（文/孙梅欣 编辑/张广凯） 当房地产行业发展的传统逻辑已被颠覆，全新的行业发展格局下，龙头房企纷纷努力探索新发展模式，构建起更平衡的业务组合。 经过过往的实践，龙湖在新模式上的探索已走在前列。在2024年，龙湖的经营性业务收入对集团整体收入贡献占比达到21%，已成为公司营收的重要来源和 利润的主要支撑点。 7月15日，龙湖集团发布了1-6月的业绩公告，今年上半年，龙湖由运营及服务业务组成的经营性收入约141.5亿元（含税），保持稳健增长，其中，由商业 投资、资产管理组成的运营业务亦持续向好，上半年实现收入约75亿元。 商业投资业务是龙湖最具标志性的业务之一。早在20余年前，龙湖集团就以前瞻性的视角，将商业地产作为重点发展的方向。截至今年上半年末，龙湖商业 已累计开业90座购物中心，期末整体出租率保持在96.6%的行业高位，1-6月的营业额同比实现了超20%的增长，日均客流同比增长超过9%，体量与质量均 位于行业头部。 如今，作为零售行业的重要载体，这份资产正发挥更大的意义。尤其是过去2年，在全社会"促消费、稳经济"的发展重心，以及人们对情绪消费的追求下， 消费零售需求攀升，线下商业体也迎来体量、运营、场景的 ...

Core Viewpoint - Longfor Group (00960) is navigating the real estate downturn by adopting a differentiated "long-termism" approach, focusing on high-quality development and steady growth across multiple business channels [1] Group 1: Business Performance - In the first half of 2025, Longfor Group's operating revenue was approximately 14.15 billion yuan (including tax), with operational business revenue around 7.5 billion yuan and service business revenue about 6.65 billion yuan, all showing varying levels of growth [1] - Longfor Group achieved a net profit of 10.401 billion yuan for shareholders in 2024, distinguishing itself as one of the few companies to report profitability amid significant losses in the industry [1] - The contribution of operational business to total revenue increased to 21% in 2024, becoming a major source of income and profit for Longfor [1] Group 2: Operational Strategy - Longfor's operational and service business segments are seen as the core of future growth, with management aiming to establish absolute competitive advantages in four key areas [3] - The commercial segment of Longfor's operational business has introduced a new tiered product system, showcasing differentiated project advantages through "city-level, regional-level, and community-level" classifications [3] Group 3: Marketing and Consumer Engagement - Longfor Commercial has successfully launched several high-traffic commercial cases, such as the Nanning Qingxiu Tianjie, which opened in May 2025 and attracted over 680,000 visitors in its first three days, generating 27.9 million yuan in revenue [5] - The "Tianjie Huansheng Festival" event during the Dragon Boat Festival saw cumulative revenue of 1.96 billion yuan over four days, with daily revenue and foot traffic increasing by 49.7% and 24.9% year-on-year, respectively [5] Group 4: Future Expansion Plans - Longfor plans to open around 10 new projects in major first- and second-tier cities such as Hangzhou, Shanghai, and Wuhan in the second half of 2025, while also continuing upgrades to existing projects [6] - As of the first half of 2025, Longfor Commercial maintained a high occupancy rate of 96.6%, with revenue and daily foot traffic both increasing by over 20% and 9% year-on-year, respectively [8] Group 5: Financial Health - Longfor Group has successfully repaid over 9 billion yuan in debts this year, demonstrating a commitment to maintaining healthy finances to support its business operations [8] - The company has achieved a balanced structure across its three main business segments—development, operation, and service—contributing to its resilience and stable profit margins [8]

天津市商务局等8部门印发《天津市推进首发经济高质量发展的若干措施》。《措施》要求，集聚专业 服务资源、强化宣传推广引流、引育结合汇聚品牌、延展产业链条、完善承载服务设施；在打造首发经 济平台方面，培育首发经济集聚区、壮大线上平台、做优活动平台、做强会展赛事演艺平台、扩大开放 平台；在优化首发经济发展环境方面，健全企业全生命周期服务体系、优化活动审批流程、加强知识产 权保护、夯实首发经济人才基础、强化组织推动。 ...

15日，天津市商务局等8部门印发的《天津市推进首发经济高质量发展的若干措施》公开发布，旨在大 力提振消费，加快城市首发经济发展。该政策包括3个方面、16条措施。在构建首发经济生态圈方面， 建立认定标准和评估体系、集聚专业服务资源、强化宣传推广引流、引育结合汇聚品牌、延展产业链 条、完善承载服务设施；在打造首发经济平台方面，培育首发经济集聚区、壮大线上平台、做优活动平 台、做强会展赛事演艺平台、扩大开放平台；在优化首发经济发展环境方面，健全企业全生命周期服务 体系、优化活动审批流程、加强知识产权保护、夯实首发经济人才基础、强化组织推动。天津市商务局 副局长王亚刚表示，该政策在总体设计上紧紧围绕构建"大消费"格局和培育建设国际消费中心城市，坚 持因地制宜和"短期引、长期育"的原则，按照政策与活动双轮驱动、载体与环境引流赋能、产业与创新 内生促进的工作思路，以标准、平台、活动、品牌、产业、环境等为着力方向，打造国际国内品牌集聚 地和培育地。(新华社) ...

