Core Insights - The "Ninety-Nine Consumption Season" in Liaoning will launch a themed consumption activity called "Five-Nine" on January 26, focusing on intangible cultural heritage, "Guochao" consumption, and livelihood discounts to stimulate winter consumption potential [1] Group 1: Thematic Activities - The event will feature various cultural and consumption experiences, including traditional customs, intangible cultural creations, and specialty dining, with discounts and cultural experience projects to promote the integration of "old customs" and "new consumption" [1] Group 2: Participation and Coverage - Local businesses across various sectors, including retail, dining, tourism, and automotive, will participate by offering discounts, rebates, and subsidies to enhance the impact of the "Ninety-Nine Consumption Season" and boost the winter consumption market [2] - Major attractions and commercial complexes will launch promotional activities, including special ticket offers and cultural performances, to enrich consumer experiences [2] - Financial institutions, such as Postal Savings Bank of Liaoning, will introduce various consumer discounts and services to support over 20,000 merchants, enhancing policy coverage and convenience [2]

Core Insights - The "Ninety-Nine Consumption Season" in Liaoning will launch a themed consumption event on January 26, focusing on intangible cultural heritage, "Guochao" consumption, and livelihood discounts [1] - The event aims to create new consumption scenarios and unleash winter consumption potential through multi-scenario and multi-business collaboration [1] Group 1: Event Details - The event will feature various local businesses, including traditional markets and cultural creative industries, offering discounts and cultural experience projects [1] - Key participating locations include Shenyang, Dalian, Anshan, Fushun, Dandong, Jinzhou, and Yinkou, promoting the integration of traditional customs with new consumption [1] Group 2: Participation and Promotions - Businesses across multiple sectors, including retail, dining, tourism, and automotive, will participate by offering discounts and subsidies to stimulate winter consumption [2] - Notable promotions include discounted tickets for local attractions and special offers from commercial complexes, enhancing consumer experience through cultural performances and exhibitions [2] Group 3: Financial Institution Involvement - Financial institutions, such as Postal Savings Bank of Liaoning, are actively participating by providing various consumer discounts and services, benefiting over 20,000 merchants [2]

2025年是中国国潮品牌的"高光之年"，其影响力从国内延伸到海外。在中国，整个夏天，泡泡玛特的拉 布布（LABUBU）一"布"难求;冬天，"星星人"又跟喜茶联名推出奶茶。这一年，黄金品牌老铺黄金在 新加坡开设首家海外门店；喜茶"三倍厚抹"被海外消费者视为"时髦单品"，一度卖到售罄。在泰国， LABUBU还被授予"神奇泰国体验官"的称号，其在曼谷MEGA BANGNA商场开设的主题店，首日营业 额就突破千万元人民币。 没有语言门槛，无需背景介绍，仅凭一句简单的"LABUBU"、一杯印着小人头像的奶茶，就能够在世界 范围引起共鸣，中国国潮成为不同国家消费者之间进行跨文化交流的语言。 喜好大不同 艾媒咨询最新发布的《2025年中国国潮经济消费行为调查数据》显示，中国消费者对潮流品牌的偏好主 要集中在国内品牌上，占比高达85.79%，远超国外品牌。这表明国内潮流品牌在中国市场上具有较高 的认可度和影响力，已在消费者心中占据主导地位。 从各国消费者的留言来看，他们对中国国潮商品的喜爱主要源于对可爱设计、美学价值、卓越品质、健 康属性以及情绪价值的普遍追求。正是这些全世界消费者共通的情感，让国潮得以跨越地理和文化边 界。 ...

