一封倡议书引发的行业讨论，这封倡议书来自重庆市咖啡行业协会，关于呼吁京东外卖停止"百亿补贴"内卷式竞争的倡议书，据圈内好友评论文章中称，该 倡议书因为某种未知原因删除，但是上游新闻、板扎在线、正北方网等媒体相继报道，并引发大量网络关注和讨论。笔者却想说，格局打开，切勿因小失 大。 监管应维护公平竞争，而非保护特定群体 针对外卖行业竞争中存在的问题，已经由市场监管总局牵头对京东、美团与饿了么等平台企业进行了约谈。其中《人民日报》评论文章认为，此次约谈，既 是纠偏，也是规范，更为行业发展点明方向：合法规范经营，公平有序竞争。摒弃恶性竞争，摆脱无谓"内卷"，真正把经历用于保障消费者、商家与骑手合 法权益，方能更好维护"舌尖上的安全"，实现行业健康发展。 而该倡议书将京东外卖百亿补贴这种常规市场行为，定义为非理性补贴，并且要求后续促销活动向行业公开补贴机制和算法规则等，因为几家地方性咖啡店 无力市场竞争，就开始呼吁并建议等一系列道德大棒来干预市场竞争的自由性。监管的职责是防止垄断，比如当年的"二选一"，而非限制企业通过合法补贴 进入市场，如若因部分商家受损就叫停创新，反而会固化现有利益格局，阻碍行业进步，因为京东外卖 ...

Core Viewpoint - The Australian wine industry is experiencing a significant shift, with a notable increase in exports to China, but overall challenges persist, including declining sales in other markets and an oversupply of low-end wines [1][3][24]. Export Performance - In the first full fiscal year after the tariff removal, Australian wine exports to mainland China surged to AUD 1.03 billion, accounting for nearly 40% of total exports of AUD 2.64 billion, marking a 41% year-on-year increase [1]. - However, total Australian wine exports fell by 13% to AUD 1.62 billion, the lowest in a decade, with export volumes hitting a 20-year low [3]. Market Dynamics - The Australian wine market is facing a decline in sales across key regions, including the UK, US, and Hong Kong, with the US market reverting to levels not seen in 20 years [4]. - The industry is grappling with an oversupply of grapes, stagnant sales of low-end wines, and a shortage of high-end wines, leading to a challenging outlook for the sector [5]. Industry Consolidation - The industry is witnessing consolidation, with major players dominating the market. A recent merger between Pernod Ricard's wine brands and Accolade Wines formed a new entity, Vinarchy, with annual revenues of AUD 1.5 billion, expected to eliminate up to 50 wine brands [6]. - This consolidation reflects a trend of increasing industry concentration, with many smaller wineries facing pressure to sell [6]. Supply Chain Challenges - The crisis in the Australian wine industry has been brewing for years, with domestic wine consumption declining by 9% since the 2016-17 fiscal year, a trend observed globally [10]. - The demand for high-quality grapes remains strong, but the majority of Australian wine grapes are produced in warmer regions, where prices are significantly lower compared to cooler regions [16]. Consumer Behavior - The Australian wine market is characterized by a dual monopoly, with a few large companies controlling many brands, making it difficult for smaller wineries to stand out [21]. - The shift in consumer preferences towards higher-end wines is evident, as sales of wines priced below AUD 15 are declining, while those above AUD 15 are performing better [11]. Conclusion - The apparent recovery in the Australian wine industry due to Chinese orders masks deeper issues, as reliance on a single market exposes vulnerabilities. The mismatch between China's high-end preferences and Australia's surplus of low-end production poses a significant challenge [24].

各位老铁，这里是帮主郑重的热点解读时间。20年财经老炮儿今天带各位看场楼市大戏——中海地产在南京上演的"六折甩房"，这可比菜市场大清仓刺激 多了。 先说现场实况。江北观江樾单价从3.6万猛砸到2.3万，江宁和山项目更是从3万+腰斩到1.7万。什么概念？相当于宝马5系当宝来卖，业主维权队伍直接把 售楼处围成了春运火车站。但魔幻的是，降价房源秒光，和山项目都快清盘了，这冰火两重天的场面，活脱脱当代楼市浮世绘。 这事儿得往深了挖。帮主摸到三条暗线：第一，南京取消二手房限售，挂牌量直接井喷，新房被二手房东的"价格战"逼到墙角；第二，江宁江北冒出一堆 容积率更低的新地块，中海这些老项目就像过季服装，不打折根本卖不动；第三，中海正在悄悄调仓，把子弹往北上广深挪，南京项目成了回血工具 人。 最扎心的是算账环节。观江樾楼面价2.1万，现价2.3万，扣除建安成本税费，利润比煎饼果子的薄脆还脆。这说明什么？房企的现金流焦虑已经病入膏 肓，连央企都开始"挥刀自宫"了。 给各位老铁划重点：1、楼市大逃杀刚开始，后面可能更多房企加入跳楼价队伍；2、南京楼市正在上演"板块生死战"，核心区还能喘口气，郊区盘可能要 集体扑街；3、刚需现在确 ...

