导读： 站在十字路口的GP与LP，是 追逐未来产业，还是重估传统价值？ 作者丨FOFWEEKLY 未来产业投资正经历前所未有的热潮。 然而，在这片繁荣之下，也有新的隐忧。"当所有资金都涌向未来产业时，我们需要思考：传统产业真的 失去价值了吗？" 而 于未来产业投资而言，从0到1的突破既是穿越技术迷雾的探索，也是当下未来产业投资浪潮中 的核心命题。 是 烫手的"未来"，还是坚实的"传统"？ 站在十字路口投资人，面临新的选择。 近日，在「2025母基金年度论坛暨第六届鹭江创投论坛」上， 主题为《未来产业的投资之路》的 圆桌论坛中， 多位活跃的LP及头部投资机构合伙人共同聚焦 "未来技术投资从0到1的突破"，拆 解其中的挑战与机会。圆桌环节，由嘉豪投资创始合伙人朱伟豪主持，成都交子投资集团董事长付 剑峰、湖北省科投集团党委副书记、总经理曾玉梅、扬州市国金投资集团创投公司总经理、战新基 金公司董事长郭慧君、云启资本创始合伙人毛丞宇、芯联资本创始合伙人袁锋、璞信资本副总经理 张胜利、光速光合合伙人孙健聚焦三大关键问题探寻答案。 嘉宾们指出， 当前未来产业投资的核心挑战集中于技术判断的专业性、长周期回报的容错机制、 人才 ...

2025年，全球数字经济浪潮澎湃、持续释放强劲发展动能，中国新电商凭借创新驱动的发展模式与开放共享的姿态，深度融入经济发展大局，成为推动经济 转型升级的重要力量。 9月29日，为期5天的第四届全球数字贸易博览会圆满闭幕，专业化、国际化、市场化水平持续提升，展览展示总面积达15.5万平方米；参展企业1812家，较 上届增长17.2%；累计入场观众25.7万人次，增长28.5%。其中，国际展商占比超20%，包括70余家全球500强企业；国际客商超1万名，较去年增长54%；主 宾国阿联酋和印尼开设国家馆，系统展示数字经济发展成就；联合国贸发会议等30余个国际组织、百余名嘉宾围绕数字贸易规则、规制、管理、标准等深度 交流，凝聚发展共识。 在数字贸易蓬勃发展的当下，人力资源服务作为数字贸易的重要组成部分，其数字化、全球化转型势在必行。作为全球人力资源数字化综合服务商，今元集 团深度参与本届数贸会，在6号馆丝绸电商展区重点展示了一站式全球人力资源服务能力，以及"金柚GEO·AI+全球人才管理平台"，以"技术+服务"双轮驱动 模式，加速中国企业出海。今元集团旗下金柚GEO印尼国家经理亲临杭州会场参与访谈交流，凭借深耕印尼市 ...

从生产规模来看，我国果园面积和水果产量持续保持世界领先地位。据统计，全国果园面积超过1亿 亩，年产量达2.8亿吨以上，苹果、柑橘、梨、葡萄等主要水果品种的产量均居世界首位。生产区域化 布局基本形成，黄土高原苹果优势区、长江流域柑橘优势区等特色产业带已经建成，为保障市场供应奠 定了坚实基础。 品质提升是近年来果业发展的突出亮点。随着标准化生产技术的推广和绿色生产理念的普及，水果质量 安全水平显著提高。绿色食品、有机水果认证面积持续扩大，良好农业规范（GAP）得到广泛应用。果 品质量安全监测合格率长期保持在较高水平，为消费者提供了更安全、更优质的产品。 正是在这样的背景下，塬上果业项目负责人对行业进行了深入的思考，并决定借助互联网进行转型升 级，以线下为基础，互联网为渠道，通过小程序搭建商城，通过公众号进行推广，通过社群进行精准营 销，最终实现"互联网化营销 站在时代的转折点上，果业与互联网的深度融合已不是选择题，而是必答题。这场变革不仅关乎一颗水 果的命运，更决定着整个农业产业的未来。当传统智慧与数字技术碰撞出火花，我们看到的不仅是一个 产业的升级，更是中国农业从"大而不强"向"高质高效"转型的缩影。果业的互联 ...

家居行业近期资本动态愈发频繁，盈峰集团入股索菲亚一事引发行业内外广泛关注。9月29日，盈峰集 团已成功跻身索菲亚第五大流通股东行列，目前持股数量达到1876.24万股，分别占索菲亚流通股的 2.88%和总股本的1.95%。值得注意的是，这并非盈峰集团首次在家居领域布局，此前盈峰集团以近百 亿元资金控股顾家家居。纵观近年来家居行业发展，资本入局家居行业并非个例。近年来，京东、建发 股份、贝壳等众多资本巨头纷纷涉足家居赛道，通过收购、入股等多种方式参与行业发展。 业内人士表示，资本入局可以为家居行业带来资金、技术和资源支持，不仅可以加速产业链整合，而且 可以有效推动行业向数字化、智能化以及AI技术的落地应用进行转型。从当前资本动作来看，不同背 景的资本正凭借自身技术或资源优势，为家居行业的数字化升级注入新动能。 资本密集入局 在家居行业发展潜力不断释放的背景下，诸多资本通过入股、全资收购等多样化策略纷纷进场布局。盈 峰集团在家居领域布局动作频频，此前以近百亿资金控股顾家家居，如今又入股索菲亚，进一步扩大在 家具行业的版图。 值得注意的是，除盈峰集团外，京东也在积极布局家居行业。2025年6月，京东全资收购生活家家 ...

