中证报中证网讯(记者王辉)在2025年即时配送行业加速向"科技驱动"转型的背景下，顺丰同城近日发布 消息显示，截至2025年年末，顺丰同城已投放超800台无人车至105个城市，重点承担"最后一公里"业务 下的同城短途接驳和网点集散配送环节，月均活跃行程约2万趟，显著释放人力并保障了整体履约效 率。 业内人士表示，纵观2025年，顺丰同城既是"即时零售"大盘的推动者，为新消费保驾护航，为"万物到 家"带来更多确定性，同时也是即时零售大盘的受益者。顺丰同城已经成为多个新消费业态的核心服务 主体，有望承接更多国民消费上行带来的市场空间。 据了解，目前顺丰同城在骑手管理、站长服务、智能客服、商户运营等方面都部署了自研AI智能体工 具，实现辅助沟通、信息采集、运营分析、检测异常等智能化应用，结合长期布局的自身核心技术CLS 城市物流系统，进一步提升人效，验证了数智技术在即时配送领域的巨大价值。 作为独立的第三方即配平台，顺丰同城全年深耕全场景服务，助力商家整合多平台订单。其"餐饮+非 餐"业务同步增长，与多家头部品牌达成深度合作，持续推动即时零售迈向高效与品质并重的新阶段。 ...

当流量红利消退、增长神话褪色，美妆行业正被迫回答一个更本质的问题：下一轮价值评估， 究竟该建立在什么之上？ 答案，写在两份重量级的文件里。 一份文件是11月1 7日，国家药监局发布的《关于深化化妆品监管改革促进产业高质量发展的 意见》。2 4条举措中，"原料创新"被置于核心地位。另一份文件是1 2月刚出台的《化妆品企 业生产质量管理体系提升三年行动计划（2 0 2 6—2 0 2 8年）》，聚焦如何"把创新成果快速产业 化"，明确鼓励龙头企业建立"内部新原料孵化器"。 前者解决"创新怎么评"，后者回答"创新如何落地"，这一套政策组合，被业界视为对化妆品行 业科技路线的长期定调。这一套组合拳，为行业划定了未来十年的竞争坐标：科技创新，尤其 是生物制造，将成为新的准入门槛和增长引擎。 这 并 非 孤 立 事 件 。 生 物 制 造 ， 已 连 续 两 年 被 写 入 《 政 府 工 作 报 告 》 ， 定 位 为 需 要 重 点 培 育 的"未来产业"。一场从国家顶层设计到具体行业规制的浪潮已然形成。 这 意 味 着 ， 美 妆 的 故 事 ， 必 须 被 重 新 讲 述 。 它 不 再 仅 仅 是 关 于 色 ...

"化妆品行业并非单纯的营销竞技场，而是一个典型的多学科交叉应用行业。"国货功效护肤品牌HBN创 始人姚哲男表示，国产化妆品需立足本土需求，专注自研领域，坚持长期科研投入，创新关键技术。企 业组建了百余人的跨学科研发团队，并与高校及科研机构合作，形成开放融合的创新网络，目前累计授 权及在申专利200余项，完成4款自研功效新原料备案，持续构筑品牌的核心技术体系。 《2024中国护肤品消费趋势报告》显示，当前消费者愈发理性，行业相关头部品牌不断加大研发投入， 用优秀的产品和差异化的品牌亮点吸引大众目光，满足消费者多元化功效需求。 中国香料香精化妆品工业协会数据显示：2024年我国化妆品市场交易总额为10738.22亿元，市场规模连 续两年突破万亿元，其中，国货品牌交易额占比达55.2%，市场潜力巨大。 消费市场稳步增长，发展空间不断扩展，为化妆品产业带来了新的课题和方向。曾凭借流量快速增长的 国货品牌，正转向以扎实的科研和真实的功效为立身之本。 国产化妆品如何实现从体量优势到质量胜势的转变？除了以高质量创新回应消费者需求，还离不开产业 政策的精准引导与制度环境的持续优化。近年来，我国化妆品产业政策体系不断完善，《化 ...

