街头巷尾，"旺铺转让"的招牌随处可见，打折促销的告示也屡见不鲜，这般景象令人不禁感慨，实体商业的寒冬似乎已然来 临。许多人将这番困境归咎于近年来反复的疫情，认为人们外出逛街的频率降低，转而投向了网络购物的怀抱。再加上高昂 的租金成本，尤其是在一线城市，一个小小的店铺月租动辄上万，更是雪上加霜。 首先，实体店应着力发挥其在消费体验上的独特优势。电商平台纵然有琳琅满目的商品图片，但"货不对板"的体验却屡屡发 生，让消费者望而却步。而实体店的魅力在于其真实的触感和直观的感受。例如，网上选购衣物，尺码不合、款式不搭的烦 放眼当下，实体店面临的首要问题是如何"活下去"。在电商的压倒性优势面前，实体店的未来又在何方？答案是肯定的，实 体店并非毫无生机，只要能抓住机遇，并采取恰当的策略，定能迎来转机。 恼不绝，退换货的繁琐过程更是令人头疼。身处实体店，消费者可以亲手触摸面料，一件件试穿，直到找到心仪的款式，这 种"所见即所得"的购物体验，是电商难以比拟的。 其次，实体店需要挖掘并放大自身的特色优势，以在激烈的竞争中脱颖而出。纵观市场，虽然传统实体店步履维艰，但仍有 部分店铺生意兴隆。以家电行业为例，虽然电商在价格上或许略有 ...

Core Viewpoint - Whirlpool Corporation (WHR) is expected to report a decline in both revenue and earnings for the third quarter of 2025, with challenging market conditions impacting performance [1][10]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for third-quarter revenues is $3.92 billion, reflecting a 1.7% decrease from the same quarter last year [2]. - The consensus estimate for quarterly earnings has risen by 2.9% over the past 30 days to $1.42 per share, but this still represents a significant 58.6% decline compared to the previous year [2]. Recent Performance - In the last reported quarter, the company experienced a negative earnings surprise of 13%, although it has surpassed earnings estimates by an average of 0.6% over the last four quarters [3]. Market Conditions and Challenges - Sluggish global demand, negative consumer sentiment, inflationary pressures, and market uncertainty are expected to adversely affect quarterly results [4]. - Weak home sales and reduced discretionary spending have further contributed to performance challenges [4]. - Increased promotional activity, adverse price/mix effects, and foreign currency translations are additional headwinds [4]. Competitive Landscape - The company faces volume pressure due to intensified competition, particularly from foreign rivals who have pre-loaded Asian imports ahead of tariff implementations, creating a highly promotional environment [5]. - Rising raw material costs, particularly for steel, resins, and base metals, are anticipated to impact margins in the upcoming quarter [5]. Management Actions - Management is implementing cost-cutting measures and pricing strategies to mitigate high-cost concerns, including reducing structural and discretionary costs [7]. - The company is focusing on new product introductions and launches as part of its strategy to enhance performance [7]. Valuation Metrics - WHR's forward 12-month price-to-earnings ratio stands at 5.25x, which is below its five-year high of 13.51x and the industry average of 8.50x, indicating potential value for investors [9]. - Over the past three months, WHR's shares have declined by 4.1%, compared to a 7.1% decline in the industry [9].

The rally came after the company informed exchanges that it had executed a series of agreements following approvals from its audit committee and board. These include a According to the company, these agreements are designed to strengthen long-term growth and innovation while ensuring continued support from Whirlpool Corporation. The terms have been agreed at prevailing market rates, similar to the existing arrangements.Under the new Brand License Agreement, Whirlpool of India will retain exclusive rights t ...

资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 在黑龙江省人民政府新闻办公室9月19日举行的新闻发布会上，黑龙江省商务厅副厅长张国利表示，今 年以来，黑龙江省深入实施提振消费专项行动，截至目前，省市县联动组织开展各类促消费活动1400余 场，发放政府消费券超6亿元，直接带动消费超120亿元。 今年1月至8月，黑龙江省社会消费品零售总额3540.4亿元、同比增长5.2%，高于全国0.6个百分点，其 中，受多项利好政策驱动，限上汽车类、通信器材类、家用电器类同比分别增长6.6%、65.3%、 67.1%。 ...

