晨 会 纪 要 [2025]第 230 号 整理记录：聂孟依 研究所今日晨会要点如下: 一、行业与公司 1、商贸零售行业（聂孟依） 商贸零售板块上周下跌 0.21% 根据 wind，上周，商贸零售报收 2305.32 点，下跌 0.21%，涨幅排名位列申万一级行业 第 12 位，跑输沪深 300 指数 0.13 个百分点；贸易Ⅱ报收 4584.87 点，下跌 3.48%；一般零售 报收 3569.79 点，上涨 1.37%；专业连锁Ⅱ报收 4564.78 点，下跌 1.49%；互联网电商报收 11579.13 点，下跌 0.83%。 根据 wind，从商贸零售板块公司的表现来看，表现居前的公司有：东百集团（+46.2%）、 永辉超市（+27.2%）、百大集团（+24.3%）、南纺股份（+22.3%）、丽人丽妆（+13.4%）； 表现居后的公司有：汇鸿集团（-8.4%）、ST 沪科（-8.4%）、凯淳股份（-9.1%）、海宁皮城 （-9.2%）、广百股份（-10.2%）。 商贸零售板块 PE（ttm）48.75X，PB（lf）1.96X 总体来看，近期消费市场保持平稳增长，消费潜力持续释放，并呈现出显著的结构性 ...

Core Insights - Global business is entering a new phase characterized by "high difficulty and high returns," with clear structural opportunities emerging in independent channels and AI-driven operational transformations [1][3] - The upcoming Shopify Commerce NEXT 2025 event aims to provide strategies for sustainable and differentiated growth for brands going global [1][2] Group 1: Event Overview - Shopify Commerce NEXT 2025 will take place on September 19, featuring limited seating and opportunities to engage with global e-commerce experts and Shopify product specialists [1][2] - The event will focus on practical strategies and resource sharing to accelerate the globalization of Chinese brands, with participation from Shopify's Asia-Pacific leadership and industry experts [2][4] Group 2: New Growth Logic - The independent site model, represented by Shopify, has become a core infrastructure for brands going global, yet many cross-border merchants face challenges such as fragmented business processes and high marketing costs [3][4] - The event will address these challenges by providing a comprehensive view of the industry and focusing on practical operations and resource integration [3][4] Group 3: Key Highlights of the Event - The event will feature three main discussion segments: Shopify's global strategy, practical experiences from leading merchants, and solutions to key operational challenges for independent sites [4][16] - Participants will gain insights into Shopify's global strategy, AI applications, and innovative global case studies to capture new e-commerce trends [4][22] Group 4: AI and Technology Integration - The event will showcase immersive demonstrations of AI products, allowing participants to experience tools that enhance operational efficiency across the entire business process [22][23] - Shopify's AI solutions, such as Sidekick Analysis and Sidekick Theme Editing, aim to streamline decision-making and improve user experience without requiring technical expertise [23][25] Group 5: Ecosystem Collaboration - The event emphasizes the importance of integrating technology, channels, and services to support sustainable global expansion for Chinese brands [28][30] - Attendees will have opportunities for direct interaction with certified experts and partners, receiving tailored support for SEO diagnostics and site performance evaluations [28][30]