近日，Snapchat携手凯度发布首个"Z世代最喜爱的中国全球化品牌50强"榜单，腾讯、小米与SHEIN(希 音)位列前三。其中，SHEIN(希音)在电商品类中排名第一，显示出其对年轻消费群体的强大吸引力。 | | Z世代最喜爱的 1 中国全球化品牌 | | | | --- | --- | --- | --- | | 排名 | 品牌 | 品类 | Z 世代品牌力 | | | Tencent | 游戏 | 1391 | | 2 | Xiaomi | 3C | 1241 | | 3 | SHEIN | 电商 | 1197 | | 4 | Huawei | 3C | 1187 | | 5 | miHoYo | 游戏 | 1144 | | 6 | Hisense | 3C | 1118 | | 7 | Lenovo | 3C | 1113 | | 8 | Century Games | 游戏 | 1107 | | 9 | TCL | 3C | 1104 | | 10 | Habby | 游戏 | 1088 | 游供应商的赋能，SHEIN(希音)带动传统行业向数字化、智能化、绿色化迈进，助力更多中国制造高效 拓展全球市 ...

Core Insights - The WISE 2025 Business King Conference aims to anchor the future of Chinese business amidst uncertainty, focusing on the transformation of commercial narratives and technological advancements [1] Group 1: Consumer Behavior Trends - The current macroeconomic environment has led to significant changes in consumer behavior, categorized into rational consumption, emotional consumption, and a middle ground termed the "vacuum zone" [3][8] - Rational consumption is the most easily identifiable and is likely to be compressed, with some shifting to long-term savings and education investments, while others transition to emotional consumption, highlighting the importance of emotional value [8][9] - Three major trends identified by Nielsen IQ include: the continued importance of brand influence, a shift from broad coverage to niche market penetration, and the necessity for brands to resonate emotionally with consumers [3][9] Group 2: Brand Evaluation Metrics - Nielsen IQ has developed new rankings based on 40 years of data, focusing on emotional consumption through three new lists assessing brands on existence value, functional value, and experiential value [4][10] - The influence ranking measures how brands are perceived and chosen, with key indicators including brand awareness, recommendation, favorability, premium pricing ability, and purchasing expenditure [11][12] - The growth ranking for fast-moving consumer goods (FMCG) emphasizes willingness to pay more, while for durable goods, high favorability and recommendation are crucial for achieving top positions [13][14] Group 3: Cultural Resonance and Loyalty - Cultural resonance is vital for brands to connect emotionally with consumers, especially in FMCG where differentiation is challenging [14][15] - User loyalty strategies differ between FMCG and durable goods, with FMCG relying on media exposure to enhance brand loyalty, while durable goods require a broader engagement across product categories [16][17] - Gen-Z is identified as a key demographic for brand growth over the next five years, necessitating targeted communication strategies to align with their values and preferences [10][18] Group 4: Overall Brand Performance - Successful brands exhibit strong influence as a foundational element, with loyalty serving as a protective moat for durable goods, while FMCG brands leverage media to maintain loyalty [15][16] - Many classic brands are undergoing a youth-oriented transformation to appeal to Gen-Z consumers [17] - Cultural resonance is highlighted as a critical factor for brands to navigate economic cycles, emphasizing the need for emotional connections with consumers [18]

Core Insights - The article highlights the increasing popularity of campus sports events, driven by both policy support and the demand from youth, particularly the Z generation [6][9] - Major sports brands are actively sponsoring campus sports events, establishing deep connections with educational institutions to enhance brand loyalty among students [4][8] Group 1: Campus Sports Events - The 2025CURA National Relay Finals recently took place, featuring 42 universities, showcasing the growing trend of campus sports events [4] - The implementation of the "Student Physical Fitness Plan" has led to a significant increase in sports participation among university students, with 85% meeting weekly exercise standards [7] - Over 60% of university students actively follow campus sports events, indicating a strong interest in athletic activities [7] Group 2: Brand Involvement - Adidas has initiated the China University Student Road Running League, with over 40 universities participating and more than 40,000 student participants in various running events [8] - Other brands like Nike, Under Armour, Anta, and Xtep are also entering the campus market through sponsorships and partnerships with university sports events [8][10] - The competition for the Z generation as a consumer base is intensifying, with the annual consumption scale of university students projected to reach approximately 850 billion yuan in 2024 [9] Group 3: Future Trends - The article predicts that more sports brands will invest in youth and campus sports in the near future, recognizing the potential of this demographic [8] - The sponsorship model is evolving from a simple "event + sponsorship" to a more integrated ecosystem involving universities, brands, media, and technology companies [10][11] - This collaborative approach aims to create sustainable sports IPs, enhancing the overall value of campus sports events and addressing funding and resource challenges [11]

