以下文章来源于吴晓波频道 ，作者巴九灵 吴晓波频道 . 这是财经作家吴晓波带领"巴九灵"们运营的知识平台，这里汇聚了400多万认可商业之美、崇尚自我奋斗、乐意奉献共享、拒绝屌丝文化的新中产。 健康意识觉醒。 作者 | 巴九灵 来源 | 吴晓波频道 （ID： wuxiaobopd ） "舌苔偏厚，体质寒湿，肝火旺，建议少吃辛辣、冰饮。" 下午时分，26岁的白领小陈对着手机摄像头伸出舌头，屏幕那端的AI医生瞬间给出了这样的反馈。 这不，最近巨头们如火如荼的闪购战，让不少人真切体验了一把奶茶自由。网络上，关于"冰箱塞满奶茶""两天九杯冲上头"的分享不 胜枚举，但也敲响了年轻人的身体警钟。 在"求医AI"前，小陈刚好收到了动态血糖仪APP弹出的"血糖飙升"警告。 图源：小红书 公开数据显示，中国咖啡消耗量近10年内增长了167%，消费者偏好带奶、带糖、带小料的花式咖啡；奶茶消费同样也是，超8成用户 一周消费2—3次，甚至高于3次，高频消费的同时还爱搭配软欧包食用。 当这样的"甜蜜轰炸"成为日常，直接催生了一个热词——咖啡病。 所谓"咖啡病"，不是医学术语，而是指一种新式"亚健康状态"，可以表现为心慌、头昏、疲惫、暴饮 ...

数码家电开门营业即爆单、国潮餐饮蜀宴赋场场爆满、银发列车一票难求、"谷子经济""票根经济"圈粉 无数……今年上半年，消费市场在复杂环境中展现出强劲韧性，多元场景勾勒出活力消费图景。 日前，四川省统计局发布数据显示：2025年上半年，全省实现社会消费品零售总额1.42万亿元，同比增 长5.6%，增速较一季度加快0.4个百分点。消费逐季改善，内需成为重要支撑力和推动力。 以旧换新加力扩围 "焕"出消费新动能 上半年，你都买了啥？消费品以旧换新，无疑是重复率最高的答案。 以汽车为首要突破。今年以来，新能源汽车市场需求持续井喷，叠加国补政策利好，上半年理想汽车在 川销售额同比增长22.9%，特斯拉汽车交付量同比增长近10%。总体看，上半年全省新能源汽车零售额 同比增长23.1%，跑出两位数增长的好态势。此外，限上二手车零售额同比增长59.6%，盘活了汽车存 量市场。 "仅以旧换新政策范围内，全省上半年拉动新车消费突破440亿元，拉动比高达1:12.9，政策效应充分显 现。"该负责人说。 延长需求端，四川更抓住契机加快繁荣汽车后市场。年初，省委全面深化改革委员会首次针对汽车"后 市场"出台专项文件，提出12条创新措施， ...

这么极致的私募其实也不多，绝大多数还是行业和主题上比较均衡配置。 总体而言， 10-12%的收益 是上半年比较常见的回报区间。 今天市场盘中一度冲上3600点，摸至3613.02点，创下年内新高。 最近说 "牛市"的声音越来越多了，市场情绪从年初的亢奋，到4月中旬的直落冰点，到当下板块的轮流 表现…… 是不是牛市不好说，但确实，这是一个有所作为的年份。 盘点我们长期跟踪的一些私募投资管理人，个别私募的产品业绩已经进入牛市状态，比如押注了新消费 的 同犇 投资与复胜资产，在 港股市场史诗级的新消费盛宴 中，上半年回报有了 2020年的即视感。 从 我们拿到的一份托管行报告来看，上半年主观股票私募机构的持仓占比中， 医药生物、轻工制造和 计算机是主要 被 增持 的 行业 ， 其次为银行、非银金融、有色金属等行业。 其中前 5大行业 ，包括 医药生物、传媒、电子、轻工制造、有色金属合计贡献 回报 约 70%，医药生 物单一行业贡献比例超过20%。 与此同时， 石油石化、社会服务和煤炭 则 成为主要拖累行业 。 这些私募机构的港股持仓整体都有很大提升，一方面 来自 上半年港股的表现强势，很多持仓是涨出来 的； 另一方 ...

