Core Insights - Zhongxing Commercial (000715) demonstrated robust growth with a year-on-year increase in net profit attributable to shareholders and net profit excluding non-recurring items of 32.34% and 66.89% respectively in Q1 2025, indicating excellent overall financial health [1] - The successful mixed-ownership reform in April 2019, with Liaoning Fangda Group (000055) becoming the largest shareholder, has injected new vitality into the company, marking a new chapter in high-quality development [1] - The company has adopted innovative marketing strategies, including cultural marketing activities, to enhance consumer engagement and adapt to market changes [1] Financial Performance - Compared to 2018, total assets increased by 489 million yuan, a growth of 23%; total profit rose by 14.83 million yuan, a growth of 12%; net profit increased by 10.18 million yuan, a growth of 11%; and the debt-to-asset ratio decreased by 10.49 percentage points [1] - In Q1 2025, the cumulative welfare expenditure since the mixed reform exceeded 130 million yuan, benefiting nearly 2,700 family members of employees [3] Digital Transformation - Zhongxing Commercial has successfully integrated online and offline channels, launching the "Zhongxing Building+" mini-program in 2019 and pioneering Douyin e-commerce live streaming in 2022, leading to an 18% year-on-year increase in mini-program membership and an 11% increase in online transaction volume in 2024 [2] Market Expansion - The opening of the Shenyang Zhongxing Dinosaur Museum is part of the company's strategy to capture the "first economy," with 77 new stores and 33 national flagship stores established in popular sectors, enhancing brand strength and customer appeal [3] Employee Welfare - The company has developed a comprehensive employee welfare system covering all life stages, including bonuses, medical assistance, and retirement benefits, ensuring that employees and their families feel secure and supported [3]

Group 1: Core Insights - Tianjin is launching over 400 unique activities to stimulate high-quality holiday consumption during the upcoming "May Day" holiday [1] - The city is implementing a comprehensive set of measures to boost consumption, including policies for trade-in programs, enhancing retail innovation, and developing an international consumption center [2][4] - The local government aims to create a "big consumption" framework to enhance consumer confidence and stimulate economic growth [4] Group 2: Consumption Initiatives - A recent event in Tianjin facilitated connections between foreign trade enterprises and domestic sales channels, showcasing products and signing agreements to promote local goods [2] - The action plan includes 16 key tasks focused on expanding and upgrading goods consumption, releasing service consumption potential, and improving productive consumption [4] - The city has seen significant uptake of trade-in subsidies, with nearly 35,000 applications for vehicle trade-ins and over 50,000 for home appliances, injecting billions into the local economy [6] Group 3: New Economic Trends - The "first-store economy" is emerging as a new highlight in Tianjin's consumption landscape, with several international brands opening their first stores in the city [7][9] - The government is actively promoting policies to support the first-store economy, aiming to attract both domestic and international brands [9] - New consumption experiences are being created through innovative events and activities, enhancing the overall shopping experience for residents and tourists [10][12] Group 4: Tourism and Cultural Integration - Tianjin is focusing on integrating commerce and tourism, with new cultural and entertainment experiences designed to attract visitors and enhance local consumption [12][15] - Recent statistics show a growth in domestic tourism, with over 6 million visitors in the first quarter, indicating a strong recovery in the tourism sector [12] - The city is enhancing its service offerings at the international cruise port to further stimulate tourist spending [12]

Group 1 - The event in Pingxiang aims to boost consumer spending and features over 70 domestic and international brands, marking a significant step in revitalizing the local economy [1][2] - The local government has set a target for a 5% increase in retail sales for 2024, which is above the provincial average, and has allocated 169 million yuan for a trade-in program expected to generate 1.098 billion yuan in consumption [2][4] - The introduction of new shopping experiences, including local delicacies and cultural heritage products, is designed to attract consumers and enhance the shopping environment [4][6] Group 2 - The Ganshan Border Outlet Digital Life City encompasses ten business formats, including retail, entertainment, and dining, with over 70 well-known brands already operational [6][8] - The local government is promoting a "first-store economy" and plans to establish a brand incubation mechanism to foster local brands and enhance the integration of culture and tourism [8][10] - New initiatives such as night markets and mobile coffee bars are being introduced to engage younger consumers and stimulate the night economy [7][10]

Core Insights - Nanjing's first-store economy is thriving, with over 80 new brand stores introduced in the first quarter of this year, indicating a positive trend in the city's economic development [12][14] - The emergence of various first stores, including national, East China, and Jiangsu first stores, is enhancing consumer experiences and driving consumption upgrades in Nanjing [12][14] Group 1: First Store Economy - The first-store economy in Nanjing is gaining momentum, with nearly 30 stores being firsts for Jiangsu and above, contributing to a robust consumer market [14] - The introduction of first stores is seen as a strategy to tap into the vast potential of the consumer market, driving innovation and upgrading industries [14] Group 2: Consumer Experience - Nanjing's new retail landscape features unique experiences, such as the Zara flagship store with innovative elements like a self-service vending machine and a coffee concept store [3] - The JD Mall in Nanjing offers over 30 themed areas and 200 well-known brands, creating diverse consumer experiences [12] Group 3: Commercial Development - Major commercial centers in Nanjing, such as Deji Plaza and Golden Eagle Center, are witnessing a surge in first stores, indicating a revitalization of old shopping districts and the emergence of new ones [13] - Upcoming commercial projects are expected to further enhance the first-store effect, contributing to the city's economic growth [14]

