Group 1 - The core viewpoint is that electricity consumption in China is growing at a rate higher than GDP growth, with an electricity elasticity coefficient around 1.2, indicating a strong relationship between electricity consumption and economic growth [1] - From 2018 to 2024, the electricity consumption growth rate in high-tech and equipment manufacturing industries is significantly higher than the average level of the manufacturing industry, with an annual growth rate of 8.0%, driven by the expansion of high-end manufacturing sectors [1] - The rapid expansion of high-end manufacturing, including new energy equipment, new energy vehicles, semiconductors, and advanced materials, is creating a new driving force for electricity consumption [1] Group 2 - From 2018 to 2024, the electricity consumption in the internet and related data services industry is growing at an annual rate of 19.2%, highlighting the rapid development of the digital economy [2] - The digital economy, represented by the internet, big data, cloud computing, and artificial intelligence, is becoming a significant driver of growth in the tertiary industry, with data centers and computing centers requiring substantial electricity [2] Group 3 - The electricity consumption in the charging and swapping service industry is growing at an annual rate of 74.3% from 2018 to 2024, which in turn drives an 11.8% annual growth in the wholesale and retail industry [3] - The growth in electricity consumption in the charging and swapping services is attributed to the increasing ownership of new energy vehicles, which is also accelerating the development of related service industries [3] - The ongoing push for carbon peak and carbon neutrality is leading to a gradual reduction in energy consumption per unit of GDP, with a cumulative decrease of 11.6% in energy intensity over the first four years of the 14th Five-Year Plan [3]

Economic Overview - The economic performance of Huicheng District remains stable under pressure, with industrial output value reaching 35.128 billion yuan, a year-on-year increase of 11.7% [1] - The industrial production accelerated, with a monthly output value of 7.833 billion yuan, showing a year-on-year growth of 16.9% [1] Industrial Performance - The value added in the mining industry increased by 26.9% year-on-year, while the manufacturing sector grew by 13.2% [1] - The electricity, heat, gas, and water production and supply industry saw a decline of 1.8% year-on-year [1] Fixed Asset Investment - Fixed asset investment decreased by 14.7% year-on-year, with the decline slightly widening compared to the previous month [1] - Construction and installation investment fell by 19.5% year-on-year, but the decline narrowed by 0.8 percentage points [1] Trade and Consumption - The total foreign trade import and export value reached 16.97 billion yuan, growing by 43.8% [3] - Imports surged by 111.3% to 8.78 billion yuan, while exports increased by 7.1% to 8.18 billion yuan [3] Retail Sales - Total retail sales of consumer goods amounted to 35.619 billion yuan, with a year-on-year growth of 9.1% [2] - Online retail sales through public networks reached 7.145 billion yuan, marking a significant increase of 66.2% [2]

Core Viewpoint - The China Small and Medium Enterprises Development Index (SMEDI) for Q2 2025 is reported at 89.1, a decrease of 0.4 points from the previous quarter, but higher than the levels in 2023 and 2024. Overall, costs for SMEs have slightly decreased [1]. Industry Summary - The wholesale and retail industry index remained stable at 89.0, while seven other industries, including construction, transportation, real estate, social services, information transmission, and accommodation and catering, saw declines in their indices [2][3]. - The overall index for Q2 2025 is 89.1, down from 89.5 in Q1 2025, with all sub-indices showing a decrease, including macroeconomic sentiment, comprehensive operation, market, cost, funding, labor, input, and efficiency indices [4][5]. Regional Summary - The indices for the eastern, central, and western regions are 90.1, 89.7, and 88.6 respectively, all showing declines from the previous quarter, while the northeastern region saw a slight increase of 0.1 points to 81.5 [4]. Key Characteristics of SMEs - Business confidence is low, with the macroeconomic sentiment index at 98.2, down 0.8 points from the previous quarter, reflecting a decline across all surveyed industries [5]. - Market demand is contracting, as indicated by a market index of 81.2, which is a decrease of 0.3 points from the previous quarter [5]. - Funding conditions are tightening, with the funding index at 100.6, down 0.2 points, and six out of eight industries reporting declines in their funding indices [5]. - Labor supply is increasing while demand is decreasing, with the labor index at 105.9, down 0.1 points, and seven industries reporting a drop in labor demand [5]. - Investment willingness among enterprises is declining, with the input index at 82.3, down 0.6 points, particularly in construction, social services, and accommodation and catering sectors [5]. - Costs for enterprises have slightly decreased, with the cost index at 111.8, down 0.2 points, although the wholesale and retail sector saw a slight increase in costs [5]. - Efficiency has also declined, with the efficiency index at 74.2, down 0.3 points, and six industries reporting a decrease in their efficiency indices [6].

