博时基金权益投资四部基金经理 王诗瑶 三是下沉市场潜力释放，高性价比国货品牌通过供应链优化覆盖低线城市，部分行业和公司实现高增 长。 从趋势上来看，新消费与传统消费（如白酒、家电）投资逻辑差异主要体现在以下方面。 最近一段时间，LABUBU全球爆火，占领各大社交和媒体平台，新消费时代已然到来。 博时基金权益投资四部基金经理王诗瑶在接受媒体采访时表示，新消费指基于新技术、新业态形成的消 费行为，主要包括智能家电、潮流玩具、美妆护肤、宠物经济、即时零售、茶饮等，核心特征是数字 化、绿色化、情绪价值导向。 她认为，2025年，新消费上涨主因有以下三方面。 一是政策与技术双轮驱动，国家推动"以旧换新"政策及AI、大数据技术应用，加速线上线下融合； 二是消费升级需求，Z世代追求个性化、悦己体验，推动潮玩、宠物经济、玄学消费等情绪价值赛道爆 发； 首先，在驱动逻辑方面，新消费以"情绪价值"和"供给创造需求"为核心，满足Z世代悦己、社交需求 （如泡泡玛特盲盒、蜜雪冰城性价比）；传统消费依赖物质需求（如白酒、家电）与人口红利。 其次，在估值方法方面，新消费高成长性支撑高估值，传统消费锚定稳定现金流与股息率。 第三，在风险特征 ...

文｜《好博会》报道组 闫妍 【期数】 No.38 【人物】私服高定创始人 高晓娜 但转型之路也不是一帆风顺。 【 TA 说】我曾自掏腰包购买近 30 家网店产品，结果触目惊心：他们所谓的香云纱，甚至一根真丝都 没有，好多都是工业速成品。所以我放弃了电商，我就做小众人群，品质标准就要定得高！ "过去我收藏了数百幅西方古董版画，如今我的工作室堆满了中式的绫罗绸缎。" 在北京四环一间静谧的工作室里，新中式服装高定设计师高晓娜抚摸着由香云纱面料手工制 成的新中式服装，眼神中满是温柔与自豪。 在过去 3 年时间，高晓娜频繁往返苏杭，与非遗传承人沟通学习，她创业方向非常明确， 就是致力于将传统文化与现代设计相结合，创造出既符合现代审美又不失传统韵味的服装。 她曾发现行业一个吊诡现象："电商平台标价七八百的'香云纱'，实际成本还不够买一米真 料，他们到底是怎么控制成本的？"为了搞清楚，她自掏腰包购买近 30 家网店产品，结果 触目惊心："他们所谓的香云纱，甚至一根真丝都没有，所谓的古法制作，好多都来自工业 速成品。" 这个发现，却也让她对自己的产品更加自信。"我们每一块面料都保证是真材实料，全古法 工艺制作，手工匠人量体裁 ...

Core Insights - Jiangsu province has 38 enterprises and 7 projects listed as key cultural export entities for 2025-2026, covering various fields such as film, animation, gaming, music, and arts and crafts [1] - The province is leveraging a "traditional culture + digital technology" dual-drive model to enhance cultural exports, focusing on three innovative modes: an animation and gaming "new fleet," platform aggregation to build an ecosystem, and digital empowerment of traditional culture [1] Group 1: Animation and Gaming Cluster - Animation and gaming enterprises account for nearly half of the 38 key cultural export companies, with 18 firms primarily located in Suzhou, Wuxi, and Changzhou [2] - Wuxi has developed a complete animation and gaming industry chain, with leading companies like Wuxi Beishi participating in over 70 international films, including "Captain America: Civil War" and "Star Wars: The Force Awakens" [2] - Technological innovation is becoming the core competitive advantage for Jiangsu's animation companies, with firms like Yuanli Animation utilizing advanced systems for high-precision digital content creation [2][3] Group 2: Digital Content Industry - Suzhou Industrial Park has established a digital content industry cluster focused on gaming and animation, with notable achievements from companies like Ailuo Information and Snail Digital [3] - The immersive experience and interactivity of games serve as new cultural carriers, enhancing the international visibility of Chinese culture [3] Group 3: Platform Aggregation - The Yixing Cultural Export Promotion Platform has successfully transformed from a single exporter to a collective platform, integrating over 20 local SMEs to promote "Yixing ceramics" [4] - This platform approach reduces costs and enhances the overall impression of "Eastern aesthetics" in international markets [4] Group 4: Policy Support - Suzhou Industrial Park has implemented targeted support policies for the animation and gaming industry, providing financial incentives for award-winning original works and subsidies for participation in international events [5] - The National Cultural Trade Base in Nanjing has created a one-stop service system for cultural export enterprises, with over 600 companies registered and significant revenue growth [5] Group 5: Cultural Exchange and Innovation - Nanjing is actively expanding its international connections, having established friendly city relationships with 25 countries, facilitating cultural exchanges that benefit enterprises [6] - The integration of traditional culture with digital technology is exemplified by projects like the Jiangsu Women's Ethnic Orchestra's use of 3D holographic projection to create immersive experiences [8] Group 6: Globalization of Cultural Expression - Jiangsu enterprises are exploring ways to break cultural barriers and achieve resonance in global markets, with successful examples in both traditional and digital sectors [8][9] - The gaming industry demonstrates strong cultural transformation capabilities, with companies like Suzhou Lezhi Software and Huanta Network incorporating local cultural elements into their products [8][9]

