Core Insights - The 2025 China Fashion Industry Gala, themed "Fashion China, Glory of the East," was inaugurated in Shanghai, guided by the Ministry of Culture and Tourism of China and the Shanghai Municipal Government [1] - The event featured the release of the "China Fashion Consumption Development Report," which analyzed consumer fashion concepts, preferences, and habits across different demographics, revealing a comprehensive view of "Chinese fashion" consumption [3] Industry Overview - The report indicates that the "Chinese fashion" consumption market is projected to reach between 2 trillion to 3 trillion yuan, becoming a significant driver of consumption upgrades [3] - Key trends in "Chinese fashion" consumption include the transition from niche interests to mainstream trends, diversification from single categories to multiple fields, and a shift from mere decoration to lifestyle leadership [3] - Eight highlights of "Chinese fashion" consumption were identified: integrated development across the entire industry chain, breakthrough innovations, regional collaborative effects, technology empowering fashion, revitalization of intangible cultural heritage, regional characteristics becoming mainstream, domestic brands going global, and cross-industry collaborations [3] Emerging Opportunities - The Chinese fashion industry has shown robust growth in traditional sectors like apparel, beauty, and home decor, while also exploring new dimensions such as technology integration, cultural empowerment, and sustainable development [5] - The gala will host a fashion industry investment conference, bringing together representatives from various sectors including culture and tourism, beauty, real estate, apparel, and fast-moving consumer goods, along with over 150 financial institution investors [5]

New Consumption Overview - Kind LLC, a subsidiary of Mars, launched a new series of grain energy bars made from five different types of grains, designed to provide sustained energy without sugar spikes or artificial ingredients [2] - Meco announced the popular idol group Times Youth League as its new brand ambassador, releasing a themed short film featuring the group [4] - Coca-Cola Japan introduced a new product, Georgia Clear Black, a black coffee that retains the richness and aroma of coffee while offering an unprecedented refreshing taste [7] - Master Kong launched a new low-sugar, high-fiber iced tea, reducing sugar content by 50% while maintaining a refreshing taste [8] - Nestlé collaborated with Hongdu Daping to launch seasonal limited products inspired by the fragrance of Jiangxi's gardenia flowers [8] - Atomy is considering acquiring a 63.38% stake in its subsidiary, Aikang Industry, for approximately 600 billion KRW [8] - ST United announced plans to acquire 100% of the shares of Jiangxi Runtian Industrial Co., Ltd. through a combination of stock issuance and cash payment [8] - Prada announced its acquisition of a 10% stake in Italian leather manufacturer Rino Mas Trotto to strengthen its strategic position in the leather supply chain [8] - ListenHub secured millions of dollars in angel funding from Sequoia China to enhance technology and market expansion [8] - Lantrilis received regulatory approval to acquire General Mills' yogurt business in the U.S., with the transaction expected to complete by the end of June [12] - Off&Relax launched a new offline experience space in Shanghai, showcasing its dual-effect collagen hair care products [13] - Goldwin opened its first flagship store in Kyoto, designed with a concept that combines local elements and modern aesthetics [13] - UR's sister brand OF opened its first independent store in Guangzhou, marking the start of its offline expansion [13] - Yili Group signed a strategic cooperation agreement with General Technology Group to collaborate on elderly nutrition solutions and health service systems [13] - The Shenzhen Stock Exchange decided to terminate the listing of Renrenle's stock, with the last trading date expected to be July 3, 2025 [14]

Core Viewpoint - The "Jing'an Fashion Cultural Landmarks" were officially launched, aiming to gather top international fashion resources and enhance the fashion industry's profile in Jing'an and Shanghai, promoting Chinese fashion on the global stage [1][3]. Group 1: Development Strategy - Jing'an District is exploring a high-quality development path by integrating culture and tourism to stimulate commerce, providing a successful model for urban cultural tourism and commercial integration [3]. - The district has leveraged its international positioning, comprehensive industrial ecosystem, and forward-looking policy support to attract global fashion resources and cultivate influential local brands [3][4]. Group 2: Strategic Collaborations - Shanghai Jing'an Real Estate (Group) Co., Ltd. signed strategic cooperation agreements with leading global companies, covering key aspects of the entire fashion industry chain, including fashion exhibitions, jewelry appraisal, and supply chain management [3][4]. - These collaborations aim to provide comprehensive support for domestic and international fashion brands, enhancing Jing'an's position in the global fashion industry chain [3][4]. Group 3: Industry Upgrades - The series of major project signings will significantly promote the upgrade of Jing'an's fashion industry across the entire chain, marking a new phase of globalization and high-end development for the fashion ecosystem [3][4]. - The event themed "Fashion Coexistence: Gathering Strength in Jing'an" aims to connect brands and provide opportunities for precise matching, deep incubation, and comprehensive promotion, injecting strong momentum into the fashion industry [4].

