她不禁苦笑，搁十年前，这就是上班的正常穿着。设计感裁剪、精致蕾丝、重工刺绣、浪漫木耳边，搭配哑光红唇和大牌手袋，贵气时尚的 "都市丽人 风"曾是一代职场女性的时尚圣 经。 "穿这么好看，晚上有约会？"北京白领徐娜穿着地素的重工刺绣连衣裙上班时，被同事打趣道。 图源：微博@DAZZLE-Fashion 然而，近些年，随着高跟鞋被抛弃、大牌手袋被祛魅，以精致设计感见长的地素日子也不好过。 地素时尚财报显示，2024财年集团营收净利双降，2025年一季度继续下探，一年内关闭门店超百家。旗下四大品牌DAZZLE、DIAMOND DAZZLE、d'zzit和RAZZLE收入均出现下滑。 并非所有都市设计感女装品牌都面临困境。"618"大促期间，moco、cos、edition等同类品牌在天猫女装销售榜均进入前十。地素旗下d'zzit排名第十四，主 品牌DAZZLE则未进入榜单。 地素怎么了？ 江浙沪大小姐买不动地素了？ 36岁的上海白领林薇最近翻出了衣柜深处那条珍藏多年的DAZZLE黑色纱裙。这条曾被她称为"人生半裙"的裙子，如今却成了尴尬的存在。身高158cm的 她发现，不踩7厘米高跟鞋，裙摆近乎拖地，"像个行走的扫 ...

高层一句话，楼市彻底变天！别再等什么"棚改2.0""4万亿救市"了，那些中介连夜P的政策截图，现在可以直接删了——15号 那场高级别会议，压根没提"刺激房地产"这四个字。建国以来才开了五次的中央城市工作会议，这次直接给楼市定了性：过 去"盖房子=印钞机"的时代，彻底拜拜了！现在要搞"内涵式发展"，说白了就是：别再摊大饼盖新房，先把你家小区的破电 梯、堵下水道修修；别惦记靠房子暴富，能住得舒服就不错了。这可不是小打小闹，是从"多盖房"到"盖好房"的大转弯，看懂 的人已经开始抛售老破小了，你还在等什么？ 一、中介的小作文比琼瑶剧还狗血，这次终于演不下去了 要说这届网友和中介，脑洞是真的大。会议前半个月，各种"内部消息"满天飞，比过年群发的祝福还密集。有说"增值税全 免，买房跟买菜一样免税"的，有传"首付降到10%，大学生都能贷款买房"的，最离谱的是"4万亿国债收储存量房"——兄弟， 你当国家是收废品的？连你家那套漏水的顶楼都要？ 《新闻联播》重学一遍——高层都把话说透了："城市发展进入存量提质增效阶段"，增量扩张的时代，早就结束了！ 二、房子真的够够的了：你家小区空置率比你对象的回复还高 其实不用高层说，咱老百姓 ...

证券研究报告 2025 年 07 月 20 日 湘财证券研究所 行业研究 房地产行业周报 城市发展转向存量提质增效，需求下行仍需政策支持 相关研究： 1.《周度观点：新房、二手房成交 继续放缓，政策出台必要性提升》 2025.7.13 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1 -8 0 绝对收益 4 0 16 -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024/7/11 2024/9/9 2024/11/8 2025/1/7 2025/3/8 2025/5/7 2025/7/6 沪深300 房地产(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 政策跟踪：城市发展进入存量提质增效阶段 7 月 14 日至 15 日，中央城市工作会议在北京举行。从会议重要性看，城 市工作会议每次都肩负着重要历史任务，上次中央层面召开城市工 ...

三棵树 20250718 摘要 三棵树通过战略调整和渠道转型，在地产下行周期中维持经营韧性，有 效修复应收账款和坏账风险，为未来发展奠定基础。2025 年上半年业 绩表现亮眼，收入小幅增长，显示出存量重装逻辑的逐步体现。 三棵树未来发展的核心逻辑在于市占率提升和重涂需求增长。零售市占 率提升空间巨大，国产替代策略潜力可观；住宅拥有概念降低和租房比 例上升将驱动二手房及相关需求，保障下游终端需求的可持续性。 建筑涂料市场未来趋势呈现两方面：一是市占率提升空间大，二是重涂 需求不断增加。通过国产替代及其他策略，可实现远期增长，市场潜力 巨大。 短期内，建筑建材板块发展前景取决于风险处置和经营韧性。三棵树资 产端风险逐渐出清，通过降本提效、对标立邦及拓展新业务等措施，利 润率迎来拐点，预计 2025 年利润接近 8 亿至 10 亿人民币。 当前市场进入存量重装阶段，三棵树创新提出三大新业态转型打法，包 括加速布局存量翻新和线下渠道、美丽乡村补贴催化、艺术漆打造高端 产品矩阵等，效果逐步验证。 Q&A 三棵树在建筑涂料市场的竞争优势是什么？ 三棵树在建筑涂料市场具有显著的竞争优势。首先，三棵树和立邦作为行业龙 头，其 ...

