Group 1 - The core viewpoint of the article highlights the decline in futures prices for synthetic rubber on the Shanghai Futures Exchange, alongside a drop in Japanese rubber futures, driven by slowing automobile sales and uncertainties surrounding U.S. trade policies [1] Group 2 - The synthetic rubber futures on the Shanghai Futures Exchange are leading the decline in the futures market [1] - Japanese rubber futures are also experiencing a downturn [1] - The future direction of the rubber market is uncertain due to the combination of slowing automobile sales and the impact of U.S. trade policy uncertainties [1]

标志性的乳白玻璃茅形瓶是飞天茅台的"身份象征"，瓶身线条流畅优雅，乳白玻璃的质感温润如玉，既 展现了东方美学的含蓄之美，又能很好地避光保护酒体。整体设计简约而不简单，绿色而经典，将东方 礼制的庄重与现代审美的简约完美融合，无论是作为日常品饮的佳酿，还是高端商务馈赠的礼品，亦或 是重要庆典仪式的见证者，都能尽显格调与诚意。 多场景满足需求，便捷配送开启无忧购酒体验 贵州茅台推出1升装产品的目的，正是在于推动整个行业从单纯的"销售酒品"向"销售生活方式"的转 变。1升装产品的设计初衷是为了更好地满足消费者在实际饮用场景中的需求，其容量较大，特别适合 家庭聚会、商务宴请等场合，精准覆盖了消费者在不同场景下的购酒需求。 这样的转变不仅有助于提升消费者的饮用体验，还能促进市场的健康发展，避免过度炒作带来的市场波 动。 近日，飞天53%vol1L贵州茅台（600519）酒正式在i茅台APP"畅享?云购"商城以3799元价格重磅上架， 每日09:00-10:00限时开启购买通道。这款承载着茅台酿酒文化与卓越品质的酱香佳酿，以官方正品保 障、升级包装设计、多元场景适配及便捷配送服务，全方位满足消费者的购酒需求，为广大酒友带来 ...

Core Viewpoint - The company has signed a sales agreement with Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities to enhance investor services by allowing these institutions to sell certain funds starting from July 7, 2025 [1][5]. Group 1: Fund Sales Information - The agreement allows Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities to sell specific funds managed by the company, with details on business processes and handling times to be determined by the sales institutions [1]. - The announcement includes a list of applicable funds and their business opening status, indicating whether they support regular investment, conversion, and fee rate discounts for purchases through these sales institutions [1]. Group 2: Sales Institution Details - Shenwan Hongyuan Securities is located at 989 Chang Le Road, Shanghai, with contact details provided for customer service [2]. - Shenwan Hongyuan West Securities is based in Urumqi, Xinjiang, with similar contact information for investor inquiries [2]. Group 3: Business Operations - The purchase and redemption processes are applicable only during normal subscription periods and specific open days, with special rules for closed periods detailed in the relevant legal documents [3]. - Regular investment allows investors to set up automatic deductions for fund purchases, with specific rules and procedures to be followed as per the sales institutions [3]. - If conversion services are available, investors must ensure that the funds are in a redeemable state and follow the sales institutions' guidelines for submitting applications [3]. - Discounts on purchase fees may be available for certain funds, with specific rules determined by the sales institutions [3]. - Any future adjustments to investment thresholds or limits will be governed by the latest regulations from the sales institutions [3]. Group 4: Investor Consultation - Investors can contact the company or the sales institutions for further details through provided customer service numbers and websites [4].

