Core Insights - The consumption market in China is experiencing a surge during the extended National Day and Mid-Autumn Festival holidays in 2025, with significant activity in both first-tier cities and county-level commercial complexes [1][2] - New City Holdings' (新城控股) Wuyue Plaza locations in Ruian, Zhejiang, and Xiaogan, Hubei, have become popular consumer destinations, showcasing the potential of county-level consumption [1][2] - The company's strategic focus on county-level markets and its operational capabilities are highlighted by the positive media coverage received [1][2] Financial Performance - New City Holdings reported a total commercial operating revenue of approximately 10.511 billion yuan for the first nine months of the year, reflecting a year-on-year growth of 10.82% [1][2] - The commercial sector has emerged as a crucial growth engine for New City Holdings amid a challenging real estate market [1][2] Cultural and Experiential Initiatives - Wuyue Plaza in Xiaogan has integrated local cultural elements, such as hosting large-scale interactive events centered around national-level cultural relics, which significantly boosted sales and foot traffic during the holiday period [2] - The company has successfully implemented innovative cultural and immersive experiences across multiple county-level Wuyue Plaza locations, enhancing consumer engagement and driving local economic activity [2]

Core Insights - The extended holiday period during the Mid-Autumn Festival and National Day has significantly boosted consumer activity, with JD Discount Supermarkets achieving record sales through promotional events [1] - The sales of traditional mooncakes surged over 300% during the holiday, highlighting consumer demand for festive foods [1] - The performance of JD Discount Supermarkets reflects a broader trend of increasing consumer spending in county-level markets, driven by a diverse range of products and competitive pricing [3] Group 1: Sales Performance - JD Discount Supermarkets launched promotional activities across six stores, attracting over 5 million customers and leading to a substantial increase in sales volume [1] - Popular products included mooncake gift boxes, with specific flavors like red date and five-nut mooncakes being particularly favored by consumers in Suqian [1] - Sales of essential household items, such as cooking oil and flour, also saw significant demand, indicating a stable base for family consumption [2] Group 2: Product Variety and Consumer Preferences - The sales of fresh produce, including durians and seafood, demonstrated a shift towards higher-quality food options among county residents, with durian sales exceeding 60,000 pounds [2] - JD's private label products, such as 100% fruit juices and craft beers, were highly sought after, reflecting consumer preferences for quality and variety [2] - The success of freshly made items, like baked goods and ready-to-eat meals, indicates a growing trend towards convenience in food shopping [2] Group 3: Supply Chain and Service Model - The strong performance of JD Discount Supermarkets is supported by an efficient supply chain and logistics system, ensuring product freshness and cost-effectiveness [3] - The stores, averaging 5,000 square meters with over 5,000 SKUs, are strategically located in popular shopping areas, catering to the one-stop shopping needs of families [3] - JD Discount Supermarkets' business model emphasizes low prices and value, positioning itself well to meet the evolving demands of consumers in the current market environment [3]

"一桌难求"背后，是人口的"候鸟式"迁徙 "现在'黄金周'的上客量堪比春节期间，我们只能快速翻台，尽量引导顾客错峰就餐。" 在一家主打淮扬 家常菜的小型餐厅"烧菜工坊"，前台接待员一边快速核对预订信息，一边向新华财经坦言。而该餐厅的 服务员则无奈表示，即便提前一周就开始做准备，还是会出现左支右绌的尴尬情况："连招牌菜专配的 餐盘和餐盒都不够用了，只能跟快吃完的顾客商量，把他们的余菜先腾到普通盘子里，赶紧清洗后挪给 新上的桌用。" "餐饮业过饱和运转在整个节假日都会是常态，我们早就有心理准备。" 一位正在此与家人聚餐的消费 者表示，"能订到桌就不容易，不会太介意餐厅服务的细节"。她回忆，1个月前全县预订席面的热度就 已开始升温，到2周前包厢便已全部售罄，"那时候只剩大厅里环境嘈杂的散桌，但到了9月30日之后完 全就是'一桌难求'。" 新华财经进一步探访发现，不仅是主打家宴的小型餐厅，能承办婚宴、寿宴等仪式性聚餐的中大型酒 店，同样陷入"满载"和"过载"的火爆局面。"'黄金周'客源主要来自于回乡人群，"骏业大酒店的老板张 如鸿点出了其中关键："亲友难得齐聚，让越来越多家庭选择将婚宴、寿宴、甚至'忽略生日具体时 间 ...

