以下文章来源于后浪研究所 ，作者杨小彤、巴芮 后浪研究所 . 36氪旗下年轻态公众号。这位青年里边请，你被研究了。 谁爱抢谁抢吧。 文 ｜ 杨小彤 编辑 ｜ 巴芮 来源｜ 后浪研究所（ID：youth36kr） 封面来源 ｜ unsplash "是不是马上要出货了？我都害怕" "别挤了行吗，人都站不住了，干啥啊！"一位被大爷大妈挤在中间的女生，一边扶着自己的眼镜，一边皱眉喊道。 4月21日晚上的8:07，刚下班的李夕匆匆赶到北京姚家园万象汇地下一层的七鲜超市， 虽只晚到了7分钟，但人已经多到连购物车都不够用了，她只能提 着购物筐挤进人群。不知已经进行了几轮争抢，现场一片混乱。 晚8点，这家超市准时开始每晚的日清（即每日清空库存，避免商品隔夜销售），虽然是 工作日，超市里也呜呜泱泱全是人，和楼上冷清的商场形成了鲜明对比。 晚8:07的七鲜 有同样日清活动的还有盒马、沃尔玛、物美、永辉等各种老牌的、新兴的，甚至是网红超市，都加入了这场打折揽客的角逐， 都像灰姑娘故事中被施了 魔法的南瓜马车，每晚8点，变身"穷鬼天堂"。 不过七鲜的火爆程度远超其他几家超市，从上面的场景就能看出来了。有网友就曾发布过一则视频——在刚 ...

Core Viewpoint - Walmart's decision to raise prices on certain products in the U.S. due to increased costs from U.S. tariff policies highlights the conflict between U.S. economic policy and market dynamics, raising concerns among consumers and drawing criticism from President Trump [2][3]. Group 1: Price Increase and Economic Impact - Walmart plans to implement price increases that will become more noticeable in June, as the company faces significant supply chain cost increases due to tariffs imposed by the U.S. government [3][4]. - The company's first-quarter financial report showed a net profit of $4.49 billion, a decrease of over 12% year-on-year, indicating the financial strain caused by rising costs [3][4]. - Other companies are also raising prices in response to tariffs, including Microsoft, Ford, Mattel, Whirlpool, Ferrari, and Hermès, suggesting a widespread trend affecting various sectors of the U.S. economy [4][5]. Group 2: Consumer Sentiment and Economic Indicators - The Michigan Consumer Sentiment Index fell to 50.8 in May, marking a continuous decline for five months and the lowest level since June 2022, reflecting growing pessimism among American households regarding the economic outlook [5]. - The U.S. GDP contracted by 0.3% in the first quarter, marking the first negative growth in three years, which may further impact consumer spending and economic growth expectations [5]. - The U.S. government's tariff policies are projected to increase the tax burden on American households by $1,200 by 2025, exacerbating the financial strain on consumers [4][5].

Core Viewpoint - The article highlights the proactive measures taken by the Haidian District Market Supervision Administration to ensure food safety during the Dragon Boat Festival, particularly focusing on the inspection and testing of popular festive foods like zongzi, meat, eggs, milk, and seafood [1][2]. Group 1: Food Safety Inspections - The Haidian District Market Supervision Administration conducted food safety inspections in key locations such as farmers' markets, supermarkets, and grocery stores, focusing on high-demand items like zongzi, meat, eggs, milk, and seafood [1]. - A total of 92 batches of food, including zongzi, meat, eggs, and seafood, were sampled for testing, covering various indicators such as sweeteners, preservatives, and microbial counts, with all results passing the safety standards [2]. Group 2: Consumer Guidance - Consumers are advised to purchase zongzi from legitimate channels and to check packaging labels for production dates, expiration dates, and any signs of damage or abnormality [3]. - It is recommended that zongzi be thoroughly cooked before consumption, and consumers should keep receipts to report any food safety issues to the market supervision authorities [3].

