Core Insights - The article emphasizes the importance of placing people at the center of economic policies aimed at boosting consumption and stimulating the economy, highlighting the need for policies that enhance individual satisfaction and happiness [12]. Group 1: Economic Impact of Music Festivals - The first Super Strawberry Music Festival in the Greater Bay Area attracted approximately 80,000 attendees, generating around 280 million yuan in consumption in Dongguan [2]. - The hotel occupancy rate in Dongguan increased by about 70% during the music festival compared to the same period last year [2]. - The average spending per attendee at the music festival was significantly higher than the average spending of domestic tourists during the May Day holiday, indicating the strong consumption-driving ability of the event [3]. Group 2: Demographics and Consumption Patterns - Young people are not reluctant to spend; rather, they engage in "self-satisfying consumption," which is evident in their willingness to spend significantly at music festivals [4][9]. - Dongguan's location in the economically developed Pearl River Delta, along with its proximity to major cities like Hong Kong and Guangzhou, enhances its attractiveness for young consumers [4]. Group 3: Government and Local Business Initiatives - Local governments in Dongguan capitalized on the music festival by organizing various promotional activities to boost consumption, resulting in a nearly 35% increase in social consumption compared to the previous year's May Day holiday [7]. - The city launched over 180 cultural and tourism activities linked to the music festival, effectively leveraging the event to stimulate local economic activity [7]. Group 4: Broader Trends in the Entertainment Sector - The article notes a surge in concerts and music festivals during the May Day holiday, with over 30 events held nationwide, indicating a growing trend in the entertainment sector [8]. - The consumption patterns associated with concerts and music festivals reflect a significant release of pent-up demand among fans, which can lead to substantial short-term economic benefits [8][11].

悦己消费"成为主导趋势。消费者不再盲目追逐潮流符号，而是通过海量信息比对、用户评价分析等行 为构建起自己的消费决策体系。这种"向内审视"的消费哲学，使得"悦己消费"成为主导趋势。单纯的功 能性宣传已不足以占据心智，能够精准捕捉情感共鸣的营销方式逐渐成为破局关键。《报告》指出，以 情感为出发点建立消费者认同，做深品牌价值，品牌在不断打磨产品的同时，应及时关注消费者精神需 求和价值观的变化，从情感出发与消费者进行对话并逐步建立起共识，进而赢得长期信任，收获忠诚的 消费者。 AI大模型为人机交互过程注入类人化特质，数字营销将更加人性化，服务体验趋于定制化，AI大模型 对营销的赋能正是人性化营销的充分体现，从消费者偏好预测、到智能导购推荐商品、再到虚拟试用、 用户运营，每一个环节都致力于打造定制化的服务体验，由此增强消费者的购买意愿和好感度。(记者 高娜) 在需求回暖和技术迭代的共同推动下，我国网络广告市场持续扩张，呈现稳定增长趋势。2023年，我国 网络广告市场规模攀升至11317亿元，相较2022年同比增长12.4%。宏观经济的稳步复苏以及人工智能 等新兴技术的蓬勃发展，为网络广告行业注入了全新活力，推动市场呈现 ...

Group 1: Industry Overview - The beauty and personal care sector experienced a significant increase, with the index reaching a two-year high and the sector rising nearly 2% on May 9 [1] - Several companies within the sector reported notable growth in their financial performance, with leading company Proya (珀莱雅) achieving a revenue of 2.359 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up 28.87% [1] - Other companies in the sector, such as Nobon (诺邦股份), Qingsong (青松股份), and Jinbo (锦波股份), reported growth rates exceeding 50% in the first quarter [1] Group 2: Key Trends and Consumer Behavior - According to a report by Mintel, the trend of "Beauty in Body and Mind" is one of the three major trends influencing the global beauty and personal care industry in the coming years [2] - The rise of the "颜值经济" (beauty economy) and "悦己潮流" (self-pleasure trend) has led consumers to purchase functional skincare products, trendy makeup, and home fragrances for self-healing purposes [2] Group 3: Notable Companies in the Sector - Proya focuses on the research, production, and sales of cosmetic products, with brands including "Proya," "Caitang," "Off&Relax," and "Yuefuti" [2] - Shanghai Jahwa (上海家化) specializes in the research, production, and sales of daily chemical products, including personal care and beauty products [2] - Furuida (福瑞达) has transitioned into the health industry through acquisitions, creating a full industry chain from hyaluronic acid raw materials to products [2] - Huaxi Biological (华熙生物) is a leading high-tech enterprise in the production of hyaluronic acid through microbial fermentation technology [2] - Betaini (贝泰妮) operates a subsidiary focused on medical beauty services, including laser and micro-needle treatments [2] - Shuiyang (水羊股份) has launched a light medical beauty brand, primarily sold through online platforms [2] - Nobon produces water-jet non-woven materials used in beauty care, industrial materials, and medical supplies [2] - Marubi (丸美生物) specializes in the research, design, production, and sales of cosmetics, focusing on eye care, skincare, and cleansing products [2]