Core Insights - The extended holiday period during the Mid-Autumn Festival and National Day has significantly boosted consumer activity, with JD Discount Supermarket launching promotional events across six stores nationwide, leading to record sales [1][3]. Sales Performance - Over 5 million customers were served during the holiday period, with many popular products exceeding previous sales peaks, prompting emergency restocking and even purchase limits to maintain order [3]. - The sales of mooncake gift boxes surged over 300% compared to previous periods, highlighting consumer demand for traditional festive foods [3]. Product Highlights - Essential household items, such as 12,000 barrels of JD's own brand peanut oil and 25,000 bags of flour, showcased strong sales, reflecting the fundamental needs of families [5]. - Freshly made products, including baked goods and ready-to-eat meals, attracted significant consumer interest, with items like the 0.99 yuan tofu buns becoming popular breakfast choices [6]. Fresh Produce Demand - Sales of fresh produce, particularly durian, reached over 600,000 pounds, while the demand for live seafood, such as white shrimp, doubled, indicating a shift towards higher-quality food options among county residents [8]. - The popularity of JD's private label products, including various fruit juices and beers, further illustrates consumer preference for quality and value [10][11]. Supply Chain and Service Support - The strong performance of JD Discount Supermarket is supported by an efficient supply chain and service system, ensuring product freshness and cost reduction through direct sourcing and streamlined logistics [13]. - The stores, averaging 5,000 square meters with over 5,000 SKUs, provide a spacious shopping environment and a one-stop shopping experience, catering to family needs during the holiday [13]. - JD's commitment to "everyday low prices" and value-driven shopping experiences positions it well for future growth in regional retail markets [13].

Core Viewpoint - The article highlights the significant growth and transformation of county-level consumption in China, driven by infrastructure upgrades and changing consumer preferences during the recent holiday period [1][5]. Group 1: County-Level Market Dynamics - Over 2000 county regions in China account for approximately 90% of the land area and over 50% of the population, making them crucial markets for domestic circulation and expanding internal demand [1]. - During the recent National Day and Mid-Autumn Festival holidays, county-level supermarkets and commercial complexes experienced a surge in consumer activity, indicating a revitalization of county-level consumption [1][3]. Group 2: Infrastructure and Commercial Upgrades - The "County Commercial Three-Year Action Plan (2023-2025)" has supported the establishment of over 2600 county-level commercial service centers, 13,800 village convenience stores, and has achieved near-complete coverage of commercial outlets in eligible areas by July this year [5]. - A notable example includes a commercial complex in Zhejiang that has introduced 130 new brands this year, enhancing its commercial capacity and attracting significant foot traffic during the holiday [3]. Group 3: Consumer Trends and Preferences - There is a clear trend towards green consumption and smart home appliances among county consumers, with significant sales growth observed during the holiday period [8]. - In a specific case, a home appliance store in Jiangxi reported a doubling of sales compared to the previous year, with smart appliances accounting for 76% of sales [10]. Group 4: Sales Performance and Growth Metrics - Data from October 1-6 indicates that county-level home appliance sales increased by 55% year-on-year, with sales of appliances priced over 10,000 yuan rising by 75% [12]. - The demand for new household items such as dryers, water purifiers, and dishwashers saw sales growth exceeding 80%, reflecting a shift from optional to essential quality needs among county consumers [12].

Core Insights - The consumption market is experiencing a significant surge ahead of the Mid-Autumn Festival and National Day, with notable increases in sales of various products since the promotional campaign began on September 20 [1][3]. Sales Performance - From September 20 to September 27, mooncake sales increased by 63% and sales of white shrimp rose by 70%, while essential goods like peanut oil and flour saw growth rates of 30% to 40% [3]. - Traditional mooncakes, particularly varieties like red bean, mung bean, and five-nut, are highly favored by consumers, indicating a strong preference for traditional festive foods [3]. Essential Goods Demand - Sales of JD's private label peanut oil (5L) grew by nearly 30%, and flour (5kg) saw a nearly 40% increase, reflecting families' preparations for festive gatherings and a stable demand for high-value essential goods [5]. Supply Chain Advantage - JD's discount supermarket leverages strong supply chain integration, including direct sourcing and private label development, to minimize price markups, resulting in lower prices compared to conventional market rates [7]. - All products are guaranteed for authenticity, with strict quality control measures in place, particularly for food items, ensuring freshness and safety [7]. Quality Upgrade Trend - There is a noticeable trend towards quality upgrades in consumer preferences, with high-end fruits like durian selling over 150,000 pounds and fresh seafood like white shrimp experiencing a 70% sales increase [9][11]. - The successful sales of higher-priced items indicate a shift in consumer behavior towards seeking richer and higher-quality dining experiences [9]. Market Dynamics - JD's discount supermarket plays a crucial role in the pre-festival consumption market, particularly in the fresh produce category, ensuring the freshness of perishable items through an efficient logistics system [11]. - The performance in the pre-festival market highlights the strong driving force of the holiday economy and showcases the resilience and potential of the Chinese consumer market [11].