分享嘉宾： 渊虹，森创启睿CEO，巴拉巴拉高级总监。 高级笔记达人| 天朗明月 责编| 柒 排版| 沐言 第 9463篇深度好文：6187字 | 17 分钟阅读 商业思维 内容来源：2026年2月12日，大树AI创业圈视频号第50期 访谈 渊虹分享内容 。 笔记君说： 当下，几乎每家企业都在谈数字化转型和AI应用，但普遍陷入两种困境： 要么，斥巨资引入尖端技术，却只用在零散的"点"上，效果如隔靴搔痒，ROI算不过来； 要么，担心AI替代人力，引发组织抵触，在"要不要用""怎么用"的纠结中错失时机。 结果，技术成了摆设，成本没降下去，效率也没提上来，反而增加了内部管理的混乱。 企业AI化的真正价值，究竟该如何实现？难道技术本身真的是最大的门槛吗？ 近期，童装巨头巴拉巴拉（森马集团）通过一套"AI+RPA"的组合拳，在一年内实现了降本超千万、增效创收近亿的惊人成果。 他们的CEO渊虹在分享中揭示：技术从来不是核心障碍，能否洞察业务场景、重塑组织流程、并让AI像"数字员工"一样融入业务闭环，才是成败 的关键。 今天，我们就透过森马的实战案例，拆解他们如何将AI系统性地落地，找出一条符合自身企业从"工具应用"到"能力 ...

□四川日报全媒体记者 肖姗姗 普通人的营生，有了稳稳的着落 ●广元武曌天街搭建创业就业平台，"零租金"安置62个经营小百货、玩具、鲜花等品类的摊位，累 计带动约400人就业创业 人来人往里，氤氲着城市最鲜活的烟火气 ●农历正月初五迎财神、正月初八醒狮纳福、正月十五元宵晚会，新春文化活动排得满满当当。 春节假期的武曌天街，客流突破6万人次，人来人往里，藏着一个个小摊贩的生计，也氤氲着城市 最鲜活的烟火气 老田文化水平不高，年纪大了很难找到工作，摆摊成为他养家的营生。"我不求挣很多，能挣够一 家人的生活费，帮衬下生病的妹妹，就够了。"老田的话语很朴实。话音刚落，又有顾客走到摊位 前，他立马笑着迎上去。 老田的这份安稳，源于武曌天街用心搭建的创业就业平台。这条由广元市利州区供销合作社联合 社统筹、四川广曌商贸有限公司打造的街区，以商业外摆为主要形式，既盘活商圈活力，也给普 通人谋生的底气。目前，街区已入驻商家78家，涵盖本地特产、小吃饮品、潮流首饰、儿童游乐 等多元业态。同时，专门划定区域规范设置跳蚤市场，"零租金"安置62个像老田这样经营小百 货、玩具、鲜花等品类的摊位，累计带动约400人就业创业。从前街头摊点无 ...

大年初二，广元武曌天街一派热闹景象。882米的唐风长街挂满红灯笼，熙熙攘攘的人群间，卖美食的、卖福字对联的、卖气球玩具的应有尽有，年味儿裹 着烟火气扑面而来。田松友守着他的童装摊，货架上的红棉袄、红卫衣挂得满满当当，在喜庆的氛围里格外亮眼。 热闹的天街。 老田就站在摊前，身子微微前倾，目光留意着来往的行人。见有家长牵着孩子停下，他立马笑着问："娃儿穿好大的？"说着便抬手从货架上翻找衣服。每卖 出一件，他都会顺手把架子上的衣服理整齐，激动地说："能有这么个固定地方摆摊，心里是真踏实。这是天街的公益性摊位，不要租金，就交200块钱清洁 费，对我们这些人来说，太实在了。" 【未经授权，严禁转载！联系电话028-86968276】 老田的声音不高，话语却很朴实，"我不求挣很多，能挣够一家人的生活费，帮衬下妹妹，就够了。"话音刚落，又有顾客走到摊前，他立马笑着迎了上去。 老田的这份安稳，源于武曌天街对创业就业平台的用心搭建。这条由利州区供销社统筹，四川广曌商贸有限公司打造的街区，以商业外摆为主要形式，既盘 活了商圈活力，也给了普通人谋生的底气。目前，街区已入驻商家78家，涵盖本地特产、小吃饮品、潮流首饰和儿童游乐等多元 ...

