Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].

Core Insights - The retail landscape in Hong Kong is undergoing significant changes, with a high vacancy rate in core commercial areas indicating ongoing challenges for the sector [2][3] - Despite the difficulties, there are signs of potential recovery and adaptation within the market, as evidenced by the rise of new retail formats and the entry of international brands [6][9] Retail Performance - In Q1 2024, the total retail sales value in Hong Kong is projected to be HKD 376.8 billion, reflecting a year-on-year decline of 7.3%, highlighting the ongoing struggles of traditional retail [3] - The vacancy rate in the four core shopping districts reached 12.1%, the highest in nearly four and a half years, with over 60% of vacant shops unoccupied for at least six months [3][4] Market Dynamics - The rise of e-commerce, particularly from mainland China, has led to increased competition for traditional retailers, resulting in a shift towards smaller, more flexible retail spaces and short-term leasing options [4][6] - New retail formats, such as capsule toy stores and pop-up shops, are gaining traction due to lower costs and higher returns, indicating a shift in consumer preferences [8] Consumer Behavior - The increase in visitor numbers to Hong Kong, projected to reach 44.5 million in 2024, is expected to support certain retail sectors, particularly those catering to tourists [5] - Research indicates that frequent travelers from Hong Kong continue to spend significantly in local retail and dining, suggesting that local consumption is not being entirely displaced by cross-border shopping [5] Future Outlook - The decline in rental prices is attracting various international brands to establish a presence in Hong Kong, suggesting a potential revitalization of the retail market [6] - The ongoing adjustments in the retail landscape reflect a broader trend towards experiential shopping and a focus on meeting the evolving demands of consumers [9]

Summary of Financing Balances by Industry Core Insights - As of June 24, the total market financing balance reached 1,810.30 billion yuan, reflecting an increase of 5.13 billion yuan from the previous trading day, with 20 out of 31 industries showing an increase in financing balance [1][2] Industry Financing Increases - The power equipment industry saw the largest increase in financing balance, rising by 1.31 billion yuan to a total of 129.50 billion yuan, marking a 1.03% increase [1] - Other notable increases were observed in the electronics industry (1.15 billion yuan increase), computer industry (668 million yuan increase), and pharmaceutical and biological industry (664 million yuan increase) [1] Industry Financing Decreases - 11 industries experienced a decrease in financing balance, with the communication industry facing the largest drop of 4.27 billion yuan, bringing its total to 60.00 billion yuan, a decrease of 0.71% [1][2] - Other industries with significant decreases included national defense and military industry (1.95 billion yuan decrease) and construction decoration industry (1.87 billion yuan decrease) [2] Summary of Financing Balances by Industry | Industry | Latest Financing Balance (billion yuan) | Change from Previous Day (billion yuan) | Percentage Change (%) | |-------------------|-----------------------------------------|------------------------------------------|-----------------------| | Power Equipment | 1295.03 | 13.17 | 1.03 | | Electronics | 2081.19 | 11.53 | 0.56 | | Computer | 1364.58 | 6.68 | 0.49 | | Pharmaceutical | 1315.83 | 6.64 | 0.51 | | Mechanical Equipment | 939.85 | 5.78 | 0.62 | | Media | 411.07 | 3.97 | 0.98 | | Automotive | 944.02 | 3.52 | 0.37 | | Non-ferrous Metals | 770.20 | 3.43 | 0.45 | | Agriculture | 250.27 | 1.56 | 0.63 | | Light Industry | 127.62 | 0.68 | 0.53 | | Retail | 212.65 | 0.65 | 0.31 | | Construction Materials | 116.04 | 0.34 | 0.30 | | Environmental | 148.15 | 0.33 | 0.22 | | Basic Chemicals | 782.64 | 0.24 | 0.03 | | Beauty Care | 59.28 | 0.23 | 0.39 | | Coal | 154.34 | 0.23 | 0.15 | | Public Utilities | 421.94 | 0.23 | 0.05 | | Comprehensive | 32.43 | 0.06 | 0.19 | | Non-bank Financial | 1501.68 | 0.06 | 0.00 | | Steel | 144.41 | 0.04 | 0.03 | | Social Services | 96.00 | -0.07 | -0.07 | | Real Estate | 300.05 | -0.07 | -0.02 | | Transportation | 340.92 | -0.14 | -0.04 | | Textile and Apparel | 67.20 | -0.46 | -0.69 | | Banking | 532.07 | -0.75 | -0.14 | | Home Appliances | 259.87 | -0.78 | -0.30 | | Oil and Petrochemicals | 257.65 | -1.20 | -0.46 | | Food and Beverage | 520.28 | -1.70 | -0.32 | | Construction Decoration | 318.04 | -1.87 | -0.59 | | National Defense | 636.01 | -1.95 | -0.30 | | Communication | 600.02 | -4.27 | -0.71 | [1][2]

