Group 1 - The core viewpoint of the article emphasizes the integration of policies and activities to stimulate consumption, with the total retail sales of social consumer goods expected to exceed 50 trillion yuan for the first time in 2025, highlighting the "Buy in China" brand [1] Group 2 - In terms of goods consumption, the implementation of a trade-in program for consumer goods resulted in sales of 2.61 trillion yuan, benefiting 366 million people [4] - For service consumption, a quality improvement initiative led to a 5.5% increase in service retail sales for the year [4] - The establishment of international consumption environment pilot projects and optimization of the tax refund policy for outbound tourists contributed to the growth in sales of tax refund goods [4] Group 3 - The foreign trade sector remains robust, with total imports and exports projected to reach 45.47 trillion yuan, reflecting a growth of 3.8%, while service imports and exports increased by 7.1% to 7.2 trillion yuan [12] - The number of active enterprises engaged in import and export activities exceeded 780,000, with private enterprises accounting for 57.3% of the total foreign trade volume [12] Group 4 - The "Invest in China" brand continues to gain traction, with over 70,000 new foreign-funded enterprises established in the year, marking a 19.1% increase, and foreign investment absorption reaching 747.69 billion yuan, with high-tech industries accounting for 32.3% [14] - The overseas comprehensive service system was improved, with non-financial direct investment abroad totaling 1 trillion yuan for the year [15]

国务院新闻办公室26日举行新闻发布会，商务部相关负责人介绍2025年商务工作及运行情况。2025 年，中国消费市场活力十足：全年社会消费品零售总额首次突破50万亿元；消费对经济增长的贡献率达 到52%；"以旧换新""中国购""国潮文化"等成为高频词……消费持续发挥了经济发展主引擎的作用，也 为世界各国提供巨大机遇。让我们跟随海报，一起来看。 士零息额直破50 2025年全年社会消费品零售总额首次突破 50万亿元,达到50.1万亿元,增长3.7%; 消费对经济增长的贡献率达到52%,提高了 5个百分点。 权威数读_/ ARS 7 47 J模新惠 17-2 电脑 亚版 手机 扩围提质实施消费品以旧换新,汽车、家 电、手机等相关产品销售额2.61万亿元, 惠及3.66亿人次。 新华社 权威数读 / AR 服务零售额度 2025年,服务零售额同比增长5.5%,居民 人均服务性消费支出同比增长4.5%,占人均 消费支出的比重为46.1%。文体休闲、旅游 咨询租赁、交通出行等服务零售额保持两位 数增长。 权威数读_/ 新华社 AR 数字消费、绿色消费、健康消费等新型消费 持续升温,新业态、新模式、新场景不断涌 现,实物商 ...

Core Viewpoint - Jia Hua Department Store Holdings (00602.HK) has announced a long-term leasing agreement for several properties with Shenzhen Chuangjian Technology Industry, aimed at operating group shopping centers, retail stores, and other commercial purposes [1]. Group 1 - The company’s wholly-owned subsidiary, Shenzhen Baijiahua Commercial Management, is involved in the leasing agreement [1]. - The agreement is set to commence on January 26, 2026 [1].

Core Insights - The "Yidu Fireworks and New Benefits for Thousands of Families" consumption season in Daduqiao's Banjiao Town successfully concluded, achieving sales of approximately 10 million yuan, significantly boosting the regional consumption market [1][3] Group 1: Event Overview - The 15-day event focused on the principles of convenience, benefit, and utility for the public, featuring well-defined service areas such as a convenience service zone, home appliance exhibition area, and specialty product zone, which attracted a large number of visitors [3] - Services offered included free knife sharpening, haircuts, and medical consultations, addressing everyday concerns of the community [3] - Promotional policies like "full reduction" and trade-in offers in the home appliance and new energy vehicle zones provided substantial savings for consumers [3] Group 2: Ongoing Initiatives - Banjiao Town has been leveraging unique consumption activities to invigorate market vitality, with a focus on the "Flower's Voice" immersive music concert as a core IP, creating a multi-faceted model combining music, markets, culture, and employment [3][4] - The "Hua Hua Good Market" has been registered as a trademark, enhancing its recognition as a regional consumption brand, with over 8 million participants and direct sales revenue exceeding 50 million yuan since last year [3][4] Group 3: Future Plans - In 2025, Banjiao Town plans to launch seasonal consumption events focusing on automobiles, home appliances, and home goods, aiming to drive home appliance sales of 48.77 million yuan and provide over 7.43 million yuan in subsidies to consumers [4] - The town will also introduce a non-heritage cultural creative exhibition area, showcasing local intangible cultural heritage projects, enriching the consumption experience with cultural elements [4] - Banjiao Town aims to connect consumption activities with employment opportunities, planning to attract nearly 200 companies to provide over 3,000 job positions by 2026, facilitating local employment [4][5] Group 4: Infrastructure Development - To enhance the consumer experience, Banjiao Town is upgrading market functions and infrastructure, including adding concealed power supply interfaces and optimizing traffic flow in key parks [5] - The goal is to create a comprehensive consumption matrix that integrates parks, music, weddings, and tourism, promoting the synergy of wedding, night, and cultural tourism economies [5]

