今年盛夏，第35届青岛国际啤酒节被一股"情绪"力量点燃。火出圈的"青岛啤酒交易所"、只加快乐不加油的啤酒加"油"站、全国首个"啤酒+情绪释放"沉 浸式乐园……这些创新体验，让啤酒成为满足消费者情绪需求的 "液态疗愈"良方。 在青岛，啤酒正加速从饮品向情感伙伴的角色转变。以情感共鸣、心理满足为核心的"情绪经济"正从消费新现象跃升为驱动青岛消费增长的新引擎。 疗愈"药方"有"酒引子" 在快节奏的生活方式下，年轻一代难免面临工作、生活等多重考验，他们渴望获得情感宣泄或是心理慰藉。《2024中国青年消费趋势报告》显示，情绪成 为年轻人的消费需求，近三成受访年轻人会为情绪价值买单。 今年的青岛国际啤酒节，成为这种情绪消费的集中释放场域。追求小众和个性化表达的年轻人、在碰杯中谈笑畅想的中年人以及共享家庭温馨时光的许多 家庭，不同群体的情绪需求在这场节庆狂欢中被鲜明感知和满足。 互动体验拉满情绪价值 当啤酒成功接住了疲惫、迷茫与雀跃等情绪，它就成了消费者自我疗愈的"药引子"。 将情绪消费做成持久生意 情绪消费该如何转化为持久动力？在全国34座城市上线了1000家青岛啤酒品牌专营旗舰店——青岛啤酒新鲜直达，借助美团闪购"30 ...

Group 1 - A notable consumer trend is emerging where individuals are increasingly willing to spend on "emotions," leading to high prices for seemingly trivial items and a large market for intangible needs [1][3] - The consumption in the "土味爽剧" (local flavor short dramas) sector has reached 50.4 billion, surpassing the 42.5 billion spent by young people on movies, indicating a shift in spending patterns among different demographics [3] - The rise of single individuals and the elderly population, which together account for approximately 600 million people in China, is driving a new consumption phenomenon focused on personal spending [3][8] Group 2 - The formation of the single population is closely linked to changes in production methods and social structures, where marriage has shifted from a production tool to a consumption burden, leading to a unique consumption logic that prioritizes emotional spending [4] - As basic living costs decrease, more funds are being allocated to sectors that promote happiness, such as the pet economy and virtual companionship, which are emerging as new economic growth points [5] - The elderly population, now with retirement funds and free time, is engaging in various hobbies and interests, reflecting a significant shift in their consumption behavior towards emotional fulfillment [8] Group 3 - The emergence of "emotional value" as a third type of value, alongside use value and exchange value, highlights the psychological satisfaction derived from products, indicating a shift in consumer priorities [8] - The rise of the emotional economy is supported by changes in economic foundations, the independence of 600 million consumers, and advancements in technology such as big data and algorithms [8] - The market's role in providing solutions for emotional needs raises questions about societal progress, suggesting that while not perfect, it offers a means for individuals to cope with modern loneliness [9]

Core Viewpoint - The article discusses the emergence of a new consumer behavior in China driven by emotional spending, particularly among the single population and the elderly, highlighting a shift from traditional consumption patterns to those focused on emotional value [5][30]. Group 1: Demographic Changes - The single population in China has reached 240 million, expected to exceed 300 million next year, while the population aged 60 and above has surpassed 310 million, together accounting for nearly half of China's population [5][6]. - These demographics represent the first generation of Chinese individuals who can spend money independently, breaking away from traditional family financial obligations [6][8]. Group 2: Shifts in Consumption Patterns - The article identifies a significant transformation in consumption logic, where essential living expenses are minimized while spending on emotional products has surged [9][10]. - The pet economy has reached 279.3 billion, projected to exceed 360 billion next year, driven by the emotional bonds people form with their pets in a high-pressure society [11][12]. - The rise of the "one-person economy" is noted, with products and services tailored for single individuals becoming mainstream, reflecting a shift in lifestyle [13]. Group 3: Emotional Value in Consumption - The concept of "emotional value" is introduced as a new form of value that transcends traditional economic measures, focusing on the psychological satisfaction derived from products [18][20]. - The article emphasizes that the current consumer landscape is characterized by a demand for emotional fulfillment, with spending on seemingly irrational items serving as a means to achieve psychological balance [30][32]. Group 4: Economic Implications - The silver economy has surpassed 12 trillion, expected to approach 50 trillion next year, representing 12% of GDP, indicating a significant market opportunity akin to the real estate boom [26]. - The article suggests that the emotional economy is not just a commercial opportunity but also a profound social transformation, reflecting the complexities of modern life and individual isolation [27][34].

