山姆会员店（宝安店）10月31日正式开业，巨幅海报引路过市民关注。 1737 STREETSE 0 10000000 1500 2017 NII III III STATIST ITAL BE . II THAN A HILL III F LYATT T BELLER ST BLO 南方都市報 奥一网 Oceeecon 现场工作人员正在为开业做准备。 近日，一张印有"10月31日盛大开业"字样的巨幅海报，在山姆会员店(宝安店)的外墙上被工作人员缓缓 固定。这一幕被过往市民用手机定格，迅速在社交网络上传开。这也让此前一直猜测这一零售业"顶 流"开业时间的市民，终于等到了"靴子落地"。 走访 开业倒计时 王女士狂喜张女士扑空 10月29日，南都记者来到位于宝安区沙井南环路与万丰路交会处的山姆新店。尽管尚未正式开业，但现 场已是一派忙碌景象，在新铺设的灰白条纹地砖广场上，一名工人正蹲下身子，细致地清理着砖缝，不 远处，他的橙色小推车上装满了回收的零碎建材。而在店铺外的市政绿化带旁，几位园林工人正拉着从 水管为新栽的绿植浇灌"定根水"。这座即将揭幕的商业地标仿佛一个上紧了发条的闹钟，为即将到来的 开业做着最后冲刺。 ...

Core Insights - The number of visa-free foreign visitors in the first three quarters reached 20.89 million, a year-on-year increase of over 50%, indicating a faster-than-expected recovery in travel and consumption [1][3] - The sales volume of tax refunds doubled, reflecting not only an increase in visitor numbers but also a rise in both single purchase amounts and frequency of purchases, showcasing a recovery in both quality and quantity of consumption [3][5] Group 1: Visitor Trends - The increase in visa-free visitors suggests a structural change, with a diversification in visitor nationalities and a stratification in consumption preferences, necessitating faster adaptation by businesses to different market tastes and payment habits [7] - The trend of tourists bringing empty suitcases to China indicates a strong demand expectation, as visitors are willing to stock up on Chinese goods, which reflects the attractiveness of Chinese consumer products [3][5] Group 2: Economic Activities and Events - Events like the China International Import Expo (CIIE) can transform exhibits into commodities, but this requires support from buyers, supply chains, promotional strategies, and policy backing [5][7] - Local initiatives such as consumption festivals in Shanghai and Guangxi's ASEAN Fair are crucial for effectively connecting international goods with local distribution, which will determine their success [3][5] Group 3: Long-term Outlook - The transition from one-time traffic to stable demand is essential for sustainable economic growth, and while current data shows positive trends, it should not be prematurely interpreted as a complete recovery [7][8] - The long-term challenge lies in replicating successful national-level events like the CIIE into local practices to ensure ongoing consumer engagement and market growth [7]

出品 | 创业最前线 作者 | 豆花 编辑 | 闪电 美编 | 邢静 审核 | 颂文 十年前，移动互联网刚刚进入黄金期，5.94 亿网民撑起了第一波电商奇迹。"双11狂欢夜"是电视台的晚会，省级卫视同步直播，海内外明星齐聚一堂。 十年后，手机网民已经超11亿，国内头部电商平台月活近10亿。但双11晚会早已成为历史，就连最被期待的零点GMV倒数环节，也已被取消五年。 增长的曲线总有放缓的那一刻。市场越成熟，获取新用户的代价越高。流量正在变成一种高成本资产，平台竞争转向存量博弈，商家必须用更高的精度和 更高的成本，去换取同样的结果。 但总有方案可以延续增长。比如，开拓更广阔的地图，实现"国内+海外"双市场并行，正成为越来越多内贸商家放大收益的战略选择，而东南亚则是这片 新蓝海的核心坐标。 跨境电商的声浪逐年攀高。海关总署数据显示，今年前三季度中国进出口总值达31.18万亿元人民币，同比增长6.3%，其中对东盟进出口总值5.57万亿 元，同比增长9.6%，占中国外贸总额的16.6%，成为最具活力的区域市场。 第四季度的东南亚更是机遇叠加：11.11、12.12大促接力开启，为商家铺就了业绩爆发的快车道。我们注意到， ...

从持仓结构来看，家电龙头美的集团以9.5%的占比跃升为第一大重仓股，显示出基金对消费升级领域 长期价值的持续关注。与此同时，部分传统消费股的权重有所下降，反映出基金经理根据市场环境变化 进行的主动调仓。此次调整涉及多个细分行业，包括但不限于家电、消费电子等板块。 据AI算法生成的持仓分析显示，本次调仓体现了"稳中求进"的投资策略。基金在保持核心持仓稳定性的 同时，通过纳入新兴消费领域的优质标的，试图捕捉行业结构转型带来的投资机会。这种动态配置方 式，既规避了单一行业过度集中的风险，也为组合注入了新的增长动能。 汇添富基金近日披露了旗下消费行业混合型基金的三季度持仓数据，该基金由基金经理胡昕炜管理。根 据公开信息整理，截至三季度末，基金近一年净值增长率为1.68%。值得注意的是，本季度前十大重仓 股出现明显调整，其中消费电子企业石头科技首次进入持仓名单，而五粮液等个股则退出前十大重仓序 列。 | 重仓股 | 增减仓 | 唱写 | 持有息数 | 持仓市值 | | --- | --- | --- | --- | --- | | 石头科技 (688169) | 新进十大 | | 120.0万股 | 2.52亿元 | ...

