NO.2华泰证券：继续看好大消费板块基本面逐步向好与龙头估值重估行情 中国银河（601881）证券指出，进入2025年，伴随国际航班加速增班趋势延续，叠加"924"一揽子政策 出台后内需提振，2025年民航出行需求有望进一步释放。供需格局优化叠加油汇价格向好，几重因素边 际改善下，票价市场化空间进一步打开，航司有望迎来量价齐升局面，盈利水平或进一步增厚。 华泰证券研报指出，五一消费延续回暖态势，多数省市假期消费稳健增长，以旧换新及情绪价值消费表 现亮眼。旅游方面，出游意愿提升，文旅消费多元化；离境退税政策提振入境游活力。酒店免税餐饮方 面，酒店价格企稳回升，消费券拉动需求，下沉市场活力更旺。伴随提振消费政策陆续落地，继续看好 2025年大消费板块的基本面逐步向好与龙头估值重估行情。 NO.3中国银河证券：航司有望迎来量价齐升局面，盈利水平或进一步增厚 ｜2025年5月7日星期三｜ NO.1中信建投：海外云厂资本开支高速增长，关注三大投资方向 中信建投（601066）证券研报称，北美四大云厂商相继发布一季度财报，资本开支持续高速增长，AI 需求保持旺盛。四家云厂商总capex为773亿美元，同比增长62%。四家 ...

演唱会经济持续升温，背后的驱动力是"体验经济"，也就是时下流行的"情绪价值"。如何将这股泼天的流量转化为真金白银，成为各地发 展"演唱会经济"的关键。而华晨宇火星演唱会的出圈，除了头部艺人的影响力之外，也与南海在配套服务、消费场景打造、产业融合等方 面做足的功课密不可分，为"演唱会经济"发展提供了可借鉴的样本。 一张门票撬动一座城 佛山千灯湖音乐秀场草地上立起的"火星地表漂浮巨环"，在这个假期刷屏了。只见山形镜面屏错落层叠，机械臂与动态地屏随节奏变幻， 赛博朋克式场景引发观众惊叹。据主办方介绍，华晨宇火星演唱会采取首创"乐园模式"，一张门票能畅玩下午场和晚上场，打破了传统单 向的观演模式，打造音乐演出、主题游乐园、艺术展览与互动体验为一体的复合场景。 3天演出中，华晨宇完成超15小时、100余首歌曲的表演，既有《异类》《七重人格》等高燃舞台，也有《微光》等经典返场曲目。场外互 动区同样火热，"晨宇炒饭摊"免费派发3吨炒饭，与中国美院联动的"怪诞回旋曲"艺术装置不断吸引歌迷打卡。 "五一"假期，一场属于年轻人的狂欢在佛山南海千灯湖音乐秀场上演。 5月2日至4日，华晨宇火星演唱会在千灯湖音乐秀场激情开唱，超炸li ...

Group 1 - The article highlights the rising trend of emotional value consumption among Generation Z, particularly during the recent holiday period, where nature-based experiences became popular [1][2] - Young consumers are increasingly drawn to small towns and less crowded destinations, with a reported 25% year-on-year increase in tourism interest in towns with lower population densities, outpacing larger cities by 11 percentage points [2] - The concept of "high-energy" travel is emerging, where young travelers seek experiences that provide emotional uplift and energy restoration, such as music festivals, fishing trips, and cultural activities [2][3] Group 2 - The willingness of young consumers to pay for emotional experiences and a sense of belonging is reshaping the tourism industry, injecting a humanistic touch into commercial logic [3] - The trend indicates that emotional premium is becoming a significant factor in travel decisions, with Generation Z showing a distinct preference for experiences that offer emotional value [3]

Core Insights - The article highlights the vibrant consumer culture in Changsha during the May Day holiday, with over 8 million expected visitors, showcasing a shift towards experiential and culturally rich consumption [1][3]. Group 1: Consumer Trends - Tourists are increasingly favoring local cultural experiences and emotional value over traditional price-based considerations, indicating a trend from "cost-effectiveness" to "emotional value" in consumer choices [1]. - Popular attractions during the holiday included the East Mao Street Teahouse and "Big Snacks," which have become essential stops for visitors seeking unique experiences [1][6]. Group 2: East Mao Street Teahouse - The East Mao Street Teahouse, a reconstructed historical teahouse, sold over 3,000 cups of tea and 3,000 buns daily during the holiday, with an estimated daily foot traffic of 12,000 to 15,000 visitors [3][4]. - The teahouse appeals to both older and younger demographics, creating a lively atmosphere where traditional tea drinking meets modern social media engagement [4][5]. Group 3: Big Snacks - The "Big Snacks" store, located at the intersection of Jiefang West Road and Fusheng Road, saw a threefold increase in foot traffic during the holiday, with over 150 types of oversized snacks available [6][7]. - The store's unique selling proposition lies in its large packaging and creative displays, which cater to the emotional and social needs of younger consumers [7]. Group 4: Wellness and Relaxation - Foot massage and wellness services have become integral to the travel experience in Changsha, with many tourists incorporating these activities into their itineraries for relaxation after travel [8][10]. - The "Yierkang" wellness center offers a variety of services, including traditional Chinese medicine treatments, appealing to both individual travelers and families [10][11].

