Core Viewpoint - The coffee industry is transitioning from a "low-price competition" model to a "value competition" model due to rising raw material and operational costs, as well as the unsustainability of aggressive pricing strategies [1][9]. Group 1: Company Actions - Kudi Coffee's "unlimited 9.9 yuan" promotion officially ended on January 31, with a significant reduction in the number of products priced at 9.9 yuan starting February 1 [5][6]. - The new pricing structure includes a "special price zone" with 3 to 7 products remaining at 9.9 yuan, while other products are sold at retail prices ranging from 11.9 to 16.9 yuan [5][8]. - Kudi Coffee's strategy of aggressive pricing helped it expand to over 15,000 stores globally within two years, but the sustainability of this model is now in question due to rising costs [7][8]. Group 2: Industry Trends - The price adjustments at Kudi Coffee reflect a broader trend in the restaurant and beverage industry, where multiple brands are raising prices in response to increased operational costs [9][10]. - Fast food chains like KFC and McDonald's have also adjusted their prices, indicating a collective industry shift towards stabilizing operations amid rising raw material costs [9][10]. - The reliance on delivery channels has intensified profit pressures, as high commission fees and promotional costs associated with these platforms can erode profit margins [10][11].

一周时间，黄金克重价格从最高1255元到1060元，线下门店销售亦如同过山车。2月1日，北京商报记者走访线下多家门店看到，一些黄金品牌的柜台客流明 显减少，回收业务反而引发排队热潮。同时，个别门店的小克重投资金条出现缺货情况。记者从商场内部了解到，场内黄金品牌一周内的日销售额，高的达 到21万元，低则只有3000元。 线下金店的困境，不仅源于金价波动和消费心态变化，更暴露了传统黄金零售模式的深层弊端。分析指出，传统线下金店须打破传统盈利模式，降低溢价， 优化库存管理，同时精准对接消费者需求，提升产品设计和服务质量，才有望在行业洗牌中脱颖而出。 t mk s Ball 0 U 41 1 t 2017 1 - 2 a ry 44 0 11 5 a f 销售冰火两重天 回购业务进入高峰 黄金价格的大幅波动，让C端市场面临一场大考。北京商报记者走访西单商圈看到，周日下午商场内人头攒动，但黄金柜台前门可罗雀。在西单大悦城二层 的黄金珠宝区域，大部分消费者多为咨询当日金价，真正购买的人群寥寥无几。其中一家品牌门店销售人员表示，近两日黄金价格跳水，相比一周前排队购 买的情况，门店购买人数减少，大部分消费者处于观望状态。 位 ...

黄金又火了，这次不是因为暴涨，而是因为暴跌。 1月29日，现货黄金飙升至5598.75美元/盎司，白银突破121美元/盎司，双双刷新历史高位。 然而，巅峰之下，暴跌潮骤然来袭，现货黄金单日最大跌幅接近13%，最低触及4682.55美元/盎司，瞬 间回吐近期全部涨幅；现货白银跌幅更甚，盘中暴跌超35%，数以万计投资者遭遇爆仓。 资本市场一夜惊魂并不少见，涨得有多疯狂，跌得就有多迅猛。黄金作为避险资产，并非冒险资产，有 投资者混淆二者边界，随时可能被市场反噬。 要知道，黄金作为国际定价品种，其价格由伦敦金银市场协会主导的现货定价与纽约COMEX交易所的 期货定价共同决定，受美元指数、美债实际收益率、全球通胀等宏观因素主导，不存在国内"众人拾柴 火焰高"的单边炒作空间，盲目跟风只会沦为市场波动的"牺牲品"。 更为重要的是，黄金并非蒙眼暴富的"神器"，其超长期保值功能和短期牛熊波动并不矛盾。即便长期看 好金价走势，中间也难免出现大幅回调，所谓"下一轮牛市高点可达8000美元甚至1万美元"的预判，不 能成为忽视短期风险的借口。 对于投资者来说，要对黄金避险属性有理性认知，要明白黄金为何涨、为何跌，对自身的投资行为负 责 ...

