// 债市综述 // 1. 公开市场操作 央行公告称，7月17日以固定利率、数量招标方式开展了4505亿元7天期逆回购操作，操作利率为1.4%，投标量4505亿元，中标量4505亿元。Wind数据显 示，当日900亿元逆回购到期，据此计算，单日净投放3605亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面整体平衡，存款类机构隔夜质押式回购利率小幅下行，目前位于1.46%位置。七天质押式回购利率下行不足1个bp，现位于1.52%位置。 海外方面，最新美国隔夜融资担保利率为4.37%。 （IMM） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.62%附近，较上日变化不大。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 涨跌不一 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 6. 国债期货收盘 多数上涨 30年期主力合约跌0.02% 10年期主力合约涨0.02% 5年期主力合约涨0.02% 2年期主力合约涨0.01% （*数据来源：Wind-国债期货） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城 ...

Core Insights - The retail industry is experiencing a gradual recovery, with younger consumers driving increased foot traffic and engagement [2] - Zhongxing Commercial has successfully implemented innovative marketing strategies that focus on attracting families and younger demographics, resulting in significant sales growth [3][5] Marketing Strategies - In the first half of 2025, Zhongxing Commercial launched 10 promotional events over 71 days, accounting for 39% of the operating days, with these events generating 65% of total sales [3] - The marketing approach emphasizes cultural and artistic integration, featuring diverse activities such as music concerts, traditional craft exhibitions, and sports events to engage various age groups [3][4] Membership and Consumer Engagement - Membership consumption has shown positive growth, with the number of members increasing by 1.6% and consumption amount rising by 8.3%, leading to a membership consumption share of 75%, up by 4.3 percentage points [4] - The company is enhancing its digital transformation by leveraging short video content and optimizing its online presence, creating a seamless online-to-offline experience [4][5] Economic and Policy Context - The "first launch economy" is being utilized to introduce new products and services, enhancing the overall shopping experience and driving consumer interest [7][8] - Recent consumer policies, such as tax refunds for outbound travelers, are expected to stimulate demand and improve the retail environment [9][10] Future Outlook - Zhongxing Commercial aims to leverage its position as a leading regional player to activate local consumption potential and adapt to new consumer trends [10] - The company is committed to fostering innovative consumption scenarios and maintaining a youthful marketing approach to lead retail trends in Shenyang and Northeast China [10]

这背后是天虹与华为共建的"智慧零售样板点"。负责人唐霞介绍，核心"AI小天智能体"基于华为昇腾算 力底座和大模型技术开发，构建"理解-推荐-响应"闭环。AI导购缩短顾客找商品时间，视觉称重效率提 升80%，无感离场优化出口体验，助力场景革新。 紧跟都市人生活需求 现代都市人生活节奏快、注重健康、小家庭和单身人群多，这些特征正转化为具体商品与服务。 步入超市，AI导购机器人会走到你面前，快速引导你选购；生鲜上的溯源码一扫，产地采摘日期一应 俱全；智能秤台光影闪烁，荔枝的品种与价格已精准识别；甚至足不出户也能享受"即时达"……当前， AI深度融入商超购物的全链条，深圳市龙岗区最新升级开业的sp@ce天虹超市3.0坂田店与永旺SM形象 店等超市，纷纷亮出"科技底牌"，让消费者感受到熟悉的传统商超正悄然实现"智慧变身"。 AI"搭子"陪你逛 在sp@ce天虹超市3.0坂田店，一台搭载饮品的机器人可为顾客提供导购服务。顾客输入想买的东西或想 做的菜，其搭载的AI导购员"小天"就会给出答案。触碰入口NFC线圈，也可启动"小天"智能助手，机器 人会依据客户过往购买记录推荐高性价比商品。 顾客可通过智能屏幕或实体机器人使用语 ...

每经记者｜杨欢 每经编辑｜刘艳美 图片来源：摄图网_500481486 据北京市统计局官网消息，上半年北京经济运行平稳，稳中向好。根据地区生产总值统一核算结果，上半年，北京市实现地区生 产总值25029.2亿元，按不变价格计算，同比增长5.5%。分项数据中，上半年，全市实现社零总额6734.2亿元，同比下降3.8%。 具体来看，限额以上批发和零售业主要商品类值中，金银珠宝类、体育娱乐用品类及化妆品类等时尚娱乐类商品零售额同比分别 增长36.1%、9.3%和7.6%；家用电器和音像器材类、文化办公用品类等绿色智能消费受消费品以旧换新政策带动，零售额同比分 别增长4.6%和3.1%；粮油食品类、日用品类等基本生活类商品同比分别增长13.9%和2.7%。 解读：以全年社零总额数据为基准，北京曾是我国"消费第一城"，但在2018年社零总额被上海超过，2022年又被重庆超越，目前 保持全国第三位。2025年，消费被列为经济增长主引擎。上半年，北京实现社零总额6734.2亿元，同比下降3.8%。 增速下降并非首次出现，拉长时间线来看，去年3月，北京月度社零总额由升转降，全年增速为-2.7%。今年春节期间消费短暂升 温，但 ...