各位童鞋搭嘎猴啊，上周 "男性消费洞察"看的怎么样？有童鞋在后台留言："犹记得上个月 去草原还冻成狗，结果，才几天，高温热浪就来了，分分钟就晒化了，日子都跟着大家一起 变极端了吗？"淡定淡定，不必想那么多啊，毕竟夏天一到，风景就多了O(∩_∩)O~ 言归正传，今天给大家分享一下我们对今年618营销洞察。关于消费，今年的第一件大事就 是国补，那是真实惠。国补碰上618会怎样呢？那肯定是需求持续向线上释放啊，电商和品 牌积极营销，伴随着大促期的延长投入更多的营销资源，今年618那叫一个火热， 5月份， 全网有关618大促的内容互动量同比增长了69.1%，那热度仅次于春晚和哪吒2，并且有效 转移到了购物平台。 Qu e s tMobi l e数据显示，2025年5月，移动购物行业互联网活跃渗透率达到86.7%。再来 看头部电商们的表现，淘宝、拼多多、京东的日活跃用户规模都在618当天达到峰值，淘宝 与拼多多的同比增幅均超过5%，而京东618当天活跃用户规模更是同比增长达到19.3%。 营销方面，2025年的618大促从5月13日便正式开启，各平台的活动规则更加简化，基本上 都是主打"立减（折扣）+国补"；品牌方面， ...

Core Insights - The premium running shoe market is experiencing significant growth, with brands like On and Asics reporting substantial sales increases, particularly in the Asia-Pacific region [1][2] - High-priced running shoes have transcended their functional role to become status symbols among the middle class, akin to luxury handbags [2][7] - The trend of "aesthetic ugliness" is emerging in the running shoe sector, where functionality and brand value are prioritized over traditional aesthetics [5][9] Brand Performance - On reported a 43% year-on-year increase in net sales for Q1, with the Asia-Pacific region seeing a remarkable 130.1% growth [1] - Asics also showed strong performance with a 19.7% increase in sales, with performance running shoes contributing nearly half of its total sales [1] - The parent company of Arc'teryx, Amer Sports, is benefiting from the popularity of its brands like Salomon, which is becoming a staple among the new middle class [1] Consumer Behavior - Middle-class consumers are increasingly viewing expensive running shoes as a form of "symbolic consumption" to combat anxiety and demonstrate their commitment to an active lifestyle [7][8] - There is a growing trend of "preventive consumption," where consumers invest in high-quality running shoes as a way to safeguard their future health [8][9] - The demand for premium running shoes is driven by a desire for both physical and social fulfillment, making running a popular activity among elite groups [9] Market Dynamics - The running shoe market is characterized by a competitive landscape where brands are innovating and marketing aggressively, despite many shoes having minimal technological advancements [12][13] - The perception of running shoes as a "luxury" item is leading to a paradox where consumers are willing to pay a premium for perceived quality, even if the actual performance difference is negligible [12][13] - As the market matures, brands will need to balance storytelling and value to maintain consumer interest and loyalty [14][15]

上周市场整体放量，震荡下行，周内日均成交额约12，150亿元，短期内震荡承压局面或延续。风格 上，整体价值优于成长，大盘跑赢小盘；行业上，银行、通信、电子等表现靠前，美容护理、纺织服 饰、医药生物等表现靠后。 宏观展望：海外风险犹有加剧 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 另外，美联储6月议息会议决定不调整联邦基金利率的目标区间，维持在4.25%~4.50%，同时继续缩 表。当前美国关税政策、经济方向和通胀方向的不确定性都较强，美联储倾向于保持观望，如果短期内 通胀压力持续较大，可能对各类美元主导的风险资产形成明显压制。往后展望，全球权益资产的风险在 不断累积，不低的位置+滞胀风险的提升可能会带动美股迎来一轮Risk Off，后续美股调整的风险较 大。 市场展望：大盘方向或具更高性价比 今年市场的韧性明显比过去两年要强，虽然基本面存在压力，但市场并没有大幅调整。目前来看，国内 7月政策窗口期临近，海外地缘冲突有所升级，油价大幅上升，对国内市场影响更多偏情绪，对海外市 场造成的压力可能更大。展望后续，国内基本面压力仍存，但市场的定价逻辑也在逐渐从基本面向政策 预期过渡，待出现一些较好的政策 ...

