与前两年相同，天环广场Apple Store依旧采用了人流管控措施，每次只放5人进店，同时进店后还需要等店内工作人员接待，整体效率非常高，如果不在店 里逗留的话，平均三到五分钟就能拿到新iPhone。 比较可惜的是，小雷并没有提前抢到 iPhone 17 系列的首发取货资格，因此只能在队伍外观察情况，不过由于今年第一轮排队的人数不多，门外的黄牛来得 也比往年更晚。 2025年9月19日，iPhone 17系列正式开售的第一天，和往常一样，雷科技提前半小时抵达了广州天环广场的Apple Store门店。 （图片来源：雷科技摄制） 不过与预想中不一样的是，往年七点半左右就会有不少果粉排起长队，里三层外三层地把Apple Store围得水泄不通。而今年同一时间，排队人数起码比去年 少了 50%—— 难道今年的 iPhone 17 系列，真的没有往日的影响力了？ iPhone 17没有溢价，成黄牛的噩梦？ 小雷简单观察了一下，8：00-8:15这个时间段的大部分用户都是选择取完机器后立马离开现场，完全没有在意路边的黄牛。当然也有小部分用户一出门就开 始寻找黄牛，试图给自己赚点外快。 2 14 C e 34 0 Tal ...

Core Viewpoint - The launch of a limited edition commemorative liquor by Kweichow Moutai has sparked significant market interest, particularly among resellers, despite a generally sluggish white liquor market this year [2][10]. Group 1: Product Launch and Sales - Kweichow Moutai's iMoutai APP released a commemorative liquor priced at 7,000 yuan, with a limited quantity of 25,568 bottles, each uniquely coded [2][4]. - The product is designed to commemorate the 70th anniversary of the "Five-Star" trademark, with each bottle's code potentially corresponding to personal significant dates, enhancing its collectible value [2][4]. - The product sold out rapidly, with smaller coded bottles selling out within one minute, indicating high demand [4][10]. Group 2: Market Dynamics and Resale - Initial resale prices on secondary platforms reached a premium of 800 yuan above the original price shortly after launch, but many sellers began to lower their price expectations within hours [10][12]. - By noon on the launch day, some sellers were willing to sell at prices only 500 yuan above the original price, and some resellers started buying at prices below the original 7,000 yuan [10][12]. Group 3: Financial Impact - If all 25,568 bottles are sold, the total revenue generated could reach 1.8 billion yuan, although this represents a small contribution to Kweichow Moutai's overall revenue, which was 174.144 billion yuan last year [12][13]. - The current market conditions for Moutai products, including fluctuating prices for the flagship Flying Moutai, suggest that the commemorative liquor may be one of the few products with investment potential and price appreciation in the current market [15][16].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The market heat has objectively increased, primarily driven by improved supply quality. In the first two months of 2025, the total land transaction price reached 257 billion, a year-on-year increase of 29.6%, while the average land transaction price was 9,751 million, up 32.2% year-on-year [10][11] - The trend of "high premium" is expected to continue in the short term, with a consensus forming around "high-speed products." The average premium rates for first-tier and second-tier cities have increased, reflecting a recovery in land market heat [11][12] - Companies with operational leverage and turnover advantages are highlighted as key players. Leading companies in equity investment include China Resources Land, China Jinmao, and Greentown China, with investment intensity exceeding 100% for several firms [12][14] Summary by Sections 1. Market Overview - In the first two months of 2025, land transaction volume in 300 cities decreased by 1.9% year-on-year, while the total land transaction price increased significantly, indicating a shift towards higher quality land supply [10][11] 2. New and Second-hand Housing Market - The new housing market saw a transaction area of 236 million square meters, with a month-on-month decline of 11.98% [4][29] - The second-hand housing market experienced a transaction area of 235 million square meters, with a year-on-year increase of 47.40%, although it also saw a month-on-month decline [4][29] 3. Investment Recommendations - The report suggests focusing on non-state-owned enterprises benefiting from debt relief and policy support, as well as leading companies with product advantages and regional firms with improving market shares [14]