这两周，从年度热词到消费报告，年度回顾成为了人们茶余饭后的热议话题。在一片总结回望的氛围里，"爱你老己"一词悄然走红。 这个被网友们捧红的热梗，有关接纳、和解，是打定主意永远站在自己这边，也是人们在不断的精神内耗之后，终于决定先爱镜子里那个疲惫的老伙计 ——自己。 事实上，"爱你老己"在年底的爆火并非偶然。在过去的一整年里，人们的确越来越关注自我的感受：大家追捧"谷子"，为自己的喜好买单；体验式消费升 温，演唱会、话剧一票难求；在社交媒体上，也出现了越来越多关于"找回主体性"的讨论。 这份悄然流动的情绪，也逐渐浸润到了旅途之中。人们不再执着于赶路，反而愿意在某个不知名的野山坡上静静与自己对话；千篇一律的拍照打卡与失真 滤镜不再流行，出发是为了找到那个更完整、更自在的自我。 很快，我们进入了风景大片的时代。无人机拉起，4K高清，配上史诗感的BGM，每一帧都美得可以做壁纸。我们被壮丽的自然奇观和精致的城市风光所 震撼，沉醉于世界的奇绝与壮美，但"我"依然在画面之外。 2025 年以来，镜头向内，"人感作者"正在全面崛起。一个创作者之所以受到关注，不是因为他去了挪威，而是因为他行驶在挪威的公路上时，坦诚地聊 起自己 ...

Group 1: Market Overview - The textile and apparel sector in 2025 saw a cumulative increase of 12.02%, underperforming the CSI 300 index by 4.08 percentage points, ranking eighteenth among thirty-one Shenwan primary industries [3][17] - The sub-sectors of textile manufacturing, apparel and home textiles, and accessories recorded cumulative increases of 9.65%, 11.31%, and 17.43% respectively [3][17] - The PE-TTM for the textile and apparel sector stands at 20.32 times, which is at the 76.86% percentile of the past five years [3][17] Group 2: Domestic Consumption - In 2025, the total retail sales of consumer goods reached 45.61 trillion yuan, with a year-on-year growth of 4.0% [4][30] - The consumer confidence index improved from 86.4 at the end of 2024 to 89.4 in October 2025 [4][30] - Retail sales of textiles and apparel, cosmetics, gold and silver jewelry, and sports/entertainment products grew by 3.5%, 4.8%, 13.5%, and 16.4% respectively from January to November 2025 [4][30] Group 3: International Consumption - U.S. apparel sales showed a year-on-year increase of 5.34% as of October 2025, with inventory levels at a low since 2022 [4][34] - European retail sales indices have turned positive since 2024, maintaining steady low single-digit growth in 2025 [4][34] - Vietnam's textile and footwear exports reached 35.91 billion USD in 2025, with a year-on-year growth of 6.7% [4][44] Group 4: Textile Manufacturing - The textile manufacturing sector faced revenue growth challenges in 2025, with a year-on-year revenue increase of only 4.3% and a decline in net profit by 5.6% [5][46] - The sector's performance was impacted by U.S.-China tariff pressures, leading to cautious ordering from brands [5][46] - Recommendations include focusing on leading manufacturers like Yuanyuan Group, Shenzhou International, and Huali Group, which have lower exposure to U.S. markets and strong recovery potential [5][67] Group 5: Apparel and Home Textiles - The apparel sector is experiencing a weak recovery, with a focus on consumer performance and innovation in home textiles [8][4] - Companies like Ge Li Si and Jiangnan Buyi are highlighted for their stable performance, with Ge Li Si showing a 40.2% increase in net profit in Q3 2025 [8][4] - The home textiles sector is driven by major products, with companies like Luolai Life and Mercury Home Textiles showing significant revenue growth [8][4]

经济学家任泽平发文，提出未来十年中国经济的十大趋势。1. 2035年中国经济规模将超过美国，成为世 界第一大经济体，全球经济、贸易、科技、地缘秩序重新洗牌，未来十年将是大国博弈的关键期。2. 人 工智能的超级应用大爆发，成为经济的新增长点，引领新一轮康波周期，成为新一代年轻人人生逆袭和 财富逆袭的机会。3. 生命科学取得重大突破，在AI的助力下创新药研发势如破竹，人的寿命被大幅提 高到120岁，60岁被称为银发青年。4. 人形机器人在社会上到处都是，替代人类的简单重复劳动，人类 解放出来从事创造、社交、情感活动。5. 自动驾驶势不可挡，燃油车彻底被淘汰，自动驾驶将是城市交 通拥堵、空气污染和安全出行的终极解决方案。6. 新型绿色能源体系诞生，光伏、风电和可控核聚变彻 底替代煤电，能源供应体系转型为"分布式发电+储能"，地球温室效应极大改善。7. 后房地产时代到 来，市场二八分化，20%人口流入地区的房价有望触底甚至创新高，80%人口流出地区的房价漫长阴 跌。8. 人口老龄化、少子化、不婚化到来，银发经济、宠物经济、单身经济、情绪消费崛起，机器人和 AI助手越来越走进人类生活，成为每个人的伙伴、甚至恋人和伴侣。 ...

