会上的报告中提到，上城下一个五年经济社会发展的总目标——"独具韵味的国际化现代化共同富裕典 范城区建设取得决定性进展，在建设世界一流的社会主义现代化国际大都市中成为'最杭州'的窗口示 范"。 消费升级是上城区"十五五"时期的另一重要突破口。报告提出，将重点培育首发经济、银发经济、赛事 经济、情绪消费、国潮消费等新业态新模式，探索服装专业市场向国际旅游打卡地转型等创新场景，打 造更多消费扩容提质的"上城路径"。 未来五年，上城区将聚焦六大关键领域精准发力，包括：以人工智能创新引领、构建上城特色现代化产 业体系；推动消费转型升级、高水平对外开放；深化"文化+"融合发展；建设现代化人民城市示范城 区；推动共同富裕优质均衡发展；打造新时代"枫桥经验"城市示范窗口。 接下来，上城区将重点推进"三圈三街"分圈分层打造，其中湖滨商圈定位为"黑科技体验街区"，钱江新 城商圈打造"国际化时尚封面"，吴山商圈塑造成"宋韵烟火体验地"，形成各具特色、错位发展的消费格 局。 上城区要纵深打造人工智能创新高地，加速落地具身智能先导区"一带一圈一集群"发展布局，健全"算 力+数据+模型+应用"协同支撑体系，让人工智能成为中央创新区的最大 ...

Group 1 - The 2025 Central Economic Work Conference prioritizes "domestic demand as the main driver, building a strong domestic market," signaling positive expectations in the capital market, particularly in the retail and food and beverage sectors [1] - Analysts note that the current domestic demand expansion policy features "income enhancement, supply optimization, and precise investment," presenting a dual opportunity for valuation recovery and performance growth in related sectors [1] - The focus of policies is shifting from traditional "stimulating consumption" to a deeper logic of "income enhancement and supply optimization," indicating that consumption opportunities will exhibit structural characteristics [1] Group 2 - The growth of service consumption is evidenced by data, with the core CPI rising by 1.2% year-on-year in November 2025, and service retail sales increasing by 5.4% in the first eleven months of 2025, outpacing goods retail sales [1] - From the perspective of consumption upgrades, domestic brands, health care, and cultural tourism are entering a rapid development phase due to rising incomes and changing consumer attitudes [2] - The investment opportunities arising from domestic demand expansion should be closely aligned with policy directions, focusing on industry fundamentals and market trends [2]

Core Viewpoint - The launch of the official digital marketing platform iMoutai by Guizhou Moutai, offering the 53-degree Flying Moutai at a price of 1499 yuan per bottle, is seen as a strategic move to boost sales amid a declining high-end liquor market [2][3]. Group 1: Pricing Strategy - The price of 1499 yuan per bottle is approximately 200 to 300 yuan lower than typical e-commerce platforms, leading to a surge in demand where the product sold out quickly [2]. - Offline retailers have responded by matching the iMoutai price, indicating a competitive pressure in the high-end liquor market [2]. - The wholesale price of Flying Moutai has dropped significantly from 2100-2200 yuan to around 1490 yuan, reflecting a 33% decrease within a year [3]. Group 2: Market Dynamics - The high-end liquor segment is experiencing a downturn, with sales dropping about 10% during the 2025 Mid-Autumn and National Day holidays, and prices continuing to decline [3]. - The promotional activities by iMoutai may not align with the brand's high-end image, as it risks devaluing the product [4]. - The overall market for high-end liquor is becoming increasingly competitive, with brands facing pressure to maintain their luxury status while adapting to economic fluctuations [4]. Group 3: Brand Positioning - Guizhou Moutai aims to shed its luxury brand image and attract younger consumers, but faces challenges due to a solidified consumer base [4]. - The company is under pressure to maintain its high profit margins, with overall net profit margins exceeding 50% and gross margins for high-end products surpassing 90% [4]. - The luxury goods market, including high-end liquor, is subject to economic cycles, and brands like Moutai must navigate these challenges without compromising their brand integrity [4].

