Core Insights - The rise of food-centric tourism is transforming cities into culinary hotspots, with local delicacies becoming key attractions for travelers [1][2] - The concept of "饭张力" (food appeal) reflects a shift in tourism from sightseeing to experiential dining, emphasizing the social and cultural connections food provides [2][3] - The tourism industry is evolving from a focus on resources to an emphasis on experiences and lifestyle, driven by consumer demand for unique and immersive culinary experiences [7][9] Group 1: Food as a Tourism Driver - Cities are increasingly recognized for their local food offerings, with examples like "鸡排哥" in 景德镇 becoming landmarks that attract visitors [1] - The combination of "美食+美景" (food and scenery) is becoming a core strategy to stimulate consumer spending, as tourists seek immersive experiences rather than mere sightseeing [2][3] - The social aspect of food consumption is highlighted, as dining experiences serve as a medium for social interaction and cultural expression [3] Group 2: Economic Impact and Trends - Key metrics indicate a growth in foot traffic and sales in monitored commercial areas, with foot traffic increasing by 8.8% and sales up by 6.0% [2] - The traditional tourism model is shifting from a linear chain of attractions to a networked ecosystem centered around food, enhancing local economies [6] - The emergence of "味蕾经济" (taste economy) is reshaping the flow of tourists, with non-traditional areas gaining popularity due to their culinary offerings [4][6] Group 3: Future Directions - The tourism industry is expected to integrate technology, culture, and rural revitalization into culinary experiences, creating new business models [8][9] - Strategies for future development include content-driven operations, experiential spaces, and community engagement through food-related activities [7][9] - The potential for AR and VR technologies to enhance the dining experience by providing immersive cultural narratives is being explored [9]

Core Viewpoint - The stock of Miao Exhibition has shown a slight increase of 2.07% on October 15, 2023, despite a year-to-date decline of 5.25% and a significant drop in revenue and net profit for the first half of 2025 [1][2]. Company Overview - Miao Exhibition, officially known as Zhejiang Miao Lante Business Exhibition Co., Ltd., was established on June 30, 2010, and listed on October 22, 2019. The company is headquartered at 218 Hengfeng Road, Shanghai [1]. - The main business involves planning, organizing, promoting, and operating exhibition projects, with 100% of its revenue derived from self-organized exhibitions [1]. Financial Performance - For the first half of 2025, Miao Exhibition reported a revenue of 241 million yuan, representing a year-on-year decrease of 7.43%. The net profit attributable to shareholders was 15.54 million yuan, down 61.84% compared to the previous year [1]. - Cumulative cash dividends since the A-share listing amount to 344 million yuan, with 244 million yuan distributed over the past three years [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Miao Exhibition was 12,900, a decrease of 2.16% from the previous period. The average number of circulating shares per shareholder increased by 32.06% to 13,446 shares [1]. - Among the top ten circulating shareholders, the Jiashi Theme New Power Mixed Fund (070021) ranked as the ninth largest, holding 1.5686 million shares, an increase of 424,000 shares from the previous period [2].

Core Insights - The retail industry, particularly shopping malls, is facing significant challenges, with a notable decline in foot traffic and increasing closures of large shopping centers across China [1][12][14] Group 1: Decline in Shopping Malls - Wuhan's Wushang Yamao Plaza, a landmark for 28 years, closed due to severe losses from dwindling customer traffic, reflecting a broader trend where 21 large malls shut down in 2022 [1] - National average daily foot traffic in shopping malls dropped from 47,000 in 2015 to 20,000 in 2023, indicating a significant decline in consumer engagement [2][10] - By mid-2025, over 17,000 physical stores closed across various sectors, with projections suggesting a total of 110,000 closures [12] Group 2: Market Saturation and Consumer Behavior - The oversupply of shopping malls is evident, with 447 sampled commercial locations reporting over 9,400 vacant units, leading to an overall vacancy rate of 9.1%, surpassing the 5% breakeven threshold [14] - In Wuhan's Wuchang business district, eight large shopping centers within a 3-kilometer radius contribute to the saturation, making it difficult for individual malls to attract customers [16] - Consumers find shopping malls increasingly monotonous, with similar brand offerings and layouts across different locations, reducing the incentive to visit multiple malls [17] Group 3: Impact of E-commerce - The rise of e-commerce has significantly impacted traditional retail, with online prices often undercutting physical stores, leading to a preference for online shopping [19][21] - The cost disparity between online and offline retail is highlighted, with physical store operational costs rising, such as rental prices in Shanghai's Wujiaochang area increasing by 175% from 2015 to 2024 [27] - Consumers are becoming more price-sensitive, favoring value over brand loyalty, which further challenges traditional retail models [29] Group 4: Successful Adaptations - Some retail formats, like Sam's Club, have thrived by offering unique products and high membership retention rates, with an average annual spending of 13,000 yuan per member, five times that of regular supermarkets [31] - Innovative service models, such as those employed by Pang Donglai, which include extensive customer services, have resulted in high customer loyalty and increased foot traffic [34] - The future of shopping malls lies in transforming them into experiential spaces that focus on social interaction and leisure rather than just retail, as seen in successful examples like Tai Sheng Plaza in Shandong [36][39]