Core Insights - The article highlights the significance of the "first store economy" in Beijing, particularly in the Sanlitun Taikoo Li shopping district, which has attracted over 300 high-quality flagship and first stores since 2016 [4] Group 1: First Store Economy - Sanlitun Taikoo Li serves as a key platform for the "first store economy," featuring numerous flagship stores and innovative business models [4] - The district has introduced a significant number of tax refund stores, with over 300 expected by May 2025, making it the most concentrated area for tax refund stores in Beijing [4] Group 2: Brand Highlights - The first brand featured, Tao Tao Ju, is a century-old Cantonese tea house that opened its first store in Beijing at Sanlitun Taikoo Li, designed with traditional Lingnan architectural elements [4] - GB DAVID, a high-end French leather goods brand, opened its first store in Beijing at Sanlitun Taikoo Li, offering over 1,000 products and attracting over 50% of customers from outside the local area [5] Group 3: Taxation and Support Services - The Chaoyang District Taxation Bureau has implemented a "tax service manager" model to assist first stores and innovative business models, providing tailored guidance on tax incentives [7] - The tax bureau has also streamlined tax registration and invoice application processes, significantly reducing operational costs for businesses [4][7] Group 4: Innovations in Tax Refund Services - New initiatives in tax refund services include expanding the network of refund stores, enhancing "buy and refund" services, and providing multilingual support for international tourists [8] - The establishment of bilingual service points and collaboration with customs and merchants for refund process simulations aims to facilitate a seamless experience for foreign visitors [8]

Core Viewpoint - Luzhou is transforming its consumption ecosystem by leveraging its reputation as a "Chinese Liquor City" and integrating cultural tourism with commerce to create a globally influential destination for liquor culture tourism [5][6]. Group 1: Economic Development - Luzhou's total retail sales of consumer goods reached 60.56 billion yuan from January to May, marking a year-on-year growth of 6.8%, ranking third in the province [5]. - The city is investing 1.5 billion yuan in the construction of the China Baijiu Museum, which aims to enhance the city's appeal and extend visitor stay [5]. Group 2: Tourism and Cultural Integration - Luzhou is focusing on deepening the integration of culture, tourism, and commerce, aiming to create a leisure vacation area and a vibrant health zone [5]. - The city plans to develop themed commercial districts and enhance the night-time economy by promoting the "Night Tour of the Two Rivers" brand [5][6]. Group 3: Consumer Experience Enhancement - Luzhou is introducing diverse consumption experiences, such as immersive liquor culture tours and themed food festivals, to attract more visitors [6]. - The city is also developing outdoor sports and cultural events to boost local tourism and consumer engagement [6]. Group 4: Policy and Infrastructure Support - Luzhou's government is set to implement 19 policies aimed at enhancing consumer experiences and supporting local businesses, focusing on performance in entertainment, first-store economy, and consumer incentives [6]. - The Luzhou Wanxianghui shopping center has introduced over 80 first stores in the region, maintaining a high percentage of new brands to attract younger consumers [6].

走进上海南京东路的百联ZX创趣场，仿佛穿越"次元壁"，瞬间被拉入全新时空。动漫商店前购物者排 长龙，年轻人在不同IP场景前拍照，大屏共创等活动吸引众多观众…… 如今的热闹，源自"老字号"商场的深度转型。因传统百货业态式微，原来的商厦迈出"爆改"之路，通过 吸引首店入驻、专业运营等方式，打造出全国首座聚焦次元文化的商业体。一名负责人说，创趣场"开 业18个月，累计客流超1500万人次，销售额超5亿元"。亮眼成绩，展现了首发经济的活力潜力。 从首店、首展到首秀，首发经济日渐成势。但是，实践中也暴露出滥用"首"字招牌、比拼开店数量、同 质化竞争、可持续性不足等问题。一些从业者坦言，"首发"变"长发"，必须"新"在当前、着眼长远。这 就要求更加尊重发展规律，强化政策引导、规范市场秩序、塑造持久品牌，构建起长效机制。 首发经济因"新"而红，对市场来说新在业态，对地方而言新在机遇。但越是机遇大、前景好，越要避免 一哄而上。做好分层定位，推动梯度化发展至关重要。一方面可以发挥资源整合能力。例如，上海依托 进博会，试点"保税展示+首发预售"模式，降低跨国品牌试水成本；广东深圳利用供应链优势，打造硬 科技首发基地，聚焦智能穿戴 ...

