如果说新能源汽车圈最大的黑马，非零跑汽车莫属，它是唯一一个创始人拥有制造行业背景，却摆脱了"倒闭"魔咒的车企。今年，零跑已经连续5个月霸 榜新能源汽车销量排行榜，最疯狂的7月，竟然交付了超过5万台车。截至8月21日这天，零跑累计交付90万台。 零跑汽车创始人、董事长朱江明曾多次表示，车企年销百万辆是生存基础，50万辆只能在挣扎线徘徊。虽然是除去理想汽车外第二家实现半年度盈利的企 业，但仅有0.33亿元的利润。这都意味着，零跑还远未到可以高枕无忧的地步。 2026年将是零跑的产品大年，最重要的是车型便是其高端产品D系列，这决定着这家车企未来的走势。 依靠农村包围城市的战略，零跑取得了空前的战绩。但在车市，前有大众辉腾后有比亚迪，当他们想要品牌向上时，往往比其他品牌遭遇了更大挑战。因 为，高端品牌的潜在客户从来都不是价格敏感型，过去成功的经验很可能成为未来的掣肘。零跑会是例外吗？ "半价小理想"，杀出重围 零跑汽车从"车圈others"，到如今稳坐销冠宝座，源于零跑C16。 C16是零跑推出的第4款车，定位于六座中大型SUV，家庭刚需，提供增城版和纯电版两种选择。在C16推出以前，6座SUV市场都被25万以上的高 ...

Core Viewpoint - The company, Guojizhongzhuang, reported a strong performance in the first half of 2025, with significant growth in revenue, net profit, and contract signing amounts, indicating a robust market presence and successful expansion efforts [1][2]. Financial Performance - The company achieved an operating revenue of 7.073 billion yuan, representing a year-on-year increase of 13.21% [1] - The net profit attributable to shareholders was 242 million yuan, reflecting a year-on-year growth of 13.37% [1] - The total contract signing amount reached 16.502 billion yuan, marking a substantial year-on-year increase of 43.57% [1] Business Segments - The main business areas of the company include research and development, manufacturing, engineering and services, and investment and operations, primarily serving major technological equipment and infrastructure construction sectors [1] - The company has seen a continuous increase in its market share in the nuclear equipment sector, signing contracts for various projects including the Guangxi Bailong nuclear power stabilizer and Shandong Haiyang core water replenishment tank [1] - The pressure vessel market has also shown breakthroughs with contracts signed for heavy container projects with major clients such as CNOOC and Sinopec [1] Market Expansion - The company is actively promoting its equipment manufacturing and services internationally, successfully signing three major agreements for the Cambodia Shanda Dai pumped storage power station BOT project [2] - The Turkish Safi Port project involving four container cranes has also been successfully executed [1] Industry Context - The heavy machinery industry is currently facing challenges with overcapacity and intense market competition, leading to price declines in some traditional product areas [2] - The company is focusing on green, high-end, intelligent, and automated demands through continuous technological upgrades and effective market expansion to maintain its competitive advantage [2]

在动力装备领域，山东潍坊足够硬气。 先看规模：拥有"国字号"动力装备集群，年产值达3000亿元、约占全国动力装备产业总产值的三分之 一。 再看结构：围绕潍柴等龙头企业，形成了极其密切的配套企业群，动力装备几乎所有环节都能找到本地 供应商。 动力之城名副其实，潍坊动力装备产业正向着"世界级"产业集群迈进，其发展的齿轮，正咬合出产业升 级的新转速。 链式协同 得益于链条长、配套全的优势，在潍坊，大中小企业、上下游之间的合作协同日益紧密：大企业带动产 业链发展，中小企业专攻细分领域，各展所长，共同培育，撑起装备制造业的一片天。 企业共育，大企业发挥什么作用？ 不仅规模要大，成为产业生态的链接者和稳定锚，还要有大能力，承担大责任。能力和责任从何而来？ 先看潍柴这个"老大哥"。 向内看，是自身技术与实力。"热效率53.09%意味着什么？意味着人类百米跑进9秒，是不是很逆 天？"潍柴动力品牌传播部负责人说，这样的热效率下，一辆重卡一年可省柴油1.2万升。 向外看，是产业协同能力。潍柴链接上下游企业，培育了独有的同心产业生态圈，在这个生态圈中，每 一名经营主体都要寻增量做加法，杜绝零和博弈。 类似的大企业还有很多，例如，深 ...

