随着5月10日"凉爽夏都·避暑安居"2025西宁五一黄金周房博会进入最后72小时冲刺阶段，这场集结政策红利、房企让利与城市魅力的楼市盛宴正迎来高 潮。展会不仅成为地产行业交流平台，更推动西宁房地产市场从观望期加速迈向复苏通道。 本届房博会吸引30家房企携千余套房源参展，涵盖刚需住宅、低密洋房、康养大平层等多元产品。其中现房成为最大亮点——青海中惠房地产中惠臻园项 目"样板房被抢购"、华盛地产瑞景·悠然南山项目一期现房699套已售480套、绿城·锦玉园等生态项目吸引"候鸟族"跨省置业。房企代表普遍反映，避暑经 济与政策利好双重驱动下，购房者决策周期显著缩短，部分客户现场完成签约。 "房博会开幕以来咨询量激增，现房库存每日递减。"青海中惠房地产总经理卢琳表示。值得关注的是，以恒温恒湿技术、适老化设计为代表的产品创新， 正成为房企突围市场的关键手段。 西宁市住房保障和房产管理局现场提醒：省级4000万+市级3000万购房补贴资金池仅余不足1100万元，日均兑现超64万元。自2月6日启动的补贴政策，已 促成3694套住宅签约，每户最高可享1.6万元补贴叠加契税减免、公积金利率下调等优惠。 "补贴相当于免费添置家电，最 ...

原标题：小长假激发消费新活力 "五一"小长假，全国旅游消费呈现"长线爆发、跨境双向升温、县域逆袭"三大特征，直观展现出假 日经济蕴含的强大活力与消费市场的深刻变化。在消费需求迭代升级的当下，想让假日经济的流量真正 转化为扩大消费、促进经济增长的增量，创新无疑是关键。 以产品创新重塑假日经济新体验。每逢假日，出游人数持续增多，但传统的"打卡式旅游"已难以满 足消费者日益多元的需求。他们更倾向于深入体验当地文化、探索小众目的地。县域小城的逆袭正是这 一趋势的生动体现。走进乡间村落，观赏千年壁画，体验非遗技艺，"去景区化"的旅行方式正成为新潮 流。这也给商家提了个醒：唯有主动求变，才能抢占市场先机。与其扎堆开发热门旅游路线，不如深度 挖掘地方文化特色，开发定制化、个性化的旅游线路。例如，可以围绕非遗打造研学旅行，结合乡村振 兴推出田园体验项目，让消费者在旅行中感受文化魅力、获得独特体验。 用服务创新夯实假日经济根基。假日经济的集中释放，是一场对城市承载能力和服务水平的"大 考"。交通拥堵、景区拥挤、服务滞后等问题，严重影响了消费者的体验感和满意度。一方面，要加强 交通、住宿等基础设施建设，借助大数据、人工智能等技术 ...

5月8日—10日，FBIF2025食品饮料创新论坛及FBIF食品创新展在上海举行。作为全球食品行业创新的 风向标，FBIF2025汇聚了众多行业精英与创新力量。乳业龙头伊利携最新创新技术与成果亮相，以实 际行动推动消费市场的活跃与发展。 消费既是经济循环的起点，也是终点，在近期世界经济波动的背景下，提振消费成为破局的关键，而高 品质的供给是其中关键一环。一直以来，伊利秉持"不创新，无未来"的理念，以消费者为中心推动全链 创新，致力于为消费者打造一杯健康美味的品质好奶。 号"时空穿梭列车带消费者体验美味产品 "伊利 从一棵草开始的"全链创新" 奶牛吃得好，奶才产得好。除了提升牧草品质，伊利在奶牛"饮食配方"上持续下功夫，以科学配比和精 准营养，提升奶牛的健康水平和产奶质量。如伊利在奶牛饲料中添加富含DHA的"裂壶藻粉"，让精选 的荷斯坦奶牛产出含有原生DHA的牛奶，每100ml就含有12mgDHA，为消费者提供天然美味的营养补 给。 从一棵草开始，伊利开展覆盖产业链上中下游的"全链创新"。在产业链上游，伊利运用创新理念提升奶 源建设和基础研发水平，通过营养调控技术，开发了一系列天然功能原料奶。在中游，伊利通过新 ...