"推广胖东来经验，打造一批带动面广、显示度高的消费新场景。"河南省政府省长王凯26日在政府工作 报告中两次提及"网红"商超胖东来。这充分体现了河南对促进消费的高度重视。 近年来，在消费领域，有着近1亿人口的河南涌现出胖东来、蜜雪冰城、锅圈食汇等现象级消费品牌， 也出现了鲜风生活、农夫刘先生、淘小胖等热门商超；谷子经济、国潮新风、体验式消费，以及城市更 新衍生的多元消费新业态和新场景，不断满足年轻人的社交、购物与体验需求，为民众"生活消费"注入 新活力。 其中，凭借商品品质和消费体验强势崛起的一批河南本土商超，带动了商品零售稳步增长。2025年，该 省超八成商品零售保持增长。 在河南省政协委员、河南大张实业有限公司总经理张树一看来，这一增长得益于消费市场供给侧优化、 消费业态丰富迭新，也从侧面反映顾客的消费需求更加细化、多元。 一年"生活消费"2.9万亿元 河南两会热议"胖东来现象" 中新网郑州1月26日电 (阚力 王佳宁)2025年，河南省社会消费品零售总额2.9万亿元(人民币，下同)。这 一关乎民众"生活消费"的数据，被写入2026年河南省政府工作报告。正在此间举行的河南两会上，"胖 东来现象"成为热议的话 ...

河南省政协委员、盒马鲜生公共事务总监路怡馨认为，当下，民众对消费过程、商品品质等有了更加多 元的要求，他们更期待健康、新鲜的商品，同时对悦己消费有更高需求。 近年来，深耕区域的大张等知名商超也在迭新消费新场景。河南省政协委员、河南大张实业有限公司总 经理张树一受访时表示，当前零售行业百花齐放，有竞争也更利于彼此学习、取长补短，最终利好消费 者，"譬如我们对老旧卖场调整升级，是为了让卖场更有烟火气，让顾客有更好的购物体验"。 如今，河南多地已在推广胖东来经验、打造胖东来式企业。许昌出台相关举措推广胖东来先进管理理念 和管理模式，形成一批可复制的"许昌经验"；新乡则明确以胖东来现象级商业体为流量引擎，创新打 造"文旅+商业"融合消费生态。 在26日举行的河南省十四届人大四次会议上，政府工作报告提到，"胖东来、蜜雪冰城、锅圈食汇等一 批新锐企业向新而生""推广胖东来经验，打造一批带动面广、显示度高的消费新场景"。此前，2024年 河南省政府工作报告提到，支持胖东来等流量商超发展；2025年河南省政府工作报告提到，"胖东来"频 频出圈，被网友称为"没有淡季的6A级景区"。 近些年，胖东来火爆出圈后，为当地消费市场注入 ...

