以下文章来源于每日人物 ，作者每人作者 每日人物 . 轻商业，懂生活。 因为高温买了防晒口罩的年轻人，轮番被价格和防晒效果背刺。 文 ｜ 李清扬 编辑 ｜ 西打 来源｜ 每日人物（ID：meirirenwu） 封面来源 ｜ 视觉中国 最热夏天，最热单品 对着镜子摘下口罩的一瞬间，陌陌人傻了。被防晒口罩遮住的，从鼻梁到下巴的部分变得黑黝黝的，与没有口罩遮挡的额头形成了明显的色差，"不知道的 还以为我戴了个吸热面罩"。 陌陌今年刚参加完高考，6月下旬成绩放榜后，她给自己安排了一次三亚潜水之旅。去得急，没带什么防晒的东西，她只能随手在便利店买了一个防晒口 罩，没想到还是晒黑了。 戴了防晒口罩还被晒黑，并不是个例。上海女孩安安为了防晒，从家里到地铁站的步行十分钟的时间都会认真戴着防晒口罩。令她意外的是，仅仅过了一 周，她的双颊反而变得更黑了，还出现了炎症，泛着明显的红血丝。 她检索了一番资料才发现，原来在高温下，一直捂着皮肤导致升温，也会使得皮肤变黑——可能不是晒黑的，而是热黑的。因为高温下，皮肤受到热应激的 刺激，会让黑色素细胞变大变活跃，比紫外线更容易伤害皮肤。 图 / 视觉中国 最基础的是遮住半张脸的，但戴了几 ...

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][12]. Core Views - The company has shown strong performance in the second quarter, with diversified brand advantages becoming evident. The retail sales of the Anta brand achieved low single-digit growth year-on-year in Q2 2025, while FILA brand sales saw mid-single-digit growth. Other brands (excluding those added after April 1, 2025) experienced a remarkable year-on-year growth of 50-55% in Q2 and 60-65% in H1 2025 [3][6]. - The report expresses optimism about the company's performance in the sports and outdoor apparel sector in 2025, anticipating continued market share expansion due to the broadening brand matrix. However, profit forecasts for 2025-2026 have been adjusted downwards due to uncertainties in the consumer market [6]. Summary by Sections Financial Performance - For 2023A, the company reported revenue of 62,356 million, with a year-on-year growth of 16.2%. The net profit was 10,236 million, reflecting a 34.9% increase. The gross margin stood at 62.6% and the net margin at 16.4% [5][10]. - Projections for 2024A to 2027E indicate a steady increase in revenue, with expected figures of 70,826 million (2024A), 80,918 million (2025E), 91,792 million (2026E), and 104,649 million (2027E). The net profit is projected to be 15,596 million (2024A), 13,412 million (2025E), 15,045 million (2026E), and 17,281 million (2027E) [5][10]. Profitability Ratios - The report highlights a gross margin of 62.2% for 2024A, expected to rise to 63.5% by 2026E. The net profit margin is projected to be 22.0% in 2024A, decreasing to 16.5% by 2027E [11]. - Return on equity (ROE) is expected to remain stable around 19.6% for 2025E and 2026E [11]. Balance Sheet - The total assets are projected to grow from 112,615 million in 2024A to 142,268 million by 2027E. The company maintains a healthy liquidity position with a current ratio of 2.1 in 2024A, expected to improve to 2.8 by 2027E [9][11]. - The debt-to-asset ratio is projected to decrease from 40.7% in 2024A to 32.7% by 2027E, indicating improved financial stability [11]. Cash Flow - Operating cash flow is expected to be 16,741 million in 2024A, with a gradual increase to 21,325 million by 2027E. Investment activities are projected to have negative cash flow, indicating ongoing investments in growth [9][10].

跳出丝绸做丝绸"万事利创意开发了上千款丝绸文创礼品,全年打造25款百万级以上爆款产品,其中不乏多 款销售额突破千万元的现象级单品。早在2023年,万事利就在天猫平台以爆款丝巾单品销售额突破1300 万元,霸榜类目第一位,充分展现了品牌强大的市场号召力与产品创新能力。 近日,权威市场研究机构尚普咨询发布的最新数据显示,中国丝绸行业领军企业--万事利丝绸凭借卓越的 市场表现。成功登上全国丝绸销量第一品牌的宝座,并获得官方权威认证。这一成绩不仅确立了万事利 在行业内的标杆地位,彰显了中国丝绸企业的品牌影响力与引领作用,也充分印证了传统丝绸产业在创新 驱动下焕发出的蓬勃生机。 7月17日，万事利（301066.SZ）公告称，本次向特定对象发行股票的数量为4608.29万股，发行价格为 13.02元/股。发行募集资金总额约为6亿元，募集资金净额为5.85亿元。本次发行对象共计17名，涵盖了 多家投资机构，包括丝弦投资、财通基金管理有限公司、诺德基金管理有限公司等。其中丝弦投资获配 2000万元，自发行结束之日起18个月内将受到转让限制，其余对象认购的股票锁定期为6个月。这些资 金的注入进一步增强了公司的资本实力，为公司 ...

