时间来到了2025年下半年，一大波手机那是迎来疯狂跳水，直降一两千，那都是小事。那么到底谁才是 今年机海中的跳水王？本期视频就为大家盘点一下目前各大品牌的跳水真香机。 ...

2025年，湖南省商务厅联合发展改革、财政等部门，加力扩围推进消费品以旧换新工作，为促消费、惠 民生注入强劲动力。上半年，全省社会消费品零售总额达10391.81亿元，同比增长6.2%，增速高于全国 平均水平1.2个百分点，在经济十强省中增幅位居第三。 湖南省商务厅在消费品以旧换新工作中打出一套"组合拳"。在扩围拓品方面，汽车报废领域将符合条件 的国四排放标准燃油车纳入补贴范围；数码产品购新领域新增手机、平板、智能手表手环3类产品；家 电以旧换新在原有8类基础上新增8类家电产品；家装厨卫"焕新"领域则将湘绣、湘瓷等湖南特色产品列 入补贴清单，极大地丰富了消费者的选择。 据介绍，湖南省以旧换新活动覆盖全省14个市州，参与的企业25347家、门店31300个，覆盖汽车、家 电、数码和家装等重点领域。截至2025年6月30日，全省消费品以旧换新共计有970.38万笔申领补贴， 累计申领金额75.3亿元，累计带动销售金额570.57亿元。 湖南省汽车以旧换新成绩突出，约18.25万台汽车"参与"，其中新能源汽车占比约47%，带动销售261.63 亿元，有力推动了汽车产业绿色升级。家电领域，519.68万台家电实现以旧 ...

Key Takeaways GameStop Corp. (GME) and Best Buy Co., Inc. (BBY) stand at very different crossroads in the retail landscape. GameStop, once heavily dependent on physical video game sales, is in the midst of a deep structural overhaul. Best Buy, by contrast, is leaning into its role as a digital-first omnichannel electronics leader, expanding its reach through marketplace launches and high-margin media services. In a retail environment shaped by cautious consumers, tech disruption and supply-chain volatility, ...

Soybean Imports - China's soybean imports from Brazil reached 10620 thousand tons in June, accounting for 866% of total imports, a 92% increase YoY [1] - Soybean imports from the US were 1580 thousand tons, representing 129% of total imports, a 206% increase YoY [1] - Total soybean imports reached a record high of 12264 thousand tons, a 1035% increase YoY [2] Trade Data - Rare earth exports increased by 603% YoY to 77422 tons, and 32% MoM [2] - Integrated circuit exports increased by 253% YoY to 3184 billion units [2] - Mobile phone exports decreased by 13% YoY to 61179 thousand units [2] - Coal and lignite imports decreased by 259% YoY to 33037 thousand tons [2] - Automobile (including chassis) imports decreased by 283% YoY to 43 thousand vehicles [2]

Investment Rating - The report indicates a cautious outlook for the second half of 2025, expecting real GDP growth to slip below 4.5% year-on-year [3][9]. Core Insights - The divergence between real and nominal GDP has widened, with real GDP growth at 5.2% year-on-year in Q2, supported by front-loaded production and strong fiscal support, while nominal GDP fell to 3.9% year-on-year due to deepening deflation [2][9]. - Growth is anticipated to slow in the second half of 2025 due to weaker exports, fading fiscal impulse, and a continued deflation feedback loop [3][9]. - The report suggests that deflation is likely to persist, with a modest fiscal stimulus package of Rmb0.5-1 trillion expected in September/October, but this may not effectively address the underlying issues [4][9]. Summary by Sections Economic Performance - Q2 GDP growth was better than expected at 5.2% year-on-year, driven by fiscal and export front-loading [9]. - Nominal GDP year-on-year dropped by 0.7 percentage points to 3.9%, marking the first growth below 4% since COVID-19 [2][9]. Sector Analysis - Industrial production showed a year-on-year increase of 6.8% in June, with manufacturing up by 7.4% [6]. - Fixed asset investment year-to-date growth was 2.8%, with manufacturing investment at 5.1% and infrastructure at 5.3% [6]. - The property sector continues to struggle, with sales down by 7.2% and new starts down by 13.1% year-on-year [6]. Future Outlook - The report anticipates a slowdown in growth to below 4.5% year-on-year in the second half of 2025 due to various factors including weaker global trade and continued deflation [3][9]. - June activity indicators show reduced transshipment and weaker retail sales, indicating a deepening drag from the housing sector [3][9].

