凌晨一点，林姐还在药店的柜台前，对着一堆红红绿绿的单据按计算器。 "阿莫西林，这家报18.6，那家报18.2，还有个平台满减算下来是17.9……"她揉 了揉酸胀的眼睛，感觉自己不像个老板，倒像个只会算加减法的会计 。 PART 01 你的"忠诚"，可能正在伤害你的钱包 很多入行久的老板都有个习惯：进货认准那几家老渠道，觉得是多年交情，价格肯定公道。 但商业的本质是残酷的。在如今这个信息极度透明的互联网 时代， "信息差"才是最大的利润收割机 。 行业里有个不成文的现象叫"杀熟"。你以为你拿到了VIP价，殊不知在数字化采购的今天，同样的规格、同样的厂家，全国可能有几十个供应商在报价。 你因为"习惯"而没有看到的那些低价，就是你白白流失的纯利润 。 据行业调研，中小型药店每年因采购不当（未充分比价、渠道单一）造成的"隐性损失"，平均在5-8万元——这笔钱，足够你多雇一个优秀的店员了 。 这恐怕是现在很多中小药店老板的真实写照。 大家都在喊生意难做，房租涨、人工涨，还要应付各种合规检查，利润空间被压缩得像张纸 。我们拼命搞 促销、做服务，恨不得把一块钱掰成两半花。但你有没有想过： 你辛苦省下来的水电费，可能在进货的 ...

中化新网讯天业集团自主研发的"天业e采供应链平台——天业电子商城"自9月投运以来，运行稳定、成 效显著。作为新疆首家自建电子商城并实现全品类运营的企业，该集团完成了全集团采购管理从"指尖 进货"到"数字管理"的迭代升级。 "有了自己的平台，不仅选择更多，质量也更有保障了。"天能化工有限公司业务员齐春燕介绍道，通过 天业e采供应链平台——天业电子商城采购的物品仅用半个月便完成从下单到收货全流程，相比传统采 购模式大幅缩短周期，成为数字化办公提升工作效率的生动案例。 下一步，天业集团将以"数据驱动、AI赋能、业采一体、安全可控"为核心，在电商平台的业务管理与系 统建设上深耕细作，实现海量商品归集，寻源范围进一步扩大，价格监管实现智能化，供应商实现全生 命周期管理。 天业集团坚持建设完善阳光透明、便捷高效的物资采购平台，解决采购合规与灵活性并重、集中管控与 个性需求兼顾、信息安全与平台稳定并行的管理需求，全面提升集团供应链管理水平。据天业集团采供 中心信息化项目组刘晓江介绍："我们从需求计划、采购方案、商城选单、到货验收、入库等环节实现 全流程线上操作，进一步体现了数字化采购的协同与效率优势。" ...

证券日报网讯12月22日，齐心集团（002301）在互动平台回答投资者提问时表示，目前，齐心智磐AI 大模型覆盖商品寻源与上架、客户点单、订单分配、供应链结算、履约配送等数字化采购全链路环节， 为提升客户服务能力和公司业务的高效运转、降本增效提供了重要支撑。在文创业务方面，齐心聚焦年 轻客群的核心需求，积极拥抱年轻化、时尚化的产品趋势，持续创新。通过多元化的产品矩阵布局，打 造符合年轻人审美和生活方式的文创产品。 ...

MRO 集约化采购时代风起，踏浪增量时代市场红利 ——咸亨国际研究报告 通用设备 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740525060005 Email：kouhj@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 410.28 | | 流通股本(百万股) | 403.39 | | 市价(元) | 19.83 | | 市值(百万元) | 8,135.90 | | 流通市值(百万元) | 7,999.29 | 咸亨国际（605056.SH） 证券研究报告/公司深度报告 2025 年 12 月 06 日 相关报告 MRO 龙头扩展或兼具横、纵向。 从横向角度看，公司近三年新业务的拓展，其初始毛利率或不如电网领域，盖因规模 扩张总是先行，更深度的服务往往建立于客户关系的逐步成熟和新领域的理解加深， 且电网领域的深耕和地位也助力公司横向迈入其他大型企业集团的准入门槛。 从纵向角度看，如咸亨国际希望通过发展无人机业务来提升毛利率，及基于对终端客 户作业场景的深度理解，沿着产业价值链向上延伸，构 ...

