来源 | 《财经》杂志 文｜《财经》记者 郑慧 编辑｜韩舒淋 光伏展客户少了，外国人多了；上游尝试"以大收小"，下游推进技术升级 "2024年和2025年一季度，光伏主产业链亏损巨大。"在刚落幕的2025年SNEC光伏展上，天合光能董事 长高纪凡指出。光伏行业毫无疑问正处于寒冬之中。 据《财经》统计，参考申万行业分类，光伏硅料、硅片、电池片、组件的A股及港股上市公司，2024年 及2025年一季度合计净亏损约787亿元。 受政策催生的"430"（5月1日前并网的分布式光伏执行原有政策）、"531"（6月1日起新能源逐步全面进 入电力市场）抢装节点影响，今年1月-4月国内新增光伏装机104.9GW，同比增长75%。其中4月单月新 增光伏装机45.22GW，同比增长215%。 但抢装潮只给供给端带来了短暂的喘息。三一硅能董事长代晴华提到，抢装潮期间，组件价格最高曾达 到0.75元/W，头部企业达到了0.8元/W，但到了6月，行业平均价格又跌回0.65元/W，甚至有企业降到了 0.62元/W。 6月1日起，新能源项目开始全面入市，由于各省政策仍在持续出台和细化，当前光伏电站难以测算投资 收益模型，需求也随之减少。" ...

Core Insights - The 618 shopping festival has evolved into a marathon event, running from mid-May to mid-June, becoming a battleground for user acquisition among brands [1][2] - Haier Smart Home achieved comprehensive first place across multiple categories and platforms, showcasing its strength in AI technology, user interaction, and service guarantees [1][5] Category Performance - Haier Smart Home secured the top market share in various categories including refrigerators, washing machines, water heaters, and freezers, with air conditioners sharing the market [2] - Specific products like the Haier W5000SPro dishwasher and Haier washing machine series topped sales charts on platforms like Tmall and JD [2][4] Brand Development - Haier's brand engagement saw a 35% increase in active members, with significant product visibility and sales, particularly among younger consumers [4] - The premium brand Casarte experienced a 55% growth in brand asset value, leading searches on major platforms [4] Technological Strengths - Haier's AI technology enhances user experience, with innovations like the AI full-space preservation technology in the Haier麦浪 refrigerator, keeping fruits and vegetables fresh for up to 7 days [5] - The Haier washing and drying set can clean clothes in as little as 15 minutes, catering to busy consumers [5] User Interaction Strategies - Haier engaged users through live streaming events featuring executives, focusing on user stories and product demonstrations without direct sales pitches [7][9] - Interactive campaigns and themed events targeted diverse user groups, enhancing brand recall and engagement [9] Service Guarantees - Haier provided comprehensive service support throughout the purchasing process, achieving a 100% customer service response rate during the 618 period [10] - The company implemented a recycling program for old appliances, with 70% of users participating in the trade-in program [10] Conclusion - Haier Smart Home's success during the 618 festival reflects its commitment to user-centric values, leveraging technology, interaction, and service to achieve market leadership [10]

Group 1 - The core point of the article is that Dongfang Zhenxuan's self-operated sanitary napkins sold out within one day of their online launch, indicating strong market demand and leading to a rapid increase in production to meet this demand [1][3]. - On June 18, Dongfang Zhenxuan launched its sanitary napkins online, and by the afternoon of the same day, sales had exceeded 1.2 million packs [3]. - The company reported that the sales revenue from sanitary napkins is expected to exceed 10 million yuan due to the overwhelming response, prompting urgent production acceleration [1][3]. Group 2 - Dongfang Zhenxuan's sanitary napkins feature a pure cotton surface made from 100% Xinjiang cotton, and they meet national standards for safety and quality [6]. - The sanitary napkins undergo 28 strict tests from production to delivery, with specific standards for formaldehyde and pH levels that exceed national requirements [6]. - Additional safety tests for carcinogenic substances have been implemented, ensuring that the products are safe for sensitive skin [6]. Group 3 - The company plans to launch more sanitary napkin series, including a thin and quick-absorbing version by the end of July and sleep pants by mid-August, continuing to focus on safety and health in production [7].

