你在买纸巾的时候，留意过纸巾的码数吗？ 像你像他，像每个正常人一样，我原本从不觉得区区纸巾会存在码数一说。 它不像衣服，需要适应不同人的不同体型，也不像饮料，区分尺寸便于人们决定喝多喝少。纸巾就是纸巾，擦完上面擦下面，擦哪里、怎么擦，最后都得 丢垃圾桶里面。 屁大点儿东西，谁闲得给它划码数？ 但我错了。 错就错在我那天上厕所没带手机，对马桶旁的一切产生好奇。我不仅阅读起了洁厕灵配方表，还捧起了我从未正眼瞧过的纸巾。 两个不起眼的英文字母瞬间引起了我的注意： XS！ 我本因畅快释放而逐渐松弛的面部表情，突然紧缩了起来。 因为它不仅意味着纸巾真的有码，还意味着除了XS码，这玩意儿的码往上数至少还有3个；不仅意味着我可能因为贪便宜买到了最小码的纸巾，还意味着 我最后可能连便宜都没赚着。 并且，这XS的纸张只够我两张合在一起折叠两次擦两下了！我说最近纸巾怎么消耗得这么快？！ 这谁能忍？当下我就决定要把这纸巾码数好好查上一查。 一查也是笑了，现在这纸巾别说有 XS/S/M/L 4个码数了，好家伙，根本就是要多少码就能有多少码！ 纸巾到底有多少码？ 大家在买抽取式纸巾的时候都会参考哪些因素？ 说说我自己买纸巾时都是怎么做 ...

Group 1 - The core viewpoint of the article highlights that Chinese cross-border e-commerce sellers are actively seeking strategic transformation and diversification in market layout to find more certainty, with 88% of surveyed sellers planning to develop new markets [1] - The Latin American market is characterized by low competition saturation and high growth potential, with a projected e-commerce market size exceeding $1 trillion by 2027, doubling from 2023 [2] - Brazil and Mexico are identified as the top two e-commerce markets in Latin America, serving as prime entry points for cross-border e-commerce sellers [3] Group 2 - The challenges for companies expanding into the Latin American e-commerce market include changes in tax policies, import duties, and complex legal regulations, which can affect operational efficiency [4] - The Southeast Asian e-commerce market is experiencing rapid growth, with the total GMV expected to increase from $37.1 billion in 2019 to $128.4 billion in 2024, representing a growth rate of over 300% [6] - The Regional Comprehensive Economic Partnership (RCEP) has provided tangible benefits for cross-border e-commerce, such as reduced tariffs and faster customs clearance, enhancing product price competitiveness [7]

