Core Viewpoint - Haichang Ocean Park (02255) reported significant revenue growth due to the implementation of autumn holidays in Zhejiang Province and the seventh anniversary marketing activities of Shanghai Haichang Ocean Park, indicating a positive trend in visitor engagement and financial performance [1] Group 1: Revenue Performance - Shanghai Park experienced a substantial week-on-week revenue increase of 35.2% from November 10 to November 16, 2025, with both theme hotels achieving full occupancy [1] - From November 17 to November 23, 2025, the park's revenue continued to rise, showing a week-on-week increase of 14.6% [1] Group 2: Market Context - Zhejiang Province has implemented a comprehensive spring and autumn holiday system for primary and secondary schools, benefiting over 6 million students across 11 cities, with many schools scheduling autumn breaks in mid-November, creating a five-day holiday [1] - The seventh anniversary of Shanghai Park on November 18, 2025, highlights its unique marine culture and innovative integration with Chinese culture, earning recognition as one of the top twenty theme parks in the Asia-Pacific region for several consecutive years [1] Group 3: Future Strategy - The park plans to actively monitor holiday market trends and consumer preferences to tailor products and services, aiming to enhance visitor experience and expand brand influence [1] - The strategy is focused on further solidifying the park's position as a benchmark in the Chinese marine theme park industry [1]

多组数据见证 我国消费结构持续优化 编者按 消费关系到经济发展,也关系着民生 福祉。1至10月份,社会消费品零售总额 同比增长4.3%,服务零售额增长5.3%。 在国庆、中秋长假和促消费政策等带动 下,市场销售总体稳定,消费结构继续优 化,新兴消费持续壮大。 服务零售稳中有升 在扩大服务消费政策持续发力 假日经济效应等因素带动下 服务零售额增长有所加快 1至10月份 服务零售额 同比增长 5.3% 比1至9月份加快0.1个百分点 高于同期商品零售额增速 0.9个百分点 旅行相关消费增势良好 10月份 餐饮收入同比增长3.8% 增速比9月份加快2.9个百分点 限额以上单位客房收入增速加快2.0个百分点 1至10月份 文体休闲 交通出行 旅游咨询 服务类 服务类 租赁服务类 零售额 均保持10%以上较快增长 消费品市场平稳增长 消费品以旧换新政策继续显效 对相关商品销售带动作用持续显现 10月份 限额以上单位 通讯器材类 商品零售额 同比增长23.2% 10月份 假日经济效应凸显 "乡村游""古镇游"持续升温 乡村消费品零售额同比增长4.1% 增速比9月份加快0.1个百分点 1至10月份 包含镇区和乡村的 县乡消 ...

Core Insights - The total retail sales in October increased by 2.9% year-on-year to 4.6 trillion yuan, slightly above the Wind consensus expectation of 2.7% [1] - The growth rate slowed down by 0.1 percentage points compared to September, primarily due to a deceleration in the sales of automobiles and home appliances [1] - Excluding automobiles, the retail sales of consumer goods grew by 4.0% [1] Group 1 - The holiday economic effect from the Mid-Autumn Festival and National Day, along with the early promotion period for "Double Eleven," contributed positively to sales [1] - Basic living goods showed a favorable sales trend, and the new high in gold prices boosted investment demand significantly [1] Group 2 - Looking ahead, the "14th Five-Year Plan" continues to emphasize expanding domestic demand and promoting consumption [1] - In the context of a moderate recovery in domestic demand, there may be a continued divergence in sales performance across different categories [1] - Structural opportunities are suggested to be focused on emotional consumption, the rise of domestic brands, AI+ consumption, and the silver economy [1]

Market Overview - A-shares experienced a decline today, with the consumer sector facing a second consecutive day of pullback, as the Consumer ETF (159928) fell by 0.59% with a total trading volume exceeding 650 million yuan [1] - The Consumer ETF (159928) saw a net inflow of over 640 million yuan in the past five days, and as of November 14, its latest scale surpassed 22 billion yuan, leading its peers significantly [1] ETF Performance - The Hong Kong Stock Connect Consumer 50 ETF (159268) also declined by 0.3%, with a total trading volume exceeding 42 million yuan, and it has attracted over 1 billion yuan in the last 20 days, maintaining a leading position among similar funds [4] Valuation Insights - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 20.42 as of November 14, which is at the 6.75% percentile of the past decade, indicating it is cheaper than 93% of the historical time frame, suggesting high valuation attractiveness [3] Consumer Spending Trends - In October, the total retail sales of consumer goods increased by 2.9% year-on-year to 4.6 trillion yuan, slightly above the consensus expectation of 2.7%, with growth impacted mainly by a slowdown in automotive and home appliance sales [7] - The holiday economy from the National Day and Mid-Autumn Festival contributed to a recovery in offline consumption, with restaurant income and retail sales increasing by 3.8% and 2.8% year-on-year, respectively [8] Sector Performance - The demand for gold and silver jewelry surged by 37.6% year-on-year in October, driven by record-high international gold prices, which enhanced the investment appeal of these products [9] - The performance of various consumer categories showed structural differentiation, with furniture and communication equipment seeing significant growth, while home appliances faced a decline [9] Future Outlook - The market demand is expected to continue its recovery, with policies aimed at boosting consumption and expanding the supply of quality consumer goods and services [10] - Investment recommendations include focusing on sectors benefiting from holiday economies, domestic brands with competitive pricing, and durable goods with high export ratios and dividend characteristics [10][11]