2025年12月31日至2026年1月3日，市中区以箭道街"老城新烟火"消费集聚区打造为核心，联动四方块商圈实现业态升级与活力联动，精心策划开展元旦消 费促进系列活动。 活动期间，全区消费市场持续升温，箭道街和四方块商圈日均客流约10万人次，同比增长30倍，日均带动消费约900万元，同比增长25倍，人气与销售额 双线攀升，充分彰显了区域经济的强劲韧性与内生动力。 箭道街焕新亮相， 构筑"老城新烟火"沉浸式消费场景 市中区深度挖掘箭道街老内江文化底蕴，以"文化赋能+业态升级"为抓手，推动街区沉浸式转型。依托李记锅盔王、幺姑拌菜等20余家本土老字号美食商 户，联动三八街、中心巷等5条周边街巷形成消费集群。通过新增30余处融入老内江记忆的墙绘与立面装饰，唤醒城市情怀。 同步招引潘鹅记卤鹅、饶氏蜜饯等20余家特色小吃，打造主题"美食集市"，并策划"锦绣红妆·国风雅韵"巡演等近10场特色活动，构建起集特色美食、文 创体验于一体的消费新场景。 元旦假期期间，箭道街消费活力持续迸发，2025年12月31日单日客流峰值突破12万人次，日均带动消费约500万元，餐饮业态日均销售额较改造前激增9 倍，其中多多味等头部商户单日营业 ...

Core Insights - The city of Fuzhou has successfully leveraged the New Year holiday to stimulate consumer spending through a series of promotional activities, resulting in a positive trend in the local economy [1][3][17] Group 1: Consumer Spending Trends - Fuzhou's key monitored shopping malls reported a total revenue of 122.3 million yuan, a year-on-year increase of 6.17% [1] - Supermarkets in the city recorded a total revenue of 7.41186 million yuan, reflecting a year-on-year growth of 12.09% [1] - Large dining enterprises in Fuzhou achieved a total revenue of 1.07358 million yuan, with a year-on-year increase of 9.37% [1] Group 2: Policy Incentives and Events - The city implemented a series of policies to promote consumption, particularly in the electric vehicle sector, hosting two exhibitions to encourage green consumption [3] - The "2026 L County New Energy Vehicle and Home Appliance Exhibition" attracted 26 automotive brands and 14 home appliance companies, generating 1.05 million yuan in holiday sales [3] - The "2026 New Year Red Home Decoration Mega Sale" in Nanfeng saw a 50% increase in store visits and a 45% rise in total sales compared to the previous year [3] Group 3: Innovative Consumption Experiences - Fuzhou's "Food+" model has created new dining experiences, leading to a total sales figure of 16.92 million yuan in shopping centers, a 50% increase year-on-year, with dining outlets seeing a 57% growth [8] - The city organized various cultural and entertainment events, such as the "2026 New Year Celebration" live broadcast, which showcased local agricultural products and achieved sales exceeding 260,000 yuan [12] - The integration of cultural tourism and commerce has led to significant increases in visitor numbers and spending, with the Lichuan Ancient City event attracting 148,000 visitors and generating 87 million yuan in tourism revenue [16]

Core Viewpoint - The article emphasizes the importance of sustainable packaging solutions in the e-commerce sector, particularly through the example of China Dongxiang Group's KAPPA brand, which is adapting its packaging to enhance efficiency and reduce environmental impact [1][5][6]. Group 1: Sustainable Packaging Innovations - In 2025, China's express delivery volume is projected to exceed 180 billion packages, highlighting the need for efficient packaging solutions to save costs and reduce carbon emissions [1][8]. - China Dongxiang Group has implemented a new packaging design that optimizes resource utilization by creating custom packaging for multiple pairs of shoes, significantly improving packing efficiency and reducing costs [5][6]. - The company has achieved a notable reduction in packaging box procurement costs, saving tens of thousands of yuan annually through precise packaging solutions [5]. Group 2: Supply Chain Responsibility - The company maintains a high standard for supplier management, with an 8% elimination rate for underperforming suppliers, ensuring compliance with environmental regulations [9]. - A rigorous evaluation process for potential suppliers includes assessments of product quality, delivery efficiency, and cost control, categorizing them into A, B, and C levels [9]. - The company promotes the use of eco-friendly materials and has established a management system for harmful chemicals, aiming to minimize their usage and emissions [9]. Group 3: Industry Trends and Future Outlook - The Chinese government is pushing for a green and sustainable approach in the express delivery sector, with regulations aimed at reducing packaging waste and promoting recycling [8][12]. - The focus on upgrading consumer goods supply structures is expected to enhance the quality of offerings in the leisure and sports product sectors, aligning with evolving consumer demands [12][13]. - The transition towards a consumption-driven economy in China necessitates that companies like China Dongxiang Group align their operations with international sustainability standards to remain competitive [13].

