9月17日，遥望科技（维权）跌2.58%，成交额3.83亿元。两融数据显示，当日遥望科技获融资买入额 3177.48万元，融资偿还3752.67万元，融资净买入-575.19万元。截至9月17日，遥望科技融资融券余额 合计3.76亿元。 融资方面，遥望科技当日融资买入3177.48万元。当前融资余额3.75亿元，占流通市值的6.35%，融资余 额低于近一年30%分位水平，处于低位。 截至6月30日，遥望科技股东户数10.77万，较上期增加4.53%；人均流通股8151股，较上期减少4.33%。 2025年1月-6月，遥望科技实现营业收入18.96亿元，同比减少36.32%；归母净利润-2.53亿元，同比减少 15.60%。 分红方面，遥望科技A股上市后累计派现8019.50万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，遥望科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股941.99万股，相比上期增加13.46万股。华夏行业景气混合（003567）、南方中证1000ETF （512100）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，遥望科技9月17日融券 ...

（原标题：文莱7月CPI下降0.2%） 环比来看，7月价格指数上涨0.1%。其中，食品和非酒精饮料指数上涨0.2%，非食品价格指数上涨 0.1%。具体来看，食品价格上涨主要受鱼类和海产品价格上涨（1.1%）以及非酒精饮料价格上涨 （0.9%）的影响；而非食品指数上涨则受服装鞋类（2.8%）以及餐饮酒店（0.1%）价格的推动。 文莱《婆罗洲公报》8月25日报道，7月份消费价格指数（CPI）同比下降0.2%，其中食品和非酒精 饮料指数下降0.4%，非食品指数下降0.1%。食品和非酒精饮料指数下降的主要原因是蔬菜（-5.3%）和 肉类（-2.3%）（主要是肉制品）价格的下降。非食品类价格指数的下降，主要受到两方面因素的影 响：一是机票价格下跌带动交通成本整体回落，二是受汇率变动影响，在线流媒体订阅服务费用有所降 低。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to increased competition, closure of unprofitable stores, and various operational challenges [1][3]. Financial Performance - The company achieved a revenue of 1.896 billion yuan, a decrease of 36.32% compared to the same period last year [2][6]. - The net profit attributable to shareholders was -252.89 million yuan, down 15.60% year-on-year [2][3]. - The net cash flow from operating activities fell by 79.50% to 31.21 million yuan [2]. - Basic and diluted earnings per share were both -0.2709 yuan, reflecting a 15.23% decline [2]. - Total assets decreased by 8.22% to 5.171 billion yuan, while net assets attributable to shareholders fell by 7.37% to 3.180 billion yuan [2][3]. Business Segments - The internet advertising segment accounted for 94.99% of total revenue, with a 36.87% decline year-on-year [6]. - The footwear and apparel segment contributed 4.56% to revenue, down 26.34% from the previous year [6]. - New media advertising revenue dropped by 52.69%, while social e-commerce revenue decreased by 19.83% [6]. Strategic Initiatives - The company is focusing on profitable projects like live e-commerce while restructuring its innovation incubation projects to reduce performance drag [4][10]. - A "shutdown and transfer" strategy is being implemented to reallocate resources back to core profitable projects [4]. - The company plans to leverage its extensive network of celebrity IPs to enhance its marketing and sales efforts [4][9]. Innovation and Expansion - The company is investing in innovative projects, including the development of an AI product "V5chat" aimed at improving operational efficiency [7]. - The North American market is showing strong growth, with a recent live event generating 2.74 million USD in sales [7]. - The company is also expanding its brand portfolio through joint ventures, such as the successful launch of the "Duo Wei" sanitary napkin brand [9][10].

