记者日前从上海如是可观文化科技有限公司获悉，该公司完成数千万元人民币的Pre-A轮融资。本轮融 资由联合资本金融控股集团(香港)(简称联合资本)投资。聚焦LBE大空间沉浸式文娱，打造差异化竞争 力。 据了解，LBE(Location-Based Entertainment)是基于位置的娱乐、沉浸式元宇宙实景娱乐项目。如是可观 创始人兼CEO马诗轩表示，如是可观立足于元宇宙产业的科技互娱公司，深耕web3、人工智能、ARVR 领域在应用层面的商业落地。公司旗下首创的大空间"FuntasyVR超感剧场"是全球领先的VR/XR沉浸式 内容娱乐方式，依托一流的内容与技术团队，为市场带来了全新的沉浸式体验，在业内初步建立起差异 化竞争优势。 马诗轩表示，"此轮融资是重要里程碑，为我们的战略目标提供了坚实的保障。我们将继续深耕LBE大 空间娱乐，加大研发投入，持续优化产品、内容与服务，提升用户体验。同时，我们也将积极拓展国内 重点区域市场和海外市场，寻求与产业链上下游优秀伙伴的合作，共同推动元宇宙VR大空间的数字 化、智能化升级。" 联合资本相关负责人表示，非常看好中国文化科技产业的巨大发展潜力和长期增长趋势。未来将发挥 ...

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [6][8]. Core Views - The report highlights that the domestic price of broadleaf pulp has recently increased, while cultural paper and white card paper remain under pressure due to supply and demand factors. However, the waste paper sector shows a strong willingness to raise prices, continuing its upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. Summary by Sections 1. Recent Research Tracking and Investment Thoughts - The domestic price of broadleaf pulp has risen slightly, while cultural paper and white card paper prices are still under pressure. The waste paper sector continues to show strong price increase intentions, maintaining an upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. 2. Key Data Tracking - In July, China's furniture retail sales increased by 20.6% year-on-year, while sales in building materials and home furnishing markets decreased by 12.9% year-on-year. The total retail sales of social consumer goods in July reached 38,780 billion yuan, with a year-on-year increase of 3.7% [39]. - The domestic price of broadleaf pulp has increased by 109 yuan/ton compared to July, influenced by international production cuts and price increases. The waste paper sector has also seen price increases, with waste paper prices rising by 21 yuan/ton for old books and 100 yuan/ton for old yellow board paper [18][22]. - In July, the U.S. furniture and home decor store sales increased by 5.1% year-on-year, maintaining a single-digit growth for 11 consecutive months. The inventory turnover ratios for U.S. furniture wholesalers and retailers indicate stable conditions, suggesting resilience in overseas demand [25][26]. 3. Company Announcements and Industry Dynamics - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Gujia Home, which are expected to benefit from the recovery in home consumption. In the paper and packaging sector, it highlights Sun Paper as a key player benefiting from new capacity releases [5][14][15].

Group 1 - A2 Milk Company plans to increase investment in China by acquiring a milk powder factory in Pokeno, New Zealand for approximately NZD 282 million (around RMB 1.2 billion) from Yashili International, a subsidiary of Mengniu Dairy [1] - The factory has the capacity to produce up to 52,000 tons of infant formula annually and will allow A2 to register two Chinese label infant formula products [1] - A2 Milk's revenue in China and other Asian regions grew by 13.9% to NZD 1.302 billion for the fiscal year ending June 30, 2025, with its market share in China increasing from 7.1% to 8.0% [2][3] Group 2 - The acquisition may impact the contract manufacturing business of Bright Dairy, which previously produced A2's Chinese label milk powder through its subsidiary New Light [4] - New Light reported a loss of NZD 450 million in 2024, and Bright Dairy holds a 65.3% stake in New Light [4] - A2 Milk is optimistic about its expansion in the Chinese market, indicating a strong confidence in future growth [6]

Group 1 - The tea beverage market is reaching a turning point, with Master Kong's tea beverage revenue declining by 6.3% year-on-year to 10.67 billion yuan in the first half of 2025, resulting in a drop of 722 million yuan [1] - Master Kong's overall beverage revenue decreased by 2.6% to 26.359 billion yuan, with water sales down 6.0% to 2.377 billion yuan and juice sales down 13.0% to 2.956 billion yuan [1] - In contrast, carbonated and other beverages saw a revenue increase of 6.3% to 10.256 billion yuan [1] Group 2 - Nongfu Spring's tea beverage business has shown significant growth, with revenue growth rates of 48%, 51%, 83%, and 32% from 2021 to 2024, reaching 16.7 billion yuan in 2024 [1] - Tea beverages now account for 39% of Nongfu Spring's revenue, surpassing packaged water to become the largest product category [1] - Despite Master Kong's decline, Uni-President's tea beverage revenue increased by 9.1% to 5.068 billion yuan in the same period [1] Group 3 - The decline in Master Kong's tea beverage sales may indicate changes in demand for sugary tea, as the company has a strong position in this segment while Nongfu Spring's sugar-free tea dominates the market [2][3] - Master Kong's distribution channels are shrinking, with the number of marketing merchants decreasing from 67,215 to 63,806 and direct retailers from 220,623 to 219,124 [2] - Master Kong aims to build a diverse product matrix for ready-to-drink tea to maintain brand loyalty among young consumers and adapt to industry trends towards health and premiumization [2]

