图片来源：每日经济新闻 刘国梅 摄（资料图） ESG政策 三部门发布《关于开展零碳园区建设的通知》，零碳园区建设快步跑 国家发展改革委、工业和信息化部、国家能源局日前发布《关于开展零碳园区建设的通知》（以下简称《通知》）。《通知》明确零碳园区建设的基本条 件，并部署了8方面重点任务，支持有条件的地区率先建立一批零碳园区，为有计划、分步骤推进各类园区低碳化、零碳化改造指明了方向。 每经记者｜徐肖逍 每经编辑｜张海妮 市场监管总局消息，我国牵头制定的渔业和水产养殖领域碳足迹国际标准《水产品碳足迹 大型藻类产品种类规则》近日正式发布。该标准由中国、意大 利、挪威、冰岛、荷兰、印度、摩洛哥、韩国、伊朗九国专家共同参与研制，规定了大型藻类产品相关的碳足迹计算要求，适用于大型藻类全价值链碳足迹 的评价，能够为大型藻类对气候影响的研究提供可靠和准确信息，为减少大型藻类产品全价值链中各环节能源消耗提供改进方向，也是落实联合国海洋负排 放国际大科学计划的有力实践。 点评：这是中国在应对气候变化领域从参与者向规则制定者转变的重要标志，展现了我国在海洋负排放技术标准体系构建中的引领作用。 点评：三部门发布零碳园区建设通知，明确条件 ...

Core Viewpoint - The article discusses the intense competition between Alibaba's Taobao and Meituan in the food delivery and instant retail sectors, highlighting a significant battle on July 5, where Taobao launched a major offensive against Meituan, aiming to increase its market share in both food delivery and retail orders [6][8][24]. Group 1: Taobao's Strategy and Actions - On July 5, Taobao's flash purchase service aimed to achieve 70 million orders, competing directly with Meituan's usual daily order volume of around 90 million [7][19]. - Taobao's flash purchase received a substantial investment of 50 billion yuan, enabling it to aggressively pursue market share in the food delivery sector [7][8]. - The ambition of Taobao's flash purchase is to elevate retail order volumes alongside food delivery, integrating near-field e-commerce with traditional e-commerce [8][22]. Group 2: Meituan's Response - Meituan's leadership quickly mobilized its team in response to Taobao's aggressive strategy, with a focus on maintaining its market share and countering Taobao's subsidies [18][19]. - Meituan's strategy included significant subsidies to both consumers and delivery personnel, aiming to retain customer loyalty and order volume amidst the competitive pressure [20][21]. - The competition led to a record-breaking day for both platforms, with Meituan reporting over 1.2 billion orders and Taobao exceeding 80 million orders on the same day [26][28]. Group 3: Market Dynamics and Implications - The competition between Taobao and Meituan reflects a broader trend in the instant retail market, where both companies are striving to capture consumer demand through aggressive marketing and operational strategies [22][31]. - The article notes that the combined order volume of 200 million on that day indicates a significant shift in consumer behavior and market dynamics, with both companies willing to incur substantial losses to gain market share [28][29]. - The ongoing battle is expected to reshape the landscape of instant retail, with both companies aiming to establish themselves as leaders in this rapidly evolving sector [24][34].

本报讯 （记者闫立良）7月10日，全球领先的消费者研究与零售监测公司尼尔森IQ（NielsenIQ）与阿里 巴巴集团旗下高德地图的行业智能品牌——高德云图正式签署产品战略合作协议，双方将联合推出新一 代零售智能铺货解决方案"通路云图"，旨在将尼尔森IQ百年快消品方法论与高德空间智能技术深度结 合，为品牌商提供覆盖全国、实时更新的精准铺货决策支持，推动零售行业数字化转型进入新阶段。 尼尔森IQ中国区董事总经理周凌卿表示，与高德云图的合作标志着尼尔森IQ在数字化赋能零售领域的 又一重大突破。通过空间智能与零售智能的深度结合，全新的"通路云图"将提供全国线下零售核心渠道 的门店清单和门店级别品类销售指数，帮助品牌在动态市场中实现"先人一步"的精准布局。 高德云图商业总经理韩鹏说，高德云图一直致力于发展空间智能在产业中的应用，通过和尼尔森IQ的 合作，实现了空间智能和行业专家能力的深度融合，双方打造的智能决策产品，将促进整个产业的 AI+革命。 此次双方计划联合推出的"通路云图"，将发挥"全、鲜、准、精"的核心价值，打造"all-in-one"一站式解 决方案，助力零售品牌精准投放，抢占市场先机。 在零售业数字化、智 ...

