齐鲁晚报·齐鲁壹点 于佳霖 当星级酒店的精致餐点走出大堂，与街头的烟火气相遇，会碰撞出怎样的消费新场景？近日，威海百纳瑞汀酒店在门前支起摊位，将招 牌菜、特色小吃、现制饮品"搬"到街头，以"摆摊外卖"的形式，让曾需在餐厅内才能享受到的美食，成为市民随手可带的"家常菜"。威 海百纳瑞汀酒店餐饮总监孔红丽表示，这一"跨界"尝试并不是盲目求变，而是用更真诚的服务满足消费者的真实需求，让高端餐饮服务 真正走进百姓。 "以前总觉得星级酒店的菜贵，现在在门口就能买到江南红烧肉，太方便了。"傍晚时分，在百纳瑞汀酒店摊位前，刚下班的市民李女士 拿着打包好的餐食笑着说。摊位上，卤肘子、芸豆排骨包、现榨橙汁等几十种餐品整齐排列，从4元一个的面鱼到48元一只的卤肘子，价 格亲民，种类丰富，吸引着周边居民、上班族驻足选购。 这场"摆摊经济"不仅拉近了酒店与市民的距离，更成为消费引流的新渠道。据了解，百纳瑞汀酒店摆摊以来，不少尝过摊位美食的市民 专程走进酒店，体验自助餐或正餐服务；酒店近300间客房的住客也常到摊位选购，将"街头美味"带回房间。"有客人说，住酒店时买个 卤味当夜宵，比外卖还方便。"孔红丽笑着说，这种"摊位+酒店"的联动 ...

半年度净利润续亏，*ST岩石（600696）"保壳"之路又蒙上一层阴影。 7月14日晚间，*ST岩石发布业绩预告，预计2025年半年度实现归属于上市公司股东的净利润为亏损 5000万元~7500万元，与上年同期相比，减亏了3.07%~35.38%。尽管净利润实现减亏，但*ST岩石退市 风险却在悄然变大。 三大因素致净利润续亏 根据*ST岩石业绩预告，公司上半年净利润亏损5000万~7500万元，减亏了3.07%~35.38%；扣非净利润 亏损3000万~4500万元，同比减亏了42.60%~61.73%。 对于业绩持续亏损的原因，*ST岩石表示，2025年上半年白酒行业复苏未达预期，加之政策影响较大， 行业整体承压。消费增长动能不足导致终端动销放缓，产品价格倒挂成为行业普遍现象。白酒产业仍处 于去库存周期，产业向优势产区、优势企业、优势品牌集中的趋势明显，中小品牌酒企愈加受到挤压。 公司亦受此行业环境的影响。 另一方面，从2023年年末开始，受多方面因素影响，公司资金承压，返利返货无法兑现，市场投放减 少。同时叠加公司实际控制人被公安机关采取强制措施、控股股东及其一致行动人所持公司股票被司法 冻结等一系列事件 ...