曾经风靡一时的跑圈新贵如今也来到平台期。近日，HOKA母公司Deckers Brands发布最新财报，销售 额、净利润保持两位数增长。其中，HOKA依然是支柱性品牌，净销售额保持双位数增长。但对比多年 业绩数据可以看到，狂奔的HOKA正在减速。这背后，一方面是随着前几年体量扩大，品牌维持超高增 速的难度自然增加；另一方面则是抢食者不断增加，挤压品牌市场空间。 HOKA依然能打 根据Deckers Brands发布的财报，截至2025年9月30日的2026财年二季度，Deckers Brands实现净销售额 14.31亿美元，同比增长9.1%；净利润达2.68亿美元，同比增长10.74%。 销售额、净利润双增的背后呈现的是Deckers Brands旗下主品牌的双位数增长。其中，UGG二季度实现 净销售额7.59亿美元，同比增长10.1%；HOKA实现净销售额6.34亿美元，同比增长11%。而包含Teva、 Ahnu在内的"其他"品牌业务表现承压，净销售额同比下滑26.5%至3720万美元。 基于二季度的增长，Deckers Brands预计2026财年整年公司总净销售额约为53.5亿美元，其中HOKA品牌 销 ...

曾经风靡的跑圈新贵如今也来到平台期。近日，HOKA母公司Deckers Brands发布最新财报，销售额、 净利润保持两位数增长。其中，HOKA依然是支柱性品牌，净销售额保持双位数增长。但对比多年业绩 数据可以看到，狂奔的HOKA正在减速。这背后一方面是随着前几年体量扩大，品牌维持超高增速的难 度自然增加；另一方面则是抢食者不断增加，挤压品牌市场空间。 HOKA依然能打 根据Deckers Brands发布的财报，截至2025年9月30日的2026财年二季度，Deckers Brands实现净销售额 14.31亿美元，同比增长9.1%；净利润达2.68亿美元，同比增长10.74%。 销售额、净利润双增的背后呈现的是Deckers Brands旗下主品牌的双位数增长。其中，UGG二季度实现 净销售额7.59亿美元，同比增长10.1%；HOKA实现净销售额6.34亿美元，同比增长11%。而包含Teva、 Ahnu在内的"其他"品牌业务表现承压，净销售额同比下滑26.5%，至3720万美元。 基于二季度的增长，Deckers Brands预计2026财年整年公司总净销售额约为53.5亿美元，其中HOKA品牌 销售额 ...

作者：葛政(麦高证券副总经理，研究发展部负责人) 2025年前三季度国民经济运行数据如期发布，GDP同比增长5.2%的稳健表现，彰显了中国经济在复杂 环境中的坚实韧性。其中，最终消费支出对经济增长贡献率达53.5%，较上年全年提升9.0个百分点，持 续巩固经济增长"主引擎"地位。在以旧换新政策扩围、新型消费崛起、城乡市场协同发力的多重驱动 下，国内消费市场呈现量质齐升的良好态势，为扩内需、稳增长注入源源不断的动力，印证了内需作为 经济增长核心支撑的战略价值。 政策精准发力，消费潜力加速释放。内需的持续扩张，离不开政策的科学引导与精准滴灌。2025年以 来，国家分四批下达3000亿元超长期特别国债资金，专项支持消费品以旧换新加力扩围，以"真金白 银"的补贴政策打通消费堵点，让居民得实惠、市场增活力。从城市商圈到乡镇市集，政策红利持续释 放，推动耐用品消费提质升级。重点消费领域呈现高增长态势，政策拉动效应显著。 从需求端看，一方面要优化收入分配结构，夯实消费增长根基。完善收入分配体系是释放消费潜力的重 要保障，要提高劳动报酬在初次分配中的比重，健全企业内部薪酬分配激励约束机制，推动中低收入群 体工资水平合理增长。 ...

