近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.04.15 | 9.98 | 3.10 | -2109.40 | | 2025.04.14 | 10.05 | 1.93 | 3957.76 | | 2025.04.11 | 2.76 | 6.47 | 2939.84 | | 2025.04.10 | 5.71 | 6.05 | -529.57 | | 2025.04.09 | 4.79 | 5.29 | -424.59 | | 2025.04.08 | 7.28 | 3.61 | 673.03 | | 2025.04.07 | -7.76 | 1.57 | -139.79 | | 2025.04.03 | -1.17 | 0.99 | -71.71 | | 2025.04.02 | 0.00 | 0.70 | 33.98 | | 2025.04.01 | 2.26 | 1.61 | 22.41 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 国光连锁盘中 ...

零售商纷纷推出外贸商品专属采购计划和渠道，为中国优质供应链搭建起内销转型的桥梁。 "对等关税"来袭，面对国际贸易形势变化，永辉超市、大润发、联华超市、物美、华润万家、盒马等零售商纷纷推出外贸商品专属采购计划和渠道，为中国 优质供应链搭建起内销转型的桥梁。 永辉超市发布《致中国优质供应链的一封信》，公开向出口的部分中国制造企业开通"绿色通道"，15天极速上架；提供品牌推广计划；与优质供应链企业共 同开发新产品。截至4月14日12:00，永辉超市已与超200家优质供应链企业进入采购洽谈，其中包括向开市客、山姆等美国市场供货的中国供应链企业。 永辉超市方面对第一财经记者透露，将在一周内推出外贸优品专区，目前正在积极洽谈，匹配品质商品，首批上线的商品包括供货山姆、开市客等的中国制 造产品。永辉超市以高客流量的永辉超市北京石景山喜隆多店为试点，在店内设立内外贸一体化商品专区，对内外贸兼具的商品进行展示。 就在近期，京东宣布将推出2000亿元出口转内销扶持计划。盒马也宣布面向中国外贸企业开放入驻通道，后续将上线"外贸专区"。 业界认为，如今贸易形势复杂多变，政府和企业都非常支持外贸企业转内销，"外贸优品中华行"活动为外贸 ...

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 破晓笔记 来源：雪球 最近许多朋友问我疯王和关税的事 ， 按说 " 格系价投 " 是不考虑这种因素的 。 但作为经济学 爱好者 ， 我对此类话题也颇感兴趣 。 请注意 ， 这与投资没任何关系 ！ 格系价投 ， 是以 " 安全边际 " 为基石 ， 而非 " 政经分析 " 。 下面开始谈贸易 。 我发现许多朋友尚未搞清楚 " 贸易 " 的基本原理 ， 先简单念叨几句 。 初学经济 ， 总会被 " 贸易顺差 、 贸易逆差 " 等概念搞得一头雾水 。 删繁就简 ， 只说一个基 本的结论 ： 顺差是手段 ， 逆差是目的 。 翻译成人话 —— 赚钱 ， 是为了花 。 （ 这个应该没争议吧 ？ 你可能想把钱留给孩子 ， 那也 是为了花 。 ） 人们往往觉得 ， 顺差 、 逆差之类玄之又玄的东西 ， 离自己很远 。 其实恰恰相反 ， 当你发现 这就是你的生活 ， 经济问题就好理解了 。 1 、 你对 沃尔玛 ， 永远是逆差 。 你给它纸 ， 它给你货 。 2 、 你对你老板 ， 永远是顺差 。 他给你纸 ， 让你干活 ...

Group 1 - The chairman of E. Leclerc, Michel-Edouard Leclerc, expressed concerns that Trump's protectionist policies will disrupt global trade for a long time and lead to "structural inflation" affecting the French economy [1][2] - Leclerc emphasized that the current U.S. tariff policy is just the beginning of significant negotiations and rebuilding international trade rules will take about 10 years [1] - He called for unity among EU governments and business leaders in response to Trump's tariffs, suggesting that European standards could be effective through retaliatory measures and negotiations [1] Group 2 - Leclerc warned that Trump's trade policies could lead to inflation in the U.S., predicting that the inflation rate could reach 4% or 5% by the end of the year [2] - He noted that the closure of the U.S. market to certain French industries could indirectly impact French residents, particularly in the dairy sector, where producers may face significant challenges [2] - Leclerc mentioned that Trump's actions could negatively affect U.S.-EU relations, expressing disappointment over the impact on the soft power that the U.S. holds [3]

