21世纪经济报道记者高江虹 过去这一周，最新一季财报披露已经接近尾声，Gap交出不错的成绩单，销售连续七个季度正增长。但全球最大的奢侈品电商 LuxExperience的成绩喜忧参半，GMV下滑4.3%，净销售额下降4.2%，经调整EBITDA亏损2810万欧元。但是，集团旗下 Mytheresa、Net-A-Porter、Mr Porter及YOOX等平台均实现全面增长。尤其是完成对原属于历峰旗下的YNAP收购后的Mytheresa 销售额和盈利能力均实现两位数增长。 中国内地和香港市场的消费复苏势头明显，瑞士手表10月出口额同比下降4.4%，但是对中国的出口连续第二个月增长，增幅达 13%；而且上周日刚刚结束的富艺斯钟表名表拍卖三天总成交逾3亿港元，创下了亚洲迄今最高常设钟表拍卖纪录。所谓"春江 水暖鸭先知"，从收藏级名表的交投活跃可见市场温度，因此上周意大利高级珠宝品牌Vhernier亚洲首店便选择落地香港。 然而值得注意的是，中国市场的复苏并不意味着遍地黄金重现，水土不服甚至竞争失败者亦是比比皆是。最近哈罗德百货宣布 明年关闭上海私人会员俱乐部和哈罗德茶室，黛安芬将于下个月关闭中国内地所有线下门店和网 ...

本文复盘先进制造历史行情，细分板块分化度较高，汽车估值处于相对低位。 深度详解六大板块/53 只先进制造指数的编制规则、行业分布、成分股、风 险收益，建议关注新质生产力相关的新能源、电力设备、军工、汽车等领域， 对应基金包括国泰中证新能源汽车 ETF、汇添富中证电池主题 ETF、华泰 柏瑞中证光伏产业 ETF、易方达中证军工 ETF、富国恒生港股通汽车 ETF 等。 【汽车】车载电源行业深度研究报告：龙头强者恒强，奔赴 AIDC 服务器电 源新蓝海 我们认为，车载电源市场空间广阔，且龙头未来有希望向 AIDC 服务器电源 拓展。建议关注护城河高筑且已经向 AIDC 服务器电源布局的头部厂商：推 荐威迈斯、富特科技，建议关注欣锐科技、联合动力、英搏尔。 【银行】分化与重估：二十年银行股行情复盘 晨会纪要 【策略】"自由现金流"洞见（一）：告别内卷，拥抱现金 "反内卷"正在修复制造业的自由现金流，美联储重启降息国民财富加速回 归也正在修复消费行业的自由现金流。我们基于自由现金流的细分项 （FCFF/EBIT/CAPEX/营运资本），结合各行业特征，筛选出自由现金流 （FCFF）正在主动 or 被动修复的细分行业（ ...

Core Insights - The surge in sales of smart glasses has significantly benefited traditional eyewear manufacturers, with a notable increase in revenue and profit margins from AI and AR glasses [3][4][10] - Major e-commerce platforms reported a dramatic rise in smart glasses sales during the Double Eleven shopping festival, with Tmall reporting a 2500% year-on-year increase and JD.com reporting a 346% increase [3][4] - Traditional eyewear companies are leveraging partnerships with tech giants like Xiaomi to enhance their profit margins and brand visibility, as seen with Mingyue Lens and Kangnate Optical [4][6][18] Industry Trends - The smart glasses market is experiencing a wave of new product launches from various domestic manufacturers, indicating a competitive landscape [3][4] - The collaboration between eyewear manufacturers and tech companies is becoming a strategic move to capture high-margin business opportunities in the smart glasses segment [6][18] - The traditional eyewear market has faced challenges in transitioning to high-end products, with many companies still struggling to establish strong brand identities [5][42] Financial Performance - Mingyue Lens reported a revenue of 6.51 million yuan from its AI glasses business by September 30, with a gross margin of 78.6%, significantly higher than its overall gross margin of around 60% [4][20] - Kangnate Optical has seen its stock price rise over 117% since December 2022, driven by its involvement in the smart glasses market [4][10] - The XR business of Kangnate Optical generated approximately 10 million yuan in revenue by August 31, 2025, indicating strong growth potential [10] Market Dynamics - The demand for prescription lenses is increasing alongside the sales of smart glasses, as consumers seek solutions for vision correction [11][12] - Traditional eyewear manufacturers are positioned as key players in the supply chain, providing essential lens fitting services for smart glasses [13][14] - The competitive landscape includes both established giants like Essilor Luxottica and numerous smaller players, creating a complex market environment [8][49] Challenges and Considerations - Despite high profit margins, traditional eyewear manufacturers face challenges in maintaining long-term growth and brand differentiation in a crowded market [20][55] - The industry is witnessing high return rates for AI glasses, ranging from 30% to 50%, raising concerns about product quality and consumer satisfaction [41] - The transition to high-end markets requires significant investment in research, marketing, and distribution, which may strain the financial performance of traditional manufacturers [50][51]

