记者丨王滢 编辑丨江佩霞 "人均消费上百元""年轻人排队3小时也要吃"……近两年，一股云贵川bistro的热潮席卷网红商圈，刷屏各大社交平台。 据21世纪经济报道记者实测某网红品牌， 人均消费可达上百元，云贵本地餐馆里25元的铜锅油焖鸡，在云贵川bistro里标价86元。其他bistro 餐厅更是将当地街边8元的酸汤米线卖到48元，溢价6倍。 对此，社交平台上有不少网友纷纷表示"被刺"。 bistro是什么？为什么云贵川菜系加上一个英文后缀就火了？让年轻人上头的原因是什么？ 云贵川 b ist r o成商圈新晋"排队王" 这个秋天，北上广的年轻人似乎都在忙着同一件事：排队吃云贵川 b istro。 "4:00多取号，8:30才吃上""排到最后只剩倔强""拿号2小时，过号一瞬间"——在小红书等社交平台上，满屏都是吃货们的"排队血泪史"。 情绪价值高，"漂亮饭"的仪式感 21世纪经济报道记者 甘俊摄 这场"云贵川 b istro热"来得又快又猛。21世纪经济报道记者注意到，一批带着"山""云""野""果"字样的云贵川 b istro，正快速占领上海、北 京、西安、武汉、南京等城市的各大商圈。 大众点评数据显示，截 ...

Core Viewpoint - The rapid rise of "Yunnan-Guizhou-Sichuan bistro" restaurants has captivated young consumers in major cities, leading to long queues and high consumer spending, despite significant price markups compared to traditional local eateries [1][2][4]. Group 1: Market Trends - The "Yunnan-Guizhou-Sichuan bistro" trend has quickly spread across major cities like Shanghai, Beijing, and Guangzhou, with a notable presence of 35, 22, and 14 establishments respectively [2]. - The brand Ameigo has opened over 120 locations nationwide, with 10 in Guangdong alone, while another brand, Shanyeban, has established 57 outlets in under three years, indicating a strong market expansion [4]. Group 2: Consumer Behavior - Young consumers are drawn to the bistro experience, which is perceived as a lifestyle choice rather than just a dining option, emphasizing emotional value and aesthetic appeal [7]. - Social media plays a significant role in shaping consumer perceptions, with many sharing their experiences of long wait times and high prices, reflecting a mix of excitement and frustration [1][6]. Group 3: Product Innovation - Bistro restaurants are innovating traditional dishes by incorporating unique ingredients and presentation styles, which helps to differentiate them from conventional offerings [8]. - The use of local ingredients like beef tripe and mushrooms, combined with a sophisticated supply chain, ensures freshness and quality, appealing to urban consumers [9]. Group 4: Competitive Landscape - The bistro market faces challenges of homogenization, with many brands offering similar names, dishes, and decor, which may hinder repeat business [15]. - Traditional hot pot chains are entering the market, intensifying competition and potentially impacting the profitability of newer bistro brands [15][16]. Group 5: Future Outlook - As the novelty of the bistro experience fades, there are concerns about sustainability in terms of pricing and consumer interest, with some brands already reporting increased difficulty in achieving profitability [16]. - The future success of these bistros may depend on their ability to balance ambiance, taste, and price, as consumers are likely to prioritize value over experience in the long run [16].

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Core Viewpoint - The article discusses the rise of parody brands and their appeal among young consumers, highlighting the tension between imitation and originality in the fashion industry [4][12][29]. Group 1: Brand Imitation and Consumer Behavior - The emergence of parody brands like "始祖马" (Ancestor Horse) and "始祖猫" (Ancestor Cat) reflects a trend where consumers seek to challenge traditional luxury brands by embracing humorous and abstract imitations [7][12]. - Young consumers are increasingly drawn to these parody products as a form of self-expression and to critique blind adherence to mainstream trends [12][29]. - The popularity of these parody items is partly driven by the high visibility and desirability of original luxury brands, such as Ralph Lauren, which reported a 17% increase in net income to $2 billion for Q2 of FY2026 [24]. Group 2: Market Dynamics and Economic Factors - The global economic instability has led to a shift in consumer preferences towards cost-effective options, with 53.6% of consumers perceiving current prices as "high" [28]. - The consumer sentiment report indicates a decline in the consumption willingness index, suggesting a growing market for affordable yet appealing products [28]. - The luxury market is being redefined by younger consumers who prioritize personalization, cultural identity, and sustainability over mere brand recognition [29]. Group 3: Legal Implications and Brand Protection - The rise of parody brands poses potential legal challenges regarding intellectual property rights, as seen in Ralph Lauren's ongoing litigation against counterfeiters [36][38]. - The recent court ruling affirmed Ralph Lauren's "POLO" trademark as a well-known brand, leading to significant penalties for infringers [38]. - The article warns that while parody brands may achieve short-term success, they risk legal repercussions and consumer abandonment without original creative backing [38].

