来源：中国黄金集团有限公司 9月26日，中国黄金集团有限公司党委书记、董事长周洲应邀赴河南郑州参加第十五届中国河南国际投资贸易洽谈 会并出席开幕式，前往中国黄金集团黄金珠宝（郑州）有限公司郑州旗舰店、中国黄金河南有限公司调研。集团 公司副总经理王佐满陪同参加相关活动。 在郑州旗舰店，周洲详细了解黄金珠宝销售总体情况和品牌管理情况。他指出，中金珠宝要紧跟新时代消费趋 势，不断创新发展理念，着力提升黄金珠宝品牌的设计能力，以新产品、新业态、新模式引领黄金珠宝消费新潮 流，着力推动消费提质升级。要加强品牌管理，坚持以消费者为中心，深入推进依法合规经营，加快提升服务水 平，切实维护消费者合法权益，持续提升品牌知名度、认可度和满意度。 在河南公司工作座谈会上，周洲指出，河南公司作为驻豫企业，在加强企地协同、反映企业诉求、服务区域企业 发展等方面发挥了重要作用。他指出，河南公司要认真做好"十四五"规划总结评估工作，深入分析企业发展面临 的问题与不足，科学开展"十五五"规划编制。要鼓励干部职工围绕河南公司高质量发展积极建言献策，提出企业 可持续发展的实施路径和工作举措，加快提升核心竞争力。要加强人才队伍建设，加快培养、广泛 ...

Core Insights - Shaanxi Province has made significant progress in boosting consumption and expanding foreign trade, contributing positively to the high-quality development of the local economy in 2023 [1][3]. Consumption Performance - In the first half of the year, the total retail sales of social consumer goods in Shaanxi increased by 6.9% year-on-year, outperforming the national average by 1.9 percentage points, ranking fifth in the country [1]. - Retail sales of major consumer goods saw notable growth, with home appliances and audio-visual equipment up by 26.6%, furniture by 15%, and food products by 8.7% [1]. - The "old for new" consumption initiative resulted in the replacement of 7.83 million items, driving consumption worth 57.16 billion yuan [2]. Foreign Trade Expansion - The total value of goods trade in Shaanxi reached 244.51 billion yuan in the first half of the year, marking a 7.5% increase year-on-year, with exports growing by 10.6% [3][4]. - Trade with ASEAN, the EU, and Central Asia saw significant increases of 20.9%, 36.4%, and 6.6% respectively [3]. Policy and Market Development - A comprehensive policy support system for foreign trade has been established, including initiatives to cultivate and introduce foreign trade operators [4]. - The "Shaoyao Global" initiative has facilitated 281 delegations to 66 countries, enhancing international market outreach [4]. - The establishment of new international freight routes and the launch of the first "full schedule + low-carbon green + cross-border e-commerce" train service from Xi'an have improved trade logistics [5]. Financial Support and Infrastructure - The provincial government has organized financing matchmaking events for foreign trade enterprises, resulting in credit cooperation amounting to 12.13 billion yuan [5]. - The coverage of the provincial export credit insurance platform has increased to 42.3%, enhancing financial security for exporters [5].

Core Insights - China's position as the world's second-largest consumer market remains solid, with the penetration rate of the new energy vehicle market exceeding 50% and significant growth in various sectors, indicating vast opportunities and potential for investment [1] - The Ministry of Commerce's report on consumption during the 14th Five-Year Plan highlights four key themes: expansion, quality improvement, renewal, and openness, with an average annual growth of 5.5% in retail sales of consumer goods over the past four years, expected to surpass 50 trillion yuan this year [1] - The average annual contribution of consumption to economic growth is around 60%, with a notable increase in service consumption, which is projected to be a major driver of consumption upgrade during the 15th Five-Year Plan [2] Group 1 - The retail sales of consumer goods are projected to exceed 50 trillion yuan this year, with an average annual growth rate of 5.5% over the past four years [1] - The average annual growth rate of residents' service consumption expenditure is 9.6%, with its share in total consumption expenditure rising by 3.5 percentage points to 46.1% [1] - The per capita disposable income and per capita consumption expenditure of residents have increased from 32,000 yuan and 21,000 yuan to 41,000 yuan and 28,000 yuan, respectively, over the past four years [2] Group 2 - The shift from goods consumption to service consumption is expected to be a primary development direction for consumption upgrade during the 15th Five-Year Plan [2] - Improving the consumption environment is a systematic project that involves infrastructure construction, market regulation, consumer rights protection, and credit system development [2] - Enhancing consumer willingness to spend requires multi-faceted collaboration and measures, including market order regulation and the establishment of efficient consumer rights protection channels [2]

