Core Insights - The report highlights three major trends in the consumer market for Q1 2025, driven by consumption policies, technological innovation, and an upgrade in quality and services [1]. Group 1: Consumption Trends - Consumption policies and technological innovations are expanding domestic demand, with promotional activities like "New Year Refresh" and "Trade-in Subsidies" stimulating sales [1]. - The gaming industry is leveraging short video sharing and esports events to enhance user engagement, while the travel sector is increasing discussion through "AI Customized Itineraries" and exploration of niche destinations [1]. - The upgrade in quality and services is becoming a significant trend in market development [1]. Group 2: Sales Data Growth - The top 10 consumer categories with the highest sales growth index in Q1 2025 include computer digital products, home appliances, healthcare, home decoration, office equipment, toys and musical instruments, fresh food, maternal and infant products, pet supplies, and outdoor sports [2]. - The sales growth index for computer digital products is 4.33, driven by promotional activities and policies that lower consumption barriers [2]. - Home appliances have a sales growth index of 3.75, supported by consumer demand for convenience, intelligence, and health, along with the promotion of energy-saving subsidies [2]. Group 3: Consumer Satisfaction - The highest consumer satisfaction in Q1 2025 was recorded in the art collection category, with a positive feedback rate of 97.8% [3]. - Video games and toys/musical instruments had lower positive feedback rates of 86.4% and 89.1%, respectively, indicating areas for improvement [3]. - The gaming sector saw significant discussion around product pricing and consumer experience, with a negative sentiment rate of 13.6% primarily due to issues like game lag and pricing disputes [3]. Group 4: Future Research Directions - The project team aims to leverage big data monitoring in the consumer sector to enhance research output and application, contributing to the release of diverse and differentiated consumption potential [4].

Group 1: Consumer Trends - The current consumer sector is showing three main trends: rational consumption, quality upgrades, and consumption alternatives coexisting [1] - There is a growing willingness to pay for emotional value and spiritual satisfaction in lifestyle choices [1] - Technological advancements are creating new consumption directions, presenting long-term structural "new consumption" opportunities [1] Group 2: Investment Recommendations - It is suggested to gradually shift from a balanced allocation to a more flexible allocation in consumer investments [1] - Defensive sectors include consumer internet, undervalued high-return dairy products, and mass catering, which are expected to stabilize first [1] - Cyclical sectors such as restaurant supply chains, alcoholic beverages, human resource services, and hotels are recommended for flexible allocation [1] Group 3: Electric Meter Industry - The annual demand for electric meter tenders is expected to remain around 90 million units, with a peak replacement cycle extending until 2026 [2] - Prices are continuing to decline, with an overall month-on-month decrease of approximately 9.6% [2] - Electric meter companies have shown good dividend payment history, and their valuations are currently considered low [2] Group 4: Micro-Enterprise Investment Landscape - The micro-enterprise investment style may show diminishing marginal advantages, but there are still structural opportunities [3] - Policy support for small and micro technology enterprises is expected to underpin liquidity expectations [3] - The market may see a shift towards high-growth quality small and micro enterprises as liquidity conditions remain favorable [3]

Core Viewpoint - Costco's third-quarter earnings exceeded expectations, demonstrating its resilience amid tariff challenges and economic uncertainty, supported by its scale and loyal membership base [1] Financial Performance - Costco reported third-quarter revenue of $63.2 billion, an 8.0% year-over-year increase, surpassing market expectations [1] - Earnings per share reached $4.28, exceeding analyst forecasts [1] - Membership fee income for Q3 was $1.24 billion, up from $1.12 billion in the same period last year [1] - Net profit for the quarter was $1.9 billion, compared to $1.68 billion in the previous year [1] Sales and Market Trends - Same-store sales growth, excluding fuel and currency effects, was 8% [1] - E-commerce sales increased by approximately 16%, with both online and offline traffic showing improvement [1] - Best-selling categories included gold, toys, and health and beauty products, indicating strong consumer demand despite a focus on essential goods [1] Strategic Responses to Tariffs - The CEO indicated that Costco is implementing various strategies to mitigate tariff impacts, such as sourcing products from lower-tariff countries and increasing local procurement [2] - The company is evaluating potential price adjustments on goods affected by tariffs, while maintaining prices on essential imports from Central America [2] - Recent declines in commodity costs have allowed for price reductions on core consumer goods like eggs and butter [2] Consumer Behavior and Economic Outlook - Costco's membership base is relatively affluent, providing a buffer against economic fluctuations [3] - The company has historically prioritized membership growth and customer loyalty over short-term profit margins [3] - Despite stable consumer spending, the inflationary effects of tariffs are becoming evident, particularly in categories like clothing, electronics, and home goods [3]