Core Viewpoint - The 2026 Old Brand National Trend New Year Goods Fair aims to activate consumer potential through high-quality offerings, promoting traditional brands and enhancing cultural consumption during the New Year season [2][5]. Group 1: Event Overview - The fair, held at the Linyi International Expo Center, features nearly 200 old brand enterprises from 16 provinces, creating an immersive cultural consumption experience [1][3]. - The event includes five themed exhibition areas: "New Year's Eve Dinner," "Happy Reunion," "Visiting Friends," "Langya Gifts," and "Traditional Folk Experience" [3]. Group 2: Government and Industry Support - The event aligns with the central economic work meeting and the Ministry of Commerce's initiatives to boost domestic demand and consumption in Shandong [2]. - Local officials emphasize the importance of policy support and service optimization to foster the development of old brands [2]. Group 3: Product Offerings - The fair showcases nearly 10,000 selected products across various categories, including food, beverages, grains, crafts, and traditional Chinese medicine, providing a comprehensive shopping platform [3]. Group 4: Interactive Experiences - The fair features a non-heritage interactive experience area where attendees can engage in traditional crafts like paper-cutting and wood carving, enhancing the cultural experience [4]. - Food experiences, such as freshly made snacks and traditional dishes, attract significant attention, creating a lively atmosphere [4]. Group 5: Consumer Engagement and Promotions - A series of consumer-friendly promotions, including limited-time discounts and gift offerings, are implemented to stimulate purchasing enthusiasm [5]. - The dual approach of "discounts + experiences" not only drives immediate consumption but also fosters emotional connections with old brand products [5].

彩色雨点釉一经推出，便受到市场的欢迎。周冠丞再接再厉，又在雨点釉的器型上尝试创新。造型萌萌 的茶宠、年轻人喜爱的盲盒等，都被开发出来。 作为年轻一代传承人，周冠丞深知非遗技艺要有生命力，就必须融入现代生活。传统的雨点釉以黑色为 主，周冠丞吸收淄博花釉的技法，创作出一系列彩色雨点釉作品。 雨点釉起源于唐代、成熟于宋代，因釉中布满金属光泽的结晶，形似雨点溅落而得名，烧制难度颇大， 其制作技艺被列入山东省级非物质文化遗产代表性项目名录。 在山东省淄博市的博山油滴雨点釉研究所，"90后"青年周冠丞正专注地灌浆、修坯，父亲周祖毅在一旁 悉心指导。 周家是陶瓷世家。在窑炉边长大的周冠丞，大学主修汽车专业，实习时却拗不过血脉中的"陶瓷基因"， 到"瓷都"景德镇拜师学习一年，回来后就琢磨着怎么把祖传的陶瓷技艺"玩出新花样"。 制片人：丁冬霞 记者：朱晓光 报道员：曲磊 徐斌 编辑：陶霖 新媒体编辑：但汉琼 来源：新华社 策划：马宝军 王璐 ...

Core Insights - By 2025, service consumption expenditure is projected to account for 46.1% of per capita consumption expenditure in China, indicating a significant shift towards cultural and experiential spending in the consumer market [1] Group 1: Cultural and Tourism Consumption Trends - The "Chinese style" has become a top aesthetic trend, with the cultural tourism market experiencing both heritage preservation and economic benefits [1] - In 2025, the village of Zhanqi in Anhui's Shexian County saw a surge in tourism, with 257,800 visitors, a 410% increase year-on-year, generating over 10 million yuan in comprehensive income for rural tourism [17] - The popularity of intangible cultural heritage experiences, such as the fish lanterns, has transformed traditional practices into regular tourist attractions, enhancing local economic activity [9][15] Group 2: Growth in Cultural Experiences - The fish lantern experience has evolved from a seasonal event to a regular activity, with significant increases in rental and production orders, doubling sales from 2024 to 2025 [13] - In Jiangxi's Jingdezhen, the Tao Xi Chuan cultural district attracted 200,000 visitors for pottery experience courses in 2025, showcasing the growing interest in hands-on cultural activities [23] - The district has become a hub for both domestic and international tourists, with over 5,500 foreign visitors from 57 countries participating in pottery-making experiences [26] Group 3: International Interest in Chinese Culture - Foreign tourists are increasingly engaging with Chinese culture, as seen in Beijing where 5.48 million inbound tourists were recorded in 2025, a 39% increase, with tourism spending reaching 50.56 billion yuan, up 44.7% [34] - The trend of "Chinese style" travel experiences, such as traditional costume photography, is gaining popularity among international visitors, enhancing cultural exchange [30][32] - The overall cultural tourism market is shifting from superficial sightseeing to deeper engagement, with consumers willing to pay for cultural and participatory experiences [39]

