出品/壹览商业 作者/蒙嘉怡 编辑/薛向 调整仍在持续。 国家统计局数据显示，今年1—6月份，社会消费品零售总额24.55万亿元，同比增长5.0%，对比去年同期的3.7%增速，略有提升。其中，全国网上零售额 7.43万亿元，同比增长8.5%。按此计算，全国线下零售额17.12万亿元，同比增长3.75%，略低于大盘增速。 增速放缓的压力也传导到一线的个体商家。据壹览商业不完全统计，2025年上半年，国内至少有1.71万家门店宣布闭店，涵盖超过100家企业，其中不乏沃 尔玛、永辉超市、华润万家等大型渠道门店，以及星巴克、必胜客、海底捞等头部连锁餐饮品牌。 从行业看，商超行业至少关闭720家门店，百货关闭17家，餐饮近万家，服饰行业闭店近5000家，书店、影院等其他业态超4000家。 商超淘汰赛加速 据壹览商业不完全统计，2025年上半年，全国至少有720家超市关门，既有卜蜂莲花、华润万家、永辉超市、大润发等全国乃至全球性品牌，也有地利生 鲜、悦活里超市等区域性品牌。 | 大类 | 行业 | 品牌 | 闭店原因 | 数量 | | --- | --- | --- | --- | --- | | 渠道 | 超市 | 地 ...

Core Insights - The public fund industry in China experienced a slight increase in management fees, totaling 62.313 billion yuan in the first half of the year, which is an increase of 844 million yuan year-on-year, but a decrease of 8.992 billion yuan compared to the same period before the fee rate reform in July 2023 [1][2][3] Fund Performance and Management Fees - The total scale of the public fund industry increased by 1.56 trillion yuan to 34.39 trillion yuan, providing a foundation for the growth of management fee income [2] - Equity funds (stock and mixed) faced pressure, with management fee income of 26.625 billion yuan, a year-on-year decline of 6.27%, accounting for 42.73% of total management fees, down 3.48 percentage points from the previous year [2] - Low-risk and specialty funds, such as money market and bond funds, became the main contributors to management fee income, with record highs of 18.4 billion yuan and 14.621 billion yuan respectively [2][3] - QDII funds and alternative investment funds showed strong performance, with management fees of 1.941 billion yuan and 343 million yuan, increasing by 22.85% and 109.15% year-on-year respectively [2] Competitive Landscape - The competition among leading public fund institutions intensified, with 21 institutions reporting management fee income exceeding 1 billion yuan in the first half of the year [4] - E Fund led with 3.918 billion yuan in management fees, although this was a decrease of 167 million yuan year-on-year, while Huaxia Fund followed closely with 3.001 billion yuan [4][5] - The focus of competition has shifted from mere scale expansion to building systematic capabilities, emphasizing multi-asset research platforms, product innovation, and digital operations [5] Industry Challenges and Trends - Smaller public fund institutions faced significant challenges, with 8 reporting net profit losses and many struggling with revenue generation [6] - The industry is experiencing a rapid reshuffle, with a focus on "capability barriers," where leading institutions consolidate their positions while smaller firms seek differentiation [6] - The outlook for the second half of the year suggests that management fee growth will increasingly depend on quality improvements, with both leading and smaller institutions needing to focus on value creation for investors [7]

Core Insights - The hairdressing industry is facing a significant crisis, with over 300,000 closures expected in 2024 and 87,000 in 2023, indicating a major industry reshuffle [2][8] - The decline is attributed to excessive upselling practices, rising operational costs, and increased competition from low-cost alternatives [3][5][9] Industry Challenges - **Excessive Upselling**: Many hair salons have shifted from providing basic services to aggressive upselling, leading to a loss of customer trust and a decline in repeat business [2][3] - **Rising Costs**: Operational costs, including rent and wages, are increasing, particularly in first-tier cities, putting financial pressure on salons [3][5] - **Intense Competition**: The emergence of low-cost quick-cut salons has attracted price-sensitive customers, further straining traditional salons [3][5] Economic Factors - **Economic Downturn**: The overall economic environment is contributing to the decline, with rising unemployment and reduced consumer spending impacting the hairdressing sector [5][9] - **Consumer Behavior Changes**: Post-pandemic, consumers are cutting back on discretionary spending, leading to longer intervals between haircuts [5][8] Market Dynamics - **Market Segmentation**: There is a clear divide in the market, with low-end quick-cut salons remaining busy while mid-range salons struggle due to poor service quality and high prices [6][8] - **Trust and Value**: The industry is losing customer trust due to poor service experiences, which is essential for retaining clientele [6][9] Future Outlook - **Need for Industry Reform**: The industry must return to its core values of providing quality service at reasonable prices to survive the ongoing crisis [6][9] - **Potential for Recovery**: Some salons that simplify their services and focus on customer satisfaction are finding stability, suggesting a path forward for the industry [6][9]