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 本报告统计时间为2025.06.03-2025.06.06。 短期以稳应变，关注银行等偏防守板块。关税谈判阶段预期反复的概率仍然不小，经济下行压力 有所回升，风险偏好或难以大幅回升，且在有中央汇金托底的背景下，大盘权重下行空间相对有 限，尤其银行等抛压较小的板块预计将继续保持稳健。微盘股指数、成交占比、IM贴水呈"三 高"局面，尽管短期仍可能强势，但波动风险加大，一旦出现拐点则调整风险不小。因此建议耐心 等待科技、医药、服务消费（旅游、文娱、体育等）、新消费（玩具、宠物、谷子、时尚美容 等）调整后更具性价比的布局机会。 商品市场方面， 上周，贵金属、有色板块趋势强度大幅上升，能化、黑色板块延续其趋势性；基 差动量方面，黑色、贵金属板块基差动量快速上升，能化、有色板块基差动量快速下降；波动率 方面，贵金属、黑色板块波动率迅速上升；流动性方面，能化板块流动性较强，其余板块流动性 较为一般。 期权市场方面， 从隐含波动率水平来看，端午后上证50与中证1000隐波无明显趋势，上证50相比 中证10 ...

在肇庆总投资35亿元的希音湾区西部智慧产业园预计将在今年底竣工，该项目拟建设集智能分拣中心、 订单分拨中心及智能制造工厂等于一体的智慧化园区，在施工过程中，使用环保级建筑材料及节水节能 器具，严控扬尘和废弃物管理等绿色施工措施，配备新能源充换电设施等。同时，该产业园区将满铺屋 顶光伏，计划装机容量超过24兆瓦，预计每年可减少超过一万吨碳排放。（闫妍） 责任编辑：王馨茹 据不完全统计数据显示，SHEIN目前在建的重大供应链基建项目的投资总额超过百亿元。从这些项目的 规划设计、施工建造到管理运营全流程，均践行绿色环保和数智化理念。 其中，位于广州增城的希音湾区供应链项目，三期总投资达百亿元级别，预计引进产业人才高峰期可达 约10万人。该园区计划在屋面铺设太阳能光伏发电系统，仅此一项预计年均节省标准煤约8121吨，减排 二氧化碳约22000吨。 新浪科技讯 6月11日午间消息，最新数据显示，SHEIN2024年在包括仓储物流园区、服装制造创新研究 中心等在内的多个自营场所实施了近60项能效提升措施后，每年可减少用电超2300万度，相当于可满足 约5万户家庭一年的用电需求；每年可减少碳排放超1.3万吨，相当于约种植1 ...

Core Viewpoint - Beijing aims to enhance its fashion industry through the "High-Quality Development Implementation Plan (2025-2027)", focusing on smart design applications, innovation, and green development [1][2]. Group 1: Industry Development Plans - The plan includes the establishment of future design laboratories to foster an ecosystem for intelligent design applications by 2027 [1]. - The fashion industry will expand to include smart electronic products, smart home items, and smart travel goods, integrating advanced technologies like AI and IoT [1]. - The initiative promotes the use of generative AI in design, virtual prototyping, and immersive user experiences to reduce R&D cycles and enhance product iteration [1]. Group 2: Key Focus Areas - In addition to tech products, the fashion industry will also prioritize clothing, beauty products, health foods, sports gear, and creative arts [2]. - The plan encourages collaboration across the supply chain, fostering shared resources in R&D, manufacturing, and market services [2]. - Beijing will develop fashion-themed industrial parks that combine design, manufacturing, and display functions, creating a diverse and open fashion ecosystem [2].