网红店因在社交平台广泛传播而走红，通常人气火爆、排队者众。有些开着导航都要找半天的店，却能 吸引诸多消费者特别是年轻人前去打卡。 人们为什么愿意花时间排队？ 稀缺性是一个很重要的因素。当某种商品数量有限时，人们倾向于认为其具有更高的内在价值或独特属 性。这种心理效应使得消费者愿意支付溢价。正因如此，许多网红店采用限量销售或限时营业的策略来 营造"机不可失"的紧迫感。比如成都有家"罚站"咖啡，室内不配桌椅，每天营业5小时，过时不候。即 便价格比普通店要高，有的消费者也愿意排队一试。 移动互联时代，人们往往通过观察周围人群的行为来获取信息。很多人看到朋友圈或社交媒体上其他人 晒出某家网红店的照片，便会产生试一试的想法，这便是网红商品的社交属性。一些网红店以其独特的 装修风格、新奇的产品造型而出名，吸引了消费者排队购买。人们在社交媒体分享商品照片并加上店铺 定位，既展现了自己的潮人形象，满足了年轻人分享生活的欲望，又使更多人慕名而来。 此外，品牌溢价背后的情绪价值也影响着年轻人的选择。有些网红店通过其品牌故事，向顾客提供情绪 价值，充当人们的情绪"解压阀"。它们也许是唤醒内心童真与美好的玩偶铺子，或是在繁忙工作之余 ...

Core Insights - A consumption trend focused on "blood nourishment" is emerging, driven primarily by young women aged 20-29, who are increasingly engaging with this market through social media platforms like Xiaohongshu and Douyin, generating billions of views and millions of discussions [1][3] Market Dynamics - The demand for blood nourishment has evolved from a functional supplement to a lifestyle ritual, leading to a diverse product matrix and innovative projects that cater to this demographic's needs [3][5] - Traditional products are being replaced by modern, aesthetically appealing alternatives, as young women prefer convenient and culturally enriched options over traditional remedies [4][5] Industry Transformation - The industry is witnessing a shift as traditional medicine companies adapt to the preferences of younger consumers, with products like "night recovery drinks" and "collagen peptide beverages" gaining popularity [5][6] - Data indicates a slow decline in overall sales in the blood nourishment market, with a projected revenue of approximately 25.85 billion yuan in 2024, down about 4% year-on-year, while specific products like donkey-hide gelatin are seeing significant growth, with some experiencing nearly 50% year-on-year increases [6] Brand Strategies - Brands are increasingly focusing on emotional value and lifestyle integration, moving away from traditional narratives to resonate with younger consumers [9][10] - Companies like Yunnan Baiyao are leveraging social media to connect with young women by addressing common health concerns and creating relatable content [10][11] Product Innovation - Brands are innovating by creating products that fit seamlessly into the daily lives of young women, such as instant herbal powders and health snacks, while also exploring cross-industry collaborations [15][16] - New entrants like Minayo are targeting the blood nourishment market with clinically validated products, emphasizing convenience and taste to appeal to younger consumers [21][22] Market Opportunities - The market for blood nourishment products is expanding, with a growing number of companies entering the space, highlighting the importance of attracting young consumers [19][23] - The health and wellness sector is showing resilience, with significant opportunities for companies to explore niche demands within the broader health market [23]

