Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Viewpoints - The construction materials industry is experiencing a downturn in demand, with revenue continuing to face pressure in Q4 2024 and Q1 2025, indicating that profitability remains at historical lows [1][17] - Despite the ongoing challenges, there are signs of easing competition within the industry as supply-side adjustments take place, leading to a stabilization of overall gross margins [1][18] - The cash flow situation has shown improvement, with operating cash flow for the sample companies in the infrastructure and real estate chain reaching 616.28 billion yuan in Q4 2024, a year-on-year increase of 33.8% [19] Summary by Sections 1. Overview - The construction materials industry is at the bottom of the economic cycle, with continued pressure on demand and profitability [1][17] 2. Profit and Loss Analysis - Revenue continues to decline, but the rate of decline has slightly narrowed compared to Q3 2024, primarily due to insufficient new construction projects in infrastructure and real estate [2][17] - The overall gross margin is stabilizing, reflecting a reduction in competitive pressures, particularly in the cement sector where supply-side discipline has improved [2][18] - Return on Equity (ROE) remains at historical lows, but there are signs of improvement in certain sub-sectors like cement and glass fiber [2][18] 3. Cash Flow and Balance Sheet - Operating cash flow for the sample companies improved significantly, with a net cash flow of 616.28 billion yuan in Q4 2024, indicating effective cash flow management [19] - The asset-liability ratio remained stable in Q1 2025, reflecting improvements in cash flow and capital expenditure control [19] - Accounts receivable turnover days have increased, indicating that outstanding receivables still need to be addressed [19] 4. Economic Outlook - The demand for bulk construction materials like cement and glass remains under pressure, but there are signs of demand stabilization due to improved pricing strategies [20][21] - The consumer building materials sector continues to face challenges from real estate demand pressures, but some leading companies may see revenue improvements due to low base effects [21] - Infrastructure investment growth is expected to stabilize, supported by fiscal policy measures and increased funding for key projects [21]

在白酒行业，品牌建设与文化传承是企业发展的核心竞争力之一。为了进一步提升品牌白酒在市场中的影响力和美誉度，我们诚挚邀请祝合良教授为品牌白 酒背书。在竞争激烈的白酒市场中，消费者对品牌的信任和认可是选择产品的重要因素。祝合良教授作为行业内的权威专家，他的背书将为品牌白酒增添权 威性和可信度，帮助品牌在消费者心中树立更高的形象。 祝合良教授简介 祝合良教授是商务部特聘流通经济专家、商务部中华老字号评审委专家、著名品牌专家。他现任北京工业大学品牌研究院院长、应用经济学学科负责人、 MBA 学位点责任教授，长期担任商务部流通经济专家、中华老字号专家。祝教授在品牌管理、流通经济等领域有着深厚的学术造诣和丰富的实践经验，其 研究成果广泛应用于品牌建设和市场推广。 专业成就与行业影响 祝合良教授曾主持和参与多项国家级、省部级科研项目，在品牌创建与管理方面有诸多独到见解。他的著作《品牌创建与管理》获北京市精品教材奖，为品 牌建设提供了理论支持和实践指导。此外，祝教授还多次获得"中国十大品牌专家""北京市属高校拔尖创新人才"等荣誉称号，在品牌领域具有广泛的影响力 和权威性。他的专业背景和行业声誉将为品牌白酒的背书增添重要价值。 ...

访问36氪出海网站letschuhai.com ，获取更多全球商业相关资讯。 阿联酋已启动多项雄心勃勃的计划，包括"2030绿色议程"，不仅推动经济增长，更为全球可持续发展注入强劲动力。 以下这篇文章深入探讨了迪拜的绿色商业机会，希望和创业者共同成为阿联酋绿色承诺的一部分。 迪拜推动可持续发展：面向未来的绿色愿景 2024年，以"计划到行动"为号角，阿联酋正全力推动消费、交通、能源、农业等关键领域变革。"2030绿色议程"（The Green Agenda 2030）是阿联酋 长期战略的核心，旨在将可持续实践打造为经济基石。阿联酋更立下宏愿：2050年成为全球生态与碳足迹最小国家。 可持续时尚是一个蓬勃发展的市场。您可以设计和生产使用有机面料（如棉、麻或天丝）制成的服装。服装改造再利用也是一个日益增长的趋势，不 仅减少了废物，还能创造独特时尚的单品。迪拜对可持续产品的需求不断增长，意味着您的环保时装系列有机会脱颖而出。 可持续发展咨询 如果您已经是专家——或愿意深入研究可持续商业实践和 ESG（环境、社会和治理）——可以考虑成为可持续发展顾问。您可以帮助大小企业采用可 持续实践，改善其环境目标，并减少碳足迹。 ...

