Core Viewpoint - The Huangjiu sector is experiencing strong growth, with Kuaijishan surpassing Guyuelongshan in market capitalization, becoming the leader in the Huangjiu stock market [1] Company Strategies - Kuaijishan is focusing on the high-end "Lanting" series, launching the new high-end product "Lanting. Xu" at the Spring Sugar and Wine Fair, with a suggested retail price of 299 to 399 yuan for 750ml [1] - Guyuelongshan is upgrading its high-end product "Qinghua Zui" while continuing to promote its "Guo Niang" series, with "Zhi Ci Qing Yu" priced at 599 yuan for 500ml showing good market traction [1] Market Outlook - Both companies express cautious optimism regarding the high-end market prospects, with Kuaijishan emphasizing the need to solidify existing high-end products before expanding the price range [1] - Guyuelongshan acknowledges the success of "Zhi Ci Qing Yu" but highlights the necessity to develop mid-tier products priced between 100 to 200 yuan to enhance market presence [1]

本文字数：1808，阅读时长大约3分钟 作者 | 第一财经 刘奇超 最近，一些消费者收到古驰（比斯特上海购物村店）店员发来的闭店消息。 继上海新世界大丸百货和芮欧百货的两家门店之后，古驰（Gucci）将于6月2日关闭位于比斯特上海购 物村的奥莱店，不少消费者赶在闭店之前选购。 2025.05. 27 但追求性价比的消费者越来越多，奥莱店的生意水涨船高，品牌却只能忍痛"割肉"。比斯特上海购物村 店关闭之后，古驰在上海还有佛罗伦萨小镇店和百联奥莱店。 ▲ 古驰（比斯特上海购物村店） 大众点评图 去年下半年起，古驰在中国加速调整店铺，关闭了位于福州、大连、沈阳、太原的4家门店。古驰业绩 持续下滑，拖累母公司开云集团表现不佳，缩减门店尤其是奥莱店，被视为品牌高端化转型的重要举 措。不过，在此之前，古驰关闭的奥莱店主要集中在欧洲，向核心的中国市场"动刀"也证明了其处境艰 难。 开云集团最新财报显示，2025年第一季度营收下滑14%至38.83亿欧元，其中亚太市场同比下跌25%， 欧洲和北美均下滑13%，日本下滑11%；报告期内共关闭25家门店，其中10家来自古驰。目前，开云 集团市值不到LVMH集团的1/10，由于业绩 ...

Core Insights - The 9th Silk Road International Expo and China East-West Cooperation and Investment Trade Fair concluded in Xi'an, showcasing significant investment opportunities in Yulin City, particularly in the chemical industry [1] Group 1: Investment and Economic Development - Yulin Economic Development Zone and Yulin High-tech Zone signed projects that account for nearly 70% of the total investment in Yulin City during the expo [1] - Yulin Economic Development Zone has established a modern coal chemical industry system, with 125 projects landed and a planned investment scale exceeding 500 billion yuan, of which over 100 billion yuan has been completed [2] - The high-tech zone signed 41 projects with a total investment of 21.778 billion yuan, covering fine chemicals, new materials, and new energy sectors [4] Group 2: Future Development Strategies - Future development strategies include enhancing existing industrial chains, attracting projects in modern plastics, construction materials, and coal-based fine chemicals [3] - The high-tech zone aims to create three communities: a development community for strategic collaboration, an ecological community for innovation sharing, and a community of shared destiny for value co-existence [4] - The focus will be on promoting projects in chemical new materials, equipment manufacturing, and energy storage, with specific emphasis on PGA, polybutylene-1 new materials, and all-vanadium flow batteries [5]

Core Viewpoint - Gucci is closing its outlet store in Bicester Shanghai Village on June 2, following the closure of two other stores in Shanghai, indicating a strategic shift in response to declining performance in the Chinese market [1][3]. Group 1: Store Closures and Performance - Since the second half of last year, Gucci has accelerated store closures in China, shutting down four stores in Fuzhou, Dalian, Shenyang, and Taiyuan, as part of a broader strategy to enhance brand positioning and reduce reliance on outlet sales [3]. - Kering Group's latest financial report shows a 14% decline in revenue for Q1 2025, totaling €3.883 billion, with a 25% drop in the Asia-Pacific market and 13% declines in Europe and North America [3][8]. - Gucci's revenue for Q1 2025 was €1.57 billion, marking a 25% decline in comparable sales, the lowest quarterly performance in recent years [8]. Group 2: Market Dynamics and Brand Strategy - The shift towards outlet stores has created a disparity between the performance of outlet and full-price stores, leading Gucci to reduce its dependence on discount channels and focus on brand value and full-price sales [4][5]. - The luxury market is facing overall growth slowdown, with Bernstein downgrading the global luxury goods growth forecast for 2025 from +5% to -2% [8]. - Competitors like Burberry are also adjusting their strategies to stabilize their pricing structures, with some brands reducing prices on select products by over 20% [7]. Group 3: Financial Challenges and Future Outlook - Kering Group's net debt remains above €10 billion, making it the most financially vulnerable among the four major luxury goods groups [10]. - The company has been selling properties to alleviate financial pressure, including the sale of The Mall Luxury Outlets for a net gain of €350 million and a recent bond issuance of €750 million [10]. - The appointment of new creative director Demna Gvasalia in July is anticipated to bring changes, but the company is expected to remain in a challenging period [10].