Core Viewpoint - Chengdu has launched a new cultural tourism consumption brand "Park City · Happy Chengdu" to enhance its competitiveness in the cultural, commercial, tourism, and sports sectors, signaling a strategic push for integrated development in these areas [1][2][3] Group 1: Brand Development - The brand "Park City · Happy Chengdu" aims to leverage Chengdu's cultural heritage, commercial strength, and tourism potential, with the city being one of the seven trillion-yuan consumption cities in China [2][3] - Chengdu's cultural industry is rapidly developing, exemplified by the success of the "Nezha" film series, while the city ranks third nationally in the number of Black Pearl restaurants and fifth in Michelin-starred restaurants [2] - In the first half of this year, Chengdu received over 160 million tourists and hosted more than 14,000 commercial performances, generating a comprehensive consumption of 3.15 billion yuan from performance tickets [2] Group 2: Integration and Government Role - The integration of culture, commerce, tourism, and sports is expected to enhance investment efficiency and consumer potential, with a projected multiplier effect of 3-5 times on related industries [3] - The government plays a crucial role as a planner, resource integrator, and environment creator, ensuring coordinated development and optimizing resource allocation across sectors [4] Group 3: Technological and Structural Support - Chengdu plans to strengthen technological support by exploring the integration of cultural and technological industries, focusing on innovations in artificial intelligence and the metaverse [5][6] - The city aims to enhance its investment and financing systems to support the integration of cultural, commercial, tourism, and sports sectors, while also improving talent development in these areas [6] Group 4: Consumer Market Dynamics - In the first half of 2025, Chengdu's consumer market showed simultaneous growth in scale and quality, driven by the introduction of new international brands and various events [7] - The city has become a significant destination for cultural tourism consumption, with innovative consumption scenarios extending visitor stays and boosting overnight spending [7] Group 5: Internationalization and High-End Consumption - Chengdu aims to enhance its international consumption capacity by attracting international brand flagship stores and improving the global recognition of local brands [9] - The city is focused on optimizing services for international visitors, enhancing high-end customized services, and enriching the high-end consumption supply system to meet diverse global consumer needs [9]

新华财经成都7月13日电（记者袁波）记者从成都市商务局获悉，成都将深入实施首发经济发展三年行 动计划，计划今年引进首店800家以上，加快构建首发经济产业链。 创新消费模式方面，成都将深入实施首发经济发展三年行动计划，计划今年引进首店800家以上，落地 高能级首发首秀首展首演等活动200场以上，加快构建首发经济产业链；大力发展票根经济，拓展成德 眉资绵"票根经济"联盟，加强成渝双城票根权益互认互通，以"赛演展会"一张小票根串连"吃住游购 娱"全链条体验；创新发展数字消费，支持各类消费场景引入人工智能、人形机器人等新兴服务。成都 将以推动"蓉品蓉企出川出海"为契机拓展国际国内市场，以文商旅体深度融合促进内外贸一体化发展， 优化离境退税办理流程，布局更多离境退税"即买即退"商店。 近日召开的中共成都市委十四届七次全会强调，要建设城市消费地标、发展更具显示度的特色商业。成 都将推出哪些举措完成上述目标？ （文章来源：新华财经） 成都市商务局党组书记邱长宝介绍，优化消费空间方面，成都将构建重点商圈、商业街区、特色小镇及 特色消费场景四级体系，大力实施商圈提能升级行动，加快建设春熙路、交子公园等四个世界级商圈， 推动宽窄 ...

Core Viewpoint - The establishment of the first Pop Mart flagship store in Chengdu signifies recognition of the city's trendy atmosphere and consumer strength, aligning with the city's strategy to enhance its commercial landscape through the "first launch economy" [1] Group 1: First Launch Economy - Chengdu's municipal government aims to develop distinctive commercial features and has set a target to introduce over 800 first stores this year, with a cumulative total of 6,500 by the end of 2027 [4] - The city has already welcomed 285 first stores in the first five months of this year, continuing a trend of positive growth since 2019, with over 4,000 first stores established [2] Group 2: Consumer Behavior and Market Trends - Chengdu's retail sales reached 3,644.6 billion yuan in the first four months of 2025, showing a year-on-year growth of 6.1%, indicating effective consumer stimulation measures [5] - Consumers are increasingly willing to spend on products and services that provide happiness, novelty, and health benefits, despite economic pressures leading to reduced spending on non-essential items [5] - The trend of "emotional value" in consumer purchases is highlighted by brands like LABUBU, which leverage scarcity and psychological triggers to drive repeat purchases, indicating a shift towards experiential and emotional engagement in retail [7]