Group 1 - The core sentiment among high-end home buyers is one of anxiety and urgency, as evidenced by the experience of a buyer who successfully purchased a property after multiple attempts due to high demand and quick sell-outs [1] - In the first half of the year, the transaction volume of high-end residential properties (priced over 10 million yuan) in 30 key cities increased by 18.76% year-on-year, with 32 properties sold for over 100 million yuan [1] - Shanghai led the market with 1,096 new homes sold for over 30 million yuan, accounting for 59.4% of the total in the 30 cities, while Beijing followed with 214 units sold [1] Group 2 - The trend indicates that higher-priced properties are experiencing faster sales growth, with new homes priced between 50 million and 100 million yuan seeing a year-on-year increase of 54.31% [2] - The high-end residential market is characterized by rising prices, with some new projects in Shanghai exceeding 26,000 yuan per square meter, and one project recording a peak price of 30.27 million yuan per square meter [2] - The outlook for the high-end residential market remains positive for the second half of the year, although performance will vary significantly among different projects based on location and product quality [2]

海南海药（000566）公告，全资子公司海口市制药厂有限公司近日获得国家药品监督管理局核准签发的 化学药品"利奈唑胺片"的《药品注册证书》。该药品用于治疗由特定微生物敏感株引起的院内获得性肺 炎、社区获得性肺炎等感染。利奈唑胺是细菌蛋白质合成抑制剂，具有独特优势，可抑制核糖体50S亚 基的mRNA基因核苷酸与核糖体的结合，组织细菌形成70S核糖体复合物。该产品的获批将丰富公司产 品线，提升市场竞争力，切入高端抗生素市场，增强公司在抗生素领域的品牌影响力。 ...

宏观研究 宏观月度数据点评 CPI 同比转正，PPI 降幅扩大 —— 6 月通胀数据点评 相关研究： 1. 《CPI同比由正转负，PPI同 环比负增长》 2024.03.12 2. 《核心CPI有所回暖，PPI继 续承压》 2025.04.14 3. 《CPI、PPI同比双降》 2025.06.09 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 证券研究报告 2025 年 7 月 9 日 湘财证券研究所 ❑ 事件 根据 Wind 数据显示，6 月我国 CPI 同比增长 0.1%；PPI 同比下降 3.6%。 ❑ CPI 同比转正 根据 Wind 数据，6 月 CPI 食品项同比增速录得-0.3%，较前值上涨 0.1 个 百分点；CPI 非食品项同比增速录得 0.1，较前值上涨 0.1 个百分点。剔除 食品和能源的核心 CPI 同比增速为 0.7%，同样较前值上涨 0.1 个百分点。 总体来看，6 月消费物价水平正在温和回升，CPI 由降转涨主要受工业消 ...

Core Viewpoint - The event "Enjoying Self-creation" 2025 Star Enjoy User Night showcased the launch of a new car logo by Huawei and BAIC Group, emphasizing the brand's commitment to user engagement and high-quality manufacturing [1][9]. Group 1: New Logo and Design - The new logo features a hexagonal design that continues the family lineage of Harmony Intelligent Driving, incorporating a silver ratio and G3 curvature to enhance visual rhythm [3]. - The logo's dual-layer design symbolizes a romantic connection with users, with the upper layer representing star-like radiance and the lower layer showcasing intricate micro-level electroforming craftsmanship [3]. Group 2: Sales Performance - In June, the Enjoy S9 model achieved impressive sales, delivering 4,154 units in a single month, securing the top position in the sales of new energy sedans above 300,000 units [5]. Group 3: Super Factory Experience - The Enjoy Super Factory in Beijing has become a popular destination for users, allowing them to witness the production process firsthand, which enhances trust in the brand [5]. - The factory integrates digital flexible production lines, AI quality inspection, and ADS intelligent driving calibration, showcasing advanced manufacturing capabilities [5]. Group 4: User-Centric Approach - The factory emphasizes transparency in manufacturing processes, fostering a strong connection with users by openly sharing how and for whom the cars are made [7]. - User-selected configurations are quickly translated into precise production instructions, ensuring that each vehicle meets individual preferences [5]. Group 5: Future Product Launch - A new travel vehicle from Enjoy is set to launch in the fall, further expanding the product lineup and demonstrating the brand's dedication to understanding user needs [9]. - The brand's journey towards high-end manufacturing is rooted in deep insights into user demands and a relentless pursuit of product quality [9].