来源 | 美股研究社 最近，"斯凯奇退市"空降微博热搜，作为全球第三大运动鞋零售商、两度入选《财富》500强的 行业巨头，退市消息一出便引发市场震动。 而平价鞋企因利润空间狭窄，既无法消化关税成本，也难以通过涨价转嫁压力。因为，在"对等 关税"政策下，一双原本售价1100元的运动鞋终端价格飙升至近1700元，严重背离斯凯奇"平价 舒适"的品牌定位。 宏观来看，美国鞋类分销商和零售商协会（FDRA）数据显示，2025年第一季度鞋类销售额同比 骤降26.2%。此外，美国世界大型企业研究会数据显示，美国3月消费者信心指数为92.9，已经 连续第四个月下降。可见，当地的非必需消费需求已经被严重抑制。 而且，斯凯奇还在退市声明中明确表示，"全球贸易政策带来的宏观经济不确定性，已使公司无 法提供财务指引。" 斯凯奇此番表态的背后，折射出其全球供应链的深切焦虑。与耐克、阿迪达斯等行业巨头相似， 斯凯奇在生产布局上对亚洲市场尤其是越南有着极高依赖。 与此同时，总部位于纽约、源自巴西的3G资本以每股63美元的全现金收购斯凯奇。尽管股价一 度暴涨近25%， 但这背后更扎心的真相是，特朗普的关税大棒，正在迫使这家"美国足力健"连夜 ...

| 编号：2025-001 | | --- | | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年度网上业绩说明会的投资者 | | 时间 | 2025年05月09日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长 李能 董事、总经理 游永平 | | 上市公司接待人员姓名 | 副总经理、董事会秘书 孙俊 | | | 独立董事 戴儒荣 | | | 财务总监 史俊平 | | | 1.总经理，您好！请问管理层目前怎样看待我国医药行业的发 展形势？ | | 投资者关系活动主要内容 | | | | 答:尊敬的投资者，您好！医药行业是关系国计民生、经济发展 | | 介绍 | 和国家安全的战略支柱性产业，是健康中国建设的重要基础。随着 | | | 我国经济社会基本盘的持续发展、人民生活水平提高叠加人口结构 ...

Core Viewpoint - The article discusses how Huzhou, a major foreign trade city in Zhejiang, is adapting to the challenges posed by U.S. tariffs by shifting focus to domestic markets, highlighting the difficulties faced and the strategies employed to overcome them [1][5]. Group 1: Market Transition - Huzhou's foreign trade enterprises are actively seeking to expand into domestic markets due to the impact of U.S. tariffs, which have affected over 14% of their exports [1][5]. - A recent event aimed at facilitating the transition to domestic sales attracted over 100 companies, exceeding initial expectations of 70 participants, indicating strong interest in exploring e-commerce channels [3][5]. - The local business department has initiated efforts to identify export companies facing challenges and has created a supply-demand matching platform to assist them in entering the domestic e-commerce market [5][11]. Group 2: Standardization Challenges - The transition from foreign trade to domestic sales is hindered by a lack of unified standards, which complicates the process of listing products on various e-commerce platforms [8][11]. - Huzhou's market regulatory authorities are providing one-on-one guidance to companies seeking "same line, same standard, same quality" certification, which facilitates quicker product listings [11][15]. Group 3: Innovation and Development - Companies are recognizing the need for innovation to thrive in the domestic market, with some reporting a 40% increase in efficiency due to improved product line management [13][21]. - A company specializing in fans and heat sinks has leveraged its proprietary chip technology to expand into new markets, achieving a 20% increase in profit margins [19]. - Another green home furnishings company has diversified its product range to over 1,000 styles and invests more than 20 million yuan annually in R&D to avoid homogenization in products [21][23].

2025年5月8日，FBIF2025食品创新展（FBIF超级选品会）在国家会展中心（上海）火热开场，作为亚太地区颇 具行业影响力的⻝品盛会之一，FBIF云集了全球知名食品企业携最新主推产品现场展示，其中最"膨"湃的展位 当属旺旺集团旗下的四大新锐品牌——卡兹脆、浪味、Got Rice、摸鱼了没。耳目一新的"椰林海岸"视觉主线 Chill十足，结合产品创新力与年轻化交互设计，开展首日即吸引了数千人次驻足，用户自发传播内容刷屏各大 社交媒体，成为2025FBIF流量断层展商之一。 为什么是他们火出圈？ 零食界的新流量 更是产品说话的实力派 新时代的零食创新，要求多面的强者，风味的究极、感官的刺激、情绪的共鸣、细分赛道的标签……拥有更多 能瞬间击穿消费者记忆点的产品内核，就拥有了更多被看见、被讨论、被分享的出圈可能。 1）卡兹脆作为携奖参展的C位的C位，其新品粟米球洋葱乳酪味上市即获奖，以iSEE全球食品创新奖"第七届创 新品牌百强"的实力背书，首次亮相FBIF即收获一批粉丝。针对儿童打造的"酥脆不腻"的奶香体验，同样受到 了现场大朋友们的喜欢。卡兹脆粟米条、粟米球以产品革新驱动全链路升级，通过非油炸工艺、原料把控 ...

