高盛分析师Bonnie Herzog建议投资者在2026年即将到来之际，果断买入尼古丁、能量饮料、糖果及美 容类股票。她认为，随着消费者基本面显著改善，这些细分领域的增长将在未来跑赢大盘，现在正是这 几类消费股的入场良机。 12月16日，高盛董事总经理兼资深消费分析师Bonnie Herzog在最新报告中发出强烈看涨信号，认为在 经历了2025年必需消费品板块的普遍表现不佳后，市场逻辑正在发生转变。 她预计，受实际收入增长回升、就业增长、减税以及关税相关通胀消退的推动，2026年美国消费环境将 更加具有建设性，尤其是对于中等收入群体而言。这将支持一种"非必需消费优于防御性消费"的投资策 略。 Herzog强调，尽管必需消费品板块明年可能仍面临压力，但选股环境将令人鼓舞。高盛继续鼓励投资者 将新资金投入到那些具有吸引力且盈利增长能跑赢大盘的类别，具体包括能量饮料、尼古丁、糖果和美 容产品。 此外，该行还特别指出，受益于包括FIFA世界杯在内的"三大利好事件"，2026年极有可能成为"啤酒股 之年"。这一看涨呼吁正值美国经济出现复苏迹象之际。尽管市场对"K型"经济复苏的担忧犹存，但10 月份核心零售销售增长强劲， ...

今天分享的是：Fospha：2025年销售高峰期品牌营销策略指南报告（英文版） 2025年销售高峰期品牌营销策略指南核心总结 《2025年销售高峰期品牌营销策略指南》基于2023-2025年跨四大洲、三大行业的8.3万场营销活动数据，为零售品牌提供了高峰期营销的核心策略。报告指 出，高峰期（如黑色星期五、网络星期一）是品牌实现年度营收目标的关键节点，单纯依赖最后一刻的转化推动已不足以应对市场变化，提前规划、全渠道 测量与灵活适配才是成功关键。 报告核心发现显示，全漏斗投资是提升绩效的关键。将至少5%预算投入认知与考虑阶段的品牌，综合营销效率（MER）最高可提升218%，其中大型品牌 （月支出60万美元以上）受益更显著，投入超10%预算时ROAS可提高110%。传统的最后点击归因模式会遗漏90%以上的营销影响，而贝叶斯媒体混合模型 （MMM）等全漏斗测量工具，能精准呈现各渠道的真实价值。 报告共计：63页 2025年高峰期将面临宏观环境挑战，商品价格高企、消费者储蓄不足且对价格更敏感，购买窗口期缩短，竞争加剧。对此，报告强调三大核心策略：一是提 前布局认知与考虑阶段，在CPM较低、竞争较小时积累高意向受众；二是 ...

今日各行业表现（截至下午13:49） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 商贸零售 | 1.31 | 398.81 | 28.60 | 永辉超市 | 10.10 | | 美容护理 | 0.80 | 39.24 | 15.03 | 依依股份 | 4.74 | | 社会服务 | 0.18 | 115.74 | 26.66 | 中公教育 | 9.92 | | 石油石化 | 0.17 | 73.45 | 20.54 | 东方盛虹 | 2.24 | | 食品饮料 | 0.12 | 266.62 | -2.14 | 欢乐家 | 11.32 | | 交通运输 | -0.31 | 168.54 | -16.50 | 龙洲股份 | -9.97 | | 汽车 | -0.38 | 678.22 | 22.35 | 明新旭腾 | -7.32 | | 家用电器 | -0.40 | 173.18 | -12.10 | *ST星光 | -4.85 | | 银行 | -0.42 | 16 ...

指数是洞察趋势、破解难题的"数字钥匙"。 回望"十四五"，中国经济的航船稳健前行，制造业投资持续增长，现代化产业体系加快建设，装备制 造"压舱石"作用持续凸显，"中国创新指数"持续向好。 2025中国企业家博鳌论坛期间，新华指数研究院发布"担当时代使命共创未来新篇"年度演讲，解码指数 背后的时代机遇，探寻"十五五"时期的高质量发展路径。 ——以指数洞察趋势，中国经济新动能处处涌动着蓬勃生机 在世界开放指数下降、经济与文化开放收紧的背景下，全球南方新兴市场的开放进程却在加快。新华社 研究院、新华指数研究院共同发布的《携手推动高质量发展共筑亚太命运共同体》智库报告，基于开 放、创新、绿色等多维数据分析指出，中国凭借超大规模市场优势与产业配套能力，在复杂外部环境中 为区域繁荣注入持久动力。 党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》， 将"建设现代化产业体系，巩固壮大实体经济根基"置于12项战略任务首位，首次提出建设能源强国， 为我国夯实发展根基指明方向。 绿色经济高质量发展态势愈发鲜明。如今，全国每3度电中就有1度来自绿电，为人工智能、算力等新兴 产业提供能源保障；20 ...

