Group 1 - The core viewpoint emphasizes that the rise of new consumption is a result of specific economic cycles and social changes, with optional consumption surpassing essential consumption in the US and Japan during key periods of economic transformation [1][2][3] - Historical experiences from the US stock market show that optional consumption sectors have significantly outperformed essential consumption sectors, particularly during the 1970s and post-2009, driven by factors such as rising disposable income and shifts in consumer behavior [1][2] - The financial characteristics of new consumption reveal that sectors within optional consumption have seen increasing debt ratios while effectively managing risks, leading to improved fundamentals and higher valuation premiums [2][3] Group 2 - The driving factors behind the shift from essential to optional consumption include continuous growth in disposable income, technological advancements, and changes in demographic structures and consumer attitudes, particularly among younger generations [3][4] - The market structure is evolving, with leading companies in optional consumption leveraging scale effects and brand advantages to consolidate their market positions, as evidenced by successful companies in Japan's toy, beauty, and gaming sectors [3][4] - The report suggests that the experiences from the US and Japan can inform current investment strategies in the A-share market, focusing on sectors that meet diverse consumer needs and exhibit high growth potential [4][10]

每经记者｜唐元 每经编辑｜余洋 2025年6月20日下午，由每日经济新闻主办、每经智库香港中心承办，成都市体育总会、香港商报、共佳品创支持的"全球联动·产业互动"体育产业国际沙龙 （以下简称"体育沙龙"）在香港举行。 活动吸引了来自中国香港和成都体育产业的50余位企业代表、专家学者及行业领袖齐聚一堂，围绕体育产业如何促进城市发展、加强跨地区合作等议题展开 深度交流。 体育沙龙上，快乐运动体育发展集团董事长、全国工商联城市基础设施商会副会长周莉发表主题演讲，分享快乐运动中国计划十年实践，并发出共建全球体 育产业三大生态圈的倡议。 多年深耕：从成都启航，让运动融入城市基因 周莉首先回顾了快乐运动中国计划的初心与历程。2014年，该计划由快乐运动体育发展集团联合芬兰、荷兰休闲体育产业联盟共同发起，核心使命在于将多 样性运动场景融入城市公共空间，让市民"从0到100岁"都能在家门口享受丰富运动生活。 "全球休闲体育产业合作计划有一个目标，就是创造所有人的健康和快乐，所以我们把工作重点放到了创建城市公共、新智慧体育公园和体育场景。"周莉表 示。 集团作为中国首批全产业链打造新型城市智慧体育公园的创新实践者，创造性提出" ...

Group 1: Cultural and Tourism Integration - The integration of culture and tourism is being promoted to enhance the vitality of culture and the attractiveness of tourism, providing strong momentum for the development of the cultural tourism industry [1] - Xi Jinping emphasized the need to promote cultural prosperity and further strengthen the protection of historical and cultural heritage while advancing high-quality development in the cultural tourism industry during his visit to Henan [1] Group 2: Cultural Heritage and Archaeology - A large live-streaming event titled "Searching for National Treasures along the Central Plains Great Site Corridor" was launched, showcasing various historical sites in Henan and highlighting the province's rich cultural heritage [2] - Henan has been actively promoting major archaeological projects, with 55 archaeological discoveries recognized as "Top Ten New Archaeological Discoveries in the Country," ranking first nationwide [2] Group 3: Cultural Events and Performances - The Henan Provincial Acrobatic Troupe presented a large-scale red acrobatic drama "Attack Order," showcasing traditional acrobatic skills and revolutionary historical stories [5] - Numerous cultural works, including operas and dramas, have received national awards, indicating a positive trend in the quality and influence of Henan's cultural creations [5] Group 4: Public Engagement in Cultural Activities - Approximately 95 million people participated in the "New Era, New Journey, New Style" cultural activities in Henan, reflecting strong public engagement in cultural events [6] - Various activities during the "Cultural and Natural Heritage Day" aimed to revitalize intangible cultural heritage and integrate it into modern life [6] Group 5: Tourism Industry Development - The launch of the "One Machine Tour Henan" digital service platform aims to attract tourists by offering personalized travel experiences, reflecting the innovative approach to enhancing tourism consumption [7] - During the recent Dragon Boat Festival, Henan received 15.116 million tourists, generating 6.79 billion yuan in tourism revenue, marking a year-on-year increase of 4.7% and 5.3% respectively [7] Group 6: Immersive Cultural Experiences - Henan is focusing on creating immersive cultural experiences that make history and culture easily accessible to the public [8] - The province is enhancing cultural tourism performances, with new shows and interactive experiences being developed to engage visitors [9] Group 7: Urban Cultural Revitalization - Henan has transformed several urban areas into tourism and leisure districts, integrating historical elements with modern amenities to create vibrant cultural spaces [9] - The province has established 7 national-level and 56 provincial-level tourism leisure districts, promoting a diverse development model [9]

