服务消费同样活力十足。数据显示，8月，武汉服务价格同比上涨0.8%，文化娱乐服务 价格上涨2.7%。 餐饮与夜经济持续火爆。体育赛事带来强劲消费动能，汉超的"第二现场"观赛模式吸引 市民聚餐观赛，汉阳王家湾一家龙虾店反映，依托赛事引流，来店观赛聚餐客流增加一成。 数据显示，8月份，工业消费品价格同比上涨1.5%，比上月扩大0.4个百分点。其中，以 三大家电为代表的大型家用器具价格上涨7.7%，厨卫等小家电价格同比上涨1.5%，这主要 得益于智能产品渗透，折射出居民"换优不换旧"的消费升级趋势。 文化消费也迎来热潮。汉口万象城影城负责人介绍，电影衍生品销售额占影院总收入已 超10%，"49元的浪浪山小妖怪玩偶成了年轻人展现个性的新宠"。 "核心CPI连续回升，表明消费需求正在从'刚需满足'到'品质升级'的转变。"武汉发展战 略研究院相关专家指出，技术赋能、国货潮起、场景多元、服务升级共同构筑了武汉消费市 场的新格局。 9月16日，国家统计局武汉调查队发布数据，8月份，武汉市居民消费价格指数（CPI） 同比上涨0.3%，扣除食品和能源的核心CPI上涨1.5%，科技赋能、国货崛起、场景创新正为 消费注入新动能。 1 ...

每周 一 景：湖南衡阳衡山 点击右上角菜单，收听朗读版 今日报告精粹 1、 非银：科创IPO增加，看好PE机构业绩改善 2、 汽车：《汽车行业稳增长工作方案》发布，推动汽车行业高质量发展 【化妆品】 美妆线上双位数增长，关注大促催化 投资建议 ： 美护板块公司分化加剧，同时因行业变化较快，且国货整体呈崛起趋势，建议自下而上优选存在产品及渠道变化、具备弹性的标的。 大盘： 8 月天猫抖音均实现双位数增长。 据青眼情报公众号、炼丹炉等第三方数据统计， 8 月天猫抖音美妆品类销售额合计同比增长 19.0% ；其中抖音美 妆类目 GMV 超 200 亿元，同比增长 19.56 % ，天猫 GMV 同比增长 18.37% 。综合 7-8 月两大平台 GMV 增速为 16.1% ，环比 6 月有明显提升，我 们判断主因天猫通过"超级 88 "、加码外卖业务提高月活 & 消费频次等，平台增速 13.2% 实现恢复性增长。 品牌：抖音彩妆品牌突围，国货多品类发力。 七夕大促期间高客单送礼需求旺盛，国际品牌以高端礼盒突围，赫莲娜、海蓝之谜、欧莱雅等位列 TOP10 ， 但头部榜单仍以国货品牌占多数；其中韩束凭借超 7 亿 GM ...

Core Insights - Shanghai has established itself as a leading city in the beauty and cosmetics industry, with 17 brands listed in the "2025 CBE·Hurun China Color Makeup Brand TOP 50" report, significantly outpacing other cities [1] - The retail sales of cosmetics in Shanghai reached 68.5 billion yuan in the first half of the year, accounting for approximately one-third of the national total of 229.1 billion yuan [1] - Over the past decade, Shanghai's cosmetics retail sales have grown from 10% of the national total to a dominant position, reflecting a strategic shift towards domestic product development [1] Industry Challenges - Chinese beauty companies have historically relied on imported raw materials, leading to vulnerabilities in supply chains and pricing [2] - The dependency on foreign technology for core functional ingredients has hindered the competitiveness of domestic brands [2] Strategic Shifts - Local companies in Shanghai are focusing on independent research and development to address industry challenges, with brands like Chando investing in microbial fermentation raw materials since 2013 [3] - Chando has established 20 laboratories and filed 524 patents, showcasing a commitment to innovation and research [3] - New startups like JUDUO and Youshiyan are emerging, leveraging scientific research to carve out niches in the market [3] Academic and Industrial Collaboration - Shanghai's unique resources foster a collaborative environment for research and development, with institutions like Shanghai University of Applied Technology contributing talent to local companies [4][5] - Partnerships with leading hospitals and universities enhance product development, as seen with Chando's collaboration with Huashan Hospital [5] Policy Support - Shanghai has implemented strategic initiatives to accelerate the development of the beauty industry, including the establishment of the "Oriental Beauty Valley" concept [7] - The "Oriental Beauty Valley Cosmetics Element Service Platform" aims to streamline raw material procurement, potentially reducing costs for companies [7] - The platform has already facilitated over 200 tons of raw material transactions, generating sales exceeding 20 million yuan [7] Industry Growth - The Oriental Beauty Valley has become a significant hub for the cosmetics industry, with an estimated scale nearing 100 billion yuan [8] - Shanghai is the largest port for cosmetics imports and exports in China, with a total export value of 25.32 billion yuan in the first five months of the year, representing 35.6% of the national total [8] - Future plans aim for the beauty and health industry in Fengxian New Town to achieve an industrial output value of around 100 billion yuan by 2030 [8]

