8 月 25 日上午，贵州茅台（ 600519.SH ）旗下明星单品 " 茅台 1935" 官宣上新，在京东、天猫、抖音三大平台的共 5 家店铺正式开启预售，定价为 998 元 / 瓶。 茅台1935上市于2022年，建议零售价为1188元，当年销售额就突破50亿元，次年销售额破百亿，到2024年已突破120亿元。 白酒行业的百亿级大单品屈指可数，这款产品上新颇受业内关注，但实际预售情况较却不容乐观。 记者注意到，目前其在京东平台以"定金+尾款"的形式预售，截至发稿预订量仅1件；在抖音平台可全款购买，预计最晚8月30日发货，但销量仅为10 件。 原本茅台1935的官方建议零售价为1188元，作为一款千元产品，其曾一度被市场看作是五粮液的直接竞品。 但其一直存在价格倒挂现象，即市场实际售价低于官方指导价。 记者注意到，目前茅台1935在线下专卖店的价格为700元/瓶，电商平台百亿补贴后价格在600元—700元之间，市场价与建议零售价相比近腰斩。甚至 在贵州茅台官方数字平台"i茅台"app内，茅台1935还是目前唯一一款打折销售的产品，折后价为818元/瓶。 五粮液党委书记、董事长曾从钦在今年的业绩交流会上指出， ...

Core Viewpoint - Shanghai Yihao Courtyard continues to dominate the luxury real estate market, achieving significant sales figures and maintaining its position as the top-selling single project in the country [1][4]. Sales Performance - On August 23, 66 units were sold out within one hour, generating sales of 4.8 billion yuan, bringing the total sales for the year to over 22 billion yuan [1]. - Since its initial launch in August 2024, the project has had five sales events, accumulating a total sales amount of approximately 24 billion yuan [4]. - The average selling price has increased from approximately 17,000 yuan per square meter at launch to about 19,800 yuan per square meter in the latest batch, with an average total price of around 73 million yuan per unit [4]. Market Dynamics - The high demand for luxury properties in Shanghai is attributed to the price gap between new developments and existing second-hand properties, which still command higher prices [4]. - The luxury housing market is experiencing a shift in buyer focus towards core urban areas, driven by the potential for property appreciation [5]. - The overall performance of the Shanghai real estate market is influenced by the release of quality projects and the ongoing demand for improved housing options [5]. Price Trends - In July, new residential property prices in first-tier cities decreased by 1.1% year-on-year, with Shanghai being the only city to see an increase of 6.1% year-on-year [6]. - Month-on-month, first-tier cities saw a 0.2% decline in new residential property prices, with Shanghai experiencing a 0.3% increase [6].

对于豪宅项目热销的原因，有上海当地房产中介经理告诉记者，主要原因还是价格倒挂，其周边二手房的成交 价格目前还是明显超过开盘价格，只是价格倒挂程度和3年前相比已经明显降低。另外，上海热销高端住宅都 位于已经许久没有供应的上海核心地段，有购房者还是看好项目地段带来的升值可能。此外，在重点城市密集 出台"好房子"新规和市场分化加剧的背景下，楼市的购买逻辑已经发生变化，购房者更关注重点城市的核心地 段。 近日，国家统计局发布2025年7月70个大中城市商品住宅销售价格变动情况。70城中，有6个城市新房价格环比 上涨，比6月份减少8个。其中，一线城市新房价格环比下降0.2%，降幅比6月份收窄0.1个百分点，但上海新房 价格上涨0.3%。在业内人士看来，在楼市全面分化的阶段，一个城市的房价抗跌韧性和交易活跃度高低，直 接体现城市的竞争力强弱。上海豪宅市场较为坚挺的表现，代表了各类资金的流向以及对上海市场未来的乐观 预期。 中指研究院上海数据总经理张文静表示，受益于优质项目的持续入市，上半年上海新房成交均价同比上涨。各 项目认购情况呈明显分化特征，认购率高的项目拥有所处板块市场热度高、区位条件优越、产品力较强等共 性。上海 ...

同时，2025年上半年，仅有30.3%的经销商完成销售目标，七成经销商未能达标。价格倒挂持续恶化、新车毛利贡献降至-22.3%，叠加厂家返利周期长、 考核压力大，导致经销商对主机厂满意度跌至64.7分，创近14年新低。 半数经销商深陷亏损 新车毛利贡献为负 华夏时报记者温冲于建平北京报道 近日，中国汽车流通协会发布2025年上半年全国汽车经销商生存状况调查报告(下称"《报告》")。《报告》显示，2025年上半年，汽车经销商亏损比例上 升至52.6%，持平比例为17.5%，盈利比例为29.9%，"亏损面"首次突破半数，并创下近八年新高。汽车经销商的生存正面临严峻时刻。 中国汽车流通协会副秘书长郎学红表示，2025年上半年，在汽车报废更新和置换更新政策的拉动下，国内汽车消费温和回暖。但市场竞争白热化，厂家与 经销商纷纷靠降价换销量，全力争抢市场份额，结果陷入"销量涨收入不涨、收入增利润不增"的困局。 《报告》显示，2025年上半年，汽车经销商亏损比例上升至52.6%，持平比例17.5%，盈利比例29.9%。结合历史数据看，自2018年以来，经销商亏损比例 整体呈逐年上升趋势，2025年上半年的亏损比例首次突破半数 ...

