有消息称，苹果悄然向渠道商下发调价通知，此次价格调整力度堪称罕见！iPhone 16 Pro Max 全系直降 160 美元，按当前汇率折合人民币约 1313 元；其中 iPhone 16 Pro 128GB 版本降幅更突出，达 176 美 元，折合人民币约 1445 元，其余版本均同步下调 160 美元。 2025 年的 618 购物节，扔下了两枚让市场震动的炸弹：苹果iPhone16系列打出全球最低价，奢侈品行 业则集体开启疯狂打折模式。这两件事不仅让消费者直呼意外，更悄悄透露出当下消费市场的新变化。 唯品会作为特卖电商平台，于5月12日至6月21日期间推出多轮促销活动，其中5.16、5.31、6.15三个重 要节点将开启大型促销。活动期间多数商品在现有价格基础上再享15%让利，叠加品牌折扣与平台专项 补贴后，整体价格优势进一步凸显，尤其奢侈品专区的降价幅度较平日更为突出。 比如平台在5月14日上午10点开启的"限时狂秒"活动中，Coach、Kate Spade等轻奢品牌集体刷新历史最 低价。其中Coach全场低至1.6折，Kate Spade更是祭出1.2折的骨折价。 以经典款Coach Mollie ...

云南咖啡一季度出口货值同比增长122.1% 金十数据5月14日讯，云南是我国咖啡种植面积最大的区域，去年的年产量占到全国的98%以上。近几 年，随着国内咖啡消费市场的快速增长，多个国内外品牌也看到了云南咖啡的潜力和价值，纷纷在此布 局构建咖啡供应链。最新数据显示，今年一季度，云南咖啡及咖啡制品出口货值达3.1亿元，同比增长 122%以上。 （央视新闻） ...

Group 1 - The Chinese consumer market is showing strong vitality, with retail and catering sales increasing by 6.3% year-on-year during the "May Day" holiday and a 4.6% increase in the first quarter, contributing 51.7% to economic growth [2][3] - New consumption policies are being implemented to further unleash market potential, attracting global businesses to explore opportunities in China [3][4] - The emergence of new consumer groups and business models, such as the "Z generation" and "silver-haired" consumers, is diversifying consumption demands [3][6] Group 2 - The combination of transit visa exemptions and departure tax refund policies is boosting tourism and shopping in China, creating more opportunities for overseas businesses [4][5] - Companies are adapting their products and marketing strategies to meet the evolving preferences of Chinese consumers, focusing on health and sustainability [5][6] - The upcoming China International Import Expo is seen as a significant platform for global businesses to showcase their products and understand market trends [7][9] Group 3 - The Chinese market is viewed as a "deterministic oasis" for investment amid global economic challenges, with many overseas businesses actively participating in industry exhibitions to expand their presence [5][9] - Companies are planning to leverage the popularity of the Chinese market to expand into Southeast Asia, capitalizing on the ripple effect of consumer trends [8][9] - There is a strong emphasis on integrating cultural elements into product design and marketing to resonate with Chinese consumers [7][8]

省千元还能"打包买" 政策红利激发消费热情 5月11日，在位于舜华路街道的格力空调高新区旗舰店内，不少消费者在各个展示区前挑选产品。市民 孙先生认真地比对着不同样式的空调柜机，他告诉记者，最近房子刚装修，正好处于这一轮的以旧换新 补贴期内，原来8000元一台的柜机，现在能优惠20%，省1600元。 "我准备买三台空调，一台柜机两台挂机，按照政策，空调可以补贴3件。"另一位消费者张女士准备给 两室一厅的新房置办家电，三台空调的补贴正好与她的需求相符。"我看中的柜机原价在10000元左右， 柜机都是3000元左右，组合购买每件都能优惠20%。"张女士算了笔账，原来购买三台空调需要16000 元，现在只需要12800元，少花3200元。 格力空调高新区旗舰店工作人员告诉记者，本轮家电以旧换新政策实施后，消费者选择空调产品时多是 组合购买，且成交率有了明显提升。"组合购买享受的优惠更多，这也提高了消费热度。"该工作人员 说。 齐鲁晚报.齐鲁壹点于泊升 自1月23日济南实施家电以旧换新补贴活动以来，政策已推行近四个月，一百多天。这一政策对本地家 电市场产生了怎样的影响？消费者和商家反馈如何？未来又将呈现怎样的发展趋势？ ...

