编者按：墨痕酒香，皆为文人墨客洒脱不羁的生动注脚。千年国宝，以笔锋镌刻文人风骨，以酒 韵沉淀匠心承诺。当传世书画与美酒佳酿相遇，共谱一曲"厚德同章"的宏大交响。 6月16日，由新华网、贵州茅台联合策划推出的大型文化专题节目《国宝美鉴》正式上线热播。节目共 十五集，从五个维度解码国宝背后的文化密码。 北宋崇宁元年，米芾以一方灵璧奇石，换得南唐后主李煜旧藏宝砚。狂喜之下，他挥毫写下《研山 铭》，三十九字如疾风骤雨，字字险绝却气脉贯通。卷中"神游八极"四字，以枯笔飞白勾勒山石嶙峋， 恰似醉后踉跄步伐，癫狂是形，赤诚为魂。 7月16日，《国宝美鉴》第十四集《墨酒同章》上线播出。如果说诗词体现文人的思绪情状，书法则是 埋藏墨客的风骨品性，而绘画，则像是画师暗含的禅机。创作诗词字画，是文人墨客情绪起伏奔涌的乍 现灵光。如同美酒入喉，何时饮何时滋味不同，有甘甜畅快，也有猛烈酸辛。 生于晚唐的画家孙位，技法上，他上追魏晋风度，承继顾恺之的"春蚕吐丝"之笔法，衣纹游丝描勾勒， 绵密流畅。他所作的《高逸图》，山涛抚琴，衣纹如刀刻般刚劲，暗藏忧思；刘伶执酒瓮，瓮口微倾却 滴酒未洒，以静写动，尽显名士放达中的克制；阮籍白眼睥睨，孤傲 ...

经济导报记者 刘勇 在沉寂了近三十年后，低度白酒毫无预兆地再度火了起来。 经济导报记者统计发现，近期，贵州茅台、五粮液、泸州老窖、洋河股份、山西汾酒、酒鬼酒等头部知名酒企纷纷布局低度白酒赛道。 其中，五粮液宣布，将于9月推出中高端29度新品"一见倾心"，洋河股份也将在8、9月份集中上市果酒、露酒和低度潮饮。泸州老窖股份有限公司在股东 大会上宣布，28度国窖1573已经研发成功，将适时投放市场，同期还将推出16度、6度等超低度酒类饮品。 受访的业内人士表示，近年来，低度白酒的市场占比呈现快速攀升态势。2022年，低度白酒产量占比约15%，2024年已升至25%以上，部分酒企的低度产 品在区域市场占比甚至超过50%。由此，白酒年轻化愈发成为白酒产业可持续发展的关键挑战。 "酒企布局低度酒市场是为了争抢年轻人赛道，但低度酒并非简单的参数调整，而是消费需求变革下的系统性创新。部分酒企采用'果味+气泡'的公式化配 方，市场同质化严重，容易引发消费者用'脚'投票。"白酒分析师胡宝利分析。 01 争抢布局新赛道 经济导报记者调查时发现，当前，消费者对低度酒的青睐程度逐渐提高。 "近年来，相较于高度白酒，低度酒的动销相对更好 ...

7月15日，中企会企业家俱乐部主席、壹基金理事长、招商银行原行长马蔚华一行到贵州珍酒考察。贵 州省慈善总会监事长李静仁，中企会企业家俱乐部秘书长侯祥，中企会执行总裁张峰，壹基金副秘书长 沙磊参加，珍酒李渡集团董事长吴向东热情接待。 当天，马蔚华一行来到珍酒石子铺厂区，深入酿酒车间、封坛酒库等，详细了解珍酒历史文化、酿造工 艺、储酒规模等情况，并体验珍酒"品勾藏"。 参观中，马蔚华对珍酒发展给予高度评价。他表示，经过半世纪发展，珍酒品牌和产品已在全国形成良 好口碑和影响力。尤其在当前复杂的市场环境中，珍酒始终坚守酿造高品质好酒的战略定力，值得肯 定。 △马蔚华在酿酒车间考察 △马蔚华听取珍酒历史文化介绍 座谈会上，吴向东对马蔚华一行莅临表示欢迎，并详细介绍珍酒庄园建设情况和万商联盟计划。他表 示，白酒产业正处于转型发展的关键阶段，珍酒将聚焦主业强化核心竞争力，积极创新发展模式，以高 效务实的举措推动各项战略规划落地见效，加快向世界一流酿酒企业迈进。 马蔚华认为，珍酒品牌资产雄厚，珍酒庄园项目更是巧妙融合红色文化、白酒文化和历史文化，未来有 望成为沉浸式体验消费的典范之作。面对行业深度调整，珍酒以万商联盟打造超级 ...

