2026 年春节零售市场数据点评 2026 年春节假期期间，零售消费需求整体保持修复，9 天假期安排叠加中央与地 方促消费政策工具，对节前采购与假期消费形成阶段性支撑，线下商圈活跃度回升， 部分节日属性品类及以旧换新相关品类表现较好。需要关注的是，春节数据具有季节 性与政策扰动特征，展望后续，零售行业景气度的持续改善更取决于宏观层面居民收 入与就业预期修复、财政促消费与结构性补贴政策的延续力度及投放节奏、居民资产 负债表与消费信心变化的影响。在上述条件边际改善的情形下，叠加新业态渗透率提 升与供给侧服务能力优化，零售行业需求有望延续温和修复。 www.lhratings.com 研究报告 1 联合资信 工商评级一部 一、春节期间零售业运行情况 2026 年春节假期期间，消费需求保持修复。分业态看，线下实体零售增幅显著， 重点商圈客流量和营业额同比提升；即时零售订单同比增幅较快，成为线上消费增长 的主要驱动因素。从消费品类看，金银珠宝、食品、服饰等节日属性品类，以及在以 旧换新政策带动下的通信器材等品类增速较高；受消费习惯变化影响，礼赠型高端烟 酒需求相对偏弱，智能、绿色、健康类商品消费增长。 2026 年春节 ...

大厂必争之地——AI搜索赛道，又添新兵。 2026年3月2日，美团旗下光年之外团队宣布，旗下AI搜索产品Tabbit进入公测阶段。Tabbit可将网页浏 览、搜索、AI对话及复杂任务执行融为一体，旨在将浏览器从被动的信息展示工具转变为主动的智能 工作伙伴。 美团方面表示，Tabbit是面向上班族、学生、创作者等更广泛用户群体的AI原生浏览器。 继Perplexity、OpenAI、微软等企业相继推出AI搜索产品后，该赛道已成为科技巨头竞争的新焦点。与 其他AI搜索产品相比，Tabbit的差异点不在于"搜索"，而在于"做完搜索之后还能干什么"。 美团作为电商平台推出具备智能体能力的搜索工具，其真正的战略意图，或是为本地生活板块打造全新 入口。 零售电商行业专家、百联咨询创始人庄帅对时代周报记者分析认为，如果AI搜索成为本地生活的全新 超级入口，其商业价值将不再局限于广告和佣金，而是成为新一代零售电商基础设施的竞争起点，并重 构整个产业链。 用户可用Tabbit网购 未来或成即时零售入口 Tabbit的发布，除了助力美团跨界布局互联网科技赛道，或许还有"一石二鸟"的考量：这款产品未来有 望接入美团的本地生活业务板 ...

Group 1: Core Insights - Commodity prices continue to rise, with the fundamental high-frequency index reaching 130.1 points, an increase of 6.0 points year-on-year [2] - The industrial production high-frequency index is at 129.0, showing a year-on-year increase of 5.1 points, indicating stable production growth [2] - The inventory high-frequency index stands at 165.1, reflecting a year-on-year increase of 7.4 points, suggesting a healthy inventory level [2] Group 2: Industry Performance - The coal industry showed a performance increase of 14.5% in March, while the steel industry increased by 20.1%, indicating strong demand [1] - The oil and petrochemical sector experienced a significant rise of 35.0% in March, reflecting robust market conditions [1] - The non-ferrous metals sector saw a remarkable increase of 44.7% in March, highlighting a strong recovery in this industry [1] Group 3: Agricultural Sector Insights - The agricultural sector is facing increased attention due to geopolitical factors, with rising production costs driven by higher crude oil prices [8] - The price of live pigs has dropped below 11 CNY/kg, leading to deeper losses for producers, suggesting a potential reduction in supply [8] - The mushroom market remains strong, with prices for enoki mushrooms maintaining a positive trend, indicating growth opportunities in this segment [8] Group 4: Media and Internet Sector Analysis - The media sector underperformed, with a 5.1% decline in the media index, lagging behind the Shanghai Composite Index by 7.1% [5] - The gaming sector is expected to perform well, with a focus on major titles and high demand in Q1, suggesting investment opportunities [6] - AI applications are anticipated to drive growth in the media sector, with several companies launching new products and upgrades [6]

