新的一年，很多人会为自己种下期许，写下承诺。作为「红杉汇」的经典策划，去年年末我们再度向各位 读者发起了 "新年Flag征集令" ，并收到了许多真诚的留言。有人深耕专业、有人拥抱家庭、有人探索生活 ——不同的目标，映照的是同样炽热的向往。 我们从留言中精挑细选，汇编成今天这篇Flag大赏。愿你在这里看见他人的奔赴，也照见自己的路途。新的 一年，愿我们既有仰望星空的勇气，也有脚踏实地的心境。2026年，Flag已立，一起出发。 成长，是与自己的漫长对话 个人发展篇 我的2026新年Flag：聚焦于前沿科技领域的深度学习与认知升级，为未来的投资布局打下坚实基 础。具体计划如下： 1、深耕六大前沿领域：重点针对商业航天、脑机接口、人工智能、具身智能、量子技术、可控核 聚变这六大方向进行系统性学习。 ○ 学习指标： 每个领域至少完成1-2门专业课程，精读2-3本专业书籍。 ○ 核心目标： 建立起对这些硬科技行业的底层逻辑理解及投资分析架构。 2、拓展行业人脉：主动链接行业内优秀人才，通过交流碰撞，获取一手行业洞见。 你的每一步，都在塑造未来的自己。愿你在自己的节奏里，埋首耕耘，抬头看路。 @梁康乐 @希望 在难的时候 ...

二是要有丰富的内容可以消费。一说消费，很容易首先想到吃饭穿衣，但衣食已经撑不起市场的扩容，广义的精神消 费，包括服务消费必须跟上来，而这方面的限制就会多一些，政策也容易变动。 公报说，要"清理消费领域不合理限制 措施，释放服务消费潜力"。希望各地都能够解放思想，把这个精神推进得全面，到位。 三是要让人们有时间消费。太忙，实际假期太短，加班太多，这在我们社会有相当的普遍性。而且，近年来，这个问题 有所加重。增加的工作时间，有一部分是忙形式主义去了，另一部分是忙内卷去了。上级要求高，周围又很卷，找工作 又不容易，人们普遍有了更大压力，延长实际工作时间成了一种有普遍性的无奈。这个问题一定要有所突破。 四是要有心情消费。社会上要形成消费的氛围，比如这些年，旅游消费的氛围就很浓，这非常好。但是"高档消费"的氛 围变低落了，除了很多人的收入压力大了，更考虑省钱了，还因为网上舆论对档次高一些的消费变得冷漠，甚至不友 好。 低调、不露富成为安全的座右铭，这种价值取向的强化产生了抑制消费的种种潜移默化效应。 老胡说的肯定不够全面，但我相信，为促消费，上边这几条都很重要。 中央经济工作会议谈及明年重点任务，第一条就是坚持内需主导 ...

Core Insights - The article highlights a shift in consumer behavior among the "post-00s" generation, moving from online shopping to offline experiences, with a focus on innovative shopping environments and cultural engagement [1][2]. Group 1: Transformation of Traditional Malls - Many traditional department stores are enhancing their appeal by increasing "IP density" and creating "two-dimensional" business formats to attract young consumers back to malls [3]. - The Wangfujing Joy Shopping Center has successfully transformed its space into a "two-dimensional theme district," resulting in significant increases in sales and foot traffic [2]. - The Chinese government has initiated urban renewal actions aimed at upgrading commercial pedestrian streets and old shopping districts, enhancing public space quality and diversifying commercial offerings [3]. Group 2: Consumer Experience and Engagement - Malls are focusing on providing upgraded experiences, such as unique merchandise and immersive environments, to attract consumers [4]. - The正佳广场 in Guangzhou exemplifies this trend by creating a mini-city experience that combines social, cultural, and shopping elements, enhancing the overall consumer experience [5]. - Enhanced service offerings, such as multilingual support and convenient payment options, are being implemented to create a more welcoming environment for both local and international consumers [6]. Group 3: Challenges and Sustainability - Despite increased foot traffic post-renovation, malls face challenges in maintaining competitive advantages and achieving sustainable profitability [8]. - Some malls struggle with unclear positioning and excessive similarity in offerings, leading to potential market saturation and eventual decline [8]. - The Ministry of Commerce is working to provide long-term support for urban commercial transformation through financial tools and guidance for optimizing commercial facilities [8].

