据全国糖酒会组委会常务副主任、中粮糖业董事长李明华介绍，2026"春糖季"将紧密围绕"三新"城市和 青年发展型城市两大建设目标，深度融合产业力量与成都全域文商体旅资源，以"1个国际青年创意创业 大会+1个活力赛事+1个环球美食美酒家年华"三大领办活动，联动企业品牌活动，全面营造国际化、年 轻态的城市氛围，构建"城市即会场"的沉浸式体验体系，有力推动消费升级与城市活力提升。 在探索消费新模式上，"全城发糖"主题活动将串联全域文商体旅点位，构建全城联动的盛大活动矩阵； 在创造消费新场景上，成都春糖通过"环球美食嘉年华""好吃好喝轻松跑"活动，搭建"健康生活""环球 美食""愉悦身心"的高价值体验场；在培育消费新业态上，糖酒会举办"春糖国际青年创意创业大会暨国 际青年音乐周"活动，培育一个具有持续生命力的国际化创新IP。 此外，第114届全国糖酒会首次对"一城双馆"进行鲜明定位，西博城聚焦"好吃"、世纪城聚焦"好喝"， 双馆呼应全国糖酒会主题。与此同时，首次推出食品包装及供应链展区、饮品原配料供应链、自有品牌 及产业服务等多个专业板块，实现全产业链覆盖；首次规划整馆规模的绿色农业展区，实现优质绿色农 副产品从田间到 ...

2025年社会消费品零售总额首次突破50万亿元 再如在对外贸易方面，有效应对外部冲击挑战，统筹发展货物、服务、数字贸易"三大支柱"，大力开拓 多元化市场，推动贸易创新发展。对外贸易规模创历史新高，全年货物进出口45.47万亿元，增长 3.8%；前11个月服务进出口7.2万亿元，增长7.1%。企业更趋活跃，有进出口记录的经营主体超过78万 家，其中民营企业占外贸总额的比重升至57.3%。更加注重进出口平衡发展，办好进博会等重大展会， 开展"共享大市场·出口中国"系列活动，推动全球优质产品"进得来""卖得好"。 消费是经济增长的重要引擎。发布会介绍，2026年是"十五五"规划开局之年，商务部将认真贯彻落实党 中央、国务院决策部署，坚持扩大内需这个战略基点，坚持惠民生和促消费紧密结合，深入实施提振消 费专项行动，打造"购在中国"品牌，为建设强大国内市场、推动高质量发展提供有力支撑。 商务部市场运行和消费促进司司长杨沐表示，将围绕出政策、办活动、优场景三个方面来开展工作。优 化实施消费品以旧换新，促进汽车、家电、数码和智能产品等大宗耐用商品消费。开展汽车流通消费改 革试点，进一步释放汽车消费潜力。聚焦商品消费、服务消 ...

Group 1: Consumer Promotion - In 2026, the implementation of a consumption upgrade program will be optimized, focusing on the replacement of old consumer goods, particularly in the automotive, home appliance, and digital product sectors [3][4] - The service consumption sector will be enhanced through actions aimed at improving the supply levels in cultural entertainment, tourism, dining, and healthcare [3][4] - New growth points in service consumption will be cultivated, including transportation services, housekeeping, and inbound consumption, supported by relevant policies [3][4] Group 2: Foreign Trade Stability - The Ministry of Commerce will implement a series of policies to stabilize foreign trade, including promoting cross-border e-commerce and enhancing the "Export China" brand [5][6] - Service trade and digital trade will be key areas for innovation, with plans to establish national service trade innovation development demonstration zones [5][6] - Efforts will be made to expand the export of productive services and enhance the international capabilities of professional service institutions [5][6] Group 3: Foreign Investment Expansion - In 2026, there will be a focus on creating new advantages for attracting foreign investment, with plans to open up sectors such as telecommunications, healthcare, and education [7][8] - A national-level overseas comprehensive service platform will be established to provide a one-stop service for companies looking to invest abroad [8] - The Ministry of Commerce will accelerate the process of regional and bilateral trade investment agreements, enhancing market access and investment protection [7][8]

