导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到 基金经理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的 代码和信息，也必须来自基金经理的内容创作。 下面，我们分享来自景顺长城基金科技军团的5月思考。一直以来，景顺长城科技军团通过持续 深耕产业链，不断取得前沿、深度的投资洞见。他们也是买方基金公司中，少数提供持续观点分 享的投研团队，相信这一期的5月观点，也能帮助大家理解景顺长城科技军团的投研思考。 最后，也欢迎大家持续给我们投稿！可以发送邮件到：azhu830@yeah.net 杨锐文：看好内需、自主可控和反内卷方向 资机会。同时医药板块长期受益于人口老龄化，而且估值消化的比较充分，具备中长期配置价 值。 周寒颖：关注自主可控和信创、内需标的、被错杀的出海品种、贵金属板块 中美之间的关税对抗对市场情绪的影响已经接近修复，中美博弈的走向和对内政策决定了未来的 操作思路。基于我们对中美关税战结果的乐观预期，关注自主可控和信创板块、长期受益的内需 标的、被错杀的出海品种及贵金属板块方面的投资机会。未来中国的政策将围绕降低储蓄率和扩 大内需做文章 ...

Core Insights - The event "Pudong Quality Creation · National Trend Rebirth" marks a strategic collaboration between Putian footwear and Tmall Fashion, aiming to enhance the digital transformation of the footwear industry [1][2] - The partnership is expected to elevate Putian shoes from a regional identifier to a national brand, providing consumers with reliable and comfortable products [2] Group 1: Strategic Collaboration - The strategic cooperation aims to create a "digital upgrade model" for the national footwear industry [2] - Tmall will provide resources for traffic support, data empowerment, and brand incubation services to Putian shoe enterprises [2] Group 2: Innovative Achievements - The launch of the "Putian Shoe Quality Control Mark" and a three-dimensional anti-counterfeiting certification system utilizing blockchain technology for full traceability [3] - Introduction of the Putian shoe anime IP "Pupin · Tiantian," inspired by local heritage skills, to create a cultural symbol with commercial value [4] - Implementation of the "1+N" brand strategy, with agreements signed between Putian state-owned capital operation group and leading footwear companies [5] Group 3: Event Highlights - The signing of the strategic framework agreement and the launch of the "618 Consumption Season" for Putian shoes [6] - A brand showcase featuring outdoor functional shoes, national style shoes, and customized products, highlighting the dual competitiveness of technology and culture [7] Group 4: Future Outlook - The collaboration is seen as a stepping stone for Putian shoes to integrate quality and intelligence, aiming to convey the innovative strength of Chinese footwear to the world [9]

Core Insights - The company Pianzaihuang has been recognized as the "No. 1 in national sales of pearl cream" and "No. 1 brand of pearl cream" by iiMedia Research, a leading third-party data mining and analysis agency [1][2] - The Chinese cosmetics industry is projected to reach a market size of 545.8 billion yuan in 2024, with a year-on-year growth of 5.6%, and is expected to grow to 579.1 billion yuan in 2025 [1] - The rise of domestic beauty brands, rooted in traditional culture and combined with modern technology, has become a significant highlight in the Chinese cosmetics market [1] Company Overview - Pianzaihuang has a rich cultural heritage and product quality, making it a representative of Chinese skincare aesthetics [2] - The brand has sold nearly 30 million bottles of its flagship product, the Pianzaihuang Pearl Cream, in 2024, with cumulative sales exceeding 100 million bottles [2] - The company has established a comprehensive research and development system, including five research centers and three ingredient co-construction bases, focusing on traditional Chinese herbal culture and modern skincare technology [4] Market Position and Strategy - Pianzaihuang has implemented the "Oriental New National Makeup" strategy, enhancing its marketing layout and focusing on core products [7] - The brand is addressing industry challenges such as insufficient technological innovation and severe homogenization by building differentiated competitive barriers through innovative research on Chinese ingredients [7] - The company aims to promote the wisdom of Eastern skincare and create a healthy quality of life, continuously deepening its presence in the domestic beauty sector [7]

