Core Viewpoint - The eighth China International Import Expo (CIIE) showcases Swire Group's commitment to the Chinese market through innovative practices in various sectors, emphasizing high-quality and sustainable development [1][4]. Group 1: Exhibition Highlights - Swire Group's exhibition theme is "Lean and Innovative," featuring subsidiaries such as Swire Properties, Swire Coca-Cola, Cathay Pacific, Swire Machinery, and Swire Shipping [1]. - The interactive booth spans 400 square meters, utilizing digital multimedia technology to illustrate the vibrancy of "new consumption" [3]. - Visitors can experience the integration of historical culture and modern commerce through the Xi'an Taikoo Li project model and enjoy an immersive experience of Cathay Pacific's cabin space using VR technology [3]. Group 2: Innovation and Sustainability - Swire Group demonstrates its exploration in digitalization, intelligence, and green transformation, showcasing applications of robotics and AI in aircraft maintenance [3]. - The Swire Shipping segment introduces its route layout and low-carbon solutions, highlighting innovative logistics services connecting China with Pacific island nations and Belt and Road markets [3]. - The exhibition presents specific cases that reflect Swire's commitment to sustainable development and long-term planning in promoting industrial green transformation [3]. Group 3: Future Commitment - Swire Group aims to combine its century-old craftsmanship with excellent operational principles, focusing on new opportunities in digital, intelligent, and green industrial development [4]. - The company positions itself as a witness, participant, and beneficiary of China's modernization, continuously injecting sustainable momentum into high-quality development [5].

Group 1 - The "Open Chengdu · Link Global" event aims to enhance cooperation between Chengdu and the Greater Bay Area, focusing on new consumption and industry integration [1][3] - The Chengdu Municipal Bureau of Commerce highlighted the city's rich cultural heritage, technological talent, and vast consumer market as key advantages for attracting investment [3][4] - A total of over 270 opportunities in retail, wholesale, catering, and cross-border e-commerce were presented during the event, showcasing Chengdu's commitment to enhancing its commercial landscape [3][4] Group 2 - Companies expressed confidence in Chengdu's business environment, with plans for expansion and investment in the region, indicating a positive outlook for future market opportunities [6][8] - The event facilitated project signings in key sectors such as new consumption, cultural creativity, and high-end hotels, demonstrating the effectiveness of the collaboration between Chengdu and Shenzhen [8] - Chengdu's strategy includes a focus on improving supply quality and creating a favorable business environment to stimulate consumption upgrades [4][6]

Group 1 - The announcement of a 9-day Spring Festival holiday in 2026 has significantly boosted travel demand, with a notable increase in flight and hotel searches on travel platforms [1][2] - The search volume for domestic flights and hotels on platforms like Qunar and Tongcheng has more than doubled within hours of the announcement, indicating strong consumer interest [1][2] - The surge in inquiries for European travel, particularly a 200% increase in consultations for destinations like Greece and Spain, highlights the potential for long-distance travel during the extended holiday [1][2] Group 2 - The extended holiday aligns with cultural needs for family reunions during the New Year, while also providing a window for consumption upgrades, thus acting as a catalyst for various industries [2] - The combination of policy incentives and released demand is expected to drive growth in transportation, cultural tourism, and other sectors, serving as a significant boost for consumer spending [2] - Relevant ETFs that may benefit from this trend include the Tourism ETF (562510), Food and Beverage ETF (515170), and Hong Kong Consumption ETF (513230) [3]