11月12日，明月镜片跌1.65%，成交额9233.32万元。两融数据显示，当日明月镜片获融资买入额766.48 万元，融资偿还1438.12万元，融资净买入-671.64万元。截至11月12日，明月镜片融资融券余额合计 2.57亿元。 融资方面，明月镜片当日融资买入766.48万元。当前融资余额2.57亿元，占流通市值的3.06%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，明月镜片11月12日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年50%分位水平，处于较高位。 资料显示，明月镜片股份有限公司位于上海市普陀区岚皋路567号品尊国际中心，成立日期2002年9月17 日，上市日期2021年12月16日，公司主营业务涉及镜片、镜片原料、成镜和镜架等眼视光产品研发、设 计、生产和销售。主营业务收入构成为：镜片销售83.52%，原料销售8.38%，成镜销售6.26%，其他 0.98%，镜架销售0.85%。 机构持仓方面，截止2025年9月30日，明月镜片十大流通股东中，民生加银持续成长混合A（007731） 位居 ...

Core Viewpoint - A new company, Jiujiang Xuncheng Daming Optical Co., Ltd., has been established, focusing on the optical and medical device industry, with a registered capital of 100,000 RMB [1] Company Summary - The legal representative of the company is Li Chao [1] - The registered capital is 100,000 RMB [1] - The company is involved in the sale and manufacturing of glasses, excluding contact lenses, and also engages in the sale of optical glass and instruments [1] - The company is permitted to operate in the third category of medical devices, subject to relevant approvals [1] Industry Summary - The company’s business scope includes the sale of wearable smart devices, daily necessities, and internet sales, excluding items that require special permits [1] - The establishment of this company indicates a growing interest in the optical and medical device market, particularly in the context of eye care products [1]

Group 1 - The core viewpoint of the articles highlights EssilorLuxottica's commitment to innovation and consumer empowerment in vision health, showcased during the China International Import Expo (CIIE) [1][2] - EssilorLuxottica is celebrating its 30th anniversary in China and has introduced several new products focused on myopia management for children and adolescents, adult vision health, and wearable devices [1] - The company emphasizes collaboration with ecosystem partners to enhance consumer insights, industry standards, and public education on vision health [1] Group 2 - The launch of the new Essilor® Star Control® 2.0 lenses, which feature advanced H.A.L.T.MAX technology, aims to significantly improve the effectiveness of myopia prevention compared to previous versions [2] - A digital version of the educational resource "Our Eyes" has been developed to meet the needs of the digital age, incorporating the latest knowledge from the "Myopia Prevention White Paper (2025)" [2] - The new report, "National Vision Health Report (2026 Edition)," will focus on myopia prevention and expand to cover "lifecycle eye health," leveraging successful experiences in the field [1]

Core Insights - The eighth China International Import Expo concluded with over 4,000 enterprises participating, resulting in significant partnerships and collaborations [1] Group 1: Strategic Collaborations - Zeiss Optical and Meituan Health signed a strategic cooperation agreement focusing on authenticating lens products, leveraging Meituan's platform capabilities and Zeiss's industry authority to build a leading verification and authenticity system [1] - Meituan Health expanded its "Safe Plant" project by partnering with three international implant brands, aiming to promote standardization in the dental industry [2] - Meituan's partnerships with four upstream brands in the dental and optical sectors indicate growing recognition of its supply chain empowerment capabilities [3] Group 2: Market Context and Challenges - The Chinese eyewear market has surpassed 100 billion yuan, with a 89% year-on-year increase in related searches on Meituan's platform for myopia prevention in 2024 [1] - The dental market faces a significant gap with over 2 billion teeth needed, and the aging population (21% over 60 years old) is driving demand, but issues like information opacity and high decision costs hinder industry growth [2] Group 3: Service Enhancements - Meituan's "Safe Match" project aims to address consumer concerns regarding lens authenticity by implementing a standardized verification process and ensuring that participating optical stores have proper authorization [1] - The "Safe Plant" project offers four commitments: certified institutions, dedicated doctors, fall protection, and price transparency, marking a significant breakthrough in consumer healthcare services [2]

