Core Viewpoint - In 2025, Shaanxi's total retail sales of consumer goods reached 1,158.799 billion yuan, growing by 6.0% year-on-year, surpassing the national average growth rate by 2.3% [1] Consumer Market Performance - Retail sales from enterprises above designated size increased by 7.3% year-on-year [1] - The retail sales of goods amounted to 1,031.583 billion yuan, with a growth rate of 6.2%, while catering revenue reached 127.216 billion yuan, growing by 3.7% [1] - Urban retail sales were 1,027.654 billion yuan, growing by 6.0%, and rural retail sales were 131.145 billion yuan, with a year-on-year increase of 5.5% [1] Product Category Insights - Over 60% of product categories saw retail sales growth in 2025 [2] - Automotive retail sales grew by 5.8%, with new energy vehicles seeing a significant increase of 30.6%, accounting for 53.7% of automotive sales [2] - Home appliances and audio-visual equipment retail sales surged by 27.1%, while gold and jewelry sales increased by 19.2% [2] - Basic living goods showed stable growth, with food retail sales increasing by 12.4% [2] Online Sales Growth - Retail sales through public networks for enterprises above designated size grew by 22.9%, with online sales accounting for 23.0% of total retail sales [2] Private Sector Performance - Retail sales from private enterprises above designated size increased by 9.6%, contributing 5.6 percentage points to the overall retail sales growth [3] - The share of private enterprise retail sales in total retail sales for enterprises above designated size rose to 58.4% [3]

盘面上，两市窄幅震荡，消费板块异军突起。相关ETF方面，食品饮料ETF天弘（159736）标的指数盘 中涨3.13%，成交额达3095.97万元。成分股中，酒鬼酒涨停，泸州老窖、舍得酒业、水井坊、金种子 酒、古井贡酒涨超5%，口子窖、五粮液、伊力特等多股跟涨。 消息面上，据智通财经报道，飞天茅台价格持续上涨，2025年飞天散瓶批价重回1600元关口。此外，国 常会部署促消费一揽子政策，预制菜国标加速推进；同时原奶价格低位运行，乳企成本红利显现，春节 旺季有望带来需求提振。 值得关注的是，Wind显示，食品饮料ETF天弘（159736）近4个交易日（2026年01月23日～2026年01月 28日）实现连续"吸金"，食品饮料ETF天弘（159736）最近十个交易日累计获资金净流入3898.37万元。 截至2026年01月28日，该基金最新规模为53亿元，为同标的全市场第一。 食品饮料ETF天弘（159736）是深市最大的食品饮料类ETF，该指数覆盖酒、饮料、食品三大刚需赛 道，成分股以贵州茅台、五粮液、伊利股份等行业龙头为主，相比纯白酒指数兼顾酒、奶、调味品等多 元消费场景，抗单一行业波动能力更强，适合长期布局 ...

最近，一个有趣的现象正在悄然发生：那些曾被时尚人士调侃的山姆羽绒服，如今悄然穿在了一群你可能意想不到的人身上。 数据显示，山姆会员店的羽绒服销售额近期暴涨了200%，而特卖平台唯品会上波司登、鸭鸭等国民品牌的销量也迎来上扬。 有人算过这样一笔账："一件国际大牌的溢价，足以在山姆买到三件充绒量扎实、来自同一代工厂的优质羽绒服。"这笔账算清后， 为虚无的Logo支付数千元差价，就变成了一种"沉默成本"。 驱动这股趋势的核心，是"信息差"的消弭和"认知红利"的兑现。过去，品牌通过广告、渠道和光环，在消费者心中制造了一种"高 价即高质"的认知差。 这一股热潮背后，一个核心变化是：高端消费群体正在"集体下山"。但这绝不是消费降级，恰恰相反，这是一场更清醒的"消费升 级"。 过去，高端消费者为一件万元羽绒服买单，支付的是品牌精心构建的奢侈品叙事、身份标签与社交货币。然而，当羽绒服的核心功 能——保暖——被清晰地量化为"充绒量"、"绒子含量"等参数后，一个冷静的数学问题就出现了。 他们用信息优势，绕开品牌溢价，直抵商品的价值核心，实现了实实在在的"消费平权"。这也是为什么网友都说："唯品会虽然买 不到最便宜的羽绒服，但能买 ...