Core Viewpoint - The Shanghai Pavilion at the 8th China International Import Expo showcases the theme "AI Empowerment, Cultivating New Consumption," highlighting innovations in the construction of an international consumption center city through intelligent presentations and sustainable design [2]. Group 1: Brand Story - The "Brand Story" section focuses on brand economy and the launch economy, emphasizing the internationalization of local brands and the debut of international brands, showcasing how commercial brands contribute to the quality upgrade of the consumption sector [5]. - Notable exhibits include the "Blooming Secret Realm" jewelry from the century-old brand Lao Feng Xiang, which previously impressed at Milan Fashion Week [5]. - The pavilion features a dialogue and collaboration between Chinese and international brands, including LEGO's skyline exhibit of Shanghai [11]. Group 2: Consumption Innovation - The "Consumption Innovation" section addresses trends in personalized, emotional, and health-related consumption, showcasing AI's role in enhancing service and digital consumption [15]. - The "Silver Economy" area features a home care robot developed by Zhineng Technology [15]. - The "Children's Economy" area displays AI toys designed for emotional regulation and educational companionship, such as the Fuzozo doll and the chess-playing robot from SenseTime [17]. - The "Youth Economy" area highlights original IP incubation companies like Bilibili and showcases their latest animation generation model [18]. - The "Pet Economy" area features lifestyle products from the brand VETRESKA, including a cactus-shaped cat climbing frame [20]. Group 3: Experience Consumption - The third section explores the potential for consumption growth by breaking physical boundaries and creating new experience consumption scenarios through cultural tourism and night economy themes [22]. - The Shanghai Museum presents a "Mini version of the Egyptian Gods" scene, representing cultural IP [22]. - The "INS New Paradise" scene represents the night economy, featuring live DJ performances and dancing robots [23].

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][32]. Core Insights - The report highlights the recent tax policy changes regarding gold, which exempts value-added tax for standard gold transactions, potentially boosting market activity [3][22]. - The beauty care sector shows mixed performance, with some companies reporting significant revenue growth while others face declines [4][25]. - The report emphasizes the importance of domestic brands in the beauty market, with notable rankings in the Douyin beauty list indicating a shift towards local products [22][23]. Market Performance - During the week of October 27 to October 31, 2025, the retail trade, social services, and beauty care sectors experienced changes of +1.63%, +0.45%, and -2.21% respectively, ranking 8th, 17th, and 30th among 31 primary industries [13][15]. - The cosmetics sector faced a decline of -2.57%, while segments like trade and e-commerce performed well with increases of +3.44% and +2.97% [15][18]. Key Company Announcements - Shanghai Jahwa reported a revenue of 4.961 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.8%, with a net profit growth of 149.1% [25]. - Proya Cosmetics achieved a revenue of 7.098 billion yuan, reflecting a modest growth of 1.89% [25]. - The opening of Pop Mart's first store in the Middle East marks a significant expansion for the brand [29]. Investment Recommendations - The report suggests focusing on companies such as Shiseido, Giant Bio, Marubi, Runben, Proya, Chaohongji, and Furuida as potential investment targets within the recommended sectors [5][32].

Core Insights - The article highlights the innovative approach of Shede Liquor in launching its new low-alcohol product, Shede Zizai, through a lively and immersive event, breaking away from traditional serious white liquor product launches [1][2][4]. Product Launch and Market Strategy - Shede Zizai, a 29-degree low-alcohol liquor priced at 329 yuan per bottle, was launched on August 30, 2023, and has been well-received for its high quality-to-price ratio, appealing to new consumer demands [2][5]. - The product achieved significant online sales, with over 12,000 orders within 36 hours of its launch on JD.com, indicating strong market interest [2]. - The offline promotion event in Chengdu marks the beginning of Shede Zizai's national rollout, aiming to tap into new consumer markets and establish a model market [2][3]. Market Potential and Consumer Engagement - Chengdu was chosen for the launch due to its robust economy, with a GDP exceeding 2 trillion yuan and a population over 20 million, making it a fertile ground for new consumption trends [3]. - The event utilized a live house setting to create a relaxed atmosphere, incorporating elements like rap and dance to engage consumers and redefine traditional white liquor consumption scenarios [4][6]. New Consumption Trends - Shede Zizai aligns with the trend of low-alcohol beverages, reflecting a shift in consumer preferences towards lighter, more enjoyable drinking experiences [5][8]. - The product promotes a new consumption philosophy focused on personal enjoyment and relaxed social interactions, moving away from traditional social pressures associated with liquor consumption [5][6]. Sales and Distribution Model - The company advocates for a non-pressuring sales model that emphasizes simplicity and timely delivery, aiming to create a supportive environment for distributors [7]. - This approach is designed to foster a collaborative ecosystem that benefits both the company and its partners, encouraging the exploration of new consumption scenarios [7][8]. Industry Impact - The launch of Shede Zizai represents a significant step in the white liquor industry, showcasing a commitment to innovation and adaptation to changing consumer behaviors [8]. - The initiative is seen as a pioneering example for the industry, potentially leading to a broader transformation in how white liquor is perceived and consumed in China [8].

