专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近年来，港股已成捕捉中国增长红利的重要窗口之一。而港股通基金凭借无需换汇、无需港股开户的特 点，成为投资者布局港股市场的主要工具之一。 什么是港股通基金？ 所谓港股通基金，是指通过沪港通和深港通机制投资港股市场的公募基金产品，无需QDII资格及外汇 额度，便可便捷配置港股通标的股票。 为何此时布局正当时？ 前沿资产"打包买" 抢占优质赛道 相较上证指数，恒生指数中可选消费零售及软件服务两大行业占比明显较高。可选消费囊括潮玩IP、传 媒娱乐、消费电子等新消费核心领域，随着"情绪价值消费"崛起，具备广阔成长空间。软件服务聚 集"软创新"领域，如腾讯、百度网易等科技巨头，商汤、金山等技术服务商，随着AI技术的快速发展， 相关企业的盈利和估值有望得到提升。港股通基金可精选其中优质企业，一键"打包"前沿赛道核心资 产，避免选股难题。 数据来源：Wind，截至2025.8.29。行业分类为Wind二级行业。指数数据仅供参考，不作为任何投 资建议或收益暗示。指数过往涨幅不预示其未来表现，也不代表跟踪该指数的指数基金未来业绩。 注：文中所列个股仅作为举例说明，不作 ...

Core Viewpoint - The article discusses the evolving landscape of the hotel and travel industry, particularly focusing on the entry of Douyin Life Services as a significant player and its recent launch of the "Heartfelt List" hotel rankings, which emphasizes unique lifestyle hotels over traditional criteria [3][4][7]. Group 1: Douyin Life Services' Market Entry - Douyin Life Services has been viewed as a dark horse in the hotel industry since its entry in 2022, attracting attention with its unique approach to hotel business differentiation [3][4]. - The recent release of the "Heartfelt List" hotel rankings marks Douyin's first public acknowledgment of its hotel offerings, indicating a strategic move to highlight user preferences and emerging trends in the industry [4][5]. Group 2: Characteristics of the Heartfelt List - The hotels featured on the Heartfelt List are all categorized as lifestyle hotels, focusing on providing "beyond expectations" experiences rather than traditional metrics like hardware and star ratings [7][9]. - The shift towards lifestyle hotels reflects a broader consumer trend where emotional value and unique experiences are prioritized over basic accommodation needs [11][12]. Group 3: Consumer Behavior Trends - The article notes a significant change in consumer behavior, with 65% of users expected to book hotels for vacation and leisure purposes by 2025, indicating a desire for unique experiences [12]. - Younger generations are driving this trend, seeking personalized and emotionally resonant travel experiences, which lifestyle hotels are well-positioned to provide [14][16]. Group 4: Douyin's Unique Positioning - Douyin Life Services differentiates itself from traditional hotel booking platforms by creating an engaging, narrative-driven environment that emphasizes emotional connections and aesthetic appeal [19][20]. - The platform's ability to leverage user-generated content and social media dynamics enhances its effectiveness in attracting consumers to lifestyle hotels, creating a "grassroots" marketing approach [22][23]. Group 5: Market Opportunities and Challenges - The article suggests that Douyin Life Services' focus on lifestyle hotels could represent a breakthrough opportunity in a market characterized by intense competition and traditional practices [25][26]. - The platform's strengths lie in its ability to connect with a diverse consumer base, particularly young families and professionals, who are increasingly seeking meaningful travel experiences [25][26]. Group 6: Future Outlook - Douyin Life Services is positioned as a disruptive force in the hotel industry, with its innovative approach potentially reshaping market dynamics and consumer expectations [29][30]. - The ongoing exploration of "heartfelt experiences" by Douyin is still in its early stages, leaving room for future developments and industry shifts [30].

