天眼查商业履历信息显示，兰州丽尚国潮实业集团股份有限公司，成立于1996年，位于兰州市，是一家 以从事零售业为主的企业。企业注册资本76133.5236万人民币，实缴资本76133.5236万人民币。公司法 定代表人为吴小波。 通过天眼查大数据分析，兰州丽尚国潮实业集团股份有限公司共对外投资了17家企业，参与招投标项目 2次，知识产权方面有商标信息5条，此外企业还拥有行政许可5个。 金融界消息 截至2025年7月29日收盘，丽尚国潮（600738）报收于5.33元，下跌0.93%，换手率3.39%， 成交量25.80万手，成交金额1.37亿元。 资金流向方面，今日主力资金净流出1919.22万元，占比成交额14.02%。其中，超大单净流出1144.05万 元、占成交额8.36%，大单净流出775.17万元、占成交额5.66%，中单净流出流入607.64万元、占成交额 4.44%，小单净流入1311.59万元、占成交额9.58%。 丽尚国潮最新一期业绩显示，截至2025一季报，公司营业总收入1.77亿元、同比减少8.51%，归属净利 润5884.93万元，同比减少7.79%，扣非净利润5788.20万元，同比减 ...

Group 1 - The CSI Hong Kong-Shanghai-Shenzhen 500 Consumer Discretionary Index reported a rise of 3.62% over the past month, 3.14% over the past three months, and 9.71% year-to-date [1] - The index is categorized into 11 industries based on the classification standards of the CSI Hong Kong-Shanghai-Shenzhen 500, reflecting the overall performance of different industry securities [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen 500 Consumer Discretionary Index include Alibaba-W (10.26%), BYD Company (9.43%), Meituan-W (8.71%), and Midea Group (7.74%) [1] Group 2 - The index's holdings are primarily composed of the automotive and parts sector (38.88%), durable goods (27.99%), consumer services (15.45%), retail (12.06%), and textiles, apparel, and jewelry (5.63%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, temporary adjustments may be made to the index samples, such as when a sample company is delisted or undergoes mergers or acquisitions [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Domestic "anti - involution" policies have entered the implementation stage. Multiple industries and departments have taken actions, and there may be more forceful policies in the future [3]. - China's economy in the first half of the year showed growth, with consumption supporting the growth. Overseas, the US economic situation has inflation, employment, and interest - rate - related changes [4]. 3. Summary by Directory 3.1 Economic Situation - **GDP**: In the first half of 2025, GDP was 66.00 trillion yuan, a year - on - year increase of 5.3%. Q1 GDP increased by 5.4% year - on - year, and Q2 increased by 5.2% [17]. - **Industrial Added Value**: From January to June, the added value of large - scale industries increased by 6.4% year - on - year. In June, the added value of the mining industry increased by 6.1%, manufacturing by 7.4%, and the production and supply of electricity, heat, gas, and water by 1.8% [18]. - **Real Estate Data**: In the first half of the year, real estate development investment decreased by 11.2%. In June, relevant real - estate data such as sales area and new - construction area had different trends [17][18]. - **Fixed - Asset Investment**: In the first half of the year, fixed - asset investment increased by 2.8%, with private fixed - asset investment decreasing by 0.6%. In June, fixed - asset investment (excluding rural households) decreased by 0.12% month - on - month [17][18]. - **Social Retail Consumption**: In the first half of the year, the total retail sales of consumer goods were 24,545.8 billion yuan, a year - on - year increase of 5.0%. In June, the total retail sales of consumer goods were 4,228.7 billion yuan, a year - on - year increase of 4.8% [18]. - **Demand**: The purchasing manager index (PMI) in June showed an upward trend, indicating improved market demand [8]. - **Import and Export Data**: Specific data on export and import amounts in June are presented in the report, with different trends in monthly and annual comparisons [34]. - **Unemployment Rate**: The urban surveyed unemployment rate remained stable, and the employment situation in the US also had corresponding changes [6][36]. 3.2 Financial Situation - **Social Financing Data**: In June, the single - month new social financing was 4.20 trillion yuan, a year - on - year increase of 90.08 billion yuan. The stock of social financing scale reached 430.22 trillion yuan, a year - on - year increase of 8.9% [37]. - **Credit Data**: In June, financial institutions' new RMB loans were 2.24 trillion yuan, a year - on - year increase of 11 billion yuan. Loans were divided into different sectors such as enterprises and residents [37]. - **Money Supply**: M2 balance was 330.29 trillion yuan, a year - on - year increase of 8.3%. M1 balance was 113.95 trillion yuan, a year - on - year increase of 4.6%. The M2 - M1 gap narrowed [37]. 3.3 Price - Related - **CPI**: In June, China's CPI increased by 0.1% year - on - year, ending four consecutive months of decline. The core CPI increased by 0.7% year - on - year, with the growth rate expanding by 0.1 percentage points compared to the previous month [5][47]. - **PPI**: In June, China's PPI's year - on - year decline expanded by 0.3 percentage points to 3.6% [5][47]. 3.4 Overseas Economy - **US Economy**: In June, the US CPI and core CPI increased, the unemployment rate decreased, and the employment market remained strong. The probability of the Fed cutting interest rates in July was almost zero, and the probability in September was about 75% [4][6][56]. - **Eurozone Economy**: Relevant data such as HICP, retail sales index, and PMI in the Eurozone are presented in the report [15][16]. 3.5 Interest Rates and Exchange Rates - **Exchange Rates**: In July, the RMB exchange rate showed a two - way fluctuation pattern. Affected by the Fed's suspension of interest - rate hikes, the US dollar index fell, and the RMB - US dollar exchange rate fluctuated within a certain range [67]. - **Interest Rates**: Data on various interest rates such as DR007, SHIBOR, LPR, and bond yields are presented in the report, showing different trends [68][73][76].

