研究报告 Research Report 20 Jul 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W29 周度趋势解析：高预期高估值新消费概念股承压，风格切换 至低估值低预期消费股 [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 耐克 | Outperform 永辉超市 | | Outperform | | 美的集团 | Outperform 苏泊尔 | | Outperform | | 京东集团 | Outperform 石头科技 | | Outperform | | 格力电器 | Outperform 科沃斯 | | Outperform | | 安踏体育 | Outperform 李宁 | | Outperform | | 海尔智家 | Outperform 安克创新 | | Outperform | | 露露柠檬 | N ...

Core Viewpoint - "Wangnao Literature Economy" is a subculture characterized by self-deprecation, low desires, and a seemingly negative outlook, which paradoxically generates unique economic benefits, such as the rise of "Wangnao Tourism" that emphasizes relaxed enjoyment over high-adrenaline experiences [1][2]. Group 1: Economic Impact - The "Wangnao Literature Economy" creates a new consumption model of "low expectations, high resonance," becoming a unique growth point in the economic market [2]. - It promotes reverse tourism, with niche attractions gaining popularity as travelers seek relaxation over traditional "check-in" experiences, leading to over a 40% increase in rural tourism orders during the recent holiday [2]. - New entertainment projects, such as "slow bungee jumping," have seen participation increase five to six times compared to traditional offerings, indicating a shift in consumer preferences [2]. Group 2: Consumer Behavior - The economy is witnessing a diversification of consumption patterns, with new travel and leisure activities emerging that align with the "Wangnao" ethos, such as "budget travel" and "night stays at hotpot restaurants" [2]. - The core principle of "Wangnao Literature" is to lower expectations and accept mediocrity, which has led to the expansion of low-cost markets and emotional consumption, with second-hand platforms adopting "laid-back selling" strategies [2]. - Brands are increasingly using "laid-back advertising" to attract younger consumers, exemplified by the popularity of products like Luckin Coffee's "Mofish Coconut Latte" [2]. Group 3: Cultural and Social Implications - While the "Wangnao Literature Economy" fosters new economic benefits in consumption, culture, and social interactions, its negative core may lead to potential issues, such as the erosion of mid-to-high-end markets and a cycle of low quality and low growth [3]. - The acceptance of low achievement and consumption patterns may exacerbate social issues like declining marriage and birth rates [3]. - The "Wangnao Literature Economy" reflects contemporary youth's coping mechanisms for societal pressures, using humor to navigate challenges and express genuine needs [3].