Core Viewpoint - The series "Cang Hai Chuan" has generated significant buzz both domestically and internationally, with discussions focusing on its portrayal of human nature, intricate power dynamics, and traditional culture. The integration of intangible cultural heritage techniques into the narrative enhances the immersive experience and character development [1]. Group 1 - The show effectively weaves traditional craftsmanship into the storyline, making it a vital element rather than a superficial addition, thus enriching the narrative depth [1]. - The use of traditional techniques, such as the craftsmanship of medicinal puppetry and the mortise and tenon structure, symbolizes both urban prosperity and underlying tensions, contributing to the philosophical underpinnings of the plot [1]. - The visual presentation of the series reflects the historical aesthetics of the Song and Ming dynasties, creating a believable historical context that resonates with the audience [1]. Group 2 - The protagonist navigates various power dynamics using architectural skills and a "Chinese philosophy" that emphasizes adaptability and mastery, ultimately revealing conspiracies and upholding justice [1]. - The series intricately depicts artisans' dedication and reverence for ancient techniques, fostering a cultural identity among viewers through the aesthetic and philosophical dimensions of traditional craftsmanship [1]. - The transformation of cultural symbols into integral narrative elements showcases the potential for traditional Chinese culture to thrive in contemporary media [1].

与此同时，我们着重寻找影响世界的中国传统色印记。比如，西汉时期由西域传入的红花，不仅缔造 了"红花颜色掩千花"之色，更是随中国服饰文化传到了东亚其他国家。 近一个世纪以来，一些传统色彩日渐式微。在创作上，我们也追踪并记录下即将消失的色彩标本，让观 众了解色彩背后的历史。团队多方寻觅，辗转多个地区，最后在云南边境找到两位掌握原始染色工艺的 耄耋老人。除了她们，当地已无人知晓用于医学和工业用途的紫胶虫，原来从魏晋时期起一直用作染 色。 在拍摄过程中，我们每每被传统色打动。摄影团队以敬仰的心，把色彩呈现到极致：大量采用肩扛的方 式拍摄，让画面呈现出身临其境的沉浸感和仪式感。在镜头凝视中，用蒙太奇的影像设计，辅以沉稳不 失灵动的音乐，重现了色彩带来的丰富感受：简单的一抹红色，在光影和运动中，会让人联想到锣鼓喧 天的喜庆；多巴胺色彩的呈现，让观众感到同频的愉悦心情。 北京东五环辅路，一排黄栌绽放着一丛丛云雾般的花朵。记得去年也是这个时节，人文纪录片《寻色中 国》刚开始拍摄试片，在专家指导下，我们方才明白，一直熟视无睹身边的这些小灌木，居然曾经是用 于染色的植物。 是的，世界就是这般奇妙。镜头前，永远有未知的领域，等着我 ...

Core Viewpoint - The exhibition "The Beauty of National Colors: The Unmatched Aesthetics of Chinese Traditional Colors" at the China Haiyan Museum showcases the unique charm of traditional Chinese colors through various artifacts, emphasizing the connection between color, culture, and history [3][4]. Group 1: Exhibition Overview - The exhibition is divided into six sections based on traditional Chinese colors: "Peach Red," "Jade White," "Cinnamon Leaf," "Sandalwood," "Ultramarine," and "Ink Black," creating a visually striking and harmonious experience [3]. - Artifacts displayed include over a hundred items from different periods and regions, such as ceramics, jade, and bronze, selected for their "color stories" [3][4]. Group 2: Artifacts and Their Significance - The "Qing Blue Flower Capped Vase" is highlighted for its elegant blue and white design, reflecting the ancient artisans' skill in creating depth and layers in the patterns [4]. - The "Clear Carved Bird Pattern White Jade Pendant" is noted for its soft and pure appearance, symbolizing high moral standards and purity in traditional culture [4]. Group 3: Audience Engagement - The exhibition aims to enhance the understanding of traditional colors among younger generations, with insights from a member of the curation team who emphasizes the historical context behind the colors and artifacts [5].

Core Perspective - The article highlights how young people are integrating traditional Chinese colors from cultural relics into their daily fashion and aesthetics, thereby revitalizing and expressing Chinese traditional culture in contemporary life [1][4]. Group 1: Cultural Integration - Young individuals are inspired by cultural relics to create makeup and fashion looks, such as using the color palette from a Qing Dynasty artifact to design a makeup style [2]. - The blending of traditional colors with modern fashion allows for a "fashion dialogue" that transcends history, redefining contemporary aesthetics [2][4]. - The rich historical context of traditional colors reflects ancient Chinese philosophies and aesthetics, showcasing a deep cultural heritage [2][3]. Group 2: Modern Applications - Young people are increasingly using traditional colors in various aspects of their lives, including home decor and personal accessories, demonstrating a trend towards integrating historical aesthetics into modern living [4]. - The emergence of a new audience for traditional color language indicates a growing appreciation for the poetic names and meanings behind these colors, moving away from contemporary color trends [4]. - The article emphasizes that traditional colors, which have survived through centuries, are now being embraced by Generation Z, illustrating that what is traditional can also be fashionable [4].