Core Viewpoint - The article discusses the challenges faced by Laopu Gold, highlighting a shift in consumer behavior and market dynamics following significant price increases and a decline in gold prices, questioning the brand's luxury status and sustainability in the market [4][5][6]. Group 1: Market Performance and Consumer Behavior - Laopu Gold recently announced its third price increase of the year, with most products seeing a rise of 18%-25%, contrasting with the previous consumer frenzy for purchases [5][6]. - The brand's stock price has dramatically declined over 40% since July, despite a previous surge of over 26 times its initial offering price [5][6]. - Consumer interest has waned, with some stores experiencing reduced foot traffic, indicating a shift in market sentiment [5][6]. Group 2: Differentiation and Brand Strategy - Laopu Gold has differentiated itself by promoting "ancient method gold," incorporating traditional craftsmanship recognized as national intangible cultural heritage, appealing to high-net-worth individuals [11][12]. - The brand has effectively utilized social media for marketing, transforming its products into cultural symbols that resonate with younger consumers, with the under-30 demographic increasing from 12% in 2021 to 31% in 2024 [14][13]. - Laopu Gold positions itself alongside luxury brands, with 90% of its products priced above 10,000 yuan, and aims to fill the gap for domestic luxury brands in the gold jewelry market [15][20]. Group 3: Market Challenges and Capital Concerns - Despite strong revenue growth, Laopu Gold faces skepticism from capital markets, with early investors exiting and funds withdrawing from top holdings [21][22]. - The brand's reliance on gold prices for its valuation raises concerns, as a downturn in gold prices could significantly diminish its appeal [23][26]. - Laopu Gold's second-hand market performance is weak, with recovery prices around 50% of retail, compared to 60%-90% for true luxury brands, indicating a lack of perceived value [24][26]. Group 4: Financial Health and Operational Issues - Laopu Gold's cash flow has been negative for three consecutive years, with a net outflow of 2.215 billion yuan in the first half of the year, contrasting sharply with competitors like Chow Tai Fook [36][37]. - The company has a growing inventory issue, with stock levels increasing from 770 million yuan in 2021 to 8.688 billion yuan in 2025, leading to cash flow pressures [36][37]. - Laopu Gold's marketing-heavy approach has resulted in low R&D investment, with only 0.2% of revenue allocated to R&D in the first half of the year, raising concerns about product quality and brand integrity [33][35]. Group 5: Future Outlook and Strategic Recommendations - To solidify its position in the luxury market, Laopu Gold must reduce its dependence on gold prices and focus on building brand uniqueness and scarcity [30][39]. - The brand's current expansion strategy, reliant on external funding, risks diluting its luxury image and may not restore investor confidence [38][39]. - A long-term approach emphasizing brand heritage and product quality is essential for Laopu Gold to navigate market challenges and achieve sustainable growth [39].

Core Insights - The article highlights the investment strategies of Chen Bo, a fund manager at Shangyin Fund, who successfully manages both dividend and technology-focused funds, demonstrating a unique ability to navigate different asset classes [1][2]. Group 1: Investment Strategy - Chen Bo employs a "barbell strategy" that combines dividend and technology assets, allowing investors to switch between aggressive and defensive positions based on market conditions [2][17]. - The strategy has performed well during market fluctuations in 2023 and 2024, showcasing its adaptability [2]. - Key investment principles include "small but beautiful Alpha," high Return on Equity (ROE), and a focus on dynamic portfolio rebalancing to optimize risk-reward ratios [3][11][26]. Group 2: Performance Metrics - Chen Bo's fund, Shangyin Future Life Flexible Allocation A, has received a dual five-star rating for its performance over three and five years, ranking in the top 10% of its peers [1]. - The fund's performance metrics include a three-year ranking of 101 out of 1718 and a five-year ranking of 249 out of 1488 [1]. Group 3: Investment Philosophy - The investment philosophy emphasizes the importance of high ROE as a criterion for selecting quality companies, with a long-term view on maintaining above-average returns [3][19]. - Chen Bo believes that both dividend and technology assets benefit from a low-interest-rate environment, which supports their growth potential [2][18]. - The focus on identifying companies with clean balance sheets and high growth potential is central to the investment approach [11][12]. Group 4: Market Outlook - Chen Bo expresses optimism about the Chinese equity market, anticipating a systemic revaluation of risk assets, which could lead to significant wealth transfer as market conditions improve [27]. - The article suggests that various asset styles, including both dividend and growth stocks, will perform well in a true bull market [27].

