随着华东、华北主流钢厂对焦炭采购价格上调50-55元/吨，焦炭第五轮提涨全面落地。 百亿私募重阳投资最新研报认为，事实上这类"内卷式"竞争的案例并非我国独有，全球其他经济体历史上也或 多或少能看到恶性竞争的案例，比如20世纪30年代的美国"大萧条"时期，企业亏损严重。作为一个历史经验， 其留给世人的长远遗产在于：政策的介入的确会有效遏制无序竞争进一步恶化，但行业最终还是要在健全的法 治和市场化的秩序下走向健康发展的道路。 责编：罗晓霞 排版：汪云鹏 校对： 许欣 百万用户都在看 目前，此轮焦炭涨幅已经累计250-275元/吨。由此，焦煤期货价格周一价格大幅上扬后，5日主力合约一度触 及涨停，收盘涨幅近7%。此外，多晶硅期货主力合约日内涨幅扩大至5%，报51200元/吨。 第五轮焦炭全面落地和产地焦煤价格上涨，成为本周焦煤连续上涨的重要动能。2025年8月4日，全国多地钢厂 对焦炭采购价执行第五轮提涨，湿熄焦、干熄焦分别上调50元/吨和55元/吨，标志着本轮提涨全面落地。 与此同时，产地焦煤也在进一步上涨。根据我的钢铁网最新统计，8月山西大矿铁路长协价格环比上涨情况显 示，主焦煤上涨150-200元/吨，肥煤上 ...

Core Viewpoint - The competition in the food delivery industry is shifting from price wars to a focus on service, quality, and efficiency, with major platforms calling for a halt to disorderly competition and emphasizing the protection of riders and merchants' interests [1][2][6]. Group 1: Industry Competition Dynamics - Major platforms including Meituan, Taobao Ele.me, and JD have publicly committed to resisting disorderly competition, indicating a collective effort to foster a healthier industry ecosystem [1][2]. - The "delivery war" intensified with JD's entry into the market in Q2 2025, leading to aggressive competition among the three platforms, particularly around rider welfare and merchant commissions [3][5]. - The recent "subsidy war" initiated by Taobao Flash Sale, which involved a 500 billion yuan subsidy plan, has significantly increased order volumes, but many merchants report that their profits have not improved despite higher order counts [3][4]. Group 2: Regulatory and Market Responses - Regulatory bodies have been urging the cessation of disorderly competition across various industries, emphasizing that while competition can benefit consumers, it must adhere to certain rules to avoid negative consequences [2][6]. - Following government pressure, the platforms have increased their efforts to improve rider benefits and support merchants, indicating a shift in focus from aggressive pricing strategies to enhancing service quality [7][8]. Group 3: Future Directions in Competition - The industry is moving towards a model that prioritizes rider welfare and food safety, with initiatives such as Meituan's "Raccoon Canteen" and JD's investment in rider benefits and food safety measures [8][9][10]. - Companies are expected to invest significantly in improving the overall ecosystem, with Meituan planning to invest 100 billion yuan over three years to enhance food safety and transparency in the delivery process [8][9].

