Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating that easing international conditions and domestic policy stimulus will positively influence the sector's performance [3][42]. - The overall retail sales in May 2025 reached 4.13 trillion, growing by 6.4% year-on-year, with goods retail sales increasing by 6.5% [11][14]. Beauty and Personal Care - In May 2025, the cosmetics retail sales grew by 4.4%, with high online penetration leading to diminishing promotional effects. However, leading domestic brands are expected to outperform the market due to the trend of domestic product substitution [11][12]. - The competitive landscape is intensifying, with rising sales expense ratios expected to pressure profit margins for some brands, although top players with strong product innovation may still achieve robust growth [11][12]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 21.8% in May 2025, benefiting from a low base effect from the previous year. Products that appeal to younger consumers are expected to drive higher growth rates [11][12]. Supermarkets and Department Stores - From January to May 2025, department store sales slightly increased by 1.3%, while supermarket sales grew by 5.7%. Companies that adapt to the current value-for-money consumption trend through supply chain upgrades are expected to perform better [12][14]. Cross-Border E-commerce - The second quarter is expected to face short-term performance pressures due to external environmental challenges. However, leading platform companies are anticipated to demonstrate strong resilience in the medium to long term due to flexible tariff responses and solid product capabilities [12][14]. Investment Recommendations - The report recommends several companies across different sectors, including: - Beauty and Personal Care: Recommended companies include 毛戈平, 丸美生物, and 登康口腔, which are expected to benefit from domestic product substitution and channel optimization [3][42]. - Gold and Jewelry: Companies like 老铺黄金 and 潮宏基 are highlighted for their potential to achieve accelerated growth due to favorable market conditions [3][42]. - Cross-Border E-commerce: Recommended companies include 小商品城 and 安克创新, which are positioned to capitalize on improving trade conditions [3][42]. - Retail: Companies such as 名创优品 and 重庆百货 are suggested for their low valuation and potential for improvement [3][42].

Core Insights - TikTok Shop has officially launched in Japan, integrating e-commerce features within its existing app, allowing users to purchase products through shopping videos and live streams, covering various categories such as cosmetics, clothing, and home appliances [2][3] - Japan's e-commerce market is projected to reach $191.9 billion in 2024, with an annual growth rate of 8.4%, making it the third-largest e-commerce market after China and the U.S. [2] - The entry of TikTok Shop into Japan signifies a strategic move to tap into a high-potential market, amidst increasing competition from established players like Rakuten, Amazon Japan, and emerging platforms like Shein and Temu [2][3][10] Market Potential - Japan's e-commerce market is considered a "rich mine" with significant growth potential, as the current B2C e-commerce penetration is below 10%, compared to nearly 50% in China [4] - The average order value in Japan is approximately 5,000 yen (around 230 RMB), which is higher than in Southeast Asia, and the average return rate is only 5%-10%, providing a favorable environment for sellers [4][6] Challenges - Japan's mature commercial environment presents high entry barriers due to strict regulations, including product certification standards and tax compliance requirements [5][8] - Japanese consumers have high expectations for product quality and reliability, which may require TikTok Shop to adapt its strategies from its Southeast Asian operations, focusing more on quality and brand building [7][9] Competitive Landscape - The Japanese e-commerce market is dominated by Rakuten, Amazon Japan, and Yahoo! Shopping, which collectively hold over 70% market share, with Rakuten alone accounting for nearly one-third [9] - New entrants like Shein and Temu are leveraging unique strategies, such as Shein's fast supply chain and Temu's competitive pricing, to capture market share [10][11] Strategic Considerations - TikTok Shop must explore its differentiation advantages, particularly its social attributes, to engage younger consumers who are increasingly shopping through social media [11] - The platform's success will depend on its ability to balance global strategies with local market needs, focusing on how to appeal to the more affluent 35+ demographic while maintaining its core younger user base [12]