Core Viewpoint - Guizhou Moutai (600519.SH) reported a strong first-quarter performance with total revenue of 51.443 billion yuan, a year-on-year increase of 10.67%, demonstrating its resilience during the deep adjustment period of the liquor industry [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 26.847 billion yuan, reflecting a year-on-year growth of 11.56% [2]. - Both revenue and profit growth rates reached double digits, underscoring Moutai's leading position in the industry [2]. Market Stability and Trends - Moutai's market prices have remained stable post-holiday, with the wholesale price of Flying Moutai consistently between 2,100 and 2,200 yuan per bottle [2]. - The sales of the 1,000 ml Flying Moutai have seen significant growth, with some regions reporting triple-digit increases in sales [2][3]. Strategic Adjustments - Moutai's management has made strategic adjustments in response to changing consumer demands, focusing on new consumption scenarios such as home gatherings and social events [3][4]. - The company is exploring new supply environments while maintaining its brand value and product quality [4]. Consumer Engagement and Market Research - Moutai's management has conducted extensive market research across 13 provinces, engaging nearly 2,000 channel partners to address supply-demand mismatches [5]. - The company aims to enhance consumer engagement by creating new consumption scenarios that resonate with emotional values [5][6]. Future Growth Initiatives - Moutai is actively seeking collaborations in new sectors such as new materials, renewable energy, and AI to expand its consumer base [5]. - The company is focused on building a consumer-centric market ecosystem, emphasizing quality and emotional value in its branding [6].

Group 1 - The article discusses the emerging concept of "emotional labor" and its significance in modern society, particularly among young people who feel emotionally drained and undervalued [2][3][10] - Emotional value is described as a scarce resource, comparable to enjoying a freshly cooked meal, and is often unreciprocated, leading to a sense of exhaustion among individuals who provide it [4][5][12] - The concept of emotional labor is defined as the effort individuals put into managing their emotional expressions to meet societal or organizational expectations, which is prevalent in both workplace and personal relationships [10][11][12] Group 2 - The article highlights the gender dynamics of emotional labor, noting that women are often expected to provide emotional support without recognition or compensation, reinforcing their subordinate status in social hierarchies [12][15][24] - The discussion includes the challenges faced by men in expressing emotions and the need for them to develop emotional skills through practice, emphasizing that emotional labor is a skill that can be learned by anyone [19][20][27] - The article suggests that high-end service industries recognize the value of emotional labor, providing better emotional experiences for customers, which raises questions about the economic recognition of such labor [32][35][36]

以下文章来源于城市进化论 ，作者杨弃非 城市进化论 . 探寻城市路径，揭秘经济逻辑 （互联网新闻信息服务许可证编号：51120190017） 本文来自微信公众号： 城市进化论 （ID：urban_evolution） ，作者：杨弃非，题图来自：视觉中国 或许没什么比"消费第一城"易主，更能令人直接感受到消费趋势的变化。 数据显示，今年一季度，上海社会消费品零售总额为4057.45亿元，同比下降1.1%，同期重庆该数据为4204.32亿元，同比上升4.1%。这也意味着，重 庆一季度消费数据反超上海，成为新晋全国"第一"。 一直以来，上海是公认的消费大市和商业"标杆"，其社消零总额自2018年超过北京后，已连续7年居全国城市首位。在罕见被重庆反超后，外界难免关 心：上海商业，是否正在走下"神坛"？ 问题的答案，很难直接从数字中得出。有人推测，位次下滑可能源于春节节假日消费变化或者消费券发放的附带效果；更不用说，仅看社消零数据， 难以概括上海消费的全部。就连重庆本地媒体也在自我审视时，发出登顶"是否'昙花一现'"的灵魂拷问。 在外界看来，我国正在迈向一场面向服务消费的结构性转型。随着促消费不断被置于经济发展的重要位 ...

4月29日，港股市场低开高走，新能源车、社交、短视频、餐饮连锁、传媒等大消费方向弹性居前。港 股消费指数成分股中，零跑汽车涨超7%，美团-W、理想汽车-W涨超3%，中升控股、百胜中国、哔哩 哔哩-W、吉利汽车、阅文集团。港股消费ETF（159735）当前折价0.67%买入性价比凸显。 相关产品：港股消费ETF（159735）。 消息面上，有调研报告显示，中国消费品和零售行业正迎来消费结构升级带来的深刻变革。从居民消费 结构看，服务性消费占比上升，交通、教育等领域需求增长显著。同时，人口老龄化和家庭小型化推动 消费偏好转向情绪价值和质价比，健康与数字消费理念逐渐渗透各年龄段。从消费者需求趋势看，情绪 价值、质价比及可持续消费成为核心诉求。 （文章来源：每日经济新闻） 港股消费ETF（159735）跟踪港股消费指数，是"更新的消费"，相较A股消费以白酒高端消费为主，港 股消费板块中电商、餐饮、旅游、文娱传媒、国潮服装等新型消费比例更高，服务消费和大众消费占比 也更高，或更能充分反映本轮大力提振消费政策驱动下的消费景气复苏。 平安证券表示，近期的政治局会议强调了"支持科技创新、扩大消费、稳定外贸"等方向，明确提出 ...