Core Insights - The article discusses a significant shift in the Chinese consumer market, emphasizing that traditional beliefs about targeting core consumer groups in first and second-tier cities are being challenged by emerging brands that are gaining traction in lower-tier markets [2][5][15]. Group 1: New Consumption Trends - New retail companies, such as Miming Hen Mang and others, are achieving remarkable growth and performance, indicating a shift in consumer preferences and market dynamics [2][3]. - The success of these new brands, often founded by younger entrepreneurs, highlights a departure from traditional consumer behavior and brand loyalty [2][5]. - The article suggests that the so-called "new consumption" is not truly new but rather a reflection of outdated thinking among traditional brands and investors [6][11]. Group 2: Market Dynamics and Consumer Behavior - The rise of brands like Miming Hen Mang, which plans to submit IPO materials by April 2025, showcases the potential of lower-tier markets, with 58% of its 14,000 stores located in counties and towns [3][5]. - The article notes that consumer behavior is evolving, with younger generations prioritizing emotional value over traditional brand prestige, leading to a decline in loyalty to established brands [9][21]. - The shift in consumer preferences is evident in the growing demand for value-driven products, as consumers increasingly seek quality at lower prices, challenging the traditional brand and channel strategies [22][23]. Group 3: Future Trends in Consumption - The article identifies three key trends that will dominate the consumer market in the next decade: the empowerment of the silent majority, the rise of self-oriented consumption, and the pursuit of value for money [15][21][22]. - The Z generation is becoming a significant consumer force, with their preferences and spending habits diverging from those of previous generations, emphasizing personal interests and experiences [16][18]. - The article predicts that the focus on self-satisfaction and emotional fulfillment will reshape consumption patterns, moving away from social status-driven purchases [21][22].

5月26日周一，A股低开，早盘沪指震荡走高，创业板走低，核电、黄金板块活跃，汽车股下跌，港股恒指、恒科指 双双低开，恒科指跌超1%，美团跌超4%，新能源汽车股领跌。债市方面，国债期货小幅走高。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3355.54 | 7.17 | 0.21% | | 399001 | 深证成指 | | 10111.06 | -21.36 | -0.21% | | 399006 | 创业板指 | | 2006.57 | -14.93 | -0.74% | | 000300 | 沪深300 | | 3874.71 | -7.56 | -0.19% | | 000016 | FiF50 | | 2712.07 | 0.22 | 0.01% | | 000680 | 科创综指 | | 1156.37 | 1.15 | 0.10% | | 000688 | 科创20 | | 981.18 | 0.61 | 0.06% | | 899050 | ...

Core Insights - The 21st China (Shenzhen) International Cultural Industries Fair (CICIF) opened with the theme "AI Outbound Industry Leap," showcasing new AI products, overseas practices, and talent projects, injecting new momentum into the cultural and technological integration in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3] Group 1: Event Overview - The event was hosted by the Deep Ao International Cultural Technology Park and supported by various associations, including the Shenzhen Longgang District Jewelry Industry Association and the China Cultural Promotion Association [1] - The opening ceremony featured the "AI Innovation Project Achievement Exhibition," highlighting applications of AI in the gold jewelry and photovoltaic sectors [1][2] Group 2: Industry Trends and Innovations - The CEO of Runjihao Machinery Equipment Co., Ltd. shared insights on "AI + 3D Printing Technology," emphasizing the enhancement of jewelry design efficiency and creative space through intelligent algorithms [2] - A roundtable discussion titled "AI · Intelligent Manufacturing to Enable Outbound" explored innovative paths and practical experiences for gold jewelry companies in the AI era [2] Group 3: Talent Development and Collaborations - The event facilitated multiple cooperation agreements focused on talent cultivation, including the establishment of a "Cultural Creative Talent Training Project Training Base" [2] - Collaborations were formed between Shenzhen Jinsheng Yuzhen Research Institute and the Longgang District Jewelry Industry Association for a "Cultural Creative Planning and Operation Specialized Training" project [2] Group 4: Cultural Consumption and Future Directions - The event featured over a thousand pieces of gold jewelry national products, creating a cultural consumption feast [3] - The Deep Ao International Cultural Technology Park aims to continue promoting the deep integration of cultural technology and finance, supporting enterprises in their outbound efforts and contributing to the development of the cultural industry in the Greater Bay Area [3]

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The report highlights the resilience of the sportswear sector, projecting a revenue growth of 15% to 17% for Amer Sports in 2025, with specific segments expected to outperform [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, a significant increase from $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - Direct-to-consumer sales increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in Greater China and Asia-Pacific [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquets, golf products, and apparel [4][29]. - Long-term revenue growth is expected to be low to mid-single digits [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation improvement in 2025 [5][34]. - The sportswear sector is expected to benefit from government policy support and increased participation in sports activities [5][34].

