Core Viewpoint - The overall consumption in China shows steady growth, with specific segments like national subsidy products and service consumption continuing to perform well [2][5]. Group 1: Sales Performance - During the Labor Day holiday in 2025, key retail and catering enterprises in China reported a sales increase of 6.3% compared to the same period last year, although this represents a slight decline from the 6.8% growth seen in 2024 [2]. - The sales of home appliances, automobiles, and communication equipment saw significant year-on-year growth of 15.5%, 13.7%, and 10.5% respectively during the holiday [2]. - The restaurant sector also performed well, with a year-on-year increase of 8.7% in sales for monitored catering enterprises [2]. Group 2: Service Consumption - Travel orders during the Labor Day holiday increased by 30% compared to the same period in 2023, with hotel bookings reaching a historical peak [2]. - Data from Douyin indicated a remarkable growth in accommodation group purchase orders by 79% and hotel scenic area package orders by 116% during the holiday period [2]. Group 3: Inbound and Duty-Free Sales - Inbound tourism spending in Beijing reached 1.13 billion yuan, marking a 48% year-on-year increase [3]. - Shanghai's duty-free sales saw a year-on-year increase of 120%, with the tax refund amount also rising by 130% [3]. Group 4: Duty-Free Shopping Trends - During the Labor Day holiday, duty-free shopping in Hainan amounted to 510 million yuan, reflecting a year-on-year decline of 7.3%, but the drop was less severe compared to the 15.9% decline during the Spring Festival [4]. - The average spending per person in duty-free shopping increased by 1.1% compared to the previous year, continuing the upward trend observed during the Spring Festival [4]. Group 5: Structural Highlights in Consumption - The national subsidy policy has expanded its coverage and increased subsidy amounts, leading to significant growth in sales of home appliances and other electronic products [5]. - The demand for investment-grade gold products has risen, alongside a growing preference for well-designed and branded gold jewelry [5]. - Emotional consumption is on the rise, with products based on popular IPs, such as blind boxes and figurines, performing exceptionally well [5].

Core Insights - The report emphasizes the emergence of "emotional consumption" as a significant trend in the retail industry, particularly benefiting brands that resonate with consumers' emotional needs [2][3][28] - The retail sector is experiencing a slow recovery, with varying performance across different segments, highlighting the resilience of brands linked to emotional value [3][10][39] Industry Review - In Q1 2025, social consumption showed a slow recovery, with retail businesses facing overall pressure. However, segments related to "emotional value" consumption, particularly leading brands, performed significantly better than the industry average [3][10][39] - The jewelry sector is under pressure due to high gold prices, while cross-border e-commerce remains stable but with profit pressures. The medical beauty and cosmetics sectors are facing intense competition, and offline retail is still exploring transformative models [3][6][39] Segment Analysis Jewelry - The jewelry industry is experiencing a shift in brand competition, with traditional brands facing challenges from differentiated product brands that are rapidly emerging and achieving high growth [6][39] - In Q1 2025, the jewelry sector's revenue was 431.6 billion yuan, down 25.9% year-on-year, with net profit also declining [39][64] Cosmetics - The cosmetics sector is benefiting from the rise of emotional consumption, with a focus on high-demand segments such as high-end beauty and differentiated personal care brands [5][39][64] - Brands like Mao Ge Ping and Proya are highlighted for their strong performance in this evolving market [5][39] Medical Beauty - The medical beauty sector is expected to recover as domestic demand increases, with a focus on differentiated product lines [5][39] - Companies like Ai Meike and Kedi-B are recommended for their unique offerings [5][39] Offline Retail - Offline retail is leveraging emotional consumption to regain market share, with companies like Yonghui Supermarket and Aiyingshi being recommended for their proactive transformation efforts [5][39] - The report notes that the shift towards a direct-to-consumer (DTC) model is crucial for offline retailers to enhance customer experience and emotional satisfaction [69] Investment Recommendations - For the jewelry sector, brands with differentiated product capabilities and deep consumer insights are recommended, including Lao Pu Gold and Chao Hong Ji [5][66] - In the cosmetics space, the report suggests focusing on high-demand segments and brands that can continuously innovate [5][66] - The medical beauty sector is advised to consider companies with unique product lines, such as Ai Meike and Kedi-B [5][66] - The report highlights the importance of emotional value in driving consumer preferences, suggesting that brands that can effectively tap into this trend will outperform their peers [5][66]