中国发展网讯 2025年10月13日，全国首个聚焦首发经济发展的量化评估指标——"首发经济指数"在四川省成都市锦江区发布。该指数由商务部-复旦大学消 费大数据实验室联合四川师范大学首发经济研究院共同编制，是国内首次以系统量化指标评估首发经济发展态势的权威成果。 据主办方介绍，此次发布既是深入贯彻党的二十届三中全会"积极推进首发经济"决策部署及中央经济工作会议精神的具体实践，也为当前紧扣供给侧结构性 改革、夯实扩大内需战略基点提供了数据支撑。此次成果发布，将为全国统一大市场建设注入精准决策参考，填补了国内首发经济领域缺乏量化评估工具的 空白。 活动当天，"全国首发经济创新生态共建仪式"同步启动，全国十余个首发经济标杆城区加入创新生态共建，广州天河区、南京秦淮区、重庆渝中区、重庆江 北区、成都蓉北商圈作为代表齐聚现场，签署生态共建协议，旨在打破区域壁垒、共享发展经验，携手打造全国首发生态圈，推动首发经济从"单点突破"迈 向"全域协同"新阶段。 记者从活动现场了解到，此次发布的"首发经济指数"，以"科学量化、精准画像"为核心目标，内容涵盖首发资源聚集度、首发生态支撑力、首发发展转化 力、首发影响辐射力四大核心板块， ...

10月13日，全国首个聚焦首发经济发展的量化评估指标——"首发经济指数"在成都正式发布。该指数由商务部-复旦大学消费大数据实验室联合四川师范大 学首发经济研究院共同编制，是国内首次以系统量化指标评估首发经济发展态势的权威成果。 据介绍，为确保指数的代表性与参考价值，编制团队经过多轮筛选，最终选定国内首发经济表现突出、区域经济活力强劲、消费市场持续活跃的重点城区作 为评估样本，分别是北京东城区、上海静安区、南京鼓楼区、广州天河区、西安雁塔区、重庆渝中区与成都锦江区。评估过程中，专家团队多源采集7个核 心城区2024年的动态指标数据，涵盖首发品牌数量、消费人流转化、产业协同效应等20余项细分指标，经过加权计算与交叉验证后形成最终评估结果。 其中，成都锦江区以春熙路—太古里商圈为核心，在首发资源转化效率上表现亮眼，成为"消费驱动型"城区的典型代表。"锦江区尤其擅长将'首发资源'转化 为'消费活力'。"复旦大学教授、商务部消费大数据实验室主任、消费市场大数据实验室（上海）主任张伊娜现场分析道，2024年，锦江区品牌首发事件282 次，首发活动期间周边消费影响力达26.50万人/天，客流增幅14.57%，两项数据均居全 ...

从全球品牌的中国首秀到本土原创的全球首发，从商圈里的首店经济到文旅融合的首展热潮，首发经济已然成为城市商业活力的 "晴雨表"，更 渐成打通供需循环、驱动产业升级、重塑经济增长格局的 "新引擎"。 10月13日，全国首个"首发经济指数"在成都正式发布。这份由商务部-复旦大学消费大数据实验室联合四川师范大学首发经济研究院编制的研究 指数，首次以系统化、数据化方式呈现我国首发经济的发展态势，填补了国内首发经济领域缺乏量化评估工具的空白。评估结果显示，上海静安 区、北京东城区、成都锦江区三个城区综合表现位列全国前三，广州天河区、重庆渝中区、西安雁塔区、南京鼓楼区紧随其后，分列第四至第七 位。 其中，值得关注的是，这次成都能在以北上广深为代表的一线城市中突出重围实属不易，其依托"首发+消费"模式发展首发经济，综合表现跻身 全国前列，也再次稳固了成都全国首发经济"第三城"的地位。 ▲成都锦江区太古里 "首发经济"赛道上的城市竞速 当下，首发经济已成为国内核心城市提振消费、激活商业活力的"必争之地"。从东部沿海到西部内陆，国内一线及新一线城市纷纷亮出"首店""首秀""首 展"组合拳，形成全域竞逐的态势——上海2024年新增 ...

Core Insights - The consumption market in Shenzhen has seen a significant increase during the recent Mid-Autumn and National Day holidays, driven by the emergence of new business models and consumer experiences, termed "first-release economy" [1] - The opening of the Honor Alpha global flagship store has become a notable example of this trend, attracting an average of over 4,500 visitors daily during the holiday period, with a 70% entry rate and an average stay of over 15 minutes per customer [1][4] - The transformation of physical stores from mere sales points to "industry hubs" that link market demand with innovation is a key trend, showcasing a shift towards a new business model of "front store, back research" [1][6] Consumption Trends - The "first-release economy" has evolved to focus on new consumption scenarios and deep experiences rather than just the debut of new brands or products, emphasizing the re-evaluation of the value of physical retail spaces [1][2] - The Honor Alpha flagship store exemplifies this shift with its design emphasizing "boundary-less" and "human-tech" concepts, featuring innovative elements like a 43-meter curved glass and a 9-meter indoor waterfall [4] Business Model Innovation - The "front store, back research" model is emerging as a more efficient approach, connecting retail spaces directly with corporate R&D, creating a closed loop from demand perception to product delivery [6][7] - The flagship store serves as a market probe and data entry point, collecting user feedback and market data to inform product iterations, with features like the "AI Inspiration Café" facilitating social interactions and idea exchanges [6][7] Industry Collaboration - The "front store, back research" model is positioned as a significant connector and accelerator within Shenzhen's AI industry ecosystem, aiming to create a value symbiosis among brands, users, and partners [8][10] - The flagship store is not only a product showcase but also a platform for industry collaboration, inviting various AI innovation companies from the Greater Bay Area to foster regional AI industry synergy [10]

