本报讯 （记者昌校宇）近年来，伴随中国品牌的崛起与新消费业态的蓬勃发展，资本市场涌现出丰富的投资机遇。而在洞 察和把握这些机会方面，作为亲历者和受益者的新生代基金经理，往往展现出独特的理解力与敏锐度。近日，景顺长城基金再 次推出一只浮动管理费率基金——景顺长城产业优选偏股混合型基金，拟由该公司自主培养的新生代基金经理王开展管理。 对于中国品牌与新消费，王开展认为，一方面，越来越多具备全球竞争力的中国制造业品牌正逐步从制造往研发创新与品 牌建设延伸；另一方面，新消费业态中无论是游戏、短剧还是潮玩行业，共同点是讲好本土故事并满足消费者"悦己"需求。王 开展目前构建了以制造业为核心，辐射周期、消费、TMT等多个行业的能力圈。 王开展的投资风格鲜明。他坚持均衡投资，注重行业分散，不押注单一行业；同时在个股层面保持集中，重点配置看好的 细分行业中的1只至2只个股。他提到以周期性思维理解宏观和市场环境，通过观测不同产业和具体企业所处生命周期的变化， 力求在合适的阶段介入，并在过于拥挤时退出。对于新基金的管理，王开展表示将延续一贯的投资风格和理念。 展望未来，王开展看好两大投资主线：一是具备全球竞争力的中国制造业品牌，这类 ...

Core Insights - The new consumption trend is driven by emotional consumption, which is becoming a significant growth engine for the market [1][4] - The retail sales of consumer goods in the Liangjiang New Area are projected to exceed 79 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.4% [1] - The emotional consumption market in China is expected to surpass 2 trillion yuan by 2025, indicating its role in consumption upgrades [4] Group 1: New Consumption Trends - Emotional consumption is emerging as a key driver for market growth, with sectors like trendy toys and cultural tourism gaining popularity [1][4] - The integration of cultural and gaming elements in consumer experiences, such as the "Wilderness Country" exhibition and the National Trend Culture Festival, has led to a 20% increase in foot traffic at venues [3] - The rise of trendy toy brands and pop-up events in Chongqing has sparked enthusiasm among consumers, enhancing their shopping experience [3] Group 2: Supply Side Innovations - The supply side is adapting to meet diverse consumer needs, leading to the emergence of new consumption formats across various sectors [5] - The automotive industry in Chongqing is evolving by incorporating online sales platforms and immersive shopping experiences, such as live-streaming events [5] - The pet economy is also expanding, with new pet-friendly dining options and activities being introduced to attract pet owners [7] Group 3: Local Brand Development - Local brands in the food and beverage sector are leveraging emotional consumption trends, with innovative products gaining traction on social media [7] - The Liangjiang New Area aims to enhance its service industry by focusing on digitalization, branding, and creating innovative consumption scenarios [7]

Economic Overview - Beijing's GDP grew by 5.5% year-on-year in the first half of 2025, indicating a stable and improving economic trend [1] - The contribution rate of key industries, including information transmission, software, IT services, finance, and manufacturing, reached 87.0%, up by 2.7 percentage points year-on-year [2] Key Industries - The information transmission, software, and IT services sector saw an 11.1% increase in added value, with revenue growth in integrated circuit design, application software development, and IoT services exceeding 15% [2] - The financial sector's added value grew by 8.1%, supporting the real economy [2] - The industrial sector's added value increased by 7.0%, with significant contributions from the new energy vehicle sector and strong demand in integrated circuits and consumer electronics [2] Investment and Consumption - Fixed asset investment in Beijing rose by 14.1% year-on-year, with equipment purchase investment nearly doubling [4] - The share of service consumption in total household spending reached 58.9%, up by 1.3 percentage points year-on-year, driven by growth in information, transportation, and cultural entertainment sectors [4] - New consumption formats, such as convenience stores and supermarkets, saw retail sales growth of over 20% through online channels [4] Market Dynamics - Nearly 150,000 new enterprises were established in Beijing in the first half of the year, a year-on-year increase of about 20% [5] - The manufacturing purchasing managers' index has shown a two-month consecutive rise, indicating improved market expectations [5] - The real estate market saw a 5.4% increase in new commodity housing sales area, with pure commodity residential sales up by 33.8% [5] Employment and Income - The urban unemployment rate averaged 4.1%, stable compared to the first quarter, while per capita disposable income increased by 4.8% year-on-year [6][12] - Rural residents' income grew by 6.1%, outpacing urban residents by 1.5 percentage points, with the urban-rural income ratio at 2.20 [13] Innovation and New Industries - The digital economy's added value grew by 8.7%, with core industries increasing by 10.5% [8] - High-tech manufacturing and strategic emerging industries saw added value growth of 9.9% and 16.8%, respectively, significantly contributing to industrial growth [8] - The revenue of "specialized, refined, characteristic, and innovative" enterprises increased by 4.9%, surpassing the average growth of industrial and service enterprises [7]

