国信证券：首发经济意味着中国消费未来新的前进方向

Core Viewpoint - The report from Guosen Securities suggests that the "first release economy," "ice and snow economy," and "silver-haired economy" will become new forces for expanding domestic demand [1] Group 1: First Release Economy - The concept of "first release economy" is richer than the previously proposed "first store economy," encompassing the first release of new technologies, products, services, models, and business formats [1][2] - It emphasizes a complete chain development process, reflecting the characteristics of fashion, quality, and trendy consumption upgrades, aligning with the trends of consumption upgrading and high-quality development [1] - The report recommends selecting chain consumer brands with a strong fan base and brand appeal, as well as companies with innovative genes and strong external extensibility in their operational fields [1] Group 2: Understanding the Layers - The "first release economy" can be understood at three levels: opening new stores, launching new products, and innovating business formats [2] - Opening new stores involves introducing new brands from a policy perspective and expanding into new regional markets from a corporate perspective [3] - Launching new products goes beyond merely updating menus; it focuses on introducing products that can lead the development of new categories [4] - Innovating business formats represents a greater degree of innovation by breaking through traditional business models [5] Group 3: Future Direction - The "first release economy" signifies a new direction for China's consumption in the future [6]