本篇评级为★★★，主要围绕以下内容展开： 1、病还没好，加大药量？宏观经济和政策对冲，出现了新线索 中东以色列和伊朗的冲突尚未结束，但全球资本市场对其的反应似乎已经告一段落。今天，全球几大类 资产基本都呈现恢复性的波动，包括内地市场。我们在昨天的解读中也提到过，中东冲突打乱了大类资 产恢复的方向，但这种扰动很可能是一次性的短期冲击。同时，我们也要注意，在这种冲击之后，各类 资产可能会出现反方向的运行和恢复。今天市场的方向基本与我们昨天所聊的相符。一起看一下最新的 消息，来前瞻一下这种修复动能的持续性。 首先，从国内市场的三大逻辑线来看。第一个逻辑线是宏观经济指标的冷暖；第二个是政策上的线索是 否有增量；第三个是资金层面上的动向是否有加仓。前两个逻辑线，即宏观经济和政策，在最近这两天 是交叉运行且深度绑定的。我们一起来聊一聊。 从宏观经济来看，今天有一些新发布的数据。其中，消费数据表现不错，实现了过去近两年时间里最大 的涨幅。社会消费品零售总额的涨幅达到了6.4%，这给市场带来了一点惊喜。但我们认为，这个惊喜 主要体现在一些服务性消费或新消费领域，而不是传统消费领域。所以，今天市场上的表现非常有意 思。传统消费 ...

五虎将图谱：起底上市公司矩阵 近日，福建省工业控股集团这艘国企巨轮正式启航。这家整合了冶金、轻纺、机电三大板块的省级工业旗舰，以超1500亿元资产总额、5万余名员工的体 量，携旗下5家上市公司强势登场，总市值突破727亿元。这场牵动福建国资版图的重组，不仅改写了省属国企竞争格局，更勾勒出福建制造业转型升级的 清晰路径。 福建工控集团的诞生密码 在福建省委省政府战略部署下，福建工控集团于2025年5月27日应运而生。这家省管企业的组建绝非简单的资产相加，而是瞄准" 传统产业转型升级与战 略性新兴产业培育"的双轮驱动目标。通过将福建省冶金控股80%股权、福建省轻纺控股100%股权注入新平台，集团实现了对 钢铁、钨业、新能源、造纸 等关键领域的全产业链掌控。 掌舵人杨方的履历颇具深意：这位从电子信息产业走出的技术型管理者，曾主导宁德市产业升级，又在冶金系统历练多年。如今她带领的领导班子呈 现"老中青"梯队配置，既有深耕国企改革多年的侯孝亮，也有来自轻纺系统的黄金镖，更不乏三钢集团掌门人何天仁这样的产业实干家。这种复合型团队 配置，折射出集团"传统产业突围与新兴产业突破"的双重使命。 厦门钨业：从"家里有矿"到技术制 ...

Core Insights - The core argument is that instant retail and traditional e-commerce are not in a zero-sum game, but rather represent different branches of the broader e-commerce ecosystem, with instant retail addressing immediate consumer needs that traditional e-commerce struggles to fulfill [2][15]. Retail Evolution - The retail ecosystem has evolved from offline to online and now to instant retail, with offline retail still holding a significant market share of over 60% in China's retail market, projected to reach 47.14 trillion yuan in 2024 [3]. - Traditional e-commerce has reshaped the retail landscape over the past two decades, with a market size exceeding 15 trillion yuan by the end of 2024, focusing on planned purchases and price advantages [5]. Instant Retail Growth - Instant retail has rapidly gained traction, with a market size of 650 billion yuan in 2023, expected to surpass 1 trillion yuan by 2025, driven by platforms like Meituan and JD [6]. - It addresses immediate consumer needs, such as urgent grocery items or medicines, filling a gap left by traditional retail in terms of timely response [6][12]. Complementary Nature - Instant retail focuses on immediate needs, while traditional e-commerce targets planned purchases, creating a complementary relationship rather than a competitive one [7][8]. - The supply chain for traditional e-commerce relies on national logistics networks, while instant retail utilizes local stores and warehouses to meet high-frequency, urgent demands [9]. Market Dynamics - As of 2024, instant retail's market size is approximately 800 billion yuan, indicating it is still in its growth phase compared to traditional e-commerce and offline retail [12]. - The future growth of instant retail will involve integrating with traditional e-commerce and offline retail, enhancing service offerings to meet both planned and immediate consumer needs [13][14]. Future Outlook - The long-term market structure is expected to stabilize into a "three-way split," with offline retail focusing on experiential shopping, traditional e-commerce on planned purchases, and instant retail on urgent needs, each serving distinct consumer demands [14][15]. - The evolution of the retail ecosystem will be characterized by digital integration, allowing for a more seamless consumer experience across different retail formats [15].