大消费 [Table_ReportDate] 2025 年 5 月 12 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 证券研究报告 茶饮品牌借资本东风开启全球扩张 [Table_ReportType] 大消费行业周报（5 月第 2 周） [行业Table_S 观点：ummary ] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 数据来源：聚源资讯 1) 上两周（4/28-5/9）大消费一级行业均收跌 ...

红枣属于季产年销品种，需求跟随价格变动弹性较大。2024/2025年度红枣大幅丰产，供应充足，为红 枣价格的持续下行奠定基础。 新季红枣上市初始，枣农挺价惜售，但受限于下游承接力较弱，销量及利润不佳，买卖双方互相博弈。 叠加红枣下树时间较晚，销售期缩短使得枣农挺价心态被削弱，开秤价高开低走，期货价格也随之不断 下行。 直到春节旺季，红枣消费增加，使得价格出现反弹。然而，今年的旺季较去年缩短20天，因此对价格的 提振幅度有限。春节后红枣消费逐步进入淡季，且随着天气转暖，红枣进入冷库的时间逼近，一般货价 格开始松动，期货价格继续震荡寻底。4月，中美贸易摩擦升级，但我国红枣出口极少，价格走势主要 取决于自身供需面，因此受宏观扰动影响小。当前，红枣市场供应压力持续加大，销区消费较弱，且随 着温度升高，时令鲜果供应不断增加，进一步抑制红枣需求。供强需弱下，期货价格继续探底。 从供给端来看，2024/2025年度新疆灰枣产量达70万吨，与去年相比增加37万吨。观察历年数据可知， 当灰枣产量处于60万～65万吨时已属于丰产季，而2024/2025年度高达70万吨的产量无疑进一步加剧市 场的供应压力。 此外，天气因素对新季红 ...

吾悦广场一天销售提升40% "五一"假期期间，惠州吾悦广场同样表现不俗，成为大亚湾地区最具人气的商业中心之一。5月1日当 天，该广场客流量突破8万+，销售同比提升40%。5月1日，热情奔放的巴西美女桑巴巡游惊艳全场，舞 者们充满活力的表演，为广场增添了浓郁的节日氛围，吸引了众多顾客驻足观看、拍照留念。同时，第 二届吾悦小象亲子市集也热闹开市，现场有三百组家庭同时参与售卖，琳琅满目的手工艺品、特色小吃 等摊位让人目不暇接。"这样的亲子市集很有意义，既能锻炼孩子的社交与经营能力，又能让我们一家 人在互动中度过欢乐时光，吾悦广场这次活动真的很棒。"在亲子市集，带着女儿前来体验的陈先生 说。 今年"五一"恰逢大亚湾翡翠山益田·假日公园四周年庆，广场从4月30日至5月5日开启"周年狂欢趴"，通 过"非遗之美"、经典皮影戏、街舞大赛、正义伙伴派对、中国舞、不插电演唱会等丰富多彩的体验活动 以及各种优惠福利，吸引广大市民和游客游逛。不论是亲子休闲、亲朋聚会，还是湖畔防风、假日微 醺，在这里松弛感拉满。 同时，购置补贴、"以旧换新"政策助力消费市场升温。从智能家电到新能源汽车，真金白银的补贴、创 新多元的活动，为消费者带来全 ...