Core Insights - The 2026 China Gift Industry Outlook White Paper was launched at the 33rd Shenzhen Gift and Home Exhibition, highlighting the current state and future trends of the gift industry [1] Industry Status - The Chinese gift industry is transitioning from scale expansion to "high-quality service deepening," with a confidence index rising to 80 points [2] - The market structure is characterized by diverse collaboration, with private enterprises remaining the main procurement force and a significant trend of younger decision-makers (nearly half are post-90s) [2] - The industry faces three major challenges: pressure to reduce costs and increase efficiency, rising compliance risks, and the emphasis on emotional value [2] - 46% of enterprises prioritize improving the quality-price ratio, indicating a shift in competition focus from "low price" to "high quality at a reasonable price" [2] - Digital procurement penetration is increasing, with nearly half of enterprises increasing investment, and 54% reporting positive impacts from supply chain digitization [2] Development Trends - Competition is shifting from resource-based relationships to specialization, digitization, and service orientation, marked by five key trends: 1. E-commerce channels for gifts are growing, with increased policy support and online procurement transparency [3] 2. Government and enterprise bidding requirements are rising, emphasizing compliance, transparency, and digital service capabilities [3] 3. Welfare budgets are decreasing while SKU counts are expanding, with companies enhancing employee experience through category expansion and flexible benefits [3] 4. After-sales service quality is critical for contract renewals, with logistics, customization, and response speed affecting partnership stability [3] 5. Price wars are prevalent across all categories, necessitating differentiation through innovation, such as IP integration and emotional marketing [3] Market Insights - Food and beverage sectors are under price pressure, shifting towards "strong brands, heavy value, and customized offerings" [4] - Home textiles maintain stable demand but face profit pressures, focusing on health-functional products and customized services [4] - Small appliances are highly utilized but impacted by price wars and consumer diversion, requiring a focus on light customization and high practicality [4] - The fragrance market is experiencing significant growth, primarily through gift sets that align with emotional consumption trends [4] White Paper Release - The annual release of the White Paper has become a significant event in the gift industry, reflecting trust in the Shenzhen Gift Exhibition and the responsibility of the organizer, Informa Markets [5] - The research for the White Paper involves months of data collection and interviews with industry representatives, ensuring comprehensive insights based on big data [5]

引言 您是否知道，到2026年，一个支撑着中国制造业高效运转的"隐形"市场，采购需求约占工业产值的4-7%，存量市场空间巨大且增速稳定，预计2026年将 超过3万亿元？这，就是MRO——维护、维修与运营物料的世界。它虽不直接构成产品，却是保障企业日常运转、降本增效的关键所在。（根据国家统计 局数据、亿邦智库等报告估算） 当前，在政策、经济与技术三重动力的交织驱动下，这个庞大的B2B市场正经历着一场深刻的数字化变革。本期上篇，西域将为您揭开MRO行业的宏观 面纱，深入解读其核心概况与增长引擎，探寻它迈向数字化新阶段的底层逻辑。 01 行业概况：规模稳健增长，产业链结构清晰 2024年我国企业物资采购总额为188.3万亿元，同比增长7.3%；数字化采购总额为21.7万亿元，同比增长16.2%，数字化采购渗透率为11.5%，较2023年提 升0.9个百分点，推动行业数字化升级。（数据来源：由亿邦智库联合中国物流与采购联合会公共采购分会、中国物流与采购联合会数字化采购分会 （筹）共同发布的《2025数智采购供应链发展报告》） 贸易政策促进：政府降低贸易壁垒，优化集采政策，助力企业降低成本。以某重型机械企业为例，通过集 ...