通过向泉州国资公司出让一批住宅、配套产权车位及在建工程项目，上实发展（600748）在当地的项目 库存大幅降低，并预期将实现18.83亿元营收，归母净利润1.63亿元。 这笔交易，从财务角度对上实发展意义重大，上实发展预期，本次交易计入营业收入的金额约为18.83 亿元，约占公司2024年度营业收入的75.51%；预计所产生的归母净利润约为1.63亿元——2024年度上实 发展亏损2.91亿元。 从业务角度，上实发展表示，本次交易有助于公司加快库存去化、优化资源配置，增加公司现金流入， 满足公司经营发展的资金需求。该交易完成后，预计泉州项目剩余库存约为15.7万平方米，主要为商办 产品。本次交易符合公司整体逐步聚焦上海及长三角地区发展战略的需要，符合全体股东和公司利益。 上实发展7月18日晚间公告，全资子公司泉州市上实投资发展有限公司(以下简称"泉州上实")拟通过协 议转让出售福建省泉州市丰泽区上实海上海项目部分产品，包括住宅、配套产权车位及在建工程项目。 自2024年以来，中央和监管部门围绕盘活闲置存量土地和商品房出台了一系列政策，根据中指研究院不 完全统计，截至6月底，全国各地公示拟使用专项债收回收购存量 ...

Group 1 - The core viewpoint of the article highlights the competitive landscape of the power battery industry, particularly focusing on the challenges faced by Yiwei Lithium Energy as it prepares for its IPO in Hong Kong amidst a tightening market dominated by giants like CATL and BYD [2][3][4]. - Yiwei Lithium Energy has been actively expanding its production capacity, with plans exceeding 300 GWh, but faces a declining market share, dropping to 2.3% in 2024, ranking fifth among domestic manufacturers and ninth globally [7][9][11]. - The company has experienced increasing net losses despite revenue growth, with a projected revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, reflecting a marginal increase of 0.63% [11][12][20]. Group 2 - The article discusses the aggressive financing strategy of Yiwei Lithium Energy, which has raised over 26 billion yuan through multiple rounds of financing since 2020, indicating a strong push for market presence and capacity expansion [16][18]. - The company is also focusing on international markets, with significant investments planned for its production bases in Hungary and Malaysia, aiming to leverage high-margin opportunities abroad [15][30]. - The competitive environment is characterized by a "stock competition" phase, where market share is increasingly concentrated among top players, leaving second-tier manufacturers like Yiwei Lithium Energy with limited room for growth [24][31].

瑞达期货研究院 「2025.07.18」 焦炭市场周报 煤炭协会强调自律，首轮提涨价格走强 研究员：徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结2」 行情回顾及展望 3 来源：瑞达期货研究院 1. 宏观方面，7月14日至15日，中央城市工作会议在北京召开。会议强调城市发展已从"大规模增量扩张阶段"进入"存量提质增效 阶段"；中国煤炭运销协会召开上半年运行分析会议强调，科学把握生产节奏，提升煤炭供给质量，加强行业自律，整治内卷式 竞争，促进煤炭市场供需平衡；江苏省计划2025年短流程炼钢产量占比力争达20%以上；2025年煤炭消费量较2020下降5%左 右。 2. 海外方面，特朗普表示，与印尼达成了一项协议，印尼输美商品将支付19%关税，美国出口商品则无需支付；美国6月PPI同比 增长2.3%，预估为2.5%，前值为2.6%。 3. 供需方面，原料端走强，铁水产量高位，煤矿销售较好，煤矿挺价意愿较强，本期铁水增加，维持高位。利润方面 ...