Core Viewpoint - The article discusses the rising popularity of metaphysics and astrology among young people in China, highlighting how these practices have become integrated with modern technology, particularly AI, to meet emotional needs and provide psychological comfort [6][11]. Group 1: Popularity and Acceptance of Metaphysics - The divorce of popular astrology influencer Tao Baibai has sparked discussions about the credibility of astrology, reflecting a broader acceptance of metaphysical beliefs among young people [7][8]. - A report from iiMedia Consulting predicts that the emotional economy market in China will reach approximately 23 trillion yuan in 2024 and exceed 45 trillion yuan by 2029, with 18.29% of consumers showing a preference for metaphysics [9][11]. Group 2: Integration with Technology - The rise of AI tools like DeepSeek has led to a surge in interest in using AI for fortune-telling, with many young users engaging in discussions about their results in social media groups [13][14]. - AI applications in metaphysics have evolved from simple text-based fortune-telling to more complex analyses that incorporate traditional Chinese metaphysical texts, attracting a larger audience [16][17]. Group 3: Engagement and Content Creation - Social media platforms have facilitated the creation of interactive tarot reading videos, allowing users to engage with content in a more personalized manner, which has contributed to the popularity of these practices [18][20]. - The format of tarot reading videos has become standardized, with creators using engaging techniques to attract viewers and enhance their experience [19][21]. Group 4: Monetization Strategies - Various monetization methods have emerged in the metaphysical space, including one-on-one consultations and the sale of "energy products" like crystals, with prices ranging from a few yuan to thousands [22][23]. - Many tarot readers and metaphysical influencers are leveraging their platforms to offer paid services, creating a new avenue for income generation while also providing psychological support to clients [22][24].

Group 1: Investment Trends in Guangdong - Private investment is a significant indicator of development expectations and confidence in Guangdong's economy [1] - The province is implementing policies to stimulate private investment, focusing on new demand creation and industry expectations [1][2] - There is a notable increase in investment in sectors like chips and robotics, with private capital actively seeking opportunities [2] Group 2: Market Dynamics - The private investment growth rate in Guangdong showed fluctuations in the first half of the year, reflecting a cautious approach from private real estate companies [1][2] - New consumption sectors have seen a rise in financing events, indicating a shift towards health foods, pet consumption, and smart living [3] - The real estate sector is adapting to new regulations, with increased transaction volumes in specific housing types, suggesting strong demand for upgrades [3][4] Group 3: Policy Support and Economic Outlook - Central government meetings have emphasized urban renewal and consumption, which are expected to drive a positive cycle of investment and consumption [3][4] - Guangdong has introduced 26 measures to deepen investment and financing reforms, targeting key sectors like railways and advanced manufacturing [6] - The province has recommended 104 key private investment projects with a total planned investment of 215.8 billion yuan [6] Group 4: Mergers and Acquisitions Activity - There is a surge in mergers and acquisitions in Guangdong, with 41 completed transactions in the first half of the year, amounting to 37.594 billion yuan [7][8] - Companies like Songfa Co. and TCL Technology are leveraging acquisitions to diversify and strengthen their market positions [7] - The provincial government is actively supporting the M&A market through various initiatives, enhancing the capital market's role in the economy [8]

