文丨阑夕 10年前，财经作家吴晓波写出了那篇传播度极广的文章《去日本买只马桶盖》。 对于当时的中国制造业而言，内忧外患带来的焦虑弥漫着整个行业。从内部看，成本红利一度被认为已经消失殆尽，企业们纷纷面临着转型期的阵痛；从 外部讲，电商发展进程正在席卷一切，曾经赖以为生的渠道，近乎在一夜间迎来土崩瓦解。 如果用后视镜视角来看，很多焦虑当然是不必要的，但正所谓一代人有一代人的困境，彼时中日制造能力上的客观差距，让吴晓波在文章结尾写下了那句 十分出圈的展望： 「中国制造的明天，在于让中产不必越洋去买马桶盖。」 如果将这个愿景拆成两个部分看待——能不能做出来，以及做得够不够好——国产品牌显然已经走完了一半，以致于如今产能溢出带来的供给过剩，赋予 了零售业一体两面式的影响。 一方面，行业整体被价格内卷的阴影笼罩，充分竞争中难以创造出增量价值；另一方面，在层级和成分极度复杂的中国消费侧，仍有大量需求未被有效满 足。 事实证明，在解决了产能这条线后，拉动中国经济下一轮增长的关键，是在折叠的社会结构里找准需求、提高质量。 · · · 业界对于京东这家公司今年以来最多的讨论，是空前密集的业务扩张。 这倒也说得通，今年大厂之间的竞 ...

Core Viewpoint - The "Qihang·2025 Financial Annual Conference" held in Beijing emphasizes the theme of "crossing cycles, resilient growth," focusing on the high-quality development of listed companies and their role in China's modernization efforts [1][3]. Group 1: Event Highlights - The event gathered leaders from regulatory bodies, industry associations, financial institutions, and representatives from over 200 listed companies to discuss development paths and empower the capital market [1]. - The 2025 14th "Golden Wisdom Award" was announced, recognizing over 140 companies, including Haier Smart Home, Leyard, and Dongpeng Beverage, as models of high-quality development from more than 8,000 A-share, Hong Kong stock, and Chinese concept stock companies [1]. Group 2: Economic Context - The CFO of Financial界, Zhu Ying, highlighted the accelerating global changes and geopolitical tensions, indicating that the Chinese economy faces dual pressures from external uncertainties and internal transformation [1]. - The year 2026 is identified as a critical year for implementing the "14th Five-Year Plan" and addressing key economic challenges, including financial strength, technological independence, and revitalizing the capital market [1]. Group 3: Financial界's Role - Financial界 has over 20 years of experience in the financial sector, establishing core advantages in information dissemination and professional research [3]. - The platform produces over 50,000 financial information pieces daily, reaching more than 20 million targeted financial audiences, with a cumulative reading volume of 6 billion on the Toutiao platform [3]. - The organization aims to continue leveraging its platform to build precise cooperation bridges for listed companies and contribute to the resilient development of the Chinese economy [3].

Core Insights - The "Study Tour" model launched by Suning Retail Cloud facilitates direct communication between franchisees and brands, allowing for the transmission of real consumer needs from rural areas to manufacturers [1][2] - The model has led to the development of customized home appliances that cater to the specific requirements of county and town users, resulting in significant sales growth [2] Group 1: Communication and Engagement - Franchisees engage in discussions with product engineers to address specific needs, such as gas stove design for high-altitude areas and water heater functionality in areas with unstable water pressure [1] - The "Study Tour" model has enabled nearly a hundred nationwide events, enhancing the connection between county market demands and brand manufacturers [1] Group 2: Product Development and Customization - Real and specific demands from franchisees include the need for high-pressure range hoods for open kitchens and air conditioners that can withstand high temperatures [2] - Collaborations with major brands like Gree and Haier have resulted in the creation of tailored products, such as the "Ning Series" air conditioner and a dual-tank electric water heater designed for rural water conditions [2] - Sales of customized home appliances through the retail cloud channel have increased by over 65% year-on-year, highlighting the effectiveness of this approach [2]

"金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研 究院紧密契合"十五五"规划中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品 牌六大维度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 "投资价值上市公司"以资本价值与发展潜力为核心评判标准，聚焦财务健康度、行业赛道前景、核心竞争力、公司治理规范性及可持续发展能力。旨 在树立价值投资标杆，推动行业结构优化，引导市场回归理性投资，构建良性资本市场生态。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚来自监管部门、行业协会、金融 机构、上市公司、媒体等领域数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，海尔智家荣获"投资价值上市公 司"，是行业唯一获奖的企业。 海尔智家此次斩获该奖项，核心得益于其持续提升的盈利能力、强劲的业务发展韧性以及稳定丰厚的股东回报 ...

