2025.06. 11 在互联网的浪潮中，线上购物凭借其便捷、高效的特点，极大地改变了消费者的购物习惯。只需轻点 手机屏幕，电商平台便通过算法精准推送商品，直播带货间此起彼伏的叫卖声不断刺激着人们的消费 欲望，外卖平台更是以低价补贴激烈竞争单量。随着数字技术的飞速发展，商业形态的确发生了显著 改变，线上商业呈现出看似热闹的景象。 然而，作为实体经济的关键载体，线下商业在当下依旧有着不可替代的重要价值。在 " 空间革命 " 的推动下，实体门店对人货场关系进行了重构，成为了商品与服务落地的 " 最后一公里 " ，承担着 极为复杂的社会功能。它不仅是生产端与消费端商品流转的桥梁，也是服务链条中至关重要的一环。 事实上，线下商业从未退场，而是以更深刻、更隐蔽的方式，积极参与着实体经济的新叙事。 相关数据也印证了线下商业所蕴含的活力。国家信息中心发布的数据显示， 2025 年一季度，线下 消费热度指数同比增长 14.2% ，较上季度升高 9.1 个百分点，这背后是消费者对真实触感、即时 服务和信任建立的持续需求，越来越多的消费者开始重回线下购物。中国连锁经营协会的数据显示， 2024 年实体零售创新项目同比增长 47% ...

Core Insights - The "618" shopping festival has seen a significant increase in consumer interest in food and beverage products, particularly in health-oriented categories, driven by various promotional initiatives from e-commerce platforms [1][2][4] Consumer Trends - 42.6% of consumers purchased food products, while 40.2% bought beverages during the "618" event, indicating a strong focus on these categories [2][3] - Nearly 40% of consumers view food and beverage products as tools for health management, with 56.6% using them for emotional regulation and 50.1% for energy replenishment [2][4] Health-Oriented Consumption - Health has become a key trend in food and beverage consumption, with 43.8% of consumers expressing greater concern for health and wellness [4][5] - 34.5% of consumers have increased their budget for health-oriented food products, while 48.1% are paying more attention to different types of healthy foods [4][5] Product Preferences - Consumers are increasingly favoring low-calorie, low-sugar, and low-fat products, with 52.5% preferring low-sugar and low-fat options [5][12] - Functional health foods and high-nutrition products are gaining traction, with 45.2% and 41.9% of consumers respectively choosing these options [5][12] E-commerce Dynamics - 66.3% of consumers trust the quality of health food products on JD Supermarket, and 85.4% are likely to purchase health-related items from this platform [7][14] - JD Supermarket's product variety and pricing advantages are recognized by 70.3% of consumers, positioning it as a leading choice for health food purchases [7][14] Weight Management Initiatives - The "Weight Management Year" initiative has led to 81.7% of consumers engaging in weight management activities, with 68.4% focusing on dietary adjustments [11][12] - Consumers are cautious about weight loss products, with 40.1% viewing them as supplementary tools rather than primary solutions [14][15] Market Outlook - The demand for health-oriented food and beverage products is driving a robust recovery in the consumer market, supported by e-commerce supply [14][15]

行业研究 证 券 研 究 报 告 工程机械行业点评报告 5 月挖机内销增速转负，基数扰动不改全年 推荐（维持） 行业复苏态势判断 工程机械 2025 年 06 月 11 日 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：陈宏洋 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 11 | 0.00 | | 总市值(亿元) | 4,025.08 | 0.40 | | 流通市值(亿元) | 3,427.77 | 0.43 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -7.2% | 1.0% | 7.9% | | 相对表现 | -7.7% | 4.3% | -0.2% | -12% 1% 13% 26% 24/06 24/08 24/11 25/01 25/03 25/06 ...

