新华财经上海9月12日电（记者杨溢仁）中金唯品会奥特莱斯封闭式基础设施证券投资基金（简称"中金 唯品会奥莱REIT"，基金代码：508082）9月12日在上交所上市。 可以看到，中金唯品会奥莱REIT的发起人——唯品会，是中国领先的品牌折扣电商，也是中国大型综 合电商中专注于运营"品牌特卖"折扣产品的企业。截至2025年一季度末，唯品会是国内已开业奥特莱斯 数量及自持奥特莱斯物业数量最多的奥特莱斯企业；按GMV（商品交易总额）规模统计，唯品会在中 国奥特莱斯企业中位于第一梯队。 "作为首批参与公募REITs申报的基金管理公司之一，目前我们在管的公募REITs产品已达11只，首次发 售及扩募发售规模约364.8亿元。"中金基金的相关负责人表示，"展望后续，我们将坚持服务实体经济 与国家战略，服务资本市场改革发展，在公募REITs领域持续发力，参与公募REITs创新实践，探索不 同基础设施资产类型，积极践行公募基金行业文化理念，更好满足居民财富管理需求，助力行业高质量 发展。" 在中国证监会的统筹指导下，REITs市场稳健发展，截至2025年9月12日，全市场上市的公募REITs已增 加至74只，其中，于上交所落 ...

核[心Ta观bl点e_：Summary] 一、宏观经济组： 分析师：刘笑瑜 点评报告 2025 年 9 月 11 日 晨会纪要 第一创业证券研究所 6 证券研究报告 事件： 证书编号： S1080525070001 9 月 9 日早 9 点半国家统计局公布 8 月中国物价数据。 电话：0755-23838239 评论： 中国 8 月 CPI 同比为-0.4%，预期为-0.2%，前值（7 月）为 0.0%；核心 CPI 同比 为 0.9%，创 24 年 2 月以来的新高，前值为 0.8%。8 月 CPI 环比为 0.0%，前值为 0.4%；核心 CPI 环比为 0.0%，前值为 0.4%。可见，核心 CPI 与 CPI 之间差距由 0.8 扩大到 1.3 个百分点，主要还是由于基数的原因。 8 月食品环比为 0.5%，前值为-0.2%，去年同期是 3.4%。其中，鲜菜环比上涨 8.5%， 蛋类上涨 1.5%；而鲜果价格环比下跌 2.8%，水产品下跌 0.9%，猪肉下跌 0.5%。 8 月非食品环比为-0.1%，前值为 0.5%，去年同期是-0.3%。其中，医疗保健环比 上涨 0.3%，其中医疗服务上涨 0.5% ...

2025年"惠购湖北"线上零售消费券正式上线唯品会等电商平台。活动期间，湖北消费者在唯品会有机会领取到最高满减80元的政府消费券。同时，平台还投 入千万补贴和千份"百元免单礼"助阵，平台券、品牌券等多重优惠齐发，掀起惠民消费新浪潮。 "当前正值早秋服装换季时节，针织开衫、长袖衬衫、运动外套、运动鞋等服饰尤其受欢迎。同时，童装和乐高积木等亲子品类也备受消费者青睐。"唯品会 相关负责人表示，希望充分借助政府消费券的支持，携手品牌方为湖北消费者带来超值又省心的购物体验。 极目新闻通讯员 叶子 据介绍，本次消费券采取在线报名、摇号中签方式发放。自9月8日上午8时起，湖北消费者可在唯品会APP搜索"惠购湖北"进入活动专区参与摇号报名，中 签后即可在唯品会使用消费券。政府消费券分为满200元减40元、满300元减60元、满400元减80元三种面额，惠及潮流服饰、时尚鞋包、美妆护肤、户外运 动、母婴保健等丰富品类商品。 （来源：极目新闻） 同时，活动期间，唯品会推出"百元免单礼"活动。消费者只要成功报名2025"惠购湖北"零售餐饮消费券活动，即视为参与"百元免单礼"活动，有机会抽中满 100元减99元的"免单礼"名额。"百 ...