Group 1 - The core viewpoint is that the consumer goods industry is a traditional advantage and important livelihood industry in China, significantly contributing to economic growth and foreign trade exports [1] - In the first half of the year, the added value of the consumer goods industry and the value of export delivery accounted for 27.1% and 25.1% of the total industrial output, respectively [1] - The digitalization of light industry enterprises has reached a tool penetration rate of 86.2%, with management digitalization at 82.3%, laying a strong foundation for the mass production of high-value-added products [1] Group 2 - The textile industry has achieved a numerical control rate of key processes at 65.6% and a digital design tool penetration rate of 84.3% as of the first half of the year [2] - The average carbon emission intensity in the textile and apparel industry has decreased by over 14% in the past two years, indicating ongoing efforts in energy conservation and carbon reduction [2] - The Ministry of Industry and Information Technology has implemented digital transformation plans across various industries, including textiles, light industry, food, and pharmaceuticals, focusing on 82 typical scenarios for intelligent transformation [2]

Core Viewpoint - The report outlines the performance and investment strategy of the Galaxy and Beautiful Life Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on long-term stable growth through investments in high-quality companies aligned with the "Beautiful Life" theme, which includes health, happiness, and safety aspects [1][2][3]. Fund Overview - The fund aims to achieve long-term stable appreciation of assets while controlling investment risks by selecting high-quality, growth-oriented companies that fit the "Beautiful Life" theme [2]. - The investment strategy includes asset allocation, stock investment, bond investment, asset-backed securities, stock index futures, warrants, and depositary receipts [2]. Investment Theme - The "Beautiful Life" theme focuses on three dimensions: - Health: Industries related to health such as food and beverage, textiles, and pharmaceuticals [3]. - Happiness: Industries enhancing life satisfaction, including leisure services, TMT (Technology, Media, and Telecommunications), transportation, and new energy [3]. - Safety: Industries that enhance life security, such as real estate, finance, and national defense [3]. Performance Metrics - The fund's performance benchmark is a combination of the CSI 800 Index return (70%) and the CSI All Bond Index return (30%) [4]. - The fund's risk-return profile is higher than money market and bond funds but lower than equity funds [4]. Financial Indicators - As of the end of the reporting period, the total fund shares amounted to 273,812,775.13 [2]. - The net value growth rates for the Galaxy and Beautiful Life Mixed A and C funds were -5.88% and -6.02%, respectively, against a benchmark return of 1.52% during the same period [11]. Asset Allocation - The fund's asset allocation at the end of the reporting period was primarily in stocks, accounting for 86.65% of total assets, with no investments in bonds or asset-backed securities [12]. - The largest sector allocation was in the information transmission, software, and IT services sector, comprising 52.02% of the fund's net asset value [12]. Fund Management - The fund manager, Galaxy Fund Management Co., Ltd., has committed to managing the fund with integrity and diligence, adhering to legal regulations and aiming for the long-term benefit of fund shareholders [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is focusing on high-quality development in the new Olympic cycle, despite short-term revenue slowdown [1] - The company has adjusted its earnings forecasts for 2025-2026 and introduced a forecast for 2027, expecting EPS of 0.92, 1.05, and 1.20 RMB respectively [2][8] - The target price is set at 20.07 HKD, based on a 20x valuation for 2025 [2][8] Financial Performance Summary - Revenue for 2023 is projected at 27,598 million RMB, with a year-on-year growth of 7.0% [2] - Operating profit is expected to decline to 4,256 million RMB in 2023, reflecting a decrease of 21.4% year-on-year [2] - Net profit attributable to the parent company is forecasted at 3,187 million RMB for 2023, down 21.6% year-on-year [2] - The company anticipates a net decrease of approximately 10 direct stores and an increase of around 40 franchise stores in 2025 [7] - The gross margin is expected to be 48.4% in 2023, with a slight increase to 49.1% by 2027 [2][11] - The net profit margin is projected to decline from 11.5% in 2023 to 8.2% in 2025, before recovering to 9.5% in 2027 [2][11] Market and Competitive Landscape - The retail environment is becoming increasingly competitive, with intensified discounting pressures from international brands [7] - The company is expected to increase marketing expenditures in the second half of 2025 and throughout 2026 to support sustainable growth [7] - The major shareholder has shown confidence in the company's long-term prospects by increasing their stake by approximately 1.11% [7]

