房价涵盖划拨土地成本、建安成本、合理利润及税费，同时综合考量经济发展、住房供需和居民支付能力等因素。换句话说，配售房源的具体价格，将不再 是简单地以同地段商品房的某个折扣比例来确定。 配售方式上，文件明确，配售型保障性住房将实行现房配售。 每经记者｜陈荣浩 每经编辑｜陈梦妤 深圳住房保障体系再次迎来变革。 5月28日下午，深圳市住建局发布《深圳市配售型保障性住房管理办法（征求意见稿）》《深圳市保障性住房规划建设管理办法（修订征求意见稿）》，明 确了配售型保障性住房的申请条件、配售方式及流程、封闭管理等内容。 文件提到，配售型保障性住房实施严格封闭管理，禁止以任何方式将配售型保障性住房变更为商品住房。购房后需退出配售型保障性住房的，签订买卖合同 满3年后可以向住房主管部门申请在信息平台进行封闭流转，将配售型保障性住房转让给符合条件的对象，市住房主管部门可以通过制定参考价格上限等方 式规范转让行为。 超过一年无人购买的，住房主管部门可以结合实际情况组织保障性住房专营机构或者其他机构进行回购，回购价格=原购买价格×（1-年折旧系数×建筑物已 使用年限），年折旧系数取1%。 申请条件上，购买配售型保障性住房，需要满足 ...

Core Viewpoint - The newly released management measures for the allocation-type affordable housing in Shenzhen signify a significant step towards aligning the city's housing security system with national standards, aiming to better serve the housing needs of low-income groups [1][2]. Group 1: Policy and Management - The Shenzhen Municipal Housing and Construction Bureau has drafted the "Shenzhen Allocation-Type Affordable Housing Management Measures (Draft for Comments)," which outlines the criteria for purchasing such housing, including being a Shenzhen resident, not owning property in Shenzhen, and having paid social insurance for a specified duration [1][3]. - The allocation-type affordable housing will be sold as existing properties and will be subject to strict management, prohibiting any conversion to commercial housing [4]. Group 2: Pricing and Market Impact - The pricing of allocation-type affordable housing will be determined based on land costs, construction costs, reasonable profits, and relevant taxes, while considering economic conditions and the payment capabilities of low-income groups [4][5]. - The new management measures are expected to create a clear distinction between affordable housing and commercial housing, potentially leading to a healthier real estate market focused on product quality rather than just meeting basic demand [7]. Group 3: Construction and Supply - Shenzhen plans to construct 145,000 housing units in 2024, including 100,000 units of affordable housing, with 15,000 units specifically designated as allocation-type affordable housing [6]. - The distribution of these affordable housing units will be balanced across key districts in Shenzhen, promoting a "work-live balance" for applicants [6].

Tel：010-82293558 [table_reportdate] 铝合金期货系列专题 2025 年 5 月 铝合金期货系列专题二之 铝合金型号及生产工艺与成本 [table_main] 宏源公司类模板 报告摘要： [table_research] 分析师：王文虎（F03087656，Z0019472） 研究所 金属研究室 Email：wangwenhu@swhysc.com 相关研究 《美联储货币政策存变数 贵金属市场 等待新驱动》，期货日报 《沪镍 重心将震荡下移》，期货日报 《铜价重心下移但难回 2020 年以前水 平》，期货日报 《低库存使铜价下跌具有抵抗性》，期 货日报 《冲突螺旋式升级间接支撑有色金属》， 期货日报 《青山做空伦镍险遭百亿美元浮亏？但 镍价终将回归产业运行逻辑》，腾讯财 经 《全球镍仍在持续去库 短期供需仍然 偏紧》，金融界 《央行降准后结构性宽松仍可期》，金 融界 《避险需求支撑趋弱，黄金中期中心将 下移》，期货日报 《两大因素主导金价走势》，期货日报 《有色 重心逐步下移》，期货日报 《沪铜：谨慎追涨》，期货日报 《黄金 中长线配置时点仍需等待》， 期货日报 期货（期权）研 ...

