央视新闻客户端消息，今年4月以来，各大外卖平台掀起了激烈的"补贴大战"，纷纷推出高额优惠券吸引 用户下单，各平台订单量一次次破了纪录。表面看，这是一个消费者得了实惠，商家也能多卖货，好像两 全其美的好事儿。然而，不少餐饮商家反映，这补贴战打起来后，钱没多赚不说，反倒让店里的日子更难 了。来看记者的调查↓↓↓ 外卖大战中，奶茶咖啡是主战场。这家位于宜昌城区核心商圈的茶饮店，主营堂食。以7月21日一笔19.4元 的饿了么订单为例，扣除商家承担活动款9.5元、技术服务费1.05元、配送服务费2.9元以及其他费用0.9元 后，实际收入仅为5.05元。据店长介绍，一杯奶茶的成本需5到6元，参与补贴后，入账的收入几乎与成本 持平。 在安徽合肥某商场内的一家甜品店，过去一个月，这家店在京东平台总计销售超过400单。 合肥甜品店 店长马龙：整个7月份我们在京东的营业额是11207元，实际营业收入只有6082元。 店长告诉记者，甜品成本加外卖打包的包装，本钱要占到45%左右，按7月份京东的订单量来算，需要5043 元，实际收益仅为1039元，如果算上店面租金和人工成本，7月份外卖订单的收入，处于亏本的状态。 参与补贴，利润却被 ...

国家统计局数据显示，今年1-6月全国餐饮收入及限额以上餐饮收入增速分别较去年同期下降3.6和2个 百分点，增长动能有所减弱。广东省餐饮服务行业协会负责人指出，当前餐饮企业正面临前所未有的挑 战：一方面，外卖平台高额补贴引发的"价格战"导致行业内卷加剧，严重挤压企业利润空间；另一方 面，食材、人力、房租等刚性成本持续攀升，企业经营压力不断增大。为此，7月31日，广东省餐饮服 务行业协会联合广东省酒类行业协会、广东省连锁经营协会、广东省商业地产投资协会、广东省粤菜产 业发展促进会、广东省潮菜文化研究会共六家协会发出联合倡议，呼吁全行业停止价格内卷、回归品质 根本，倡导堂食消费、发展线下商业，强化行业共治、通过举办活动激发美食经济活力，共同擦亮"食 在广东"的金字招牌。(南方日报) ...

Group 1 - The non-manufacturing business activity index for July is 50.1%, a decrease of 0.4 percentage points from the previous month, but still above the critical point, indicating continued expansion in the sector [9] - The comprehensive PMI output index for July is 50.2%, down 0.5 percentage points from last month, yet remains above the critical point, suggesting that overall production and business activities in China are maintaining expansion [4] - The manufacturing PMI for July has slightly decreased to 49.3%, remaining below the critical point, indicating ongoing economic downward pressure [7] Group 2 - The new orders index in the manufacturing PMI has dropped by 0.8 percentage points to 49.4%, entering the contraction zone, reflecting a potential weakening in market demand [8] - The production index stands at 50.5%, down 0.5 percentage points, while the supplier delivery time index is at 50.3%, up 0.1 percentage points, indicating mixed signals in manufacturing activity [7] - The construction activity index for July is 50.6%, a decrease of 2.2 percentage points, influenced by adverse weather conditions affecting construction activities [9] Group 3 - Analysts suggest that the decline in manufacturing PMI is primarily due to weakened external demand and a slowdown in domestic consumption growth, particularly in the real estate market [8][10] - The prices of major raw materials have shown improvement, with the purchasing price index rising to 51.5%, marking the first increase above the critical point since March [8] - The overall economic outlook indicates a need for increased macroeconomic policy adjustments to counteract the downward pressure observed in both manufacturing and non-manufacturing sectors [10][11]