企业社会化用工趋势 丨分析报告 摘要： 概念： 社 会化 用工 泛指企业与员工之间建立标 准劳动关系以外的其他各类用工形式，包括业务外包、劳务派遣、按小时计酬、平台型 灵活用工、劳务用工、共享用工、 退休返聘等多种形态。 环境：宏观经济环境波动，适龄劳动人口数量下行， 企业面临人力短缺与成本上升的双重压力 ，制造业与批发零售行业庞大用工数量及固有的用工特点使其成为社会化 用工模式接受度最高、应用最广泛的领域。 消费零售行业：面向销售峰谷和市场变化需求，综合使用 业务外包、按小时计酬、平台型灵活用工、劳务用工 模式；轻餐饮与即时零售企业社会化用工占比显著； 员工 流动性居高不下 是行业社会化用工核心痛点。 生产制造行业：面向产能波动及战略聚焦需求，综合使用 业务外包与劳务派遣 用工 模式；外资和头部民营企 业更 倾向社会化用工； 招募环节 是行业社会化用工的核心 痛点。 趋势：1）社会化用工规模持续扩大，配套政策法规有望进一步完善；2）社会化用工逐渐成为企业标配，人力资源服务商向专业化、数字化升级；3）个体与组织的关系由 依附转为共生，个体能力结构要求趋于多元化；4）企业、政府、个体、服务商 四方协力 ，共同推 ...

Group 1 - The core viewpoint of the article highlights the significant growth in consumer spending during the Spring Festival, driven by various promotional activities and a vibrant market atmosphere [1][2][3] - The Ministry of Commerce reported that during the nine-day Spring Festival holiday, the average daily sales of key retail and catering enterprises increased by 5.7% compared to the previous year, with a 1.6 percentage point acceleration in growth [1] - Key monitored pedestrian streets saw a 6.7% increase in foot traffic and a 7.5% increase in sales revenue, indicating a strong recovery in offline consumption [1] Group 2 - The article notes that the longer Spring Festival holiday and diverse activities have further stimulated the cultural and tourism market, with significant growth in service consumption such as travel and entertainment [2] - Data shows that ice and snow consumption and winter escape consumption increased by 12.1% and 29.8% respectively, while car rental orders surged by 51% compared to last year [2] - The integration of technology and culture is emerging as a new growth point, with sales of smart glasses and intelligent robots increasing by 47.3% and 32.7% respectively during the holiday [2] Group 3 - The article emphasizes the rise of inbound consumption, with foreign tourists contributing to the market by experiencing unique shopping opportunities in China, leading to an 18.4% increase in orders for inbound travel products [3] - The sales of tax refund products in Shanghai and Sichuan saw remarkable growth, increasing by 150% and 320% respectively [3] - Overall, the multiple highlights of Spring Festival consumption are expected to lay a solid foundation for boosting consumption and expanding domestic demand throughout the year [3]