Core Insights - The male health market is rapidly expanding beyond traditional medical fields into diverse sectors such as health supplements, skincare, and fitness, driven by a growing awareness of health and wellness among men [1][2] - The shift from passive treatment to active health management reflects a broader trend of consumption upgrade and industry innovation, with a focus on comprehensive health needs including appearance management, physical enhancement, stress relief, and chronic disease prevention [1][2] Market Growth and Trends - The male health supplement market in China is projected to reach 99.6 billion yuan by 2025, with nearly half of this related to sexual health products, while other segments like prostate health and fatigue recovery are also emerging rapidly [2] - A significant portion of men aged 35-55 are experiencing health issues such as decreased testosterone levels and fatigue, making health supplements a necessity [2] - The market is moving towards rational consumption, with male consumers increasingly prioritizing scientific efficacy over marketing hype [2] Industry Dynamics - The number of health supplement-related enterprises in China has surpassed 8.288 million, with approximately 1.84 million new registrations expected in 2024, indicating a consistent growth trend over the past decade [3] - Online sales channels are becoming the preferred choice for consumers due to privacy concerns, with significant growth in categories like kidney health products [5] Male Beauty and Skincare - The male skincare market in China reached 16.53 billion yuan in 2023, with expectations for further growth driven by the Z generation's open attitude towards skincare [6] - Social media plays a crucial role in promoting male beauty products, reshaping modern interpretations of masculinity and self-care [6] - The market is witnessing increased specialization, with product lines expanding from basic skincare to include anti-aging and light makeup products [6] Fitness and Health Management - The fitness industry is becoming integral to male health management, with membership numbers projected to reach 87.525 million by the end of 2024, reflecting a 25.47% increase from 2023 [11] - The demand for professional and scientific training programs is rising, as male fitness enthusiasts seek targeted solutions for muscle gain, fat loss, and overall fitness [11][13] - The integration of IoT, AI, and health data is enhancing the personalization of fitness experiences, making home workouts more effective [13] Future Outlook - The male health industry is experiencing a significant transformation, driven by increased health awareness and consumption upgrades, moving towards a more mature and regulated market [14] - Future competition will focus on technological innovation, brand trust, and user experience, emphasizing the need for products and services that genuinely address male health needs [14]

71 岁的钟睒睒又成中国首富了！2025 年最新百富榜显示，他以 5300 亿身家第四次登顶，比去年多赚 1900 亿，创下胡润榜 26 年来中国首富的财富纪录。但 你可能不知道，26 年前中国第一位首富荣毅仁，身家仅 80 亿；更没人想到，曾靠房地产、互联网登顶的王健林、马云，如今已被 "卖水的" 甩在身后。中 国首富的宝座 26 年换了 18 人，每个名字背后，都是一个时代的经济密码，今天就来扒一扒，从 "红色资本" 到 "消费帝国"，首富们的更迭，到底藏着中国 经济的哪些变与不变？ 中国首富变迁与时代印记 中国首富的更迭，是一部浓缩的中国经济发展史。从 1999 年英国人胡润制作出第一份 "中国富豪榜单 50 强" 开始，"首富" 一词正式进入中国公众视野。26 年来，共有 18 位不同的企业家或家族登顶中国首富宝座，见证了中国从计划经济向市场经济转型、从制造业大国向创新型国家迈进的历史进程。 2025 年 10 月 28 日，胡润研究院发布的《2025 衡昌烧坊・胡润百富榜》显示，71 岁的农夫山泉创始人钟睒睒以5300 亿元财富第四次登顶中国首富，较去年 增长 1900 亿元，不仅刷新个人纪录，更成 ...

Core Insights - The article discusses the evolving commercial landscape in Changsha, highlighting emerging "potential stars" in the retail sector that are gaining traction despite not yet appearing in the top rankings [1] Group 1: Emerging Commercial Projects - Changsha Jinmao Lanxiu City is positioned as a quality family art and entertainment venue, with a commercial area of 103,000 square meters and located in a rapidly developing area [3][5] - The first REIT in Hunan, based on Changsha Jinmao Lanxiu City, was listed in March 2024, achieving a fund operating income of 47.44 million yuan and a distribution rate of 5.42% in the first half of 2025 [6] - Changsha Xingsha Wanxianghui serves as a flagship project for China Resources, focusing on quality, trend, and family-oriented brands, with over 170 brands including regional first stores [10][13] Group 2: Marketing and Community Engagement - Xingsha Wanxianghui has successfully implemented various marketing strategies, including the first hamburger festival in Changsha and a music festival, significantly increasing foot traffic and sales [14] - The project has also innovated in member services, creating a high-quality service team and community events to enhance customer engagement, resulting in over 670,000 members [15][16] Group 3: Neighborhood and Cultural Integration - Changsha Moon Island Tianjie, opening in December 2024, aims to be a neighborhood lifestyle hub, focusing on high-frequency operations and community engagement [17][19] - The project has adopted a three-step strategy to establish itself as a neighborhood commercial benchmark, emphasizing local cultural integration and community events [20][21] Group 4: Unique Retail Experiences - Changsha Guanshaling招商花园城, opening in November 2024, will feature over 260 brands and a rooftop children's playground, targeting family-oriented consumers [22][25] - The 7mall Food Trend Landmark has become a cultural hub in Central South China, featuring a diverse range of dining and retail options, and has successfully launched several popular brands [27][29] Group 5: Innovative Concepts and Trends - Changsha Jiazhaoye Plaza, opened in December 2022, integrates high-end business and trendy lifestyle experiences, creating a vertical ecosystem that caters to both business and leisure [31][34] - Changsha Huijin Tianhong Shopping Center, set to open in December 2023, focuses on integrating intangible cultural heritage, trendy sports, and subculture, creating a unique shopping experience [40][42]