迪米生活控股(01667)发布公告，基于对电子雾化行业与医美雾化行业前景的看好，本公司管理层决定 利用本公司在电子消费品行业积累的技术研发与供应链管理优势为电子雾化行业及医美雾化行业提供供 应链管理与技术研发服务，并于2026年1月8日，深圳市迪米链技术有限公司(迪米链，本公司间接全资 附属公司)与合作方订立战略合作框架协议，据此(其中包括)迪米链于战略合作框架协议存续期间将成为 合作方在中国的主要原料供应商并在新技术开发等方面与合作方开展合作提供支持。 就电子雾化产业而言，其仍处于稳定成长阶段。一方面，全球对电子雾化产品的监管政策不断更新，越 来越多国家及地区实施了有关青少年保护、环境保护、产品安全及税收的法规。同时，全球对不合规电 子雾化产品的监管力道正逐步增强。该等趋势将更有利于有关产业及合规企业的长期可持续发展。凭借 从电动牙刷业务获取的资源及经验，包括电子消费品的生产、采购、供应、技术研发等方面，董事会决 定通过为电子雾化行业的企业开展原材料供应及技术合作，逐步进军电子雾化行业。董事会正积极寻求 电子雾化行业的专业人员，以协助本集团发展此新业务。 鉴于香港及中国建筑与房地产行业景气低迷，董事会正寻求 ...

2026年开年第二天，i茅台上架的1499元飞天53%vol 500ml贵州茅台酒，再度被秒光。 今日，茅台登上热搜话题。 社交媒体上，大批网友晒出自己抢购茅台的经历。不少人说连续两天根本抢不到。 与此同时，也有部分网友晒出成功订单并分享抢购经验。 对于频繁售罄，有网友认为，说明"还值这个价格"，也有人表示"跟前段时间的labubu有点像"。 1月2日上午9时许，极目新闻记者通过i茅台尝试下单，1分钟时间内，一直显示当前访问人数过多，请稍后再试，随后便显示补货中。据悉，本次投放从9 时开始，每5分钟投放一次。记者随后又在多个时间段分别尝试下单，均未成功。直至9时25分显示已售罄。 此前，12月30日晚，北京商报记者从i茅台公众号获悉，2026年将调整贵州茅台酒上架产品矩阵，主要有经典、精品、生肖、陈年、文化、低度酒等6大系 列，涵盖飞天53%vol 500ml贵州茅台酒（2019至2026）、53%vol 500ml贵州茅台酒（精品）等产品。同时，53%vol 500ml贵州茅台酒（丙午马年）经典 版/礼盒装/珍享版、53%vol 500ml贵州茅台酒（鼓乐飞天）也将在i茅台APP同步开启预售。尽管2019年 ...

白酒行业遭遇逆周期，汾酒为何"特立独行"？ 近期飞天茅台市场销售价格跌破1499元官方指导价、茅台价格跌回十年前、"五粮液十年来首次降价"成了白酒行业的热门话题。 12月6日，继茅台价格波动后，五粮液调价的消息在行业内迅速发酵，自2026年起，第八代普五(52度、500ml)经销商开票价将由1019元下降至900元左 右，降幅接近12%。 据第一财经12月2日报道，山西汾酒集团党委书记、董事长袁清茂表示，白酒消费正在从传统的以政务和商务消费为支柱的增长模式，转向"悦人"与"悦 己"并存的新格局，后者也成为行业必须面对的新课题与新增长曲线。相较于行业中一些白酒巨头还在坚持走高端路线，袁清茂可以说给白酒行业"上了一 课"。 有业内人士指出，高端白酒的货币属性或正在消失，白酒行业整体低迷或成常态，各大酒企必须找到新的增长点才能应对业绩压力。 汾酒真的是茅台"老师傅"？ 如今世人只知道茅台是高端白酒的代表，却鲜有人知茅台源自汾酒。清代《汾州府志》明确记载"天下白酒出汾州。"汾酒与茅台的历史渊源，是中国白酒 发展史上一段"师承—演化—并立"的经典故事。二者虽分属清香与酱香两大香型，但茅台的酿造技艺最初正是源自汾酒，这一 ...

证 券 研 究 报 告 羽绒服起家转型户外，质价比与功能性打开市场 ——从坦博尔看户外行业发展趋势 证券分析师：王立平 A0230511040052 刘佩 A0230523070002 联系人： 刘佩 A0230523070002 2025.12.16 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 坦博尔以羽绒服起家，敏锐转型户外，乘行业东风快速成长。公司成立于2004年，以羽绒服起家，2022 年敏锐转型户外定位，凭借高质价比与功能性切入更广阔的市场，产品以卓越的品质、人性化的设计以及 先进的工艺，满足滑雪、登山徒步、以及郊游、通勤等需求。2024 年公司营收 13.0 亿元，同比增长 28%； 归母净利润 1.1 亿元，因费用投入较大同比下滑 23%，零售规模位居本土专业户外品牌第四。 ◼ 户外行业高速增长，国产品牌加码布局。2024年中国专业户外产业市场规模2095亿元，同比增长9.8%。。 行业格局较为分散，2024年前十大品牌的市场份额合计仅占24.3%。目前行业仍以国际品牌为主导，但国 产品牌加码布局，增速更快，2019年至2024年复合年增长率为16.2%，高于国际品牌 ...