智通财经APP获悉，一家在印度以外鲜为人知的网约车独角兽企业，正以比优步(UBER.US)更快的速度 吸引用户，从而扰乱了这家总部位于旧金山的巨头在关键增长市场的扩张努力。据悉，总部位于印度南 部城市班加罗尔的Rapido，凭借其低价摩托车出租服务和独特的定价模式，彻底改变了当地交通行业。 去年，这家初创公司的应用下载量超过了优步及印度另一大本土竞争对手Ola。Rapido的联合创始人在 接受采访时表示，该公司目前已首次实现盈利，为未来可能的上市奠定了基础。 低廉的价格和庞大的司机供给是Rapido迅速崛起的关键。与优步按每单抽成的做法不同，Rapido向每位 司机收取极低的订阅费用，从而颠覆了这个全球为数不多仍具增长潜力的网约车市场之一。 Rapido联合创始人Pavan Guntupalli表示："正如美国是四轮车的天下，我们相信印度的主流是两轮车。 即便在一个小村庄里，你也可以看到一个农民或农民的儿子拥有一辆两轮摩托。" 优步在2016年出售了中国业务，并于两年后退出了人口众多的东南亚市场。因此，印度对优步至关重 要，因为其超过14亿的人口构成了无与伦比的扩张机会。尽管优步的大部分收入来自美国等发达市场 ...

打仗士兵才值钱。 作者 | 任彩茹 彭倩 编辑 | 乔芊 杨轩 9:00 ， 淘宝 ： 双线作战，发起冲锋 7月5日，一个 普普通通 的 盛夏周 六， 对肖雨却不普通 。 作为 重庆渝中区的饿了么外卖员 ，她两三天前就 收到了"打仗"信号 ： 所有早班人员比平日提前一小时到岗，因为"近几天的单量会 非常 多" 。 当天早上9点，肖雨 被拉进 一场钉钉会议，跟 同事 同步注意事项后，立即给自己的队员们打电话，"赶紧出来挣钱，单子多得不得了 。 " 同一时刻，位于杭州西溪园区的淘宝闪购"作战室"内已经 坐满了 各业务线的人员，看数据、看走势、与商家沟通、按节奏撒补贴、锚着目标前进。 这是一场精心筹划过的战役 ——7月5日，进入外卖旺季后的第一个周六，淘宝闪购决定在这一天对外卖老大美团发起冲锋。 关于冲锋单量的猜测一早就在行业里流传。据36氪了解，阿里 内部 预估这天单量能达到7 000万单。 而美团外卖平时的日订单量在9000万左右。 饿了么 头部商家至少在一周前收到通知 ： 筹备足够的货 和 人。美团一些员工也 得到情报 ，有人"呵呵一笑"，认为淘宝的运力不足以支撑 这个 订单 量 ；有人开始紧张，当天一早便紧 ...