宜家的问题在于，大家不爱了。于是，不再关注你的新品，不再去你的床品展区抠脚睡觉，不再花半天 时间去门店走迷宫，不再去吃比雪王性价比还高的冰激凌。 自然，也就不关心你的降价了。 在趋势面前，个体的努力很容易沦为虚无。刚刚宣布闭店计划的北京杜莎蜡像馆，算是缴械投降，认输 离场。本质上，蜡像馆和宜家曾经承载的，都是国内消费者对舶来品的向往。但如今，外来的和尚不香 了，国货才是王道——你看BBA在中国被按头打成什么样？ 宜家没有放弃努力，甚至可以说是为中国消费者屈膝了。它在中国市场放弃了自有线上渠道的唯一性， 先后在天猫、京东开店。 降价更是常态。2023年起，宜家就陆续开启大规模降价，但两年过去了，业绩并没有得到提振。2024财 年，宜家中国市场销售额为111.5亿元，相比上一财年少了近10亿元，相比2019年更是缩水近30%。 根据宜家方面的表示，2024年的成绩差，主要是因为降低了商品售价。然而一个常识是：降价从来都不 是目的。成功的降价应该换来销量的提升，最终带来业绩增长。 本文来自微信公众号：山农下山，题图来自：视觉中国 降价，宜家最近在2026财年启动会上宣布，计划投入1.6亿元人民币，为中国市场带来超过 ...

Core Insights - The article highlights the significant transformation in China's sports and outdoor industry, driven by changing social structures, health awareness, and the impact of the pandemic, marking what is perceived as a "golden decade" for the sector [1][2] Group 1: Market Dynamics - The sports and outdoor market in China is seen as a reflection of consumption upgrades and a window into social cultural transformations [2] - By the end of 2024, the number of sports venues in China is expected to exceed 4.84 million, with per capita sports venue area reaching 3.0 square meters, surpassing the "14th Five-Year Plan" target [3] - The "National Fitness Plan (2021-2025)" aims for 38.5% of the population to engage in regular physical activity by 2025, with the current participation rate at 37.2% as of September 2024 [3] Group 2: Consumer Segmentation - Consumers in the sports market are categorized into four segments: Passionate Participants, Active Engagers, Exploratory Tryouts, and Casual Participants [4][5][6] - Passionate Participants, making up over half of the market, are highly engaged and demand professional gear and cultural recognition [4] - Active Engagers, accounting for about 30%, show potential for deeper engagement, while Exploratory Tryouts and Casual Participants represent opportunities for brands to expand their offerings [5][6] Group 3: Lifestyle Integration - Sports have become an integral part of daily life, with walking and jogging participation rates reaching 94% [7] - The blurring of boundaries between sports venues and everyday environments necessitates brands to provide adaptable gear for various settings [8] - Social dynamics are reshaping consumer behavior, with 57% of consumers participating in offline sports community activities, emphasizing the importance of community for brand loyalty [8] Group 4: Market Growth and Trends - The Chinese sports footwear and apparel market is projected to reach 542.5 billion yuan by 2024, growing at 10% year-on-year [9] - Domestic brands like Anta and Li Ning are gaining traction through cultural narratives and technological innovation, while international brands are focusing on localization [9] - Functionality remains the primary consideration for consumers, with 95% prioritizing performance features in their purchases [9] Group 5: Consumer Preferences and Values - 61% of consumers prefer domestic brands, valuing technological innovation and cultural narratives over mere status symbols [10] - The shift in consumer mindset indicates that national confidence is becoming a significant market driver, with local brands focusing on quality and values as a long-term strategy [10] - Future growth in the sports and outdoor market is expected to come from lower-tier cities and the aging population, with specific product needs emerging for these demographics [10] Group 6: Future Directions - The article identifies three key future directions for sports and outdoor brands: balancing functionality with fashion, resonating with consumer values, and expanding into diverse demographics and scenarios [11] - The evolution from "national fitness" to "lifestyle integration" signifies a broader cultural and industrial transformation, where brands must find equilibrium between functionality, culture, and social engagement [11]

