"为了这个长假可以好好消费旅游，我整个9月都在攒钱。"去济南旅行的大学生乔同学表示。 为期8天的国庆中秋假期刚刚落下帷幕。经文化和旅游部数据中心测算，国庆中秋假日8天，全国国内出 游8.88亿人次，较2024年国庆节假日7天增加1.23亿人次；国内出游总花费8090.06亿元，较2024年国庆 节假日7天增加1081.89亿元。 中国人民银行10月9日发布的数据显示，2025年国庆中秋假期，银联、网联共处理支付交易415.52亿 笔，较去年国庆节假期增加95.23亿笔；处理支付交易金额13.26万亿元，较去年国庆节假期增加1.86万 亿元。 21世纪经济报道记者了解到这一超长假期中的两大消费趋势。一是跨境游火爆，跨境支付规模显著增 长；二是演唱会、音乐节、漫展等新兴消费场景激发消费新活力。 中外游客"双向奔赴" 这个假期，对中国游客来说是8天的超长假期，跨境游、长线游、深度游火热；对于外国友人来说，也 是感受中秋节传统文化的好时机。 在中外游客的"双向奔赴"下，跨境支付数据快速增长。 作为国际化大都市，上海市商务委透露， 据消费市场大数据实验室数据，节日期间，全市线上线下消 费支付金额796亿元，同比增长3. ...

10 月 3 日晚间的上海外滩 摄影：实习生王罕 21世纪经济报道记者李览青、实习生王罕 上海报道 "为了这个长假可以好好消费旅游，我整个9月都在攒钱。"去济南旅行的大学生乔同学表示。 为期8天的国庆中秋假期刚刚落下帷幕。经文化和旅游部数据中心测算，国庆中秋假日8天，全国国内出游8.88亿人次，较2024年 国庆节假日7天增加1.23亿人次；国内出游总花费8090.06亿元，较2024年国庆节假日7天增加1081.89亿元。 中国人民银行10月9日发布的数据显示，2025年国庆中秋假期，银联、网联共处理支付交易415.52亿笔，较去年国庆节假期增加 95.23亿笔；处理支付交易金额13.26万亿元，较去年国庆节假期增加1.86万亿元。 21世纪经济报道记者了解到这一超长假期中的两大消费趋势。一是跨境游火爆，跨境支付规模显著增长；二是演唱会、音乐 节、漫展等新兴消费场景激发消费新活力。 中外游客"双向奔赴" 这个假期，对中国游客来说是8天的超长假期，跨境游、长线游、深度游火热；对于外国友人来说，也是感受中秋节传统文化的 好时机。 在中外游客的"双向奔赴"下，跨境支付数据快速增长。 作为国际化大都市，上海市商务委 ...

Core Viewpoint - The construction of a unified national transportation market in China is essential for enhancing economic circulation and requires coordinated efforts in various areas such as institutional rules, infrastructure connectivity, service standards, information sharing, and market regulation [1][2]. Group 1: Current Challenges and Development Goals - The transportation sector in China faces challenges in collaborative development, green upgrades, market access, and fair competition, necessitating a comprehensive approach to address these issues [1][2]. - The "14th Five-Year Plan" emphasizes the construction of a comprehensive transportation network, with over 90% completion of the main framework of the national comprehensive three-dimensional transportation network [1]. Group 2: Infrastructure and Connectivity - There is a need to enhance the national comprehensive transportation network by focusing on strategic channels and hubs, including railways, highways, and airports, to eliminate bottlenecks and improve intercity transportation integration [2]. - The railway and waterway freight turnover increased by 17.5% and 33.6% respectively compared to the end of the "13th Five-Year Plan," indicating improved connectivity and efficiency [1]. Group 3: Market Efficiency and Cost Reduction - The logistics costs in 2024 are expected to save over 400 billion yuan, with transportation costs reduced by approximately 280 billion yuan, reflecting enhanced market efficiency [1]. - Promoting seamless connections between different transportation modes and improving logistics rules and standards are crucial for reducing logistics costs and enhancing the integration of transportation and manufacturing [2]. Group 4: Cross-Field Collaboration and Market Environment - The transportation sector must coordinate with other fields such as tourism, e-commerce, and energy to enhance consumption quality and expand market capacity [3]. - Establishing a fair competitive market environment involves implementing a negative list system for market access and unifying law enforcement standards across regions [3]. Group 5: Digital Integration and Data Utilization - The increasing application of digital and information technologies in the transportation sector necessitates the integration of data resources while ensuring safety and privacy [3]. - There is a need for the orderly opening of public data related to transportation infrastructure, operational status, service capabilities, and regulations to improve organizational efficiency and user experience [3].

