以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 来源|表外表里 文|陈梓洁 严贝贝 编辑|曹宾玲 一阵开卷门的声音传来，百荣酒水商户芳芳低头看了眼手机，已经中午 11 点了。 她 所 在 的 批 发 市 场 ， 号 称 " 白 酒 界 宇 宙 中 心 " ， 地 位 就 像 华 强 北 之 于 手 机 、 水 贝 之 于 黄 金，业内任何风吹草动，第一时间会传递到这里。 然而如今，偌大的商场仿佛生了锈的链条，商户开门营业的时间越来越晚，物流车停在门 口，一整天也装不满发车。 经销商海涛以前有个小仓库，现在退掉了，只做 "快进快出"的生意：从上级经销商那里 直接寄给客户，除了货款，搬运、换标等事情概不经手。 他连接单都不积极了，如果不是老客户找上门，很多时候海涛都不开张： "没利润，都是 平价进平价出，顺手做人情，但人家以为你还挣几块钱。" 跟酒打了近 2 0 年的交道，海涛也算小有见识，行业低迷至此，却是第一次碰上。 今 年 618 ， 5 0 0ml 飞 天 茅 台 " 到 手 价 " 只 要 1968 元 ， 击 穿 2 0 0 0 警 戒 线 ； 五 粮 液 " 普 五"一度 ...

Core Viewpoint - The civil explosives industry is experiencing a significant increase in market concentration, driven by mergers and acquisitions among leading companies, with a projected market size growth from 273 billion yuan in 2015 to 416.95 billion yuan by 2024, reflecting an average annual growth rate of approximately 5% [1][19]. Group 1: Industry Overview - The civil explosives industry, essential for mining, infrastructure, and construction, is categorized into civil explosive products and blasting services [4]. - The market is expected to maintain a stable growth trajectory, with key demand growth in regions like Xinjiang and Tibet, which are projected to see production value increases of 24.6% and 35.96% respectively in 2024 [7][19]. Group 2: Production and Performance - The production of industrial explosives is stable, with a projected output of 449.37 million tons in 2024, a slight decrease of 1.9% year-on-year [11]. - The transition from traditional detonators to electronic detonators is underway, with electronic detonators expected to account for 95% of total production by 2024 [11]. - Civil explosive companies listed on the A-share market are expected to report combined revenues of 649.22 billion yuan and net profits of 41.08 billion yuan in 2024, reflecting year-on-year growth of 19.52% and 12.98% respectively [12][19]. Group 3: Profitability and Policy Support - The profitability of civil explosive companies remains robust, with average gross and net profit margins of over 25% and around 7% respectively [12]. - The government has implemented policies to ensure the healthy development of the industry, including the "14th Five-Year" plan, which focuses on capacity layout, product structure, and international cooperation [13][15]. Group 4: Market Dynamics - The demand for civil explosives is closely tied to fixed asset investments in key downstream industries such as coal, metals, and non-metallic mining, which account for over 70% of total explosive consumption [21]. - The growth of coal production in Xinjiang has positioned it as the largest market for civil explosives in China, with a projected sales value of 42.13 billion yuan in 2024, up 21.8% year-on-year [23]. Group 5: Key Companies - Yipuli, a leading company in the civil explosives sector, has a production capacity of 56.55 million tons of industrial explosives and is expanding its international presence [49][50]. - Jiangnan Chemical, with the highest explosive production capacity in the industry, is also diversifying into renewable energy, positioning itself for stable growth [52][53].

最近，飞天茅台价格持续下跌引发关注。6 月 19 日，今日酒价最新批发参考价显示，25 年飞天茅台（53 度 / 500ml）原箱报 1980 元 / 瓶，较前一日下跌 20 元；散瓶报 1930 元 / 瓶，较前一日下跌 20 元。通过整理 6 月 1 日至 6 月 19 日今日酒价的数据发现，25 年产飞天茅台散装酒在 6 月 11 日已跌破 2000 元，此后价格整体呈下降趋势。 飞天茅台作为高端白酒的代表性产品，其价格波动受到市场多重因素的综合影响。艾媒咨询数据显示，2024 年中国白酒消费者饮用白酒的场景中，商务 宴请占比达 42.22%，位列前三。这一消费结构使得白酒市场与商务活动的关联性较为紧密。因此商务活动等消费场合减少时，白酒价格可能会受到影 响。 飞天茅台降价从去年就已开始，直到价格跌破 2000 元才引起市场关注。目前，白酒行业面临高库存、增速放慢、动销放缓的发展现状，总体呈现放缓态 势。面对这种情况，茅台开始采用开拓新客户群体和加速国际化布局两手抓的策略。 飞天茅台的价格波动，表面上是市场面临的挑战，实则蕴含着行业转型的机遇。茅台在年轻化、国际化方面的布局，正在重塑品牌价值。这场价格震 ...

