在白酒行业调整转型期，飞天茅台作为行业风向标，其价格波动与消费结构变化备受市场关注。记者通 过调研发现，尽管终端价格呈现 "变" 的特征，但核心消费场景的稳定性与品牌韧性仍支撑市场 "稳" 的 基调，行业正经历从 "量价齐升" 到 "价值重构" 的转型。 这种价格分化既体现了渠道竞争的激烈，也反映出茅台通过多渠道策略平衡市场供需的意图。 市场信心：品牌韧性与价值构建 近期，有个别电商平台在促销活动中推出低价53 度飞天茅台，引发市场关注。 北京经销商李迪平表示，电商平台的低价促销 "宣传效应大于实际销量，但对消费者心理价格预期影响 较大，可能引发市场混乱"。南阳经销商周敏则认为，部分电商与自媒体借低价茅台宣传引流，实则 "挂羊头卖狗肉"，变相拉低市场对茅台的价值认知。 面对冲击，李迪平建议 "严格管控电商促销，避免破坏价格体系"，周敏则强调需 "调整供货节奏，结合 营销稳定价格"。 行业普遍认为，电商低价仅为短期扰动，茅台的品牌价值与旺季需求（如中秋）仍为价格企稳的核心支 撑。消费者杨先生的观点颇具代表性："选择茅台还是因为其品牌具有无可替代的高端属性。" 价格波动：渠道分化下的理性回归 经调查，当前53 度 ...

上周的最大事件不是以伊冲突，而是稳定币发行商Circle上市和股价暴涨触发的稳定币生态圈爆发。 以色列和伊朗相互攻击，中东局势紧张，WTI原油价格再涨10%。美国、英国和日本央行均决定维持政 策利率水平不变，不过日本银行公告明年放缓削减购债规模的步伐。地缘政治局势不稳，上周全球多数 股市走弱。美联储降息机会增加，美债全线上涨。日本财务省调整发债结构，日债走强。黄金白银高位 整固，美元汇率略强。 美国联邦公开市场委员会（FOMC）作出了一致的政策决定，但也展现出罕见的分歧。美联储预测今年 经济增长1.4%，远远低过去年的增长数字和上次的预测。失业率从现在的4.2%走向年底的4.5%，通货 膨胀由4月的2.1%上调至3%。 美联储主席鲍威尔在记者会上表示，"在此一刻，我们等待了解经济未来走向，然后再考虑调整政策立 场"。"在此一刻"四字耐人寻味。会后发布的点阵图显示，FOMC成员预期中位数为今年会有两次降 息，其中10人预期两次降息，7人认为今年不必降息，2人估计今年降一次。决策者对通胀走势并无共 识，他们达成的共识仅是6月份暂时不降息。 FOMC会议后第二天，美联储理事沃勒在采访中表示，夏季就应该降息，"政策应 ...

Group 1 - The escalation of the Middle East situation, particularly Israel's airstrike on Iranian nuclear facilities, has significantly impacted oil and gold prices, with gold rising by $24 to a peak of $3,398 per ounce and Brent crude oil surging by 5.7% to $81.4 per barrel [1][3] - The potential closure of the Strait of Hormuz by Iran, which accounts for 40% of global oil trade, could lead to oil prices soaring to $120 per barrel, as indicated by JPMorgan [3] - Historical trends show that geopolitical conflicts often lead to initial spikes in gold and oil prices, followed by profit-taking as market sentiment stabilizes [3] Group 2 - The Federal Reserve's recent FOMC meeting highlighted concerns over inflation, complicating the decision to lower interest rates amidst rising oil prices that could further elevate inflation [3][4] - Goldman Sachs has recommended an overweight position in gold and an underweight position in oil for the next five years, citing a global trend towards de-dollarization and increased gold reserves by central banks, including China's [4] - The current oil market is characterized by short-term supply tightness, but long-term price movements will depend on OPEC+ production plans and demand fluctuations, with a focus on fundamental supply and demand dynamics [4] Group 3 - The recent performance of gold ETFs and mining stocks indicates strong investor interest, with companies like Western Gold experiencing significant gains [4] - The decline in U.S. stock futures is attributed to a shift in funds towards safe-haven assets, although the resilience of the U.S. economy suggests potential for recovery in tech stocks if the Fed signals interest rate cuts [4][5] - Long-term investment strategies should consider gradual allocations to gold ETFs and quality mining stocks, while caution is advised against chasing high oil prices [5]