Core Insights - The Shenzhen second-hand housing market showed a positive recovery trend in August, with a recorded 1,265 transactions in the 33rd week, representing a 4.0% week-on-week increase, marking three consecutive weeks of growth [1] - The transaction structure indicates a shift in buyer preferences, with popular areas being Longgang Central City, Nanshan Qianhai, and Longgang Shuangcheng, recording 49, 43, and 41 transactions respectively [3] - The market is witnessing a significant interest in second-hand homes, particularly those priced below 3 million yuan, which accounted for 29.1% of transactions, up 2.5 percentage points from July [3][4] Market Activity - Data from multiple real estate platforms indicate increased market activity, with a 47% year-on-year rise in second-hand residential contracts from August 1 to 17 [3] - The Beike Research Institute reported a 26.3% increase in second-hand home transactions in the last week, with viewings also rising by 16% [3] - The total number of effective second-hand housing listings in Shenzhen was 76,399 as of August 18, showing a slight decrease of 92 listings from the previous week, indicating a potential improvement in supply-demand dynamics [4] Buyer Preferences - There is a growing interest in "new second-hand" homes, typically 5 to 10 years old, due to their price advantages and the absence of waiting for handover [4] - The price drop in many recently launched second-hand housing projects has created a "price inversion" phenomenon, making them more attractive compared to new homes [4] - The market continues to exhibit a trend of "price for volume," but prices for new second-hand homes have shown signs of recovery, reflecting differentiated performance among various property types [4]

本文字数：1319，阅读时长大约2分钟 作者 | 第一财经 武子晔 在汽车报废更新和置换更新政策的拉动下，今年上半年国内汽车消费温和回暖。但由于市场竞争白热 化，厂家与经销商纷纷降价换销量，经销商的生存状况进一步恶化。 8月18日，中国汽车流通协会发布的调查报告显示，2025年上半年汽车经销商亏损比例上升至 52.6%，持平比例17.5%，盈利比例仅29.9%。 2025.08. 20 中国汽车流通协会副秘书长郎学红表示，行业需要特别关注汽车经销商流动性不足的问题，如果不能 解决新车销售价格"倒挂"问题，那么负现金流经营就无法得到解决。特别是传统燃油品牌经销商，价 格倒挂导致新车业务亏损严重。而对于新能源独立品牌经销商来说，他们面临的压力主要是售后产值 低，投资回收期长等。 此外，据经销商反映，厂家对基础任务目标达成的奖励缩水，付出与回报严重失衡，今年上半年经销 商对主机厂的满意度明显下降。 不久前，长三角四大协会已联合发声，敦请主机厂共同改善经销商经营困境。声明中提到，行业存在 四个较为突出的问题，包括主机厂目标制定失衡；返利体系畸形；价格体系崩坏；配套服务受创等。 中国汽车流通协会方面表示，厂家对经销商的 ...

Core Insights - The automotive dealership industry in China is facing intensified competition, leading to increased pressure on dealers to transform their business models [1][3][7] - A significant portion of dealerships are experiencing financial losses, with 52.6% reporting losses in the first half of the year and new car gross profit contribution at -22.3% [1][5][6] Market Performance - Passenger car sales reached 10.901 million units in the first half of the year, reflecting a year-on-year growth of 10.8% [3] - Only 30.3% of dealerships met their sales targets, with 29% of dealers achieving less than 70% of their goals [3][4] Dealer Satisfaction and Profitability - Overall dealer satisfaction scores dropped to 64.7, indicating a significant decline [4] - The majority of dealers (74.4%) reported varying degrees of price inversion, with 43.6% experiencing price inversions exceeding 15% [5][6] Shift in Revenue Sources - After-sales and financial services are becoming crucial for profitability, contributing 63.8% and 36.2% to gross profit, respectively, compared to new car sales [7][8] - Dealers are exploring new service offerings, such as car cleaning and maintenance, to enhance customer loyalty and revenue [8] Transition to New Energy Vehicles - Profitability among independent new energy vehicle dealers stands at 42.9%, while traditional fuel vehicle dealers show only 25.6% profitability [9][10] - The retail penetration rate of new energy vehicles reached 53.3% in June, with total retail sales of new energy vehicles at 5.468 million units, a 33.3% increase year-on-year [9][10] Strategic Partnerships and Brand Adjustments - Traditional dealerships are increasingly partnering with new energy vehicle brands, with companies like 中升集团 (Zhongsheng Group) adjusting their brand portfolios to include electric vehicle offerings [10] - New energy brands are shifting from direct sales to collaborations with top dealerships, indicating a strategic pivot in the market [10]