摘要 吉利汽车 2025 年上半年销量达 141 万辆，二季度经营性利润约 31 亿 人民币，上半年累计约 66 亿人民币，符合市场预期。 吉利汽车上调全年销量预期至 300 万辆，预计全年经营性利润可达 140 亿人民币，主要受益于下半年新车型发布及高端化产品放量。 吉利燃油车在萎缩市场中逆势增长，出口预计达 45 万辆，俄罗斯市场 占比约 20%，受益于购置税政策，预计未来保持增长。 银河系列产品表现良好，银河 M9 订单超预期，心愿车型销量稳定，星 耀 8 以 A 级价格定位 B 级插混车型，月销破万。 吉利发布多款高端 SUV，包括银河 M9、领克 900 和极氪 9X，分别定 位于不同价格带，明确大六座 SUV 市场策略。 吉利整合极氪和领克，通过流程、采购、研发融合控本降费，极氪一季 度扭亏为盈，计划 9 月将极氪并入上市公司主体。 极氪品牌 001 和 007 销量稳定，9X 预计 8 月底预售，全年预计销量接 近 30 万辆；领克品牌将推出 EMP 中大型轿车领克 10 及纯电产品 Z10 和 Z20。 吉利汽车 20250824 Q&A 吉利汽车在当前行业变革期的表现如何？ 吉利汽车在当前行 ...

Q&A 2025 年上半年舍得酒业的整体业绩表现如何？ 2025 年上半年，舍得酒业在经历了行业压力和禁酒令影响的情况下，展现出 强劲的反弹势头。特别是在二季度，尽管白酒行业整体承压，但公司依靠去库 存、稳价格等措施，实现了显著增长。二季度利润同比增长 139.5%，营收基 本持平，环比第一季度降幅明显收窄，显示出业绩回升的趋势。 舍得酒业 20250823 摘要 舍得酒业 2025 年二季度利润同比增长 139.5%，营收与去年同期基本 持平，环比一季度降幅收窄，显示业绩回升，受益于主动市场调整和稳 健的价格管理体系。 公司通过全面降本增效，控制采购、职能部门及中后台费用，改善利润， 该策略将持续至 2026 年，以应对行业深度调整期。 面对行业压力，公司对中秋国庆期间市场持积极展望，动销状况良好， 坚持高端化方向，优化品牌战略和加强市场推广。 公司实施"三好"价格管理体系（平衡供需、管理费用、治理渠道）， 稳住基本盘，舍之道和沱牌特曲 T68 增速稳健，T68 连续三年高速增长。 公司通过电商、团购直销团队及全国化拓展寻找增量市场，聚焦核心七 个基地市场，并计划发布 29 度新品吸引消费者。 为应对经销商 ...

"直男天堂"迪卡侬，撑不住了？ 就在前几天，彭博社发布报道称，迪卡侬母公司正在考虑把中国地区30%股权进行出售，预估价格在10亿~15亿欧元之间。 虽然迪卡侬中国并未就此事做出官方回应，但很明显的一个趋势就是：中国市场，越来越不好卷了。 根据迪卡侬的财报显示，2024年迪卡侬虽然业绩有所增长，但是净利润却相较前一年下降了15.5%。 对于任何一个大型集团来说，这都不是什么好势头，而作为迪卡侬全球的大金矿之一，迪卡侬从中国市场需求破局方法，就板上钉钉了。 印象中，前几年的迪卡侬，在中国混得那叫一个春风得意。 赶上了瑜伽、骑行和露营的运动风口，迪卡侬作为入门级专业运动产品，一度受到不少女性用户和新中产们的欢迎。 但不少迪卡侬的老用户发现，从去年开始在迪卡侬的产品变得越来越贵了。 有机构统计显示，2022年迪卡侬的产品均价为128.81元，到了2024年，就已经高达196.32元，过去备受欢迎的登山背包，价格更是直接翻了一倍。 不少网友都在社交媒体上惊呼，曾经的"穷鬼天堂"迪卡侬，终究还是变了脸。 靠着多而全的品类和性价比，迪卡侬成为了"穷鬼天堂"。 但如今的迪卡侬，却悄悄变脸了。 背叛穷鬼，真的是迪卡侬走的一步臭 ...

服饰行业 周度市场观察 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： 奢侈品牌，谁在大手笔升级中国门店？ 运动户外品牌如何分走奢侈品牌的"蛋糕"？ 安踏李宁特步，集体撞上"中年墙"。 行业环境： 1. 亚瑟士和lv，抢着卖高价香水 关键词：香水生意,时尚品牌,生活方式,美妆领域,奢侈品 概要：香水生意正成为时尚品牌拓展生活方式的重要领域，运动品牌鬼塚虎和轻奢品牌珑骧近 期纷纷进军香水市场。全球香水市场规模预计从2025年的530亿美元增长至2032年的775.3亿 美元，高端细分市场增长最快。奢侈品集团如香奈儿、开云集团在主营业务下滑时，美妆业务 表现强劲，促使更多品牌布局香水领域。鬼塚虎与知名香水设计师合作推出系列香水，强调品 牌调性而非急于变现；珑骧则选择与专业香水企业合作。高端小众香水成为行业趋势，如PUIG 集团旗下品牌表现突出，但整体增速放缓。时尚品牌跨界香水旨在提升品牌价值，未来能否成 为业绩助力取决于市场发展。 原文链接：https://news.cfw.cn/v382194-1.htm 2. 奢侈品牌，谁在大手笔升级中国门店？ ...