成立于2019年的武汉流星汇聚，拥有一支经验丰富的运营团队，能够精准把握行业趋势，为企业的稳健发展提供 有力支撑。公司精心打造了五对一运营教学体系，为新手卖家提供全方位、个性化的指导，帮助他们快速掌握跨 境电商运营技巧。此外，公司构建的一站式卖家孵化平台，涵盖了店铺开通、产品选品、订单发货、售后服务等 关键环节，大幅降低了行业准入门槛，吸引了众多创业者加入跨境电商领域。 2025年4月21日，武汉流星汇聚成功挂牌上海股权交易中心新四板，股权代码212795。这一重要里程碑不仅彰显了 公司的实力，也体现了市场对其发展前景的认可。新四板作为资本市场的重要平台，为中小企业提供了融资和发 展的机会，武汉流星汇聚的挂牌将进一步增强其品牌影响力，助力企业迈向更高的发展阶段。 在全球化和数字化快速发展的时代背景下，跨境电商已成为国际贸易的重要组成部分，不仅促进了各国经济的互 联互通，还推动了全球供应链的优化与升级。作为经济增长的重要引擎，跨境电商在促进就业和提升生活水平方 面发挥着积极作用。2025世界跨境电商发展大会在河北廊坊举行，围绕"构建全球营销服务体系赋能产业带出 海"的主题，全球行业领袖、专家学者与企业代表展开深 ...

Group 1 - The BRICS cooperation mechanism has expanded, with Indonesia officially joining as a member in January 2023, and ten other countries becoming partner nations, which has generated significant interest among overseas Chinese communities [1][2] - Overseas Chinese in Indonesia have reported tangible benefits from BRICS membership, such as the ability to conduct business transactions in RMB and reduced cross-border transaction costs by approximately 30% [2] - The BRICS mechanism has facilitated faster project implementation in Indonesia, including the joint feasibility study for the Jakarta-Bandung high-speed rail extension [2] Group 2 - Thailand's participation in the BRICS partnership has enhanced interactions between Thailand and China, leading to increased investment opportunities and job creation for Thai youth [3] - Chinese enterprises have shown interest in Thailand's potential in new energy sectors, with a recent delegation visiting to explore investment opportunities [3] - The BRICS mechanism has improved the efficiency of business operations, including faster visa processing and logistics clearance for Thai-Chinese business interactions [3] Group 3 - The BRICS summit in Brazil attracted thousands of participants, highlighting Brazil's focus on green transformation and the interest of Chinese companies in renewable energy and smart grid solutions [4] - Chinese enterprises are providing reliable technology and cost-effective solutions to support Brazil's green development, filling market gaps [4] - The expanding BRICS cooperation offers overseas Chinese more opportunities to engage in various sectors, including digital economy, green technology, and cultural education [4] Group 4 - Overseas Chinese are actively participating in BRICS cooperation by enhancing local business operations, such as developing Indonesian language customer service systems [5][6] - The BRICS framework allows overseas Chinese to engage more directly in project bidding and partnerships, increasing their involvement in local economies [6] - Initiatives like the "BRICS Entrepreneurs Matching Week" are being organized to connect young entrepreneurs and investors from different countries [6] Group 5 - The BRICS mechanism is seen as a platform for civil society and youth engagement, with calls for establishing open digital economy cooperation and joint financing for green transitions [8][9] - There is a strong desire among overseas Chinese to enhance cooperation in key areas such as food security, energy transition, and digital technology [9] - Cultural exchanges, such as performances by Chinese artists in Brazil, are viewed as vital for fostering mutual understanding and cooperation among BRICS nations [9]

