Group 1 - In July, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7% [1][6] - Excluding automobiles, the retail sales of consumer goods amounted to 34,931 billion yuan, growing by 4.3% [1][6] - From January to July, the total retail sales of consumer goods were 284,238 billion yuan, with a growth rate of 4.8% [1][6] Group 2 - Urban retail sales in July were 33,620 billion yuan, reflecting a year-on-year increase of 3.6%, while rural retail sales reached 5,160 billion yuan, growing by 3.9% [3] - For the first seven months, urban retail sales totaled 246,669 billion yuan, with a growth of 4.8%, and rural retail sales were 37,569 billion yuan, increasing by 4.7% [3] Group 3 - In July, the retail sales of goods were 34,276 billion yuan, with a year-on-year growth of 4.0%, while catering revenue was 4,504 billion yuan, growing by 1.1% [3][6] - From January to July, the retail sales of goods reached 252,254 billion yuan, with a growth of 4.9%, and catering revenue was 31,984 billion yuan, increasing by 3.8% [3] Group 4 - For the first seven months, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand exclusive stores grew by 7.0%, 5.2%, 1.1%, 5.8%, and 1.9% respectively [4] - The national online retail sales reached 86,835 billion yuan, with a year-on-year growth of 9.2%, and the physical goods online retail sales were 70,790 billion yuan, growing by 6.3% [4] Group 5 - The newly opened Apple Store in Shenzhen is the third in the city and the 58th in Greater China, completing the layout along the east-west axis of Shenzhen [11] - The first city duty-free store in Shenzhen is set to open on August 26, featuring a diverse range of products including beauty, watches, and high-end liquor [13] Group 6 - The local fashion brand Lemanism is opening its first store in Nanchang, focusing on a comfortable and sunny shopping experience for the youth [25] - The brand BornTooth is expanding with its fourth store in Shanghai, emphasizing natural pet care products [27] Group 7 - The high-end dining brand PIZZERIA from Pizza Hut has opened its first store in South China, targeting young consumers with a focus on aesthetic dining experiences [30] - JD's first outlet in Nanjing has opened, featuring over 70 brands and a unique shopping experience [31] Group 8 - The sports brand 361 Degrees reported a revenue of 5.705 billion yuan for the first half of 2025, with a year-on-year growth of 11% [38] - Lilang Group's revenue for the first half of the year was 1.727 billion yuan, reflecting a growth of 7.9% [41] Group 9 - The company Bubu Gao reported a net profit of 201 million yuan for the first half of 2025, marking a significant turnaround [42] - The company has improved its operational quality by closing underperforming stores and focusing on high-potential locations [43]

新华财经纽约8月18日电（记者刘亚南）由于市场当日缺少刺激买卖的因素，纽约股市三大股指18日开 盘时涨跌不一，盘中整体窄幅盘整，收盘时纽约股市三大股指涨跌不一。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌34.30点，收于44911.82点，跌幅为0.08%；标准 普尔500种股票指数下跌0.65点，收于6449.15点，跌幅为0.01%；纳斯达克综合指数上涨6.797点，收于 21629.774点，涨幅为0.03%。 板块方面，标普500指数十一大板块六跌五涨。房地产板块和通信服务板块分别以0.95%和0.70%跌幅领 跌，工业板块和非必需消费品板块分别以0.40%和0.38%涨幅领涨。 本周，沃尔玛、塔吉特和家得宝等零售业巨头将公布财报，美联储主席鲍威尔预计在本周举行的杰克逊 霍尔年度央行官员会议上释放货币政策信息。 富国银行顾问公司高级全球市场策略师斯科特·雷恩（Scott Wren）表示，零售商本周即将发布的业绩报 告很可能会反映出对关税的担忧、通胀的上行和经济放缓预期。近几周股市上涨很可能因此陷于停滞。 外汇经纪商嘉盛集团资深分析师Jerry Chen表示，历史上多次重要的货币政策转向都是通过 ...

证券日报网讯 8月18日晚间，中兴商业发布公告称，公司于2025年7月8日召开2025年第二次临时股东 会，审议通过了《关于修订〈公司章程〉的议案》，因公司实施了2024年度利润分配及资本公积金转增 股本方案，公司注册资本相应由415，718，940元增加至540，434，622元。2025年8月15日，公司完成 了本次注册资本工商变更登记及《公司章程》备案手续，并取得沈阳市市场监督管理局换发的《营业执 照》。 （文章来源：证券日报） ...