Core Insights - The domestic performance market in China has shown significant growth during the summer of 2025, with 126,300 performances held, a 4.18% increase year-on-year, and box office revenue reaching 15.135 billion yuan, up 3.90% from the previous year [1] - The audience attendance reached 42.2332 million, reflecting a 5.17% increase, indicating a strong demand for live performances [1] - The report highlights a trend towards high-quality performances, with consumers increasingly valuing artistic quality in theater productions [1] Group 1: Market Trends - The performance market is diversifying, with various forms of entertainment such as concerts, music festivals, and theatrical performances gaining popularity [2] - Quality productions remain the mainstay of box office success, with long-standing performances like "Silk Road Flower Rain" and "Du Fu" receiving positive reviews and strong attendance [1][2] - The integration of cultural tourism and performance arts is becoming more pronounced, with venues exploring new projects that reflect local culture [2] Group 2: Consumer Behavior - There is a notable shift towards experience-based consumption, particularly among younger demographics who prioritize emotional value in their spending [3] - The trend of combining travel with performance attendance is emerging, with consumers seeking to enhance their experience by visiting multiple attractions [3] - Various local governments are implementing policies to stimulate performance market consumption, such as cultural consumption vouchers and subsidies [3] Group 3: Economic Impact - Large performances like concerts and music festivals are creating a multiplier effect on local economies, extending consumer spending beyond the event itself [5] - The model of "3-hour performances driving 72-hour consumption" illustrates the potential for performances to boost local tourism and related industries [5] - The connection between performance experiences and local cultural identity is strengthening, enhancing the overall appeal of the destination [5]

Group 1: Company Overview - Pop Mart has emerged as a global leader in cultural consumption, showcasing its trendy IP products at the 2025 China International Fair for Trade in Services [1] - The company has opened 571 stores across 18 countries as of June 30, with a revenue of 138.8 billion yuan, representing a year-on-year growth of 204.4%, and an adjusted net profit of 47.1 billion yuan, up 362.8% [1] - Pop Mart's success highlights the potential of emotional value consumption as a new service consumption model, providing a paradigm for China's service consumption to expand internationally [1] Group 2: Industry Trends - The global service trade is becoming a new engine for trade growth, with an expected export of 8.9 trillion USD in 2024, marking a 9.9% increase and contributing 60% to global trade growth [3] - China, while the second-largest service trade country, faces a significant service trade deficit due to structural weaknesses in its tertiary industry, necessitating a shift towards high-value-added services [3] - The rise of Southeast Asian countries as key markets for Chinese service trade is evident, with increasing demand for infrastructure, digital economy, and e-commerce solutions [7][8] Group 3: Technological Advancements - Companies like Beijing Hangjing Innovation Technology are breaking into high-value service areas traditionally dominated by Western firms, showcasing advancements in technology and R&D capabilities [4][6] - Hangjing's FWH-3000 heavy-lift drone exemplifies the shift towards self-sufficient supply chains, with the company achieving full control over its production and service processes [6] Group 4: Policy and Environment - Experts emphasize the importance of creating a first-class business environment to foster high-quality development in service trade, aligning with international standards and promoting market-oriented reforms [10] - The China International Fair for Trade in Services serves as a platform for showcasing the potential of service trade, attracting participation from numerous countries and international organizations [10]

当年轻人拖着行李箱跨城追一场话剧，沉浸式戏剧成为社交媒体的新宠，脱口秀剧场成为年轻人的情绪 减压阀，剧场经济正被年轻群体重塑。他们不仅是观众，更是推动剧场经济发展的核心引擎。年轻群体 正在以情绪价值为消费动因，以社交赋能为重要需求，影响着剧场演出产业的发展方向。 剧场经济受到年轻群体追捧，是因为其具有情绪减压、社交等功能。一是剧场经济属于年轻人的情绪快 充，成为年轻人情绪的减压阀。年轻群体消费逻辑已从"性价比"转向"心价比"，愿意为情绪价值买单。 年轻群体愿为8分钟沉浸演出排队3小时，认为剧场演出是"情绪解压阀"，追求疗愈和情感共鸣。剧场的 沉浸式体验与集体参与特性，使其成为年轻人情绪宣泄与情感共鸣的载体。二是剧场经济的社交属性使 其成为年轻人的娱乐刚需。年轻群体通过剧场消费标榜审美偏好与文化归属，形成独特的圈层标签。年 轻群体通过消费行为声明"我是谁"，在原子化社会中锚定自我身份。剧场社交已形成"体验-分享-再传 播"的价值循环链，成为年轻群体社交资本的核心来源。剧场经济将社交需求嵌入年轻生活的多元场 景，当年轻人在光影中寻找彼此，他们也在定义属于这个时代的联结方式。 需求推动：年轻人偏好驱动剧场产业创新 ...