Core Viewpoint - The U.S. economy in 2025 is facing significant challenges, including a sharp decline in trade volume, weak consumer spending, inventory surplus, and monetary policy uncertainty, which may lead to deflationary downturns or even recession [1][13]. Trade Volume Decline - In May 2025, U.S. container imports fell to 2,177,453 TEU, a 9.7% decrease from April and a 7.2% decline year-over-year [2]. - Industry analyst John Macao predicts a potential 25% reduction in U.S. container shipping volume, equating to a $510 billion decrease in annual business activity [2]. - The decline in trade volume is attributed to global supply chain adjustments and policy uncertainties, with tariff instability prompting businesses to import early, leading to a "whipsaw effect" in trade data [2]. Port Activity and Inventory Management - The Port of Los Angeles experienced its busiest month in June 2025, with an 8% year-over-year increase in cargo volume, following significant declines in May [3]. - The fluctuations in port activity are driven by geopolitical and tariff policy changes rather than economic recovery, highlighting supply chain vulnerabilities [3]. - Companies are utilizing Vendor Managed Inventory (VMI) to manage inventory levels, but this strategy may transfer risks to banks and financial institutions, increasing systemic risk if demand remains weak [4]. Consumer Spending and Economic Indicators - Consumer confidence in the U.S. has significantly weakened, with the Conference Board's index dropping to a near five-year low in April 2025 [5]. - Retail sales growth was only 0.68% annualized in the first half of 2025, with actual retail sales declining by 1.75% in the second quarter, indicating a recessionary trend [6]. - Personal Consumption Expenditures (PCE) data also reflect a similar downward trend, with negative growth observed in early 2025 [6]. Economic Outlook and Monetary Policy - The Leading Economic Index (LEI) fell by 0.3% in June 2025, with a cumulative decline of 2.8% over six months, indicating a significant loss of economic momentum [7]. - The Federal Open Market Committee (FOMC) maintained the federal funds rate at 4.25%-4.50%, reflecting concerns over inflation and growth [8]. - Market signals indicate a growing expectation for interest rate cuts, with the 10-year Treasury yield stable at 4.35% and the 2-year yield dropping to 3.84% [8][9]. Global Trade Context - The decline in U.S. trade volume is part of a broader global economic slowdown, with the WTO revising its global goods trade growth forecast from 3% to -0.2% for 2025 [10]. - The tightening of global financial conditions and high external debt levels in developing countries create a "perfect storm," increasing the risk of debt crises [11]. Systemic Risks and Policy Uncertainty - The combination of inventory surplus and weak consumer demand poses significant risks to the U.S. economy, with estimates indicating the current inventory surplus is the largest since 2008 and 2020 [12]. - Frequent adjustments to U.S. tariff policies disrupt supply chains and erode business confidence, potentially leading to further declines in trade volume and consumer spending [13].