Core Insights - The automotive industry is undergoing deep adjustments and upgrades in its high-quality development process, with automotive finance being crucial for maintaining the smooth operation of the industry chain [1] - Policy measures are being implemented to strengthen financial support while ensuring risk management, establishing automotive finance as a foundation for both livelihood services and industrial development [1] - The dynamics of automotive finance are shifting from traditional credit growth and price competition to structural optimization and product innovation, with a notable transition from high-return competition to rational development [1] Group 1 - Automotive finance is evolving with a richer array of financial products, moving beyond traditional car loans to innovative models such as battery leasing, charging rights, and after-sales leasing [1] - The competition in the automotive finance market is intensifying, leading to compressed profit margins and increased complexity in risk management [1] - Consumer demands for convenience, transparency, and personalization in financial services are on the rise [1] Group 2 - Recommendations for further integration of automotive finance and the automotive market include a "deep integration" approach, ensuring financial services span the entire lifecycle of vehicles [2] - Emphasis on "technology-driven" solutions, utilizing big data, artificial intelligence, and blockchain to reshape the financial landscape and enhance efficiency [2] - Automotive finance is positioned to act as a "catalyst" and "accelerator" for green transformation, promoting the consumption and popularization of new energy and intelligent connected vehicles through innovative green financial products [2]

Core Insights - The company achieved revenue of 626 million yuan in the first three quarters of 2025, a year-on-year increase of 7.39%, with a net profit attributable to shareholders of 149 million yuan, up 8.83% year-on-year. In Q3 alone, revenue reached 227 million yuan, reflecting a 14.59% year-on-year growth, and net profit was 54 million yuan, an increase of 11.56% year-on-year. The company continues to strengthen R&D investment while reducing sales expense ratio [1] Group 1 - The company's product focus strategy is yielding results, with the PMC Ultra Bright series seeing a 53.7% revenue increase in Q3 2025. The 1.71 series also grew by 13.7%, with the three star products accounting for 56.3% of regular lens revenue. Excluding the impact of product upgrades and recalls, the "Easy Control" series achieved a cumulative sales of 144.72 million yuan in the first three quarters, up 11.6% year-on-year [2] - The company has deepened strategic partnerships to enhance market influence. As the exclusive optical partner for Xiaomi, the cumulative revenue from the Xiaomi AI glasses business reached 6.51 million yuan by September 30, with a gross margin of 78.6% for smart glasses lenses. Additionally, the company renewed its contract with China Aerospace, adhering to stringent aerospace standards, and is actively exploring innovative cooperation with Aier Eye Hospital to solidify its technological barriers and market leadership in high-end lenses [2] Group 2 - The company anticipates an increase in the proportion of high-end lenses and a ramp-up in AI glasses lens production, projecting revenues of 819 million yuan, 870 million yuan, and 924 million yuan for 2025-2027, representing year-on-year growth rates of 6.4%, 6.2%, and 6.2%, respectively. Net profit attributable to shareholders is expected to be 195 million yuan, 211 million yuan, and 225 million yuan, with growth rates of 10.3%, 8.1%, and 6.9% [3]

在谈到资本市场在其中扮演的角色时，张晓晶表示，资本市场一方面应继续服务于科技自立自强战略。"资本市场具有更好的风险识别与收益共享机制，是 支持科技创新的主战场。"另一方面，他强调扩大消费同样是未来发展的战略基点，资本市场可在两个维度上发挥关键作用。 "第一个维度，是通过发展资本市场提升居民的财产性收入，从而增强消费能力。"张晓晶指出，"第二个维度，是从供给端推动消费提质扩容。当前我国服 务业高质量供给仍面临瓶颈，资本市场若能更好支持该类消费企业发展，将有效推动供给质量提升，从更深层次激发消费潜力。"张晓晶用"顶天立地"生动 概括了资本市场的双重功能："'顶天'是支撑科技高水平自立自强；'立地'则是服务普通百姓的消费需求与民生福祉。"这一表述形象地揭示了资本市场在连 接国家战略与民生需求中的枢纽作用。 21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 近日，国家金融与发展实验室主任张晓晶在接受21世纪经济报道专访时指出，未来中国经济增长的核心动力将来自"科技驱动"与"消费驱动"的双轮协同。 ...