Core Insights - The popularity of college sports events is on the rise, driven by policy support and the demand from youth [4][6] - Sports brands are increasingly sponsoring college sports events and engaging in collaborative projects with educational institutions [3][4][9] Group 1: Market Trends - The "Student Physical Fitness Strengthening Plan" has led to a significant increase in college sports participation, with over 85% of students meeting weekly exercise standards [4] - Adidas has organized over 10,000 running events in collaboration with more than 40 universities, engaging over 300,000 students in the past two years [4][8] - The annual consumption scale of college students in China is estimated to be around 850 billion yuan, indicating a substantial market potential [7] Group 2: Brand Strategies - Major sports brands like Nike, Under Armour, and Anta are actively entering the campus market through sponsorships and partnerships [4][5][8] - Nike focuses on college running events to reach a large student runner demographic, while Under Armour has partnered with the Asian University Basketball League [4][5] - The collaboration between brands and universities is evolving into an ecosystem involving media and technology companies, enhancing the sustainability of college sports events [8][9] Group 3: Consumer Behavior - Generation Z is becoming a significant consumer group, with a strong interest in sports and fitness, as well as a desire for personalized and social experiences [3][7] - College sports events serve as a platform for young people to express themselves and build connections, providing brands with valuable engagement opportunities [7][9] - The integration of sports brands into college culture is seen as a way to foster brand loyalty that extends into students' professional lives [3][6]

Core Viewpoint - The stock of B.Duck (02250) surged over 31% during trading, currently up 10.99% at HKD 1.01, with a trading volume of HKD 777,000, following the successful launch of its new IP "LIITE Lita" Magic Genie Series on November 22 [1] Group 1: Product Launch - The "LIITE Lita" Magic Genie Series was exclusively launched at MINISO Friends Changsha on November 22, with simultaneous online availability on B.Duck's self-operated channels [1] - The launch was supported by promotional activities featuring trend ambassadors and multi-platform marketing, significantly increasing the IP's visibility and attracting a large number of young consumers [1] Group 2: Market Positioning - "LIITE Lita" is the group's first original IP focusing on the Lolita style and targeting the female market, marking a milestone innovation for the company in the trendy toy sector [1] - The product is designed with the theme of "Stardust Fairy Tales and Female Awakening," precisely targeting the Gen Z female consumer demographic [1] - This initiative is expected to enrich the company's IP matrix and strengthen B.Duck's competitive position in the trendy toy market [1]

Core Insights - Adidas has established a university sports community in collaboration with 12 prestigious Chinese universities to empower the younger generation through sports [1][3] - The Chinese market is recognized as a crucial growth engine for Adidas, with expectations for the sports consumption market to reach 2.8 trillion yuan by 2025 [2] - The company aims to deepen its connection with the "Z generation" by focusing on personalized and emotional engagement in its marketing strategies [2][5] Market Characteristics - The Chinese sports consumption market is projected to grow significantly, with the sports equipment market expected to reach 602.1 billion yuan [2] - The shift in consumer demand from functional satisfaction to personalization and emotional resonance presents opportunities for innovation in sports brands [2] - China's advanced supply chain and digital economy facilitate rapid product development and precise market reach [2] Strategic Initiatives - The establishment of the Adidas University Sports Community aims to support campus sports and resonate with young consumers [3] - Adidas has provided professional equipment support to various sports teams at Tsinghua University and other institutions to enhance their competitive levels [3][4] - The company is focusing on product innovation that aligns with the preferences of the younger demographic, such as specialized training apparel and pet-related products [4] Future Plans - Adidas plans to expand into emerging sports areas like street dance and hiking, creating social engagement opportunities for young consumers [5] - The company has achieved ten consecutive quarters of growth in the Greater China region, driven by localized operations and strategic resource allocation [5] - Future initiatives include leveraging the FIFA World Cup in 2026 to enhance its football offerings and expanding its presence in key regions like the Greater Bay Area [5]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [4][77]. Core Insights - The report identifies key consumer trends among the younger generation, particularly focusing on the Z generation's consumption behavior and preferences [7][12]. - There is a strong demand for high-quality milk tea, with a significant market opportunity for stores priced between 10-20 yuan [22]. - The rise of "punk health" culture is noted, with an increase in the popularity of low-alcohol beverages and social drinking in casual settings [25]. - Sports consumption is on the rise, with a notable interest in cycling and high-investment sports equipment [37]. - The report highlights a broader penetration of the 95 post-95 generation in various markets, although pre-95 consumers are identified as having higher spending power [47]. Summary by Sections Key Observations Based on Important Categories - **Milk Tea Demand**: There is a robust market for milk tea priced between 10-20 yuan, supported by high consumer demand and improved delivery capabilities [22][23]. - **Punk Health Trend**: The trend of casual drinking is increasing, with younger consumers showing a preference for low-alcohol options in social settings [25][29]. - **Sports Consumption Growth**: Younger consumers are increasingly participating in sports, with a focus on cycling and outdoor activities, leading to higher spending in these areas [37][42]. Z Generation Basic Consumption Behavior Characteristics - The Z generation exhibits a strong inclination towards quality over price, with a willingness to spend more for better products [20][19]. - There is a notable increase in the use of health supplements among younger consumers, indicating a shift towards health-conscious spending [31][34]. - The influence of social media platforms like Douyin and Xiaohongshu on purchasing decisions is growing, with younger consumers being significantly affected by peer recommendations and content from these platforms [72][73].