Group 1 - The total value of goods trade in Liaoning Province reached 748.56 billion RMB, with exports hitting a record high of 407.73 billion RMB, reflecting a year-on-year growth of 8%, which is 1.9 percentage points higher than the national average [1] - Mechanical and electrical products accounted for a significant portion of the export value, totaling 206.36 billion RMB, also growing by 8%. Key growth areas included electrical equipment and auto parts, indicating a shift towards higher value-added and technologically advanced products [1] - Labor-intensive products such as agricultural goods and furniture also saw steady growth due to their quality, gaining international customer trust [1] Group 2 - Private enterprises played a crucial role, with import and export values reaching 390.35 billion RMB, a growth of 6.7%, and their share increasing to 52.1% [2] - ASEAN remained the largest trading partner with a trade volume of 118.08 billion RMB and a high growth rate of 23.9%. Trade with South Korea, Latin America, and Africa also showed robust growth, with trade with Africa increasing by 39% [2] - Despite fluctuations in commodity prices leading to a decline in overall imports, there was a notable increase in the import of consumer goods like seafood, reflecting consumer upgrade demands and market vitality [2]

Core Insights - In 2025, Shaanxi's total retail sales of consumer goods reached 1,158.799 billion yuan, growing by 6.0% year-on-year, surpassing the national average growth of 2.3% [1] - The growth in retail sales was driven by strong consumer demand and effective promotional policies, including trade-in programs [1] Retail Performance - Retail sales from above-designated enterprises increased by 7.3% compared to the previous year [1] - The retail sales of goods amounted to 1,031.583 billion yuan, with a growth rate of 6.2%, while catering revenue reached 127.216 billion yuan, growing by 3.7% [1] - Urban retail sales were 1,027.654 billion yuan, up 6.0%, while rural retail sales were 131.145 billion yuan, increasing by 5.5% [1] Consumer Goods Categories - Over 60% of retail categories experienced growth, with automotive goods retail sales increasing by 5.8%, significantly boosted by a 30.6% rise in new energy vehicle sales [2] - Home appliances and audio-visual equipment saw a retail sales increase of 27.1%, while gold and jewelry retail sales grew by 19.2% [2] - Basic living goods also showed stable growth, with food retail sales increasing by 12.4% [2] Online Sales Growth - Online retail sales through public networks for above-designated enterprises grew by 22.9%, with this segment accounting for 23.0% of total retail sales, an increase of 2.7 percentage points from the previous year [2] Private Sector Performance - Retail sales from private enterprises in Shaanxi increased by 9.6%, contributing 5.6 percentage points to the growth of total retail sales [3] - The share of private enterprises in total retail sales reached 58.4%, up by 1.5 percentage points from the previous year [3]

