（来源：中国旅游报） 转自：中国旅游报 □ 陈 一 沈 涵 当夜色浸润丽江古城的青石板，纳西古乐如流水般淌过街巷，来自天南海北的游客沉醉其中，仿佛梦回 故里；当音乐厅中光影交织，江南丝竹载着观众渡过光音之河，恍若荡漾在苏浙水乡……这些时刻，音 乐已不再仅仅是背景，而成为直接可感、叩击身体的深层力量。伴随着沉浸式旅游的兴起，以及文旅融 合与数字化战略的推进，中国传统音乐正为创造更深层的文化体验开辟新的可能。 音乐如何打动人心 传统旅游研究往往将音乐体验解释为一种信息加工过程。例如，当游客在目的地听到《茉莉花》的旋律 时，声音信号首先被听觉系统接收，大脑识别其声学特征和音乐风格，然后联想到相应的地域文化，继 而对其产生情感认同和审美体验。这是一条"听觉输入—认知处理—情感输出"的感知路径。按照这一逻 辑，旅游目的地在设计音乐体验时，往往侧重于文化解说和背景介绍。然而，实践中许多现象无法被解 释：为什么游客会随着从未听过的节奏不自觉地摇摆身体却不需要了解其音乐背景？为什么不懂中文也 不熟悉中国文化的外国游客也会被二胡的音色打动？这都提示我们：音乐在旅游体验中的作用，可能不 仅仅是文化符号的理解，而是存在着更直接的认 ...

智通财经记者 | 黄姗 智通财经编辑 | 楼婍沁 上海淮海中路又来了一个时尚玩家。12月15日，韩国时尚品牌Musinsa Standard在上海淮海路开设中国 首店，该店共两层，占地面积超过1400平方米。 隶属于同一集团的时尚品牌集合店Musinsa Store也将于12月19日在上海安福路开业。MUSINSA中国首 席执行官金大铉在开业当天告诉智通财经，中国第二家Musinsa Store已确定选址于南京东路。 MUSINSA集团是韩国知名时尚零售商，从线上逐渐拓展至线下。截至2024年，该集团旗下自有品 牌"Musinsa Standard"和时装品牌集合店"Musinsa Store"分别在韩国本土开设超过30间和六间线下门店。 Musinsa Store入驻品牌超过1万个，平台年交易额约240亿元人⺠币。 MUSINSA集团在经过多轮融资后，目前正在首次公开募股的准备阶段。韩国媒体报道称，MUSINSA 集团计划在2026年上半年向韩国证券交易所主板递交IPO申请。 "IPO是我们国际扩张的一种表现。"金大铉在采访中表示，中国是MUSINSA全球化叙事中的核 心，"（募集到的）大部分资金会投入中国 ...

在大家电市场稳居中国品牌第一后，海尔英国小家电业务近日再传捷报。刚刚落幕的黑五促销周，海尔 小家电单周及11月零售销量同比劲增三成。其中，旗下Hoover品牌无绳吸尘器单周销量同比增幅达 549%，即便是相对小众的床垫清洁机品类，也实现了384%的销量增长。 这份亮眼成绩的取得，主要有两个原因。一是扎根本土用户需求，以科技创新打造核心的产品力。二是 坚持数字化转型，提升用户购买体验。 从大家电领域的中国领先，到小家电板块的快速突破，海尔智家（600690）在英国市场的布局正持续深 化。未来，海尔英国将继续深耕产品创新与数字化战略，依托本地化运营体系与多元化产品矩阵，延续 增长态势。 过硬的产品力，精准契合了当地用户的需求。以销量表现突出的Hoover无绳吸尘器为例，它的吸力是市 场同类产品的两倍，同时搭载了防缠结技术，能够从根源上解决宠物毛发缠绕清洁工具的难题，大大减 轻用户的家务负担，完美匹配养宠家庭的清洁刚需。这种锚定用户需求，以科技升级体验的产品创新思 路，为销量增长筑牢了坚实的根基。 积极推进数字化战略，进一步优化用户体验。当前，欧洲电商正处于快速发展的初期阶段，海尔英国抓 住这一机遇，对营销、服务等 ...

（编辑 任世碧） 证券日报网12月9日讯 汤臣倍健在12月9日回答调研者提问时表示，今年，公司持续推动数字化战略项 目落地，强化数字化基建，提升销售管理、数据分析等系统能力；成立30周年专项工作小组，常态化推 动重要经营和管理质量强相关问题的解决及机制落实；持续优化组织架构，提升各业务线条精细化管理 能力，支持公司长期健康发展。 ...