智通财经APP获悉，开源证券发布研报称，2025年6月社零数据增速环比回落，主要与618活动错期、部 分地区国补政策控制以及可选消费和餐饮收入下滑有关。下半年关税和出口仍有不确定性，内需相关政 策或有可能择时推出，食品饮料板块有望受益。细分板块看，当前白酒预期较低，连续回调后估值已在 低位，同时基金持仓白酒比例连续回落，筹码结构也相对较好，下半年随着板块进入底部位置，应有布 局机会。大众品板块在新消费标的中寻找符合产业发展趋势的优质公司并长期持有。 开源证券主要观点如下： 月度观察：6月社零增速环比回落，餐饮及可选消费增速下滑 2025年6月社会消费品零售总额同比+4.8%，增速环比5月-1.6pct，6月社零增速放缓，一是5月提前开启 618活动，6月同比有一定错期因素影响;二是部分地区在6月对国补政策进行控制，部分耐用品增速回 落;三是可选消费和餐饮收入下滑。2025年6月餐饮及限额以上餐饮收入同比分别+0.9%、-0.4%，增速环 比5月分别-5.0pct、-5.2pct，餐饮消费承压明显，一方面6月外卖平台加大补贴，影响餐饮实收金额，另 一方面八项规定等政策出台，宴请、聚餐等消费场景缺失较多。细分子行 ...

Core Viewpoint - Huazhu Group's 2024 sustainability report highlights its commitment to ESG initiatives, showcasing innovations in service experience, green services, and rural revitalization, while facing challenges related to hygiene issues across its hotel brands [2][7][11]. Group 1: ESG Initiatives - Huazhu Group has released its 2024 sustainability report, marking the fifth consecutive year of ESG reporting, detailing commitments and strategies in environmental, social, and governance aspects [2]. - The company has integrated digital services into 19 aspects of the guest experience, enhancing efficiency and human interaction through innovations like smart laundry and AI-driven customer service [2][4]. - Huazhu promotes a green service initiative called "Green Stay," collaborating with Alipay's Ant Forest to encourage guests to participate in low-carbon services, with approximately 872,000 orders involved in 2024 [6]. Group 2: Rural Revitalization Efforts - The company has initiated a "hotel + agriculture" model, sourcing local products and supporting agricultural upgrades, such as procuring tea from Fujian and developing an ecological farm in Heilongjiang [6]. - Huazhu has launched online education projects for rural schools and provided scholarships, furthering its commitment to social responsibility [6]. Group 3: Hygiene Challenges - Despite its ESG commitments, Huazhu has faced multiple hygiene-related complaints across its brands, including incidents involving contaminated guest supplies and unsanitary conditions [7][9]. - A specific incident involved a hotel providing a contaminated hygiene kit, raising concerns about guest safety and the effectiveness of internal quality control processes [15][17]. - The company has acknowledged these issues and is working to improve its customer service response and hygiene standards to align with its ESG commitments [11][17].