芦哲、张佳炜（芦哲系东吴证券首席经济学家、中国首席经济学家论坛成员） 核心观点 核心观点：本周公布的美国7月核心CPI环比结束连续五个月的弱于预期，但由于数据并未超预期，市场加码押注降息，并形成"降息预期升温→经济软着陆 预期强化"的交易组合，导致2年美债利率、美元指数下跌，同时10年TIPS、10年美债利率、美股上涨，黄金下跌。随后，7月PPI在批发贸易服务推动下大 超预期，反映关税的影响仍在进行之中。向前看，关税本身的变化、对批发、零售、终端消费的影响时长时点、幅度仍然存在不确定性，叠加非农、CPI等 数据质量的恶化，我们预期9月降息并非板上钉钉。偏乐观的情形下，我们预期今年2次降息，分别发生在9、12月；偏悲观情形下，我们预期今年1次降息， 发生在10月。因此短期看，当前市场定价的9月0.845次、全年降息2.187次的降息预期过于乐观，9月FOMC前需警惕降息预期回调的风险。中期看，我们预 期2026年5月美联储新主席上台后，货币政策将更宽松，悲观、基准和乐观情形下明年将分别有4、5和6次降息。因此9月FOMC后，市场当前计价的2026年 仅3次的降息预期料将升温。策略上，我们预期9月FOMC前美元指 ...

Core Viewpoint - The new social security regulations in China, effective from September 1, 2025, will impose mandatory contributions for all employers, including small retail businesses, fundamentally altering the compliance landscape and increasing operational costs for the retail sector [1][2]. Group 1: Key Points of the New Social Security Policy - The new regulations eliminate the gray areas for avoiding social security contributions, shifting from "voluntary priority" to "mandatory priority" [2]. - Any agreements for "voluntary waiver" of social security contributions are deemed invalid, regardless of whether they are documented [2]. - Employers failing to comply will face severe penalties, including the obligation to pay back contributions, late fees, and fines up to 50,000 yuan [2]. Group 2: Cost Implications of Social Security Contributions - In Jinan, the minimum social security contribution will be 955.2 yuan per month per employee, while in Beijing, it will be approximately 1,950 yuan for employees earning a monthly salary of 5,000 yuan [3]. - For small retail businesses, these additional costs can significantly impact their already thin profit margins, with some owners reporting annual increases in costs exceeding 20,000 yuan [3][4]. Group 3: Current State of Social Security in the Retail Industry - The retail sector, particularly small and micro businesses, has historically had low social security contribution rates due to high operational pressures [4]. - Many small business owners express that they are not opposed to paying social security but are uncertain about how to manage the additional financial burden [4]. Group 4: Employee Perspectives on Social Security - Many retail employees, especially migrant workers, prioritize immediate cash over social security contributions, often requesting higher wages in lieu of social security [6]. - High employee turnover rates and immediate financial pressures contribute to this preference, as many workers do not see the value in social security [6]. Group 5: Long-term Impacts of the New Policy on the Retail Sector - The new regulations are expected to increase labor costs by 15%-20%, which could drastically alter the profitability of retail businesses [7]. - Smaller stores may face existential threats, while larger chains may struggle to implement compliance across all locations, particularly franchise outlets [7][8]. Group 6: Industry Restructuring and Competitive Landscape - The new regulations will likely lead to a market reshuffle, with non-compliant small stores potentially exiting the market, while compliant larger brands may gain a competitive edge [8]. - The overall market concentration is expected to rise as non-compliant businesses are eliminated, pushing the industry towards greater standardization and branding [8]. Group 7: Changes in Employment Models - The policy will drive businesses to rethink their employment structures, leading to a rise in flexible employment arrangements and the adoption of technology to reduce labor costs [9]. - The growth of unmanned retail models is anticipated, as they require fewer employees and thus lower social security obligations [9][15]. Group 8: Strategies for Retail Businesses to Adapt - Retailers can explore flexible employment and part-time hiring to mitigate social security costs, as non-full-time workers are subject to different regulations [10][11]. - Adjusting compensation structures to include non-taxable benefits can help lower the social security contribution base [12]. - Embracing technology, such as HR management software, can streamline compliance processes and reduce administrative burdens [13][14]. Conclusion - While the new social security regulations may cause short-term disruptions in the retail sector, they are seen as a necessary step towards a more standardized and equitable industry [16][17].