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant imbalance between supply and demand, leading to low capacity utilization and ongoing losses for most companies, despite some firms pushing for rapid expansion due to future market potential [2][5]. Group 1: Current Industry Status - As of June 2025, global LFP production capacity reached 6.172 million tons, with a production of 1.632 million tons in the first half of 2025, resulting in a capacity utilization rate of only 52.8% [2]. - Most LFP companies are struggling with losses, with only Hunan Youneng and Fulimeng Shenhua reporting profits [2]. Group 2: Reasons for Expansion - Despite overall overcapacity, there is significant disparity in capacity utilization among companies, with leading firms like Hunan Youneng achieving a utilization rate of 116.82%, while some smaller firms have nearly inactive production lines [2][3]. - The industry is still in a high-growth phase, with strong market potential prompting some companies to expand capacity despite short-term losses, focusing on future market opportunities [3]. - Smaller companies with limited capacity must expand to attract new customers, as their current production cannot meet broader market demands [3]. Group 3: Competitive Landscape - High capital investment serves as a barrier to entry, which may eliminate weaker firms and allow leading companies to leverage their capacity advantages for better pricing power [4]. - In a competitive environment, some companies are expanding to enhance their integrated supply chain, which can stabilize supply and reduce costs [4]. - New production lines are primarily focused on higher-end products rather than merely replicating low-end products, indicating a shift towards eliminating outdated capacity and concentrating resources on more efficient and competitive segments [4]. Group 4: Market Dynamics - The influx of strong new entrants with latecomer advantages is accelerating the industry's reshuffling, raising questions about whether current leading companies can maintain their positions [5].

Core Viewpoint - The study tour industry is experiencing a significant downturn, with a notable decline in enrollment and a shift in parent attitudes towards safety and value for money [4][15][30]. Group 1: Industry Trends - This summer is considered the "coldest summer" for study tours, with order volumes decreasing by 30-40% [4][15]. - Many parents are now skeptical about the value of study tours, preferring to take their children on family trips instead [13][30]. - The market has seen a shift from traditional overseas destinations like Europe and the US to closer and more affordable options like Singapore [14][19]. Group 2: Safety Concerns - Safety issues have become a primary concern for parents, especially following incidents like a child going missing during a study tour [5][12]. - The industry is criticized for a lack of standardization and safety protocols, leading to a mix of reliable and unreliable providers [25][30]. - Parents are increasingly prioritizing safety and value when selecting study tour programs, often opting for programs with better safety records and experienced instructors [25][30]. Group 3: Pricing and Competition - The competitive landscape has led to price wars among study tour providers, resulting in lower quality services as companies cut costs [15][17]. - Some institutions have resorted to offering significantly lower prices to attract clients, which can compromise the quality of the experience [16][19]. - The average cost for overseas study tours has become a point of contention, with parents questioning the value of spending upwards of 40,000 yuan [19][30]. Group 4: Parent Experiences - Parents are sharing their negative experiences on social media, highlighting issues such as misleading marketing and inadequate supervision during activities [12][13]. - Many parents have developed a set of criteria for selecting study tour programs, focusing on safety, instructor qualifications, and overall reputation [8][30]. - The feedback from children is a crucial factor for parents when evaluating the success of a study tour, with positive experiences leading to repeat enrollments [8][30]. Group 5: Future Outlook - The current downturn may lead to a necessary "bubble burst" in the industry, prompting a move towards more standardized and regulated practices [30][31]. - The Ministry of Culture and Tourism has issued guidelines to improve safety and quality in study tours, which may help restore trust in the industry [25][31]. - As the industry evolves, there is potential for growth in well-structured programs that prioritize educational value and safety [30][31].

