人民日报记者 杨迅 上半年，国内生产总值同比增长5.3%，比去年同期提高0.3个百分点。"我国经济基础稳、优势多、 韧性强、潜能大，长期向好的支撑条件和基本趋势没有变"。 这样的判断，可以从经济运行的细微之处找到依据：走进一家卖场，从一块智能手表看消费新变 化；走进一座工厂，从一台工业机器人看制造业转型升级；走进一家外贸企业，看跨境电商如何拓渠道 稳订单……管中窥豹，见微知著，今起，人民日报推出"年中经济微观察"系列报道，透过鲜活个案观察 上半年中国经济的动力与活力。 ——编者 "这款手表的特色功能是血压异常时自动预警。" "顾客询问手表一键微体检功能的操作步骤时，要这样回答……" "这款手表国补后能省448元，要和顾客说清楚。" 上午9时，在湖南长沙万象城华为智能生活馆，晨会上，店内销售吴倩正与其他店员模拟消费者选 购时的场景，反复确认几款智能手表的运动、健康监测功能。 "向顾客解释好健康功能和补贴政策是考核的重点。"吴倩翻开培训手册，上面密密麻麻地写着"健 康监测功能介绍""运动功能展示""补贴申请流程""常见问题解答"…… 一对中年夫妇来到店里，丈夫王宇程拿起手环、手表，逐一试戴；他的妻子比对不同颜色的 ...

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, an increase of 0.3 percentage points compared to the same period last year, indicating a stable economic foundation and strong resilience [1] Consumer Behavior - The introduction of a trade-in policy has stimulated a trend towards health-focused consumption, with consumers increasingly inquiring about health monitoring features in smart devices [2][6] - Sales staff are now required to be well-versed in health monitoring functions and subsidy policies to effectively assist customers [6] Product Demand - There is a notable increase in demand for smart wearables, particularly those with health monitoring capabilities, as evidenced by a 70% inquiry rate for blood pressure monitoring features among customers [2][6] - The store sold over 400 smart devices in June alone, reflecting a growing consumer interest in health management through technology [5][6] Market Dynamics - The policy to encourage trade-ins has expanded to include various digital products, leading to over 69 million consumers purchasing more than 74 million digital items this year [6] - The market is witnessing a shift where consumers prioritize health monitoring features over traditional concerns like battery life and price [6][7] Sales Strategy - Retailers are adapting their sales strategies by increasing training sessions for staff to focus on health data interpretation and ensuring customers are aware of available subsidies [6][7] - The collaboration between manufacturers and healthcare institutions is enhancing the accuracy of health monitoring features in smart devices [6]

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, an increase of 0.3 percentage points compared to the same period last year, indicating a stable economic foundation and strong resilience [1] Consumer Behavior - The introduction of a trade-in policy for consumer goods has stimulated a trend towards health-focused consumption, particularly in the smart wearable device market [2][6] - Consumers are increasingly interested in health monitoring features, such as blood pressure and oxygen saturation, alongside traditional concerns like battery life and price [6][7] Sales Performance - In June alone, a store sold over 400 smart watches and bands, highlighting the effectiveness of the subsidy policies in driving sales [5][6] - More than 69 million consumers purchased over 74 million digital products this year, reflecting a significant uptick in demand [6] Product and Service Upgrades - Retailers are enhancing their training programs to ensure staff are knowledgeable about health monitoring features and subsidy details, shifting from basic product knowledge to health data interpretation [6][7] - Smart wearable devices are evolving, with lower-priced models meeting basic needs and higher-end models focusing on health management, often in collaboration with medical institutions to improve monitoring accuracy [6]

Core Insights - The opening of several flagship stores across various sectors including retail, dining, and entertainment in Lhasa has significantly enhanced local consumer experiences and contributed to urban consumption upgrades [2][3][5] Group 1 - A variety of flagship stores have recently opened in Lhasa, covering major sectors such as retail, dining, and leisure [2][3][5] - These new establishments are providing fresh experiences for local residents [2][3][5] - The developments are playing a crucial role in promoting urban consumption upgrades in the city [2][3][5]

