当前，品牌营销行业正处在一个新的交汇口：一边是流量体系的加速成熟与成本高企，一边是品牌资产 被重新唤醒、长期主义再次成为讨论焦点。伴随AI技术革新、消费理性回归、行业竞争重构，品牌经 济与流量经济之间开始出现一种值得被重新定义的张力。 12月10日，由中国广告协会指导，《经济观察报》联合香港管理专业协会主办，《现代广告》杂志协办 的2024-2025年度营响大会暨第二十三届杰出品牌营销年会在北京举行，汇聚品牌方、行业机构与营销 平台，共同寻找下一阶段的增长方法论。 中国广告协会会长、国际广告协会全球副主席张国华在开场致辞中表示，在媒体渠道日益多元、流量成 本持续攀升的当下，过往依赖短期红利打造爆品的路径已逐渐失效。当"挣快钱"的急功近利逻辑难以为 继，越来越多企业家深刻意识到品牌才是产品最核心的竞争力，是企业穿越周期的长期资产。品牌的价 值，从来不止于流量曝光，更凝结着原材料的品质坚守、制造工艺的精益求精、产品设计的人文温度与 售后服务的责任担当——这些深层价值，无法靠碎片化传播仓促传递，更需要以创意为桥、以故事为 媒，层层递进地传递品牌内涵、重塑消费者感知。 在冬装品类竞争愈发激烈的当下，LILY商务时装以 ...

Core Insights - The brand marketing industry is at a new crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a focus on long-termism [1] - The 2024-2025 Annual Brand Marketing Conference aims to explore new growth methodologies amidst these changes [2] Group 1: Brand Value and Long-term Strategy - The traditional approach of relying on short-term gains to create hit products is becoming ineffective as media channels diversify and traffic costs rise [4] - Brands are recognized as the core competitive asset of a company, embodying emotional connections and trust with consumers, which cannot be achieved through fragmented communication [6][7] - The shift from "traffic" to "retention" is essential, emphasizing the need for deep connections between brands and users [13] Group 2: Evolving Consumer Engagement - The focus of brand competition is shifting from understanding users to understanding contexts, with multi-touchpoint collaboration becoming a new growth engine [15] - Brands like LILY are leveraging functional value, aesthetic expression, and emotional storytelling to build new brand premium systems [17] - The sports sector is highlighted as a key emotional engagement area, with brands like Jitu leveraging events for natural consumer interaction [19] Group 3: Cultural Integration and Emotional Connection - Brands are redefining their long-term assets by integrating cultural elements into their core values and product offerings [22][23] - Natural堂 emphasizes creating emotional connections through traditional culture and new consumer interactions, positioning itself as a bridge for emotional expression [25] - 恒洁 is establishing lasting recognition by extending its brand narrative into various consumer scenarios, enhancing its market presence [27] Group 4: Industry Perspectives and Future Directions - A roundtable discussion highlighted the importance of vertical brand asset anchoring and horizontal traffic sourcing for sustainable growth [29] - The core values of companies like 鲁南制药 and 华侨城 emphasize a commitment to quality and cultural integration as essential for brand longevity [29] - The 2025 brand competition landscape will focus on user relationships, cultural connections, and long-term trust rather than mere attention [40]

Core Insights - The company, Hars, is optimistic about the domestic cup and kettle market, noting that the current CR4 is below 20%, indicating significant brand landscape benefits [3] - Hars has received approval from the China Securities Regulatory Commission for a specific issuance of A-shares in 2023, planning to proceed based on market conditions [3] Group 1: Brand Strategy and Market Positioning - The collaboration with Tencent is a core brand strategy aimed at enhancing content co-creation, upgrading membership services, and driving business growth [2] - The company emphasizes the transformation from "traffic cooperation" to "value co-creation" to strengthen brand influence among Generation Z [2] Group 2: Operational Performance and Supply Chain - The company reported strong performance during this year's Double Eleven shopping festival, with continuous optimization of operational capabilities [3] - The Thai production base is in a ramp-up phase, but the company is confident in cost optimization due to local supply chain development and automation [3] Group 3: Growth Opportunities and Global Expansion - The OEM business is seeing steady growth in market share from leading clients, with non-U.S. markets (Europe, Japan, Middle East) emerging as new growth points [3] - The company aims to leverage scale and certification barriers to capture a larger share in the global supply chain restructuring [3] Group 4: Governance and Shareholder Returns - The company has established a modern corporate governance structure with clear responsibilities and stable core management [3] - A share buyback plan will be implemented based on market conditions, with specific progress to be announced monthly [3]

