Core Viewpoint - The Z generation is leading a new wave of consumption in China, shifting the market from mass consumption to personalized and rational consumption [1] Group 1: Market Trends - China's consumer market is transitioning towards individualistic and rational consumption patterns, driven by a large young population and a complete domestic industrial chain [1] - The emerging consumption sectors are showing strong growth momentum, particularly in six key areas: pet economy, trendy toys, ready-to-drink beverages, health consumption, smart wearables, and smart driving vehicles [1]

2025年中央经济工作会议将"坚持内需主导，建设强大国内市场""坚持对外开放，推动多领域合作共 赢"确定为2026年经济工作的重点任务。在双循环格局下，食品企业如何洞察新趋势、拥抱新消费，实 现高质量发展？在日前举办的第九届食品企业社会责任年会上，来自国内的8位食品企业代表以及地方 相关部门负责人以圆桌对话的形式，共同探讨"双循环消费新格局的产业趋势与市场趋势"。 圆桌对话现场 在布局国内市场方面，有企业代表认为需从"产品输出"转向"情感输出"，从"传统售卖"向"共同创造价 值"转变，同时也要"加减法"并用。在开拓国外市场方面，有企业代表提出，出口企业应坚持科技创 新，推动产品由"中国制造"转向"中国创造"，并在保证品质的前提下降低成本……一场围绕趋势洞察与 实践探索的深度交流，不仅为食品企业在双循环格局下锚定了发展目标，更凝聚起参会嘉宾共识——唯 有紧跟消费需求变化、兼顾内外市场布局，方能在高质量发展之路上行稳致远。 "国内食品市场'内卷'加剧，其本质是消费需求和消费方式的转变，而非需求萎缩，例如有的消费者愿 意驱车几十公里到大型超市消费，印证了优质产品的市场吸引力。"福建省新麦食品有限公司销售总监 张松景 ...

Group 1 - The consumer sector is experiencing a rebound after a period of absence, driven by policies aimed at expanding domestic demand and boosting consumption [1] - The food and beverage industry, as a core segment of essential consumption, is expected to benefit directly from the domestic demand enhancement strategy, with trends towards health, quality, and cost pressure relief [1] - Current consumer industry indicators suggest a bottoming out, with policy benefits and fundamental recovery creating a resonance that presents allocation value [1] Group 2 - The new consumption investment sentiment has shifted from enthusiasm to caution, with expectations that continued policy support in 2026 will boost consumer confidence [1] - Investment in the new consumption sector is anticipated to focus on companies with solid business models and sustainable profit patterns, moving away from short-term narratives [1] - The new consumption industry is expected to evolve towards three trends: health, new pragmatism, and emotional consumption, alongside two dimensions: intelligence and overseas consumption [1] Group 3 - Relevant ETFs include tourism ETF (562510) benefiting from holiday catalysts and ice and snow economy, food and beverage ETF (515170) focusing on undervalued sectors, and Hong Kong consumption ETF (513230) linked to e-commerce leaders and new consumption [2]

此次获奖，不仅是对HERE奇梦岛过去一年成长成果的肯定，更彰显了其在新消费浪潮中持续创新的决 心与潜力。未来，HERE奇梦岛将继续深化IP生态布局，拓展更多元的消费场景，为用户创造更具价值 的体验，为行业探索可持续发展的新路径。 "鲸潮奖"评选由蓝鲸新闻发起，旨在汇聚消费领域头部企业、领军投资人与行业专家，通过权威评选发 现行业"韧性生长"的力量，为新消费产业升级提供参考与方向。 12月21日，由蓝鲸新闻主办的"2025鲸潮奖"评选结果正式揭晓，HERE奇梦岛凭借在消费领域的创新实 践与快速增长，斩获"年度成长价值企业"大奖。该奖项旨在表彰在新消费赛道中具备突破性成长潜力、 以创新驱动价值升级的标杆企业，HERE奇梦岛的入选，标志着其成长动能与商业模式获得行业权威高 度认可。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 HERE奇梦岛作为新消费领域崛起的创新力量，始终以"IP+场景+产品"为核心战略，深耕年轻消费市 场，通过原创IP孵化、沉浸式体验与创新性营销，持续拓展新消费场景边界。从爆款IP"WAKUKU哇库 库立刻开挂吧"系列的全网热销，到快闪店、联名合作等多元业态的快速布局，HERE ...

