他们形成了泾渭分明的两派，喜欢的人说，" 在海鲜市场加价买了一只Labubu限量款，甜丝丝！保值率吊打其他潮玩！ "看不 懂的人说，" 这就是个猴吧，还是不太好看的那种。 " 看上去是玩梗，是调侃，但这是我们在超过10000人协作完成的共享表格中的真实发现：当下的消费越来越两极分化了。 5月7日开始， 潮生TIDE和后浪研究所 联合发起 「百万之选Best100」， 在线上搭建了一张实时更新的消费互助表格。 在这里大家自发提名耐用、实用的「钉子户好物」，分享被列入「人生回购清单」的经典单品，揭秘性价比拉满的隐藏款「平 替」，也吐槽那些包装比产品还贵的「无用废物」。 从10133个参与者、3481条真实消费体验里， 我们筛选出了100件被大家验证过的经典好物， 发布了「百万之选Best100」的清 单 。（关注「后浪研究所」公众号， 回复关键字「清单」 ，可一键获取好物列表） 我们发现，对于当代年轻人来说，买什么、用什么， 早就不只是消费行为，而是「站队」。 「为什么下单」这件事也不再局 限于「有没有用」、「性价比高不高」这些传统标准， 「玄学」、「情绪价值」、「社交玩梗」 都在成为影响消费选择的重 要指标。 ...

中指研究院指出，5月重点城市新房整体销售环比增长，核心城市"新规"项目开盘大多能实现较好去 化，但郊区老项目及低能级城市项目依旧面临较大压力。是否有优质新盘入市，已成为影响短期城市销 售和房企销售的关键因素。在深圳市场走访时发现，一些号称好房子"新规"的项目以及得房率较高的新 房备受青睐，人气颇高，这些房源已成为各地新房市场的焦点。如龙华观澜片区的一处新房项目，作为 片区内首个新规项目，通过扩大飘窗面积、加大阳台进深等方式提高得房率，75平方米就能打造出三房 两卫的户型，再叠加折扣、赠送物业费等优惠，吸引了众多购房者现场参与认购。此外，多个城市的第 四代住宅、低密洋房等产品成交表现明显优于普通楼盘。克而瑞统计显示，截至5月25日，苏州成交金 额前十的楼盘中，有6个项目属于此类。在杭州，房企推盘积极性高涨，核心区凭借优质配套及产品力 吸引高净值客群，市场热度居高不下，部分新房项目甚至触发社保摇号。 与之形成对比的是，新规产 品去化良好的同时，"旧规"产品去化却困难重重。在深圳市罗湖区、福田区，不少城市更新项目的新房 容积率超过8，45层甚至50层的"摩天住宅楼"屡见不鲜，且得房率较低。这些"摩天住宅楼"去化速度 ...

全球债券市场正上演"多米诺骨牌"式的抛售潮！ 6月5日，欧洲央行周四如期降息，但欧央行行长拉加德（Christine Lagarde）的表态彻底改变了市场预期。她明确表示央行正在接近货币政策周期 的尾声，并可能上调未来增长预测，这一鹰派转向瞬间引发交易员重新布局。 随着市场迅速消化了欧洲央行可能暂停宽松步伐的预期，大多数欧元区成员国的两年期国债收益率至少收涨5个基点。继美债、日债之后，欧洲债 市也迎来了一波抛售潮。 | 意大利2年期国债收益率 | 2.093 | +0.071 | +3.51% | 2.016 - 2.149 | 1.938 - 2.859 | | --- | --- | --- | --- | --- | --- | | IT2YR.OTC | 00:28:59 | | | | | | 法国2年期国债收益率 | 2.033 | +0.079 | +4.04% | 1.932 - 2.064 | 1.793 - 2.527 | | FR2YR.OTC | 23:58:59 | | | | | | 德国2年期国债收益率 | 1.873 | +0.085 | +4.76% | 1.767 - 1. ...