Group 1 - The core viewpoint indicates a slight recovery in private consumption in Mexico, with a month-on-month increase of 1.2% in February 2025, despite external pressures such as tariffs and global demand slowdown [1][3] - The monthly growth in total consumption suggests short-term consumer spending momentum, particularly after a period of inflation easing post-Chinese New Year, although the year-on-year decline of 0.7% reflects ongoing economic challenges from 2024 [3][5] - The increase in domestic goods consumption by 2.1% and imported goods consumption by 2.7% indicates a structural demand for certain products, particularly in the home appliance, mobile accessories, and quality daily necessities sectors [6] Group 2 - The service sector's consumption growth of only 0.3% highlights insufficient local consumer confidence, which may pressure experience-driven categories such as beauty, fitness, and entertainment products [6] - The GDP growth of 0.2% in Q1 2025 marks a halt to the previous quarter's decline, suggesting that the Mexican economy is approaching a "soft landing" [6] - The current economic environment, characterized by modest growth, emphasizes the need for companies to understand local consumer preferences and adapt their strategies accordingly, focusing on emotional engagement rather than just discounts [6]

[Table_ReportType] ——消费行业政策快评报告[Table_ReportDate] [事件Table_Summary] ： 2025 年 5 月 7 日，国务院新闻办公室举行新闻发布会，中国人民银行 行长潘功胜、国家金融监督管理总局局长李云泽、中国证券监督管理委 员会主席吴清介绍"一揽子金融政策支持稳市场预期"有关情况，并答 记者问，会上公布了一系列重磅政策。 投资要点： ⚫ 此次公布的系列政策主要涉及股市、楼市、实体经济。其中，人 民银行的具体政策包括：①降低存款准备金率 0.5 个百分点。② 完善存款准备金制度，阶段性地将汽车金融公司、金融租赁公司 的存款准备金率从目前的 5%调降为 0%。③下调政策利率 0.1 个 百分点。④下调结构性货币政策工具利率 0.25 个百分点。⑤降 低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房 利率由 2.85%降至 2.6%，其他期限的利率同步调整。⑥增加 3000 亿元的科技创新和技术改造再贷款额度，从目前的 5000 亿 元增加至 8000 亿，持续支持"两新"政策的实施，也就是大规 模设备更新和消费品以旧换新。⑦设立 5000 亿 ...

Investment Rating - The industry investment rating is maintained as "Accumulate" [5] Core Viewpoints - The travel and tourism sector shows significant growth, with domestic travel during the May Day holiday reaching 314 million trips, a year-on-year increase of 6.4%, and a 36.4% increase compared to 2019 [1] - The average spending per traveler during the holiday was 574 yuan, reflecting a 1.5% year-on-year increase [1] - The overall retail and catering sales during the holiday increased by 6.3% year-on-year, indicating sustained consumer market vitality [4] Summary by Sections Travel and Tourism - Popular scenic spots saw substantial visitor increases, with notable growth in ticket sales and revenue for various attractions [2] - Long-distance travel destinations in western China experienced ticket sales growth of 100-200% year-on-year [3] - Outbound travel orders increased by 20% year-on-year, while inbound travel orders surged by 130% due to favorable policies [3] Hotel and Accommodation - Hotel bookings during the May Day holiday increased by 24.93% year-on-year, with average booking prices for economy hotels rising compared to last year [2] - High occupancy rates were reported in various regions, particularly in second and third-tier cities [2] Retail and Consumer Spending - Key retail and catering enterprises reported a year-on-year sales increase of 8.7% during the holiday [4] - Specific sectors such as home appliances, automobiles, and communication equipment saw sales growth of 15.5%, 13.7%, and 10.5% respectively [4] - The overall consumer market remains vibrant, with significant increases in foot traffic and sales in major cities [7] Investment Opportunities - The report highlights potential investment opportunities in hotel and tourism companies such as Huazhu Group, Jinjiang Hotels, and Xiangyuan Culture Tourism [8] - The retail sector is expected to benefit from ongoing policy support, with companies like Yonghui Supermarket and Chongqing Department Store identified as key players [8]