点击注册小程序 查看完整报告 新品迭代持续供能，管理赋能中长期增长 今年以来，各食品饮料公司在新品/新渠道上的突破持续受到较高关注度。横向对比看，新乳业推新能力突 出，有望拉动业绩增长提速，带来新增量。1）激励考核层面，新品贡献率为公司考核的核心指标之一，当年 推出的新品收入占公司整体10%以上的目标可驱动公司整体持续推新，并通过新品迭代获取收入增量，如重点 单品活润即通过升级迭代（1.0大果粒/2.0轻食杯/3.0轻食瓶），保持较高收入增速。2）创新机制层面，自上而 下和自下而上相结合的方式为公司提供充分的创新环境，公司总部每年年底会确定后续新品方向，在部分子公 司进行试点，根据成效逐步推往全国。子公司可结合当地情况，自行申报新品。新品也为新渠道的切入提供抓 手，如近期朝日唯品在山姆导入的新品芭乐酸奶终端动销表现良好，已成为又一款爆品单品。 产品结构优化+成本红利提升盈利水平 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权 ...

Group 1 - The new credit reporting service fee standards will save users approximately 1.1 billion yuan annually starting from July 1 [1] - From July 1, 2025, the baseline service fee for commercial banks querying corporate credit reports will decrease from 20 yuan to 9 yuan, and for personal credit reports from 2 yuan to 1 yuan [1] - Certain financial institutions, including rural commercial banks and consumer finance companies, will benefit from preferential pricing, with corporate credit report fees set at 4.5 yuan and personal credit report fees at 0.5 yuan [1] Group 2 - Individuals can query their credit reports for free online, and the first two queries at a physical counter are also free, with subsequent queries reduced from 10 yuan to 5 yuan [2] - The fee for accounts receivable pledge registration will be halved from 30 yuan to 15 yuan, and other registration fees will also see significant reductions [2] - The reduction in credit reporting costs is expected to lower overall financing costs for financial institutions, which could benefit small and medium-sized financial entities significantly [2]

采写：南都·湾财社记者陈镜安 特斯拉官网显示，7月1日，特斯拉Model 3/Y长续航全轮驱动版迎来升级，其中，特斯拉将Model 3长续 航版售价上调1万元，现售价28.55万元，Model Y长续航版则维持原31.35万元售价不变。 （文章来源：南方都市报） 新版本续航有所提升。Model 3长续航全轮驱动版CLTC续航增至753公里，百公里加速提升至3.8秒。 Model Y长续航全轮驱动版CLTC续航增至750公里。 不似友商被迫加入"降价潮"，特斯拉对于价格调整掌握着主动权。特斯拉对外事务副总裁陶琳曾表示， 特斯拉坚持以成本定价，并指出，特斯拉价格调整的背后，涵盖了无数工程创新，实质上是独一无二的 成本控制之极佳定律，包括不限于整车集成设计、产线设计、供应链管理、甚至以毫秒级优化机械臂协 同路线。 当降价成为主流，特斯拉却再次特立独行地上调售价。 但特斯拉面临的市场竞争依旧激烈。乘联会数据显示，5月特斯拉中国批发销量为61662辆,同比下降 15%，已连续8个月出现销量同比下滑。去年，特斯拉曾短时间内遭遇6大品牌的新品对标。日前，小米 汽车第二款新车型YU7上市，配置参数亦全方位对标Model Y， ...

Core Insights - The article highlights the safety concerns surrounding low-priced power banks, emphasizing that products priced above 200 yuan are generally considered safer due to better material quality and manufacturing standards [1][11][12] - The industry is facing a crisis due to price wars and internal competition, leading to compromised quality and safety in power bank production [3][13] Cost Analysis - A typical power bank with a capacity of 10,000 to 20,000 mAh has a reasonable cost of around 100 yuan, which includes high-quality battery cells, safety features, and manufacturing costs [1][5][11] - The core component, the battery cell, accounts for about 50% of the total cost, with reputable brands like CATL and Yiwei's battery cells priced between 45 to 60 yuan each [3][5] Industry Trends - The recent recall of power banks by brands like Romoss and Anker has created a significant demand for replacements, with estimates suggesting millions of units may need to be replaced [11] - Consumers are advised to prioritize well-known brands and products with 3C certification, particularly those priced above 200 yuan, as these are more likely to meet safety standards [11][12] Quality Discrepancies - A comparison of recalled and non-recalled power banks revealed significant differences in build quality, safety features, and thermal management, with recalled units lacking essential protections [8][10] - The lack of temperature protection and inferior materials in lower-priced models has been linked to safety incidents, highlighting the importance of quality control in manufacturing [10][12] Future Outlook - The current crisis is seen as a pivotal moment for the industry, prompting a potential shift towards better quality control and transparency in the supply chain [13] - Brands that fail to maintain rigorous quality standards may face increased risks of being eliminated from the market as regulatory scrutiny intensifies [13]

