T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 06 月 09 日 b l [Table_Title] 孩子王拟收购丝域 65%股权，周六福通过港 e _ M 交所聆讯 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 下游需求不及预期的风险，贸易摩擦的风险，地缘政治的风险，行业 竞争加剧的风险。 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote 市场行情] -11% 0% 11% 22% 33% 6/11 9/9 12/8 3/8 6/6 可选消费 沪深300 ] 本周（2025.06.02-2025.06.06），申万商贸零售/社会服务/美容护理 分别 1.29%/2.09%/1.56%，在 31 个一级行业中排名第 15/9/13；同期 上证综指 1.13%，深证成指 1.42%，沪深 300 指数 0.88%。 细分子板块来看，本周商贸零售/社会服务/美容护理各大二级子板块 普涨。 旅游景区 / 饰 品 / 贸易行业涨幅居前，分别 +3.53%/+3.01%/+2.49%。 本周行业重点事件及资讯 （1）美 ...

这是新消费智库第 2 6 4 9 期文章 新消费导读 新消费 1. 新希望白帝乳业推出活润轻食瓶新品 新希望白帝乳业发文上新活润轻食瓶。该产品营养丰富，每瓶含膳食纤维 25g ，可满足人体一天最低膳食纤维摄入需求，且科学甄选了羽衣 甘蓝、牛油果、番石榴、猕猴桃、苹果、柠檬、秋葵、芹菜、苦瓜共 9 种果蔬组合。 （ 食品板 ） 2. BAPE® 携手梵高美术馆推出胶囊系列 近日， BAPE® 将与阿姆斯特丹梵高美术馆合作打造的联名胶囊系列。此次系列以画家 Vincent van Gogh 的生平与代表作为灵感，共推 出 6 款单品。 （ TOPBRAND ） 3. 星期零鸡蛋豆腐正式登陆山姆 1. 新希望白帝乳业推出活润轻食瓶新品 2. BAPE® 携手梵高美术馆推出胶囊系列 3. 星期零鸡蛋豆腐正式登陆山姆 4. 李宁携手 Xuperman 推出联名鞋款 5. 乌苏啤酒品牌推出新品 6. 时尚电商 Revol ve 低价收购奢侈品牌 Dion Lee 7. 主唱秀获 2000 万 A 轮融资 8. Lev i' s 以 3.11 亿美元出售 Docker s 9. 牧原股份冲击港股 IPO 10. 美容护理板 ...

上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先 得！ 6月首个交易周，A股三大股指震荡上涨。在业内机构看来，6月至8月，应更加注重企业基本面的投资 逻辑。 具体板块配置上，机构建议重点围绕传统产能出清、新消费崛起以及行业景气度较高的领域布局，细分 领域包括汽车、有色金属、商贸零售、美容护理、化学制药等。港股短期或维持震荡，但中长期看具备 修复动能，值得投资者关注。 影响后市投资事件 我国央行连续7个月增持黄金 国家外汇管理局6月7日发布的数据显示，截至2025年5月末，我国外汇储备规模为32853亿美元，较4月 末上升36亿美元，升幅为0.11%。外汇局同日发布的数据显示，5月末央行黄金储备为7383万盎司，环 比增加6万盎司，为连续第7个月增持黄金。 上交所：将不断丰富红利指数相关产品体系 上交所6月6日消息，日前上交所召开高分红重回报暨上市公司价值提升座谈会。上交所相关负责人表 示，未来上交所将推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组、投资者交 流等市值管理工具，持续提升公司投资价值。在产品供给端，将不断丰富红利指数相关产品体系，满足 ...

