国家统计局近日发布的数据显示，上半年内需对GDP增长的贡献率为68.8%，其中最终消费支出贡献率 为52%，日益成为经济增长的主动力和主引擎。 日前，财政部联合多部门印发《服务业经营主体贷款贴息政策实施方案》及《个人消费贷款财政贴息政 策实施方案》，分别从消费的需求端和供给端来发力，与正在实施的消费品"以旧换新"补贴等政策形 成"组合拳"，撬动更多金融活水流向真正的消费领域，以激发消费潜力，提升市场活力。 从消费特征看，我国消费市场呈现更多的是"消费分级"，消费更强调"质价比""情价比"，乐意为情绪价 值、悦己经济等买单。与之相随，消费新热点和新浪潮不断涌现，也带动港股新消费概念板块成为今年 资本市场上亮丽的风景线。顺应新兴消费趋势、聚焦港股消费龙头的恒生消费指数近一年涨幅近45%， 年内涨幅超20%（数据来源：Wind，截至2025年8月22日。恒生消费指数2020-2024年度涨跌幅分别为 35.20%、-9.57%、-21.08%、-24.89%、6.84%；近一年（20240823-20250822）涨幅为44.48%，今年来截 至8月22日涨幅为20.16%。指数基日为2010年3月5日）。目前指数 ...

Group 1 - The positive changes in the consumption market will benefit the valuation recovery of the consumption sector, enhancing performance growth expectations for companies supported by policy and market demand [1] - The investment attractiveness of the consumption sector is expected to increase further, boosting investor confidence and attracting more capital inflow [1] Group 2 - In July, the PPI decline in industries such as coal, steel, cement, photovoltaic, and lithium batteries has narrowed, while CPI for fuel and new energy vehicles has stabilized after several months of decline [2] - To consolidate the foundation for moderate price recovery, it is necessary to strengthen policy coordination on both supply and demand sides, promoting industrial upgrades and demand creation [2] - On the supply side, improving standards for technology, energy consumption, and emissions is essential to phase out outdated capacity and replace it with high-quality capacity [2] Group 3 - The new consumption sector is expected to further contribute to domestic demand, particularly through the acceleration of service consumption potential, innovation in consumption scenarios and channels, and the emergence of the emotional economy [3] - The "self-care economy" trend is driving growth in new sectors such as light luxury, trendy toys, pet care, and fitness, becoming new engines for industrial upgrades and economic growth [3] Group 4 - The implementation of policies like "old for new" has led to positive changes in the consumption market, with suggestions to expand subsidy coverage to essential goods and services [4] - The focus should also be on balancing the pace of subsidy distribution to ensure policy continuity and optimize financial support and tax incentives [4] - The emotional economy-related sectors in the A-share market have shown active performance, indicating high market recognition of their growth potential [4] Group 5 - The younger consumer group increasingly values "emotional value" and "cultural identity," making "emotional price ratio" a significant factor in their purchasing decisions [5] - The rise of national brands and cultural exports is driving high growth in sectors like trendy toys and IP derivatives, with companies that possess brand advantages and innovation capabilities standing out [5]

Group 1 - The core viewpoint of the articles highlights the rise of a new consumption wave driven by "emotional value," where consumers, especially the younger generation, prioritize "emotional price ratio" over traditional price-performance ratio [1][2] - The younger generation is becoming the main consumer force, with their spending increasingly influenced by the need to alleviate negative emotions and express themselves through consumption [2] - Emotional consumption is reshaping industry chains and driving traditional industries to upgrade, as seen in the emergence of creative products that integrate cultural elements and the growth of the pet economy [2] Group 2 - Despite the growth of the "self-indulgence economy," challenges exist, such as high prices for some products and services, and difficulties in consumer rights protection [3] - There is a need for a balanced approach between prosperity and rationality in emotional consumption, to avoid pitfalls of over-commercialization and emotional alienation [3] - The industry should focus on optimizing the policy environment, enhancing market regulation, and encouraging deeper cultural exploration and creativity to fully realize the potential of the "happiness economy" [3]

Core Insights - The interview with Zhou Licheng, Chairman of Hailan Group, highlighted the strategic vision behind China's consumer dynamics and the innovative practices of Chinese brands [1] Group 1: Consumer Trends - The experience economy is increasingly significant in consumer behavior, with consumers more likely to engage with brands that offer experiential value [2] - 70% of purchasing decisions at Hailan Zhijia are made by women, indicating the importance of female consumers as a driving force in the market [3] Group 2: Brand Strategy - The concept of "emotional price ratio" emphasizes that brands should not solely rely on emotional engagement but also provide sustainable value to consumers [3] - The breakthrough from "0 to 1" is crucial for brands to capture consumer interest, with Hailan Zhijia being the first men's clothing brand to sell over 1 billion pieces [4] Group 3: Market Potential - The Chinese consumer market is viewed as having "infinite" potential, with local brands encouraged to deepen their presence in the domestic market [5] - Hailan Zhijia's smart factory capabilities have significantly reduced custom clothing production time from 30 days to 7 days, with future potential to shorten it to 3-5 days [5]