Group 1: AI Empowerment in Asset Allocation - The report discusses the performance of three representative AI asset management products: AIEQ, ProPicks, and QRFT, evaluating whether AI can provide excess returns to investors [8] - AIEQ, an actively managed ETF, has underperformed SPY due to high market sentiment volatility and cost erosion from high turnover rates [8] - ProPicks has shown strong returns during favorable tech periods but is highly sensitive to execution discipline and slippage, making actual replication challenging [8] - QRFT has closely tracked the S&P 500 over the long term, showing significant phase differentiation, indicating a focus on narrow enhancements rather than stable high alpha [8] Group 2: Pharmaceutical and Biotechnology Sector - The pharmaceutical sector underperformed the overall market, with a 4.32% decline in the A-share market, and the biopharmaceutical sector fell by 6.88% [10] - The report highlights the treatment options for Hidradenitis Suppurativa (HS), noting that the prevalence in Western populations is approximately 1%, with around 320,000 diagnosed patients in the U.S. [11] - First-line therapies for HS primarily involve antibiotics, while second-line biological treatments include Adalimumab and IL-17A inhibitors, which have gained market share due to their efficacy and safety [11] Group 3: Atour (ATAT.O) Financial Performance - Atour reported a 38% year-on-year revenue growth in Q3 2025, raising its full-year revenue growth guidance from 30% to 35% [13] - The company’s retail business saw a remarkable 76% revenue growth, significantly contributing to the overall performance [13] - The number of hotels in operation increased by 27% year-on-year, with a total of 1,948 hotels by the end of Q3 2025 [14] Group 4: Hars (002615.SZ) Industry Leadership - Hars is a leading company in the cup and kettle industry, with a projected revenue compound annual growth rate (CAGR) of 25% from 2021 to 2024, reaching 3.3 billion [17] - The company operates both OEM/ODM and proprietary brand businesses, maintaining stable partnerships with international brands like YETI and PMI [17] - The domestic market for insulated cups is expected to replicate overseas trends, with significant growth potential driven by IP collaborations and social media marketing [18]

Market Overview - In Q3 2025, the number of listed private placement projects in the A-share market reached 42, an increase of 5 projects quarter-on-quarter and 22 projects year-on-year, with total fundraising amounting to 773.71 billion yuan, a year-on-year increase of 256.70%[9] - The average absolute return of the 24 auction projects that were unlocked in Q3 2025 was 38.67%, with a winning rate of 87.50%, marking a new high since 2022[28] Auction Market Dynamics - The average benchmark discount rate for auction projects in Q3 2025 was 11.27%, a decrease of 0.82 percentage points quarter-on-quarter, indicating a low level not seen in nearly two years[13] - The average premium rate for auction projects increased to 10.31%, reflecting heightened investor interest and competition[25] Fundraising Trends - The fundraising success rate for auction projects reached 96.30%, a new high for 2024, with an average fundraising rate of 99.91%[9] - In Q3 2025, the number of newly added private placement projects was 144, with a total proposed fundraising amount of 970.77 billion yuan, marking a 1.34% increase quarter-on-quarter[42] Performance Analysis - The average absolute return for small-cap auction projects (market cap below 100 billion yuan) was significantly higher, with some projects achieving returns of 78.93%[29] - The average stock price increase for auction projects from issuance to unlocking was 23.25%, indicating strong market performance[32] Risk Considerations - Risks include slower-than-expected review progress for private placements, stock price volatility in the secondary market, and changes in the auction pricing environment[34]

Group 1: Market Overview - In Q3 2025, the number of listed private placement projects in the A-share market reached 42, an increase of 5 projects quarter-on-quarter and 22 projects year-on-year, raising a total of 773.71 billion yuan, a year-on-year increase of 256.70%[10] - The average absolute return of the 24 auction projects that were unlocked in Q3 2025 was 38.67%, with a winning rate of 87.50%, both figures being the highest since 2022[29] - The average market price discount rate for auction projects in Q3 2025 was 14.48%, reflecting a quarter-on-quarter increase of 1.25%[14] Group 2: Project Dynamics - The number of auction projects increased to 27 in Q3 2025, with a total fundraising of 420.53 billion yuan, marking a quarter-on-quarter increase of 79.68%[10] - The average number of inquiry institutions per project was 25, with an average allocation of 14 institutions, indicating heightened participation in the auction process[26] - The proportion of projects with a base price issuance dropped to a near three-year low of 7.41%[14] Group 3: Future Outlook - In Q4 2025, the expected index range for the Shanghai Composite Index on the issuance date of unlocked auction projects is between 3238.23 and 3429.76 points, indicating a strong potential for profit from unlocked projects[4] - The number of pending projects for review is currently low at 62, suggesting limited supply in a bullish market environment[4] - The average expected discount rate for auction projects is anticipated to remain around 10%[4] Group 4: Risk Factors - Risks include slower-than-expected progress in the review of private placements, fluctuations in secondary market stock prices, and changes in the market environment for private placement pricing[4]

