德国8月Gfk消费者信心指数将于十分钟后公布。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector has seen a significant decline in fund allocation, with the configuration ratio dropping from 9.8% in Q1 2025 to 8.0% in Q2 2025, marking a new low since 2020 [3][12] - The decline in fund allocation is primarily attributed to the impact of the alcohol ban, which has further contracted consumption scenarios, particularly in the traditional liquor sector [5][6] - Despite the current pessimism, there is an expectation of a market style switch in July, which may lead to some capital returning to the sector [5][13] Summary by Sections Fund Allocation Trends - In Q2 2025, the allocation ratio for food and beverage in active equity funds decreased to 5.6%, down from 8.1% in Q1 2025, indicating a significant reduction in food and beverage investments [5][12] - The proportion of funds heavily invested in liquor dropped from 6.57% in Q1 2025 to 3.97% in Q2 2025, reflecting a broad reduction in liquor company holdings [4][20] - The overall market fund allocation for liquor also fell from 8.5% to 6.8% during the same period [20] Investment Recommendations - The report suggests a strategic focus on the liquor sector, particularly as the market is expected to find a bottom in the second half of the year [6][33] - It is recommended to gradually build positions in leading liquor companies such as Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, which maintain high dividend yields [6][33] - For new consumption stocks, the report advises identifying high-quality companies that align with industry trends and holding them long-term, focusing on opportunities in new channels and product categories [6][34] Performance Metrics - The food and beverage sector's market value declined by 3.4% in Q2 2025, ranking 31 out of 32 sectors [13][18] - The sector's transaction amount ratio increased to 2.70%, indicating a slight recovery in trading activity despite the overall decline [13][18] - The report highlights that the majority of liquor companies experienced a decrease in fund holdings, while some consumer goods companies saw an increase in their market value [5][32]

新华财经上海7月24日电 近期，我国基础设施公募REITs的二季报及相关运营数据密集披露，较之于产 业园、高速公路等表现分化加剧的板块（顺周期板块经营层面的趋弱已经逐步体现在了数据上），消费 基础设施REITs的底层资产表现可圈可点，展现出了较强的韧性。 分析人士认为，若2025年全年维持上半年的运营水平，则消费基础设施REITs全年的可供分配情况依旧 乐观，消费基础设施REITs仍具备配置价值。 二季度表现依旧"出圈" 多因素利好板块发展 无疑，消费REITs的强势表现，离不开政策支持力度的不断加码。 可以看到，2024年公布的《国家发展改革委关于全面推动基础设施领域不动产投资信托基金（REITs） 项目常态化发行的通知》，标志着我国基础设施REITs正式进入常态化发行新阶段，而同年即完成了7 只消费REITs的发行。 2024年底，中央经济工作会议将"大力提振消费、提高投资效益，全方位扩大国内需求"列为2025年经济 工作首要任务，随后一系列刺激消费的政策陆续出台，为行情开展提供了有力支撑。 2025年发布的《提振消费专项行动方案》明确提出支持符合条件的消费、文化旅游等领域项目发行基础 设施领域不动产投资 ...

Economic Overview - Chengdu's GDP for the first half of the year reached 1210.82 billion yuan, with a year-on-year growth of 5.8% at constant prices [1] - The primary industry added value was 18.67 billion yuan, growing by 2.7%; the secondary industry added value was 326.74 billion yuan, growing by 5.3%; and the tertiary industry added value was 865.42 billion yuan, growing by 6.0% [1] Agricultural Performance - The production of garden fruits, tea, vegetables, and edible fungi increased by 6.3%, 5.3%, 3.0%, respectively [1] - The number of pigs slaughtered reached 1.993 million, with pork production at 158,000 tons [1] Industrial Growth - The added value of Chengdu's industrial economy grew by 7.8% year-on-year [1] - State-owned enterprises saw a 4.9% increase in added value, while private enterprises experienced a 10.4% growth [1] - Among 37 major industries, 25 reported positive growth, with notable increases in non-ferrous metal smelting and rolling (41.7%), automobile manufacturing (23.6%), and computer communication and other electronic equipment manufacturing (17.3%) [1] - High-tech manufacturing industries showed a 12.1% increase in added value [1] - Production of new energy vehicles, smartwatches, and lithium-ion batteries surged by 352.2%, 119.2%, and 45.8%, respectively [1] Service Sector Performance - The added value of the service industry grew by 6.0% year-on-year [2] - The rental and business services sector and information transmission, software, and IT services both increased by 10.7% [2] - The transportation, warehousing, and postal services sector grew by 7.4% [2] Consumer Market Trends - Chengdu's consumer price index (CPI) rose by 0.3% year-on-year [2] - Fixed asset investment increased by 6.0%, with the primary industry investment growing by 15.3% and secondary industry investment by 40.7% [2] - The total retail sales of consumer goods reached 562.23 billion yuan, with a year-on-year growth of 6.1% [2] - Notable growth in retail categories included communication equipment (64.5%), household appliances (34.5%), and cultural office supplies (20.4%) [2] - New energy vehicles saw a retail growth of 21.0% [2]