Core Insights - The article highlights the vibrant consumer activity in Chengdu during the "May Day" holiday, showcasing a surge in new product launches and store openings, contributing to a "first-release economy" that enhances the shopping experience for residents and tourists [1][3][5] Group 1: New Store Openings and Product Launches - JD MALL's first store in Sichuan has become a new consumer landmark, attracting over 200,000 visitors since its opening on April 18, with significant foot traffic during the holiday [5] - The store features a 40,000 square meter immersive experience space and hosts multiple product launch events for brands like Bosch, TCL, Samsung, Siemens, and OPPO during the "May Day" period [5][7] - The main consumer products during this holiday are home appliances, including refrigerators, washing machines, air conditioners, and televisions, with a notable increase in customer traffic exceeding 20,000 by 5 PM on the first day [5][9] Group 2: Cultural and Experiential Events - The "May Day" holiday also saw the debut of the "Global Super Model Competition" in Chengdu, attracting over 20,000 attendees and merging historical industrial sites with modern fashion expressions [7][9] - The "Garfield Family: Fantastic Adventure - Immersive Theater" exhibition opened in Chengdu, offering a unique cultural experience that combines immersive storytelling with themed food and merchandise [11][13] - Various cultural activities, such as the "Spring Breeze" event and the pet food festival, were organized across Chengdu's commercial districts, enhancing the city's appeal as a vibrant consumer destination [15][16] Group 3: Market Potential and Future Plans - The article emphasizes Chengdu's potential to reshape the global fashion landscape due to its unique cultural characteristics, favorable policies, and robust infrastructure [9] - Brands are planning to expand their presence in Chengdu, with intentions to open 5-6 additional stores in the region, capitalizing on the city's youthful consumer base and growing retail sales [13]

首店经济是首发经济的重要组成部分，有利于创造消费热点、激发消费热 情、彰显创新能力。笔者近期调研了上海首店经济的发展状况，感受到了 优质门店带来的精彩卖场呈现、旺盛客流量、创新货品组合、与众不同的 购物体验。展望未来，看好线下零售渠道的高质量发展趋势，市场份额将 向优势商圈、创新店铺集中，首店经济也将助力各地消费市场的繁荣。 首店经济：首发经济的重要组成部分 文/中国国际金融股份有限公司研究部董事总经理 郭海燕 ，中国国际金融股份有 限公司研究部研究助理 庄铭楷 ，中国国际金融股份有限公司研究部副总经理 周 彭 2024年7月21日，党的二十届三中全会审议通过了《中共中央关于进一步全面深化改革、推进中国式现代化的决定》（以下简称《决定》），其中针对"构建 全国统一大市场"进行了系统规划，并提及"积极推进首发经济"。同年，中央经济工作会议将提振消费作为2025年的首要任务，并明确指出要"积极发展首发 经济"。 "首发经济"的内涵丰富，发轫于"首店经济"，从全链路强调企业创新。根据《决定》辅导读本，首发经济是指"企业发布新产品，推出新业态、新模式、新 服务、新技术，开设首店等经济活动的总称，涵盖了企业从产品或服务 ...

Group 1 - The 2025 Bridge Music Festival is a significant cultural event in Tianjin, showcasing a blend of traditional and modern performances, enhancing the city's cultural atmosphere and tourism appeal [2][4] - The Tianjin Cultural and Tourism Bureau emphasizes the integration of culture, tourism, and commerce to drive consumer upgrades, reflecting the city's cultural essence [2][3] - Tianjin's Tsingwan Square is positioned as a "city living room," attracting over 2 million visitors from the Beijing-Tianjin-Hebei region in 2024 through various cultural and sporting events [3][9] Group 2 - The immersive experience of the first interactive crosstalk venue, "Encounter Crosstalk Society," adds vitality to Tsingwan Square's economy, blending traditional art with modern engagement [6][7] - Tsingwan Square aims to enhance its cultural offerings by transforming its space into a dynamic cultural container, promoting a series of events that highlight Tianjin's diverse cultural charm [7][9] - The "Tianjin Eye" Ferris wheel project achieved record revenues exceeding 90 million yuan and welcomed over 1.1 million visitors in 2024, showcasing the area's tourism potential [10][12] Group 3 - The Ancient Culture Street in Tianjin recorded a visitor count of 13.5 million in 2024, highlighting the successful fusion of traditional culture and modern trends [13][15] - The Mudman Zhang family business has seen a 40% increase in visitor numbers and significant revenue growth, driven by innovative cultural products and experiences [15][18] - The Yangliuqing Painting Society is leveraging e-commerce and collaborations with cultural IPs to attract younger consumers, enhancing the reach of traditional crafts [17] Group 4 - In 2024, Tianjin received 260 million domestic tourists, generating 293 billion yuan in tourism revenue, marking a year-on-year growth of 10.9% and 32.3% respectively [17] - The online tourism sector in Tianjin reported 28.1 million total visitors and a transaction volume of 4.66 billion yuan in the first quarter of 2025, indicating a strong recovery and growth in tourism [17] - The surge in inbound tourism orders during the "May Day" holiday, with a 250% year-on-year increase, is expected to further boost international consumption in Tianjin [17]