Group 1 - Starbucks has launched free "study rooms" in select stores in Guangdong, China, to boost customer traffic amid increasing competition from local rivals like Luckin Coffee [1] - The study rooms do not require a purchase, have no reservation or time limits, and offer free power outlets and hot water [1] - The initiative is part of a broader strategy to counteract the aggressive competition from local coffee and tea brands, which frequently introduce new products and flavors [1] Group 2 - Starbucks China has expanded its beverage menu with more sugar-free options and local tea flavors, significantly lowering prices and increasing customization choices [2] - The company is targeting Gen Z consumers by creating engaging entry-level drink experiences and fostering community relationships through in-store activities [2] - The new Chief Growth Officer in China is driving collaborations with movies, cartoons, and popular artists to attract younger consumers, which has helped stabilize sales in recent quarters [2] Group 3 - The study rooms also include a book donation area, aimed at attracting more customers and ultimately increasing foot traffic and revenue [2] - Starbucks is opening new stores in historically significant or scenic locations, such as a recent store in Yulong Snow Mountain, Yunnan Province, to draw in customers [2]

今天，最高人民法院发布《关于审理执行异议之诉案件适用法律问题的解释》，对于商品房消费者权益 保护进行了细化、具体的规定，进一步拓宽了保护范围，更大力度守护买房人的合法权益。该解释自 2025年7月24日起施行。(央视新闻) ...

周三（7月23日）亚盘早盘，美元指数最新价报97.41，涨幅0.05%，开盘价为97.36。美联储官员本月晚 些时候将召开政策会议，但数据显示通胀再度出现上升迹象，这使得降息的理由难以找到。 美元指数受制于97.80-98.00的关键阻力区间。这一区间不仅是近期盘整的高点，还与下降楔形的上轨重 合，构成多重技术压力的汇聚点。动量指标显示出温和的看涨信号。相对强弱指标(RSI)已从低位回升 至接近50的中性区域，反映市场动能正在恢复，但尚未进入超买状态，表明多头动能仍需进一步确认。 尽管美国总统特朗普要求降息的呼声愈演愈烈，甚至一度传出解雇美联储主席鲍威尔的传闻，但美联储 的政策利率前景仍基本保持不变。美联储的任务是维持通胀稳定，预计其将在7月29日至30日的会议上 将指标利率维持在4.25%-4.50%的区间不变。投资者此前曾预计美联储今年晚些时候将恢复降息，甚至 估计9月可能降息25个基点。然而，消费者物价指数（CPI）数据显示，6月通胀率从前月的2.4%升至 2.7%，这使得9月降息的概率已降至接近50%。商品价格下跌的趋势正在逆转，从而加剧了整体通胀， 也表明企业可能已开始将部分成本转嫁给消费者。鲍威尔 ...

Group 1 - Emotional value is driving consumer growth, with 99.9% of respondents willing to pay for emotional value, particularly for "emotional support" services [1] - The domestic healing economy market has reached 10 trillion yuan, growing at an annual rate of 10% globally, with healing home products seeing sales growth exceeding 40% [1][5] - The rise of emotional consumption is influencing retail business models, with shopping centers needing trendy brands to attract more foot traffic [1] Group 2 - Emotional consumption is becoming a necessity, with the proportion of spending on emotional consumption increasing by nearly 8 percentage points among those spending 21%-30% of their total [3] - The distribution of trendy toy brands is widespread, with over 350 stores operating in Shanghai, reflecting structural changes in the Chinese consumer market [3] - The healing economy is a significant segment of "new Chinese consumption," with a focus on cultural narratives and the aesthetics of slow living [5] Group 3 - The global healing economy is expected to reach $7 trillion by 2025, with the essential oil massage industry projected to reach $34.6 billion by 2030 [5] - The rise of the healing economy is driven by a shift from functional needs to emotional healing, particularly among Generation Z [5] - The market for aromatherapy is rapidly growing, with annual consumption growth rates of 20%-30%, and a "SPA + retail" model emerging [5]

