新消费星河长明，加强稳健类资产布局

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report emphasizes the dual-driven model of product sales and logistics services by the company, highlighting its comprehensive digital system and standardized operations [2][3] - The report discusses the impact of the new U.S. tariff policy on cross-border e-commerce, indicating that sellers may respond through production shifts and price increases, particularly for high-margin products [2][3] - The report notes the cultural dining concept of a restaurant group under the company, focusing on brand-led execution and the integration of Eastern lifestyle aesthetics [2][3] - The report highlights the growth potential in the electric bicycle sector, driven by a vehicle exchange program, while also noting potential short-term adjustments due to subsidy impacts [2][3] - The report outlines the transformation in offline retail driven by AI, with a focus on a new retail ecosystem for maternal and child products [2][3] - The report discusses the structural growth opportunities in rural markets through AI and digital supply chain integration [2][3] - The report mentions the emerging trends in the new tobacco industry, particularly in heated non-burning products, forecasting steady long-term growth [2][3] Summary by Sections Product Sales and Logistics - The company has established a full-link digital system and standardized operations for product sales, while also developing an end-to-end smart logistics service for cross-border e-commerce [2][3] U.S. Tariff Policy Impact - The new U.S. tariff policy presents uncertainties, with sellers likely to adopt strategies such as production shifts and price adjustments, particularly for high-margin products [2][3] Cultural Dining Concept - The restaurant group has shifted its execution logic from channel-centric to brand-centric, emphasizing the value of IP and Eastern lifestyle aesthetics [2][3] Electric Bicycle Sector - The vehicle exchange program has resulted in significant sales, but potential adjustments in subsidies may affect short-term growth [2][3] AI in Retail - The company is leveraging AI to enhance retail efficiency in the maternal and child sector, with plans for new store models that utilize smart technology [2][3] Rural Market Opportunities - The report identifies a structural growth opportunity in rural markets, driven by AI and digital supply chain innovations [2][3] New Tobacco Trends - The report anticipates steady growth in the heated non-burning tobacco market, with significant market potential expected in the coming years [2][3]