Core Viewpoint - The article highlights the emergence and significance of the "Chinese Medicinal Cuisine Chef" profession, emphasizing the integration of traditional Chinese medicine with culinary practices, particularly through the example of Huai Kai's successful medicinal dish, "Peony Chicken" [2][3][4]. Group 1: Industry Development - The Chinese Medicinal Cuisine Chef has been officially recognized with a national occupational standard, which provides a formal identity and evaluation criteria for the profession [3][4]. - The medicinal cuisine industry in Bozhou has a well-established supply chain, with over 30,000 drug merchants and an annual transaction volume of 60 billion yuan, facilitating the timely supply of high-quality medicinal ingredients [4][5]. - The medicinal cuisine industry in Bozhou is projected to reach a scale of 210.26 billion yuan by 2024, reflecting a year-on-year growth of 11.9% [5]. Group 2: Education and Training - Bozhou has established a medicinal cuisine school and a medicinal cuisine industry college, which has begun enrolling students and offers both academic and vocational qualifications [5][6]. - The industry college collaborates with over 10 leading medicinal cuisine enterprises to create a platform for cultivating technical talent through a school-enterprise cooperation model [6]. - Training programs have been conducted, with over 6,000 participants in various medicinal cuisine skill training sessions, enhancing the skill set of local chefs [5][6].

Group 1 - The national vegetable basket index for June 2025 is reported at 113.01, showing a month-on-month decrease of 2.37 points and a year-on-year increase of 0.22 points [1] - The average wholesale price of 28 monitored vegetable varieties in June is 4.36 yuan per kilogram, reflecting a month-on-month increase of 1.4% and a year-on-year decrease of 0.2% [1] - After four consecutive months of decline, national vegetable prices have stabilized and slightly rebounded [1] Group 2 - High temperatures in June have accelerated the exit of southern vegetables from the market, leading to slight price increases for cucumbers, tomatoes, and beans [3] - Weather conditions, including high temperatures in the north and heavy rains in the south, may continue to affect the supply and prices of various vegetable types in July [3] - The overall supply capacity of summer vegetables this year is significantly better than the same period last year [3] Group 3 - In Beijing, recent rainfall and high temperatures have caused price increases for certain vegetable varieties [4] - The weighted average price of vegetables in Beijing's Xinfadi market in June is 2.63 yuan per kilogram, up 1.15% from May [6] - The price of vegetables such as cowpeas and eggplants has risen due to reduced production from major growing areas affected by weather [4][6]

Group 1 - The market for traditional Chinese health drinks is rapidly growing, with a projected increase from 450 million yuan in 2023 to 3 billion yuan in 2024, and expected to exceed 10 billion yuan by 2028 [1] - Qingdao Beverage Group has launched the Laoshan Herbal Light Drink series to tap into the significant market potential of traditional Chinese health drinks [1] - The trend of health consumption among young people is reflected in their engagement with various health practices, including traditional exercises and herbal remedies, which have become social symbols for Generation Z [1] Group 2 - The brand Zhenbu'er, established in 2020, has achieved over 1 billion yuan in cumulative sales and is recognized as a top brand in the foot bath category on platforms like Tmall and Douyin [2] - The concept of "light health" is gaining popularity among Generation Z, with products like herbal pillows and neck warmers becoming trendy, indicating a shift towards a more casual approach to health [2] - The rise of content-driven platforms like Xiaohongshu and Douyin has accelerated the growth of traditional Chinese health brands, creating significant business opportunities in the sector [3]

Group 1 - The core viewpoint of the articles highlights the successful development of the "Dune Vegetables" industry in Minqin County, Gansu Province, leveraging unique climatic conditions and modern agricultural practices to supply high-quality vegetables to the Hong Kong market through efficient cold chain logistics [1][2][3] - Minqin County's unique environment, characterized by high sunlight exposure, significant temperature differences, and clean water sources, contributes to the high nutritional value and quality of its vegetables, making it a leading production base in northern China [2][3] - The county has established a robust agricultural model combining enterprises, cooperatives, bases, and farmers, focusing on the cultivation of specialty crops such as melons and high-quality vegetables, which supports rural revitalization and economic growth [2][3] Group 2 - The county's vegetable production area and output rank among the top in the province, with a total planting area of 200,000 acres and an annual output of 106,300 tons, positioning it as a key base for vegetable supply in the region [3] - Minqin County has built two large-scale vegetable production bases and 16 standardized production bases, enhancing its capacity for vegetable cultivation and processing [3] - The development strategy includes optimizing cold chain infrastructure and promoting new business models such as "platform enterprises + agricultural bases" to improve the distribution of high-quality agricultural products [3]