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250707-20250711） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有冰轮环境、汇川技术、博实结、骏鼎达和 福光股份等。近5天机构调研数前二十的热门公司有冰轮环境、燕京啤酒、兴蓉环 境、宁波银行和超捷股份等。近30天机构调研数前二十的热门公司中评级机构家 数大于或等于10家的有5家，分别为燕京啤酒、沪电股份、汇川技术、杭州银行 和科博达。燕京啤酒、沪电股份、杭州银行和科博达2024年归母净利润相较2023 年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年7月7日至2025年7月11日，发布重要股东增持进展情况公告的公司共计6 家，评级机构家数大于10家（含10家）的有2家，分别为瑞普生物和海信家电。 ➢ 本周A股上市公司回购情况 2025年7月7日至2025年7月11日，共计93家公司发布回购进展情况公告，评级 机构家数大于10家（含10家）的共23家，其中，预计回购金额上下限均值占预案 日市值比例大于1%的公司为澳华内镜、山推股份、万润股份和中航重机。 ➢ 2025/01/01-2025/ ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant changes in their financial forecasts and strategic decisions, indicating varied performance across different sectors in the first half of 2025 [1][3]. Company Announcements - Zhonghua Equipment plans to acquire 100% stakes in Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025, for up to 10 trading days [3]. - Jiugui Liquor expects a net profit decline of 90.08% to 93.39% in the first half of 2025, with projected revenue around 560 million yuan, a decrease of approximately 43% year-on-year [5]. - Suli Co. anticipates a net profit increase of 1008.39% to 1223.91%, with expected profits between 72 million and 86 million yuan, driven by improved market conditions [6]. - Te Yi Pharmaceutical forecasts a net profit growth of 1164.22% to 1312.95%, with profits expected between 34 million and 38 million yuan, supported by strong sales of its core product [7]. - Huahong Technology predicts a net profit increase of 3047.48% to 3721.94%, with expected profits between 70 million and 85 million yuan, benefiting from rising rare earth product prices [8]. - Huaxia Airlines expects a net profit increase of 741.26% to 1008.93%, with profits projected between 220 million and 290 million yuan, due to improved demand for air travel [9]. - Xianfeng Holdings anticipates a net profit increase of 524.58% to 671.53%, with expected profits between 34 million and 42 million yuan, largely due to non-recurring gains [10]. - Xinyisheng expects a net profit increase of 327.68% to 385.47%, with profits projected between 370 million and 420 million yuan, driven by growth in AI-related investments [12]. - Hengsheng Electronics forecasts a net profit increase of approximately 740.95%, with expected profits around 251 million yuan, aided by significant non-recurring gains [13]. - CICC anticipates a net profit increase of 55% to 78%, with expected profits between 3.453 billion and 3.966 billion yuan, driven by growth in investment banking and wealth management [14]. - Xinda Securities expects a net profit increase of 50% to 70%, with profits projected between 921 million and 1.044 billion yuan, supported by improved asset management [15]. - Shanxi Securities forecasts a net profit increase of 58.17% to 70.72%, with expected profits between 504 million and 544 million yuan, driven by growth in wealth management and international business [16]. - Guocheng Mining anticipates a net profit increase of 1046.75% to 1174.69%, with expected profits between 493 million and 548 million yuan, primarily due to non-recurring gains from asset sales [17]. - China Rare Earth expects a net profit of 136 million to 176 million yuan, recovering from a loss of 244 million yuan in the previous year, aided by improved market conditions [18]. - Perfect World anticipates a net profit of 480 million to 520 million yuan, recovering from a loss of 177 million yuan, driven by successful game launches and esports growth [19]. - Huanghe Xuanfeng expects a net loss of 285 million yuan, impacted by intense competition and weak demand in the superhard materials sector [20][21]. - JA Solar forecasts a net loss of 2.5 billion to 3 billion yuan, worsening from a loss of 874 million yuan, due to industry-wide supply-demand imbalances [22]. - Shanxi Black Cat anticipates a net loss of 490 million to 540 million yuan, driven by declining sales and prices of its main products [23]. - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan, transitioning from profit to loss due to reduced project deliveries and impairment provisions [24]. Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [26]. - Gaode Infrared signed a procurement agreement for a complete equipment system worth 879 million yuan, accounting for 32.84% of its 2024 audited revenue, expected to positively impact this year's performance [27].