Group 1 - Alibaba's former chairman Zhang Yong has been appointed as a new member of the Hong Kong Stock Exchange's China Business Advisory Committee, increasing the committee's membership to nine [6] - The committee was established in 2021 and is chaired by Zhang Jianchen, the non-executive director of the Hong Kong Stock Exchange [6][7] Group 2 - Wumart has announced the latest batch of "Fat Transformation" stores, involving seven locations across Beijing, East China, and Tianjin, set to open between August 8 and September 12 [8] - The transformation will focus on multiple dimensions including product offerings, pricing, and store environment, aiming to align closely with the Fat Donglai concept [8] Group 3 - Starbucks is reportedly screening investors for its China business, with Tencent and JD.com among the twelve companies advancing to the second round [10] - The collaboration aims to enhance brand development rather than merely seeking financing, with a target to increase store count from 7,800 to 20,000 [10] Group 4 - Meituan is preparing a new instant retail project called "Campus Mini Warehouse," targeting university campuses with small warehouses for high-frequency items [11] - The project will adopt a platform model, recruiting partners for warehouse and delivery services, prioritizing those with campus experience [11] Group 5 - The Green Tea Group expects a profit of approximately 230 million to 237 million yuan for the first half of 2025, a year-on-year increase of about 32% to 36% [22] - Adjusted net profit is anticipated to be around 247 million to 254 million yuan, reflecting a growth of 38% to 42% compared to the previous year [22] Group 6 - Unilever reported a 3.8% increase in underlying sales growth for Q2, exceeding expectations, with a slight decline in sales in the Chinese market [25] - The company is undergoing multiple transformations, including the planned spin-off of its ice cream business in November [25] Group 7 - Apple reported a net profit of $23.43 billion for Q3 2025, a 9% year-on-year increase, with revenue reaching $94.04 billion, up 9.6% [27] - iPhone revenue grew by 13% to $44.58 billion, and service revenue also increased by 13% to $27.42 billion, both exceeding market expectations [27]

8月1日，针对近期外卖平台补贴引发的社会关注，美团发文《繁荣行业生态，抵制无序竞争》，淘宝闪购及饿 了么发文《持续提升服务 推动良性竞争 激发消费烟火气》。先后提及，不以显著低于成本的价格销售商品和 服务，严重扭曲价格信号，扰乱市场竞争秩序，造成浪费。坚决抵制恶性竞争。 美团在《繁荣行业生态，抵制无序竞争》中明确表态，将坚决规范促销行为，杜绝不正当竞争，推动建立公平 有序的行业秩序。其核心承诺包括五方面：严格遵守《反垄断法》《反不正当竞争法》《电子商务法》《价格 法》《反食品浪费法》等法律法规，不以显著低于成本的价格销售商品和服务，避免扭曲价格信号、扰乱市场 秩序或造成浪费；依法公示补贴信息，不夸大宣传补贴总额；不强制或变相强制商家参与补贴活动，保障商家 自主定价权；对商家和消费者遵循无歧视原则，避免选择性补贴伤害中小商户利益；构建消费者、商家、骑手 与平台的多方共赢生态，通过降低商户经营成本、推动"比品质""比服务"替代"比价格"、平衡外卖与堂食发 展、提升骑手权益保障水平等措施，促进行业理性可持续发展。 来源：综合智通财经、新浪财经、IT之家、金融界等 编辑：涵钰 版权归原作者所有 如有侵权请及时联系 ...

Group 1 - The market regulatory authority has summoned major platform companies like Ele.me, Meituan, and JD.com, urging them to comply with laws and regulations and to engage in rational competition [2] - The competitive landscape has been characterized by intense rivalry, with companies feeling compelled to engage in battles that may not be sustainable, leading to a distorted market mechanism [2] - The ongoing "burning money" strategies by some leading companies are creating market bubbles and harming overall industry and consumer interests, indicating a need for a more sustainable approach to competition [2] Group 2 - The platform economy should focus on service rather than capital competition, and the current subsidy wars among delivery platforms could serve as an opportunity to optimize industry competition [3] - Regulatory bodies are encouraged to play a more active role in defining subsidy limits based on company size and operational status, and to scrutinize practices like excessive spending to capture market share [3] - Companies are advised to move away from the mindset of "having to compete" and instead engage in rational competition for long-term stability and growth [3]