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 5月23日，三大股指集体低开，上证指数开盘报3376.87点， 跌0.1% ，深成指开盘报 10210.62点， 跌0.09% ，创业板指开盘报2043.2点， 跌0.12% 。NMN概念、跨境支 付、燃气板块表现活跃，兵装重组、港口航运、贵金属、互联网电商板块跌幅居前。 今日嘉宾观点 金元证券首席投资顾问徐传豹认为， 当前,中美关系已由前期的对抗态势进入阶段性缓和期 然而，在此缓和阶段，双方能否达成实质性且互利共赢的协议仍存在不确定性。 受此影响， 市场多空双方均持谨慎态度，短期内难以形成明确方向性突破，预计市场 * * * * * * 。 针对当 前市场环境，我们对投资者的操作建议如下:建议重点配置 * * * * * * 标的。 所 谓 " 强 " ， 不 仅 体现在技术面上处于上升通道，更需关注其基本面特质-- * * * * * * 品种。 对于符合上述标准 且技术形态保持完好的个股，投资者可考虑继续持有;反之，对于缺乏基本面支撑的题材炒作 个股，或已呈现技术性走弱的标的，建议 * * * * * * ， * * * * * * 。 【解锁隐 ...

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.1%, the Shenzhen Component down 0.09%, and the ChiNext down 0.12% [1] - In the US market, the S&P 500 Index fell 0.04% to 5842.01 points, marking the third consecutive day of decline; the Nasdaq Composite Index rose 0.28% to 18,925.73 points; and the Dow Jones Industrial Average slightly decreased by 1.35 points to 41,859.09 points [2] Industry Insights - **Computer Industry**: China Galaxy Securities indicates that the computer industry may have shown bottom signals in Q1 2025, with revenue growth maintaining an upward trend and significant acceleration, suggesting a gradual market demand recovery. Cost control measures are becoming effective, and profits are expected to see a strong rebound due to last year's low base effect, particularly in AI computing power and related fields [3] - **Gold and Jewelry Industry**: Guotai Junan Securities reports that the gold and jewelry industry has entered a phase of clearing and upgrading since 2024, with leading companies shifting from store expansion to enhancing single-store efficiency. The collaboration between brand owners and franchisees is promoting high-margin products, and the industry is expected to continue its valuation enhancement logic throughout the year, favoring companies with strong product capabilities and consumer demand capture [4] - **Express Delivery Industry**: Huatai Securities expresses a long-term positive outlook on leading express delivery companies' market share growth, despite the sector being at historical low valuations. The report notes that while the volume growth has slightly slowed since April, leading companies are still focused on market share, and the application of digital tools is expected to enhance efficiency and reduce costs, helping to mitigate the impact of price declines [5] - **Carbon Fiber Industry**: Huaxi Securities highlights that the demand for carbon fiber is expected to be released again due to the material's characteristics. The period from 2019 to 2023 saw a significant increase in China's carbon fiber production capacity, which is projected to reach 135,500 tons by the end of 2024. However, the growth rate has significantly narrowed. The report mentions that new demand from emerging industries, such as wind power and robotics, is likely to drive further demand [6]

Group 1 - The core viewpoint is that the valuation enhancement logic of the gold and jewelry industry will continue to unfold in 2024, as the industry enters a phase of clearing and upgrading [1] - Leading companies are shifting from store expansion strategies to improving efficiency at individual stores, forming a synergy with franchisees to promote high-margin products [1] - Differentiated products are driving gold and jewelry companies to transition from "channel brands" to "consumer brands," indicating a strong focus on product strength and the ability to capture consumer demand [1]

