双旦消费热潮余温未散，春节、情人节接踵而至，得物App美妆消费迎来全年消费高峰。据得物App数 据显示，男士护肤品类持续走热，成为Z世代礼赠选择的新宠。在刚刚过去的双旦期间，国货品牌C咖 单月销售额同比增长19倍，谷雨同比增长10倍，男士护肤在得物App迎来爆发式增长。 据悉，谷雨品牌入驻得物App后，销售额已连续三年跨越式增长，结合得物App情人节、520、七夕、双 旦等四大礼赠节点，品牌2025年阶段同比增幅最高达200%，得物App成为谷雨全渠道高增速平台之 一。男士护肤线首月销量突破70万，当月售罄，成为得物App男士护肤赛道的"黑马爆款"，并成功复制 到全渠道，成为品牌第二增长曲线。新锐品牌C咖，2021年入驻得物App后，常年霸占品类TOP1，爆款 套装收获36万人付款，单品成交近6000万。 作为近年来增速最为迅猛的品类之一，得物美妆业务凭借庞大的年轻用户基数、独特的礼赠消费生态， 实现业务规模的跨越式增长，更成为国内外美妆品牌收获新人群、挖掘新增长的核心阵地。 作为全电商平台中用户最年轻的平台，得物App90后用户占比超9成，在2.6亿95后年轻人中的渗透率高 达70%，男女用户占比达52%: ...

来源：北京日报客户端 ...

Market Overview - The A-share market shows a divergence with the main board strengthening while the ChiNext board remains under pressure, with the Shanghai Composite Index successfully reclaiming the 4000-point mark [2] - Market sentiment is fluctuating, with over 3300 stocks closing in the green, and the total trading volume in the Shanghai and Shenzhen markets reaching 2.17 trillion, an increase of 175.4 billion from the previous trading day [3] Economic Indicators - The strong performance of consumer sectors such as food and beverage, liquor, and tourism is attributed to the rebound in October's CPI and core CPI data, signaling a recovery in domestic demand and boosting confidence in economic stabilization [3][4] - The Ministry of Finance has reiterated its commitment to continue implementing special actions to boost consumption, providing policy support to these sectors [4] Policy Outlook - The release of the "14th Five-Year Plan" marks the beginning of a new five-year economic and industrial development framework, which will serve as a foundation for future policies and provide a starting point for the policy tone leading up to 2026 [5][7] - Key areas of focus include industrial structure upgrades, technological self-reliance, and boosting domestic consumption [8][10] Sector Focus - For industrial structure upgrades, attention should be directed towards sectors such as mining, chemicals, machinery, and shipbuilding [11] - In terms of technological self-reliance, sectors like new energy, new materials, low-altitude economy, artificial intelligence, integrated circuits, and industrial mother machines are highlighted [11] - The domestic consumption boost should focus on retail, social services, food and beverage, and certain new consumption areas [11] Market Trends - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain the main themes of the bull market [12] - Historical trends indicate that the current market may be in the second phase of a multi-stage rally, with significant potential for growth [14] Investment Opportunities - In the TMT sector, key areas of interest include AI and storage, with AI driving technological innovation and industry transformation, while storage is expected to benefit from sustained demand due to AI [15][16] - In advanced manufacturing, focus areas include humanoid robots, liquid cooling, solid-state batteries, and PCB, with significant developments anticipated in 2026 [17][18] Future Market Dynamics - The market is expected to enter a phase of intense policy expectation, with domestic policies centered around the "14th Five-Year Plan" and the upcoming Central Economic Work Conference, while international policies will be influenced by U.S.-China relations and potential policy shifts from the U.S. midterm elections [21] - Key upcoming events include annual performance forecasts and quarterly reports, which will further validate industry conditions [22]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 PMI 数据：制造业 PMI 回升至荣枯线以上 2 月制造业 PMI 为 50.2% ，前值为 49.1% 。具体分项来看： 1 ） PMI 生产指数为 52.5% ，前值为 49.8% ，回升 2.7 个百分点。 2 ） PMI 新订单指数为 51.1% ，前值为 49.2% 。 PMI 新出口订单指数为 48.6% ，前值为 46.4% 。 3 ） PMI 从业人员指数为 48.6% ，前值为 48.1% 。 4 ）供货商配送时间指数 为 51.0% ，前值为 50.3% 。 5 ） PMI 原材料库存指数为 47.0% ，前值为 47.7% 。 PMI 点评：回升的思考 （一）为何回升：春节或是主导因素 2 月，制造业与建筑业 PMI 明显回升，或主要来自春节因素。比较 2018-2025 年每年春节所在月的 PMI 与春节所在月下一个月的 PMI （注： 2020 年和 2022 年受疫情影响较大，不予考虑），均是明显回升的 走势。 1 ）制造业 PMI ...

报 告 正 文 2 月制造业 PMI 重返线上，供需双升，价格上行；非制造业商务活动指数线上扩张，服务业回落至临界点， 建筑业线上回升，其中土木工程建筑业升幅较大。 PMI 表现如何？制造业方面， 2 月全国制造业 PMI 录得 50.2% ，较上月回升 1.1 个百分点，重返扩张区间。 1-2 月制造业 PMI 录得 49.7% ，高于去年同期及过去五年同期均值水平。春节过后，制造业陆续复工复产， 市场需求普遍回升，生产采购活动明显增长，原材料价格有所回升，产成品价格降势收窄，大型企业支撑作用 稳步加强，企业预期较为乐观。 非制造业方面 ， 2 月非制造业商务活动指数保持线上扩张，其中，随着春节 后陆续开工复工，建筑业商务活动指数升至扩张区间，其中土木工程建筑业商务活动指数升至为 65.1% ，表 明节后基础设施项目建设施工进度加快；不过受节前集中采买，节后假日效应消退等因素影响，与居民消费相 关的零售、住宿、餐饮等行业商务活动指数回落较为明显， 2 月服务业商务活动指数回落至临界点。 此外，有三点值得关注 ： 一是剔除春节效应来看制造业 PMI 仍高于去年 。本月 PMI 回升虽然受到 1 月提前 放假导 ...