中国大市场的广阔空间与强劲活力，让不少小产品，通过一个个消费场景，转化为产业的澎湃动能，形成大规模、大产业。 一片叶子 撑起百亿抹茶大市场 一片树叶能创造多少价值？答案是150亿。一片源于魏晋、盛于宋代的"末茶"古叶，历经千年流转，如今，这抹翠绿不仅形成了百亿级市场，更让中国成为 全球最大抹茶生产国。仅今年上半年，我国抹茶的出口量已超过去年全年总和。这缕跨越千年的"茶香"，如何成为当今市场上的宠儿？ 在贵阳一家新开张的抹茶店里，点茶师正在制作点茶，以其极具观赏性手法，吸引了不少消费者。抹茶是一种以蒸青绿茶为原料，经杀青、干燥、研磨制成 的细粉末状茶饮，可追溯于魏晋时期，盛行于唐宋时期。 除了传统茶饮，这家小店里还有抹茶拿铁、抹茶蛋糕、抹茶月饼……各式产品摆满了柜台。小店刚开业不久的超高人气，给了店主极大的信心，第二家分店 开业也提上了日程。 抹茶饮品店主理人 王梅：这个也是一个抹茶店。一个店试营业后给了我很大的信心，我就想迅速把这个店开起来，明天就正式入场装修。 据了解，仅在贵阳，今年以来新开张的抹茶店就有80多家，而在全国使用贵州抹茶的注册餐饮品牌已超过100家。未来三到五年，抹茶在新茶饮领域的用 量，年均 ...

央视网消息：中国大市场的广阔空间与强劲活力，让不少小产品通过一个个消费场景转化为产业的澎湃动能，形成大规模、大产业。 一片树叶能创造多少价值？答案是150亿。 一片源于魏晋、盛于宋代的"末茶"古叶历经千年流转，如今，这抹翠绿不仅形成了百亿级市 场，更让中国成为全球最大抹茶生产国。仅今年上半年，我国抹茶的出口量已超过去年全年总和。这缕跨越千年的"茶香"如何成为了当今市场 上的宠儿？一起跟记者的镜头去看一看。 在贵阳一家新开张的抹茶店里，点茶师正在制作点茶，以其极具观赏性手法吸引了不少消费者。 抹茶是一种以蒸青绿茶为原料，经杀青、干燥、研磨制成的细粉末状茶饮，可追溯于魏晋时期，盛行于唐宋时期。除了传统茶饮，这家小 店里还有抹茶拿铁、抹茶蛋糕、抹茶月饼……各式产品摆满了柜台。小店刚开业不久的超高人气给了店主极大的信心，第二家分店开业也提上 了日程。 据了解，仅在贵阳，今年以来新开张的抹茶店就有80多家，而在全国使用贵州抹茶的注册餐饮品牌已超过一百家。未来三到五年，抹茶在 新茶饮领域的用量年均增长率预计将达60%。 不仅是饮品、烘焙，还有保健品，抹茶的市场边界正持续拓宽，也推动着抹茶产业持续提升。作为"中国抹茶之都" ...

宏观经济 | 专题报告 报告发布日期 2025 年 12 月 02 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 戴思崴 | 执业证书编号：S0860525040001 | | | daisiwei@orientsec.com.cn | | | 021-63326320 | 难有高增长，或有超预期 消费会成为 2026 年宏观热点吗？ 研究结论 内需增速放缓，看好增长质量：10 月经济 数据点评 2025-11-15 为"并跑领跑"时代构筑制度根基：宏观 角度看四中全会与"十五五 ...

Core Insights - The "Su Super" league in Jiangsu Province has concluded with significant engagement, including 78 regular matches and 7 knockout matches, attracting over 2 billion online viewers, marking it as a landmark event in China's amateur sports scene for 2025 [1][2] - The league's success is attributed to its focus on community involvement, transforming spectators into participants and enhancing local cultural and economic integration through sports [1] Group 1 - The "Su Super" league has effectively combined competitive sports with urban cultural attributes and tourism economic aspects, creating a new model for cultural economy [1] - The league's players come from diverse professions, including teachers and civil servants, broadening its audience beyond traditional football fans to include ordinary citizens [1] - The emotional connection fostered by the league has become a driving force for urban development, linking individual efforts to collective city goals [1] Group 2 - The phenomenon of "Su Super" reflects a shift in China's consumption structure from product-driven to service-driven consumption, highlighting the importance of cultural supply in meeting public demand [2] - The league has the potential to connect various industries such as tourism, dining, and retail, creating a consumption loop that enhances economic growth [2] - Local cultural resources are being leveraged to create unique brands, with community sports events injecting new vitality into high-quality economic development [2]

