来源：环球网 【环球网消费报道 记者 李文瑶】"依赖促销拉动的增长模式，正在消耗商场和品牌的长期价值"，在6月 26日举办的2025银泰商业供应商大会上，银泰商业集团董事长陈晓东将物理学科中的"布朗运动"与商业 经营深度耦合，揭示行业困境：不依据产品生命周期定价、不以顾客需求为价值坐标，每一个决策的无 序涨落，都在加剧能量耗散。 一年一度的供应商大会，是银泰商业与合作伙伴保持深度互动的一种方式。今年，有300多位品牌嘉宾 参加了此次活动。在会上，陈晓东主张，今后应该由价格博弈进化为价值创造、由厂商代表进化为顾客 代表、由节点思维进化为产品思维、由死守卖场进化为经营用户。并希望与合作伙伴建立长期、同向、 分享的契约关系，共同为顾客创造价值。 "当顾客提着大包小包离开时，一个行李箱的温度，胜过十句促销话术。" 陈晓东展示的用户反馈中， 多地消费者在社交平台晒出 "柜姐帮忙装箱并约车" 的经历。过去一年，银泰百货将服务清单扩展至逛 街送行李箱等惊喜服务，打车接送顾客、改衣、珠宝清洗、美甲等本地服务，以及礼物包装、点心饮品 等暖心服务，形成从"效率经济"到"人情经济"的秩序重建。 值得一提的是，大会当日，银泰商业自主 ...

Group 1 - The article highlights China's extraordinary economic transformation over the past two decades, which has lifted millions out of poverty and established a prosperous middle-income group, positioning China as a global economic powerhouse [1] - McKinsey Global Institute defines "arena" as vibrant, high-growth industries that reshape the global economy through significant innovation, competition, and value creation, analyzing 12 sectors that experienced super-scale growth from 2005 to 2020, including e-commerce, biomedicine, electric vehicles, and internet consumption [1][2] - Chinese companies have successfully entered global markets in sectors like electric vehicles, personal computers, and e-commerce, driven by a large domestic market, a strong manufacturing base, supportive national policies, and an encouraging entrepreneurial environment [1] Group 2 - The research anticipates that future arenas could generate $29 trillion to $48 trillion in revenue and $2 trillion to $6 trillion in profit by 2040, with China already achieving success in several of these areas [2] - Chinese companies are major players in e-commerce and AI services, leveraging innovations in data analytics and supply chain efficiency to compete globally, with established firms integrating generative AI into personalized education, short video creation, and enterprise software [2] - Progress in electric vehicles, battery technology, and robotics positions China well for future growth, indicating a solid foundation for economic value creation and innovation [2][4] Group 3 - China's economic development has relied on its ability to seize opportunities in high-growth sectors, and it is well-prepared to thrive as the world transitions to new transformative industries [4] - The article notes that China faces a complex global environment characterized by changing geopolitical dynamics, evolving trade relations, and intensified competition in technology and innovation [4] - The next chapter of China's economic story is poised to be written, with significant and exciting opportunities ahead [4]