Core Viewpoint - Major retailers are increasingly focusing on the "front warehouse" model as a strategy to address market pressures and enhance their operational efficiency in the face of declining foot traffic and sales [3][9][22]. Group 1: Industry Trends - Retail giants like Yonghui Supermarket and RT-Mart are accelerating the establishment of front warehouses to prevent further loss of market share in areas with many store closures [3][9]. - JD.com is shifting its strategy by integrating JD Seven Fresh and JD Grocery, moving away from the store-warehouse model to focus on front warehouses [3][9]. - Metro is also expanding its front warehouse capabilities, with new openings planned in Changchun to enhance its instant delivery capabilities [3][9]. Group 2: Business Model Transition - Yonghui Supermarket is transitioning from a "store-warehouse integration" model to a more independent front warehouse model, separating inventory between the front and back of stores [5][11]. - The success of Sam's Club, which operates nearly 500 front warehouses and achieves over 50% of its e-commerce sales through efficient delivery services, has influenced this shift in strategy among traditional retailers [5][7]. Group 3: Challenges and Considerations - The front warehouse model is seen as a response to the ongoing pressure on physical retail, with traditional stores facing competition from e-commerce, community group buying, and discount stores [9][11]. - Despite the potential benefits, the front warehouse model requires significant investment in infrastructure, including cold chain logistics and digital systems, with costs ranging from 500,000 to 3 million yuan per warehouse [11][13]. - The operational challenges include maintaining high order density and efficient inventory management, which many traditional retailers struggle with due to their existing supply chain structures [15][20]. Group 4: Profitability Concerns - High fulfillment costs remain a significant concern for the front warehouse model, with limited examples of profitability in the industry [16][22]. - Successful cases like Pupu and Dingdong Maicai highlight the importance of regional focus and high-density networks for achieving profitability, which may not be easily replicable on a national scale [16][18]. - Traditional supermarkets face difficulties in adapting their product offerings and supply chain management to meet the demands of the front warehouse model, which requires a shift towards high-turnover, high-margin products [20][22].

Core Viewpoint - The article highlights the significance of Guangdong's Litchi production, particularly in Lianjiang City, and discusses the impact of weather conditions on the harvest, as well as innovative agricultural practices and logistics that enhance the quality and marketability of Litchis [2][4][5]. Group 1: Litchi Production and Challenges - Guangdong is a major global Litchi production area, with Lianjiang City being the largest producer of the "Feizi Xiao" variety, covering 73% of the city's Litchi planting area [2]. - In 2024, adverse weather conditions, including high winter temperatures and spring cold snaps, led to a decrease in national Litchi production, affecting local farmers [2][4]. - Despite previous challenges, the 2023 harvest was abundant, attracting significant consumer interest [2]. Group 2: Scientific Cultivation Practices - The implementation of scientific cultivation methods has increased Litchi yields, moving beyond traditional farming practices [4][5]. - Technical teams now assist farmers with targeted fertilization and pest control, utilizing a management system that collects data on tree growth and pest issues [5]. - The cooperative manages over 1,000 acres of various high-end Litchi varieties, responding to changing consumer preferences [5]. Group 3: Innovations in Fresh Produce Logistics - The "Huiying Lingnan Xiangyue Litchi" initiative by Yonghui Supermarket employs a model of direct sourcing, cold chain logistics, and precise marketing to boost Litchi sales [7][9]. - Newly adopted methods include an "ice bath" for freshly harvested Litchis, which helps maintain freshness during transport, ensuring that the fruit reaches consumers quickly [9]. - Yonghui Supermarket plans to procure over 5,000 tons of Guangdong Litchis in 2025, establishing a rapid supply chain from farms to stores [9]. Group 4: Upcoming Events and Market Opportunities - The first "Good Life Expo" will take place from June 27 to 29, 2023, in Beijing, aiming to stimulate consumer activity and support quality brands [11]. - The expo will feature a hybrid model of online and offline exhibitions, connecting quality products with domestic distribution channels [11].