Core Insights - The key to the competition between microfinance and large banks is further penetration and credit assessment, while the competition with internet institutions relies on offline personnel to ensure loan authenticity [1] - Changshu Bank has emerged as a benchmark in microfinance, concentrating 70% of its workforce on this sector, growing its microfinance team from an initial 10 to over 2,000 professionals [1][7] - The unique talent cultivation mechanism at Changshu Bank, which integrates recruitment, training, assessment, and incentives, is closely linked to its microfinance strategy [1][7] Recruitment and Talent Selection - Emphasis on moral character and learning ability during recruitment helps ensure alignment with microfinance principles and reduces moral risks [2] - Changshu Bank prioritizes candidates with strong moral character to mitigate risks associated with data manipulation and collusion [2] - The bank values learning ability over high academic qualifications, with 70% of new hires being recent graduates, fostering a culture of innovation within the microfinance team [2] Training and Development - Establishment of an internal trainer selection and experience transmission mechanism encourages participation and knowledge sharing among employees [3] - The bank promotes a culture of internal training, with 545 internal trainers and 971 hours of training delivered by the end of 2024 [3] - A comprehensive training structure ensures all employees receive necessary training, including new employee orientation and specialized skill enhancement programs [4] Performance Assessment and Incentives - A distinct performance evaluation system links microfinance loan issuance to annual business goals, effectively guiding employee performance [5] - The bank has implemented strict behavioral standards to prevent moral hazards, including a zero-tolerance policy for unethical practices [6] - A due diligence exemption system is in place to protect employees who conduct thorough investigations, with 86% of recognized microfinance non-performing loans deemed compliant with due diligence standards [6]

Core Viewpoint - Yuexiu Property has demonstrated strong sales performance in the first five months of 2023, achieving a contract sales amount of approximately 50.7 billion RMB, a year-on-year increase of about 26.5%, which accounts for 42.1% of its 2025 sales target of 120.5 billion RMB, positioning the company among the top players in the industry [2][3] Group 1: Sales Performance - In the first five months of 2023, Yuexiu Property achieved a cumulative contract sales amount of approximately 50.7 billion RMB, marking a year-on-year increase of about 26.5% [2] - The company ranked 8th in the CRIC "Top 100 Chinese Real Estate Companies Sales Ranking" for January to May 2025, solidifying its position in the industry [2] Group 2: Product Development Strategy - The "4×4 Good Product Concept" emphasizes quality, warmth, intelligence, and growth, with 16 product propositions aimed at enhancing product and service quality [3][4] - The company has established a "Good Product System" focusing on stringent construction standards, continuous technological innovation, and a comprehensive customer experience [3][4] Group 3: Key Projects - The Guangzhou Pazhou South TOD project has become a sales champion in the national residential market, achieving a total sales amount of 33.76 billion RMB from 2022 to 2024 [5][6] - The project features a mix of residential, office, commercial, educational, and ecological park elements, creating a "micro-city" environment [6][7] Group 4: Land Acquisition Strategy - Yuexiu Property is actively acquiring scarce land in high-potential cities like Beijing and Shanghai, securing multiple prime plots to ensure project alignment with market demands [9][10] - In June, the company won two quality plots in Beijing for 2.395 billion RMB and previously acquired a plot in Beijing for 12.6 billion RMB, setting a new high for land prices in the area [9][10]

Core Insights - Xiaomi achieved a record-breaking total payment amount of over 35.5 billion yuan during the 2025 618 shopping festival, marking a new high [1] Group 1: Sales Performance - Xiaomi's flagship models dominated sales across various price segments, with the Xiaomi 15 Ultra leading in the 6000-8000 yuan range and the Xiaomi 15 securing the top spot in the 4000-5999 yuan range [2] - The REDMI K80 maintained its strong performance, winning the sales championship in the 2000-2999 yuan segment across multiple platforms [2] - Other models like REDMI K80 Pro, REDMI Turbo 4 Pro, REDMI Note 14 Pro, REDMI Note 13 5G, and REDMI 14C also achieved top sales positions in their respective price brackets [2] Group 2: Ecosystem and Product Categories - Xiaomi's success during the 618 festival was attributed to its "people, vehicles, and home ecosystem," which demonstrated strong momentum and significant synergy [3] - In various product categories, Xiaomi secured 158 first-place rankings, including in monitors, smart speakers, water purifiers, humidifiers, and dishwashers [3] - The Xiaomi Pad 7 Ultra led in the high-end tablet segment, while the Xiaomi Band 9 Pro and REDMI Watch 5 topped the sales charts in their respective wearable categories [3] Group 3: Service Upgrades - Xiaomi's service offerings saw significant enhancements, with a 38% year-on-year increase in on-site installation services and a 192% growth in integrated delivery and installation services [3] - The range of services expanded to 12 categories, and the number of stores supporting IP68 protection increased to 500 [3]

Core Insights - Oriental Selection's first self-operated sanitary napkin launched on June 18, quickly sold out, prompting the company to restock and initiate pre-sales [1][3] - The product achieved sales of over 1.2 million packs by 4 PM on the launch day, with the factory ramping up production [1] - The sanitary napkin was initially available for priority purchase on June 16, selling 4 million pieces even before the full online launch [3] Product Features - The sanitary napkin is marketed as safe and healthy, made from 100% pure cotton sourced from Xinjiang, and certified by national standards [5] - The product underwent additional testing for harmful substances like acrylamide and pentachlorophenol, ensuring consumer safety [5] - The design includes a pure cotton layer extending to the wings, utilizing a perforation process to enhance comfort and absorbency, despite a 20% increase in production costs [6] Marketing Strategy - The company utilized live streaming from the production facility to showcase the manufacturing and packaging processes, enhancing transparency and consumer trust [3][5] - The introduction of the product was framed as a sincere initiative aimed at providing a trustworthy option for women, resonating with consumers [5]