Group 1 - The European Central Bank (ECB) announced a 25 basis point cut in three key interest rates, effective June 11, marking the eighth rate cut in a year, signaling further monetary easing [1] - After the rate cut, the deposit facility rate, main refinancing rate, and marginal lending rate are set at 2.00%, 2.15%, and 2.40% respectively [1] - ECB President Lagarde indicated that the monetary policy cycle is nearing its end, and the ECB is equipped to handle upcoming uncertainties at the current interest rate levels [1] Group 2 - The ECB unexpectedly lowered its inflation forecast for the Eurozone, projecting an overall inflation rate of 2.0% in 2025, 1.6% in 2026, and 2.0% in 2027, with the 2026 forecast being particularly surprising to the market [2] - The Eurozone's economic growth is showing signs of slowing, with projected GDP growth rates of 0.9% in 2025, 1.1% in 2026, and 1.3% in 2027 [2] - The ECB noted that global trade policy uncertainties may continue to suppress business investment and exports in the short term, but improvements in financing conditions will enhance the Eurozone's ability to withstand external shocks [2] Group 3 - The ECB will adopt a data-dependent and meeting-by-meeting approach to determine appropriate monetary policy, without committing to a specific interest rate path [3] - This approach aligns with market expectations and allows for future policy flexibility [3] Group 4 - The divergence in monetary policy between the ECB and the Federal Reserve (Fed) may intensify, as the ECB continues its easing while the Fed has not cut rates this year, resulting in a rate gap of over 2 percentage points [4] - The Fed's Beige Book indicates a slight decline in U.S. economic activity, with tariffs and uncertainty impacting the economy broadly [4] - Fed officials view inflation as a primary risk, with many preferring to delay rate cuts due to the uncertain impact of tariffs on the economy [4] Group 5 - Fed officials express concerns about inflation risks, particularly due to the potential impact of Trump's trade policies, which may continue to push prices higher through various channels [5] - Current monetary policy is deemed effective in responding to macroeconomic changes [5] Group 6 - The impact of tariffs on U.S. economic growth and employment remains unclear, but there are concerns about their short-term effects on inflation [6] - President Trump has expressed dissatisfaction with the Fed's pace of rate cuts, raising concerns about the independence of the Fed's monetary policy [6]

Group 1 - The core viewpoint of the article is that the Chinese consumer market has entered a "new normal" characterized by single-digit growth, which reflects a slowdown compared to the previous double-digit growth, but the actual situation may not be as bleak as perceived [4][6][11] - The report from McKinsey indicates that the annual total consumption is expected to grow by 2.3% in 2025, which is consistent with the 2024 survey's expectation of 2.4%, showing resilience in consumer behavior [7][8] - Key factors supporting this growth include the steady progress of urbanization, with the urbanization rate increasing from 65.2% in 2022 to 67.0% in 2024, leading to an expected 0.9% growth in urban households in 2025 [9][10] Group 2 - Consumer confidence is stabilizing but shows significant differentiation among different demographics, with 74% of respondents expressing optimism about the macroeconomic situation in 2024, slightly down from 76% in 2023 [16][18] - The report highlights that 81% of consumers aware of recent government stimulus policies feel more confident about the economy, indicating the effectiveness of these policies in stabilizing expectations [22][24] - There is a notable structural change in consumer confidence, with rural high-income Z generation (ages 18-25) showing an 88% optimism rate, while urban high-income groups exhibit declining confidence levels [25][26][31] Group 3 - Consumers are increasingly making purchasing decisions based on "hard logic," focusing on personal asset value and actual income rather than solely on optimistic future expectations [33][35] - Spending intentions are shifting towards areas that enhance personal value, such as education and health services, with a net spending intention of 34% for education and 26% for health services, indicating a willingness to invest in personal development [39][40][44] - Conversely, there is a decline in spending intentions for consumer electronics and household appliances, reflecting a change in consumer priorities towards value and necessity rather than mere ownership [43][44][45]

不仅是北京，今年以来，房企拿地热情明显回升，尤其是在核心一二线城市，高总价、高溢价地块频繁 出现。前5月，百强拿地总额4051.9亿元，同比增长28.8%。 头部央国企、"中字头"建筑企业，依然是土拍市场的主力军，但与此同时，一些地方性民营企业也在悄 然"崛起"，邦泰集团、兴耀房产、海成集团等进入了行业拿地金额前二十。 业内机构认为，从各项核心指标看，房企的投资积极性的确在回升，不过分化仍是市场趋势，非核心城 市和地块依然遇冷，未来企业会优选高周转、去化快、利润空间足的项目去投资。 土拍市场的星星之火 从核心城市的优质地块开始，土拍市场的"星星之火"正在燃烧。 土拍市场点燃了"星星之火"。 单日收金130.6亿元！6月5日，北京土拍上演了热闹场面，中海地产、中建壹品、金隅集团、越秀地产 等企业均有收获，其中中海斥资45亿元、中建壹品斥资27亿元。 中建玖合是"中建系"中建二局旗下地产平台，上次这家公司在北京拿地，还是在2023年6月时，当时其 以54.05亿元的价格竞得大兴西红门一宗地块，如今时隔两年再次出手投资。 值得注意的是，土拍的热闹场面不仅在北京，今年房企的投资热情正整体回升。 中指研究院数据显示，2 ...