Group 1 - The core viewpoint of the article highlights the shift in college students' consumption patterns, moving from a focus on impulsive buying to a more practical and value-driven approach, with an emphasis on smart products and experiences [1][3][36] - The survey indicates that nearly half (48%) of college students prioritize practicality in their purchases, while 24% focus on cost-effectiveness, showing a significant preference for essential items over luxury or trendy products [6][9] - Regional differences in consumption styles are evident, with students in first-tier cities like Shanghai and Beijing leaning towards trendy and innovative products, while those in central and western provinces prioritize practicality [8][9] Group 2 - The "smart consumption five essentials" for college students now include smartphones, laptops, tablets, smartwatches, and electric bicycles, reflecting a shift in necessary items for academic and daily life [15][19] - Electric bicycles have become a mainstream choice for campus transportation, with 74% of students opting for them, surpassing traditional bicycles and cars, driven by the need for convenience in larger campus environments [20][23] - In the digital realm, knowledge consumption is emerging as a necessity, with 71% of students paying for software memberships and 54% investing in knowledge courses, indicating a strong willingness to pay for personal growth and learning tools [34][36]

Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [1] Company Performance - Jiumaojiu reported a revenue of 2.753 billion yuan for the first half of the year, a year-on-year decrease of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [1] - The company's revenue primarily comes from its three major brands: Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all of which experienced revenue declines during the reporting period [1] - Revenue from Taier was 1.949 billion yuan, a decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [1] - The number of Taier restaurants decreased from 612 to 547, a reduction of 65 locations, and same-store sales also declined [1] - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending [2] - Revenue from Jiumaojiu Northwest Cuisine was 226 million yuan, a decrease of 22.6%, due to a reduction in restaurant numbers and lower table turnover [2] - Other business revenues increased by 75.6% to 162 million yuan, mainly due to the growth of "Mountain's Outside Guizhou Sour Soup Hotpot" restaurants and increased sales to third parties [2] Expansion and Closure - In the first half of 2025, Jiumaojiu opened 10 new restaurants, including 3 Taier, 5 Song Hotpot, and 2 cooperative model restaurants, a significant slowdown compared to 59 new openings in the same period last year [2] - The company closed 88 restaurants during the same period, primarily due to the expiration of lease agreements and underperformance of certain locations [2] Financial Health - As of the first half of the year, Jiumaojiu's cash and cash equivalents amounted to 489 million yuan, a decrease of 19.4% from the end of last year, mainly due to more cash being deposited in fixed accounts and repayment of bank loans [3] - The company's debt-to-asset ratio improved from 51.4% at the end of last year to 47.3% in the first half of this year [3] Industry Trends - The restaurant industry in China is experiencing a slowdown, with major players like Haidilao and Xibei also reducing their expansion pace and focusing on refined operations and differentiated competition [5] - The China Hotel Association noted that the market is undergoing structural adjustments, with significant potential in new consumer scenarios such as the silver economy and emotional value consumption [5]

Group 1 - The core viewpoint of the article emphasizes the need to stimulate sports consumption and develop the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [2] - The article highlights the increasing role of consumption in driving economic growth in China, with the government focusing on consumption as a new engine for economic restructuring and development [2] - The release of the opinion aligns with the trend of integrating cultural, tourism, commerce, sports, and exhibitions into a cohesive consumption model [2][4] Group 2 - The article identifies five major trends in consumption service: the rise of service consumption, which currently accounts for about 46% of total consumption in China, compared to around 70% in developed countries [4] - It notes that service consumption is increasingly driving product consumption, as seen in events like the recent Egyptian Civilization Exhibition in Shanghai, which generated over 300 million yuan in ticket sales and over 400 million yuan in cultural product sales [4] - The article discusses the growing importance of quality and diversity in consumer preferences, with emotional value becoming a significant factor in purchasing decisions [5] Group 3 - The article points out the increasing social attributes of consumption, particularly among younger generations who use consumption to express individuality and engage in social activities [5] - It highlights a generational shift in consumption patterns, with younger consumers showing a preference for experiences over material goods, particularly in areas like concerts and art exhibitions [5] - The article discusses the spatial changes in consumption, with a trend of population concentration in urban areas, which enhances service consumption due to the need for face-to-face interactions [6][7] Group 4 - The emergence of "instant service" as a new trend is noted, where e-commerce platforms are evolving from product delivery to providing various services directly to consumers' homes [9] - The article emphasizes the importance of individual reputation in service industries, as platforms facilitate connections between service providers and consumers, reducing information asymmetry [10] - It discusses the complementary relationship between online and offline channels, suggesting that both will coexist and serve different consumer needs [12] Group 5 - The article concludes with insights for businesses and cities to embrace the ongoing structural transformation in the economy, focusing on the importance of service experiences and interactions in physical spaces [15] - It suggests that government policies should support affected industries and promote equitable distribution of resources to avoid excessive concentration of traffic in major cities and businesses [15]