Core Viewpoint - Hillhouse Capital has joined the bidding war for Starbucks' China operations, indicating strong interest from multiple investment firms in acquiring the business [1][2]. Group 1: Bidding Process - The reverse management roadshow organized by Starbucks attracted several investment firms, including Hillhouse Capital, Carlyle Group, and Meituan, signaling a competitive bidding environment [1][2]. - Starbucks' CEO mentioned receiving numerous expressions of interest for the sale of its China business, with an estimated valuation between $5 billion to $6 billion (approximately 36 billion to 43 billion RMB) [1][2]. - The bidding process is reportedly in its second or third round, with more firms entering the fray, suggesting dissatisfaction with initial negotiation terms [3]. Group 2: Competitive Landscape - Known bidders include Carlyle Group, Xincheng Capital, China Resources, KKR, Fangyuan Capital, PAG, and Meituan, each bringing unique strengths to the table [5]. - KKR, Fangyuan Capital, PAG, and Carlyle Group are established private equity firms with extensive M&A experience, while Xincheng Capital and China Resources have significant industry presence [5]. Group 3: Hillhouse Capital's Position - Hillhouse Capital manages over 600 billion RMB, providing it with strong bargaining power in the acquisition process [6]. - The firm has raised $18 billion (over 116 billion RMB) in 2021, with a significant portion earmarked for M&A activities [6]. - Hillhouse has a history of successful investments in the food and beverage sector, including notable brands like Heytea and Misen, which enhances its credibility in this acquisition [6][7]. Group 4: Starbucks' Current Strategy - Starbucks has recently implemented a price reduction strategy, marking its first significant price cut in 25 years in China, reflecting a response to competitive pressures [10][11]. - The company reported a revenue of approximately $740 million (about 5.31 billion RMB) for Q2 of fiscal year 2025, with a year-on-year growth of 5% [12]. - Starbucks is also focusing on enhancing its brand appeal through collaborations and marketing initiatives, indicating a proactive approach to maintaining market share [11][12].

Core Viewpoint - The Chinese automotive industry has transitioned from survival to global leadership, but faces challenges such as price wars that hinder innovation and damage brand image, necessitating a shift towards value creation for high-quality development [1][2]. Group 1: Value Creation as a Pathway - Value creation is essential for building a modern automotive industry, focusing on technological advancement, ecological collaboration, and sustainable development [2]. - The shift from price competition to value competition is crucial for long-term growth, emphasizing technology innovation, service optimization, and unique brand identity [2][3]. - Meeting consumer demand for quality, technology, and service is central to enhancing user experience and satisfaction [2][3]. Group 2: Core Paths to Value Creation - Focusing on core technology innovation is vital for establishing a strong foundation for value creation, with significant R&D investment needed to overcome technical barriers [3]. - Promoting industry collaboration is necessary to create a value co-creation ecosystem, enhancing supply chain efficiency and mutual benefits [3]. - Expanding service value boundaries through diverse mobility models and after-market services can generate new growth opportunities [4][5]. Group 3: Challenges to Value Creation - The high investment required for technological innovation contrasts with the uncertainties of development, particularly in autonomous driving and battery technology [6]. - There are significant gaps in critical technologies, such as automotive-grade chips and foundational software, which hinder the industry's advancement [6]. - The rapid development of the industry is not matched by a robust legal and policy framework, creating barriers to innovation and market growth [7]. - The increasing number of competitors in a slow-growing market leads to structural challenges, making it difficult for companies to achieve economies of scale [7]. Group 4: Recommendations for Strengthening Value Creation - Implementing risk management strategies for technological innovation is essential, including fostering collaboration between academia and industry [8]. - Targeting key technological challenges, such as automotive-grade chips, is necessary to clear obstacles to value creation [8]. - Strengthening the legal and policy framework will facilitate collaboration and innovation within the industry [9]. - Optimizing market expansion mechanisms and encouraging mergers and acquisitions can enhance industry concentration and efficiency [10].

Core Viewpoint - The new classification evaluation system for securities companies aims to shift the focus from scale to value creation, enhancing the industry's ability to serve the real economy and support national strategies [1][2][5]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the revised classification evaluation regulations, emphasizing the importance of guiding securities companies to better fulfill their roles [1][2]. - The revised regulations will introduce a new evaluation framework focusing on risk management, compliance, business development, and functional performance, particularly in serving the real economy and national strategies [2][3]. Group 2: Focus on Profitability - The new regulations will prioritize net asset return as a key indicator of capital efficiency, encouraging securities firms to concentrate on high-profitability businesses and improve operational efficiency [4][5]. - The adjustments will eliminate certain revenue-based incentives while increasing the weight of net asset return, thus promoting a shift towards a more quality-focused development model [4][5]. Group 3: Evaluation Mechanism - A new specialized evaluation for functional performance will be conducted by the Securities Association, with standards focusing on the effectiveness of securities companies in executing key financial strategies [3][6]. - The evaluation will adapt over time to reflect industry developments and the need for securities firms to enhance their functional roles [3]. Group 4: Compliance and Penalties - The revised regulations will enhance penalties for major violations, aiming to deter misconduct and improve market fairness [7][8]. - Adjustments to the scoring system for administrative penalties will ensure a more balanced approach, allowing firms with minor infractions to recover more easily while imposing stricter scrutiny on those with serious violations [8].