Core Viewpoint - Real estate companies are intensifying promotional efforts as they approach the end of 2025, driven by increased supply of quality properties and favorable policies [1][3]. Group 1: Promotional Strategies - Various promotional activities are being launched, including fixed-price homes, exclusive subsidies for car and home purchases, and appliance gift packages, providing tangible benefits to buyers [2][3]. - Developers are diversifying their sales channels, increasingly utilizing live streaming platforms for immersive online presentations and real-time interactions to attract potential buyers [2][3][7]. - The year-end is identified as a critical period for real estate companies to finalize their annual performance, leading to a consensus in the industry to implement aggressive promotional strategies [2][4]. Group 2: Discount Structures - Discounts are being linked to payment ratios, with higher upfront payments resulting in greater discounts, a common incentive to encourage cash flow [4]. - Specific projects, such as those by Longfor Group, are offering significant discounts on select unit types, with promotions like "Double 12 Home Buying Festival" and special pricing for certain square footage [3][4]. Group 3: Market Dynamics - The real estate market is experiencing a competitive landscape characterized by an oversupply, prompting developers to adopt a "offline discounts + online traffic" strategy to reach more customers [8][9]. - Data from the China Index Academy indicates that the top 20 real estate companies in Beijing achieved a total sales amount of 280.62 billion yuan from January to November 2025, reflecting a slight year-on-year increase of 0.16% [9][10]. - The performance of different companies varies, with some, like China Overseas Land & Investment and Yuexiu Property, showing significant sales growth due to strategic project placements and popular offerings [9][10]. Group 4: Future Outlook - The current sales stability and slight growth in the market are seen as a foundation for a positive start in 2026, suggesting that the ongoing promotional efforts may lead to a strong market entry in the new year [10][12]. - The activation of basic housing demand is expected to rely on both the quality of products offered by developers and potential regulatory support to rebuild buyer confidence [11][12].

Core Insights - The 2025 Tokyo Motor Show is marked by the notable absence of many Chinese automotive brands, raising questions about the diminishing appeal of international auto shows [2][3] - In contrast, regional auto shows in Southeast Asia are gaining traction among Chinese brands, indicating a strategic shift in their global expansion approach [5][6] Group 1: Absence of Chinese Brands - The Tokyo Motor Show, one of the five major international auto shows, has seen a lack of Chinese brands, with only BYD participating, which contrasts sharply with their previous frequent appearances [2] - The North American International Auto Show and the Geneva International Motor Show have also experienced a decline in participation from Chinese brands, with only a few present at the latter [3] Group 2: Shift in Strategy - The absence of Chinese brands at major international shows reflects a strategic transition from a broad participation approach to a more focused and selective global expansion strategy [5] - The Japanese automotive market is characterized by its small size and maturity, making it less attractive for many Chinese brands due to high development costs and limited market potential [6] Group 3: Regional Focus - Chinese brands are increasingly favoring regional auto shows, such as the Bangkok International Motor Show and the Indonesia International Motor Show, where they have a stronger presence and can better target emerging markets [6][7] - The ASEAN region, particularly countries like the Philippines, Thailand, and Indonesia, has become a key market for Chinese electric vehicles, with significant export growth noted in these areas [6] Group 4: Marketing and Brand Building - The evolution of Chinese brands' international strategy includes a shift towards local production, technology collaboration, and brand building, moving from mere product export to deeper market integration [8] - Digital marketing is becoming increasingly important, as the costs of participating in international auto shows can be high, prompting brands to focus on online channels for broader outreach [9] Group 5: Importance of Local Engagement - Despite the decline in influence of physical auto shows, they still serve as a vital platform for brands to engage with consumers, especially in regions where purchasing a vehicle is a significant financial decision [9] - Chinese brands are encouraged to not only showcase their technology but also to tell compelling stories that resonate with local consumers, enhancing brand value and cultural connection [9]

Core Insights - The article discusses the challenges faced by the plumbing installation industry in Henan Province, particularly due to the slowdown in the real estate market, prompting businesses to adapt their strategies [3][4][5]. Group 1: Market Conditions - The plumbing installation market experienced a significant downturn starting in 2024, with a noticeable decline in customer numbers due to reduced real estate transactions [4]. - By 2025, the market was described as "cold," with business volume dropping to about half compared to peak times [4][5]. - The shift in focus from urban housing to rural self-built homes has become a necessity for businesses like that of Song Ming, with rural projects now accounting for over half of their business [5]. Group 2: Business Adaptation - To cope with the changing market, companies are transitioning from traditional marketing methods to online strategies, including social media and live streaming [6][8]. - Collaborations with professional teams and leveraging platforms like Douyin (TikTok) have expanded business reach beyond local markets [8]. - The younger generation's purchasing habits are influencing the industry, with a preference for efficiency and direct pricing, leading to a faster transaction process [9][10]. Group 3: Future Trends - The industry is expected to evolve towards full-service providers, moving away from single-service businesses, as consumer preferences shift towards convenience and comprehensive solutions [10]. - Despite challenges, the trend towards integrated service models is seen as an inevitable progression, even in smaller markets [10].

