Core Viewpoint - New Xunda (300518.SZ) is selling its entire stake in Huali Technology (301011.SZ) to enhance liquidity due to unsatisfactory results from its dual business strategy [1][2] Group 1: Asset Management - New Xunda plans to sell all shares of Huali Technology, having previously acquired 402,000 shares for 52.26 million yuan in 2018, becoming the third-largest shareholder [2][3] - As of June 17, 2023, New Xunda holds 294,250 shares of Huali Technology, representing 2.01% of its total issued shares, with a potential cash-out value of approximately 88.83 million yuan [2][4] - The company has executed three reduction plans for Huali Technology shares since 2023, indicating a strategic shift to focus on core business and improve asset liquidity [4][5] Group 2: Financial Performance - New Xunda has reported consecutive losses in 2023 and 2024, totaling 513 million yuan over three years of dual business operations [6][7] - The revenue from the new energy business in 2024 was only 1.76 million yuan, accounting for 1.09% of total revenue, reflecting a 50.42% year-on-year decline [6][7] - The company’s total revenue dropped significantly from 5.15 billion yuan in 2022 to 2.5 billion yuan in 2023 and further to 1.61 billion yuan in 2024, with net losses of 255 million yuan and 316 million yuan respectively [6][7] Group 3: Strategic Shift - New Xunda is transitioning its strategy from "live e-commerce" to "direct e-commerce," facing increased competition and declining sales in the live channel [7] - The company has incurred significant asset impairment losses of 173 million yuan, contributing to its financial struggles [7] - Despite the dual business model, the new energy sector has not yet provided substantial revenue support, indicating a need for reevaluation of the business strategy [6][7]

Group 1: Business Environment Reform - Hangzhou has implemented a 2025 business environment reform list focusing on 18 areas with 110 reform measures to create an optimal business environment [1] - The keyword "AI empowerment" is frequently mentioned, including the implementation of "Artificial Intelligence+" actions to accelerate AI applications in key social sectors such as transportation, healthcare, commerce, and education [1] Group 2: Live E-commerce Industry - Over 1,000 live e-commerce companies in Hangzhou High-tech Zone (Bingjiang) are actively preparing for the upcoming "618" shopping festival [1] - The Bingjiang District has established a collaborative ecosystem involving government, industry associations, and judicial bodies to promote healthy industry development [3] Group 3: Legal Support and Compliance - The Bingjiang District Live E-commerce Association released compliance guidelines for the industry, and the Bingjiang Court established a "Shared Court (Live Industry Service Station)" to provide timely legal services [3] - The Hangzhou court has introduced 16 measures in the latest version of its business environment initiatives, focusing on supporting innovation and enhancing intellectual property protection [5] Group 4: Intellectual Property Protection - Hangzhou courts have strengthened intellectual property protection in the AI sector, with a focus on patent and trademark rights [5] - The courts have actively handled cases involving infringement of intellectual property rights, including a notable case where a store owner was sentenced to three years for unauthorized use of copyrighted material [6] Group 5: Market-based Dispute Resolution - Hangzhou has pioneered a market-based dispute resolution mechanism, integrating professional mediation forces to resolve commercial disputes effectively [8] - The market-based mediation model has achieved a success rate of 70% in resolving contract disputes through professional lawyer mediation [8] Group 6: Bankruptcy and Corporate Rescue - The Hangzhou courts have developed a system to assist struggling companies through bankruptcy reorganization, focusing on those with potential for recovery [10] - A case study of Hui'er Molybdenum Technology Co., Ltd. illustrates the successful application of bankruptcy reorganization, allowing the company to recover and achieve significant sales growth [11][12] Group 7: Future Prospects - Companies in Hangzhou are optimistic about future growth, with plans for increased sales and profitability following successful restructuring efforts [13]

Core Viewpoint - The article discusses the evolution of Dong Yuhui's live-streaming style, shifting from a cultural and knowledge-based approach to a more commercial and price-focused strategy, reflecting broader trends in the live commerce industry [2][3][5]. Group 1: Changes in Dong Yuhui's Live Streaming Style - Dong Yuhui has altered his live-streaming approach, moving away from highbrow cultural references to more relatable anecdotes and commercial tactics [2]. - The shift began in January 2023, with Dong adopting a more theatrical negotiation style during product promotions, indicating a departure from his previous persona [2][3]. - The live commerce landscape is witnessing a trend where top influencers, including Dong, are distancing themselves from their original styles to adapt to market demands [2][8]. Group 2: Market Trends and Consumer Behavior - The live commerce sector has become saturated with knowledge-based content, leading to a decline in the novelty of Dong's initial approach [4][5]. - Approximately 80% of Chinese consumers prioritize price and discounts when shopping through live streams, indicating a shift in consumer preferences towards value [5][6]. - Data shows that 67% of middle-class families in Beijing are shifting towards more affordable alternatives, reflecting a broader trend of price sensitivity among consumers [6][7]. Group 3: Performance Metrics and Audience Engagement - Dong Yuhui's live-streaming sessions have seen significant viewer engagement, with a peak of 18.54 million viewers and sales reaching 1.67 billion yuan in a single day [8]. - However, there is a noticeable slowdown in growth metrics, with a decline in average daily viewers and follower growth in 2025 compared to previous periods [7][8]. - Despite the challenges, Dong's audience has diversified, with 40% of viewers now coming from lower-tier cities, indicating a broader reach [12]. Group 4: Industry Dynamics and Competitive Landscape - The live commerce industry is facing a slowdown, with growth rates dropping from triple digits to single digits, and a projected growth of around 18% from 2024 to 2026 [10][11]. - The reliance on top influencers is decreasing, with more brands turning to smaller creators for sales, as evidenced by the increase in the number of new influencers on platforms like Douyin [10][11]. - Regulatory pressures and market saturation are prompting top influencers to adapt their strategies, with many opting for a more subdued presence during major sales events [10][11][16].