Core Insights - Consumption is the main engine driving economic growth, with a shift towards high-quality consumption, particularly among younger consumers who value emotional experiences [1] - Shenyang has developed unique strategies to engage young consumers through diverse emotional value offerings, including various cultural and entertainment events [1][3] Group 1: Emotional Consumption and Cultural Events - Young consumers are increasingly prioritizing emotional value in their purchasing decisions, moving from functional to emotional consumption [1] - Shenyang has successfully attracted young consumers by hosting events like comedy weeks, music festivals, and sports events, creating a vibrant cultural scene [1][3] - The city leverages "first launch economy" and "event economy" to enhance consumer engagement and drive spending [3][5] Group 2: Entertainment and Experience Economy - Shenyang's immersive experiences, such as interactive theater, have proven popular, with high ticket sales indicating strong demand for unique entertainment [4] - The city hosts numerous music and theatrical performances throughout the year, contributing to a robust entertainment economy [4][5] - Sports events also play a significant role in boosting local consumption, with various competitions attracting large audiences and increasing spending in surrounding areas [5][6] Group 3: Innovative Consumption Strategies - Shenyang's "ticket root economy" allows consumers to benefit from discounts and offers based on event tickets, enhancing the overall consumer experience [11][12] - The city has implemented measures to improve the shopping experience for international tourists, including a streamlined tax refund process [12][13] - Local businesses are encouraged to focus on emotional value and unique experiences to attract and retain younger consumers [8][9] Group 4: Cultural and Trendy Consumption - The rise of "Guochao" (national trend) products reflects a growing appreciation for local culture and heritage among young consumers, with significant sales growth in related sectors [10][9] - Shenyang's diverse culinary scene, including local delicacies and cultural dining experiences, has become a key attraction for both residents and tourists [8][9] - The city is actively promoting its unique cultural identity, which resonates with younger consumers seeking authentic experiences [7][10]

Core Insights - Emotional consumption is becoming a rigid demand among consumers, with over 90% of young people recognizing "emotional value" and nearly 60% willing to pay for it [1][4][6] Group 1: Market Trends - Emotional consumption, defined as consumer behavior aimed at obtaining emotional value, is rapidly rising as a new consumption form, driven by the acceleration of digitalization and fast-paced lifestyles [4][5] - The growth of emotional consumption reflects a societal shift from material accumulation to spiritual enrichment, with over 60% of consumers believing that spending helps relieve stress [4][9] - The market for emotional consumption is expanding, with over 3,700 patents related to "emotion" currently registered, indicating increased corporate focus on emotional value [3][5] Group 2: Consumer Demographics - The Z generation (born between 1995 and 2009) constitutes a significant portion of the consumer base, with over 70% of the 500 million users in the broader subculture market belonging to this group [6] - Consumers aged 26 to 30 show a growing preference for emotional support services, while older adults are also engaging in emotional consumption through cultural and wellness products, creating a multi-generational consumer landscape [6][7] Group 3: Industry Innovations - New consumption scenarios are emerging, such as "theater-style shopping" and unique experiential spaces that blend shopping with emotional experiences, leading to increased foot traffic and consumer engagement [6][7] - Companies are innovating to create emotional consumption experiences, with examples like Tianjin's Henglong Plaza and Shanghai's Bailing Mall implementing creative concepts to enhance customer interaction [6][7] Group 4: Challenges and Regulations - The emotional consumption sector is still in its early stages, lacking clear industry standards and regulations, which has led to issues such as low-quality products and impulsive buying behaviors among consumers [8][9] - There is a pressing need for industry standards to be established, including service content, personnel qualifications, and platform operation rules, to mitigate risks associated with emotional consumption [8][9]

Core Insights - The article highlights the dynamic changes in consumer behavior and market trends during the October "Golden Week," with an average of 2 million people traveling abroad daily, indicating a robust tourism economy [3][5]. - It discusses various companies and sectors, including the tech industry, automotive collaborations, and the evolving landscape of consumer goods, showcasing innovative business strategies and market shifts [3][5]. Group 1: Tourism and Consumer Behavior - The "Golden Week" saw an average of 2 million people traveling abroad daily, raising questions about their destinations [3][5]. - There is a notable shift in consumer preferences on trains, with instant noodles being replaced by cultural creative ice cream, reflecting a broader trend in consumption [3][5]. Group 2: Technology and Investment - Saudi Arabia is investing heavily, with plans to spend hundreds of billions to reshape the global computing market, aiming to discover profitable technology strategies [3][5]. - The release of "Sora 2" raises questions about its potential impact on various industries, whether as a tool, toy, or industry disruptor [3][5]. Group 3: Corporate Developments - Kweichow Moutai has seen significant leadership changes, with six chairmen in seven years, raising concerns about its future direction under new leadership [3][5]. - JD.com is collaborating with GAC and CATL to innovate in the automotive sector, indicating a strategic shift in car sales logic [3][5]. - Ren Yuanlin, known as the "shipping king," is leveraging 3.3 billion to engage with the 69.5 billion yuan Shanshan Group, showcasing a significant financial maneuver in the capital market [3][5]. Group 4: Youth and Consumption Trends - The report on "95后" (post-95 generation) highlights new emotional consumption trends among young consumers, indicating a shift in market dynamics [3][5]. - The rental economy is gaining traction, with innovative ideas such as renting wedding photography equipment and food preparation machines becoming popular among young entrepreneurs [3][5].

