活动期间，多位学生代表登台分享从灵感到作品落地的完整创作历程，从最初以东方美学为锚点解 构"中国美"，到以技术创新为路径演绎传统元素，独特的视角和细腻的感悟展现出新生代学子在AIGC 领域的敏锐洞察与不懈探索，也让行业嘉宾直观感受到年轻力量在数字内容创作上的热情与潜力。 专家学子，共筑数字美学盛宴 据悉，百雀羚在赛事招募期间，组织了专场直播培训，邀请AIGC技术、艺术美学等领域专家作为技术 指导解读比赛命题，让科技应用结合美学主张的理念深度触达青年群体，实现"以赛育人"与"文化传 播"的双向赋能。 在作品评审环节，大赛也构建起专业、公正的评审体系，评委组汇聚AI技术及艺术教育学者及美妆行 业专家，从"技术创新性、艺术表现力、概念前瞻性及社会价值"等多个维度，对作品进行严谨而公正的 评审，既为作品的产业转化潜力提供专业意见，也为赛事注入深厚的国妆智慧，更以对科技与艺术融合 的独到见解，确保最终获奖作品兼具技术高度、美学价值与落地潜力，切实提升赛事成果的含金量。 星光熠熠，见证AIGC荣耀时刻 来源：环球网 10月18日，首届"百雀羚发现中国美|全国大学生AIGC创意设计大赛"圆满收官，于北京阿里巴巴朝阳科 技园 ...

Core Viewpoint - Kering Group announced an agreement with L'Oréal Group for the sale of its beauty division for €4 billion, marking a significant strategic shift for Kering [1] Group 1: Transaction Details - L'Oréal will acquire Kering's beauty business, which includes the Creed brand and a 50-year license for several luxury brands such as Bottega Veneta and Balenciaga [1] - Gucci will join the agreement after the expiration of its licensing period with Coty Group [1] - The transaction will be a cash payment and is expected to be completed in the first half of 2026 [1] Group 2: Financial Performance - Kering's beauty division reported annual revenue of €323 million for 2024, primarily driven by the Creed brand [1]

Group 1: Foreign Trade Performance - In the first three quarters of the year, China's foreign trade import and export reached 33.61 trillion yuan, a year-on-year increase of 4% [1] - Exports amounted to 19.95 trillion yuan, growing by 7.1%, while imports were 13.66 trillion yuan, showing a slight decline of 0.2% [1] - In September alone, the total import and export value was 4.04 trillion yuan, reflecting an 8% growth [1] Group 2: Export Product Trends - In the first three quarters, China exported 12.07 trillion yuan worth of electromechanical products, marking a 9.6% increase and accounting for 60.5% of total exports [2] - High-tech products such as electronic information, high-end equipment, and instruments saw growth rates of 8.1%, 22.4%, and 15.2% respectively [2] - New categories of products, including "new three samples" and railway electric locomotives, experienced double-digit growth [2] Group 3: International Business Expansion - Alibaba and Ant Group jointly invested 9.25 billion USD (approximately 66 billion yuan) to establish their Hong Kong headquarters, aiming to expand international business [6] - This move is seen as a strategic step to leverage Hong Kong as a base for global development [6] Group 4: E-commerce Tax Reporting - Amazon announced it will report seller tax information to Chinese tax authorities quarterly, starting from October 31, 2025 [7] - This initiative is part of a broader effort to enhance tax regulatory transparency in China's cross-border e-commerce sector [8] Group 5: Trade Fair Participation - The 138th Canton Fair concluded with nearly 158,000 overseas buyers attending, representing a 6.3% increase from previous events [3] Group 6: Regional Trade Performance - Guangdong's foreign trade import and export reached 7.02 trillion yuan in the first three quarters, a 3.8% increase year-on-year, accounting for 20.9% of the national total [4] - Exports from Guangdong were 4.48 trillion yuan, growing by 1.4%, while imports increased by 8.2% to 2.54 trillion yuan [4] Group 7: Cultural Products Export - In the first three quarters, exports of holiday products, dolls, and animal-shaped toys exceeded 50 billion yuan, showcasing the global influence of Chinese traditional culture [5]