直播湍流里，太多普通人想浮出水面，身处其中的运营和主播拧成一股绳，力求方向一致并利益共享。但更多的时候，运营像是推主播出水的大手，用在线 人数、GMV、转化率等诸多数据量化主播的成功与否。跳动的数字直接决定直播间的流量分配。 临近"6·18"，MCN机构的运营团队紧绷神经。一场长达12小时的直播，他们正是背后的"操盘手"，用一套"隐形公式"复制直播神话：为200个品排序、向商 家索要优惠、调节主播播品节奏、观察流量起伏。所有操作指向同一个目标：拉升转化率。运营和主播非常清楚：错过了这波流量，大概率再也起不来了。 ngele the with the first of the first of the first of the first of the first and 3 运营正在挑选样衣 运营负责控场 加恩，在蘑菇街MCN机构做运营。运营，则是保障直播顺利进行的关键角色，需要在品牌诉求、平台机制、主播调性这三者关系中长袖善舞。在主播眼 里，运营是帮他们实现梦想的最强大脑；在品牌商眼中，运营谙熟流量秘籍，随便出手即刻打出爆款；但是只有运营自己知道，那些亮眼的GMV背后，是 环环相扣的运营策略。 运营与主播需 ...

泡泡玛特旗下盲盒LABUBU从中国火遍了全球。对现在的年轻人而言，它更像是一种"视觉化的情绪表达"，随着盲盒等商品的风靡，直播间对对碰、推推 乐、消消乐等互动玩法同样火爆出圈，然而这类直播间购物的背后，是否藏有"猫腻"？江苏省消保委近日进行了调查，揭秘"对对碰"直播间购物的"玄 机"。 花样繁出的"对对碰" 日用品最受青睐 "对对碰"是将拆盲盒与直播相结合的新型直播互动模式，消费者购买盲袋或盲盒后，主播现场拆开。若拆出两个相同颜色或相同款式，再或是用户指定 的"许愿色"商品，即触发"碰中"等规则，消费者最终获得所有拆开的商品。 图 "消消乐"直播间 图 "掷骰子"直播间 图 "推推乐"直播间 图 "麻将玩法"直播间 在某零食"对对碰"直播间，体验人员花费129.9元下单"山姆会员店肉肉零食对对碰"26小袋，收到的产品为拆包分装，装在一个透明塑料袋中。分装产品 中有去骨凤爪、猪肉松条、风干牛肉、脱骨鸭掌等。其中去骨凤爪、风干牛肉、卤汁牛腱均无生产厂家、生产日期等标识信息，产品还标注"非最小销售 单元"。 图 "对对碰"类直播带货存在的问题（多选） 体验人员在某食玩"对对碰"直播间购买"巧克力食玩""小面包食玩" ...

"你好，我是小黄，很高兴来到tk，给大家跳个舞助助兴。" 4月24日，小杨哥大徒弟"红绿灯的黄"在其TikTok账号上正式发布了一条官宣入驻的作品。 红绿灯的黄 TikTok账号截图 对于小黄的入驻，部分网友表示质疑，"真的是本人？"、"陆服大家都混不下去了，太卷了，全来国际服避难"。 但也有网友表达了支持和追随声，"从抖音追来tk了，好久没看到小黄了"、"欢迎你们希望你们能改改国际版的直播风气"。 单月狂揽20万粉丝，直播打赏单场超10万美元（约71万人民币），一度登顶东南亚（越南）直播日榜，从国内争议漩涡到国际平台顶流，"疯狂小杨哥"爱 徒"红绿灯的黄"（小黄）正以全程中文直播的"国际黄"姿态在TikTok强势复出。 小黄的东南亚突围，不仅是个人事业的再出发，更被视作其背后MCN巨头"三只羊网络"押注海外、尤其是东南亚市场寻求"卷土重来"的关键信号。复制 国内"大小杨哥"模式，亦或开辟全新战场，"国际黄"的征途才刚刚开始。 携手coco勇闯TikTok，欲在东南亚区复制"大小杨哥"? "红绿灯的黄"在TikTok账号名为@黄色0607，第一条内容发布于今年2月中旬，多为抖音原有作品搬运。如发布于2月18日 ...

