新当选的北京烹饪协会会长周延龙表示，未来5年，协会新一届理事会和领导班子将深化固本强基，搭 建5个专业化平台；引领行业转型升级，回归"性价比"与"质价比"本源，推动科技赋能；深化技艺传承 与工匠培养；促进行业抱团取暖，加强维权与协调。 新京报讯（记者王萍）12月30日，新京报记者从北京烹饪协会获悉，近日，北京烹饪协会第八届会员大 会召开。会议选举产生了协会新一届理事会和协会负责人，中国全聚德（集团）股份有限公司党委书 记、董事、总经理周延龙为北京烹饪协会会长，选举宗志伟为北京烹饪协会常务副会长，选举董振祥等 为北京烹饪协会副会长。 编辑 王琳 校对 柳宝庆 大会审议通过了理事会工作报告、财务报告、监事会工作报告，审议通过了章程（草案）等文件、制 度，选举产生了协会新一届理事会和协会负责人。 据了解，在北京市商务局指导下，北京烹饪协会成功培育了春歌京点小吃文化节、京菜美食文化节、小 龙虾美食文化节、火锅美食节、百味千店妙中轴、玩转京城美食过大年等一系列促消费品牌活动。 ...

每逢年末，我国会根据经济社会发展情况，对部分进出口商品的关税税率税目进行调整。29日，国务院 关税税则委员会发布《2026年关税调整方案》。自2026年1月1日起，调整部分商品的进口关税税率和税 目。 此次《方案》涉及了对关键零部件、先进材料、能源资源品、智能仿生机器人等商品税率税目调整，将 对相关产业带来什么样的影响，看业内人士与专家的解读。 中国机械工业联合会总工程师李燕霞：增加智能仿生机器人和清洁机器人税目，为新兴产品增列税目能 够帮助行业与企业精准掌握贸易数据，研判海外市场发展趋势。 中国石油和化学工业联合会副会长赵俊贵：在生物航空煤油税目的调整上，2025年1月至10月份，生物 航空煤油的产量比2024年增长了4倍，显示石化行业绿色低碳转型的巨大的潜力。此次关税政策的调整 对于支持整个相关行业企业转型升级、创新发展、开拓国际市场都会有积极的作用。 清华大学公共管理学院副院长高宇宁：针对性地调整一些国内更加急需急缺的装备、中间产品，包括一 些重要的可循环的原材料（关税税率税目），可以通过更低的成本来助力国家相关产业的发展。 ...

会议强调，此次搬迁改造工作成效显著，不仅有效降低了城镇人口密集区安全与环境风险，更有力推动 了石化化工行业高质量发展。这项历时8年的专项工作取得的成效主要体现在四方面：一是大幅降低危 化品生产企业安全和环境风险，保障了人民群众生命财产安全，部分企业通过搬迁改造实现了本质安全 和环保水平提升；二是加快推动行业转型升级，先进产能市场空间进一步释放，部分企业借助搬迁契机 优化产品结构，实施智能化改造，核心竞争力显著增强；三是推动行业节能减排、绿色发展，通过搬迁 改造每年可减排二氧化碳1620万吨、挥发性有机化合物1.5万吨、二氧化硫5600吨、氮氧化物8700吨； 四是妥善化解职工分流安置等风险，未发生职工上访及群体性事件，维护了社会稳定。 中化新网讯"截至目前，列入搬迁改造企业名单的1176家危化品生产企业已全面完成搬迁改造任务，其 中516家企业关闭退出，283家企业异地搬迁，377家企业就地改造。"12月19日，记者在北京召开的城镇 人口密集区危化品生产企业搬迁改造工作座谈会上获悉。 ...

年末各个地方集采仍在持续开展。 同期值得注意的是，推进的河北牵头京津冀赣化药集采规模再创新高，187个纳入品种中不乏水飞蓟 宾、复方氨酚烷胺、塞替派等重磅产品。其中水飞蓟宾胶囊2024年销售额6.98亿元，2025年上半年达 3.31亿元；维生素D滴剂作为首年约定采购量最大的品种，仅河北、江西两省填报总量就接近2400万 瓶，2024年销售额达18.88亿元。 2025 年末，地方联盟集采进入集中落地期，多省联动采购模式持续扩容，纳入品种均聚焦临床用量 大、市场规模高的核心品类，形成 "国家集采补位 + 地方特色覆盖" 的全方位采购体系。 本月，地方药品集采密集落地——河南牵头34种药品省际联盟集采、京津冀赣化学药品集中带量采购、 河北联盟集采到期接续采购等多项举措接连推进，地方联盟集采的扩面提速态势显著。 此外，国家医保局年初已明确规划，2025年将在地方层面开展具备专业特色的全国联盟采购预计达到20 个左右，包括中成药、中药饮片以及高值耗材等，预计2025年国家和联盟组织开展的药品集采品种将达 到700个。 本月初，河南省医保局启动省际联盟集采，覆盖 34 个市场关注度较高的品种，剂型分布呈现 "注射剂 ...