定投策略则为投资者提供了一种理性应对市场波动的有效方式。定投的核心在于定期定额投资，通过持 续、有规律地投入资金，平均投资成本，降低市场波动对投资收益的影响。 在金银价格大起大落的过程中，定投策略能够帮助投资者避免因市场短期波动而产生的非理性交易行 为。无论市场处于高位还是低位，投资者都能按照既定的计划进行投资，不受情绪的干扰。这样在金银 价格出现暴跌时，投资者出现亏损的持仓也只会是近期买入的一小部分，早期买入的大多数持仓，因为 成本很低，即使暴跌也不会出现投资亏损。 黄金、白银上演史诗级跳水，追高的投资者损失惨重。黄金和白银的大起大落，再次为资本市场敲响了 防风险的警钟，对于投资者而言，市场走势不可预测，但投资风险却可以采用定投的交易策略来合理控 制，既能享受中长期稳定的投资回报，又能避免投机情绪带来的非理性交易。 黄金、白银市场的大幅波动，是资本市场不确定性的典型体现。作为传统的避险资产，金银价格受到全 球经济形势、货币政策、地缘政治等多种因素的综合影响，使得其价格走势难以精准预测。投资者若试 图通过短期投机，追逐价格的高点和低点赚取差价，往往会被市场的剧烈波动所左右，陷入追涨杀跌的 困境。此次金银跳水， ...

北京商报讯（记者 马换换 李佳雪）根据安排，易思维（688816）将于2月2日启动申购。 据了解，易思维发行价格为55.95元/股，投资者顶格申购需配市值6万元，公司发行市盈率90.39倍、行 业市盈率44.28倍。 资料显示，易思维专注于汽车制造机器视觉设备的研发、生产及销售。截至2025年6月末，公司产品已 批量应用在上汽大众、广汽丰田、上汽通用、北京奔驰等主流合资品牌，比亚迪、江淮、奇瑞、广汽、 东风等传统自主品牌，零跑、蔚来、理想、小米、小鹏等新势力品牌，以及海斯坦普、卡斯马、本特 勒、拓普、华翔、汇众等国内外知名汽车零部件企业。 ...

Core Viewpoint - The performance of A-share pharmaceutical stocks in 2025 shows a mixed outlook, with 283 companies disclosing earnings forecasts, where 160 companies expect profit growth while over 120 companies anticipate profit declines, indicating a significant divergence in the industry [1][3]. Group 1: Profit Growth - Among the 283 pharmaceutical stocks, 160 companies are expected to see a year-on-year increase in net profit, with Sino Medical (688108) leading the pack with a projected increase of over 32 times [1][3]. - Sino Medical forecasts a net profit of 43 million to 50 million yuan for 2025, representing a year-on-year growth of 2,767% to 3,233% [3]. - Other notable companies with significant profit growth include WuXi AppTec, Hanyu Pharmaceutical, and Kangxino, with 65 companies projecting a net profit increase of over 100% [3][4]. Group 2: Profit Decline - Over 120 companies are expected to report a decline in net profit for 2025, with 39 companies facing their first losses since listing, including well-known firms like Zhifei Biological and Zhenbao Island [1][5]. - Zhifei Biological anticipates a net loss of approximately 10.698 billion to 13.726 billion yuan, marking a year-on-year decline of 630% to 780% [6][7]. - The decline in the vaccine sector is attributed to decreased public willingness to vaccinate and increased vaccine hesitancy, leading to significant performance pressure across the industry [7][8]. Group 3: Innovative Drug Companies - Several innovative drug companies are reporting positive trends, with some achieving profitability or significantly reducing losses. For instance, Nocren Pharmaceutical is expected to turn a profit for the first time, projecting a net profit of around 633 million yuan [10]. - Rongchang Biopharmaceutical is also expected to turn a profit, with a projected net profit of approximately 716 million yuan, driven by strong sales of core products [10]. - Companies like Junshi Biosciences and Amgen have not yet achieved profitability but are showing a clear trend of reduced losses, indicating a gradual transition towards commercialization and revenue growth in the innovative drug sector [11].