雨馨 煌煌乎其夜，灿灿乎其城。不打烊的深夜食堂照见强大"宵"费力，也让我们看到夜经济的无限可能。数 据显示，中国城市60%的消费发生在夜间，夜间经济市场规模已超过50万亿元。这份涌动着烟火气的经 济形态，正以不断扩张的消费规模，成为撬动经济发展的新引擎之一，也为观察消费升级提供了独特 的"夜间视角"。究其新变，一大关键则是从"吃宵夜"变为"买氛围"，从"食以果腹"转向"食游购娱体展 演"多元体验。据报道，目前北京已培育出一批"夜京城"特色消费地标、融合消费打卡地和品质消费生 活圈点位。以餐饮为原点，不断拓展的多元消费场景让"夜北京"焕发全新魅力。 夜经济，是城市活力的重要指标。当然，点亮夜经济，也需要治理升级。说到底，夜经济的繁荣以第三 产业的发达为支撑。因此，我们既需要给予各种业态充分的生长空间，也需要优化服务让大家更顺心。 比如，从许多游客留言评论可以看出，本市一些热门商圈相关配套服务如停车等仍有短板。除此之外， 京城夜经济餐饮占比较高，文娱等打开方式还有拓展空间，诸如"天文馆奇妙夜"等活动不妨多一些。依 托丰富的文化资源，在优化服务、扩大供给上做文章，必将激发夜经济更大活力。 三里屯太古里商圈的咖啡音乐 ...

Group 1: Consumer Price Index (CPI) Trends - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing the previous month's decline and exceeding seasonal levels by 0.1 percentage points, indicating positive changes in consumer prices [3] - Service prices rose by 0.6% month-on-month, contributing over 60% to the total CPI increase, driven by the peak travel season with significant price hikes in airfare (17.9%), tourism (9.1%), and hotel accommodation (6.9%) [3] - The core CPI, excluding food and energy, increased by 0.8% year-on-year, marking the highest growth since March 2024, reflecting a stable demand environment [9] Group 2: Producer Price Index (PPI) Developments - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July, but the decline was less severe than in previous months, marking the first narrowing of the decline since March [10][11] - The improvement in PPI was attributed to enhanced market competition and supply-demand relationships in various industries, particularly in coal, steel, and photovoltaic sectors, which saw reduced price declines [13] - Positive price changes in industrial products were noted, driven by macroeconomic policies and increased demand for upgraded consumer goods, with notable price recoveries in aircraft manufacturing and wearable technology [15]

Core Points - Zhao Wei's equity in three companies has been frozen, totaling 15.9 million yuan, which became a trending topic on Weibo on August 5 [1][2] - The frozen equity includes 1.9 million yuan in Tibet Longwei Cultural Media Co., Ltd., 5 million yuan in Hebao Entertainment Group Co., Ltd., and 9 million yuan in Wuhu Dongrunfa Investment Co., Ltd., with a freeze period of three years [2] - This is not the first instance of Zhao Wei facing equity freezes; she previously had shares frozen due to a dispute with China Minsheng Trust Co., Ltd. in April 2021 [5] Company Overview - Zhao Wei holds 95% of Tibet Longwei Cultural Media Co., Ltd., 90% of Wuhu Dongrunfa Investment Co., Ltd., and approximately 4.5% of Hebao Entertainment Group Co., Ltd. [5] - Zhao Wei's business portfolio has been shrinking over the years; she was once a shareholder in 17 companies across various sectors including film, entertainment, investment, technology, and real estate [8] - Currently, Zhao Wei has withdrawn from four companies, and many of the companies she was involved with have been deregistered or revoked [9] Legal and Regulatory Issues - In 2018, Zhao Wei received penalties from the China Securities Regulatory Commission, which included fines and a five-year ban from the securities market [9]

