 有所提升，目前经销商库存处于合理可控的正常区间。从行业层面来看，2025 年椰子水行业预计整体 增速在27.18%，高于软饮行业整体增速7.78%、碳酸饮料5.52%、包装水12%和功能饮料10%，椰子水行 业整体仍处于高速增长期。 渠道持续扩张，网点拓展成效显著。公司25 年9 月签约中粮名庄荟，预计未来仍将有代理商拓展计划， 渠道布局力度不断加大，26年预计继续推进渠道拓展。成本端随着近几年原产地产能持续扩大，25 年 椰子采购成本有所下降，26 年预计除延续这一成本优化利好外，还将通过更多举措提升供应链运转效 率、进一步优化成本结构。品牌端9 月 Innococo 官宣代言人（时代少年团），同步推出新品，并配合开 展一系列市场营销推广活动。26 年将持续推进 ...

MSC Industrial Direct (NYSE:MSM) Q1 2026 Earnings Call January 07, 2026 08:30 AM ET Company ParticipantsRyan Mills - VP of Investor Relations and Business DevelopmentNigel Coe - Managing DirectorGreg Clark - VP Finance and Corporate ControllerMartina McIsaac - President and CEOTommy Moll - Managing DirectorRyan Merkel - Co-Group Head of IndustrialsChris Dankert - Senior VP of Equity ResearchConference Call ParticipantsPatrick Baumann - AnalystDavid Manthey - Senior Research AnalystKen Newman - VP and Equity ...

中邮证券发布研报称，IFBH(06603)旗下IF椰子水品牌2025年预计延续较快增长，行业整体增速领先软 饮赛道。公司渠道持续扩张并签约新代理商，同时成本端迎来优化。品牌建设方面，通过签约代言人、 新品推广及加大营销投入强化市场认知。维持"买入"评级。 中邮证券主要观点如下： 品牌IF椰子水延续良好表现，公司同步推进品牌建设与运营完善 IF椰子水25年预计保持较快增长势头，增速领先行业平均水平；Innococo25年上半年销量出现下滑，下 半年受渠道调整影响订单交付，预计整改后年底将恢复正常，因此该行预计下半年市场表现将继续承 压。公司25Q3市场份额较去年同期有所提升，目前经销商库存处于合理可控的正常区间。从行业层面 来看，2025年椰子水行业预计整体增速在27.18%，高于软饮行业整体增速7.78%、碳酸饮料5.52%、包 装水12%和功能饮料10%，椰子水行业整体仍处于高速增长期。 渠道持续扩张，网点拓展成效显著 公司25年9月签约中粮名庄荟，预计未来仍将有代理商拓展计划，渠道布局力度不断加大，26年预计继 续推进渠道拓展。成本端随着近几年原产地产能持续扩大，25年椰子采购成本有所下降，26年预计除延 ...

IF椰子水25年预计保持较快增长势头，增速领先行业平均水平；Innococo25年上半年销量出现下滑，下 半年受渠道调整影响订单交付，预计整改后年底将恢复正常，因此该行预计下半年市场表现将继续承 压。公司25Q3市场份额较去年同期有所提升，目前经销商库存处于合理可控的正常区间。从行业层面 来看，2025年椰子水行业预计整体增速在27.18%，高于软饮行业整体增速7.78%、碳酸饮料5.52%、包 装水12%和功能饮料10%，椰子水行业整体仍处于高速增长期。 渠道持续扩张，网点拓展成效显著 智通财经APP获悉，中邮证券发布研报称，IFBH(06603)旗下IF椰子水品牌2025年预计延续较快增长， 行业整体增速领先软饮赛道。公司渠道持续扩张并签约新代理商，同时成本端迎来优化。品牌建设方 面，通过签约代言人、新品推广及加大营销投入强化市场认知。维持"买入"评级。 中邮证券主要观点如下： 品牌IF椰子水延续良好表现，公司同步推进品牌建设与运营完善 公司25年9月签约中粮名庄荟，预计未来仍将有代理商拓展计划，渠道布局力度不断加大，26年预计继 续推进渠道拓展。成本端随着近几年原产地产能持续扩大，25年椰子采购成本有所 ...

消息面上，12月29日，五矿资源发布公告，已批准博茨瓦纳Khoemacau铜矿的重大扩建项目的可行性研 究，并正式启动建设。该项目旨在将年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过400万 盎司。本项目将包括：将采矿区域延伸至5区北部、Mango及Zeta东北部矿床；及新建一座年处理能力 达450万吨的选矿厂。 此次扩建将使矿山总选矿能力提升至超过800万吨/年。项目的总资本支出预计约为9亿美元(包含2026年 前的相关支出)。该扩建项目预计将于2028年上半年产出首批铜精矿。 五矿资源(01208)涨超5%，截至发稿，涨5.68%，报9.11港元，成交额1.46亿港元。 扩建项目预计将使矿山寿命期内的平均C1成本优化至1.60美元/磅以下，较截至2025年6月30日止六个月 期间取得的实际C1成本2.05美元/磅显著降低。此次扩建是一项重要战略举措，旨在提升公司铜资产组 合的长期盈利能力与产能规模。 ...

