作为巴基斯坦出口创汇与就业保障的核心支柱产业，该国纺织业近期遭遇多重冲击。巴基斯坦纺织委 员会(PTC)12月15日发布警告称，该行业因成本高企、出口乏力已逼近"临界点"，大规模裁员与工厂停 产风险日益凸显；全巴基斯坦纺织厂协会(APTMA)亦于12月17日正式提出天然气税减免诉求，旨在应 对冬季能源供应难题，缓解企业运营压力。 用电成本高与电力供应不稳定给纺织业生产带来经营压力。PTC指出，巴基斯坦纺织企业电价约为每 千瓦时13.2美分，显著高于孟加拉国(10.2美分)、越南(7.0美分)、印度(工业平均水平为9.5美分)等区域 竞争对手，且电力供应稳定性不足。冬季能源需求攀升进一步加剧了行业困境，APTMA在诉求中指 出，巴基斯坦冬季电网频繁出现电压波动、突发断电等问题，敏感纺织设备重启需承担材料损耗与设 备维护成本，单次停产重启损失可达企业月度营收的5%-8%。为此，协会请求政府豁免12月1日至次年 1月31日期间自备发电用天然气税，以降低企业应急能源支出，保障出口订单履约。若该诉求未能落 实，预计冬季将有更多企业因生产中断错失订单，进一步影响该国外汇收入。 税收负担进一步挤压企业盈利空间。巴标准企业所 ...

Core Viewpoint - The artificial board industry is facing unprecedented operational pressures, with Fenglin Group struggling amid intense market competition [1][2]. Group 1: Performance Decline - Fenglin Group's performance in the first three quarters of this year has significantly declined, with operating revenue showing a marked decrease compared to the same period last year [5]. - Notably, the company has reported a net profit loss, with the loss amount widening compared to the same period last year [6]. - This disappointing performance continues the trend of weak results observed throughout the year [7][8]. Group 2: Market Predicament - The decline in Fenglin Group's performance is not an isolated case but reflects the broader challenges faced by the entire industry [9]. - Domestic particle board production capacity continues to increase, leading to an imbalance between supply and demand, which significantly impacts business operations due to fierce market competition [10]. - In the context of an overall industry downturn, Fenglin Group's main products are experiencing downward pressure on both sales and prices [11]. - To adapt to market changes and maintain reasonable inventory levels, the company has had to adjust its production plans, resulting in increased downtime that further affects profitability [12]. Group 3: Industry Challenges - The crisis in the artificial board industry has persisted for several years, with many companies facing similar operational pressures [13]. - The deep adjustment in the real estate sector continues to suppress demand for artificial boards in the construction and decoration fields, although the custom home market shows some resilience, weakened consumer expectations still affect growth [13]. - Fluctuations in exchange rates in key export markets have weakened the price competitiveness of export products, adding extra pressure on companies primarily engaged in artificial board production [13]. - The intensifying internal competition within the industry has severely squeezed profit margins, making survival during this adjustment period a primary concern for many companies [14]. Group 4: Path Forward - In response to industry challenges, Fenglin Group is actively seeking breakthroughs [15]. - The company's management has previously stated that they will closely monitor market dynamics and flexibly adjust operational strategies [16]. - In the face of fierce market competition, the company needs to better balance capacity utilization and inventory levels to minimize downtime losses while maintaining market share and product pricing [17]. - Industry experts suggest that artificial board companies need to enhance competitiveness through product structure optimization, cost control, and technological upgrades while waiting for an improvement in industry conditions [18]. - Fenglin Group's path forward resembles rowing against the current, necessitating strategies for survival and growth during the industry's winter [19]. - In the absence of significant market demand improvement, competition among companies will increasingly focus on cost control, product differentiation, and market expansion capabilities [20]. - For Fenglin Group, establishing a firm foothold during this industry reshuffle will test the management's wisdom and determination [21].

Core Viewpoint - The auction of the Golden Twin Towers in Chongqing has seen significant price drops and multiple failed attempts to sell, culminating in a recent successful sale at a much lower price than initially expected, highlighting the challenges faced by the real estate market in the region [1][5][13]. Group 1: Auction History and Outcomes - The Golden Twin Towers, officially known as the Chongqing Sheraton Hotel and International Financial Building, have been auctioned since 2021, experiencing nine failed attempts and a price reduction of 400 million, finally selling for 171.88 million [1][5][13]. - The East Tower, which houses the Sheraton Hotel, was successfully sold for 584 million, while the West Tower, the International Financial Building, faced significant challenges, including water leakage issues and a lack of interest from buyers [19][30]. - The auction process for the International Financial Building involved ten rounds, with the final sale price being significantly lower than the initial starting price of 640 million [28][30]. Group 2: Company Background and Market Context - The original owner, Taizheng Group, faced bankruptcy due to overwhelming debt and the impact of the COVID-19 pandemic on the tourism and hospitality industry, leading to the auction of the Twin Towers [5][11][13]. - The founder of Taizheng Group, Han Guangyun, had a history of overcoming financial difficulties but ultimately could not navigate the challenges posed by the pandemic [7][9]. - The broader real estate market in Chongqing is experiencing a downturn, with high starting prices for iconic properties like the Golden Twin Towers deterring potential buyers, reflecting a general lack of confidence in the sector [15][26]. Group 3: Future Implications - The successful sale of the Twin Towers is expected to inject capital for maintenance and repairs, potentially enhancing their commercial value and attractiveness as a tourist destination [30][36]. - The geographical location of the Golden Twin Towers, along with their iconic status, suggests that with proper management and investment, they could contribute positively to the local economy and tourism [34][36].