Group 1 - The core point of the article highlights the unexpected increase in job vacancies in the U.S., rising from 7.2 million in March to 7.39 million in April, surpassing economists' expectations of 7.1 million [1] - The private sector is the main driver of this growth, particularly in professional and business services, healthcare, and social assistance, indicating a strong demand for talent in these areas [1] - The public sector shows a mixed performance, with job vacancies increasing despite a decrease in positions within state and local education departments [1] Group 2 - The unexpected growth in job vacancies, along with stable hiring activity and a historically low unemployment rate, supports the Federal Reserve's view of a "healthy" labor market [3] - Economists note a subtle change in the labor market, as the time it takes for unemployed individuals to find new jobs is gradually increasing, suggesting potential future slowdowns [3] - The upcoming non-farm payroll report is anticipated to provide insights into labor market momentum, with expectations of a slowdown in job growth while the unemployment rate remains stable [4]

最近有二手房业主为了尽快卖房，都开始悬赏5万卖房和自行组织中介开放日了！ 最近很多粉丝私信问我，现在楼市是不是真的在"恐慌式卖房"？朋友圈里三天两头看到中介发"急 售""降价30万"的消息，搞得人心惶惶。 更猛的是下半年还要再投3000亿，重点支持那些"烂尾楼"重灾区。 房贷利率更是跌到"白菜价"，上海、广州首套利率低至3.15%，部分二线城市甚至跌破3%，比存银行的 利息还划算。 银行也卷起来了，成都、杭州等城市推出"首付分期""利率打折"，直接把购房门槛砍半。 第二个逆转：土地市场疯狂抢地，开发商用真金白银赌未来。2025年1-5月，TOP100房企拿地总额突破 4050亿元，同比大涨28.8%，其中央国企占据前十名中的八席。 杭州一块地拍出70%的溢价率，楼面价刷新纪录；上海、成都的优质地块平均溢价率超20%。这说明开 发商对核心城市的信心已经触底反弹。 更值得关注的是，深圳、杭州等城市的优质地块出现"无房可卖"的情况，上海外环内新房库存去化周期 从24个月压缩到7个月，这意味着核心地段的供需关系正在快速逆转。 今天我就用数据掰开揉碎了跟大家唠唠，这波抛售潮背后的三大逆转信号，以及下半年房价到底会怎么 ...

智通财经记者 | 王妤涵 近期，国内的土地市场迎来一波热度回升。 据中指研究院发布的《1—5月全国房地产企业拿地TOP100排行榜》显示，今年前5月TOP100房企拿地总额达到4051.9亿 元，同比增长28.8%，增幅较上月扩大2.2个百分点。 在成都5月23日的土拍中，3宗涉宅用地总成交金额达10.11亿元，其中多家民企参与竞拍，四川邦泰集团作为本地深耕 的"新锐"民企，成功竞得地块。 邦泰集团不仅进入全国拿地金额前二十榜单，还在成都拿地金额中跻身前十，反映出其对核心城市的战略聚焦。 类似情况在长沙也在上演。5月份，长沙多宗住宅用地被民企拿下，如伟星房产等中小型房企凭借较低负债和充裕流动 性，积极补仓优质资产。伟星房产在近年来的土拍中表现低调，但2025年却突然活跃，成为长沙市场的"黑马"之一。 | 5月部分民营房企 | | --- | 土地市场的总体升温主要受到核心城市市场提振。今年前4月，22个重点城市土地成交月度平均溢价率均在20%左右。 并且在5月份，这一趋势得到延续，杭州、上海、成都等城市核心区拍出的高溢价地块显著增加市场信心。 近3年TOP100房企累计拿 地总额及同比 图片来源：中指研究院 ...

Core Insights - Tianyuan Pet (301335.SZ) is making a significant move to reverse a two-year decline in net profit exceeding 40% by acquiring 89.7145% of Taotong Technology for 688 million yuan, which is its second-largest customer contributing 7.46% of sales [3][4] - The acquisition reflects Tianyuan Pet's urgent desire to enhance its domestic e-commerce channels after facing challenges in the overseas OEM model [3] - The company has seen a drastic drop in net profit by 40.33% in 2023 and a further decline of 40.13% in 2024, with a net profit margin of only 1.66% [3] Company Performance - Tianyuan Pet's reliance on pet food distribution has resulted in a low gross margin of 8.79%, significantly below competitors like Guibao Pet, which has a gross margin of 36.83% [3] - The company previously had over 90% of its revenue from overseas markets before facing inventory reduction and rising costs [3] Acquisition Details - Taotong Technology, controlled by Fosun's Guo Guangchang, holds agency rights for over 40 international brands and has a projected net profit of 69.09 million yuan in 2024 [4] - The acquisition aims to close the online sales loop and address the traffic shortfall of Tianyuan Pet's own brands, "Chongfafa" and "Xiaoshouxing" [4] Market Dynamics - The acquisition comes with challenges, including a high acquisition premium of 32.78% and a performance guarantee of 225 million yuan over three years, indicating potential risks [5] - The situation highlights a broader trend in the Chinese pet industry, where OEM companies are seeing diminishing profits while brand and channel holders continue to reap benefits [5] - The success of this acquisition will be crucial for Tianyuan Pet's transformation from an "OEM leader" to a "brand operator" [5]