| 猫和京东仍占有较高市场份额；跨境电商保持较好增长。公司后续将持续 | | --- | | 优化运营策略，加强社媒渗透，根据不同渠道的消费者需求和偏好推动主 | | 要品类迭代升级，优化策略人群和品牌资产，持续提升线上运营效率，在 | | 抖音及跨境寻求增量。 | | Q：公司线上分平台的收入占比、公司旗下各品牌收入占比 | | 线上渠道中抖音平台约占两成，天猫和京东合计约占六成。主品牌收 | | 入占比超五成，健力多、lifespace 收入占比均超过 10%。 | | Q：今年消费者复购的情况如何 | | 公司 较多，各产品间复购率存在差异。今年主品牌线上推出的几 SKU | | 大新品在拉动高消费人群增量方面表现较为亮眼。 | | Q：公司经销商数量近年来减少的原因 | | 主要是因为业务调整、经销商整合优化所致。鉴于公司持续探索新渠 | | 道、新品牌和新平台，未来经销商的持续优化还是会存在。 | | Q：公司在市值管理上有何措施 | | 公司聚焦主业，致力于推动公司长期有质量发展，同时通过实施积极、 | | 持续、稳定的分红政策及回购等措施增强投资者回报。上市以来公司累计 | | 现金分红金额占累 ...

上一期的《我战略先进，还用关注组织？》这篇文章里，我指出了相当一部分中国老板对于"战略出 奇"的偏执。这种偏执之下，自然是对于组织的不屑一顾。 在咨询和顾问工作中接触了太多的企业和他们的掌舵者后，我们发现一个让人惊讶但又无奈的事实—— 相当一部分中国老板的"战略观"其实是很不成熟的。表面是时运不济，发展受阻，本质是"战略观"的问 题。 但我也发现了这个群体在战略上的另一个误区——把战略的失败甩锅于组织太弱，人才不足。说来好 笑，战略成功时，他们不会关注组织，而战略失败了，他们又会从组织上找原因。 那么，这个锅，组织该背吗？ 01 一位知名女性企业家为自己的企业定下了几个进军新行业的战略，最终却无奈一一折戟。但她坚持，自 己的战略判断没有问题，只是组织的执行力出了问题。 坦白来讲，她可能误解了战略。所谓战略，不是那条会成功的路，而是那条你能走成功的路。换言之， 我们不能只看市场有什么空间，还应该审视自己的资源约束、时间约束，以及判断对手的强弱，这样才 能找出"自己能走成功的路"。 如果只看市场前景抛出所谓的"战略"，那这种"战略"本身就是臆想，没有任何价值。信不信，我可以随 口抛出若干个"廉价战略"？ …… 说 ...

Summary of the Conference Call Company and Industry - **Company**: International Medical - **Industry**: Healthcare and Medical Services Key Points and Arguments 1. Innovation and Talent Development - The establishment and application of an innovative treatment system for cervical spine diseases has won the first prize for scientific and technological progress in Shaanxi Province - Continuous improvement in the talent structure within the company's medical institutions, with notable achievements including: - 4 new doctoral and master's supervisors - 87 doctoral and master's degree holders - 21 mid-to-senior title holders - The clinical research capabilities have been strengthened, with 17 provincial-level academic conferences hosted and over 100 academic papers published, including 14 SCI papers [1][2] 2. Operational Performance - In the first three quarters of 2025, the total number of outpatient and emergency services reached 1.97 million, a year-on-year increase of 4.03% - Inpatient services totaled 145,900, a decrease of 3.88% year-on-year - Revenue for the first three quarters was approximately 2.995 billion yuan, a decrease of 16.94% year-on-year, with a net profit attributable to shareholders of negative 200 million yuan, down 38.45% [2][3] 3. Financial Metrics - In Q3 2025, revenue was approximately 900 million yuan, a decrease of 18.95% year-on-year, with a net profit of negative 100 million yuan, down 234% - Operating cash flow for the first three quarters was 921 million yuan, an increase of 47.67% year-on-year, indicating stable medical business returns [3][4] 4. Cost Management - Management expense ratio decreased by 0.54 percentage points to 10.99% - Financial expense ratio decreased by 0.07 percentage points to 3.43% [3][4] 5. Hospital Performance - High-tech hospital outpatient services reached 864,200, a year-on-year increase of 1.33%, while inpatient services decreased by 5.73% - The central hospital saw outpatient services of 1.11 million, a year-on-year increase of 6.24%, but inpatient services decreased by 3.01% [4][5] 6. Impact of Medical Insurance Policy - The decline in revenue and profit in Q3 was significantly influenced by the medical insurance policy reform, which required hospitals to return excess funds from the previous year, impacting income and profit directly [12][15] 7. Future Outlook - The fourth quarter is expected to be a peak season for medical services, with a focus on cost control and efficiency improvement - The company aims to enhance medical quality and patient experience while expanding service scale and improving profitability [7][8] 8. New Business Developments - The company is expanding into consumer-oriented medical services, with notable growth in areas such as elderly care and aesthetic medicine - The proton therapy project is seen as a competitive advantage, with installation and testing progressing well [29][49] 9. Digital Asset Strategy - The company has registered its medical data assets on a trading platform, signaling readiness for potential collaborations and transactions in the future [55][58] 10. Management's Commitment - The management emphasizes a commitment to deepening core business operations and enhancing overall value accumulation while adapting to industry changes and policies [61][62] Other Important but Overlooked Content - The company has a strong focus on integrating technology and digital solutions to improve operational efficiency and patient care - The management is optimistic about the potential for future growth in the healthcare sector, despite current challenges [56][60]

