Financial Data and Key Metrics - The company's financial products have been established and are being managed according to specified regulations, with adjustments made as necessary without requiring additional approvals [1] - The net asset value of the company's financial products is reported as of a specific date, with detailed management reports available for reference [8] Business Line Data and Key Metrics - The company's financial products are managed by designated fund managers, and the investment scope includes bank deposits, money market funds, and other cash-like financial products [7] - The company emphasizes that the performance of its financial products is not guaranteed and is subject to market risks, including potential loss of principal [10] Market Data and Key Metrics - The company operates in a market with inherent risks, and historical performance of its financial products does not guarantee future results [2] - The company's financial products are subject to market price fluctuations, and the performance may differ from the benchmark funds due to management strategies [8] Company Strategy and Industry Competition - The company's strategy involves managing financial products through designated fund managers and ensuring compliance with national laws and regulations [1] - The company highlights the importance of investor awareness regarding the risks associated with financial products, including the potential for loss of principal [10] Management Commentary on Operating Environment and Future Outlook - The company acknowledges the risks in the market and advises investors to carefully consider their investment decisions, as the financial products do not guarantee returns or protection against loss [10] - The company's financial products are designed to generate returns based on the performance of the underlying investments, but these returns are not guaranteed and are subject to market conditions [25] Other Important Information - The company provides detailed monthly reports on the performance of its financial products, which are available to qualified investors under confidentiality agreements [8] - The company emphasizes that the information provided in its reports is for reference only and does not constitute any legal or investment advice [8] Summary of Q&A Session - No specific Q&A session details were provided in the documents [1][2][7][8][10][25]

计不及往年同期。 紧 --- W24国内宏观脱水 [viP会员 摘要: 。本周资金面偏紧，主因是政府债发行、税期等财政因素。下周面临跨季，资金面演绎核 心可能还在于央行投放， 如果央行态度偏呵护，跨季资金面可能较为舒适。如果央行 投放量较少，资金面可能出现短暂波动。不过非银资金仍较为充裕，波幅预计不及往年 同期。 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 30 SE 20 10 70 60 50 40 30 20 10 财政因素致资金面偏紧 (华西) 迫切性并不高。 行）。 面可能较为舒适。 。如果央行投放量较少，资金面可能出现短暂波动。不过非银资金仍较为充裕,波幅预 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应 考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资,责任自负。 | 写评论 | 图片 版权声明 用户协议 与商务合作 方式 中可，任何人不得复制、转载、或以其他 更用本网站的内容。 种语词语本 "跟帖论 "这目单管理承诺书"。" 发布评论 付费内容订阅协议 商品购买协议 隐私政策 ...

一些担忧我们稍微展开做一下解读那么首先出海的市场我们其实已经在多个报告中多次强调了这个新兴市场的仲卡市场就是比我们想象的或者说可能某些专家所讲的要大一些我们可以通过非常官方的研究就是全球的仲卡龙头配卡公司的年报中能够看到它估计全球的 中众卡在三百大几十万我们从中抠掉美国西欧澳新再抠掉中国然后再抠掉可能相对比较独特的印度剩下的是我觉得我们可以进入的新兴市场那么这个市场的体量我们估计在100万上下如果说乐观悲观大约在90到110万这样一个范围另外刚刚没说我们还要抠掉中卡也就是说整体是一个非常严格的 重卡的定义的新兴市场而且是我们进得去的不含印度这种比较另类的市场都有100万上下因此去年我们中国出口27.6万这个数字我们认为绝对不是一个终点因为我们参考很多这个 海外的曾经的成功品牌比如说日系它在很多市场中能够做到六成左右的份额就是在海外的新兴市场因此呢对于中国重卡行业来讲的话出口的潜力仍然是非常大的我们认为呢远期看的话目前的体量至少有翻一倍的空间就是做到55万这样的一个体量因此其实这个长期的成长性是没有什么问题的 那么再看短期,也是我们昨天晚上刚刚出来的这个。 5月份的海关出口量这个是相对比较准的那么这个数字大家可 ...