Core Insights - The consumption industry has undergone significant changes over the past year, with a shift in focus from traditional products like liquor to new consumption trends driven by emotional and social factors [1][10]. Group 1: Consumption Trends - Despite perceptions of a cooling consumption market, consumer demand has shown stability, with retail sales growing by 4.0% year-on-year in the first 11 months of this year, surpassing the 3.5% growth expected for the entire year of 2024 [4][5]. - The contribution of final consumption expenditure to economic growth reached 53.5% in the first three quarters of 2025, an increase of 9 percentage points compared to the entire year of 2024 [4]. - The concept of "new consumption" has emerged, characterized by emotional and social attributes, as seen in the popularity of brands like Bubble Mart and the rise of "self-reward" consumption [8][9]. Group 2: Consumer Behavior - Young consumers, particularly those from the Z generation, are becoming the main drivers of consumption, with 56.3% of them willing to spend on emotional value and interests, a 16.2 percentage point increase from 2024 [10][9]. - The trend of "rational consumption" is also evident, where consumers are increasingly focused on quality and value, with 47% of respondents indicating they only purchase essentials to avoid waste, while 68% are willing to spend more on products that help relieve stress [11][10]. Group 3: Market Opportunities - The second-hand economy is thriving, with platforms like Xianyu seeing a 30% year-on-year increase in transaction volume, reflecting young consumers' acceptance of "recycled consumption" [12]. - The health and wellness industry is benefiting from consumers' desire to invest in personal growth, with products like smart home devices and effective skincare gaining traction [14][13]. - The pet economy is emerging as a significant market, driven by the emotional support pets provide, with a wide range of related products and services [24]. Group 4: Future Outlook - The emotional consumption market in China is projected to reach 2.3 trillion yuan in 2024, with expectations to exceed 4.5 trillion yuan by 2029, indicating substantial growth potential [16]. - The consumption landscape is evolving into a complex ecosystem where rational and emotional consumption coexist, reshaping investment strategies and market dynamics [27].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a transformation with a focus on emotional consumption and innovative product offerings, particularly in the jewelry and cosmetics sectors [6][33] - Companies like潮宏基 and毛戈平 are leveraging multi-channel strategies to enhance brand visibility and product sales, indicating a strong market presence [26][31] Summary by Sections Retail Market Overview - The retail index closed at 2462.73 points, with a weekly increase of 0.16%, underperforming the Shanghai Composite Index, which rose by 1.88% [5][15] - The retail sector has seen a year-to-date increase of 10.00%, lagging behind the Shanghai Composite Index's 18.26% rise [15][19] Company Highlights - **潮宏基**: Achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, up 28.4% year-on-year, with a net profit of 3.17 billion yuan, reflecting a 0.3% increase [42] - **毛戈平**: Launched the "琉光赋活" skincare series, set to debut on January 1, 2026, focusing on high-end skincare needs [31] - **周大福**: Reported a revenue of 389.86 billion HKD for FY2026H1, a slight decrease of 1.1%, but with a net profit increase of 0.1% [39] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending潮宏基 and老铺黄金 as key players [6][33] - **Offline Retail**: Emphasis on companies adapting to market changes, with recommendations for永辉超市 and爱婴室 [6][33] - **Cosmetics**: Highlighting brands that innovate with emotional value and safe ingredients, recommending毛戈平 and珀莱雅 [6][34] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical aesthetic chains, with recommendations for爱美客 and科笛-B [6][34]

新华社杭州12月27日电（记者张璇、魏董华、夏亮）回望2025年，浙江消费市场不断涌现新动态，共同勾勒出一幅充满生机与创新的消费新 图景。在文化IP引领的"情绪消费""故事消费"、数字技术赋能的市场新形态、以及"赛事+文旅"融合发展的活力场景之中，市场正展现出消费领域 的巨大潜力。 黑神话BLACKMYTH全国首家线下零售店 义乌第六代市场 2025年10月14日，浙江义乌第六代市场全球数贸中心开业运营，标志着义乌开启了从传统贸易模式向数字贸易生态跃升的新进程。 2025年9月底，黑神话BLACKMYTH全国首家线下零售店在杭州市西湖区转塘街道艺创小镇内开始对外营业。2024年8月，备受瞩目的国产 3A游戏《黑神话：悟空》发布后在全球范围内爆火，一年多来，热度持续不减。 11月1日，位于杭州市西湖区转塘街道艺创小镇里的"黑神话BLACKMYTH"全国首家线下零售店，不少消费者正在店内选购。新华社记者 刘力航 摄 记者前去探访看到，除了琳琅满目的周边产品外，店内还有各种展出性质的雕塑、模型，"展"与"售"相得益彰。 IP消费经济时代来了。这里不仅仅是一家周边产品零售店，更像是一个综合性文化空间。 从今年大火的" ...

