随着特朗普再度挥舞关税大棒，欧盟正计划联合其他受美国关税冲击的国家，共同应对这一贸易挑战。 据央视新闻，当地时间7月12日，美国总统特朗普在社交媒体平台"真实社交"上发布致墨西哥和欧盟的 信件，宣布自2025年8月1日起，美国将对来自墨西哥和欧盟的输美产品征收30%的关税。 法国总统马克龙在社交媒体回应特朗普声明时呼吁，若8月1日前未能达成协议，欧盟应加速准备包括反 经济胁迫工具在内的"可信反制措施"。 谈判焦点转向汽车和农业关税 欧盟与美国的谈判仍在继续，但多个核心问题尚未解决，其中汽车和农业关税是焦点。 据媒体援引知情人士透露，欧盟正准备与加拿大和日本等国加强接触，甚至可能探讨协调行动，以对抗 特朗普新一轮的关税威胁。 周日，欧盟委员会主席冯德莱恩在布鲁塞尔表示，欧盟虽然暂停了对美贸易反制措施至8月1日，但将继 续准备进一步的反制措施清单以确保"完全准备就绪"，同时重申倾向于"谈判解决"。 高盛经济学家警告，若30%关税税率全面实施，加上现有行业关税，美国对欧盟的有效关税税率将升至 26个百分点。如果实施并持续，2026年底，欧元区GDP可能累计下降1.2%。 欧盟筹备多层级反制措施 据知情人士向媒体透露 ...

当地时间7月3日至8日，五粮液"和美全球行"相继在德国、塞舌尔启幕。五粮液走进德国慕尼黑、法兰克福、杜塞尔多夫等多个城市，深化欧洲布局；首次 登陆非洲，以塞舌尔为起点探索出海新模式，持续延展"大国浓香"的联通纽带，拓宽中国白酒走向世界的"和美之路"。 秉持"和合共生，美美与共"的理念，五粮液正立足卓越品质，推进创新实践，践行中国白酒典型代表与川酒龙头担当，探索推动中国白酒出海"深度落地"， 助力中国文化全球绽放，为全球经贸往来、文化互鉴、交流合作贡献和美力量。 担当龙头责任融入四川发展大局 置身全球化浪潮的关键转折期，"出海"已成为中国酒业高质量发展的必然选择，产区政府、行业协会与企业"抱团"发力成为重要路径。 川酒龙头五粮液积极融入四川省产业发展大局，在当地时间7月4日深度参与了中国（四川）-巴伐利亚州经贸合作交流会，借力高规格经贸平台，以文化展 示、工艺展示等形式强化欧洲市场对中国白酒的了解，助力实现从商贸合作到文化认同的双向突破，为川酒乃至中国白酒国际化树立标杆。 图为川酒全球行塞舌尔站现场 在中国（四川）-巴伐利亚州经贸合作交流会期间，五粮液集团（股份）公司董事长曾从钦率队走进慕尼黑西门子研发中心和西 ...

本次考评体系设计科学、流程严谨，全面覆盖理论素养与实操技能两大核心维度，对参评人员的专业理论功底与感官感知敏锐度进行综合评估。考评内容 设置对标国家级评酒资格考试标准，以行业权威标杆锻造专业能力。这种高规格、严要求的考评导向，不仅为选拔优秀人才树立了清晰标尺，也为团队整 体专业素养的持续提升注入了强劲动力。 生产运营中心总监吕志远在考评中强调：与试人员要对品评技艺抱有敬畏之心。品评技艺是品质保障的基石，是白酒生产链条上的重要环节，精准的判断 力是保障每一瓶趵突泉酒品质如一、风味卓越的决定性力量。 党委副书记杨连明在考试后做总结发言：品质是趵突泉酒业生存和发展的生命线，高素质的专业人才是守护这条生命线的核心力量。公司将持续优化评选 机制、加大人才培养力度，确保人才优势切实转化为产品品质优势。 人才始终是趵突泉酒业品质战略核心。趵突泉以建设高质量科研队伍为目标，构建了涵盖选拔、培育、实践与进阶发展的全链成长体系。依托常态化的内 部专项培训、行业前沿技术交流以及酿酒工艺大师的实践指导，确保品酒技艺与专业知识得以传承、迭代与创新升级。这支专业、稳定的品评团队，凭借 其深厚的专业积淀和敏锐的集体智慧，深度参与到酒体设计 ...