Core Insights - The 35th Qingdao International Beer Festival has transformed beer from a beverage to an emotional partner, driven by the "emotional economy" that resonates with consumer needs for emotional satisfaction [1][2] Emotional Consumption Trends - Young consumers are increasingly willing to spend on emotional value, with nearly 30% of surveyed youth willing to pay for emotional experiences [2] - The festival serves as a platform for various demographic groups to express and fulfill their emotional needs through unique experiences [2] Innovative Experiences - The "Beer Oil Station" and "Qingdao Beer Exchange" are standout attractions, with the former allowing consumers to choose from seven different beer flavors and the latter simulating a stock exchange experience that engages visitors [4][5] - The Qingdao Beer Exchange saw over 100,000 daily visitors during peak times, indicating its popularity and engagement [4] Sustaining Emotional Consumption - The festival highlights the need for ongoing emotional satisfaction beyond the event, prompting Qingdao Beer to expand its product offerings and retail strategies [5][6] - Collaborations with platforms like Meituan for rapid delivery services have resulted in significant sales growth, with transaction volumes exceeding 1 billion yuan in 2024 [6][7] Cross-Industry Collaborations - Qingdao Beer is actively pursuing cross-industry partnerships to create a new emotional ecosystem, including collaborations with fashion brands and innovative product offerings like beer-flavored snacks and ice creams [7] - The focus on emotional resonance is seen as a key competitive advantage in the new consumption era, allowing the brand to connect deeply with consumers [7]

Core Insights - The white liquor industry is undergoing a silent transformation driven by the "emotional economy," with Guizhou Zhenjiu launching a strategic new product, Dazhen Zhenjiu, which combines affordable pricing with high-end quality [1][3][4] Product Overview - Dazhen Zhenjiu is priced at 888 yuan per bottle, offering superior quality compared to other products in the same price range, thus meeting consumer demands for both quality and cost-effectiveness [4][5] - The product utilizes over 200 different types of high-quality base liquor, with a brewing time dating back to 2020 or earlier, and includes 20-year-old liquor for flavoring [4][6] Market Positioning - The launch of Dazhen Zhenjiu aims to strengthen the brand's position in the mid-to-high-end market, targeting business banquets and high-end gifting scenarios [5][10] - The product's design incorporates traditional cultural elements while appealing to modern consumer preferences for simplicity and environmental consciousness [8][10] Consumer Engagement - Dazhen Zhenjiu addresses the emotional needs of consumers by transforming high-end liquor into a collectible and memorable experience, enhancing its value beyond mere consumption [8][10] - Positive consumer feedback highlights the product's elegant packaging and distinctive flavor profile, differentiating it from competitors [8][10] Industry Trends - The emotional economy is reshaping consumer behavior in the liquor market, moving from a focus on functional needs to emotional resonance and personalized expression [4][10] - Experts predict that Dazhen Zhenjiu could set a benchmark in the sauce liquor segment, shifting the industry focus from price competition to value creation [10]

Investment Rating - The report assigns a "Buy" rating for Jiuhua Tourism (603199) [1] Core Views - Jiuhua Tourism is leveraging its unique Buddhist mountain resources to develop a regional cultural tourism complex, with a projected revenue of 764.44 million yuan in 2024, reflecting a year-on-year growth of 5.64% [1][12] - The company is expected to benefit from the ongoing recovery in domestic tourism, with a significant increase in young visitors to temple tourism, which is becoming a new trend in emotional consumption [2][40] - The company plans to enhance its capacity through new projects and improved transportation, which will likely drive customer growth and revenue [3][56] Summary by Sections Company Overview - Jiuhua Tourism, established in December 2000, is located in the Jiuhua Mountain scenic area of Anhui Province and operates in various sectors including transportation, hotels, and travel agencies [12][17] - The company aims to build a regional tourism complex, with a projected revenue of 764.44 million yuan in 2024, where hotel, cable car, transportation, and travel agency businesses contribute 31%, 38%, 21%, and 8% respectively [20][12] Tourism Market Trends - The domestic tourism market is experiencing high growth, with a 20.6% increase in travel volume and a 15.2% increase in total spending in the first half of 2025 [40][41] - Young visitors, particularly those born in the 1990s and 2000s, are increasingly engaging in temple tourism, which is becoming a popular form of emotional consumption [48][49] Company Highlights - Jiuhua Mountain is one of China's four major Buddhist mountains, providing a stable flow of visitors due to its unique cultural and natural resources [56][58] - The company is investing in new projects, including a 326 million yuan cable car project and various hotel renovations, which are expected to enhance its service capacity and profitability [37][38] - Improvements in external transportation, such as the opening of the Pihuang high-speed railway, are anticipated to boost visitor numbers [56][58] Financial Analysis - The company forecasts a net profit of 217.09 million yuan for 2025, with a corresponding P/E ratio of 18 times [1][11] - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 267.37 million yuan by 2027 [1][11]