当然也有不省心的板块，大金融全天都趴在那儿，齐鲁银行跌了2%多，钢铁板块更憋屈，柳钢股份跌超8%。钢铁这波调整，跟最近的行业周期、原材料价 格波动都有关系，这种强周期板块，短期波动大，中长线还得看供需格局的变化，急不得。 其实今天这盘面，典型的"指数搭台，个股唱戏"。指数看着温吞水，但底下个股活跃度不低，尤其是医药这种前期调整充分的板块起来，说明市场资金在找 安全边际高的地方。缩量也正常，连续大成交后，资金歇口气，消化一下获利盘，为下一步动作蓄力呢。 作为中长线投资者，咱不用天天盯着指数那零点几个点的波动。像今天医药板块的爆发，不是一天两天的事儿，是前期调整到位后的正常反应；而钢铁、银 行这些，短期可能受情绪影响，但长期逻辑还在不在，才是咱该琢磨的。 今儿个A股这盘面，看着有点让人捉摸不透吧？三大指数晃悠了一天，沪指跌了0.03%，深成指和创业板指都是跌0.22%，说跌吧，幅度跟没跌差不多，北证 50还悄悄涨了点。我是帮主郑重，干了20年财经记者，专做中长线投资的，今儿就跟大伙儿聊聊这盘面里藏着的门道。 先看个关键数，今天沪深京三市成交额1.46万亿，比昨天少了1700多亿，缩量了。但有意思的是，虽然指数没咋 ...

Core Viewpoint - Jin Jiang Hotels is accelerating its efforts to become the first hotel company listed in both A-share and H-share markets, despite facing significant challenges in its financial performance and market response [1][2]. Group 1: Company Overview - Jin Jiang Hotels has over 13,000 hotels and nearly 1.3 million rooms, leading the domestic chain hotel industry by a margin of 20.4% and 18.6% in hotel and room numbers compared to its closest competitor, Huazhu Group [1]. - The company is preparing to issue H-shares, with plans to raise funds primarily for expanding overseas operations, repaying bank loans, and supplementing working capital [1]. Group 2: Financial Performance - In 2024, Jin Jiang Hotels reported total revenue of 14.063 billion yuan, a decrease of nearly 600 million yuan compared to 2023, and a net profit of 911 million yuan, marking the first decline since the pandemic [2]. - The company's revenue and net profit are significantly lower than its peers, with Huazhu Group's revenue and net profit being 1.70 times and 3.35 times that of Jin Jiang Hotels, respectively [4]. - In Q1 2025, the company experienced an 8.2% decline in total revenue to 2.909 billion yuan, and a staggering 81% drop in net profit to 36.01 million yuan, resulting in a net profit margin of only 1.8% [6]. Group 3: Operational Challenges - The average daily rate (ADR) for Jin Jiang's limited-service hotels was approximately 240.67 yuan in 2024, a 4.4% decrease year-on-year, with an occupancy rate of 65.4%, which is lower than its competitors [4]. - In Q1 2025, the occupancy rate slightly improved to 60.9%, but the ADR fell to 225.83 yuan, indicating ongoing pricing pressures due to oversupply and weak consumer demand [6]. Group 4: International Operations and Risks - Jin Jiang Hotels has incurred over 300 million euros in losses from its overseas operations over the past five years, primarily due to aggressive acquisitions, including the full acquisition of the Louvre Hotels Group for 12.88 billion euros [7][8]. - The company has provided substantial guarantees for loans to its overseas subsidiaries, with 88.57 billion yuan in total guarantees, representing 57.5% of its net assets, which raises concerns about financial risk [9]. - As of Q1 2025, the company's goodwill reached 11.484 billion yuan, accounting for 73.2% of its net assets, posing a risk of significant impairment if overseas operations do not improve [11].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [4]. Core Insights - In June 2025, the total retail sales in China reached 4.2 trillion yuan, with a year-on-year growth of 4.8%, which is below market expectations of 5.6% [4]. - The online retail sales growth slowed down due to the preemptive timing of the 618 shopping festival, while offline retail continues to show stable growth [4]. - The service consumption sector is experiencing rapid growth, supported by government policies, although restaurant revenue growth has declined [4]. - The "trade-in" policy continues to show effectiveness, with basic necessities demonstrating resilience, while gold and silver sales growth has slowed down due to seasonal factors [4]. - The report anticipates that the upcoming summer tourism season and the third round of trade-in subsidies will further stimulate domestic consumption [4]. Summary by Sections Retail Sales Performance - June retail sales grew by 4.8% year-on-year, with a total of 4.2 trillion yuan, reflecting a decrease of 1.6 percentage points from the previous month [4]. - Excluding automobiles, retail sales also grew by 4.8%, with a month-on-month decline of 2.2 percentage points [4]. Online and Offline Consumption - Online retail sales for the first half of 2025 increased by 8.5%, outpacing the overall retail growth by 3.5 percentage points [4]. - The online penetration rate remained stable at 26.8% in June, unchanged from the previous year [4]. Service Consumption - The service sector's production index rose by 6.0% year-on-year in June, with retail sales in the service sector growing by 5.3% [4]. - Restaurant revenue in June was 470.8 billion yuan, showing a year-on-year increase of only 0.9% due to seasonal factors [4]. Policy Impact - The government has introduced measures to enhance consumer capacity and stimulate spending, with urban retail sales reaching 3.7 trillion yuan, a year-on-year increase of 4.8% [4]. - The trade-in policy has led to significant sales in consumer electronics, with related sales exceeding 1.4 trillion yuan by late June [4]. Investment Recommendations - The report suggests focusing on e-commerce and instant retail sectors, particularly companies like Alibaba, JD.com, and Meituan, as well as quality jewelry brands benefiting from gold demand recovery [4]. - It also highlights opportunities in the travel industry and retail sectors that enhance in-store experiences [4].

