Market Overview - The A-share and Hong Kong markets have been the best-performing globally this year, with average returns exceeding 20% despite recent profit pullbacks [1] - The Hang Seng Index has experienced a decline, with the peak drop around 8%, influenced by macroeconomic factors such as fluctuating interest rate expectations from the Federal Reserve and Japan [4][5] Sector Performance - Key sectors in the Hong Kong market, including e-commerce, AI, and new energy vehicles, are facing challenges, leading to reduced profitability and sales expectations [5] - The upcoming unlock of restricted shares in November and December, including significant companies like CATL and Hengrui Medicine, is expected to exert selling pressure on the market [5] Investment Opportunities - The Hang Seng Technology Index is currently valued at only 26% of its historical valuation, presenting a potential buying opportunity for investors looking to engage with technology and internet leaders [7] - For investors with access to overseas brokerage accounts, the U.S. stock market offers a wide range of investment options, with the S&P 500 being a historically strong asset class [9][12] ETF and Index Insights - The newly launched China Technology Innovation ETF (CNQQ) aims to capture the growth of Chinese tech companies, with a focus on those with significant R&D investments [13][14] - The ETF market in the U.S. is robust, with over $10 trillion in assets, providing various strategies and exposure to different sectors [9] Conclusion - The current market conditions suggest a cautious but optimistic outlook for both A-shares and U.S. equities, with potential for strategic investments in technology and growth sectors [16][18]

Group 1: Holiday Impact on Consumption - The introduction of winter and autumn holidays in various regions has significantly boosted tourism and consumption, with ski resorts in Jilin Province receiving over 50,000 visitors on the first day of the "snow holiday" [1] - In Urumqi and Altay, the first "snow holiday" led to a 43% increase in search volume for "Altay skiing" and nearly a 100% increase for "Altay homestays" on third-party platforms [1] - The implementation of autumn holidays in regions like Guangdong and Zhejiang has resulted in over 50% growth in tourism product bookings, with Chengdu seeing a 65% increase in tourist numbers and revenue [3] Group 2: Economic Insights - The increase in leisure time is seen as beneficial for balancing supply and demand, addressing the current economic issue of insufficient demand rather than production [5] - The need for more holidays is emphasized as a way to stimulate the consumption market, especially as domestic demand becomes a dominant force in the economy [7] Group 3: Corporate Developments - Coca-Cola announced a succession plan for its CEO, with Henrique Braun set to take over in March 2026, while current CEO James Quincey will transition to Executive Chairman [8] - Suntory Holdings appointed Eiichiro Nishida as the president of its domestic alcoholic beverage business starting January 2026 [9] - Mars Inc. completed the acquisition of Kellanova, the parent company of Pringles, for a total consideration of $35.9 billion [10]

12月11日，全国首家现代骑手学院在广州职业技术大学揭牌成立，聚焦骑手与快递员职业发展，打 造"学历+技能"双提升通道，构建终身学习平台，助力骑手实现职业可持续发展。未来三年，现代骑手 学院的技能培训有望覆盖京东（含德邦、跨越）在粤的所有10万+全职骑手和一线小哥。 首先，是骑手职业内涵的"技术升维"。过去，骑手的技能被狭隘理解为认路快、骑车稳。但现代物流早 就改变了这种认知。 智能调度系统操作、无人机配送、绿色配送实践、仓储管理实务……现代骑手学院的这些课程，将重塑 骑手的工具箱。骑手将不再是单纯的服务末端，而是智慧物流系统的"神经末梢"与"执行中枢"。 其次，是职业通道的"天花板突破"。"骑手是临时过渡职业"的陈旧叙事正在被打破。骑手学院提供的是 一种"学历+技能"双提升通道。 当人们谈论骑手时，脑海中最先浮现的，常是风雨无阻的身影和争分夺秒的配送。这份职业长期被简单 归类为"体力活"甚至"青春饭"。 但其实，骑手正在经历一场职业尊严的升维，他们逐渐成为电商产业高质量发展中不可或缺的"技术 流"基石。 广东"现代骑手学院"的成立，正是这场变革的关键里程碑。 从经济学角度看，这也是社会与企业共同对人力资本进 ...