Group 1 - The core viewpoint of the article highlights the recent performance of the consumer sector in the Chinese market, with the China Securities Hong Kong Stock Connect Consumer Theme Index declining by 1.9% and the China Securities Consumer 50 Index down by 2.1% [1] - The Ministry of Commerce has released a consumption report for the "14th Five-Year Plan" period, summarizing it with four key terms: "expansion," "quality improvement," "renewal," and "openness" [1] - Over the past four years, the total retail sales of consumer goods have grown at an average annual rate of 5.5%, while residents' service consumption expenditure has increased by an average of 9.6% annually [1] Group 2 - The E Fund Consumption ETF tracks the China Securities Consumer 50 Index, which consists of 50 leading companies in the consumer sector, with over 75% of its composition in the food and beverage and home appliance industries [2] - The rolling price-to-earnings ratio of the China Securities Consumer 50 Index is 16.9 times, with a valuation percentile of 4.3% since its inception in 2019 [2] - The E Fund Hong Kong Stock Connect Consumption ETF tracks the China Securities Hong Kong Stock Connect Consumer Theme Index, which includes 50 consumer theme stocks with high liquidity and market capitalization, with nearly 60% in discretionary consumption [2] - The rolling price-to-earnings ratio of the China Securities Hong Kong Stock Connect Consumer Theme Index is 21.3 times, with a valuation percentile of 18.3% since its inception in 2020 [2]

评 新 而 论 消费提质升级 我国超大规模市场意味着无限的 机遇和无穷的潜力，人民日益增 长的美好生活需要,则是消费提 质升级的不竭动力源泉。 全球第二大消费市场地位稳固，新能源车市场渗透率超过五成，动画电影《哪吒之魔童闹海》创造票房 神话，"中国游"的流量持续转化为"中国购"的增量……我国超大规模市场意味着无限的机遇和无穷的潜 力，人民日益增长的美好生活需要，则是消费提质升级的不竭动力源泉。 近日，商务部公布"十四五"期间消费成绩单，可以概括为"扩容""提质""焕新""开放"四个词。过去四 年，社会消费品零售总额年均增长5.5%，今年有望突破50万亿元；居民服务性消费支出年均增长 9.6％，占消费支出比重提升3.5个百分点，达到46.1%；新型消费蓬勃发展，新业态新场景丰富多样； 消费对经济增长的年均贡献率达到60%左右；海外更多优质商品服务进入中国的同时，广大入境游客也 感受到"中国购"的魅力。 "十四五"期间，我国人均国内生产总值处于1万美元到2万美元的区间，消费需求加速分化、消费结构加 快转变。在超大规模市场体量更大的基础上，品质消费走进千家万户，新型消费亮点纷呈，国内外市场 联动互促。人民群众的消费 ...

Group 1 - The "Enjoy Life with Heart" consumer promotion event in Qinyang City successfully concluded, integrating resources from various industries such as real estate, new energy vehicles, home decoration, finance, and home appliances to create a consumer promotion platform [1] - Over 30 merchants participated in the event, offering significant discounts such as "direct manufacturer subsidies" and "home decoration gift packages," benefiting consumers [1][2] - The event led to a continuous increase in order volume for merchants, with consumer participation in the "old for new" policy reaching 232 businesses and generating 34,655 orders, driving consumption of 110 million yuan and subsidies of 19.22 million yuan from mid-January to May [2] Group 2 - The total retail sales of consumer goods in Qinyang City reached 4.55 billion yuan from January to April, with a year-on-year growth of 9.1% [2] - Future plans include optimizing the consumption environment and cultivating new consumption hotspots to inject new momentum into the city's high-quality economic development [2]

Group 1 - The core viewpoint emphasizes the importance of developing night economy and cultural tourism as a means to stimulate consumption and economic growth, enhancing urban vitality and improving quality of life [3] - The government aims to integrate historical cultural resources into urban renewal, promoting innovative protection and utilization of historical buildings, and fostering unique local brands and cultural products [1][3] - The focus is on enhancing the consumer environment and infrastructure in key financial districts, leveraging financial advantages to attract global investment and develop landmark commercial areas [2] Group 2 - The government stresses the need for a comprehensive approach to promote the integration of domestic and foreign trade, creating more vibrant markets and enhancing cultural tourism [3] - There is a commitment to ensuring safety in commercial operations, with a focus on implementing safety management measures and emergency preparedness [2] - The initiative aims to meet the high-quality, experiential consumption demands of the youth, promoting new products and business models in the night economy [2]