Core Insights - The new consumption sector in 2025 has transitioned from "extreme enthusiasm" to "intense divergence," with pricing gradually returning to rationality [1][5] - Despite market fluctuations, demand for new consumption remains strong, leading to an optimistic outlook for the future [1][5] Group 1: Market Dynamics - The new consumption market has experienced a "roller coaster" of emotions and pricing, shifting from extreme enthusiasm for innovative models to significant divergence, resulting in substantial valuation fluctuations [2][7] - The market is now reassessing the quality and quantity of growth, focusing on management capabilities and potential changes in competitive dynamics due to significant capital influx [2][7] - The consumption market exhibits a clear "K-shaped recovery," where high-net-worth individuals drive high-end consumption recovery, while middle and low-income groups face slower recovery due to employment and income expectations [2][7] Group 2: Investment Opportunities - 2025 is characterized as a year of full pricing for innovation in the new consumption sector, emphasizing the importance of supply-demand "innovation" [3][8] - Companies that can proactively innovate and adapt to changes will gain a competitive edge, particularly those enhancing consumer experiences through supply chain empowerment and emotional value satisfaction [3][8] Group 3: Future Outlook - Looking ahead to 2026, attention should be paid to the "aftereffects" of high prosperity, as an increase in IPOs and active financing and mergers may lead to supply excess and intensified competition [4][9] - Three key areas to watch include: 1. Platform companies capable of navigating cycles, as single-brand models often face limitations [4][9] 2. Early participants in emerging trends, such as health-related products, which are expected to grow rapidly due to rising health awareness and social media-driven consumption [4][9] 3. Companies successfully expanding overseas, where manufacturing often scales more easily than branding, particularly in functional products [4][9] - The new consumption sector must continue to evolve, balancing innovation with an understanding of competitive dynamics and corporate capabilities [4][9]

Core Insights - The Chinese light industry is experiencing significant growth, with over 128 million home appliances replaced through the "old for new" policy, generating sales exceeding 2.5 trillion yuan [1] - The market for smart furniture has surpassed 10 billion yuan, driven by new standards and the introduction of mid-to-high-end products by leading companies [1] - The light industry achieved a total revenue of 19 trillion yuan from January to October, reflecting a year-on-year growth of 1.9%, and profits of 1.14 trillion yuan, up 1.6% [1] Group 1 - The implementation of the "two new" standards supports the effectiveness of the "old for new" policy and drives the transformation and upgrading of the light industry [2] - In terms of low-carbon transition, standards for carbon footprint accounting in daily ceramics, lighting appliances, and plastic products help companies identify high-carbon segments and optimize emission reduction paths [2] - The ceramic production area in Jingdezhen, with over 3,500 kilns, is expected to reduce carbon dioxide emissions by approximately 84,000 tons annually through targeted emission reduction strategies [2] Group 2 - From January to October, approximately 86 million units of "four machines and one brain" (TVs, refrigerators, washing machines, air conditioners, and computers) were dismantled, yielding about 1.9 million tons of recycled resources [2] - Standards for home appliance recycling services enhance the efficiency of waste appliance recovery and resource utilization [2] - Over 700 companies have certified more than 2,200 products as green furniture, supporting the green circular development of the furniture industry [2]

Core Viewpoint - The fifth "Influential Shandong Catering Consumption Brand Pilgrimage" event has been launched to showcase quality consumer brands in Shandong, aiming to stimulate market potential and support high-quality economic development in the region [1][2]. Group 1: Event Overview - The event is designed to explore and display the charm of consumer brands in Shandong, focusing on quality and innovation to activate market potential [1]. - It aims to create a robust platform for brand development and enhance the consumption environment in Shandong, aligning with national policies to boost consumption and optimize supply [1][2]. Group 2: Participation Criteria - Participating companies must have independent legal status, registered trademarks, complete licenses, and demonstrate stable operations with good economic and social benefits [2]. - Individuals participating must adhere to principles of fairness, integrity, and legal awareness, emphasizing the importance of brand building and technological innovation [2]. Group 3: Promotion and Integrity - The event will feature comprehensive promotional efforts, including industry analysis and interviews, to highlight brand stories and innovations [3]. - Integrity is a fundamental requirement for participation; any entity found to have false information or unethical behavior will be disqualified to maintain the event's seriousness and brand purity [3].