最近，小米汽车的爆火印证了一个市场真理：真正的现象级产品，必然在"硬核实力"与"情绪价值"间找 到完美平衡。 对于白酒行业而言，这一逻辑同样适用。高端酱酒市场长期被"天价包装"与"概念营销"裹挟，因此消费 者亟需一款剥离浮华、回归本质的诚意之作。 珍酒发布的战略级新品——"大珍·珍酒"，正用极致性价比与深厚文化底蕴，重新定义高端酱酒的价值 标杆，有望成为酒业新的 "超级符号"。 品质、美学与技术的全面创新 高端酱酒的核心竞争力始终是酒体本身。据了解，"大珍·珍酒"精选超过两百种不同轮次、不同典型体 的优质基酒，由大师团队精心勾调，确保每一滴酒的酿造时间不晚于2020年，更以20年珍稀老酒调味， 集经典酱陈香、醇厚曲香、烘焙焦香、花果香于一体，具有酱香突出、香气幽雅特点，能带来惊喜 的"跳跃感"。 "这款光瓶酒以真实年份为主要品质表达方式，我认为是非常合理的。也只有像珍酒这样具有产能基础 的企业，才可以做到品质体系可追溯。"酱酒专家权图如此评价。 珍酒的产能与储能为大珍的品质稳定性提供了坚实保障。2024年下沙季，珍酒投产规模高达4.4万吨， 优质基酒储备已突破10万吨大关，产能规模稳居贵州白酒企业前三。 在包 ...

在科技创新债券的三类发行主体中，曹媛媛着重介绍了股权投资机构发行的科技创新债券。 股权投资机构是投早、投小、投长期、投硬科技的重要力量，但是这些机构往往是轻资产的机 构，同时投资周期比较长，以前这类机构较少通过发行债券进行融资，投资人对于这些股权投 资机构发行的债券也比较审慎，他们的融资成本实际上也相对比较高。 曹媛媛强调，这次为支持股权投资机构发行债券，人民银行专门创设了科技创新债券风险分担 工具，提供低成本再贷款资金，与地方政府、市场化信用增进机构一道，为股权投资机构发债 提供担保、创设信用风险缓释凭证等一系列增量的支持。此外，风险分担工具也通过直接投资 方式，支持科技创新债券的发行。 记者丨 唐婧 编辑丨周炎炎 今日下午3时，国新办举行新闻发布会，中国人民银行副行长邹澜，人民银行调查统计司司长 闫先东、信贷市场司司长彭立峰、金融市场司副司长曹媛媛介绍2025年上半年金融统计数据情 况答记者问。 在媒体提问环节，21世纪经济报道记者向曹媛媛提问：今年中国人民银行出台了支持科技金融 的一系列增量政策，创新推出了债券市场"科技板"，目前进展和成效如何？下一步有何考虑？ 曹媛媛表示，做好科技金融工作是落实创新驱 ...

证券代码：600365 证券简称：ST 通葡 公告编号：临 2025-037 通化葡萄酒股份有限公司 2025 年半年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 通化葡萄酒股份有限公司（以下简称"公司"）预计 2025 年半年度实现 归属于母公司所有者的净利润为-2,790 万元到-1,860 万元，预计 2025 年半年度 实现归属于母公司所有者的扣除非经常性损益后的净利润为-2,200 万元到-1,467 万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 利润为-2,790 万元到-1,860 万元，将出现亏损。 ? 本期业绩预告适用于净利润为负值的情形。 利润为-2,200 万元到-1,467 万元。 （三）本次业绩预告未经注册会计师审计。 二、上年同期经营业绩和财务状况 （一）利润总额：-2,229.55 万元。归属于母公司所有者的净利润：-2,708.89 万元。归属于母公司所有者的扣除非经常性损益的净利润：-2,096.89 万元。 公司不存在影响本次业绩 ...