特别申明： 点击注册小程序 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 扬帆新材子公司江西扬帆车间着火，光引发剂中间体供应或受影响 国内光引发剂产销量持续增长，产品价格有望迎来底部回升 近年来，随着光固化产品应用领域的不断拓展，叠加光引发剂产品的持续改良迭代，光引发剂产品的市场 规模及产销量实现了持续增长。然而，由于行业相关政策以及外部环境的影响，近年来光引发剂产品价格 出现了较大幅度的波动。2018-2019年期间，由于环保政策影响，光引发剂出现短缺，致使产品价格大幅 上涨；2020-2023年期间，由于国际公共卫生事件等因素影响，叠加部分新产能的投放，光引发剂的供需 格局出现一定程度恶化，对应产品价格出现回落。进入2024年后，随着不利影响因素的消失，光引发剂产 品价格下跌幅度已有所放缓，目前 ...

行业研究 2025 年 6 月 12 日 扬帆新材子公司车间着火，持续关注光引发剂行业供需格局优化 ——石化化工交运行业日报第 77 期（20250612） 要点 扬帆新材子公司江西扬帆车间着火，光引发剂中间体供应或受影响。2025 年 6 月 10 日晚间，扬帆新材发布公告表示 2025 年 6 月 9 日晚上 8 时左右，扬 帆新材全资子公司江西扬帆的 109 车间发生一起火灾事故，事故造成一名员 工轻度烧伤。江西扬帆于 2025 年 6 月 10 日收到彭泽县应急管理局下发的 《现场处理措施决定书》，决定书责令要求江西扬帆停产停业整顿。根据扬 帆新材 2024 年年报，全资子公司江西扬帆拥有 3170 吨中间体产能，主要为 巯基化合物及衍生品，此外扬帆新材内蒙古基地拥有 15275 吨中间体产能， 浙江生产基地在建有 2200 吨中间体产能。2024 年，江西扬帆实现营收 3.46 亿元，约占上市公司 2024 年总营收的 47.3%。根据扬帆新材招股说明书， 巯基化合物及其衍生物主要包括茴香硫醚等品种，其主要为光引发剂 907 的 原料，也是重要的医药、农药和材料等精细化学品的中间体。我们认为，由 于 ...

Core Viewpoint - The transformation of Minqin County from a "victim of sandstorms" to an "ecological wealth creator" through innovative desertification control techniques and economic diversification efforts [1][3][5] Group 1: Environmental and Ecological Changes - Minqin County is located in a fragile ecological zone, surrounded by two major deserts, and has historically been a hotspot for sandstorms [3] - Since the 1950s, the county has implemented afforestation projects, planting drought-resistant species like Haloxylon ammodendron to create a green barrier against desert encroachment [3][5] - The introduction of new technologies, such as grafting techniques and the cultivation of economic crops, has expanded income sources for local residents [1][5] Group 2: Economic Development and Community Impact - Local farmer Shen Yongsheng exemplifies the success of the "sand control + wealth creation" model, cultivating 20 acres of fennel and raising sheep for income [1][5] - The village has seen significant improvements in infrastructure, including paved roads and access to modern utilities, enhancing the quality of life for residents [5][7] - The use of the internet has opened new markets for local products, allowing villagers to sell fennel nationwide [5][7] Group 3: Government Initiatives and Future Plans - The "desert edge defense battle" launched in 2023 aims to strengthen desertification control efforts through a strategic layout of protective measures [7] - The plan includes three defensive lines: external enclosure restoration, edge engineering to block sand, and internal forest network optimization [7] - The comprehensive strategy focuses on various geographical areas to effectively combat sand invasion and maintain ecological security in the region [7]