泰安市永春堂药业有限公司泰安大药店因经营标签不符合食品安全法规定的食品，被泰安市泰山区市场 监督管理局罚款1万元并没收非法财物、没收违法所得。 泰山市监处罚〔2025〕500号内容显示，泰安市永春堂药业有限公司泰安大药店经营标签不符合食品安 全法规定的食品，违反了《中华人民共和国食品安全法(2021修正)》第七十一条第一款、第九十七条。 泰安市泰山区市场监督管理局依据《中华人民共和国食品安全法》第一百二十五条第一款第二项，泰安 市永春堂药业有限公司泰安大药店进行处罚，没收虫草鹿鞭王1大盒（内含12小盒），蚁力神1大盒（内 含10小瓶），香港大大美国玛卡1大盒（内含10小盒）。并没收违法所得拾陆元（ 16元），罚款人民币 壹万元（ 10000元），罚没款共计壹万零拾陆元（ 10016元）。 泰安市永春堂药业有限公司泰安大药店成立于2001年8月23日，负责人为张林林，统一社会信用代码为 91370900MA3C8CNX6R，企业注册地址位于泰安市泰山区龙潭路123-6号，所属行业为零售业，经营范 围包含：许可项目：药品零售。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相关部门批准文件 ...

每经记者｜徐肖逍 每经编辑｜杨夏 7月7日，永辉超市（SH601933）发布《致供应商伙伴的一封公开信》（以下简称公开信），倡导携手共建阳光供应链，向腐败和 潜规则宣战，主要内容包括三大方面：实行零容忍、全覆盖的廉洁合作；在供应商入驻方面，坚决拒绝"走后门"、拒绝"潜规则"； 优化财务结算流程，做到"不拖、不卡、不刁难"。 反商业贿赂及反贪污是ESG（环境、社会和公司治理）公司治理环节的重要议题。永辉超市对贪腐现象的强硬表态，也让零售行业 ESG备受关注。据中证行业分类，A股零售行业共有71家上市公司，其中有24家公布了2024年度ESG相关报告（以下简称报告）， 披露率为33.8%，低于A股整体46%的披露率。 | 证券简称 | ESG报告发布情况 | 碳排放披露情况 | 贪腐数据公布情况 | | --- | --- | --- | --- | | 中国中免 | 已发布 | 范围一+范围二 | O | | 永辉超市 | 已发布 | 未公布 | 未公布 | | 供销大集 | 已发布 | 未公布 | 0 | | 万辰集团 | 未发布 | 未公布 | 未公布 | | 神州数码 | 已发布 | 范围一+范围二 | ...

行业研究丨深度报告丨零售业 [Table_Title] 渠道精选聚焦，品牌细分增长——零售行业 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 当前阶段我们建议把握三条投资主线：第一，品牌端：K 型细分需求崛起，本质上对消费者洞 察提出更高要求，我们选择在高端化和极致质价比两条主线中，渠道运营精细、强消费者洞察 和品牌运营能力的企业；第二，渠道端：线下渠道于新兴细分业态重启扩张，背后考验的仍是 供应链能力，优选供应链端具备优化空间的企业；第三，从中长期而言，全球贸易格局重塑背 景下，中国优质制造、品牌和商业模式出海仍然是大势所趋，在此基础上看好具备深刻用户洞 察能力、供应链能力持续夯实的优质出海企业。 分析师及联系人 [Table_Author] 李锦 罗祎 秦意昂 SFC：BUV258 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 请阅读最后评级说明和重要声明 2/29 %% %% %% %% research.95579.com 2 ...

从指数持仓来看，中证中国内地企业全球可选消费综合指数十大权重分别为：阿里巴巴（18.38%）、 美团-W（6.71%）、拼多多（6.5%）、比亚迪股份（4.13%）、美的集团（3.61%）、京东（3.36%）、 比亚迪（3.01%）、携程网（2.91%）、格力电器（2.1%）、泡泡玛特（1.93%）。 金融界7月9日消息，A股三大指数收盘涨跌不一，中证中国内地企业全球可选消费综合指数(CN可选综 合，H30378)报4944.28点。 从中证中国内地企业全球可选消费综合指数持仓的市场板块来看，深圳证券交易所占比23.30%、纽约 证券交易所占比23.12%、香港证券交易所占比21.33%、上海证券交易所占比16.32%、纳斯达克全球精 选市场证券交易所(Consolidated Issue)占比15.52%、纳斯达克股票市场证券交易所(Consolidated Large Cap)占比0.21%、北京证券交易所占比0.15%、纳斯达克证券交易所(Consolidated Capital Market)占比 0.05%。 数据统计显示，中证中国内地企业全球可选消费综合指数近一个月下跌3.24%，近三个月上涨8. ...