Core Viewpoint - The rumors of a massive clearance sale in the Pu'er tea market are unfounded, and the market is operating normally with a stable business environment [9][10][17]. Group 1: Market Conditions - Reports of a "fire sale" in the Fangcun tea market have circulated widely online, claiming that merchants are engaging in panic selling [7][14]. - An on-site investigation revealed that the overall operation of the Fangcun tea market is stable, with no large-scale panic selling observed [9][17]. - Some shops are closed due to reasons such as vacation, relocation, strategic adjustments, or poor management, rather than a market collapse [10][33]. Group 2: Merchant Perspectives - Merchants reported that the market is undergoing a natural adjustment period, with many businesses focusing on maintaining strong customer relationships and traditional tea culture [66][68]. - The closure of some shops is attributed to high rental costs and the impact of e-commerce on traditional sales [57][60]. - Merchants emphasized that the so-called "financial tea" speculation is not representative of the entire market, and most businesses continue to operate with integrity [63][64]. Group 3: Industry Outlook - The current market situation is seen as a "reshuffling" of the industry, where only those with solid foundations and genuine knowledge of tea will survive [71][72]. - The demand for tea remains stable, with loyal customers and wholesale orders continuing to support the businesses [68][70]. - The secretary-general of the Southern Tea Merchants Association condemned the spread of rumors, highlighting the negative impact on the reputation of hardworking merchants [73].

Group 1: A-Share Market Performance - The A-share market continues to rise strongly, with the Shanghai Composite Index up 0.37%, the Shenzhen Component Index up 0.99%, and the ChiNext Index up 2.23% [1] - The total market turnover was 2.7983 trillion yuan, a decrease of 172.5 billion yuan compared to the previous trading day [1] - Nearly 3,300 stocks in the market closed lower, indicating a mixed performance among individual stocks [1] Group 2: Key Drivers of Market Movement - The appreciation of the RMB is a significant factor, with the exchange rate reaching 7.13 yuan, driven by expectations of interest rate cuts by the US Federal Reserve and a decline in the US dollar index [1] - Sector rotation has also contributed to the index's rise, with consumer stocks and rare earths supporting the market despite a pullback in technology stocks [1] Group 3: Sector Performance - Lithium battery stocks have shown strong performance, with significant gains leading the market [1] - The liquor sector is experiencing a rebound, supported by the upcoming traditional consumption peak in autumn and improved liquidity in the A-share market [3] - The insurance sector is active, benefiting from policy support and a favorable market environment, leading to rapid growth in capital scale and improved investment returns [4] - The rare earth sector is also seeing renewed activity, with prices for praseodymium oxide and dysprosium oxide increasing significantly [6]