观察者网消息，美欧关税谈判进入关键时刻，特朗普突然抛出30%的关税将欧盟逼入墙角。而一度放狠话 反制的欧盟，很快又"软"了。 当地时间7月13日，欧盟委员会主席冯德莱恩表示，决定推迟原定于7月15日对价值210亿欧元的美国产品 加征报复性关税，以争取通过谈判达成协议。她称，欧盟一直明确表示倾向于与美国通过协商达成解决方 案，这一立场依然不变。她还强调，欧盟将"继续准备"第二轮反制措施清单，但不会动用"反胁迫机制"。 法国曾多次呼吁动用这一工具反制美国关税。 知情人士表示，欧盟计划与包括加拿大和日本在内的国家进行接触，可能会讨论协调应对措施。不过一些 欧洲商业组织和政界人士批评冯德莱恩应对策略软弱，认为一旦特朗普对欧关税正式落地，冯德莱恩 将"彻底失败"。 冯德莱恩13日对记者表示，原定当地时间7月15日生效的对美国进口产品（包括鸡肉、摩托车和服装等） 征税措施将被推迟至"8月初"实施。 "我们一直明确表示，希望与美方通过谈判解决问题，这一立场依然不变。" 她补充道："与此同时，我们将继续准备更多反制措施，以便做好万全准备。" 资料图：欧盟委员会主席冯德莱恩 彭博社13日援引知情人士的话称，欧盟正准备加强与其他 ...

Group 1: PCB and Special Glass Fiber Cloth - The price of key materials for PCB upgrades has increased by over 16%, with three domestic companies expected to see profit releases and valuation reassessments [2] - The rapid iteration of PCB and CCL driven by AI development has led to a supply-demand gap for special glass fiber cloth, indicating a strong market demand [4] - The market for special electronic cloth is anticipated to grow rapidly, with domestic manufacturers accelerating their market penetration [5] Group 2: Stablecoins - The scale of stablecoins is expected to reach $3.7 trillion in 3-5 years, with profits comparable to "money printing," highlighting key beneficiary selections [6][8] - The development of compliant stablecoins and payment infrastructure is projected to expand rapidly in the next few years [10] - The strategic significance of developing compliant stablecoins in Hong Kong is noted, with a recommendation to monitor licensing applications and issuance progress [11] Group 3: Huangjiu Industry - The Huangjiu industry is undergoing a structural change, with leading companies focusing on "premiumization," "youthfulness," and "nationalization," suggesting a potential bottoming phase for the industry [12] - The historical cultural significance of Huangjiu is emphasized, indicating a promising outlook for the industry [14] - The concentration of the Huangjiu industry is increasing, with a trend towards strengthening the dominance of leading companies [16]

Core Viewpoint - The Xinjiang Uygur Autonomous Region's Urumqi City is enhancing market regulation and safety measures in preparation for the 2025 Tachen Urumqi Beer Festival and the summer tourism season, focusing on food safety and price transparency [1][2] Group 1: Market Regulation and Safety Measures - The Urumqi Market Supervision Administration is implementing a tourism market rectification action to ensure compliance with food safety and pricing regulations at various tourist attractions [1] - The administration emphasizes the importance of fair pricing practices, requiring retailers to exercise their pricing rights legally and transparently, especially during the beer festival and summer tourism [1] - Hotels and accommodation providers are mandated to display pricing standards prominently and adhere to their pricing commitments without arbitrary increases after bookings [1] Group 2: Food Safety Initiatives - The Urumqi Market Supervision Administration has set up food safety information booths at tourist sites to promote food safety knowledge and conducted training for food service personnel [2] - This year, the administration has organized three promotional events at major scenic spots, distributing over 1,500 informational materials and training more than 100 industry personnel [2] - Future plans include comprehensive inspections of food safety risks in tourist areas, utilizing a problem list and accountability measures to ensure issues are addressed effectively [2]

Summary of Key Points from the Conference Call Industry Overview: Baijiu Market - The baijiu market is currently in a low season, with sales accounting for less than 5% of the annual total, primarily driven by events like graduation banquets [1][3] - There is a slight increase in demand for liquor priced below 300 yuan, with expectations for improved sales in the second half of the year, particularly around the Mid-Autumn Festival and National Day [1][4] - Inventory pressure is evident, but it is expected to ease after October, reducing the risk of stockpiling or unsold goods before the 2026 Spring Festival [1][5] Company Performance: Moutai and Other Leading Brands - Moutai maintains profitability for distributors through a tiered pricing strategy, with wholesale prices for its flagship products ranging from 1,900 to 2,000 yuan, and actual prices exceeding 2,000 yuan [1][6][7] - The overall performance expectation for the baijiu market in Q2 is low, with many companies struggling to sustain growth; however, leading brands like Moutai are still expected to show growth [1][8] - Current valuations for baijiu companies are between 13 to 16 times earnings, which is considered normal; valuations could rise to 15 to 20 times if external risks are mitigated [1][9] Market Dynamics and Future Expectations - The baijiu market is expected to see improved sales in the second half of the year, with a potential recovery in gifting demand during the festive season [1][4] - The overall sentiment in the market is improving, with cash flow pressures on distributors easing, which may lead to better sales performance [1][10] Other Notable Insights - The beer sector is performing well, with Yanjing Beer and Zhujiang Beer reporting net profit growth of 25% to 35% and 15% to 25%, respectively [3][11] - The seasoning industry is stabilizing, with companies like Haitian Flavor Industry expected to achieve mid-single-digit revenue growth and double-digit profit growth [3][24] - The snack food sector is also showing strong growth, with companies like Yanjin and Weilong performing well despite some cost pressures [3][15] Conclusion - The baijiu market is currently facing challenges due to seasonal factors but is expected to recover in the latter half of the year, particularly if gifting demand returns to normal levels. Leading brands like Moutai are positioned to maintain profitability through strategic pricing and product offerings. The overall sentiment in the food and beverage industry remains cautiously optimistic, with several sectors, including beer and snacks, showing robust performance.