问题一： 关于经营业绩。年报显示，2024 年公司实现营业收入 56,529.58 万元，同比增长 24.36%； 实现归母净利润-5,231.70 万元，同比下滑 645.35%，上市以来首次由盈转亏。2025 年第一 季度，公司营业收入 12,538.56 万元，同比增长 8.86%，归母净利润-1,348.34 万元，同比扩 亏 222.94%。2024 年，公司销售毛利率为 25.56%，同比下降 3.91 个百分点。分区域看，境 内销售毛利率 28.87%，同比下降 5.01 个百分点，境外销售毛利率 15.09%，同比下降 4.76 个百分点；分销售模式看，直销模式毛利率 19%，同比下降 5.18 个百分点，经销模式毛利 率 28.84%，同比下降 5.72 个百分点。请公司： （1）结合行业需求变化、市场竞争情况、公 司主要产品价格及销量的变化等情况，说明 2024 年度、2025 年一季度公司在收入增长的情 况下净利润大幅下滑的原因，是否与同行业可比公司存在重大差异，业绩下滑是否具有持续 性。如是，请进行充分风险提示； （2）请公司结合产品销售结构、各类产品价格变化、同行 业可比公司情况等， ...

意见领袖 | 李庚南 "短期看金融，中期看土地，长期看人口"，这句被业内奉为研判房地产市场走势的圭臬，一定程度上揭 示了房地产市场运行的底层逻辑。实际上，金融、土地、人口要素对房地产的作用并非独立的，而是相 互联系相互作用的，三要素背后共同起作用的依然是资金。而从房地产供需两端看，信贷投放的节奏始 终是行业风向标之一。央行刚刚公布的房地产信贷数据或将从一定程度上帮助我们解读当前房地产市场 运行的态势。 两类贷款是相向而行还是背道而驰？ 央行日前发布的2025年一季度金融机构贷款投向统计报告显示，2025年一季度末，人民币房地产贷款余 额53.54万亿元，同比增长0.04%，增速比上年末高0.2个百分点，一季度增加6197亿元。其中，房地产 开发贷款余额13.87万亿元，同比增长0.8%，一季度增加3535亿元；个人住房贷款余额37.9万亿元，同 比下降0.8%，增速比上年末高0.5个百分点，一季度增加2144亿元。 其中，最引人关注的是，房地产开发贷款同比增0.8%与个人住房贷款同比增-0.8%所呈现的一增一减格 局。这仅是数字上的耦合吗？直观地看，似乎是房地产开发企业信心在逐步恢复，投资意愿有所增强， 而居 ...

Group 1 - The core viewpoint of the report is that China General Nuclear Power Corporation (CGN) Mining is on a fast track for development, with projected revenues and net profits showing significant growth from 2025 to 2027 [1] - The company is the only platform for overseas uranium resource development under CGN Group, with its parent company being China Uranium Development Co., Ltd., controlled by the State-owned Assets Supervision and Administration Commission [1] - The company has experienced rapid revenue growth following acquisitions, including the purchase of a 49% stake in a foreign company, leading to a substantial increase in uranium sales volume [1] Group 2 - The company benefits from three major advantages: strong internal demand for nuclear power from CGN Group, a broad potential market for growth, and more flexible pricing under new agreements [2] - The production cost of the company's uranium is among the lowest globally, with its mining operations expected to ramp up production as sulfuric acid supply stabilizes [2] Group 3 - The uranium market is currently experiencing a tight supply situation, influenced by geopolitical conflicts and a slow recovery in production from existing mines [3] - Although uranium prices have dipped to around $64 per pound due to low long-term contract activity, demand is expected to recover as nuclear power initiatives gain momentum in both China and the U.S. [3] - The overall supply growth is projected to be around 8.51% in 2024 and 6.03% in 2025, with a slowdown anticipated in 2026, while demand remains strong due to investments and the recovery of nuclear power installations [3]

