长江日报记者高喜明 摄 8月24日，武汉都市圈环线高速公路跨木兰大道高架桥全幅贯通。 长江日报记者刘海锋 吴曈 通讯员赵燕 胡昕睿 陈玲洁 市委十四届十一次全会提出，"要系统提升开放枢纽功能，建强国际性综合交通枢 纽，加快打造内陆开放高地，全力推进区域协调发展，更好服务和融入构建新发展格 局"。 此刻，"规划图"正在转化为"施工图"：货站里，来自世界各地的生鲜货品正在快速 分拨；跨境电商园区，一场品牌出海培训正在进行；都市圈建设现场，又一截桥梁实 花湖机场旁边的鄂州跨境电商产业园，企业正在直播卖货。 现合龙……从物流枢纽的昼夜运转，到外贸企业的组团出海，武汉正以更加开放的姿 态、更加务实的行动，全力锻造链接全球、辐射内陆的开放新高地。 强枢纽一线攻坚： "多式联运"打通开放新动脉 "这几箱到江苏常州的生鲜食品，会通过专车直送花湖机场。"8月22日下午，在汉 口北城市货站，几名顺丰工作人员正在对刚刚揽收的货物进行打包分拣。 今年6月，武汉成为全国第二个获批建设"五型"国家物流枢纽的城市，汉口北作 为"五型"之一的国家商贸服务型枢纽，如今正依托汉口北货站，实现与"武汉—鄂州空 港型国家物流枢纽"战略联动，不断释放 ...

朝闻国盛 杰克逊霍尔：不止放鸽，还有政策框架修订 今日概览 证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 25 年 月 日 【宏观】高频半月观—8 月以来出口表现仍强——20250824 【宏观】杰克逊霍尔：不止放鸽，还有政策框架修订——20250823 重磅研报 【固定收益】资金宽松，杠杆下降——流动性和机构行为跟踪—— 20250823 【银行】2025上半年各地信贷增速及贷款利率有何变化？——20250824 【电子】消费电子进入新品发布旺季，板块估值重塑可期——20250824 【建筑】联检科技（301115.SZ）-并购拓疆步入收获期，检测龙头迎新 增长拐点——20250824 【食品饮料】安琪酵母（600298.SH）-以史为鉴，大周期起点 —— 20250824 【金融工程】食品饮料终于迎来日线级别上涨——20250824 【金融工程】择时雷达六面图：本周估值分数继续下行——20250823 【固定收益】债对股的敏感性或下降——20250824 【固定收益】化债见成果——各地 2025 年 H1 经济财政债务盘点—— 20250823 【电力设备】威力传动（300904. ...

永辉超市，这个曾被誉为零售业璀璨明星的企业，近日公布的2025年上半年财务报告却令人咋舌。数据 显示，其上半年营收仅为299.48亿元，同比骤降20.73%，净利润更是从历史盈利状态转为亏损2.41亿 元，与去年同期盈利2.75亿元的情形大相径庭。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上 年同期增减 | | --- | --- | --- | --- | | | | | (%) | | 营业收入 | 29,948,457,791.00 | 37,779,186,915.06 | -20.73 | | 利润总额 | -207.059.790.76 | 323.783.654.06 | 不遭用 | | 归属于上市公司股东的净利润 | -240.571.558.24 | 275.314.748.17 | 不适用 | | 归属于上市公司股东的扣除非经常 | -802.186.001.12 | 29.862,483.55 | 不适用 | | 性损益的净利润 | | | | | 经营活动产生的现金流量净额 | 1.207.812.864.00 | 2.939.805.871.88 | ...

周五，叮咚买菜(DDL.US)涨逾6%，报2.36美元。财报显示，叮咚买菜Q2营收达59.8亿元，同比增长 6.7%；GMV为65亿元，同比增长4.5%；订单总数同比增长5.5%。叮咚买菜实现净利润1亿元，同比增 长59.7%，连续第六个季度盈利。Non-GAAP标准下净利润为1.3亿元，同比增长23.9%，连续11个季度 实现Non-GAAP盈利。 ...