Core Insights - Jiangsu has achieved a steady and quality improvement in consumer development since the "14th Five-Year Plan," with a projected retail sales total of 44,922.1 billion yuan in 2024, reflecting a year-on-year growth of 4.6% [1] - The province's retail sales growth in the first half of 2025 is expected to rank first in the nation, driven by synchronized policies and market dynamics [1] Policy Support - Jiangsu has established a comprehensive consumption policy support system, providing substantial subsidies and practical measures to bolster consumer growth [3] - The "Su New Consumption" brand has been upgraded, with over 12,000 consumption promotion events held during the "14th Five-Year Plan," distributing approximately 2.54 billion yuan in consumption vouchers and digital currency red packets [3] - In 2025, themed activities such as "Su New Consumption Spring Benefits" and "Warm Winter Shopping Season" have been launched, covering various consumer scenarios [3] Consumption Trends - The "old-for-new" consumption model has gained traction, with policies driving over 351 billion yuan in consumption growth from 2024 to 2025, benefiting over 25.2 million consumers [5] - Retail sales of home appliances and 3C digital products under the "old-for-new" policy saw a year-on-year increase of 11.2% [5] - The demand for energy-efficient and smart appliances has surged, with sales of level 1 and 2 energy-efficient products growing by 34.7% and 44.0%, respectively [5] Market Environment Optimization - Jiangsu has launched a three-year action plan to optimize the consumption environment, proposing 62 quantifiable measures to enhance supply quality and consumer rights [6] - The province aims to achieve a 95% compliance rate for consumer goods by 2027 and has initiated various measures to boost consumer capacity through skills training and community service improvements [6] Innovative Consumption Scenarios - Jiangsu is fostering new consumption forms by integrating various sectors, leading to the emergence of first-store economies and night economies [7] - The "Su Super" football league has become a significant driver of consumption, with related events attracting over 573.4 million visitors and generating 3.54 billion yuan in consumption [7] - Nighttime consumption has been promoted through the establishment of 50 night-time consumption clusters, enhancing the vibrancy of urban life [9] Digital Consumption Growth - The online retail sales of physical goods in Jiangsu reached 1,086.05 billion yuan in 2024, accounting for 24.2% of total retail sales [10] - In the first 11 months of 2025, online retail sales grew by 16.3%, contributing 97.9% to the growth of retail sales above designated size [10] Consumer Demand Evolution - Jiangsu's consumer market is characterized by a shift towards quality, green, personalized, and diversified consumption, driven by rising income levels [11] - In 2024, the per capita disposable income in Jiangsu reached 55,415 yuan, with a growth rate of 5.2%, indicating strong consumer purchasing power [11] - The retail sales of sports and entertainment products surged by 17.4%, reflecting a growing demand for quality lifestyle products [11] Green and Smart Consumption - The demand for green and smart products is rapidly increasing, with retail sales of new energy vehicles soaring by 37.9% in 2024 [12] - The sales of energy-saving appliances and wearable smart devices also experienced significant growth, indicating a trend towards sustainable consumption [12] Tourism and Education Spending - Tourism and education are emerging as key areas of consumer spending, with nearly 40% of respondents planning to increase their travel expenditures in 2026 [14] - The focus on unique experiences and natural beauty in tourism reflects a shift in consumer preferences towards quality and personalized offerings [14]