证券研究报告 | 行业定期报告 2025 年 07 月 06 日 1-6 月累计拿地均价同比增幅较 1-5 月扩大 ——样本城市周度高频数据全追踪 总量研究/房地产 一、核心要点 图 1：样本城市新房及二手房网签面积同比（截至 7 月 3 日） 资料来源：Wind、房管局、招商证券等 表 1：样本城市新房及二手房网签面积同比（截至 7 月 3 日） | 新房（7 | 月 | 1 日-7 月 | 3 日） | 二手房（7 | 月 | 1 日-7 月 | 3 日） | | --- | --- | --- | --- | --- | --- | --- | --- | | 城市能级 | 同比 | | 较 6 月 | 城市能级 | 同比 | | 较 6 月 | | 样本城市 | -34% | -扩大 | -21 PCT | 样本城市 | -9% | -扩大 | -5 PCT | | 城） （39 | | | | 城） （16 | | | | | 一线城市 | -41% | -扩大 | -40 PCT | 一线城市 | -11% | 转负 | -17 PCT | | （4 城） | | | | （2 城） | | | ...

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Core Viewpoint - The article discusses the increasing push for "existing house sales" in China's real estate market, highlighting the challenges and complexities involved in implementing such policies effectively [2][12]. Group 1: Current Policies and Trends - Hubei Jingmen has announced a policy to promote existing house sales starting in 2026, reflecting a growing recognition of the issues surrounding pre-sale housing [2]. - Over 30 provinces and cities in China have introduced policies related to existing house sales, with notable examples including Hainan and Xiong'an New Area [5][6]. - However, the actual implementation of these policies remains limited, with many being labeled as "pilot" programs or only applicable to "certain projects" [6][11]. Group 2: Challenges in Implementation - The term "principle" in policy discussions raises questions about flexibility and exceptions for developers, indicating potential difficulties in enforcing existing house sales [7]. - Developers face significant financial burdens as they must complete construction before selling, which is challenging in a sluggish real estate market [8][10]. - The cash flow issues for developers are exacerbated by the slow return on investment from existing house sales compared to pre-sales, which allow for immediate cash collection [10][11]. Group 3: Future Outlook - The article suggests that a comprehensive shift to existing house sales is unlikely in the short term due to the complex relationships between developers, banks, and local governments [12][13]. - It emphasizes the need for a change in the overall financing model in the real estate sector to support the transition to existing house sales [13]. - The sentiment is that while the push for existing house sales is gaining traction, it may take a long time before it becomes a widespread reality [16].

Core Insights - The Chinese food delivery industry experienced a historic surge in orders, with Meituan surpassing 120 million orders in a single day, driven by a subsidy war between Meituan and Alibaba [1][2] - The competition is characterized by significant promotional activities, including large discount coupons, which have stimulated consumer demand and led to temporary service disruptions on Meituan's platform [1][2] - Goldman Sachs predicts that the ongoing price war will reshape the industry landscape, with substantial investments expected to continue until at least September 2025, ultimately benefiting the market in the long term [3] Company Developments - Meituan reported over 100 million food delivery orders on July 5, accounting for more than 80% of total orders, indicating a strong market presence [1] - Alibaba's Taobao Shanguo launched a 500 billion yuan subsidy plan aimed at boosting consumer and merchant engagement, resulting in significant order volume increases for restaurants and small businesses [2] - JD.com has also seen growth in its food delivery service, with daily orders exceeding 25 million since its launch, covering 350 cities and over 1.5 million restaurants [2] Market Trends - The competition among Meituan, Alibaba, and JD.com is expected to evolve, with potential scenarios ranging from Meituan maintaining its leadership to a duopoly or fragmented market [2][3] - The current price war aims to capture user traffic through frequent delivery services, which may enhance profitability in e-commerce and travel sectors in the medium term [3] - Goldman Sachs estimates that the food delivery market could reach 2.4 trillion yuan and the instant retail market could reach 1.5 trillion yuan by 2030, driven by improved supply chains and new business models [3]