基于浮法、光伏玻璃供给过剩矛盾尚未充分化解，我们预计公司2025-2027 年归母净利润为6.0/7.6/11.3 亿元（2025、2026 年预测前值为6.5/11.2亿元），对应市盈率25/20/13 倍，维持"增持"评级。 投资要点 风险提示：地产竣工下行超预期、光伏玻璃竞争格局恶化、新业务开拓不及预期的风险。 公司披露2024 年年报和2025 年一季报，2024 年实现营业收入156.49亿元，同比-0.2%，实现归母净利 润/扣非后归母净利润3.83/2.89 亿元，同比-78.1%/-82.6%。2025Q1 实现营业收入34.84 亿元，同 比-9.7%，实现归母净利润/扣非后归母净利润4.70/-0.03 亿元，同比+6.4%/-100.7%。 浮法玻璃、光伏玻璃盈利持续承压，2025Q1 毛利率有所改善。（1）浮法玻璃：我们测算公司2024 年 浮法原片销量同比-6%，对应单箱毛利13.4 元，同比-8.3 元，主要因地产竣工端需求下滑加剧行业供需 矛盾，2024 年年内浮法玻璃下跌至底部后低位震荡。（2）光伏玻璃：2024 年销售光伏玻璃加工片4.35 亿平，同比+124%，实现收入57 ...

Core Viewpoint - The report highlights that Q1 gross margin has improved for Qibin Group, with expectations for further supply-demand balance restoration in the future [1] Financial Performance - In 2024, Qibin Group achieved operating revenue of 15.649 billion yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 383 million yuan, down 78.1% [1] - For Q1 2025, the company reported operating revenue of 3.484 billion yuan, a year-on-year decline of 9.7%, with a net profit attributable to shareholders of 470 million yuan, an increase of 6.4% [1] Product Segments - Float glass sales are expected to decline by 6% in 2024, with a single box gross profit of 13.4 yuan, down 8.3 yuan, due to decreased demand from real estate completions [2] - The company sold 435 million square meters of photovoltaic glass in 2024, a year-on-year increase of 124%, generating revenue of 5.753 billion yuan, up 68.6% [2] - Q4 2024 and Q1 2025 gross margins were 5.5% and 12.0%, respectively, reflecting significant year-on-year declines due to lower unit gross profits in both float and photovoltaic glass [2] Cost and Expenses - The company's expense ratio for 2024 was 12.2%, an increase of 1.0 percentage points, primarily due to a rise in financial expenses by 166 million yuan [3] - In Q1 2025, the single-quarter expense ratio increased by 0.6 percentage points to 12.6%, driven by higher financial expenses [3] - Asset impairment losses in 2024 amounted to 257 million yuan, mainly due to inventory write-downs [3] Cash Flow and Capital Expenditure - Operating cash flow for 2024 was 912 million yuan, a decrease of 631 million yuan year-on-year, while Q1 2025 saw a net cash flow of 17 million yuan, an increase of 334 million yuan [4] - Capital expenditures for fixed and intangible assets in Q4 2024 and Q1 2025 were 390 million yuan and 576 million yuan, respectively, reflecting a significant slowdown in capital expenditure pace [4] Profit Forecast and Investment Rating - The company is expected to achieve net profits of 600 million yuan, 760 million yuan, and 1.13 billion yuan for 2025, 2026, and 2027, respectively, with a maintained "buy" rating [5]

作者： 首席品牌评论 来源： 首席品牌评论（ID：SX PPPL） 以下文章来源于首席品牌评论 ，作者首席品牌评论 首席品牌评论 . 热门品牌案例，专业深度评论。在这里，读懂品牌之道！ 67 年间，它历经改制、合并，从地方国企成长为安徽建筑业的龙头，手握 " 鲁班奖 " 和 " 全国 五一劳动奖状 " ，承接地标工程，跻身全国建筑业 500 强。 但荣耀背面，合肥建工却已经深陷恒大的"致命赌局"。 关于合肥建工的崩塌，"恒大"成为无法绕开的一个名字。 近日，合肥市中级人民法院的一则公告，引爆了建筑行业：安徽海螺集团旗下核心建筑企业—— 合肥建工集团有限公司 （以下简称"合肥建工"）正式进入破产重整程序。 作为建筑行业的老牌国有企业， 合肥建工曾在全国市场上风光无限。然而，面对日益严峻的债务 问题，其资金链持续紧绷，偿债压力不断加剧，最终在行业发展的艰难时期，因无法扭转资不抵 债的局面而轰然倒下。 1958 年，合肥市建工局成立，带着计划经济时代 " 集中力量办大事 " 的烙印，参与了中国城市 化进程的拓荒。 在房地产狂飙的年代，合肥建工与恒大的合作曾被视为 " 强强联合 " 。恒大需要快速扩张，建 筑企业需要 ...