Group 1: Company Overview - The company focuses on B2B office supplies procurement, serving over 60 out of 100 central enterprises, including major clients like state-owned enterprises and Fortune 500 companies [2] - The company aims to enhance its service capabilities in MRO industrial products and employee benefits while expanding into high-value marketing materials [2] Group 2: Financial Performance - The company has implemented cash dividends totaling CNY 10,924.08 million for 2023 and 2024, with an additional CNY 4,981.96 million in the first half of 2025 [4] - The company maintains a strong cash flow position, which supports future business development and strategic investments [9] Group 3: Business Strategy - To improve gross margins in procurement, the company plans to increase the sales proportion of its own brand products and enhance the efficiency of its digital platform and supply chain management [5] - The company is committed to developing its own brand as a cornerstone of its long-term strategy, focusing on optimizing product and customer structures [10] Group 4: Market Challenges and Responses - Recent tariff adjustments have had a minimal impact on the company's cross-border e-commerce business, which is being managed through pricing strategy optimization and improved supply chain management [6] - The MRO business has established a digital operation across various industries, including energy, transportation, and automotive sectors, providing tailored procurement solutions [8] Group 5: Client Base - The MRO industrial products platform serves major clients such as State Grid, China Southern Power Grid, and China Huaneng, with new additions including China Nuclear Group and China Salt Industry [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The Red Sea crisis has officially ended after two years, and the market balance will shift to shippers in 2026 with supply - demand imbalance intensifying and freight rates falling [6]. - Maersk's twin - star advantage shows with annual cost savings of $7.2 - 9.5 billion and a punctuality rate of over 90%, enabling a strategic position for price war and service premium [6]. - In November, shipping capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15%, and overall TPBB route capacity expected to fluctuate between 83% - 88% [6]. - The EC market shows a pattern of near - term strength and far - term weakness, affected by factors such as 02 contract delivery time changes and Maersk's open - cabin price reduction, as well as the end of the Red Sea armed attacks [7]. - Spot prices show obvious differentiation. Key influencing factors include peak - season demand fulfillment, shipping company strategies, and geopolitical and long - term agreement variables. In the short term, the market is likely to maintain a strong - side shock, and it is recommended to buy on dips for the main contract [8]. 3. Summary by Relevant Catalogs Shipping Freight Index - **SCFI**: The current value is 1495, down 3.59% from the previous value of 1551 [4]. - **CCFI**: The current value is 1058, up 3.60% from the previous value of 1021 [4]. - **SCFI - related routes**: SCFI - US West is 2212, down 16.43%; SCFIS - US West is 1329, up 10.02%; SCFI - US East is 2848, down 17.16%; SCFI - Northwest Europe is 1323, down 1.56%; SCFIS - Northwest Europe is 1504, up 24.50%; SCFI - Mediterranean is 2029, up 2.32% [4]. Shipping Derivative Contracts - **Contract Prices**: For contracts like EC2506, EC2608, etc., price changes range from - 4.72% to 0.19% [4][5]. - **Contract Positions**: Positions for contracts such as EC2606, EC2608, etc., have different changes, with some increasing and some decreasing [5]. - **Monthly Spreads**: The 12 - 02 monthly spread is 112.8, up 57.2 from the previous value; the 12 - 04 spread is 577.4, up 19.1; the 02 - 04 spread is 464.6, down 38.1 [5]. Market Strategy - The recommended strategy is to wait and see [9].

Core Insights - The "2025 Shenzhen Top 500 Enterprises List" was recently released, ranking companies based on their 2024 revenue, with Ping An, Huawei, and BYD taking the top three spots [1] - The list serves as an important reference for assessing the comprehensive strength of Shenzhen enterprises and has been published for eight consecutive years [1] - The report analyzes the development trends of Shenzhen enterprises and includes six sub-lists derived from the main data, providing detailed insights into the local business landscape [1] Company Highlights - Qixin Group ranked 114th on the main list with a revenue of 11.397 billion yuan for 2024 and placed 41st in the "Top 100 Manufacturing Enterprises" sub-list [1][3] - The company focuses on digital transformation in procurement, utilizing a supply chain of high-value goods and a fully digitalized service platform covering various procurement scenarios [3] - Qixin Group has embraced emerging technologies, implementing AI in digital procurement, with its AI model successfully applied in nearly 70 business scenarios [4] Client and Brand Development - Qixin Group has built a strong client base with over 80,000 quality customers, including more than 60 central enterprises among the top 100 state-owned companies [4] - The company has developed a brand matrix catering to consumer needs, including brands like Qixin Office and Qixin Cultural Products, with a focus on cultural heritage and innovative design [4] - The V'mo brand has gained recognition, winning the prestigious German iF Design Award for its innovative application of smart technology in social safety products [4] Industry Context - Strategic emerging industries are identified as the core growth engine for Shenzhen enterprises, with successful digital transformation experiences from companies like Qixin Group serving as benchmarks for high-quality development [6]

Core Insights - The article highlights the successful completion of the first diesel trading transaction by China Railway 19th Bureau Group at the Dazhuji Molybdenum Mine project through the Tiejian Cloud Chain platform, marking a significant improvement in digital procurement efficiency [1] Group 1: Digital Procurement Model - The procurement model strictly adheres to the "direct supply-demand connection" principle, organized by China Railway Construction's Beijing centralized procurement center, inviting qualified source manufacturers for negotiation [1] - This model effectively shortens the transaction chain, reduces intermediary links, and significantly lowers procurement costs [1] Group 2: Transaction Details - The signed diesel procurement contract totals 20,000 tons, amounting to approximately 139 million yuan [1] - The successful implementation of this transaction lays a solid foundation for promoting the "platform matching transaction" model within China Railway 19th Bureau Group [1] Group 3: Future Plans - The company plans to accelerate the realization of platform matching transactions across more categories, continuously expanding the scale effect of digital procurement [1]