Core Insights - Unilever has officially announced the sale of its health snack brand Graze to Katjes International, with the deal expected to be completed by mid-2026 [2] - The sale is part of a strategic shift under new CEO Fernando Fernandez, focusing on higher-margin beauty, personal care, and health products [3] Group 1: Company Strategy - The divestment of Graze aligns with Unilever's broader strategy to streamline its portfolio, having previously announced the sale of its ice cream business and plans to dispose of nearly €8 billion in food operations [3] - Unilever's recent actions include selling its Italian pasta sauce retail business and the vegetarian brand The Vegetarian Butcher, indicating a trend towards reducing its food segment [3] Group 2: Financial Performance - Unilever's financial performance has been declining, with 2023 sales at €59.6 billion, a decrease of 0.8%, and net profit down 13.7% to €7.1 billion [4] - In 2024, sales increased slightly to €60.8 billion, a 1.9% rise, but net profit fell to €6.4 billion, down 10.8% [4] - The first three quarters of 2025 saw sales of €44.8 billion, marking a 3.3% decline, the first negative growth in three years [4] Group 3: Market Challenges - The sale of non-core businesses is seen as a way for Unilever to quickly raise funds and focus on high-margin areas, which is essential for long-term growth [4] - However, the company faces challenges such as potential market confidence issues, internal management complexities, and the competitive nature of the beauty and health markets [4]

根据消费者权益保护法，"消费者享有公平交易的权利"，"消费者在购买商品或者接受服务时，有权获 得质量保障、价格合理、计量正确等公平交易条件，有权拒绝经营者的强制交易行为"。 不得不说，这类商家的确是坏了良心，为了挣钱，对消费者什么套路都能玩，什么暗招都能使。360元 的文眉，从市场行情来看，的确不算太贵，但这只是一个诱饵，顾客一旦来店，等待的就是"坑蒙拐 骗"全件套，想要出门，就要付出数千，甚至上万元的高价。 要知道，一个普通的环卫工，收入本不高，一旦上了他们的圈套，特价套餐直接变成"套餐费29800 元"，大半年的收入或许就被榨干了。这样不择手段的做法，吃相的确难看。 千万不要以为，只要顾客付钱，什么买卖都能"铁板钉钉"，就能经得起检验。回看媒体披露的案情，顾 客躺在床上才做了一半的眉毛，店家非得给"升级套餐"，几名同伙轮流"做工作"，"从上午10点多到晚 上，除了上厕所就没从床上起来，其间上厕所也有女的跟着"，直到消费者被掏空了钱包，甚至临时开 通支付宝花呗扣钱。如此"敲骨吸髓"式服务，哪里是公平买卖，这是如假包换的强迫交易，已经触碰了 法律红线。 一起欺客案件引发了舆论关注。 刑法更规定了强迫交易罪，明 ...

Core Insights - The article discusses how individual entrepreneurs are leveraging Douyin (TikTok) to transform their hobbies and skills into successful businesses, highlighting various success stories and strategies employed by different entrepreneurs [1][37]. Group 1: Individual Entrepreneurs' Success Stories - Wenjie from Rizhao turned his passion for beachcombing into a thriving business by utilizing Douyin to attract customers through engaging video content [5][7]. - Wei Wei, the owner of Daiwei Beauty in Yushan, transitioned from being an apprentice to a business owner, using Douyin to build her personal brand and connect with local customers, which significantly improved her shop's foot traffic [15][21]. - Lao Yu, who has run Yuji Whole Lamb Restaurant for over 20 years, faced challenges in maintaining business during off-seasons but found a solution through Douyin by creating engaging food videos that attracted new customers and revitalized his business [26][29]. Group 2: Strategies for Leveraging Douyin - Entrepreneurs are encouraged to analyze audience preferences and feedback on Douyin to refine their offerings and marketing strategies, ensuring they meet customer expectations [11][24]. - Building a personal brand and engaging with customers through relatable content can enhance trust and loyalty, leading to repeat business [21][24]. - Utilizing Douyin for content marketing allows businesses to showcase their unique selling points and differentiate themselves in a competitive market [29][35]. Group 3: The Role of Douyin in Entrepreneurship - Douyin serves as a powerful platform for individual entrepreneurs to gain visibility, connect with potential customers, and drive sales through creative content [1][37]. - The platform enables entrepreneurs to adapt to market changes and consumer preferences, fostering a dynamic business environment [35]. - The success stories of various entrepreneurs illustrate the potential of Douyin to transform small businesses into thriving enterprises, contributing to a vibrant economic ecosystem [1][37].