Core Insights - The article discusses the challenges faced by the plumbing installation industry in small towns due to a slowdown in the real estate market, leading to a significant shift in business strategies [1][3]. Group 1: Market Conditions - The plumbing installation business has seen a drastic reduction in orders, with business volume dropping to about half compared to peak times [3]. - The real estate market slowdown has resulted in fewer customers for plumbing services, particularly in county-level cities where new property developments have stagnated [3][4]. - By 2025, the market is expected to remain cold, with no signs of recovery during traditionally busy seasons [3]. Group 2: Shift to Rural Self-Build Market - In response to the declining demand in urban areas, companies are increasingly focusing on the rural self-build housing market, which now constitutes over half of their business [3][5]. - Rural self-build projects typically involve larger homes, leading to higher material consumption compared to urban projects, which helps mitigate the impact of reduced order quantities [4][6]. Group 3: Adaptation to Online Marketing - Traditional marketing methods, such as phone calls and flyers, are becoming less effective, prompting companies to embrace online marketing strategies [7][10]. - Collaborations with professional teams that utilize social media platforms like Douyin (TikTok) for marketing have expanded business reach significantly [9]. - Companies are also developing their own online marketing capabilities, including live streaming and daily content updates on social media [9][10]. Group 4: Changing Consumer Behavior - The consumer demographic is shifting, with younger generations (80s, 90s, and soon 00s) preferring efficiency and convenience over traditional shopping methods [11][12]. - The purchasing process has accelerated, with customers expecting immediate pricing and less negotiation compared to previous generations [13]. - The trend towards full-service home renovation companies is expected to grow, making it increasingly difficult for specialized plumbing businesses to survive [13][14].

Core Insights - The article discusses the challenges faced by the plumbing installation industry in Henan Province, particularly due to the slowdown in the real estate market, prompting businesses to adapt their strategies [1][3]. Market Conditions - The plumbing installation market experienced a boom in previous years, driven by a surge in housing projects, but has since faced a significant decline starting in 2024, with a noticeable drop in customer numbers due to reduced real estate activity [3][4]. - By 2025, the market is described as "cold," with business volume estimated to be "half" of what it was during peak times [3][4]. Shift in Business Focus - In response to the shrinking market for commercial housing, companies are shifting their focus towards rural self-built homes, with this segment now accounting for over half of their business, potentially reaching two-thirds [3][4]. Customer Dynamics - Rural self-built homes typically require more materials than commercial housing, which helps to offset lower profit margins per project due to competitive pricing [4][6]. - The traditional business model of relying on walk-in customers is becoming obsolete, as most potential clients are now engaging through online channels [6][7]. Marketing Strategies - Companies are increasingly adopting online marketing strategies, including partnerships with professional teams to leverage social media platforms like Douyin (TikTok) for customer engagement [6][7]. - The shift in consumer demographics, particularly the younger generation, is influencing purchasing behaviors, with a preference for efficiency and convenience over traditional comparison shopping [7][8]. Industry Evolution - The plumbing installation industry is expected to evolve towards a model where businesses offer comprehensive services rather than focusing solely on individual components, reflecting a broader trend in consumer preferences for "whole-house management" services [7][8].

Core Insights - The article discusses the challenges faced by the plumbing installation industry in Henan Province due to a slowdown in the local real estate market, prompting businesses to adapt their strategies to survive [1][4][6] Industry Trends - The plumbing installation market experienced a boom in previous years, driven by a surge in housing projects, but has since faced a significant decline in demand starting from 2024 [4][5] - The real estate market's stagnation has led to a sharp decrease in customers for plumbing services, with business volume dropping to about half of its peak [4][5] Strategic Shifts - Companies are shifting focus from urban residential projects to rural self-built houses, with rural projects now accounting for over half of their business, potentially reaching two-thirds [4][5] - The characteristics of rural self-built houses, such as larger sizes and higher material consumption, provide a buffer against the decline in order volume [5] Marketing Adaptation - Traditional marketing methods like phone calls and flyers are becoming less effective, leading companies to embrace online marketing strategies, including live streaming and social media [6][9] - Collaborations with professional teams that utilize platforms like Douyin (TikTok) for marketing have expanded business reach significantly [7][8] Consumer Behavior Changes - The consumer demographic is shifting towards younger generations, who prioritize efficiency and convenience over traditional shopping methods, impacting sales strategies [9] - The trend towards "whole-house management" services is expected to grow, as consumers prefer comprehensive solutions rather than dealing with individual service providers [9]