Core Viewpoint - The government work report emphasizes a people-centered approach, shifting economic policies towards improving livelihoods and promoting consumption, which in turn stimulates economic growth [1] Group 1: Consumer Support Initiatives - Postal Savings Bank is actively supporting consumption through diverse financial services, aligning with national policies to expand domestic demand and enhance consumption quality [1] - The bank leverages credit cards to provide consumer benefits through various promotional activities, including discounts and payment reductions, thereby invigorating the consumption market [2] - The "National Subsidy" policy has been expanded to include commonly used 3C digital products, allowing consumers to enjoy significant discounts and flexible payment options [2] Group 2: Consumer Rights and Safety - Prepaid consumption has become a significant part of the market, but issues with consumer fund losses have arisen, prompting the bank to innovate in technology to protect consumer rights [3] - The bank has introduced a digital RMB smart contract service that ensures unused prepaid funds are returned to consumers, enhancing trust and security in the consumption environment [3] - This service clarifies the ownership of prepaid funds and protects consumers even in cases of merchant bankruptcy, thus mitigating risks associated with traditional models [3] Group 3: Merchant Benefits - The digital RMB smart contract service not only secures consumer funds but also provides benefits to merchants by expanding their customer base and enhancing consumer confidence [4] - Many merchants in various sectors, including fitness, education, and dining, have adopted this service, indicating its widespread acceptance and utility in the market [4]

Core Viewpoint - The 112th National Sugar and Wine Products Trade Fair showcased Wuliangye's diverse product matrix and innovative online-offline integration to enhance consumer experience and stimulate market potential [1][5][8] Group 1: Event Overview - The trade fair took place from March 25 to 27 in Chengdu, featuring Wuliangye as a leading representative of Chinese liquor [1] - Wuliangye presented a cultural exhibition hall that highlighted the unique charm of "Great Nation's Strong Aroma" [2][3] Group 2: Product Presentation - The exhibition hall featured a time-axis design that narrates Wuliangye's historical legacy, showcasing products like the eighth generation Wuliangye and the classic series [4][5] - The cultural significance of Wuliangye is emphasized, with its traditional brewing techniques recognized as a national intangible cultural heritage [4] Group 3: Consumer Engagement - Wuliangye set up a live streaming room during the fair to interact with online consumers, promoting key products with various incentives [6][8] - The company aims to enhance consumer willingness to purchase through a well-crafted product matrix and improved service offerings [8] Group 4: Industry Impact - The trade fair aims to facilitate industry upgrades and promote economic exchanges, marking its 70th anniversary and evolving into the "2025 Spring Sugar Season" [7] - Wuliangye is committed to protecting intellectual property and consumer rights, establishing a new governance model for industry challenges [9]

Investment Rating - The report maintains a "Recommended" rating for the textile and apparel industry [1]. Core Insights - The leading domestic sports brands, including Anta Sports, Xtep International, and 361 Degrees, have shown resilient growth in 2024, with revenues of 70.826 billion, 13.577 billion, and 10.074 billion yuan respectively, reflecting year-on-year growth rates of 13.6%, 6.5%, and 19.6% [3][6]. - The retail sales of clothing in China for January-February 2025 reached 262.4 billion yuan, a year-on-year increase of 3.3%, indicating a steady recovery in consumer demand supported by favorable policies [7][15]. - The report anticipates a quarterly improvement in clothing consumption throughout 2025, driven by ongoing consumer policy support and the effects of a low base in 2024 [7][15]. Summary by Sections 1. Industry Overview - The textile and apparel industry is experiencing stable growth, with a focus on domestic consumption recovery in early 2025 [1]. 2. Key Industry Data Review (a) Stock Market Review - The Shanghai Composite Index fell by 1.6%, while the textile and apparel sector saw a decline of 1.29% during the week of March 17-21, 2025 [11][12]. (b) Retail Performance - The total retail sales of consumer goods in China for January-February 2025 amounted to 83,731 billion yuan, with clothing retail sales contributing 2,624 billion yuan [15]. (c) Upstream Textile Exports - In February 2025, textile yarn, fabric, and related products exported amounted to 6.219 billion USD, a year-on-year decrease of 25.3% [22]. (d) Upstream Raw Materials - As of March 21, 2025, the domestic cotton price index was 14,905 yuan per ton, showing a slight increase from the previous week [31][32]. 3. Key Company Announcements - Anta Sports, Xtep International, and 361 Degrees reported significant revenue growth for 2024, with net profits increasing by 52.4%, 20.2%, and 19.5% respectively [3][6].