Core Insights - The article discusses the upcoming CICC Annual Investment Strategy Conference 2025, highlighting key speakers and topics that will be addressed during the event [1][3]. Group 1: Conference Overview - The conference will take place from November 12 to 14, 2025, at the Beijing Kerry Hotel [1]. - Notable speakers include Wang Shuguang, Vice Chairman and President of CICC, and Liu Shijun, Chief Advisor of the China Council for International Cooperation on Environment and Development [1][3]. Group 2: Economic Outlook - The conference will feature discussions on macroeconomic outlooks for China and the United States, led by Zhang Wenlang, Managing Director of CICC Research [5]. - Topics will also cover A-share market outlook, Hong Kong and overseas market perspectives, and asset outlooks [5]. Group 3: Sector-Specific Insights - The agenda includes sessions on various sectors such as real estate, fixed income, REITs, and quantitative investment strategies for 2026 [6][10]. - Specific sessions will focus on new supply dynamics in industries like automotive, photovoltaic, and energy [8]. Group 4: Technological Innovations - The conference will explore advancements in AI and its implications for infrastructure and intelligent robotics [9][11]. - Discussions will also cover the integration of AI in various applications and the emergence of new materials [12][40]. Group 5: Consumer Trends - The event will address new consumer trends, emphasizing quality of life and innovative consumption patterns [9][55]. - Topics will include the evolution of service chains, brand operations, and the rise of consumer robots [9]. Group 6: Financial Sector Developments - Insights into the wealth management industry post-fee reform and the development of a multi-layered REITs market will be presented [10]. - The conference will also discuss the opportunities and challenges presented by RWA in empowering the real economy [10].

Group 1 - The core viewpoint of the article highlights that Eagle Fund has been recognized as one of the "Top 20 Investment Institutions in Soft Power for New Quality Productivity 2025," marking its third consecutive year on the FOFWEEKLY annual list and its first national-level recognition in the "soft power" dimension [1][2]. Group 2 - Eagle Fund defines "soft power" as the unseen capabilities that determine outcomes, such as predicting technology cycles, building industrial resonance, and fostering long-term consensus and collaboration [4]. - Over the past decade, Eagle Fund has actively invested in cutting-edge sectors like artificial intelligence, robotics, and low-altitude economy, creating a unique industrial ecosystem and resource integration capability to provide comprehensive support to its portfolio companies [4]. - The fund has invested in over 300 technology innovation companies, with more than 10 portfolio companies already listed or about to be listed [4][14]. Group 3 - Eagle Fund was founded by Liu Xiaoying, who embodies the entrepreneurial spirit of the Chaoshan people, having a background that includes significant experiences in both Hong Kong and mainland China [4][9]. - Liu Xiaoying's entrepreneurial journey began in 1993, and he quickly became the youngest chairman of a listed company in Hong Kong by successfully listing his company on the stock exchange in 2000 [9][10]. - The fund has established branches and offices in various cities, including Shanghai, Hangzhou, Wuhan, Chengdu, Hong Kong, Silicon Valley, and Boston, managing assets exceeding 3 billion RMB [14].