Core Viewpoint - Cummins emphasizes long-term commitment and mutual growth with the Chinese economy and automotive industry, marking its 50 years in China as a significant journey of adaptation and integration [1][2]. Group 1: Historical Perspective - Cummins has been a part of China's commercial vehicle industry transformation since entering the market in 1975, reflecting the progress in engine technology [5]. - The company has built strong local R&D capabilities, evolving from technology importation to becoming a major player in the Chinese market [5][7]. Group 2: Market Strategy - The core strategy for Cummins in China is "localization," which has allowed the company to establish deep strategic partnerships with major Chinese commercial vehicle manufacturers [7]. - The R&D center in China has surpassed its counterparts in Europe and the U.S. in scale and collaboration, leading to unique technological advancements [7][8]. Group 3: Competitive Landscape - The Chinese commercial vehicle market is currently facing intense competition, requiring continuous adaptation from Cummins to maintain its competitive edge [12]. - The company acknowledges the ongoing issue of overcapacity in the industry since the peak in 2021, which has not yet recovered [13]. Group 4: Value Creation - Cummins aims to avoid participating in price competition among manufacturers, focusing instead on long-term value creation through product performance enhancement [15]. - The company is innovating in after-sales services to help customers reduce total cost of ownership (TCO) and improve operational efficiency [15]. Group 5: Future Outlook - Cummins plans to invest significantly in core products and technologies, adapting them for both local and global markets [18]. - The company is committed to a dual strategy of balancing traditional fuel and gas technologies while also advancing in electric and hybrid systems [20]. - In the realm of new energy, Cummins is focusing on developing core technologies in electric drive systems, with plans to launch next-generation products by 2026 [21]. Group 6: Conclusion - Cummins' 50-year journey in China illustrates the value of long-term commitment, with a clear strategy to respond to local demands through technological innovation and localization [23].

Group 1 - The company will hold its 2024 annual general meeting on June 27, 2025, with both on-site and online voting options available [1][2] - The meeting will be presided over by Chairman Sheng Shouxiang, and will include shareholders, directors, supervisors, and legal representatives [1][2] Group 2 - The company reported a total revenue of 293,438.66 million yuan for the reporting period, representing a year-on-year increase of 4.89% [3] - The company experienced a net loss attributable to shareholders of 5,551.55 million yuan, marking a shift from profit to loss compared to the previous year [3][19] Group 3 - The board of directors emphasized a strategic focus on "enterprise reconstruction" to enhance operational efficiency and competitiveness in a challenging market environment [3][4] - The company aims to optimize its organizational structure and clarify departmental responsibilities to improve collaboration and reduce operational costs [4][5] Group 4 - The company has introduced a new "three-level nine-grade" salary performance evaluation system to align employee compensation with their contributions [7] - The establishment of Huafang Business School aims to cultivate talent and enhance the company's innovation capabilities [7] Group 5 - The company faces significant challenges due to rising trade barriers and geopolitical tensions, which are impacting its export markets [12][13] - The introduction of a global equivalent tariff policy by the U.S. government is expected to increase the tax burden on Chinese textile exports, leading to reduced orders and profit margins [12][13] Group 6 - The company plans to focus on enhancing product quality, expanding market reach, and fostering technological innovation to adapt to changing market conditions [13] - The company aims to transform from a cost-dependent model to one focused on value creation, supported by government policies and industry self-initiatives [13] Group 7 - The company has proposed not to distribute profits for the 2024 fiscal year due to accumulated losses exceeding the total paid-in capital [19][20] - The company is committed to improving its financial performance and addressing its losses through strategic management and operational efficiency [20][21] Group 8 - The company has approved mutual guarantees with Binhai Printing Group for a total amount of 100 million yuan, which can be adjusted between the two entities [25][28] - The company is also providing guarantees for its subsidiaries totaling 130 million yuan to support their financing needs [28][29]