Import Trends - Home furnishings saw a slight increase of 0.1%, the lowest since March [1] - Household appliances experienced a rise of 0.4%, the highest since June [1] - Apparel prices increased by 0.5%, marking the largest gain since February [1] - Audio and video products prices rose by 0.5%, the smallest increase since May [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Chinese property sector** and its broader economic implications, particularly in the context of **anti-involution policies** and **fiscal stimulus** [1][2][3]. Core Insights and Arguments 1. **Economic Slowdown**: July data indicates a broad-based slowdown in economic activity, with retail sales and fixed asset investment (FAI) missing expectations significantly. This is attributed to weaker domestic demand and the fading impact of fiscal stimulus [2][3]. 2. **Retail Sales Decline**: Retail sales growth slowed to **3.7% year-on-year** in July from **4.8% in June**, driven by factors such as a deteriorating housing market and the effects of the anti-involution campaign [4][23]. 3. **FAI Contraction**: FAI contracted by **5.1% year-on-year** in July, marking the lowest level since March 2020. Property investment saw a significant decline of **17% year-on-year**, the steepest drop in over two years [11][28]. 4. **Corporate Loan Demand**: There was a notable decline in corporate loan demand, reaching a post-global financial crisis low, indicating increased caution among corporates regarding borrowing and capital expenditure [11][19]. 5. **Industrial Production (IP) Weakness**: IP growth moderated to **5.7% year-on-year** in July from **6.8% in June**, with contractions in traditional sectors like coal and steel, highlighting the adverse effects of anti-involution policies [20][29]. 6. **Property Market Challenges**: The property market continues to face significant challenges, with property sales declining by **7.8% year-on-year** in July, and new home prices falling **0.3% month-on-month** [28][29]. Additional Important Insights 1. **Trade-in Subsidy Impact**: The slowdown in retail sales was exacerbated by the exhaustion of trade-in subsidy funds for consumer goods, particularly in the auto and appliance sectors [4][24]. 2. **Sector-Specific Investment Trends**: Investment in manufacturing has shifted towards new growth drivers, with notable increases in sectors like aerospace and information services, despite an overall decline in manufacturing investment [26]. 3. **Government Policy Support**: Despite the current economic challenges, government policy support is expected to stabilize growth around **4.5%** for the year, with a potential recovery in retail sales anticipated in August as new subsidy funds are deployed [3][4]. This summary encapsulates the critical developments and insights from the conference call, focusing on the challenges and dynamics within the Chinese economy and property sector.

Core Viewpoint - Whirlpool is facing significant near-term challenges due to high interest rates and competitive pressures, despite a recent stock price increase [2][3][5] Group 1: Stock Performance - Shares in Whirlpool declined by more than 5.5% amid rising market interest rates, with the 10-year Treasury rate approaching 4.5% [1] - The stock had previously increased by 26% over the last three months, indicating a volatile trading environment ahead of the second-quarter earnings report [2] Group 2: Financial Challenges - Whirlpool has a substantial debt load of $4.8 billion, with $1.85 billion maturing in 2025, and a dividend cost of $384 million last year [3] - The company is under pressure to meet its full-year guidance for free cash flow, projected between $500 million to $600 million in 2025 [3] Group 3: Market Environment - High interest rates are negatively impacting the housing market, which in turn affects demand for higher-margin household appliances [2] - Tariff conflicts have led to increased competition from Asian manufacturers in the U.S. market [2] Group 4: Long-term Outlook - There is a possibility that Whirlpool may cut its dividend this year, which could alleviate some uncertainty regarding debt repayment [5] - Management believes that the trade conflict may ultimately benefit Whirlpool by leveling the competitive playing field [5] Group 5: Market Sentiment - The current market sentiment is focused on the near-term risks rather than the long-term opportunities presented by the trade conflict [6]