文 | 中关村储能产业技术联盟 印度尼西亚国家消费者保护机构（ BKPN ）将 协调 至少 10 亿美元 的投资 ，推动在偏远和岛 屿地区建设 离网 " 太阳能＋储能 "系统，以提升当地电力覆盖。这笔资金将用于支持 中国储能 企业 亿珑能源 Elong Power 提供的整体技术及解决方案 。 亿珑能源成立于2014年， 总部位于江西赣州 ，在江西赣州和山东淄博拥有两个生产工厂，其 中，赣州工厂为商用车、工程机械、矿山机械等提供高功率快充动力电池产品和服务；淄博工厂 拥有2条储能电池系统产线，为大型储能和工商业储能提供产品和服务。该公司于 今年在美国纳 斯达克上市 。 虽然该协议 不构成对购买亿珑能源产品或服务具有约束力承诺 ，但它确实表明了BKPN的意 向，即与相关国家机构协调，投资10亿美元或更多资金用于建设离网太阳能+储能电力系统，而 亿珑能源将负责提供这些系统。 据 亿珑能源 称， BKPN 还将制定政策，以促进印度尼西亚采矿业大规模采用锂离子电池储能系 统和清洁能源解决方案。同时 亿珑能源 还将寻求吸引其他中国能源公司向印尼投资。 印尼储能市场潜力与政策支持 宁德时代联合体 ：就在此公告发布前几天， ...

[Table_Reportdate] 2025年07月11日 [晨会纪要 Table_NewTitle]20250711 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.氟化工企业业绩预增，行业景气度有望维持——氟化工行业月报 ➢ 2.从定价模式和资本流动看人民币——人民币汇率专题深度研究 ➢ 3.乐鑫科技（688018）:AIOT长尾市场高速增长，规模效益显著利润增厚——公司简评报 告 ➢ 4.零碳转型启新章，关注风储领域破局机遇-电力设备与新能源行业2025中期投资策略 ➢ 1.国家发改委城市和小城镇改革发展中心：加大新型城镇化重点领域投入 ➢ 2.北京市 ...

Core Insights - JD Health is gaining significant attention from Liu Qiangdong and Xu Ran, especially following the recent 618 shopping festival, where it showcased its marketing strategies prominently [1][5] - The company reported a total revenue of 58.16 billion in 2024, with a profit of 4.157 billion, marking a 94% increase compared to 2023 [1][5] - JD Health is positioned as the leader in the B2C pharmaceutical market, outperforming Alibaba Health, which is projected to generate 30.598 billion in revenue for the 2025 fiscal year [5][8] Group 1: Market Position and Growth - JD Health's market capitalization is over 100 billion HKD, approximately one-third of JD Group's total market value [5] - The company achieved a growth rate of 25.5% in the first quarter of 2023, driven by the online medical insurance payment initiative [8] - The B2C pharmaceutical e-commerce market reached sales of 66.3 billion in 2023, with a growth rate of 15.3% [12] Group 2: Competitive Landscape - The online pharmaceutical market is highly competitive, with JD Health, Meituan, and Ele.me vying for market share [11][12] - Meituan currently holds a 70% market share in the national O2O pharmaceutical sector, posing a challenge for JD Health [17] - JD Health's "Buy Medicine Fast" initiative aims to capture the online medical insurance market, with a focus on rapid delivery and quality service [15][11] Group 3: Future Opportunities - The integration of AI and health consumption trends presents new opportunities for JD Health, particularly in personalized health products and services [4][18] - The company is exploring the potential of AI models to enhance its service offerings, including AI nutritionists and medical assistants [18][20] - The demand for weight management products has surged, with JD Health reporting a threefold increase in sales for weight loss medications [26][28] Group 4: Strategic Focus - JD Health is focusing on expanding its product offerings beyond pharmaceuticals to include health and wellness products, aligning with the growing trend of preventive healthcare [23][24] - The company aims to leverage its expertise in e-commerce to support local pharmaceutical companies and enhance its market presence [26][28] - The market is optimistic about JD Health's future, with a projected price-to-earnings ratio of nearly 30 times based on its 2024 net profit [29]