Investment Rating - The report maintains a "Buy" rating for Li Ning [6] Core Insights - The signing of the Chinese Olympic Committee in the first half of 2025 marks the beginning of a new product and marketing cycle for Li Ning, with expectations for improved performance and stock price recovery in the medium to long term [1][14] - The company has faced pressure on its fundamentals due to fluctuations in the consumer environment, with a reported revenue of 14.8 billion yuan and a net profit of 1.7 billion yuan in the first half of 2025, reflecting a year-on-year change of +3.3% and -11% respectively [1][15] - The sportswear market is expected to grow, with the Chinese sports apparel market projected to reach 260.2 billion yuan by 2024, and a CAGR of 9% from 2025 to 2029 [2] Company Overview - Li Ning's short-term operations are experiencing fluctuations, but the fundamentals are expected to improve. The company has seen a decline in revenue and net profit since 2022, with a forecasted revenue of 28.7 billion yuan and a net profit of 3 billion yuan for 2024 [15] - The revenue structure is primarily wholesale, with 46% from wholesale, 23% from direct sales, and 29% from e-commerce as of the first half of 2025 [15] Industry Trends - The demand for sports footwear and apparel among residents is resilient, with increasing participation in sports leading to a diversified and professionalized market [2] - The report highlights the importance of the Olympic cycle in enhancing brand strength and increasing sponsorship in niche categories [2] Competitive Positioning - Li Ning is focusing on product optimization and enhancing brand strength during the Olympic cycle, with a significant increase in sponsorship for running and basketball categories [3] - The company is also expanding its outdoor product offerings and enhancing the diversity of its store inventory to drive revenue growth [3] Financial Forecast and Investment Recommendations - The forecast for net profit from 2025 to 2027 is 2.742 billion yuan, 2.901 billion yuan, and 3.302 billion yuan respectively, with growth rates of -9%, +5.8%, and +13.8% [4] - The current market capitalization corresponds to a PE ratio of 17 times for 2026, indicating potential for valuation improvement as the company's marketing strategies and product optimizations take effect [4]

Investment Rating - The report maintains a "Buy" rating for Li Ning Company [6] Core Views - The signing of the Chinese Olympic Committee in the first half of 2025 marks the beginning of a new product and marketing cycle for Li Ning, with potential for brand strength recovery and performance improvement [1][14] - Despite short-term pressures from fluctuating consumer environments, the company is positioned for a potential upward trend in stock price if revenue or profit improves in the medium to long term [1][4] Company Overview - Li Ning's revenue and net profit for the first half of 2025 are projected at 14.8 billion and 1.7 billion yuan, respectively, reflecting a year-on-year change of +3.3% and -11% [1][15] - The company has faced challenges since 2022, with a decline in brand revenue in the third and fourth quarters of 2025 [1][15] - The current channel structure is primarily wholesale, with revenue contributions of 46% from wholesale, 23% from direct sales, and 29% from e-commerce as of the first half of 2025 [15] Industry Trends - The demand for sports footwear and apparel among residents is resilient, with a projected market size of 260.2 billion yuan by 2024 and a CAGR of 9% from 2025 to 2029 [2] - The diversification and specialization of sports participation are becoming more pronounced, with increased demand for professional products driven by rising participation in running and social sports [2] Competitive Strength - The Olympic cycle is expected to enhance Li Ning's brand power and strengthen sponsorship in niche categories [2][3] - The company is focusing on professional running shoes and outdoor products, which are anticipated to contribute to revenue growth [3][4] Product Insights - In the first half of 2025, the revenue breakdown by category is as follows: running (34%), basketball (17%), training (16%), and sports lifestyle (29%), with running and training categories showing a growth of 15% each [3][15] - Li Ning is emphasizing the development of running shoes and enhancing the technological attributes of its training series [3] Channel Insights - As of the first half of 2025, Li Ning operates 4,821 franchise stores and 1,278 direct stores, with plans to open new store types focusing on Olympic and outdoor series products [3] - E-commerce revenue grew by 7% year-on-year to 4.3 billion yuan, accounting for 29% of total revenue, indicating a stable growth strategy in this channel [3] Profit Forecast and Investment Recommendations - The projected net profits for Li Ning from 2025 to 2027 are 2.742 billion, 2.901 billion, and 3.302 billion yuan, with growth rates of -9%, +5.8%, and +13.8%, respectively [4][5] - The current market capitalization corresponds to a PE ratio of 17 times for 2026, suggesting potential for valuation improvement as the company's Olympic marketing strategy and product optimization continue [4]