Core Viewpoint - The article discusses the recent freezing of equity holdings owned by actress Zhao Wei in three companies, indicating potential legal and financial challenges for her business interests [1]. Group 1: Equity Freezing Details - Zhao Wei's equity in Tibet Longwei Cultural Media Co., Ltd. is frozen for an amount of 1.9 million RMB, with a freezing period of 3 years [1]. - The equity in Hebao Entertainment Group Co., Ltd. is frozen for 5 million RMB, with a freezing period from July 29, 2025, to July 28, 2028 [3]. - The equity in Wuhu Dongrunfa Investment Co., Ltd. is frozen for 9 million RMB, with a freezing period from July 31, 2025, to July 30, 2028 [4]. Group 2: Legal Background - The freezing actions are executed by the Beijing Dongcheng District People's Court, under the case number (2024) Jing 0101 Minchu 21899 [2][3][4]. - Zhao Wei has faced previous legal issues, including penalties from the China Securities Regulatory Commission in April 2018, which included fines and a five-year ban from the securities market [5]. Group 3: Business Background - Zhao Wei's business portfolio has been shrinking, with her previously holding stakes in 17 companies across various sectors, including entertainment, investment, and real estate [5]. - Currently, Zhao Wei has withdrawn from four enterprises, and several of her other companies have been deregistered or had their licenses revoked [6]. - Among the companies where she is a legal representative, only Zhao (Shanghai) Film and Television Culture Studio remains active, while others have been deregistered or revoked [8].

Core Insights - Monthly commodity price forecast indicates oil prices are fluctuating, while copper and gold are trending upwards [2] Domestic Demand - New home sales are experiencing a larger decline, while automobile sales are also retreating; however, summer entertainment consumption is showing signs of improvement [2] - In July, new home sales saw a year-on-year decline, while the drop in second-hand home sales narrowed. The market is undergoing adjustments, and the growth rate of passenger car sales is slowing down, with retail sales declining and wholesale sales increasing [2] - The box office revenue for summer films has significantly improved, with total box office surpassing 6 billion yuan, a year-on-year increase of 48.4% [2] External Demand - The introduction of Tariff 2.0 has seen lower increases in tariffs for major economies like the EU and Japan compared to April, with China's tariffs being postponed for another three months [3] - Additional conditions require major economies to commit to investments in the U.S. and purchase energy products, with an extra 40% tariff on re-exporting countries like Vietnam targeting China [4] - July exports may see a slight decline, with a decrease in shipping weight and a drop in shipping volume to the U.S. [5] Production - The willingness to reduce production remains limited, with steel mill profits continuing to rise, leading to an increase in production [6] - Pork prices have decreased due to increased market supply, while the overall willingness to cut production remains low [7] - The average daily coal consumption of six major power plants is expected to rise in July, despite a temporary decrease due to weather conditions [7] Prices - Commodity prices have generally declined, with domestic rebar, thermal coal, and glass prices continuing to rise, while cement prices have decreased [8] - Gold prices are under pressure due to a softer tariff environment and the Federal Reserve's stance, while oil prices are supported by geopolitical uncertainties and seasonal demand [8] Follow-up Focus - Future attention will be on export data and price data [9]

Core Viewpoint - The collaboration between Superstar Legend and Yushu Technology in the consumer-grade robot sector has led to a significant surge in the stock price of Superstar Legend, highlighting the potential of celebrity IP in driving market interest and investment opportunities [1][4]. Group 1: Collaboration Details - Superstar Legend's subsidiary, Xing Chuang Yi (Kunshan) Cultural Entertainment Co., has entered into a partnership with Yushu Technology to develop consumer-grade robots with companionship and social attributes [1]. - The collaboration will focus on creating robots for both home use and entertainment events, with Superstar Legend handling IP planning, design, and global marketing strategies, while Yushu Technology will manage technical and hardware development [1]. Group 2: Financial Planning and Stock Performance - Superstar Legend plans to allocate approximately 38.2% of the funds raised from a recent share placement (around HKD 124 million) to expand its retail channel network, including vending machines and smart devices [2]. - The company announced a share placement of 37.52 million shares at HKD 9.13 per share, raising a total of approximately HKD 342.6 million, with a net amount of about HKD 324 million after expenses [2]. - Since its listing in July 2023, Superstar Legend's stock has increased by 188%, with a market capitalization of HKD 12.2 billion, driven by the popularity of its IP and recent collaborations [4]. Group 3: Business Model and Growth - Founded in 2017, Superstar Legend focuses on IP creation and operation, with its core IP being the character "Zhou Tongxue," based on the celebrity Jay Chou [3]. - For the fiscal year 2024, the company reported a revenue of HKD 584 million, a year-on-year increase of 35.8%, with IP business revenue growing by 65.1% to HKD 314 million [4]. - The company's unique business model combines IP creation with new retail strategies, leveraging its celebrity IP to drive rapid monetization in the retail sector [5].