从光伏到汽车，从电池到餐饮，现阶段很多行业都在进行残酷的价格战，一些行业简直是杀疯了，价格低到了严重不合理的地步。 《华为基本法》里是这样讲自己的经营模式的： 抓住机遇，靠研究开发的高投入获得产品技术和性能价格比的领先优势，通过大规模的席卷式的市场营销，在最短的时间里形成正反馈的良性循 环，充分获取"机会窗"的超额利润。不断优化成熟产品，驾驭市场上的价格竞争，扩大和巩固在战略市场上的主导地位。我们将按照这一经营模 式的要求建立我们的组织结构和人才队伍，不断提高公司的整体运作能力。 比如一盘炒草鸡的合理价格应该是在一二百元，但价格要是低到了四五十元就是不合理的，质量难免让人担心。毕竟一只小草鸡18元左右/斤，四五斤的鸡 怎么可能卖那么便宜呢。 比如外卖，一杯奶茶1分钱的话，怎么赚钱？ 比如新能源汽车，一台车成本就要20多万，价格却只有十来万，有的品牌甚至堪称"卖一辆赔一辆"，这样的做法都违背商业规律的。 市场是客观，但充满了不确定性，因为人经常是非理性的。 那么，老板们要如何应对这种局面呢？ 竞争残酷，价格战惨烈，咋办？让任正非告诉你：如何驾驭价格竞争 华为公司在创业早期就面临国内外同行的竞争，这就需要有好的经 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 本文经授权转自《晚点AUTO》；作者 ：司雯雯 李梓楠，编辑： 宋玮 。 "你有点天真"，8 月 11 日，距离 17 家车企集中高调宣布将零部件账期缩短至 60 天的宣言正好 60 天后，一位供应商对晚点说。 我们询问了近 10 家不同规模的供应商，车企确实调整了账期，但 60 天后大部分供应商看到的是 汇票或者单据，不是现金。60 天账期的要求目前并未限定付款方式，车企有足够的逃避空间。 一位投资者说，车企对年营收 4 亿元的中小零部件公司的账期将会逐渐缩减至 60 天，不打折 扣，"现在做不到的车企也在想办法，小企业账期是红线。" 一位比亚迪供应商说，比亚迪汽车正 在将中小微供应商账期缩短为 60 天现金支付。 至于积压着更多应收账款的大型供应商，账期并没有明显改善。一家市值近千亿的供应商高管说， 他们不指望车企改善 ...

Core Viewpoint - The article discusses the recent changes in the leadership of the intelligent driving team at Li Auto, highlighting the departure of key personnel and the implications for the company's future in the competitive automotive industry [4][5]. Group 1: Leadership Changes - Wang Jiajia, the head of mass production for Li Auto's intelligent driving team, has submitted his resignation, marking the third significant departure from the team this year [4]. - Wang Jiajia previously worked at Bosch China for nearly eight years before joining Li Auto in May 2021, where he played a crucial role in the development of intelligent driving technologies [5]. - The intelligent driving team at Li Auto has undergone significant restructuring, with previous leaders like Xia Zhongpu and Jia Peng also leaving the company this year [4][5]. Group 2: Industry Context - The intelligent driving sector is experiencing a convergence of technology routes, driven by a price war in the automotive industry, leading to a more standardized approach among competitors [6]. - As the cost of advanced technologies does not yield proportional returns, companies are increasingly looking to reuse resources to reduce costs [6]. - The departure of key personnel, including Wang Jiajia, reflects broader industry trends and personal choices influenced by the changing landscape of the intelligent driving market [6].

以下文章来源于晚点Auto ，作者晚点团队 一场自上而下的失败 。 文 丨 魏冰 郭瑞婵 编辑 丨 龚方毅 从爆发到崩塌，哪吒汽车的兴衰不过三年。 2022 年，它是造车新势力中销量最高的一家；2023 年，又成为当年唯一销量下滑的造车新势力； 2024 年，接连裁员、缩编；再到 2025 年，停工、停产，留下数百起未解的欠薪纠纷。 哪吒汽车的失败几乎是中国电动车创业浪潮中最典型的一种：在行业上行期迅速做大，竞争加剧后， 产品短板与组织问题暴露，失速并迅速倒下。 2025 年 6 月中旬，我们来到哪吒汽车在上海闵行区的最后一处办公地。物业出示的告示显示其于 6 月 12 日搬离，我们没有在这处哪吒汽车半个月前才新搬入的办公室见到相关人员。 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 2022 年，凭借低价和尚可的产品力，哪吒汽车在 10 万元以下市场迅速走红，旗下小型 SUV 哪吒 V 成为爆款，公司一度登顶新势力年销量榜首。 这是一次顺势而为的战术胜利。哪吒汽车用 "大车打小车" 的策略切入低端市场，8 万元的小型 SUV 对位的是一众微型车，性价比优势明显。同时 ...