作者：多半 来源：首席消费官 作为曾经的国货翘楚，相宜本草在国内美妆市场占据着重要的位置。只是随着时间的推移，相宜本草的原有优势逐渐消失，不仅市场份额不断减少，而且品 牌吸引力也有所下降。 目前相宜本草正处于内部高层动荡、外部品牌挤压的"内外交困"之中，这让相宜本草的上市之路变得颇为波折。 高管频繁变动 相宜本草上任CEO任职时间不足一年 今年以来，相宜本草高层人员便频频出现变动，涉及CEO、研发副总裁兼首席科学家、董事等职位。 据媒体公开报道称，相宜本草CEO张舸已于今年2月底离职。从2024年6月张舸接任相宜本草CEO来算，其在职时间不足一年。在担任相宜本草CEO之前，张 舸并没有美妆行业的工作经验，而是任职于快消品行业，曾为金红叶纸业集团有限公司CEO。 到了6月，媒体报道称，相宜本草研发副总裁兼首席科学家吕智离职，吕智表示："确实已离职，但我还是相宜本草的股东，并还保留了首席科学家的职位， 会定期和团队交流。" 9月，美妆产业圈报道称，相宜本草基础研究中心负责人屠一栋已加入欧莱雅。去年5月屠一栋还以上述身份带领媒体参观了相宜本草的全功能研发中心，但 是今年3月的InnoCosme第九届中国国际护肤技术 ...

| 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 欧美 | 道琼斯工业平均 | 46190.61 | 238.37 | 0.52% | | | 纳斯达克 | 22679.97 | 117.43 | 0.52% | | | 标普500 | 6664.01 | 34.94 | 0.53% | | | 欧洲斯托克50 | 5607.39 | -44.62 | -0.79% | | | 英国富时100 | 9354.57 гг. 1 881.52 | | -0.86% | | | 法国CAC40 | | 817 Av. gogudata:39m | -0.18% | | | 德国DAX | 23830.99 | -441.2 | -1.82% | | | 俄罗斯RTS 上证指数 | 1058.51 3839.76 | 19.73 -76.47 | 1.90% -1.95% | | | 深证成指 创业板指 | 12688.94 2935.37 | -397.47 -102.07 | -3.04% -3.36% | | | 恒生指数 | 25247 ...

来源：环球市场播报 周五热门中概涨跌不一，阿里巴巴涨1.19%，台积电跌1.59% 油价周五小幅收高，但本周录得跌幅，市场关注冲突局势降温及供应过剩前景 现货黄金跌1.8%，一度跌穿4200美元 周一早盘：美股期货开盘上涨 市场聚焦公司财报和通胀数据 上周市场回顾 10月18日收盘：美股收高道指涨逾200点，因银行信贷担忧与贸易紧张局势有望缓解 10月18日美股成交额前20：英国批准解除对谷歌的限制措施 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 宏观 特朗普敦促泽连斯基与普京达成协议，否则恐面临"毁灭" 特朗普宣布全面停止美国对哥伦比亚的援助 特朗普证实美国不会向加沙地带派遣地面部队 特朗普指责哥伦比亚纵容毒品生产 哥总统发声反驳 美国警告：哈马斯恐"即将"对巴勒斯坦人发动袭击 特朗普：美国正将加勒比海打击行动幸存者遣返 共和党参议员批评美政府在加勒比海军事行动缺乏法律依据 特朗普称美军摧毁一艘"载有毒品"的大型潜艇 内塔尼亚胡：加沙-埃及边境口岸将继续关闭 哈马斯称停火后不参与加沙地带治理相关安排 南非政府拟投资1200多亿美元推进能源转型 埃及官员：以总理无意达成加沙停火第二阶段协议 以军在进 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Education Sector**: Action Education (EMBA training) - **Hospitality Sector**: Shoulv Hotel - **Retail Sector**: Small Commodity City, Yonghui Supermarket - **Beauty Sector**: Proya, Winona - **Jewelry Sector**: Laopuhuangjin, Zhou Daxing - **Food and Beverage Sector**: Mixue Group Core Insights and Arguments Education Sector - Action Education's performance improved in Q3 after a challenging Q2 due to US-China trade tensions, with expected annual revenue exceeding 300 million and a valuation of 15-16 times earnings, alongside a dividend yield over 6% [1][2] - The company's "Hundred Schools Plan" is anticipated to contribute over 10% to revenue growth next year [1] Hospitality Sector - Shoulv Hotel showed continuous improvement in data, with a target of 2.6 million rooms and an expected annual performance of 900 million, valued at 17-18 times earnings this year and 16 times next year [1][2] Retail Sector - Small Commodity City exceeded expectations with Q3 net profit over 1.7 billion, raising annual profit forecasts to 4.7-4.8 billion, with a valuation of 16-17 times [1][4] - Yonghui Supermarket is stabilizing daily sales after store adjustments, with expectations of reduced losses or profitability next year, supported by self-owned product growth [1][4] Beauty Sector - The beauty sector is benefiting from the Double Eleven shopping festival, with Proya and Winona showing strong sales performance. Proya's valuation is expected to be no more than 20 times in 2025 and 16-17 times in 2026 [1][5][6] Jewelry Sector - Laopuhuangjin is experiencing significant growth, with a projected annual increase of at least 50% and a valuation of under 30 times, expected to grow at least 30% next year with a valuation around 20 times [1][9] - The brand is expanding its presence in overseas markets, with plans to enter Japan by 2026 [10] Food and Beverage Sector - Mixue Group's same-store sales decreased by 7% month-on-month but increased by 6% year-on-year, with expectations of growth as external factors stabilize [11][12] Other Important but Possibly Overlooked Content - The overall consumer sector is currently underperforming, but there are still quality low-priced stocks worth considering [2] - The beauty sector's performance during the Double Eleven festival indicates strong consumer interest, particularly in leading brands [5] - Laopuhuangjin's competitive advantages include strong brand recognition in lower-tier cities and effective management of store openings and closures [7][9] - Yonghui Supermarket's adjustments and self-owned product development are crucial for its recovery and future growth [4][8]

