Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights that the retail sales of consumer goods in June 2025 reached CNY 42,287 billion, with a year-on-year growth of 4.8%, which is below the consensus expectation of 5.56% [5][10] - The report indicates that the online retail sector is growing rapidly, while offline retail remains stable, with online sales increasing by 8.5% year-on-year in the first half of 2025 [5][15] - The report emphasizes the impact of national subsidy policies on retail categories, with essential and discretionary goods showing continued growth [5][27] Summary by Sections Overall Retail Sales - In Q2 2025, retail sales grew by 5.4% year-on-year, with June showing a growth of 4.8%. The total retail sales for the first half of 2025 reached CNY 245,458 billion, marking a 5.0% increase [5][10] - Urban retail sales outpaced rural sales for four consecutive months, with urban sales in June at CNY 36,559 billion, growing by 4.8% year-on-year [12][10] By Category - Retail sales of goods outperformed the restaurant sector, with June's total for restaurant services at CNY 4,708 billion, a year-on-year increase of 0.9%, while goods retail reached CNY 37,580 billion, growing by 5.3% [22][5] - The report notes that national subsidy policies are effectively driving growth in essential and discretionary categories, with June's year-on-year growth rates for essential and discretionary goods at 5.92% and 2.15%, respectively [27][29] Price Performance - The Consumer Price Index (CPI) rose by 0.1% year-on-year in June 2025, while the Producer Price Index (PPI) fell by 3.6%, leading to an expanded PPI-CPI gap of -3.7% [33][36] - Food prices decreased by 0.3% year-on-year, with non-food prices showing a slight increase [35][36] Employment Situation - The urban unemployment rate remained stable at 5.0% in June 2025, unchanged from the previous month [43][44] Investment Recommendations - The report suggests that the white liquor sector may see demand recovery due to expanding domestic demand policies, despite short-term weakness from a "ban on alcohol" [51] - It also recommends focusing on core leading companies in the cosmetics sector, which are expected to perform well due to strong domestic growth and increasing market share [51]

概述： 目前服装店选择收银系统主要关注四个方面：1、能否扫码入库2、能否做会员营销3、系统是否稳定4、 售后是否有保障。针对这四个方面，专业测评团队走访了200家用户，对比了笑铺日记、秦丝、日进斗 金、银豹、管家婆5家知名度较高的系统，笑铺日记获得4.5星，显著领先其他产品。 最关注的四个方面： 1、能否扫码入库。建款入库平均每天要花费服装店一个小时的时间，笑铺日记率先开发的扫码入库功 能可以1秒完成入库，效率提升1000倍以上，扫码入库成为服装店主最关注的因素。 2、能否做会员营销。竞争日益激烈的当下，经营好自己的会员体系成为服装店能否长久发展的关键， 服装店老板都会愈发重视系统能否做好会员营销，帮助提升业绩。 3、系统是否稳定。有不少系统会出现突然宕机、数据出错等情况，给经营带来很大损失，稳定不出错 是服装店老板选系统的底线。 秦丝的扫码入库支持率有50%，低于笑铺日记，但高于其它系统。秦丝开发了比较完备的会员模块，能 够满足多数客户的会员营销需求。有部分用户反馈秦丝会出现数据不准确(库存对不上)的情况，导致稳 定性评级偏低，只有2星，售后处于行业平均水平。 三、日进斗金(综合评级2.5星) 4、售后是否 ...

Group 1: Tariff Impact and Revenue - In Q2 2023, the U.S. collected approximately $64.4 billion in tariffs, annualizing to nearly $260 billion[2] - The current tariff rate is 10%, with some products facing a higher increase of 25%[4] - The U.S. import price index remained stable, with an average monthly growth rate of about 0% from February to May 2023[3] Group 2: Cost Burden Distribution - Historically, consumers and importers bear the brunt of tariffs due to their weaker bargaining power[3] - Japanese automobile exports to the U.S. saw a significant price drop of 18% from April to June 2023[6] - U.S. manufacturers and wholesalers are currently absorbing tariff costs, with retail prices remaining relatively stable[7] Group 3: Future Price Adjustments - Over 50% of surveyed companies plan to pass at least 50%-75% of tariff costs onto consumers[9] - Retailers, facing thin profit margins, are increasingly pressured to raise prices, with Walmart leading the charge[8] - The anticipated price increases may further strain U.S. household budgets and consumer spending, potentially leading to stagflation[9]