Group 1 - The core viewpoint of the articles emphasizes the transformation of consumer behavior in China, shifting from demand-driven to supply-driven innovation, highlighting the importance of emotional consumption in driving market growth [3][4][11] - The latest data indicates that China's total retail sales of consumer goods reached 36.59 trillion yuan in the first three quarters of this year, with a year-on-year growth of 4.5%, and the annual total is expected to exceed 50 trillion yuan [2][3] - The concept of "emotional consumption" is emerging as a significant trend, with younger generations (post-90s and post-00s) leading this shift towards experiences that provide emotional satisfaction [5][6][11] Group 2 - China Construction Bank (CCB) is actively participating in the "expanding domestic demand and promoting consumption" initiative by providing tailored financial services to stimulate consumption growth [4][10][11] - CCB has introduced various financial products, such as "homestay loans" and "agricultural commercial loans," to support local businesses and enhance their operational capabilities [10][11] - The bank's innovative approach includes the "Financial Deputy Village Head" mechanism, which connects villagers with financial services, demonstrating a commitment to community development [10][11] Group 3 - The "Su Xin Consumption" platform in Jiangsu province exemplifies CCB's efforts to facilitate consumer access to subsidies and streamline the purchasing process, enhancing the overall consumer experience [12][14][15] - By integrating multiple payment methods and subsidy channels, the platform has significantly improved user convenience and engagement, leading to increased consumer spending [14][15] - CCB's initiatives have resulted in substantial economic impacts, with Jiangsu province's retail sales reaching 34,788.3 billion yuan in the first three quarters, reflecting a year-on-year growth of 4.2% [16][18] Group 4 - CCB's focus on creating a sustainable value ecosystem through its platforms allows for better engagement with diverse consumer needs, positioning the bank as a key player in the financial landscape [18][23] - The bank's commitment to enhancing consumer experiences and supporting local businesses has led to significant growth in personal consumption loans, with a balance of 6,527 billion yuan and an increase of nearly 1,250 billion yuan this year [22][24] - The collaborative model involving government, banks, and businesses has effectively activated consumer spending, demonstrating the multiplier effect of policy initiatives [16][23]

Group 1 - The core viewpoint of the articles highlights a significant shift in the consumption behavior of the "Z generation," who are increasingly prioritizing experiences and services over traditional material goods during the "Double 11" shopping festival [1][2][3] - Travel-related consumption, including "bundled flight and hotel products" and travel packages, accounts for 36.9% of the emotional consumption landscape among young consumers, making it the most popular category [2] - The willingness of the "Z generation" to spend on experiences, such as travel and immersive entertainment, reflects a strong drive towards "self-pleasure" and "experience-first" consumption philosophies [2][3] Group 2 - The report indicates that nearly 40% of young consumers have increased their "Double 11" budget compared to the previous year, with a combined total of nearly 80% maintaining or increasing their spending plans, which supports the growth of experience-based consumption [2] - The participation rate of the "Z generation" in major promotional events like "Double 11" has risen to 93.1% in 2025, indicating that such events have become deeply integrated into their lifestyle [3] - The "Z generation" exhibits a complex mindset of both enthusiasm and rationality, with nearly 40% of consumers being cautious about "the lowest prices of the year," opting to verify deals themselves, which leads to a preference for high-value experience products with clear discounts [3]

Core Viewpoint - The National Medical Products Administration has issued opinions to deepen cosmetic regulation reform and promote high-quality industry development, emphasizing increased support for the industry and fostering a favorable innovation environment [1] Industry Summary - The cosmetic industry is expected to face intensified competition starting in 2025, with challenges such as weak overall demand, diminishing traffic dividends, and high costs. However, some companies and brands are achieving high growth by leveraging their differentiated advantages [1] - The rise of the "beauty economy" and self-care trends has led consumers to purchase functional skincare products, domestic trendy cosmetics, and home fragrances for emotional healing, indicating investment opportunities in the beauty sector driven by "emotional consumption" [1] Company Summary - Companies focusing on high-growth segments within the beauty industry, particularly those that continuously iterate their capabilities, are recommended for investment as domestic brands gain momentum [1] - The high-end beauty market is becoming increasingly scarce, with the potential for domestic high-end beauty brands to rise [1] - The personal care and household cleaning sectors are flourishing, driven by both rigid demand and upgraded experiences [1]