Investment Rating - The report maintains a cautious stance on inflation forecasts while awaiting further policy actions [3][19]. Core Insights - The year-on-year Consumer Price Index (CPI) turned positive in June, marking a surprise after four consecutive negative readings, which may indicate potential reflation in China [3][4]. - The Producer Price Index (PPI) deflation deepened unexpectedly, highlighting a divergence in price trends among different sectors, particularly between auto and steel prices [4][19]. - The report emphasizes the importance of supply-side reforms (SSR2.0) and the role of demand in shaping inflation expectations [19]. Summary by Sections CPI Analysis - The CPI reading for June was +0.0% YoY, compared to a prior reading of -0.1% YoY, with a sequential change of -0.1% MoM [3][5]. - Significant price increases were noted in the "other goods and services" category, which includes jewelry, with a +8.1% YoY change [5][8]. - Core inflation rose by +0.7% YoY, with core goods prices increasing by 0.9% YoY [5][19]. PPI Analysis - The PPI reading was -3.6% YoY, contrasting with market expectations of a narrower contraction [4][19]. - The PPI for the auto sector showed stabilization, while ferrous metals and non-metallic minerals reported negative changes, indicating a mixed outlook for SSR2.0 candidates [4][19]. Supply Side Reform Insights - The report suggests that the upcoming Politburo meeting and action plans from relevant ministries will be crucial for future inflation trajectories [19]. - The divergence in price trends between sectors like steel and auto underscores the need for targeted demand-side policies [19].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Core CPI showed a modest improvement, with a year-on-year increase of 0.1 percentage points to 0.6% and a month-on-month improvement to 1.2% SAAR, indicating a recovery since the policy pivot in September 2024 [2] - PPI deflation pressures continue, with a month-on-month decline of 0.4% for three consecutive months, leading to a year-on-year decrease of 3.3% [3] - Weak energy prices have significantly impacted both headline CPI and PPI over the past three months, while core prices remain resilient due to targeted policies [6] Summary by Sections Consumer Price Index (CPI) - In May 2025, the CPI year-on-year was -0.1%, with food prices down by 0.4% and non-food prices stable at 0.0% [5] - Core CPI (excluding food and energy) was at 0.6%, reflecting a slight increase from previous months [5] Producer Price Index (PPI) - The PPI year-on-year was reported at -3.3%, with notable declines in producer goods (-4.0%) and mining and quarrying (-11.9%) [5] - Durable goods prices turned positive month-on-month, driven by the automotive sector, although this may not fully reflect recent price cuts [3][5] Key Drivers - The resilience in core prices is attributed to targeted policies such as the consumer goods trade-in program, while a supply-demand imbalance persists [6] - The renewed competition in the automotive sector may not have been adequately captured in the current readings, indicating potential volatility in future reports [6]

Core Insights - Cross-border e-commerce has emerged as a significant highlight in Sino-Russian economic cooperation in 2025, with Chinese exporters successfully entering the Russian market through partnerships with local e-commerce platforms like Wildberries and OZON [1][3] - In the first quarter of 2025, imports of Chinese goods into Russia increased by 28% year-on-year, particularly in categories such as smartphones, home appliances, and agricultural machinery [1] - The rapid growth of Russian e-commerce platforms provides unprecedented market access for Chinese companies, with Wildberries capturing a market share of 47% and experiencing a 118% year-on-year increase in daily order volume [3] Market Opportunities - The popularity of Chinese products in Russia has exceeded expectations, with a wide range of items finding corresponding consumer groups [3] - Platforms like OZON assist Chinese sellers in understanding market demands through regular consumption trend reports, enabling them to adjust product designs accordingly [3] - The Russian government's plans to simplify trade procedures and support small and medium-sized enterprises further enhance the potential for Chinese exporters to achieve significant growth in the Russian market [4] Challenges and Requirements - Chinese exporters face several "hard barriers" in the Russian market, including stringent customs requirements for complete documentation and quality certification [4] - Key documents required for entering the Russian market include commercial invoices, certificates of origin, GOST-R certification, and customs declaration forms [5] - The logistics options for exporting to Russia primarily include sea, rail, and air transport, with the China-Europe Railway Express being a preferred choice due to its cost-effectiveness and controllable timelines [5] Strategic Recommendations - Chinese companies should focus on localizing operations by emphasizing product quality and durability in design and marketing, as well as providing Russian language customer support [5] - Establishing stable partnerships with local platforms and logistics providers can help reduce operational costs and improve market responsiveness [5] - Companies need to remain vigilant regarding policy changes in Russia, such as recent facilitation measures that could present new opportunities [5]