Core Viewpoint - The article discusses the evolution of the buy-side advisory market in China, highlighting its distinct characteristics compared to the mature U.S. market, emphasizing the need for a unique approach to meet local demands and challenges [2][4]. Group 1: Comparison with U.S. Market - The U.S. buy-side advisory market is characterized by a regulatory framework established by the Investment Advisers Act of 1940, which mandates fiduciary duty, ensuring client interests are prioritized [2][3]. - Key features of the U.S. market include standardized development through regulatory oversight, structural segmentation with both small and large advisory firms, and professionalized services that evolve from basic portfolio management to comprehensive financial planning [3]. Group 2: China's Unique Approach - In China, the rise of buy-side advisory is driven by a "demand-driven" model, where investors face new realities of risk and uncertainty, leading to a need for guidance in navigating market complexities [4][6]. - The primary task for Chinese buy-side advisors is to become "explorers of clients' life goals," focusing on understanding clients' aspirations to create tailored investment strategies [6][7]. Group 3: Milestones in China's Development - The first milestone is establishing trust through deep communication and professional support, which is essential for building long-term client relationships [6][7]. - The second milestone involves creating value through advisory services that not only optimize asset allocation but also act as a stabilizing force during market fluctuations, shifting the focus from short-term gains to long-term life goals [8][9]. - The third milestone emphasizes the application of technology, particularly AI, to enhance client insights and improve service delivery, ensuring that technology serves to empower human advisors rather than replace them [9]. Group 4: Future Outlook - The long-term value of buy-side advisory in China lies in its ability to help investors understand the significance of investing in relation to their life goals, ultimately providing a solid foundation for a stable and fulfilling life [10][11].

第六届中国跨境电商交易会 在全球贸易格局深度重构、数字经济蓬勃发展的2026年，第六届中国跨境电商交易会（简称"福州跨交会"）将于3月18日至20日在福州海峡国际会展中心盛 大启幕。这场以"数字赋能·跨境共赢"为主题的盛会，将汇聚全球3000余家优质展商、50个国际采购团及超10万名专业观众，展览面积突破10万平方米， 以"更大规模、更高规格、更全生态"的姿态，开启中国跨境电商黄金时代的新篇章。 作为国内首个获得国际展览业协会（UFI）认证的跨境电商专业展会，福州跨交会连续五年稳居行业"顶流"。本届展会由商务部外贸发展事务局、福建省进 出口商会联合主办，依托国家级平台背书与全球资源整合能力，打造开春首场全产业链跨境商贸盛宴。展会不仅延续了"中国跨境电商第一展"的品牌效应， 更通过政策解读、产业落地双轮驱动，联合海关、税务等部门设立"合规出海专区"，提供认证咨询、侵权排查一站式服务，为企业出海保驾护航。 规模升级：全生态链的深度融合 本届展会规模较上届增长25%，规划2000余个展位，覆盖从生产制造到全球流通的全链路生态。八大核心展区精准对接全球市场： 智能消费展区：展示适配欧美市场的智能感应垃圾桶、模块化收纳 ...

Core Viewpoint - The company has demonstrated significant recovery in profitability, with a 45.27% year-on-year increase in net profit attributable to shareholders, reaching 85.05 million yuan in the first half of 2025, driven by a multi-brand strategy and enhanced operational efficiency [1] Group 1: Financial Performance - In the first half of 2025, the company's combined sales and management expense ratios decreased by 2.1 percentage points, reflecting effective cost control measures [1] - The company achieved a significant improvement in inventory turnover, with the inventory turnover rate increasing from 0.8 times to 1.1 times [2] Group 2: AI Integration - The company is deeply integrating AI technology across its entire value chain, enhancing design efficiency and precision, and improving supply chain and product management through partnerships with AI service providers [2] - AI tools have been utilized to enhance marketing and operational efficiency, leading to cost savings in production and improved sales diagnostics [2] Group 3: Brand Performance - The company has seen robust growth in international brands, with notable revenue increases: 21% for the UK brand self-portrait, 16% for the French brand IRO in China, and 10% for the German brand Laurèl [3] - The company is strategically closing underperforming stores in its overseas operations while maintaining investment in brand and product design to support recovery [3] Group 4: E-commerce Growth - The company has successfully implemented a multi-brand, multi-platform strategy, resulting in a 21% year-on-year increase in online sales to 268 million yuan, with online sales accounting for 20% of total sales [5] - The French brand IRO has achieved exceptional growth in online sales, particularly on platforms like Douyin, contributing to the overall online sales surge [5] Group 5: Future Outlook - The company plans to continue its multi-brand, multi-platform strategy to enhance e-commerce capabilities and drive overall revenue growth [6] - The chairman emphasized a focus on high-end markets to meet diverse consumer demands, positioning the company for sustained competitive advantage and high-quality growth [7]

