Summary of Conference Call Notes Industry Overview - The conference call discusses the **Chinese consumer market**, highlighting its transition into a new consumption era characterized by emotional consumption and the integration of AI applications. [1][2][5] Key Insights and Arguments - The **fifth consumption era** in China emphasizes "well-being," which includes both physical and emotional health, leading to a diversification of emotional consumption patterns, especially in first-tier cities. [1][7] - The **media sector** is positioned as a dual attribute of technology and discretionary consumption, benefiting from both new consumer trends and AI applications, which are expected to drive valuation reassessment. [1][6][10] - **Policy support** from the government is crucial in driving market growth, with a focus on urban renewal and the application of new technologies to stimulate economic activity. [1][9] - The **Japanese experience** in transitioning through consumption eras serves as a model for China, particularly in understanding consumer behavior and the importance of emotional value in purchasing decisions. [2][3][6] Emerging Trends - Emotional consumption is gaining traction as it reflects changes in social and economic cycles, aligning with the "well-being" concept introduced in Japan's fifth consumption era. [8] - The **rise of new consumer demands** in sectors such as beauty care, fitness, and card games is noted, particularly in lower-tier markets, indicating potential growth opportunities. [1][5] Important but Overlooked Content - The **impact of AI and new media** on the media sector is highlighted, with a focus on the integration of AI applications in enhancing consumer engagement and content delivery. [3][10] - The **China Securities Regulatory Commission's** policies on mergers and acquisitions are expected to invigorate the market, allowing companies to leverage strategic partnerships for growth. [3][11] - Specific **media sector companies** to watch include cinema chains like Wanda Film and Hengdian Film, as well as companies involved in IP derivatives and digital marketing, indicating a diverse investment landscape. [12][13] Conclusion - The conference call emphasizes the importance of understanding the evolving consumer landscape in China, driven by emotional values and supported by government policies, while also recognizing the potential of AI applications in reshaping the media sector. [1][2][10]

5月20日，港股消费板块早盘震荡攀升，相关热门ETF中，港股消费ETF（513230）现涨近1.5%。持仓股中，零跑汽车领涨超4%，小米集团、新秀丽均 跟涨超3%，巨子生物、思摩尔国际、阿里巴巴等涨幅居前。港股消费ETF（513230）近期回暖趋势较为清晰，已连续3个交易日获资金净流入，持续受资金 青睐。 消息面上，2025年全国精品首发季暨"首发上海"系列活动日前正式在上海启动，邀请全球游客打卡首店、观赏首展、欣赏首秀，实地感受中国和上海消 费市场的巨大魅力。上海还同步发布了"首发上海3.0"政策，将试点首发进口消费品检验便利化措施和首发进口化妆品快速通关模式，进一步优化全球新品 的首发环境。据悉，商务部将组织各地开展丰富多彩、各具特色的精品首发活动，激发消费新动能，持续释放消费潜力。同时，将加大对首发经济的支持力 度，发挥好重点展会作用。 开源证券认为， 消费复苏主旋律下，关注契合"情绪消费"主题且品牌势能和竞争力边际提升的龙头公司，重点关注四条投资主线。（1）黄金珠宝：关 注具备差异化产品力和消费者深度洞察力的黄金珠宝品牌；（2）线下零售：关注顺应趋势积极变革探索的零售企业（超市、百货、连锁）；（3）化 ...

Group 1 - The core viewpoint highlights a surge in "emotional consumption" among China's younger generation, particularly the Z generation, leading to significant revenue growth for companies like Pop Mart, Lao Pu Gold, and Mixue Ice City [1] - The Z generation, exceeding 250 million consumers, exhibits a polarized spending behavior, being frugal on daily necessities while willing to spend hundreds or thousands of dollars on hobbies such as toys and trendy accessories [1] - The overall investment value in the "big consumption" sector is emphasized, with notable performance from companies like Pop Mart, Mixue Ice City, and Lao Pu Gold, which have gained popularity among the Z generation [1] Group 2 - The Hong Kong Consumption ETF (159735) tracks the Hong Kong Consumption Index, which reflects a higher proportion of new consumption categories compared to A-shares, focusing on e-commerce, consumer electronics, new energy vehicles, and more [2] - A positive shift in policy direction is noted, moving from merely stimulating consumption to focusing on pre-consumption factors such as income, credit, and social security, which is expected to enhance consumer confidence and spending capacity [2] - Supportive policies for personal consumption loans, including credit repair and risk control, are anticipated to unlock more consumer demand, contributing to the recovery of consumption in various sectors [2]

