报告：2025年上半年中国数字消费总额达9.37万亿元 中新网北京12月16日电 (记者 刘育英)中国互联网络信息中心政策与国际合作所15日发布的《数字消费 发展报告(2025)》显示，2025年上半年中国数字消费总额达9.37万亿元(人民币，下同)，数字消费用户 规模突破9.58亿人，数字消费正成为消费的重要动能。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 此外，小众爱好"破圈"。"谷子经济"(二次元文化周边经济)与宠物消费借助数字媒体传播逐步进入大众 视野，展现出强大的消费动能。网购盲盒、IP周边、二次元产品的用户规模超9000万人。宠物智能硬 件、宠物社交服务等宠物数字消费兴起。 报告还显示，截至6月，中国微短剧用户达5.26亿人，网络游戏用户达5.84亿人，相关数字文娱内容供给 持续丰富，通过衍生经济、跨界赋能与文化认同，撬动智能硬件、文化、旅游等多领域消费融合。(完) 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 据该报 ...

Investment Rating - The report assigns an "Outperform" rating for Chow Tai Fook, expecting a relative return exceeding 10% over the next 12-18 months [21]. Core Insights - Chow Tai Fook's retail sales increased by 4.1% year-on-year in 2QFY26, with Mainland China growing by 3.0% and Hong Kong/Macau by 11.4% [2][8]. - Same-store sales returned to positive growth across all channels, driven primarily by higher average selling prices (ASP), despite a decline in sales volume [9][10]. - Priced gold products emerged as a key growth driver, with retail sales surging by 43.7% year-on-year, significantly enhancing the company's gross margin and profitability [10][11]. - The company is focusing on optimizing its retail network, closing approximately 300 stores in Mainland China while opening new high-efficiency stores in prime locations [12]. - Management anticipates FY26 to be a year of profitability recovery, with gross margin and operating profit expected to exceed previous guidance due to structural improvements and a higher contribution from priced gold [13]. Summary by Sections Retail Performance - Group retail sales for 2QFY26 increased by 4.1% year-on-year, with same-store sales in Mainland China and Hong Kong/Macau showing positive growth [2][9]. - The average selling price in Mainland China rose from HK$6,400 to HK$7,900, while in Hong Kong and Macau, it increased from HK$9,400 to HK$11,700 [9]. Product Mix and Growth Drivers - Priced gold became the core growth engine, with same-store sales of gold jewelry in Mainland China and Hong Kong/Macau increasing by 10.6% and 10.4%, respectively [10]. - The proportion of priced gold products in Mainland China rose to 29.9%, with management indicating potential for further increases based on market acceptance [10][11]. Brand and Marketing Strategy - The company is enhancing brand recognition through iconic collections and collaborations with popular IPs, targeting younger consumers [11]. - New product lines, such as the "Tian Yuan Di Fang" collection, integrate traditional Chinese elements to attract a broader audience [11]. Channel Optimization - Chow Tai Fook is optimizing its retail network by closing underperforming stores and opening new concept stores with higher sales potential [12]. - E-commerce sales grew by 28.1% year-on-year, contributing significantly to overall retail performance [12]. Financial Outlook - Management expects improved gross margin and operating profit for 1HFY26, driven by a favorable product mix and effective cost management [13]. - The company is preparing for a strong second half of FY26, coinciding with wedding and festive seasons, which may further boost demand [13].