新消费导读 告别 2025 年 ， 消费进入到 精耕 于 人 " 的 时 代 。 2026 年 的 中 国 消费市场，将由 五 大核心 消费 人群共同驱动。消费的底层逻辑正从 " 性价比 " 和 " 心价比 " ，全面转向 " 质 价比 " 与 " 全面悦己消费 " 。 这意味着，消费者将用严苛的理性（ 精质主义 、成分 科学 ） 为 感 性 的 绽放（圈层热爱、心灵疗愈 、 自我实现 ） 买 单 ， 品 牌 必 须 同 时 成 为 功 能上的 " 硬核学霸 " 和情感上的 " 灵魂伴侣 " 。 以下 由新消费智库提供的关于 2026 年消费趋势与判断的 30 条劲爆观 点，为你穿透人群迷雾，锚定 2026 。 作者 ：会写字的机器猫 来源：新消费智库 第一部分 Z 世代（ 18-27 岁）：圈层信仰 对如今的年轻人（ Z 世代）来说，买东西早就不是简单的 " 需要 " ，而是一种表达 " 我是谁 " 、寻找 " 我们是谁 " 的方式。他们为热爱 和认同买单，消费是他们进入某个圈层、彰显独特身份的 " 社交货币 " 。 举个例子，一个年轻人可能平时精打细算，但会毫不犹豫地购买鸿星尔克与《王者荣耀》的联名球鞋。 ...

以下文章来源于格隆 ，作者远禾 格隆 . 一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ "买你的白酒去吧，老登。" 国盛证券分析师的这句话，几乎总结了过去一年的消费行业——当AI、创新药成为小登最爱，消费，似乎 被扫进了故纸堆。 在飞天茅台价格一度跌破1500，泡泡玛特却被黄牛炒至上千元的这一年，消费，彻底变了。 过去两年，大家似乎在从各种方面论证，消费不行了。 消费降级、餐饮遇冷，商场没人逛了。 但，作为社会增长的重要引擎，消费显然没有消失。 国家统计局数据显示，2025年前三季度，最终消费支出对经济增长的贡献率达到53.5%，相比2024年全年提 升9个百分点。 尽管普遍认为消费冷清，但今年的消费需求增长总体趋稳。 今年前11个月，社会消费品零售总额同比增长4.0%，超过2024年全年3.5%的水平。 1 这样的数据背后有另一个有意思的数据支撑。 另一方面，在"以旧换新"成为社会层面提振消费的重要举措之时，消费者的消费方向，也在"以旧换新"。 今年的消费市场中，最为火热的词莫过于"新消费"。 港股泡泡玛特的突飞猛涨，老铺黄金的横空出世，蜜雪冰城的一鸣惊人，为人所津津乐道。 这样 ...

证券日报网12月30日讯 ，王府井（600859）在接受调研者提问时表示，公司深刻认识到消费趋势正从 规模扩张向"消费分级"和"体验驱动"深刻转型，因此积极推动自身从传统百货向现代化零售集团转变。 核心是通过打造融合高品质、高性价比商品与丰富娱乐体验的文商旅综合体，以非标业态吸引客流，以 差异化体验创造价值，从而满足当下消费者对"质价比"和"情绪价值"双重需求。 ...

利好共振推动板块配置价值升温 临近元旦及春节传统消费旺季，居民消费预期升温带动市场资金加大对A股大消费板块的关注度，叠加 顶层设计对新一年提振内需消费的高度重视以及海南自由贸易港日前封关，共同推动A股大消费板块近 期投资价值的提升。 日前召开的中央经济工作会议以"八个坚持"部署2026年经济工作重点任务，其中"坚持内需主导，建设 强大国内市场"摆在首位，具体举措包括深入实施提振消费专项行动、扩大优质商品和服务供给、优 化"两新"政策实施、清理消费领域不合理限制措施等，进一步强化了市场对2026年增加促消费政策供给 的预期，被视为是提振消费板块后市行情的重要支撑。 此外，海南自由贸易港于日前启动全岛封关运作，在持续吸引投资者关注的同时，也推动了A股相关概 念板块持续走热，万得海南自贸港概念板块表现一度位居A股所有概念板块前列。 ● 本报记者 胡雨 在开源证券商贸零售研究团队负责人、首席研究员黄泽鹏看来，海南自贸港通过在制度层面上的降本增 效，将持续改善经营主体成本结构，提升货物贸易自由化与便利化水平，并增强市场活力；从消费端 看，政策红利将进一步放大海南在旅游与消费领域的吸引力，有利于带动旅游消费及相关零售业态 ...