Core Viewpoint - The article highlights the booming sales of sun protection products during summer, while also addressing consumer concerns regarding misleading claims, material composition, and excessive marketing tactics in the industry [1]. Group 1: Standards and Performance - UPF50+ is the highest level of sun protection according to national standards, with UPF values of "UPF40+" and "UPF50+" being the only recognized levels. Claims of "UPF200+" or higher are likely exaggerated [2]. - The effectiveness of sun protection clothing is determined by the material and craftsmanship, with polyester and nylon being common fabrics. Tighter woven fabrics generally offer better protection [3]. Group 2: Comfort and Durability - Consumers should prioritize comfort by choosing breathable designs and balancing price with quality. High prices do not always guarantee high protection, while very low prices may indicate poor quality [4]. - Durability is crucial; proper washing and storage methods are recommended to maintain the integrity of sun protection clothing. Signs of wear, such as thinning fabric or loss of protective coating, indicate the need for replacement [5]. Group 3: Marketing and Consumer Awareness - Many products use marketing tactics that exaggerate their benefits, such as claiming to include high-tech elements or skincare ingredients without scientific backing. Consumers should verify the consistency of testing reports and the credibility of testing institutions [6].

Core Viewpoint - The frequent changes in control of listed companies, exemplified by *ST Jinbi's abrupt termination of its control transfer, highlight regulatory scrutiny and the complexities involved in such transactions [1][5]. Group 1: Company Specifics - *ST Jinbi announced a control transfer to Shanghai Yuanyi Chengwu Technology Co., Ltd. on June 6, 2023, but this was terminated less than two months later due to regulatory issues concerning the acquirer's actual controller [2][3]. - The company, established in 1996, focuses on mid-to-high-end maternal and infant products, with brands including "LABI BABY," "I LOVE BABY," and "BABY LABI" [2]. - The proposed share transfer involved 47.085 million shares, representing 13.30% of the total share capital, at a price of 7.34 yuan per share, totaling 346 million yuan [2][3]. Group 2: Regulatory Issues - The Shenzhen Stock Exchange issued a regulatory letter to Yuanyi Chengwu and its actual controller, Chen Keru, for failing to disclose that the ultimate controlling entity, Haoran Chunhui, was under court-ordered liquidation [4]. - The control transfer was halted due to uncertainties arising from the acquirer's family asset liquidation disputes, leading to mutual agreement to terminate the transaction [3][4]. Group 3: Industry Trends - Over 75 listed companies in A-shares have announced control changes this year, with more than 10 successfully completing transfers and three, including *ST Jinbi, terminating their transactions [5]. - The trend of control changes spans various industries, including textiles, chemicals, machinery, and pharmaceuticals, with over 40% of these companies reporting losses in 2024 [5][6]. - The involvement of private equity and local state-owned enterprises in acquiring control of listed companies is notable, with several transactions completed or in progress [6].

面对复杂多变的国际环境，世界不仅没有与中国脱钩，反而更加依赖中国。 对中国外贸人而言，"十四五"时期无疑是一场严峻的大考。全球疫情与贸易摩擦的双重冲击，构成了前 所未有的复杂变局。 然而，在这风云激荡的5年里，危机与机遇并存——外贸不仅上演了亮眼开局，而且全球市场对中国制 造业的依赖有增无减。 公开数据显示，目前中国制造业增加值占全球30%以上，总体规模连续15年保持全球第一。根据联合国 发布的《工业化的未来》报告，中国的工业产值预计将在2030年占全球总量的45%。 "对外贸易的增长根本上取决于一个国家的生产力，一旦生产力够强、效率够高，这个国家能为全球提 供产品的能力就越强，这将形成一个趋势。"上海社科院经济研究所研究室主任、研究员詹宇波告诉第 一财经，中国制造业在全球市场的占比不断提升，说明大家对中国参与全球分工、扩大对外贸易规模是 有共识的。 面对复杂多变的国际环境，世界不仅没有与中国脱钩，反而更加依赖中国。对外经济贸易大学中国 WTO研究院院长、教授屠新泉对第一财经表示，中美之间的直接依赖程度下降，但间接依赖程度却在 提高，因为中国产业链与第三方国家或地区的合作关系越来越紧密。因此，从增加值来看，美 ...

Group 1 - The core message emphasizes the shift from plastic to cotton-based medical supplies, highlighting the environmental benefits of using cotton in surgical settings [1][7] - The "Global Production" interactive area at the exhibition showcased the transformation of cotton into high-quality medical products, reflecting the global strategy of companies like Steady Medical and All Cotton Era [3] - The collaboration between Steady Medical and All Cotton Era, along with industry partners, led to the launch of the "Green Win Chain Initiative," aimed at promoting sustainable practices in the supply chain [5] Group 2 - All Cotton Era has innovatively applied "Cotton Tech" to create a variety of products, including medical-grade gauze for civilian use, enhancing the versatility of cotton applications [5] - Steady Medical introduced a "Green Operating Room" solution to reduce plastic waste in surgical environments, demonstrating a commitment to eco-friendly practices [7] - The event attracted attention from international delegations and government leaders, showcasing the potential of the Chinese cotton industry as a leader in green development [7]