Industry Overview - Ice cream is a frozen food made primarily from drinking water, milk, cream, sugar, and food additives, produced through various processes [1][6] - The domestic ice cream industry in China is experiencing rapid growth, with market size projected to increase from 83.9 billion yuan in 2015 to 183.5 billion yuan in 2024, and expected to exceed 200 billion yuan by 2027 [1][6][8] Market Dynamics - The average per capita ice cream consumption in China is 2.9 kg, which is higher than the Asia-Pacific average of 2.1 kg but still below the global average of 4.5 kg, indicating significant growth potential for the market [8] - Consumer acceptance of ice cream prices generally falls between 3 to 10 yuan, with 70.9% of consumers preferring this price range, while higher-priced ice creams face lower acceptance [10] Consumer Preferences - In 2025, 64.29% of consumers expressed interest in fruit and herb flavors, while 47.61% preferred nut and spice flavors, indicating a trend towards innovative flavor combinations [12] - Health-conscious trends are driving demand for low-sugar, low-fat, and additive-free ice cream products, with functional ice creams like probiotic and collagen varieties gaining popularity [20] Competitive Landscape - Leading companies in the Chinese ice cream market include Yili, Unilever (Wall's), Mengniu, and Nestlé, with market shares of 19%, 15%, 9%, and 8% respectively [14] - New brands and traditional companies are entering the market, intensifying competition [14] Development Trends - The ice cream industry is witnessing a diversification of flavors and forms, with companies innovating to meet changing consumer preferences [21] - The expansion of online sales channels, driven by e-commerce and cold chain logistics, is providing broader market access for ice cream products [23]

Core Viewpoint - Qiyunshan Food is preparing for an IPO, heavily reliant on its main product, South Jujube Cake, which contributed 2.94 billion RMB in revenue for 2024, accounting for 86.7% of total revenue [1][3]. Revenue and Product Performance - The South Jujube Cake has dominated the company's revenue, contributing 88.7%, 84.7%, and 86.7% of total revenue from 2022 to 2024 respectively [1][3]. - Other products, including South Jujube Granules, South Jujube Jelly, South Jujube Soft Candy, and South Jujube Frozen, are also based on South Jujube but have significantly lower revenue contributions [2]. - Revenue from South Jujube Granules increased from 10.44 million RMB in 2022 to 31.26 million RMB in 2024, but its share remains small at 9.2% [3]. Production Capacity and Strategy - The company strategically reduced production capacity for other products from 1,100 tons to 677 tons while increasing South Jujube Cake production capacity to 9,224 tons to meet rising market demand [4]. - The focus on a single product may enhance short-term efficiency but could limit long-term market adaptability due to a lack of product diversification [4][6]. Marketing and Sales Channels - Qiyunshan Food has a high marketing expenditure, with sales and marketing costs reaching 75.84 million RMB in 2024, accounting for 23.11% of revenue [10]. - The company relies heavily on offline sales channels, with 89.3% of revenue generated through 230 distributors, of which 199 are offline [7][9]. - Online sales have been declining, with online direct sales contributing only 10.4% of total revenue in 2024, down from 12.7% in 2022 [9][10]. Customer Concentration - In 2024, a single customer contributed 22.9% of total revenue, indicating a growing reliance on a few key clients [12][13]. - The share of revenue from the top five customers has increased from 26.4% to 38.7% over the past three years, raising concerns about customer concentration risk [13]. Industry Trends - The snack industry is witnessing a shift towards volume-based sales channels, which has become a new growth driver for companies [14]. - However, this model may pressure brand owners on cost management and supply chain efficiency due to lower profit margins associated with volume sales [15]. Supply Chain Risks - Qiyunshan Food faces supply chain risks as it relies on local farmers for raw materials without formal contracts, making it vulnerable to supply shortages and price fluctuations [16].

Core Viewpoint - Vietnam's retail sales growth rate for June is reported at 8.3%, a decrease from the previous value of 10.20% [1] Group 1 - The retail sales growth rate indicates a slowdown in consumer spending in Vietnam [1] - The previous year's growth rate was significantly higher at 10.20%, suggesting a decline in retail performance [1]