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Core Insights - Kering Group plans to sell its beauty division to L'Oréal for approximately $4 billion, which includes the development rights for several luxury beauty brands [1][9] - The sale is seen as a strategic move for Kering to alleviate its debt crisis and refocus on its core brands, while L'Oréal aims to strengthen its position in the luxury beauty market [1][9] Kering Group's Strategy - Kering's beauty division includes brands like Creed, Bottega Veneta, Balenciaga, and McQueen, and the sale allows Kering to retain its core brand assets while monetizing the beauty segment [3][9] - The new CEO, Luca de Meo, known for his turnaround strategies in the automotive industry, is implementing significant changes within Kering, including leadership changes in its core brand Gucci [4][5] Financial Performance - Kering's beauty division has been a highlight in its financial reports, with beauty revenue reaching €323 million in 2024 and a 9% growth rate in the first half of 2025 [6][7] - Despite the beauty segment's growth, Kering's overall performance has been declining, with a 16% drop in revenue to €7.587 billion and a 46% decrease in net profit to €474 million in the first half of 2025 [7][8] L'Oréal's Acquisition Strategy - The acquisition of Kering's beauty brands aligns with L'Oréal's strategy to enhance its luxury beauty portfolio, as it has been actively acquiring high-end brands to solidify its market position [9][10] - L'Oréal's recent acquisitions include stakes in luxury brands like Amouage and Jacquemus, indicating a focused effort to expand its luxury fragrance offerings [9][10] Market Context - The beauty industry is facing challenges such as reduced social engagement and the rise of home culture, leading to a contraction in the market, particularly affecting traditional beauty brands [10] - Analysts suggest that while the acquisition may provide short-term growth for L'Oréal, it does not address the underlying issues facing the beauty industry, including increased competition from luxury brands and emerging Chinese beauty companies [10]

Core Viewpoint - Kering Group is reportedly planning to sell its beauty division to L'Oréal for approximately $4 billion, indicating a strategic shift amidst financial challenges and a focus on core brand development [1][9]. Group 1: Transaction Details - The sale includes the development rights for several luxury beauty brands such as Creed, Bottega Veneta, Balenciaga, and Alexander McQueen [3][10]. - The transaction is expected to be officially announced soon, with Kering retaining its core brand assets while monetizing the beauty segment [3][4]. Group 2: Leadership and Strategy - Luca de Meo, appointed as CEO of Kering in September, is recognized for his transformative leadership in the automotive industry and is expected to implement significant changes at Kering [4][5]. - De Meo's immediate actions included a leadership change at Gucci and the elimination of the deputy CEO position, signaling a focus on streamlining operations [5]. Group 3: Financial Context - Kering's beauty division has been a bright spot in its financial reports, with beauty revenue reaching €323 million in 2024 and a 9% growth rate in the first half of 2025 [8]. - Despite the beauty segment's growth, Kering's overall revenue declined by 16% to €7.587 billion in the first half of 2025, with a 46% drop in net profit [8]. Group 4: Implications for L'Oréal - The acquisition will enhance L'Oréal's positioning in the luxury beauty market, aligning with its strategy to build a portfolio of high-end brands [11][12]. - L'Oréal's recent acquisitions and partnerships indicate a strong intent to expand its luxury fragrance offerings, which will be bolstered by the addition of Kering's brands [11][12]. Group 5: Market Challenges - Analysts suggest that while the acquisition may provide short-term growth for L'Oréal, it does not address broader industry challenges such as market contraction and increased competition from emerging beauty brands [13].