证券研究报告 | 行业深度 gszqdatemark 2025 07 02 年 月 日 电力设备 从电价逻辑探讨海外工商储需求空间–欧洲、东南亚和非洲市场 2025 年来，我们注意到海外工商储需求快速爆发。本篇报告我们拟从电 价角度探讨三个问题：1）海外工商储需求为何爆发？2）降本后工商储经 济性如何？3）怎么看海外工商储需求空间？ 工商储供需探讨：电价政策&应急备电为工商储底层需求，系统成本下降 带动需求进一步放量。需求端：1）欧洲：工业电价水平远高于美国，配 备工商储可平滑发电波动，降低企业端用电成本。2）东南亚：发电成本 （煤炭、天然气价格上涨）上升推高当地电价，高性价比离网储能预计为 主流需求。3）非洲：当地停电频发+电价高增，催化并离网切换及离网备 电需求。供给端：碳酸锂价格和光伏组件价格持续下行，2025 年 2 月工 商储系统中标价格降至 0.6 元/Wh，模块化产品形态可适配多种场景。 浅析海外电价：欧洲小型工商业主用电成本最高，东南亚电费相对水平高 于中国，非洲电价高增催化企业端工商储应急备电&降本需求。 工商储需求空间：我们测算欧洲仅小型工商储空间约 66GWh，东南亚、 非洲（矿山场景） ...

Group 1 - Hubei Province's direct financing has maintained a high level of around 800 billion yuan for three consecutive years, with nearly 80% of listed companies achieving profitability [1][2] - As of June 30, 2025, Hubei has 191 listed companies, ranking 10th nationally, with 153 domestic and 38 overseas listings [2][3] - The province has a reserve of 1,355 "gold and silver seed" enterprises to support more quality companies to go public [1][4] Group 2 - In Q1 2025, over 70% of Hubei's listed companies were profitable, with notable companies like Jiuzhoutong, CITIC Special Steel, and Wentai Technology reporting revenues exceeding 10 billion yuan [3] - The top ten companies by revenue in Hubei all exceeded 4 billion yuan, indicating strong performance in the region [3] - Hubei has implemented a comprehensive service system for companies to enter the multi-level capital market, aiming to enhance the quality of enterprises [4] Group 3 - Hubei's capital market reforms have led to 20 new listings and approvals annually from 2021 to 2023, with the province ranking 6th nationally for new listings in 2024 [2] - The province aims to achieve five major goals by 2030, including increasing the total number of listed companies and ensuring coverage across all regions [4]

Group 1 - The implementation of the outbound tax refund policy for foreign travelers in Hubei aims to stimulate the consumption market and attract more international tourists to the region [1][2] - The policy allows foreign travelers to receive a refund of the value-added tax (VAT) on eligible purchases made at designated stores upon departure from the country [2] - The first customer to benefit from this policy was a foreign teacher from the UK, who purchased items totaling 1,968 yuan and received a tax refund of 177.12 yuan [1] Group 2 - The Hubei Provincial Finance Department has announced the first batch of 57 stores eligible for the outbound tax refund program, marking a significant step in promoting international consumption facilitation [1] - The tax refund threshold has been significantly lowered from 500 yuan to 200 yuan, expanding the policy's benefits to a larger number of travelers [2] - The cash refund limit has been increased from 10,000 yuan to 20,000 yuan, and the transfer refund limit has been removed, enhancing the shopping experience for both small and high-end consumers [2]

杭城夏日哪里最燃？作为市中心核心商圈，武林广场"战火"将起！7月1日，记者从拱墅区相关部门 了解到，杭州市商务社区街头篮球武林争霸赛（2025赛季）将在武林广场拉开帷幕，热血篮球与繁华商 圈将在这个夏天激情碰撞！ 商圈即赛场，本次篮球赛将为仲夏武林再添一把火。后亚运时期，武林广场已成功举办了中国田径 街头巡回赛、杭州女子半程马拉松等体育赛事，而这个夏天，武林广场还将举办一系列丰富多彩的文化 与促消费活动，包括文艺赋美演出、主题市集、首届武林吨吨冰饮节等活动都将精彩亮相，为市民提供 购物、美食、品牌互动一站式赛事周边体验。以赛事为纽带，拱墅区大武林、大运河、大和平、新天地 四大商圈也将联动起来，下半年预计将举办115场规模不等的促消费活动，配套推出餐饮消费券、商超 消费券、大武林商圈消费券等，以旧换新促消费活动也将继续开展。 本次比赛主要包括集体项目三人制篮球赛与个人项目三分球大赛。其中三人制篮球赛分两个阶段进 行：7月7日-7月18日为预赛，由大运河数智城、拱墅区18个街道组织举行，最终决出121支队伍晋级正 赛。7月下旬-9月初为正赛，每周五至周日晚在武林广场举行，赛事分为上下半区、30个小组进行比 拼。正 ...

