7月份社会销售零售总额同比增长3.7%，增速比上月回落1.1个百分点；服务市场销售总体稳定，1-7月 份服务零售额增长5.2%，与1-6月份基本持平。总体来看，7月份商品市场销售增速有所放缓，服务零售 保持总体稳定。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在8月15日的国新办发布会上表 示，如果将商品和服务零售合并，初步测算，1-7月份同比增长5%左右，今年以来整体保持稳中有升， 表明消费扩大态势没有改变。 付凌晖表示，上半年最终消费支出对经济增长贡献率达到52%，比上年全年提升7.5个百分点。在提振 消费专项行动带动下，消费扩大态势没有改变，消费新动能持续壮大。但也要看到外部不稳定、不确定 因素增多，国内居民消费能力和信心仍待提升，消费内生动力仍待增强。下一阶段，要继续深入实施提 振消费专项行动，在扩大商品消费的同时，培育服务消费新增长点。 以旧换新、升级类商品消费增势良好 7月，市场销售继续增长。国家统计局发布的数据显示，7月份商品零售额34276亿元，增长4.0%；餐饮 收入4504亿元，增长1.1%。尽管7月商品零售增速有所放缓，不过，一些品类依然保持较好增长。 从以旧换新政策拉 ...

Economic Overview - In July, industrial added value increased by 5.7% year-on-year, down from 6.8% in June, while the service production index rose by 5.8%[1] - External demand showed unexpected strength with exports growing by 7.2%, surpassing the expected 5.9%, while internal demand weakened with retail sales increasing by only 3.7% compared to 4.8% in June[1] Consumer Trends - Retail sales growth declined from 6.4% in May to 4.8% in June and further to 3.7% in July, primarily driven by a slowdown in goods sales[1] - The sales growth of "trade-in" subsidy products fell from an average of 17.5% to 12.7%, indicating a significant impact on overall retail performance[1] Investment Insights - Fixed asset investment growth dropped from 2.6% in June to 1.6% in July, with construction investment showing negative growth for the first time since August 2020, at -0.8%[1] - Manufacturing investment growth decreased from 7.5% in June to 6.2% in July, highlighting a divergence in investment performance across different sectors[2] Future Outlook - Despite potential pressures in Q4 due to high base effects and demand front-loading, there are three supporting factors for consumer growth in the second half of the year: gradual recovery in dining growth, the release of childbirth subsidies, and consumer loan interest subsidies[1] - The construction sector is expected to face continued pressure in August due to adverse weather conditions, but policy-driven financial tools may provide support in Q4[2]

Group 1: Company Performance - Guizhou Moutai reported a revenue of 89.39 billion yuan for the first half of 2025, representing a year-on-year growth of 9.10% [1][2] - The net profit attributable to shareholders was 45.40 billion yuan, with an increase of 8.89% compared to the previous year [1][2] - The company set a target for total revenue growth of approximately 9% for 2025, slightly exceeding this target in the first half [1] Group 2: Market Trends - New consumption brands like Pop Mart, Laopu Gold, and Mixue Group have shown significant growth, with Laopu Gold's stock rising by 278.04% in the first half of the year [3] - The total market capitalization of these new consumption brands approaches 700 billion HKD [3] Group 3: Institutional Investment - Institutional investors continue to favor traditional consumer stocks, with Guizhou Moutai being a key holding for major funds [4] - Central Huijin and China Securities Finance are among the top shareholders of Guizhou Moutai, maintaining their positions without changes in shareholding [4] Group 4: Fund Manager Sentiment - Fund managers are shifting focus from traditional consumer stocks to new consumption stocks, indicating a decline in enthusiasm for traditional white liquor investments [5] - Some fund managers have significantly reduced their holdings in Guizhou Moutai, reflecting a broader trend towards new consumption sectors [5] Group 5: Fund Performance Comparison - The Silverhua CSI Hong Kong Stock Connect Consumption ETF has outperformed traditional consumption ETFs, achieving a return of 62.00% compared to 8.66% for the traditional consumption ETF [6][7] - The Silverhua ETF also shows a higher Sharpe ratio, indicating better risk-adjusted returns [6][7] Group 6: Valuation Insights - Traditional consumption indices exhibit lower valuations compared to new consumption stocks, with the CSI Major Consumption Index at a 1.11% percentile [8] - There are indications of structural opportunities in traditional consumption due to favorable policies and potential recovery in fundamentals [8]