从DeepSeek掀起AI风暴，到Labubu引爆新消费狂潮，再到创新药出海的历史性突破，新经济"三剑客"轮番炸场2025年，点燃了市场的热情与投资者的掘金 欲。有"嗅觉"敏锐的基金经理坦言，早在2023年便锚定相关投资机会，提前布局。而市场也给出了强烈的正面反馈，赛道龙头股股价一飞冲天，主题基金更 赚得盆满钵满，"翻倍基"扎堆涌现，甚至杀出年内收益率超200%的"黑马"。 然而，狂欢过后，质疑声浪渐起，企业的实际盈利能力能否消化快速提升的估值仍待市场检验。展望2026年，AI、创新药、新消费是携手续写传奇，还是 难逃分化的宿命？ 2025：热度狂飙，谁在超前布局 自加入融通基金在行业研究员一职锻炼多年后，2023年3月，李进正式升任基金经理，开始独立管理融通产业趋势臻选股票。彼时，大多数人还在怀疑AI只 是炒作，李进却已全面聚焦人工智能。他感叹："ChatGPT一个月用户破亿，这速度前所未见。" 在形成初步判断后，李进开展了细致的产业链验证。自2023年初起，通过密集调研，观察到光模块等环节出现"每周爆单"的现象，进一步印证了人工智能产 业的真实景气度，从而确立了该方向的配置决策。 时间来到2025年，以D ...

Market Overview - On December 22, the Shanghai Composite Index rose by 0.69%, the CSI 300 increased by 0.95%, the STAR 50 climbed by 2.04%, the CSI 1000 went up by 1.07%, the ChiNext Index surged by 2.23%, and the Hang Seng Index gained 0.43% [4][5] - The best-performing sectors on December 22 were telecommunications (+4.28%), comprehensive (+2.63%), electronics (+2.62%), non-ferrous metals (+2.38%), and retail (+1.37%). The worst-performing sectors included media (-0.61%), banking (-0.52%), beauty and personal care (-0.45%), light industry manufacturing (-0.45%), and textiles and apparel (-0.4%) [5] - The total trading volume for the entire A-share market on December 22 was 1.8822 trillion yuan, with a net inflow of 3.125 billion Hong Kong dollars from southbound funds [5] Important Recommendations Zhaowei Electromechanical (003021) - The company is a leader in micro transmission systems, with growth opportunities in humanoid robots, XR, and automotive electronics. Projected revenues for 2025-2027 are 1,897.64 million, 2,408.98 million, and 3,137.44 million yuan, with revenue growth rates of 24.47%, 26.95%, and 30.24% respectively. Net profit is expected to be 283.70 million, 404.12 million, and 529.02 million yuan, with growth rates of 26.03%, 42.45%, and 30.91% [6][9] - Catalysts include the release of a new generation of dexterous hands and new XR headsets from leading manufacturers [6][9] Weike Technology (301196) - The company is positioned as a leader in precision injection molding, with a stable main business and collaborations with leading clients to enhance the value of its MPO segment and humanoid robots. Projected revenues for 2025-2027 are 2,274 million, 2,801 million, and 3,329 million yuan, with growth rates of 25.0%, 23.2%, and 18.8% respectively. Net profit is expected to be 278 million, 355 million, and 456 million yuan, with growth rates of 26.2%, 27.6%, and 28.3% [7][11] - Key drivers include the rapid growth of the new energy sector and the demand for AI computing power [10][11] Leshush (02698) - The company focuses on the African market for baby pants and sanitary products, leveraging product strength and localized operations to build a solid competitive advantage. Projected revenues for 2025-2027 are 540 million, 650 million, and 760 million USD, with growth rates of 19%, 19%, and 18% respectively. Net profit is expected to be 110 million, 130 million, and 160 million USD, with growth rates of 14%, 22%, and 19% [12][13] - Catalysts include the increasing penetration of baby pants and sanitary products in emerging markets [12][13] Key Insights Food and Beverage Industry - The report indicates a somewhat pessimistic market outlook for the food and beverage sector, primarily due to significant pressures on the liquor industry this year. However, it suggests that there are investment opportunities in the liquor sector for the upcoming year, particularly as performance expectations may have bottomed out [14][15] - The report emphasizes the importance of monitoring inventory turning points and the potential for new consumption trends to continue despite recent adjustments [14][15]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.43% at 25,801.77 points and a total trading volume of HKD 169.77 billion [1] - The market is currently in a left-side layout phase, with strong expectations for a spring rally, although there are supply and demand pressures towards the end of the year [1] Blue Chip Performance - Semiconductor company SMIC (00981) led blue-chip gains, rising 5.92% to HKD 68.9, contributing 27.67 points to the Hang Seng Index [2] - Other notable blue-chip performers included Zijin Mining (02899) up 5.3% and Pop Mart (09992) up 4.61%, while WuXi AppTec (02359) and Hang Lung Properties (00101) saw declines [2] Sector Highlights - Large technology stocks generally rose, with Alibaba up 0.76% and Tencent up 0.08% [3] - The metals sector saw significant gains, with gold, silver, and copper prices rising sharply, and companies like Jiexin International Resources (03858) and Chalco International (02068) posting substantial increases [4] - The new consumption sector was active, with companies like Mixue Group (02097) and Pop Mart (09992) showing strong performance [5][6] Robotics and Autonomous Driving - Robotics stocks were active, with companies like Shou Cheng Holdings (00697) and UBTECH (09880) seeing gains, driven by positive media coverage and project wins [6] - The autonomous driving sector continued to gain momentum, with companies like Pony.ai (02026) and WeRide (00800) experiencing price increases following regulatory approvals for L3 autonomous vehicles [7] New Stock Listings - Four new stocks debuted on the Hong Kong market, all experiencing declines on their first day, with Ming Kee Hospital (02581) dropping 49.46% [8] - China Duty Free Group (01880) saw a strong performance, rising 15.77% following positive sales data from Hainan's duty-free shopping [9] Company-Specific Developments - Yujian (02432) faced downward pressure, dropping 4.84% amid upcoming share unlocks and a recent large-scale share placement [10]