Group 1: Pre-Consumption Strategies - Consumers are encouraged to conduct thorough research before making purchases, utilizing various sources such as search engines, social media, and professional forums to gather information about products and services [2] - It is important to critically evaluate user reviews on e-commerce platforms, focusing on negative and neutral feedback to identify genuine product issues while being wary of incentivized positive reviews [3] - The "Red and Black List" from the Black Cat Complaints platform serves as a tool for assessing company reputations, with red-listed companies showing high complaint resolution efficiency and black-listed companies indicating potential issues like fraud or poor service [4] Group 2: In-Consumption Risk Identification - Consumers should compare prices to avoid falling for deceptive pricing strategies, such as "inflated discounts," by using price comparison tools to verify historical pricing [5] - Careful reading of contract terms is essential to avoid hidden pitfalls, such as non-refundable fees or automatic renewals, which can lead to unfavorable situations for consumers [6] - It is advised to use secure payment methods and retain transaction records to facilitate potential claims or refunds in case of disputes [7] Group 3: Post-Consumption Rights Protection - The Black Cat Complaints platform allows consumers to publicly report issues, which can pressure companies to resolve complaints quickly due to the potential impact on their reputation [8][9] - For serious grievances, consumers can escalate complaints to the 12315 platform, which offers a structured approach to handling consumer rights issues with real-time sharing of information among regulatory bodies [10] - The overall emphasis is on proactive measures to prevent issues before they arise, ensuring that consumers are equipped to protect their rights effectively [11]

Core Viewpoint - The Chinese beauty industry is undergoing significant transformation, with a notable decline in small, individually operated beauty salons due to rising operational costs, increased competition, and changing consumer preferences towards branded services [1][2]. Industry Overview - The beauty market in China is valued at nearly 500 billion, with approximately one million beauty institutions, 90% of which are single-store operations, a figure that is rapidly changing [1][2]. - The industry is characterized by extreme fragmentation, with less than 0.1% of brands operating more than 20 locations [3]. Market Dynamics - Factors contributing to the decline of private beauty salons include high rental costs, intense customer acquisition competition, increased consumer trust in brands, and a lack of digital operational capabilities [2][3]. - The entry of capital has accelerated industry consolidation, exemplified by Meili Tianyuan's acquisition of major brands like Siyuanli and Nairui [2][4]. Consumer Behavior - Consumer behavior is shifting towards brand loyalty, with branded beauty institutions seeing search volumes 2.3 times higher than non-branded ones, leading to a 40% reduction in customer acquisition costs [3]. - The average transaction value increases by 20% to 50% with each level of brand recognition [3]. Operational Challenges - High operational costs, particularly in prime commercial areas, are squeezing the profitability of single-store operations, with annual rents in key areas reaching several million [3][4]. - The adoption of digital tools is becoming essential, with Meili Tianyuan investing over 200 million in developing proprietary systems to enhance service delivery [3]. Strategic Moves - Meili Tianyuan's strategy involves acquiring leading brands to gain quality membership assets and prime locations, while enhancing operational efficiency through digitalization and standardization [4][5]. - The company aims to maintain service quality while expanding, which is crucial given the industry's unique customer relationship dynamics [4][5]. Financial Performance - Post-acquisition, Nairui's single-store revenue increased by 44%, and profit margins improved from 6% to 11% [4]. - The company reported a cash balance of 2 billion and projected operating cash flow of 1 billion for the year, indicating strong financial health [7]. Market Positioning - Meili Tianyuan's recent IPO positions it as the last major player to enter the market before new regulatory challenges emerged, making future listings difficult [7][8]. - The company claims a dominant position in the high-end beauty market, suggesting a potential monopoly in the sector [7][8]. Future Outlook - The beauty industry is expected to continue evolving from a fragmented to a more consolidated structure, driven by digitalization and brand establishment [8][9]. - The growth is primarily supported by high-net-worth individuals, raising concerns about market segmentation and the sustainability of growth in the broader consumer base [5][9].

Core Viewpoint - The prepaid consumption model is increasingly popular in industries such as fitness, beauty, education, and training, but it carries risks such as business closures, service quality decline, and refund difficulties [1][3] Group 1: High Complaint Areas in Prepaid Consumption - Business closure and absconding are the most common disputes, where consumers are unable to recover prepaid funds after businesses suddenly shut down [1] - Service quality often declines after consumers purchase prepaid cards, with businesses reducing service standards or adding restrictions that contradict initial promises [1] - Difficulty in obtaining refunds arises when businesses refuse requests based on terms like "no refunds for prepaid cards" [1] - Disputes can occur when original businesses transfer ownership, and new operators do not recognize the remaining balance on prepaid cards [1] Group 2: Practical Tips for Avoiding Pitfalls - Consumers should investigate the business's qualifications and reputation by checking the "National Enterprise Credit Information Publicity System" and searching for complaint records on platforms like Black Cat Complaints [2] - It is advisable to be cautious with large prepaid amounts, adhering to legal regulations that suggest keeping prepaid amounts reasonable [2] - Consumers should insist on signing formal contracts when purchasing prepaid cards, clearly outlining terms and conditions [2] - Keeping all transaction evidence, including contracts, payment receipts, and promotional materials, is crucial for dispute resolution [2] Group 3: Diverse Channels for Consumer Rights Protection - Consumers can utilize various channels to protect their rights in case of disputes, including the 12315 hotline and the Black Cat Complaints platform, which offers a quick complaint processing system [3] - Specific industry-related complaint channels should be chosen for more effective resolution, such as local education authorities for education-related disputes or business departments for fitness and beauty complaints [3] - Awareness of consumer safety and effective use of complaint platforms are essential for safeguarding legal rights while enjoying the benefits of prepaid services [3]