Core Insights - The company is addressing production challenges by enhancing its internal capabilities, particularly in the production of glass bottle tubes, which are critical to its operations [1][2] - Significant cost reductions have been achieved through technological innovations and process optimizations, leading to improved efficiency and reduced reliance on external suppliers [2][3] Group 1: Production Challenges - The company faces a critical supply issue with the glass bottle tubes, requiring nearly one million units annually, which impacts production plans and costs [1] - External supply disruptions have led to production slowdowns, emphasizing the need for self-sufficiency in key components [1] Group 2: Technological Innovations - A new intelligent production unit has been implemented, automating the production of glass bottle tubes and reducing costs by 5 yuan per unit through structural optimization and energy savings [2] - The company has achieved a 99.8% qualification rate for self-produced tubes, significantly reducing waste and further lowering costs [2] Group 3: Cost Control Measures - Various cost-saving measures have been introduced across production processes, including adjustments to drying processes and repurposing idle equipment, leading to substantial monthly savings [3] - The company aims to enhance its competitive edge and risk resilience by focusing on cost control in critical areas such as precious metal processing and chemical agents [3]

Core Insights - A "down-to-earth" advertisement unexpectedly gained popularity, highlighting a rural girl's success in opening seven hotpot restaurants, reflecting significant changes in the business landscape [2][3] Group 1: Impact of Short Video and Digital Tools - The rise of short video platforms has enabled small businesses to break physical space limitations, allowing them to reach a national audience through engaging content [3][9] - The report from the Chinese Academy of Social Sciences indicates that digital technology is helping small merchants find new growth opportunities by combining offline personal connections with online reach [3][9] Group 2: Success Stories of Small Businesses - Guo Luncai, a rural girl from Sichuan, leveraged her personal story and real-time updates on her hotpot restaurant's journey to attract a large following, resulting in significant sales and rapid expansion [4][6] - Xiaoling, a live-streaming host, transformed a modest flower shop into a successful chain by showcasing local culture and engaging with customers through live broadcasts [6][8] Group 3: Structural Challenges and Solutions - The service industry faces a "cost disease" where rising costs cannot be offset by efficiency gains, particularly for small and micro enterprises [9][10] - Digital tools like live streaming are providing new solutions to this long-standing issue by allowing businesses to reach a larger audience without the constraints of physical location [9][10] Group 4: Transformation of Business Models - The shift from traditional business models to a digital-first approach is evident, with businesses now focusing on online validation before rapid expansion [15][20] - The integration of online and offline experiences is creating a seamless customer journey, enhancing the visibility and profitability of small shops [15][20] Group 5: Emotional Connection and Customer Engagement - Short videos are fostering emotional connections between businesses and consumers, transforming service consumption from mere functionality to identity and cultural recognition [17][19] - The transparency of operations through live streaming builds trust and encourages customer engagement, turning consumers into brand advocates [19][20] Group 6: Economic Trends and Future Outlook - The service sector's consumption share is projected to rise to 52% by 2030, with a growth rate of 9.2%, indicating a significant shift in consumer behavior [20][21] - The digital transformation of small businesses is not only vital for their survival but also plays a crucial role in the broader economic transition [20][21]