Core Insights - JD.com is launching a "100 Billion Supermarket" channel, committing over 20 billion yuan in subsidies over the next three years to achieve an additional sales increment of 200 billion yuan [2][3] - The initiative aims to enhance JD.com's presence in the supermarket sector, which is a highly competitive space among e-commerce platforms [2][5] - The strategy reflects a shift from focusing on high-value electronics to high-frequency consumer goods, indicating a defensive move against competitors like Meituan and Pinduoduo [7] Investment Strategy - JD.com plans to utilize three main methods for its subsidies: direct platform subsidies, brand direct supply, and brand authorization, emphasizing convenience without the need for group buying or price comparisons [3] - The product categories covered will include not only food and beverages but also household items, personal care, and other daily necessities [3] Market Dynamics - The supermarket sector is increasingly competitive, with Meituan gaining market share in instant retail, which JD.com must address [5][6] - Pinduoduo is also entering the supermarket space with its own "100 Billion Supermarket" initiative, focusing on low-price subsidies and limited-time coupons [4] Strategic Implications - The move to increase subsidies in the supermarket category is part of JD.com's broader strategy to transition from a focus on 3C electronics to fast-moving consumer goods [7] - This shift is seen as a necessary response to competitive pressures, particularly from Pinduoduo's previous successes in the electronics market [7] - The emphasis on quality and consumer needs in the "100 Billion Supermarket" initiative suggests a strategic pivot towards enhancing customer loyalty and repeat purchases rather than just increasing average transaction values [6][7]

Core Insights - The article highlights the significant increase in cross-regional mobility during the 9-day Spring Festival holiday, with over 2.8 billion trips made, averaging 311 million trips per day, marking an 8.2% year-on-year growth, indicating a record high in travel volume [2] - As businesses resume operations post-holiday, there is a surge in demand for various services, including document delivery and laundry services, showcasing the importance of instant delivery as a vital link between consumption and supply [2][3] Group 1: Business and Service Demand - The return of employees to work has led to a spike in the volume of business transactions, necessitating efficient and timely handling of documents, making instant delivery the preferred choice for office document delivery [3] - SF Express's instant delivery service has established a secure service system for document delivery, ensuring accuracy through unique pickup and delivery codes, and offering specialized services for high-value documents [3] - The demand for laundry services has also increased as temperatures rise post-holiday, with SF Express providing a one-stop service for clothing care, including real-time tracking and compensation mechanisms for service issues [4] Group 2: Market Trends and Consumer Behavior - The resumption of work has led to a notable increase in demand for coffee and afternoon tea orders during peak hours, highlighting the need for efficient delivery services to support beverage brands [5] - SF Express supports various delivery channels, including takeaway platforms and private mini-programs, ensuring timely and safe delivery even during peak periods [6] - The integration of instant retail channels is becoming essential for retail businesses to connect with local customers and accelerate inventory turnover, with SF Express collaborating with major retailers to provide rapid delivery services [6] - The role of third-party instant delivery services, exemplified by SF Express, is evolving into a crucial facilitator for consumption and business recovery, acting as a lubricant and booster for economic activities [6]

Core Insights - The Chinese beauty industry has entered a capital race since 2025, with numerous domestic brands filing for IPOs, including Lin Qingxuan, HBN, and others [1][2] - Despite the apparent boom, there is significant industry anxiety due to the saturation of online traffic and diminishing returns from traditional growth strategies [2][14] - The consensus among brands is to seek growth through offline retail, with new brands aggressively expanding their physical presence to build asset barriers [2][18] Industry Dynamics - The current wave of domestic brands represents a channel battle, as they seek to break through the dominance of international brands that have historically controlled retail spaces [4][5] - The COVID-19 pandemic in 2020 marked a turning point, shifting consumer habits and enabling domestic brands to leverage online platforms for growth [6][7] - Brands like HBN have rapidly grown, achieving over 2 billion yuan in annual revenue within seven years, while others like Winona have captured significant market share [6][7] Brand Strategies - Emerging brands are adopting differentiated strategies, focusing on niche markets rather than broad brand narratives [8] - For instance, HBN targets the "night owl" lifestyle, while other brands focus on specific skincare needs, allowing them to avoid competition in saturated markets [8][9] - Established brands like Proya and Shiseido have also found renewed success by targeting specific segments and enhancing their online presence [9][10] Financial Performance - The financial performance of major brands has shown signs of slowing growth, with Proya and others experiencing significant declines in revenue growth rates [13][14] - New brands aiming for IPOs have also reported modest growth, with a median revenue increase of 23% in 2024 [13] Offline Expansion - Many new brands are prioritizing offline expansion to counteract the challenges of online marketing, with plans to open stores in key urban areas [18][19] - The need for substantial funding for these offline initiatives highlights the urgency for brands to secure IPOs to support their growth strategies [20][21] Competitive Landscape - The rise of new beauty brands is putting pressure on established players, who must adapt to the changing landscape by enhancing their online and offline strategies [23][29] - Traditional brands are increasingly investing in instant retail and digital transformation to maintain their market positions [29][30] Future Outlook - The current IPO rush reflects a critical phase in the evolution of the beauty industry, marking both an assessment of past strategies and the beginning of a new competitive era [12][33] - The transition from a focus on online sales to a more integrated approach involving both online and offline channels will be crucial for long-term success [32][33]