证券研究报告 悦己消费和优质国货高增，稳健白马筑底 ——轻工制造24A&25Q1业绩综述 2025年05月04日 行业评级：看好 分析师 史凡可 傅嘉成 曾伟 褚远熙 陈秋露 01rto 经济大盘乏力， 消费结构性景气 2 邮箱 shifanke@stocke.com.cn fujiacheng@stocke.com.cn zengwei@stocke.com.cn chuyuanxi@stocke.com.cn chenqiulu@stocke.com.cn 证书编号 S1230520080008 S1230521090001 S1230524090011 S1230524090009 S1230525040001 1.2 24A&25Q1综述：家居造纸筑底、个护保持成长 ne 24A&25Q1综述：情绪消费和优质国货成长凸显 子赛道具体表现：收入端文娱个护最优，利润端包装稳定性最强 3 1.1 复盘24Q4&25Q1：大盘消费疲软，以潮玩、宠物为代表的情绪消费类资产表现超额明显，此外部分优质国货产品创新能力突出， 借力差异化渠道实现较好的成长势能，持续重视成长资产布局，例如泡泡玛特、布鲁可、乖宝宠物、中宠 ...

今年"五一"假期，消费市场的火爆场面令人目不暇接，新消费场景迸发的新活力同样夺人眼球。比如， 广州萤火虫漫展人声鼎沸；分布在上海不同商圈的十余场漫展，所聚拢的人气节节攀高；瞄准Z世代人 群的泡泡玛特持续火热，新品开售再掀抢购潮；"携宠出行"再度刺激宠物经济走向高景气。为此，一些 城市也开始尝试打造"新消费品牌"标杆。 新消费场景正激发消费新活力。与新消费赛道总体上"润物细无声"的发展态势相比，新消费赛道上市公 司在资本市场上的表现则似乎"一鸣惊人"。 年初以来，新消费概念股持续成为资金追逐的焦点。港股方面，老铺黄金在去年大涨的基础上，今年又 涨逾2倍；卫龙美味、泡泡玛特的年内涨幅也已翻倍；美图公司、毛戈平、周黑鸭等年内涨幅则均超 50%。A股方面，量贩零食龙头万辰集团年内涨幅翻倍，宠物经济龙头中宠股份、乖宝宠物年内则分别 累计大涨58%、39%。 今年上半年，餐饮行业迎来上市浪潮，已有蜜雪集团、古茗、霸王茶姬等多家企业成功上市。截至目 前，蜜雪集团最新股价达493.8港元，较202.5港元的发行价翻了1倍之多。 值得一提的是，一些经营传统业务的企业也借助新消费赛道完成"老树开新芽"，在资本市场绽放第二 春。比 ...

Core Viewpoint - The consumption sector in China has shown significant recovery in Q1 2023, driven by government policies aimed at boosting consumer spending, particularly through the "trade-in" program for old appliances and electronics [1][2][3]. Group 1: Consumption Data - In Q1 2023, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, with March alone seeing a growth of 5.9% [1]. - Per capita consumption expenditure increased by 5.2% year-on-year, contributing 2.8 percentage points to GDP growth [1]. Group 2: Impact of Trade-in Policies - The trade-in policy has led to substantial sales increases, with 12 categories of home appliances seeing 47.47 million units traded in, and digital products like smartphones reaching 3.66 million units [3]. - Over 1.2 billion people have benefited from subsidies, driving sales exceeding 720 billion yuan [3]. Group 3: Company Performance - Major appliance companies like Haier, Midea, and Gree reported double-digit growth in revenue and profit, with Haier achieving 791.2 billion yuan in revenue (up 10%) and Midea reaching 1.284 trillion yuan (up 20.6%) [4][5]. - Smaller companies also showed strong performance, with Beiding's revenue growing by 33.41% to 213 million yuan [4]. Group 4: Emerging Consumption Trends - New consumption trends are emerging, including the popularity of trendy toys, cultural tourism, and the pet economy, driven by younger consumers [5][6]. - Companies in the trendy toy sector, such as Pop Mart, reported a revenue increase of 165% in Q1, with a 95% to 100% growth in the Chinese market [6]. Group 5: Future Outlook - The pet economy is also thriving, with companies like Guibao Pets achieving a revenue of 1.48 billion yuan, up 34.82% [7]. - The overall market for emotional value-driven products is expected to expand, supported by government policies and changing consumer preferences towards quality and experience [7][8].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [11][13]. Core Insights - The "Self-Pleasing" new consumption concept supports the successful launch of the SU7, with the YU7 expected to replicate this success. Xiaomi is accelerating its layout of extended-range models, entering a strong product cycle, and is expected to achieve rapid sales of one million vehicles. Based on Xiaomi's steady growth trend in high-end penetration in its smartphone and IoT businesses, as well as the rapid ramp-up of its automotive segment, the projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated to be 35.404 billion, 51.653 billion, and 65.531 billion yuan respectively [4][11]. Summary by Sections SU7 Initial Success and YU7 Potential - The 200,000 to 300,000 yuan price segment for cars is continuously expanding, with the SU7 positioned accurately and establishing a mid-to-high-end brand tone, achieving an average monthly sales of 23,000 units since its launch. The YU7 is expected to target a larger market and leverage its comprehensive strengths to potentially become another bestseller [7][34]. Xiaomi's Methodology and Automotive Success - Xiaomi's success in the smartphone and IoT sectors has led to the development of a unique "User + Product + Technology + Efficiency" methodology. This includes a large fan base, self-developed motor and control technology, supply chain management to reduce production costs, and a focus on creating blockbuster products [8][9]. Strong Model Cycle and Sales Projections - The high-end market is expanding, with significant opportunities for domestic alternatives in the electric and intelligent vehicle sectors. The projected sales for the high-end passenger car market (priced above 200,000 yuan) in 2024 is 9.443 million units, a year-on-year increase of 4.8%. The CAGR for high-end market sales from 2020 to 2024 is 14.6%, with domestic brands expected to capture a growing market share [9][10]. Brand Synergy and Ecosystem Integration - The launch of the SU7 not only marks the realization of Xiaomi's car manufacturing plans but also extends its "Smartphone + AIoT" ecosystem strategy into the automotive sector. The interconnected ecosystem enhances user stickiness and drives revenue growth across other product lines, with the lifetime value of automotive users exceeding 230,000 yuan [10][11]. Investment Recommendations - The report emphasizes the potential for Xiaomi to replicate Tesla's profitability rhythm, with expectations for the automotive segment to turn profitable by 2025, and a projected net profit per vehicle exceeding 10,000 yuan [9][10].