Group 1: Gold Price Trends - Recent international gold prices have declined, with COMEX gold futures dropping from $3329.10 per ounce on May 9 to $3180.70 on May 14, a decrease of approximately 4.46% [2] - The decline in gold prices is attributed to reduced market risk aversion following unexpected progress in US-China trade negotiations, which has led to a potential drop in COMEX gold prices below $3000 per ounce [2][3] - Short-term outlook suggests a fluctuating trend for gold prices, while long-term support factors remain intact, including increased inflation risks in the US and strong central bank demand [3] Group 2: Consumer Behavior and Market Dynamics - Consumer interest in gold jewelry remains strong, with many brands offering significant discounts; for instance, some gold jewelry prices have been reduced to below 1000 yuan per gram [1] - The market for traditional gold jewelry is expanding, with the ancient method gold jewelry market in China growing from 13 billion yuan in 2018 to 157.3 billion yuan in 2023, reflecting a compound annual growth rate of 64.6% [4] - Companies are adapting to changing consumer preferences by enhancing product offerings, such as introducing unique designs and high-quality craftsmanship to attract customers [5][6] Group 3: Strategic Initiatives by Companies - Companies like Chow Tai Fook and others are focusing on high-end product strategies, optimizing product structures, and enhancing craftsmanship to stimulate demand in the premium gold jewelry market [6][7] - The introduction of culturally inspired product lines, such as the "Dunhuang" series by Luk Fook Jewelry, indicates a trend towards integrating cultural elements into product offerings [4] - Brands are increasingly targeting specific consumer segments with personalized and high-quality service, indicating a shift towards niche marketing strategies in the gold jewelry sector [7]

Core Insights - The article discusses the development of cultural tourism in Xi'an and Hangzhou, highlighting their unique approaches and innovations in the industry [2][16] Group 1: Xi'an's Cultural Tourism Development - Xi'an has transformed into a "net celebrity city" with a focus on immersive experiences rooted in its rich historical culture [3][4] - The "Daming Palace Night City" serves as a core engine for Xi'an's cultural tourism, featuring interactive performances that engage visitors in historical narratives [5] - Xi'an's cultural tourism ecosystem includes a diverse range of offerings such as historical sites, immersive cultural districts, and large-scale performances, creating a comprehensive experience for different visitor demographics [7] Group 2: Hangzhou's Cultural Tourism Upgrade - Hangzhou is transitioning from a focus on West Lake tourism to a broader exploration of "Song Dynasty culture," leveraging its historical significance as the Southern Song capital [8][9] - The city is developing infrastructure to support Song culture, including the restoration of historical streets and the creation of educational routes that connect significant cultural sites [10] - The introduction of the "Parallel World Resort" aims to enhance Hangzhou's cultural tourism by integrating Song culture with high-tech entertainment, positioning it as a destination for immersive experiences [12][16] Group 3: Future Prospects - The "Parallel World Resort" will feature large-scale performances and interactive experiences that highlight Song culture, aiming to attract visitors and extend their stay [12][16] - The resort will also incorporate advanced technology in its attractions, such as an 8K immersive flying experience and various family-friendly entertainment options [14][15] - The overall strategy for both cities reflects a shift towards immersive tourism experiences, with Hangzhou aiming to redefine its identity beyond just being a scenic spot [16]

2025年4月，公司实现合同销售面积11.7万平方米，同比增加15%，环比3月基本持平；合同销售金额 17.8亿元，同比增加10%，环比3月减少7%。 证券代码：000069 证券简称：华侨城A 公告编号：2025-23 深圳华侨城股份有限公司 2025年4月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、2025年4月销售情况 2025年4月，公司旗下文旅企业合计接待游客580万人次，同比增加7%。2025年1-4月，公司旗下文旅企 业合计接待游客2482万人次，同比增加5%。 注：由于市场及公司情况的变化，公司月度主要业务经营情况公告与定期报告披露的信息可能存在差 异，仅供投资者阶段性参考。 特此公告。 深圳华侨城股份有限公司 2025年1-4月公司累计实现合同销售面积39.6万平方米，同比增加11%；合同销售金额61.4亿元，同比增 加2%。 二、2025年4月新增土地情况 2025年4月，公司无新增土地情况。 三、旅游综合业务情况 公司积极打造丰富多彩的节庆活动，持续向市场推出优质旅游产品。各地欢乐谷进一步丰富"国潮文化 节"节庆活 ...

证券代码：000069 证券简称：华侨城 A 公告编号：2025-23 公司积极打造丰富多彩的节庆活动，持续向市场推出优质旅游产 品。各地欢乐谷进一步丰富"国潮文化节"节庆活动内容，增加烟花 秀、无人机表演、非遗表演、音乐派对等限定活动，为游客提供高品 质的节庆游玩体验。 2025 年 4 月，公司旗下文旅企业合计接待游客 580 万人次，同 比增加 7%。2025 年 1-4 月，公司旗下文旅企业合计接待游客 2482 万 深圳华侨城股份有限公司 2025 年 4 月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、2025 年 4 月销售情况 2025 年 4 月，公司实现合同销售面积 11.7 万平方米，同比增加 15%，环比 3 月基本持平；合同销售金额 17.8 亿元，同比增加 10%， 环比 3 月减少 7%。 2025 年 1-4 月公司累计实现合同销售面积 39.6 万平方米，同比 增加 11%；合同销售金额 61.4 亿元，同比增加 2%。 二、2025 年 4 月新增土地情况 2025 年 4 月，公司无新增土地情况。 ...