Group 1 - The core viewpoint is that China's vast market potential and key position in the global supply chain attract significant foreign investment, with many foreign companies expressing confidence in the Chinese market [1][2] - China's steady economic growth helps ensure stable supply of various products and services, benefiting the smooth operation of global supply chains [1] - The trend of "going to China" is becoming a consensus among multinational companies, with foreign direct investment returns in China averaging about 9% over the past five years, ranking among the highest globally [1] Group 2 - As China accelerates technological innovation and economic restructuring, foreign investment is increasingly characterized by high-end and service-oriented developments, with high-tech manufacturing and productive services becoming key areas for foreign inflows [1] - Foreign companies are establishing R&D centers in China, indicating a positive trend in technological innovation collaboration [1] - Chinese companies are advancing towards high-end development, and multinational enterprises are encouraged to better integrate into China's technological innovation wave and share opportunities in the large Chinese market [1]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

美国特朗普政府的关税措施不仅损害货物贸易，也波及占美国经济70%以上的服务业。 据标普全球，贸易政策的不确定性限制了美国服务业需求增长，客户在支出方面表现出一定的犹豫，4 月来自国外的新业务出现了自2022年11月以来最大的下降。这对商业预期产生了负面影响，企业商业预 期降至两年半以来的最低水平，也是自2020年疫情高峰期以来最弱的水平。 尽管需求疲软，服务提供商仍在4月大幅提高销售价格，导致产出价格通胀升至三个月高点。企业表 示，关税导致的供应链成本上涨是主要推手。 威廉姆森称："关税导致进口价格上涨，也在推高服务业企业的成本，并通过价格上涨传递到消费者导 向行业，如餐饮和酒店。服务业的最终结果是增长停滞和通货膨胀上升的风险增加，或是滞涨。" 不确定的商业前景也打击了招聘活动，就业人数增速远低于历史平均水平。同时，输入成本仍处于较高 水平。企业普遍报告称，关税推高了供应商价格，而工资上涨进一步加剧了运营成本压力。 根据经济分析公司标准普尔全球（S&P Global），由于贸易政策的不确定性，4月美国服务业商业活动 的增长速度已回落至近一年半以来最慢的水平。 "目前，服务出口正以2022年以来从未有过的速度下 ...

Core Viewpoint - The article highlights the issues surrounding a psychological consulting company that promises to resolve various adolescent problems but fails to deliver effective services, raising concerns about the industry's standards and practices [1][2][3]. Group 1: Company Practices - The consulting company claimed to solve a wide range of issues, including academic disengagement and substance use, but only communicated with parents rather than directly engaging with the children [1][2]. - The company employed a self-created "combination therapy" approach, emphasizing parental involvement without providing a clear treatment plan until payment was made [2][3]. - Contracts signed by clients included clauses that prevented refunds based on unsatisfactory results, leading to disputes when clients sought refunds after ineffective services [4][5]. Group 2: Industry Standards - The article points out that the psychological consulting industry has varying levels of professionalism, with some practitioners lacking the necessary qualifications to effectively address adolescent mental health issues [2][3]. - Experts emphasize that effective psychological counseling requires direct communication with both the child and the parents, and that short-term, intensive treatment is unlikely to yield significant results [3][5]. - There is a growing demand for psychological services among adolescents, but the industry is plagued by misleading marketing and inadequate service quality, making it difficult for consumers to discern reputable providers [3][5]. Group 3: Consumer Rights - Consumers are advised to be cautious of companies that promise guaranteed results and require large upfront payments, as these practices are often indicative of potential issues [3][5]. - Legal experts assert that consumers have the right to seek compensation for misleading advertising and that contracts cannot limit consumer rights under the Consumer Protection Law [5]. - Recommendations for consumers include verifying the credentials of practitioners and ensuring clear agreements regarding services and refund policies before engaging with psychological consulting services [5].