招商证券指出，4月社零及电商维持相对稳健增长，国补类目保持增速领先。当前内需有望发力，后续 若刺激消费政策出台消费互联网龙头将显著受益，建议关注质地好、业绩佳、回购高、估值低的消费互 联网龙头公司。 消息面来看，5月19日，国家统计局发布数据显示，4月份，社会消费品零售总额37174亿元，同比增长 5.1%。其中，除汽车以外的消费品零售额33548亿元，增长5.6%。1—4月份，社会消费品零售总额 161845亿元，增长4.7%。其中，除汽车以外的消费品零售额147005亿元，增长5.2%。 5月20日早盘，港股集体上涨，截至发稿，中证港股通消费主题指数涨0.74%。 港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 相关ETF方面，截至发稿，港股消费ETF（159735）涨1.1%，换手率2.25%。成分股中，零跑汽车涨超 4%，小米集团-W涨超2%，理想汽车-W、泡泡玛特等跟涨。 开源证券认为，消费复苏主旋律下，关注契合"情绪消费"主题且品牌势能和竞争力边 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a stable growth in social consumption, with a year-on-year increase of 4.7% in the first four months of 2025, and a 5.1% increase in April [4] - The report emphasizes the strong performance of optional consumption categories, particularly gold and jewelry, which saw a year-on-year increase of 25.3% in April [5] - Online retail channels showed robust growth, with a total online retail sales of 47,419 billion in the first four months of 2025, marking a 7.7% increase [6] Summary by Sections Industry Overview - The total retail sales for the first four months of 2025 reached 161,845 billion, with April sales at 37,174 billion, reflecting a 5.1% increase [4] - The report indicates a positive outlook for social consumption growth driven by effective policy measures [4] Consumption Trends - Essential consumption categories such as grain and oil saw significant growth, with year-on-year increases of 14.0% for grain and oil products [5] - The report identifies a divergence in growth rates among different consumption categories, with home appliances showing a strong performance due to government subsidies [5] Online vs Offline Retail - Online retail sales accounted for 24.3% of total retail sales, with physical goods online retail sales increasing by 5.8% [6] - Offline retail channels, including supermarkets and convenience stores, also showed a marginal recovery, with supermarkets growing by 5.2% year-on-year [6] Investment Recommendations - The report suggests focusing on high-quality companies in the "emotional consumption" theme, particularly in four key areas: gold and jewelry, offline retail, cosmetics, and medical aesthetics [7] - Specific companies recommended include Lao Pu Gold, Yonghui Supermarket, and Aimeike, among others [7]

Group 1: Gold Price Trends - The current price of gold T+D has surged to 752 RMB per gram, with an increase of 0.56%, while international gold futures in New York have reached 3228.5 USD per ounce, up by 1.30% [2] - Compared to last year, gold prices have risen significantly from around 480 RMB per gram to 645 RMB per gram, marking a remarkable increase of 25% [2] Group 2: Factors Influencing Gold Prices - Gold prices reflect international geopolitical tensions, with increased conflicts and upcoming elections in Europe and the US heightening market risk aversion, leading to a surge in demand for gold as a safe haven [3] - The relationship between the US dollar and gold is highlighted, where a strong dollar typically weakens gold prices, while a weaker dollar creates favorable conditions for gold price increases [3] Group 3: Young Consumers in the Gold Market - Young consumers aged 25 to 34 account for 55% of gold jewelry purchases, with those under 25 seeing a nearly ninefold increase in transaction volume [4] - Popular shopping destinations for young buyers include Beijing and Shenzhen, where social media has popularized gold buying as a trendy experience [4] Group 4: Investment Strategies in Gold - For conservative investors, bank gold bar products, such as ICBC's gold bars priced at 493 RMB per gram for 20 grams, are considered stable investment options [5] - Young consumers are increasingly drawn to unique gold products, including collaborations with popular IPs, which, despite limited investment value, thrive in the emotional consumption market [5]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [2] Core Insights - The retail industry is experiencing a significant shift with the 618 e-commerce promotion, characterized by extended activity periods and simplified consumer engagement strategies [27][28] - Domestic beauty brands are showing strong performance, with notable sales figures during the 618 promotion, indicating a trend of rising domestic products [5][32] Summary by Sections Retail Market Review - The retail industry index rose by 1.72% during the week of May 12 to May 16, outperforming the Shanghai Composite Index by 0.96 percentage points [7][16] - The internet e-commerce sector saw the highest growth, with a weekly increase of 5.81%, while the brand cosmetics sector led the year-to-date performance with a 20.30% increase [19][22] 618 Promotion Insights - The 618 e-commerce promotion has begun, with platforms like Taobao, Douyin, and JD extending their promotional periods and simplifying discount mechanisms to enhance consumer experience [27][28] - Sales performance during the promotion has been strong, with Li Jiaqi's live stream achieving a GMV of 25-35 billion yuan on the first day, showcasing the rising dominance of domestic beauty brands [5][32] Investment Recommendations - Focus on high-quality companies in the emotional consumption theme, particularly in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][35] - Recommended companies include Lao Pu Gold, Chao Hong Ji, Mao Ge Ping, Peiliya, Juzi Biology, and Shangmei Shares, which are expected to benefit from current market trends [38]

