Group 1 - The economic data and living parameters of cities are becoming a "reference book" for young people when choosing where to live [3][8] - There is a growing trend of young people seeking advice on suitable cities for living, focusing on factors like cost of living and quality of life [8][9] - A significant increase in demand for "city selection consultants" has been observed, with many clients preferring second and third-tier cities over first-tier cities [8][9] Group 2 - The retail sales data indicates a shift in consumption patterns, with Chongqing surpassing Shanghai to become the top city in terms of retail sales [12][15] - Cities like Chengdu and Hangzhou are showing strong growth in retail sales, with July figures reaching 16.4% and 11.97% respectively [12][15] - The consumption growth in mid-tier cities is notable, with cities like Haikou leading in growth rates, showcasing their potential [16][18] Group 3 - The disposable income and consumer spending are critical indicators of a city's economic health and attractiveness for residents [26][29] - Shanghai leads in disposable income, while cities like Chongqing and Hefei demonstrate high cost-effectiveness for residents [26][29] - The cost of living in various cities is rising, with several second-tier cities now ranking among the top in global living cost indices [29][30] Group 4 - The job market is evolving, with more cities outside of first-tier cities offering competitive salaries, making them attractive for young professionals [32][34] - Talent attraction and population inflow are key metrics for evaluating cities suitable for economic opportunities [33][34] - The presence of major corporations and innovative industries in certain regions continues to drive economic growth and job creation [34][36] Group 5 - Factors such as housing, commuting, and retirement plans are increasingly influencing young people's decisions on where to live [36][39] - The rental market is shifting, with rising demand in second-tier cities as young people seek better cost-to-income ratios [37][39] - Quality of life indicators, including commuting times and living costs, are becoming essential considerations for urban living [39][40]

Core Viewpoint - The economic data and living parameters of cities are becoming a reference for young people when choosing where to live and work in China, with a growing focus on second and third-tier cities that offer better living conditions and lower costs [2][4][28]. Group 1: City Selection Trends - Young graduates are increasingly considering factors like living costs, job opportunities, and quality of life when selecting cities, with many opting for second and third-tier cities over first-tier ones [4][6][8]. - The emergence of professional "city selection consultants" indicates a rising demand for tailored city recommendations based on individual preferences [4][6]. - A detailed comparison of key indicators across 119 cities reveals unique characteristics and attractions of each city, influencing young people's decisions [8][10]. Group 2: Consumption Patterns - The social retail sales (社零) data reflects the consumption dynamics of cities, with Chongqing surpassing Shanghai to become the top city in total retail sales, while cities like Wuhan, Chengdu, and Hangzhou show strong growth rates [12][18]. - In July, Chengdu and Hangzhou exhibited remarkable retail sales growth rates of 16.4% and 11.97%, respectively, indicating a consumption boom [12][18]. - The consumption characteristics of cities vary, with some focusing on upgraded consumption while others emphasize practical goods, showcasing diverse consumer behaviors [18][19]. Group 3: Income and Cost of Living - Shanghai leads in per capita disposable income at over 46,000 yuan, while cities like Hangzhou and Chongqing demonstrate high income growth rates, making them attractive for young professionals [30][31]. - The cost of living in cities like Beijing, Shanghai, and Guangzhou remains high, but emerging cities like Chongqing and Hefei offer better value for money, appealing to cost-conscious individuals [34][31]. - The average monthly salary in various cities is rising, with new first-tier cities like Hangzhou and Nanjing joining the ranks of cities where earning over 10,000 yuan per month is becoming common [37][39]. Group 4: Quality of Life Considerations - Factors such as housing, commuting, and retirement options are increasingly important for young people when choosing a city, with many prioritizing quality of life over mere financial gain [43][44]. - The rental market in first-tier cities is cooling, while demand in second and third-tier cities is on the rise, reflecting a shift in preferences towards more affordable living options [44][50]. - Commuting times and costs are critical factors, with cities like Shenzhen and Guangzhou showing improvements in commuting efficiency, enhancing overall living satisfaction [47][50]. Group 5: Future Living and Retirement - Discussions around future living and retirement options are gaining traction among young people, with many considering cities that offer a good quality of life for later years [52][54]. - The latest rankings of wellness cities highlight places like Haikou and Guangzhou as top choices for retirement, emphasizing the importance of health and well-being in city selection [52][53].

暑期向来是城市本地消费的黄金窗口期，市民对消费体验的需求持续上升。这个夏日，合肥迎来了一场 席卷全城的消费浪潮。7月17日至8月25日，抖音生活服务IP「抖音生活嘉年华」落地这座充满活力的城 市，聚焦城市特色消费场景，覆盖休闲娱乐、购物、游玩等多重品类，联动超4000家本地商家，共同打 造了一场融合线上热度与线下体验的"浪爽"消费盛宴。 01 场景深耕：锚定商圈与刚需出行，打造城市级消费新动线 对于城市消费潜力加速释放的合肥而言，核心商圈是市民消费的天然聚合场，出行则是市民与城市服务 频繁互动的关键场景。因此，抖音生活服务精准锁定这两大"黄金场域"，通过打造长期地标与便利服 务，深度植入城市生活脉络，实现了短期转化与心智建设的双线并行。 核心商圈共建：地标打卡玩出商业新花样 在场景深耕的策略下，抖音生活服务不仅让消费触手可及，也让合肥的城市文化与商业活力在烟火气中 自然生长。活动聚焦合肥市民"必逛必玩"的三大王牌商圈——百大购物集团、商之都购物集团、罍街文 旅街区，将购物、文旅、餐饮等核心消费场景"一网打尽"，全方位满足市民的消费需求。 活动现场，抖音生活服务特别联合百大集团共同打造"合肥复古大霸缸"城市地标 ...

Group 1 - The document emphasizes that the research material is intended solely for professional investors and should not be shared with non-professional investors [1][2] - It highlights the potential misunderstanding that ordinary investors may face due to the lack of interpretative services regarding key assumptions, ratings, and target prices in the reports [2] - The content is derived from previously published research reports by Huachuang Securities, and any discrepancies should refer to the complete report published on the same date [2]