Core Viewpoint - The article highlights the increasing popularity of late-night discount shopping at supermarkets in Beijing, particularly at Seven Fresh, where consumers, especially elderly individuals, engage in competitive shopping for discounted items, creating a chaotic atmosphere [2][5][25]. Group 1: Consumer Behavior - The late-night discount shopping trend has led to crowded scenes in supermarkets, with consumers rushing to grab discounted items, often resulting in chaotic situations [2][5][10]. - Social media challenges have contributed to the popularity of this trend, with influencers showcasing how much can be bought for a small amount of money during these late-night sales [5][25]. - Elderly shoppers have become the most aggressive participants in these late-night sales, often forming groups to maximize their chances of securing discounted products [10][12][22]. Group 2: Supermarket Strategies - Various supermarkets, including Hema, Walmart, and Yonghui, have adopted similar late-night discount strategies to attract customers and clear out inventory [4][25]. - The concept of "daily clearance" (日清) has been popularized by brands like Qian Dama, which pioneered the idea of timed discounts to ensure fresh products are sold [25]. - While this strategy attracts bargain hunters, it poses challenges for supermarkets in selling regular-priced items, as consumers may prefer discounted goods over full-priced ones [26][28]. Group 3: Market Dynamics - The influx of elderly shoppers has altered the shopping experience for younger consumers, leading to complaints about the chaotic environment and diminished shopping satisfaction [22][26][28]. - Some young consumers have begun to question the value of participating in these late-night sales, citing issues such as food waste and the time cost associated with competing for discounts [28]. - The article suggests that while the late-night discount model is appealing, it may not be sustainable in the long term due to the challenges it presents for both consumers and supermarkets [26][28].

1 隔夜市场 美股三大指数收盘涨跌不一，道指涨0.13%，本月累计上涨3.94%；纳指跌0.32%，本月累计上涨9.56%；标普500指数跌0.01%，本月累计上涨6.15%，标普 500指数和纳指创下2023年11月以来最大月度涨幅；热门科技股多数下跌，特斯拉、英特尔跌超3%，英伟达、AMD、超微电脑跌超2%。中概股普遍下跌， 纳斯达克中国金龙指数跌2.69%，本月累计上涨1.71%，金山云跌超5%，哔哩哔哩跌超4%，小鹏汽车、蔚来跌超3%，阿里巴巴跌超2%，拼多多、京东跌超 1%。 现货黄金跌0.86%，报3288.58美元/盎司；COMEX黄金期货跌0.92%，报3313.10美元/盎司；COMEX白银期货跌1.04%，报33.08美元/盎司。 2 外交部：中方出口管制措施符合国际通行做法坚决反对美方恶意封锁打压 国际油价走弱，美油主力合约收跌0.25%，报60.79美元/桶；布伦特原油主力合约跌1.17%，报62.61美元/桶。 5月30日，外交部发言人林剑主持例行记者会。有记者就中美相关出口管制措施提问。林剑表示，中方出台的出口管制措施符合国际通行做法，是非歧视 性，不针对特定国家。我们愿与有关国家 ...

Core Viewpoint - Brokerage recommendations, particularly for Kroger, suggest a favorable outlook, but reliance solely on these recommendations may not be prudent due to potential biases and misalignment with retail investors' interests [5][10]. Group 1: Brokerage Recommendations - Kroger has an average brokerage recommendation (ABR) of 1.90, indicating a range between Strong Buy and Buy, based on 20 brokerage firms' recommendations [2]. - Out of the 20 recommendations, 11 are classified as Strong Buy, accounting for 55% of the total recommendations [2]. - Despite the positive ABR, studies indicate that brokerage recommendations often fail to effectively guide investors towards stocks with significant price appreciation potential [5][10]. Group 2: Analyst Bias and Zacks Rank - Analysts from brokerage firms tend to exhibit a strong positive bias in their ratings, issuing five "Strong Buy" recommendations for every "Strong Sell" [6][10]. - The Zacks Rank, a proprietary stock rating tool, categorizes stocks from Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell) and is based on earnings estimate revisions, which correlate strongly with near-term stock price movements [8][11]. - The Zacks Rank is more timely and reflects current business trends, unlike the ABR, which may not always be up-to-date [12]. Group 3: Kroger's Current Position - The Zacks Consensus Estimate for Kroger's earnings for the current year remains unchanged at $4.74, indicating steady analyst views on the company's earnings prospects [13]. - Due to the unchanged consensus estimate and other factors, Kroger holds a Zacks Rank 3 (Hold), suggesting caution despite the favorable ABR [14].