Group 1 - The Guangdong Quality Products Exhibition aims to establish a new platform for integrated domestic and foreign trade, focusing on connecting production and sales for exhibitors [3][6] - The exhibition will adopt a "showcase-sales integration" model to create precise matching scenarios for domestic and foreign buyers, promoting Guangdong's quality manufacturing [3][6] - The event will take place from September 12 to 14 at the Guangzhou Import and Export Fair Complex, featuring five major exhibition areas and over 1,000 exhibitors [9][4] Group 2 - A total of 2,175 professional buyers have been invited, including 1,682 from within the province, 336 from outside, and 157 from overseas, with notable companies like Walmart and Amazon participating [6][9] - The exhibition will feature a "Star Carnival Concert" with six popular artists, enhancing brand exposure through a combination of live performances and product displays [6][7] - Attendees will benefit from special dining vouchers and exclusive discounts during the exhibition, aimed at boosting consumer engagement [10][12] Group 3 - The event is positioned as a practical platform for the "dual circulation" strategy, facilitating the transition of foreign trade products to domestic sales channels [14] - The exhibition is expected to attract over 100,000 professional visitors and consumers, highlighting its significance in promoting Guangdong's manufacturing capabilities [7][9] - The press conference served as both an information release and a confidence-building event, emphasizing the importance of quality and brand in domestic sales [12][14]

Core Insights - The 2025 Sichuan Platform Economy Industry Chain Partnership Conference was held in Chengdu, focusing on the development of platform economy in Sichuan, which has a strong foundation and significant growth potential [1][2] - Sichuan's platform economy, particularly e-commerce, has been identified as a key industry chain, with 1.88 million entities and 5.53 million employees, generating a total scale of 4.9 trillion yuan, ranking sixth nationally [1][2] - The conference aimed to showcase achievements, facilitate discussions, and connect resources to advance Sichuan's platform economy from "model innovation" to "ecosystem construction" [1] E-commerce Growth - Sichuan's e-commerce is leading in the central and western regions, with a network retail sales of 542.8 billion yuan in the first half of 2025, ranking sixth nationally and first in the central and western regions, with a year-on-year growth rate of 9.9% [2] - The network retail sales figures for Sichuan from 2023 to the first half of 2025 are 867.6 billion yuan, 954.88 billion yuan, and 542.8 billion yuan respectively, with service-oriented retail sales increasing from 43.2% to 46.2% [2] Policy Support - The Sichuan Provincial Department of Commerce and the Provincial Department of Finance are set to introduce supportive policies for high-quality development of the platform economy, focusing on six key areas including enterprise cultivation and online activities [4] - Incentives of up to 5 million yuan will be provided to e-commerce enterprises meeting certain standards and to those establishing regional or national headquarters in Sichuan [4] Industry Collaboration - Senior executives from major platforms like Vipshop, Taotian, Douyin, and JD.com gathered to discuss the development of Sichuan's "platform + industry" model, with an increase in the number of industry belts exceeding 100 in 2024 [5] - The conference emphasized the importance of deepening e-commerce's role in industry development and fostering digital talent [5] Future Goals - Sichuan aims to achieve a network retail sales target of over 1.1 trillion yuan by 2027, with the number of online businesses exceeding 2 million [6] - The platform economy is expected to drive the development of source factories and enhance market competitiveness through collaborative trade and industry upgrades [8] Technological Integration - The integration of technologies such as AI, cloud computing, and blockchain is enhancing the role of platform economy in driving industry development in Sichuan [7] - The example of Chengdu's women's shoe industry illustrates how live-streaming e-commerce has revitalized traditional manufacturing, with a GMV of over 4 billion yuan and significant growth in sales and orders [7]

8月28日，全国工商联发布"2025中国民营企业500强"榜单和《2025中国民营企业500强调研分析报告》，荔湾有2家企业上榜，分别是唯品会（中国）有限 公司和广州立白凯晟控股有限公司。 上榜企业不仅是经济发展的"排头兵"，更在科技创新上勇闯"无人区"、在稳岗就业上撑起"一片天"、在税收贡献上当好"主力军"，为经济高质量发展注入 了强劲的民企动力。 | | 2025中国民营企业500强广东上榜企业 | | --- | --- | | 排名 | 企业名称 | | 4 | 华为投资控股有限公司 | | 5 | 比亚迪股份有限公司 | | 6 | 腾讯控股有限公司 | | 13 | 美的集团股份有限公司 | | 21 | 顺丰控股股份有限公司 | | 37 | 珠海格力电器股份有限公司 | | 44 | TCL科技集团股份有限公司 | | 56 | TCL实业控股股份有限公司 | | 72 | 神州数码集团股份有限公司 | | 84 | 广东海大集团股份有限公司 | | 92 | 唯品会(中国)有限公司 | | ે છે ર | 温氏食品集团股份有限公司 | | 115 | 阳光保险集团股份有限公司 | | 11 ...