Investment Rating - The report rates the stock of Beilingsong as "Accumulate" with projected EPS of 0.12 in 2024 and increasing to 0.93 by 2027, indicating a significant growth potential [5]. Core Insights - The service retail sector in China is poised for substantial growth, with a market size reaching 7 trillion yuan, driven by digitalization and changing consumer preferences [21][26]. - The report emphasizes the necessity for offline retail to adapt to the challenges posed by e-commerce, highlighting the importance of unique value propositions and customer experiences [27][32]. - Successful new consumption models must focus on high customer unit prices and integrate products with services to enhance consumer engagement and brand loyalty [2][3]. Summary by Sections Service Retail: A Trillion-Yuan Blue Ocean - China's service retail development level is relatively low, with a GDP contribution of only 56.7% in 2024, compared to 60%-80% in developed countries [10][13]. - The per capita service consumption expenditure in China is projected to reach 46.1% of total consumption in 2024, indicating significant room for growth [10][21]. - The rise of digital platforms has transformed consumer experiences, leading to an exponential increase in service retail market size [25][26]. Offline Retail: Challenges and Breakthroughs - Offline retail faces significant challenges due to e-commerce competition, leading to high fixed costs and product homogenization [27][32]. - Retail models that can achieve high gross margins and customer loyalty are more likely to succeed in the current market [33][36]. New Players in Service Retail - New retail players are emerging by focusing on niche markets and addressing unmet consumer needs, such as the rise of beauty and wellness services [38][39]. - Companies like Xila and Beilingsong are leveraging standardized service models and clear franchise systems to facilitate rapid expansion [46][49]. Key Company Analysis - Beilingsong is transitioning its business model to include both technology products and quick-effect massage services, aiming to enhance customer experience and brand loyalty [4]. - Xila is expanding into scalp care, leveraging its strong brand and supply chain capabilities to become a preferred service provider for families [4].

Core Insights - 卡游澳门首家旗舰店在威尼斯人购物中心开业，标志着公司在全球市场的进一步拓展 [1] - 澳门作为国际旅游休闲中心，吸引了大量游客，为新消费品牌提供了良好的市场机会 [2][4] Group 1: Market Expansion - 卡游自去年起开始布局境外市场，澳门首店是其全球市场拓展的重要一步 [1] - 澳门预计在2024年接待2800万游客，入境旅客消费主要用于购物，占45.4% [2] - 卡游计划在东南亚市场进一步扩展，马来西亚和新加坡的首店将在下半年开业 [2] Group 2: Cultural and Consumer Engagement - 卡游澳门首店结合了独特的IP内容与城市符号，吸引了游客的关注 [3] - 开业当天的活动吸引了大量游客，增强了品牌的文化消费体验 [3] - 中国泛娱乐产品行业的市场规模预计从2019年的919亿元人民币增长至2024年的1741亿元人民币，显示出行业的快速发展 [4]

Group 1: Economic Performance - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, with online retail sales growing at 8.5%, outpacing offline consumption [1] - The "trade-in" policy significantly boosted retail sales in categories such as home appliances (up 53%), communication equipment (up 33%), cultural and office supplies (up 30.5%), and furniture (up 25.6%) [1] - Real estate market transactions remain sluggish, with a 10.7% year-on-year decline in real estate development investment from January to May, indicating weakened investment attributes [2] Group 2: New Consumption Trends - New consumption formats are emerging as key drivers, with companies like Mixue Ice City, Pop Mart, and Pang Donglai successfully capturing young consumer demand and promoting domestic brands globally [2] - Pop Mart's stock price surged over 11 times in 2024, highlighting the market potential for innovative consumer products [2] Group 3: Trade and Investment - In May, exports grew by 6.3% year-on-year, while imports increased by 2.5%, demonstrating resilience in trade [2] - China is diversifying its export markets, reducing reliance on the U.S. from 18% to 14%, and increasing the share of high-value-added products [2] - The export performance of new energy vehicles, photovoltaics, and lithium batteries is strong, with automotive exports surpassing Japan, making China the global leader [2] Group 4: Inflation and Policy Outlook - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, marking three consecutive months of negative growth, indicating a need for policies to enhance consumer capacity [3] - There are expectations for increased domestic demand stimulus policies in the second half of the year, including expanding the trade-in program and possibly issuing consumption vouchers [3]

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **media and entertainment industry**, with a focus on the impact of recent policies and technological advancements, particularly in AI and consumer behavior trends [1][4][5]. Key Points and Arguments Policy Signals and Market Trends - Recent government meetings have highlighted important signals that could influence the media sector, emphasizing the need for companies to adapt to these changes [1]. - The market is expected to expand from a national focus to a global one, with significant growth opportunities in international markets following the saturation of domestic markets [2]. Technological Integration - The integration of technology, especially AI, is seen as a crucial factor for the media industry. The evolution of technology from 3G to 4G has previously driven growth, and similar advancements are anticipated with AI [3][4]. - AI is expected to revolutionize various sectors within media, including advertising, film, education, and gaming, by enhancing efficiency and creating new business models [4][12]. Consumer Behavior and New Consumption Trends - The emergence of Generation Z is reshaping consumer preferences, leading to the rise of new consumption patterns in sectors like beauty and gaming [5]. - The success of recent media productions, such as "Nezha" and "Black Myth: Wukong," is attributed to their ability to resonate with audiences on a deeper emotional level, which is essential for driving sales and engagement [6][10]. AI Applications and Industry Impact - AI applications are becoming increasingly prevalent in the media sector, with companies leveraging AI for content creation, advertising efficiency, and consumer engagement [12][20]. - The use of AI tools has shown to significantly reduce costs and improve operational efficiency, particularly in advertising, where companies can generate content more rapidly and effectively [26][27]. Advertising Trends - There is a notable shift in advertising budgets towards high-conversion channels, with social media and performance-based advertising gaining traction over traditional brand advertising [20][22]. - The trend towards high-efficiency advertising is likely irreversible, as companies prioritize return on investment [23]. Future Outlook and Investment Opportunities - The upcoming earnings season is expected to highlight the importance of AI integration and its impact on revenue growth across various media companies [28][29]. - Companies with strong data resources and innovative AI applications, such as Tencent, are anticipated to attract significant investor interest [29][30]. Additional Important Insights - The discussion also touched on the valuation discrepancies between domestic and international tech companies, suggesting that Chinese tech assets are undervalued compared to their global counterparts [31][34]. - The potential for new AI applications and models to emerge in the market is seen as a critical factor for future growth in the media and technology sectors [32][35]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the media industry.