以下文章来源于证券之星 ，作者吴凡 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财 经资讯。 来源|证券之星 作者|吴凡 尽管其瓜子产品连续五年蝉联全球销冠，洽洽食品(002557.SZ)近年业绩承压却在加剧。公司今年 4月披露一季报显示，实现营收15.7亿元同比降13.76%，归母净利润7724.78万元，同比骤降 67.88%，创上市最差一季度表现。公司称，收入下滑主因春节错期及去年高基数，净利润骤降则 源于葵花籽和部分坚果原料成本上升拖累毛利率。 瓜子系列产品的"量价齐升"曾是驱动公司营收快速增长的核心动力。但近年来消费市场环境变化 下，公司提价策略的边际效应逐渐减弱。例如，洽洽食品分别于2021年、2022年对葵花籽系列产 品实施两次价格上调，然而提价后2023年整体销量出现负增长，葵花籽收入更是近六年来首次呈现 同比下滑。2024年该品类收入规模虽有小幅回升，但较2022年峰值仍存在明显差距。 与此同时，以零食量贩店为代表的新兴渠道正持续冲击传统经销商体系。尽管公司积极布局量贩渠 道，但该类渠道毛利率低于传统商超，且目前非传统渠道的收入贡 ...

零食赛道又迎新玩家。6月16日，万达电影在上海油罐艺术中心举办了战略发布会，会上宣布，万达电影正式推出自研食饮品牌体系：情绪零食"三口小时光 TimiSnack"和主打健康水饮的"H2O TALKS与水说"。在当日，"三口小时光"已落位近300家万达影城，并将于6月30日，在全国所有的700余家万达影城和消 费者见面，H2O TALKS也即将上市。 发布会现场，宋茜、孟子义等送来开箱视频祝福 万达电影介绍，过往影院的餐饮售卖，为公司积累了大量的场景化洞察。基于当下，年轻人热衷将食品和情绪相关联的消费心理，万达电影正式启动了自研 食饮打造。作为独立品牌，三口小时光和H2O TALKS还将走出影城，全面布局线上线下全渠道，并通过公司旗下的澳洲第二大院线HOYTS，进军国际市 场。 "在快节奏的生活中，留住三口的快乐与一瓶水的温柔"，三口小时光和H2O TALKS，遵循高情绪贴合度的产品理念，希望让情绪补偿像充电宝一样随手可 得。三口小时光通过趣味包装设计和层次感风味研发，让每个撕开包装的动作都成为开启快乐的仪式。H2OTALKS的产品线布局，则将融入到各种饮用场 景陪伴用户。此外，三口小时光包装上的"三口小兔"， ...