Core Viewpoint - Shuanghui Development has achieved significant growth in the first half of 2025, with total revenue of 28.503 billion yuan and net profit of 2.323 billion yuan, demonstrating strong operational resilience despite challenging market conditions [1][2][3] Financial Performance - In the first half of 2025, Shuanghui Development reported a total revenue of 28.503 billion yuan, a year-on-year increase of 3% [2] - The net profit attributable to shareholders was 2.323 billion yuan, reflecting a year-on-year growth of 1.17% [2] - In Q2 2025, the company achieved a revenue of 14.21 billion yuan, up 6.31% year-on-year, and a net profit of 1.186 billion yuan, which increased by 15.74% [2] Business Segments - The slaughtering and meat processing sectors remain the two main pillars of Shuanghui Development, with slaughtering revenue of 13.769 billion yuan (up 3.33%) and meat processing revenue of 11.207 billion yuan, accounting for 39.44% of total revenue [3] - The company’s other business segments, including feed, breeding, and packaging, generated revenue of 5.767 billion yuan, a significant increase of 33.14% [3] Sales and Market Strategy - Total external sales of Shuanghui meat products reached 1.57 million tons, a year-on-year increase of 3.67% [3] - Sales of fresh pork products rose to 688,600 tons (up 11.17%), while fresh poultry products saw a 17.46% increase to 180,300 tons [3] - The company has enhanced its channel management, with new sales in emerging channels growing by 21%, accounting for 17.6% of total sales [5] Cost Management and Efficiency - The gross margin for the meat processing sector reached 36.10%, an increase of 0.61 percentage points year-on-year [5] - Inventory turnover days improved from 62 days in 2024 to 51 days in 2025, and inventory turnover rate increased from 2.9 to 3.5 times [5] Future Outlook - Shuanghui Development anticipates a decrease in meat product costs in the second half of 2025, with expectations for high profit margins to be maintained [8] - The company is well-prepared for the peak meat consumption season in the second half of the year, indicating potential for accelerated performance [8] Dividend Policy - The company plans to distribute 6.50 yuan per 10 shares as cash dividends, totaling 2.252 billion yuan, with a payout ratio of 96.94% [9] - Shuanghui Development has consistently been a "dividend champion," with cumulative dividends of 27.987 billion yuan over the past five years [9]

Core Viewpoint - My Basket is emerging as a significant competitor to convenience stores like 7-Eleven in Japan, primarily due to its focus on fresh food offerings and competitive pricing, which has led to a noticeable decline in customer traffic for nearby convenience stores [5][6][30]. Group 1: Market Context - The rise of "shopping refugees" in major Japanese cities, where consumers struggle to access nearby grocery stores, has created a demand for smaller supermarkets like My Basket [10][12]. - In 2015, the number of shopping refugees in Japan reached 8.25 million, a 20% increase from 2005, highlighting the growing need for accessible grocery options in urban areas [10][12]. Group 2: Business Model and Strategy - My Basket operates approximately 1,200 stores with plans to expand to 2,500 by 2030 and ultimately aims for 5,000 locations, leveraging its proximity and lower prices to compete with convenience stores [13][35]. - The store's strategy focuses on high-density urban areas, with locations typically within a 3-minute walking distance from residential areas, effectively serving local communities [13][14]. Group 3: Operational Efficiency - My Basket's operational model is characterized by a full-ownership structure, which allows for streamlined management and reduced labor costs, with each store typically staffed by only 2-3 employees [20][29]. - The introduction of a flexible "point work" system enables local residents to work short shifts, enhancing labor efficiency and reducing staffing costs [22][23]. Group 4: Pricing and Product Offering - My Basket's pricing strategy is significantly lower than that of convenience stores, with products like instant noodles priced at 204 yen, approximately 20% cheaper than convenience stores [34][35]. - The store emphasizes fresh food, with fresh products making up 44% of its SKU, which is a key differentiator from traditional convenience stores that have limited fresh offerings [38][39]. Group 5: Competitive Advantage - My Basket's parent company, Aeon, provides a strong backing that allows for competitive pricing through economies of scale and direct sourcing of products, minimizing costs [35][42]. - The store's focus on standardization and efficiency, including a lack of promotional activities and a simplified product range, allows it to maintain low prices while meeting consumer needs effectively [42][44].