4月28日晚间，地素时尚发布2024年年报及2025年一季报。2024年公司实现营业收入22.19亿元，单季来 看，公司第四季度营业收入为6.05亿元，较第三季度环比增长25%。此外，今年第一季度，公司业绩表 现整体稳健，其中经营活动产生的现金流量净额1.62亿元，同比增长130%。 地素时尚表示，近年来我国服装行业呈现多维承压态势，公司所处的中高端细分市场消费者意愿、行为 更趋理性，信心与潜力尚待恢复。在此背景下，公司穿越行业周期波动，凭借品牌形象升级、全渠道会 员营销以及时尚可持续的组合路径验证了公司的长期主义价值。 同日，地素时尚公布了2024年度利润分配预案，拟向全体股东每10股派发现金红利5.00元（含税），占 2024年度归属于上市公司股东净利润的比例为77.54%。值得一提是，基于对公司未来发展前景的信心 及市场价值的认可，地素时尚在2024年4月26日披露的《关于公司未来三年（2024-2026年）股东分红回 报规划的公告》中指出，2024至2026年度，公司每年向股东以现金形式分配的利润不低于当年实现净利 润的60%。 悦己体验驱动高质量发展 时钟花系列诠释东方美学 据安永发布报告内容显示， ...

数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-04 2024-08 2024-12 商贸零售 沪深300 相关研究报告 《"美团闪购"品牌独立，即时零售模 式加速发展—行业周报》-2025.4.20 《医美化妆品 3 月月报：锦波生物首 个胶原蛋白填充三类械获批，关注"情 绪消费"主线下的美妆机遇—行业点 评报告》-2025.4.19 《2025 年 3 月社零同比+5.9%，期待 后续消费潜力释放—行业点评报告》 -2025.4.16 年报一季报陆续披露，关注高景气板块优质公司 商贸零售 商贸零售 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 年报一季报陆续披露，关注高景气板块优质公司 上市公司陆续披露 2024 ...

（原标题：悦己消费助推谷子经济！超八成谷子经济相关企业成立3年内） 近日，闲鱼发布《2025闲鱼"谷子"趋势报告》，2024年谷子消费爆发，交易额同比涨105%，今年一季 度国谷交易额已达日谷1.2倍。国产游戏IP表现亮眼，《恋与深空》等销量登顶。今年第一季度国风谷 子销量暴涨167%，其中哪吒IP谷子销量同比激增2346.2%，谷子品类方面，徽章（"吧唧"）是今年最主 流的谷子种类，占谷子销量六成以上，且热度不断上升。年轻消费群体是主力，05后增速最快，女性占 比升至78%，且月均购买2.9次，单次超百元。悦己经济的兴起为谷子经济提供了发展契机，推动了谷 子经济市场规模的不断扩大。 企查查数据显示，近十年，我国谷子经济相关企业每年注册量逐年增加，截至4月25日，2025年我国已 注册94万家谷子经济相关企业，已超2024年同期注册量。企业存量方面，我国现存667.2万家谷子经济 相关企业，其中成立于近三年的企业合计占比87.7%，行业分布上集中归属批发和零售业，占比86%。 1.从注册量来看：今年已注册94万家相关企业 企查查数据显示，我国现存667.2万家谷子经济相关企业。成立年限上，我国谷子经济相关企业 ...