央视网消息：眼下，江西赣州市194万亩赣南脐橙迎来丰收季，金灿灿的果实挂满枝头，果园里一派丰收景象，不少农户还在果园中直 播，吸引全国各地消费者下单。 在江西省赣州市赣县区的这处家庭农场，果农们正忙着采摘着成熟的脐橙。在山下不远处的分拣中心，智能分拣机全速运转。一颗颗脐橙 经过自动清洗、分级、包装等多道工序，实现了从枝头到市场的"无缝衔接"。 在赣州寻乌县龙塘村的一处果园里，果农朱慧珍正在自家地头忙着直播，她身后挂满脐橙的果树既是风景、又是货源。 近年来，当地通过延伸产业链，让一颗脐橙实现身价"倍增"。在赣州石城县这家果汁生产企业，一箱箱橙汁经过杀菌、榨汁、冷冻、封装 处理后上市销售。榨汁加工后的脐橙果渣制成果酱、脐橙干片等，真正做到物尽其用。 江西赣州：智能分选+大数据物流助力脐橙销售 如今，当地新建了融合智能分选、包装仓储、冷链物流、加工配送为一体的柑橘科技园区，为赣南脐橙的产销运输提供数智化支持。脐橙 经过智能分选线被精准分级，按品质精准对接市场。 在江西赣州，随着物流体系的完善与智能分选技术的推广，一颗颗金黄饱满的赣南脐橙正以更快的速度、更高的价值，走出深山。 江西赣州市寻乌县是果业大县，也是赣南脐橙 ...

2025.11. 24 本文字数：2952，阅读时长大约5分钟 作者 | 第一财经 程程 美国两党正在就"可负担能力"（Affordability）展开一场攻防战。 本月初，民主党籍候选人凭借其聚焦"可负担能力"的竞选纲领在地方选举中接连取胜——提出免费公 交、冻结房租的马姆达尼以超50%的得票率当选新任纽约市市长，其中不少选票来自特朗普的支持 者。 曾对"可负担能力"这一说法嗤之以鼻，指责这是民主党搞的"骗局"的美国总统特朗普也不得不转变态 度，就其经济政策做出更多解释。 "'负担得起'（Affordable）这个词应该是我们的，而不是他们的。"特朗普近日在参加麦当劳举办的 一场峰会时强调，"拜登政府引发了可负担能力危机，而我的政府正在结束它。" 引发两党舆论争夺战的"可负担能力"究竟是什么？ 经济学家们认为，"可负担能力"与消费者价格指数（CPI）略有不同，它并不是政府衡量经济的方 式，而是家庭实际体验经济的方式。它并非一项经济指标，更多是一种体验和情绪。 美国威廉与玛丽学院经济学兼职教授阿特沃特（Peter Atwater）说，"可负担能力"是一个心理学术 语，而非经济学术语，并且对底层人群的影响远大于 ...

巴西圣保罗的农场里，堆积的咖啡豆快捂出霉斑；美国迈阿密的超市中，巴西橙子榨的果汁比上周贵了三成。就在这供需两头 愁的当口，特朗普突然挥笔签署行政令——一边把部分巴西商品40%的高关税攥得死死的，一边给特定农产品和飞机零部件"免 了单"。这个商人总统的算盘，从来都不会只算一笔账。 特朗普的关税大棒挥了这么多年，这次突然"温柔一刀"，绝非心血来潮。2016年靠着"美国优先"上台的他，最擅长用贸易政策 当政治筹码。如今中期选举的余温未散，国内通胀压力没彻底缓解，巴西作为拉美第一大经济体，既是美国农产品的竞争对 手，也是拉拢对抗其他势力的关键棋子。这波关税调整，更像一场精准的"利益交换术"。 关税松绑的第一个受益者，是巴西的农户。圣保罗州的咖啡豆种植户若昂算了笔账：之前10%的附加关税让他的咖啡豆对美出 口每公斤少赚1.2美元，仓库里压着50吨货卖不出去。如今关税一取消，美国采购商的订单立刻飞了过来，"这相当于给我的农 场续了命"。同样笑起来的还有巴西柑橘协会，预计明年对美橙汁出口能增长18%。 美国消费者也尝到了甜头。迈阿密超市老板卡伦把巴西芒果的售价从每磅2.99美元降到2.49美元，"进货成本降了12%，顾客多 ...