Core Insights - The Chinese liquor industry is undergoing a "low-alcohol revolution," moving away from the traditional high-alcohol image to cater to younger consumers [1][2] - Major Chinese liquor companies are set to launch new products with alcohol content below 29 degrees, marking a significant shift in the market [1] - The low-alcohol liquor market in China is rapidly expanding, projected to grow from approximately 3.7 trillion KRW in 2020 to about 10.89 trillion KRW by 2024, and expected to reach 14 trillion KRW by 2025 [1] Market Dynamics - Young consumers, aged 20 to 30, represent 34% of current liquor consumers in China, with a potential market size of 76 trillion KRW among 490 million young liquor consumers [1] - A survey indicates that young people prefer low-alcohol products over high-alcohol liquor, prompting companies to adjust their strategies accordingly [2] - Industry experts suggest that this trend is not merely a short-term fad but could reshape the entire industry structure, with low-alcohol products potentially becoming the core market for the future [2]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3510.18, up 0.01%, while the Shenzhen Component Index increased by 0.61% to 10696.10 [2][3] - The total market capitalization of the Shanghai Composite Index is 681061 billion, with a PE ratio of 12.56 and a PB ratio of 1.30 [3] Financial Insights - The report indicates a positive outlook for several companies, with Dongpeng Beverage expected to achieve a revenue growth of 35-38% and a profit increase of 33-42% in the first half of 2025 [36] - Zhujiang Beer anticipates a net profit growth of 15-25% for the same period, reflecting a stable performance in the beverage sector [38] - Liugong is projected to see a net profit increase of 20-30% in the first half of 2025, driven by domestic market recovery and product upgrades [40] Industry Dynamics - The EV battery sector is highlighted, with EVTank reporting an expected shipment of 100 million large cylindrical batteries in 2024, and global production capacity exceeding 6 billion [31] - Chery Automobile has announced a patent for a companion robot, indicating innovation in the automotive sector [29] - Shanghai Pudong is focusing on key technologies to accelerate the gathering of critical component manufacturers, enhancing the local industrial ecosystem [34] Company Tracking - Long Cable Technology has won a bid for a cable accessory framework procurement project worth 97.165 million RMB, showcasing its competitive position in the cable accessory industry [43] - Step by Step High is expected to turn a profit in the first half of 2025, with a projected net profit of 9-13 million RMB, marking a significant turnaround [45] Economic Policies - The report mentions the implementation of ten key livelihood projects in Hunan Province, with a total investment of 571.64 billion RMB, aimed at improving public welfare [46]

贵州省黎平县肇兴侗寨。 新华社图 东数西算（贵州）智算中心。 新华社图 贵州贵安新区 "贵州正坚定不移大抓产业、主攻工业，发挥比较优势加快构建富有贵州特色的现代化产业体系，投资 贵州正当其时。"贵州省委书记徐麟说，希望大家以此次考察为契机，持续看好贵州、继续深耕贵州， 落地更多优质项目，实现互利共赢。 ◎记者 林超 秦春刚 李子健 穷富辩证 ——从"一块石头"做起 贵州，名虽为"贵"，却曾为"天下第一贫瘠之地"。十多年前，贵州GDP仅占全国百分之一，长期处于中 国经济的"洼地"。 投资创业 何以为"贵" 建设中的贵州六安高速花江峡谷大桥。 新华社图 ——以高质量发展统揽全局的贵州实践 从GDP仅占全国百分之一，到一年新签约6600多亿元项目合同，十余年间，贵州以"三不沿"之躯，在大 山褶皱间重构发展逻辑。 贵州为什么行？未来又将如何发展？近期，上海证券报社组织60多位企业和金融机构代表来到这片土 地，寻商机，探新机。 "坚持以高质量发展统揽全局""在中国式现代化进程中展现贵州新风采"。新蓝图已绘就，新征程正扬 帆。 但穷的不是资源，而是发展理念。"黔中无闲石，贵地多宝藏"——贵州素有"江南煤海"之称，"中国磷 ...