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a key support for promoting economic circulation, highlighting the role of consumption as a main engine for economic growth in the "14th Five-Year Plan" draft [3][5]. Group 1: Consumption Growth Strategies - The "14th Five-Year Plan" draft proposes to fully stimulate potential consumption and deepen the construction of international consumption center cities [3]. - Representatives at the municipal people's congress are discussing ways to enrich consumption supply, expand consumption space, and improve the consumption environment to enhance the driving force of consumption on economic growth [3]. Group 2: Bay Area Project Performance - The Bay Area project has received over 3 million visitors and generated sales exceeding 3 billion yuan within its first month of operation, significantly boosting regional commercial traffic and sales [4]. - The project features a high proportion of first-store brands and has created new consumption scenarios focused on dining, entertainment, and experiences, attracting a significant number of visitors from outside Beijing [4]. Group 3: Future Development Plans - Future plans for the Bay Area include introducing more international brands and unique entertainment experiences to attract additional demographics, including seniors and inbound tourists [4][6]. - The integration of the Bay Area project with the Beijing Universal Studios business circle is expected to create a unique consumption cluster in eastern Beijing [6]. Group 4: Traditional Business Adaptation - Traditional shopping districts, such as the Han Guang Department Store, are adapting to new consumer demands by creating diverse consumption scenarios and hosting various themed events to enhance customer engagement [7]. - The department store's strategy includes introducing high-quality outdoor installations and pop-up stores to improve visual appeal and interactivity within the shopping environment [7]. Group 5: Event-Driven Consumption - The "14th Five-Year Plan" draft suggests enhancing the vitality of event-driven economies by integrating resources during major events like the Beijing Marathon to provide conveniences and incentives for participants [8]. - Local districts are encouraged to develop unique urban sports routes that blend sports with cultural tourism to create new consumption scenarios for both domestic and international visitors [8]. Group 6: New Consumption Spaces - The draft emphasizes expanding leisure consumption spaces near natural attractions, with successful examples like the revitalized Bahe River area becoming popular waterfront consumption spaces [9][10]. - The article highlights the importance of continuously adjusting and improving new consumption scenarios in line with urban renewal, focusing on ecological conditions, cultural characteristics, and consumer demographics [10].

【大河财立方 记者 司高妍 实习生 程小纯 文图】1月26日，河南省十四届人大四次会议开幕，省政府工作报告 在"十四五"时期和2025年工作回顾时提到，胖东来等一批新锐企业向新而生；在2026年重点工作安排时提到，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。 近年来，在胖东来效应带动下，河南商超集体成为全国零售业的关注焦点，不仅被市场称为"中国商超的河南现 象"，还成为零售业转型升级的学习对象。河南商超集体"破圈"的背后，实质上是其始终坚持"以人为本"、深耕区 域市场，持续优化供应链体系并与时俱进推动创新的结果。 让商业有温度，河南超市集体打造消费新场景 省政府工作报告中提到，2026年要打造一批带动面广、显示度高的消费新场景。当前，河南商超"天团"已有哪些 实践和探索？ 走进淘小胖鲜品馆宝龙广场店，明档厨房升腾的烟火气扑面而来：滋滋作响的现烤羊肉串、热气腾腾的手工大 包、香气四溢的各式卤味等。这些元素打破了传统商超冰冷货架的局限，唤醒消费者的体验欲望。 走进鲜风生活印象汇店，明亮通透的空间、清新雅致的装修，营造出轻盈、时尚、松弛的氛围，打破了传统超市 厚重、沉闷的刻板印象。店内不仅设有丰富的熟 ...

Group 1 - The core viewpoint emphasizes the implementation of consumption upgrades and policies to stimulate domestic demand, with over 300 million participants in the old-for-new consumption program expected to drive consumption by over 44 billion yuan, contributing approximately 11 percentage points to retail sales growth in 2025 [1] - The expansion and optimization of the offshore duty-free policy, with over 300 million yuan in consumer vouchers issued, leading to an annual sales figure of 47.52 billion yuan [1] - Actual foreign investment reached 25.1 billion yuan, marking a year-on-year increase of 19.9% [1] Group 2 - The focus for 2026 includes strengthening institutional innovation to release the benefits of customs closure policies and promoting the early introduction of policies to enhance trade liberalization and facilitation in the free trade port [2] - The strategy aims to activate domestic demand potential through consumption upgrades, implementing the "Special Action Plan for Boosting Consumption," and optimizing subsidy processes [2] - The initiative to stabilize foreign trade and adjust its structure includes building platforms for shared markets and promoting new foreign trade business formats [2]