宏观研究 证 券 研 究 报 告 【宏观专题】 黄金隐含"秩序重构"指数：捕捉全球秩序 重构的交易信号 我们认为，黄金价格的惊人涨幅是市场对全球秩序重构预期的直接反映。这一 重构涵盖货币体系多元化、地缘政治格局重塑和金融市场再平衡，具体体现在 以下三个关键驱动因素：一是全球购金热潮，2022~2024 年，全球央行购金规 模创下 50 年新高；二是地缘风险升温，2022~2025 年，俄乌冲突、巴以冲突 令全球担忧地缘冲突升级的避险情绪高涨；三是美元体系的压力，随着美债规 模持续扩大，美债可持续性的担忧不断加剧，美元在全球储备中的权重回落。 ❖ 黄金隐含"秩序重构"指数 我们提出黄金隐含"秩序重构"指数（Gold Implied Order Reconstruction Index， GIORI），旨在量化黄金价格中无法被显性变量解释的波动，揭示全球金融和 政治秩序重构的市场预期。GIORI 指数通过分析显性变量无法解释的价格残 差，提炼市场对非显性风险的定价信号。GIORI 指数的构建逻辑非常简单直 观：如果显性因子拟合模型无法完全解释黄金价格的波动，那么我们认为未被 解释的部分很可能与货币体系多元化、地缘 ...

以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ 无印良品两年中因不合格产品被处罚4次。 文 ｜ 凤凰网财经 来源｜ 凤凰网财经（ID：finance_ifeng） 封面来源 ｜ Unsplash 主打轻奢的无印良品近年来在华降价，但仍被消费者吐槽太贵。公司有意推出产品单价在25元左右的新型门店，兼顾平价市场的策略愈发鲜明。 产品价格居高不下，品控还没有保障，多位消费者面临服饰开线起球、家居质量不佳的问题。 无印良品在华仍面临网易严选、名创优品、NOME以及主打类似风格的工厂产品竞争，一味低价并不一定是最优解，还需兼顾品牌形象，找到定价和主张间 的平衡。 无印良品在季节更替之时推出系列新款商品，却因为定价又一次遭受消费者集体质疑。 在社交平台上，多位网友留言表示无印良品定价过高，产品类型涵盖服饰、鞋帽、食品、家居等。一些评论指出，新款商品实际定价较消费者能够接受的心 理价位接近翻倍，"每次逛无印良品，我都觉得价格应该是日币"。 尽管也有少数网友称，无印 ...

Group 1 - The core viewpoint is that foreign capital is expected to continue flowing back into China, driven by new public fund assessment regulations and a shift from short-term to long-term pricing in the market, potentially leading to a "cash is king" scenario [1] - The popularity of DeepSeek and the U.S. trade tensions have significantly altered global perceptions of Chinese assets, with patience during the policy process increasing [1] - As China's macroeconomic logic becomes clearer and its technological capabilities are recognized and priced in, the trend of foreign capital returning to Chinese assets is seen as a matter of timing [1] Group 2 - The reform of public funds is anticipated to encourage institutional investors to focus more on pricing core companies rather than chasing industry trends, leading to a gradual decrease in active holding ratios [1] - These marginal capital trends and changes in investment behavior are expected to drive the market style back towards industry leaders with barriers and pricing power, thus reviving the focus on core assets [1] - The Cash Flow ETF (159399) is designed to select stocks based on free cash flow, tracking the FTSE China A-Share Free Cash Flow Focus Index, and excludes financial and real estate sectors to highlight the top 50 stocks with the highest free cash flow rates [1] Group 3 - The Cash Flow ETF (159399) has a "monthly assessment and distribution" mechanism for dividends and has completed its third consecutive dividend distribution since its listing, enhancing the holding experience for investors [1]

"只要产品力足够强，盈利就不是问题。" 我们了解到，高速事故发酵后，小米暂停了高密度的宣发，一些门店在 4 月有半个多月都没有再进行 直播，SU7 的锁单量确实曾下滑。但据小米集团合伙人、集团总裁卢伟冰透露，截至 5 月 26 日，小 米 SU7 Ultra 的最新锁单数已超过 2.3 万台。 分析师们当下更在意的是 7 月上市的 YU7 对 SU7 的潜在影响，以及 YU7 标配激光雷达后对盈利与 定价策略带来的变化。此前 SU7 的智驾分为纯视觉与激光雷达两种配置。 卢伟冰对该问题的回复较简单，他以小米 SU7 为例，表示：只要产品力足够强，盈利就不是问题。 "SU7 去年 3 月 28 日 上市之后，时隔 14 个月了，但是今天市面上有哪一个产品是 SU7 的对手？一 款都没有。我想你们也看到了，（SU7）曾经有无数的对手，但是到今天你会发现一个能打的都没 有。" 卢伟冰说，没有对手，就保证了定价权，有了定价权，就有了合理的利润率。 文 丨 郭瑞婵 编辑 丨 龚方毅 在 SU7 的高销量驱动下，小米不出意外地又交出了公司历史以来最佳的一季报。今年前 3 个月，小米 一共交付了 7.6 万台新车，环比增长 ...