Group 1: Macro Economic Insights - In July, the social financing scale increased by 1.2 trillion yuan, lower than the expected 1.4 trillion yuan and significantly down from the previous value of 4.2 trillion yuan, indicating a tightening credit environment [7][21] - The RMB loan decreased by 500 million yuan, contrasting with the expected decrease of 150 million yuan and a previous increase of 22.4 trillion yuan, reflecting a decline in credit demand [7][21] - The government bond issuance continued to show a seasonal high increase, with 12.44 trillion yuan in new government bonds issued in July, up 5.56 trillion yuan year-on-year, indicating strong government support for financing [9] Group 2: Banking Sector Insights - The introduction of fiscal subsidy policies aims to lower financing costs and stimulate consumer demand, particularly benefiting sensitive price customers [31] - The fiscal subsidy policies cover a wide range of consumer loans and service industry entities, enhancing the accessibility of credit for a large portion of the population [32] - The policies are expected to stabilize bank interest margins and reduce competitive pressure among banks, thus supporting the overall health of the banking sector [33] Group 3: Coal Mining Sector Insights - The company reported a significant improvement in Q2 performance, with a quarter-on-quarter revenue increase of 32.14%, despite a year-on-year decline of 12.16% [36] - The company’s net profit for Q2 increased by 38.36% quarter-on-quarter, indicating a recovery trend in operational performance [36] - The company is expected to benefit from the recovery of the real estate market and consumer demand, leading to improved performance in the coming years [36] Group 4: Food and Beverage Sector Insights - The company reported a 3.0% year-on-year increase in revenue for the first half of 2025, with a net profit increase of 1.2%, indicating stable growth [42] - The company’s meat product sales improved, with a revenue of 56.2 billion yuan in Q2, reflecting a positive response to professional reforms and new channel development [43] - The company is focusing on enhancing its brand value and expanding its marketing network to drive future growth [39] Group 5: Media Sector Insights - The company achieved a net profit increase of 68.5% in H1 2025, primarily due to significant gains from equity disposals, despite a 23.9% decline in revenue [50] - The online reading business showed steady growth, with a 2.3% increase in revenue, supported by a thriving content ecosystem [51] - The company is leveraging AI technology to enhance its content distribution and user engagement, indicating a forward-looking growth strategy [51]

Group 1 - The core viewpoint of the article emphasizes the importance of ecological agriculture as a key driver for rural revitalization and economic growth in Anqiu, which has become a national model for ecological agriculture development [2][3]. - Anqiu has successfully promoted ecological planting techniques across over 300,000 acres, resulting in an annual increase in farmers' income exceeding 2 billion yuan [2]. - The collaboration between Wumart Group and Anqiu aims to enhance the agricultural supply chain from "field to table," leveraging Wumart's digital platform for efficient product sourcing and marketing [2][5]. Group 2 - The event served as a high-level platform for dialogue and cooperation among various stakeholders, including experts, financial representatives, and local enterprises, to explore new models for agricultural industrialization and rural revitalization [4][5]. - Financial institutions like Weifang Bank are focusing on supporting Anqiu's key agricultural sectors, including grain, seed industry, and agricultural exports, to facilitate high-quality agricultural development [4]. - The strategic cooperation agreement signed between Wumart and the Anqiu government aims to stimulate local economic vitality and expand market access for Anqiu's specialty products [5][6].

