凤凰网科技讯12月31日国际监测和数据分析公司尼尔森昨日发布了最新的"中国线上消费品牌指 数"(CBI)分析报告。报告指出，在当前的市场环境下，中国线上消费市场展现出较强的韧性，2025年第 三季度CBI指数较2023年同期增长4.4%，同比去年提升0.92%。数据表明，线上渠道不仅是销售增长的 主阵地，其运营逻辑正从单纯依赖大促爆发，转向大促与平峰期协同发展的常态化经营。 根据尼尔森的监测数据，三季度快消品行业线上销售额同比增长16.8%，这一增速高于2024年同期的 14.3%。分析认为，随着双11等大促节点完成声量与规模的阶段性跃迁，常态化的"平峰期"已成为品牌 沉淀用户资产的关键节点。报告强调，在非大促期间，复购率已成为衡量品牌运营能否成功的核心指 标。通过精细化的流量承接与会员留存机制，品牌能够将大促期间获取的流量转化为长期稳定的基本 盘，从而在随后的商业周期中释放更高质量的增长潜力。 针对上榜CBI500强的品牌分析显示，电商行业的增长驱动力正在发生代际更替。区别于以往主要依赖 平台流量分发和价格竞争的模式，场景化叙事与深度用户运营正在成为新的增长极。头部品牌更倾向于 通过新品发布、节日礼赠及定制 ...

■ 本报记者 邵志媛 政策与市场双重驱动 全年将延续稳健增长 从实物消费的城乡覆盖到服务消费的热度攀升，线上消费亮眼表现的背后，是市场韧性与政策支持的双 重驱动。 线上消费作为扩内需、促消费的重要引擎，正以强劲增长态势为经济高质量发展注入澎湃动能。国家统 计局发布的数据显示，1—11月份，实物商品网上零售额同比增长5.7％，增速快于社会消费品零售总额 1.7个百分点，占社会消费零售总额的比重达到25.9％。数字消费、绿色消费、健康消费日益成为消费新 热点，对消费的引领和支撑作用日益显现。 不久前召开的中央经济工作会议提出，深入实施提振消费专项行动，制定实施城乡居民增收计划。扩大 优质商品和服务供给。受访专家分析，进入年末消费旺季，线下商家加速备货、线上平台发力促销，双 重动力将推动网上零售额持续增长，预计全年延续稳健态势。后续还需通过优化消费环境、细化服务标 准以提升体验，同时创新消费场景、结合新业态拓展空间，并加大消费补贴、优化金融支持政策降低门 槛，让消费者敢消费、愿消费，买得放心。 鲜货跨省达 服务随时享 山西太原市民杨女士近日拆开了一个从青海远道而来的包裹，里面是女儿特意通过电商平台订购的草原 新鲜羊 ...

12月24日，新黄河记者从山东省统计局获悉，1-11月，山东实现社会消费品零售总额38143.9亿元，同 比增长5.2%。其中，11月当月实现社会消费品零售总额3821.8亿元，增长3.5%。 基本生活类商品增势稳定。1-11月，山东限上粮油食品类、饮料类、烟酒类、日用品类零售额分别增长 10.4%、12.5%、13.0%和17.1%，除粮油食品类增速与1-10月持平外，其他分别较1-10月增速加快2.0、 0.2、0.3个百分点，合计拉动限上零售额增长2.5个百分点。 部分升级类商品增速较快。手机、平板电脑等通信计算机设备新品发售，带动相关升级类消费需求不断 释放。1-11月份，限额以上单位通信器材类、文化办公用品类商品零售额分别增长28.2%、20.7%，延续 两位数增长态势，合计拉动限上零售额增长1.5个百分点。 线上消费带动作用明显。在网购促销与国补政策双重利好作用下，线上消费活力进一步释放，网上零售 规模稳步增加。1—11月，山东限上实物商品网上零售额增长16.7%，快于同期限上零售额增速11.0个百 分点。限上实物商品网上零售额占限上零售额的比重为17.8%，较1-10月提高0.2个百分点。 ...