Group 1 - The core viewpoint of the article emphasizes the implementation of personal consumption loan interest subsidy policies and service industry loan interest subsidy policies to stimulate consumption and support economic recovery [1][2] - In the first half of the year, the total retail sales of consumer goods increased by 5.0% year-on-year, while service retail sales grew by 5.3%, indicating a strong recovery in the economy [1][2] - The policies aim to enhance consumption capacity and expand effective supply from both demand and supply sides, particularly boosting service consumption [2][4] Group 2 - From 2020 to 2024, China's service consumption has maintained rapid growth, with per capita service consumption expenditure increasing by an average of 9.6% annually [4] - By 2024, the proportion of per capita service consumption expenditure to total per capita consumption expenditure is expected to reach 46.1%, contributing 63% to the growth of resident consumption expenditure [4] - The government is focusing on releasing domestic demand potential and cultivating new growth points in service consumption while promoting the upgrade of bulk consumption [4][5] Group 3 - Increased demand for service consumption encourages enterprises to expand differentiated and personalized service offerings, leading to improved corporate profitability and job creation [5] - This cycle of service consumption growth is expected to stabilize employment and increase residents' income, further boosting service consumption and driving prices upward [5]

Group 1: Economic Overview - The U.S. economy is experiencing a broader structural shift characterized by persistent deflationary pressures, declining energy demand, and a deteriorating labor market [1][7][11] - Consumer discretionary spending is slowing down, indicating a significant impact on industries such as travel, hospitality, and leisure [1][5][11] Group 2: Consumer Spending and Price Trends - The Consumer Price Index (CPI) report for June shows a notable weakness in discretionary spending categories, with hotel and motel prices decreasing by 3.7% [2][3] - The Producer Price Index (PPI) data indicates a rare deflationary trend, with a net change of -0.1% over four months, and core PPI showing a decline for the first time since June 2020 [2][3] Group 3: Energy Demand Insights - Energy usage data confirms a decline in consumer activity, with gasoline consumption dropping to an average of 8.49 million barrels per day, significantly lower than previous years [4] - Overall oil demand is also reflecting this weakness, with total oil supply averaging around 20.1 million barrels per day, slightly above 2022 levels but below 2023 and 2024 [4] Group 4: Corporate Responses and Market Sentiment - Major hotel chains like Hilton and Wyndham have adjusted their revenue growth forecasts due to slowing consumer travel spending, attributing this to economic uncertainty [5][6] - Airlines such as Delta and Southwest have retracted their financial forecasts for 2025, reflecting a cautious outlook on consumer behavior [5][6] Group 5: Labor Market Challenges - The labor market is showing signs of deterioration, with the unemployment rate rising to 4.2% and non-farm employment growth slowing to an average of 120,000 per month [7][8] - Real disposable income growth is stagnating, with a reported annualized growth rate of 0.8% in Q2 2025, impacting consumer spending on non-essential items [7][8] Group 6: Market Discrepancies - The U.S. stock market has reached historical highs despite the underlying economic data indicating persistent consumer weakness, suggesting a disconnect between market sentiment and economic reality [9] - The optimism surrounding a potential rebound in consumer spending post-trade uncertainty may be misplaced, as structural issues in the economy are likely to persist [9][10] Group 7: Implications for Policy and Business Strategy - Policymakers may need to reconsider their stance on interest rates in light of the deflationary trends in discretionary sectors, potentially requiring more accommodative measures to stimulate demand [10] - Companies in the hospitality and airline sectors may need to adapt to prolonged periods of weak demand, possibly implementing cost-cutting measures that could further impact consumer confidence [10][11]

Group 1: Consumer Trends - The demand side is expected to see weak consumption sentiment in 2024, with internal structural differentiation [1] - Investment opportunities in consumption are shifting from total volume to structure and even individual stocks, highlighting the emergence of new consumer groups and changing consumption psychology [1] - Companies can leverage social media for viral marketing effects, enhancing the spread and creating growth loops [1] Group 2: Gold and Jewelry Industry - The gold and jewelry industry is transitioning from a channel-driven era to a brand and product-driven era, influenced by innovations in craftsmanship and the rise of domestic brands [2] - Lao Pu Gold, as a pioneer in traditional gold, integrates cultural elements with modern aesthetics, benefiting from the rationalization of high-end consumption [2] Group 3: IP Toys - Demand for emotional value is driving the rise of IP-based cultural and toy consumption, particularly in character-based products [2] - Briklo adopts a standardized approach to create figurines, achieving high standardization and competitive pricing, leading to significant growth [2] Group 4: Medical Aesthetics - The medical aesthetics industry is characterized by high barriers and is driven by product and regulatory innovations, transitioning from hyaluronic acid to regenerative and collagen materials [3] - Jinbo Biotechnology, a key player in the collagen market, has seen growth following the approval of its recombinant collagen injection products, with a favorable competitive landscape [3] Group 5: New Tobacco Products - Innovations in new tobacco products are rapidly replacing traditional tobacco, driven by advancements in supply-side technologies [4] - Philip Morris International, as a pioneer in heated tobacco products, has seen significant user growth, with 32.2 million users expected by the end of 2024 [4]