证 券 研 究 报 告 内需复苏加速窗口，新成长方向浮现 2025年纺织服装行业中期投资策略 证券分析师：王立平 A0230511040052 求佳峰 A0230523060001 刘佩 A0230523070002 联系人： 求佳峰 A0230523060001 2025.06.10 ◼ 美国关税博弈预期反复，但不改核心制造全球竞争力，同时推荐高景气新消费制造链 1. 复盘：弱市见高频回购，底部信号显现 2. 户外：低渗透、高成长赛道，空间广阔 3. 服装家纺：内需复苏加速，消费向新求变 4. 纺织制造：关税博弈反复，龙头壁垒不变 5. 投资分析意见：关注景气消费与核心制造 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 复盘25上半年（1/1~6/6），SW纺织服饰指数上涨5.5%，相对申万全A上涨3.6%，相对收益位居全 市场第11位。公司低位高频回购，彰显中长期发展信心，底部信号显现 ◼ 内需复苏重要做多线索，下半年将开启加速回升窗口，挖掘低位浮现的新成长方向 • 高性能运动户外，当前低渗透率，未来高空间：24年中国户外高性能服饰市场规模1027亿元（同比+17%），品 牌市占 ...

期货市场交易指引 2025 年 06 月 10 日 | 宏观金融 | | | --- | --- | | ◆股指： | 震荡偏强 | | ◆国债： | 震荡走强 | | 黑色建材 | | | ◆螺纹钢： | 暂时观望 | | ◆铁矿石： | 暂时观望 | | ◆双焦： | 震荡运行 | | 有色金属 | | | ◆铜： | 区间谨慎交易 | | ◆铝： | 建议轻仓试空 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | 能源化工 | | | ◆PVC： | 震荡偏弱。 | | ◆纯碱： | 01 合约空头思路。 | | ◆烧碱： | 震荡偏弱。 | | ◆苯乙烯： | 震荡偏弱。 | | ◆橡胶： | 震荡偏弱。 | | ◆尿素： | 震荡运行 | | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 宽幅震荡 | | 棉纺产业链 | | | ◆棉花棉纱： | 震荡反弹 | | ◆苹果： | 震荡运行 | | ◆PTA： | 区间震荡 | | 农业畜牧 | | | ◆生猪： | 逢高偏空 | | ◆鸡蛋： | 逢高偏空 ...

6月10日，A股早盘窄幅震荡，截至9:37，沪指涨0.08%，深成指跌0.11%，创业板指跌0.13%。 盘面上，以创新药为首的医药股继续活跃，众生药业、昂利康涨停；足球概念持续火热，共创草坪7连板。下跌方面，军工、半导体、贵金属、消费电子等 板块跌幅居前。 天风证券认为，6月以稳应变，防守反击。根据经济复苏与市场流动性，可以把投资主线降维为三个方向：Deepseek突破与开源引领的科技AI+，消费股的 估值修复和消费分层逐步复苏，低估红利继续崛起。红利回撤常在有强势产业趋势出现的时候，因此低估红利的高度取决于AI产业趋势的进展，而AI产业 趋势的进展又取决于AI应用端和消费端的突破。消费板块投资的核心因子是估值，在当前消费板块低估值、利率下行、政策催化下复苏周期抬头(哪怕是很 弱的斜率)，以宏观叙事而对消费过分悲观反而是一种风险，重视恒生互联网。 2、中金公司：下半年市场波动率或前低后高 指数有望前稳后升 焦点个股方面，换股吸收合并预案出炉，中科曙光复牌一字涨停，封单金额超168亿元，海光信息大涨超8%。消息面上，6月9日晚间，海光信息和中科曙光 双双公告披露换股吸收合并预案。海光信息拟以0.5525：1的 ...

Group 1: Price Performance Characteristics - In May, the overall CPI remained flat at -0.1%, while the core CPI increased by 0.1 percentage points to 0.6%[6] - Consumer goods prices fell by 0.5% year-on-year for four consecutive months, while service prices rose by 0.5%, marking three months of positive growth[8] - Agricultural and energy prices declined, with energy prices dropping by 6.1%, contributing approximately 0.47 percentage points to the CPI decline[14] Group 2: Future Price Trends - Negative price growth is expected to persist until the end of Q3, primarily due to ongoing downward pressure on pork prices[20] - Current consumption policies have limited impact on prices, which may be offset by fluctuations in energy prices[21] - The overall CPI is unlikely to follow core inflation upward unless the downward pressures on agricultural and energy prices are alleviated[22] Group 3: Risk Factors - Geopolitical risks and unexpected increases in international oil prices are significant risk factors that could affect future price trends[25]