□新华社"新华视点"记者 王雨萧 李晓婷 张斌 不少人注意到，有着"互联网原住民"之称的"00后"，近来有一部分人开始从线上消费转战线下逛街了。 "二次元街区"成为城市新地标，IP联名快闪活动人气火爆，商场变身融合社交、文化、购物的生活"体 验场"……"新华视点"记者走访发现，多地商场正通过焕新改造吸引年轻客群，寻求突围。 传统商场变得时尚、轻盈 麦肯锡发布的《2024年中国消费趋势调研》显示，64%的消费者更加看重精神消费，年轻消费者对精神 消费的重视程度更高。 延伸空间功能—— 步入广州市天河区的正佳广场，宛如走进一座微缩的城市乐园：一侧是深海蓝幕下徜徉的鲸影，情侣 在"海底世界"前驻足合影；另一侧，孩子们裹着棉服在冰雪世界里嬉戏笑闹。消费者购买的不只是某件 商品，还是一份美好的记忆。 冬日的北京寒风凛冽，王府井喜悦购物中心里却是人气爆满的火热景象：1万多平方米的"二次元主题街 区"人头攒动，年轻人兴奋地抽取盲盒、交换"谷子"。 "我们引入国潮文化、二次元、独立主理人品牌，打破传统商场'老旧'的刻板印象，营造年轻、时尚、 潮流的体验空间。"王府井喜悦购物中心总经理助理张孟久说，今年以来商场销售额和客流显著 ...

以下文章来源于青澄财经 ，作者青沐 青澄财经 . 了解有价值财经资讯 老 铺黄金的"金身"开始出现裂缝。 文 ｜ 青沐 编辑 ｜ 六子 来源｜ 青澄财经（ID：qccj_001） 封面来源 ｜ IC Photo 金价狂欢过后，老铺黄金的"金身"开始出现裂缝。 继今年2月、8月两次调价后，老铺黄金近日宣布年内第三次涨价，大部分产品涨幅达18%-25%，但与此 前消费者争相排队抢购的火热景象不同，这一次市场态度明显分化。 去年，老铺黄金是当之无愧的"黄金顶流"，北京SKP、上海豫园等高端门店前常年排起长队，部分热门款式甚至"一金难求"。然而，此番涨价后，虽然仍有 消费者赶在涨价前排队抢购，但部分门店客流已较此前冷清，不用排队也能直接购买。 与此同时， 老铺黄金的股价也出现了戏剧性的转折。 去年，老铺黄金股价一路狂飙，较发行价最高涨幅超26倍。但从今年7月开始，其股价开始持续下滑， 距最高点已跌超40%。 老铺黄金与同行大相径庭的超高业绩表现，吸引了大批机构投资者纷纷押注，他们看中的，正是其区别于传统黄金珠宝品牌的差异化竞争力。 首先，是差异化的品牌故事。 老铺黄金是中国第一家推广"古法黄金"概念的品牌，其中"花丝 ...

Core Insights - The article highlights the investment strategies of Chen Bo, a fund manager at Shangyin Fund, who successfully manages both dividend and technology-focused funds, demonstrating a unique ability to navigate different asset classes [1][2]. Group 1: Investment Strategy - Chen Bo employs a "barbell strategy" that combines dividend and technology assets, allowing investors to switch between aggressive and defensive positions based on market conditions [2][17]. - The strategy has performed well during market fluctuations in 2023 and 2024, showcasing its adaptability [2]. - Key investment principles include "small but beautiful Alpha," high Return on Equity (ROE), and a focus on dynamic portfolio rebalancing to optimize risk-reward ratios [3][11][26]. Group 2: Performance Metrics - Chen Bo's fund, Shangyin Future Life Flexible Allocation A, has received a dual five-star rating for its performance over three and five years, ranking in the top 10% of its peers [1]. - The fund's performance metrics include a three-year ranking of 101 out of 1718 and a five-year ranking of 249 out of 1488 [1]. Group 3: Investment Philosophy - The investment philosophy emphasizes the importance of high ROE as a criterion for selecting quality companies, with a long-term view on maintaining above-average returns [3][19]. - Chen Bo believes that both dividend and technology assets benefit from a low-interest-rate environment, which supports their growth potential [2][18]. - The focus on identifying companies with clean balance sheets and high growth potential is central to the investment approach [11][12]. Group 4: Market Outlook - Chen Bo expresses optimism about the Chinese equity market, anticipating a systemic revaluation of risk assets, which could lead to significant wealth transfer as market conditions improve [27]. - The article suggests that various asset styles, including both dividend and growth stocks, will perform well in a true bull market [27].