Core Viewpoint - The company has a current capacity of 325,000 tons for spandex and plans to expand by 300,000 tons, with the first phase of 100,000 tons already in production. Future industry expansion will mainly focus on leading enterprises, ensuring an orderly release of supply. Additionally, the company has significant cost advantages in raw material procurement, energy, labor, and equipment at its Chongqing base, leading to superior cost control [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 12.137 billion yuan, a year-on-year decrease of 11.70%, and a net profit attributable to shareholders of 983 million yuan, down 35.23% year-on-year. Revenue for Q1 and Q2 was 6.314 billion and 5.823 billion yuan, with net profits of 504 million and 479 million yuan respectively [2] - The average market prices for spandex 40D and adipic acid in the first half of 2025 were 23,725 yuan/ton and 7,622 yuan/ton, reflecting year-on-year declines of 15% and 22%. The price spread for spandex and adipic acid decreased by 11% and 21% year-on-year, respectively, impacting the company's overall performance [3] Group 2: Industry Dynamics - The spandex and adipic acid price spreads have narrowed, putting pressure on the company's performance in the first half of 2025. Revenue from spandex was 4.215 billion yuan, down 9.43% year-on-year, with a gross margin of 18.65%, up 3.68 percentage points. Adipic acid revenue was 4.471 billion yuan, down 15.01%, with a gross margin of 4.37%, down 11.08 percentage points [3] - The company currently has a spandex capacity of 325,000 tons, and once the Chongqing base's 300,000 tons of differentiated spandex project is fully operational, annual capacity will exceed 500,000 tons, solidifying its leading position in the global spandex industry. The Chongqing base has clear cost advantages in energy, labor, and transportation [4] Group 3: Future Growth Prospects - The domestic adipic acid capacity is expected to reach 4.1 million tons by 2024, with an overall operating rate of 60%-70%. The demand for adipic acid is anticipated to grow rapidly due to breakthroughs in domestic hexamethylenediamine production technology and the large-scale production of biodegradable materials [4] - The company is planning projects for 300,000 tons of hexamethylenediamine and 300,000 tons of PBAT, which are expected to drive future demand for adipic acid by nearly 1 million tons [5] - The company is also investing in projects to enhance its industrial chain, including a 1.204 billion yuan investment for a 120,000-ton PTMEG project and a 5.02 billion yuan investment for a 1.1 million-ton natural gas integration project, which will strengthen its competitive advantage and profitability [6]

这年头，大家都说二手房市场"难"。 但谁会想到，不仅业主在卷，现在连中介都开始卷了。 这两天，我在网上冲浪的时候，吃到了一个大瓜： 广州有本地中介平台推出了一种新的收费模式—— "买家0中介费，卖家仅付0.8%"。 什么？居然还有这等好事？ 于是，我决定翻遍全网帮大家扒一扒。 买家免佣，卖家收0.8% 广州中介这么卷了吗？ 你别说，皇天不负有心人，这家中介平台还真被我挖到了。 喏，有图有真相！ 在他们家的小程序上，就清清楚楚写着买卖双方的不同收费模式： 0佣买房，0.8%佣卖房。 毫无疑问，中介费卷到这种程度，肯定有利于业主，更有利于买家。 毕竟，通常来说，在目前的二手房市场，只要通过中介交易，买卖双方都要交同等比例的中介费。 比如广州 链家，现在中介费虽然从 1.5%降到1%，但还是要收买卖双方的钱。 所以，如今这种新收费模式出来，好处就是俩字： 省钱。 以总价100万的房子为例： 链家要收买卖双方各1万的中介费。 而该平台，买家直接免了1万，卖家也能少交2000元。 当然，链家、贝壳这些都是大平台，在上面卖房，曝光量和买家群体肯定会广阔很多。 大家怎么选，还是看个人实际情况吧。 中介费降低 照出二手市场真 ...

Core Viewpoint - The current state of the new energy industry is marked by significant layoffs, salary reductions, and increased competition among job seekers, particularly affecting mid to high-level management positions [1][2][3]. Group 1: Employment Trends - Many mid to high-level executives in the new energy sector are experiencing prolonged unemployment, with some remaining jobless for over six months [3]. - The industry is undergoing severe restructuring, leading to a high concentration of market share among the top companies, which leaves little room for smaller players [3][4]. - The number of companies in the sector has decreased significantly, resulting in fewer available positions for experienced professionals [10]. Group 2: Salary and Job Market Dynamics - Salary reductions are becoming common, with reports of executives accepting offers significantly lower than their previous earnings [9][10]. - The competition for entry-level positions has intensified, with companies increasingly demanding higher educational qualifications from new graduates [12][14]. - The average salary for fresh graduates in the industry ranges from 10,000 to 20,000 per month, with potential year-end bonuses [12]. Group 3: Industry Challenges - The volatility in raw material prices, particularly lithium carbonate, has severely impacted the financial health of many companies, leading to closures and layoffs [4][10]. - The barriers between different segments of the battery industry, such as power and storage, have become more pronounced, complicating transitions for professionals seeking to switch fields [6][9]. - The trend of long working hours and high performance expectations is prevalent, with many companies adopting a culture similar to that of the tech industry, albeit with lower compensation for overtime [14][15].