Core Insights - Generation Z is reshaping the consumption pattern of campus paper products with a focus on health and quality, making dormitories a frontline for quality upgrades [1][3] - The online consumption of clean paper products is experiencing explosive growth, with user numbers for hanging tissue paper increasing by 183% year-on-year, and the quantity of facial tissues soaring by 436% [1] Group 1: Consumer Preferences - For Generation Z, product quality such as absorbency, flexibility, and safety is a non-negotiable foundation, with over 50% of college freshmen prioritizing "100% virgin wood pulp" and "softness" when purchasing paper products [3] - The concern over dust residue from recycled pulp has made "100% virgin wood pulp" the primary selection criterion for basic cleaning paper towels [3] Group 2: Market Trends - The popularity of disposable facial tissues is rising due to the hygiene concerns associated with traditional towels, with over 60% of college students opting for them [3] - Young consumers are becoming more discerning when selecting facial tissues, focusing on material sources (preferably natural plant fibers), medical-grade safety certifications, and skin irritation test reports [3] Group 3: Product Awareness - The prevalence of wet toilet paper is increasing rapidly on campuses, necessitating careful selection to avoid pitfalls such as ordinary wipes masquerading as professional wet toilet paper or products with strong irritants that can clog toilets [3] - As the new school season approaches, companies like Jie Rou are providing core selection advice for college students, emphasizing practical and social aspects in product design [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - E-commerce sales for personal care products showed improvement in July, with notable growth in brands like Princess Nais and All Cotton Era, leading to continued recommendations for companies like Steady Medical and Haoyue Care [2][4] - The approval of double-glue paper futures and the current low prices of pulp and paper suggest a potential price recovery, with a focus on leading companies like Sun Paper [2][4] - The US-China tariff suspension for 90 days is expected to alleviate pressure on the domestic export chain, with a focus on companies with overseas supply chain layouts [2][4] Summary by Sections E-commerce and Personal Care - In July, e-commerce platform sales for sanitary napkins, toothpaste, diapers, and tissue paper showed month-on-month recovery, with growth rates of +5% for sanitary napkins and +24% for toothpaste [4][5] - Brands such as Princess Nais (+53%), All Cotton Era (+34%), and Jieting (+25%) maintained high growth, with recommendations for Steady Medical and Haoyue Care [4][5] Paper Industry - As of August 15, 2025, prices for various paper types were reported: double-glue paper at 4950 CNY/ton (-43.75 CNY), copper plate paper at 5150 CNY/ton (-170 CNY), and box board paper at 3484.2 CNY/ton (+20.8 CNY) [4][5] - The report highlights the potential for price recovery in the paper industry due to supply-demand imbalances and recommends companies like Sun Paper and Huawang Technology [4][5] Home Furnishing - In July, retail sales of furniture increased by +20.6% year-on-year, while building materials saw a decline of -0.5% [4][5] - Recommendations include leading custom furniture companies such as Oppein Home and Sofia, as well as soft furniture leaders like Mousse and Joyous [4][5] Export Chain - The US-China tariff suspension is expected to ease export pressures, with a focus on companies like Zhongxin and Jiangxin Home [4][5] - The report notes that shipping costs are gradually decreasing, with the CCFI and SCFI indices down by -0.6% and -2.0% respectively [4][5] Packaging - Meiyingsen reported a revenue of 1.949 billion CNY in H1 2025, with a year-on-year increase of +5.46% [4][5] - Recommendations include companies in biodegradable packaging and metal packaging sectors, highlighting the stable operations and dividend value of leading packaging firms [4][5] New Tobacco Products - The report suggests monitoring new tobacco products as international leaders launch HNB products, with a focus on companies like Simoer International [4][5] Textile and Apparel - The textile and apparel sector showed a decline, with a focus on leading brands like Hailan Home and Anta [4][5] - The report indicates a need for attention on outdoor economy trends and companies like Zhejiang Nature and Mugaodi [4][5]

Core Viewpoint - The article highlights the complexity and importance of various roles in the live streaming industry, particularly focusing on the "Universal Control" position, which is crucial for the smooth operation of live broadcasts [1][2][6]. Group 1: Job Roles and Responsibilities - The "Universal Control" role involves multitasking, including screen switching, product presentation, and audience interaction, making it one of the busiest positions during a live stream [2][6]. - The live streaming team structure varies, with simpler setups for brand-specific streams and more complex teams for celebrity-led broadcasts, often exceeding ten members [7]. - The job of a control operator requires quick problem-solving skills to handle unexpected issues, such as product delays or technical difficulties, while also managing the live stream's pacing [6][8]. Group 2: Career Development and Opportunities - The live streaming industry is characterized by high turnover rates, but there is a significant opportunity for career advancement through skill accumulation and experience [6][9]. - Employees often transition between roles within the live streaming ecosystem, with many finding opportunities to move into positions that align better with their skills and interests [10][11]. - The demand for live streaming talent is expected to grow, with projections indicating a need for 21.84 million professionals by 2025, driven by the industry's rapid expansion [12][13]. Group 3: Industry Trends and Employment Characteristics - The live streaming sector is evolving quickly, with new job roles emerging and existing ones requiring continuous adaptation to technological advancements and market demands [12][13]. - The industry is seeing a shift towards specialization, with a growing emphasis on technical skills and content creation, particularly in response to changing consumer preferences [12][14]. - Educational institutions are beginning to offer specialized programs in live streaming, indicating a trend towards professionalization and a more structured approach to talent development in the industry [13][14].