#数据 中国6月出口稀土7742.2吨，同比增加60.3%，环比增加32%；出口集成电路318.4亿个，同比增加25.3%；出口手机6117.9万台，同比减少13%。6月进口煤及褐煤3303.7万吨，同比减少25.9%；进口大豆1226.4万吨（历史新高），同比增加10.35%；进口汽车（含底盘）4.3万辆，同比减少28.3%。 ...

南方财经记者吴佳霖 广州报道 瞄准"技术风向标、全球会客厅"定位，首届全球智能机械与电子产品博览会（AIE，下称电子展）将强 势登陆珠澳。 6月23日下午，广东省政府新闻办举行的新闻发布会，首届全球智能机械与电子产品博览会以"湾区智造 ·全球共享"为主题，将于今年12月4日至6日在澳门和珠海同时举办，预计将吸引海内外专业观众7万人 到会。据悉，展会以"一展双城"的新模式举办，展期3天，前两天向专业观众开放，第3天向社会公众开 放。 双城联动，构建"1+6+N"活动矩阵 广东省商务厅厅长张劲松表示，粤港澳大湾区凭借"一国两制"的独特优势、完备的产业生态、开放包容 的营商环境，已成为全球科技创新资源最密集、产业创新最活跃的地区之一，科技集群创新指数连续5 年位居全球第二。在这样的条件下，在广东、澳门举办电子展，不仅有利于国内企业在家门口展示自 我、链接全球，更有利于全球同行交流互鉴、共同提高，这将是一个贸易与产业互促双强的盛会。 据悉，本次电子展首创双城联动会展模式，设置6大主题展馆。澳门会场以智能电子类产品为主，聚焦 基础设施、终端设备、商业资本三个维度，设置智能通信与物联网馆、智能视听与元宇宙馆、创投新概 念 ...

Financial Data and Key Metrics Changes - The company reported first quarter revenue of $8.8 billion, slightly below last year, with an adjusted operating income rate of 3.8%, flat year over year [6][36] - Adjusted diluted earnings per share decreased by 4% to $1.15, primarily due to lower investment income [36] - The gross profit rate improved by approximately 10 basis points to 23.4% compared to last year [36] Business Line Data and Key Metrics Changes - Comparable sales growth was driven by computing, mobile phones, and tablets, while there were declines in home theater, appliances, and drones, resulting in a domestic comparable sales decline of 0.7% [6][35] - The combined computing and tablet categories saw a 6% growth in comparable sales [6] - Domestic revenue decreased by 0.9% to $8.1 billion, with international revenue down 0.6% to $640 million [37] Market Data and Key Metrics Changes - The company noted that customer behavior remained resilient despite persistent inflation, with consumers being value-focused and thoughtful about big-ticket purchases [7][8] - Online sales grew year over year for the second consecutive quarter, accounting for nearly 32% of total domestic sales [6][7] Company Strategy and Development Direction - The company aims to strengthen its position as a leading omnichannel destination for technology while building new profit streams, including Best Buy Marketplace and Best Buy Ads [16][22] - Strategic priorities include improving omnichannel experiences, launching incremental profit streams, and driving operational effectiveness [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current tariff environment and updated the annual outlook, lowering the full-year comparable sales range to down 1% to up 1% [15][41] - The company expects growth in computing and tablets driven by product replacement needs and ongoing innovation [31][92] Other Important Information - The company is actively mitigating tariff impacts through various strategies, including leveraging manufacturing flexibility and negotiating costs with vendors [12][52] - The company plans to maintain approximately 60 days of forward supply in inventory and feels good about inventory levels for the back-to-school season [14] Q&A Session Summary Question: Can you help us understand the changes in China sourcing? - Management noted that the percentage of product COGS from China has decreased to approximately 30-35% from 55%, with half of the China-sourced products subject to 20% tariffs [50][51] Question: Did you see any pull forward in demand? - Management indicated that while there may have been some pull forward in demand, it was difficult to quantify due to the Easter shift impacting sales [56][58] Question: How do you view consumer behavior in light of tariffs? - Management stated that consumers remain resilient but are making trade-offs in their spending due to inflation and higher prices [64][66] Question: What is the expected impact of the marketplace on margins? - Management expects the marketplace to have a positive impact on operating income and gross profit rates, particularly in the back half of the year [83][89]