证券研究报告 2025 年 06 月 17 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3388.73 | 0.35 | | 深证成指 | 10163.55 | 0.41 | | 创业板指 | 2057.32 | 0.66 | | 科创 50 | 970.89 | -0.21 | | 北证 50 | 1408.15 | 1.84 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 652904 | 509935 | 12.05 | 1.25 | | 深证成指 | 224321 | 183234 | 19.89 | 2.10 | | 创业板指 | 58201 | 45974 | 26.99 | 3.77 | | 科创 50 | 33880 | 22261 | 52.80 | 4.07 | | 北证 50 | 3106 | 2107 | 48.12 | 4.81 ...

不过，现有人才培养体系滞后于产业发展速度，影响了就业增量。专家表示，教育供给与产业需求错 配，一些传统产业毕业生供给过剩，而智能制造、跨境合规等新兴领域人才紧缺。服务业作为新的经济 增长点，对技能型人才的需求也在不断攀升，但在养老、医疗健康、数字消费等领域，专业化人才还很 匮乏。 国家统计局数据显示，今年1月份至5月份，全国城镇调查失业率平均值为5.2%。5月份，全国城镇调查 失业率为5%，比上月下降0.1个百分点。31个大城市城镇调查失业率为5%，比上月下降0.1个百分点。 "新领域、新赛道的快速发展释放出就业新潜能，新兴行业释放出更多就业需求。"北京师范大学经济与 工商管理学院教授万海远说。 这一特点在制造业领域表现突出。国家发展改革委宏观经济研究院研究员张林山介绍，去年以来，制造 业招聘需求持续回暖，战略性新兴产业持续释放多层次技术岗位，成为吸纳就业的核心引擎。以人工智 能（AI）技术突破为标志，DeepSeek等大模型的商业化应用推动产业链关联岗位和衍生岗位需求激 增。 市场数据佐证了新兴产业的强劲需求。张林山介绍，58招聘大数据显示，新能源汽车、储能、半导体等 行业需求持续高景气，今年一季度汽车零部 ...

以下文章来源于市值榜 ，作者市值榜团队 市值榜 . 资本与商业研究 来源丨市值榜（ID： shizhibang2021 ） 作者丨竹铭 编辑丨 何玥阳 图源丨Midjourney 今年618的首日提前到了5月13日，提前了整整36天，号称"史上最长618"。 然而，相比以往的热闹场面，今年变得冷清了不少。各家电商平台的宣传攻势显得不温不火，消费者 的兴趣也在降温。就像一场被调低音量的演唱会——舞台还是那个舞台，但观众不再尖叫。 最为明显的是，过去卖力吆喝、无比活跃的超头主播们，也变得异常低调。小杨哥和薇娅基本已经消 失匿迹，李佳琦和辛巴的直播场次变少，罗永浩去了声量更小的百度电商。如今风头正劲的董宇辉， 直播场次也不算多，而且此前直言"抵触卖东西"，显得较为"佛系"。 这些曾经掌控流量密码的操盘手，正在集体转向何方？在这背后，电商江湖正在搅动怎样的变局？ 低调的超头主播： 从流量中心到去中心化 今年618，直播间里的超头主播正以肉眼可见的速度减少。 作为"淘宝一哥"，李佳琦在经历"口红事件"后低调了不少。今年618他还是如期而至，不过只重点押 注预售日和开卖日，其余时间全交给其他主播。对比去年的节奏，李佳琦露 ...

作为"淘宝一哥"，李佳琦在经历"口红事件"后低调了不少。今年618他还是如期而至，不过只重点押注预售日和开卖 日，其余时间全交给其他主播。对比去年的节奏，李佳琦露面频次大幅下滑。 李佳琦已经是备战618相对积极的超头主播了。 今年618的首日提前到了5月13日，提前了整整36天，号称"史上最长618"。 然而，相比以往的热闹场面，今年变得冷清了不少。各家电商平台的宣传攻势显得不温不火，消费者的兴趣也在降 温。就像一场被调低音量的演唱会——舞台还是那个舞台，但观众不再尖叫。 最为明显的是，过去卖力吆喝、无比活跃的超头主播们，也变得异常低调。小杨哥和薇娅基本已经消失匿迹，李佳琦 和辛巴的直播场次变少，罗永浩去了声量更小的百度电商。如今风头正劲的董宇辉，直播场次也不算多，而且此前直 言"抵触卖东西"，显得较为"佛系"。 这些曾经掌控流量密码的操盘手，正在集体转向何方？在这背后，电商江湖正在搅动怎样的变局？ 01 低调的超头主播：从流量中心到去中心化 今年618，直播间里的超头主播正以肉眼可见的速度减少。 董宇辉现在是"抖音一哥"，他跟团队在618首日创下单场1.76亿元销售额的成绩，刷新了2024年开播以来的单日销 ...