导读： 2024年，中国消费文娱行业在政策与科技双轮驱动下稳健增长，产业规模超19万亿元。政策端 通过发放消费券、出台指导文件直接刺激消费与引导产业升级。投资市场自2024年下半年显著 回暖，AI+文化、IP经济等新业态成为最受资本青睐的赛道，融资规模大幅提升。行业呈现出深 度融合（文商旅体）与文化出海（数字产品为主）两大趋势，未来机遇与挑战并存。 基于此， 我们希望通过梳理消费文娱的项目，通过多个维度来筛选出赛道专注度高、综合实力较为出众的 GP供LP参考。本报告中，消费文娱主要分类为电商零售、生物服务、文娱消费和其他消费等四 大领域。 以下文章来源于超募研究所 ，作者杉域资本 超募研究所 . 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专 业、垂直类研究内容。 作者丨杉域资本 2024年消费文娱行业融资概况 从融资轮次分布情况来看，在消费文娱行业内，得益于近年来政府推行的持续性消费激励政策，以 及人工智能技术的深度渗透，各类新兴消费文化形态与日益增长的个性化定制产品，正逐渐成为早 期风险资本的重点关注与布局领域。 消费文娱行业代表性融资事件440起。其中种子- ...

12月11日，京东工业股份有限公司正式于香港联交所主板上市，股票代码为7618。据港交所公告，京东 工业公开发售价定为每股14.1港元，若不行使超额配股权，全球发售募集资金净额约28.27亿港元。募集 资金预计重点用于增强工业供应链能力、跨地域业务拓展、潜在战略投资或收购等领域。 ...

天眼查App显示，近日，萍乡栗膳堂电子商务有限公司成立，法定代表人为荣联琪，注册资本1万人民 币，经营范围为许可项目：食品互联网销售（依法须经批准的项目，经相关部门批准后在许可有效期内 方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）一般项目：农副产 品销售，牲畜销售，食用农产品初加工，食用农产品零售，新鲜水果零售，饲料原料销售，中草药种 植，食用菌种植，食用农产品批发，初级农产品收购，食品进出口，信息咨询服务（不含许可类信息咨 询服务），中草药收购，地产中草药（不含中药饮片）购销，鲜肉零售，新鲜蔬菜零售，新鲜蔬菜批 发，包装服务，食品销售（仅销售预包装食品），食品互联网销售（仅销售预包装食品），国内贸易代 理，日用品销售，日用百货销售，日用品批发，信息技术咨询服务（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动）。 ...

Core Viewpoint - The competitive landscape of global e-commerce platforms is intensifying, leading to an increasing number of exits from the market, exemplified by the closure of Ozsale, an Australian e-commerce platform, set for January 27, 2026 [1][8]. Group 1: Company Overview - Ozsale, known as the "overseas version of Vipshop," will cease operations, with unused points expiring after the shutdown date [1]. - The closure follows the earlier shutdown of its sister platform, NZSale, indicating a significant shift in the regional discount e-commerce model [2]. - Ozsale was founded in 2007 by Jamie and Carl Jackson, who capitalized on the demand for high-quality, affordable products through a membership-based flash sale model [3][4]. Group 2: Historical Performance - By 2012, Ozsale had over 2 million members and reported annual sales of £102 million (approximately 1 billion RMB), marking a 40% year-on-year growth [5]. - The peak of MySale's operations included 12 websites across five countries, with significant user growth and plans for expansion into the UK and US markets [5][6]. - However, the company faced a 43% decline in sales and a 50% drop in gross profit by late 2019, indicating a downturn in performance [6]. Group 3: Market Dynamics - The closure of Ozsale reflects broader trends in the global e-commerce sector, with over ten platforms facing bankruptcy or forced acquisition between 2024 and November 2025 [8]. - Competitors like Amazon, Temu, and Shein have significantly impacted regional platforms, leading to a decline in market share for local e-commerce sites [9]. - Ozsale's delivery complaints increased by 180% over three years, with over 30% of users reporting order delays, highlighting operational inefficiencies [9][10]. Group 4: Future Implications - The decline of platforms like Ozsale and Catch illustrates the challenges faced by e-commerce businesses that fail to adapt to evolving market conditions and consumer preferences [10]. - In contrast, domestic beauty brands in China are thriving through established platforms like Tmall and JD, as well as emerging channels like Douyin, indicating a shift in competitive strategies [11]. - The e-commerce landscape is transitioning towards a focus on user engagement, operational efficiency, and differentiated experiences, necessitating a reevaluation of traditional business models [11].