Investment Rating - The report maintains a Buy rating on Alibaba, Pinduoduo, and Kuaishou, while giving a Neutral rating to Vipshop and Dada Nexus [11]. Core Insights - The 618 Shopping Festival saw a prolonged duration with more spread-out sales, leading to mid-to-high single-digit industry GMV growth on a net basis and low double-digit gross GMV growth [2][25]. - There is a notable fightback from incumbents like Alibaba, which focused on GMV growth, while Douyin's GMV growth moderated [3][28]. - Increased competition on price and subsidies was observed, with platforms like Alibaba and JD investing heavily in user subsidies to drive growth [29][32]. - Higher return rates, particularly in apparel, were noted, driven by favorable return policies and increased consumer value consciousness [32][33]. - Adtech upgrades are expected to bring long-term monetization upside, with Alibaba rolling out new marketing functions during the festival [9][34]. Summary by Sections 5 Key Highlights - The festival had three sales peaks due to an early start, with a significant increase in parcel volumes observed [25][26]. - Alibaba's early start likely benefited its GMV growth, while the cancellation of pre-sales aimed to enhance user experience [25][28]. - Livestreaming GMV growth has moderated significantly, indicating a maturing market [3][28]. Broader Picture of the Festival; 2Q Outlook for Key eCommerce Names - The report outlines key growth highlights across platforms, with over 10,000 brands achieving more than 5x GMV growth in the first four hours of JD's festival [37]. - Electronics and appliances saw substantial growth, with many brands achieving over 100% GMV growth [37]. Engagement Data - The report highlights the engagement metrics during the festival, noting significant increases in viewer numbers and trade-in orders [37]. Discount Level & Benefits Comparison - Price competitiveness has intensified, with platforms offering substantial discounts and subsidies to attract consumers [29][31]. Category Performance - Various categories such as beauty, apparel, and electronics showed varied performance, with some experiencing significant declines in growth compared to previous years [16][37].

Ac更ces多sib资le v料ers加ion入 知识星球：水木调研纪要 关注公众号：水木纪要 Basic Materials - China Cement/paper/glass price recovery; weak steel price amid weak consumption Industry Overview Coal: Price remained stable WoW 1 7 June 2024 The QHD 5,500kcal price was down 0.2% WoW to RMB871/t, almost flattish. NEWC Equity 6,000K price was up 0.3% WoW to US$135/t, at 22% of premium vs QHD price. The China Liulin No.4 HCC price was down 2.5% WoW to RMB1,930/t. As of Jun 10, the water Basic Materials i 1n 5f ,l 2o 8w 9 o cf m T /h sr ,e we ...

中国央行暗示货币政策将有重大改革 A speech by China's central bank chief signals that it is looking to update its monetary tool kit with potential changes that economists say herald a major policy revamp, bringing it closer to practices adopted by its western peers. Pan Gongsheng, governor of the People's Bank of China, said Wednesday that the monetary authority might restart trading Treasury bonds in secondary markets, a policy shift that could rewrite the way Beijing manages liquidity. 更多一手调研纪要和研报数据加V：shuinu9870 Over the ...

Investment Rating - The report maintains a "Buy" rating for companies such as Moutai, Wuliangye, Laojiao, Fen Wine, Gujing, and ZJLD due to their potential for market share gains and solid brand positioning [2]. Core Insights - The spirits sector in China has seen a decline of over 6% in stock prices on average, attributed to media reports regarding potential consumption tax reforms [1]. - The report outlines three scenarios for the impact of consumption tax reform on the spirits industry, indicating that high-end spirits will be more affected than mass-market players [1][2]. - Moutai is expected to be more resilient in passing on tax burdens due to its strong pricing power, despite recent share price volatility [2]. Scenario Analysis Scenario 1: Transfer of Tax Collection to Wholesale/Retail - Effective tax rates would vary by retail pricing tier, with rates of 20% for products priced over Rmb1,000, 15% for Rmb600-Rmb1,000, and 12% for products under Rmb600 [5]. - Companies most impacted include Wuliangye, Laojiao, and Gujing due to their higher exposure to high-end spirits [10][20]. Scenario 2: Increased Tax Rates for Manufacturers - Different effective tax rates would apply based on retail pricing tiers, with a 25% rate for products priced over Rmb1,000 [5]. - Similar to Scenario 1, Wuliangye, Laojiao, and Gujing would face significant impacts due to their high-end product exposure [22]. Scenario 3: Unified Effective Tax Rate - A unified effective tax rate of 25% on ex-factory prices would be applied, translating to approximately a 15% effective tax rate on wholesale prices [5]. - Companies like Gujing, Swellfun, and Jiugui would be most affected due to their lower net profit margins [24]. Financial Metrics - The spirits sector is currently trading at an average of 18X/15X P/E for 2024/2025 estimates, with an expected net profit CAGR of 18% from 2024E to 2026E [1]. - Moutai is trading at 21X/19X P/E for 2024E, indicating its premium valuation compared to the sector [1]. Company-Specific Insights - Moutai's distributors currently enjoy a gross profit margin of over 50%, allowing Moutai to potentially absorb more of the tax burden compared to its competitors [13][14]. - A price hike of approximately 6% may be necessary for Moutai to offset the additional tax burden under the proposed scenarios [15].

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