3、家清个护+宠物布局强化打开中长期成长空间，关注公司现金价值及股东回报。我们认为，1）家清 个护：公司持续推进产品高端化升级，高端天然家居护理等新品有望支撑后续成长，渠道端有望在巩固 线下分销渠道的领先地位的同时，快速发展抖音等内容电商，线上运营提效实现高质量发展；2）宠物 业务：公司于宠物用品、宠物食品、终端门店等维度布局完善，有望充分受益于我国宠物行业扩容及国 货崛起红利，拓店节奏及门店服务范围延伸下宠物门店收入有望持续快增，提质经营及自有品牌销售提 升有望带动单店盈利能力改善，倔强的嘴巴等自主品牌亦有望加速培育；3）此外，公司当前现金价值 凸显，截至6 月30 日，公司账上净现金26.5 亿元，且分红率近年来持续高位，股东回报力度较大。 盈利预测与估值 维持盈利预测不变，当前股价对应2025/26 年14/13 倍P/E。维持跑赢行业评级和目标3.65 港元不变，对 应2025/26 年20/19 倍P/E，对应46%上行空间。 1H25 业绩符合我们预期 公司公布1H25 业绩，收入13.4 亿元，同增7.2%，归母净利润1.7 亿元，同降3.3%，符合我们预期。公 司宣布中期派息每股人民币0.05 ...

9月2日，北京商报记者获悉，国货彩妆品牌花知晓完成B轮融资，由珀莱雅独家投资，池杉资本担任长 期独家财务顾问。 对于此番投资，珀莱雅相关人士对北京商报记者表示："花知晓以少女心美学和高度内容化的运营方 式，深受Z世代消费人群的青睐。其在产品创新、品质把控上做出的努力也让我们看到一个致力于为消 费者做出好产品的长期主义品牌，这与珀莱雅坚守的长期主义相契合。" 花知晓创立于2016年，以融合二次元文化与少女美学为核心，主打原创设计感的少女彩妆产品，目标人 群一直是年轻群体。伴随着国货崛起的浪潮，花知晓发展成为当下炙手可热的彩妆品牌。天眼查信息显 示，目前花知晓已经完成了三轮融资，前两轮分别为由天图投资主导的Pre-A轮融资以及2021年由坤言 资本独家投资的近亿元A轮融资。 就发展相关问题，北京商报记者对花知晓进行采访，但截至发稿未收到回复。 "花知晓在海外市场有着亮眼表现，已覆盖十余个国家且保持业务高速增长。我们看好花知晓在年轻人 群中的影响力、扎实的产品力以及海外市场的潜力，通过投资打造珀莱雅业务生态体系。基于对花知晓 品牌创始人及其团队的认可，我们会一如既往地尊重花知晓的业务场景和核心优势。同时，也希望通过 ...