Group 1 - The UK retail sector continues to experience a decline for the 10th consecutive month, with July's retail sales indicator at -34, an improvement from June's -46, indicating persistent weak demand [1] - Rising prices driven by increased labor costs and economic uncertainty are pressuring consumer demand, leading to a decrease in sales since October 2024 [1] - The decision by the Chancellor to raise social security contributions for businesses and increase the minimum wage has contributed to rising prices [1] Group 2 - The weak demand is reflected across the distribution industry, with declines also reported in wholesale and automotive sales [1]

老商埠里品变迁 凝聚协同发展共识 活动当天，与会人员来到了济南开埠博物馆，在珍贵的老照片、史料文献中，回溯槐荫商业从开埠时期 到近现代的迭代变迁，感受百年商埠的历史底蕴。随后来到华联集团企业文化馆，通过实物陈列、影像 资料了解华联30年来从传统百货到综合商业体的转型之路，直观体会本土企业扎根槐荫、服务民生的发 展历程。 区人大代表、济南泉城城市更新投资有限公司董事长王宇靖感叹："从开埠的'敢为人先'到华联的'守正 创新'，槐荫商业的生命力，正源于这份对品质的坚守与对时代的适应。" 活动期间，"槐荫区人大代表商圈联盟"揭牌仪式正式举行，这标志着槐荫区商业领域有了集资源整合、 协同发展、精准服务于一体的新平台。 "华联商厦（600632）扎根槐荫30年，见证了老商埠的变迁，希望通过本次活动，能够聚起发展合力， 为商圈发展破题增效。"济南华联商厦集团股份有限公司执行总裁陈锡忠说。 代表建言献良策 政企互动破解发展难题 齐鲁晚报·齐鲁壹点 王贝艺 通讯员 栾中铭 7月25日，槐荫区人大组织开展了"打造商圈联盟 助力营商升级"活动，走进济南老商埠，为区域商业高 质量发展汇聚新动能。 活动期间开展了座谈，区人大代表们围绕 ...

Core Viewpoint - Shanxi Dehouquan Liquor Co., Ltd. was penalized for infringing on the trademark rights of Shanxi Qinghua Liquor Co., Ltd., resulting in a total fine of 16,660 yuan and the confiscation of 46 boxes of infringing products [1][4][5]. Group 1: Company Background - Shanxi Dehouquan Liquor Co., Ltd. was established on December 17, 2014, with a registered capital of 2 million yuan and is located in Fengyang City, specializing in retail [5]. - The company operates under the unified social credit code 911411823171441335 [5]. Group 2: Legal Findings - The company was found to have produced and sold a series of white liquor products named "Xingyiquan Qinghua," which closely resembled the registered trademark "Qinghua" of Shanxi Qinghua Liquor Co., Ltd., leading to consumer confusion [3][4]. - The total value of the infringing products was assessed at 8,950 yuan, with illegal earnings amounting to 1,660 yuan [4][5]. Group 3: Penalty Details - The administrative penalty included the confiscation of 46 boxes of infringing liquor and a fine of 15,000 yuan, totaling 16,660 yuan [4][5]. - The penalty was based on Article 60, Paragraph 2 of the Trademark Law of the People's Republic of China [5].

