Industry Investment Rating - The report focuses on the female consumer market, particularly the "New Three Generations" of female consumers, which include "Post-Z Generation Girls," "Millennial Moms," and "Elegant Seniors" [2][27] Core Viewpoints - The report shifts from a "stock" perspective to an "incremental" perspective, exploring how generational changes in social roles among female consumers may lead to new consumption behaviors and their impact on China's retail market [2] - The "New Three Generations" concept is introduced, focusing on the consumption behaviors of "Post-Z Generation Girls," "Millennial Moms," and "Elegant Seniors," who are influenced by their changing social roles [27][28] - The report highlights the importance of generational shifts in shaping consumption trends, with a focus on how these shifts impact both online and offline retail markets [2][27] Summary by Relevant Sections Generational Research from a Consumption Perspective - The report introduces four models: generational mobility, generational replacement, generational information transmission, and generational evolution of family structure, to analyze the "generational phenomenon" in Chinese society [25] - Consumption behaviors exhibit "generational mobility," with differences between generations (inter-generational differences) being stronger than within generations (intra-generational differences), though the latter has been increasing in recent years [25] - As consumers age, they take on new social and family roles, leading to new consumption behaviors that reflect both generational and era-specific characteristics [25] - Chinese family structures have evolved from an "inverted triangle" to a "dumbbell shape," significantly influencing consumption behaviors and spending willingness [25] - Generational information transmission occurs through three directions: peer-to-peer, elder-to-younger, and younger-to-elder, which are key factors in changing consumption behaviors [25] The "New Three Generations" - New Forces in Female Consumption - The "New Three Generations" include "Post-Z Generation Girls," "Millennial Moms," and "Elegant Seniors," each representing a new generation, new role, and new concept in female consumption [27][28] - "Post-Z Generation Girls" are characterized by their individuality and confidence, with a strong focus on personal expression and cultural confidence [29] - "Millennial Moms" are driven by developmental consumption, emphasizing self-improvement and family development, with a strong focus on education and personal growth [30] - "Elegant Seniors" represent a shift from "aging" to "enjoying life," with a focus on compensatory consumption to make up for past sacrifices and enjoy their later years [32] Nine New Business Formats and Three New Scenarios for Female Consumption - The report identifies nine new business formats and three new scenarios for female consumption, driven by the changing roles and consumption behaviors of the "New Three Generations" [3] - These new formats and scenarios reflect the evolving needs of female consumers, particularly in areas such as education, health, and leisure, which are influenced by generational shifts [3] Consumption Trends of the "New Three Generations" - "Post-Z Generation Girls" are transitioning from trend followers to trendsetters, with a focus on emotional satisfaction, niche communities, and cultural confidence [41][44][47][50] - "Millennial Moms" are shifting from "me" to "we," emphasizing self-return, parenting partnerships, and multi-role identities [53][57][60] - "Elegant Seniors" are moving from "aging" to "enjoying life," with a focus on self-enjoyment, familiar social circles, and active retirement [64][67][69]

Market Overview - The overall expectation for the office market is improving due to gradual demand recovery, with first-tier cities recording a net absorption of 456,000 square meters, accounting for 61% of the national total[3]. - Shenzhen's net absorption in Q4 reached 213,000 square meters, primarily driven by leasing rather than self-use demand[3]. - The average effective rent for the overall market decreased by 6.7% year-on-year, marking the largest decline in nearly a decade[13]. Rental Trends - The average rent for Grade A office space in Beijing fell by 3.3% year-on-year to 80 RMB/sqm/month, with a significant price competition emerging in the market[11]. - The rental market is expected to continue its downward trend, with a projected decline of 7.2% for Grade A office rents in 2024[60]. - The average vacancy rate in major cities decreased by 1.3 percentage points quarter-on-quarter to 26.6%, despite rising vacancy rates in other cities[14]. Sector Performance - The financial and professional services sectors remain resilient, driving demand in the office leasing market, particularly in cities like Nanjing and Tianjin[5]. - The TMT (Technology, Media, and Telecommunications) sector contributed 30% to the total leasing volume in the Grade A office market[58]. - In Tianjin, the Grade A office market recorded a net absorption of approximately 36,000 square meters, exceeding the same period in 2022 by about 38%[29]. Future Outlook - The market is expected to face challenges from excess supply and cautious tenant expectations, with a slow recovery anticipated in 2024[34]. - Significant new supply is projected for 2024, with over 500,000 square meters expected in Chengdu, primarily focused on the Tianfu New Area[127]. - The overall market sentiment remains cautious, with landlords adjusting rental strategies to attract tenants amid competitive pressures[113].