商贸零售 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-05 2024-09 2025-01 商贸零售 沪深300 相关研究报告 《关注零售行业中期投资策略：深挖 情 绪 消 费 景 气 赛 道 — 行 业 周 报 》 -2025.5.11 《悦享生活，深挖情绪消费景气赛道 —2025 年零售行业中期投资策略》 -2025.5.7 《零售企业经营持续承压，关注高景 气优质公司—行业周报》-2025.5.5 618 大促拉开帷幕，关注国货美妆表现 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 投资主线三（化妆品）：关注具备差异化且能力持续迭代的优质国货美妆品牌， 重点推荐毛戈平、珀莱雅、上美股份、巨子生物、润本股份、丸美生物等 ...

Core Viewpoint - The collaboration between domestic brands Bai Xiang and Wei Long to launch spicy noodle snacks has captured the attention of young consumers, reflecting a shift in consumption patterns towards emotional and symbolic values rather than just functional benefits [1][3][18]. Group 1: Consumer Trends - The transition from a production-oriented society to a consumption-oriented one has led to a focus on the symbolic value of products, with nearly 30% of young consumers willing to spend for emotional healing [2][3]. - The rise of "spicy" as a cultural consumption symbol among young people is evident, with 61.4% of consumers aged 18-30 being the main force in hot pot consumption [6][11]. - The emotional experience of consuming spicy food is linked to the release of neurotransmitters that provide a sense of pleasure, making it a form of emotional therapy for stressed young individuals [11][12]. Group 2: Product Insights - The spicy noodle snack combines elements of spicy noodles, sauces, and snacks, offering a unique taste experience that appeals to young consumers' desire for both flavor and emotional release [17][18]. - The product's versatility allows it to fit into various eating occasions, from meals to snacks, making it a convenient choice for young consumers [17][18]. - Bai Xiang and Wei Long's collaboration is not just a product mix but a deep understanding of young consumers' emotional and social needs [18][30]. Group 3: Brand Strategy - Bai Xiang has successfully maintained its relevance by continuously adapting to the preferences of young consumers, as seen in its innovative product launches and marketing strategies [22][30]. - The brand has engaged in interactive marketing, such as social media campaigns and collaborations with popular culture, to resonate with the younger demographic [24][27]. - Bai Xiang's sub-brand, Da La Jiao, focuses on spicy products and has been pivotal in attracting young consumers through innovative offerings and effective communication strategies [24][30].

火爆出圈 从体验经济到情绪消费 在日常生活中，年轻人面临着学业、工作的压力，过着千篇一律的生活，对"脱序"和创造实际上都充满了渴望。 作者：小羊 在内卷与躺平交织的2025年，年轻人对职业体验的想象正悄然发生转变。 曾经被视为打工人代名词的线下门店，如今却成为年轻人争相打卡的新潮场所。 他们甘愿自掏腰包，甚至倒贴千元，只为体验一天的"店长"身份。 小红书上，"一日店长"相关话题讨论高达57万次，活动内容浏览量近300万次。 这一现象背后，既是年轻人对传统职场逻辑的反叛，也是品牌营销策略的一次创新突围。 这种模式为何能迅速俘获年轻人的心？在流量狂欢之下，品牌能否真正将热度转化为可持续的商业价值？ 一日店长模式为他们提供了一个跳出常规的机会，让他们能够暂时摆脱自己的身份，拥有一家属于自己的店铺，哪怕只是一天。 （图片来源：小红书） 年轻人不再满足于单纯的商品购买，而是渴望在消费过程中获得身份认同、社交资本与情感满足。 这种独特的体验区别于传统的营销方式。传统营销往往是品牌单向地向消费者传递信息，而"一日店长"让消费者成为了主角，参与到店铺的运营中。 例如泡泡玛特在门店推出小野系一日店长活动。活动招募普通消费者担任 ...