Group 1 - The 2025 Ecological Civilization Guiyang International Forum focused on "deepening local friendly cooperation and promoting green development for mutual benefit" [1] - Seven pairs of provincial and municipal friendly city agreements were signed during the forum, including agreements between Guizhou Province and Liberia's Monrovia City, as well as intentions with Mozambique's Gaza Province and Papua New Guinea's Milne Bay Province [1] - Guizhou Province aims to transform its ecological advantages into development momentum, showcasing its green development practices to the world through international friendly cities [1] Group 2 - The Governor of Milne Bay Province, Gordon Wesley, presented a specific cooperation list that includes trade of specialty agricultural products, sustainable fisheries management, and eco-cultural tourism [2] - The forum launched the "Study in Guizhou" project to attract international youth from friendly cities to study in Guizhou, fostering future cooperation [2] - The "Friendly City Shopping and Travel" cross-border e-commerce project was announced to facilitate the flow of Guizhou's ecological agricultural products and handicrafts to the world, while also allowing quality goods from friendly cities to enter the Chinese market [2]

Group 1: Support and Collaboration - Suzhou has been providing targeted support to regions in Xinjiang, including Horgos, Gongliu, and Atushi, since 2010, enhancing cooperation in various fields [1][2] - The financial commitment includes 7.35 million yuan allocated for 24 technology innovation projects in Xinjiang, which has led to an additional 16.2 million yuan in enterprise matching investments [1] Group 2: Industrial Development - The "Horgos Comprehensive Smart Energy Project," recommended by the Suzhou working group, was recognized as an excellent entrepreneurial project, showcasing the effectiveness of industrial aid [2] - Suzhou's working group has successfully attracted influential projects to Horgos, significantly contributing to the rapid development of local industries such as foreign trade and cross-border e-commerce [2] Group 3: Medical Assistance - A significant medical achievement was made with the implantation of a wireless pacemaker in a 71-year-old patient in Gongliu County, addressing a critical health issue and filling a local technical gap [3][4] - The medical team, led by expert Li Haigang, utilized innovative techniques to perform the surgery, which was crucial given the patient's complex medical history [3][4] Group 4: Cultural and Economic Integration - The establishment of the "Atushi Mulberry Fig Cultural Tourism Scenic Area" has transformed local businesses, increasing the number of shops from over 30 in 2020 to 246 by 2024, with collective income reaching over 1.4 million yuan [5] - The integration of agriculture, culture, and tourism around the mulberry fig industry has led to a significant economic uplift for the local community [5] Group 5: Youth Exchange and Cultural Ties - The "Pomegranate Seed" summer camp initiative promotes youth exchange between Kunshan and Atushi, fostering cultural ties and enhancing ethnic unity [6]

Core Insights - Amazon China is launching a summer shopping festival called "Hai Zhe Jie" from July 8 to 12, featuring over 30,000 international brands and more than 2 million selected overseas products, aiming to create a unique summer promotion brand for Chinese consumers [1][3] Group 1: Event Overview - "Hai Zhe Jie" is designed to cater to the actual summer needs of Chinese consumers, differing from the holiday-focused "Black Friday" by emphasizing product selection and pricing strategies [3] - The event will showcase a variety of products, including tech innovations and trendy items, to meet diverse consumer demands and set trends [3] Group 2: Pricing and Logistics - The pricing strategy combines overseas discounts with local exclusive offers, providing a transparent shopping experience that enhances consumer satisfaction and loyalty [3][5] - Amazon has improved logistics efficiency, achieving "2-day delivery" from Ningbo bonded warehouse and offering 16-hour expedited customs clearance through SF International, aligning cross-border e-commerce logistics with domestic standards [5] Group 3: Market Positioning - Amazon is focusing on niche brands and series that remain underrepresented in the Chinese market, while also offering localized pricing to maintain a competitive edge against other cross-border shopping platforms [5] - The "import supermarket" feature during "Hai Zhe Jie" will include essential categories like maternal and infant products, food, and health supplements, allowing consumers to purchase high-quality imported goods at more affordable prices [5] Group 4: Technological Integration - Amazon utilizes big data and AI for product selection, enabling real-time trend capture from social media to match popular products with Chinese consumers [6] - The company is expanding its presence in lower-tier markets, with a notable increase in users from third and fourth-tier cities, driven by enhanced logistics coverage and the awakening of female consumers [6]

