万联晨会-20250708

Market Overview - The A-share market showed mixed performance on Monday, with the Shanghai Composite Index closing up 0.02%, while the Shenzhen Component Index and the ChiNext Index fell by 0.7% and 1.21% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 1,208.497 billion yuan [2][6] - In terms of industry performance, the leading sectors included comprehensive services, public utilities, and real estate, while coal, pharmaceutical biology, and telecommunications lagged behind. Concept sectors that performed well included the China Shipbuilding System, biomass power generation, and the 2025 mid-term profit growth concept, whereas the Tonghuashun fruit index, recombinant protein, and weight loss drug concepts saw declines [2][6] Important News - As of the end of June 2025, China's foreign exchange reserves exceeded 3.3 trillion USD, amounting to 33,174 billion USD, an increase of 32.2 billion USD or 0.98% from the end of May. Additionally, China's gold reserves reached 7.39 million ounces, with an increase of 70,000 ounces, marking eight consecutive months of growth [3][7] - The Ministry of Commerce and nine other departments issued the "2025 Home Economics and Agricultural Action Work Plan," which outlines 14 tasks aimed at expanding home service supply and promoting consumption in the home service sector to support rural revitalization [3][7] Industry Insights Emotional Consumption - The report highlights the rise of emotional consumption, indicating a shift from "consumption upgrade" to "consumption stratification." Consumers are increasingly seeking cost-effectiveness in traditional products while being willing to pay a premium for new products or services. This trend is driven by fast-paced lifestyles and information overload, leading to a focus on emotional well-being [8] Trend in Toy Market - The toy market in China is rapidly expanding, with the market size projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 35.11%. The market is characterized by a head effect, with leading companies enhancing efficiency through full industry chain layouts and strong IP resources [9] Gold and Jewelry Sector - The gold and jewelry sector is experiencing a shift from channel-driven to product-driven strategies. Despite a slowdown in store expansion due to rising gold prices, some companies are achieving rapid growth through superior craftsmanship and marketing. The report anticipates that gold will continue to be an attractive asset amid global economic uncertainties and geopolitical risks [11] Cosmetics Industry - The report notes a clear trend of domestic brands rising in the cosmetics sector, with local brands gaining market share despite overall weak growth in the industry. Young consumers are increasingly accepting domestic brands, which are focusing on R&D and marketing to enhance their competitiveness [11]