Core Viewpoint - The consumer concept stocks have generally risen, reflecting positive market sentiment following the Central Economic Work Conference held in Beijing, which emphasized the importance of domestic demand and consumption [1] Group 1: Stock Performance - Jiumaojiu (09922) increased by 5.42%, trading at HKD 1.75 [1] - Haidilao (06862) rose by 4.42%, trading at HKD 14.64 [1] - Chabaidao (02555) saw a 6.06% increase, trading at HKD 7.18 [1] - Mengniu Dairy (02319) gained 2.53%, trading at HKD 14.6 [1] - Li Ning (02331) went up by 1.8%, trading at HKD 17.56 [1] Group 2: Policy Insights - The Central Economic Work Conference, held on December 10-11, outlined a focus on domestic demand and the construction of a robust domestic market [1] - Key policies include the implementation of special actions to boost consumption and the development of plans to increase income for urban and rural residents [1] - The conference also emphasized the need to eliminate unreasonable restrictions in the consumption sector to unlock service consumption potential [1] Group 3: Investment Strategies - Galaxy Securities highlights the importance of the medium to long-term goals for consumption outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1] - CMB International suggests three investment directions based on consumption types: 1) Survival consumption, emphasizing frugality, low prices, and high cost-performance [1] 2) Compensatory consumption, focusing on small pleasures and affordable entertainment [1] 3) Defensive consumption, which has risk-averse attributes [1]

消息面上，Lululemon公布第三财季业绩，营收同比增长7%至25.7亿美元，高于分析师预期的24.8亿美 元；纯利同比下降13%至3.1亿美元，合每股盈利2.59美元，亦高于预期的2.25美元。期内，美洲地区净 营收下降2%，可比销售下降5%；国际市场则录得强劲增长，净营收增长33%，可比销售增长18%。展 望全年，该公司上调净营收指引，预计将在109.62亿美元至110.47亿美元之间，符合市场预期。同时， 公司宣布首席执行官Calvin McDonald将于明年1月底离任，公司正在寻找继任者。(格隆汇) 加拿大瑜珈服品牌Lululemon(LULU.US)夜盘涨10.7%，报207.1美元。 ...

Core Viewpoint - The article discusses the recent implementation of a plan by the Ministry of Industry and Information Technology and five other departments to enhance the adaptability of supply and demand in consumer goods, aiming to stimulate consumption and economic growth. Group 1: Consumption Trends - The article highlights the emergence of new cultural and tourism products, such as ice and snow sports experiences, which are contributing to a "hot economy" from previously underutilized "cold resources" [2] - The release of the Beijing Winter Olympics mascot "Bing Dwen Dwen" has seen a significant consumer demand, indicating a robust market for cultural products [2] - The film "Zootopia 2" has outperformed expectations in the Chinese market, showcasing the potential of the domestic box office [2] Group 2: Supply and Demand Adaptation - The article emphasizes the shift in consumer demand from mere availability to quality, as outlined in the "14th Five-Year Plan," which calls for an expansion of high-quality consumer goods and services [2] - It discusses the structural mismatch in supply and demand, particularly in the elderly care market, where the market size is expected to grow from 2.6 trillion yuan to 5.4 trillion yuan from 2014 to 2024, yet there are challenges in meeting consumer needs [3] Group 3: Innovation and New Consumption Models - The article stresses the importance of innovation in driving consumption, highlighting the need for new products, services, and experiences to meet evolving consumer preferences [4] - It notes the role of technology and digitalization in enhancing production capabilities and developing high-quality consumer goods [4] - The article mentions the increasing international presence of Chinese brands, such as the expansion of "Mixue Ice City" with over 5,000 overseas stores, reflecting a growing global consumer market [4] Group 4: Market Opportunities - The article identifies potential in traditional consumption sectors, such as the success of a clothing company in producing yoga apparel, and the food industry’s shift towards low glycemic index products [5] - It highlights the emergence of new consumption hotspots, particularly in urban areas, where international brands are being integrated into local markets [5] - The article points out the opportunities in new technology sectors, such as wearable devices and elder care robots, which are benefiting from the "AI+" trend [6] Group 5: Economic Growth and Consumer Potential - The article concludes that consumption is a crucial driver of economic growth and that enhancing supply-demand adaptability will unleash consumer potential, contributing to the overall stability and growth of the Chinese economy [6]

不久前，工业和信息化部等6部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方 案》，部署5方面重点任务。本版今起推出系列评论，扫描消费新亮点新趋势，探讨如何更好释放消费 潜力、提振发展信心。 ——编 者 向"新"而行，拥抱开放，做好提质扩容文章。 新产品、新功能、新服务、新模式、新场景、新应用、新体验……"新"是促消费的密码。新质生产力的 蓬勃生长，为高质量消费品的供给筑牢物质底座。依靠科技赋能，搭乘数字化、智能化快车，面向需求 端改造提升既有产能，积极研发含"新"量高的产品，是赢得消费者的有效路径。 市场运行的细节中，蕴藏新的活力因子，折射经济脉动。几则消息，联系起来看，发人深思。 伴随"雪假"在新疆等省份落地，围绕冰雪运动、非遗体验、文化研学，文旅产品新意迭出，助力"冷资 源"加速生成"热经济"。 寒风中，人们排队购买首发的"马墩墩"——北京冬奥会吉祥物"冰墩墩"特别纪念版。从曾经"一墩难 求"，到如今经典延续，文创产品生命力如此蓬勃。 电影《疯狂动物城2》上映首周，中国内地票房大幅领先北美，远超好莱坞预期。超大规模市场的能 量，可见一斑。 作为畅通国民经济循环的重要环节，消费一头连着宏观政策， ...