Core Insights - The National Taxation Administration reported a 4.5% year-on-year increase in daily sales revenue for consumption-related industries during the National Day and Mid-Autumn Festival holiday period, with goods consumption rising by 3.9% and service consumption by 7.6%, indicating strong demand in tourism and cultural services [1][2] - The overlap of the National Day and Mid-Autumn Festival created an eight-day "super golden week," leading to a record 2.432 billion inter-regional trips, reflecting heightened travel enthusiasm among the public [1] - There is a notable shift in consumer spending from traditional goods to cultural and experiential services, with a significant increase in sales for cultural arts services by 18.6% and sports-related services by 12.5% to 15.4% [2][3] Consumption Trends - Consumers are increasingly prioritizing experiences over material possessions, moving from "sightseeing" to "cultural experiences," with a growing interest in in-depth tourism such as museum visits and cultural events [2] - The trend of "traveling with events" is emerging, where tourists seek experiences tied to performances and exhibitions, leading to a rise in interest for lesser-known destinations that offer both natural beauty and cultural richness [2][3] Event and Performance Impact - Major sporting events and performances during the holiday, such as the China Open Tennis and various music festivals, have significantly driven consumer spending, creating a comprehensive consumption chain that includes transportation, accommodation, dining, and sightseeing [3] - However, there is a noted lack of high-quality supply in cultural and entertainment offerings, with a need for more unique and engaging content to meet consumer demands for immersive and interactive experiences [3][4] IP Development and Cultural Economy - The creation of core cultural intellectual properties (IPs) is essential for expanding related services and products, fostering a sustainable cycle of demand and supply in the cultural economy [4] - The success of recent IPs, such as "My Alashan" and "Black Myth: Wukong," demonstrates the potential for cultural products to attract tourists and create lasting engagement, highlighting the importance of innovative content in driving the cultural consumption sector [3][4]

Group 1 - The AI Fund, Jiaoyin Industrial Opportunity Mixed Fund (010094), reported a profit of 194 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1223 yuan [3] - The fund's net value growth rate for the reporting period was 14.22%, and as of the end of the first half, the fund size was 1.543 billion yuan [3] - The fund manager highlighted the ongoing observation of trade friction developments and their impact on various assets, as well as domestic response strategies and macroeconomic trends [3] Group 2 - The fund's recent performance includes a three-month net value growth rate of 18.33%, a six-month growth rate of 20.13%, a one-year growth rate of 60.96%, and a three-year growth rate of 20.04%, ranking it within the top half of comparable funds [6] - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 26.62 times, compared to the industry average of 29.05 times [13] - The fund's weighted average revenue growth rate for the first half of 2025 was 0.06%, and the weighted average net profit growth rate was 0.1% [21] Group 3 - The fund's top ten holdings include companies such as Pop Mart, Kying Network, and Tencent Holdings, indicating a high concentration in its stock holdings [45] - As of June 30, 2025, the fund had a total of 18,700 holders, with individual investors holding 93.86% of the shares [39] - The fund's turnover rate for the last six months was approximately 97.82% [42]