Core Insights - The A-share market is at a critical turning point, transitioning from the "real estate-debt" old cycle to the "technology-innovation" new paradigm, mirroring the four pillars of the long bull market in the US stock market [3][5][6] - The new economic sectors are becoming the core drivers of ROE recovery, with the overall ROE for non-financial sectors in A-shares expected to rebound to 6.48% by Q3 2025, contrasting sharply with the deep losses in the real estate sector [3][7][18] - The economic structure and valuation paradigm are undergoing reconstruction, with hard technology becoming the new focus for capital allocation, as evidenced by the significant increase in market capitalization of sectors like electronics and biomedicine [3][4][24] - The investor ecosystem is shifting towards long-termism, driven by institutional changes that encourage value investing and stabilize the market [3][4][30] Group 1: Transition from Old to New Cycle - The A-share market is at a historical crossroads, moving away from the old real estate-debt driven model, with the current market volatility seen as a necessary pain in establishing a new growth paradigm [5][6] - The long bull market in the US is not a myth but is firmly based on technological innovation, institutional leadership, shareholder returns, and a survival-of-the-fittest mechanism, providing a clear blueprint for the future evolution of A-shares [6][17] Group 2: New Steady State of Profitability - A-share profitability is showing clear signs of bottoming out, with Q3 2025 ROE for non-financial sectors at 6.48%, up from 6.27% in Q2, driven primarily by improvements in net profit margins rather than increased leverage [7][8][10] - The recovery in profitability is not uniform but is concentrated in high-growth sectors like TMT and materials benefiting from policy changes, indicating a structural recovery led by new economic drivers [8][11][17] Group 3: Structural New Paradigm - The structural transformation of the Chinese capital market is deeply rooted in the continuity of supportive policies, with the technology sector's market capitalization surpassing all other styles during the "14th Five-Year Plan" [18][20] - The valuation system for the electronics sector has undergone significant reconstruction, reflecting a shift towards a narrative-driven or long-term value perspective, similar to the US market [22][24] Group 4: New Balance in Ecosystem - The funding ecosystem in the A-share market is highly differentiated, with institutional funds dominating core asset allocations, while small-cap and high-dividend sectors contribute to market diversity [30][32] - The ongoing optimization of the investor structure indicates a long-term trend towards maturity in the A-share market, with institutional reforms fostering a long-term investment mindset [33][36] Group 5: Awakening of Returns - The regulatory environment is shifting towards a focus on shareholder returns, with an increase in voluntary dividends and a significant rise in share buybacks, particularly cancellation buybacks, which enhance per-share value [38][39] - The rise in cancellation buybacks, with an expected total of 225.29 billion yuan in 2025, reflects a significant change in the value management awareness of A-share companies, supporting the long-term bull market narrative [39][41]

Core Viewpoint - Proya, a leading beauty brand with annual revenue exceeding 10 billion, is seeking to list on the Hong Kong Stock Exchange, aiming to become the first beauty company with both A and H shares amid a slowing domestic market and increasing competition [1] Group 1: Financial Performance - Proya's main brand experienced its first negative growth in five years, with revenue of 3.979 billion in the first half of 2025, a slight decline of 0.08% year-on-year [3] - For the first three quarters of 2025, Proya's revenue reached 7.098 billion, with a net profit of 1.026 billion, showing only 1.89% and 2.65% growth respectively, significantly slowing compared to the same period in 2024 [2] - The company's sales expenses from 2022 to the first three quarters of 2025 totaled 15.443 billion, while R&D expenses were only 654 million, indicating a sales-to-R&D expense ratio of 23.61 times [6] Group 2: Brand and Market Dynamics - The revenue share of Proya's main brand has been declining, from 82.74% in 2022 to 74.27% in the first half of 2025, raising concerns about its competitive strength [3] - Proya has been implementing a multi-brand strategy, with significant growth in its sub-brands, such as a 21.11% increase in the彩棠 brand and a 102.52% surge in Off&Relax, but these brands still account for less than 25% of total revenue [3] - The company heavily relies on online sales, with 95.39% of revenue coming from online channels in the first half of 2025, but it faced a decline in customer numbers on major platforms like Tmall and Vipshop [3][4] Group 3: Management and Strategic Changes - Proya's management team has undergone significant changes since the second generation took over in 2024, with multiple high-level positions being filled by individuals with international backgrounds from major beauty companies [7][8] - The company announced a substantial cash dividend of 315 million, representing nearly 40% of its net profit for the first half of 2025, raising questions about the necessity of seeking additional financing through the Hong Kong listing [7]