转自：港湾商业观察 《港湾商业观察》施子夫 中产标配"钓鱼、茅台、始祖鸟"，前两项的国民热议度不用多说。始祖鸟作为冲锋衣界的顶流，平均 4000-6000元的均价也掀起了运动奢侈品的风潮。 近期，被外界称为始祖鸟平替的伯希和户外运动集团股份有限公司（以下简称，伯希和）递表港交所， 拟港股主板上市，中金公司和中信证券为联席保荐机构。 官网显示，伯希和主要产品系列包括经典系列、山系列、PERFORMANCE系列及巅峰系列，平均售价 在500-2000元左右。凭靠运动服饰，伯希和的营收规模在最近三年实现较快增长，不过公司也面临应收 账款收回、库存消化、产品质量等关键经营问题。 1 线上销售为主，收入和毛利大增 伯希和创立于2012年，公司提供户外服饰及装备，涵盖服装、鞋类以及装备及配饰，适用于各种户外活 动、运动健身以及都市通勤。于往绩记录期间，伯希和推出了417个服装SPU，有26个服装SPU的年销 售额超过1000万元。 根据弗若斯特沙利文的数据，受益于品牌知名度持续提升，按2024年零售额计算，伯希和成为中国内地 三大国产高性能户外服饰品牌之一，占同年市场份额的5.2%。 伯希和的收入主要来自销售包括服装、鞋 ...

证券研究报告—策略周报 撰写日期：2025 年 06 月 23 日 策略周报（20250616-20250620） ⚫ 市场流动性概况 R007 由 1.5811%增加至 1.591% ，较前期增加了 0.99 个 bp；DR007 由 1.502%下降至 1.4941%，较前值减少了 0.79 个 bp。R007 与 DR007 利差较 前期增加了 1.78 个 bp。此外，中美利差在本周减少了 2.56 个 bp。 本周资金净流出金额为 3209.04 亿元，较上周增加了 3918.18 亿元，其 中资金供给为 1440.97 亿元，资金需求为 4650.01 亿元。具体来看，资金供 给增加了 117.03 亿元，其中融资净买入减少了 114.93 亿元，股票分红减 少了 192.33 亿元，股票型 ETF 净申赎增加了 244.93 亿元,股票型基金与混 合型基金成立增加了 179.35 亿元；资金需求增加了 4035.20 亿元。 ⚫ 行业板块流动性跟踪 本周中信一级行业多数板块录得下跌，市场风格整体偏弱，板块分化 格局延续。从行业数量看，下跌板块远多于上涨板块，跌幅面占据主导。在 上涨方向，银行板块 ...

Core Viewpoint - The article discusses the transformation of the consumer landscape in China, highlighting the shift from traditional brands to domestic brands driven by the new generation of consumers, particularly the Z generation, who prioritize practicality and value over brand prestige [3][4]. Group 1: Key Trends in New Consumption - The new consumption trend is characterized by a collective disillusionment with foreign brands, as consumers increasingly favor domestic products that offer better value for money [6][7]. - The rise of domestic brands is not driven by nationalism but by a rationalist approach to consumption, leading to a K-shaped differentiation among domestic brands, where innovative brands thrive while traditional ones decline [12][13]. - The automotive industry is witnessing a significant shift towards domestic electric vehicles, with domestic brands capturing over 60% of the market share by 2024, driven by advancements in technology and consumer preferences [9][10]. Group 2: Changes in Consumer Behavior - New consumers are increasingly focused on self-satisfaction, leading to a redefinition of social interactions and consumption patterns, where personal happiness takes precedence over societal expectations [28][32]. - The tourism industry is experiencing a boom, with record-high participation rates, reflecting the desire for personal experiences despite economic constraints [30][32]. - The rise of the "single economy" and "宅经济" (home economy) is reshaping consumer demands, with a preference for personalized, convenient products and services [34][35]. Group 3: Channel Dynamics - Traditional retail channels are rapidly declining as new consumption models emerge, exemplified by the success of snack wholesale stores that offer lower prices and a wider variety of products [20][23]. - The shift towards instant retail is gaining momentum, with projections indicating that the market will exceed 1 trillion yuan by 2025, highlighting a significant change in consumer purchasing behavior [36][37]. - The article emphasizes the need for brands to adapt to the changing landscape, as traditional strategies become less effective in the face of evolving consumer preferences [27].

2025 年 06 月 23 日 一周市场回顾 证券研究报告-一周市场回顾 分析师：马遥识途 资格证书：S1330524050001 联系邮箱：mayst@hxzb.cn 联系电话：15201282186 相关研究 一周市场回顾 （ 2025.06.09 — 2025.06.13） 2025.06.16 一周市场回顾 （ 2025.06.03 — 2025.06.06） 2025.06.09 融资融券： 市 场 研 究 · 一 周 市 场 回 顾 · 证 券 研 究 报 告 请务必阅读报告正文后各项声明 1 / 7 一周市场回顾 （2025.06.16—2025.06.20） 一周市场回顾 （ 2025.05.26 — 2025.05.30） 2025.06.03 本周 A 股上证指数下跌 0.51%，收于 3359.90 点，深证成指下跌 1.16%，收于 10005.03 点，创业板指下跌 1.66%，收于 2009.89 点。 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别下跌 0.10%、下跌 0.68%、下跌 0.45%，成长风格类板块代表指数中小 100、中证 500、中证 1 ...