"通过两者的深度联动，将其打造成文化消费地标，既可保留老郫县的历史肌理，又能注入现代休闲体验。"杨华委员认为，要按照"建筑可阅读、街道可 漫步、文化可触摸"的设计理念，分三期实施：首期完成硬件改造与文化内容植入（如老城墙片段、郫筒井雕塑），次期培育夜间消费场景，第三期通过 文化动线串联、IP联动开发，最终形成"白天游祠庙、夜晚品江湖"的文旅闭环。 委员们视察成灌高速安德服务区消费场景。 7月23日《人民政协报》刊文截图 三道堰戏水、望丛祠赏荷、蜀绣之乡非遗体验、佛罗伦萨小镇沉浸式购物……炎炎夏日，成都市郫都区各消费场景依然"热辣滚烫"。 7月16日，郫都区政协十一届第十八次常委会会议召开，围绕"传统与创新深度融合，打造品质消费新场景"主题开展专题协商。 一场围绕"传统与创新深度融合，打造品质消费新场景"主题的专题协商活动在区政协十一届十八次常委会会议期间如火如荼展开，委员们集思广益，与职 能部门互动交流，碰撞出不少"金点子"、好建议，努力为郫都消费新场景打造"再添一把火"。 文化消费地标能够代表一个城市或地区独特人文精神。如何构建文化消费地标，焕新城市商业活力，是不少委员关注的焦点。 望丛祠，位于郫筒镇中心地 ...

Group 1: Equipment Manufacturing Industry - The equipment manufacturing industry has shown robust growth in the first half of 2025, with industrial added value increasing by 10.2%, outpacing the overall industrial growth rate by 3.8 percentage points [5][6] - Key sectors such as railway, shipbuilding, aerospace, and other transportation equipment manufacturing saw a significant increase of 16.6% in industrial added value [5] - The production of advanced technologies like 3D printing equipment, industrial robots, and service robots has also experienced notable growth [5] Group 2: Energy and Non-Ferrous Metals Industry - The report anticipates a recovery in trade, particularly benefiting the petrochemical sector, which has been undervalued [11] - The domestic consumption recovery is expected to favor companies with cost advantages in the oil and gas sector, such as China National Petroleum and China National Offshore Oil [12] - Metal prices are projected to rebound, with aluminum prices expected to rise, benefiting companies rich in mineral resources like Tianshan Aluminum [12] Group 3: Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 3582.30, a slight increase of 0.01% [17][24] - The market experienced significant capital outflows, with net outflows exceeding 217 billion yuan, indicating increased selling pressure [17] - The healthcare and insurance sectors performed well, with the healthcare services sector rising by 1.62% [22]

7月23日，芝麻租赁生态大会在上海举行，会上披露最新运营数据：截至6月30日，平台年交易GMV同 比增长71.6%，30岁以下用户占比超过六成，其中00后用户订单同比暴涨两倍。 当日，芝麻租赁宣布升级全域运营与AI智能经营两大核心能力，并投入百亿资源支持商家发展。同 时，平台还联合国家市场监督管理总局发展研究中心发布了《循环经济背景下的消费租赁行业健康发展 白皮书》。 在育儿领域，芝麻租赁也成为新手爸妈"轻资产"养娃的首选。平台数据显示，超1000人租用吸奶器， 500多个家庭租过黄疸仪、新生儿蓝光箱。 在潮流消费方面，年轻人也更看重"体验而非拥有"。Labubu热潮期间，多款产品在平台上被抢租一空； 演唱会季"演出神器"如望远镜、相机等相关订单涨幅达11倍，Switch2、无弦吉他等也常年居于热租 榜。 平台核心能力升级：全域运营与AI智能经营双引擎 为进一步满足消费租赁需求，芝麻租赁此次宣布升级两大核心能力： 全域运营：通过联合运营方式为商家扩展流量池，在闲鱼、高德等阿里系公域平台实现曝光，并通过社 交媒体引流，打造头部品牌新品发布入口。 AI智能经营：客服Agent、经营Agent和风控Agent三大产 ...