Group 1 - Mayor Xu Shuhai led a delegation to the China International Import Expo in Shanghai to promote Zhenjiang and seek cooperation opportunities for high-quality development [1] - During the expo, Xu engaged with executives from companies like Goldsun Group and Danfoss to discuss advanced technologies and products, inviting them to invest in Zhenjiang's key industrial chains [1] - Company representatives expressed optimism about Zhenjiang's development prospects and indicated plans for further investment to support the city's modern industrial system [1] Group 2 - The year marks the 30th anniversary of EssilorLuxottica's entry into China and the 16th anniversary of its establishment in Zhenjiang, with Mayor Xu attending the celebration and emphasizing the importance of the partnership [2] - Xu highlighted Zhenjiang's position as China's largest lens and frame production base and encouraged further innovative projects from EssilorLuxottica to enhance collaboration [2] - The event was attended by various officials, including the president of EssilorLuxottica Greater China, indicating strong regional support for the partnership [2] Group 3 - Jiangsu Sop Group signed a cooperation agreement with Linde Gas, with Mayor Xu emphasizing the significance of this partnership for Zhenjiang's industrial development [3] - Linde's representatives discussed project progress and expressed commitment to deepening collaboration in areas like centralized gas supply and equipment upgrades [3] - The supply and marketing grain and oil company aims to enhance food security and is encouraged to accelerate project construction in Zhenjiang [3] Group 4 - During the Shanghai visit, Xu participated in the 2025 Jiangsu Open Innovation Development International Consultation Conference, engaging with leaders from companies like Total Lubricants and Henkel [4] - The discussions focused on enhancing cooperation and achieving mutual benefits, with an emphasis on digital empowerment and central-local collaboration [4] - The city government held a meeting to promote Zhenjiang's investment environment and invite potential partners for future cooperation [4]

Core Insights - The article highlights the resilience of certain industries that continue to thrive despite economic downturns and the ongoing pandemic, revealing hidden profit opportunities in seemingly mundane sectors [1][6]. Group 1: Eyewear Industry - The eyewear industry is characterized by high profit margins, with frame costs ranging from a few dozen to over a hundred yuan, while retail prices can reach hundreds or even thousands of yuan [1]. - Average gross profit margins for eyewear stores are reported to be at least 45%, although high rent and labor costs can compress net profit margins [1]. Group 2: Breakfast Industry - The breakfast industry, despite its labor-intensive nature, offers significant profit potential, as illustrated by a couple selling scallion pancakes, where the cost per pancake is less than 0.5 yuan, but the selling price is around 3 yuan [3]. - If they sell 1,000 pancakes daily, their income can reach 2,500 yuan, indicating a lucrative return on their efforts [3]. Group 3: Vegetable Retail Industry - Vegetable vendors face demanding work hours but can achieve substantial profits, with purchasing costs often only a few cents to a couple of yuan per kilogram, while selling prices can range from 5 to over 10 yuan per kilogram [5]. - Strategic location near large residential areas can enhance profitability for vegetable shops, despite costs associated with spoilage and rent [5]. Group 4: Funeral Industry - The funeral industry is known for its high profit margins, particularly in the sale of funeral services and products, such as urns that can be sold for thousands to tens of thousands of yuan, despite their low purchase cost [5]. - The sale of burial plots also presents significant profit opportunities, with prices for a one-square-meter plot often exceeding tens of thousands of yuan [5]. Group 5: Recycling Industry - The recycling industry, often overlooked, presents lucrative opportunities, as waste materials can be sold at multiples of their purchase price after processing [5]. - For instance, scrap metal from old wires can be sold for a higher price after extraction, and old mobile phones can yield profits when resold to repair shops [5]. Conclusion - The article concludes that despite challenging economic conditions, there are numerous "quietly profitable" industries that can provide substantial earnings for operators willing to engage in them [6].

Core Viewpoint - Recently, Qinghai Mingliang Glasses Co., Ltd. was established with a registered capital of 100,000 RMB, indicating a new player in the medical and optical equipment market [1] Company Summary - The legal representative of Qinghai Mingliang Glasses Co., Ltd. is Zhao Huixian [1] - The company is engaged in the sale of various medical devices, including both Class I and Class II medical devices, as well as general consumer goods and optical products [1] - The company has a diverse range of business activities, including the sale and rental of medical equipment, optical glass sales, and the manufacturing of glasses [1] Industry Summary - The establishment of Qinghai Mingliang Glasses Co., Ltd. reflects the growing market for medical and optical devices in China, particularly in the context of increasing demand for healthcare and wellness products [1] - The company is positioned to operate in both the medical device sector and the consumer goods market, which may provide opportunities for growth and diversification [1]