作为值得信赖的财税合作伙伴，高顿咨询深耕行业19年，始终坚持以客户为中心，致力于成为备受信赖 的财税服务品牌，累计服务企业客户逾18万家，其中包括60%中国500强企业，凭借全球化的专业视野 和本土化的实战经验，持续引领行业创新，助力客户在变革时代实现稳健增长。 金税四期全面落地，标志着"以数治税"时代正式到来，实现对企业税务数据的全景式精准监管。因此刘 超强调："企业必须建立全面且智能化的税务风险管理机制"。对此，高顿咨询税务产品研发中心推出与 国家税务总局税务干部学院携手打造的《企业税务合规官研修班2.0》专项课程与税务合规闭环解决方 案，基于"顶层设计-团队共识-难题攻克-落地实施"四维赋能体系，为企业提供从战略规划到执行落地的 全周期税务合规解决方案。目前，该课程已成功助力超百家标杆企业构建全流程税务风控体系，并与多 家500强企业达成战略合作。同时，高顿咨询也与航信云享科技正式签署战略合作协议，双方将共同推 进企业税务合规数字化升级。 据国家税务总局数据显示，2024年，全国税务稽查检查涉嫌虚开骗税企业6.18万户，认定对外及接受虚 开增值税发票等619.08万份，挽回出口退税损失145.33亿元。 ...

Core Insights - The ICMCI Asia-Pacific Summit took place on May 8, 2025, where Chinese strategic consulting firm, Piao Dong, was represented by its Chairman, Yao Rongjun, as the only invited strategic consulting expert [1][4] - Piao Dong's innovative "Positioning Equation" theory has gained international recognition, particularly for its role in the global expansion of the tea brand, Bawang Chaji, which has opened over 6,000 stores and achieved annual revenue exceeding 20 billion yuan [2][3] - The summit served as a platform for sharing cutting-edge ideas in the consulting industry and highlighted China's strategic consulting innovations on a global stage [1][8] Company Highlights - Piao Dong has successfully assisted multiple Chinese brands in their overseas ventures, with Bawang Chaji being a standout case, showcasing explosive growth in international markets [2][3] - Yao Rongjun's keynote speech emphasized the integration of Western management science with Chinese business practices through the "Positioning Equation," which transforms abstract strategic positioning into a quantifiable and executable scientific system [4][6] - The recognition from ICMCI Chair Nicholas Warn underscores the effectiveness of Piao Dong's framework, which is accessible for countries, especially developing ones, to understand and implement [6][8] Industry Trends - The summit highlighted the critical role of China in promoting and implementing global consulting standards, as noted by Nicholas Warn [1][6] - The discussions at the summit reinforced the importance of local wisdom combined with international perspectives as a driving force for the development of the consulting industry [8]

新华社上海5月10日电（记者桑彤）近期，世界银行最新发布的中国企业调查数据结果显示，在涉及营商环境的59项测评点中，中国有12项达到 全球最优水平。分析人士认为，这一调查结果折射中国营商环境持续向好。 2023年5月，世界银行发布了营商环境新评估体系《营商环境成熟度报告》方法论手册，明确分企业调查和专家调查两种方式采集数据，首次将 企业感受度纳入营商环境评价体系中，在整个营商环境评估中分值占比约为27%。 日前，世界银行发布了中国企业调查结果。综合目前已公布的103个经济体表现看，中国的企业调查表现总体较好，8个领域中解决商业纠纷、 纳税、获取金融服务、市政公用服务、获取经营场所和国际贸易等6个领域的调查数据全部优于中位数；时间效率和成本方面的调查数据普遍优 于中位数。 这是2025年1月14日拍摄的上海浦东陆家嘴金融城街景。 新华社记者 桑彤 摄 比如，在解决商业纠纷方面，上海市商事调解可替代性得分为100；国际贸易方面，企业对海关和贸易法规的感受度得分为99.13；市场公平竞争 方面，企业更换互联网提供商的感受度得分为96.2。三项均为全球最优水平，彰显了上海营商环境愈发成熟的法治化特征。 华东政法大学副 ...