Core Insights - The consumption market in Qingshan District, Baotou City, Inner Mongolia, experienced a strong start to the year with significant growth driven by policy benefits, innovative consumption scenarios, and an upgrade in quality demand [1] Group 1: Consumption Market Performance - During the New Year holiday, key monitored commercial enterprises in Qingshan achieved a total revenue of 35.72 million yuan over three days, while eight major commercial complexes exceeded 50 million yuan in revenue, marking a 27% year-on-year increase [1] - On New Year's Day, the monitored retail and catering enterprises in the district reported revenue growth of 30.43% and 25.28% year-on-year, respectively [1] Group 2: Innovative Consumption Scenarios - The offline commercial circles are rapidly transforming into "commercial + cultural + social" complexes, featuring events such as the "New Year Gala" and various performances that enhance consumer engagement [2] - Qingshan District organized over 30 promotional and cultural activities, creating a comprehensive "online promotion + offline engagement" strategy to stimulate consumer traffic and enhance the festive atmosphere [2] Group 3: Policy Support and Consumer Upgrades - The new consumption subsidy policy for replacing old consumer goods, effective during the New Year, offers up to 1,500 yuan in subsidies for energy-efficient appliances and smart digital products, effectively stimulating green and intelligent consumption [2] - Major appliance retailers launched exclusive promotions and events during the New Year, enhancing shopping experiences and consumer enthusiasm [4] Group 4: Stability in Essential Goods Market - The essential goods market in Qingshan operated smoothly during the holiday, with stable supply and sufficient inventory of key products like meat and vegetables, maintaining overall price stability [4] - The district's business bureau closely monitored market dynamics, ensuring a rich variety of essential goods to meet diverse consumer needs [4]

Group 1 - The core viewpoint of the articles highlights the vibrant consumer market driven by various consumption hotspots such as cultural tourism, new store economies, and ice and snow economies during the New Year holiday [1][2][3] Group 2 - Consumption policies are continuously being implemented to directly benefit consumers, with significant discounts observed during the New Year holiday, such as a consumer saving over 1,000 yuan on a large television through an old-for-new policy [1] - The tourism sector is experiencing strong momentum, with over 140.5 million visitors in Harbin on January 1, 2023, and a 42.1% share of visitors from outside the province, leading to deep consumption transformation [2] - The domestic travel expenditure during the New Year holiday reached 84.789 billion yuan, indicating a sustained release of vitality in cultural tourism consumption [2] Group 3 - There is a noticeable upgrade in product consumption, with new consumption scenarios and models emerging, reflecting consumers' increasing demand for personalized, quality, and experiential consumption [3] - Events like the "New Year YEAH Carnival" in Beijing and the rise of "tourism + camping" in Guangdong showcase the new consumption trends [3] - The Ministry of Commerce is launching a series of activities to stimulate consumption, focusing on product and service consumption, which will inject vitality into the market and confidence for growth throughout the year [3]

来源：翠鸟资本 净值不上不下，反弹力度有限，持有人开始频繁问一个问题：白酒到底还行不行？ 在很多普通投资者的记忆里，白酒指数曾经是一条清晰而省心的赛道。不用选股，不用判断公司治理， 只要我国消费升级存在，白酒龙头就会走出趋势。 招商中证白酒指数LOF就是这一轮逻辑下的典型代表之一，但是，当时间拉长到最近几年，这种熟悉的 安全感正在被反复消耗。 站在今天回看这只产品的阶段性表现，它并不是突然失效，而是被完整地拖进了一个行业与估值同步消 化的周期里。 下跌时间长 从阶段性数据看，招商中证白酒指数基金A份额的表现给人的第一感受是：乏力。 截至2025年12月26日，产品近3个月下跌5.91%。近1年下跌11.27%，近2年下跌20.14%，近3年下跌 36.15%。 这组数据的特点很清晰：下跌时间长，反弹幅度弱。 即便在近6个月内实现0.72%的微弱正收益，也很难给投资者带来明显的信心修复。 但同时也要看到，这并不是一只出现极端回撤或结构性失控的产品，而是一种典型的行业横盘期指数表 现。 什么情况？ 这意味着可以得出一个非常直接的结论：招商中证白酒指数的表现，本质上就是几家核心白酒公司的加 权组合。 当茅台、五粮液 ...