引言：数字浪潮下的"首发经济"与新支付范式 在全球经济深度变革与国内经济高质量发展双重驱动下，以创新产品首发为核心的经济形态正成为衡量 城市商业活力与产业竞争力的重要标尺。根据数据统计，2024年以新品首发为核心的市场规模突破1.2 万亿元，占社会消费品零售总额的2.8%，预计2025年将以18.5%的增速达到1.42万亿元，彰显出显著的 乘数效应与价值倍增特征。 这一经济形态的蓬勃兴起，根植于供需两侧的协同升级。需求端，伴随消费结构向品质化、个性化转 型，中等收入群体对前沿技术应用、定制化服务及沉浸式体验的需求持续释放，形成超大规模创新市 场。供给端，人工智能、区块链、物联网等技术集群加速商业化落地，推动企业产品研发周期缩短，新 品孵化成功率提升，构建起"科技赋能—产品迭代—市场验证"的良性循环。政策层面，国家创新驱动发 展战略与扩大内需顶层设计的双向赋能，更为首发经济注入制度性红利。 当前，首发经济正呈现三大战略演进方向：其一，产业跨界融合向纵深突破，科技与金融、医疗、教 育、文化等传统产业深度融合，催生出更多创新业态，形成跨领域价值共创网络；其二，场景生态重构 加速推进，虚拟现实新品发布会、跨境直播带货 ...

Core Viewpoint - Jiangsu Province is implementing policies to support the development of the "first launch economy," aiming to enhance service supply and consumer experiences in various sectors [1] Group 1: Policy Initiatives - The government plans to cultivate 50 night-time consumption hubs throughout the year, focusing on pedestrian streets and diverse consumption scenarios such as night entertainment, dining, and shopping [1] - There is an emphasis on expanding service consumption in health, elderly care, childcare, home services, and sports, while promoting the construction of convenient living circles within a 15-minute reach [1] Group 2: Urban Development - The initiative includes urban renewal actions to upgrade old neighborhoods, factories, and commercial areas [1] - The government aims to achieve a public service quality satisfaction score of over 83 points across the province [1] Group 3: Cultural and Sports Promotion - The plan includes organizing cultural tourism promotional seasons and rural tourism festivals to optimize cultural and tourism product offerings [1] - There is a focus on applying for pilot projects to promote sports consumption and event economies, with efforts to attract high-quality domestic and international sports events [1]

Core Insights - The opening of Jinling Central marks the largest addition to the Xinjiekou commercial area in nearly a decade, with a total construction area exceeding 90,000 square meters and featuring 30% of Nanjing's first stores and over 50 debut brands, enhancing the area's high-end and trendy commercial matrix [4][5][6] - Jinling Central is positioned as a "boutique central" project, focusing on youthful branding, dining, and high-end lifestyle brands, catering to the consumption and experience needs of younger demographics [5][6] - The project aims to transform the Xinjiekou area from a traditional commercial cluster into a globally influential consumption ecosystem, promoting a shift from shopping destinations to lifestyle experience venues [6][8] Commercial Ecosystem Development - Jinling Central introduces over 150 brands, with more than 50 being debut brands, including the first Nanjing store of Fangsu Bookstore, which will serve as a new cultural landmark [7][8] - The project is expected to drive the "first store economy" in Nanjing, with over 330 new first stores anticipated in 2024, and more than 80 first stores introduced in the first quarter of this year [7][8] - The integration of high-end dining, designer brands, and cultural experiences at Jinling Central is set to reshape the commercial landscape, evolving Xinjiekou from a "brand collector" to a "source of consumption innovation" [8][9] Urban Consumption Dynamics - The opening of Jinling Central accelerates the evolution of the Xinjiekou commercial area from a "central polarization" model to a "layered diffusion" model, providing diverse brand choices for the urban youth demographic [9][10] - The project enhances the consumption radiation power towards the Nanjing metropolitan area, which has a population of 36 million, aligning with the growing demand for quality lifestyle options among mid-to-high-end consumers in surrounding cities [9][10] - The ongoing revitalization of the Xinjiekou area includes the transformation of existing commercial spaces, such as the upcoming Su Ning MAX Super Experience Store, which will enhance the overall consumer experience and elevate the consumption capacity of the area [10]

