吕咸逊认为，仁怀产区将进入良币驱逐劣币的阶段，大而强酒企将持续发展。他还强调，线上是未来发展的趋势。电商和即时零售正在取代经销商的地位， 传统的经销商可能会压缩30%以上，酒企必须注重商业模式的创新。（宽窄研究院） 8月2日，中国酱香白酒核心产区（仁怀）高质量发展座谈会在仁怀召开，海纳咨询机构总经理吕咸逊出席并发言表示："我预计白酒行业将在2025年三季度 将见底，8月、9月可能是底部。受宏观经济复苏节奏影响，可能是一个U型底，可能有一两年时间。" ...

Group 1 - The concept of "bad money drives out good money" applies primarily to domestic currency circulation, where bad money is supported by domestic laws and thus preferred by holders [1][2] - In ancient international trade, the opposite principle applies, where good money drives out bad money, as exporters only accept good money [1][4] Group 2 - The phenomenon of bad money driving out good money can be illustrated by the example of the Roman Republic, where the weight of the As copper coin decreased over time, leading to a market filled with lighter, less valuable coins [2][3] - The introduction of various types of coins in the late medieval period, such as the Florin and Ducat, demonstrates the transition from bad money to good money in international trade [10][11] Group 3 - The emergence of convertible currencies in modern times is a result of the evolution of international markets, where ancient international currencies already exhibited characteristics similar to modern convertible currencies [6][7] - The distinction between convertible and inconvertible currencies is crucial, as inconvertible currencies are subject to strict foreign exchange controls, limiting their international usability [9]

Core Viewpoint - Taobao Tmall has launched a new store evaluation system called "Real Experience Score," which aims to provide a comprehensive, objective, and transparent consumer feedback mechanism based on product quality, logistics speed, and service assurance, directly linking it to core areas such as search, recommendation, marketing, and advertising [1][9] Group 1: Real Experience Score Implementation - The new evaluation system allows consumers to view the "Real Experience Score" directly on product details, store homepage, and impression pages, aiding in their purchasing decisions [1] - As of the effective date of the Real Experience Score, there are 1.2 million merchants on the platform with scores above 4.8, indicating a significant number of high-performing sellers [2] - During the recent Tmall 618 shopping festival, improvements were noted in logistics delivery speed and customer service capabilities among merchants, with specific examples from brands like L'Oreal, Adidas, and Three Squirrels showcasing enhanced consumer experiences [2] Group 2: Merchant Support and Improvement Features - Taobao Tmall has introduced a diagnostic and improvement suggestion feature to help merchants increase their Real Experience Scores by providing targeted recommendations based on set goals [4] - High-scoring merchants will receive additional support in search, recommendation, marketing, and advertising, along with more opportunities through related products [5] - A store rating filtering function has been implemented to help consumers easily select high-scoring store products, thereby increasing visibility for quality merchants [7] Group 3: Evaluation Criteria and Fairness Measures - The Real Experience Score evaluates product quality based on metrics such as "first return rate" and "product negative review rate," while logistics speed is assessed through "timely pickup rate," "delivery time," and "logistics exception rate" [7] - Service assurance is measured by "3-minute response rate," "satisfaction rate," "refund processing time," and "platform assistance rate" [7] - To ensure fairness, Taobao Tmall has established measures against fraudulent practices that could artificially inflate scores, along with an appeal process for merchants disputing penalties [7] Group 4: Strategic Goals and Financial Support - The primary goal of the Real Experience Score is to incentivize merchants to enhance product and service quality, promoting a competitive environment where quality prevails [9] - In line with its "supporting excellence" strategy, Taobao Tmall has introduced various initiatives this year, including substantial financial support during the 618 event, amounting to billions in subsidies for high-quality merchants [9]

Core Viewpoint - The tightening of regulations in the intelligent driving industry is seen as beneficial for clarifying product definitions and safety levels, leading to more transparent marketing practices [1][2]. Group 1: Regulatory Changes - The Ministry of Industry and Information Technology (MIIT) has emphasized that car manufacturers must avoid exaggerated and false advertising, ensuring clear communication of product capabilities [1][2]. - The MIIT has mandated the standardization of terminology, discouraging the use of terms like "autonomous driving" and "intelligent driving," favoring terms like "L2 assisted driving" instead [1][2]. Group 2: Industry Response - Following the MIIT's directives, companies have rapidly adjusted their marketing materials, with some removing the term "intelligent driving" from presentations before major events like the Shanghai Auto Show [1][2]. - The China Automotive Industry Association and the China Automotive Engineering Society have called for the promotion of safe application of combined driving assistance functions and the elimination of misleading marketing practices [2]. Group 3: Market Outlook - The intelligent driving industry is expected to undergo a淘汰赛 (elimination race) over the next one to two years, with a prediction that only a few key players will remain by 2027 [2]. - The competitive landscape is characterized by strong economies of scale and first-mover advantages, with a forecast that China could produce two to three leading companies in the global market [2]. Group 4: Technological Trends - Leading domestic intelligent driving companies are adopting a soft and hard integration approach, which is viewed as a correct direction for achieving optimal performance and cost efficiency [3]. - The focus on soft and hard integration is expected to enhance user experience and pricing strategies in the intelligent driving sector [3].