作者：李宁 来源 ：新华每日电讯 近日，《咬文嚼字》编辑部发布"2025年十大流行语"，其中代表"情绪经济"的"谷子（经济）"入选，以"经济"为词根的"上门经济""悦己经济"等进入备 选。这反映出，无论是购买一款令人上头的玩偶盲盒，还是向网络"树洞"倾泻感情烦恼，年轻一代的消费习惯展现出从"性价比"转向"心价比"的趋势。 从个体来看，这容易让年轻人将幸福感与消费绑定，形成"花钱才能快乐"的错误认知。从行业来看，商家为快速获利纷纷复制"爆款"，导致产品同质 化，造成资源浪费。从社会层面看，这种消费风气会强化"物质定义价值"的观念，让情绪消费从精神体验退化为物质攀比。更有商家将情绪产品包装成"心 理疗愈神药"，声称能替代心理咨询解决抑郁、焦虑等问题。这种误导模糊了"情绪消费"与心理健康支持体系的边界，甚至可能让真正需要专业心理干预的 人错过时机。 引导"情绪消费"回归正轨，需要多方协同发力。消费者要培养理性消费意识，注意甄别、把握好情绪消费的边界，不要掉入种种概念"陷阱"。商家也需 转变思维，聚焦轻量级情绪疏导功能，回归正常商业逻辑，避免过度夸大、涸泽而渔。同时，监管部门也应高度重视新趋势中的不合理现象，严厉打击 ...

日前，喜茶与泡泡玛特（09992.HK）旗下人气IP"星星人"的联名产品在社交媒体上引发热议。 记者观察到，今年星星人IP的联名较多，涉及香薰蜡烛、耳机包、手机壳等实用物件，比如永辉超市内 也有相关的餐具专区。据悉，2024年泡泡玛特正式签下这一IP，签约当年销售额即突破亿元；今年更是 为其发行主题曲、举办主题展。财报显示，星星人IP在今年上半年已实现营收3.9亿元。 对于星星人IP，泡泡玛特方面回应称："早些年还没签约的时候，有一些家居、餐具的授权。" 但对于 星星人IP的联名模式、授权费用等相关细节，泡泡玛特方面尚未回应记者。 此前，泡泡玛特创始人王宁认为，产品只要有了功能属性，就意味着生命周期的短暂和与生俱来的衰 变。他曾公开表示："很多人不理解潮玩，大家可以想一下，假设MOLLY娃娃的头拔掉是个U盘，你还 会不会买这么多？" 中经记者 黎竹 孙吉正 北京报道 圣诞节期间，各个潮玩品牌都在门店推出了相关主题产品。 消费者小旭（化名）告诉《中国经营报》记者："热门IP盲盒需要定闹钟抢购，圣诞礼盒则在提价过 后，直接以'明盒'形式在门店出售，无须提前预订（抢购）。"在业内看来，圣诞节类的节日是情绪消 费的重 ...

奇梦岛集团联合创始人、执行总裁施广强表示："公司将以更具创新性的产品与更贴近用户的场景，为 年轻人提供更丰富的情绪陪伴体验，让WAKUKU成为真正具有时代意义的年轻文化载体。" 周五，奇梦岛(HERE.US)涨10%，报5.79美元。消息面上，近日，奇梦岛首家线下品牌旗舰店开业，成 为品牌深化线下布局的里程碑。凭借11月底推出的全新毛绒三代产品"立刻开挂吧"，奇梦岛集团旗下核 心IP WAKUKU品牌热度再次飙升，该系列开售首周全渠道销售额突破1800万元。 ...

奇梦岛集团联合创始人、执行总裁施广强表示："公司将以更具创新性的产品与更贴近用户的场景，为 年轻人提供更丰富的情绪陪伴体验，让WAKUKU成为真正具有时代意义的年轻文化载体。" 智通财经APP获悉，周五，奇梦岛(HERE.US)涨10%，报5.79美元。消息面上，近日，奇梦岛首家线下 品牌旗舰店开业，成为品牌深化线下布局的里程碑。凭借11月底推出的全新毛绒三代产品"立刻开挂 吧"，奇梦岛集团旗下核心IP WAKUKU品牌热度再次飙升，该系列开售首周全渠道销售额突破1800万 元。 ...