12月29日，港股集体高开，其中恒生指数涨0.43%，报25928.89点，恒生科技指数涨0.88%，报5547.79 点，国企指数涨0.59%，报8967.79点，红筹指数涨0.33%，报4082.5点。 盘面上，大型科技股多数走高，阿里巴巴涨0.75%，腾讯控股涨0.5%，京东集团涨0.53%，小米集团跌 1.38%，网易涨0.94%，美团涨0.78%，快手涨0.23%，汽车股集体走强，小鹏汽车涨超5%，零跑汽车涨 超4%，中国宏桥涨超3%；风电股普遍上涨，金风科技涨超12%；锂电池股多数上涨，赣锋锂业涨超 3%；中资券商股活跃，东方证券涨超2%。半导体芯片股强势，上海复旦大涨12.9%领衔，机器人概念 股、免税概念股齐涨，其中免税龙头中国中免涨近7%。另外，食品饮料股、物管股走低。 企业新闻 中国银行(03988.HK)：完成发行500亿元二级资本债券。本期债券募集的资金将依据适用法律和监管部 门的批准，补充本行的二级资本。 华电国际电力股份(01071)：华电龙口四期项目两台66万千瓦超超临界机组已全部建成投运。 湾区发展(00737.HK)：11月广深高速公路、广珠西线高速公路及沿江高速公路(深圳段 ...

智通财经APP获悉，万联证券发布研报称，中国消费进入"消费分级"新阶段，表现为大众品追求性价 比，同时对能提供情绪价值的创新产品和服务愿意支付溢价。在此背景下，潮玩市场快速扩容，行业集 中度有望提升；黄金珠宝行业从渠道驱动转向产品与设计驱动；国货化妆品则凭借研发与营销优势持续 崛起。相关产业迎来发展机遇，龙头企业有望受益。 万联证券主要观点如下： 回顾与展望：消费分级时代来临，情绪消费兴起带火相关产业发展 金价的快速上涨抑制了黄金珠宝的消费需求，不少黄金珠宝企业门店拓展放缓甚至出现闭店的情况，但 同时，仍有部分优秀的企业凭借精湛的工艺设计和营销成功吸引消费者，实现业绩的快速增长。当前全 球经济不确定性以及地缘政治风险依然存在，且新兴经济体为分散风险持续购入黄金，金价或将被继续 推高。未来随着黄金饰品工艺提升以及"悦己"消费观念的深入，黄金珠宝首饰在非婚嫁场景的渗透率有 望进一步提升。看好注重产品设计、运营能力强、品牌势能强、高分红+高股息的黄金珠宝龙头企业。 化妆品：国潮崛起趋势明显，优秀国货品牌突围 短期下半年化妆品行业整体恢复势头良好，"双11"大促部分国货品牌发展势头保持良好。供给端方面， 国货美妆企业 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 26 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数集体收涨，截止收盘，沪指收涨 0.47%，深成指收 涨 0.33%，创业板指收涨 0.3%。沪深两市成交额 19243.81 亿元。申 万行业方面，国防军工、轻工制造、机械设备领涨，综合、有色金属、 商贸零售领跌；概念板块方面，成飞概念、航空发动机、商业航天概 念涨幅居前，海南自贸区、金属铅、金属锌概念跌幅居前。因圣诞假 期，周四全球主要股市多数休市。 【重要新闻】 【两部门发布《鼓励外商投资产业目录（2025 年版）》】国家发展改革 委、商务部近日发布《鼓励外商投资产业目录（2025 年版）》，自 2026 年 2 月 1 日起施行。主要变化有：一是鼓励引导外商投资先进制造 业。全国目录新增或扩展终端产品、零部件、原材料等领域有关条目， 提升产业链供应链发展水平。二是鼓励引导外商投资现代服务业。全 国目录新增或扩展商务服务、技术服务、科学研究、服务消费等领域 有关条目，促进服务业高质量发 ...