魔芋类零食终端销售调研 20250618 摘要 卫龙 2025 年初销售增速约为 16%，略低于全年 20%的目标。魔芋产 品占比 40%且增长强劲，辣条占比虽小但已止跌回升，面筋产品也呈现 复苏态势。公司正积极推动魔芋爽以期实现全年目标。 2024 年辣条销量不足 1,000 万元，魔芋爽销量略高于 1,000 万元，其 他产品销量约 100 万元。辣条市场竞争激烈，低价产品层出不穷，但卫 龙通过产品调整和品牌建设稳住了市场。 卫龙主要在河南北部销售，库存周转周期约为 24-25 天。2024 年魔芋 粉增长率高达 50%，显示出魔芋产品强劲的增长势头，成为公司业绩增 长的重要驱动力。 卫龙通过调价和精简 SKU 策略，使辣条在连续下滑后于 2024 年实现个 位数增长。预计未来一两年内，辣条和面筋品类将保持稳定增长，增速 或达低双位数或高个位数。 卫龙魔芋爽的成功得益于其健康理念和先发优势，更符合年轻消费者需 求。公司通过线上线下多渠道推广，并进行口味和包装创新，提高客单 价，增强市场竞争力。 Q&A 卫龙在 2024 年的销售情况如何？2025 年的销售目标是什么？ 2024 年卫龙的进货金额约为 2, ...

Core Insights - The "post-examination economy" is experiencing a surge in consumption across various sectors, including skill training, leisure, and cultural tourism, following the conclusion of the 2025 college entrance examination [1] - Demand is driven by students seeking to reward themselves after years of hard work, while parents are eager to celebrate their children's achievements, leading to increased spending on travel, electronics, and experiences [1] - Supply-side factors include businesses and institutions offering tailored promotions and discounts to attract recent graduates, enhancing the emotional value of purchases and further stimulating consumption [1] Demand Side - Students are looking for ways to relieve stress after intense study periods, leading to increased interest in travel, new gadgets, and skill acquisition [1] - Parents are willing to spend significantly to celebrate their children's graduation, often expressing that the money spent is well worth it [1] Supply Side - Various sectors, including shopping malls, tourist attractions, and training institutions, are capitalizing on this trend by providing exclusive benefits for high school graduates, such as discounts and free gifts [1] - The market is seeing a shift towards more personalized and diverse consumption patterns, with a growing preference for sports equipment, emotional dining experiences, and cultural exploration activities [1] Consumption Trends - The post-examination consumption landscape is evolving, with a notable shift from traditional electronics to a wider array of products and experiences, including outdoor adventures and cultural heritage activities [1] - Celebratory gatherings are becoming more intimate, with small family meals and gatherings gaining popularity over larger, more extravagant celebrations [1] Market Regulation - There is a call for rational consumption amidst the rising spending, with concerns about excessive expenditures on post-examination activities, prompting discussions on the need for responsible consumer behavior [2] - The "post-examination economy" is recognized not only as an economic trend but also as a cultural phenomenon reflecting societal values regarding education and future aspirations [2] - Regulatory bodies are urged to enhance market oversight to prevent unhealthy consumption practices disguised as part of the "post-examination economy," ensuring a healthy market environment [2]

精准布局展区 五大优品矩阵齐发 活动现场规划2000平方米展区，五大区域精准覆盖当前国内消费热点，休闲食品展区汇集"上好佳"膨化薯片、"道地参业"西洋参健康食品 等。酒水展区呈现德州燕陵蜜酒、"爱丁堡"出口级精酿啤酒等特色佳酿。生鲜农产品展区精选如"三利莫丽斯"酱菜等代表产品。服装玩具 展区重点展示"金猴集团"鞋业，"烟台哈福玩具"等匠心之作。调味酿造展区呈现"金胜"高品质花生油，"潍坊匠造食品"香辛料、浓汤宝、 辣根，"曲阜孔府食品"等地道齐鲁风味。 6月15日，第九届中华老字号(山东)博览会外贸优品中华行活动在山东国际会展中心3号馆圆满收官。活动创新采用"展中展"模式，依托博 览会平台优势，汇聚来自全省十六地市的80余家优质外贸企业，集中展示涵盖休闲食品、调味酿造、生鲜农产品、酒水、服装玩具五大热 门消费领域的"外贸优品"，助力外贸优企深耕国内市场，打造外贸消费新标杆。3天活动近8万人次观众到场参观，现场销售额达到104万 元，采购合作意向突破730万元。 精准邀约对接 订单落地生金 活动创造性地促成"老字号"与"外贸优品"两大优势群体首次同台共展、深度交流。老字号企业凭借深厚的品牌文化、广泛的消费者认知 ...