在这项最新研究中，研究团队搭建了适用于光子雪崩效应研究的高性能测试平台，采用 高度集成的自动化架构 ，涵盖基于伺服电机的精密激光功率控制、三维压 电位移台定位、基于门控单光子探测的高时间精度荧光信号采集等多个模块，实现了对非线性光学响应的高效可靠采集与分析。研究团队提出一种通过亚晶格重 构和雪崩网络扩展的方法，可将光子雪崩非线性响应提升至 500 阶以上， 刷新了光子雪崩材料的性能纪录。该实验表明，基质材料中的 镥 取代会导致显著的局 域晶体场畸变。此类畸变能够强化控制粒子数累积的关键过程——交叉弛豫作用。 编辑丨王多鱼 排版丨水成文 光子雪崩 是镧系掺杂材料中一种独特的光学非线性现象，能量正反馈循环过程使其发光强度与泵浦功率表现出极其陡峭的幂律关系，使得极微弱的泵浦扰动或环 境变化，也能诱发发光强度的显著突变。凭借这一特性，光子雪崩在低成本超分辨成像、超灵敏光学传感和多物理场探测等应用中展现出巨大潜力。 材料对刺激产生显著光学非线性响应的能力对于技术进步和创新至关重要。虽然非线性系数超过 60 的光子雪崩上转换纳米材料已被开发出来，但进一步提升仍具 挑战性。 2025 年 6 月 18 日， 厦门大学柔性电 ...

中国品牌，正加速走向 世界舞台。 去年8月，《 黑神话：悟空》震撼 登场，凭借着惊艳的视觉效果与深厚的文化底蕴，在全球游戏市场掀起热潮，让全球玩家领略到东方神话的独特魅力。 今年1月，DeepSeek正式发布R1推理模型后，瞬间在全球科技圈引发了一场"地震"，它以更低的算力和更高的性价比，重新定义了AI技术的商业化路径。 文化消费领域也频频发力。 年初以来，《哪吒2》通过创新的叙事手法和自主研发的"伏羲"渲染技术，创下159亿元票房纪录，位居全球影史票房榜第5名，实现了中国文化在全球影 视市场的成功突围。 最近，泡泡玛特旗下的LABUBU，更是以独特的魅力火遍全球，从东南亚到纽约、伦敦、东京等国际大都市，无数年轻人连夜排队抢购，展现出中国文 化创意产品的强大吸引力。 这些现象级案例的背后，是中国企业对品牌价值的系统性重构。 随着产业升级与消费迭代加速，中国品牌正突破传统"成本优势"的路径依赖，转而以"技 术创新+文化赋能"为核心驱动力，在全球市场实现从产品力到品牌价值的跃迁。 穿越周期，重塑中国品牌价值锚点 品牌的百年进化史，本质是商业逻辑与消费需求的持续博弈。 当下，中国消费市场正在经历从"量"到"质"的升 ...

作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 未来， ...

Core Viewpoint - Hubei Province is restructuring its government guidance fund system to support early-stage technological innovation, focusing on equity investment and collaboration between government, market, and social capital [1][2]. Group 1: Government Guidance Fund System - The "Work Plan" outlines three key restructuring phases: from "0 to 1" focusing on seed investment, from "1 to 2" emphasizing angel investment, and from "2 to N" leveraging state-owned capital to attract social investment [2][3]. - The Chutian Fengming Fund will serve as the main fund for seed investments in the "0 to 1" phase, collaborating with state-owned funds for angel investments in the "1 to 2" phase [2][3]. - The plan includes 21 measures to enhance the entrepreneurial investment ecosystem and strengthen industrial investment [2]. Group 2: Seed Investment Funds - The initiative aims to create a "seed investment fund cluster" targeting early-stage investments, particularly in technology transfer from universities and key industries [3][4]. - A direct investment fund cluster for university technology transfer will be established, with the Chutian Fengming Fund leading the initiative in collaboration with local universities [3][4]. - Regional seed funds will be set up in collaboration with cities like Wuhan and Yichang, focusing on local industry characteristics and resources [3][4]. Group 3: Industry-Specific Seed Funds - The plan includes establishing industry-specific seed funds focusing on advanced manufacturing and modern service industries, supported by key laboratories and research institutions [4]. - The Chutian Fengming Fund has already launched the Chutian Fengming Angel Fund with a total scale of 10 billion yuan, aiming to attract social capital for early-stage investments [4][5]. - Over the past two years, the Chutian Fengming Fund has invested in 26 sub-funds, totaling over 9.2 billion yuan, and has facilitated over 60 investments exceeding 1.05 billion yuan [4][5]. Group 4: Support for Early-Stage Innovation - The first batch of seed funds has been established in collaboration with several universities and key regions to enhance the entrepreneurial investment ecosystem [6][7]. - The Chutian Fengming Fund is actively engaging with laboratories to support technology commercialization and has identified over 4,092 projects for potential investment [6][7]. - The fund aims to provide comprehensive lifecycle investment support for technology enterprises, focusing on early-stage investments [7].