Core Viewpoint - The high-end beauty market in China is facing growth challenges, and "emotional value" is becoming a key to breaking through these challenges. The emotional consumption market in China is expected to exceed 2 trillion yuan, highlighting the need for beauty brands to meet consumers' deeper emotional needs [3][26]. Group 1: Emotional Value in Marketing - The integration of emotional value into marketing strategies is essential for beauty brands to resonate with consumers and achieve commercial success [3][4]. - SK-II's collaboration with the band Mayday during the Qixi Festival exemplifies a successful emotional marketing strategy, creating a "super communication" event that resonates widely with consumers [4][19]. - The "Jingxi Flower Shop" pop-up store created by SK-II during the Qixi Festival attracted significant consumer engagement and social media buzz, showcasing the brand's ability to connect emotionally with its audience [5][15]. Group 2: Product Innovation and Customization - SK-II's "Flower Bouquet" gift box, featuring a romantic floral design, symbolizes happiness and vitality, and allows for consumer customization, enhancing its emotional value [7][21]. - The product's design and the incorporation of Mayday's song "Loveing" as a theme create a unique emotional connection, making the product a "gift of emotional art" rather than just a beauty item [7][21]. Group 3: Consumer Engagement and Experience - The offline pop-up store transformed the marketing experience into an emotional engagement platform, shifting from a sales-focused approach to an experience-driven model [17][19]. - The marketing strategy effectively utilized social media to encourage consumer participation and sharing, creating a viral effect that amplified the brand's reach [13][24]. Group 4: Long-term Brand Strategy - SK-II's marketing approach reflects a deep understanding of emotional economics, focusing on long-term emotional connections rather than short-term emotional releases [34][36]. - The brand's consistent engagement with consumers through various campaigns has established it as an emotional symbol, fostering a strong emotional bond with its audience [32][34]. Group 5: Market Trends and Insights - Research indicates that the compound annual growth rate of China's high-end beauty market is declining, necessitating a shift in marketing strategies to rebuild brand perception and consumer relationships [26][27]. - SK-II's ability to adapt to these market changes by emphasizing emotional value and consumer connection positions it as a leader in the evolving beauty landscape [26][29].

Core Viewpoint - The article discusses the emergence of Chinese metaphysics as a lucrative industry overseas, highlighting its potential in the global emotional economy and the increasing demand for spiritual and psychological comfort among consumers [5][11][24]. Industry Overview - The metaphysics industry has grown into a multi-billion dollar sector, with the global "mystical services" market projected to reach $48.7 billion by 2024, and related segments experiencing annual growth rates exceeding 40% [13][16]. - The global market for mind-body energy healing is estimated to be $78.58 billion in 2023, with a projected compound annual growth rate (CAGR) of 26.2% from 2024 to 2030 [16]. Consumer Behavior - There is a notable shift in consumer behavior, with overseas users showing a stronger willingness to pay for metaphysical services compared to domestic consumers. This is driven by a desire for emotional reassurance and a sense of direction in life [18][19]. - The demand for Chinese metaphysics is particularly strong among Generation Z, new middle-class consumers, and small business owners, who seek psychological comfort, social currency, and cultural identity [17][19]. Product and Service Trends - The metaphysics market has diversified into a full industry chain, including tools, decorations, consumables, digital products, and services. Popular items include crystal healing products, feng shui jewelry, and divination tools [17][20]. - Specific products like crystal healing items are projected to grow from $1.06 million in 2024 to $2.7 million by 2033, with a CAGR of 11.15% [17]. Marketing and Localization Strategies - Chinese entrepreneurs have successfully localized metaphysical concepts for Western audiences, rebranding traditional practices with terms like "energy management" and "life navigation tools" to enhance appeal [19][20]. - The use of social media platforms like TikTok has significantly lowered customer acquisition costs while increasing user willingness to pay, demonstrating the effectiveness of digital marketing in this sector [23]. Cultural Impact - The rise of Chinese metaphysics in the global market reflects a broader trend of cultural exchange, where emotional symbols from Chinese culture are being monetized and integrated into everyday life for foreign consumers [24][25]. - The article emphasizes that the commercialization of metaphysics is not merely a simplification of culture but a significant entry point for Chinese culture into the global emotional economy [24].