证券时报记者 吴少龙 民营经济具有"五六七八九"的重要特征。目前，我国民营企业占全国企业总量超过九成，是拉动内需的 重要力量，直接影响消费市场的活力。 资本市场上，在新消费浪潮奔涌的当下，深市一批民营企业推出多样化、个性化的产品和服务，满足不 同层次的消费需求，在新消费领域的发展中展现出显著的活力与创新力。 近年来，深交所围绕支持民营经济高质量发展的总体目标，针对深市民营上市公司的特点，从强化公司 监管的引领性、着力解决急难愁盼问题、厚植聚焦主业发展氛围、健全高质量发展制度保障、推动积极 履行社会责任等五大方面发力，不断完善促进民营上市公司发展壮大的制度机制，助力提振民营经济发 展信心，激发民营经济活力。 数据显示，近年来，深交所不断完善促进民营上市公司发展壮大的制度机制，过去两年通过IPO、再融 资、债券融资等工具，助力民企融资超6000亿元。 向"新消费"聚力 经营质效稳步提升 今年4月，十四届全国人大常委会第十五次会议表决通过了《中华人民共和国民营经济促进法》，于5月 20日起正式施行。这部法律共9章78条，围绕公平竞争、投资融资促进、科技创新、规范经营、服务保 障、权益保护等方面建立完善相关制度机制， ...

2025年至今股票市场没有呈现出总体性的趋势机会，上半年都运行在下有底上有顶的波动之中，"分 化"成了股票市场的关键词。作为驱动股票市场的根本动力，我国宏观经济的运行情况在分化。一方面 以房地产产业链为代表的旧动能仍在下行，虽然可喜的是在相关政策托举之下，其下行的速度已经趋 缓，在细分结构上甚至有表现良好的其余和品类；另一方面以高端制造、新消费为代表的新质生产力表 现良好，为稳住我国经济的增速起到了一定作用。因此，汽车、家电等有一定政策托举力度的行业，半 导体、电子、机械等涉及AI、人形机器人等新技术、新增长方向，休闲零食、黄金珠宝零售等涉及新 产品、新需求的行业，有相对更好的表现。投资股票市场的资金结构也在分化。近年来，"国家队"和保 险公司成为新增资金的重要来源，个人散户和私募成为活跃资金的重要来源。因此，宽基指数、银行等 红利品种、小微盘品种在今年的表现更为亮眼。 (责任编辑：叶景) 站在年中的时点，我们展望下半年的股票投资策略，分化仍将继续主导权益市场的运行，轮动也将在投 资中起到更重要的作用。经过上半年的上涨，基本面较好的新消费和炒作较明显的主题投资积累了不小 的累计涨幅，有些品种的估值也到了较高的 ...

《基金经理投资笔记》行业系列 领略行业投资的纯粹之美 作者：韩佳伟 中欧基金消费组研究员 潮玩抢购潮席卷全球，成为最流行的社交货币；不同行业的多家新消费公司股价屡创新高。继2020年-2021年的第一波新消 费投资热之后，新消费再次引起全市场热议。销量、股价、社交讨论，三重热度背后，反映的是消费行业底层的投资逻辑 已经悄然发生变化。从"渠道为王"到"为情绪价值买单"，游戏规则是如何一步步改变的？ 笔记要点导读： ● 同样是品牌力的打造，"老消费"更依赖渠道力，"新消费"更依赖产品力。在这个框架下，新消费包括:美护、潮玩、零食 量贩等，以及传统消费行业和互联网行业中的个别公司。 ● 新消费的诞生，一定是供需共振的结果，除了消费者需求更加个性化、细分化，也离不开传播媒介和销售渠道的快速变 革，越来越多小众品牌崛起，解构传统大牌所构建的市场秩序。 ● 新消费产品，在消费者端有明确的异质化性，尤其是在早期，这种异质化只有特定受众才能明白。这意味着，新消费投 资，其实是一场关于审美能力和对生活的体察能力的较量。 消费品投资框架：品牌力=产品+渠道 消费品的投资核心在于品牌。拥有品牌力的消费品公司，通常它们的产品净利率更 ...

2025年开年以来，二级市场的财富盛宴正"推杯换盏"，传统消费龙头还在为个位数增长殚精竭虑时，一批聚焦Z世代需求、重构消费逻辑的新势力已在资 本市场狂飙。 最有代表性的便是泡泡玛特、蜜雪冰城、老铺黄金"消费三姐妹"的爆火，一众泛消费品牌自然也不肯放过这"历史的窗口期"。这些新生代消费股，正用颠 覆行业认知的涨幅，重新定义新消费时代的投资逻辑。 从三只松鼠的发展轨迹可见，创始人章燎原是一位流量敏感型选手，三只松鼠多次关键破局都与他紧抓流量红利直接相关。 在零食行业中，成功登陆资本市场的企业并不在少数，但实现"A+H"双重上市的还未出现。其中率先嗅到机会的，依然是"松鼠老爹"章燎原。 据最新年报数据，2024年三只松鼠营收达到106.22亿元，同比增长49.3%；归属于上市公司股东的净利润为4.08亿元，同比增长85.51%。 在破百亿的营收在创业绩新高的同时，三只松鼠又向港交所发起了攻势。 很难讲三只松鼠的成功不乏运气所在，一方面，公司刚刚从谷底爬坡上来，交上了一份高光答卷；另一方面，港股的"水温"刚好从春天沸腾到盛夏。 若三只松鼠此次能够成功出"港"，还将获得"业内第一家实现'A+H'双重上市的企业"头衔。 ...