编者按： 从复杂的营销套路回归商业本质，从流量争夺转向价值共生。今年的 618 大促，正在见证一场电 商行业的深刻变革。天猫更在行业不公布大促交易额多年之后，罕见地公布了一个"剔除退款后的" GMV （商品销售总额）增速——高达 10% 。 在这个消费升级、产业转型的关键时期，部分平台企业探索出的兼顾增长质量与人本关怀的发展新 路径，或将为行业转型升级提供范式参考。毕竟，商业的终极意义不在于数字狂欢，而在于价值创 造与需求满足的良性循环。 01 今年618更简单了 今年 618 ，以色列护发品牌 Gotukola 负责人明显感觉到更简单了。 "优惠折扣一目了然，对转化促进明显"。他预计今年品牌在天猫 618 整体成交预期 2700 万，同 比增速达到 268% 。 一度，平台在流量焦虑下用多层级规则制造 "消费紧迫感"，通过满减叠加、限时凑单等设计提升客 单价，使得电商大促变得越发复杂，消费者下单时仿佛在做"数学题"，不仅要绞尽脑汁计算各种优 惠组合，还得在海量商品中艰难拼凑订单金额。 这种复杂的体验让消费者疲惫不堪，而且部分消费者为了凑单购买非必要商品，导致退货率居高不 下，逐渐成为商家和平台的沉重负担，增 ...

1、 截止2024年底，寿险行业规模保费4.6万亿元，其中原保费收入4.0万亿元，保户投资款新增交费5787亿元，投连险独立帐户新增交费168亿元。 2024年度规模保费结构如下图所示： 2、 2023年度寿险行业原保费收入3.5万亿元，其中普通寿险2.0万亿元，分红保险7142亿元，健康险72087元，意外险449亿元，万能险97亿元，投连 险4亿元。 2023年度原保费收入结构如下图所示： "13精"数据库第372周更新公告 13精资讯-增加2024年财险、再保险公司所有者权益变动表 13精资讯-增加2025年披露的8家公司分红险产品红利实现率 13精资讯-增加2024年6月保险公司高管任职批复 13精资讯-增加最近一月保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 13 精利用最新录得数据做的研究报告之372 期： 近23年寿险行业险类结构变迁盘点：分红险已经在筑底阶段，未来或许应该爆发！泰康分红险已经拔得头筹！ 先 说 结论： 另外，传统寿险在保险市场中占有较大份额，其续期保费的稳定性对整体保费收入有着重要影响。 2023年和2024年可能会成为分红险"筑底"的关键时点，此后随着行 ...

综合多家机构的策略内容看，尽管当下券商板块二级市场表现与其一季报整体增收态势出现一定背离， 但在多重积极因素叠加下，后市券商板块估值有望持续企稳回升。 随着各大券商陆续召开2025年中期策略会，对于证券行业下半年发展前景和投资布局的研判，也逐渐呈 现在投资者面前。 就下半年券商板块投资而言， 2025年中报有望实现业绩高增长且估值尚在低位的券商、业务结构更为 均衡且专业能力更强的头部综合券商，以及存在并购重组可能性的相关券商，值得投资者关注。 建议把握三条投资主线 对于券商板块后市投资机遇，机构建议把握三条投资主线： 2025年中报有望实现业绩高增长且估值尚 在低位的券商，业务结构更为均衡且专业能力更强的头部综合券商，以及存在并购重组可能性的相关券 商 。 中信证券认为，在降息带来流动性利好，券商板块中期业绩同比增速有望保持优秀表现，一揽子金融政 策落地有望打开增量空间的环境下， 券商板块估值有望持续企稳回升，并有望在基本面、政策面和流 动性利好的支持以及行业并购重组题材的刺激下，持续展现自身弹性。 在具体布局上，中信证券推荐两条投资主线：一是在经纪业务与投资交易业务持续带动整体业绩改善、 投行业务稳步复苏的 ...

Core Viewpoint - The securities industry is expected to see a stable recovery in valuations and investment opportunities in the second half of 2025, despite a 7.51% decline in the A-share securities index since the beginning of the year [1][2]. Group 1: Industry Performance and Outlook - The securities sector's fundamental recovery is ongoing, with a notable 37.7% year-on-year growth in net profit for the first half of 2025 [2]. - The implementation of various reform policies in the capital market is anticipated to further stimulate market activity and investor interest [2]. - The net profit growth rate for the securities industry is projected to reach 17.3% year-on-year in 2025 under neutral assumptions, with an annualized ROE expected to rise to 6% [2]. Group 2: Mergers and Acquisitions - Active merger and acquisition activities are noted within the industry, including significant cases such as Guotai Junan's absorption of Haitong Securities and Guolian Securities' acquisition of Minsheng Securities [2]. - The ongoing mergers and acquisitions are expected to drive supply-side reforms in the securities industry, allowing larger firms to consolidate their advantages while providing opportunities for smaller firms to catch up [2]. Group 3: Investment Opportunities - Institutions recommend focusing on three main investment lines: 1. Securities firms with high growth potential and low valuations, particularly those expected to show significant performance improvements in the 2025 mid-year report [3]. 2. Leading comprehensive securities firms with balanced business structures and strong professional capabilities, which are better positioned to adapt to industry changes [3]. 3. Securities firms that may become acquisition targets or acquirers, as ongoing mergers and acquisitions are likely to continue [3]. - The combination of favorable policies, solid fundamentals, and liquidity is expected to enhance the resilience of the securities sector [3].