Core Viewpoint - Guizhou Moutai has launched a "date selection" digital value-added service for its 53% vol 500ml Moutai liquor, allowing consumers to choose the production date, marking a shift towards personalized high-end liquor consumption [1][2]. Group 1: Service Details - Starting from October 20, consumers can select Moutai liquor produced between January 1, 2025, and the sales date, with the option to pre-order for the upcoming months [2]. - The new service eliminates the previous random date selection, providing consumers with greater flexibility and the ability to create a sense of occasion for special dates [2][3]. - This initiative is seen as a response to consumer demand for emotional value, transforming "time" into a tradable high-end product [2][4]. Group 2: Digital Transformation - The "date selection" service is a manifestation of Moutai's user-centric service philosophy, which has been in place since the launch of the i Moutai platform in 2022 [4]. - The service leverages Moutai's digital technology advantages, enabling full visibility of production dates and instant purchasing, thus enhancing the high-end liquor consumption experience [4]. - The implementation of this service is supported by advanced supply chain digitalization, IoT, and blockchain technology, ensuring transparency and authenticity of the selected dates [4]. Group 3: Future Outlook - The i Moutai platform aims to continue exploring digital technology applications in areas such as precision marketing and user rights, enhancing the high-end liquor consumption experience [5].

Core Viewpoint - In Q3 2025, Dashishi Holdings (01405) demonstrated strong performance driven by store expansion, innovation, and digitalization strategies, achieving nearly 100% of its annual target for new store openings [1] Group 1: Store Expansion - The company continued its "broad and deep" store network expansion strategy, operating 1,283 stores across 51 cities in mainland China as of September 30, with a net addition of 275 stores in the quarter [1] - The company achieved its annual target of approximately 300 new store openings [1] Group 2: Sales Performance - New store performance was notable, with the first store in Handan generating sales of over 6.8 million yuan in its first month, ranking among the top five globally [1] - The first store in Xuzhou achieved a single-day sales record exceeding 680,000 yuan, setting a new global record [1] - Same-store sales in first-tier cities experienced positive growth [1] Group 3: Operational Efficiency - Dashishi Holdings ranked 49 out of the top 50 in the sales performance of Domino's stores globally within the first 30 days of operation [1] Group 4: Digitalization and Membership Growth - The membership program "Darenhui" expanded to 32.9 million members, with approximately 14.4 million new first-time customers added in the past 12 months [1] Group 5: Awards and Market Position - The company has won the Domino's Global Gold Franny Award for seven consecutive years and the International Cornerstone Award for six consecutive years [1] - According to Frost & Sullivan, Domino's Pizza has secured the second position in the Chinese pizza market based on sales in 2024 [1] Group 6: Future Strategy - The company plans to continue its "4D" strategy, focusing on store development, quality-price ratio products, efficient delivery, and digital capabilities to maintain its market leadership [1]

Core Insights - In Q3 2025, Dashih Holdings (01405) demonstrated strong performance driven by store expansion, innovation, and digitalization strategies [1] Store Expansion - The company has been actively pursuing a "broad and deep" store network expansion strategy, operating 1,283 stores across 51 cities in mainland China as of September 30, achieving a net addition of 275 stores in the quarter [1] - The annual target of opening 300 new stores has been nearly fulfilled [1] Sales Performance - Same-store sales in first-tier cities have shown positive growth [1] - Notable new store performances include the first store in Handan achieving sales of over 6.8 million yuan in its first month, ranking among the top five globally [1] - The first store in Xuzhou recorded a single-day sales exceeding 680,000 yuan, setting a new global record [1] Operational Efficiency - Dashih Holdings has achieved high operational efficiency, with 49 out of the top 50 sales in the first 30 days of operation among over 21,500 Domino's stores globally being from Domino's China [1] Digitalization and Membership Growth - The digitalization efforts have yielded significant results, with the membership program "Darenhui" expanding to 32.9 million members, adding approximately 14.4 million new first-time customers in the past 12 months [1] Awards and Market Position - The company has received the Gold Franny award from Domino's for seven consecutive years and the International Cornerstone Award for six consecutive years [1] - According to Frost & Sullivan, Domino's Pizza ranks second in the Chinese pizza market based on sales in 2024 [1] Future Strategy - The company plans to continue implementing its "4D" strategy, focusing on store development, quality-price ratio products, efficient delivery, and digital capabilities to maintain its market leadership [1]