2024年11月，特朗普刚刚在美国大选中获胜，就开始对加拿大施压。他威胁要对加拿大征收25%的关税，声称这是为了应对边境的毒品问题和非法移民流 入。面对这种威胁，加拿大总理特鲁多急忙飞往佛罗里达的马阿拉歌庄园，与特朗普坐下来吃晚餐商讨对策。在晚餐上，特朗普毫不客气地提出了一个极端 的建议：不如让加拿大直接成为美国的第51个州，并且特鲁多可以担任这个州的州长。这个提议一出来，加拿大的高级官员们纷纷表态，表示加拿大是一个 主权国家，绝不会同意这一建议。 特朗普在上台之前，便在社交媒体上发出了类似的信号。2024年12月2日，他在一条帖子中暗示，如果加拿大无法解决贸易和边境问题，那就应该考虑并入 美国。不到一周的时间，12月11日，他再次公开称特鲁多为州长，并表示如果加拿大选择合并，那么美国每年给加拿大的1亿美元援助就不需要了，直接合 并更划算。对此，加拿大外交部长梅兰妮·乔利立即回应，强调这不是玩笑话，加拿大将全力抵抗特朗普施加的关税压力。 事实上，加拿大的经济确实在很大程度上依赖美国，尤其是出口。加拿大75%的出口都流向美国，包括汽车、木材和石油等。如果加征关税，可能会导致加 拿大的失业率大幅上升。2025年1 ...

Core Points - President Trump initially imposed tariffs on food imports to enhance U.S. self-sufficiency but has now reversed some of these tariffs on agricultural products that cannot be produced domestically at scale, such as coffee, bananas, and orange juice [1][4] - The new tariff exemptions took effect retroactively on November 13, 2025, with Trump indicating that he does not foresee further policy rollbacks in the future [1][8] Tariffs and Economic Impact - Tariffs are taxes on imports aimed at protecting domestic industries and generating revenue, theoretically leading to reduced imports and increased domestic consumption [2] - Despite the intention behind tariffs, they cannot effectively stimulate production of items like coffee and bananas that are not feasible to grow in the U.S. [4][6] - Coffee prices surged over 40% year-over-year due to the tariffs, while banana prices increased nearly 9% [7] Legal Challenges - The tariffs have faced legal challenges, with a federal appeals court ruling that Trump overstepped his authority by imposing tariffs under the International Emergency Economic Powers Act (IEEPA) [9][11] - The Supreme Court is currently reviewing the case, with indications that justices may be skeptical of Trump's authority to impose such tariffs [12] Tariff Rebate Checks - Trump proposed a $2,000 per person tariff "dividend" to alleviate cost of living concerns, although this would require Congressional approval [13][14] - Despite claims of reduced prices, average grocery prices in the U.S. were reported to be 2.7% higher in September compared to the previous year [14]

Core Points - The U.S. government has announced the removal of tariffs on over 200 food imports to alleviate the burden of rising food prices on consumers [1][3] - The tariff exemptions cover a wide range of everyday food items, including coffee, beef, bananas, and orange juice, which are not significantly produced or processed in the U.S. [1][3] - The price of these goods has seen significant increases over the past year, with ground beef prices up approximately 13%, steak prices nearly 17%, and banana prices rising about 7% [3] - The decision marks a notable shift in trade policy from the Trump administration, which previously emphasized that comprehensive import tariffs did not exacerbate domestic inflation [3][5] - Industry organizations have responded positively to the tariff exemptions, highlighting the potential for lower consumer prices, although some representatives expressed disappointment that their products were not included [3] - The Trump administration is also pursuing regional trade cooperation, having reached a framework trade agreement with countries like Argentina, Ecuador, Guatemala, and El Salvador, which may lead to further tariff reductions on specific food exports [5]