Group 1 - The report highlights the transition from "consumption upgrade" to "consumption stratification" in China, where consumers are increasingly seeking cost-effectiveness in traditional products while being willing to pay a premium for innovative and emotionally valuable goods [2][15][30] - The emotional consumption trend is driven by fast-paced lifestyles and mental health concerns, leading to increased demand for products that provide emotional comfort, such as trendy toys, skincare, and gourmet snacks [2][30][32] Group 2 - The Chinese trendy toy market is rapidly expanding, projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, with a CAGR of 35.11%, driven by rising disposable income and the popularity of emotional consumption [3][37] - The market is characterized by a fragmented structure, with the top five companies holding only 20.8% market share, indicating potential for consolidation and growth among companies with strong IP resources and extensive distribution channels [3][46][47] Group 3 - The gold and jewelry sector is shifting from channel-driven to product-driven dynamics, with high dividend yields providing defensive attributes amid rising gold prices, which have reached historical highs [4][51] - Despite a temporary decline in gold jewelry consumption due to high prices, companies with strong design and marketing capabilities are still achieving rapid growth [4][51] Group 4 - The cosmetics industry is witnessing a resurgence, particularly for domestic brands, which are gaining market share due to improved product quality and marketing strategies, especially during promotional events like "Double 11" [4][28] - Young consumers are increasingly accepting domestic beauty brands, leading to a potential rise in market share against foreign competitors [4][28]

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior is shifting towards different spending patterns [4]. - The article identifies "consumption upgrading" and "demand migration" as significant business opportunities in the current economic landscape [5]. Group 2: Key Industries - The second-hand economy is booming, with examples like Japan's "Daikokuya" and China's "Hongbulin" and "Panghu" seeing significant revenue increases as consumers opt for second-hand luxury goods [6][7]. - The pet economy is on the rise, with brands like "Inaba" in Japan and "Guobao" in China experiencing strong sales growth, reflecting a shift in spending towards pet care products [12][13][14]. - The adult care market is expanding, with Japan's "Unicharm" leading the adult diaper segment, which has surpassed $10 billion in market size [17][18]. - Health food and beverage sectors are thriving due to changing demographics and rising health consciousness, with brands like "Oriental Tree Leaf" and "Jianchun" gaining traction in China [21]. - The beauty economy remains robust, with products like collagen supplements and home beauty devices seeing high sales, indicating a persistent consumer desire for self-improvement [23][24][26]. - Outdoor leisure activities are gaining popularity, with brands like "Kailas" and "Camel" in China experiencing rapid sales growth as consumers seek outdoor experiences [29][31]. - The "lazy economy" is emerging, with increased demand for convenience foods and smart home appliances, as consumers prioritize time-saving solutions over traditional cooking [39][40][42]. Group 3: Market Opportunities - The article suggests that the current economic climate presents opportunities for those willing to invest in counter-cyclical sectors, highlighting the importance of recognizing and seizing these opportunities [44].

Group 1 - The concept of "good life" transcends material wealth, emphasizing a harmonious balance between material and spiritual, individual and societal, creation and enjoyment [2][3] - The rise of "new consumption" reflects a shift from product-centric to experience-centric purchasing, where consumers seek emotional value and unique experiences [5][6] - The trend of "personalized consumption" is becoming prevalent, with consumers increasingly favoring tailored products and services that resonate with their individual lifestyles [5][7] Group 2 - The integration of AI technology in various industries, such as tourism and fashion, is seen as a genuine upgrade that addresses industry pain points and enhances efficiency [9][10] - The tourism sector continues to prioritize core elements of travel, with AI serving to better meet personalized consumer demands rather than replacing the fundamental travel experience [10] - The beauty industry is experiencing a complex relationship with AI, where it serves as a tool for data processing but requires careful interpretation to avoid marketing missteps [9] Group 3 - The "pet economy" is rapidly growing, with an increasing number of tourism and hospitality venues accommodating pet owners, indicating a significant market opportunity [6] - The "de-gendering" trend in the beauty sector shows that male consumers are increasingly purchasing a wider range of skincare products, reflecting a shift in consumer attitudes [6] - The future of consumption in China is expected to evolve towards lifestyle brands that embody cultural values, moving away from mere product replication [7]