Group 1 - The core viewpoint of the article highlights a significant increase in consumer spending during the May Day holiday, with total expenditure reaching 180.27 billion yuan, a year-on-year growth of 8.0% [1] - The number of cross-regional travelers exceeded 1.465 billion, marking a 7.9% increase compared to the previous year, indicating a robust recovery in domestic tourism [1] - Key retail and catering enterprises reported a sales increase of 6.3% year-on-year during the holiday period, reflecting strong consumer demand [1] Group 2 - The Hang Seng Consumption ETF (159699) saw a rise of 1.33% as of May 6, 2025, with a cumulative increase of 3.65% over the past two weeks, indicating positive market sentiment towards consumer stocks [1] - The ETF's latest scale reached 1.544 billion yuan, a new high in the past month, with significant leverage funds continuing to invest [1] - The financing buy-in amount for the ETF was 5.3328 million yuan, with a financing balance of 4.4631 million yuan, showcasing strong investor interest [1] Group 3 - Huatai Securities reports that the hotel industry is experiencing a recovery with both volume and price increasing, driven by the demand from the lower-tier markets and improved quality-price ratios [3] - The report anticipates a narrowing decline in duty-free sales due to promotional activities and tax rebate policies in Hainan, suggesting a positive outlook for the consumption sector [3] - The firm maintains a favorable view on the consumer sector's fundamentals improving throughout 2025, driven by various consumption stimulus policies [3][4] Group 4 - Shenwan Hongyuan Securities emphasizes the importance of consumption promotion policies in stabilizing growth amid external pressures, categorizing these policies into direct and indirect support measures [5] - Direct measures include subsidies and consumption vouchers, while indirect measures involve tax reductions and fee exemptions, particularly targeting large consumer goods [5] Group 5 - The Hang Seng Consumption ETF (159699) is positioned to benefit from new consumption stimulus policies and supports T+0 trading, focusing on four major sectors: food and beverages, textiles and apparel, home appliances, and tourism [6][8] - The ETF includes leading consumer companies with strong domestic recognition, such as Li Ning, Anta, and Haidilao, providing a diversified investment opportunity [7] - The ETF is noted for its significant scale and flexibility, making it a prominent choice in the Hong Kong market for investors looking to capitalize on consumer trends [8][9]

Core Insights - The new consumption market is experiencing significant growth, driven by younger consumer groups and innovative consumption scenarios [2][6][7] - New consumption stocks have become a focal point for investors, with notable price increases in various companies [2][3][5] - The investment logic in the consumption sector is shifting from total expansion to demand differentiation, highlighting the potential of new consumption companies [5][6] Group 1: New Consumption Trends - The "May Day" holiday showcased vibrant consumer activity, with events like comic exhibitions and the popularity of products targeting Generation Z [1][2] - Fund managers are increasingly focusing on new consumption scenarios, such as pet transportation services and trendy snacks, indicating a shift in investment focus [2][6] - The rise of "self-indulgent" and "emotional" consumption among younger demographics is driving market potential [2][6] Group 2: Stock Performance - New consumption concept stocks have seen substantial gains, with companies like Lao Pu Gold and Bubble Mart experiencing over 100% price increases this year [2][3] - In the A-share market, leading companies in the snack and pet economy sectors have also reported significant stock price increases, with Wanchen Group doubling in value [2][3] - The performance of traditional businesses adapting to new consumption trends, such as Ruoyu Chen, has also been notable, with stock prices rising significantly [3] Group 3: Investment Strategies - Fund managers are recognizing structural opportunities within the consumption sector, with a focus on new consumption companies that cater to younger consumers [4][5] - The investment approach is evolving, with an emphasis on identifying innovative nodes and capturing new opportunities rather than relying solely on traditional market leaders [6][7] - Future investment strategies will likely continue to prioritize new consumption sectors, including trendy toys, gold jewelry, and pet products, while also considering traditional consumption as macroeconomic conditions stabilize [6][7]

