智通财经7月11日电，广汽集团(601238.SH)公告称，预计2025年上半年归属于母公司所有者的净亏损 18.2亿元-26亿元，上年同期净利润15.16亿元。受新能源车型销量未达预期、价格战导致收益下滑、销 售渠道结构性错配、自主品牌改革见效尚需时间及海外市场基础薄弱等因素影响，公司本期出现亏损。 广汽集团：预计上半年净亏损18.2亿元-26亿元 同比盈转亏 ...

防水行业提价专家交流 20250710 摘要 2024 年建材市场价格战主要影响民建领域，导致企业通过三轮降价 （幅度 15%-20%）未能有效提升销量和市场占有率，反而稀释利润， 促使企业于 2025 年 6 月中旬开始提价，防水材料提价 3%-8%，砂浆 类 5%-7%，美缝剂 8%-10%，总体提价幅度约 6%-7%。 2025 年 6 月中旬开始的全国性提价无区域差异，旨在改善上半年不理 想的销售进度和利润状况。企业希望通过提价促使经销商增加库存，完 成销售目标，并利用 7 月淡季进行价格调整的试探，具备一定的灵活性。 当前市场价格相对稳定，但 7 月底 8 月初经销商大批量拿货时，价格仍 存在波动可能，是评估涨价效果的关键期。若市场不接受涨价，价格可 能回调；若能维持，即使仅增长 5%-6%，也将坚持。 提价成功的概率较高，各公司正通过不同渠道和策略守住市场份额，如 伟星、日丰的管方一体化，德高、雨虹、三棵树、立邦等通过不同方案， 目标是维持 2025 年预算和销售收入，同时保证利润平衡。 提价顺利进行后，公司层面利润预计增长 4-5 个百分点，部分公司通过 裁员和缩减非必要费用降低成本。头部公司如 ...

Core Viewpoint - The phenomenon of "zero-kilometer used cars" is gaining attention in the market, where vehicles are sold at prices significantly lower than new cars, raising concerns about market dynamics and consumer protection [1][2]. Group 1: Market Dynamics - The circulation of "zero-kilometer used cars" is increasing, with 12.7% of the used car market consisting of vehicles registered for less than 3 months and having mileage under 50 kilometers, indicating a significant impact on new car sales and pricing structures [2]. - The presence of these vehicles is expected to disrupt the profit margins of new car retailers, leading to a potential decline in new car sales and increased pressure on manufacturers to adopt aggressive market strategies [2][4]. Group 2: Consumer Risks - Consumers purchasing "zero-kilometer used cars" may face hidden risks, including the loss of warranty rights, as many manufacturers only provide warranty coverage to the first owner, which could lead to high repair costs for subsequent owners [3]. - The export of "zero-kilometer used cars" to overseas markets has raised concerns about anti-dumping allegations and potential tariffs, posing a threat to the reputation and interests of Chinese automotive manufacturers [3]. Group 3: Regulatory Response - The industry is experiencing a push for regulatory measures to address the "zero-kilometer used car" phenomenon, with the Ministry of Commerce and the China Automotive Industry Association advocating for fair competition and the cessation of price wars [4][5]. - Initiatives are being implemented to promote healthy market practices, including enhancing product consistency checks and enforcing regulations against unfair competition, aimed at fostering a sustainable automotive industry [4][5].

Group 1 - The express delivery industry in China continues to maintain high growth, with the volume of express deliveries exceeding 100 billion pieces by July 9, 2023, 35 days earlier than expected for 2024 [2] - The rapid growth is attributed to policies aimed at expanding domestic demand and promoting consumption, particularly the "old-for-new" replacement policy for consumer goods [2][3] - The express delivery sector has achieved a significant scale economy effect, enhancing its ability to drive industrial and economic growth [2] Group 2 - The integration of the express delivery industry with manufacturing and other sectors has expanded its service scope and development space, with over 1,600 key projects generating more than 1 million yuan in revenue [2] - The widespread application of technologies such as 5G, IoT, and AI is accelerating the intelligent upgrade of the express delivery industry [3] - The industry is facing intense competition, leading to ongoing price wars that have affected service quality [3][4] Group 3 - In the first five months of 2025, the average price of express delivery services was 7.5 yuan, a year-on-year decrease of 8.2%, with the first quarter seeing an average price of 7.7 yuan, down 8.8% [4] - Despite calls to avoid price wars, companies are compelled to lower prices to gain market share, significantly impacting firms like SF Express, which reported a 3.4% decline in average revenue per ticket [4] Group 4 - Recent government initiatives aim to combat "involutionary" competition in the express delivery sector, emphasizing the need for improved industry regulation and service quality [5]