Core Viewpoint - The recent draft amendment to the pricing law aims to strengthen the regulation of unfair price competition, particularly addressing the escalating issue of price internalization, and clarifying the legal responsibilities for behaviors such as low-price dumping and price fraud [1] Group 1: Regulatory Framework - The revision of the pricing law injects stronger legal power to regulate market order and is a targeted response to issues like local protectionism and administrative monopolies that hinder the formation of a unified national market [1][2] - The existing legal framework, including anti-monopoly and anti-unfair competition laws, has weaknesses in execution, particularly in local protection and administrative monopolies [1] Group 2: Key Directions for Improvement - The first key direction is to curb vicious low-price competition, where some companies engage in dumping below cost, leading to a detrimental cycle of price wars, profit shrinkage, halted R&D, and declining quality [2] - The second direction is to break local protection barriers, as some local governments create conditions that effectively block market access for non-local enterprises, undermining the efficiency of resource allocation in a unified national market [2] - The third direction focuses on combating industry monopolies, with the draft explicitly prohibiting practices that force other operators to sell below cost, signaling a shift towards competition that emphasizes efficiency and technological breakthroughs rather than zero-sum games [2] Group 3: Shift in Competitive Dynamics - With the legal framework clarifying the boundaries for market competition, companies are prompted to shift their focus from "whether to compete" to "how to compete," moving from price internalization to innovation breakthroughs [2] - The core function of the pricing law revision is to correct distortions, while the fundamental solution to internalization lies in transitioning industries from low-end competition to high-quality development [2]

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: July 22, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operational Suggestions - Market Performance: Carbonate lithium futures rose, driven by expectations of a new round of supply-side reform. Total positions increased by 17,000 to 678,000, while total trading volume decreased, indicating reduced trading enthusiasm. Spot prices followed the upward trend, with electric carbon rising by 1,350 to 68,000. Although downstream material manufacturers' acceptance of current price levels remains low, their purchasing willingness has marginally improved due to the continuous upward market trend and inventory digestion. Some enterprises' rigid purchasing needs are supporting the market price, pushing up the central price of carbonate lithium spot transactions [11]. - Import Data: In June 2025, China imported 576,000 tons of spodumene, a 4.8% decrease from the previous month. The import volume of ore remains at a relatively high level, and the fundamentals are still weak. The entire carbonate lithium industry chain faces serious problems of overcapacity and price competition [11]. - Market Outlook: The expected inflection point of carbonate lithium futures has preceded the fundamentals. It is expected that the futures price will rise, but the upward trend may be tortuous due to the drag of spot prices [11]. Group 3: Industry News - Spodumene Import: In June 2025, the total import volume of spodumene was approximately 576,000 tons, a 4.8% decrease from the previous month, equivalent to 46,000 tons of LCE. Lithium ore from Australia, Zimbabwe, and South Africa accounted for 79%. The import volume from Australia was about 256,000 tons, a 31% decrease from the previous month; from Zimbabwe, it was about 101,000 tons, a 3% increase; from South Africa, it was 98,000 tons, an 87% increase. Additionally, the import volume from Nigeria was about 79,000 tons, a 21% increase [14]. - Lithium Hydroxide Trade: In June 2025, China exported 6,260 tons of lithium hydroxide, a 12% increase from the previous month but a 56% decrease from the same period last year. Exports to South Korea and Japan accounted for 96% of the total export volume. The export volume to South Korea was 5,130 tons, a 51% increase from May but a 51% decrease from the same period last year; to Japan, it was 876 tons, a 50% decrease from May and a 74% decrease from the same period last year. In June, China imported 1,482 tons of lithium hydroxide, a significant 76% increase from the previous month [14].

Core Insights - The clothing industry is experiencing unprecedented price transparency due to intense competition among e-commerce platforms, leading to a price war that affects many retailers [2] - Offline women's clothing stores are struggling during the off-season, with many resorting to significant discounts to attract customers [3][6] Group 1: Market Conditions - The current off-season has forced retailers to offer early discounts on summer collections, with some items marked down to half price as early as late June [3] - Retailers are seeing a decline in foot traffic, with some stores reporting very few customers during peak hours [3][6] Group 2: Consumer Behavior - Customers are increasingly hesitant to shop online due to sizing issues and the disparity between online representations and actual fit [5] - There is a growing preference for the in-store shopping experience, where customers can try on clothes and assess quality firsthand [5][6] Group 3: Competitive Landscape - The proliferation of imitation designs and transparent pricing has made it difficult for retailers to maintain profit margins [6][7] - Many retailers rely heavily on repeat customers to sustain sales during the off-season, with some reporting that loyal customers account for a significant portion of their sales [6][11] Group 4: Strategies for Survival - Retailers are exploring social media and short video platforms to attract local customers and enhance visibility [7][11] - Maintaining quality and offering unique designs are seen as essential strategies for standing out in a crowded market [7][11]