消息面上，4月8日开盘前，中央汇金有关负责人就2025年4月7日公告答记者问，中央汇金公司一直是维 护资本市场稳定的重要战略力量,是资本市场上的"国家队"，发挥着类"平准基金"作用。下一步将坚定 增持各类市场风格的ETF，加大增持力度，均衡增持结构。 今日，A股市场迎来反弹，沪指重回3100点上方。资金新宠自由现金流ETF（159201）盘中涨超1%，成 交额快速突破1.7亿元，持仓股大商股份、山东海化涨停，红旗连锁、中国通号等跟涨。 公开数据显示，国内首只跟踪国证自由现金流指数的自由现金流ETF（159201）自2月27日上市后便持 续"吸金"，上一交易日净流入1.6亿元，上市27个交易日中有25个交易日净流入，合计净流入达26.99亿 元；基金份额从上市期初的6.94亿份增长至33.84亿份，份额增长超387%，资金抢筹特征显著。 国证自由现金流指数的长期业绩突出，以全收益指数（含分红收益）计算风险收益特征，自2013/12/31 以来,国证自由现金流全收益指数累计涨幅达633.08%，年化超20%。相对宽基及红利指数，大部分时间 相对跌幅更小，信用退潮期表现更佳。 此外，华夏国证自由现金流ETF联接基金 ...

Core Viewpoint - The article discusses the evolution of the home decoration industry, emphasizing the need for collaboration among designers and the integration of services to enhance consumer experience and trust in the market [3][21][23]. Group 1: Market Trends and Consumer Pain Points - The article highlights the challenges faced by consumers in the home decoration process, including difficulties in finding trustworthy designers and the complexity of comparing products and prices [6][9][10]. - A significant increase in complaints related to home decoration has been noted, with a 42.96% rise in complaints in Guangdong province and over 70% of consumers experiencing issues with home decoration contracts and materials [9][10]. - The article points out that many consumers feel overwhelmed and frustrated during the decoration process, often leading to a lack of trust in service providers [7][9]. Group 2: Industry Evolution and Innovations - Red Star Macalline has initiated a large-scale transformation by creating the "M+ High-end Home Decoration Design Center," which has attracted over 1,000 design studios and nearly 5,000 designers, significantly enhancing the market landscape [5][18]. - The integration of design services within retail spaces is seen as a key driver for improving consumer trust and reducing communication costs between designers and homeowners [18][22]. - The article emphasizes the importance of creating a transparent pricing model in the design industry to combat misleading practices and enhance consumer confidence [15][22]. Group 3: Collaborative Opportunities - The article suggests that collaboration among designers can lead to better resource sharing and improved service offerings, ultimately benefiting the home decoration industry [21][23]. - Red Star Macalline's model of providing a centralized supply chain and design services is presented as a potential solution to the industry's fragmentation and inefficiencies [15][32]. - The article concludes that a well-structured environment for interaction between homeowners and designers can significantly enhance the overall quality and perception of the home decoration industry [22][34].

Core Viewpoint - The core focus of the article is on Ye Guofu's strategic plan to reform Yonghui Supermarket, emphasizing the goal of reducing losses by 2025 through significant operational changes, including store closures and supply chain improvements [1][16][19]. Group 1: Leadership and Governance Changes - Ye Guofu, founder of Miniso, has joined Yonghui Supermarket's board as a non-independent director and is leading the reform group, following Miniso's acquisition of a 29.4% stake in Yonghui [3][9]. - Yonghui Supermarket is currently without a CEO, as the previous CEO, Li Songfeng, was not re-elected, highlighting a significant governance shift [10][12]. - The Shanghai Stock Exchange has issued a regulatory notice regarding Yonghui's internal governance, indicating the need for compliance and management standardization [4][5]. Group 2: Financial Performance and Loss Reduction Strategy - Yonghui Supermarket has faced substantial losses, totaling nearly 9 billion yuan from 2021 to 2023, with an expected net loss of 1.4 billion yuan in 2024, indicating a worsening financial situation [17][18]. - Ye Guofu's reform strategy for 2025 focuses on loss reduction, which includes closing 250 to 350 stores and adjusting around 200 stores to improve operational efficiency [19][20]. - The planned store closures represent a significant reduction in Yonghui's total store count, potentially affecting 33.42% to 46.79% of its locations [21][22]. Group 3: Operational and Strategic Initiatives - The reform initiatives include enhancing supply chain efficiency and developing private label products, with a goal for private labels to account for 40% of total sales within 3 to 5 years [23][24]. - Ye Guofu aims to implement a collaborative approach between Miniso and Yonghui, focusing on product development and supply chain upgrades to drive profitability [35][36]. - The emphasis on product quality and development is seen as a critical factor for both companies, with Ye Guofu advocating for a shift towards a manufacturing-driven retail model [34][26]. Group 4: Broader Market Context and Future Outlook - Ye Guofu's confidence in leading Yonghui's transformation is bolstered by Miniso's strong financial performance, with a reported revenue of 17 billion yuan in 2024, reflecting a 22.8% year-on-year growth [27][30]. - The contrasting performance between Miniso and Yonghui highlights the urgency for Yonghui to adapt and innovate in a competitive retail landscape [30][31]. - Ye Guofu's vision for Yonghui includes a focus on internationalization and modernization, aiming to leverage successful retail strategies to revitalize the brand [24][26].