消息面上，政策提出，要抢抓市场拓展发展空间，密切关注宏观形势，加强行业运行结构性、趋势性分 析，加大滚动监测力度，提升产供储销各环节的反应灵敏度。要探索运用各种大数据模型和行业模型， 精准捕捉潜在市场需求，创新提升商品和服务品质，培育壮大文旅、数字、健康等消费新场景，努力形 成新的增长点。 华源证券指出，新兴消费品的蓬勃发展折射出新世代年轻人在当前社会环境下所孕育出的新兴消费观 念，正确的解读此类全新的消费叙事是抓住新消费公司成长的关键因素。因此，在美护方面，建议关注 基于较高专业性与创新性的优质国货品牌；黄金珠宝方面，建议关注更受年轻消费者欢迎的古法黄金赛 道头部品牌；潮玩方面，建议关注具备IP创造及对IP运营有丰富的成功经验的公司；现制茶饮方面，建 议关注品牌力较强且业务覆盖区域较广的头部茶饮品牌。 截至2025年12月24日 09:52，中证沪港深线上消费主题指数(931481)下跌0.51%。成分股方面涨跌互现， 浙数文化(600633)领涨1.84%，万润科技(002654)上涨1.41%，中国电影(600977)上涨0.92%；巨人网络 (002558)领跌4.47%，恺英网络(002517)下跌 ...

Group 1 - The core viewpoint of the article highlights that despite budget constraints, consumer demand for electronics and new clothing remains strong, leading to a year-over-year retail sales increase of approximately 4% during the holiday season in the U.S. [1] Group 2 - Visa reported that from November 1 to December 21, U.S. retail sales (excluding automobiles, gasoline, and dining) grew by 4.2%, slightly below the October forecast of 4.6% for the full two months [1] - Mastercard indicated that its data, which includes retail and dining establishments, showed a year-over-year sales increase of 3.9%, surpassing the previous expectation of 3.6% [1] Group 3 - Both companies noted that early promotional activities and the convenience of online shopping contributed to the growth of online sales, which outpaced physical store sales [2] - Visa stated that physical stores still dominate consumer spending, accounting for 73% of transactions, while online transactions represent 27% [2] Group 4 - The growth in consumer spending was led by electronics, with Visa reporting a year-over-year sales increase of 5.8% for products like televisions and smartphones, followed by a 5.3% increase in clothing and accessories [2] - Mastercard mentioned that seasonal promotions and cold weather stimulated demand for new clothing, with jewelry also seeing increased consumer interest this year [2]

Core Insights - The online consumption theme index (931481) has shown a positive trend, with significant increases in key component stocks such as Yonghui Supermarket (up 4.55%) and Kid King (up 4.34%) [1] - AI tools have become integral to the e-commerce landscape, enhancing user experience and operational efficiency during the 2025 Double 11 shopping festival [1] - The online retail sector in China has seen a year-on-year growth of 5.7%, with the online retail sales of physical goods reaching 11.82 trillion yuan, indicating a strong consumer demand [2] Group 1: Market Performance - The online consumption ETF fund (159793) has risen by 0.30%, marking its third consecutive increase, with the latest price at 1.01 yuan [1] - The top ten weighted stocks in the online consumption theme index account for 55.21% of the index, with major players including Alibaba-W, Tencent Holdings, and Meituan-W [3] Group 2: E-commerce Trends - AI tools launched by Alibaba have significantly improved click-through rates and return on investment for merchants, with a 10% increase in total clicks and a 12% rise in ROI [1] - The e-commerce platforms are focusing on enhancing user experience and operational efficiency rather than just scaling, which is beneficial for the long-term health of the industry [2]

Core Viewpoint - The new consumption patterns in China are steadily growing, with emerging models like instant retail and live-streaming e-commerce showing rapid development, indicating a significant shift in consumer behavior [1] Group 1: Online Retail Growth - From January to November, the online retail sales of physical goods increased by 5.7% year-on-year, outpacing the total retail sales of consumer goods by 1.7 percentage points [1] - Online retail now accounts for 25.9% of the total retail sales of consumer goods, highlighting its growing importance in the market [1] Group 2: Emerging Consumption Trends - Digital consumption, green consumption, and health-oriented consumption are becoming new hotspots, playing an increasingly significant role in supporting and leading overall consumption trends [1] - The retail volume of new energy vehicles in the passenger car market has maintained rapid growth during the same period [1]