Core Insights - The charging bank industry is facing a significant crisis due to safety issues, leading to product recalls and regulatory scrutiny [1][2][3] - Major brands like Romoss and Anker Innovations have been heavily impacted, with Romoss being the first to announce a halt in production [1][2][3] - The crisis has exposed underlying industry problems, including cost-cutting measures that compromise product safety [4][6][7] Industry Overview - The charging bank market has been characterized by intense price competition, resulting in a decline in product quality [6][7] - The overall market size is projected to grow slowly, with a compound annual growth rate of only 1.3% from 2023 to 2030 [9] - The market is entering a phase of consolidation, with new safety regulations expected to reshape the competitive landscape [9][11] Company-Specific Developments - Romoss, a leading brand, has faced severe backlash due to safety incidents, leading to the recall of over 490,000 units [1][2][3] - Anker Innovations also announced a recall of over 700,000 units, indicating widespread issues across the industry [2][3] - Romoss has experienced internal turmoil, including management changes and store closures, further complicating its recovery [3][4] Regulatory and Safety Concerns - The Ministry of Industry and Information Technology has called for revisions to safety standards for charging banks, indicating a shift towards stricter regulations [6][9] - The recall of over 2 million units globally highlights the severity of safety risks associated with charging banks [2][3] - The industry has seen a significant increase in product non-compliance rates, with figures rising from 19.8% to 44.4% between 2020 and 2023 [7] Future Outlook - Brands that prioritize safety and technological innovation are likely to emerge stronger from the ongoing crisis [11] - Companies are exploring new technologies, such as solid-state batteries, to address safety concerns and improve product offerings [11] - The competitive landscape will likely shift as brands like Xiaomi and Baseus capitalize on the challenges faced by Romoss and others [9][10]

Core Insights - The Chinese automotive market is experiencing a robust growth, with retail sales reaching 1.932 million units in May, a year-on-year increase of 13.3%, setting a new record for May sales [1] - The cumulative retail sales for the first five months of the year reached 8.811 million units, reflecting a 9.1% year-on-year growth, indicating a sustained upward trend in the automotive sector [1] - The industry is facing intense competition characterized by price wars, which could lead to reduced profit margins and potential compromises in product quality and consumer safety [2] Group 1: Market Performance - In May, wholesale sales of passenger vehicles reached 2.31 million units, marking a 12.8% year-on-year increase and setting a historical high for the month [1] - The implementation of policies promoting vehicle trade-ins and the resumption of offline events have contributed to the increased market activity [1] Group 2: Competitive Landscape - The automotive industry is witnessing "involution" competition, with some companies engaging in aggressive price cuts, leading to a chaotic pricing environment [2] - This price competition is not only harming profitability but also poses risks to consumer rights and product safety, as companies may resort to cost-cutting measures that affect quality [2] Group 3: Consumer Trends - There is a shift in consumer preferences from price sensitivity to value sensitivity, with a growing demand for safety, technology, and overall experience in automotive purchases [3] - A report indicates that over half of vehicle replacement users prefer mid-to-high-end models, with the B-class vehicle market share rising to over 42% [3] Group 4: Policy and Industry Response - To address the challenges of "involution" competition, regulatory bodies are revising laws related to pricing and unfair competition, while also implementing measures to support the healthy development of the supply chain [4] - Leading automotive companies are focusing on technological innovation and increasing R&D investments, particularly in battery and smart connectivity technologies, to reshape the competitive landscape [4]