Core Insights - The article highlights the significant growth in the food delivery market, particularly for small and local restaurants, driven by increased online orders and platform investments [2][3][10]. Group 1: Impact of Online Platforms - The integration of online and offline business models has transformed traditional restaurant operations, allowing for increased order volumes and customer reach [2][10]. - For example, "桥下把子肉" has seen daily orders rise from a maximum of 150 to over 300, with peak periods reaching 400 orders [1]. - The overall revenue for "桥下把子肉" has increased from approximately 9,000 to nearly 20,000 yuan per day, showcasing the financial benefits of online platforms [1]. Group 2: Summer Economic Surge - The summer season has seen a notable increase in consumer spending, with platforms like Meituan reporting a 65% increase in delivery orders during summer promotional activities [3][4]. - Data from July indicates that restaurant orders in 623 counties doubled compared to June, with "万单店" numbers increasing by 274% [3][15]. - The influx of university students returning home has also contributed to increased sales for local businesses, as they bring their consumption habits with them [7]. Group 3: Broader Market Trends - The article discusses how various sectors, including traditional supermarkets, are benefiting from online integration, with 明都超市 reporting a threefold increase in orders after launching an online platform [11]. - The community engagement has also increased, with older employees in convenience stores feeling revitalized due to the rise in online orders [13]. - The overall market is experiencing a shift, with platforms driving significant consumer spending, estimated to potentially generate an additional 700 billion yuan in consumption [14]. Group 4: Consumer Behavior Changes - The article notes a shift in consumer behavior, with younger demographics increasingly using online platforms for convenience, leading to a rise in new customer bases for traditional businesses [11][14]. - The introduction of promotional vouchers has proven effective in driving sales for small and medium-sized businesses, with a reported 44.5% increase in offline revenue for small merchants [14]. Group 5: Future Market Dynamics - The article emphasizes the need for a collaborative ecosystem among various platforms to enhance market vitality and consumer trust [16][17]. - The current market dynamics suggest a move away from traditional competition towards a more integrated approach that benefits both consumers and businesses [16][17].

Group 1 - JD.com has announced the acquisition of Hong Kong's Jia Bao Food Supermarket for a total transaction amount of HKD 4 billion, which includes Jia Bao's retail network and property assets [1][4] - The acquisition agreement was signed four months ago, and a three-year transition period has been set during which JD.com will not intervene in daily management [1][9] - Jia Bao, founded in 1991, has established itself as a budget supermarket chain in Hong Kong, focusing on low-priced frozen meat and a variety of grocery items [2][3] Group 2 - Jia Bao's competitive pricing is supported by direct sourcing and self-built logistics, allowing for low-cost and high-turnover supply chain management [3] - The company has invested profits into commercial real estate since 2007, acquiring approximately 67 properties, which has helped reduce long-term operational costs [3] - JD.com aims to leverage its supply chain advantages to enhance the quality of retail offerings in Hong Kong, indicating a strategic focus on the Greater Bay Area's fresh food supply chain [5][6] Group 3 - JD.com has been increasing its investment in Hong Kong, previously announcing a HKD 1.5 billion reinvestment in September 2022 for price adjustments and logistics subsidies [7] - The company has also introduced various consumer services in Hong Kong, including a price guarantee and significant subsidies for home appliances [7][8] - The acquisition of Jia Bao is seen as a strategic move to accelerate JD.com's entry into the fresh food market while allowing Jia Bao to undergo a transformation with the support of JD.com's digital and supply chain capabilities [9][10] Group 4 - This acquisition is part of JD.com's broader strategy to expand its offline retail presence, which has been ongoing since 2014 with various store formats [11] - JD.com has established over 60 JD Malls across major cities, aiming to create a comprehensive offline retail experience [11] - The company is also expanding its supermarket operations, with plans for new stores and a focus on integrating online and offline retail strategies [14][15]