Core Viewpoint - After four consecutive years of declining performance, Zhongshun Jierou (002511.SZ) is expected to return to growth in the first half of 2025, with a projected net profit of 140 million to 160 million yuan, representing a year-on-year increase of 59.85% to 82.68% [2][8]. Company Overview - Zhongshun Jierou was founded by Deng Yingzhong, who transformed the company from a small workshop into a leading enterprise in the consumer paper industry [2]. - In 2021, Deng initiated a de-familization strategy, transferring management to a professional team led by Liu Peng, who became the chairman [2][6]. Financial Performance - The company faced significant profit declines due to rising raw material prices over the past four years, with net profits dropping from 3.49 billion yuan in 2017 to 771.8 million yuan in 2024 [7][8]. - The anticipated recovery in 2025 is attributed to a decrease in raw material prices and improved management efficiency, with a projected revenue increase [8]. Strategic Initiatives - Liu Peng attempted to diversify the business by entering personal care sectors, but this strategy has not yielded significant results, with over 90% of revenue still coming from the main consumer paper business [9]. - The company has faced challenges with product quality and service, as evidenced by over 600 complaints on platforms like Black Cat Complaints [10]. Leadership Changes - Deng Yingzhong's sons were appointed as vice chairmen in 2024, indicating a potential shift back towards family involvement in management [10]. Future Challenges - The company must navigate intense competition and address the ongoing challenges posed by raw material price fluctuations to ensure sustainable growth [11].

Market Overview - The Chinese household cleaning and personal care market has grown from 34.77 billion yuan in 2015 to 55.61 billion yuan in 2023, with a projected size of 58.39 billion yuan in 2024, indicating a continuous upward trend in market demand [11][12][13] - The market is expected to exceed 70 billion yuan by 2028, showcasing a broad market outlook [12] - Growth is driven by urbanization, demographic changes, upgraded consumer demands for cleaning products, and increased R&D investments by companies [13] Consumer Trends - Consumers are increasingly seeking high-efficiency and refined cleaning tools, with 30% of sales volume attributed to essential household items like paper towels and laundry detergents [24] - There is a notable demand for high-quality home decor items, with sales of decorative items like wall clocks and glass ornaments increasing significantly [26] - The market is seeing a trend towards specialized cleaning products for specific clothing types and cleaning scenarios, with 73.1% of consumers purchasing kitchen cleaning products [27][28] Brand Landscape - Leading brands like Blue Moon maintain their positions through professional images and comprehensive channel strategies, while emerging brands like UPO and Zhi Fu Lian are rapidly gaining market share through online marketing and differentiated products [2][19] - Domestic brands are leveraging their understanding of local consumer needs, focusing on cost-effectiveness and localized marketing strategies [20] - New brands are capitalizing on social media and online channels to showcase their innovative products and achieve rapid growth [21] Environmental Trends - Consumers are increasingly concerned about product safety and environmental impact, with 71% expressing a desire for cleaning products that enhance antibacterial capabilities and are made from natural, non-irritating materials [30] - The industry is shifting towards low-carbon and environmentally friendly practices, with leading companies developing products with natural ingredients and optimizing packaging to reduce environmental impact [32] Sales Channel Analysis - The sales channels are diversifying, with online sales channels gaining a larger share due to their convenience and variety, while traditional retail still plays an irreplaceable role [18] - The report highlights the importance of enhancing consumer experience in offline stores by creating dedicated cleaning product sections [2][18]