Group 1 - A-shares have shown a structural market characteristic, with strong performance in consumer sectors such as food and beverage, and retail, as well as certain technology sectors like AI applications and innovative pharmaceuticals [2][4] - The top five performing industries in A-shares include agriculture, media, food and beverage, electrical equipment, and retail, indicating a growing interest in agricultural assets and a recovery in consumer spending [2] - The bottom five performing industries in A-shares are electronics, steel, basic chemicals, non-ferrous metals, and storage chips, with the decline in non-ferrous metals linked to proposed US tariffs on copper [2] Group 2 - In the Hong Kong market, the healthcare sector has seen a rise due to active innovative drug concepts, despite potential US tariffs on pharmaceuticals [3] - The top three performing industries in Hong Kong include healthcare, industrial, and energy, while the bottom three are materials, information technology, and real estate, reflecting external pressures from US tariff policies and global tech supply-demand imbalances [3] - The current market characteristics indicate that A-shares are driven by policy and sectoral improvements, while Hong Kong stocks are more influenced by external factors such as US tariffs and global technology cycles [4] Group 3 - Short-term market hotspots are concentrated around policy-driven sectors and improving industry conditions, with a focus on performance in the upcoming earnings reports [4] - The breakthrough of the Shanghai Composite Index above 3500 points is expected to further boost market confidence, with potential policy signals from the July Politburo meeting influencing capital flows [4]

零售板块拉升，赫美集团（002356）涨停，孩子王（301078）、轻纺城（600790）涨超4%，中兴商业 （000715）、小商品城（600415）、华致酒行（300755）跟涨。 ...

Group 1: Dollar Index and Economic Impact - The dollar index experienced its worst start to a year since 1973, with a decline of 10.8% by July 1, 2025, dropping below the 97 mark to a low of 96.36 [2] - The decline in the dollar is attributed to uncertainties in U.S. tariff policies and concerns over the independence of the Federal Reserve, leading to a withdrawal of investments from U.S. assets [2][3] - The performance of the dollar has shown a clear divergence, with traditional safe-haven currencies like the yen and Swiss franc strengthening, while the euro gained approximately 14% against the dollar since the beginning of the year [4][5] Group 2: U.S. Tariff Policies and Market Reactions - The "exceptionalism" narrative regarding the U.S. economy has reversed since Trump's tariff policies were implemented, leading to a decline in both U.S. stocks and bonds as investors shifted their focus away from U.S. assets [3][4] - The U.S. government has faced challenges in negotiating trade agreements, with only limited agreements reached with the UK and Vietnam, while negotiations with Japan and the EU remain slow and contentious [4][5] - As the deadline for tariff negotiations approaches, market volatility is expected to increase, with potential further adjustments to the dollar if the U.S. maintains a strong stance [5] Group 3: Federal Reserve Independence and Economic Outlook - Trump's repeated criticisms of Federal Reserve Chairman Powell and calls for interest rate cuts have raised concerns about the independence of the Fed, impacting investor confidence in the U.S. economy [6][8] - Despite pressures, the U.S. economy has shown resilience, with a stable unemployment rate of 4.1% and job growth exceeding expectations, complicating the Fed's decision-making regarding interest rate cuts [15][16] - The Fed's cautious stance on interest rate cuts reflects ongoing concerns about inflation and labor market conditions, with Powell indicating that any decisions will depend on forthcoming economic data [7][9] Group 4: U.S. Debt Concerns - The U.S. federal debt has reached $36.2 trillion, with public debt accounting for nearly 80%, raising concerns about the sustainability of U.S. government debt amid rising interest rates [12][13] - The recent tax reform is projected to increase the federal deficit by an additional $2.4 trillion to $3.3 trillion over the next decade, exacerbating existing debt concerns [12][13] - The combination of high debt levels and rising interest costs could undermine the dollar's status as a safe-haven currency, leading to a potential shift in investment flows towards other currencies like the euro [13][17]