（原标题：绥芬河：向北开放的"春节流量密码"｜故乡里的中国） 经济观察报记者 王雅洁 从哈尔滨出发，D字头列车一路向东，穿行在完达山脉的茫茫林海雪原间。两个多小时后，列车抵达中 俄边境线上的绥芬河。 这座总人口十万左右的小城，正迎来一个特殊春节，2026年是中俄双向免签政策全面落地后的首个春 节。 与往年不同，口岸联检大厅里，不再只仅有扛着大包小包的"倒爷"面孔，还有 多了拖家带口的旅游团、拎着滑雪板的年轻人、背着相机的中年夫妇。他们从俄罗斯的符拉迪沃斯托 克、哈巴罗夫斯克、莫斯科等地而来，在这个中国农历新年前夕，涌入这座边境山城。 几个俄罗斯面孔拖着行李箱，踩着冰碴走进旁边的贸易市场。裹着军大衣的搬运工蹲在台阶上抽烟，眯 着眼看着来往人流。今年来此的俄罗斯人，手里拎的不再是清一色的超大编织袋，有人只背着一个双肩 包，有人手里攥着手机，用翻译软件和商贩讨价还价。 这座因路而兴、因商而活的边境山城，正经历一场从"过货"到"过人+过货"的双轮驱动转型。免签红利 带来的跨境人气，正在转化成实实在在的贸易增量。对于当地人来说，这个春节，注定与以往不同。 百年口岸 一百二十年前，随着中东铁路的贯通，这个原本只有几户人家 ...

中新网湖州2月15日电(胡丰盛)2026年春节前夕，"中国童装之都"浙江吴兴织里，年味渐浓。棉布城广 场那面挂了近十年的"爱心墙"又"上新"了——红色棉服、卡通卫衣，一件件叠放齐整，挂在敞开的橱窗 里。旁边白底红字，只写一句："随便领取，不要钱。" 对平安大姐公益团队创始人徐维丽来说，这面墙，是自己来时的路。 2015年团队成立，2016年第一件童装挂上这面墙。那年她没想过，这件"小事"一守就是十年。 "最开始是计生办牵线，说搞个活动，捐点衣服做宣传。"徐维丽是辽宁人，来湖州创业二十多年，和一 群从全国各地来织里打拼的女企业家组成了"平安大姐工作室"。活动地点选在棉布城广场，周边是老小 区、租房住的务工者、环卫工和建筑工人。"活动一开始，衣服很快就被领取完毕。"她说。 起初捐的是库存、过季款，后来变成主动上新款。从一月捐一次，到一周一次，再到开学季一周两三 次。墙就立在那儿，橱窗不落锁，谁来取都不问。"我们去学校送衣服，孩子不好意思当众领，挂墙上 便没了负担。"徐维丽放慢语速说，"回家穿上，谁知道是哪儿来的？这是给孩子留着尊严。" 这面墙，一守近十年。据公开报道，截至2025年初，"爱心墙"累计捐出童装超4万 ...

Group 1 - The stock price of Jiama Clothing (301276) has shown volatility in the past week, with a closing price of 27.91 yuan on February 6, down 4.58%, and a net outflow of 4.77 thousand yuan in main funds [1] - On February 9, the closing price was 27.33 yuan, a decrease of 2.08%, with a significant net outflow of 505.49 thousand yuan [1] - The latest data indicates that the stock price is under short-term technical pressure, with a resistance level at 29.36 yuan and a support level at 26.83 yuan [1] Group 2 - Industry research reports indicate that Jiama Clothing's Q1 net profit performance exceeded revenue, but attention should be paid to inventory reduction progress [2] - The company's gross margin remains stable, but rising expense ratios and high inventory levels are putting pressure on profitability [2] - The latest comprehensive target price for the company is set at 31.00 yuan, indicating a potential upside of 12.65% from the current stock price [2] Group 3 - Recent events suggest that declining consumer confidence in the U.S. and tariff policies may indirectly affect clothing demand, although industry inventory is at a low level and order demand is gradually stabilizing [3] - Jiama Clothing primarily focuses on children's clothing, necessitating attention to terminal sales and brand upgrade progress [3]