Core Viewpoint - The article discusses the decline of traditional shopping malls in China, highlighting the shift in consumer behavior and the rise of new retail formats, leading to a significant number of mall closures across the country [5][10][14]. Group 1: Decline of Shopping Malls - Huizhou Junshang Department Store will officially close in August, marking the end of a 20-year presence in the local market [5]. - Many shopping malls are experiencing a decline, with once-bustling areas now showing signs of emptiness, including vacant restaurants and stores seeking to transfer leases [7][8]. - In Shanghai, several large malls have closed in recent years, including Pacific Department Store and Meilong Town Isetan, indicating a broader trend of mall closures despite an increase in the number of malls [11][13]. Group 2: Factors Contributing to Decline - The decline is attributed to consumer downgrade, with high-end malls being the first victims in major cities. In 2024, national retail sales grew by 3.5%, while Shanghai saw a decline of 3.1% [14][16]. - Economic factors such as layoffs in tech and finance sectors have led to reduced consumer spending, further impacting high-end malls like Beijing SKP, which saw a 17% drop in sales in 2024 [16][17]. - The rise of new retail formats, particularly instant retail, is reshaping consumer preferences, with the market expected to exceed 2 trillion yuan by 2030 [18]. Group 3: Internal Challenges of Malls - Shopping malls face issues of attractiveness due to homogenization, with many offering similar brands and dining options, leading to a lack of consumer interest [20]. - The real estate sector has inflated the asset values of malls, resulting in a disconnect between perceived and actual value, contributing to the decline of many commercial properties [22]. Group 4: Market Segmentation and Transformation - Despite the decline of traditional malls, some shopping centers are thriving by innovating and adapting to consumer needs, with over 73% of shopping centers reporting sales growth in 2024 [28]. - The rise of independent supermarkets and convenience stores is also diverting consumer traffic away from traditional malls, with convenience store sales increasing by 4.7% in 2024 [33]. Group 5: Growth of County-Level Commercial Entities - In contrast to the decline in major cities, county-level commercial entities are on the rise, driven by urbanization and increased consumer spending in rural areas [36][38]. - The county-level retail market is expanding, with retail sales in rural areas growing faster than in urban centers, indicating a shift in consumer behavior and demand [39].

Core Viewpoint - The retail landscape is undergoing significant changes, with many traditional shopping malls facing closures due to declining consumer demand and the rise of new retail formats, leading to a bifurcation in the market between thriving and struggling commercial entities [5][6][19]. Group 1: Decline of Traditional Malls - Numerous shopping malls are closing, with at least 38 malls shutting down in 2024, 76% of which have been operating for over 10 years [6][7]. - Major cities like Shanghai are experiencing a negative growth rate in retail sales, with a 3.1% decline in 2025's first quarter [5][7]. - The decline is attributed to consumer downgrading, with retail sales in Shanghai decreasing by 3.1% and in Beijing by 2.7% in 2024 [7][8]. Group 2: Impact of E-commerce and New Retail - The rise of new retail formats, particularly instant retail, is significantly impacting traditional malls, with the instant retail market expected to exceed 2 trillion yuan by 2030 [12]. - Instant retail offers convenience and immediacy, which traditional malls struggle to compete against [11][12]. Group 3: Internal Challenges of Malls - Many malls suffer from a lack of differentiation, leading to consumer disinterest, as evidenced by over 6000 shopping centers with a total area of 5.6 billion square meters [14]. - The asset values of many commercial properties have been inflated, leading to a disconnect between perceived and actual value [14][16]. Group 4: Market Segmentation and Transformation - Despite the decline of traditional malls, some shopping centers are thriving by innovating and adapting to consumer preferences, with 73% reporting sales growth in 2024 [19][20]. - The rise of independent supermarkets and convenience stores is reshaping consumer behavior, with convenience store sales increasing by 4.7% in 2024 [22]. Group 5: Growth in County-Level Markets - In contrast to urban malls, county-level commercial entities are expanding, with retail sales in rural areas growing faster than in urban centers [23][24]. - The urbanization rate reached 67% in 2024, leading to increased consumer spending in county markets [23].

Core Insights - The article highlights the successful launch of the art exhibition "Light, Transparency, Reflection" by renowned artist Yayoi Kusama in Chengdu, which has become a social media sensation and a new landmark in the city [1][2] - The event is orchestrated by Jingji Zhino (000048), a company traditionally known for pig farming and real estate, showcasing its capability to operate high-profile international IPs [2][3] Company Strategy - Jingji Zhino is transitioning from a focus on material consumption to emotional value, recognizing that "emotional value" is the only growth area as material consumption enters a phase of stock competition [3][4] - The company aims to leverage the high recognition and scarcity of Yayoi Kusama's IP to establish itself as a "spiritual consumption operator," validating its capabilities in acquiring top-tier IPs and localizing operations [3][4] Market Positioning - The IP market is crowded with competitors like Pop Mart and Disney, but Jingji Zhino believes it can carve out a niche by combining top-tier IP collaborations with self-developed IPs, creating a dual-track strategy [8][9] - The company plans to enhance its brand through short-term collaborations with top-tier IPs while nurturing its own IPs for long-term value [8][9] Consumer Engagement - The Chengdu exhibition's success is attributed to its tailored design for the local market, including a 400-square-meter outdoor futuristic exhibition hall and interactive products that resonate with the younger demographic [7][8] - By integrating local culture with high-end art, the exhibition has transformed art into a social currency, validating the model of making high-end IP accessible to the general public [7][8] Future Outlook - Jingji Zhino's IP business is seen as a "second growth curve," focusing on the trendy art sector and combining high-end IP operations with self-developed core products [9][10] - The company aims to differentiate itself by selling experiences alongside products, creating immersive art consumption scenarios that encourage repeat purchases [10]