人民财讯11月15日电，11月14日，国家统计局发布数据显示，10月份，我国经济延续稳中有进态势，工 业生产实现4.9%的同比增速，消费市场持续扩大，部分高端行业投资力度加大，凸显经济结构优化趋 势。 从生产供给看，10月农业、工业、服务业"三业协同"发展。农业方面，秋粮面积与单产双升支撑全年丰 收预期，大部分农区秋粮生产形势良好，为粮食安全筑牢基础。工业领域则呈现"整体稳、结构优"特 征，10月份规模以上工业增加值同比增长4.9%。其中，装备制造业增加值同比增长8.0%，高技术制造 业增加值增长7.2%，分别快于全部规模以上工业增加值3.1和2.3个百分点。东方金诚首席宏观分析师王 青表示，当前大规模设备更新政策及国内制造业转型升级对工业生产仍有较强的拉动作用。 服务业的回暖则与假日经济深度绑定。国庆、中秋双节叠加，直接推动住宿和餐饮业生产指数同比增长 3.9%，较9月加快2.6个百分点，交通出行、文旅消费等线下服务场景快速复苏。国家统计局新闻发言 人、总经济师、国民经济综合统计司司长付凌晖指出，1—10月服务零售额同比增长5.3%，比1—9月加 快0.1个百分点，高于同期商品零售额增速0.9个百分点。"服 ...

Economic Overview - In October, China's economy continued to show a steady improvement, with industrial production achieving a year-on-year growth rate of 4.9% [1] - The agricultural sector is expected to have a good harvest due to increased planting area and yield of autumn grains, which supports food security [1] Industrial Production - The industrial sector demonstrated characteristics of "overall stability and structural optimization," with the value-added of industrial enterprises above designated size growing by 4.9% year-on-year in October [1] - The equipment manufacturing industry saw a year-on-year increase of 8.0%, while high-tech manufacturing increased by 7.2%, outpacing the overall industrial growth by 3.1 and 2.3 percentage points respectively [1] - The current policies for large-scale equipment updates and the transformation of domestic manufacturing are expected to continue driving industrial production [1] Service Sector - The recovery of the service sector is closely linked to the holiday economy, with the accommodation and catering industry production index increasing by 3.9% year-on-year, accelerating by 2.6 percentage points compared to September [2] - From January to October, service retail sales grew by 5.3% year-on-year, slightly faster than the growth rate of goods retail sales [2] - The consumption market is expanding due to policy support and the recovery of service scenarios, with social retail sales of consumer goods increasing by 2.9% year-on-year in October [2] Investment Trends - Although the overall investment growth rate slowed in October, there is a clear trend of structural optimization, with manufacturing investment growing by 2.7% year-on-year [3] - Investment in high-end industries has increased significantly, with aerospace and equipment manufacturing up by 19.7% and information services by 32.7% [3] - Investment in clean energy, including solar, wind, nuclear, and hydropower, grew by 10.4% year-on-year, indicating a continued acceleration in energy structure transformation [3] Policy Outlook - To stabilize macroeconomic operations in the fourth quarter and the first quarter of the following year, it is expected that growth-stabilizing policies will be further strengthened by the end of the year [4] - Fiscal policy is anticipated to further support consumption, while monetary policy may implement a new round of interest rate cuts and reserve requirement ratio reductions [4]

11月14日，国家统计局发布10月份经济数据。 从消费数据来看，10月份，社会消费品零售总额46291亿元，同比增长2.9%。其中，除汽车以外的消费 品零售额42036亿元，增长4.0%。 从消费结构来看，10月份，商品零售额41092亿元，同比增长2.8%，其中占社零总额比重较高的汽车类 零售额同比下滑6.6%，对商品消费的增速有所拖累。不过，受大促提前影响，部分"双十一"大促品类包 括化妆品、鞋服等同比增速加快。另外，餐饮收入5199亿元，增长3.8%，主要得益于十月的假日经济 拉动。 受访专家认为，假日消费是政策成本较小的一种提振消费方式，建议优化和落实休假制度，延长一些法 定节假日的假期时长。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善促进消费制度机制，清 理汽车、住房等消费不合理限制性措施，建立健全适应消费新业态新模式新场景的管理办法，落实带薪 错峰休假。 化妆品、鞋服等大促品类增长加快 10月份，服装、鞋帽、针纺织品类在10月份的同比增速达到6.3%，高于1到10月份3.5%的整体增速水 平；化妆品品类的增速为9.6%，高出1到10月份4.6%的整体增速水平。 2024 ...