Core Viewpoint - The relationship between the U.S. and China is complex, with mutual dependencies in manufacturing and technology, despite the perception that the U.S. is heavily reliant on Chinese goods [3][12]. Group 1: U.S.-China Trade Relations - The U.S.-China trade war has escalated from minor friction to significant conflict, with tariffs reaching over 100% on certain goods, impacting consumers in both countries [4]. - American consumers have faced rising prices for everyday goods due to tariffs on low-cost Chinese imports, while China remains dependent on U.S. technology in high-value sectors [4][12]. Group 2: Manufacturing and Brand Ownership - Many products labeled as "Made in China" are actually produced for U.S. brands, indicating that the production capabilities are leveraged while the brand ownership remains with American companies [3][6]. - Companies like Tesla have high localization rates in their manufacturing but still rely on U.S. technology for core components, highlighting the intertwined nature of global supply chains [6]. Group 3: Capital Influence - Foreign capital, such as that from BlackRock, exerts significant influence over Chinese companies through equity holdings and board participation, affecting strategic decisions [9]. - The presence of multinational corporations in China, such as Procter & Gamble and Johnson & Johnson, shows how foreign firms adapt to local markets while maintaining control from abroad [7]. Group 4: Opportunities Amidst Challenges - There is a shift in consumer preferences towards domestic brands that emphasize quality and value, as seen with companies like Huawei and Hongxing Erke, which have gained popularity despite external pressures [10]. - The need for China to accelerate self-sufficiency in high-end technology and industry chains is emphasized as a crucial step for maintaining competitiveness in the global market [12].

丹麦珠宝巨头潘多拉，在中国市场的魔力似乎正在消退。近期，该品牌宣布将大幅调整其在中国的发展 战略，原计划关闭的50家门店数量，现已激增一倍，达到100家。 近年来中国钻石产业的发展也为消费者提供了更多选择。自2019年中国科学家攻克相关技术难题后，河 南柘城已成为"钻石之都"，凭借每年600万克拉的巨大产能，成功将钻石成本降低了近90%。以河南柘 城的高端钻石品牌柘光为例，该品牌提供的一克拉顶级真钻（VVS级净度、D级颜色）价格仅为8000元 左右，同时还提供个性化定制服务，如大克拉白钻/彩钻、DNA纪念钻等，深受消费者喜爱。 26岁的时尚达人王小姐便是柘光钻石的忠实粉丝。她在朋友的推荐下，定制了一条满镶钻石手链，并表 示："这条手链镶的全部都是真钻，柘光不仅提供了IGI的鉴定证书，还赠送免费终身售后服务，无论是 自用还是送礼都非常有面子。"王小姐还透露，她计划用十几万元的预算，定制一颗10克拉的钻石吊 坠。 柘光顾问也表示，随着国货消费的兴起，每天都有大量用户前来咨询，其中大部分都对个性化定制服务 感兴趣。有用户甚至一口气定制了全套的戒指、项链、手链和耳环，用钻量高达50克拉。 由此可见，中国珠宝市场正经历 ...

Core Viewpoint - The company demonstrated strong financial performance in H1 2025, with significant revenue growth and profitability, while also focusing on brand expansion and global market penetration [1][2][3][4] Financial Performance - In H1 2025, the company achieved revenue of 4.108 billion yuan, a year-on-year increase of 17.3%, and a net profit of 556 million yuan, up 34.7% [1] - The gross margin stood at 75.5%, with a slight decline of 1 percentage point year-on-year, while the net profit margin increased by 1.75 percentage points to 13.5% [1] - The company proposed a cash dividend of 1.99 billion yuan, with a payout ratio of approximately 38% [1] Brand Performance - The main brand, Han Shu, generated revenue of 3.344 billion yuan in H1 2025, a 14.3% increase, accounting for 81.4% of total revenue [2] - The emerging brand, Newpage, saw revenue growth of 146.5% to 397 million yuan, becoming a key growth driver in the infant and child sector [2] - The company is undergoing brand adjustments, with One Leaf and Red Elephant experiencing revenue declines of 29.0% and 8.7% respectively, indicating early signs of strategic transformation [2] Channel Strategy - Online sales reached 3.809 billion yuan in H1 2025, a 20.1% increase, representing 92.7% of total revenue, driven by strong performance on platforms like Douyin [2] - Offline sales decreased by 10.6% to 269 million yuan, with plans for strategic transformation to enhance offline growth [2] Strategic Initiatives - The company is implementing a "single focus, multi-brand, globalization" strategy, with plans to launch three new brands in 2025 and expand into Southeast Asia, North America, and Europe [3][4] - The company aims to achieve a revenue target of 30 billion yuan by 2030, supported by a clear path for multi-category and multi-track expansion [3] Research and Development - The company is increasing R&D investment, with a R&D expense ratio of 2.5% in H1 2025, and has filed 27 new patents during the period [1][4] - The focus on R&D is expected to strengthen technological barriers and enhance product offerings [1][4]