Core Insights - Traditional retail companies are experiencing a slowdown in growth and profit decline, prompting them to seek new paths for survival [1] - Aldi and Pang Donglai are highlighted as standout examples due to their unique business models [1] - Learning from Aldi's underlying logic and systematic capabilities is deemed more sustainable for Chinese supermarkets than merely imitating Pang Donglai's service model [1] Aldi: A Replicable Systematic Business Model - Aldi's success stems from a highly standardized and replicable business logic that balances supply chain, cost control, and consumer demand [2] Simplified SKU and Vertical Supply Chain Advantages - Aldi limits its SKU count to under 2,000 per store, significantly lower than traditional supermarkets, allowing for bulk purchasing and cost reduction [3] - The focus on high-frequency, essential goods enhances turnover efficiency [3] Private Label Products - Over 90% of Aldi's products are private labels, which helps maintain low prices by eliminating middlemen and ensuring quality control [4] Hard Discount Model - Aldi's hard discount model differs from typical supermarket promotions by optimizing the entire supply chain to reduce costs from the source [5] - Store layouts and electronic price tags contribute to operational efficiency and cost savings [5] Global Expansion Strategy - Aldi follows a "near to far" strategy for global expansion, initially entering culturally similar European markets before expanding to the US, Australia, and Asia [6][7] Pang Donglai: Phenomenal Success with Limitations - Pang Donglai's success is notable but heavily reliant on regional factors, making it difficult to replicate nationwide [8][10] - The high operational costs associated with its service model pose challenges for expansion [9] Service-Centric High-Cost Model - Pang Donglai's focus on exceptional service leads to high employee costs, which may not be sustainable in more competitive markets [9] Regional Limitations and Expansion Challenges - Pang Donglai's deep roots in the Henan market limit its ability to expand effectively into other regions due to varying consumer preferences and competitive landscapes [10] Sustainability of Business Logic - Pang Donglai's profit-sharing model may restrict reinvestment opportunities, impacting long-term growth [11] - Its higher pricing strategy may limit competitiveness in price-sensitive markets [11] Learning from Aldi for Chinese Supermarkets - The shift towards a "quality-price ratio" era in Chinese retail aligns well with Aldi's low-cost, high-quality strategy [13] - Aldi's supply chain capabilities are seen as a core competitive advantage in the retail industry [14] Balancing Standardization and Flexibility - Aldi's minimalist approach in SKU management and operational details allows for efficient cost control and adaptability [15] - Pang Donglai's service model, while commendable, is difficult to standardize across different markets [15] Path for Chinese Supermarkets - Chinese supermarkets should focus on building vertical supply chains and reducing intermediaries to lower costs [16] - Developing private labels and understanding consumer needs are essential for creating competitive advantages [17] Localized Innovation - Aldi's success in China is attributed to its localized innovation strategies, such as offering small packaging and local flavors [18] Conclusion: The Replicability of Aldi's Model - Aldi's systematic supply chain management and cost control demonstrate that low prices and quality can coexist, making it a more practical model for traditional retailers in China [19]

4月25日，永辉超市发布业绩报告显示，去年公司实现营业总收入675.74亿元，同比下降14.07%；归属 净亏损为14.65亿元，同比下滑10.26%。 这是永辉超市连续第四年出现净利润亏损。2021年-2024年，永 辉超市累计亏损超过95亿元。 中国执行信息公开网显示，近日，因未按执行通知书指定的期间履行生效法律文书确定的给付义务， 永辉超市股份有限公司及其法定代表人张轩松被限制高消费 。 据界面新闻，此事起因是福州市鼓楼区人民法院在5月13日立案执行申请人郑州市唐科废旧物资回收有 限公司申请执行永辉超市服务合同纠纷一案，永辉超市未在指定期间履行生效法律文书确定的给付义 务。 爱企查App显示，5月13日，永辉超市股份有限公司曾因上述案件被强制执行39万余元，执行法院为福 州市鼓楼区人民法院。截至目前，永辉超市被执行总金额为1677.63万元。 为感恩每一位关注与支持新华网财经的朋友，我们精心筹备了端午惊喜福利！ 参与方式超简单：关注新华网财经微信公众号，并在本篇文章下方的评论区留言。我 们将选取前两位留言的幸运儿，送上极具特色的「夏午唱游 蜀韵山河」端午风物礼 盒！先到先得哦！每位朋友仅可领取一份，可别 ...