Investment Rating - The report indicates a positive outlook for the IP derivatives industry, particularly highlighting the strong performance of Pop Mart's Labubu 3.0 series and the potential of the "emotional consumption" sector [4][10]. Core Insights - On April 25, Pop Mart's official app topped the US App Store shopping chart for the first time, coinciding with the global release of the Labubu 3.0 plush series, which sparked a buying frenzy [4][7]. - The sales momentum of Pop Mart's new products underscores the high growth potential of the emotional consumption sector, with significant validation of its global potential in overseas markets [10]. - The secondary market for Labubu 3.0 products shows high premiums, with hidden variants selling for an average of 1,200 RMB, reflecting over a 10-fold increase from the original price of 99 RMB [10]. - The report emphasizes the strong product line innovation and marketing strategies of Pop Mart, including collaborations and limited editions aimed at various markets [10]. Summary by Sections Market Performance - The Labubu 3.0 series has seen remarkable sales, with the average secondary market price for hidden variants reaching approximately 1,200 RMB, while regular variants also show significant price increases [10]. - The US pricing for Labubu 3.0 is set at 28 USD, a 27% increase compared to previous versions, primarily due to tariff adjustments [10]. Product Innovation - Pop Mart consistently launches new basic blind box products annually, with innovative designs and collaborations with popular brands like Coca-Cola and PRONOUNCE [10]. - The introduction of new IPs and expansion of existing ones, such as DIMOO's collaboration with Disney, further enhances product appeal and market reach [10]. Industry Trends - The report highlights the ongoing transformation of traditional stationery companies into diversified IP ecosystems, with companies like Guangbo and Chuangyuan leveraging popular IPs to create a wide range of products [10].

Core Viewpoint - The concert industry in China is experiencing significant growth, with a notable increase in the number of concerts and ticket sales, reflecting a strong consumer demand for live entertainment [4][6][10]. Group 1: Concert Popularity and Growth - During the recent May Day holiday, 63 concerts were held across major cities in China, indicating a booming concert scene [4][6]. - In 2024, an estimated 29 million people are expected to attend concerts, a 45% increase from 2023, with ticket sales projected to reach 29.636 billion yuan [6][10]. - The number of commercial performances in China reached 342,400 in 2023, with box office revenue of 31.541 billion yuan, significantly surpassing pre-pandemic levels [9][10]. Group 2: Economic Impact of Concerts - Concerts are described as "walking GDP," with every 1 yuan spent on tickets generating approximately 4.8 yuan in surrounding economic activity [17][21]. - For instance, Jay Chou's concert in Haikou attracted 154,600 attendees and generated 976 million yuan in tourism revenue, showcasing the substantial economic benefits of such events [18][21]. - Cities are increasingly leveraging concerts to boost local economies, with some cities implementing incentives to attract more performances [30][32]. Group 3: Audience Demographics and Consumption Patterns - The primary audience for concerts consists of individuals aged 20 to 34, who are the most financially capable and willing to spend on entertainment [21][24]. - A significant portion of concertgoers, 41.7%, have a monthly income between 5,000 and 10,000 yuan, indicating a strong consumer base for the concert industry [22][24]. - Concerts are becoming a staple in annual spending for many, with increasing frequency of attendance among fans [22][24]. Group 4: City Competition and Cultural Tourism - Cities are competing to host concerts, with regions like the Yangtze River Delta and Pearl River Delta leading in the number of performances and ticket sales [14][25]. - The integration of concerts into urban cultural tourism strategies is evident, as cities enhance their appeal to attract both artists and audiences [30][32]. - Successful cities are those that not only attract concerts but also provide excellent services to enhance the visitor experience, turning transient visitors into repeat tourists [32][33].

「核心提示」 即便只作为粉丝，这都算相当狂热，而金枝的另一重身份是常驻杭州的典型互联网大厂人，更重要的是，这13场短途旅行，她只用掉了3天假期，还是在 过年期间。演唱会行程之外，她还能挤出其他周末，进行"特种兵极限旅行"。 用她自己的话说，"一望无际的上班生涯当中，可能只能靠这种事情吊着一口气。" 报复性旅游的热潮之后，人们的旅行欲望并未如预期般消退，旅行反而开始变成不少人的日常。 与银发族热衷于抽出整块时间沉浸式旅行不同，不少年轻人倾向于在疲惫的日常之外，将短途旅行和跑演唱会作为暂时逃离生活的"安全出口"。他们中不 少人像金枝一样供职于大厂，高薪、繁忙，愿意为创造美好回忆付费。 哪里有需求，哪里就有洞悉需求的人，一些新兴的旅行平台也开始盯上这部分年轻人的钱包。然而，高溢价与低服务却让这场"逃离"变成了一场精准收 割。 旅行：大厂人的情绪消费 金枝绝大部分的短途旅行中包含红眼航班——价格更便宜，大部分时候往返只要1000来块，又不用请假。 从演唱会现场到维权群聊，当旅行平台盯上年轻人的钱包，一场隐秘的收割正在上演。 1年时间，往返13个城市看演唱会——这是金枝2024年的战绩。 一般来说，她会看周六、周日两场 ...