8月15日，拉卡拉新一代餐饮数智化运营平台——拉卡拉青橙云（以下简称"青橙云"）亮相第49届广州国际餐饮加盟展，在数字化浪潮加速席卷餐饮行 业的当下，向行业人士全面展示其在智能收银、智慧餐厅、会员运营及供应链管理等方面的综合能力。拉卡拉青橙云以"全链路数字化"为核心定位，为餐饮 行业的高质量发展提供新动能。 近年来，中国餐饮行业保持着高速增长的态势。中国烹饪协会数据显示，2024年全国餐饮收入突破5.6万亿元，预计2025年仍将保持稳健上升。然而， 在竞争日趋激烈的市场中，伴随原材料、人工成本的持续上涨以及消费者需求的加速分化，餐饮企业正面临管理复杂度增加、运营效率不足、供应链协同不 畅等挑战。如何通过数智化手段打通"人、货、场、财"全链路，以数据驱动行业降本增效，成为餐饮企业破局的关键。 展，形成了从支付工具到行业解决方案的综合能力。青橙云的出现，是其战略在餐饮领域深度落地的重要表现，使数字化从前台延伸到后端管理与供应链协 同，帮助不同规模的餐饮企业在竞争中保持韧性与增长动力。 在数字经济时代，数据已成为餐饮企业宝贵的资产。青橙云不仅帮助餐企记录经营数据，更通过分析与应用，让数据真正转化为决策依据与增长驱动 ...

Core Viewpoint - The article discusses the economic data released by the National Bureau of Statistics for July, highlighting a mixed performance in various economic indicators, with a notable rebound in exports while other sectors showed signs of decline. Overall, the cumulative growth rates from January to July remain stable. Group 1: Trade and Exports - In July, the total goods import and export volume reached 3.91 trillion yuan, a year-on-year increase of 6.7%. Exports amounted to 2.31 trillion yuan, growing by 8.0%, while imports were 1.6 trillion yuan, increasing by 4.8% [1][3] - Despite a decrease in exports to the U.S. due to tariffs, China's overall export resilience is evident, with significant growth in non-U.S. markets [3] - The rebound in imports is attributed to the U.S. lifting some export controls on high-tech products, with the largest increase in imports seen in high-tech categories such as aircraft engines and integrated circuits [3][5] Group 2: Consumer Spending - The total retail sales of consumer goods in July reached 3.88 trillion yuan, with a year-on-year growth of 3.7% but a month-on-month decline of 0.14%. Retail sales of goods grew by 4.0%, while catering revenue increased by only 1.1%, indicating cautious consumer spending [3][5] - The "old-for-new" policy significantly boosted the consumption of key goods, with retail sales of home appliances and audio-visual equipment rising by 28.7% year-on-year [5] - Cumulatively, from January to July, retail sales of consumer goods grew by 4.8%, while service retail sales increased by 5.2%, suggesting a steady recovery in consumption [5] Group 3: Investment Trends - From January to July, fixed asset investment (excluding rural households) totaled 28.82 trillion yuan, with a year-on-year growth of 1.6%, a decline of 1.2 percentage points compared to the first half of the year [5][6] - Manufacturing investment grew by 6.2%, while infrastructure investment increased by 3.2%. However, real estate development investment saw a year-on-year decline of 12%, with the drop widening by 0.8 percentage points [5][6] - Factors contributing to the decline in investment growth include extreme weather conditions, complex external environments, and weakened investment momentum in traditional industries like real estate [6][7] Group 4: Policy and Economic Outlook - The National Bureau of Statistics emphasized the need for proactive macroeconomic policies to address the complex international environment and domestic challenges, aiming to stabilize employment, businesses, and market expectations [7][8] - The Central Political Bureau meeting highlighted the importance of maintaining a continuous and flexible macro policy to effectively stimulate domestic demand and promote economic stability [8]