沃尔玛、开市客转嫁关税压力给中国供应商，有企业利润锐减40% 界面新闻记者 | 赵晓娟 界面新闻编辑 | 牙韩翔 广东一家从事食品工业的公司最近非常悲观，因为北美订单的关税政策问题，损失的订单和利润亏损已经无法承受。 "到目前为止，订单量锐减，导致利润总额同比减少了40%以上。"该公司经理告诉界面新闻。 上述企业只是本轮美国对中国商品加征关税风波中被波及到的企业缩影。 3月4日起，美国对中国输美产品征收额外10%关税，累计加征关税率达到20%。为此，沃尔玛和开市客（Costco）等美国零售商要求部分中国供应商大幅降 价，以抵消美国加征关税带来的成本压力，尤其是厨具和服装等产品，部分供应商被要求在每轮关税调整中承担10%的价格降幅。 图片来源：视觉中国 针对近期沃尔玛可能要求中国供应商降价的行为，中国商务部已约谈沃尔玛。商务部称，沃尔玛已对相关情况进行了说明，但未能给出更多细节。 界面新闻多次就此向沃尔玛和开市客方面进一步了解情况，但均未能得到回应。 而部分中国供应商已经受到牵连。上述广东食品工业公司的80%业务来自海外客户，他们为合作的贸易公司生产定制的食品包材制品，例如包装袋、纸盒等 产品。这家企业的经理告 ...

Core Viewpoint - The article discusses the significant personnel changes at Yonghui Supermarket, including the departure of former CEO Li Songfeng and the entry of new leadership led by Ye Guofu from Miniso, indicating a major transformation within the company [1][4]. Personnel Changes - Yonghui Supermarket's board of directors was restructured on March 17, with Ye Guofu leading the reform team [1][4]. - Li Songfeng, the former CEO, was not included in the new board or executive team, marking a significant shift in leadership [1][4][9]. - The company is currently in search of a new CEO, leaving the position vacant as it seeks global candidates [4][5]. Shareholder Dynamics - Last year, major supporters of Yonghui, including Milk International and JD.com, lost patience and began to divest, leading to Miniso's acquisition of a significant stake in Yonghui [3][12]. - Miniso's subsidiary, Jun Cai International, acquired approximately 29.40% of Yonghui's shares for nearly 6.3 billion yuan, becoming the largest shareholder without seeking control [3][12]. Financial Performance - Yonghui Supermarket has faced substantial financial challenges, with cumulative losses exceeding 8 billion yuan from 2021 to 2023, and an expected loss of 1.4 billion yuan in 2024 [9][12]. - Despite these losses, the stock price has shown resilience, with a notable increase of nearly 130% from the acquisition price by Miniso [12]. Future Outlook - Ye Guofu expresses confidence in Yonghui's future, citing the success of Miniso and the potential for transformation within the retail sector [11]. - Plans for 2025 include the renovation of around 200 stores and the closure of 250-350 stores, with a goal to complete renovations of all existing stores by 2026 [12].

Domestic Economic Outlook - China's February PMI data exceeded expectations, indicating a strong economic start and continued recovery[3] - Despite the short-term impact of increased US tariffs on Chinese exports, government spending has significantly increased during the Two Sessions, and the central bank has indicated potential interest rate cuts, supporting a bullish outlook for the stock market[3] - The weakening US dollar has alleviated pressure on the RMB exchange rate, enhancing domestic demand and market policy support, leading to an overall increase in domestic risk appetite[3] International Economic Risks - The US has imposed a 25% tariff on global steel and aluminum products, prompting retaliatory measures from Canada and the EU, escalating global trade tensions[3] - Morgan Stanley and Goldman Sachs have downgraded US GDP growth forecasts for 2025 from 1.9% to 1.5% and from 2.2% to 1.7%, respectively, indicating a deteriorating economic outlook[4] - US February CPI slowed to 2.8% year-on-year, with core CPI at 3.1%, both below market expectations, increasing bets on at least two interest rate cuts by the Federal Reserve this year[5] Market Strategy Recommendations - Maintain a cautious bullish stance on A-share index futures (IH/IF/IC/IM) in the short term; commodities should be observed cautiously, and government bonds should also be viewed with caution[3] - The ranking of asset classes is: stock indices > commodities > government bonds[3] - In commodities, precious metals are prioritized, followed by non-ferrous metals, black metals, and energy[3] Risk Factors - Potential for unexpected tightening of Federal Reserve monetary policy[3] - Geopolitical risks and intensifying US-China tensions pose significant threats to market stability[3]