Core Viewpoint - Anjiu Foods has listed on the Hong Kong Stock Exchange, becoming the first A+H dual capital platform enterprise in the frozen food industry, raising approximately HKD 2.302 billion, but faced a decline in share price on the first day of trading [1][3] Group 1: Company Overview - Anjiu Foods primarily engages in the production and sale of frozen food, including frozen prepared foods, frozen dishes, and frozen noodle products [3] - As of 2024, Anjiu Foods holds a market share of 6.6%, making it the largest frozen food company in China by revenue [3] Group 2: Financial Performance - Anjiu Foods' revenue from 2022 to 2024 was CNY 12.183 billion, CNY 14.045 billion, and CNY 15.127 billion, with growth rates of 31.39%, 15.29%, and 7.7% respectively, indicating a slowdown in growth [5] - Net profit for the same period was CNY 1.101 billion, CNY 1.478 billion, and CNY 1.485 billion, with growth rates of 61.37%, 34.24%, and 0.46% respectively [5] - In Q1 2025, revenue decreased by 4.13% year-on-year to CNY 3.6 billion, and net profit fell by 10.01% to CNY 395 million [5] Group 3: International Expansion Strategy - Anjiu Foods plans to allocate 70% of the net proceeds from its Hong Kong listing to global network and supply chain development to enhance international market presence [1][6] - Despite the focus on international expansion, overseas revenue has remained low, accounting for only 1% of total revenue from 2022 to 2024 [6][7] - The company aims to expand into Southeast Asia through local partnerships, equity investments, or acquisitions, although it currently lacks a physical presence in the region [7] Group 4: Market Challenges - The frozen food industry in China is facing challenges such as market saturation and changing consumer preferences, which have contributed to the slowdown in Anjiu Foods' growth [4][5] - Cultural differences, varying consumer habits, high market entry barriers, and complex regulations pose additional challenges for Anjiu Foods in international markets [7]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Macroeconomic situation: US economic soft data shows signs of weakening, with the labor market remaining stable overall. The Fed maintains the current policy rate but emphasizes future economic uncertainty, raising inflation expectations and lowering economic growth forecasts. There are stagflation risks, and macro - pressure persists [3]. - Fundamental situation: Nickel ore prices stay high, with most Indonesian ferronickel plants in a cost - upside - down state, and some plan to cut production. Traditional terminals remain weak, stainless - steel prices decline, suppressing steel mills' restocking. New - energy consumption performs well, and overall demand is slightly weak. Supply shows signs of narrowing, but the export window is open, keeping supply at a relatively high level [3]. - Future outlook: With the escalation of the Israel - Iran conflict and the potential rise in global crude oil prices, US inflation pressure may increase. Fundamentals may be revised, mainly driven by production - cut expectations due to low corporate profits. Consumption may remain stable, with traditional sectors weak and the new - energy sector potentially having an increase. Nickel prices may rebound slightly [3]. Summary by Relevant Catalogs 1. Market Data Summary - SHFE nickel price decreased from 119,690 yuan/ton to 118,280 yuan/ton, a drop of 1,410 yuan/ton; LME nickel price fell from 15,069 dollars/ton to 15,011 dollars/ton, a decrease of 58 dollars/ton [5]. - LME inventory increased by 7,602 tons to 205,140 tons, while SHFE inventory decreased by 681 tons to 21,669 tons [5]. - Jinchuan nickel premium increased by 100 yuan/ton to 2,650 yuan/ton, and Russian nickel premium rose by 50 yuan/ton to 550 yuan/ton [5]. - High - nickel pig iron average price decreased from 947 yuan/nickel point to 942 yuan/nickel point [5]. - Stainless - steel inventory increased from 91.7 tons to 92.6 tons, an increase of 0.9 tons [5]. 2. Market Review - **Nickel ore**: Philippine nickel ore prices rose, while Indonesian domestic nickel ore prices declined. The acceptance of high - priced ore by downstream is weak, and July pre - sales transactions are scarce [6]. - **Ferronickel**: High - nickel pig iron prices dropped. Chinese ferronickel production in May increased, and imports decreased. Indonesian ferronickel production in May increased year - on - year and decreased month - on - month. Ferronickel may face the most pressure in the industry chain, with high upstream costs and weak downstream demand [7]. - **Nickel sulfate**: Battery - grade and electroplating - grade nickel sulfate prices decreased. June production is expected to decline year - on - year and month - on - month. Ternary material production increased. Downstream inventory decreased, and upstream inventory increased. Nickel sulfate prices may continue to be weak [8]. - **Macro and fundamentals**: US economic soft data weakened, with consumption and output growth rates declining. The Fed maintains the current interest rate policy but raises inflation expectations and lowers economic growth forecasts. In terms of supply, domestic production capacity is stable in June, but smelter production schedules decline. In terms of consumption, new - energy vehicle sales in the first half of June increased year - on - year, but the growth rate in the second week weakened. Inventory shows a mixed trend, with LME inventory increasing and SHFE inventory decreasing [8][9][10]. 3. Industry News - Indonesia lowers the reference price for the second - phase nickel ore domestic trade in June by about 1.19% compared to the first - phase [14]. - Indonesia plans to punish a nickel park suspected of violating environmental regulations, which may affect some major nickel suppliers [14]. - Toyota Tsusho and LG Energy Solution plan to establish a joint venture for automotive battery recycling in North America, aiming to recycle valuable metals from battery waste [14]. 4. Relevant Charts The report provides charts on domestic and international nickel prices, spot premiums, LME 0 - 3 nickel premiums, nickel domestic - to - foreign ratios, nickel futures inventory, nickel ore port inventory, high - nickel iron prices, 300 - series stainless - steel prices, and stainless - steel inventory [16][18].