全球消费市场的权力版图正经历板块撕裂，曾经被西方巨头垄断的护肤美容帝国，正被中国品牌的利剑 刺破苍穹。据Euromonitor战报，2024年国货化妆品市占率突破55.2%，销售额同比激增21.2%。这不仅 是市场份额的易主，更是一场由科研硬实力与文化话语权双重驱动的产业革命：华熙生物以6.8%研发 费用率碾压国际巨头1.5%～3.5%的行业基准；珀莱雅双抗精华以早C晚A重构抗老赛道；相宜本草携 《本草纲目》千年智慧迂回包抄国际护肤品腹地。 随着中国品牌军团的份额逐步赶超全球护肤巨头之时，一个更加重要的命题浮出水面：在当今全球商业 竞争日益激烈的背景下，在话语权层面，中国品牌又该如何突破外资势能压制，从"跟随者"跃升为"引 领者"？针对此问题，我们联系到了东极定位创始人、民族品牌专家王博。 王博曾成功助力飞鹤奶粉、猫人内衣、相宜本草、樊文花、三棵树、背背佳等品牌在激烈的市场竞争中 脱颖而出，成为业内标杆。他率先鲜明提出："商战本质，乃在于概念之争。"在他看来，外资品牌的优 势，并非仅因技术或资本，更在于其牢牢掌握着全球消费者心智中的价值定义权。而中国品牌的崛起， 必须从夺回话语权开始。 商战本质，乃在于概念之 ...

Core Insights - The article highlights that Haiponokai has been recognized as the "Leader in Dutch A2 Protein Source Infant Formula" by iiMedia Research, a leading third-party data mining and analysis agency in the new economy sector [1][5]. Industry Trends - The Chinese infant formula market is undergoing significant transformation driven by consumption upgrades and scientific feeding concepts, with 75.1% of consumers believing that scientifically formulated milk powder can effectively promote comprehensive growth in infants [3][5]. - A shift from basic nutritional competition to comprehensive value competition is noted, with a focus on A2 protein sources, breast milk simulation technology, and self-care components [3][5]. Company Positioning - Haiponokai, established in 1897, has positioned itself as a benchmark for A2 protein sources, emphasizing breast milk research as its core mission and achieving industrialized production of infant formula as early as 1938 [7][11]. - The company has integrated top-tier resources from institutions like Wageningen University and the Commonwealth Scientific and Industrial Research Organisation to form an innovative network covering nutrition science and biomedicine [7]. Product Innovation - The company utilizes its own pastures in the Dutch golden milk source belt, where only one-third of Holstein cows carry the pure A2 gene, ensuring that the milk produced contains 100% A2β-casein, which is easier for infants to digest [8][9]. - Haiponokai's "Pro59 Golden Ratio Technology" simulates over 59 nutritional components of breast milk, achieving a digestion absorption rate of 97% and significantly reducing the risk of respiratory infections by 60% [9][10]. Market Strategy - The company’s three major upgrades align with the "three movements" strategy of the maternal and infant industry, enhancing brand visibility through social media, facilitating consumer conversion through comprehensive self-care nutrition, and promoting direct engagement through promotional activities [10][11]. - As industry concentration accelerates, Haiponokai aims to redefine the value standards of high-end infant formula, marking a pivotal moment in the transition towards comprehensive nutrition and precise feeding in the Chinese market [11].