我们来看一下首家发布《2025年半年度业绩快报》的上市公司，重庆百货大楼股份有限公司（股票简称：重庆百货）始创于1920年的"宝元通"，迄今已经走 过百年辉煌历程。1996年7月在上交所主板上市，是中国西部地区零售龙头企业。 2025年上半年的营收同比下跌了10.5%，在2024年上半年跌至90亿元规模的基础上，2025年上半年只有80亿元了，传统零售业面临着较大的压力，真还不是 自媒体们在制造焦虑，而是真实就在发生的事。 净利润方面还不错，2025年上半年仅次于2023年上半年，在最近八年上半年中排在第二位。之所以和其他几年全年的数据相比也不算太差，原因是零售业的 主要利润集中在一季度，也就是有春节的这个旺季。 在年初的时候，重庆百货就较早发布了《2024年度业绩快报》，我们也看过他们的情况，本次就简单点，也省去简介等内容，直接开始。 2025年上半年分行业的数据还没有发布，我们将就2024年和其五年前营收最高时的情况做一个对比，就可以印证我们上面的猜测。五年的营收正好跌去一 半，只有"百货"业务的跌幅超过这一水平，从当年的近四成，变成了2024年的一成；"电器"业务还有所增长，其他各大业务也都有明显收缩。 ...

Company Overview - Three Squirrels (300783.SH) was founded in 2012 and is an innovative manufacturing self-owned brand retailer focused on providing high-quality and cost-effective snacks to consumers. The product range includes nuts, baked goods, mixed snacks, meat products, and dried fruits, along with a children's snack brand "Little Deer Blue" [1] - The company has diversified sales channels, covering major e-commerce platforms like Douyin and Taobao online, and offline through Squirrel Feeding Stores and alliance stores. It submitted its listing application to the Hong Kong Stock Exchange on April 25, 2025, with CITIC Securities as the sponsor [1] Financial Performance - Revenue for the years 2022, 2023, 2024, and Q1 2025 was 72.93 billion, 71.15 billion, 106.22 billion, and 37.23 billion RMB respectively [4] - The revenue decline in 2023 was primarily due to a reduction in SKU count from over 1000 at the end of 2022 to around 600 in 2023, and a decrease in revenue contribution from traditional e-commerce platforms [5] - In 2024, revenue increased by 49.3%, driven by explosive growth in short video e-commerce channels and the expansion of multiple product categories and brands, with "Little Deer Blue" revenue growing by 58.8% [6] - Gross profit margins for 2022, 2023, 2024, and Q1 2025 were 26.2%, 22.7%, 23.8%, and 26.7% respectively [7] - Net profit for the years 2022, 2023, 2024, and Q1 2025 was 1.29 billion, 2.19 billion, 4.07 billion, and 2.39 billion RMB respectively, with a net profit margin of 1.8%, 3.1%, 3.8%, and 6.4% [11] Revenue Breakdown - In 2022, the revenue breakdown by product category was as follows: nuts (56.3%), baked goods (15.6%), mixed snacks (12.0%), meat products (9.5%), and dried fruits (4.6%) [5] - The decline in gross profit margin in 2023 was attributed to high raw material prices and increased costs associated with short video e-commerce channels [9] Operational Efficiency - As of Q1 2025, inventory decreased by 62% to 790 million RMB, and accounts payable decreased by 68% to 670 million RMB, indicating effective inventory management [12] - The company expanded its offline distribution, with revenue from offline distributors growing by 46.4% to 1.48 billion RMB in 2024 [12] Competitive Advantages - Three Squirrels maintains a high repurchase rate of 35-40%, with its children's snack brand "Little Deer Blue" also achieving a repurchase rate of around 35% [15] - The company has developed a multi-channel sales system that integrates online and offline channels, enhancing customer engagement and loyalty [15] - The company has streamlined its SKU count from over 1000 to around 400, focusing resources on creating best-selling products [17] - Over 70% of revenue comes from self-owned brands, which typically offer higher profit margins and pricing power [18] - The company operates with a low fixed asset ratio of 12.45%, allowing for flexible supply chain management and rapid expansion [20] Industry Context - The Chinese snack food industry has seen continuous growth, with market size increasing from 410 billion RMB in 2010 to 1.17 trillion RMB in 2022, and projected to reach 1.24 trillion RMB by 2027 [28] - Three Squirrels ranks as the largest domestic snack food company in China by sales, with a significant market share in the nut segment [28]