在外卖补贴战如火如荼之时，网约车也正处在低价竞争的"泥淖"。南都记者获悉，日前，广东清远、江 西鹰潭、浙江宁波等多地召开网约车座谈会，就低价竞争等问题约谈部分网约车平台。与此同时，多地 网约车运力过剩的问题还在持续，近两年，多地发布网约车市场运力饱和预警，提示司机谨慎选择进入 该行业。 严禁平台变相强制司机低价接单 7月14日，清远市交通运输局对滴滴出行、花小猪打车、高德出行3家网约车聚合平台进行约谈。约谈提 到，近期收到网约车司机大量投诉，主要涉及订单价格偏低、平台抽佣高问题。"聚合平台利用其流量 优势收集了市民出行信息，掌握分派订单的权力，随意调整让利价格和派单规则，部分聚合平台为抢占 市场份额，甚至出现打'价格战'的情况，导致网约车平台、网约车司机基本权益受损收入降低，涉嫌利 用不正当价格行为扰乱市场秩序。" 多地网约车运力过剩加剧低价竞争 约谈提到，同时，聚合平台未依法履行落实许可信息核验责任。据相关数据显示，目前清远市非合规订 单大部分来源聚合平台派送，聚合平台未按照相关工作要求落实对接入的网约车平台、网约车和驾驶员 经营许可情况开展核验，扰乱网约车市场秩序。 约谈提出，网约车聚合平台要制定科学、合 ...

Core Viewpoint - The article discusses the collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent to explore innovative financial solutions for the high-quality development of the cultural tourism industry in Jiangxi Province, focusing on the feasibility of issuing REITs for a specific scenic area [1][6]. Group 1: Exploration of Asset Securitization - The seminar emphasized the creation of quality cultural tourism assets, analyzing the logic and operational pathways for REITs projects [2]. - Digital tools are proposed to address the challenges of revitalizing existing assets, utilizing big data to analyze visitor consumption habits and preferences, thereby optimizing project layouts and service offerings [2]. - A digital asset trading platform is suggested to attract more social capital, facilitating effective investments and promoting industry upgrades [2]. Group 2: Highlighting Quality Assets - Local tourism asset managers presented the achievements of key scenic areas, which maintain high visitor traffic and have established a stable revenue system [3]. - The goal is to create a "phenomenal cultural tourism IP," continuously enhancing service quality and contributing to the local tourism industry's development [3]. - Digital management methods, such as smart navigation systems and visitor flow monitoring, are being actively introduced to improve visitor experience and operational efficiency [3]. Group 3: Operational Strategy - Qikuo Intelligent outlined a dual-driven strategy of "heavy assets + light assets" for tourism asset operations [4]. - In the heavy asset sector, professional valuation of quality assets with mature cash flows will be conducted, focusing on long-term operational planning [4]. - The light asset sector aims to adopt successful experiences from large theme park IP operations, enhancing asset yield through brand effect and digital marketing strategies [4]. Group 4: Deepening Cooperation - The discussion marks a deeper, pragmatic phase of collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent [6]. - The securities firm aims to continue acting as a bridge for financial institutions, fostering a close cooperation mechanism to explore innovative models of industry-finance integration [6]. - The goal is to transform Jiangxi's tourism resources into developmental advantages, promoting sustainable high-quality growth in the local tourism industry [6].

Core Viewpoint - The Central Urban Work Conference held on July 14-15 marks a significant shift in China's urbanization strategy, moving from rapid growth to stable development, emphasizing quality improvement and efficiency in existing urban areas [1][2] Group 1: Urban Development Strategy - The conference highlights the transition of urbanization from large-scale expansion to enhancing the quality and efficiency of existing urban spaces, indicating a need to abandon wasteful resource use and over-investment [1] - The focus is on developing "group-style urban agglomerations" to address resource misallocation and enhance urban governance capabilities, aligning with a more people-centered urban development philosophy [1] Group 2: High-Quality Urban Renewal - The emphasis is on "high-quality urban renewal," which differs from past approaches that relied on large-scale demolition and construction, aiming instead for comfortable and livable cities [2] - Key initiatives include the gradual transformation of urban villages, safety upgrades to urban infrastructure, and the protection of historical and cultural buildings, requiring collaboration with social capital and REITs for sustainable operations [2] Group 3: Innovation as a Core Driver - Innovation is prioritized in urban construction goals, with a focus on creating vibrant, innovative cities as a core task, reflecting its strategic importance in urban transformation [2] - The conference reiterates the need for local adaptation in developing new productive forces, emphasizing that technological innovation is crucial for countering demographic challenges and geopolitical pressures [2] - The reliance on infrastructure and real estate to drive economic growth is deemed outdated, with future urban development expected to depend more on technological innovation and industrial progress [2]