21世纪经济报道记者 周慧 北京报道 2024年"双十一"大促开始时间大多在10月20日到11月初，2025年各平台将大促前置到了10月上旬或中旬。公开资料显示，10月7日，快手抢先启动"双十 一"预售；抖音电商、京东"双十一"活动都于10月9日开启；天猫"双十一"从10月15日开始预售。 化妆品、鞋服是消费者在大促期间会集中购买的消费品类，大促时间前置，让十月份的典型大促品类销售额同比有明显的增长，比如今年一直增速趋缓的化 妆品、鞋服品类表现抢眼。 21世纪经济报道记者注意到，今年"双十一"大促期间，品牌服饰、品牌化妆品促销力度比往年更大，服装品类方面，特别是一些轻奢女装品牌服饰，在十月 份开始就在电商平台上推出了前所未有"骨折价"。化妆品品类方面，中国电商平台上的部分品牌化妆品的"双十一"促销价，已经比一些机场的免税店的标价 还要便宜。 澳容中国区副总裁郑海涛告诉21世纪经济报道记者，他们公司旗下的护肤品品牌在今年入驻了胖东来，产品很受三四线城市消费者欢迎。在他看来，当下护 肤品消费增速放缓，行业竞争激烈，生意并不好做，但低线级城市和极致质价比的产品还有增量空间。线上渠道包括抖音、快手等直播渠道销售，今年 ...

Economic Overview - In October, the Consumer Price Index (CPI) turned from decline to increase, rising by 0.2% year-on-year, compared to a decrease of 0.3% in the previous month. The core CPI, excluding food and energy, increased by 1.2%, with the growth rate expanding by 0.2 percentage points from the previous month, marking six consecutive months of growth acceleration [1] - The Producer Price Index (PPI) decreased by 2.1% year-on-year in October, but the decline narrowed by 0.2 percentage points from the previous month, continuing a trend of three months of narrowing [1] Industry Performance - The prices in industries such as lithium-ion battery manufacturing and photovoltaic equipment manufacturing showed month-on-month increases of 0.2% and 0.6%, respectively, indicating a positive effect from the regulation of market competition [1] - The service sector's production index grew by 4.6% year-on-year in October, although the growth rate slowed compared to the previous month due to a higher base from the same period last year. However, the service sector's growth remains stable when viewed over two years and cumulative growth [1] Consumer Behavior - The holiday economy has had a significant impact, with retail sales of consumer goods continuing to grow. In October, the total retail sales of consumer goods increased by 2.9% year-on-year, with sales of products related to the trade-in of old goods maintaining rapid growth [2] - Retail sales of communication equipment and cultural office supplies increased by 23.2% and 13.5%, respectively, in the retail sector above designated size [2] - Increased travel during holidays has expanded consumption in tourism and cultural services, with service retail sales growing by 5.3% year-on-year from January to October, outpacing the growth rate of goods retail sales [2]

Economic Overview - In October, the Consumer Price Index (CPI) turned from a decline to an increase, rising by 0.2% year-on-year, compared to a decrease of 0.3% in the previous month. The core CPI, excluding food and energy, increased by 1.2%, with the growth rate expanding by 0.2 percentage points from the previous month, marking six consecutive months of growth acceleration [1][3]. Producer Price Index (PPI) Trends - The Producer Price Index (PPI) saw a year-on-year decline of 2.1% in October, with the rate of decline narrowing by 0.2 percentage points from the previous month, continuing a trend of three months of narrowing declines. Prices in industries such as lithium-ion battery manufacturing and photovoltaic equipment manufacturing increased by 0.2% and 0.6% month-on-month, respectively [3]. Service Sector Performance - The service sector's production index grew by 4.6% year-on-year in October, although the growth rate slowed compared to the previous month due to a higher base from the same period last year. The growth in the service sector remains stable when viewed over two-year averages and cumulative growth. The combined impact of the National Day and Mid-Autumn Festival holidays accelerated growth in related services, with the accommodation and catering industry production index increasing by 3.9%, up 2.6 percentage points from the previous month [3]. Retail Sales Insights - The retail sales of consumer goods showed a year-on-year increase of 2.9% in October, supported by the holiday economy. Sales of goods related to the "old for new" consumption initiative maintained rapid growth. In October, retail sales of communication equipment and cultural office supplies increased by 23.2% and 13.5%, respectively. From January to October, service retail sales grew by 5.3%, outpacing the growth rate of goods retail sales [4].