Core Viewpoint - The article discusses the recent government initiative to boost sports consumption and the overall growth of the sports industry in China, aiming for a total scale exceeding 7 trillion yuan by 2030, reflecting a trend towards integrating culture, tourism, commerce, and sports [2]. Group 1: Trends in Consumption - The service sector's share in consumption is increasing, currently at approximately 46% in China, compared to around 70% in developed countries like the United States [4]. - Service consumption is driving product consumption, as seen in events like the recent Egyptian Civilization Exhibition in Shanghai, which generated over 300 million yuan in ticket sales and over 400 million yuan in cultural product sales [5]. - Quality and diversity are becoming key consumer focuses, with emotional value increasingly influencing purchasing decisions [5]. - The social aspect of consumption is gaining importance, particularly among younger consumers who express individuality through their purchases and social media [5]. - There is a generational shift in consumption patterns, with younger generations (90s and 00s) showing a preference for service-oriented spending, particularly in experiences that offer emotional value [6]. Group 2: Spatial and Economic Dynamics - Population is increasingly concentrating in urban areas, with service consumption gravitating towards high-density regions, reflecting a global trend [6]. - The rise of "instant service industries" is noted, with platforms evolving from product delivery to providing various home services, creating new employment opportunities [8]. - The value of service providers is becoming more personalized in online channels, reducing the emphasis on corporate branding and increasing the importance of individual reputation [9]. Group 3: Online and Offline Interactions - The relationship between online and offline channels is characterized by both complementarity and differentiation, with technology enhancing the capabilities of businesses in urban areas [12]. - As some offline activities transition online, high-density areas continue to generate foot traffic, while lower-density areas may experience declines [13]. - The quality of online and offline traffic is changing, with standardized products often sold online and higher-quality items available in physical stores [13]. Group 4: Implications for Businesses and Policy - Businesses are encouraged to embrace the structural changes in the economy, focusing on the experiential and interactive aspects of service consumption [15]. - Policymakers should recognize the potential social pressures arising from regional disparities and support affected industries and individuals during the transition [15].

Group 1 - The concert scene has transformed into a temporary utopia for contemporary Chinese youth, built on their money, passion, and time [2][4] - Young people are seeking emotional release from the pressures of a performance-oriented society, with concert attendance serving as a rare respite from their high-stress lives [4][5] - In July 2025, the youth unemployment rate for ages 16-24 reached 17.8%, highlighting the intense competition faced by students and young professionals [5][6] Group 2 - In July 2025, there were 278 concert events, with 214 being large-scale concerts (≥5000 seats), marking a 15.7% increase from the previous year [6][9] - The audience for concerts reached 29 million in the past year, with nearly 80% of attendees being born between 1990 and 2005 [6][9] - Concerts represent a collective declaration against the pressures of a performance-driven society, allowing young people to express their identities and find a sense of belonging [9][11] Group 3 - The economic aspect of concert attendance reflects a blend of rational and emotional spending, with ticket prices ranging from 380 to 1680 yuan depending on the seating [13][17] - The budget for attending concerts among Chinese residents typically falls between 1000 and 3000 yuan, with 65% of those aged 25 and under budgeting within this range [14][15] - Fans invest in various supplementary expenses, including handmade support items and travel costs, which contribute to a broader cultural consumption chain [24][27] Group 4 - The temporary nature of concerts resonates with young people, who understand that life offers no permanent utopias, yet they are willing to pay for the fleeting sense of connection and community [30]