Core Viewpoint - The speech by Wang Yi, Chief Economist of Great Wall Securities, emphasizes the need to enhance consumer spending through improved income distribution, social security systems, and stabilization of the real estate and capital markets [2][4]. Group 1: Consumer Market Insights - The "old-for-new" policy has been significantly strengthened this year, leading to a notable increase in consumer spending [3]. - In the first quarter, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, which is 1.1 percentage points faster than the overall growth rate for 2024 [3]. - Retail sales of green and smart products have surged, with significant growth in categories such as communication equipment (26.9%), cultural and office supplies (21.7%), home appliances (19.3%), and furniture (18.1%) [3]. Group 2: Recommendations for Sustained Growth - To boost consumption, it is essential to improve the social security system, as the current low consumption ratio and high savings rate are linked to inadequate social security coverage [4]. - Optimizing the income redistribution mechanism is crucial, as the current income distribution shows a low share for households, which contributes to insufficient domestic demand [4]. - The supply side should also be developed to promote consumption, including new consumption models such as the ice and snow economy, silver economy, and cruise economy [4]. Group 3: Real Estate Market Stability - The stability of the real estate market is critical as it holds a significant portion of residents' wealth, and various measures have been implemented to stabilize the market [5]. - In March, 24 out of 70 major cities saw an increase in new residential property prices, indicating a recovery trend [5]. - Wang Yi suggests lifting certain purchase restrictions in major cities and lowering interest rates to enhance market confidence [6]. Group 4: A-Share Market Outlook - The A-share market is currently at a historical low valuation, presenting opportunities for growth [7]. - Future market performance will depend on trends in industries like artificial intelligence and the effectiveness of domestic demand stimulation [7].

Group 1 - In the first quarter of 2025, Shenzhen's total retail sales of consumer goods reached 240.3 billion yuan, a year-on-year increase of 3.1%, with an acceleration of 1.4 percentage points compared to January-February [1] - The city has implemented over 470 promotional activities to boost consumption, including significant success in the "trade-in" policy, which has led to the opening of 258 new stores and a surge in consumer activity [1][2] - The "trade-in" policy has shown remarkable results, with household appliances and audio-visual equipment sales increasing by 59.3%, and wearable smart devices by 53.1% year-on-year [2] Group 2 - The automotive sector has also experienced a peak in sales, with over 300,000 BYD electric vehicles sold in January, marking a 49.16% year-on-year increase [3] - As of April 21, 2025, the "trade-in" program has driven the sale of 39,000 vehicles, generating sales worth 9.77 billion yuan [3] Group 3 - The integration of commerce, culture, and tourism has led to the launch of over 470 promotional events, creating new consumption models such as "Tech+" and "Park+Business Circle" [4] - The "Tech+" consumption model has gained popularity, with significant public engagement during events like the Guangdong-Hong Kong-Macao Greater Bay Area Garden Competition, which attracted 1.283 million visitors [4] Group 4 - The first quarter of 2025 saw the addition of 258 new flagship and concept stores in Shenzhen, driven by the "first launch economy" and innovative consumption scenarios [5] - Online retail in Shenzhen has maintained rapid growth, with a year-on-year increase of 20.8% in the first three months of 2025 [5] Group 5 - Shenzhen has seen a surge in international tourism, with 48.112 million visitors in the first quarter, including over 8 million international tourists, a year-on-year increase of 17.3% [6] - The city has enhanced its service environment for international visitors, including the introduction of AI translation devices and a streamlined tax refund process for foreign tourists [6] Group 6 - Policies aimed at improving cross-border consumption have been implemented, including convenient customs clearance and special offers for Hong Kong visitors [7]

首发经济牵系着市场消费端和供给侧两端。对消费者而言，首发经济以其新颖独特的消费体验，满足了 差异化、品质化的个性消费需求和社交分享需求，可"解锁"更丰富的消费新场景。对企业而言，首发经 济极大调动创新研发热情，以"新"促"创"带动既有产品、产业转型升级，增强企业市场竞争力，能够更 精准满足和激发市场多元需求。 从去年党的二十届三中全会《决定》提出"积极推进首发经济"，到中央经济工作会议部署今年重点任务 时明确要求"积极发展首发经济"，发展首发经济已列入全国29个省份今年政府工作任务。譬如，上海利 用工业遗迹老船厂、浦东美术馆等地标，引进上海时装周等品牌新品首发首秀和艺术首演活动；北京打 造国际消费中心城市，去年共计新增960家首店落地，已呈现出国际化、主题化、均衡化等特征，为满 足国内外消费者提升消费品质提供坚实基础。 以创新为鲜明特色的首发经济在全国各地蓬勃发展，背后是我们着力推动高质量发展以应对各种风险挑 战的雄心。在当前国际形势复杂多变、经济全球化进程面临挑战的背景下，中国14亿多人口的消费需求 和产业转型潜力，将为自身经济增长及全球经济复苏提供强劲动力。作为全球第二大消费市场、第一大 货物贸易国，我们 ...