Core Insights - The "Z Generation" is reshaping China's drinking consumption perspective, with a trend towards "lightly tipsy socializing" becoming popular in urban areas [1][8] - The shift from traditional drinking culture to a more rational approach emphasizes social connections and emotional release rather than heavy drinking [4][6] Industry Trends - The emergence of hybrid consumption spaces that combine coffee, alcohol, reading, and socializing is growing in cities like Tianjin, Chengdu, Shanghai, and Guangzhou, catering to the needs of the "Z Generation" [3][4] - The demand for low-alcohol and flavored beverages is increasing, with the market for low-alcohol drinks expected to exceed 74 billion RMB by 2025, reflecting a compound annual growth rate of 25% [4][8] Consumer Behavior - Young consumers prioritize the atmosphere and social interactions over the quantity of alcohol consumed, indicating a preference for quality over quantity [3][6] - There is a rising trend of purchasing alcohol through delivery services, with a reported 300% increase in sales during promotional events [7] Product Innovation - Traditional liquor companies are adapting their product strategies to meet the preferences of younger consumers, introducing lower-alcohol options and trendy packaging [6][8] - The focus on quality and craftsmanship is evident, with younger consumers showing interest in the ingredients and production processes of alcoholic beverages [6][8]

Core Insights - The 2025 "Double Eleven" shopping festival saw explosive growth in online consumption of gold and jewelry, with Tmall's gold vouchers selling out instantly and IP collaboration jewelry products frequently sold out, indicating a shift in consumer behavior with the post-95 generation becoming a significant force in gold purchases [1][3] Group 1: Stock Performance - During the "Double Eleven" period, the stock price of Zhou Li Fu (06168.HK) surged over 20%, rising from HKD 42.12 to HKD 51.20, reflecting strong market confidence in the company's consumption potential [2] - The stock's performance significantly outpaced the Hang Seng Index, which only increased by 3.06% during the same period, highlighting Zhou Li Fu's strong alpha performance [2] Group 2: Online Sales and Product Popularity - Zhou Li Fu's 5D hard gold pendants topped the gold sales rankings on Tmall during the "Double Eleven" event, with overall gold category sales increasing by 68% year-on-year within the first hour of the event [3] - The company's focus on lightweight gold products and IP collaboration series has resonated well with younger consumers, with over 60% of online exclusive products driving significant revenue growth [3][4] Group 3: Revenue Growth and Brand Strategy - In the first half of 2025, Zhou Li Fu's online channel revenue reached CNY 1.63 billion, a 34% year-on-year increase, marking the first time online revenue surpassed 50% of total revenue [4] - The company has established a diversified brand ecosystem, including a main brand targeting the mass market and sub-brands like "CHAOJIN" focusing on trendy designs for the Z generation, which enhances its market reach [5] Group 4: Market Outlook - Analysts project that the Chinese jewelry market will reach CNY 937 billion by 2029, with significant room for concentration as the current CR5 stands at only 41% [5] - Zhou Li Fu is expected to continue capturing market share due to its supply chain advantages, early positioning in online channels, and differentiated brand strategy, with projected EPS of CNY 1.82, 1.97, and 2.18 for 2025-2027 [5]

Core Insights - The report highlights the increasing participation of Generation Z in the "Double 11" shopping event, with over 93.1% expected to engage in 2025, indicating a strong integration of this event into their lifestyle [1][2] - Generation Z exhibits a "passionate yet rational" consumer mindset, with nearly 40% of respondents planning to increase their spending budget compared to the previous year [2] - There is a notable shift towards domestic brands, particularly in categories like smartphones, home appliances, and health supplements, with 57.6% of respondents indicating a growing preference for domestic products [3] Group 1: Participation Trends - Generation Z's participation in "Double 11" has shown a consistent increase from 81.3% in 2021 to 93.1% in 2025, reflecting a deepening significance of this shopping event [1] - 39.1% of surveyed youth feel that the sense of celebration for "Double 11" has intensified compared to previous years, especially in major cities [1] Group 2: Budget and Spending Behavior - Approximately 38.6% of young respondents plan to increase their spending budget for "Double 11," with this trend being more pronounced among youth in major cities [2] - The proportion of respondents indicating they will spend more than the previous year has risen from 27.3% in 2021 to 38.6% in 2025 [2] Group 3: Shift in Consumption Channels - Over 70% of young consumers are paying more attention to offline activities during "Double 11," indicating a shift in consumption from solely online to a more integrated approach [2] - 31.3% of respondents express a higher interest in participating in offline store events, showcasing the importance of physical retail in their shopping experience [2][3] Group 4: Preference for Domestic Brands - There is a significant increase in the inclination to purchase domestic brands, particularly in the categories of smartphones, home appliances, and health supplements [3] - The preference for domestic products is notably higher among youth in major cities, with 57.6% indicating they are buying more domestic brands [3]