莫名其妙订了新业务 套餐资费眼花缭乱 收到境外骚扰电话 这些都是电信用户常见的消费痛点 近日 三大运营商纷纷承诺 将在透明消费、套餐精简等方面 采取实质性举措 跟着小布一起来看具体内容↓ 变更套餐时，无合约约定变更条件的，48小时内办结。 用户可自主屏蔽境外号码来电和短信等用户关心的问题。 中国联通 该图片由AI生成 中国移动 变更套餐48小时内办结 中国移动宣布推出十项服务承诺，其中包括—— 中国移动相关负责人表示，对于在10086未有效解决的服务诉求，客户可以通过中国移动App服务监督专区、10080热线、服务监督小程序等渠道进行反 馈，将7×24小时提供全天候服务。 中国电信 征得用户同意方可开通业务 中国电信同步推出九项规范措施，强调要 征得用户同意后方可开通电信业务，让消费过程更加透明。全面规范业务退订流程， 未经公示的套餐产品严禁 销售。 大幅精简资费套餐 中国消费者协会相关负责人 消费者权益保护具体实践的落实需要广大经营者自觉地落实，消费者权益保护第一责任人责任，不断提升商品和服务质量，主动预防和化解消费纠纷，增 强消费者权益保护的活力，构筑更安全、更放心、更满意的消费环境。 据了解，工业和信息 ...

Group 1 - The core viewpoint is that the national Consumer Price Index (CPI) in June 2025 has shown a new trend, with a year-on-year increase of 0.1%, ending a four-month decline, while the core CPI rose by 0.7%, reaching a 14-month high [1] - In June, 14 provinces experienced a year-on-year increase in CPI, while 10 provinces saw a decline, indicating a shift in regional price trends [1] - The analysis by Wang Qing from Dongfang Jincheng highlights three main driving forces for the CPI's positive change: seasonal rise in vegetable prices, an increase in domestic energy prices due to international oil price fluctuations, and the support from the "old-for-new" policy [2] Group 2 - Future CPI trends are expected to show a low and moderate recovery, supported by stable economic performance and effective domestic demand policies [4] - Factors contributing to price stability include ongoing economic expansion, effective policies to boost consumption, and regulatory actions to curb disorderly price competition in various industries [5] - The holiday effect is anticipated to further stabilize or increase service-related prices, with several upcoming holidays expected to have a noticeable impact [5]

数据还显示，2025年上半年，中国国内黄金ETF增仓量为84.771吨，较2024年上半年增仓量30.696吨， 同比增长173.73%。至6月底，国内黄金ETF持仓量为199.505吨。 2025上半年，中国增持黄金18.97吨，截至6月底，中国黄金储备为2298.55吨。 中新社北京7月24日电 (记者刘育英)中国黄金协会24日发布的数据显示，2025年上半年，中国黄金消费 量505.205吨，同比下降3.54%。其中，金条及金币264.242吨，同比增长23.69%。 在黄金消费中，黄金首饰199.826吨，同比下降26.00%；金条及金币264.242吨，同比增长23.69%；工业 及其他用金41.137吨，同比增长2.59%。 中国黄金协会表示，高金价抑制黄金首饰消费，轻克重、设计感强、附加值高的首饰产品仍然受青睐。 地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显，民间金条和金币投资需求大幅度增 长。 （文章来源：中国新闻网） 此外，2025年上半年，中国大型黄金集团境外矿山实现矿产金产量39.608吨，同比增长16.17%。(完) 在黄金生产方面，2025年上半年，中国国内原料产金17 ...