Core Insights - Longxin General Power Co., Ltd. reported a revenue of 14.557 billion yuan for the first three quarters, marking a year-on-year increase of 19.14% [1] - The net profit attributable to shareholders reached 1.577 billion yuan, reflecting a significant year-on-year growth of 75.45% [1] - The company achieved a comprehensive gross margin of 18.89%, showing a stable increase compared to the previous year [1] Financial Performance - In Q3, the company generated revenue of 4.805 billion yuan, which is a 5.55% increase year-on-year [1] - The net profit for Q3 was 503 million yuan, up by 62.48% compared to the same period last year [1] - The net cash flow from operating activities was 2.668 billion yuan, representing a remarkable year-on-year growth of 147.96% [1] Product Sales and Market Strategy - Motorcycle products generated sales revenue of 10.714 billion yuan in the first three quarters, a year-on-year increase of 14.91% [1] - The high-end self-owned brand "Wujie VOGE" series achieved sales revenue of 3.035 billion yuan, growing by 24.87% year-on-year [1] - Exports of Wujie products reached 1.718 billion yuan, marking an impressive year-on-year increase of 86.92% [1] - General machinery products saw sales revenue of 3.384 billion yuan, reflecting a year-on-year growth of 42.54% [1] Brand Development and Future Strategy - The company emphasizes the development of its self-owned brands, achieving sales revenue of 3.796 billion yuan from these products, a year-on-year increase of 28.49% [2] - Self-owned brands accounted for 26.08% of the company's total revenue, an increase of nearly 2 percentage points year-on-year [2] - The company aims to achieve a revenue target of over 19 billion yuan by 2025, focusing on high-end, green, intelligent, and global development strategies [2]

Core Viewpoint - There is a noticeable shift of funds from the real estate market to the capital market, driven by a change in economic growth models and government policies encouraging this transition [1][2][3]. Group 1: Market Trends - Real estate investment has been declining, with funds for real estate development dropping to 78,898 billion yuan, a 20% year-on-year decrease [1]. - Capital market inflows are increasing, with stock market financing balances rising by 2,633.96 billion yuan compared to the end of 2024, and nearly 500 billion yuan added in just one month [1]. - Private equity management scale has reached 5.24 trillion yuan, an increase of 671.42 billion yuan from the end of 2024 [1]. Group 2: Government Policy - The government is intentionally guiding funds into the capital market, as evidenced by the recent announcement from Zheshang Securities to raise its financing business limit from 40 billion yuan to 50 billion yuan [2]. - Several securities firms, including Huayin Securities and Xingye Securities, have also raised their financing limits, indicating a relaxation of regulatory constraints [2]. Group 3: Economic Transition - The shift from reliance on real estate to a technology-driven economy is essential for sustainable growth, as seen in historical patterns of economic development in modern countries [3]. - The government is increasing support for technology sectors, but these companies often lack mature performance metrics to attract investment [3][4]. Group 4: Capital Market Dynamics - The capital market serves as a valuation mechanism for technology companies, with recent market rallies driven by investments in semiconductor and technology-related sectors [4]. - The transition of fiscal resources from real estate to equity in technology companies is crucial for economic advancement and competitiveness [5]. Group 5: Investment Opportunities - The current market conditions present a significant opportunity for investors to engage in the ongoing technology bull market, which is expected to continue as the economic transition unfolds [5].