关税战后的全球新秩序 报告要点 4月2日,美国总统特朗普发动新一轮面向全球几乎所有国家的关税战。虽然 目前关税战力度已经大大减轻,但我们认为关税战造成的影响仍将非常深远。 特朗普在全球范围内发动大规模关税战,其目的有以下几点:一是缩减美国的 贸易逆差;二是促进美国制造业回流;三是保障国家安全,遏制中国发展。但 是特朗普政府也面临着现实约束,美国债券市场的稳定性至关重要;美国 通胀 压力和特朗普的支持率也制约着特朗普关税政策。目前关税谈判的结果还存在 较大不确定性,但是在面临多重现实约束和宪政困境下,美国对外关税很难达 到４月２日公布的最高水平,我们预计最终实际落地的关税幅度会大幅削减, 更可能是略高于 10%的基础关税水平，是市场可以接受的范围。 在特朗普发动新一轮关税战之后,各大机构和经济学者均下调了对于海外经 济的预期。但从全球经济的实际表现来看,到目前为止各国受到的冲击有限。 证券研究报告| 宏观研究 宏观研究 2025.07.17 目期: 分析师 尤春野 登记编码: S0950523100001 @ : vouchunye1@wkzq.com.cn 我们认为未来关税对全球经济的负面影响还会陆续显现,但 ...

Group 1 - The company plans to acquire 100% equity of Chilean building materials retailer Construmart S.A. for approximately $123 million [1] - After the transaction, the company's overseas development subsidiary will hold 99% of Construmart, while its international trading subsidiary will hold 1% [1] - The transaction requires board approval and must be filed with relevant authorities in China, but it does not constitute a related party transaction or a major asset restructuring [1]

文｜壹度Pro 最近小红书的用户们，因为"一颗巧克力派"，对素有"中产标配"的山姆会员店发起了"讨伐"。 这款被山姆上架的低糖好丽友派，规格为每盒48枚，售价49.9元。产品包装上，"减糖80%""增加30%可 可成分"等字样，无一不在说明它的卖点和中产关注的"健康""控糖"的高度匹配。 哪怕抛开卖点，仅从单一的价格维度，这款产品都极具性价比。壹度PRO在天猫好丽友食品旗舰店上， 搜索经典款的好丽友派发现，同等48枚规格的售价将近70元，比山姆低糖好丽友派售价高出40%。 而就是这样一款"更健康、更低价"的新品，却遭到了小红书上的山姆会员们的口诛笔伐，有用户就 称，"满大街都有的东西，对不起每年260元或680元的会员费。" 同时，有些用户吐槽山姆最近的选品越来越不行了，甚至配上了该款巧克力派在山姆线下门店的堆头， 称"果然卖不出去一点"，也有用户称"山姆明年我不续费了哦"... ... ▲ 图源 /小红书截图 甚至有小红书用户，在好丽友之外，还开辟出了"徐福记""盼盼""卫龙"上架山姆的"第二战场"，并就这 些品牌该不该上架山姆，吵得不可开交。比如，有在山姆买到"panpan（盼盼）"食品的消费者称遭到 了 ...

证券研究报告|商贸零售 [Table_Title] 6 月社零总额同比+4.8%，增速同比提升、环 比下降 [Table_ReportType] ——2025 年 6 月社零数据跟踪报告[Table_ReportDate] [投资要点： Table_Summary] ⚫ 总体：2025 年 6 月社零同比+4.8%，增速同比提升、环比下降。 2025 年 6 月我国社会消费品零售总额 42,287 亿元，同比增长 4.8%，较去年同期增速提升 2.8pcts，较 5 月增速环比下降 1.6pcts。①商品零售和餐饮收入增速较上月均有所回落，其中餐 饮收入同比增速回落明显。2025 年 6 月商品零售同比+5.3%，较 5 月增速环比-1.2pcts；餐饮收入同比+0.9%，较 5 月增速环比- 5.0pcts，回落明显。限上企业商品零售额同比+5.5%，较 5 月增 速环比-2.7pcts。②按地区分类：城镇和乡村社零增速均有所回 落，城镇增速高于乡村。6 月城镇消费品零售额同比+4.8%，较 5 月增速环比-1.7pcts；6 月乡村消费品零售额同比+4.5%，较 5 月 增速环比-0.9pcts。 ⚫ 细 ...