一、引言：数字经济时代的法人服务新需求 随着中国市场化改革的持续深化与数字经济的蓬勃发展，企业组织形式与经营模式正经历深刻变革。在这一背景 下，法人代理服务行业作为支撑企业合规运营的重要力量，其市场规模在2023年已突破千亿元，年复合增长率超 过15%。企业对于高效、专业、可靠的法人变更、代理及相关合规服务的需求与日俱增，传统的、零散的服务模 式已难以满足现代企业快节奏、高标准的发展需求。 专业法人代理机构FAREN7758正是顺应这一趋势而产生的行业代表。该机构凭借其专业知识和丰富经验，为企业 提供从咨询到落地的全流程解决方案，成为企业在关键转型期的"专业护航者"。本文将深入剖析该机构的服务模 式、核心优势、创新实践及行业影响，为理解现代法人服务机构的价值提供全面视角。 二、核心价值：构建法人代理服务的稳固三角 (一) 风险防控：系统性构建企业安全防线 在法人代理服务中，风险防控是核心价值所在。该机构通过建立"法律+财务+行业"三维审查模型，在变更前全面 识别潜在风险点。例如，在为某科技公司办理法人变更时，机构提前发现其核心专利存在权属争议，通过及时调 整变更方案，有效避免了潜在的法律诉讼风险。这种前置性风 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

Core Viewpoint - Aosi Group (01161) reported its annual results for the year ending September 30, 2025, showing a slight decrease in revenue but a significant increase in profit attributable to shareholders [1] Financial Performance - Revenue for the year was approximately HKD 981 million, representing a year-on-year decrease of 0.19% [1] - Profit attributable to shareholders was HKD 80.887 million, reflecting a year-on-year increase of 19% [1] - Earnings per share were HKD 0.119, with a proposed final dividend of HKD 0.025 per share [1] Operational Highlights - The growth in profit was attributed to the company's prudent financial management and cost optimization measures [1] - The company successfully leveraged economies of scale and maintained a strong commitment to service quality and providing an exceptional beauty experience for customers [1]

Financial Data and Key Metrics Changes - Total revenue decreased approximately $27.9 million, or 5.9%, to approximately $444.9 million for the fiscal year ended September 30, 2025, compared to approximately $472.8 million in the prior year [6] - Operating income increased by $10.2 million, or 231.7%, compared to the prior year, excluding an $18.1 million goodwill impairment recorded in Fiscal Year 2024 [5] - Adjusted EBITDA for Fiscal Year 2025 was approximately $33.4 million, an increase of approximately $8.9 million, or 36.3%, compared to $24.5 million in the prior year [15] - Net income was approximately $22.7 million, with diluted EPS of $4.93, compared to a net loss of approximately $26.7 million and a loss per share of $8.48 in the prior year [14] - Gross profit increased approximately $900,000 to $145.7 million, with gross margin increasing 210 basis points to 32.7% [10][11] Business Line Data and Key Metrics Changes - Retail entertainment segment revenue increased by approximately $6.5 million, or 9.1%, to approximately $77.5 million, driven by strong consumer demand for vintage and collectible media [8] - Retail flooring segment revenue decreased by approximately $14.7 million, or 10.7%, to approximately $122.3 million, primarily due to the disposition of certain stores and decreased consumer demand [9] - Flooring manufacturing segment revenue decreased by approximately $11.5 million, or 8.6%, to approximately $121.6 million, attributed to reduced consumer demand [9] - Steel manufacturing segment revenue decreased by approximately $7.2 million, or 5.1%, to approximately $132.6 million, driven by lower sales volumes, partially offset by incremental revenue from Central Steel [10] Market Data and Key Metrics Changes - Continued softness in the new home construction and home refurbishment markets negatively impacted the retail flooring and flooring manufacturing segments [5][6] - The fourth quarter of 2025 showed year-over-year revenue improvement compared to the fourth quarter of 2024, indicating potential recovery [7] Company Strategy and Development Direction - The company is focused on driving sustainable profitability and enhancing overall performance across its businesses [18] - Strategic pricing initiatives and targeted cost reduction measures were implemented to strengthen operating disciplines [4] - The company aims to build a durable platform of businesses that are resilient in the real economy [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position for continued progress, despite challenges in the housing market [18] - The company is excited about recent interest rate cuts, which are expected to benefit interest expenses and stimulate housing sales [30][31] Other Important Information - Total debt declined approximately $33.5 million in Fiscal Year 2025, leading to a decrease in interest expense by approximately $1.3 million, or 7.7% [13] - The company repurchased 59,704 shares of common stock at an average price of $8.85 per share during the fiscal year [17] Q&A Session Summary Question: Regarding share repurchases and issuance strategy - Management indicated that shares may be issued in connection with acquisitions and that repurchase levels are monitored based on market conditions [26][28] Question: Debt repayment intentions - Management confirmed a commitment to continue paying down debt, evaluating the optimal level for long-term sustainability [28] Question: Impact of interest rate reductions - Management noted that interest rate cuts have positively impacted the company, reducing interest expenses and potentially stimulating the housing market [30][31]