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.03% at 3503.78 points, while the Shenzhen Component Index and the ChiNext Index both fell by 0.22% to 10720.81 points and 2230.19 points respectively [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 1461.9 billion yuan [1] Sector Performance - Weak sectors included insurance, steel, banking, non-ferrous metals, coal, and brokerage [1] - Strong sectors included automotive, electricity, pharmaceuticals, and liquor, with active themes in innovative drugs, short drama games, pet economy, and humanoid robots [1] Investment Insights - Dongguan Securities indicated that the market may enter a consolidation phase following recent rebounds, suggesting a balanced investment approach and focusing on high-performing stocks as the semi-annual report window approaches [1] - Fuhong Fund noted a rising bullish sentiment in the equity market, with a rotation of gains across various sectors, particularly in value sectors like banking and cyclical stocks, as well as growth sectors related to overseas computing power chains and stablecoins [2] - The ongoing negotiations regarding US-China tariffs are expected to positively impact the market, with potential unlocking of certain chips and a resurgence in capital expenditures from internet platforms, leading to optimistic expectations for domestic AI computing power and applications [2]

齐鲁晚报·齐鲁壹点记者 张頔 7月16日，第三届中国国际供应链促进博览会（以下简称"链博会"）在北京开幕。为期5天的链博会上，首次参展的鲁商集团将展示"鲁商一盘货"的创新实践 和"产品共研、渠道共融、生态共建、金融共赋"的新型供应链模式，不仅将与更多国内外的商业伙伴交流供应链创新管理经验，还将在链博会上链接上下游 合作方。 山东省创新研究院在本次链博会展出的产品均为围绕自有品牌"鲁商舌尖"、银座品牌"银座优选"、鲁商科技品牌"礼尚乘"自主研发的自营产品。其中，"礼 尚乘"有机口粮茶是由"鲁商舌尖"、"礼尚乘"联合云南农垦集团共同推出云南有机口粮茶，采取产地直采、源头直发的形式，品类涵盖了生普、熟普、白 茶、滇红等多种品类，在快节奏的都市生活中，为消费者打造了一个高品质茶空间。 古佳酒庄（Chateau de Cugat）贝努瓦梅耶酒业公司成立于2003年2月12日，2011年由山东省商业集团有限公司收购运营，系省属国企自有产业。古佳酒庄位 于法国西南部的世界葡萄酒中心---波尔多产区，是法国A.O.C法定产区级酒庄，直接掌控优质葡萄园资源，实现从葡萄种植、生产酿造、灌装的全流程监 控。鲁商集团与山东港口物流合 ...