与其"跟风"，不如"造风"。在未来，新能源车行业更需要一种"长期主义"的格局，在价值创造的过程 中，找到擅长的方向和赛道，跑得更远更稳更好 这段时间有朋友准备入手新能源车，去4S店试驾新车，一直在考虑到底买哪款。没过几天，待选的几 款车型全部降价。朋友一方面感慨"省钱了"，一方面又更加不敢出手，"怕买贵"。汽车论坛里，不少老 车主吐槽遭遇"价格背刺"：提车两个月，降价两万元，新款上市直接变"绝版车"。在新能源车消费市 场，"买得越早，亏得越狠"的尴尬为何挥之不去？ 在"日日有新款"的今天，设计感、个性化、高性能、强售后，也是消费者购置新车时必须考量的因素。 看中驾驶感的消费者在意的是百公里加速时间、高速动力输出水平；喜欢酷炫风的消费者则关心智能化 的辅助功能、未来感的交互界面；还有不少消费者更乐意为"颜值"买单，他们研究内饰的线条、轮毂的 造型，就连车漆与牌照颜色能不能搭配得和谐，都得纠结大半天……面对消费观念的转变、消费偏好的 调整，单靠"低价输出"，只会让车企陷入"越造越赔""增收不增利"的困境。 不久前，中国汽车工业协会发布《关于维护公平竞争秩序促进行业健康发展的倡议》，引导车企比 拼"价值"不卷"价格 ...

在当下中国经济新旧动能转换的关键时期，产业格局正经历深刻变革，新产业（300832）蓬勃兴起，传 统产业加速升级。然而，"内卷式"竞争这一顽疾却在部分行业悄然滋生。部分光伏、储能等领域企业为 争夺市场份额，不惜低价倾销，扰乱市场秩序。多位受访的业内人士对记者表示，"内卷式"竞争的深层 次原因主要是技术创新不足、专利保护缺失、市场信号不清等。面对这一困境，国家发改委、国家市场 监管总局等多部门密集出台整治举措，力求斩断"内卷"枷锁。与此同时，业内头部企业纷纷探索破局之 道，以模式创新、技术革新及强化专利保护为利刃，在激烈竞争中开辟差异化发展路径，引领行业 从"价格内卷"向"价值创造"转型。(中国证券报) ...

在当下中国经济新旧动能转换的关键时期，产业格局正经历深刻变革，新产业蓬勃兴起，传统产业加速 升级。然而，"内卷式"竞争这一顽疾却在部分行业悄然滋生。部分光伏、储能等领域企业为争夺市场份 额，不惜低价倾销，扰乱市场秩序。 在市场供求关系变化的背景下，光伏、储能行业的上市公司逐渐从"供给侧创新"向"需求侧创新"转变， 挖掘贴近市场需求的发展新模式。 ● 本报记者 刘杨 以模式创新走差异化之路 "未来靠单独生产组件来'卷'产品，已经不能满足客户的需求，未来光伏产品要从过去的'单一性'向'系 统性'转变，以模式创新实现差异化发展。"天合光能战略、产品与市场负责人张映斌在接受中国证券报 记者采访时表示，随着不同细分场景需求的日渐多元，为客户提供综合解决方案将是光伏行业破除"内 卷式"竞争的思路之一。 张映斌对记者表示，未来公司将更加聚焦细分场景，例如公司依据客户需求提供的极端气候解决方案， 相比常规组件产品而言，该方案聚焦冰雹、暴雪等极端气候环境，其组件抗冲击能力和载荷能力均得以 提升，同时还配备了天气预警功能的软件给予支持。 "作为行业龙头，我们正在推动行业从争夺存量价值的低质竞争，向创造增量价值的高质量发展去转 变 ...