Group 1: Tourism Market Growth - The cultural and tourism market is experiencing significant vitality during spring, with various activities and services enhancing consumer experiences and contributing to economic development [1] - The search volume for "flower viewing tours" has increased by 396% year-on-year, and bookings for such tours during the Qingming holiday rose by 45% compared to the previous week [1] - The "flower economy" is connecting multiple sectors including tourism, transportation, and e-commerce, showcasing its extensive appeal [1] Group 2: Culinary Trends - Spring-themed delicacies, particularly the Qingming festival's green rice dumplings, have seen a sales increase of over 80% week-on-week prior to the holiday [2] - The number of spring-themed restaurant group orders has surged by over 117% compared to the same period last year, with restaurants offering innovative dishes increasing by approximately 470% [2] - Spring cuisine is not only a culinary delight but also a cultural expression, stimulating the restaurant market and related industries [2] Group 3: Outdoor Consumption Surge - There is a notable increase in outdoor activities as consumers engage with nature, with significant sales growth in outdoor gear and camping equipment [3] - Sales of outdoor protective clothing and accessories surged leading up to the Qingming holiday, alongside a rise in demand for cycling and camping products [3] - The outdoor consumption trend aligns with consumer desires for health and leisure, presenting new growth opportunities for related industries [3]

Core Viewpoint - The company, Sumida, reported a revenue of 117.17 billion yuan in 2024, a decrease of 4.75% year-on-year, while net profit attributable to shareholders increased by 11.69% to 1.15 billion yuan, indicating a focus on enhancing operational efficiency and resilience in a challenging economic environment [28]. Company Overview - Sumida operates in various sectors including shipbuilding and shipping, diesel generator sets, outdoor power equipment, clean energy, ecological environmental protection, and textile and apparel [4][14]. Industry Situation Shipbuilding and Shipping - In 2024, China's shipbuilding completion volume reached 48.18 million deadweight tons, a year-on-year increase of 13.8%, with new orders rising by 58.8% to 113.05 million deadweight tons, and the hand-held order volume increasing by 49.7% to 208.72 million deadweight tons [4]. - The Baltic Dry Index (BDI) averaged 1,754.7 points in 2024, up 27.3% year-on-year, with the Capesize Index (BCI) seeing the largest increase of 37.85% [5]. Diesel Generator Sets - The diesel generator set market is benefiting from the implementation of national initiatives like "new infrastructure" and "East Data West Computing," leading to significant growth opportunities [6]. Outdoor Power Equipment (OPE) - The global OPE market is dominated by North America and Europe, accounting for over 85% of demand, with a steady growth trajectory under the dual carbon goals [7]. Clean Energy - In 2024, China's newly installed photovoltaic capacity reached 277.57 GW, a year-on-year increase of 28.3%, while the export value of photovoltaic products fell by 33.9% to approximately 32.02 billion USD [8]. Ecological Environmental Protection - The government continues to promote pollution prevention and ecological restoration, with a focus on reducing emissions and enhancing green transformation [9]. Textile and Apparel - China's textile and apparel export value reached 301.1 billion USD in 2024, a year-on-year increase of 2.8%, with textile exports growing by 5.7% and apparel exports by 0.3% [11]. Financial Performance - The company achieved a total import and export volume of 12.93 billion USD in 2024, a year-on-year increase of 5%, with exports amounting to 5.48 billion USD, up 12% [28]. - The company's supply chain segment generated a revenue of 83.51 billion yuan, contributing significantly to overall performance [32]. Strategic Initiatives - The company is focusing on dual circulation development, enhancing international and domestic market capabilities, and leveraging the Belt and Road Initiative to boost exports to participating countries [33]. - The company is also investing in digital transformation and innovation to improve operational efficiency and customer engagement [39].

一、岷山环能高科股份公司 1、基本信息 文/梧桐数据中心 4月11日，IPO共审核2家公司（北交所、深主板各1家），2家均获通过。 岷山环能 是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的资源生产和资源综合利用企业。何秋安直接持有公司7,292.74万股股份，直接持 股比例为36.73%，为公司控股股东；何秋安、王爱云为夫妻关系，何占源为何秋安与王爱云之子，三人合计控制公司股东大会表决权的比例为59.61%，为公司的 实际控制人。报告期内，公司营业收入分别为259,900.99万元、293,971.77万元和289,502.11万元，扣非归母净利润分别为4,613.12万元、5,973.22万元和6,655.00万 元，但2020年高达9 ,992万元，近5年波动较大；公司主要产品"铅锭-原生铅"属于"高污染、高环境风险"产品，已制定产能压缩计划，因违反限产要求2022年被罚9 万元；报告期员工人数持续下降，未缴纳"五险一金"的员工占比较大。 悍高集团 主要从事家居五金及户外家具等产品的研发、设计、生产和销售。悍高管理持有公司25,851.24万股股份，占公司股本总额的71.81%，为公司控 ...

