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所属报告：
口子窖-升级东风改革向好兼香典范沉潜而跃-211120（31页）.pdf
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图6、2026年后，市场对四大超算商资本开支规模的预期大幅跳升
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市场规模
2026-07-22
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东南亚电商GMV：三大电商平台市占率超90%（单位：十亿美元）
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竞争格局
2026-07-21
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全球主要半导体厂商CAPEX同比增速vs五大设备商总市值相对于SOX的超额表现（截至CY26/7/2）
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行业数据
2026-07-08
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2024-2026年，全球前九大云服务提供商资本开支持续抬升
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行业数据
2026-07-03
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2011-2014年两大零售商对于蓝挚销售额占比
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行业数据
2026-06-26
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图表5三大运营商2026年资本开支投向对比
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行业数据
2026-06-15
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2021-2026Q1三大运营商H股归母净利润情况（亿元，%）
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行业数据
2026-06-12
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2025年三大运营商第二曲线业务收入情
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行业数据
2026-06-12
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2025年三大运营商第二曲线业务发展概
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行业数据
2026-06-12
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2020年以来三大运营商H股股息率及股价表现
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2026-06-12
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三大运营商2020-2025年派息率情况
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行业数据
2026-06-12
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三大运营商移动ARPU（元）
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行业数据
2026-06-12
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2021-2026F三大运营商资本开支情况
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2026-06-12
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2021-2026Q1三大运营商H股营业收入情况（亿元，%）
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2026-06-12
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2022-2024年国内电商618大促销售情况
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2026-05-28
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渠道以大商制为主，厂商利益深度绑定。徽酒历来以渠道见长，酒企间渠道巷战竞争激烈。从渠道运作模式看，徽酒两大品牌口子窖和古井渠道模式差异较大，口子窖采用大经销商模式，在每个城市只招较少的大商代理，厂家将市场运作、渠道扩张、终端维护等权力下放至大商，并通过设置较低出厂价保障渠道利润。省内同行古井则采取深度分销模式，由厂家主导市场运作和费用投入，经销商仅承担配送商角色，经销商利润率较低。对口子窖而言，大商制模式下管理难度较低，公司销售费用率亦低于竞品，而且较高的渠道利润可充分调动大商积极性；但不可忽视的是，大商制会带来渠道掌控力弱，市场精细化水平低等突出弊端。
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口子窖-升级东风改革向好兼香典范沉潜而跃-211120（31页）.pdf
大商制与深度分销模式对比
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