1. Report Industry Investment Rating There is no relevant content provided in the text. 2. Core View of the Report - In July 2025, China's national economy maintained a steady and progressive development trend, but the consumer side still needed promotion. Fiscal financing and direct financing dividends under low - interest rates supported the total social financing, yet private - sector credit repair faced challenges. Abroad, the US economic soft - landing uncertainty increased, and the euro - zone economic situation also had its own characteristics. The RMB exchange rate showed an appreciation trend in August, but two - way fluctuations would continue [3][36][62]. 3. Summary by Relevant Catalogs 3.1 Economic Situation - **Consumption**: In July, China's total retail sales of consumer goods were 387.8 billion yuan, a year - on - year increase of 3.7%. From January to July, the total retail sales of consumer goods were 2.84228 trillion yuan, a 4.8% increase. By consumption type, in July, retail sales of goods were 342.76 billion yuan, a year - on - year increase of 4.0%, and catering revenue was 45.04 billion yuan, a 1.1% increase [20]. - **Investment**: From January to July, China's national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year - on - year increase of 1.6%. National real - estate development investment was 536.8 billion yuan, a year - on - year decrease of 12.0% [20]. - **Foreign Trade**: In July, China's total value of goods trade imports and exports was 3.91 trillion yuan, a year - on - year increase of 6.7%. From January to July, exports were 15.31 trillion yuan, a year - on - year increase of 7.3%; imports were 10.39 trillion yuan, a 1.6% decrease [6]. - **PMI**: In July, China's manufacturing PMI was 49.3%, a 0.4 - percentage - point decrease from the previous month. Non - manufacturing business activity index and composite PMI output index were 50.1% and 50.2% respectively, down 0.4 and 0.5 percentage points from the previous month [8]. 3.2 Social Financing and Credit - In July 2025, fiscal financing and direct - financing dividends under low - interest rates supported the total social financing, but private - sector credit repair faced challenges. In July, the social financing scale increment was 1.4 trillion yuan. At the end of July, the social financing scale stock was 43.126 trillion yuan, a year - on - year increase of 9%. In July, new RMB loans were - 50 billion yuan, the first negative growth since July 2005 [36]. - At the end of July 2025, the balance of broad - money M2 was 329.94 trillion yuan, a year - on - year increase of 8.8%; the balance of narrow - money M1 was 111.06 trillion yuan, a year - on - year increase of 5.6%; the balance of currency in circulation (M0) was 13.28 trillion yuan, a year - on - year increase of 11.8% [36]. 3.3 Inflation Indicators - In July, China's consumer price index (CPI) was flat year - on - year and up 0.4% month - on - month. Core CPI continued to rise year - on - year, up 0.8%. The producer price index (PPI) was down 0.2% month - on - month and 3.6% year - on - year. The "anti - involution" policy showed initial results, with prices in some industries stabilizing [41][42]. 3.4 Overseas Macroeconomy - **United States**: In July, the initial value of new non - farm payrolls was 73,000, significantly lower than the market expectation of 104,000. The Fed kept the federal funds rate target range unchanged at 4.25% - 4.50% in July, but there were differences among committee members [7][9]. - **Eurozone**: In July, the euro - zone HICP was 2.0% year - on - year, and the core HICP was 2.3% year - on - year [16]. 3.5 Interest Rates and Exchange Rates - In August 2025, the RMB exchange rate against the US dollar continued to appreciate. The exchange - rate strengthening was driven by factors such as the increasing probability of the Fed's interest - rate cut in September, the improvement of domestic economic data, and the release of the backlog of US - dollar settlement demand. In the future, the two - way fluctuation pattern would continue [62].

Group 1 - US stock index futures were nearly flat on Monday morning, following a week of gains driven by expectations of interest rate cuts [2] - The Dow Jones Industrial Average futures rose by approximately 13 points, while S&P 500 and Nasdaq 100 futures remained unchanged [2] - Small-cap stocks performed notably well last week, with gains exceeding 3% as investors bet on an imminent rate cut by the Federal Reserve [2] Group 2 - Major retailers, including Home Depot, Lowe's, Walmart, and Target, are set to release earnings reports this week as the earnings season approaches its end [3] - Over 92% of S&P 500 companies that have reported earnings this quarter exceeded Wall Street expectations, with nearly 82% surpassing forecasts [3]