Core Insights - The article highlights the transformation of dining experiences in the hot pot industry, particularly focusing on a small hot pot restaurant in Changsha's Wuyi commercial district, which has adapted to changing consumer preferences for individual dining experiences [1][4][6]. Group 1: Consumer Trends - The Wuyi commercial district is referred to as a "new consumption test field," with over 20,000 commercial outlets, showcasing the latest trends in consumer behavior [1]. - The small hot pot restaurant has shifted from traditional large tables to individual seating arrangements, reflecting a change in dining preferences [4][6]. - The restaurant's revenue increased significantly after the transition, with weekday earnings rising from 2,000-3,000 yuan to 7,000-10,000 yuan [6]. Group 2: Product Development - The restaurant has engaged its customer base by allowing them to vote on new menu items, accumulating over 2 million consumer data points [8][10]. - New product testing involves customer tasting sessions, ensuring that the menu aligns with consumer preferences [10]. - The introduction of a dual-flavor pot caters to diverse taste preferences, demonstrating a focus on customization [12]. Group 3: Supply Chain and Production - The hot pot base factory has developed over 20 new flavors, including innovative options like "passion fruit sour soup base," indicating a trend towards unique and seasonal offerings [20][21]. - The factory has implemented a flexible production system to accommodate varying recipes and temperature requirements, enhancing operational efficiency [23]. - The demand for hot pot base products has surged, with annual sales growth of nearly 30%, serving around 200 restaurants [23].

东兴证券指出，2025年新消费投资情绪经历了从狂热到谨慎的过程。2026年政策的持续加码有望提振消 费信心，对于新消费领域的投资将从纯粹的短期叙事回归商业模式与盈利壁垒，投资者会倾向寻找那些 真正能够构建稳固的商业模式，盈利模式可持续的公司。该行认为新消费行业会向三个趋势和两个维度 的方向发展。三个趋势是健康化、新实用主义和情绪消费，两个维度是智能化和消费出海，建议积极关 注相关方向的投资机会。 12月22日，港股三大指数早盘冲高回落，截至午间收盘，恒指涨0.20%，国企指数涨0.27%，恒生科技 指数涨0.89%。港股消费板块较为活跃，港股消费ETF（513230）现小幅上扬。 北京时间12月20日，蜜雪冰城洛杉矶好莱坞店正式开业。门店不仅延续"高质平价"优势，更针对美国消 费者偏好推出最高200%糖度选择，搭配1.19美元起的亲民定价，开业当天便引发打卡热潮。作为中国 茶饮出海的"先行者"，蜜雪冰城的全球化布局已深耕多年。公开资料显示，2018年，品牌在越南河内开 出海外首店，正式开启国际化征程。截至目前，其海外门店已覆盖13个国家，数量约4700家，蜜雪集团 全球门店总数超5.3万家，稳居全球现制饮品行 ...

12月22日，港股股指高开冲高后大幅回撤，午前再度震荡上行，截止午盘，恒生指数涨0.2%报25742.24 点，恒生科技指数涨0.89%报5528.05点，国企指数涨0.27%报8925.39点，红筹指数涨0.37%报4066.49 点。 盘面上，大型科技股走势分化，阿里巴巴涨0.83%，腾讯控股跌0.08%，京东集团涨0.99%，小米集团跌 2.12%，网易跌0.75%，美团跌0.1%，快手涨0.6%，哔哩哔哩涨0.73%；芯片股走强，中芯国际涨超 7%，华虹半导体涨逾5%；黄金股普涨，灵宝黄金、中国黄金国际涨超6%，山东黄金、赤峰黄金涨逾 4%；新消费概念多数上涨，蜜雪集团涨超9%；今日四只新股上市，印象大红袍、华芢生物、明基医 院、南华期货挂牌，集体破发。 企业新闻 顺丰控股(06936.HK)：11月速运物流业务、供应链及国际业务合计收入为271.73亿元，同比增长 7.85%。其中速运物流业务收入同比增长9.88%，业务量同比增长20.13%。 首都创投(02324.HK)：预计截至2025年9月30日止年度(本年度)取得未经审核综合净溢利约1.15亿港元至 1.4亿港元，同比扭亏。主要由于上市股权 ...