Market Overview - The market is currently experiencing narrow fluctuations, with the Shanghai Composite Index testing the 3400-point level and trading volume shrinking to around 100 billion [3] - Foreign capital is showing signs of bottom-fishing, with a net inflow of 6.7 billion on June 6, favoring sectors like precious metals, technology, and consumer goods, while domestic capital saw a net outflow of nearly 40 billion [3] Key Events - The upcoming US-China trade negotiations from June 8 to 13 are crucial, with semiconductor technology and tariff reviews on the agenda. Positive outcomes could boost sectors like rare earths and new energy vehicles, while negative outcomes may lead to increased demand for gold and military stocks [4] - New regulations on quantitative trading are expected to impact high-frequency trading, potentially leading to short-term weakness in small-cap stocks, but may benefit the market in the long run by reducing volatility [4] Investment Opportunities - The consumer sector is supported by government policies such as vehicle trade-ins and the positive performance of the 618 shopping festival, with sub-sectors like beauty care and snacks showing growth [5] - The technology sector is also gaining momentum due to advancements in AI and the launch of major funds, making equipment and chip companies worth monitoring [5] Technical Analysis - The 3400-point level is seen as a strong resistance due to previous losses, and a significant trading volume of at least 1 trillion is needed for a breakthrough. The ChiNext index has also encountered resistance just above 2000 points [7] Strategic Recommendations - A balanced approach with a 50% investment position is suggested, combining defensive assets like gold with offensive positions in leading consumer and technology stocks. Companies with strong cash flow and solid teams are viewed as resilient investments [8]

截至6月6日，市场最新融资余额为17964.09亿元，较上个交易日环比减少31.16亿元，分行业统计，申万 所属一级行业有9个行业融资余额增加，医药生物行业融资余额增加最多，较上一日增加4.19亿元；融 资余额增加居前的行业还有汽车、家用电器、美容护理等，融资余额分别增加2.41亿元、1.97亿元、 1.11亿元；融资余额减少的行业有22个，电子、基础化工、非银金融等行业融资余额减少较多，分别减 少8.29亿元、4.53亿元、3.85亿元。 以幅度进行统计，美容护理行业融资余额增幅最高，最新融资余额为59.02亿元，环比增长1.92%，其次 是家用电器、轻工制造、建筑材料行业，环比增幅分别为0.78%、0.69%、0.50%；融资余额环比降幅居 前的行业有公用事业、银行、基础化工等，最新融资余额分别有423.99亿元、530.06亿元、775.91亿 元，分别下降0.65%、0.63%、0.58%。（数据宝） 6月6日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 医药生物 | 1267.07 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for certain segments within the consumer sector, particularly in the jewelry and tourism industries. Core Insights - The "old-for-new" policy in the gold and jewelry sector is expected to drive a transformation towards "self-indulgent jewelry" consumption. This policy will lower costs for consumers and stimulate demand, especially among women aged 30-50 for fashionable gold accessories. Over the medium to long term, this will encourage companies to upgrade their product offerings and shift consumer habits from "value preservation" to "regular updates" in jewelry consumption [2][4][15]. - The tourism sector is seeing a rise in domestic travel, with 119 million domestic trips taken during the Dragon Boat Festival, reflecting a 5.7% year-on-year increase. The total spending reached 42.73 billion yuan, up 5.9% year-on-year. The report highlights a trend towards family-oriented and cultural tourism, with expectations for continued growth in travel demand due to supportive policies [4][15]. Summary by Sections Market Weekly Review - The consumer sector showed mixed performance post-Dragon Boat Festival, with sectors like social services and textiles performing well, while food and home appliances lagged. Notable gainers included Junyao Health (+24.43%) and Spring Technology (+28.79%), while major decliners included Kuaijishan (-11.95%) and Midea Group (-4.25%) [4][13][14]. Industry News and Key Company Announcements - The report mentions that the summer tourism market is expected to be robust, with a 70% increase in travelers compared to last year. The focus is on family travel and immersive experiences [15][16]. - Companies like Suning and Anta have reported significant sales increases during the holiday period, with Suning noting a 128% year-on-year growth in sales for new products [15][16].

大消费 [Table_ReportDate] 2025 年 6 月 9 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 黄金珠宝"以旧换新"政策推动消费转型 [Table_ReportType] 大消费行业周报（6 月第 1 周） [Table_Summary] 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] | 一、 市场周度回顾 3 | | | | --- | --- | --- | | 二、 行业要闻及重点公司公告 4 | | | | 2.1 4 | 行业要闻 | | | 2.2 5 | 公司公告 | | [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ...