Core Viewpoint - Chongqing Brewery is experiencing growth in its high-end beer products, and the trend of premiumization in the beer industry is expected to continue, driven by innovation and fragmented consumer demands [1][2]. Group 1: Financial Performance - In Q1 2025, Chongqing Brewery achieved beer sales of 883,500 kiloliters, a year-on-year increase of 1.93% [1]. - The company reported operating revenue of 4.355 billion yuan, up 1.46% year-on-year [1]. - Net profit reached 473 million yuan, reflecting a year-on-year growth of 4.59% [1]. - The adjusted net profit was 467 million yuan, with a year-on-year increase of 4.74% [1]. Group 2: Product Innovation and Brand Strategy - Chongqing Brewery has a diverse brand portfolio that includes both local and international brands, with local brands accounting for 70% of national sales [1]. - The company is accelerating product innovation, launching multiple new products and packaging to meet diverse consumer needs [1]. - Innovations are focused on two areas: within beer (concepts, trends, flavors, packaging) and outside beer (beverage product innovations) [1]. Group 3: Market Opportunities - The beer industry still presents opportunities in instant retail channels, and Chongqing Brewery is deepening its collaborations in this area [1]. - Although the company has ventured into beverage products, the primary focus remains on beer, with non-beer products currently in a developmental stage [2].

Financial Data and Key Metrics Changes - In Q1 2025, net sales were $340 million, a decrease of 9% compared to $374 million in Q1 2024, primarily due to a $40 million benefit from channel inventory build in the previous year that did not repeat [23][25] - Gross profit was $138 million with a gross margin of 40.5%, down from $170 million and 45.4% year-over-year, attributed to railing conversion costs and lower production levels [24][25] - Net income decreased by 32% to $60 million or $0.56 per diluted share, compared to $89 million or $0.82 per diluted share in the prior year [25] Business Line Data and Key Metrics Changes - New products launched in the last 36 months accounted for approximately 22% of trailing twelve-month sales, more than double the level from the previous year [9][18] - The company is seeing strong demand for premium products across all channels, with a notable increase in dealer conversions to the Trex brand [9][20] Market Data and Key Metrics Changes - The repair and remodel market is projected to rebound, with spending expected to increase from a low of $1 per square foot in 2024 back to the long-term average of $1.26 by 2027 [16][17] - The company anticipates outperforming the repair and remodel market in 2025, driven by new product introductions and market share gains [17][26] Company Strategy and Development Direction - The company is focused on enhancing its product offerings through innovation, with a commitment to serving consumers across all price points [18][19] - Trex is expanding its distribution partnerships and enhancing brand alignment with contractors to drive sales [14][20] - The new manufacturing campus in Arkansas is expected to improve operational efficiency and reduce costs [15][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position despite macroeconomic challenges and competitive pressures [28][29] - The company is maintaining its full-year guidance for 2025, expecting net sales growth between 5% to 7% and adjusted EBITDA margin to exceed 31% [26] Other Important Information - The company is implementing a new inventory strategy to reduce quarterly volatility and ensure adequate supply to meet consumer demand [11] - Tariff impacts are projected to affect less than 5% of cost of sales, with mitigation strategies in place [12][88] Q&A Session Summary Question: What drove the changes to the Enhance product line? - Management noted customer feedback led to manufacturing changes that improved the strength and aesthetics of the product [31][32] Question: What are the expectations for gross margins in Q2? - Management indicated that Q2 margins would be similar to Q1, primarily due to ongoing costs from product enhancements [33][34] Question: What is the sell-through rate for Q1? - The company reported strong demand for premium products and a turnaround in entry-level products, aligning with full-year guidance [40][41] Question: How will inventory practices affect seasonality? - Management expects a return to more normal seasonal patterns, with a strong first quarter followed by a slight decline in the third and fourth quarters [45][46] Question: What are the impacts of tariffs on costs? - The company has limited exposure to China and is exploring alternative sourcing options to mitigate tariff impacts [88][89] Question: How is the entry-level market performing? - There has been sequential improvement in entry-level products, with expectations for continued stabilization [114][115]

Group 1 - The ETF market has seen significant inflows this year, with a net inflow of over 249.3 billion yuan as of May 7, 2023, of which stock ETFs accounted for 132.3 billion yuan, representing over 50% of the total [1] - A total of 440 stock ETFs have been launched this year, with an overall scale of approximately 59 billion yuan [1] - Thirteen ETFs have attracted over 10 billion yuan in net inflows, with five broad-based ETFs tracking major indices like CSI 300 and SSE 50 being particularly favored [1][2] Group 2 - Among the 53 stock ETFs, 13 track core indices such as CSI 300 and ChiNext Composite, while 40 focus on industry or thematic indices like robotics and AI [2] - The newly established stock ETFs this year have a total scale of 590.8 billion yuan, with a significant number of broad-based products launched [2] - The industry is witnessing a trend of launching thematic ETFs, with new products tracking indices related to AI, aviation, and other sectors [2] Group 3 - The industry faces challenges of homogenization, with overlapping index constituents reducing differentiation among industry and thematic ETFs [3] - Fund companies are encouraged to innovate through three strategies: creating differentiated products, utilizing technology for investment decisions, and optimizing market positioning to improve liquidity [3] - Smaller public fund institutions are leveraging their research capabilities to create thematic and industry ETFs, combining active management with passive investment strategies [3]