Core Insights - The article discusses the recent implementation of a plan by six departments, including the Ministry of Industry and Information Technology, aimed at enhancing the adaptability of supply and demand in consumer goods, with a focus on five key tasks to stimulate consumption [1] Group 1: Consumption Trends - The article highlights the emergence of new cultural and tourism products, such as ice and snow sports experiences, which are contributing to a "hot economy" from previously underutilized "cold resources" [2] - The success of the Beijing Winter Olympics mascot "Bing Dwen Dwen" and the strong box office performance of "Zootopia 2" in China indicate a robust consumer market that exceeds expectations [2] - The shift in consumer demand from mere availability to quality reflects a growing emphasis on high-quality products and services, as outlined in the "14th Five-Year Plan" [2][3] Group 2: Supply and Demand Adaptation - The article emphasizes the importance of addressing structural mismatches in supply and demand, particularly in the elderly care market, where the market size is projected to grow from 2.6 trillion yuan to 5.4 trillion yuan from 2014 to 2024 [3] - It suggests that businesses should focus on producing what consumers want, such as high-end brands in jewelry and cosmetics, to better meet diverse consumer needs [3] Group 3: Innovation and New Consumption - The article stresses the significance of innovation in driving consumption, highlighting the need for new products, services, and experiences to meet evolving consumer demands [4] - It notes that the integration of technology and digitalization is crucial for enhancing existing production capacities and developing high-quality products [4] - The expansion of international brands and the success of Chinese brands in global markets, such as the rapid growth of overseas stores for brands like Mixue Ice City, demonstrate the potential for increased consumption levels [4] Group 4: Market Opportunities - The article identifies opportunities in traditional consumption sectors, suggesting that there is still potential for growth through innovative approaches, such as the production of yoga apparel and low glycemic index food products [5] - It highlights the emergence of new consumption hotspots, particularly in urban areas, where brands are adapting to health trends and cultural heritage [6] - The article concludes that the acceleration of consumption structure upgrades is critical for stimulating domestic demand and supporting economic stability [6]

根据公告，日播时尚拟以14.2亿元通过发行股份及支付现金的方式收购四川茵地乐材料科技集团有限公 司（以下简称"茵地乐"）71%股权，同步募集配套资金1.558亿元。 本报讯 （记者张文湘见习记者占健宇）12月11日，日播时尚集团股份有限公司（以下简称"日播时 尚"）发布公告称，公司发行股份及支付现金购买资产并募集配套资金暨关联交易事项已获得上海证券 交易所并购重组审核委员会审核通过。 （文章来源：证券日报） 公告显示，本次交易前，日播时尚主营业务为精品服装的创意设计、材料及工艺技术研发及生产销售， 专注于中高端时尚女装领域。茵地乐主营业务为锂电池粘结剂的研发、生产与销售。本次交易完成后， 日播时尚将进一步丰富业务类型，形成"服装+锂电池粘结剂"的双主业经营格局，有助于拓宽盈利来 源，提高公司的核心竞争力，实现业务拓展和利润增长。 ...

（文章来源：证券日报） 证券日报网12月11日讯嘉曼服饰在12月11日回答调研者提问时表示，公司暂未开展跨境电商，但有持续 关注海外市场情况，未来不排除择机布局海外市场。 ...

证券日报网12月11日讯嘉曼服饰（301276）在12月11日回答调研者提问时表示，公司一直都在持续优化 和拓展线下渠道，公司优选在客流量大、位置佳的人气购物中心或百货开设门店，关闭一些利润薄的老 旧店铺，同时在门店形象及陈列上予以更新升级。对于男女装与成人鞋品类，未来公司会重视发展优质 直营渠道，并辅助加盟渠道的规模拓展，从而强化品牌形象，方便消费者触达。 ...

证券日报网12月11日讯嘉曼服饰在12月11日回答调研者提问时表示，公司自有品牌水孩儿自1995年诞 生，已度过了三十年的春秋，自有品牌暇步士和授权品牌哈吉斯公司也运营了十多年的时间，自有渠道 品牌BEBELUX运营了近二十年。公司经过多年的积累，针对不同品牌的调性和风格拥有了非常丰富的 设计开发经验，对旗下各品牌的DNA和与之对应的消费群体偏好十分了解。公司还拥有一支富有经验 的企划及设计师队伍，以及完善的设计开发流程。首先，在设计初期商品企划人员会基于市场历史销售 数据给出设计团队款式需求量、类别、比例、指导价格区间等信息作为开发指导。然后，设计团队结合 对流行色、消费情绪洞察方面的趋势，设计研发符合公司旗下各品牌调性，具体到每一款的设计方案。 最后，设计团队完成的设计稿要经过市场、销售、采购等多部门的联席评审，通过公司各部门核心人员 组成的联席评审机构筛选后，最终确定可以满足不同品牌消费者偏好的产品，以确保品牌核心理念得以 在产品中实现。 （文章来源：证券日报） ...

证券日报网12月11日讯嘉曼服饰在12月11日回答调研者提问时表示，公司目前在库存管理上运用以数字 化为主，人工为辅的管理机制，根据数字化管理系统进行动态库存管理，结合人工预警机制，检查填补 系统可能出现的短板。公司也在持续跟进人工智能的技术发展。未来公司将会不断尝试与新技术结合， 从而提高公司整体效率。 （文章来源：证券日报） ...