Core Insights - The article highlights the evolution of the cup and pot industry from mere functional items to expressions of lifestyle and aesthetic taste, with Gemi positioning itself as a high-end Chinese brand since its establishment in 2018 [1] Group 1: Market Strategy - Gemi initially entered the market through a "shop-in-shop" model, collaborating with high-end supermarkets like Cool Play, Pang Donglai, Sam's Club, and Ole, achieving coverage in over 35,000 shop-in-shop locations within a few years [2] - The brand's strategy balances user demand with commercial goals, allowing consumers to perceive fashionable cups and pots as diverse expressions of lifestyle and social culture [2] Group 2: Consumer Experience - With market recognition established, Gemi is shifting focus from broad outreach to in-depth consumer experiences by setting up independent counters in key cities starting in 2025 [3] - These independent counters offer a complete brand narrative, emphasizing the choice of materials like titanium and the characteristics of artist collaboration products, providing an immersive experience of Gemi's lifestyle aesthetics [3] Group 3: Brand Narrative and Future Plans - Gemi aims to redefine the value of "Made in China" by transforming beauty into tangible cultural art, with each product serving as a portable piece of art [4] - The brand has strengthened its narrative by enlisting global ambassadors, such as Song Qian and Pan Zhanle, to embody the core attributes of high-end, fashionable, and healthy living, thereby expanding its retail presence and brand influence both domestically and internationally [4]

Group 1 - The core viewpoint is that Chinese brands have a leading position in global development primarily in terms of quantity, but there is significant room for improvement in brand value [1][4] - Recent customs data shows resilience in Chinese manufacturing, with a year-on-year export growth of 8.1% in April 2025, despite a 21% decline in exports to the US [2] - Exports to non-US regions increased by 13%, with ASEAN exports growing by 20.8%, indicating a shift in export destinations and a trend towards higher value, brand-premium products [2] Group 2 - The trade war has prompted many companies to realize that without a brand, products cannot command higher prices in overseas markets, leading to a stronger focus on brand building [3] - Companies with established brand recognition are more resilient to external impacts, while those without are facing significant challenges [3] - The urgency for brand development is emphasized, particularly for companies with stable supply chains and mature product lines, as they seek to build long-term brands rather than relying on short-term sales [3] Group 3 - The transition from manufacturing to branding is a critical issue for China's economy, especially in the context of a complex international trade environment [4] - The World Bank data indicates that leading Chinese brands have surpassed US brands in global industrial value share, with Chinese manufacturing accounting for 30% of the global total [4] - However, Chinese brands only account for 18% of global brand value, highlighting the need for further development in brand value [4] Group 4 - Building a brand "going abroad" ecosystem requires collaboration among government, enterprises, and society, along with optimizing industrial layout for brand internationalization [5] - Companies like Shuangma Plastics are gradually increasing their own brand share to nearly 10% while facing challenges in establishing high-end brands [5] - Concerns about intellectual property during the transition to domestic sales are influencing product selection for the domestic market [5] Group 5 - Companies like Shanghai Silode Industrial Co., which maintain a significant portion of their US market share, are focusing on brand building to stand out in domestic and emerging markets [6] - The trend of Chinese companies pursuing brand development is attracting increased investment from multinational firms like The Trade Desk in China [6] - The focus areas for investment include consumer electronics, smart home products, and cultural output, with a notable increase in brand advertising budgets from Chinese clients [6][7] Group 6 - There is a growing willingness among Chinese clients to allocate part of their budget to brand building rather than solely focusing on ROI [7] - The rise of CTV (smart TV) as a core element of quality internet advertising is changing the approach to brand promotion, moving from a volume-based strategy to a brand-centric strategy [7]

Core Viewpoint - The trend of miniaturization in thermos cups reflects a shift towards personalized consumer demands, driven by diverse usage scenarios and the need for convenience among younger consumers [3][4]. Group 1: Industry Trends - The popularity of pocket-sized and mini thermos cups is a typical manifestation of the personalized consumption trend in the cup and kettle industry [3]. - The design of thermos cups is increasingly tailored to specific scenarios such as travel and work, enhancing product diversity [3]. - Mini thermos cups are particularly favored for their convenience in carrying and suitability for brewing health supplements like cordyceps and bird's nest [3]. Group 2: Pricing and Cost Structure - Despite the smaller size, thermos cups have not seen a decrease in price due to several factors: technological advancements that increase hidden costs, changing usage scenarios that elevate demand value, and design differences that raise supply chain costs [4]. - The pricing of industrial products is more influenced by marginal costs and marketing strategies rather than just physical size [4]. Group 3: Internationalization and Brand Development - Approximately 80% of thermos cups are produced in China, with 96.8% of imported cups in the U.S. coming from China, indicating a strong manufacturing base but low brand value [4][5]. - The path to internationalization and premium branding for domestic thermos cup brands should focus on user-centered design and strong brand marketing [5]. - The rise of the Internet of Things (IoT) is leading to the smart development of thermos cups, transitioning them from mere tools to symbols of identity [5]. Group 4: Consumer Education - Misconceptions about thermos cups, such as the belief that removing a sticker from the bottom will affect insulation, are addressed by industry experts, clarifying that modern manufacturing techniques ensure insulation integrity [6]. - Concerns regarding the safety of brewing certain health teas in thermos cups are also dispelled, emphasizing that proper materials and hygiene considerations are taken into account during production [7].