Group 1 - The core viewpoint of the news is the establishment of the Hubei Provincial Government Seed Fund, which aims to restructure the government guidance fund system and support the transformation of technological achievements from universities and key industries in Hubei [1][2] - The seed fund focuses on early-stage investments in hard technology, addressing the financing difficulties faced by innovative enterprises in the initial stages [1] - The management mechanism of the seed fund allows for a maximum loss of 100% on individual projects, emphasizing the cultivation and incubation of seed enterprises rather than solely focusing on annual profits [1] Group 2 - The Hubei government has issued a work plan to reconstruct the government guidance fund system, emphasizing equity investment as a guiding principle and promoting a collaborative investment ecosystem involving government, market, and social capital [2] - The work plan includes 21 measures aimed at enhancing the entrepreneurial investment environment, strengthening industrial investment, and coordinating fund resources [2] - The plan outlines a phased approach for government guidance funds, with a focus on different stages of investment development from initial seed funding to leveraging state-owned capital for broader investment [2]

Core Insights - The first batch of floating fee rate funds has been launched, with a total of 13 funds raising a combined amount of 12.696 billion RMB, averaging 977 million RMB per fund, indicating initial market acceptance of this fee structure reform [1][2]. Fund Performance - The top-performing funds in terms of scale include E Fund's Growth Progress with 1.703 billion RMB and 47,301 subscriptions, followed closely by Oriental Red Core Value at 1.991 billion RMB with 14,585 subscriptions [2][3]. - The lowest performing fund was Bosera's Zhuo Rui Growth, which raised only 259 million RMB, reflecting limited investor appeal amid a crowded issuance environment [2]. Subscription Dynamics - Subscription numbers varied significantly among the funds, highlighting different customer structures and sales strategies. E Fund's Growth Progress not only led in scale but also had a high subscription count of 47,301, with an average subscription amount of only 36,000 RMB, indicating strong retail investor engagement [3]. - Other funds like Ping An Value Enjoyment and Huaxia Rui Xiang Return also had over 10,000 subscriptions, showcasing a solid retail base [3]. - In contrast, Bosera's Zhuo Rui Growth and Manulife's Smart Navigation had lower subscription counts, with 1,946 and 5,237 respectively, indicating a less broad appeal [3]. Industry Implications - The launch of floating fee rate funds marks not only product innovation but also a potential restructuring of the industry ecosystem, shifting from a "scale-first" approach to a model centered on "investor returns" [3].

以下文章来源于克而瑞产品测评 ，作者产品力研究中心 克而瑞产品测评 . 聚焦房地产产品、交付研究及产品力、交付力测评 西安房地产市场正在进入产品力精耕时代，从户型创新到装修升级，从公区打造到样板间场景营造，房企正 通过全维度创新重构居住价值。 文 / 克 而 瑞 产 品 力 研 究 中 心 6月，克而瑞产品力研究中心在西安实地走访和考察了当地多个热门项目。 去年下半年以来，西安新入市住宅仍以四代宅为主，并扩展到包括西咸新区在内的全市范围。调研发现，西安的住 宅产品力在过去一年中的发展态势显著。首先，作为市场主流的四代宅产品在持续迭代创新，室内外双挑空突破传 统空间界限的巧思，让高层也能实现叠拼的垂直空间体验。 其次，刚需及首改产品仍延续毛坯交付策略，而高端项目已开始转向精装交付，这也代表着西安住宅的迭代。 再者，好的公区是产品力的最佳名片，各个项目通过地域文化植入、功能复合化等创新手法打造差异化亮点；在此 基础上，部分项目的样板间设计也转向生活场景的进化，"内卷"使得西安房企在产品力方面花的心思越来越多。 四代宅室内双层挑空，提供空间创新思路 随着四代宅在西安市场的逐渐普及，房企也不断探索和创新，将更多的创意 ...