在刚刚过去的几天里，因为进博会的举办，上海吸引了全世界的目光。而进博会的魅力和影响力，远不 止于国家会展中心"四叶草"的展馆之内。当夜幕降临，华灯初上，上海这座城市开放包容的特质，让夜 间的活力在街头巷尾涌动。"越夜越上海"，我们继续跟随记者的镜头，去感受一下夜间进博的联动溢出 效应。 上海徐汇滨江的西岸梦中心，原来是亚洲最大的水泥厂所在地，如今经过精心规划和改造，封闭陈旧的 工业厂房摇身一变，被打造成了艺术中心、剧院舞台、潮流街区、运动场所，进博会期间，这里也成了 一种上海全新的打开方式。 进博会参展商 徐新红：这次是我第一次参加进博会，希望跟国际接轨，也希望在进博会上，接到很多 的生意。 在这个工业和现代风结合的滨水市集里，人气相当旺。你可以品尝到来自德国的啤酒、日本的料理、泰 式奶茶等等，还可以挑选各具特色的进口小商品。这样一个开放共享的公共空间，每一个人都平等享受 着进博汇聚全球好物的红利。 美国游客：我感觉上海很国际化，同时在技术领域走在国际前列。我能想象到自己会在上海度过一段很 惬意的时光。 外籍教师 马克西米利安：我觉得上海对国际友人很有吸引力，是座充满魅力的城市，现在国际化程度 很高，有很多新 ...

Core Insights - The article discusses the launch of the "Empower Hometown Development Plan" in Shandong, aimed at enhancing local consumption and industry revitalization through the involvement of prominent local influencers and content creators [1][2]. Group 1: New Consumption Models - A special event was held in Jinan to promote new consumption models, where top influencers from Shandong committed to using content creation and live streaming to elevate the "Good Products Shandong" brand [2]. - The plan includes establishing a Shandong influencer training camp and providing supply chain resources to support local talent and brand enhancement [2][3]. Group 2: Economic Impact - Shandong's retail sales are projected to reach 3.8 trillion yuan in 2024, ranking third nationally, with a consumption growth rate of 5.6% in the first three quarters of this year, surpassing the national average by 1.6 percentage points [2]. - The provincial government has been actively promoting new consumption models such as first-store economy, IP economy, and live e-commerce, leading to steady growth in online retail sales [2][4]. Group 3: Case Studies and Success Stories - The "Shandong Domestic Shrimp" project showcased successful live streaming from the breeding base, achieving 200,000 orders and over 20 million yuan in sales within two months, prompting production capacity expansion [3]. - Other examples include "Shanhe Good Products" creating local sorting warehouses and private live streaming loops, and "Qingchai Culture" evolving from audio to visual media [3]. Group 4: Future Prospects - Shandong, as a major population and economic province, is positioned to foster an optimal environment for businesses, promoting deep integration of new business models with local industries [4].

Core Insights - Shenzhen's total electricity consumption reached 96.85 billion kWh in the first three quarters of the year, marking a year-on-year increase of 4.39% [1] Group 1: Electricity Consumption Breakdown - The electricity consumption by the secondary and tertiary industries, as well as residential use, were 44.37 billion kWh, 35.42 billion kWh, and 17.01 billion kWh respectively, with year-on-year growth rates of 2.48%, 6.25%, and 5.65% [1] - Industrial electricity consumption in Shenzhen was 42.75 billion kWh, reflecting a year-on-year increase of 3.12%, accounting for 44.1% of total electricity consumption [1] - Within the industrial sector, manufacturing electricity consumption was 34.45 billion kWh, with a year-on-year growth of 2.9% [1] Group 2: Sector-Specific Growth - The automotive manufacturing and computer, communication, and other electronic equipment manufacturing sectors saw significant electricity consumption growth rates of 22.81% and 9.49% respectively [1] - The tertiary sector's electricity consumption growth was notably strong, particularly in the information transmission, software and IT services, wholesale and retail, and leasing and business services industries, which grew by 23.12%, 18.82%, and 9.60% respectively [1] - This growth reflects the increasing electricity demand from data centers, charging services, and large commercial districts in Shenzhen [1]

Core Insights - The article highlights the emergence of investment opportunities in the Chinese market, driven by the rise of local brands and new consumption trends [1] - The newly launched fund by Invesco Great Wall, managed by the emerging fund manager Wang Kaichuan, aims to capitalize on these opportunities [1] Group 1: Investment Strategy - Wang Kaichuan emphasizes a balanced investment approach, focusing on industry diversification while maintaining concentrated positions in 1 to 2 stocks within favored sectors [1] - The investment style includes a cyclical understanding of macro and market environments, aiming to enter at appropriate stages and exit when markets become overcrowded [1] Group 2: Future Investment Themes - Two main investment themes are identified: globally competitive Chinese manufacturing brands that are moving up the value chain into R&D and branding, and companies that can tap into the potential of new consumer demands [2] - The fund will invest in both A-share and Hong Kong markets, with adjustments based on fundamentals, macro environment, and valuation levels [2] Group 3: Fund Structure - The fund employs a unique structure with a floating management fee linked to excess returns, incentivizing the manager to align interests with investors [2] - Minimum investment is set at 10 million yuan, with a holding period of no less than 3 years, and management fees vary based on different excess return thresholds [2]

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.