Core Insights - The survival status of automotive dealers in China has significantly deteriorated in the first half of 2025, with only 30.3% achieving their sales targets, and over 52.6% reporting losses [1][2][4] Group 1: Sales Performance - Only 30.3% of automotive dealers met their sales targets in the first half of 2025, with 29.0% of dealers achieving less than 70% of their targets [2] - Among different brand categories, luxury brands performed slightly better than joint venture and independent brands, with a higher percentage of dealers meeting their targets [2] Group 2: Pricing Issues - Over 74.4% of automotive dealers faced varying degrees of price inversion, with 43.6% experiencing price inversions exceeding 15% [3] - Price inversions have severely impacted dealers' cash flow, particularly for traditional fuel brand dealers, leading to significant losses in new car sales [3] Group 3: Profitability Challenges - The proportion of automotive dealers reporting losses rose to 52.6% in the first half of 2025, with only 29.9% reporting profits [4] - The gross profit contributions from new car sales, after-sales, and financial insurance were -22.3%, 63.8%, and 36.2% respectively, indicating a continued loss in new car sales [4] - Independent brand dealers in the new energy sector fared better than traditional fuel brand dealers, with 42.9% reporting profits compared to 25.6% for traditional brands [4] Group 4: Dealer Satisfaction - Overall satisfaction among automotive dealers has declined, with a score of 64.7, reflecting increased operational pressures [5] - Dealers reported dissatisfaction with new car and used car business performance due to high target expectations and insufficient support from manufacturers [5] - After-sales service satisfaction has also decreased, attributed to declining service visits and increasing parts pricing [5]

Core Insights - The overall satisfaction score of automotive dealers in China dropped significantly to 64.7 points in the first half of 2025, primarily due to multiple operational pressures [2] - Only 30% of dealers met their sales targets in the first half of the year, indicating increased survival pressure for dealers [2] - The profitability of dealers is under severe strain, with 52.6% reporting losses, while only 29.9% reported profits [2] Group 1: Dealer Performance - The proportion of dealers completing sales targets is low, with 29% of dealers achieving less than 70% of their targets [2] - Among new energy independent brand dealers, 42.9% reported profits, compared to only 25.6% of traditional fuel vehicle brand dealers [2] - The overall performance of dealers is further complicated by a significant increase in the number of dealers reporting losses [2][3] Group 2: Profitability and Revenue Sources - The gross profit contributions from new cars, after-sales, and financial insurance are -22.3%, 63.8%, and 36.2% respectively, indicating a negative contribution from new car sales [3] - New energy brand dealers show relatively better profitability in new car sales compared to traditional fuel vehicle brand dealers [3] Group 3: Pricing and Financial Pressures - 74.4% of dealers experienced price inversion, with 43.6% facing price inversions exceeding 15% [4] - The severe price inversion is consuming dealers' liquidity, particularly affecting traditional fuel brand dealers [4] - The automotive industry is facing challenges with the complexity of rebate policies from manufacturers, which need to be simplified to alleviate financial pressures on dealers [4][5]

Core Viewpoint - Samsung has postponed its plan to stop supplying DDR4 DRAM until the end of 2026, which may disrupt the current market dynamics and affect Taiwanese DRAM manufacturers like Nanya Technology and Winbond [2][3]. Group 1: Market Dynamics - The expectation of major manufacturers exiting the DDR4 market had previously driven up spot prices, with DDR4 prices even surpassing DDR5 prices, creating a significant price inversion [2][3]. - TrendForce reported that the contract price for PC DDR4 8Gb reached $3.9 in late July, a 50% increase from June, while the 8GB module price rose to $26.5, exceeding DDR5's $25.5 [3]. Group 2: Impact on Taiwanese Manufacturers - Taiwanese manufacturers were optimistic about the rising DDR4 prices, which could help improve their financial performance; however, Samsung's continued production may disrupt this trend [3]. - Nanya Technology has been supplying 8Gb DDR4 products and anticipated continued price increases, which could positively impact its gross margin [3]. Group 3: Supply Chain and Pricing Pressure - Adata noted that DDR4 inventory levels were low, and demand was recovering, leading to improved revenue in the second half of the year [4]. - Despite some customers reducing orders, the overall supply-demand balance remains tight, particularly for high-capacity DDR5 products, which has led to price increases for DDR5 memory modules [4][5]. Group 4: Transition to DDR5 - There is a psychological expectation among server customers to transition to DDR5, although the associated costs for platform upgrades and custom materials pose significant challenges [5].