Core Viewpoint - The article discusses the decline of the once-popular beverage Nutritional Express, highlighting its nostalgic value and the reasons behind its fading popularity in the current market landscape [5][10][11]. Group 1: Market Performance - Nutritional Express peaked in 2013 with sales exceeding 20 billion yuan, but by 2024, sales had plummeted to less than 2 billion yuan, a decline of over 90% [5][10]. - The market share of the dairy beverage category, which includes Nutritional Express, saw a significant decline of 12.94% year-on-year in the second quarter of 2025 [10]. - The overall trend in the dairy beverage sector indicates a continuous decline, with the category experiencing the largest drop in market share by November 2025 [10]. Group 2: Consumer Perception and Trends - Nutritional Express was initially successful due to its unique combination of milk and juice, filling a market gap when fresh milk was less accessible [11][19]. - As consumer preferences have shifted towards healthier options, the perception of Nutritional Express as a nutritious drink has diminished, with many consumers now associating it with high sugar content and artificial ingredients [17][21]. - The rise of health-conscious consumers has led to a preference for low-sugar, high-protein, and natural products, making Nutritional Express less appealing [25][27]. Group 3: Marketing and Product Evolution - Nutritional Express has attempted to revitalize its brand through various marketing strategies, including new product launches and collaborations with popular media [8][10]. - Despite these efforts, the effectiveness of marketing campaigns has been limited, and the brand has struggled to maintain relevance in a rapidly evolving market [10][18]. - The beverage's health claims, once a selling point, have become a liability as consumers demand cleaner ingredient lists and more transparent labeling [16][18].

Investment Rating - The report rates the shampoo and hair care industry as having significant long-term growth potential, with a projected market size exceeding 80 billion yuan by 2029, indicating a robust investment opportunity [8]. Core Insights - The industry is transitioning from "incremental expansion" to "stock deepening," reflecting a shift in focus towards consumer needs for scalp care and functional products, driven by consumption upgrades and the rise of domestic brands [8][20]. - The market is characterized by a strong demand for specialized products, particularly in the anti-hair loss and oil control segments, which are experiencing high growth rates [10][16]. Summary by Sections Industry Definition and Classification - Shampoo and hair care products are personal care items designed to clean hair, regulate scalp ecology, and improve hair condition, with a focus on gentle formulations for daily and professional use [6]. Market Trends - From 2019 to 2023, the market size has shown steady growth, with a forecasted increase to over 80 billion yuan by 2029, driven by consumer demand for effective scalp care and the rise of domestic brands [8][9]. - The market is shifting from basic cleaning products to scalp health management, with high growth in anti-hair loss and oil control products [10]. Product Performance - The main functions in the market include cleaning (18% market share, 0% growth), oil control (12%, 11% growth), and anti-dandruff (10%, -2% growth), while anti-hair loss products are leading with over 70% growth [10][11]. - In the hair care segment, deep care functions like repair (30% growth) and nourishment (24% growth) are outperforming traditional functions, indicating a shift in consumer preferences towards more specialized products [13][14]. Supply and Demand Analysis - High-demand, low-supply opportunities exist in areas like "anti-breakage" and "strengthening hair," which show significant growth potential [16]. - The competitive landscape is marked by a clear distinction between high-demand, high-supply segments and emerging opportunities, suggesting a need for strategic positioning in product offerings [16]. Online Market Dynamics - The online market for shampoo and hair care products is expanding rapidly, with sales projected to grow from 34.42 billion yuan in 2023 to 48.2 billion yuan by 2025, indicating a shift towards digital channels [20][21]. - The rise of platforms like Douyin is reshaping the competitive landscape, with significant sales growth and a shift in pricing strategies between platforms [22][39]. Brand Performance - International brands dominate the Taobao platform, while domestic brands are gaining traction on Douyin, highlighting a divergence in market strategies and consumer preferences [33][39]. - Notable growth is observed in domestic brands on Douyin, with some achieving over 1000% growth, reflecting a strong demand for affordable and effective products [33].