"在继续巩固实际增长势能的同时，下半年既有必要也有可能着力名义增长修复。"余向荣告诉券商中国记者，如果增长保持韧劲、物价出现改善，那么中国 资产的吸引力会进一步增加。 ▲ 花旗集团董事总经理、大中华区首席经济学家余向荣 日前，花旗集团董事总经理、大中华区首席经济学家余向荣带着最新宏观经济观点，就下半年经济展望接受了记者采访。 今年6月中旬，花旗将今年中国GDP增速预测上调至5%，如今数据证实，该项指标今年上半年实际增长达5.3%，全年增长目标的实现有了更加坚实的基础。 出口或继续超预期 今年以来，受关税政策等贸易不确定性因素的影响，市场对中国出口的关注度居高不下。 对此，余向荣指出，预计下半年出口随着基数抬高会有所放缓，但整体或继续超预期，全年出口能实现中个位数正增长，与年初的市场预测形成鲜明对比。 据了解，花旗方面监测的高频数据也表明，7月份出口大概率保持明显正增长。 根据海关总署7月14日发布的最新数据，2025年上半年，中国出口总额达13万亿元，同比增长7.2%，创历史同期新高。具体来看，上半年，我国机电产品出 口7.8万亿元，同比增长9.5%，占出口总值的60%，较去年同期提升1.2个百分点。其中，与 ...

Core Viewpoint - The overall market index has reached a new phase high, approaching 3600 points, with a healthy increase in both volume and price, indicating a robust market condition [1] Market Performance - The Shanghai Composite Index has seen a five-day consecutive rise, with the previous high of 3489 from October 8, 2022, serving as a reference point [1] - The banking sector has reached new highs despite the overall index not surpassing previous peaks, but it has shown signs of adjustment with four out of five days experiencing declines [2] Fund Flow Analysis - On July 21, the main funds saw an outflow of 10.659 billion, with the banking sector accounting for 6.2 billion, representing nearly 60% of the total outflow [2] - On July 22, the outflow increased to approximately 46.5 billion, with the banking sector continuing to see a significant outflow of 2.375 billion, totaling nearly 57 billion in outflows during the recent rally [2] Sector Opportunities - The hydropower station sector has surged by 26% recently, with related industries such as civil explosives and engineering machinery also showing potential [3] - Consumer recovery sectors, including liquor and pharmaceuticals, are gaining traction, alongside previous interest in robotics [3] - The military equipment sector is undergoing strong adjustments, and caution is advised against chasing high prices [3] Risk Considerations - Caution is advised regarding micro-cap stocks, which have played a significant role in the recent market rally but may pose risks due to their volatility [2][4] - Investors are encouraged to hold onto well-structured stocks without panic selling during minor declines or chasing prices during rises [4] ETF Insights - The Food and Beverage ETF has seen a recent increase of 3.90% with a market cap of 5.59 billion, while the Gaming ETF has experienced a slight increase of 0.39% but with a higher P/E ratio of 43.27 [6][7] - The Semiconductor ETF has shown a modest increase of 1.87% with a net inflow of 6.915 million, indicating positive investor sentiment [6]

Group 1 - The Hong Kong stock market has been active since early 2025, even leading global markets at one point, with an average daily trading volume increasing by approximately 80% compared to the same period last year [1] - Despite a weakening overall Chinese economic backdrop and ongoing external disturbances, a structural market rally has been observed, with sectors like AI, new consumption, and innovative pharmaceuticals experiencing multiple rounds of leadership [1] - The Hang Seng Technology Index's price-to-earnings ratio (PE TTM) remains at 21 times, indicating it is undervalued, with potential recovery in sectors such as e-commerce and local living services, supported by policy measures in the automotive sector [1] Group 2 - The Hang Seng Technology Index may see upward movement in the third quarter if earnings expectations are revised upward, combined with a recovery in market sentiment [1] - Investors are encouraged to consider the Hong Kong Technology ETF (513020), which tracks the Hong Kong Stock Connect Technology Index (931573), comprising up to 50 high-quality companies in the technology sector [1] - The index aims to reflect the overall performance of listed companies in the technology sector available through the Hong Kong Stock Connect, showcasing significant growth potential and market volatility characteristics [1]