Core Insights - The light industry in China achieved a cumulative operating income of 19 trillion yuan from January to October this year, representing a year-on-year growth of 1.9%, and a profit of 1.14 trillion yuan, with a year-on-year increase of 1.6% [1] - The light industry accounts for 13% of national industrial assets, contributing to 16.7% of national industrial operating income and 19.2% of profits [1] Group 1: Standard Upgrading and Policy Support - The "Two New" standard enhancement initiative aims to address the pain points of light industry transformation and consumer upgrade demands, with 52 key national standards being revised or established, including 38 for consumer product replacement, 9 for recycling, and 5 for equipment updates [1] - This initiative is expected to provide solid support for the implementation of the old-for-new policy for consumer goods and effectively drive the transformation and upgrading of the light industry [1] Group 2: Old-for-New Policy Impact - By the end of 2024, the total ownership of household appliances such as refrigerators, washing machines, and air conditioners in China is projected to exceed 3 billion units, with over 1.28 million units replaced under the old-for-new policy from January to November this year, generating over 250 billion yuan in related sales [2] - The introduction of standards for smart furniture has accelerated the launch of mid-to-high-end smart furniture products by leading companies, with the market scale exceeding 10 billion yuan, marking a new growth point for furniture consumption upgrades [2] Group 3: Low-Carbon Transition - Standards for carbon footprint accounting in daily ceramics, lighting appliances, and plastic products are aiding companies in identifying high-carbon segments and optimizing emission reduction paths, promoting low-carbon transitions from the source [2] - In Jingdezhen, a major ceramic production area, over 3,500 kilns are utilizing standards to pinpoint key emission reduction areas, leading to an estimated annual reduction of approximately 84,000 tons of carbon dioxide [2] Group 4: Recycling and Resource Utilization - From January to October, approximately 86 million units of "four machines and one brain" (TVs, refrigerators, washing machines, air conditioners, and computers) were dismantled, yielding about 1.9 million tons of recycled resources [3] - Standards for household appliance recycling services are standardizing the recycling and disposal processes, enhancing the efficiency and resource utilization of waste household appliances [3] - Over 700 companies have certified more than 2,200 products as green furniture, effectively supporting the green circular development of the furniture industry [3]

Core Viewpoint - The "Two New" standard enhancement action has achieved positive results in supporting market demand expansion, promoting equipment updates, and enhancing consumer spending through the implementation of new national standards [3][5][19]. Group 1: Industry Standards and Economic Impact - From January to November, over 128 million home appliances were replaced under the old-for-new policy, generating sales exceeding 2.5 trillion yuan [1][14]. - The market for intelligent furniture has surpassed 10 billion yuan, driven by standards for smart grading, leading to the introduction of mid-to-high-end intelligent furniture products by leading companies [1][14]. - The light industry achieved a revenue of 19 trillion yuan with a year-on-year growth of 1.9% and profits of 1.14 trillion yuan, contributing significantly to the national economy [13]. Group 2: Standard Development and Implementation - A total of 294 national standards have been developed, focusing on energy consumption, product quality, and recycling standards across various sectors [5][10]. - The new standards include 113 for energy efficiency, 115 for consumer goods, and 66 for recycling, aimed at enhancing product quality and promoting sustainable practices [6][10]. - The introduction of mandatory safety standards for electric vehicle batteries has significantly improved consumer confidence in new energy vehicles [7][10]. Group 3: Future Directions and Policy Support - The China Light Industry Federation plans to continue focusing on core areas of public welfare, ensuring that high-quality light industry products reach households, thereby supporting domestic demand and safeguarding livelihoods [1][14]. - The market regulatory authority will enhance the promotion and implementation of standards to drive industrial innovation and consumer growth [8][19]. - Future efforts will include updating standards in traditional industries, accelerating consumer goods standard upgrades, and strengthening service standards to support high-quality economic development [19][20].

Core Insights - Companies are increasingly obsessed with benchmarking and best practices, driven by a collective desire to "avoid detours" in their operations [1] - Xiaohongshu's proposition of "grass planting entering the effect-oriented era" signifies a clear departure from traditional performance advertising models [1][2] Group 1: Effectiveness of "Grass Planting" - The definition of "effectiveness" varies widely among companies based on their stage, size, and industry, leading to diverse interpretations [2] - Xiaohongshu's "grass planting effectiveness" emphasizes the need for companies to adapt their strategies to their unique operational challenges rather than chasing standardized answers [2][3] Group 2: Customized Growth Models - Companies are encouraged to build their growth models using Xiaohongshu's various capabilities and tools, akin to assembling Lego blocks [3] - The consumer's needs are becoming more fragmented, necessitating a shift in marketing strategies to be more aligned with real human experiences [3][5] Group 3: Diverse Paths to Growth - Xiaohongshu's ecosystem offers multiple pathways for growth, including "direct grass planting, in-platform transactions, lead generation, and user growth," tailored to different industries and stages of development [5] - The pursuit of "effectiveness" is no longer uniform; companies are adopting varied strategies based on their specific goals and challenges [5][10] Group 4: Understanding Consumers - Xiaohongshu has developed a comprehensive system to understand consumers beyond basic demographic labels, focusing on scenarios, emotions, aesthetics, and social networks [5][12] - The platform's insights allow companies to match products with consumer needs more accurately, moving beyond traditional segmentation methods [12][14] Group 5: Case Studies - Companies like Kelon and Hisense illustrate the importance of localized strategies and targeted content to address specific consumer needs and market challenges [6][7] - Hisense's focus on the gaming community led to significant sales growth, demonstrating the effectiveness of tailored marketing strategies [7][9] Group 6: Long-term Relationships - Successful companies prioritize building long-term relationships with consumers by deeply understanding their needs and preferences [10][15] - Xiaohongshu's approach emphasizes the importance of loving specific consumers, which is fundamental to achieving effectiveness in marketing [10][15]