正如岳酰松所说，随着消费回归理性，"质价比"已成为零售竞争的决胜点，零售业正从单纯的"规模扩 张"转向"商品力深耕"，核心逻辑在于回归"商品、成本、效率"的本质。这就要求传统食品生产企业既 要重视推陈出新，更要把消费者需求摆在首位。 "通过市场调研，我们发现免剁型郫县豆瓣更受消费者青睐，这类产品不仅口感更加细腻，而且缩短了 菜品的预制环节。最初我们只小批量试产，随后开发了定制化产线，持续扩大产量。我们还对豆瓣酱的 封装瓶进行调整，依据市场需求，增加了挤压式瓶体设计。"四川省郫县豆瓣股份有限公司贸易部经理 鲜佳佳说。 除了产品端的革新之外，消费场景的重构也成为川味产业升级的重要方向。郫都区顺势而为，引导企业 搭建多维度消费场景。比如，成都熊大爷餐饮有限公司深耕川味水饺赛道，以"堂食+生食外带+外 卖"三栖模式，在全国布局1200多家门店。越来越多的传统川菜行业企业实现从单一的调味品生产向提 供川菜烹饪方案转型。 发力即时零售，不仅让川味可以实现"触手可及"，更让传统技艺在适配现代消费需求的创新中增强了生 命力，实现产业升级与文化传承。 当深夜突然想尝一口地道川味时，指尖轻点屏幕，约半小时，麻辣鲜香的川菜便被送到 ...

Core Viewpoint - The traditional business model of the liquor industry, particularly in the high-end white liquor segment, is failing, leading to a collapse of the pricing system and the emergence of new business models and consumer behaviors driven by the Z generation [3][4][14]. Industry Overview - In 2025, the Chinese consumer market is undergoing profound changes, with high-end liquor prices, such as those of Moutai, continuously declining, raising questions about their investment and stockpiling attributes [3][4][14]. - The Z generation (born between 1995 and 2009) has become the main consumer force, reshaping market rules and consumer preferences [3][4][14]. Pricing and Sales Performance - The prices of major white liquor products have significantly dropped, with Moutai's wholesale price falling from over 2200 yuan per bottle at the beginning of the year to below 1500 yuan by December 2025 [5][16]. - The overall performance of white liquor companies has deteriorated, with 20 A-share listed companies reporting a combined revenue of 317.78 billion yuan, a year-on-year decrease of 5.90%, and a net profit drop of 6.93% [5][17]. Corporate Strategies and Changes - Many liquor companies are experiencing frequent personnel changes, with over ten major companies, including Moutai and Yanghe, adjusting their core leadership positions in 2025 [6][18]. - Companies are exploring new business models and channels, such as switching from a "payment before delivery" to a "delivery before payment" model [8][20]. New Business Models - Moutai has announced a restructuring of its product system and pricing strategy, moving towards a direct sales model through its app, aiming to connect directly with consumers [9][20]. - The rise of "health liquor" has been notable, with a growth rate of 66%, indicating a shift in consumer preferences towards healthier options [10][21].