Core Insights - The phenomenon of low pricing and diversion in channels is a common issue in brand development, which can be transformed into an opportunity for optimizing channel management [1] - Low pricing is not entirely negative; a reasonable low pricing strategy can quickly attract traffic and open new markets, serving as a leverage to attract quality distributors [1][3] - Brands need to establish a systematic governance framework to turn crises into opportunities for enhancing channel resilience [1][7] Pricing Dynamics - Low pricing reflects the direct relationship between market supply and demand, requiring brands to analyze its dual attributes [3] - Controlled low pricing strategies, such as limited-time promotions, can help brands penetrate lower-tier markets effectively [3] - Uncontrolled low pricing can create a "price black hole," eroding brand premium capabilities, as evidenced by a high-end cosmetics brand experiencing a 22% year-on-year decline in sales due to unmanaged low-priced goods [3] Governance Framework - The core of low pricing governance lies in establishing a comprehensive management framework that includes monitoring, analysis, intervention, and review [3][5] - An example is the AI monitoring system developed by Liwei Network, which scans over 5 million product links daily to identify abnormal low prices across various platforms [3][5] - The analysis phase involves grading low pricing incidents based on severity, duration, and sales scale, allowing for tailored responses to different types of violations [5] Legal and Technical Integration - Effective low pricing governance requires a combination of legal, technical, and commercial strategies [5] - Utilizing blockchain technology for product traceability and enhancing contract terms to link price control with distributor incentives are key strategies [5] - A white liquor brand successfully tracked diversion paths using RFID chips, imposing penalties on violators to curb diversion [5] Incentive Mechanisms - Brands should establish positive incentive mechanisms, such as a "price maintenance reward fund," to encourage compliance among distributors [5][7] - Successful low pricing promotional activities should be standardized and promoted across all channels to enhance market order [5][7] Sustainable Channel Ecosystem - The ultimate goal of low pricing governance is to build a sustainable channel ecosystem, integrating price control into strategic management [7] - Regular channel management review meetings should be held to analyze the root causes of low pricing, such as inventory issues or competitive pressures [7] - Collaborating with third-party agencies can provide technical support and trend forecasting based on industry data, helping brands to preemptively address pricing war risks [7]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Deflationary pressures are worsening in China, primarily due to the impact of tariffs on the Producer Price Index (PPI) and the overall economic environment [1][7] - Core Consumer Price Index (CPI) remains stable at 0.5% year-on-year, indicating some resilience despite broader deflationary trends [2][4] - The PPI has shown a significant decline, with a month-on-month decrease of -0.4%, driven by lower prices in oil, raw materials, and durable consumer goods [3][7] Summary by Sections CPI Analysis - Core CPI year-on-year remained at 0.5% in April, unchanged from March, while month-on-month seasonally adjusted annual rate (SAAR) was 0.7% [2] - Food inflation reached its highest level in five months, primarily due to increased prices for fruit and beef, countering the effects of lower international oil prices [2] PPI Analysis - The PPI year-on-year decreased to -2.7% in April, reflecting ongoing tariff impacts and weaker final demand [6][7] - Specific sectors such as textiles, wood products, chemicals, rubber, and plastics experienced accelerated price declines, indicating significant exposure to the US market [3][7] Outlook - The PPI is expected to slip below -3% year-on-year from the current -2.7% during the May-July period due to less favorable base effects and continued tariff impacts [4] - Core CPI is anticipated to soften sequentially as the effects of PPI pass through, although year-on-year figures may remain resilient due to a low base [4][7]