2025年全年，保险行业交出了怎样的答卷？2月1日，北京商报记者了解到，金融监管总局近日公布的数据显示，行业累计实现原保险保费收入6.12万亿元， 同比增长7.43%。人身险板块无疑是拉动增长的主力引擎，全年人身险公司原保费收入达4.36万亿元，同比增长8.91%。其中，寿险业务以3.56万亿元的收入 和11.4%的同比增速一马当先。相较而言，人身险公司和财产险公司的健康险业务在2025年的整体表现略显平淡，未能突破万亿元保费大关。 众托帮联合创始人兼总经理龙格表示，寿险的高增长主要得益于利率下行环境下，其储蓄功能对居民的吸引力增强以及行业渠道改革见效。 "2025年保费增速放缓至7.43%，是在2024年高基数上的稳健增长。"龙格也表示，增速回落主要源于宏观经济环境影响投保节奏，以及健康险这一重要增长 引擎动力减弱。这标志着行业从高速增长步入注重结构优化的高质量发展阶段。 健康险近年来被寄予厚望。2025年，人身险公司和财产险公司的健康险全年累计总保费收入9973亿元，距离万亿里程碑仅一步之遥。细分来看，不同于人身 险公司的健康险保费收入同比略有下滑，财产险公司的健康险业务则实现了11.3%的较快增长，贡献 ...

据新华社消息，1月30日，美国总统特朗普正式提名凯文·沃什为下任美联储主席，接替将于2026年5月15日结 束任期的杰罗姆·鲍威尔。该提名需经参议院批准，如果投票通过，沃什将在2026年5月后担任美联储主席。 消息一经公布，沃什"降息与缩表并行"的政策倾向被市场广泛解读，其金融行业的从业经历及美联储的任职经 历缓解了市场对于美联储独立性的担忧。由此，一系列连锁反应发生：美元走强、金价下跌、比特币跳水。不 过，尽管人民币短期压力增大，汇率基本稳定仍有支撑，我国货币政策也不会受到较大影响。 主张"降息与缩表并行" 获特朗普提名的沃什是何人物？回看其履历，沃什出生于1970年，早期就职于摩根士丹利，专攻并购业务。 2006年，沃什获美国前总统乔治·W·布什提名进入美联储，担任美联储理事至2011年。他也是当时最年轻的美 联储理事。 特朗普在首个总统任期内提名鲍威尔为美联储主席。当时，鲍威尔与沃什均为特朗普考虑的人选，但鲍威尔最 终获得提名。 值得一提的是，沃什一度被视为自由贸易的支持者和货币政策的鹰派人物，但近来转向支持特朗普的关税政策 和加快降息的要求。2011年，他在《华尔街日报》专栏文章中呼吁政策制定者"抵制 ...

Core Insights - Zhou Hei Ya has launched a new product, the Black Duck Turkey Noodles, targeting the convenient instant food market [1] - The new product features a classic Black Duck flavored turkey noodle sauce, combined with seaweed and sesame, offering a sweet and spicy flavor profile [1] - The product is priced at 29.9 yuan for a pack of five 141g bags on Zhou Hei Ya's official store on JD.com [1]

Core Viewpoint - The Haier Group is expanding its capital footprint with the recent IPO applications of its subsidiaries, Kaos and Haier New Energy, aiming to increase the number of listed companies under its umbrella to ten if both IPOs are successful [1][12]. Group 1: Company Performance - Kaos has shown steady performance improvement, with revenues of approximately RMB 4.994 billion in 2023 and RMB 5.069 billion in 2024, and a projected net profit turnaround from a loss of RMB 82.72 million in 2023 to a profit of RMB 65.14 million in 2024 [4]. - For the first three quarters of 2025, Kaos reported revenues of about RMB 4.421 billion, up from RMB 3.635 billion in the same period the previous year, with a corresponding profit of approximately RMB 176 million, significantly higher than the RMB 35.71 million from the previous year [4]. Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing 57.7% of its revenue in the first three quarters of 2025, with sales to Haier amounting to RMB 25.49 billion [6]. - The sales to the top five customers accounted for approximately 69.7% of Kaos's revenue in the same period, indicating a high dependency on a limited customer base [6]. Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on projected revenue for 2024 [3]. - The decision to pursue a listing on the Hong Kong Stock Exchange instead of the Sci-Tech Innovation Board is seen as a strategic move to avoid stringent regulatory pressures associated with the latter [3][4]. Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed companies with a total market value exceeding RMB 330 billion [9]. - If Kaos and Haier New Energy successfully complete their IPOs, the number of listed companies under Haier Group will increase to ten, further solidifying its market presence [12].