今年五一假期，#演唱会 可是太火了。 根据大麦网数据，今年五一假期，北上广深及其他主流二线城市，5天要搞63场演唱会。 其中，有好几个明星连续几天开唱，像是#王力宏 在杭州5月1号到3号连唱三天，#张杰 在北京从5月2号到4号也连唱三天。 | 城市 | 场次 | 城市 | 场次 | | --- | --- | --- | --- | | 北京 | 11 | 成都 | 9 | | 上海 | 17 | 武汉 | l | | 广州 | 3 | 天津 | 2 | | 深圳 | 5 | 西安 | 1 | | 杭州 | 6 | 苏州 | 1 | | 南京 | 7 | | | "抢不到票"、"秒没"、"手速根本跟不上啊"等成为歌迷们高频"吐槽"。 黄牛们还可能把原本就几百的门票炒上几千不等。 的确，按捺不住的火热之心背后，有个不争的事实： 中国人爱看演唱会，城市爱办演唱会。 2024年，我国有2900万人次观看演唱会（含音乐节），足足比2023年增长了45%，卖票方的收入更达到了296.36亿元！ 这有多夸张？举个例子，去年全国电影票房才卖450来亿，观影人次却有10亿之多，相比之下，创造了电影票房近64%收入的演唱会观看 ...

Core Viewpoint - The emergence of the "first launch economy" is driving industrial transformation and upgrading in Chengdu, with a focus on creating a comprehensive ecosystem for new product launches and enhancing consumer experiences [1][3]. Group 1: Development Initiatives - The Chengdu Jinjiang District has launched the "first launch economy" industrial ecosystem, marking a shift from merely increasing the number of first stores to establishing a closed-loop ecosystem for first launches [3]. - The district plans to create flagship venues such as COSMO Trend Fusion Space, Tianfu Red National Comic Main Venue, and White Egret Bay Technology Exhibition Space, aiming to form an ecosystem layout characterized by "one core leading, two wings interacting, and five circles thriving together" [3]. - The district aims to attract 100 first stores and build a trillion-yuan commercial circle through the "Spring Action" initiative, which includes the introduction of new consumption scenarios, new business formats, and new models [3]. Group 2: Economic and Consumer Trends - Data indicates that 64% of young consumers prioritize spiritual consumption, leading to new consumption trends that reshape their purchasing habits [5]. - The Chengdu government has introduced a comprehensive support system for the digital cultural and creative industry, including a 300 million yuan annual fund and tax reductions for anime companies, as part of the "14th Five-Year Plan" [5]. - The "Three-Year Action Plan for Promoting the First Launch Economy (2025-2027)" aims to boost consumption through five key actions, including new product launches and enhancing the business environment [5].

Core Viewpoint - The company has experienced a significant resurgence in popularity and stock price, driven by the global success of its LABUBU IP and a strong performance in the consumer market, particularly in the U.S. and Europe [1][3][12]. Group 1: Market Performance - On April 28, the company's stock price rose over 12% to HKD 193, with a total market capitalization reaching HKD 259.188 billion [3]. - Since the beginning of 2025, the stock has increased by over 114% [3]. - The company's app climbed 114 spots to become the top shopping app on the U.S. App Store on April 25, marking its first time at the top [1][2]. Group 2: Product and IP Development - The LABUBU series has become a global sensation, with significant contributions from celebrity endorsements, leading to a surge in consumer interest [10][11]. - The revenue from the THE MONSTERS series reached RMB 3.041 billion in 2024, a year-on-year increase of 726.6% [7]. - The company has successfully diversified its product offerings, with plush products generating RMB 28.32 billion in revenue, a staggering increase of 1289% [8][9]. Group 3: International Expansion - The company has opened 130 overseas stores, with revenue from international markets growing by 375.2% to RMB 5.07 billion, increasing its share of total revenue from 16.9% to 38.9% [12][14]. - Plans are in place to open 100 iconic stores in various countries, including France, the U.S., and Australia, as part of its accelerated international strategy [14]. Group 4: Brand Perception and Future Outlook - The company has successfully transformed from a product-focused entity to an IP-centric organization, establishing a robust ecosystem of various IPs [9][18]. - The CEO expressed confidence in achieving RMB 20 billion in revenue and over 50% growth in 2025, indicating a strong belief in the brand's long-term potential [18].