Group 1 - The article discusses the emotional and social value derived from spending on virtual characters and idol culture, highlighting how these expenditures serve as a coping mechanism for young individuals facing real-world pressures [1][2][12] - It emphasizes the shift in spending priorities among younger generations, where emotional consumption is prioritized over traditional necessities, reflecting a clear value hierarchy in their spending habits [1][12] - The narrative illustrates personal experiences of individuals who invest significantly in virtual goods and idol interactions, showcasing the psychological benefits and emotional support they derive from these activities [3][13][28] Group 2 - The underground idol culture in China is thriving, with young fans engaging in live performances and personal interactions with idols, which provide a sense of community and emotional fulfillment [13][16][22] - The phenomenon of "cutting" or taking photos with idols after purchasing special tickets highlights the unique emotional connections formed between fans and idols, which are often absent in their real-life relationships [16][20] - The financial commitment to idol culture is substantial, with fans spending thousands on tickets and merchandise, indicating a willingness to invest in experiences that enhance their emotional well-being [17][24][28] Group 3 - The rise of otome games (female-targeted romance simulation games) reflects a growing trend in the gaming industry, where players seek emotional engagement and self-exploration through virtual relationships [28][29] - Players often find solace and encouragement in the narratives of these games, which can provide valuable life lessons and emotional support during challenging times [29][40] - The financial investment in these games is seen as worthwhile by players, as they believe the emotional and psychological benefits outweigh the costs, leading to a shift in how spending is perceived [39][40]

Core Viewpoint - The equity market continues to show a rebound trend from the "9.24" rally, while the fixed income market experiences fluctuations in a historically low-risk interest rate environment. Overall, various fund indices have yielded positive results in the first half of 2025 [1]. Equity Market - In the second half of 2025, the equity market is expected to face downward pressure but is supported by a stable economic fundamental. The introduction of further reforms in the Sci-Tech Innovation Board by the CSRC in June is anticipated to maintain market activity, although external complexities and domestic demand pressures may lead to a primarily fluctuating stock market with an upward central tendency [5]. - Key sectors to focus on include dividends, pharmaceuticals, military industry, and AI applications [5]. Fund Manager Insights - Fund Manager Yang Jiannan highlights the promising outlook for the pharmaceutical sector driven by innovative drugs, with domestic companies increasingly entering global markets through licensing agreements [6]. - Fund Manager Chen Bo emphasizes the rapid development of new productive forces, including AI and high-end manufacturing, and the rising penetration of spiritual consumption products [7]. - Fund Manager Lu Yang notes that large-cap indices have rebounded to median valuations, and investment strategies will focus on bottom-up stock selection based on industry competition and company performance [8]. Fixed Income Market - The fixed income market is characterized by a pragmatic approach, with limited expectations for significant interest rate cuts in the second half of the year. The central bank is expected to prioritize the stability of the banking system's liabilities and optimize policies based on macro-prudential principles [9]. - The market is likely to see a focus on short-term rates and credit products, with convertible bonds standing out due to their dual advantages in a resilient stock market [9]. Fund Manager Insights - Fund Manager Cai Weifeng reports a mixed strategy in the bond market, achieving moderate net value growth despite a challenging environment [10]. - Fund Manager Chen Fangfei observes that the bond market experienced fluctuations, with the central bank's actions providing some support, while maintaining a high duration strategy [12]. - Fund Manager Xu Jia notes that external risks have influenced bond market trends, with a focus on internal economic conditions as the market stabilizes [14].