Group 1 - In June, Xiangjie S9 delivered 4,154 units, maintaining its position as the top-selling electric sedan in China with over 300,000 units sold [1] - The success of Xiangjie in the high-end sedan market, a segment that has been challenging for Chinese brands for over two decades, is attributed to its deep connection with users [1] - The "Yuexiang Zicheng" 2025 Xiangjie User Star Enjoy Night event highlighted the brand's commitment to user engagement, showcasing user-driven initiatives and a user-centric approach [1] Group 2 - The Xiangjie Super Factory features advanced manufacturing technologies, including digital flexible production lines, AI quality inspection, and an ADS intelligent driving calibration center, representing a pinnacle of domestic smart manufacturing [2] - The factory emphasizes transparency in the manufacturing process, allowing users to see how their vehicles are made, which enhances trust and connection between the brand and its customers [2] - A new travel vehicle from Xiangjie is set to launch in the fall, indicating the brand's ongoing commitment to expanding its product lineup based on user needs [2]

Investment Rating - The report assigns a "Buy" rating for Zhujiang Beer [7] Core Viewpoints - The report highlights the growth potential of Zhujiang Beer, particularly with the rapid expansion of its 97 Pure Draft product since its launch in 2019, which has seen a compound annual growth rate (CAGR) of 99% from 2.79 million tons in 2019 to 22.07 million tons in 2022 [7][17] - Despite concerns about the slowdown in the premium beer segment, regional beers, particularly in the 8-10 yuan price range, continue to show strong growth, with Zhujiang Beer positioned favorably in the Guangdong market [15][17] - The report anticipates that Zhujiang Beer will achieve earnings per share (EPS) of 0.45, 0.56, and 0.67 yuan for the years 2025, 2026, and 2027 respectively, with a projected EPS compound annual growth rate (CAGR) of 22% from 2025 to 2027 [7][8] Company Overview - Zhujiang Beer, established in 1985, is a major state-owned enterprise in the beer brewing and cultural industry, with a brand value of 18.8 billion yuan [19][22] - The company has a strong market presence in Guangdong, which is the second-largest beer-producing province in China, with a beer production of 4.54 million tons in 2023 [16][19] Industry Review - The report notes that regional beers have outperformed leading brands since 2021, with Zhujiang Beer, Yanjing Beer, and Chongqing Beer showing CAGRs of 4.8%, 4.3%, and 3.7% respectively, while leading brands like China Resources Beer and Tsingtao Brewery have seen CAGRs of only 0.4% and 0.5% [15][41] - The overall beer industry faced challenges in 2024, with a reported decline in production of 8.42% from March to December [41][47] Investment Highlights - Zhujiang Beer is expected to benefit from its strong positioning in the Guangdong market, where the economic environment and consumer demographics favor beer consumption [16][75] - The company is actively expanding its product line with the introduction of the 980ml Zhujiang Original Draft, which emphasizes cultural branding and competitive pricing [18][75]

2023年4月，集团旗下投资平台珠海科创投参与申科谱工业Pre-A轮融资，有力支持其核心高端装备销量 跻身全球前三，成功实现关键设备国产化"零的突破"，填补多项国内技术空白。公司产品通过双欧标质 量认证体系，生产销售各类型设备超5000台，近4年营收增长率超过80%。 技术人员在检测机器。受访者供图 从Pre-A轮至今，申科谱高端装备领域实现关键技术上的跨越式发展，其产品成功打入全球顶尖供应 链，是"珠海创新"走向世界的样本。 南都讯 记者李洁琼 近日，珠海市申科谱工业科技有限公司宣布完成超亿元B+轮融资，珠海科技集团旗 下投资平台珠海科创投再次追加投资，与锦富资本、珠海高新金投、云启资本、空港创投、昊君资本等 机构共同支持企业发展迈入新阶段。本轮融资将主要用于核心技术的迭代升级、市场拓展、国际化战略 布局及绿色可持续发展，进一步巩固申科谱在全球高端装备领域的领先地位。 申科谱车间。受访者供图 申科谱成立于2020年7月，是一家以"创新、跨界、国际化、可持续发展"为驱动力的高端标准工业设备 设计与制造国际化企业。公司总部位于珠海斗门区新青科技工业园，目前已建立起覆盖全球的研产销网 络。凭借强大的自主研发实力， ...