Core Insights - MINISO LAND, a strategic store format of MINISO, has launched its first dual-store in Chongqing, creating a consumption and social hotspot in the city [1][2] - The new stores feature an immersive IP experience and large spaces, resonating with Chongqing's unique urban culture and contributing to the city's development as an international consumption center [1] - The stores showcase over 80% of their products from popular global IPs, with more than 6,100 SKUs available, highlighting MINISO's strong IP operation and commercialization capabilities [1] Company Strategy - MINISO's dual-store model in Chongqing reflects its strategy of opening larger and more impactful stores, reinforcing its presence in the Southwest market and enhancing brand recognition [2] - The company plans to continue expanding in high-potential cities, creating more "interest consumption" landmarks that combine IP appeal with local characteristics [2] Product Offering - The Chongqing MINISO LAND stores feature a variety of globally recognized IPs, including Hello Kitty, Stitch, Zootopia, Chiikawa, and Harry Potter, emphasizing the company's focus on popular culture [1] - MINISO employs a dual strategy of leveraging top-tier licensed IPs alongside its own original IPs, fostering a collaborative IP matrix that enhances its market presence [1]

Group 1 - The core focus of the news is on the vibrant commercial activity in the Putuo District of Shanghai, highlighting the successful integration of new retail formats and night economy initiatives to boost consumer engagement and sales [1][2]. - In the past year, over 150 high-profile flagship stores have opened in the Putuo District, contributing to a significant increase in foot traffic and sales during the recent National Day holiday, with a 5.7% year-on-year increase in visitor numbers and a 9.1% increase in sales [1]. - The "Shanghai Summer" international consumption season has seen the Global Harbor shopping center leverage a dual strategy of flagship store clusters and night economy, extending operating hours to 2 AM and introducing free night parking, enhancing its status as a key nightlife destination [4]. Group 2 - The Hongshufang shopping center, celebrating its second anniversary, has seen 20% of its merchants extend their operating hours, creating new outdoor consumption spaces and hosting events that have boosted both revenue and foot traffic [6]. - Shanghai Zhenru Huanyu City MAX has adopted a POD (PARK+TOD) model, integrating ecological parks with commercial spaces, leading to a retail growth rate that ranks among the top three in the city for the first half of the year [6]. - The Revive Hui shopping center has redefined its positioning as a community gathering place, focusing on themes like children's growth and pet socialization, resulting in a 23% increase in foot traffic and a 54% increase in sales year-on-year [11].

Core Insights - Wuhan is accelerating its development as a crucial hub for the dual circulation economy, enhancing its business dynamics and open hub advantages to contribute to the national development framework [7][9]. Economic Performance - In 2024, Wuhan's total retail sales of consumer goods reached 862.93 billion, ranking among the top ten in the country, with a growth rate that placed it first among 19 sub-provincial cities [10][13]. - The city's foreign trade import and export volume exceeded 400 billion for the first time, averaging a growth of 10.5% since the 14th Five-Year Plan, ranking fourth nationally and first in Central China [10][14]. - Wuhan's new signed contracts for foreign engineering projects reached 13.493 billion USD, maintaining the top position in the country for four consecutive years [10][14]. Trade and Investment - The city has seen a significant increase in cross-border e-commerce, averaging a growth of 48.3% annually, and service outsourcing contract execution has grown by 22% annually, with knowledge-intensive services accounting for 45% [12][17]. - Wuhan has successfully established six national pilot projects in service industry expansion and has implemented nearly 30 innovative measures in various sectors, promoting them nationwide [18] . Infrastructure and Logistics - Wuhan has developed a comprehensive logistics network, becoming the second-largest logistics hub in the country, supported by a robust road, water, and air transport system [19][20]. - The city has completed the layout of a "five-type" national logistics hub, enhancing its port and regulatory systems [19]. Future Development Goals - Looking ahead to the 15th Five-Year Plan, Wuhan aims to solidify its position as a core hub in the national framework, enhancing its role in both domestic and international markets [20][21]. - The city plans to establish a modern retail system, diversify service consumption, and promote new consumption models, including digital and green consumption [21][22]. Collaborative Networks - Wuhan is focused on building a global trade network, enhancing cooperation with regional cities, and developing a comprehensive transportation network to facilitate trade and logistics [23][24].