Group 1 - The 39th China International Ceramic Industry Exhibition will be held from June 18 to 21 in Guangzhou, with an exhibition area exceeding 80,000 square meters and over 800 exhibitors [1] - The exhibition will attract approximately 100,000 industry visitors and professional buyers from more than 80 countries and regions [1] - The event will cover the entire production process of ceramics, including raw material processing, product packaging, and storage, featuring advanced equipment and innovative solutions [1] Group 2 - The exhibition will focus on the themes of high-end, intelligent, green, and integrated transformation and upgrading, providing advanced technologies and innovative processes for various ceramic production enterprises [2] - It will offer lower-cost high-performance ceramic matrix composites and new environmentally friendly materials, as well as higher levels of automation and intelligent operations [2] - The event will include over ten high-quality forums and conferences, inviting industry experts to share insights on the latest technologies, future trends, and market strategies to enhance brand value and core competitiveness [2]

Core Insights - The beer industry in China is experiencing both pressure and opportunities amid a complex market environment, transitioning from a growth phase to a "stock game" phase since 2013, focusing on brand, product, channel, and efficiency rather than volume [1] - In 2022, the national beer sales scale was approximately 170 billion yuan, a year-on-year decline of 4%, while the national beer production was 35.21 million kiloliters, down 0.6% year-on-year, indicating a prolonged adjustment period for the industry [1] - Despite the overall stabilization in volume, there remains untapped "price potential" in the Chinese beer market, with an average retail price of around 4.5 yuan per liter, significantly lower than in mature markets like Europe and the US [1] - The high-end segment is viewed as a long-term growth direction for the beer industry, with brands increasing investments in premium product lines [1] Market Trends - In certain regional markets, high-end products are outperforming mid-to-low-end categories, with the transaction volume in the boutique market's convenience store channel growing by 25.6% year-on-year [2] - Some distributors have seen transaction volumes in convenience store channels increase by over 85%, achieving timely order fulfillment through a "multi-product + efficient service" strategy [2] - The discount store channel is projected to see a 180% year-on-year increase in beer transaction volume in 2024, with a 114% growth in average transaction volume per store and a 30% increase in the number of stores [2] - The penetration rate of beer in discount stores has exceeded 15% in the boutique market, highlighting the channel's advantages in cost-effectiveness and high replenishment frequency [2]

Group 1: Manufacturing Industry Overview - The industrial added value of large-scale industries in China experienced a year-on-year growth of 6.1% in April 2025 [2] - The manufacturing sector is emphasized as a crucial pillar of the national economy, with a call for maintaining a reasonable proportion of manufacturing in the context of modernization [4][5] - The importance of technological empowerment in modern manufacturing is highlighted, with a focus on self-innovation and overcoming reliance on foreign technology [7][10] Group 2: Challenges and Opportunities - The risk of industrial hollowing-out poses a significant threat to the manufacturing sector, potentially impacting productivity and economic structure [6] - China's manufacturing value added as a percentage of GDP has decreased from 32.1% in 2011 to an estimated 24.9% in 2024, indicating a need for innovation to upgrade the value chain [8] - The country has made significant strides in key technology breakthroughs, transitioning from "following" to "leading" in various fields such as aerospace and high-speed rail [9][10] Group 3: Strategic Directions - The Chinese government is committed to promoting high-end, intelligent, and green development in the manufacturing sector as part of building a modern industrial system [15][16] - The integration of high-end, intelligent, and green strategies is essential for enhancing competitiveness and achieving sustainable development [18] - The focus on digital transformation is reshaping the industrial ecosystem, leading to new organizational forms and competitive rules [13][14] Group 4: Future Prospects - By 2025, the goal is to achieve comprehensive development in future industries, with some sectors reaching international advanced levels [14] - The manufacturing industry is expected to transition from being a "global factory" to an "innovation source," with significant advancements in core technologies and sustainable practices [14][18] - The collaboration of high-end, intelligent, and green initiatives is anticipated to create new opportunities and solidify China's position in the global manufacturing landscape [18]