从消费类型看，一季度宁夏商品零售额346.31亿元，同比增长6.4%，各类商品琳琅满目，满足了消费者 多样化的需求；餐饮收入41.54亿元，增长2.1%，餐饮市场在复苏中稳步前行，特色美食吸引着众多食 客前来打卡。 除了以旧换新政策发力，宁夏还积极探索消费新场景、新业态，为消费市场注入新活力。打造"年货大 集+特色促销+惠农助农"的消费模式，让传统年货市场焕发出新活力，特色农产品走出乡村、走上百姓 餐桌，既丰富了节日市场供应，又助力农民增收。同时，推动商文旅体健深度融合，培育多元消费场 景，首发经济、夜间经济、演艺经济、银发经济活力四射。 在银川，各大商圈纷纷升级消费体验，打造"购物+餐饮+娱乐"一站式服务新地标。宁夏文旅部门也积 极"助攻"，面向全国游客免费发放20万张"畅游宁夏"门票，邀请八方来客感受宁夏的独特魅力，有力激 发了文旅消费热情，景区游客接待量、旅游收入实现双增长。 中新网银川4月27日电 (记者于晶)27日，记者从宁夏回族自治区商务厅获悉，2025年一季度，宁夏社会 消费品零售总额达387.85亿元，同比增长5.9%，增速高于全国平均水平1.3个百分点，在全国排名第 七，为宁夏经济实现"开门 ...

金十数据4月28日讯，商务部副部长盛秋平4月28日在国新办新闻发布会上表示，近期将举办"购在中 国"系列活动，部署各地聚焦首发经济、围绕精品购物、精致美食、精彩展演、精美旅行等四大领域， 举办首发首秀等特色活动。 （证券时报） 商务部盛秋平：部署各地聚焦四大领域举办"购在中国"系列活动 ...

近期，赢商股份对80+市场主体做了专项调研，包括50+商管企业（含23家央国企、21家民企、4家外资企业），20+头部品牌企业（主要为零售、餐饮业 态）。结合赢商股份行业数据监控及调研结果，赢商股份对一季度市场消费特征、消费热点（新场景/新产品）进行研究分析，并提出了相关政策建议。 01 具体到餐饮企业反馈，消费者价格敏感度攀升，更青睐高性价比套餐，导致餐饮行业利润普遍承压。潮玩类零售企业反馈，中产愿为体验和兴趣爱好买 单，受价格影响不大。服饰类零售企业在调研中提到，线下渠道中奥莱渠道的销售增速明显，传统街铺渠道和百货商场渠道销售呈下降趋势，购物中心分 化明显，优势购物中心略有增长。 图源：赢商网 典型一二线城市标杆项目空置率提升至10.5%，招商难度加大 从赢商股份季度线下踩盘调研数据来看，一季度仅北京、杭州2个城市的空铺率下降至警戒线8%以下；空铺率均在10%以上的城市高达8个，为上海、成 都、重庆、武汉、天津、西安、南京、厦门。一方面，品牌拓展意愿收缩：品牌客单价略有降低，影响整体营收，导致整体门店拓店意愿不高，开拓新店 更趋于谨慎，商业载体招商难度不断增大；另一方面，面对越来越大的竞争压力，商业载体品 ...

Core Insights - Xiamen is emerging as a regional international consumption center, showcasing a blend of global trends and local culture, particularly during the "May Day" holiday period [1][2][3] Group 1: Economic Development - Xiamen leads the province in the number of first stores, accounting for nearly 50% of the total, with over two-thirds of key first stores in the province [2] - The city has seen the opening of nearly 100 first stores from January to April this year, enhancing the shopping experience for residents and tourists [2][3] - The "Old for New" policy has released 4 billion yuan in consumption potential, with an average of 100 million yuan in policy "red envelopes" distributed monthly [1][4] Group 2: Brand and Retail Expansion - International luxury brands such as LONGCHAMP and local trendy brands are establishing their first stores in Xiamen, contributing to a vibrant retail environment [2][3] - The city hosted a series of high-profile brand launches and events, including the first "Foreign Trade Quality Products Flash Store" and various fashion shows [3][4] Group 3: Consumer Experience and Engagement - Xiamen is integrating new technologies and immersive experiences into its retail landscape, such as the "Super Time Cube" exhibition utilizing holographic technology [5] - The city is creating unique consumer experiences by combining shopping with cultural and entertainment activities, making it a popular destination for social interactions [5][6] Group 4: Policy Support and Incentives - Local government policies are actively supporting the growth of the first store economy, with financial rewards for new store openings and operational support for Michelin-starred restaurants [4][7] - The "Old for New" policy has significantly boosted consumption in sectors like automotive and home appliances, with 4.14 billion yuan in subsidies leading to 36.17 billion yuan in consumption [7][8] Group 5: Upcoming Events and Promotions - A series of promotional activities and events are planned for the "May Day" holiday, including the "Meet Xiamen" consumption festival and various themed shopping events [8][9] - The city is also focusing on food and beverage promotions, with over 50,000 dining establishments offering diverse culinary experiences [10][12]