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the A-share market in China, focusing on traditional core assets, consumer sectors, and macroeconomic conditions affecting investment strategies. Core Insights and Arguments 1. **Market Recovery and Core Assets** The market is expected to return to traditional core assets by June 2025 due to improving domestic economic expectations, despite high-frequency data indicating that recovery is still pending. The sentiment around small-cap stocks has reached historical highs, which may trigger a style switch or correction [2][3][4] 2. **Focus on Consumer Sectors** The consumer sector is highlighted, particularly in new consumption areas such as elderly care, medical consumption, and maternal and infant products. Specific recommendations include retail, infant formula, baby care products, and AI toys [1][10] 3. **Performance of Traditional Core Assets** Financial sectors, particularly insurance and commercial banks, are recommended as core assets. Companies that have seen significant price declines since their 2021 highs but have shown continuous performance improvement are also emphasized [4][12][13] 4. **Macroeconomic Factors** Key macroeconomic events include potential peaks and declines in U.S. Treasury yields, domestic political disputes affecting tax reforms, and ongoing tariff issues that may disrupt markets. These factors could lead to short-term adjustments in both U.S. and A-share markets [5][6] 5. **Market Sentiment and Small-Cap Stocks** The sentiment around small-cap stocks is at a 90th percentile high, indicating a potential for profit-taking and market adjustments, which may shift focus from small-cap to large-cap stocks [8] 6. **Investment Recommendations in Consumer Areas** Specific recommendations in the consumer sector include emotional resource providers (e.g., pet companionship, beauty products) and anxiety relief products (e.g., jewelry, new-style tea drinks) [9] 7. **Long-term Focus on Core Assets** Long-term investment strategies should focus on companies that have shown consistent performance improvement over the last three years, particularly in the consumer and pharmaceutical sectors [12][14] 8. **Technological Growth and Mergers** The technology sector is advised to be monitored for potential mergers and acquisitions, especially in hard tech areas. Recent regulatory changes facilitate mergers among state-owned enterprises, which could lead to significant developments in AI, military, and heavy machinery sectors [15] Other Important but Possibly Overlooked Content 1. **Recent Index Adjustments** The recent adjustments to major indices like CSI 300 and CSI 1000 are expected to have significant impacts on ETF holdings, particularly benefiting newly added stocks in the banking sector and electronics [16][17] 2. **Consumer Product Trends** Improvements in production and pricing trends in the liquor and dairy sectors are noted, indicating a recovery in these areas despite overall low urgency in consumer spending [11]

Group 1 - The core viewpoint of the article highlights the introduction of "fertility subsidies" by major domestic milk powder brands, including Feihe, Yili, and Junlebao, as a response to declining birth rates and a strategy to attract new customers [1][2][4] - The fertility subsidies are seen as a social supplement to government policies aimed at encouraging childbirth, which have been included in the State Council's work report and the "Special Action Plan to Boost Consumption" [1][2][4] - The subsidies are expected to benefit brands, channels, and consumers, with an anticipated increase in the number of milk powder companies adopting similar subsidy strategies in the future [1][4][6] Group 2 - Junlebao announced a 1.6 billion yuan subsidy plan starting in May 2025, while Feihe and Yili have already initiated their subsidy programs, with Feihe committing 1.2 billion yuan and Yili also pledging 1.6 billion yuan [2][3] - The subsidies are designed to provide direct benefits to consumers, allowing eligible families to receive milk powder products, with Feihe's program already seeing over 50,000 successful applications [2][4] - The competition for new customers has intensified, with the cost of acquiring a new customer now estimated to be between 500 to 1,000 yuan, compared to 20 yuan before 2019 [4][5] Group 3 - The overall market for infant formula has faced challenges due to a decline in birth rates, leading to a double-digit decrease in industry scale since 2022, although the rate of decline is expected to slow in 2024 [4][6] - The introduction of fertility subsidies is viewed as a tactical response by leading brands to enhance customer loyalty and reduce the pressure on consumers regarding feeding choices [5][6] - The market is expected to see further differentiation, with leading brands likely to increase their market share, while smaller brands may struggle to implement similar subsidy strategies due to lower profit margins [6][7]

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：只买消费垄断 来源：雪球 道德经里面 ， 老子云 ， 天地不仁 ， 以万物为刍狗 。 意思就是大自然是不会对人类有仁慈之心 的 ， 对待万事万物包括人类 ， 都像对待祭祀用的用纸扎成的狗一样 ， 用完就扔掉了 。 这句话 可以挪用到股市来 ， 就是股市不仁 ， 以股民为刍狗 。 案例一 ： 网易 2001年 ， 网络股泡沫破灭 ， 投资女王徐新 ， 5块钱投资的网易 ， 跌到了1块钱 。 当时网易账 上现金5.6亿 ， 但是市值跌到3亿 。 账上现金是市值2倍 。 而且没有负债 。 当时网易陷入了一个 官司 ， 如果官司打输了要退市 。 所以股民纷纷抛售 。 加上股价下跌的惯性 ， 纳斯达克指数暴 跌80% ， 网易股票从15跌到1块 。 当时丁磊自己都不确定公司能不能东山再起 ， 在香港的一次 聚会中丁磊想把公司卖给台湾的一家大公司 ， 被徐新阻止 。 段永平就是在那种情况下投资了网 易 。 市场看待网易是一只马上要退市的股票 ， 但是段永平和徐新看待网易 ， 有4个新角度 。 1.账上现金是市值 ...