Core Viewpoint - The company has completed the election of its ninth board of directors and appointed senior management and securities representatives, ensuring compliance with relevant regulations and maintaining a balanced board structure [1][2][3]. Group 1: Board Composition - The ninth board of directors consists of 9 members, including 6 non-independent directors (1 employee representative) and 3 independent directors [1]. - The independent directors meet the requirement of being at least one-third of the total board members, and their qualifications have been approved by the Shenzhen Stock Exchange [1][2]. Group 2: Specialized Committees - The ninth board has established four specialized committees: Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, with independent directors holding a majority in each [2]. - The Audit Committee is composed of directors who do not hold senior management positions, ensuring independence in oversight [2]. Group 3: Senior Management Appointments - The company has appointed the following senior management: - President: Mr. Li Shufei - Vice Presidents: Mr. Li Dewen, Mr. Wang Tiangang, Ms. Gong Hui - Chief Financial Officer: Mr. He Changyou - Board Secretary: Mr. Xie Yuanji - Securities Affairs Representative: Ms. Liu Dan [1][2][3]. Group 4: Departing Personnel - The election resulted in the departure of several board members and supervisors from the previous board, including Mr. Fan Tiefu, Mr. Jiang Jinshuang, and independent director Ms. Liang Jie, who have completed their terms [3]. - The company has expressed gratitude for the contributions made by the departing members during their tenure [3].

Core Insights - China has developed a comprehensive supply chain over 40 years, supported by open policies and significant market consumption potential, which are key advantages in attracting foreign investment [1] - Charoen Pokphand Group (CP Group) has established a full industry chain in China, including seed, planting, breeding, slaughtering, processing, and cold chain logistics [1] - There is a growing demand among Chinese consumers for personalized, high-cost performance products, particularly high-quality and safe food [1] Group 1 - CP Group has been active in the Chinese market since 1979, being the first foreign enterprise to invest in China, and currently operates 670 enterprises with over 80,000 employees [2] - The company anticipates that the richness of trade between China and Thailand will further manifest due to the maturation of procurement and supply channels [2] - CP Group's total revenue in China is projected to reach 208 billion RMB in 2024, making it one of the largest foreign investment enterprises in China [2] Group 2 - Thai products like durian, mangosteen, and coconut water are popular among Chinese consumers, while Chinese products such as kiwi and lychee are well-received in Thailand [2] - The 50th anniversary of China-Thailand diplomatic relations and the ongoing benefits from the upgraded China-ASEAN Free Trade Area are expected to enhance trade opportunities [2]

Core Viewpoint - Retailers are transitioning into a phase of internal improvement after facing challenges such as store expansion, e-commerce competition, and high costs in the first half of 2025. Companies like Yonghui Supermarket and Bubugao are undergoing significant store adjustments and upgrades [1][4]. Group 1: Learning and Store Adjustments - The success of Pando's operations has inspired other retailers to adopt similar practices, with companies like Bubugao and Yonghui Supermarket making substantial store adjustments. Yonghui has opened its 100th store modeled after Pando, indicating a trend towards adopting successful regional retail strategies [4][5]. - The retail industry is witnessing a surge in learning from successful membership store models like Sam's Club and Costco, with traditional retailers focusing on product development and consumer-oriented service strategies [4][5]. Group 2: Performance and Financial Impact - Bubugao's half-year performance forecast indicates a net profit of 180 million to 220 million yuan, a year-on-year increase of 331.18% to 382.55%, attributed to restructuring and operational efficiency improvements [5]. - In contrast, Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025 due to ongoing strategic transformations and store adjustments, including the closure of 227 underperforming stores [6]. Group 3: Supply Chain Competition - The retail landscape is evolving with new formats such as membership and discount stores, leading to intensified competition focused on high-quality, cost-effective products. The supply chain battle has become particularly pronounced in the first half of 2025 [8][9]. - Companies like Lianhua and Zhongbai are launching discount stores, while Sam's Club and Dailongfa are expanding their membership offerings, emphasizing the importance of unique products and competitive pricing [9][10]. - Speed in delivery is becoming a critical factor, with retailers aiming to enhance their logistics capabilities to meet consumer demands for faster service, transitioning from next-day delivery to half-hour delivery [10][11].