Core Viewpoint - Yibin Paper's stock price has nearly doubled in the past month, reaching a historical high, primarily driven by a related acquisition of a controlling stake in Sichuan Push Acetate Fiber Co., Ltd. from its parent company Wuliangye Group [1][2] Financial Performance - In 2024, Yibin Paper's revenue is expected to decline by 8.34% year-on-year, with a net loss expanding to 128 million yuan, while the gross margin of its traditional paper business has turned negative [1][6] - The company reported a revenue of 2.238 billion yuan in 2024, down 8.34% year-on-year, and a net profit attributable to shareholders of -128 million yuan, a shift from profit to loss [6][8] Acquisition Details - Yibin Paper acquired 67% of Sichuan Push Acetate Fiber Co. for 206 million yuan, with the target company projected to generate a net profit of 149 million yuan in 2023 at a price-to-earnings ratio of only 2 [1][2] - The acquisition is seen as a strategic move to transform the business into high-barrier acetate fiber production, but faces significant integration challenges due to differing technologies and market channels [2][4] Debt and Financial Strain - Yibin Paper's debt ratio reached 91.69%, with a total debt of 2.54 billion yuan in short-term loans and 1.756 billion yuan in long-term loans, raising concerns about its financial sustainability [1][3] - The company is expected to incur fixed financial expenses of approximately 110 million yuan annually due to interest payments and debt repayments related to the acquisition [5][6] Industry Challenges - The paper industry is facing significant pressure, with Yibin Paper's paper product output declining by 18.79% and sales down by 9.7% in 2024 [7][8] - The average price of paper products has decreased by 5.7%, while production costs have increased by 11.2%, further squeezing profit margins [7][9] Market Valuation - Despite the short-term stock price surge, Yibin Paper's price-to-book ratio stands at 25 times, significantly higher than the industry average of 1.54 times, indicating potential long-term risks if performance does not meet expectations [10]

Group 1 - The family daily necessities market is showing distinct consumption trends, with household cleaning products and home decor items both playing significant roles in enhancing family life quality [1] - Household cleaning products, particularly tissue paper, dominate the market with nearly 30% of transaction volume, indicating their status as essential high-frequency consumables [1] - Women represent 60% of the consumer base for household cleaning products, showing a preference for efficient and refined cleaning tools, while men focus more on functional products [1] Group 2 - Home decor items are increasingly important for creating a warm family atmosphere, with desktop ornaments and glass films being popular choices [1] - The transaction volume for decorative plates and wall clocks has increased over tenfold year-on-year, indicating a growing trend in home decoration [1] - The demand for household cleaning supplies and home decor reflects a quality-oriented consumption trend among consumers, particularly among the "post-80s" and "post-90s" demographics [2]

Core Points - RCEP, the world's largest free trade agreement, has been in effect for four years, involving 15 member countries including ASEAN, China, Australia, Japan, South Korea, and New Zealand [1] - The agreement aims to enhance regional economic cooperation through tariff reductions, trade facilitation, and investment opportunities, particularly in response to U.S. tariff policies [1][3] Tariff Reductions - Tariff reduction is a core policy of RCEP, providing market opportunities and cost advantages for businesses [3] - Since the implementation of RCEP, Fujian Province has issued RCEP origin declarations worth over 10.31 billion yuan, ranking first in the country [3] Impact on Daily Life - RCEP significantly influences consumer access to imported goods from member countries, such as fruits and snacks from Thailand, New Zealand, Vietnam, Japan, Malaysia, and South Korea [4] - The implementation of RCEP has streamlined customs processes, allowing perishable goods like fresh flowers to be exported to Singapore within two hours, saving at least 12 hours compared to previous procedures [6][7] Trade Statistics - Over 90% of products within the RCEP region are expected to achieve zero tariffs gradually [7] - In May, the export of fresh-cut flowers from Xiamen Airport to RCEP countries reached 840,000 units, a year-on-year increase of nearly 400% [7] E-commerce Benefits - RCEP has enabled Chinese cross-border e-commerce companies to reduce export costs, with specific products like paper towels seeing a reduction in import tariffs from 10% to 0% in Thailand [9] - A cross-border e-commerce company reported a significant increase in sales from 50,000 yuan to 2 million yuan within a month due to tariff reductions [9] Smart Service Platform - The RCEP Tariff Policy Smart Service Platform was launched to help businesses navigate complex tariff regulations and maximize benefits [10][12] - The platform uses big data and AI to provide businesses with easy access to tariff information and guidance on the best agreements to utilize [12][14] Enhanced Logistics - RCEP has improved logistics efficiency, with new shipping routes established to facilitate trade between China and RCEP member countries [15][17] - Xiamen Port has opened 106 RCEP routes, enhancing its position as a logistics hub in Southeast Asia [17] Economic Significance - RCEP plays a crucial role in maintaining a multilateral trade system and promoting regional economic integration, contributing to over 30% of China's total foreign trade in 2022 and 2023 [18]