证券研究报告 | 2025年07月14日 社会服务行业双周报（第 110 期） 优于大市 社服板块二季报业绩前瞻：预计延续分化表现 社服板块二季报前瞻：预计延续分化表现。出行链，酒店龙头 RevPAR 降幅 收窄，高势能品牌扩张领先，亚朵零售与酒店双轮驱动，首旅强化成本管控； OTA 平台 Q2 竞争扰动预计相对有限，同程优化补贴，利润率有望提升，携程 加码海外投入；祥源文旅外延扩张、九华旅游客流有望增长支撑景区表现。 海南免税降幅预计环比收窄。餐饮连锁，茶饮、快餐、大部分大众餐饮同店 有望逐步企稳，同时也有望受益于头部平台补贴。教育人服，新东方-S 降本 增效，预计推动核心业务利润率同比提升；学大教育依托考前冲刺旺季需求 与新网点爬坡，利润率有望环比改善；中国东方教育春季招生表现突出&预 计区域中心建设效能持续释放；科锐国际 AI 赋能预计持续降本增效。 风险提示：政策变动、行业竞争加剧、消费环境修复不及预期等。 板块复盘：消费者服务板块报告期内上涨 2.49%，跑赢大盘 0.12pct。国信 社服板块涨幅居前的股票为奈雪的茶（37.50%）、新濠国际发展（33.00%）、 粉笔（27.56%）、新高教集团 ...

投资快报记者注意到，在上市初期曾被热炒至超过1800元/瓶的茅台1935，现市场售价已跌破 600元/瓶。 电商平台的一些店铺的售价与1188元/瓶的零售指导价相比，已经腰斩，较曾经的 高位1899元/瓶，更是暴降68.93%。 7月14日，在京东，茅台1935在一些店铺的售价仅590元/瓶，页面显示有已售400+、买家评价 200+、好评率达100%；另有店铺双瓶装售价1175元，折合每瓶仅587.5元，页面显示有官方正 品、100%保真、京东快递等。投资快报记者观察到，京东上，茅台1935在不少的店铺售价都 600元以下。即便是京东"自营"，在"补贴价"下也只要681.12元。 不过， 在其他的电商平台上，茅台1935仍普遍在600元之上。 如在拼多多，一些店铺售价低 见630元/瓶、634.79元/瓶、636.5元/瓶、637元/瓶……，但多数在650元-670元/瓶左右；在天 猫，不少店铺售价仍在700元之上；值得一提的是，在"I茅台"上，茅台1935售价仍为1188/ 瓶。 据茅台时空公众号消息，茅台1935上市首年销售50亿元；2023年销售至110亿元；2024年再上 一步，完成销售120亿元， ...

Group 1 - The "takeaway war" has restarted, leading to a new peak in order volume, with Meituan reporting 150 million instant retail orders, and rider income increasing by 111% during weekends [1][9][11] - The competition among platforms like Meituan, JD, and Taobao has resulted in historical highs in order volumes, indicating a significant increase in consumer spending driven by subsidies [1][9][10] - The competition is seen as a catalyst for long-term benefits, provided that regulatory measures are in place to prevent malicious competition and ensure fair practices [1][13] Group 2 - The outbound tourism market is experiencing a strong recovery, with average prices for outbound travel products decreasing by approximately 5% compared to last year, and significant increases in bookings for overseas train tickets and hotel packages [2][15] - The inbound tourism sector is also seeing growth, with over 640,000 people entering through Beijing ports in the first ten days of July, marking a 22.1% year-on-year increase in foreign visitors [2][14] - Popular destinations for outbound travel include Europe, with a 76% increase in travelers to Europe, particularly to Northern Europe and the UK [2][17] Group 3 - The summer economy is thriving, with long-distance travel accounting for over 60% of tourism, and domestic flight bookings exceeding 25.61 million during the summer travel period [3][21] - The railway sector anticipates sending 953 million passengers during the summer, reflecting a 5.8% year-on-year increase, with additional tourist trains being introduced to meet demand [3][21] - The self-driving tourism in Xinjiang is booming, supported by improved transportation infrastructure, with over 30,000 vehicles using the newly opened Ahe Highway [4][19] Group 4 - The report highlights the emergence of new consumption patterns, particularly in the food and beverage sector, with a notable increase in night-time dining and the popularity of takeaway services [38][39] - The travel and hospitality sectors are adapting to changing consumer preferences, with platforms like Tujia launching long-term rental services to cater to the growing demand for travel stays [48][49] - The hotel industry is expanding, with new openings such as the Marriott Hotel in Changsha, which aims to enhance local tourism experiences [51]