Core Viewpoint - Singapore's retail sales showed a year-on-year increase of 1.4% and a month-on-month increase of 1.0% in May, marking one of the strongest monthly performances of the year, driven primarily by a rebound in automobile sales, although non-automotive retail remains weak [1][2]. Group 1: Retail Sales Performance - The increase in retail sales was largely attributed to a significant rebound in automobile sales, which rose by 10.4% year-on-year, supported by an increase in the Certificate of Entitlement (COE) quota [1]. - Excluding automobiles, retail sales remained flat year-on-year in May, marking the lowest level since February, with a growth of only 0.8% in April [1]. - Non-essential consumer sectors are still experiencing declines, with clothing and footwear sales down 5.3% year-on-year, and department store sales down 3.9% [1]. Group 2: Monthly and Yearly Trends - The month-on-month growth of 1.0% in May was almost entirely driven by automobile sales; without this segment, overall retail sales would have declined by 0.6% [2]. - Year-to-date retail sales growth for the first five months of 2025 is at 1.0%, lower than the growth rates of 1.4% in 2024 and 2.3% in 2023, indicating a sluggish retail environment [2]. Group 3: Employment and Economic Factors - The employment market is under pressure, with only 2,400 net new jobs added in Q1 2025, significantly lower than the 7,700 jobs added in Q4 2024, and the unemployment rate increased from 1.9% to 2.1% [2][3]. - Consumer confidence is further impacted by a decrease in companies planning to raise wages, dropping to 21.2% from 21.7% [3]. Group 4: Future Outlook - The retail sector is expected to face growth challenges in the second half of the year, despite potential short-term boosts from government-issued vouchers aimed at stimulating domestic demand [3]. - Global policy risks, particularly the potential for unilateral tariffs from the U.S. on Singapore, could further strain the retail environment and consumer confidence [3].

Summary of Conference Call on Costco's Supply Chain and Market Dynamics Industry Overview - The discussion primarily revolves around the home goods industry, particularly focusing on Costco's supply chain management and procurement strategies in response to tariff fluctuations and market demands [1][3][4][5][6]. Key Points and Arguments - **Tariff Impact and Procurement Strategy**: - Costco is diversifying its procurement strategy to mitigate tariff impacts, shifting health products back to the U.S. or Canada and labor-intensive goods like clothing to Southeast Asia [1][5]. - Approximately 34%-40% of Costco's total procurement is affected by tariffs, particularly in grocery and apparel sectors [1][6]. - The company collaborates closely with Chinese home brands like Kuka and Treton Group, but full replacement of Chinese suppliers is expected to take 3-5 years [1][11]. - **Price Adjustments and Inflation**: - Furniture prices have increased by 3%-5% from 2023 to 2024 due to supply chain costs and tariffs, with further inflation expected in 2025 [1][12]. - Despite a decline in new home sales by 8%, rental demand is rising, which is expected to boost demand for affordable furniture [12]. - **Inventory Management**: - Costco has been proactive in stockpiling inventory to counter potential cost increases due to tariffs, maintaining a three-month inventory level [3][7]. - The company plans to continue this strategy while managing inventory pressure [7]. - **Growth in Specific Product Categories**: - Categories such as smart home products, outdoor furniture, and space-saving furniture have seen significant growth, with year-over-year increases of 25%, 15%, and 20% respectively [4][18]. - These categories are expected to be focal points for future development, adapting to rising prices through enhanced product features [4][18]. - **Supplier Dynamics and Regional Shifts**: - Southeast Asian factories are increasing capacity by 30%-40% annually, but complete replacement of Chinese suppliers will take 5-10 years [15]. - The transition to Southeast Asia is complicated by higher initial costs and operational challenges [28]. - **Sales Strategy and Market Adaptation**: - Costco's sales strategy will focus on existing suppliers, particularly small to medium-sized brands in Vietnam and Southeast Asia, while maintaining relationships with leading brands [14]. - The company anticipates a 10%-15% impact on home goods sales due to tariffs, but plans to adapt by adjusting product categories and maintaining quality [14][36]. Other Important Insights - **Consumer Behavior**: - There is a shift towards online purchasing, especially for 3C and home goods, driven by competitive pricing on e-commerce platforms [27]. - The company acknowledges the need for flexibility in pricing strategies to remain competitive in a changing market [36]. - **Future Outlook**: - The expectation of interest rate cuts in 2025 may lead to a rebound in demand, with inventory cycles extending from 45-50 days to 60 days [24][33]. - Costco is committed to improving operational efficiency and managing costs while navigating the complexities of the current market environment [25][35]. - **Challenges in Supply Chain Transition**: - Transitioning production to Southeast Asia presents challenges, including higher operational costs and the need for local market adaptation [28][30]. - Despite these challenges, some suppliers are already beginning to shift production to avoid tariff impacts, although large-scale production remains difficult [29]. This summary encapsulates the key discussions and insights from the conference call, highlighting Costco's strategic responses to current market dynamics and challenges within the home goods industry.