Investment Rating - The industry rating is "Buy" [5] Core Insights - Sanfu Outdoor has released a performance forecast for 2025, with a net profit attributable to shareholders expected to be between 45 million to 67.5 million yuan, representing a year-on-year growth of 309% to 414%, exceeding market expectations [2][14] - The growth in revenue for brand X is expected to accelerate, with a projected increase of around 40% in 2026, driven by a reduction in losses from Squirrel Paradise [2][14] - The report anticipates a significant reduction in losses for Squirrel Paradise, with adjustments made to revenue forecasts for 2025-2027 due to the impact of a warm winter [2][14] - The report highlights the potential for high-end consumer recovery in 2026, which could benefit the consumer sector [3][15] Summary by Sections Performance Forecast - Sanfu Outdoor's net profit forecast for 2025 is between 45 million to 67.5 million yuan, with a central estimate exceeding market expectations [2][14] - The expected revenue growth for brand X is attributed to the reduction in losses from Squirrel Paradise, with a projected revenue increase of approximately 40% in 2026 [2][14] Investment Recommendations - For manufacturing, there is a strong expectation of price increases in upstream materials, with recommendations for companies such as Baolong Oriental and New Australia [3][15] - In the brand category, high-end consumption shows signs of recovery, with recommendations for Jin Hong Group and Ge Li Si [3][15] Market Trends - The textile and apparel sector has shown resilience, with the SW textile and apparel sector rising by 1.52%, outperforming the Shanghai Composite Index by 2.79% [16] - The report notes that the sales growth for women's clothing on the Taobao Tmall platform has improved, with a notable increase in sales for certain brands [4][15]

Core Insights - The event "ONE物潮汇六态.金凤首秀启新程" in Yinchuan, Ningxia, focuses on "first-release economy" and integrates various sectors including commerce, culture, tourism, exhibitions, agriculture, sports, and liquor [1][2] - The event features a unique "show and sell" model, allowing consumers to purchase showcased products immediately, which effectively stimulates shopping enthusiasm [1] Group 1 - The event marks the beginning of a series of consumer promotion activities in the Jinfeng District, featuring a vibrant atmosphere with performances and promotional activities [1] - A promotional video and various performances highlight the cultural and commercial appeal of the Jinfeng District, showcasing its unique charm [1] - The event includes nearly 20 first-store brands across categories such as women's wear, men's wear, children's wear, and sports, enhancing the shopping experience [1] Group 2 - The event serves as a practical demonstration of a "policy + activity" and "online + offline" consumption promotion model [2] - The Jinfeng District plans to collaborate with key commercial enterprises to launch over 40 unique activities, including traditional lion dances and themed parades, alongside government initiatives like car purchase subsidies and home appliance vouchers [2]

Core Viewpoint - The article highlights the bustling atmosphere of the Hengchang Mall in Hohhot, Inner Mongolia, during the pre-Lunar New Year shopping season, emphasizing its role as a traditional marketplace for local residents seeking affordable goods and a lively shopping experience [3][5]. Group 1: Market Dynamics - Hengchang Mall has been operating since 1995, maintaining its identity as a marketplace for the common people, reflecting the unchanged habits of consumers during the New Year season [3][5]. - The mall experiences a significant increase in foot traffic as locals and farmers from surrounding towns come to complete their New Year shopping, which is described as a ritualistic activity [5][6]. Group 2: Consumer Behavior - A local shopper, Zhao Guosheng, shared that he spent less than 1,000 yuan on new clothing for his family, highlighting the preference for in-person shopping to assess product quality [4][6]. - Merchants in the mall engage in price negotiations with customers, emphasizing the social aspect of shopping during the New Year, where both parties seek satisfaction in the transaction [6][8]. Group 3: Intergenerational Shopping Experience - The article features a young woman, Li Xiaodan, who returns to the mall with her mother, illustrating the generational differences in shopping preferences and the emotional connection to traditional marketplaces [8][11]. - Li Xiaodan observes her mother’s confidence and familiarity with the vendors, which contrasts with her own initial reluctance, showcasing the importance of these local markets in family dynamics [8][11].

机构：英皇证券 研究员：叶伟焯 Saucony 季度同比增長約30% Saucony 在 4Q25 及 FY25 全年均錄得約30%+的按年增長；線下渠道增速更強，單店平均銷售額約人民 幣45 萬元。管理層計劃持續進行渠道升級並開設更多旗艦店以提升店效。線上渠道增長較線下偏慢， 但在 4Q25 已見修復。管理層有信心至 2027 年銷售可實現翻倍，且經營利潤率持續擴張。至於 Merrell，該品牌在4Q25 及 FY25 全年均錄得雙位數增長，當前仍以電商渠道為重點。 維持「買入」評級及目標價7.8 港元 隨著馬拉松等戶外活動復甦及大眾健康意識提升，我們相信特步將受益於體育裝備需求的增長。此外， 理性消費理念——強調價格價值的消費趨勢在中國經濟中逐漸興起，我們認為公司以大眾市場為焦點的 核心品牌將從新的消費行為中受惠。我們維持2025 至2027 財年盈利預測不變，目標價維持於7.8 港元， 並重申對該股票的「買入」評級。 特步公布2025 財年第四季度營運數據，核心品牌零售銷售同比增長持平，相比第三季度及第二季度分 別錄得低個位數至中個位數（LSD/LSD）增長放緩。按月份拆分，10 月及11 月銷售表現優 ...