近日，知名火锅品牌"朱光玉火锅馆"被曝长沙所有门店暂停营业。这家火锅店被誉为"重庆火锅排队王""火锅界的万花筒"，目前已在全国开 出200多家门店，系现象级网红品牌。 01 总部已接管涉事门店 据蓝鲸新闻报道，"朱光玉火锅馆"长沙门店集体闭店一事引发网友讨论，有评论称"老板已跑路"，还有网友表示在涉事门店充值了储蓄卡。 点评平台显示， "朱光玉火锅"在长沙共有5家门店，目前均显示暂停营业/尚未开业。 目前前述门店的联系电话均已无法拨通。记者从朱光玉品牌方了解到，目前湖南片区（除郴州外）的门店均暂停营业，受代理影响目前由公 司接管，重新开业时间以官方通知为准。长沙门店暂时停业不影响其他地区门店的运营。涉事代理在公司留有保证金，公司可以为充卡会员 有序处理退款。 另外，据潇湘晨报报道，8月20日中午，记者来到德思勤城市广场，一楼服务台工作人员告诉记者，朱光玉火锅位于商场L4，但只有围挡并 未开业过，记者询问围挡是什么时候立起来的，工作人员表示不知情。 2022-2024年，朱光玉扩张迅速，目前已在全国31个省份开出超200家门店，其中二 三线城市分布占比近50%。今年5月，朱光玉海外首 店正式登陆吉隆坡。 朱光玉 ...

一场自上而下的失败 。 文 丨 魏冰 郭瑞婵 编辑 丨 龚方毅 从爆发到崩塌，哪吒汽车的兴衰不过三年。 2022 年，它是造车新势力中销量最高的一家；2023 年，又成为当年唯一销量下滑的造车新势力； 2024 年，接连裁员、缩编；再到 2025 年，停工、停产，留下数百起未解的欠薪纠纷。 哪吒汽车的失败几乎是中国电动车创业浪潮中最典型的一种：在行业上行期迅速做大，竞争加剧后， 产品短板与组织问题暴露，失速并迅速倒下。 2025 年 6 月中旬，我们来到哪吒汽车在上海闵行区的最后一处办公地。物业出示的告示显示其于 6 月 12 日搬离，我们没有在这处哪吒汽车半个月前才新搬入的办公室见到相关人员。 我们原本试图回答一个看似简单的问题：是谁杀死了哪吒汽车？但在与十多位哪吒汽车前员工交流 后，我们发现正如许多企业的失败一样，哪吒汽车的倒下不能归因于某个时刻、事件或个体。 管理层误判市场趋势、组织内耗严重、多次在关键转型节点犹豫不前。他们曾有机会获得大众合作机 会，智能化团队与地方国资成立新公司的计划也接近落地。但管理层一次次在重要节点做错决定，把 公司的命运不断推向一种结局 —— 失败。 外部环境的变化加速了滑落。 ...

事实上，为避免"价格战"给企业发展带来恶性影响，国家邮政局近期采取多项举措，严厉打击"低于成 本价"竞争的行为。快递行业企业纷纷响应，陆续上调单票价格，保障企业利润，将资源和精力投入到 技术研发、服务升级、流程优化、品牌建设上。 根据申通快递在今年7月25日发布的投资者关系活动记录，公司管理层表示："未来在业务上，申通快递 将彻底摒弃'以价换量'模式，推动上市公司从规模扩张向品质升级的转型。" 中通快递创始人、董事长兼首席执行官赖梅松在8月20日举行的电话会议上表示："快递行业要持续稳定 健康发展，就一定要从'价格战'走向'价值战'，用服务品质赢得市场。我们相信，整个行业会理性地看 待价格问题，'价格战'只会伤害整个行业，我们对行业的稳定充满信心。" 中国物流学会特约研究员、中国交通运输协会快运物流分会副秘书长解筱文对《证券日报》记者表示， 目前看，快递行业营收增长但毛利率承压、单票收入下跌，随着"反内卷"政策持续发力，预计一年至两 年内，头部企业将加快转向服务与效率竞争，这将带动行业毛利率回升，从而有望形成良性发展格局。 近日，多家快递上市公司披露7月份快递业务主要经营数据，整体来看，呈现"量增价跌"局面。 ...