Core Viewpoint - Xinyu Steel Co., Ltd. reported a decline in revenue and a return to profitability in the first half of 2025, driven by strategic adjustments in production and cost management [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.512 billion yuan, a year-on-year decrease of 18.33% [1]. - The net profit attributable to shareholders was 111 million yuan, compared to a loss of 75.4729 million yuan in the same period last year [1]. Industry Context - The steel industry continues to face weak downstream demand and high supply levels, leading to fluctuating steel prices and slow recovery in overall profitability [2]. - The company is responding to market pressures by reducing production scale to mitigate risks associated with price declines [2]. Operational Strategies - Xinyu Steel is focusing on enhancing efficiency rather than scale, optimizing production processes to improve operational metrics such as blast furnace utilization [2]. - The company has implemented cost reduction initiatives, including competitive procurement strategies and targeted cost control measures for raw materials [2][3]. Product Development - The steel industry is shifting towards high-end, intelligent, and green products, with Xinyu Steel actively promoting differentiation in its product offerings [4]. - In the first half of 2025, the company reported significant increases in sales of high-end products, with hot-rolled high-end varieties up by 97.6% and other premium products also showing substantial growth [4]. Future Outlook - Xinyu Steel aims to establish itself as a global leader in high-quality silicon steel and thick plates, planning to exit low-end trading businesses and focus on high-value-added products [5].

2Q25 智能汽车交付8.1 万辆，ASP 环比升6.7%至25.4 万元。经调整净亏损继续收窄至3 亿元，管理层表 示年内有望实现单季度或单月盈利。我们维持2025/26 年汽车销量预测，分别交付39.8/70.0 万辆。2Q25 汽车业务毛利率环比升3.2ppts 至26.4%。我们上调2025/26 年汽车毛利率预测至26.0%/27.1%（前值 23.5%/24.2%），主要考虑到现有及后续车型（如明年首款增程式SUV）的产品力和同平台规模效应有 望继续拉升毛利率。我们预测小米汽车业务在4Q25 实现扭亏为盈。 智能手机业务：毛利率或随高端新品发布企稳回升。2Q25 智能手机毛利率相比我们之前的预测，下滑 的趋势更快。我们认为存储器涨价对毛利率的负面影响或将至少持续至2025 年底。我们下调2025/26 年 智能手机毛利率预测至11.7%/12.1%（前值12.3%/12.3%）。我们继续看好小米手机高端化趋势，预测手 机毛利率在4Q25 将随高端新机型发布企稳回升。 下调目标价至60 港元。我们微调2026 年汽车业务收入至1820 亿元（前值1,817 亿元）。考虑手机等业 务的不确定性，下调2 ...

Core Viewpoint - CITIC Heavy Industries reported a solid performance in the first half of 2025, with revenue and profit growth, particularly a significant increase in net profit excluding non-recurring items, indicating effective management and strategic initiatives in a challenging external environment [2][3][4] Financial Performance - In the first half of 2025, CITIC Heavy Industries achieved operating revenue of 3.981 billion yuan, a year-on-year increase of 2.35% [2] - The net profit attributable to shareholders was 203 million yuan, up 6.39% year-on-year [2] - The net profit excluding non-recurring items reached 191 million yuan, showing a substantial growth of 17.37% year-on-year [2] Strategic Initiatives - The company focused on four key strategies: refining production and operation management, strengthening overseas market development, deepening green energy platform construction, and optimizing joint venture governance [3] - The traditional industry competitiveness has been enhanced, and a new growth trajectory in the renewable energy sector is emerging [3] Market Expansion and Product Development - CITIC Heavy Industries has seen resilience in its mining and heavy equipment business, with international orders increasing and equipment sold to five continents [3] - The company has initiated a project for a 5000 TPD clinker cement production line in Cambodia, promoting the development of complete engineering businesses [3] - The robotics and intelligent equipment sector is expanding, with the development of a new robot industry system and significant advancements in domestic technology [3] Capital Market Engagement - Since the beginning of 2025, CITIC Heavy Industries has strengthened its capital market communication mechanisms and improved its market value management [4] - The company's stock price has increased by nearly 30% this year, with a market capitalization stabilizing at 20 billion yuan and peaking at 28 billion yuan, reaching a three-year high [4] Future Outlook - In the second half of 2025, CITIC Heavy Industries will continue to focus on its core business, emphasizing high-quality development and technological innovation [4] - The company aims to maintain regulatory compliance, protect investor rights, and enhance investor returns, aligning market value with intrinsic value [4]