"大而美"法案落地，高关税威胁再来 -宏观周报(6月30日-7月6日) 2025 年 7月 6 日 分析师 张迪 ☎：010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 詹璐 ☎: 0755-8345-3719 国：zhanlu @chinastock.com.cn 分析师登记编码：S0130522110001 日雷 ☎: 010-8092-7780 ☑: lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 赵红蕾 ☎：010-8092-7606 网: zhaohonglei_yj@chinastock.com.cn 分析师登记编码：S0130524060005 于金潼 ☎：186-5320-7096 网: yujintong_yj@chinastock.com.cn 分析师登记编码：S0130524080003 铁伟奥 極：tieweiao_yj@chinastock.com.cn 分析师登记编码：S0130525060002 研究助理：薄一程 www.chinastock. ...

一周财经人物（2025年6月30日至2025年7月6日） 敦煌网张芳芳：上半年宠物品类增幅超200%，内容电商崛起 关税风波之下，元老级跨境电商平台敦煌网迎泼天流量，一时成为全球热门下载的免费购物应用榜首。 以B端直采起家，如今的敦煌网不仅是B端与C端的流量入口，更集合海量网红。 品牌出海成为大共识之下，更懂中国商家与海外消费者需求的本土平台，会如何赋能这一新征程？近 日，南都《湾财出海观》《三猫跨境说》专访了敦煌网副总裁张芳芳。 贵州一银行原纪委书记被举报"婚内出轨"，纪委已介入调查 头条 罗马仕回应没有倒闭同日再换法定代表人，雷社杏再度上任 深陷倒闭传闻之中，罗马仕动作频频，在换回原法人的同时，还通过微博发声回应。天眼查信息显示， 7月3日，雷杏容在出任深圳罗马仕科技有限公司（以下简称"罗马仕"）法定代表人、董事、经理职务仅 三天后退出相关职务，前任雷社杏则在去职三天后再度担任以上职位。同日，罗马仕在官方微博发布声 明称将努力解决一切问题。 大咖声音 何小鹏下单小米YU7"催"交付，雷军：力争早点交车 6月30日，"何小鹏也下单了YU7"登上新浪微博热搜。当日，何小鹏发文表示，YU7成功核心是产品竞 争力 ...

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating a positive outlook for the sector's performance relative to the overall market [2]. Core Insights - The report highlights four key growth drivers for the gaming sector: 1. Demand from younger generations (post-90s and post-00s) and overseas markets, with AI potentially creating new gameplay experiences. 2. Companies that have focused on project development and improved their R&D capabilities over the past five years are now better positioned to create high-quality products. 3. Competition in gaming is shifting towards differentiation rather than price competition. 4. Despite product cycles, improvements in industrial processes can lead to sustained growth [2]. Summary by Sections Gaming Sector - The report identifies several companies with promising new products that could drive mid-term growth, including: - Giant Network's "Supernatural Action" and Century Huatong's "Whiteout Survival" and "Kingshot" [2]. - Companies like 37 Interactive Entertainment and Kying Network are noted for their strong new game reserves and AI strategies [2]. AI Applications - The report emphasizes the commercial potential of AI applications, citing successful products like Kuaishou's AI video tools and Meitu's consumer-focused AI offerings [2]. - AI's impact on advertising revenue for companies like Tencent and Bilibili is highlighted as an area of growth [2]. Entertainment and Consumer Trends - The report recommends companies involved in trendy consumer products, music, and live events, such as Pop Mart and NetEase Cloud Music, which are benefiting from increased engagement from younger audiences [2]. - The integration of media networks with platforms like Alipay is expected to enhance the value of companies like Focus Media [2]. Valuation Metrics - A detailed valuation table is provided, showing projected revenues and profits for key companies in the gaming and entertainment sectors, with Tencent's market cap at 41,505 million RMB and a projected PE ratio of 16 for 2025 [4].