Core Viewpoint - The A-share bull market is driving a competition among banks for fund distribution, with significant fee reductions to attract customers as residents seek better wealth management options [1][2]. Group 1: Market Dynamics - The A-share market has seen a strong performance, with the Shanghai Composite Index reaching a 10-year high of 3700 points and the total market capitalization surpassing 100 trillion yuan [1]. - As of August 19, 2023, 19 funds have recorded over 100% gains this year, highlighting the lucrative opportunities in equity funds [1]. - The low interest rate environment and asset scarcity are prompting residents to move their deposits, with household deposits in China reaching 161 trillion yuan as of July 2025, down by 1.11 trillion yuan from the previous month [2]. Group 2: Competitive Strategies - Banks are adopting a "full-scale profit-sharing" model, with small and medium-sized banks offering significantly reduced fund subscription fees, such as Shenzhen Rural Commercial Bank's 0.1% fee for certain funds [2][3]. - Major banks are also participating in the fee reduction trend, with Postal Savings Bank and Minsheng Bank offering discounts on fund subscription fees [3]. - The intense competition is driven by the need for banks to attract customers amid shrinking net interest margins and the necessity to transform their profit models [3][4]. Group 3: Sustainability of Strategies - The sustainability of the low-fee strategy is questioned, as it may compress profit margins for fund distribution businesses, leading to potential profitability challenges for banks [5][6]. - Analysts suggest that while low fees can attract customers in the short term, banks must enhance their service and product capabilities to retain these customers in a volatile market [6][7]. - To succeed, small and medium-sized banks need to shift from price competition to value competition by improving service quality, digital capabilities, and personalized wealth management solutions [7].

董易 (8621)23297818× dongyi@swsresearch.com 2025 年 08 月 19 日 你追我赶，共迎牛市 ——近期 A 股港股背离原因分析，关注负面预期 Price in 后港股的后续布局机会 相关研究 《重点关注港股大众消费的行业轮 动！——港股行业比较之育儿补贴 政策影响分析》 2025/07/29 《外资通过Keystone正在流入港股 市场——港股行业比较系列之资金 观察》 2025/07/08 《牛市换挡期——2025 下半年港 股及海外中资股投资策略》 2025/06/10 证券分析师 董易 A0230519110003 dongyi@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 联系人 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 在我们此前发布的《牛市换挡期——2025 下半年港股及海外中资股投资策略》中明确提 示，港股在中报季前 ...

Core Viewpoint - The article discusses the significant challenges faced by small and medium-sized restaurants, particularly those owned by the Chaozhou-Shantou community in Shenzhen, due to a renewed price war initiated by major food delivery platforms, which has led to a drastic decline in their business performance [5][8][24]. Group 1: Impact on Small Restaurants - The Chaozhou-Shantou community in Shenzhen, comprising over 5 million individuals, has a high density of small business owners, particularly in the food industry [6][7]. - Many small restaurant owners are experiencing unprecedented losses, with reports of a 33% drop in dine-in customers during what is typically a peak season [8][10]. - The introduction of "hundred billion subsidies" by delivery platforms has intensified competition, forcing small businesses to participate in price wars that erode their profit margins [9][10]. Group 2: Financial Strain and Business Adjustments - Restaurant owners report that their profits have plummeted, with some stating that they are now losing money each month despite increased online orders [10][11]. - The average profit margin for small restaurants has decreased by 10% to 30% due to the high costs associated with participating in these subsidy programs [25]. - Many small businesses are being forced to adapt by changing their business models or even closing down, with estimates suggesting that over 300,000 restaurants may close this year alone [26][27]. Group 3: Market Dynamics and Consumer Behavior - The price war has altered consumer expectations, with over 60% of surveyed individuals now considering prices above 15 yuan for coffee to be too high [29]. - Consumers have become accustomed to low prices, leading to a belief that cheaper options will continue to be available, which could result in a deflationary mindset [31]. - The article suggests that the ongoing price war is not just a battle for market share but also a strategic move by platforms to increase app engagement and usage [22][20]. Group 4: Regulatory Response - In response to the challenges faced by small businesses, regulatory bodies have begun to take action, including discussions on new laws to curb aggressive pricing strategies by platforms [33][34]. - The article highlights the need for a balance between competition and fair pricing practices to ensure the survival of small businesses in the food industry [35].