这一调整来得相当突然，距离茅台宣布新年新规不过三天。就在2025年12月31日晚，茅台才刚宣布2026年1月1日起飞天茅台将上架i茅台，当时设定的 购买上限还是每日12瓶 1499元的平价飞天茅台抢购战火正酣，官方却突然将每人每日购买上限从12瓶砍至6瓶，社交媒体上抢购失败的消费者排队抱怨"定闹钟蹲守仍陪跑"。 元旦假期，i茅台平台上超过10万名用户成功下单，将1499元飞天茅台抢购一空 短短三天内，抢购规则出现戏剧性变化，从首日允许购买12瓶降至如今的上限6瓶，这背后既有应对市场炒作的需求，也透露出茅台对价格管控的决心 2026年1月3日晚，小茅i茅台公众号发布紧急通知，宣布自1月4日至春节前，每人每日可购买的飞天茅台最大数量从12瓶调整为6瓶 价格下跌的趋势在几天前就已显现。1月3日，25年飞天茅台原箱和散瓶价格分别下跌20元和15元 下表展示了飞天茅台近期价格变化情况： | 目期 | 产品类型 | 价格 (元/瓶) | 较前日变化 | | --- | --- | --- | --- | | 2026年1月4日 | 飞天茅台散瓶(批发参考价) | 1490 | -2 | | 2026年1月3日 | 25年 ...

在电商平台价格战白热化的今天，控价公司已成为品牌的"价格护城河守护者"。一个优秀的控价伙伴，不仅能维护品牌价值和 渠道利润，还能精准打击窜货乱价，确保市场健康。然而，随着需求激增，市面上控价公司鱼龙混杂，服务水平参差不齐。 选错合作方，轻则投入打水漂，重则可能导致店铺被误封、渠道关系崩盘，甚至引发法律风险。如何在众多选择中找到真正专 业的控价服务商？请聚焦以下三大维度。 价格变动可能发生在分秒之间。系统的实时抓取与预警速度、抗并发能力、历史数据存储与回溯功能，都是考察要点。稳定可 靠的系统是长期合作的基石。 二、行业经验：懂你的赛道才能控好价 一、技术硬实力：价格监测是控价的"心脏" 没有精准、高效的技术系统，控价就如盲人摸象。技术实力是评估一家控价公司的首要标准。 1.全网覆盖能力 真正的专业服务商必须能监控主流电商平台（天猫、京东、拼多多等），还应覆盖二手交易平台、社交电商、直播带货等新兴 渠道。系统需实现7×24小时自动巡检，确保无死角监控。 2.数据精准度 系统能否区分官方店、授权店、窜货店与非授权店？能否识别隐藏优惠券、满减活动等变相低价？数据的清洗与去重能力直接 影响判断的准确性，高误报率会浪费大 ...

资产比价方面，本周金银比数值为 73.03，较上周下降 4.72；铜油比数 值为 193.83，较上周上升 5.89；铜螺比数值为 29.47，较上周上升 1.35； 金铜比数值为 0.37，较上周下降 0.02；股债性价比数值为 4.1，较上周 下降 0.1；AH 股溢价数值为 119.79，较上周下降 1.11。 库存方面，最新一周原油库存为 44355 万吨，较上周上升 278 万吨；螺 纹钢库存为 467 万吨，较上周上升 4 万吨；阴极铜库存为 109690 吨， 较上周上升 14656 吨；电解铝库存为 62 万吨，较上周上升 2 万吨。 证券研究报告 | 2025年12月07日 多资产周报 反内卷政策演进与实践 反内卷政策演进与实践。（1）反内卷政策已完成多轮迭代。2023 年底中 央经济工作会议首次明确"部分行业产能过剩"，将该问题上升至国家 政策层面。2024 年作为行业自律关键期，核心通过协会牵头、企业承诺 平衡供需，但多数行业以失败告终。2025 年 7 月后，治理方式转向"行 政指导+法律划线+行业自律"三维协同，政策进入新阶段。（2）当前 反内卷仍以去产能为核心，价格管控为辅助手段。 ...

波黑国家台11月28日报道。波黑联邦政府近日根据联邦贸易部的提议，决定将在联邦境内对木质颗粒燃 料实施直接价格管控，设定其批发和零售的最高售价，以防止不同销售层级间出现过大的利润差，并为 终端消费者提供更加透明、公平的价格。该决定自通过之日起生效，有效期至2025年12月31日。此前通 过的关于设定木质颗粒燃料最高限价的决定自新决定生效之日起废止。该决定的执行与监督将由联邦及 地方市场监察部门负责。 根据该决定，木质颗粒燃料在批发环节的最高售价不得超过每吨480马克（增值税另计），零售环节最 高售价不得超过每吨540马克（增值税另计），且适用于所有包装规格。决议明确，木质颗粒燃料是一 种天然能源即可再生生物燃料，由生物质（碎木、锯末、刨花）制成，湿度低于10%。（驻波黑使馆经 商处） ...