问题一：老铺黄金目标市场？老铺黄金的品牌使命是打造具足非遗文化价值和国际竞争力的世界黄金第 一品牌，其品牌定位实现突出卡位优势，品类聚焦黄金产品，品牌则聚焦高端定位，故老铺黄金目标市 场兼顾黄金品类与高端消费，前者品牌意识正在觉醒，金价与产品驱动消费升级，后者前景向好，本土 品牌发展潜力可观。 机构：信达证券 研究员：姜文镪/骆峥 盈利预测与投资评级：我们预计2025-2027 年公司归母净利润分别为46.9/68.9/89.5 亿元，对应PE 分别 为23.5X/16.0X/12.3X，考虑到公司品牌定位具备稀缺性、成长性优异，理应享有估值溢价，首次覆盖， 给予"买入"评级。 老铺黄金是中国古法金高端品牌龙头。老铺黄金已树立中国古法金高端品牌形象，竞争壁垒深厚。公司 主营业务为黄金产品（含足金镶嵌），通过全直营模式与高选址标准塑造高端定位，品牌综合竞争力突 出。我们认为，公司未来受益国潮、黄金上行趋势，有望进一步渗透高端消费领域，海内外稳步拓店、 单店店效增长，品牌调性支撑盈利能力保持行业领先水平。 风险因素：消费疲软、市场竞争加剧、渠道扩张不及预期、金价大幅下跌、跨市场选取可比公司风险。 问题二：老铺黄金 ...

﹃新中式﹄服装扮靓﹃新消费﹄ 2025秋冬汉服新品发布会上的模特。 2025年10月15日，模特在2026春夏上海时装周东方·新中式秀上展示盖娅传说品牌时装。 点。"新中式" 服装缘何走 俏？"国潮"如 何变"热潮"？ 记者走进一线 刺绣马甲 搭配牛仔裤、香云纱旗袍叠穿西装外套……近年来，蕴含中式美学的时尚单品，越来越多地"走"进人们 的 衣柜，不仅引 领穿搭新风 尚，更催生千 亿级消费热 将中华优秀传统文 化符号融入服装产品，"新中式"背后有产业新 变迁。 市场，采访产 业各方。1上新，﹃新中式﹄成消费新风景 在北京的一家"新中式"买手店，"90后"李女士正在试穿一件宋锦提花棉马甲。"它既有传统文化的美学 设计，又兼顾通勤实用性。"她说，去年开始迷上"新中式"服装，现在几乎每套穿搭都含有国风元素。 针脚勾勒山水、纹样浓缩精粹。在大街小巷，时常能看到人们穿着各类"新中式"服装；社交平台 上，"新中式"成为热门关键词。数据显示，2024年以"新中式"为代表的国潮服饰市场规模超2200亿元， 预计2025年将突破2500亿元。 "刚开年我们的订单就接到了第二季度。"汉服品牌织造司的创始人之一谢凌龙说，2020年织 ...