Core Viewpoint - The article highlights the upcoming "May Day" holiday in Chongqing, where the Yuzhong District is leveraging "first-release economy" to host a series of international and domestic brand exhibitions, creative theme shows, and immersive experiences, aiming to create a cultural and consumption boom in the city [1]. Group 1: Major Exhibitions and Events - The "teamLab FuturePark" exhibition, recognized as one of the "Top 10 Must-See Exhibitions Worldwide," will debut in Chongqing at the Metropolitan Oriental Plaza, showcasing interactive digital art experiences [1]. - The "Digimon: Forever Youth" immersive theme exhibition at Longfor Chongqing Times Square features nostalgic elements, including original artwork and iconic scenes from the series, appealing to fans of the franchise [3][4]. - Various unique exhibitions are being held in Yuzhong, such as the "Spring Echo" themed exhibition curated by Chen Tianci, which showcases rare personal artifacts of the literary icon San Mao [5]. Group 2: Local Cultural Expressions and Innovations - The "Xumi Country" photography exhibition by local artist Dai Xiaobing presents over 70 previously unopened caves of the Dazu Rock Carvings, emphasizing the cultural heritage of Chongqing [5]. - The "ROLLIN' WILD" exhibition introduces a large-scale IP exhibit and themed amusement areas, aiming to convert virtual traffic into physical consumption [5]. - The "Chongqing Boy" participatory exhibition explores the local spirit through interactive and co-creative experiences, blending modern and traditional cultural elements [5]. Group 3: Brand Launches and Fashion Events - Several brand launches are scheduled around the "May Day" holiday, including a fashion show by Chongqing Department Store in collaboration with Bi Yin Le Fen, and exclusive product releases from Air Jordan and other brands [6]. - The Chongqing business committee emphasizes that these first releases and exhibitions not only enhance consumer experiences but also contribute to the upgrade of shopping districts and the quality of consumption [6].

Group 1 - The "first store" economy is becoming a key driver for consumer market growth in the Yangtze River Delta region, with various new retail formats and experiences attracting young consumers [1][2] - Major retail openings include JD's first immersive shopping center in Nanjing, Su Ning's Max store, and ALDI's first stores in Jiangsu, indicating a trend of new retail formats [1][2] - The JD Mall in Nanjing has achieved significant sales, with over 1.5 billion RMB in transactions during its trial period and a cumulative sales figure exceeding 3.3 billion RMB since opening [1] Group 2 - The "first launch" economy encompasses a full-chain industrial ecosystem, enhancing regional commercial vitality, consumption power, and brand image [2] - The Yangtze River Delta is leveraging the "first launch" economy to reshape its industrial landscape, integrating local特色产业 to accelerate urban-rural integration [2] - Shanghai is promoting the "First Launch Shanghai" initiative to enhance the quality of consumer goods and activities, positioning the first launch economy as a new city brand [2]

东华里商业街区 图片来源：成都市青羊区提供 首发的不止南翔馒头店。"蜀锦台"成都首店、"东方仙苑"成都首店、"杨麻辣茶馆串串"西南首店、"蜀 游记"成都首店等多家首店集中亮相，以满足消费者多元需求、提升城市商业活力。 4月11日，"2025成都首发季"正式启动，并同步发布《成都市推动首发经济发展三年行动计划（2025— 2027年）》，提出要通过实施新品首发攻坚、各类首店引育、活动矩阵打造、特色载体营建、营商环境 提升五大首发行动，全方位优化首发经济发展生态。 "'首字招牌'是提振消费、繁荣市场的重要引擎。"青羊区商务局相关负责人表示，将依托核心商圈和商 业载体，引聚国际化品牌入驻开设首店、旗舰店、概念店，并支持其首发首秀活动落地，提升首发经济 影响力，为城市发展注入澎湃动力。 街区以餐饮业态为基底，汇聚"南翔馒头店""杨麻辣茶馆串串""蜀锦台"等知名餐饮品牌，同时引入创新 元素，打破传统商业街区的单一模式。据东华里项目负责人钟恒介绍，项目方还在现场设有古风非遗游 戏体验区，让游客在游玩中感受传统文化的魅力。 开业当天，南翔馒头店西南首店成为焦点。豫园股份（600655）合伙人、豫园文化饮食集团联席总裁杨 炯 ...