北京市中伦律师事务所 关于 《上海开开实业股份有限公司收购报告书》 的法律意见书 致：上海开开实业股份有限公司 北京市中伦律师事务所接受上海开开实业股份有限公司的委托，担任开开 实业 2024 年度向特定对象发行 A 股股票的专项法律顾问。 法律意见书 目 录 本所根据《中华人民共和国证券法》《中华人民共和国公司法》、中国证券 监督管理委员会颁布的《上市公司证券发行注册管理办法》《上市公司收购管理 办法》以及中国证监会、司法部联合发布的《律师事务所从事证券法律业务管 理办法》《律师事务所证券法律业务执业规则（试行）》《公开发行证券的公司信 息披露内容与格式准则第 16 号——上市公司收购报告书》等有关规定，并按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，就上海开开（集团）有 限公司认购上海开开实业股份有限公司向特定对象发行股票所编制的《上海开 开实业股份有限公司收购报告书》有关事项出具本法律意见书。 北京市中伦律师事务所 关于 《上海开开实业股份有限公司收购报告书》 的法律意见书 二〇二五年七月 为出具本法律意见书，本所律师根据有关法律、行政法规、规范性文件的 规定和本所业务规则的要求，本着审慎性及重 ...

企业扩张面临挑战，墨西哥有复杂税收、欺诈风险及银行账户渗透率低（58%）等问题；香港需应对严格合规、激烈竞争及跨境支付整合。突破需本地化支 付整合、合规保障及防欺诈技术。 Nuvei发布的该指南聚焦墨西哥与中国香港两大高增长市场，分析其电商发展现状、支付方式、趋势及扩张策略，为企业全球扩张提供参考。 两地作为区域门户市场潜力巨大。墨西哥是拉美第二大电商市场，2024年规模967亿美元，预计2027年达1842亿美元，互联网普及率81.2%，78%电商交易通 过移动端完成，79%消费者进行跨境购物，《美墨加协定》促进贸易，2024年跨境销售占比21%，预计2027年升至26%。香港2024年电商规模235亿美元， 95.6%互联网普及率，56%电商交易来自国际商户，预计2027年达59%，依托自由港政策和快速支付系统（FPS）成跨境贸易枢纽。 支付方式各具特色。墨西哥借记卡占比提升，2023年达38%，预计2027年46%；数字钱包增长快，年复合增长率30%，Mercado Pago等为主导；现金占比下 降，从2024年6%降至2027年3%。香港数字钱包占44%，微信支付、支付宝香港等为主；信用卡仍占42%， ...

Market Performance - The three major A-share indices experienced a strong upward trend, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.43%, and the ChiNext Index gaining 1.76% [2][4] - The North China 50 index rose by 0.86% [2][4] - The total trading volume in the Shanghai and Shenzhen markets was approximately 15,393.75 billion yuan, an increase of about 973.32 billion yuan compared to the previous trading day [2][4] - Overall, there were 3,536 stocks that rose and 1,610 stocks that fell across the market [2][4] Sector Performance - The computing power concept stocks saw a collective surge, with nearly 20 stocks including Dongcai Technology, Hongbo Shares, and Guanghe Technology hitting the daily limit [2][4] - The pharmaceutical sector continued its strong performance, with stocks such as Lisheng Pharmaceutical and Asia-Pacific Pharmaceutical also reaching the daily limit [2][4] - The consumer sector showed notable gains, with companies like Guofang Group and Guoguang Chain hitting the daily limit [2][4] - The automotive concept stocks were active, with Shanghai Wumao and Jianghuai Automobile among those reaching the daily limit [2][4] - In contrast, the electricity and banking sectors experienced the largest declines [2][4]