Group 1: Consumer Trends - The Chinese consumer market is expected to show new highlights by 2025, driven by targeted policies [8] - Home appliance consumption is shifting from "basic needs" to "smart experiences," with sales of refrigerators, kitchen appliances, and communication devices increasing by 17.4%, 12.9%, and 18.6% respectively [1] - The sales of new energy passenger vehicles are projected to grow by 24.3% in volume and 21.1% in revenue by 2025 [1] Group 2: Entertainment and Travel - Immersive and scenario-based performances are gaining popularity, with sales in arts and performances expected to rise by 17.3% [2] - Travel-related services, including travel agencies and scenic spots, are anticipated to see sales growth of 11.2% and 26.1% respectively [2] Group 3: Digital and Online Services - Internet life service platforms and food delivery services are projected to grow by 9.4% and 13.3% respectively, indicating a robust expansion in online consumption [3] - Digital cultural services, including gaming and animation, are expected to see a sales increase of 16.6% [3] Group 4: Sports and Events - The sports economy, exemplified by events like "Su Super" and "Zhe BA," is emerging as a new engine for consumption, with sports exhibition services and consulting services expected to grow by 12.2% and 27.8% respectively [4] Group 5: Health and Wellness - Health management and wellness services are becoming new consumption hotspots, with sales in health consulting, wellness services, and sports health services expected to grow by 11.7%, 12%, and 16.5% respectively [5] Group 6: Aging Population - The increasing population of the elderly is driving demand for senior care services, with sales in elderly care, social assistance, and nursing home services projected to grow by 24.9%, 23.1%, and 15.4% respectively [6] Group 7: Inbound Tourism and Shopping - Measures to enhance the inbound shopping experience are expected to significantly boost consumption, with the number of foreign travelers benefiting from tax refunds increasing by 305% and sales of tax-refunded goods rising by 95.9% [7] - The number of tax refund stores has reached 12,930, with over 7,000 offering "buy and refund" services [7]

1、期货价格：铁矿石期货主力合约日内走弱，收于 784.5 元/吨，较前一 个交易日收盘价下跌-10.5 元/吨，跌幅-1.32%，成交 26.2 万手，持仓量 56.8 万手，沉淀资金 98.06 亿。期货今日在 800 整数关口压力附近承压回落，短期 震荡稍显偏弱，关注下方 780 短期支撑附近进一步测试。 2、现货价格：港口现货主流品种青岛港 PB 粉 804 涨+0，超特粉 682 涨 +0，掉期主力 103.5(-0.8)美元/吨。现货价格持稳、掉期价格小幅回落。 3、基差价差端：青岛港 PB 粉折盘面价格 838.9 元/吨，基差 54.4 元/吨， 基差走扩；铁矿 5-9 价差 18.5 元，铁矿 9-1 价差 11 元，铁矿期货合约呈现 back 结构+正基差，短期偏弱，下方空间暂且有限。 二、基本面梳理 【冠通期货研究报告】 铁矿日报：库存持续累积，发运逐步减量 发布日期：2026 年 1 月 26 日 一、市场行情态势回顾 国内宏观，国家统计局显示，2025 年消费市场规模破 50 万亿增 3.7%，服 务零售额增 5.5%（快于商品零售 1.7 个百分点），占整体零售比重提升，最终 消费 ...

"推广胖东来经验，打造一批带动面广、显示度高的消费新场景。"河南省政府省长王凯26日在政府工作 报告中两次提及"网红"商超胖东来。这充分体现了河南对促进消费的高度重视。 近年来，在消费领域，有着近1亿人口的河南涌现出胖东来、蜜雪冰城、锅圈食汇等现象级消费品牌， 也出现了鲜风生活、农夫刘先生、淘小胖等热门商超；谷子经济、国潮新风、体验式消费，以及城市更 新衍生的多元消费新业态和新场景，不断满足年轻人的社交、购物与体验需求，为民众"生活消费"注入 新活力。 其中，凭借商品品质和消费体验强势崛起的一批河南本土商超，带动了商品零售稳步增长。2025年，该 省超八成商品零售保持增长。 在河南省政协委员、河南大张实业有限公司总经理张树一看来，这一增长得益于消费市场供给侧优化、 消费业态丰富迭新，也从侧面反映顾客的消费需求更加细化、多元。 一年"生活消费"2.9万亿元 河南两会热议"胖东来现象" 中新网郑州1月26日电 (阚力 王佳宁)2025年，河南省社会消费品零售总额2.9万亿元(人民币，下同)。这 一关乎民众"生活消费"的数据，被写入2026年河南省政府工作报告。正在此间举行的河南两会上，"胖 东来现象"成为热议的话 ...

Core Insights - The strategic partnership between JD MALL, JD Electronics, and Bosch Siemens aims to enhance product customization, scene innovation, and joint marketing for Bosch and Siemens appliances in JD's offline stores by 2026 [1] - The global launch of Siemens' innovative "Steaming Drawer Oven" at JD MALL showcases the focus on compact, space-saving appliances that cater to health-conscious consumers [1][4] - Bosch and JD Electronics have reported significant sales growth in key product categories, with dishwashers achieving a 50% year-on-year increase in sales despite high market share [2] Group 1 - By 2025, JD MALL and JD Electronics flagship stores are expected to become one of Bosch Siemens' fastest-growing retail channels in mainland China [1] - The partnership emphasizes the importance of offline stores in driving customer engagement and demand creation through unique experiences and diverse offerings [2] - New flagship stores will open in various provinces, including Hong Kong, Jiangxi, Guizhou, Jilin, Heilongjiang, and Inner Mongolia, focusing on integrating multiple business formats to meet consumer needs [7] Group 2 - Bosch plans to enhance collaboration with JD in new store openings, introducing unique experiences such as health drink centers and clothing care centers [7] - The shift in consumer attitudes and supportive policies are creating opportunities for smart home and health appliances, addressing renovation needs in existing homes [7] - The "No House Change, Renew Home" campaign will provide tailored solutions for consumers looking to upgrade their living spaces without moving [7]