Group 1 - The basketball event aims to enhance the commercial atmosphere of Wulin Square and stimulate the local economy through sports activities [2][3] - The event is part of a broader initiative to transform Wulin Square into a vibrant public cultural space, leveraging sports to drive night economy [2][3] - The "Loud BA" concept is rooted in the strong business community in Gongshu District, which has established 30 business communities serving over 62 buildings with significant tax contributions [3] Group 2 - The competition will feature a three-on-three basketball tournament and a three-point shooting contest, with preliminary rounds taking place from July 7 to July 18 [4] - Non-professional athletes aged 18-60 residing or working in Gongshu District can participate, promoting inclusivity [4] - The event will also include various cultural and commercial activities, creating an immersive consumer experience during the tournament [5][6]

Core Points - The release of two significant documents by the National Medical Insurance Administration and the National Health Commission marks a pivotal moment for the commercial health insurance sector in China, particularly regarding innovative drug pricing and inclusion in insurance directories [2][4][12] Group 1: Policy Changes - The newly published "Measures to Support the High-Quality Development of Innovative Drugs" indicates that the settlement prices for drugs in the commercial health insurance innovative drug directory will be determined through "consultation" rather than "negotiation" [7][21] - The "Work Plan for Adjusting the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory and the Commercial Health Insurance Innovative Drug Directory by 2025" outlines a basic process for price consultation, although specific details remain to be finalized [3][19] - The commercial health insurance innovative drug directory, previously referred to as the "Category B Drug Directory," has been officially announced, and its first version will be developed in conjunction with the 2025 national negotiations [4][5] Group 2: Role of Insurance Companies - Insurance companies will have a significant decision-making role in the development of the commercial health insurance innovative drug directory, with the National Medical Insurance Administration emphasizing the importance of their participation in various stages, including expert reviews and price consultations [13][27] - The transition from "negotiation" to "consultation" regarding pricing has led to mixed reactions, with some industry insiders perceiving it as a step back for the National Medical Insurance Administration [14][15] - The final decision on whether a drug will be included in the directory and its pricing will involve a collaborative process with input from insurance experts and the National Medical Insurance Administration [11][17] Group 3: Pricing Mechanism - The pricing mechanism for drugs included in the commercial health insurance innovative drug directory will involve expert assessments and on-site price consultations, with successful negotiations leading to inclusion in the directory [17][20] - The current framework indicates that the specifics of the price consultation rules and agreements will be determined after soliciting opinions from relevant parties [19][31] - The National Medical Insurance Administration aims to ensure that different insurance companies do not face varying prices for the same drugs, promoting a unified "consultation price" for the directory [20][26] Group 4: Market Implications - The commercial health insurance innovative drug directory is expected to provide a structured approach to pricing and inclusion of innovative drugs, potentially leading to a more standardized pricing model across the sector [25][28] - The directory's implementation is seen as a strategic move to enhance the market for commercial health insurance, despite the current limited uptake of such insurance products among the population [24][30] - The National Medical Insurance Administration plans to support insurance companies through data sharing, synchronized settlements, and regulatory collaboration to facilitate the smooth operation of commercial health insurance [28][29][30]

Core Insights - The transformation of China's consumer market reflects a shift from basic survival needs to a focus on self-fulfillment, quality, and meaning, with service consumption projected to account for 46.1% of per capita spending in 2024 [3][7] - Hainan is emerging as a testing ground for innovative non-standard commercial models, driven by a combination of policy support and local cultural elements [4][10] Group 1: Non-Standard Commercial Models - Non-standard commercial models are characterized by unique, open-space layouts and personalized branding, catering to the emotional and social needs of consumers [4][5] - Hainan's non-standard commercial landscape showcases a diverse array of businesses, from themed cafes to cultural bookstores, which serve as emotional connection points rather than traditional retail outlets [5][6] - The rise of non-standard business practices is reshaping the consumer experience in Hainan, moving away from standardized products to a focus on emotional resonance and local culture [6][9] Group 2: Consumption Structure in Hainan - Hainan's consumption structure is defined by a dynamic interplay between duty-free shopping, taxable commercial activities, and non-standard business models, creating a complementary ecosystem [7][8] - Duty-free shopping is a key driver of Hainan's consumer market, with sales expected to reach 47 billion yuan in 2024, attracting over 10 million shoppers [8] - Non-standard businesses play a crucial role in bridging the gap between high-end and basic consumer needs, enhancing the overall value proposition of Hainan's market [8][9] Group 3: Future Development and Innovation - The evolution of non-standard commercial practices in Hainan requires systematic development and support, including legislative measures and the establishment of associations to facilitate collaboration among business owners [10][11] - Cultural integration is essential for the success of non-standard businesses, with a focus on transforming local heritage into marketable experiences [10] - Scene innovation is vital for redefining consumer interactions, with non-standard businesses encouraged to create multifunctional spaces that foster community engagement [11]