核心提示： 主打轻奢的无印良品近年来在华降价，但仍被消费者吐槽太贵。公司有意推出产品单价在 25 元左右 的新型门店，兼顾平价市场的策略愈发鲜明。 产品价格居高不下，品控还没有保障，多位消费者面临服饰开线起球、家居质量不佳的问题。 无印良品在华仍面临网易严选、名创优品、 NOME 以及主打类似风格的工厂产品竞争，一味低价并 不一定是最优解，还需兼顾品牌形象，找到定价和主张间的平衡。 无印良品在季节更替之时推出系列新款商品，却因为定价又一次遭受消费者集体质疑。 在社交平台上，多位网友留言表示无印良品定价过高，产品类型涵盖服饰、鞋帽、食品、家居等。 一些评论指出，新款商品实际定价较消费者能够接受的心理价位接近翻倍，"每次逛无印良品，我都 觉得价格应该是日币"。 尽管也有少数网友称，无印良品的部分商品在用料、质量、耐久性上具备优势，自己愿意为产品力 付费。但整体而言，无印良品的定价相较同类产品位于中等偏上的位置。 逛无印良品猜价格，甚至一度成为年轻人逛街时的小游戏，其乐趣就在于最终售价往往总是超过人 们的心理预期。以垃圾桶为例，一款无印良品木制垃圾桶售价为158元，引发网友吐槽，"这个垃圾 桶唯一的缺点就是缺点钱" ...

Core Insights - Muji, a brand known for its light luxury positioning, has faced criticism in China for its high prices despite recent price reductions. The company plans to introduce new stores with products priced around 25 RMB to cater to the budget market [1][13][19] Pricing and Consumer Perception - Consumers have expressed dissatisfaction with Muji's pricing, stating that new product prices are often close to double what they consider acceptable. This has led to a perception that prices should be more aligned with Japanese pricing [2][4][7] - Despite some positive feedback regarding product quality, overall, Muji's pricing remains on the higher end compared to similar products [4][22] Competitive Landscape - Muji faces competition from brands like NetEase Yanxuan, Miniso, and NOME, which offer similar styles at lower prices. The brand must balance its pricing strategy with maintaining its brand image [2][22][23] - The introduction of the "Muji 500" store concept, which focuses on products priced below 500 yen (approximately 25 RMB), is a strategic move to capture market share in the budget segment [17][19] Market Performance and Strategy - China is Muji's largest overseas market, with significant sales growth attributed to this region. The company reported a 21.3% year-on-year increase in sales, largely driven by the Chinese market [19][20] - Muji has been actively expanding its store presence in China, with 47 new stores opened by the end of the 2024 fiscal year, bringing the total to 408 [16][19] Challenges Ahead - Despite recent successes, Muji continues to face challenges in the Chinese market, including maintaining its brand identity while addressing consumer price sensitivity. The brand's high-end positioning may conflict with the growing demand for affordable alternatives [22][23] - The company must navigate the competitive landscape where similar products are available at significantly lower prices, necessitating a careful balance between pricing and brand perception [23]

Core Viewpoint - Eli Lilly's stock has experienced significant volatility during Trump's second term, primarily due to the potential implementation of tariffs on pharmaceutical imports, which could negatively impact the company and the industry as a whole [1][2][3]. Group 1: Tariffs and Their Impact - President Trump has proposed a 25% tariff on imported drugs, although these tariffs have not yet been implemented [2]. - Eli Lilly's CEO acknowledged that expanding tariffs would negatively affect the company and the pharmaceutical industry, but did not specify the potential impact [3]. - The U.S. imported nearly $50 billion in pharmaceutical products from Ireland last year, making it a likely target for tariffs, which could pose a significant challenge for Lilly [4]. Group 2: Company Operations and Manufacturing - Most of Eli Lilly's product sourcing outside the U.S. comes from Ireland, with approximately $3.2 billion in long-lived assets reported in Ireland at the end of 2024 [5]. - Lilly has a large U.S. manufacturing footprint and is currently working on 10 active projects to build and expand facilities, aiming to supply the U.S. market entirely from domestic operations [9]. Group 3: Pricing Strategies and Regulatory Risks - President Trump issued an executive order for "most-favored nation" (MFN) drug pricing, which could pose a risk to the industry, although it may face legal challenges [9][10]. - If MFN pricing is implemented, drug manufacturers might adjust their pricing strategies to maintain profitability, such as increasing list prices in other countries while offering discounts [11]. Group 4: Future Outlook - The outcomes of the proposed tariffs and MFN drug pricing remain uncertain, but it is believed that Eli Lilly and other major pharmaceutical companies will navigate these challenges effectively [12].