Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [2][3]. Core Insights - The report highlights that the operating service providers in the industry are facing challenges due to the decline of online growth benefits since 2022. However, leading companies like Ruoyuchen, Qingmu Technology, and Yiwan Yichuang have made progress in developing their own brands and integrating AI technology, which may present new growth opportunities [4][38]. - The report identifies two main transformation directions for operating service providers: 1) Developing proprietary brands by leveraging online operational capabilities to enter the upstream brand side, and 2) Upgrading through AI empowerment to enhance service capabilities and develop new business units [4][38]. Summary by Sections Industry Overview - The operating service provider industry has seen rapid growth from 2016 to 2022 due to the onlineization of brands. However, after reaching a peak in 2020, the industry has faced a downturn as online growth benefits have weakened and some brands have regained operational control [6][9]. Transformation Strategies - The report outlines two main strategies for transformation: 1) Continuing to enhance service capabilities while integrating new technologies like AI to create new service points. 2) Transitioning towards brand development, which requires new capabilities in product development, supply chain management, and marketing [9][38]. Focus Companies - **Ruoyuchen**: The company has successfully developed its own brands in the high-end home cleaning and health product sectors, with significant revenue growth. In 2024, its proprietary brand revenue reached 501 million yuan, a year-on-year increase of 90.28% [17][39]. - **Qingmu Technology**: The company has entered the women's intimate care and functional beverage markets through external brand acquisitions, achieving a 126.51% year-on-year increase in brand incubation and management business in 2024 [24][39]. - **Yiwan Yichuang**: The company is transitioning to an AI e-commerce service model, leveraging its extensive brand operation experience and partnerships with major e-commerce platforms to enhance its service offerings [5][39]. AI Integration - The report emphasizes the importance of AI technology in the e-commerce sector, highlighting its potential to optimize supply chain operations, content marketing, and customer service management. Companies like Yiwan Yichuang and Qingmu Technology are actively integrating AI tools to enhance operational efficiency and customer engagement [29][33][34].

8月7日下午，财通证券公告称，近日，公司收到中共浙江省委相关文件，决定应朝晖任公司党委副书记，提名应朝晖为公司总经理人选。 财通证券表示，公司将按照相关法律、行政法规和《公司章程》等有关规定，尽快履行总经理聘任程序，并履行信息披露义务。 董事长代为履职11个月 实际上，应朝晖履新财通证券总经理的消息昨日已经传遍市场。 8月6日上午，财通证券召开干部大会宣布，浙江省担保集团有限公司（简称"浙江担保集团"）原党委书记、董事长应朝晖，将出任财通证券总经理。 作为浙江唯一省直属券商，过往财通证券的管理层也普遍具有浙江省国企的多年工作经验，以及丰富的政府职能部门履历。 比如，财通证券原总经理黄伟建，此前在浙江省国企积累了大量管理经验，曾任浙江省能源集团有限公司副总经理、党委委员，浙江兴源投资有限公司副董 事长、总经理，浙江交通投资集团有限公司董事、党委副书记等职务。 值得注意的是，在本次公告发布之前，财通证券总经理职务已经空悬11个月之久。 2024年9月6日，财通证券宣布，公司董事、总经理黄伟建先生因到退休年龄，将不再担任公司董事、总经理及董事会风险控制委员会委员等有关职务。 在公告中，财通证券高度评价黄伟建在职期间 ...