Core Insights - Mars has awarded its global media agency rights to Publicis Groupe, marking a significant shift in the advertising agency landscape and representing WPP's third major client loss in 2025 after Coca-Cola and Paramount [1][6][9] Group 1: Media Agency Transition - Publicis Groupe will establish a dedicated team named "OneMars" to oversee the global communication ecosystem for Mars, which includes media, production, e-commerce, social paid, and KOL marketing [1][2] - The media agency transition follows a competitive pitch that lasted nearly six months, involving major players like Publicis, Omnicom, and WPP, with Publicis emerging victorious [1][2][3] - Mars' previous media business was managed by WPP's EssenceMediacom, which had a four-year contract valued at $1.7 billion [3] Group 2: Strategic Context - The global pitch was initiated after Mars announced its acquisition of Kellanova for $35.9 billion in August 2024, significantly expanding its snack product portfolio [2][3] - The aim of the pitch was to integrate marketing resources, enhance communication efficiency, and create a unified global communication system, particularly for Mars' snack and pet food segments [3][6] Group 3: Implications for WPP - WPP has faced a series of client losses, including Coca-Cola's North American media account worth $700 million and Paramount's media business, which ended a 20-year partnership without a formal pitch [6][9] - WPP's CEO Mark Read is set to step down in December 2025 amid ongoing performance challenges, with a 5% year-over-year revenue decline reported in Q1 2025 [6] - The loss of Mars signifies a broader industry shift towards integrated and experience-driven communication strategies, challenging WPP's current restructuring efforts [6][7][8]

Group 1 - The rise of snack stores is a significant consumer trend in China, comparable to the popularity of milk tea shops [1][2] - Snack stores primarily cater to consumers outside of first-tier cities, tapping into a vast market [2][3] - The appeal of snack stores lies in their variety and affordability, allowing consumers to purchase multiple flavors at a low cost [3][5] Group 2 - Snack stores fulfill two consumer desires: the craving for variety and the need for affordable indulgence [5][6] - The low investment and operational requirements make snack stores attractive for franchisees, contributing to their rapid expansion [10][11] - The uniform demand for snacks across different regions facilitates quicker establishment of snack stores compared to restaurants [12][13] Group 3 - Despite their growth, snack stores face challenges, particularly low profit margins, with "Mingming Hen Mang" reporting a gross margin of 7.5% and a net profit margin of 2% [14][15] - The average gross margin for franchisees in the snack industry is around 20%, while the parent company retains a lower margin [16] Group 4 - The entry of new players, such as "Chayan Yuesheng," a well-known milk tea brand, into the snack market indicates the sector's attractiveness [21][22] - Chayan Yuesheng's strategy involves developing its own snack products, differentiating itself from typical snack stores that rely on existing brands [24][26] - The brand's expertise in flavor development from its milk tea business enhances its ability to create appealing snack products [27][28] Group 5 - Chayan Yuesheng's expansion into snacks is a response to local market saturation and aims to attract repeat customers [30][31] - The integration of snack offerings at milk tea locations allows for cross-selling opportunities, enhancing customer experience [34][36] - The ability to sell self-branded snacks through e-commerce platforms broadens market reach beyond local areas [37][38] Group 6 - Chayan Yuesheng's approach of combining high-margin milk tea with low-margin snacks can improve overall profitability [41]

Core Viewpoint - The company has successfully navigated through a challenging period and is now focusing on becoming a comprehensive supply chain company that integrates manufacturing, branding, and retailing. Group 1: Company Recovery and Strategy - The company experienced a significant decline in revenue and profit after its peak in 2019, where it became the first in the snack industry to exceed 10 billion yuan in annual revenue [1][42] - A consensus was reached among executives that the company's products were priced too high, leading to a strategic shift towards "high-end cost-effectiveness" [2][14] - The company has successfully utilized platforms like Douyin (TikTok) to boost sales, achieving 2.2 billion yuan in sales in 2023, surpassing Tmall's 1.9 billion yuan [4] Group 2: Organizational Changes and Market Adaptation - The company adopted a "weaker" approach to management, focusing on small changes and empowering teams to make adjustments [11][12] - A new pricing and operational strategy was implemented to enhance competitiveness against lower-priced brands [15][16] - The company is expanding its product range with 33 new proprietary brands across various categories, including pet food and convenience foods [4][28] Group 3: Future Vision and Market Positioning - The founder envisions the company as a "super supply chain" entity that can serve various retail channels and consumer needs [5][17] - The company aims to establish a presence in community retail through convenience stores and lifestyle shops, capitalizing on urbanization trends [19][22] - The company recognizes the importance of adapting to market changes and is committed to continuous innovation and brand development [34][40]