在户外休闲热潮和消费升级的双重驱动下，户外赛道正成为资本市场的重点关注领域。 相较于露营、登山等热门细分赛道，钓鱼领域看似低调，但实则需求稳固、持续扩容，已然孕育出具备 核心竞争力的"隐形冠军"。 "全球最大的钓鱼装备制造商"乐欣户外正是这样一个代表，而且于近日通过了港交所聆讯，为投资者带 来良好的观察窗口，以及颇具价值的投资机会。 从市场覆盖来看，乐欣户外实现均衡且全面的全球化布局，向40多个国家销售产品，而且业务深入渗透 北美、欧洲等具有丰富钓鱼传统的主要消费市场，以及中国和东南亚等增长迅速的市场，使其能够充分 将赛道机遇转化为自身的切实增长。 在这背后，按照2024年按零售额计，欧洲是公司收入的主要来源，占比为73.3%，中国内地其次， 15.2%，北美占比较小，约为8.7%，其他国家和地区占比2.8%。欧洲历来是鲤鱼钓、比赛钓等多种钓法 的热门区域，这也为公司的收入增长提供了稳健保障。 透过最新招股书来看，乐欣户外的投资叙事集赛道红利、产品纵深与体系护城河于一体，其长期价值则 根植于"扎实基本面+深厚技术壁垒+行业领先地位"的多重优势，由此将增长空间转化为可预期、可持 续的盈利红利，长期成长动能充沛。 ...

Group 1: Market Overview - In 2025, the total retail sales of consumer goods in China exceeded 50 trillion yuan, marking a 3.7% increase from the previous year, with various sectors like culture, tourism, and entertainment flourishing [1] - The interest consumption market is rapidly growing, driven by younger generations, particularly the post-90s and post-00s, who are increasingly spending on camping gear and collectible toys [1] Group 2: Consumer Trends - The demand for cultural and creative products from museums is rising, with visitors seeking deeper cultural experiences rather than just viewing artifacts [9] - The Suzhou Museum launched a doll inspired by its collection, which quickly gained popularity among young consumers, highlighting the success of cultural merchandise [7] Group 3: Industry Development - The Chinese潮玩 (trendy toy) industry is projected to reach a total value of 110.1 billion yuan by 2026, with an annual growth rate exceeding 20% [11] - Dongguan, known as the "Capital of Trendy Toys," houses over 4,000 toy manufacturers and is focusing on meeting consumer demands through innovative product designs [13] Group 4: Innovation and Product Development - Companies are increasingly integrating traditional culture into their products, such as plush toys that reflect traditional Chinese medicine, enhancing consumer engagement [14][16] - A Dongguan company has developed over 100 products based on the "Dream Eater" IP, catering to various consumer needs and preferences [23] Group 5: Production Efficiency - Dongguan is advancing towards AI-driven design centers, aiming to improve production efficiency by 20% with rapid prototyping and mass production capabilities [25] - Approximately 70% of toy companies in Dongguan are transitioning to develop their own intellectual properties, indicating a shift towards brand ownership and innovation [25]

张晓敏：文商旅体展融合的提出，适应了当前居民消费升级的三个趋势。一是"功能消费"向"情绪价 值"转变趋势，愉悦、松弛与自我认同的需求大幅提升，消费者愈发追求高效与即时满足的时间价值、 青睐仪式感与审美的表达、渴望联结与有共鸣的社交，标准化的产品让位于高度个性化、发展型的消费 体验。二是从"单一功能"到"复合功能"转变趋势，"露营+市集""文化+社交""看展+茶歇"等复合型场景 成为主流，不同年龄、不同背景的多元客群需求在同一区域内自然邂逅、碰撞融合，单一消费场景让位 于多元业态有机融合。三是消费空间从提供"基础承载"到"多维赋能"转变趋势，伴随居民消费升级，商 业配套已从有没有转向好不好，空间不再只是容器，而成为以消费者体验为中心的"场域"，人的活动深 度依赖于精心设计的空间界面与多元场景的无缝衔接，从而引导"流量"自然停留、深化体验，实现 从"流量"到"留量"。 新京报：当前各个城市都在推进消费场景的营造，北京有何优势？ 从一万年前的农耕文明，到三千年前的燕都古城，从中正对称的中轴线，到蜿蜒纵横的古长城，从享誉 世界的遗产，到民间流传的手艺……北京这座积累了无数文化资源的城市，正在将文化和商业、旅游、 体育 ...