Core Insights - The National Taxation Administration reported a 4.5% year-on-year increase in daily sales revenue for consumption-related industries during the National Day and Mid-Autumn Festival holiday period, with goods consumption rising by 3.9% and service consumption by 7.6%, indicating strong demand in tourism and cultural services [1][2] - The overlap of the National Day and Mid-Autumn Festival created an eight-day "super golden week," leading to a record 2.432 billion inter-regional trips, reflecting heightened travel enthusiasm among the public [1] - There is a notable shift in consumer spending from traditional goods to cultural and experiential services, with a significant increase in sales for cultural arts services by 18.6% and sports-related services by 12.5% to 15.4% [2][3] Consumption Trends - Consumers are increasingly prioritizing experiences over material possessions, moving from "sightseeing" to "cultural experiences," with a growing interest in in-depth tourism such as museum visits and cultural events [2] - The trend of "traveling with events" is emerging, where tourists seek experiences tied to performances and exhibitions, leading to a rise in interest for lesser-known destinations that offer both natural beauty and cultural richness [2][3] Event and Performance Impact - Major sporting events and performances during the holiday, such as the China Open Tennis and various music festivals, have significantly driven consumer spending, creating a comprehensive consumption chain that includes transportation, accommodation, dining, and sightseeing [3] - However, there is a noted lack of high-quality supply in cultural and entertainment offerings, with a need for more unique and engaging content to meet consumer demands for immersive and interactive experiences [3][4] IP Development and Cultural Economy - The creation of core cultural intellectual properties (IPs) is essential for expanding related services and products, fostering a sustainable cycle of demand and supply in the cultural economy [4] - The success of recent IPs, such as "My Alashan" and "Black Myth: Wukong," demonstrates the potential for cultural products to attract tourists and create lasting engagement, highlighting the importance of innovative content in driving the cultural consumption sector [3][4]

Group 1 - The AI Fund, Jiaoyin Industrial Opportunity Mixed Fund (010094), reported a profit of 194 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1223 yuan [3] - The fund's net value growth rate for the reporting period was 14.22%, and as of the end of the first half, the fund size was 1.543 billion yuan [3] - The fund manager highlighted the ongoing observation of trade friction developments and their impact on various assets, as well as domestic response strategies and macroeconomic trends [3] Group 2 - The fund's recent performance includes a three-month net value growth rate of 18.33%, a six-month growth rate of 20.13%, a one-year growth rate of 60.96%, and a three-year growth rate of 20.04%, ranking it within the top half of comparable funds [6] - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 26.62 times, compared to the industry average of 29.05 times [13] - The fund's weighted average revenue growth rate for the first half of 2025 was 0.06%, and the weighted average net profit growth rate was 0.1% [21] Group 3 - The fund's top ten holdings include companies such as Pop Mart, Kying Network, and Tencent Holdings, indicating a high concentration in its stock holdings [45] - As of June 30, 2025, the fund had a total of 18,700 holders, with individual investors holding 93.86% of the shares [39] - The fund's turnover rate for the last six months was approximately 97.82% [42]

Core Viewpoint - The article discusses the decline of traditional shopping malls in China, highlighting the shift in consumer behavior and the rise of new retail formats, leading to a significant number of mall closures across the country [5][10][14]. Group 1: Decline of Shopping Malls - Huizhou Junshang Department Store will officially close in August, marking the end of a 20-year presence in the local market [5]. - Many shopping malls are experiencing a decline, with once-bustling areas now showing signs of emptiness, including vacant restaurants and stores seeking to transfer leases [7][8]. - In Shanghai, several large malls have closed in recent years, including Pacific Department Store and Meilong Town Isetan, indicating a broader trend of mall closures despite an increase in the number of malls [11][13]. Group 2: Factors Contributing to Decline - The decline is attributed to consumer downgrade, with high-end malls being the first victims in major cities. In 2024, national retail sales grew by 3.5%, while Shanghai saw a decline of 3.1% [14][16]. - Economic factors such as layoffs in tech and finance sectors have led to reduced consumer spending, further impacting high-end malls like Beijing SKP, which saw a 17% drop in sales in 2024 [16][17]. - The rise of new retail formats, particularly instant retail, is reshaping consumer preferences, with the market expected to exceed 2 trillion yuan by 2030 [18]. Group 3: Internal Challenges of Malls - Shopping malls face issues of attractiveness due to homogenization, with many offering similar brands and dining options, leading to a lack of consumer interest [20]. - The real estate sector has inflated the asset values of malls, resulting in a disconnect between perceived and actual value, contributing to the decline of many commercial properties [22]. Group 4: Market Segmentation and Transformation - Despite the decline of traditional malls, some shopping centers are thriving by innovating and adapting to consumer needs, with over 73% of shopping centers reporting sales growth in 2024 [28]. - The rise of independent supermarkets and convenience stores is also diverting consumer traffic away from traditional malls, with convenience store sales increasing by 4.7% in 2024 [33]. Group 5: Growth of County-Level Commercial Entities - In contrast to the decline in major cities, county-level commercial entities are on the rise, driven by urbanization and increased consumer spending in rural areas [36][38]. - The county-level retail market is expanding, with retail sales in rural areas growing faster than in urban centers, indicating a shift in consumer behavior and demand [39].