Core Viewpoint - Oriental Yuhong is actively expanding its business ecosystem by acquiring upstream raw material resources and entering overseas markets, aiming to diversify its operations beyond its core waterproofing business [1][2]. Group 1: Upstream Industry Chain Development - The decline in Oriental Yuhong's performance reflects the overall challenges faced by the construction industry, particularly the shrinking demand for waterproof materials since 2021 due to issues in the real estate market [2]. - The company plans to invest 1 billion yuan in a new materials industrial park in Jiangxi, which will include mining, white cement, special mortar, and building coatings [2]. - The acquisition of mining rights for marble in Jiangxi will enable the company to secure a stable supply of raw materials and enter new markets such as marble slabs and calcium carbonate fine powders [2][3]. Group 2: Strategic Significance - The new industrial park is seen as a core driver for expanding the industrial segment, which is expected to become a new growth engine for the company, improving cash flow and operational quality [3]. - By controlling key raw material supplies, the company aims to reduce price volatility risks and optimize its cost structure, enhancing its competitive edge in the industry [3]. Group 3: International Retail Expansion - Oriental Yuhong is pursuing international expansion through the acquisition of a 100% stake in Chilean building materials retailer Construmart for approximately 1.23 billion USD (about 880 million yuan) [4][5]. - Construmart, established in 1986, operates around 31 stores in Chile and is projected to generate approximately 2.093 billion yuan in revenue in 2024 [4]. - The acquisition is intended to leverage the company's supply chain and cost management advantages while benefiting from Construmart's established brand and distribution network in Chile [5]. Group 4: Ongoing International Strategy - The company has also completed a share cooperation project with Hong Kong building materials retailers to further its international strategy and expand overseas market presence [6].

以下文章来源于洒家君泽 ，作者洒家君泽 洒家君泽 . 我了解的过去我期待的未来 本文来自微信公众号： 洒家君泽 ，作者：洒家君泽，题图来自：AI生成 温斯顿·丘吉尔曾经如此形容一战的爆发： "一个个可怕的假设，全都凑到一起了。" 原本关系紧张的几方，往往会做最坏的打算，并认为这种打算能够让自己获胜，然而正是这些准备， 最终导向了大家都以为不会发生的第一次世界大战，欧洲最终变为一片焦土，美国日本崛起。 这句话被印在了《八月炮火》开篇，肯尼迪总统在处理古巴危机时，恰好读到这本书，据说他从中得 到了启示，最终避免了一场大战。 这也是王兴最喜欢的书之一，而在 7 月 16 号的采访里，美团最核心业务的操盘手王莆中也多次 用"一战"来类比当下的外卖大战。 这是一场愈演愈烈的战争。仅仅一个季度，参战各方就计划投入超过 500 亿元，将整个市场的单日 订单量，从年初的 1 亿单，强行推高至创纪录的 2.5 亿单。一方是投入巨资、决心"掀桌子"的挑战 者，另一方则是高调宣布战报、用 1.5 亿单日订单淹没对手的反击者。 王莆中喊话， 说这样的"卷"在伤害行业，也没有意义，最终只剩下泡沫。 这些言论，也被看作美团 想要停战的信 ...

面对当前的消费新趋势，商家应该如何抓住新机遇？"找准消费着力点至关重要！"在7月17日举办的2025"万亿城央"新质商业发展大会暨连锁业生态大会 上，国务院发展研究中心市场所原所长、研究员任兴洲这样总结。 本场大会由佛山市商务局、禅城区人民政府、广东省连锁经营协会联合主办，吸引了来自佛山禅城、重庆渝中、长沙天心、苏州姑苏、常州天宁、成都武侯 等六大万亿GDP城市中心城区的政府、协会、企业代表，以及全国30余个省市商协会、500多家龙头企业的积极参与，共同探索新质商业发展路径。 创新消费场景：从"音乐节经济"到"夜间消费" 广东在消费场景创新方面表现突出，通过商旅、文创、展会等多种形式的结合，极大地丰富了消费体验。佛山禅城通过举办音乐节和夜间经济活动，短短三 天就拉动了8万人的消费，显示出巨大的消费潜力。这种创新的消费模式不仅吸引了大量年轻消费者，还带动了周边餐饮、住宿、零售等多行业的繁荣。此 外，广东各地还积极举办各类体育赛事和文化活动，如苏超联赛、贵州村BA等，这些活动不仅带动了当地消费，还提升了城市的知名度和影响力。 东 前沿地区 和新商业 月广州还 努平 为会员企 协会 建设连锁 `寸"万 d w w ...