6月18日上午，三亚市进行了两场土地拍卖。 辽宁方大集团旗下企业三亚方大健康置业以总价28.75亿元成功摘得三亚海棠湾近430亩超级地块，交易 刷新了近期海南民企拿地规模和金额的纪录。 此次被方大拿下的430亩土地涵盖三亚海棠湾国家海岸休闲园区5幅地块，分别为HT09-18-06、HT09-15- 02、HT09-18-05、HT09-15-01及HT09-17-03。 其中，HT09-18-06和HT09-15-02地块使用权面积为113257.61㎡，为商住混合用地，混合比例分别为 60.46%、39.54%，地块成交总价130933万元，折合楼面价9633元/㎡。 事实上，此前在4月的"投资中国·2025海南自由贸易港全球产业招商大会"上，三亚便透露了重要规划， 引入方大集团拟投资50亿元建设的海棠湾医疗健康城项目。 项目会以高端医院、医疗康养为核心，以商务酒店、高端生活社区、健康养生中心等业态为一体，而此 次拿下的430亩超级地块，或许是这一规划落地的关键一步。 但对于方大来说，未来的投资可能远不止50亿元，这两宗土地出让条件中明确规定，竞买人未来五年内 需要在三亚海棠湾国家海岸休闲园区投资总额100 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the first special corporate bond for "Aerospace Technology" by Xiangyun Investment, marking a significant step in supporting technological innovation in this sector [1][2] - The bond has a total issuance scale of 300 million yuan with a maturity of 3+2 years and a coupon rate of 2.28%, aimed at funding equity investments in technology innovation companies [1] - Xiangyun Investment plays a crucial role in managing the Jiangsu Province's leading fund for future industry development, focusing on enhancing the synergy of the industrial chain and empowering the technology innovation ecosystem [1] Group 2 - The successful issuance of the bond is seen as a strategic move by Xiangyun Investment to capitalize on the opportunities in the aerospace sector, promoting high-quality development in China's commercial space industry [2] - The company emphasizes a model of "industry clusters + characteristic parks," providing comprehensive lifecycle support for aerospace enterprises through capital investment and ecosystem empowerment [2]

Core Viewpoint - Leapmotor officially launched the 2026 model of the Leapmotor C16, positioning it as a "super comfortable intelligent long-range SUV" with a price range of 151,800 to 181,800 yuan [1] Product Features - The 2026 Leapmotor C16 introduces a new 5-seat version with a focus on "fully equipped luxury and versatile space," featuring ten unique standard configurations in its class [1] - The new model includes an electric one-button bed mode, allowing the rear seats to fold down into a 2-meter flat bed, and a rear trunk viewing mode for outdoor camping with a 15.6-inch rear screen and 21-speaker luxury sound system [3] - The 5-seat version is equipped with Nappa leather seats, 10-point massage, ventilation, heating functions, independent three-zone air conditioning, and an 8.1L refrigerator [3] - The 6-seat version features unique double-side sliding seats in the second row, enhancing comfort and accessibility, along with a theater-style third-row seating layout [3] Design and Space Utilization - The 2026 Leapmotor C16 adopts a global first MPSUV design concept, combining the spatial advantages of MPVs with the aesthetic appeal of SUVs, achieving an effective interior space of 3301mm and a space utilization rate of 67.2% [3] - The model boasts a class-leading total interior volume of 5290L [3] Performance and Technology - The 2026 model is equipped with front and rear dual FSD variable damping shock absorbers, improving ride comfort by over 50% on bumpy roads, and features an LMC tire blowout stability control system [4] - The pure electric version is upgraded with an 81.9kWh battery, achieving a CLTC range of 630km, and supports fast charging from 30% to 80% in just 18 minutes [4] - The range-extended version has a battery capacity of 38.7kWh, with a CLTC pure electric range of 280km and a total range of 1150km, charging from 30% to 80% in 19 minutes [6] Intelligent Experience - The new model features a Qualcomm Snapdragon SA8295P smart cockpit chip and an upgraded Leapmotor OS 4.0 Plus operating system, incorporating advanced AI capabilities for improved user interaction [6] - The vehicle is equipped with a Snapdragon 8650 chip and 28 intelligent sensing hardware components, enabling a comprehensive end-to-end driver assistance system with 27 functionalities [6] Safety Features - The 2026 Leapmotor C16 is designed with a "fortress-level" protection concept, utilizing a high-strength safety structure and a CTC2.0 battery-integrated chassis design, with key areas made from high-strength steel [6]