Group 1 - The "two重" construction strategy is becoming a key driver for unleashing domestic demand potential, reflecting both immediate growth needs and long-term development considerations [1][3] - The recent Central Political Bureau meeting emphasized the need to effectively release domestic demand potential and high-quality promotion of "two重" construction, with a project list of 800 billion yuan already issued for major infrastructure projects [3] - Domestic demand contributed 68.8% to GDP growth in the first half of the year, with final consumption expenditure accounting for 52%, highlighting the core role of domestic demand in economic growth [4] Group 2 - The "two重" construction is playing a significant role in stimulating investment vitality, with innovative models like the Huangmaoxia Reservoir project attracting social capital through REITs [5] - Infrastructure investment is providing solid support for economic development, with 125 national regional medical centers and 6 emergency rescue centers being established, enhancing public service levels and creating new growth opportunities [5] - The implementation of personal consumption loan interest subsidy policies and service industry loan interest subsidy policies is boosting consumption from both supply and demand sides, creating a positive cycle [5]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 over the next six months [59]. Core Insights - The food and beverage sector experienced a slight increase of 0.89% in July 2025, with notable performances from liquor and cooked food, while overall trading volume remained low at 32.698 billion shares [1][7]. - From January to July 2025, the food and beverage sector recorded a cumulative decline of 3.50%, underperforming the market index, with the sector ranking second to last among 31 primary industries [5][12]. - The valuation of the food and beverage sector is at a ten-year low, with a current valuation of 13.93 times earnings, while liquor is even lower at 11.98 times [5][14]. - In July 2025, 52.34% of individual stocks in the sector saw price increases, indicating a significant improvement in stock performance compared to the previous month [21][24]. - Investment opportunities are recommended in the liquor, soft drink, health products, baking, and snack sectors for August 2025, with a specific stock portfolio suggested [54][56]. Summary by Sections 1. Market Performance - The food and beverage sector saw a slight increase of 0.89% in July 2025, with significant gains in cooked food, health products, liquor, and meat products, while other sub-sectors declined [1][7]. - The total trading volume for the sector in July was 32.698 billion shares, reflecting a month-on-month increase of 1.509 billion shares but a decrease of 19.525 billion shares from the peak in April [1][7]. 2. Valuation - As of July 31, 2025, the food and beverage sector's valuation stands at 13.93 times earnings, which is low compared to historical data, with liquor at 11.98 times [5][14]. 3. Individual Stock Performance - In July 2025, 52.34% of stocks in the food and beverage sector increased in value, with health products and dairy products showing strong performance [21][24]. - Specific stocks such as liquor brands and baked goods showed signs of recovery, with notable increases in their stock prices [21][24]. 4. Investment Trends - The food and beverage manufacturing sector has seen a continuous increase in fixed asset investment, with a year-on-year growth of 22.9% in 2024 and 16.0% in 2025 [28]. - The report highlights the potential for growth in emerging markets within the food and beverage sector, such as pre-prepared meals and baked goods, reflecting a shift in consumer preferences towards higher-quality and more diverse food options [53][54].

Group 1 - The article discusses the failure of the U.S. strategy under Trump to resolve the $36 trillion national debt through a trade war with China, highlighting that China is not yielding to U.S. pressure [1][9][16] - In response to U.S. tariffs, China has become more assertive, imposing tariffs on U.S. agricultural and industrial products, and shifting parts of its supply chain to Southeast Asia to reduce reliance on the U.S. market [3][5][11] - China is also focusing on technological advancements, increasing investments in core technologies like chips and artificial intelligence to achieve self-sufficiency and mitigate risks from U.S. actions [7][11] Group 2 - Trump's approach to reduce trade deficits through tariffs has backfired, leading to increased pressure on U.S. exporters and farmers, resulting in inventory buildup and domestic unrest [13][16] - Despite attempts to negotiate and cancel some tariffs, the trade deficit remains unchanged, and the global supply chain has been disrupted, leading to a stalemate in the trade war [16][19] - Trump has also targeted the Federal Reserve, blaming it for the economic slowdown due to high interest rates, and has attempted to exert political pressure on the Fed, which operates independently [19][21] Group 3 - The article emphasizes that the root cause of the U.S. debt issue is not merely excessive spending but a structural imbalance in the economy, with military and welfare expenditures being politically untouchable [27][29] - Trump's tax cuts and deregulation may provide short-term economic boosts but exacerbate long-term debt issues, with projections indicating that debt will continue to rise significantly [29][31] - The increasing U.S. debt could undermine global confidence in the dollar, leading to higher borrowing costs and a potential economic crisis, as countries seek alternatives to U.S. debt [31][33]