Group 1 - The Hang Seng Index reached a year-to-date high of 25,680 points, despite a subsequent pullback of 1.8% over two days, indicating sustained market interest [1] - Southbound capital inflow remained strong during the Hong Kong stock market's pullback, with net purchases of HKD 86.3 billion and HKD 358.76 billion on August 14 and 15, respectively, the latter setting a new single-day record [1][5] - Year-to-date, southbound capital has exceeded HKD 938.9 billion, significantly surpassing the full-year target of HKD 8,078.7 billion for 2024, with nearly HKD 3,000 billion inflows in the last three months alone [8] Group 2 - The sectors attracting southbound capital include technology hardware and equipment, software and services, retail, and biomedicine [6] - The Hong Kong IPO market has been robust, with over 50 new listings raising more than HKD 128 billion, a year-on-year increase of over six times, making it the top global IPO market [8] - The issuance of Hong Kong-themed funds has surged, with new fund sizes reaching HKD 85 billion since 2025, contributing significant incremental capital to the market [8] Group 3 - The performance of ETFs tracking Hong Kong stocks has been notable, with significant growth in funds related to technology and innovation sectors, reflecting strong investor interest [9] - As of Q2 2025, active public funds' investment in Hong Kong stocks accounted for 14.7% of total fund assets, indicating a growing allocation to this market [9] Group 4 - The valuation of the Hang Seng Index is currently at a dynamic P/E ratio of 11.3, which is above the historical average but still has room for improvement compared to historical highs [12] - Analysts are optimistic about the future performance of the Hong Kong market, citing a favorable macroeconomic environment and continued capital inflows as key support factors [13] Group 5 - Investment opportunities are seen in the internet sector, which is considered undervalued, and in AI-related industries, which are expected to gain momentum in the second half of the year [14] - High dividend yield stocks in sectors such as finance, utilities, and consumer goods are also viewed as attractive for long-term investors, with the Hang Seng High Dividend Yield Index showing a yield of 5.75% [14]

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The overall market has reached new highs, with notable performance in the electronic and pharmaceutical sectors [1] - The Hang Seng Index increased by 1.7%, while the Hang Seng Composite Index rose by 2.3% [1] - Mid-cap stocks outperformed small-cap and large-cap stocks, with a 4.0% increase in the Hang Seng Midcap Index [1] - Among the sector indices, the strongest performers included Defense and Military (+8.8%), Electronics (+8.0%), and Pharmaceuticals (+7.5%) [1] Summary by Sections Market Performance - The Hang Seng Index's valuation increased by 2.3% to 11.6x, and the Hang Seng Composite Index's valuation rose by 2.5% to 11.9x [2] - The strongest valuation increases were seen in the Hang Seng Biotechnology Index (+6.0% to 27.9x) [2] - 22 sectors saw valuation increases, while 6 sectors experienced declines [2] Earnings Expectations - The Hang Seng Index's EPS (Earnings Per Share) is expected to grow by 0.1%, with the Hang Seng Composite Index also seeing a 0.1% increase [3] - The largest upward revision in EPS was for the Hang Seng Automotive Index (+1.5%), while the Hang Seng Consumer Index saw the largest downward revision (-2.2%) [3] - 19 sectors had upward EPS revisions, while 10 sectors had downward revisions [3]

Investment Rating - The report maintains a "Underperform" rating for the U.S. stock market [1] Core Insights - The U.S. stock market continues to reach new highs, with small-cap stocks showing strong performance [3] - The S&P 500 index increased by 0.9%, while the Nasdaq rose by 0.8% [3] - 18 out of 24 sectors experienced gains, with notable increases in pharmaceuticals, biotechnology, and life sciences (+5.5%) and healthcare equipment and services (+4.2%) [3] Price Trends - The report highlights that small-cap value stocks (Russell 2000 Value) outperformed small-cap growth stocks, with a rise of 3.4% compared to 2.8% [3] - The sectors with the largest gains include pharmaceuticals and biotechnology (+5.5%), healthcare equipment and services (+4.2%), and durable goods and apparel (+3.6%) [3] - Conversely, sectors that declined include food and staples retailing (-2.4%) and commercial and professional services (-1.4%) [3] Fund Flows - Estimated fund flows for S&P 500 constituents showed a significant increase to +$7.58 billion this week, up from +$1.70 billion last week [4] - The healthcare equipment and services sector saw the highest inflow at +$2.76 billion, followed by media and entertainment (+$1.31 billion) and pharmaceuticals (+$1.09 billion) [4] - Notably, the software and services sector experienced an outflow of -$476 million [4] Earnings Forecast - The report indicates a 0.2% upward adjustment in the 12-month forward EPS expectations for S&P 500 constituents [5] - 22 sectors saw an increase in earnings expectations, with semiconductor products and equipment leading at +0.6% [5] - The energy sector was the only one to experience a downward revision, with a decrease of -0.3% [5] Global Asset Overview - The S&P 500 index closed at 6,450, reflecting a 0.9% increase for the week and a 16.1% increase year-to-date [11] - The Russell 2000 index, representing small-cap stocks, rose by 3.1% this week, indicating strong performance in this segment [11] Sector Observations - The healthcare sector recorded a price return of 5.0% this week, outperforming other sectors [16] - The materials sector also performed well, with a 1.8% increase, while the energy sector lagged with only a 0.5% increase [16] - The report notes that the pharmaceutical and biotechnology sector had the highest price return at 5.5% [16]