Group 1 - The core viewpoint of the articles highlights the positive impact of consumer policies in Jinan, leading to a stable retail market and increased consumer demand in 2023 [1][2] - From January to October, the retail sales of consumer goods in Jinan reached 166.7 billion yuan, showing a year-on-year growth of 1.5% [1] - Online consumption has seen significant growth, with retail sales through public networks amounting to 44.58 billion yuan, a year-on-year increase of 20.8%, which is 19.3 percentage points higher than the overall retail sales growth [1] Group 2 - The sales of communication equipment and cultural office supplies have experienced substantial growth, with increases of 38.3% and 30.3% respectively, contributing 2.0 and 0.5 percentage points to the overall retail sales growth [1] - The retail sales of basic living goods, including grain, oil, food, beverages, and tobacco, grew by 8.3%, surpassing the overall retail sales growth by 6.8 percentage points, contributing 1.1 percentage points to the total [2] - Daily necessities also showed a positive trend, with retail sales increasing by 11.4%, contributing an additional 0.2 percentage points to the overall growth [2]

Core Insights - The total social logistics volume in China reached 293.7 trillion yuan from January to October this year, showing a year-on-year growth of 5.1%, with a monthly growth of 4.8% in October [1] Group 1: Logistics Demand and Growth - The logistics demand scale is steadily growing, with structural adjustments becoming more pronounced [1] - The logistics volume of industrial products increased by 5.3% year-on-year from January to October [1] - In October, logistics demand related to automobile manufacturing grew significantly by 16.8% year-on-year, indicating strong growth momentum [1] Group 2: Consumer Goods Logistics - The logistics volume for units and residential goods maintained a rapid growth rate, with a year-on-year increase of 6.4% from January to October [1] - Online consumption logistics remain active, with new business models such as instant retail and live e-commerce experiencing double-digit growth in related logistics demand [1] Group 3: New Energy Sector - The logistics demand for the new energy industry chain continues to grow at a high speed, with logistics volumes for new energy vehicles and lithium-ion batteries for automobiles increasing by 19.3% and 30.4% year-on-year in October, respectively [1]

Group 1 - The Hang Seng Index fell by 0.45% and the Hang Seng Tech Index dropped by 0.98% during the midday close on November 19, with personal care products and industrial group sectors showing gains, while water and life sciences tool sectors experienced declines [1] - The Global Express Development Report (2025) indicates that the global express parcel business volume is expected to reach approximately 26.79 billion pieces in 2024, representing a year-on-year growth of 17.49%, with business revenue projected at 4.6037 trillion yuan, a 14.05% increase [1] - The Asia-Pacific region maintains a significant advantage in the express parcel business, with a volume exceeding 21 billion pieces, accounting for 78.9% of the global total, and nearly 40% of the business revenue [1] - China's express parcel business volume reached 1.758 billion pieces in 2024, marking a year-on-year growth of 21.5%, with business revenue of 1.40335 trillion yuan, reflecting a 13.8% increase [1] - China's express market has maintained its position as the largest globally for eleven consecutive years, achieving a remarkable average of 10 billion pieces per month, showcasing the industry's strong vitality and potential [1] Group 2 - Under the backdrop of ongoing growth stabilization policies, the service consumption and tourism duty-free policies are intensifying, leading to structural opportunities in the consumption chain [2] - Service consumption and online consumption continue to show resilient growth, with policy-driven sectors like tourism and education exhibiting higher elasticity [2] - The reform of duty-free channels, combined with the facilitation of inbound travel, is expected to become a core engine for the next phase of consumption recovery [2] Group 3 - Related popular ETFs include: Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, Food and Beverage ETF (515170) aimed at boosting domestic demand and undervalued sectors, and Hong Kong Consumption ETF (513230) focusing on e-commerce leaders and new consumption trends [3]