7月31日，随着佛山经济数据公布，珠三角九市2025年半年报尽数出炉。这个占据广东省经济总量超八 成的超级城市群，在高基数背景下依然展现出稳健的基本盘——九市GDP总量突破5.6万亿元，占全省 81.9%，相比去年的5.3万亿元，约增加了0.3万亿元。 深圳（5.1%）、东莞（4.8%）、惠州（5.1%）、肇庆（5.2%）增速均跑赢全省，广州（3.8%）、珠海 （3.8%）、中山（3.4%）中速增长，佛山（2.3%）、江门（2.7%）韧性承压。 核心引擎的转型突围 作为区域经济的"双子星座"，深圳与广州正经历新旧动能转换的攻坚期，其转型成效直接关系珠三角发 展成色。 深圳，创新驱动与高端服务双轮领跑。 上半年，深圳GDP同比增长5.1%，规上工业增加值增长4.3%。与去年计算机通信设备制造业17%的增速 相比，今年深圳工业增长点更趋多元。通用设备制造业（增长17.1%）、仪器仪表制造业（增长8.8%） 表现抢眼；代表未来方向的民用无人机（产量增长59%）、工业机器人（产量增长38%）、3D打印设备 （产量增长35.8%）等高新技术产品产量持续飙升。 "深圳速度"的内涵正加速向"创新浓度"转变。研发投入持续加码 ...

Core Viewpoint - The article discusses the current state of the stock market, highlighting that while the Shanghai and Shenzhen indices have reached 3600 points, many stocks have seen significant declines, indicating a potential re-evaluation of value in the consumer sector and other industries [2][4]. Group 1: Consumer Sector Challenges - The consumer sector is experiencing a downturn, with notable declines in stocks such as Qiaqia Food (-15.91%) and Fuling Pickles (-4.21%), reflecting a broader trend of value reassessment in national brands amidst the new consumption era [7]. - The transition in the soy sauce industry from "volume growth" to "price growth" is causing short-term profit pressures as companies invest in high-end products, similar to Japan's Kikkoman's long-term transformation [7]. Group 2: Innovation and Market Dynamics - The pharmaceutical and medical device sectors are facing harsh realities, with price reductions in generic drugs and medical devices forcing companies to reassess their R&D investments [9]. - The divergence between the performance of the CSI 300 index (+3.05%) and individual stocks illustrates the market's short-term voting behavior versus long-term valuation [9]. - Companies with stable cash flow, clear competitive landscapes, and untapped growth potential are seen as value opportunities in the current market [9]. Group 3: Investment Opportunities - Low stock performance is viewed as a starting point for re-evaluating value, prompting questions about the sustainability of business models, management's value creation for shareholders, and whether current valuations reflect pessimistic expectations [10]. - The article emphasizes that true investment opportunities often lie in market sentiment lows, where companies like Jin Zai Food and Jingxin Pharmaceutical may show signs of improvement [10]. - The stock market is characterized by dynamic boundaries between low performance and high growth, necessitating a long-term perspective to navigate short-term fluctuations [10].

2025 年 7 月 21 日，山西杏花村酒家连锁管理有限公司与山西雅阁瑞普家居广场有限公司的战略合作签 约仪式，为汾酒文化传播与酒类体验式营销写下了浓墨重彩的一笔。双方携手打造的汾酒老作坊酒馆项 目，不仅是一次商业资源的整合，更是汾酒以"老文化"对接 "新消费"的创新尝试，是杏花村酒家品牌 矩阵的重要延续与补充，更是汾酒集团年轻化战略与千年文化具象化的生动实践。 酒家连锁公司长期深耕汾酒文化推广，旗下拥有杏花村酒家、汾酒老作坊酒馆、杏花村小酒馆等多个项 目。其中，汾酒老作坊酒馆与杏花村小酒馆作为杏花村酒家品牌的延续与丰富，共同构成了适应当前消 费结构调整的新型消费场景集群，将汾酒的历史底蕴与现代消费场景巧妙融为一体。 01 小酒馆热潮下的"文化+体验"破局 近年来，随着新经济形态的发展与消费者群体的变化，"餐+酒" 的组合在年轻群体中日益受到青睐，他 们更追求轻松环境中的"微醺"体验，已从单纯的"饮酒"开始转向"饮酒+体验+文化感知"，小酒馆已逐渐 成为年轻消费者社交与消费的重要场景。 汾酒老作坊酒馆正是当下与年轻消费者精准契合的具象化表达，同时也是汾酒集团适应消费结构调整的 重要举措。它以"鲜活载体"为定 ...