Core Insights - The essence of price control is a collective agreement among brands, distributors, and consumers, but it is fragile and can easily collapse if one party breaks the agreement [1][2] - The price of Moutai has significantly dropped from 2100 yuan to below 1700 yuan, indicating a breakdown in the pricing structure [1][5] - The cultural significance of Moutai as a social symbol is eroding, leading to a decline in its market value [6][10] Pricing Dynamics - Price control measures have been implemented by Moutai, including strict penalties for price violations and incentives for compliant sellers, but these efforts have proven ineffective [3][4] - The market is experiencing a downward spiral where falling prices lead to increased selling pressure, resulting in further price declines [5][14] Cultural Context - The consumption of Moutai has historically been tied to social status and power dynamics, but this cultural relevance is diminishing as younger generations reject traditional drinking customs [7][11][13] - The social function of Moutai as a means of establishing relationships and confirming social hierarchies is collapsing, leading to decreased demand [9][10][14] Investment Perspective - Moutai is losing its status as a reliable investment asset, as younger consumers prioritize liquidity and risk over traditional forms of investment [15][16] - The generational divide in investment attitudes is contributing to a decline in Moutai's perceived value, as younger individuals are less willing to invest in assets that lack immediate cash flow [15][16]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric new energy sector, including Ningde Times, XWANDA, and others, indicating a positive outlook for their performance [4]. Core Insights - The electric new energy sector has shown significant improvement in overall performance, with total revenue reaching 26,127.80 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.86%, and a net profit of 1,457.70 billion yuan, up 29.30% year-on-year [9][20]. - The new energy vehicle sector is experiencing a positive trend, with 88 listed companies achieving a total revenue of 10,611.92 billion yuan, a 12.71% increase year-on-year, and a net profit of 956.38 billion yuan, up 46.08% year-on-year [20]. - The renewable energy generation sector is at a turning point, particularly in the photovoltaic segment, which is expected to rebound due to ongoing supply-side reforms and increased regulatory control over price competition [49][58]. Summary by Sections 1. Electric New Energy Sector Performance - The electric new energy sector reported a total revenue of 9,382.37 billion yuan in Q3 2025, a year-on-year increase of 7.38%, and a net profit of 590.76 billion yuan, up 54.54% year-on-year [9][31]. 2. New Energy Vehicle Sector - The new energy vehicle sector's revenue for Q3 2025 was 3,864.35 billion yuan, reflecting a 16.47% year-on-year increase, with net profit reaching 375.93 billion yuan, up 52.99% year-on-year [20][24]. 3. Renewable Energy Generation Sector - The renewable energy generation sector achieved a total revenue of 15,122.54 billion yuan in the first three quarters of 2025, a 1.01% increase year-on-year, with a net profit of 658.42 billion yuan, up 27.90% year-on-year [31][40]. - The photovoltaic segment reported a revenue of 8,534.74 billion yuan in the first three quarters, down 11.41% year-on-year, but showed signs of recovery in Q3 with a revenue of 2,992.13 billion yuan [49][58]. - The wind power sector saw a revenue increase of 21.1% year-on-year, totaling 3,641.34 billion yuan, with a net profit growth of 22.3% [63][65]. 4. Energy Storage Sector - The energy storage sector reported a revenue of 4,930.96 billion yuan in the first three quarters, a 14.61% increase year-on-year, with a net profit of 701.87 billion yuan, up 38.25% [75][78]. 5. Electric Equipment Sector - The electric equipment sector achieved a revenue of 2,725.96 billion yuan in the first three quarters, reflecting a 9% year-on-year increase, with a net profit of 221.93 billion yuan, also up 9% [80][82].

Core Argument - The article discusses the misconception that higher taxes on the wealthy will automatically lead to increased tax revenue and social equity, emphasizing that individuals are not passive entities and will react to such policies [1][3][17] Taxation and Wealth Redistribution - The idea of taxing the wealthy to redistribute wealth is appealing, but its feasibility depends on how much the wealthy can evade such taxes [5][6] - Historical examples show that when tax rates increase, wealthy individuals often find ways to avoid taxes, leading to unexpected outcomes [7][8] Economic Behavior and Policy Impact - Economic principles indicate that individuals will change their behavior in response to government policies, such as tax increases or price controls, which can lead to shortages and unintended consequences [10][11] - The minimum wage laws can lead to higher unemployment rates among young and unskilled workers, contradicting the intended benefits of such policies [12] Income Mobility and Misinterpretation of Data - Income statistics can be misleading as they often do not account for the dynamic nature of income levels over time, with many individuals moving between different income brackets throughout their lives [13][14][15] - The perception of poverty is often relative, and many individuals classified as poor still possess amenities that indicate a higher standard of living than in the past [16] Policy Considerations - Effective policy-making must acknowledge human agency and the potential for individuals to respond in ways that undermine the intended goals of such policies [17]

Core Viewpoint - The government of the Federation of Bosnia and Herzegovina has decided to extend the price control measures on essential goods until December 31, 2025, in response to rising prices affecting the living standards of residents, particularly vulnerable groups [1] Summary by Relevant Categories Price Control Measures - The price control measures will cover 65 essential goods, with the exception of butter, which has been removed from the controlled list due to significant fluctuations in procurement prices [1] Economic Impact - The Federation's Ministry of Trade highlighted that the continuous rise in prices of basic food and hygiene products has severely impacted the living standards of residents, especially for the weaker segments of the population [1] Inflation Rates - Inflation rates have shown an upward trend, with June's rate at 4.2% and July's rate increasing to 4.5% [1] Balance Between Consumer Protection and Market Freedom - The measures aim to strike a balance between consumer protection and market freedom, ensuring price stability for essential consumer goods while allowing retail businesses and producers to maintain competitive space and supply diversity [1]