Market Performance - On June 9, the Shanghai Composite Index rose by 0.43%, the Shenzhen Component Index increased by 0.65%, and the ChiNext Index gained 1.07%[3] - Market turnover reached 1.31 trillion, an increase of approximately 130 billion compared to the previous trading day[1] Sector Analysis - All sectors except food and beverage saw gains, with pharmaceuticals, military industry, agriculture, and textiles leading the increases[1] - The military and innovative pharmaceuticals sectors have shown significant strength, driven by recent geopolitical events and advancements in clinical research[1] Economic Indicators - In May, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 0.4% month-on-month, with a year-on-year decline of 3.3%[5] - For the first five months of the year, China's total goods trade value reached 17.94 trillion, reflecting a year-on-year growth of 2.5%[6] Investment Trends - In the first week of June, new fund issuance exceeded 31 billion, with equity funds showing a "high volume, low amount" characteristic, totaling only 5.82 billion[11] - Public REITs' total market value surpassed 200 billion for the first time, with the Shanghai Stock Exchange accounting for nearly 70% of this total[12][13]

Canada Goose加拿大鹅近日宣布任命谢霖（Celine Xie）为中国区总裁，全面负责中国内地 市场的直营业务。她将常驻上海，并向加拿大鹅亚太区总裁Jonathan Sinclair汇报工作。这是 自2022年以来，加拿大鹅第三次调整中国区总裁人选。除了加拿大鹅，美国时尚品牌Tory Burch亦发布高管变动公告，主要涉及亚太区或大中华区市场，反映了品牌对中国市场重视 度提升。 据加拿大鹅介绍，谢霖在全球领先的时尚零售集团之一的爱特思（Inditex）集团有超过 15 年的领导经 验，在大中华区担任过多项重要职位。加入加拿大鹅之前，她担任爱特思集团大中华区中南区副总裁兼 董事总经理，负责推动战略协同与卓越执行。此前，谢霖女士在ZARA大中华区历任管理要职，全面统 筹涵盖零售、电商及营销领域的全方位品牌管理。 加拿大鹅亚太区总裁Jonathan Sinclair表示："谢霖女士拥有深厚的运营根基，且擅长将全球品牌战略与 本土市场动态相融合。凭借对中国市场的深刻洞察与实干作风，她是引领品牌在中国市场谱写新篇章的 不二人选。"谢霖回应道："很荣幸在品牌深耕中国市场的关键阶段加入加拿大鹅。期待与团队携手并 进 ...

Core Insights - The 2025 Guangzhou Bay Area Fashion Art Week successfully showcased the city's rich fashion heritage and diverse cultural scenes, highlighting Guangzhou's strengths in the fashion industry, including apparel, jewelry, and cosmetics [2][3][4] - The event featured a blend of international luxury brands and local designers, enhancing the visibility of Guangzhou as a significant player in the global fashion market [3][4] - The transformation of historical sites like Shamian Island into vibrant fashion venues reflects the city's commitment to integrating culture and commerce, attracting international brands to host events in these iconic locations [4][5] Industry Development - The Guangzhou government is promoting the city as an international consumption center, leveraging fashion as a potential growth driver to meet diverse consumer demands [3][6] - The "Thirteen Halls" area is evolving from a traditional wholesale market to a brand incubation hub, with a focus on adapting to market changes and enhancing brand visibility [6][7] - Local fashion associations are fostering collaboration among businesses and establishing training programs to develop talent in design, brand management, and marketing, aiming to elevate the fashion industry's overall quality [8] Brand Engagement - International luxury brands are increasingly choosing Guangzhou for their events, indicating the city's growing importance as a launch market for new collections and brand initiatives [4][5] - The success of events like the Guangzhou Bay Area Fashion Art Week demonstrates the potential for local brands to gain recognition and expand their market presence through strategic partnerships and high-profile showcases [6][7] - The transformation of local markets into experiential spaces reflects a shift in consumer expectations, emphasizing the need for quality brands and unique shopping experiences [7][8]

Group 1 - The central government is set to establish a commercial health insurance innovative drug catalog to better meet the multi-level medication guarantee needs of the public [1] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs are promoting the design and development of intelligent elderly care service robots, with a pilot period from 2025 to 2027 [3] - The Ministry of Housing and Urban-Rural Development aims to achieve an average resource utilization rate of over 50% for construction waste in cities at the prefecture level and above by 2027 [6] Group 2 - The Beijing Municipal Bureau of Commerce is planning to create a global first-release center to support the renovation and upgrading of commercial districts and shopping malls [8] - The State Administration for Market Regulation has issued compliance guidelines for the "6·18" online promotional event, emphasizing fair market competition and the prevention of illegal activities [10] - Guiyang is establishing a joint meeting system to promote the development of the sports industry, with plans to introduce supportive policies and funding for sports products and services [11]