作者 | 凌川儿 编辑 | 江江 视觉 | 诺言 862元——经过简单测算，这个数字是十岁的零跑汽车，近来每卖出一台车平均所得的净利润。 这就是所谓"薄利多销"的极致体现。 11月17日，浙江零跑科技股份有限公司（以下简称"零跑汽车"）发布了2025年第三季度财报。 事实上，这家几年前可以说最不被看好的车企，如今成为了新势力阵营中最大的黑马。 为何？ 零跑交付新车已超17万台，较2024年同期交付量增长101.8%—— 凭借这个数字，它已经位居中国新势力 品牌销量榜首。 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 變動 | | | | | (%) | | | | (人民幣千元,百分比除外) | | | 收益 | 32,164,184 | 16,746,689 | 92.1% | | 銷售成本 | (29,469,759) | (16,666,219) | 76.8% | | 毛利 | 2,694,425 | 80.470 | 3,248.4% | | 經營虧損 | (3,171,077) | (4,377,425) | ...

Report Overview - Report Date: November 10, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating provided in the report 2. Core View - After the Sino - US agreement, domestic soybean meal has returned to the CBOT soybean cost - pricing model, and the price transmission chain between China and the US has been re - established. Due to cost increases and low crushing profits, the support at the bottom of soybean meal is relatively strong. In the context of strong policy uncertainty, treat soybean meal with short - term cautious optimism. The risk lies in the collapse of the cost increase expectation caused by China's small - scale purchase of US soybeans later [6] 3. Summary by Section 3.1 Market Review and Trading Suggestions - **Market Data**: For the soybean meal 2601 contract, the previous settlement price was 3070, the opening price was 3065, the highest price was 3070, the lowest price was 3034, the closing price was 3058, down 12 or - 0.39%, with a trading volume of 951,916 and an open interest of 1,577,123, an increase of 8,927. Similar data is provided for the 2603 and 2605 contracts [6] - **International Market**: The US soybean futures contract on the external market declined, with the main contract at 1110 cents. After the Sino - US agreement in late October, the US expected China to purchase 12 million tons of US soybeans by January next year and 25 million tons per year for the next three years. However, with a 13% tariff on US soybean imports, it is more cost - effective for Chinese oil mills to import Brazilian soybeans, and it is difficult to achieve the purchase targets. The US government shutdown makes it impossible to verify China's purchase situation, and uncertainties are high [6] 3.2 Industry News - The US Department of Agriculture's National Agricultural Statistics Service (NASS) will release several major agricultural reports in November, including the monthly supply - demand report. The reports were not released in October due to the government shutdown. The crop production report and the global agricultural supply - demand forecast report, originally scheduled for November 10, will be released on November 14 [7] - The Buenos Aires Grain Exchange reported that Argentine farmers started sowing soybeans for the 2025/26 season. Most farmland soil moisture is in the "optimal" state. The exchange expects Argentina to harvest 48.5 million tons of soybeans this year, and farmers have sown 4.4% of the expected 17.6 million hectares [8] 3.3 Data Overview - The data sources for various figures (such as soybean meal ex - factory price, basis of soybean meal 01 contract, 1 - 5 spread of soybean meal, 5 - 9 spread of soybean meal, US dollar - RMB central parity rate, US dollar - Brazilian real exchange rate) are Wind and the Research and Development Department of CCB Futures [10][12][14]

房价涵盖划拨土地成本、建安成本、合理利润及税费，同时综合考量经济发展、住房供需和居民支付能力等因素。换句话说，配售房源的具体价格，将不再 是简单地以同地段商品房的某个折扣比例来确定。 配售方式上，文件明确，配售型保障性住房将实行现房配售。 每经记者｜陈荣浩 每经编辑｜陈梦妤 深圳住房保障体系再次迎来变革。 5月28日下午，深圳市住建局发布《深圳市配售型保障性住房管理办法（征求意见稿）》《深圳市保障性住房规划建设管理办法（修订征求意见稿）》，明 确了配售型保障性住房的申请条件、配售方式及流程、封闭管理等内容。 文件提到，配售型保障性住房实施严格封闭管理，禁止以任何方式将配售型保障性住房变更为商品住房。购房后需退出配售型保障性住房的，签订买卖合同 满3年后可以向住房主管部门申请在信息平台进行封闭流转，将配售型保障性住房转让给符合条件的对象，市住房主管部门可以通过制定参考价格上限等方 式规范转让行为。 超过一年无人购买的，住房主管部门可以结合实际情况组织保障性住房专营机构或者其他机构进行回购，回购价格=原购买价格×（1-年折旧系数×建筑物已 使用年限），年折旧系数取1%。 申请条件上，购买配售型保障性住房，需要满足 ...