Investment Rating - The report gives a "Buy" rating for the company, 康龙化成, for the first time [1][9]. Core Views - 康龙化成 is positioned as a leading global drug research and development enterprise with a comprehensive, integrated, international, and multi-therapy approach. The company is expected to experience significant growth across its various service segments, including laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services [6][8][9]. Financial Summary - Total revenue projections for 康龙化成 are as follows: - 2024: 12,276 million CNY - 2025: 13,816 million CNY - 2026: 15,688 million CNY - 2027: 17,879 million CNY - The expected growth rates are 6.4% for 2024, 12.5% for 2025, 13.5% for 2026, and 14.0% for 2027 [2]. - Net profit attributable to shareholders is projected to be: - 2024: 1,793 million CNY - 2025: 1,689 million CNY - 2026: 1,959 million CNY - 2027: 2,257 million CNY - The expected growth rates for net profit are 12.0% for 2024, -5.8% for 2025, 15.9% for 2026, and 15.2% for 2027 [2]. Business Segments Laboratory Services - Laboratory services are the most competitive segment for 康龙化成, contributing significantly to revenue and profit. In 2024, this segment is expected to generate revenue of 70.47 billion CNY, accounting for 57.4% of total revenue [23]. - The segment has shown a compound annual growth rate (CAGR) of 24.25% in revenue from 2015 to 2024 [23][26]. CMC (Small Molecule CDMO) Services - The CMC segment is entering a commercialization phase, with revenue expected to reach 29.89 billion CNY in 2024, representing 24% of total revenue [45]. - The company has established four FDA-approved production bases in China, the UK, and the US, enhancing its capacity for global clients [49][53]. Clinical CRO Services - The clinical CRO segment is expected to generate revenue of 18.26 billion CNY in 2024, accounting for 14.87% of total revenue [63]. - The company has built a comprehensive clinical CRO service platform across China, the US, and the UK, which is anticipated to enhance efficiency and profitability [66]. Large Molecule and Cell Gene Therapy Services - The company is rapidly advancing in large molecule and cell gene therapy services, with expectations of approximately 10% revenue growth over the next three years [6][20]. Valuation and Price Target - The target price for 康龙化成 is set at 47.73 CNY based on a 40x PE ratio for 2026 adjusted net profit. The corresponding target price for the Hong Kong market is 39.34 HKD based on a 30x PE ratio [2][9].

2025 年的天猫生态中，平台规则迭代频率较三年前提升 50%，AI 技术与全域流量玩法深度融合，让独自操盘的品牌面临更高门槛。天猫代运营服务在这一 背景下完成价值升级，从单纯的 "运营外包" 进化为品牌数字化转型的战略伙伴。本文将解析其最新概念与核心价值，厘清行业变革中的服务本质。 一、2025 年天猫代运营：技术驱动的全域价值伙伴 天猫代运营的核心定义已从 "第三方承接店铺运营工作" 升级为：依托 AI 技术与全域资源，为品牌提供从战略定位到用户资产沉淀的全链路解决方案，通过 专业化分工实现品牌与平台生态的高效适配。这种模式不再局限于基础运维，而是形成 "数据洞察 - 策略落地 - 效果迭代" 的闭环能力。 2025 年的代运营服务呈现三大新特征：技术深度渗透，AI 工具覆盖选品、投放、客服等 80% 基础环节，虚拟主播占比超 40%；全域协同常态化，实现天猫 与抖音、小红书等多平台的流量联动与用户数据打通；垂直化深耕，在美妆、母婴等赛道形成专属运营模型，替代此前的通用化服务逻辑。其本质是通过规 模化能力与技术优势，帮品牌降低数字化转型的试错成本。 二、核心价值：三大维度重构品牌运营效能 1. 技术赋能： ...

Group 1 - The core theme of the initiative is "New Era. New Fund. New Value," aimed at promoting the transformation and upgrading of the public fund industry in Beijing [1] - The initiative involves over 40 public fund managers, sales institutions, evaluation agencies, and mainstream media, focusing on enhancing the service capabilities of the public fund industry to the real economy [1] - The activities will last for more than a month and include multi-level and multi-form promotions and interactions [1] Group 2 - Dongfang Fund actively participates in the initiative, showcasing a systematic, scenario-based, and digital strategic layout in investor education [1] - The company has developed a comprehensive investor education system that covers multiple groups and scenarios, integrating online and offline approaches [1] - Online, Dongfang Fund collaborates with major internet platforms to launch a series of courses, reaching over 20,000 users on leading platforms [1] Group 3 - Offline, Dongfang Fund explores a new model that integrates investor education with industry research, helping investors understand investment concepts through tangible industry insights [1] - Looking ahead, Dongfang Fund plans to deepen digital empowerment and utilize big data for precise matching of educational content [2] - The company aims to enhance multimedia interaction and explore AI technology applications to improve content production efficiency and distribution accuracy [2]