Core Insights - Young consumers are becoming more savvy in their spending habits, focusing on getting value for money while still indulging in emotional purchases [1][5][7] - The trend of "treasure hunting" for discounted luxury items is prevalent, with many young people sharing their successful finds on social media [1][3] - There is a notable willingness among young consumers to spend on experiences, such as concert tickets, even while being frugal with material goods [5][7] Spending Behavior - Young consumers are increasingly adopting a "penny-pinching" approach to material purchases, often seeking significant discounts on luxury brands [1][5] - Data shows that in the first half of the year, 15 new outlet malls opened across the country, with a total of 251 expected by the end of 2024, indicating a growing preference for discounted shopping [5] - Online platforms like Vipshop have seen a 15% increase in active SVIP users in Q2, contributing to 52% of online sales, highlighting the popularity of discount shopping among young people [5] Emotional Spending - Approximately 60% of young consumers are willing to spend on emotional purchases, as evidenced by the popularity of products like the "Labubu" doll, which many claim helps alleviate stress [5] - Young consumers are willing to invest time and money in experiences that bring them joy, such as waiting in line for a trendy coffee despite wearing discounted clothing [5][7] - The concept of "Citywalk economy" reflects this trend, where young people prioritize emotional value over material savings [5] Financial Considerations - Many young consumers face financial pressures, such as student loans and housing costs, leading them to be strategic about their spending [7] - The careful comparison of prices in outlet stores and the enthusiasm for live events demonstrate a balanced approach to spending that prioritizes personal happiness [7] - This "smart self-indulgence" spending behavior is seen as a coping mechanism for the pressures of modern life [7]

Core Viewpoint - Vipshop is facing significant challenges as it reports declining revenues and user metrics, raising concerns about its ability to maintain its niche in the discount retail sector [1][2][6]. Financial Performance - For the first half of 2025, Vipshop reported revenues of 52.075 billion yuan (approximately 7.269 billion USD), a decrease of 4.4% from 54.5 billion yuan in the same period last year [1]. - The operating profit for the same period was 3.975 billion yuan (approximately 555 million USD), down 20.37% from 4.992 billion yuan year-on-year [1]. - In Q2 2025, Vipshop's revenue was 25.8 billion yuan (approximately 3.6 billion USD), a 4% decline from 26.9 billion yuan in Q2 2024 [1][2]. User Metrics - In Q2 2025, the number of orders decreased to 193 million, a decline of 2.43% year-on-year [4][5]. - The active user count fell to 43.5 million, down 1.81% compared to the previous year [4][5]. Membership and Cost Structure - The Super VIP (SVIP) user base grew by 15% in Q2 2025, contributing 52% to the revenue, but this focus on high-end customers is increasing fulfillment costs and leading to a loss of regular users [4][6]. - Despite revenue declines, operating expenses rose to 4.56 billion yuan in Q2 2025, a 6.3% increase from the previous year, primarily due to higher administrative costs [5]. Competitive Landscape - The competitive environment is intensifying as major e-commerce players engage in price wars, which may weaken Vipshop's discount advantage [6][7]. - Competitors like Pinduoduo and JD.com are aggressively pursuing the discount market, which poses a threat to Vipshop's traditional business model [6][7]. Strategic Challenges - Vipshop's reliance on a narrow focus on discount sales has limited its growth potential, especially as it has not effectively adapted to emerging trends like live-streaming and social commerce [7][8]. - The company has missed opportunities in the live-streaming e-commerce sector, which has rapidly gained traction since its inception [7][8].

Core Viewpoint - The State Administration for Market Regulation has launched a pilot program for quality safety coding verification of key online products, aiming to enhance consumer trust and product traceability through a digital "code" system [1][2] Group 1: Pilot Program Details - The pilot program, referred to as "Code Action," will implement a traceability mechanism for 10 types of products closely related to consumer safety, including safety helmets, electric bicycles, and gas stoves [1] - The program will cover major e-commerce platforms such as Taobao, Kuaishou, Pinduoduo, Douyin, JD.com, Suning, Xiaohongshu, Dewu, Vipshop, and Tencent [1] Group 2: Implementation Requirements - E-commerce platforms are required to strictly verify the coding information of products and promote dynamic code verification [2] - Manufacturers must ensure accurate and complete coding from the source to maintain product information integrity [2] - Local market regulatory authorities will enhance supervision and conduct random checks, as well as enforce legal actions against violations [2]

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]