618 美 妆 品 牌 社 媒 营 销 优 质 案 例 PMPM新黑马式品牌故事，618如何借助社媒生根发芽？ 微播易| 营销智库 品牌历程与文化 "探索者"品牌人格画像以"探索全球，将远方带给消费者"的品牌理 念助力品牌内容营销 用情感讲故事："远方"与探索极大程度满足年轻消费者情感连结和诉求 用配方讲故事：PMPM提出独创的环球配方公式: X+Y+Z 产品革新 品牌创立 品牌拓展 品牌责任 2019年10月，闪烁和联合创始人Wen成立 了护肤品牌PMPM，品牌名来自法语Pour (le) Monde Pour (le) Monde，意为"去往 世界，探索世界"。PMPM由此成为中国首 个以探索为品牌理念的护肤品牌。 2020年1月21日，品牌成立之初，获得来自 源码资本的天使轮融资；2020年6月完成 Pre-A轮融资；2020年10月20日，再次获 得Pre-A+轮融资，投资方为HARMAY話梅。 2020年3月，PMPM第一款产品"发光面团" 涂抹面膜面世。这款产品上市后迅速登上天 猫涂抹式面膜品类TOP 2。PMPM上线仅半 年 ， GMV 已 达 1500 万 ， 2020 年 ， 品 牌 GMV ...

Core Insights - PMPM successfully leveraged social media marketing strategies during the 618 shopping festival, focusing on the Gen Z demographic, particularly those born in the 1990s and 2000s, by creating a content matrix across platforms like Xiaohongshu, Douyin, and Bilibili [1][2][9] Group 1: Marketing Strategy - The brand's core philosophy is "exploring the world and bringing distant experiences to consumers," targeting young consumers who seek emotional resonance and refined living [5][6] - The marketing campaign was structured in phases: pre-event buildup in April, peak interaction in May with key influencers, and intensified promotions in June, followed by a long-tail engagement strategy in July [12][13][14] - The influencer strategy involved a mix of "long-tail influencers for broad penetration, head influencers for heat generation, and mid-tier influencers for community impact," with over 60% of beauty influencers participating [1][2][17] Group 2: Content and Engagement - Content strategies focused on product ingredients and consumer pain points, with practical guides and lists released during the 618 event, such as "summer acid brushing" and "must-buy items" [2][24] - PMPM achieved over 100 million in sales during the 618 period, with the seaweed essence lotion set topping the category charts and Douyin's GMV increasing by 466% [2][7] - The success was attributed to precise audience matching on platforms, a layered influencer strategy, and emotionally resonant content that combined travel and skincare themes [2][8][9] Group 3: Brand Development - PMPM was founded in October 2019, focusing on storytelling through emotions and unique global formulations, quickly gaining traction in the market [6][7] - The brand's growth trajectory included angel funding in early 2020 and subsequent rounds, achieving a GMV of 150 million within six months of launch and surpassing 300 million by 2020 [6][7] - PMPM's commitment to sustainability was highlighted by its participation in the UN Biodiversity Conference, showcasing its responsibility as a brand [6][7] Group 4: Target Audience - PMPM's target demographic includes young consumers aged 18-35, who prioritize emotional experiences and refined lifestyles, with a strong presence on social media platforms [9][10] - The brand's marketing efforts are tailored to resonate with the values and interests of Gen Z, focusing on self-expression and emotional connection [9][10]

1 | -1-10 | 言 | | --- | --- | | 黑体加粗 | 回询函所列问题 | | 宋体 | 对问询函所列问题的回复 | | 楷体加粗 | 涉及对招股说明书修改的内容 | 2 3 | 序 | 客户/供应商 | 客户 | 交易 | | | 交易金额(万元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 名称" | 类型 | 类型 | 具体内容 | 2022年度 | 2021 年度 | 2020 年度 | | 1 | 上海口隆香料 | 贸易商 | 销售 | 凉味剂 WS-3、 WS-12、代加 | 581.73 | 895.12 | 1.898.57 | | | 有限公司 | | | 工收入等 | | | | | | | | 采购 | 薄荷脑等 | 43.08 | 368.66 | 1,258.52 | | 2 | 上海龙师香精 香料有限公司 | | 销售 | 原味剂 WS-3, | 74.27 | 124.88 | 59.25 | | | | 贸易商 | | WS-23 等 | | | | | | | | 采购 | 2. ...