Core Viewpoint - The securities industry is expected to see a recovery in performance in the second half of 2025, with a focus on high-growth firms with low valuations, well-structured leading comprehensive brokers, and those with potential for mergers and acquisitions [1][4]. Group 1: Industry Performance and Outlook - As of June 18, 2025, the A-share securities index has declined by 7.51% since the beginning of the year, but the industry's fundamentals continue to improve, supported by active trading and ongoing capital market reforms [2]. - Citic Securities forecasts a 17.3% year-on-year growth in net profit for the securities industry in 2025, with an annualized ROE expected to rise to 6% [2]. - Huatai Securities highlights that the new "National Nine Articles" and the accompanying "1+N" policy framework will foster a favorable long-term investment market ecosystem, benefiting the growth of securities firms [2]. Group 2: Mergers and Acquisitions - Recent mergers, such as Guotai Junan's absorption of Haitong Securities and the acquisition of Minsheng Securities by Guolian Securities, indicate a trend where large brokers consolidate to strengthen their positions, while smaller brokers can achieve rapid growth through acquisitions [3]. - Dongwu Securities suggests that mergers and acquisitions may drive supply-side reforms in the securities industry amid a backdrop of reduced fees [3]. Group 3: Investment Strategies - Institutions recommend focusing on three investment themes: brokers expected to achieve high growth in mid-2025 with low valuations, leading comprehensive brokers with balanced business structures and strong professional capabilities, and brokers with potential for mergers and acquisitions [4]. - Citic Securities emphasizes that the combination of interest rate cuts and supportive policies will likely stabilize valuations in the securities sector, enhancing its resilience [4]. - The analysis of listed brokers indicates that the industry is undergoing significant transformation, with a focus on enhancing trading capabilities and diversifying asset management strategies [5].

作 者丨张敏 编 辑丨张伟贤 江佩佩 央企中交地产以1元的价格，将房地产开发业务整体打包出售了。 6月16日晚间，*ST中地发布公告，正式披露重大资产出售草案。 该公司拟以1元的对价整体剥离地产开发业务的相关资产及负债，接盘方为中 交房地产集团。 | 4.66 -0.24 -4.90% | | | | | | *ST中地 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 000736 交易 | | _SZSE_CNY_15:00:00 闭市 | | | | | 経似減持受限 √ ○ + | | | 委比 -100.00% 委差 | | -27513 | Wind ESG评级 BB | | | 详情 | | 卖五 | 4.70 | 1484 | रुने स | -45.81% 120日 | | -53.02% | | 卖四 | 4.69 | 302 | R | -7.36% 250日 | | -50.69% | | 卖三 | 4.68 | 88 | 20日 | 1.30% 52周高 | | 13.98 | | 卖二 | 4.67 | ...

Core Viewpoint - The Chinese liquor industry is facing significant challenges due to the strict "ban on alcohol" policies, leading to a substantial decline in market value and stock prices of major brands like Moutai and Wuliangye, while also raising questions about the industry's future and potential for transformation [1][3][5] Group 1: Market Impact - The liquor sector has seen a market value loss exceeding 500 billion yuan this year, with Moutai's stock price dropping over 20% from its peak, and its market capitalization falling below 2 trillion yuan [3] - The introduction of the "ban on alcohol" has severely impacted the government consumption channel, which has decreased from 40% in 2011 to less than 5% currently, leading to a loss of market confidence and a sell-off of liquor stocks [3][5] Group 2: Historical Context - The liquor industry previously faced similar challenges in 2012 when the "Eight Regulations" limited government spending on alcohol, resulting in a three-year adjustment period and significant price drops for premium brands [5] - The current "ban on alcohol" differs fundamentally from the 2012 regulations, as it aims to dismantle the entrenched drinking culture associated with power rather than merely restricting government spending [5][7] Group 3: Long-term Opportunities - Despite the immediate negative effects of the "ban on alcohol," the industry has the potential for transformation, as it has already begun to reduce its reliance on government consumption, with business banquets and personal consumption now dominating the market [9] - The "ban on alcohol" could serve as a catalyst for innovation and brand development, pushing companies to reassess market demands and explore new consumer segments [9][11] Group 4: Strategic Recommendations - Companies are encouraged to innovate products targeting younger consumers, such as lower-alcohol and personalized options, and to collaborate with cultural and artistic sectors to enhance brand appeal [11][13] - Expanding consumption scenarios beyond traditional settings and leveraging digital transformation through big data and AI can help companies better understand consumer needs and optimize marketing strategies [13][15] Group 5: Future Outlook - The strict "ban on alcohol" presents both challenges and opportunities for the liquor industry, with companies that adapt and innovate likely to thrive, while those that cling to traditional models may face obsolescence [15]