在卫龙总部的一个会议室里，近百位身经百战的企业掌舵人，因为"增长"的话题坐在了一起。 过去两年，食品饮料行业的"内卷"已是共识：瓶装水混战，无糖茶上演"千茶大战"，零食卷入价格血战，预制菜走向两极分化……零增长甚至负增长，正 在多个赛道真实发生。 但就在这样一个背景下，卫龙却逆势而上，依靠辣条和魔芋爽两大主力品类，交出了一份亮眼的增长答卷。 想必这也是吸引100多位标杆性品牌创始人和高管来参加这场由里斯品类创新企业家俱乐部所主办此次闭门活动的主要原因之一。 走进中国零食品类创新的第一案例，大家都想解密一下这家靠"辣条"起家的公司，如何通过两次品类创新，向百亿规模迈进？在这里，我们能学到什么， 又能带走什么？ 1 当行业卷到极致，卫龙选择"放大差异" 随着里斯战略咨询全球CEO张云和卫龙美味董事长刘卫平的对话开始，在座的每一个人不禁思考：今天的增长怎么做？渠道、内容都卷到极致了，我们是 不是忽略了更底层的东西？ "渠道已经被开发到极致了，内容也开始高度重复。"一位企业创始人感叹道，"还能从哪里找增长？" 起家于辣条、成名于国民口味，但卫龙并未止步于此，而是在"辣条品类第一"的基础上，精准卡位魔芋这一健康趋势品类 ...

在街角买一杯奶茶，CityWalk时逛一逛零食铺子为自己"补货"，再和三五好友找一家潮流"网红餐厅"打 卡，已经成为许多人的标准休闲方式。这些场景背后，一批新消费企业正以"悦己"为核心不断崛起。为 捕捉这一新兴消费机遇，鹏华港股通消费主题ETF(基金简称：港股消费50ETF，代码：159265)正在发 行中。 港股消费50ETF追踪标的为国证港股通消费主题指数。Wind显示，以申万一级行业分类，国证港股通消 费主题指数中食品饮料以28.5%权重占比排名第一。下沉到二级行业，饮料乳品、酒店餐饮的权重占比 也均位列前五。具体到成分股，不少大家耳熟能详的连锁茶饮、人气火锅、零食龙头等均在其中。 鹏华基金指出，年轻人的饮食消费，早已超越基本需求，演变为一种生活方式的表达。各类食品饮料 类"网红门店"策略深谙此道，将餐饮与潮流文化深度融合，成为年轻人拍照打卡的"社交圣地"。有些企 业另辟蹊径，通过赞助音乐节、电竞赛事，将品牌与年轻群体的兴趣圈层绑定，以潮酷包装和街头文化 营销，成功打入Z世代的社交语境。 折射到资本市场，"新食尚"凭借创新模式和精准需求挖掘实现高速增长，已经成为拉动内需的新引擎。 以现制饮品行业为例，据 ...

Group 1 - The sanitary napkin industry faces a trust crisis after issues were exposed on CCTV's 315 Gala, leading to Huang Zitao's rapid development and launch of the Duowei brand, achieving sales of 40 million in its first live stream, priced at less than 60% of traditional brands [2] - The beauty industry remains strong, with Proya surpassing Shanghai Jahwa with a revenue of 10.778 billion, marking a significant shift as the top ten companies now require a minimum revenue of 2.569 billion, and R&D investments have surged, with companies like Shiseido and Giant Bio seeing over 40% growth in R&D spending [2] - The cruise industry is attempting to recover from a price collapse in the summer of 2024, with some routes seeing price drops of 60%, leading companies like Royal Caribbean and Aida Cruises to introduce cultural crossover themes to attract customers, resulting in a record of 30,000 people entering and exiting Shanghai Port in a single day during the May Day holiday [2] Group 2 - The value of intellectual property (IP) is being reaffirmed, as Light Media's "Nezha: The Devil's Child" grossed 15 billion at the box office, with a net profit increase of 374.79% to 2.016 billion in the first quarter, despite concerns over the film industry's reliance on single IPs [3] - Consumer-facing IP commercialization is booming, with brands like Liangpinpuzi and Qiaqia collaborating over 50 times, generating 7.1 billion in revenue; the Palace Museum's dining experience has become a trend with an average spending of 500 per person, showcasing the overwhelming success of cultural IP in driving consumer behavior [3] - The traditional employment relationship is evolving, as seen in the live stream featuring Dong Mingzhu and Meng Yutong, highlighting a shift from loyalty to a more flexible employment approach among younger generations [3]