6 月需求仍保持两位数增长 证 券 研 究 报 告 汽车行业跟踪报告 事项： ❑ 乘联会发布数据，6 月狭义乘用车产量 242 万辆，同比+13%，环比+6%；批发 249 万辆、同比+14%、环比+7%。 评论： ❑ 投资建议：6 月行业销量表现良好，预计下半年终端市场保持较好状态，在"反 内卷"和旺销双重背景下，价格战风险下降。但市场可能担心明年补贴政策波 动所致的销量波动，压制板块投资情绪，情绪消化后板块有望迎来布局机会。 整车：推荐江淮汽车，市场依然在量和盈利层面存在分歧，我们展望相对乐观， 下半年有望验证。建议关注理想汽车、北汽蓝谷、上汽集团、赛力斯、小米集 团，其中理想关注 i8 上市，北汽、上汽关注其管理层改革、鸿蒙智行新车。 零部件：受行业 beta 影响较大，近期机器人产业链也表现较弱，我们建议低位 布局，1）今年估值相对较低、2）明年业绩增速有望 15%以上。推荐新泉股份、 星宇股份、爱柯迪、豪能股份、地平线，建议关注纽泰格。此外，2Q 预期财 报相对较好的包括，豪能、继峰、新泉、立中、爱柯迪，建议关注。 ❑ 风险提示：宏观经济、国内消费低于预期，汽车出口低于预期，新能源车销量 低于预期， ...

裁员的风还是刮到了沃尔沃中国区。继宣布全球裁员3000人后，中国区员工也收到了裁员通知。据悉，此次裁员主要涉及上海技术研发中心，岗位涵盖工 程、研发、供应链管理等，裁员赔偿基本为N+3个月工资。 此次中国区裁员是沃尔沃早前战略重整计划的一部分。早在4月29日，沃尔沃就公布削减180亿瑞典克朗（约合135.9亿元人民币）成本的计划，暂停部分投 资并预警裁员。5月26日，宣布全球裁减3000个工作岗位，大部分为白领岗位。 裁员往往和业绩表现挂钩，如今的沃尔沃正面临着巨大的财务压力。数据显示，今年一季度，沃尔沃营收从939亿瑞典克朗缩减至829亿瑞典克朗，同比下滑 11.7%；营业利润从47亿瑞典克朗下滑至约19亿瑞典克朗，跌幅近6成。而业绩表现往往与销量挂钩，今年一季度沃尔沃共销售172219辆新车，同比下滑 6%。沃尔沃的高层认为，销量下滑、电动车竞争加剧、价格战以及关税问题，让沃尔沃的市场前景愈发不明朗。 沃尔沃在中国市场的形势也日渐严峻。据悉，2024年，沃尔沃在华销量为15.64万辆，同比下降8%；今年一季度跌幅进一步扩大，同比下降了12%。沃尔沃 在华的困境主要在于车市价格战使得豪华品牌的价格不断下探， ...

Core Insights - The domestic automotive market is experiencing significant changes, with BYD and SAIC leading traditional automakers with over 2 million units sold, while Geely shows a remarkable growth rate of 47% [1][2] - New energy vehicle (NEV) sales are driving growth, with companies like Leap Motor and Xiaomi making notable gains, while NIO and Lantu face sales pressures [1][2][3] - The second half of the year is expected to see intensified competition across various dimensions, including product offerings, technology, cost control, and supply chain resilience [1] Group 1: Traditional Automakers - BYD leads the market with 2.146 million units sold in the first half of 2025, with 470,000 units coming from overseas, marking a 132% year-on-year increase [2] - SAIC follows closely with 2.053 million units sold, achieving a 21.1% year-on-year growth in its domestic brand sales [2] - Geely's total sales reached 1.409 million units, with NEV sales contributing significantly, totaling 725,200 units, a 126% increase year-on-year [2] Group 2: New Energy Vehicle Makers - Leap Motor emerged as a dark horse with a 221.6% year-on-year increase, delivering 221,700 units in the first half of 2025 [1][3] - Xiaomi's SU7 achieved over 150,000 deliveries, with the new YU7 model receiving over 200,000 orders within three minutes of its launch [3] - NIO's sales were only 114,000 units, with Lantu and other brands struggling to meet sales targets, indicating a growing divide in the new energy vehicle sector [3] Group 3: Market Trends and Future Outlook - The automotive market is benefiting from government subsidies, with over 4.12 million applications for vehicle trade-in subsidies, of which over 53% are for NEVs [4] - A total of 138 billion yuan in central funding will be distributed in the second half of the year to support the market [4] - New models are set to launch in July, including vehicles from XPeng, Chery, and others, as companies aim to meet their annual sales targets [4] - The industry forecast for 2025 has been revised upward, predicting retail sales of 24.05 million passenger vehicles, a 5% year-on-year increase [5]