Group 1: Company Overview and Industry Context - The company primarily engages in the research, production, and sales of building ceramics. As of the end of 2024, there were 993 large-scale enterprises in the building ceramics industry, a decrease of 29 from 2023. The exit rate of production lines in the ceramics industry was 11.75% compared to 2022 [2] - The ceramics industry is transitioning from an era of incremental growth to one of stock competition, with an expected increase in industry concentration. The industry is anticipated to continue its development trend from 2024, driven by national policies and market demands in urbanization, stock housing renovation, and public building decoration [2] Group 2: Export and International Strategy - The export of ceramic products faces high transportation costs due to their heavy nature. Recent years have seen some companies "go out" to establish production bases in Southeast Asia, the Middle East, Central Asia, Africa, and South America to mitigate the impacts of tariffs and anti-dumping measures [2] - The company currently has no plans to establish overseas production bases but will disclose any future arrangements as per regulations [3] Group 3: Financial Health and Risk Management - The company has conducted an analysis of the recoverability of accounts receivable and has recognized significant impairment indicators, leading to credit impairment losses on certain receivables from real estate clients. The company will continue to monitor the operational and risk conditions of these clients [3] - The real estate market has not yet stabilized, with new investment, completion, and sales indicators still in a downturn. However, the large existing real estate market still holds significant demand [3] Group 4: Industry Trends and Quality Standards - The ceramic industry is undergoing automation and intelligent upgrades, with a high degree of standardization in operations. This allows for continuous improvement in production efficiency through employee training [3] - The establishment of a multi-dimensional quality evaluation system for ceramic products is significant for promoting industry quality upgrades and guiding market segmentation, which is crucial for high-quality development [3] Group 5: Financial Instruments and Future Considerations - The current conversion price for the company's convertible bonds is set at 19.84 CNY per share. The company will consider various factors, including operational conditions and market trends, when deciding on any potential adjustments to the conversion price [3]

Core Viewpoint - The steel industry is expected to benefit from the recently released "Steel Industry Steady Growth Work Plan," which aims for an average annual growth target of around 4% in value added over the next two years, promoting structural adjustments and high-quality development in the sector [1]. Group 1: Policy and Industry Outlook - The "Steel Industry Steady Growth Work Plan" emphasizes "precise control of capacity and output" and "promotion of industry transformation and upgrading," which are key development directions for the industry in the future [1]. - The plan encourages steel companies to accelerate digital transformation and utilize AI technology to improve production efficiency [1]. - The ongoing supply-side anti-involution is leading to a concentration of capacity towards high-quality leading enterprises, making the performance improvement of industry leaders a focal point for attention [1]. Group 2: Investment Opportunities - The only steel ETF in the market (515210) has seen a net inflow of over 570 million yuan in the past 10 days, indicating strong investor interest [1]. - Investors without stock accounts can consider the steel ETF's connecting funds (008190) to seize investment opportunities in the steel sector [1]. - The focus on the steel sector includes investments in steel plates, special steel, and metal products, providing a diversified approach for potential investors [1].

Core Insights - The health industry is experiencing strong demand while undergoing transformation, with consumers seeking diversified experiences rather than single solutions [1] - Companies that can quickly adapt to these trends are likely to secure long-term growth opportunities [1] Company Performance - Yanzhiwu achieved revenue of 1.01 billion yuan in the first half of the year, a slight year-on-year decline, while net profit increased by 28.98% to 77.45 million yuan [2] - E-commerce revenue accounted for 62.36% of total revenue, indicating a shift towards online sales [2] - Yanzhiwu maintained its leading position in the industry, receiving multiple certifications such as "first in high-end bird's nest sales" and "first in bird's nest specialty store numbers" [2] Product Innovation - Yanzhiwu is expanding its product lines, including the successful launch of "Xiao Yan Nong Bird's Nest Porridge," which generated sales of 43.82 million yuan, a year-on-year increase of 6.28% [2] - The company is also innovating with new products like "supercritical fresh hot bird's nest" and "bird's nest + probiotics," enhancing its product ecosystem [5][6] Strategic Pathways - Yanzhiwu is pursuing three strategic pathways: "product innovation," "channel expansion," and "brand elevation" to drive its transformation [4] - The company is enhancing its sales network through both online and offline channels, including the establishment of 712 offline stores and expansion into international markets [8] Market Position and Valuation - The Hong Kong stock market is experiencing liquidity improvements, with a focus on technology and new consumption sectors, creating opportunities for companies like Yanzhiwu [10] - Yanzhiwu has initiated share buybacks, signaling confidence in its future prospects and indicating that it is undervalued in the market [10]