Core Viewpoint - Yanjing Beer has reported impressive half-year performance, with net profit expected to reach between 1.062 billion to 1.137 billion yuan, marking a year-on-year increase of 40%-50% [2][3] Financial Performance - In 2024, Yanjing Beer achieved revenue of 14.667 billion yuan, a year-on-year growth of 3.20%, and net profit of 1.056 billion yuan, up 63.74% [3] - The company has maintained a net profit growth rate exceeding 40% for three consecutive years, with previous years showing net profit increases of 54.51% in 2022 and 83.02% in 2023 [3] Strategic Transformation - Under the leadership of Chairman Geng Chao, Yanjing Beer initiated significant reforms to overcome stagnation, including management restructuring and focusing on core products [3][4] - The introduction of the Yanjing U8 product line has been pivotal, with sales reaching 696,000 kiloliters in 2024, a 31.40% increase year-on-year, contributing to 67% of beer business revenue [4][6] Market Positioning - Yanjing U8 is strategically priced between 8-10 yuan, effectively targeting the dining channel, which accounts for half of the beer market share [7] - The product's pricing strategy allows restaurants to achieve a profit margin of 4-5 yuan per bottle, aligning with consumer expectations for group dining [7] Industry Trends - The high-end beer market has faced challenges, with companies like Budweiser Asia experiencing significant declines in sales and revenue [6] - As the high-end growth stalls, the 8-10 yuan price range has emerged as a key growth area, with Yanjing Beer benefiting from structural market adjustments [6][8] Diversification Efforts - Yanjing Beer is exploring non-beer categories, including bottled water and beverages, to reduce reliance on a single product line [9][10] - The company launched the Best Soda in March, aiming to leverage synergies between beer and beverage production and distribution [9][10] Future Considerations - Analysts suggest that while diversification is beneficial, Yanjing Beer should maintain a focus on beer innovation to ensure sustainable growth [11]

7月8日晚，2025享界用户星享之夜在北京举办。北汽集团党委书记、董事长张建勇和华为常务董事、终端BG董事长余承东共同发布了享界星型车标"寰 宇之星"，该车标意在为享界品牌增添更鲜明视觉标识的同时，进一步提升享界品牌的豪华高端定位。 活动现场，张建勇首先介绍了享界S9在6月份再创佳绩——交付4154辆，持续稳坐30万以上新能源轿车销量榜首。他表示，是用户的信任为享界注入了 灵魂，用选择让中式豪华车梦照进了现实。 张建勇表示，北汽"ALL IN享界"是承诺更是自我鞭策。依托华为在智能化与生态领域的深度赋能及北汽高端制造底蕴，双方合力让享界具备了"智"胜 未来的底气。"从学习豪华到创新定义豪华，这是北汽高端制造能力的自我革命。享界的研发投入与品质标准——只做加法，永不妥协！"他坚信，享界必将 成为中国高端智能汽车的"技术灯塔"。 自享界S9上市以来，车标就成了用户讨论的高频词，社交平台上甚至掀起过"换标总动员"，大家直言"想有个更合心意的Logo"。作为本次用户之夜的重 要内容，呼声已久的享界汽车新车标正式发布。 新标以鸿蒙智行家族标志性六边形外轮廓为框架，通过白银比例与 G3 曲率重构视觉节奏，让硬朗轮廓多了份 ...

（一）新一代信息技术。面向新一代显示、通信、芯片等信息领域，聚焦未来先进信息化芯片研发、高 精度时间频率服务、新型显示产品测评等方向计量测试需求，开展计量关键技术攻关。加强新一代信息 通信技术计量评价平台建设，开展新型显示产品关键性能测试等关键技术研究，研制一批国内先进的信 息领域计量基标准，提升信息技术领域计量测试能力和水平，形成典型领域应用示范。 （二）人工智能。面向集群智能感知、人工智能传感、人工智能大模型、智能制造等新型技术，开展人 工智能算法计量测试关键技术研究及体系建立、自主无人系统关键性能与系统计量等研究，建设跨领域 的人工智能计量测试平台，提升人工智能算法性能评估、模型与平台安全性测试评估、新型智能装备测 试评价等方面的计量能力水平，推动建立人工智能风险等级测试评估体系，完善人工智能产业计量测试 基础保障体系。 市场监管总局、工业和信息化部印发《计量支撑产业新质生产力发展行动方案（2025—2030年）》。其 中提到，面向集群智能感知、人工智能传感、人工智能大模型、智能制造等新型技术，开展人工智能算 法计量测试关键技术研究及体系建立、自主无人系统关键性能与系统计量等研究，建设跨领域的人工智 能 ...