Market Overview - The market experienced a broad decline on May 22, with the A-share indices closing lower, reflecting heightened risk aversion among investors [1] - The Shanghai Composite Index fell by 0.22% to 3380.19 points, while the Shenzhen Component and ChiNext Index dropped by 0.72% and 0.96%, respectively [1] - The North Star 50 index saw a significant decline of 6.15%, indicating severe adjustments in the market [1] Sector Performance - Defensive sectors such as military and pharmaceuticals attracted main capital inflows, while growth sectors like new energy and consumer electronics faced sell-offs [2] - The military sector led the gains, driven by geopolitical developments and strengthened foreign trade demand [2] - The banking sector showed resilience with a 1% increase, supported by improving performance expectations for regional banks [2] - The semiconductor sector experienced localized activity due to international technology cooperation news, which positively impacted related industry valuations [2] Investment Trends - There is a noticeable shift in capital flow towards low-valuation sectors, with institutional funds seeking safety in core assets [2] - The market's trading volume decreased slightly, with a total turnover of 1.14 trillion yuan, down approximately 746 billion yuan from the previous day [1] - The gold sector performed well, with gold prices rising significantly, reflecting a safe-haven demand amid market volatility [3] Hong Kong Market Dynamics - The Hong Kong market continued its downward trend, with the Hang Seng Index falling by 1.19% to 23544.31 points [3] - Southbound capital showed a net inflow of 3.88 billion HKD, indicating a preference for financial and energy sectors [3] - The consumer sector led the declines, with both discretionary and staple consumption indices dropping by 1.67% and 1.47%, respectively [3]

Group 1 - Recent fluctuations in international gold prices have led to changes in consumer sentiment, with gold prices reaching $3,300 per ounce on May 21, marking the first time since May 9 that prices have returned to this level [1] - On April 22, gold prices hit a historical high of $3,509 per ounce, followed by significant volatility, including a drop below $3,300 per ounce on May 1 [1] - In the Shenzhen Shui Bei gold jewelry market, gold jewelry prices returned to approximately 780 yuan per gram on May 21, after dropping to around 742 yuan per gram on May 15, which is over an 11% decline from the April 22 high of 837 yuan [1] Group 2 - The younger consumer demographic is increasingly participating in the gold market, with many preferring to invest in gold due to declining deposit interest rates, viewing it as a means of preserving value [2] - Despite recent price corrections, many market operators report that downstream sales volumes have not seen significant increases, indicating a cautious market environment [2] - Several institutions maintain a long-term bullish outlook on gold prices, with UBS predicting that gold prices will reach $3,500 per ounce by the end of the year [3]

Summary of Key Points from the Conference Call Industry Overview - The new consumption brands are concentrated in traditional sectors such as personal care, household cleaning, and gold jewelry, which generally exhibit moderate growth. However, these brands demonstrate strong alpha characteristics, achieving high growth under weak beta effects [1][2][3] - The current economic environment has shifted consumer preferences towards products and services that meet basic needs, favoring new consumption brands that address pain points and provide emotional or practical value [4][5] Core Insights and Arguments - The current wave of "new quality consumption" is characterized by rapid revenue growth alongside profitability, driven by product positioning upgrades that enhance quality, emotional value, or address consumer pain points [2][5][8] - Traditional sectors like personal care and gold jewelry still have significant growth potential, particularly as e-commerce penetration rates increase. Companies that transition from traditional distribution logic to product-driven strategies are more likely to succeed [6][7] - New consumption companies such as Pop Mart and Miniso have shown performance that significantly exceeds market expectations, leading to valuation premiums due to their strong growth and scarcity in the market [9][10] Market Trends and Consumer Behavior - The current economic environment has not shown significant improvement, leading consumers to prefer products that fulfill basic needs. This trend suggests that new consumption brands may continue to perform well if the economic situation remains unchanged [4][11] - There is a notable shift in consumer behavior, with a greater emphasis on product quality and value for money, moving away from blind pursuit of high brand premiums. Companies must focus on product upgrades to meet these evolving consumer demands [10][12] Unique Characteristics of New Quality Consumption - New quality consumption brands are not new entrants but established companies with strong consumer recognition, often with over 20 years of history [5][10] - These brands leverage e-commerce, internet, and content marketing to achieve rapid market penetration while maintaining profitability, unlike many companies in the previous consumption wave that operated at a loss [5][8] Investment Implications - The current market environment favors companies with strong growth potential and scarcity, as these firms are more likely to attract investor interest. Their performance and valuation dynamics are expected to continue to support stock prices [11][21] - The competitive landscape in traditional sectors is tightening, allowing companies like Dengkang Oral Care to rapidly gain market share through innovative products and effective e-commerce strategies [17][23] Noteworthy Companies and Performance - In the beauty sector, brands like Perfect Diary and domestic brands are showing strong growth, while traditional international brands are losing market share [19][24] - In the gold jewelry sector, companies such as Chaohongji and Mankalon are experiencing robust growth by integrating emotional value into their products, leading to a shift in their valuation models [26] Conclusion - The new consumption trend is expected to persist, with a focus on individual company performance rather than broad sector recovery. Companies with established brands and innovative product offerings are likely to see continued success in the evolving market landscape [15][21][16]