金十数据7月9日讯，最近，外卖市场掀起又一轮补贴大战，该怎么看？从表象上看，这是对即时零售市 场、电商业务与流量入口的争夺，是平台之间供应链管理能力、技术与运营能力的较量。但实质仍是变 相价格战。超低价或许一时让消费者得利、商家涨单、骑手增收。但必须正视，"爆单"效应造成的是非 理性消费、客单利润摊薄，骑手疲于奔命、影响商品与配送服务质量。向下"卷"价格，没有赢家。向 上"卷"创新，才有未来。企业通过技术创新、管理创新等，可以降低生产成本，给消费者带来更优质、 更具性价比的产品。互联网企业有创新基因，最应打开眼界，追求更高远目标。 人民日报评论"外卖大战"：向下卷价格没有赢家 向上卷创新才有未来 ...

这是一片被寄予厚望的新蓝海，也在价格与创新的不确定中寻找着更多可能性。 晚上九点，步入云南昆明的斗南花市，从市场门口的过道开始，人们就得为鲜花"让路"。这是一个建筑面积达33万平方米 的国家级花卉市场，但还是有着"寸土寸金"的味道，一辆辆拉车挤满了过道和市场的空旷处，两三米长的拉车上就有着十 来种颜色，五六十束花。还有许多大水桶、塑料篮筐都被灵活地摆放在间隙地上，一小块空地，就是一片花海。 再往里走，市场里有数千个固定摊位，鲜花被成捆地放着，一条过道就有近二十个花商，光是百合的种类就有二三十种。 一块纸板或布一铺，就会堆起一座小"花山"，从多头玫瑰、百合、康乃馨、到洋桔梗、风铃花、茉莉花等应有尽有，琳琅 满目。 涌动的人流里，有来自花店的店主、鲜花买手，有来自全国各地的游客，还有拿着手机在各个摊位前直播看花的博主，两 块钱一束的洋桔梗，六块钱十多支的多头玫瑰、康乃馨、雏菊等，低价超出许多游客的想象，总有人在惊呼中快速扫码付 款。花香洋溢的幸福感中，人们很容易在这里感受到：鲜花是一门让人兴奋的生意。情绪消费的热潮下，这是一片被寄予 厚望的新蓝海，也在价格与创新的不确定中寻找着更多可能性。 一个千亿级的市场 "鲜 ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 SPI资产管理公司合伙人斯蒂芬·伊尼斯（Stephen Innes）在周二的一份报告中表示："他们突然的大幅增 产不仅仅是个数字，更像是一种宣言——是一声警告。"他称，"OPEC+已经放下手术刀，拿起三叉 戟"，不再是小心翼翼地调控价格，而是猛力争抢市场份额。 OPEC+一直在逐步提高产量，试图将去年自愿减产的220万桶/日原油重新推向市场。相比5月、6月和7 月每日41.1万桶的增幅，8月54.8万桶/日的增产规模要大得多。 到9月，该组织有望完全撤销这轮自愿减产，比市场原本预期的提前约一年。伊尼斯形容这次骤然转向 为"如同侧旋球一般迅猛的回撤"， "表面上看是在开闸放油，实际上是一场惩罚机制的启动。" 美国没有"疯狂钻探" 在6月对伊朗核设施发动袭击之后，特朗普敦促"所有人"控制油价，担心能源价格上涨会引发消费者强 烈反弹。 特朗普曾在竞选中承诺维持低能源成本，并喊出"疯狂钻探（drill, baby, drill）"的口号，试图推动本土 能源开发。《华尔街日报》报道称，他的政府也持续反对拜登时期的绿色能源政策，并已将这场斗争延 伸到与欧盟的贸易谈 ...