转自：新华财经 当智能科技邂逅非遗技艺，当国潮国风对话新兴消费，一场诠释中国品牌创新力量的盛宴在莫干山下拉开帷幕。5月10日晚，以"中国品牌 世界共享"为主 题，2025中国品牌日晚会在浙江德清举行，通过科技与人文的交响共鸣，为现场千余名观众呈现出中国品牌"硬科技"与"软实力"。 作为世界观察中国品牌创新发展的重要"窗口"，自2017年起，每年5月10日被定为"中国品牌日"。与之相伴相随，中国品牌日晚会每年如约而至，共同见证 中国品牌蓬勃生长的发展图景。 科技"向新"，锻造硬核竞争力 从先进核电到导航卫星，从集成电路到脑机接口，从虚拟数字人到人形机器人，在历届中国品牌日晚会舞台上，"科技创新"是一以贯之的主线，一批"大国 重器""科技新锐""未来之星"纷纷登台亮相，从实验室、生产线"飞入寻常百姓家"，生动展现中国科技从"跟跑到领跑"的发展历程。 近年来，人工智能浪潮迅速席卷千行百业，成为驱动产业升级的数智化引擎。在今年晚会现场，"人工智能+"成为瞩目焦点：春晚"网红"宇树机器人亮相T台 走秀，与波司登创始人、集团董事局主席兼总裁高德康共话"AI+时尚"产业新未来——通过整合设计研发、用户研究、前沿时尚趋势数据 ...

Core Insights - STARAY, a new national trend brand, opened its second store in Japan, highlighting its rapid expansion in the market within six months [1] - The brand was founded in 2020 in Hangzhou and is recognized as the world's first 3D-printed consumer goods leader, focusing on "technology empowerment + humanistic care" [1][2] - STARAY's innovative approach includes a unique lattice design and AI algorithms for optimizing shoe comfort and support based on ergonomic calculations [1][2] Product Innovation - The "Cells" series of shoes represents a significant advancement in 3D printing technology, utilizing a new generation of ultra-fast light-curing 3D printing techniques and proprietary flexible materials [2] - The production process eliminates traditional manufacturing steps, aligning with green development principles by removing the need for glue [2] - Despite the high cost of 3D-printed shoes, with prices typically above 1,000 yuan, STARAY has achieved a remarkable 400% repurchase rate, indicating strong customer loyalty [2] Market Strategy - The Japanese market serves as both a testing ground and a strategic foothold for STARAY's global expansion [2] - STARAY's participation in the 78th Cannes Film Festival as a partner for "China Night" signifies a shift from "manufacturing overseas" to "cultural exploration" for Chinese brands [3]

成都，这座中国时尚第三城、西南地区"时尚心脏" ，活跃着崇尚快耍慢活、拥有多元包容时尚态度的成都人。 成都太古里LV销售额常年稳居全国前三、本土头部主理人扎堆进驻麓湖CPI……无论是奢侈大牌、新锐国潮，抑或小众设计师品牌、主理人品牌，都能在 这里找到适合生存的土壤。 时尚氛围深入骨髓的成都，商业发展亦以肉眼可见的速度"潮"起来了，不仅新晋潮流商业体接连涌现，持续打潮流时尚牌的成熟项目亦风生水起、接连出 圈。今年五一期间，东郊记忆园区总客流量超60万人次，相比春节再创新高…… 商业地产观察特别梳理了成都最潮的7大商业体，一起看看TA们有哪些差异化打法。 01 成都东郊记忆 新锐国潮品牌破圈地 走向国际的"城市之窗" 成都东郊记忆，前身为始建于20世纪50年代的国营红光电子管厂，在东方正火运营团队接管后，由成都东区音乐公园改名为东郊记忆，焕新后的项目于 2021年6月开业。 在"创我时尚"的经营理念下，项目由工业遗迹变身为由新国潮、原创力、青年+构筑的国际时尚产业园，形成了独特的"本土青年群体文化高地"氛围，引 来顶级网红纷纷打卡、国际游人也越来越多，收获"缩小版的成都"、"幸福文化的传承者"、"青年创业热土"、 ...