Core Viewpoint - The company reported stable growth in FY2025 H1, with a mid-term dividend of 0.45 HKD per share, and is expected to maintain its leading designer brand advantage in FY2025 H2, resulting in steady performance [1][2]. Financial Performance - In FY2025 H1, the company achieved revenue of 3.156 billion RMB, a year-on-year increase of 5.0%, and a net profit of 604 million RMB, up 5.5% year-on-year, meeting expectations [1]. - The company's gross margin remained stable during this period [1]. Brand Performance - The mature brand JNBY generated revenue of 1.76 billion RMB in H1, growing by 3.6% year-on-year, while emerging brands saw significant growth with a total revenue of 190 million RMB, up 147% year-on-year [2]. - The growth rates for other brands were as follows: Su Xie at 390 million RMB (-6.0%), jnby by JNBY at 480 million RMB (-0.6%), and LESS at 340 million RMB (+0.8%) [2]. Channel Performance - Revenue from self-operated, distribution, and online channels in H1 was 1.12 billion RMB (-7.7%), 1.44 billion RMB (+14.2%), and 600 million RMB (+11.9%) respectively [2]. - The company has a total of 491 self-operated stores and 1614 distribution stores in China, with a net decrease of 24 self-operated stores and a net increase of 126 distribution stores in H1 [2]. Membership and Consumer Engagement - Membership sales accounted for over 80% of total sales, with active members spending over 5000 RMB increasing to 330,000, contributing to a sales increase of 8% to 4.68 billion RMB [2]. - The company is focusing on enhancing brand strength and refining membership management for steady growth in FY2025 [2]. Dividend and Shareholder Returns - The company announced a mid-term dividend of 0.45 HKD per share, with an expected annual dividend yield of approximately 8% [2].

Investment Rating - The report indicates a positive investment outlook for the retail industry, highlighting growth opportunities driven by consumer confidence and policy support [2][5][68]. Core Insights - The retail sector in China is experiencing a recovery, with total retail sales reaching 5.3 trillion yuan in the first half of 2025, a year-on-year increase of 6.8% [15][135]. - Online retail continues to grow rapidly, achieving 2.8 trillion yuan in sales, up 12.4% year-on-year, while offline retail shows signs of recovery, particularly in large supermarkets and convenience stores [15][135]. - Consumer confidence is rebounding as the pandemic situation improves, leading to increased demand for offline shopping [16][81]. - The report emphasizes the importance of quality and service in consumer purchasing decisions, with a notable shift towards high-quality products [32][87]. Market Overview - The retail industry is witnessing a stable growth trajectory, with essential consumer goods maintaining steady demand [40][41]. - Online retail is stabilizing, with major e-commerce platforms solidifying their market share [23][22]. - Offline retail is undergoing transformation, with traditional supermarkets adapting to new consumer preferences [27][22]. Key Market Trends - The integration of online and offline shopping experiences is becoming more prevalent, enhancing consumer engagement [26][27]. - There is a noticeable trend towards consumption upgrades, with consumers willing to pay more for high-quality and unique products [32][33]. - Emerging consumption scenarios, such as immersive experience stores, are gaining traction, providing unique shopping experiences [35][36]. Sales Performance by Category - Essential goods are showing robust growth, with food and beverage categories experiencing significant year-on-year increases [53][40]. - Optional categories are displaying varied performance, with home appliances and cosmetics showing strong growth, while petroleum products are declining [56][50]. Corporate Financial Analysis - The retail sector's revenue growth is uneven, with some segments like trade showing strong performance, while others like department stores are struggling [61][65]. - Profit margins are improving in certain areas, but challenges remain in sectors like supermarkets and commercial properties [63][65]. Policy Environment and Outlook - Government policies aimed at stimulating consumption, such as consumption vouchers and trade-in incentives, are expected to bolster consumer spending [70][76]. - The report anticipates that these policies will gradually restore consumer confidence and enhance market dynamics [81][84]. Investment Strategies and Recommendations - The report identifies four key investment themes: traditional supermarkets undergoing transformation, differentiated gold and jewelry brands, innovative domestic beauty brands, and medical aesthetics companies [90][95]. - Specific companies are highlighted for their strong market positions and innovative strategies, such as Laopu Gold in the jewelry sector and Proya in cosmetics [97][98][102]. Industry Dynamics and Case Studies - Notable corporate strategies include Proya's overseas acquisitions and Sam's Club's expansion plans, indicating a trend towards growth through diversification [107][108]. - Successful case studies illustrate how companies are leveraging technology to enhance customer engagement and operational efficiency [114][115]. Summary and Outlook - The retail industry is poised for growth in the latter half of 2025, supported by favorable policies and a recovering consumer base [143][146]. - However, challenges such as uncertain consumer recovery and intensified competition remain [148][149]. - Companies are encouraged to adapt to market changes and focus on consumer insights to drive growth [151][152].