天眼查App显示，近日，惠东县吉隆古古茗奶茶店（个体工商户）成立，注册资本50万人民币，经营范 围为一般项目：外卖递送服务；食品销售（仅销售预包装食品）；玩具销售。（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）许可项目：小餐饮。（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Group 1 - The government has introduced two significant policies: the "Personal Consumption Loan Interest Subsidy Program" and the "Service Industry Operating Entity Loan Subsidy Program," aimed at reducing loan interest rates for consumers and service providers [1] - From September 1, 2025, to August 31, 2026, consumers can enjoy a 1% annual interest subsidy on loans for various purposes such as purchasing cars, home renovations, education, tourism, and health [3] - There is a cap on the interest subsidy: for loans exceeding 50,000 yuan, only the portion up to 50,000 yuan will be subsidized [4] Group 2 - Individual users can receive a maximum interest subsidy of 3,000 yuan, applicable to loans up to 300,000 yuan [5] - For example, a loan of 100,000 yuan at a 4% interest rate would incur 4,000 yuan in interest, but with the subsidy, the rate drops to 3%, saving 1,000 yuan in interest [6] - Service industry businesses, such as restaurants and tourism, can also benefit from a 1% annual interest subsidy starting March 16, 2025, if the loan is used to improve consumer infrastructure or service capabilities [7] Group 3 - The policy specifies participating banks, including six major state-owned banks, twelve joint-stock banks, and five consumer finance institutions for personal consumption loans, and 21 national banks for service industry loans [9] - The subsidy is funded by the government, with 90% of the interest covered by the central government and 10% by local governments, ensuring that banks do not incur losses or impose additional fees [10] - The effectiveness of the policy will be evaluated after its expiration to determine if support will continue [10]

Economic Overview - July economic data shows signs of slowdown, with only exports accelerating while industrial, service, consumption, investment, and real estate sales all underperformed compared to previous values, indicating a divergence in internal and external demand [1][6] - The actual GDP index estimated from industrial value added and service production index year-on-year is approximately 5.02%, while the estimate based on industrial value added and retail sales is about 4.79%, both lower than the second quarter [1][6] Industrial Performance - Industrial value added year-on-year growth is 5.7%, down from 6.8% previously, with a month-on-month seasonally adjusted increase of 0.38%, only higher than April's tariff impact [7][9] - Major product output shows significant declines in coal production growth, while new industry products like smartphones and robots also saw decreased growth rates; however, integrated circuits and power generation equipment remain at high growth levels [9][10] - The industrial enterprise sales rate increased to 97.1%, the second highest this year, indicating improved supply-demand relationships despite lower industrial supply [11] Consumer Spending - Retail sales year-on-year growth is 3.7%, down from 4.8%, with a month-on-month seasonally adjusted decline of 0.14% [12][13] - Key sectors dragging down retail performance include dining and tobacco, as well as automotive sales, which turned negative for the first time in five months, likely due to price competition constraints [12][13] - Growth in household appliances and mobile phones remains high, but cumulative growth has slowed compared to the first half of the year, influenced by the gradual release of demand and lower national subsidy fund balances [12][13] Investment Trends - Fixed asset investment cumulative year-on-year growth is 1.6%, down from 2.8%, with a month-on-month decline of 5.2% [13][14] - Manufacturing, infrastructure, and real estate investments all showed significant month-on-month declines, with manufacturing attributed to high equipment renewal funding released in the first half of the year [13][14] - Infrastructure investment's unexpected decline may be due to weather disturbances and the timing of new project approvals and financial tools, with local investment showing reduced activity [13][14] Real Estate Sector - The real estate sector continues to slow, with declines in sales, new starts, construction, investment, and funding availability [16][17] - The average price of new and second-hand homes in 70 cities showed slight month-on-month declines of 0.3% and 0.5%, respectively, indicating limited changes from trend values [16][17] - Recent policy adjustments in Beijing aim to stabilize the real estate market, suggesting that further policy support may be necessary to prevent continued declines [16][17] Overall Economic Sentiment - July's soft data, including PMI and BCI, along with credit and economic data, indicate a consistent trend of slowdown, aligning with the previously mentioned "deceleration zone" [5][18] - Ongoing macroeconomic policies are emerging, particularly focused on supporting service consumption, which is expected to gradually bolster consumer spending [5][18] - Local investment and real estate are identified as key sources of the overall data slowdown, with effective investment being a crucial part of terminal demand [5][18]