Core Viewpoint - The retail landscape is undergoing significant changes, with many traditional shopping malls facing closures due to declining consumer demand and the rise of new retail formats, leading to a bifurcation in the market between thriving and struggling commercial entities [5][6][19]. Group 1: Decline of Traditional Malls - Numerous shopping malls are closing, with at least 38 malls shutting down in 2024, 76% of which have been operating for over 10 years [6][7]. - Major cities like Shanghai are experiencing a negative growth rate in retail sales, with a 3.1% decline in 2025's first quarter [5][7]. - The decline is attributed to consumer downgrading, with retail sales in Shanghai decreasing by 3.1% and in Beijing by 2.7% in 2024 [7][8]. Group 2: Impact of E-commerce and New Retail - The rise of new retail formats, particularly instant retail, is significantly impacting traditional malls, with the instant retail market expected to exceed 2 trillion yuan by 2030 [12]. - Instant retail offers convenience and immediacy, which traditional malls struggle to compete against [11][12]. Group 3: Internal Challenges of Malls - Many malls suffer from a lack of differentiation, leading to consumer disinterest, as evidenced by over 6000 shopping centers with a total area of 5.6 billion square meters [14]. - The asset values of many commercial properties have been inflated, leading to a disconnect between perceived and actual value [14][16]. Group 4: Market Segmentation and Transformation - Despite the decline of traditional malls, some shopping centers are thriving by innovating and adapting to consumer preferences, with 73% reporting sales growth in 2024 [19][20]. - The rise of independent supermarkets and convenience stores is reshaping consumer behavior, with convenience store sales increasing by 4.7% in 2024 [22]. Group 5: Growth in County-Level Markets - In contrast to urban malls, county-level commercial entities are expanding, with retail sales in rural areas growing faster than in urban centers [23][24]. - The urbanization rate reached 67% in 2024, leading to increased consumer spending in county markets [23].

Core Insights - The article highlights the successful launch of the art exhibition "Light, Transparency, Reflection" by renowned artist Yayoi Kusama in Chengdu, which has become a social media sensation and a new landmark in the city [1][2] - The event is orchestrated by Jingji Zhino (000048), a company traditionally known for pig farming and real estate, showcasing its capability to operate high-profile international IPs [2][3] Company Strategy - Jingji Zhino is transitioning from a focus on material consumption to emotional value, recognizing that "emotional value" is the only growth area as material consumption enters a phase of stock competition [3][4] - The company aims to leverage the high recognition and scarcity of Yayoi Kusama's IP to establish itself as a "spiritual consumption operator," validating its capabilities in acquiring top-tier IPs and localizing operations [3][4] Market Positioning - The IP market is crowded with competitors like Pop Mart and Disney, but Jingji Zhino believes it can carve out a niche by combining top-tier IP collaborations with self-developed IPs, creating a dual-track strategy [8][9] - The company plans to enhance its brand through short-term collaborations with top-tier IPs while nurturing its own IPs for long-term value [8][9] Consumer Engagement - The Chengdu exhibition's success is attributed to its tailored design for the local market, including a 400-square-meter outdoor futuristic exhibition hall and interactive products that resonate with the younger demographic [7][8] - By integrating local culture with high-end art, the exhibition has transformed art into a social currency, validating the model of making high-end IP accessible to the general public [7][8] Future Outlook - Jingji Zhino's IP business is seen as a "second growth curve," focusing on the trendy art sector and combining high-end IP operations with self-developed core products [9][10] - The company aims to differentiate itself by selling experiences alongside products, creating immersive art consumption scenarios that encourage repeat purchases [10]