Core Insights - Carlsberg China and JD Supermarket have announced a strategic partnership aimed at enhancing collaboration in brand and supply chain synergy, product exclusivity and innovation, channel co-construction, and comprehensive marketing over the next three years [1][3] Group 1: Partnership Overview - The partnership leverages the complementary resource advantages of both companies, leading to continuous growth in sales [3] - Carlsberg Group is one of the top three global beer companies, established in 1847, with over 180 brands sold worldwide [1] Group 2: Collaboration Areas - **Supply Chain**: The companies will gradually implement a direct supply model to optimize resource alignment and enhance decision-making efficiency [3] - **Product Innovation**: JD Supermarket will customize exclusive products from Carlsberg, including the upcoming launch of 1664 South France Blood Orange Sea Salt White Beer [3] - **Marketing Strategies**: JD Supermarket will utilize its user operations and marketing resources to reach a broader consumer base through various promotional activities [4] Group 3: Channel Development - JD Supermarket will integrate its online platforms, offline stores, and delivery services to provide consumers with a convenient beer purchasing experience [4] - The collaboration aims to meet consumer demands for high-quality, personalized, and convenient drinking experiences, promoting high-quality development in the beer industry [4]

Group 1 - The world's largest ice cream company, Dream, officially listed on December 8, trading on the Amsterdam Euronext, London Stock Exchange, and New York Stock Exchange [1] - After its spin-off from Unilever, Dream became an independent ice cream giant, owning well-known brands such as Dream, Cornetto, and Ben & Jerry's [1] - According to Unilever, Dream's ice cream business is projected to generate €7.9 billion (approximately ¥66.6 billion) in revenue and an adjusted EBITDA of €1.3 billion (approximately ¥11 billion) in 2024, holding a 21% market share in the global ice cream retail market [1] Group 2 - In China, Dream ranks as the second-largest ice cream company, with a market share of approximately 11%, while its brands, Cornetto and Dream, are positioned fourth and fifth in the market [3] - The Chinese ice cream market is highly competitive, with Dream focusing on a premium positioning strategy [4] - Despite the competitive pressure, the domestic market is recovering, with Dream's revenue in China expected to reach €317 million (approximately ¥2.6 billion) in 2024 and €270 million (approximately ¥2.2 billion) in the first half of 2025, indicating double-digit growth [5][6] Group 3 - Dream's CEO expressed the need to increase growth rates by 1% to 2% to meet market demands [5] - The company has increased its advertising and promotional expenses by €5 million to enhance its presence in China through social media and digital marketing [6] - The ongoing trend of cost-effectiveness in the domestic market poses growth challenges for Dream's premium positioning [7]

Group 1 - The event "2025 Wugong E-commerce Double Twelve Carnival" successfully took place in Wugong County, focusing on consumption, culture, and experience [1] - The core objectives of the event included boosting consumer confidence, empowering local brands, and exploring new retail models through a dual approach of offline market experience and online live streaming sales [2] - The event featured dozens of local e-commerce companies showcasing over a hundred types of specialty agricultural products, including dried fruits and snacks, highlighting the quality of Wugong's e-commerce offerings [2] Group 2 - The shopping festival provided an efficient platform for local enterprises to promote their brands and connect with markets, aiding farmers' income and promoting rural revitalization [2] - Wugong County is recognized as a benchmark for e-commerce in Northwest China, continuously driving consumption upgrades through innovation and injecting strong momentum into the high-quality development of the local economy [2]