一、宏观经济 估计 6 月核心个人消费支出价格指数上涨 0.29%。6 月核心消费者价格指数环比上涨 0.23%，略低于共识预 期，而同比涨幅升至 2.93%。6 月酒店价格下降对核心指数造成 5 个基点的拖累，新车和二手车价格下降又 拖累 5 个基点。另一方面，家庭陈设、娱乐商品、服装和汽车零部件价格上涨对核心指数贡献了 8 个基 点，这可能反映了关税提高的影响。根据消费者价格指数报告的细节，我们估计 6 月核心个人消费支出价 格指数上涨 0.29%（在今日消费者价格指数报告发布前，我们的预期为 0.25%），对应的同比涨幅为 2.75%。 中国第二季度国内生产总值高于预期 中国第二季度国内生产总值略高于共识预期，6 月经济活动数据好坏参半。中国第二季度国内生产总值同比 增长 5.2%，略高于市场共识预期，但与我们的预测一致，6 月经济活动数据好坏参半 —— 工业生产（IP） 强劲超出市场预期，而固定资产投资（FAI）和零售额则显著低于共识预期。 我们将 2025/26 年全年实际国内生产总值增长预测机械上调至 4.7%/3.9%（此前为 4.6%/3.8%）。由于上半 年实际国内生产总值同比平均增长 5. ...

在内需成为拉动经济增长主动力和稳定锚的当下，平台以新模 式撬动内需库容不是坏事。就此来看，没必要以"低价=内 卷"思维看这轮巨头鏖战，不如就让市场的归市场，让市场竞 争的价值更多地向"促消费"溢出。 作者： 佘宗明 封图：图虫创意 7月14日，淘宝闪购联合饿了么宣布，其日订单量再次突破8000万（不含自提及0元购）。7月12 日，美团宣布其即时零售订单量达到1.5亿单。加上京东此前官宣的其即时零售日订单量超2500 万，该赛道日订单总量已达到了约2.5亿单。 伴随着日订单量不断创新高而来的，是这轮即时零售大战是否走低价内卷老路子的讨论。 尽管美团、淘宝闪购等平台都打出了反内卷的旗号，有意将巨额补贴跟内卷二字切割，但考虑到低 价是内卷的突出特征，这一轮巨头撒钱的鏖战难免被部分人用"卷"尺丈量。那么，我们该如何看待 这场竞争？ 有几点常识需要厘清：首先，内卷的伴生物是通向逐底竞争的无序价格战，但低价不一定就是内 卷。市场上出现新模式后，企业为了培育用户习惯、扩大需求市场，经常会采取补贴策略，低价对 应的可能是新消费习惯普及时无可避免的前期投入。其次，反内卷不等于反所有市场竞争，没必要 将"内卷"的概念扩大化。 这 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including changes in control, asset sales, investments, and performance forecasts, which may present investment opportunities and risks for investors. Group 1: Control Changes and Major Transactions - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to two trading days [3] - Tiger Medical is selling 95.09% of its stake in Lixin Pharmaceutical for approximately $34.11 million [4] - ST Lifan announced that its operational situation has not changed significantly despite a stock price fluctuation of 42.54% over two trading days [9] Group 2: Investments and Acquisitions - Sdic plans to invest approximately 509 million yuan in expanding its high-end functional film production capacity [5] - Dongfang Yuhong's subsidiary intends to acquire 100% of Chile's Construmart for about $123 million [6] - Huaitian Thermal Power has been recommended as the owner of a 700,000 kW wind power project, aligning with its investment strategy [7] Group 3: Performance Announcements - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of the year, a year-on-year increase of 16.67% [14] - Tuojing Technology expects a net profit increase of 101% to 108% in Q2 2025, driven by new product breakthroughs [15] - Weicheng Bio anticipates a net profit of 30.06 million yuan for the first half of 2025, reversing a loss from the previous year [17] Group 4: Contracts and Strategic Partnerships - State Grid Information won contracts totaling 966 million yuan from the State Grid Corporation [21] - Beizhi Technology signed a contract worth 164 million yuan with a major client [22] - Mould Technology received a project letter of intent for exterior parts with an expected total sales of 2.044 billion yuan [23] Group 5: Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24% [25] - Yutai Micro's shareholder intends to reduce holdings by up to 3% due to personal funding needs [26] - Alter's controlling shareholder plans to reduce holdings by up to 3% [27]