Group 1 - The core viewpoint of the article highlights the rapid growth of nighttime economic activities across various cities, transforming urban nightlife into a vibrant consumer landscape [1][3][4] - Nighttime consumption is becoming a strong new engine for economic growth, encompassing diverse sectors such as dining, shopping, cultural tourism, and sports, with an expected total expenditure of nearly 2 trillion yuan on domestic nighttime tourism in 2024 [3][4][28] - Major cities are hosting numerous cultural and tourism events, with approximately 39,000 events planned for the summer of 2025, indicating a significant boost in nighttime activities [3][4] Group 2 - In Yunnan's Xishuangbanna, the starry night market is expected to attract nearly 40,000 visitors daily during the summer of 2025, showcasing the area's unique cultural and tourism appeal [8][11] - In Guangxi's Nanning, the revitalization of the night market has led to a 12.65% year-on-year increase in revenue for key monitored street areas in the first half of 2025 [11][12] - In Fujian's Quanzhou, over 1.41 million visitors were received from July to August, marking a 14.8% increase year-on-year, driven by various nighttime cultural activities [15][14] Group 3 - Jiangsu's Suzhou attracted over 400,000 attendees to various performances in the first half of 2025, highlighting the city's cultural vibrancy [19] - In Hainan's Haikou, diverse nighttime activities generated over 1 million yuan in revenue during the first week of operations [23] - Chongqing's nighttime consumption accounted for over 60% of total consumption during the summer, emphasizing the city's appeal as a nighttime destination [24][28] Group 4 - Shanghai's nighttime economy is characterized by innovative experiences, with total nighttime consumption exceeding 88 billion yuan since June 2025 [30][48] - The city has launched five "night economy landmarks" and five "nightlife hotspots," focusing on diverse experiences and public space utilization [50] - Shanghai's nighttime activities include a 24-hour open model for museums, with over 70% of visitors coming from outside the city, primarily young people [61][66] Group 5 - The article discusses the integration of technology in nighttime experiences, such as themed bus routes and art exhibitions on boats, enhancing the overall consumer experience [73][80] - The rise of drone light shows in Chongqing has become a popular nighttime entertainment form, contributing significantly to local economic activity [82][86] - The article emphasizes the importance of creating a comfortable and secure nighttime environment through various supportive measures and policies [66][67]

受业绩强劲提振，公司同步上调了全年财务预期。全年营收目标区间由此前的15.7–15.9亿美元上调至 15.9–16亿美元；同店销售增长目标由此前的约4%提升至4.5%；调整后EBITDA指引亦上调至2.85亿– 2.90亿美元。 8月6日盘后，美国新兴连锁咖啡品牌 Dutch Bros（BROS）公布了2025年第二季度财报。这份财报在营 收、利润、运营效率等多个维度全面超出市场预期，并同步上调了全年业绩指引，盘后股价应声大涨 18.24%，成为当日美股餐饮板块中的最大亮点之一。 财报显示，公司第二季度总营收达到4.158亿美元，同比增长28%，显著高于市场此前预期的4.03亿美 元；净利润为3840万美元，较去年同期的2220万美元大幅提升。每股收益方面，按GAAP计算为0.20美 元，非GAAP调整后为0.26美元，远超市场预期的0.18美元。 从营收结构来看，同店销售持续稳健增长。系统店（包括直营与加盟）同店销售同比增长6.1%，其中 直营门店增长7.8%；交易量方面也实现同步增长，反映出品牌在消费者中的持续吸引力。 在门店扩张方面，公司本季度新开设31家门店，其中30家为直营。截至报告期末，门店总数达 ...