Core Viewpoint - The acquisition of New潮传媒 by 分众传媒 for 8.3 billion yuan is a strategic move to expand its market presence and enhance its competitive position in the outdoor advertising industry, particularly in the elevator advertising segment [1] Strategic Motives and Transaction Logic - Business Complementarity: The merger combines 分众's focus on high-end office buildings and core business districts with 新潮's presence in lower-tier cities and communities, creating a comprehensive media network that enhances advertising reach [2] - Policy and Timing: The acquisition benefits from favorable regulatory conditions that encourage mergers and acquisitions, with 新潮's improving financial status reducing integration risks [3] - Transaction Structure: The deal's valuation has raised concerns, but the share payment structure aligns long-term interests of 新潮's shareholders with 分众's growth potential, suggesting significant profit increases post-merger [4] Industry Impact and Future Challenges - Market Share Increase: Post-acquisition, 分众's market share in outdoor advertising will rise to 17.2%, still below leading global competitors, indicating limited overall market impact but strengthening 分众's competitive edge [5] - Competitive Landscape: The elimination of 新潮 as a major competitor may alleviate pricing pressures, allowing 分众 to enhance its pricing power in the market [5] - Digital Integration: The integration of 新潮's digital capabilities into 分众's operations is expected to attract more small and medium-sized advertisers, leveraging AI for precise marketing strategies [5] - Long-term Growth: The success of this acquisition hinges on balancing scale advantages with technological empowerment, which is crucial for the high-quality development of the advertising industry in China [6]

01、增长，可以很确定 近年以来，专业户外品牌开始扎堆选择唯品会。 在做2024年的复盘时，专业户外品牌凯乐石发现了一组让他们兴奋的数据：2024年，在特卖电商 平台唯品会上，凯乐石年销百万的爆款单品同比增长350%。同时，唯品会上，女性对凯乐石的购 买人数超过男性，女性用户占比近70%，远超其他电商平台。 如果把2 0 2 1年当作户外元年，那么今年已是户外走入大众视野的第五年，户外赛道也开始从 高速增长的蓝海逐渐进入竞争激烈的阶段，几乎所有的品牌都在思考：未来的增量在哪里？ 对于专业户外品牌来说，增量源于"破圈"：从小众走向大众，从男性走向女性，从发烧友走 向家庭。以女性用户、家庭消费为核心的唯品会被越来越多的专业户外品牌作为下一轮的增 长点。 诸多专业户外品牌在唯品会连续几年销售额增长5 0%以上；凯乐石与唯品会打造的唯品独家 产品销量同比倍增；伯希和多个主力品类销售额同比增长1 0 0%；骆驼爆款单品单月销售额破 千万…… 唯品会提供的确定性流量、复购率极高的忠实用户与差异化爆款打造逻辑，已经成 为诸多专业户外品牌扎堆涌入唯品会的重要原因。 伯希和电商运营经理牧童（花名）表示，唯品会超V会员体系、品牌 ...

Core Insights - Aike Technology Co., Ltd. is transitioning from outdoor landscape lighting to the promising field of new energy vehicles (NEVs) due to declining demand in its traditional market [1][4] - The NEV market is experiencing explosive growth, with production and sales reaching 12.888 million and 12.866 million units respectively in 2024, marking year-on-year increases of 34.4% and 35.5% [1] - Aike has acquired a 64.87% stake in Wuxi Shuguang Precision Industry Co., Ltd. for 247 million yuan, enhancing its strategic position in the NEV market [2][3] Company Strategy - Aike aims to leverage Wuxi Shuguang's technological advancements in core components like drive motor cores and lightweight parts to drive growth in the NEV sector [3][4] - The acquisition is seen as a significant milestone in Aike's strategic transformation, focusing on innovation and resource integration to foster high-quality development [4][5] - Aike holds 345 patents as of June 30, 2024, indicating a strong commitment to technological innovation and R&D investment [3] Market Position - Wuxi Shuguang has established solid partnerships with leading automotive companies and has made significant breakthroughs in manufacturing processes for drive motor cores, positioning it favorably in the NEV supply chain [2][3] - The collaboration between Aike and Wuxi Shuguang is expected to enhance market expansion and technological synergy, creating new growth opportunities in the NEV market [2][3]

Core Viewpoint - The partnership between TExplorer and Wenchang aims to leverage brand advantages and integrate tourism resources to develop a space-themed tourism project in Wenchang, highlighting the potential for collaboration in aerospace technology and commercial applications [1][3]. Group 1: Company Initiatives - TExplorer has signed a framework agreement with Wenchang to establish a comprehensive tourism strategy focused on aerospace [1]. - The company plans to collaborate with local enterprises and research institutions to explore innovative models that combine aerospace technology with industry [1][3]. - TExplorer has previously developed over ten types of space suits and related gear for astronauts, achieving 100% domestic production [3]. Group 2: Industry Context - Wenchang is positioned as a key player in China's commercial aerospace sector, with a focus on integrated development of "arrow-star-field-application" [3]. - The region is developing a modern industrial system that includes aerospace support, tourism, and educational initiatives [3]. - The partnership is seen as a new starting point for value creation, aligning national strategies with brand development [4]. Group 3: Future Outlook - TExplorer is optimistic about the growth of the Hainan Free Trade Port and Wenchang International Aerospace City, aiming to merge regional advantages with technological and market strengths [4]. - The collaboration is expected to inject new momentum into China's aerospace industry and enhance the vitality of Hainan's free trade port [4].