Group 1 - The core theme of the 9th National Commercial Service Industry Store Manager Competition is to "improve professional skills, enhance service quality, and boost consumer confidence" [2] - The competition featured two main categories: physical retail and life services, utilizing a dual-track scoring system that combines theoretical exams and practical assessments [2] - The Wuhan team achieved an impressive result of 3 gold, 7 silver, and 15 bronze medals, showcasing the overall strength and development potential of Wuhan's commercial service industry [1][6] Group 2 - The competition provided a valuable opportunity for industry exchange and mutual learning, as highlighted by participants who plan to apply insights gained to enhance their own operations [2][6] - In response to increasing market competition and diverse consumer demands, local authorities emphasize the need for talent support and overcoming development bottlenecks to transition the industry from "scale expansion" to "quality improvement" [6] - Future initiatives will include extensive training and competitions to strengthen the workforce and support the high-quality development of Wuhan's commercial sector [6]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes the transformation and upgrading of the industry, highlighting the investment opportunities in companies with genuine brand strength [3][8] - The report notes that the gold jewelry sector is facing challenges due to rising gold prices and declining sales, with a significant drop in gold jewelry consumption [8] - Despite industry pressures, certain leading companies have seen stock price increases due to their differentiated transformation strategies and market expectations [8] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies that have begun to establish a brand presence, including: - Chao Hong Ji (002345, Increase) - Lao Pu Gold (06181, Increase) - Chow Tai Fook (01929, Not Rated) - Lao Feng Xiang (600612, Buy) - Zhou Da Sheng (002867, Increase) [3] Industry Overview - The report indicates that gold jewelry consumption in China decreased by 3.54% year-on-year in the first half of 2025, with gold jewelry sales down by 26.00% [8] - The average gold price in China for the first half of 2025 was 725.28 yuan per gram, reflecting a year-on-year increase of 41.07% [8] - The report highlights a shift in consumer demand towards self-purchase and emotional consumption, particularly among younger consumers [8] Future Trends - The report anticipates a trend towards brandization and stratified development in the gold jewelry sector, with investment opportunities emerging from both high-end and light luxury fashion brands [8] - High-end brands are expected to focus on original design and craftsmanship, while light luxury brands will cater to younger consumers with affordable, stylish products [8]

Investment Rating - The industry is rated as "Buy" for key stocks such as Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, with a recommendation to increase holdings in New Steel Pipe and Ningjin Steel [6][9]. Core Insights - The black metallurgy industry is gradually recovering its profitability, with a total profit of 31.69 billion yuan from January to May 2025, compared to a loss of 12.72 billion yuan in the same period last year [4][13]. - The average daily pig iron production has slightly increased to 2.423 million tons, indicating a recovery in production capacity utilization [12][18]. - The total inventory of steel has shifted from a decrease to an increase, with social inventory showing a slower depletion rate [25][39]. - The demand for steel products has weakened, with apparent consumption of major steel varieties decreasing by 0.5% week-on-week [39][50]. - The iron ore price has slightly rebounded, with the Platts 62% iron ore price index at 94.4 USD/ton, reflecting a week-on-week increase of 1.5% [57][70]. Summary by Sections Supply - Daily pig iron production has increased by 0.1 million tons to 2.423 million tons, with a slight rise in production capacity utilization for blast furnaces [12][18]. Inventory - The total inventory of five major steel varieties has increased by 0.1%, with social inventory decreasing by 0.7% year-on-year [25][27]. Demand - Apparent consumption of five major steel varieties has decreased by 0.5% week-on-week, with rebar consumption slightly increasing by 0.3% [39][50]. Raw Materials - Iron ore prices have shown a slight increase, while coke prices have decreased, indicating potential pressure on raw material costs [50][57]. Prices and Profits - The current steel price index has slightly declined, but immediate gross margins have improved, with long-process steel products showing a cost of 3,177 yuan/ton and a loss of 77 yuan/ton [69][71].