在深圳建设国际消费中心城市的战略版图中，龙华区展现后起之秀的商业爆发力。 受访者供图 在深圳建设国际消费中心城市的战略版图中，龙华区展现后起之秀的商业爆发力。在消费服务业"半年 考"中，今年1-4月，龙华街道服务业累计营业收入达88.90亿元，同比大幅增长14.7%，增速稳居全区首 位，成为全区唯一实现两位数增长的街道，占全区服务业营收比重达23.8%。大浪街道后浪新天地上半 年出租率高达93%整体销售额约12亿元；民治街道以港澳客源开拓新消费群体，观澜街道则以文体赛事 激活商旅融合潜力等。龙华区各街道各出其招，在全市42个区域级活力商圈中，让仅占据7席的龙华区 商业版图迸发出超常规发展动能。 龙华街道推进超级商圈建设 打造"一核心多节点"商业布局 "加快推进消费和服务业发展，挖掘高质量发展新潜力"是今年龙华区委党代会报告的头号任务，报告明 确提出要"全面建设国际消费中心城市主力区"。在全市的商业大棋中，作为行政区后起之秀的龙华区， 采用"商业+"及吸引港澳游客等诸多创新举措在商业发展中紧抓机遇后起直追。 在"深圳商业网点规划(2025-2035)"中，全市42个区域级活力商圈中，龙华区占据7个。被列为深圳重 ...

Core Insights - The article presents a ranking of commercial resource aggregation in 19 cities, highlighting the disparities in commercial strength among these cities [3][5]. - Shanghai leads with a commercial resource aggregation score of 140.37, showcasing its status as a commercial hub in China [3][4]. - The data reflects the multifaceted nature of urban commercial development, influenced by factors such as market consumption and urban planning [5]. Summary by Categories Commercial Resource Aggregation Rankings - Shanghai ranks first with a score of 140.37, indicating its dominance in commercial resources, supported by numerous commercial centers and multinational headquarters [3][4]. - Beijing follows closely with a score of 123.96, benefiting from its status as the capital and a large consumer market [3][4]. - Guangzhou ranks third with a score of 108.5, known for its developed professional markets and rich commercial atmosphere [4]. - Shenzhen, with a score of 106.36, is recognized for its innovation and growing commercial core [4]. - Chengdu ranks fifth with a score of 100, showing a vibrant consumer market and a variety of commercial complexes [4]. Low Ranking Cities - Wuxi, with a score of 43.6, ranks lowest among the 19 cities, but is noted for its unique blend of local characteristics and modern commerce [4][5]. - Other cities with lower scores include Dongguan (52), Tianjin (54.25), and Zhengzhou (58.87), indicating varying levels of commercial resource aggregation [6]. Implications for Urban Development - The aggregation scores serve as a reference for local governments in commercial planning and urban development, emphasizing the importance of enhancing commercial strength [5]. - The data can guide cities in attracting brands and improving their commercial infrastructure [5].

潮新闻客户端 记者 郑青青 6月30日下午，宁波鄞州区白鹤街道一宗商业用地出让，引发市场热议。经过21轮竞价，兴宁桥东原宁蔬果品批发市场北侧地块由宁波搏威工贸溢价 37.2%竞得，成交总价8118.28万元，折合楼面价6283元/㎡。 查阅企业信息，宁波搏威工贸有限公司为今年5月新成立的公司，注册地在鄞州区横溪镇，注册资本1000万元，总共2个个人股东。 成交地块位于老江东核心区域，南侧即为刚交付的中海·江东兴樾府，西北侧即为地铁4号线兴宁桥东站，南侧还规划有地铁10号线经过。当前地块周边住 宅小区林立，生活氛围浓厚，对商业需求量大。 △地块航拍图（浙江省自然资源网上交易中心） 根据规划条件，地块体量不大，总建面约1.3万㎡，严禁设置类住宅，其中零售商业建面占比约50%。竞得企业需须在出让年期内自持全部物业，不得转 让。 △地块出让截图 据浙报传媒地产研究院统计，近两年宁波市区小体量+低总价+核心区位的商业商务地块，备受市场青睐。 2024年3月，首南鄞州公园南侧零售商业、餐饮、旅馆用地溢价203.9%成交，该宗地块用地面积仅4074㎡，总体量6925.8㎡。 2024年6月，长丰宁丰板块，宁波七中东侧一宗零 ...