Group 1 - A-shares experienced fluctuations and upward trends in early June, with a focus on fundamental investment logic from June to August [1] - Institutions recommend focusing on traditional capacity reduction, the rise of new consumption, and sectors with high industry prosperity, including automotive, non-ferrous metals, retail, beauty care, and chemical pharmaceuticals [1][6] - Short-term fluctuations in Hong Kong stocks are expected, but they possess recovery potential in the medium to long term, making them worthy of investor attention [10] Group 2 - The People's Bank of China has increased its gold reserves for seven consecutive months, with a total of 7.383 million ounces as of the end of May, reflecting a month-on-month increase of 60,000 ounces [2] - Foreign institutions such as Morgan Stanley and Goldman Sachs express optimism about the asset allocation value in China, citing favorable economic growth expectations and relatively low asset valuations [4] Group 3 - Citic Securities emphasizes the importance of fundamental investment logic from June to August, highlighting the supply chain for computing power (AI servers, optical modules, switches, etc.) as a key focus area [5] - Dongwu Securities suggests that short-term thematic rotation may continue, with attention on new consumption, innovative pharmaceuticals, controllable nuclear fusion, AI edge devices, and commercial aerospace [7] - Huatai-PB Fund anticipates an increase in focus on consumption and cyclical sectors, driven by improved Q1 A-share company performance and potential recovery in foreign trade and economic expectations [8] - Huitianfu Fund indicates that the timing for technology growth investments is approaching, with the market sentiment having been released after prior adjustments, particularly in the AI industry chain [9]

中信证券：规避宏观扰动，回归产业趋势 在三季度末到四季度可能到来的指数牛市的关键入局点前，还将经历3—4个月的过渡阶段。从宏观面来看，内 需和价格信号仍偏弱，还需要看到更多反内卷和提振内需的实际举措；海外不确定性依然较大，后续美国减税 法案落地可能成为海外新一轮市场动荡的诱因。 从市场层面来看，A股小微盘和题材普遍在高位，在经过4—5月的极致演绎后，可能会出现波动。从应对思路 来看，抵御宏观扰动依赖AI这样的高景气度产业趋势，近期北美AI应用端在发生新的积极变化，中国市场不 久也会跟上。跨市场的均衡配置是另一条应对思路，港股的流动性还在持续改善，如果随海外市场出现波动是 较好的增仓机会。 国泰海通：港股是本轮牛市主战场 今年港股明显跑赢A股，背后反映宏观偏弱背景下港股稀缺性资产更具吸引力，类似2012—2014年移动互联浪 潮下港股比A股率先崛起。互联网、新消费、创新药、红利等板块的稀缺资产在港股更集中，与当前AI应用、 新消费等产业趋势相关度更高，即港股资产的稀缺性所在。随着外部环境对风险偏好的扰动减缓，来自基本面 和资金面的修复力量望推动港股进一步向上。 中期来看，政策发力驱动基本面修复，叠加资金面持续改 ...

因子拥挤度观察：小市值因子表现较好。 小市值因子拥挤度 1.05 ，低估值因子拥挤度 0.06 ，高盈利因 子拥挤度 -0.18 ，高盈利增长因子拥挤度 -0.23 。 行业拥挤度：机械设备、综合、商贸零售、环保和美容护理的行业拥挤度相对较高。 美容护理和银行的行 业拥挤度上升幅度相对较大。 报告导读： 从技术面来看， Wind 全 A 于 6 月 4 日突破 SAR 点位，发出做多信号；均 线强弱指数与顶部仍有一定的距离，证明指数仍有上行空间。因此，我们认为，市场下周 或将延续震荡上行态势。 下周市场观点：市场下周或将延续震荡上行态势。 从量化指标上看，基于沪深 300 指数的流动性冲击指 标周五为 0.30 ，高于前一周（ 0.13 ），意味着当前市场的流动性高于过去一年平均水平 0.30 倍标准 差。上证 50ETF 期权成交量的 PUT-CALL 比率震荡下降，周五为 0.85 ，低于前一周（ 1.15 ），投资 者对上证 50ETF 短期走势谨慎程度下降。上证综指和 Wind 全 A 五日平均换手率分别为 0.82% 和 1.40% ，处于 2005 年以来的 56.33% 和 68.58% 分位点 ...