Core Viewpoint - Yonghui Supermarket's management has announced multiple share reduction plans amid ongoing poor performance, indicating a lack of confidence in the company's recovery prospects [1][4]. Group 1: Share Reduction Plans - Yonghui Supermarket's chairman, Zhang Xuansong, plans to reduce his holdings by up to 90.75 million shares, approximately 1% of the total share capital, potentially cashing out over 400 million yuan [1]. - Vice President Luo Wenxia has also completed a share reduction, selling 108,700 shares for about 499,000 yuan, reducing her holdings to 32,650 shares [2]. - In July, major shareholder JD.com reduced its holdings by 114 million shares, decreasing its ownership by 1.2567% [3]. Group 2: Performance Decline - Yonghui Supermarket has experienced a continuous decline in performance over the past three years, with cumulative losses exceeding 8 billion yuan since recording its first loss in 2021 [4]. - For the first three quarters of 2025, the company reported a revenue of 42.434 billion yuan, a year-on-year decrease of 22.21%, and a net loss of 710 million yuan, worsening by 630 million yuan compared to the previous year [6]. - The third quarter alone saw a revenue drop of 25.55% to 12.486 billion yuan, with a net loss of 469 million yuan, an increase of 116 million yuan from the same period last year [6]. Group 3: Transformation Efforts - In 2024, Yonghui initiated a significant transformation strategy, aiming to learn from the successful model of "Pang Donglai," with major changes in management and operations [4][5]. - The company has introduced a "naked price procurement" model to reduce prices and is optimizing store layouts to enhance customer experience [5]. - Despite these efforts, the third-quarter report indicated that the transformation has not yet yielded positive results, with ongoing declines in same-store sales and overall store numbers [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q3 2025, the company reported a revenue of 12.49 billion yuan, a year-on-year decline of 25.5%, and a net loss attributable to shareholders of 470 million yuan, compared to a loss of 350 million yuan in the same period last year. For the first three quarters, the total revenue was 42.43 billion yuan, down 22.2% year-on-year, with a net loss of 710 million yuan. The company is entering a more refined stage of adjustment [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue decreased by 25.5% year-on-year, primarily due to intense industry competition and the proactive closure of underperforming stores. However, the company has been continuously improving store operations, with a total of 450 stores at the end of Q3, a net decrease of 102 stores. The number of adjusted stores reached 222, with a net increase of 98 stores, indicating a focus on enhancing the quality of existing stores [10]. - The gross profit margin for Q3 was 19.8%, an increase of 0.65 percentage points year-on-year, attributed to improved gross profit structure and enhanced product strength. Additionally, the total expenses for sales, management, finance, and research and development decreased by 18% year-on-year, suggesting an overall improvement in store quality and a potential recovery in profitability [10]. Strategic Adjustments - The company is transitioning from horizontal adjustments to a more refined and in-depth phase. In Q3, it continued to upgrade its supply chain, reducing the supplier base with a 40.4% elimination rate. The company has also launched new products under its own brand, with significant sales growth in certain categories, such as a 195% year-on-year increase in sales of a specific seafood product [10]. - The company aims to establish 200 core strategic partners and develop 100 billion-yuan-level flagship products within three years, positioning itself as a trusted choice for quality living among Chinese families [10]. Future Outlook - The company is committed to a quality retail strategy, focusing on management, supply chain, and store operations to enhance product and service capabilities. As the adjusted stores enter a deeper operational phase, there is potential for profit elasticity if revenue stabilizes and profitability improves. The expected EPS for 2025-2027 is projected to be -0.11, 0.06, and 0.17 yuan, respectively [10].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 5.10 RMB [6]. Core Views - The company is undergoing a transformation with the "Fat Donglai" model, and the effects of operational adjustments are gradually becoming evident. In Q3, the company achieved a revenue of 12.49 billion RMB, a year-on-year decrease of 25.5%, and a net loss attributable to shareholders of 470 million RMB, compared to a net loss of 350 million RMB in the same period last year [1][6]. - The company has accelerated the restructuring of its tail-end stores, with 450 stores opened as of Q3, resulting in a net closure of 102 stores. The proportion of restructured stores has reached 49%, up 26.9 percentage points from the previous quarter, leading to a significant increase in average single-store revenue, which exceeded 24 million RMB, a year-on-year increase of over 30% [2][6]. - The gross profit margin has stopped declining and has begun to recover, with a Q3 gross profit margin of 19.8%, an increase of 0.6 percentage points year-on-year. The company is still in the process of implementing strategies for direct procurement and cost control [3][4]. Summary by Sections Revenue and Profitability - For Q1-Q3, the company reported a total revenue of 42.434 billion RMB, a year-on-year decrease of 22.21%, with a net loss attributable to shareholders of 710 million RMB, compared to a net loss of 80 million RMB in the same period last year [1]. - The company expects profitability to improve as the restructuring of tail-end stores progresses and as more restructured stores reach maturity [1][4]. Cost Management - The report indicates an increase in the expense ratio, with the sales expense ratio rising by 2.7 percentage points to 21.8% and the management expense ratio increasing by 0.3 percentage points to 3.2% [3]. - The company is focusing on enhancing consumer experience and employee incentives, which has led to an increase in related costs [3]. Future Outlook - The company plans to issue no more than 3.114 billion RMB in new shares, with 2.4 billion RMB allocated for the restructuring of 216 stores, 300 million RMB for logistics upgrades, and 400 million RMB for working capital [4]. - The report projects a net profit attributable to shareholders of -1.481 billion RMB for 2025 and 591 million RMB for 2026, with an expected net profit of 1.403 billion RMB in 2027 [5][11].

Core Insights - The price of orange juice in the UK has significantly increased, with supermarket own-brand orange juice rising from approximately £0.76 per liter five years ago to £1.79 now, and fresh-squeezed orange juice in cafes costing as much as £5.3 [1][3] Price Trends - The overall food inflation in the UK reached 17.5% in 2023, with orange juice prices reflecting broader trends in grocery price increases [3][4] - The price of concentrated orange juice has risen globally, influenced by poor orange harvests in Brazil due to severe drought and a disease known as citrus greening [4] Supply Chain Issues - Brazil's dominance in orange supply is compared to Saudi Arabia's influence on the oil market, with limited alternatives from countries like Morocco, Egypt, and South Africa [4] - The U.S.-initiated trade wars have further complicated the market, with tariffs imposed on orange juice exports from Brazil and a significant drop in U.S. orange juice exports to Canada [4] Demand Dynamics - Global orange juice consumption has decreased by approximately 30% from its peak 20 years ago, influenced by price and changing consumer perceptions regarding sugar content and health [4] - In contrast, demand for exotic juices like mango, pomegranate, and pear is growing in emerging markets such as China, South Africa, and India [4] Broader Implications - The fluctuations in food and beverage prices in the UK may be indicative of a more volatile market landscape due to climate challenges and sustainability risks [5]