不过，帐篷、天幕、露营桌椅等装备的复购率并不高，如何吸引新的增量？成为牧高笛们亟需面对的挑 战。 春日露营热 入春的周末，21世纪经济报道记者探访了杭州运河体育公园和大运河杭钢公园，可谓露营氛围感拉满。 在公园的草坪上，各式各样的帐篷和天幕错落分布，不少亲子家庭、年轻朋友结伴而来露营，同来的孩 子们嬉戏奔跑，或是遛狗，或是放风筝，开启"春日模式"。 公开信息显示，一线、新一线都市人群是露营的主要客群，其中女性是主要决策者，占比高达64%；而 在消费者性别年龄分布上，热爱自然、追赶潮流的90后、00后年轻人与重视孩子体验式教育的80后成为 露营圈的两大"主力军"。 21世纪经济报道记者朱艺艺 杭州报道 3月底，杭州气温渐升，放晴的周末，晓宇（化名）自驾带上一家人来到杭州"新晋网红地"大运河杭钢 公园，搭起帐篷，铺上野餐垫，享受户外时光。 事实上，"城市周边露营好去处"已成为小红书上的近期热门话题，吸引了1.7亿浏览量，144.2万的讨 论，除了杭州，上海、深圳、成都、长沙等城市的露营笔记均排名靠前。 随着春季露营热潮兴起，牧高笛、凯乐石、北面、探路者、骆驼等户外装备品牌也被带火。 "露营经济"的火热也反映到A股 ...

今年的天猫TopTalk，味道不同往年。 用作主会场的北外滩世界会客厅星空厅，常规容量是460个座席，TopTalk当天临时添加到1000多个。华熙生 物董事长赵燕现场听完天猫2025年的扶优策略后，连说了好几次"充满信心"。 天猫的策略表述，与往年也有明显区别。 施策对象不再雨露均沾，而是明确"扶优"、"支持有原创性有创造 力的优质品牌"。 具体策略集中在新品、品牌会员、现金返佣、全域获客等几个焦点上。 TopTalk发布的策略不是陡然推出，而是在快消、服饰、运动户外三个行业试点了几个月，现场让品牌方看 到数据结果，再向所有行业推行。 品牌今年态度为何变化？天猫为什么要点明扶优和原创? 这些都指向了当前品牌生态的现状： 劣币驱逐良币、抄袭驱逐创新、算法指挥棒下普遍的无力感。 到了要变的时候了。 宽门的甜蜜诱惑 一组数据，折射出当今消费品牌的创新倒退。 2024年注册备案的化妆品新品数量，较2023年减少了3%。尤其是成熟品牌，去年1—10月，国际化妆品十巨 头在中国注册备案的新品数量，同比下跌了14.6%。有头部品牌的新品数甚至下跌超过40%。 消费品行业，新品是品牌的生命线。一个品牌如果不持续推新，一味吃 ...

NOMURA 野村东方国际证券 一分钟了解日本 -日本"情绪消费"产业 上期我们介绍了在日本经济转型期下应运而生的三类"情绪消 费"。本期. 我们进一步探索在年轻人这三类情绪消费下衍生出 来的细分产业及产品。 特色住宿产业 Emo和Chill消费 "废校民宿"等 改造酒店兴起,利 即时成像相机 用老旧建筑打造 差异化体验 拍立得在手机拍 照冲击下,借助 户外运动产业 情怀与韩流再度 热销 骑行、登山露营 市场持续增长, "Solo 露营"愈 反能量饮料产业 发流行 内容来源 本内容根据野村东方国际证券2025年1月22日发布的证券研究报告《日本新消费研究之现象篇：情绪、情感和自我满足》 分析师 张影秋 （SAC执证编号：S1720522110001） 曾万霖 （SAC执证编号：S1720524050001） 往期推文回顾 一分钟了解日本｜日本"情绪消费"新潮流 本材料虽由野村东方国际证券有限公司（以下简称"本公司"或"我们"）研究部提供，但并非我们发布的证券 研究报告，仅系我们根据本公司已正式发布的研究报告内容制作。我们不保证本材料内容、观点、文字与正 式出具的研究报告保持完整性、一致性，您应通过查阅本公司正 ...