Report Industry Investment Rating No relevant information provided. Core Views - Copper prices are mainly driven by the tight supply - demand situation caused by cross - regional flow due to the copper tariff, and future price fluctuations will be affected by the Fed's interest - rate cut expectations [10]. - For crude oil, with the easing of Middle - East geopolitical risks and seasonal factors, the supply - demand situation has improved marginally. It is recommended to cautiously buy bearish options [11][12]. - For asphalt, as it enters the peak season, it is recommended to buy the 09 - 12 spread at low prices while operating cautiously [13]. - PP, plastic, and PVC are all expected to be in a low - level oscillation pattern due to factors such as high inventory, weak demand, and falling crude oil prices [15][16][18]. - The upward momentum of soybean oil has weakened, and it is expected to maintain a range - bound oscillation [19]. - For rebar, if the production - restriction rumors continue to ferment or materialize, there is still room for an upward movement, but the risk of a pull - back due to rumor falsification should be watched out for [21]. - For hot - rolled coils, if production restrictions are intensified and demand does not weaken significantly, it may maintain a strong oscillation pattern; otherwise, weak demand may limit its upward space [22]. - For coking coal, although there is a tight supply expectation, the upward space is limited due to weak demand [24]. - For urea, it is mainly in a consolidation phase and still faces downward pressure [25][26]. Summary by Variety Carbonate Lithium - The average price of battery - grade and industrial - grade carbonate lithium has increased. The supply side shows that upstream prices are firm, and the production cost and output of domestic carbonate lithium are rising. The demand side indicates that downstream acceptance of high prices is low, and the overall production capacity is loose. The upward trend is mainly due to market sentiment, and the upward space is limited [3]. Soybean Meal - The main 09 contract of soybean meal closed down 0.57%. Internationally, the new US tax bill may benefit US soybean growers, and the soybean good - to - excellent rate is lower than expected. Domestically, the inventory of imported soybeans and soybean meal has increased. It is expected to show an oscillatory adjustment pattern [4][5]. Copper - The Shanghai copper market showed a strong trend. The US manufacturing PMI has been in contraction for four months. The supply of copper is still increasing, and the inventory in most regions is decreasing. The export demand has increased due to the copper tariff event, but the overall demand is weak. The main logic for the price increase is the tight supply expectation caused by cross - regional flow [9][10]. Crude Oil - After the US military's intervention in Iran, the subsequent retaliatory actions and cease - fire have affected market sentiment. The supply - demand situation has improved marginally, but the Middle - East geopolitical risks still need to be monitored. It is recommended to cautiously buy bearish options [11][12]. Asphalt - The supply side shows that the start - up rate has rebounded, and the expected output in July has increased. The demand side indicates that the start - up rate of downstream industries has fluctuated, and the inventory is at a low level. With the easing of geopolitical risks, it is recommended to operate cautiously and buy the 09 - 12 spread at low prices [13]. PP - The downstream start - up rate has decreased, and the enterprise start - up rate has increased. The inventory pressure is high. With the sharp drop in crude oil prices, it is expected to be in a low - level oscillation [14][15]. Plastic - The start - up rate has decreased, and the downstream start - up rate is at a low level. The inventory pressure is high. With the sharp drop in crude oil prices, it is expected to be in a low - level oscillation [16]. PVC - The start - up rate has decreased, and the downstream start - up rate is low. The export is restricted, and the inventory is high. With the sharp drop in crude oil prices, it is recommended to short at high prices [17][18]. Soybean Oil - The main 09 contract of soybean oil closed up 0.63%. Internationally, the US soybean planting area is slightly lower than expected, and the quarterly inventory is higher. Domestically, the oil - mill start - up rate has increased, and the inventory has accumulated. It is expected to maintain a range - bound oscillation [19]. Rebar - The main contract showed a trend of "bottom - fishing and upward movement". The supply contraction expectation has increased due to production - restriction rumors, but the demand is weak. The raw material prices have rebounded. If the rumors materialize, there is upward space, but there is also a risk of a pull - back [20][21]. Hot - Rolled Coils - The main contract showed an "oscillatory upward and breakthrough" pattern. The supply - demand structure is characterized by "continued inventory reduction and rigid - demand support". The production has slightly increased, the inventory pressure is small, and the demand has improved. It is recommended to focus on production - restriction implementation and policy trends [22]. Coking Coal - The price closed up more than 3%. The supply side is expected to contract due to safety inspections and capacity - clearance expectations. The demand side is relatively weak. The upward space is limited due to weak demand [24]. Urea - The futures price showed a strong oscillation. The supply side has both maintenance and resumption of production, and the daily output fluctuates slightly. The demand side is weak, and the inventory is mainly reduced through exports. It is mainly in a consolidation phase and faces downward pressure [25][26].