PX成本支撑偏弱，关注TA高加工费供应压力增大可能 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1. PTA&PX 06月30日，PX 主力合约收6796.0元/吨，较前一交易日收涨0.65%，基差为 40.0元/吨。PTA 主力合约收4798.0元/吨，较前一交易日收涨0.42%，基差 为222.0元/吨。 成本端，06月30日，布油主力合约收盘66.34美元/桶。WTI收65.07美元/ 桶。需求端，06月30日，轻纺城成交总量为663.0万米，15 日平均成交为 620.33万米。 PX：成本端受国际原油价格维持窄幅震荡趋势，能提供的支撑相对有限。 亚洲地区新增装置投产预期可能带来供应压力，叠加下游PTA加工费修复空 间有限或抑制原料采购积极性，预计PX价格将维持震荡格局。 PTA：PTA下游聚酯开工率高位，终端纺织成交回暖，需求端有所反弹。基 差走强反映现货偏紧，PX成本支撑边际减弱，PTA加工费高位下开工负荷或 继续维持，关注供应端恢复压力 ...

Core Insights - The Civil Aviation Administration of China reported a total profit of 1.2 billion yuan for the aviation industry in 2024, marking a significant improvement of 20.61 billion yuan year-on-year, representing the first overall "loss reduction and profit increase" since the pandemic [1] - Private airlines demonstrated significantly better profitability compared to state-owned carriers, with Spring Airlines, Juneyao Airlines, and China United Airlines achieving net profits of 2.273 billion yuan, 914 million yuan, and 268 million yuan respectively [1] - State-owned airlines, including China Southern Airlines, China Eastern Airlines, and Air China, continued to face losses for the fifth consecutive year, with an average loss reduction from 5 billion USD in 2022 to 286 million USD in 2024 [2] Industry Structure - The profitability of private airlines is attributed to their low-cost operating models, with Spring Airlines exemplifying this approach by maintaining a focus on core metrics such as flight utilization, passenger load factor, and cost control [3] - Private airlines have shown greater flexibility in route selection, prioritizing market demand and profitability, which has allowed them to fill market gaps that state-owned airlines have overlooked [3] - The operational efficiency and decision-making agility of private airlines have enabled them to recover more quickly from the pandemic compared to state-owned counterparts [4] Future Outlook - The aviation market in China is expected to undergo a reshuffling in the coming years as it emerges from the pandemic, with private airlines likely to continue focusing on differentiated and segmented market strategies [4] - State-owned airlines may need to implement deep structural reforms in their organizational, financial, and operational mechanisms to escape the cycle of losses, potentially exploring mixed-ownership trials for non-core routes and subsidiaries [4]

Core Viewpoint - Xiaomi Group's partner Lu Weibing responded to the pricing of the Youth Apartment at 1999 yuan, stating that the decision was made after extensive discussions. The apartment aims to provide a low-cost, high-quality living experience for recent graduates [1] Group 1 - The Xiaomi Youth Apartment has been established in Beijing, offering over 2600 apartments [1] - The main unit type is a 29 square meter studio, equipped with smart living devices and shared facilities such as kitchens, gyms, and media rooms [1] - The project is designed to create a green ecological environment for its residents [1]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-07-01 成本⽀撑转弱，⿊⾊⾼开低⾛ 昨⽇⿊⾊盘⾯⾛弱，其中双焦受煤矿复产消息影响，尾盘跌幅较⼤。 从钢材周度表需看，螺纹表现好于预期，板材则有所分化，五⼤材整 体累库。结合板材和其他⼩品种现货情况看，确实有淡季转弱态势。 后续主要看出⼝能否保持顺畅以及钢材累库斜率，市场⼼态较为谨 慎，盘⾯再度恢复震荡运⾏态势。 ⿊⾊：成本⽀撑转弱，⿊⾊⾼开低⾛ 昨日黑色盘面走弱，其中双焦受煤矿复产消息影响，尾盘跌幅较大。 从钢材周度表需看，螺纹表现好于预期，板材则有所分化，五大材整 体累库。结合板材和其他小品种现货情况看，确实有淡季转弱态势。 后续主要看出口能否保持顺畅以及钢材累库斜率，市场心态较为谨 慎，盘面再度恢复震荡运行态势。 1、铁元素方面，海外矿山冲量不及预期，发运量环比下降；需求端 钢企铁水日产微幅增加，预计短期铁水产量可以维持高位。到港下 降，需求高位，港口小幅去库。前期海外矿山冲发运将在几周内到 港，矿石有阶段性小幅累库预期，但预计幅度有限，整体供需矛盾不 突出。近期重点关注需求端钢企盈利状况和检修计划。 2、碳元素 ...