盈利能力和增长空间是压制资本市场对黑电企业定价的核心因素： 1）彩电是我国最早普及的家电品类之一，城镇彩电保有量在1997年突破户均一台，此 前拘泥于国内市场发展的彩电企业长期增长面临出货量天花板的限制。2）黑电的产业价值分散在全产业链的多个环节，上游产业链话语权较强。叠加下 游保有量触及天花板使得品牌竞争加剧，2014年互联网品牌进入进一步压缩传统终端厂商的利润空间，导致行业长期在盈亏平衡线附近。申万一级行业数 据，2010-2020年黑电板块年均ROE仅6.5%，低于白电（23.5%）及消费电子（14.4%）。 产业链格局重塑、显示技术升级、高端化转型，打开盈利上限天花板： 1）中国面板企业通过逆周期大规模投资，全球竞争格局重塑。国内头部厂商话语 权和定价权增强、大尺寸面板成本下探，或使得未来上游成本端波动减小，利好下游品牌结构改善和定价策略稳定性。2）下游厂商通过垂直整合与高端 化战略投入，增强自身在全产业链的竞争力和议价能力，提升盈利。我们认为产业链降本推动大尺寸化和高端Mini化趋势，有望使得全球彩电行业进入新 一轮结构升级阶段。3）我们认为，利润释放并非短期成本红利的结果，而是产业链格局重塑与技术 ...

机构：甬兴证券 对标苹果，产品高端化有望持续推进：根据快科技，小米发布会上雷军表示，小米的芯片将对标苹果。 具体参数上，玄戒O1 的十核四丛集CPU 性能和能效表现媲美苹果A18 Pro；16 核GPU 表现领先苹果 A18Pro。而根据IT 之家2024 年10 月29 日报道，小米 HyperConnect 全面支持苹果生态。我们认为，小 米在生态系统与芯片端向苹果发展的趋势，有望持续推动其产品高端化，提升其消费电子产品的单机价 值。 SUV YU7 发布，预计7 月份正式上市：根据智通财经，小米发布第二款新车YU7，共三个版本。续航 方面，小米YU7 续航最高可达835km，搭配96.3kWh 磷酸铁锂电池。新车全系搭载800V 碳化硅高压平 台。在发布会上，小米YU7 未公布价格，也未开启小定，雷军透露"小米YU7将在7 月份正式上市"。根 据此前雷军指引，小米汽车今年交付目标35万辆。 投资建议 我们预测公司2025-2027 年经调整净利润约为337.52 亿元、426.01亿元和550.64 亿元。我们持续看好公 司产品高端化带来的毛利率提升，以及汽车业务的持续发展，维持公司"买入"评级。 风险 ...

Group 1 - The company held a strategic product launch event celebrating its 15th anniversary, introducing multiple new products including the YU7 SUV, 15S Pro smartphone, and 7 Ultra tablet [1] - The YU7 SUV is positioned as a mid-to-large luxury high-performance electric vehicle, expected to launch in May 2025, featuring impressive specifications such as a maximum power of 690PS and a range of 835km [1] - The company has achieved significant sales milestones with its SU7 model, delivering over 258,000 units by May 2025, indicating strong demand in the over 200,000 price segment [1] Group 2 - The company has developed its own mobile SoC, the玄戒O1, which will debut in the 15S Pro smartphone and 7 Ultra tablet, making it the fourth global company to design a 3nm process mobile SoC [2] - The玄戒O1 chip integrates 19 billion transistors and has a main frequency of 3.9GHz, while the玄戒T1 chip includes a self-developed 4G baseband [2] - The company has invested over 13.5 billion yuan in chip research and development, with plans to invest over 60 billion yuan by 2025 and 200 billion yuan from 2026 to 2030 [2] Group 3 - The company experienced a 15.7% year-on-year increase in total smartphone shipments in 2024, reaching 168.5 million units, with improved market share in various regions [3] - The high-end smartphone segment has seen growth, with the domestic high-end smart device shipment proportion increasing by 3.0 percentage points to 23.3% in 2024 [3] - The company plans to expand its retail presence internationally, aiming to open approximately 10,000 new Xiaomi stores overseas in the next five years [3]