Core Insights - The economic data for the top ten provinces in China indicates that consumption is becoming a fundamental driver of local economic growth, with seven provinces outperforming the national average retail sales growth of 4.5% in the first three quarters of the year, led by Henan at 6.2% [1] Group 1: Resource Endowment - Henan, as the largest grain-producing province in China, contributes 10% of the national grain output, forming a robust food industry competitive advantage through a complete industrial chain from raw materials to processing [3] - This agricultural advantage is not merely a resource endowment but is enhanced by an industrialized approach that reconstructs consumption scenarios [3] Group 2: Traditional Industry Transformation - The rise of new consumption in Henan is a result of the collision between traditional advantageous industries and emerging consumer demands, transforming the province from a "grain warehouse" to a new consumption manufacturing center [4] - Over 2,600 large-scale food enterprises in Henan have established a complete industrial chain from farm to table, providing a solid supply chain infrastructure for new consumption brands like Mixue Ice City and Guoquan Shihui [4] - The establishment of a virtuous cycle in the supply chain, from raw material supply to retail, has empowered new consumption brands to iterate quickly and expand in scale [4] Group 3: Market Logic Shift - The emergence of new consumption brands in Henan coincides with a profound transformation in the Chinese consumer market, shifting from survival-oriented consumption to development-oriented consumption [6] - New consumption brands in Henan have adeptly captured market changes by focusing on product quality and value, meeting new consumer demands [6] - Brands like Mixue Ice City, Bubble Mart, and Pang Donglai have redefined their respective market segments by emphasizing product functionality, quality, and emotional value, showcasing a connection despite operating in seemingly unrelated sectors [6]

New Product Launches - Sanquan has launched new organic "Yami" wontons and dumplings, featuring 8 organic ingredients and a protein content of 7.8g per 100g, ready in 4 minutes without thawing [5][3] - Mengniu has introduced a new lemon-flavored drink under its "True Fruit" brand, made with Yuleke lemon pulp and real lemon juice [7][3] - Luckin Coffee has released its first savory milk tea, inspired by traditional Xilin Gol tea, featuring roasted rice and authentic milk skin flavor [5][3] - Kang Shifu has collaborated with "Zootopia" to launch a jelly drink with iced black tea flavor, offering two consumption methods [5][3] - Huayuan has launched a new jujube juice product, targeting the new Chinese health market with a juice content of 30% [9][3] Industry Events - V Rum has introduced a new pentagonal bottle made from 100% recycled glass, setting a sustainability standard in the spirits industry [10] - Taobao has announced the launch of a new convenience store brand, aiming for a 24-hour operation and 30-minute delivery service [10] - The first store of "Ruyi Sushi," a new sushi brand under Haidilao, has opened in Hangzhou, focusing on fresh and immediate dining experiences [26][10] - Miniso has opened its first MINISO LAND in Thailand, combining shopping and social experiences [35][10] Investment and Financing Trends - Keurig Dr Pepper has secured $7 billion in financing for its acquisition of JDE Peet's, valued at $18 billion [18] - Upcycled Plant Power, a UK food tech company, has raised £2.5 million in funding, including £1.5 million from a climate-focused investment firm [20] - Duck Duck Water has completed a RMB 10 million angel round financing to enhance its brand and digital systems [21] - Bryan Johnson's anti-aging company Blueprint has raised $60 million in funding [21] Food Industry Developments - Yuanqi Forest has established a dairy company with a registered capital of RMB 166 million, focusing on dairy product production [24] - Xinjiang Tianrun Dairy has launched a 200,000-ton dairy processing project, marking a significant step in its industrial development [25] - "Guozi Shule" has introduced fruit beer products, marking its first entry into the beer market with high fruit juice content [26] - Luckin Coffee is set to launch a collaboration with "Demon Slayer" on November 3, 2023, featuring themed merchandise [29]