Core Viewpoint - The investment and financing management system of Shanghai Laiyifen Co., Ltd. aims to strengthen internal control, standardize investment behaviors, reduce risks, enhance economic benefits, and protect the company's legal rights [1]. Group 1: Investment and Financing Decisions - The investment decisions include internal investments (e.g., store expansion, logistics base construction, new product development) and external investments (e.g., acquiring future returns through monetary funds, equity, or assessed assets) [1][2]. - External investments are categorized into short-term (up to one year) and long-term (over one year) investments, with specific examples provided for each category [2]. - The company must comply with national laws and regulations, as well as its own articles of association, in all investment activities [1]. Group 2: Approval Authority - Certain investment matters require board approval if they meet specific thresholds, such as asset totals exceeding 50% of the company's audited total assets or net assets exceeding 50% of the audited net assets with amounts over 50 million yuan [6]. - Other investment matters require board approval if they exceed 10% of the company's audited total assets or net assets, with minimum amounts specified [7]. - The chairman and president can approve other investment matters within the authorized scope of the board and shareholders [8]. Group 3: Project Management - The project initiation process involves identifying potential projects based on the company's development strategy and conducting preliminary investigations to compile a project proposal or feasibility report [11]. - The investment management department evaluates proposed projects, assessing risks, funding sources, and potential returns before submitting them for further approval [13]. - Approved projects must adhere to strict financial management principles, including dedicated fund usage and regular reporting [18][19]. Group 4: Short-term Investments - The company can engage in low-risk short-term investments, such as money market funds and government bonds, while avoiding high-risk securities [21]. - The finance center is responsible for preparing short-term investment plans based on market research and the company's cash flow situation [22]. Group 5: Major Asset Restructuring - Major asset restructuring involves significant changes to the company's main business, assets, or income through asset transactions outside of regular operations [24]. - The decision-making process for major asset restructuring includes preliminary research, feasibility analysis, and board approval [24][20]. Group 6: External Financing - External financing can be achieved through equity financing (issuing stocks) or debt financing (borrowing funds) [21]. - The finance center initiates borrowing requests based on the company's operational needs, which must then be approved according to established procedures [21]. Group 7: Compliance and Oversight - The company must fulfill information disclosure obligations in accordance with relevant laws and regulations during investment activities [29]. - The internal control department has the authority to supervise and audit investment activities to ensure compliance with established procedures [30].

上海来伊份股份有限公司 章 程 二〇二五年六月 上海来伊份股份有限公 司 公司章程 目 录 上海来伊份股份有限公司 公司章程 第一章 总 则 第一条 为适应现代企业制度的需要，维护上海来伊份股份有限公司（以 下简称"公司"）、股东、职工和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）和《上市公司章程指引》《上海证券交易所股票上 市规则》等有关法律、法规和规范性文件的规定，制定本章程。 第二条 公司系在上海爱屋食品有限公司的基础上，依照《公司法》和其 他有关规定整体变更设立的股份有限公司，在上海市工商行政管理局注册登记， 取得企业法人营业执照，统一社会信用代码：91310000740576558C。 公司于 2016 年 9 月 9 日经中国证券监督管理委员会(以下简称"中国证监会") 批准，首次向社会公众发行人民币普通股 6000 万股，并于 2016 年 10 月 12 日在 上海证券交易所上市。 第三条 公司应当贯彻落实创新、协调、绿色、开放、共享的发展理念， 积极履行社会责任，保障股东的合法权利并确保 ...