Core Viewpoint - The "Yue Consumption Benefits New Spring" 2026 Shandong New Year Consumption Season has been officially launched, with a focus on stimulating consumer spending during the Spring Festival through significant financial support and diverse promotional activities [1][3]. Group 1: Financial Support and Investment - The provincial government will allocate over 27 billion yuan for the entire year, with a special investment of 7.5 billion yuan for this consumption season to activate the Spring Festival market [1][3]. - Key areas for funding include consumer goods trade-in programs, national consumption pilot demonstrations, elderly service consumption subsidies, sports event rewards, and tourism incentives [3]. Group 2: Thematic Activities and Coverage - The consumption season will feature a matrix of ten thematic activities designed to meet the festive needs of the public, including the "Qilu New Year Goods Shopping Festival," "Winter Travel in Qilu," and "Health Welcoming the New Spring" sports consumption [3]. - A total of 327 local特色促消费活动 will be organized across 16 cities, utilizing shopping districts, traditional markets, and tourist attractions to create vibrant new consumption scenes [3]. Group 3: Commitment to Consumer Welfare - The government emphasizes the connection between improving people's livelihoods and promoting consumption, aiming to ensure the successful implementation of policies that foster a prosperous consumption market [4]. - The initiative invites visitors to experience the cultural richness and unique flavors of Shandong, enhancing the overall consumer experience during the festive season [4].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and many others, indicating a positive outlook for these stocks [1]. Core Insights - The gold and jewelry sector has emerged as the top performer this week, driven by new consumer sentiment and the upcoming Spring Festival, which is expected to boost sales [4][14]. - The overall performance of various sectors shows significant fluctuations, with gold and jewelry leading the gains, while sectors like luxury goods and U.S. hotels are experiencing declines [12][15]. - The report highlights that the valuation of various sectors remains below their historical averages, suggesting potential investment opportunities [10][17]. Sector Performance Summary - **Gold and Jewelry**: This sector saw a weekly increase of 12.9%, with notable stock performances from Lao Pu Gold (+20.5%) and Chao Hong Ji (+12.3%) due to positive sales forecasts [6][14]. - **Gambling**: The gambling sector increased by 2.9%, with companies like MGM China and Galaxy Entertainment showing strong market share growth [14]. - **Overseas Cosmetics**: This sector rose by 2.1%, driven by E.L.F. Beauty's stock increase of 4.6% following positive earnings forecasts [14]. - **Retail**: The retail sector increased by 2.0%, with Wanchen Group's stock rising by 14.3% due to optimistic revenue expectations [14]. - **Domestic Cosmetics**: This sector saw a modest increase of 0.9%, with companies like Proya and Runben showing positive stock movements [8][14]. - **Snacks**: The snack sector increased by 0.6%, with Youyou Foods and Qiaqia Foods showing gains [14]. - **Pet Sector**: This sector experienced a slight decline of 0.4%, with Zhongchong Co. facing stock price pressures [14]. - **Domestic Sportswear**: This sector decreased by 1.4%, with Anta Sports experiencing a notable decline of 6.1% [14]. - **U.S. Hotels**: This sector fell by 1.4%, with major hotel chains like Marriott and Hilton reporting declines [15]. - **Credit Cards**: The credit card sector also saw a decline of 1.4%, influenced by uncertainties regarding proposed interest rate caps [15]. - **Luxury Goods**: This sector decreased by 1.6%, with Burberry facing significant stock price drops due to market concerns [15]. - **Overseas Sportswear**: This sector fell by 1.8%, with Adidas experiencing a notable drop of 8.7% due to downgrades from investment banks [16]. Valuation Analysis - The report indicates that the expected PE ratios for various sectors in 2025 are below their historical averages, suggesting potential undervaluation. For example, the expected PE for the gold and jewelry sector is 25.9, which is 49% of its historical average [10][17].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others, indicating a positive outlook for these stocks [1]. Core Insights - The gold and jewelry sector has emerged as the top performer this week, driven by new consumer sentiment and expectations of improved sales as the Spring Festival approaches. The sector saw a weekly increase of 12.9% [4][14]. - The report highlights a rebound in the new consumer sectors, with various segments such as gambling, overseas cosmetics, and retail also showing positive performance [4][14]. - The overall market sentiment is influenced by the performance of the MSCI China index, which has shown fluctuations in its weekly, monthly, and year-to-date performance [12][13]. Sector Performance Summary - **Gold and Jewelry**: Increased by 12.9%, with notable gains from Lao Pu Gold (20.5%) and Chow Tai Fook (5.9%) due to positive sales forecasts [6][14]. - **Gambling**: Rose by 2.9%, with MGM China and Galaxy Entertainment seeing increases of 4.0% and 3.6% respectively, attributed to market share gains [6][14]. - **Overseas Cosmetics**: Gained 2.1%, driven by E.L.F Beauty's strong performance and positive earnings outlook [6][14]. - **Retail**: Increased by 2.0%, with Wanchen Group rising 14.3% due to optimistic revenue forecasts [6][14]. - **Domestic Cosmetics**: Saw a modest increase of 0.9%, with companies like Proya and Runben showing positive trends [8][14]. - **Snacks**: Increased by 0.6%, with Youyou Foods and Qiaqia Foods showing gains [8][14]. - **Pet Sector**: Experienced a slight decline of 0.4%, with Zhongchong Co. facing market challenges [8][14]. - **Domestic Sportswear**: Decreased by 1.4%, with Li Ning showing a positive increase of 4.3% while Anta Sports faced a decline [8][14]. - **US Hotels**: Fell by 1.4%, with major hotel chains like Marriott and Hilton seeing declines [15][16]. - **Credit Card Sector**: Also decreased by 1.4%, with Visa and Mastercard facing market uncertainties [15][16]. - **Luxury Goods**: Declined by 1.6%, with Burberry experiencing a significant drop [15][16]. - **Overseas Sportswear**: Decreased by 1.8%, with Adidas facing a notable decline due to downgrades from investment banks [15][16]. Valuation Analysis - The report indicates that most sectors are currently undervalued compared to their historical averages, with expected PE ratios for various sectors such as overseas sportswear at 30.0x (56% of the past 5-year average) and domestic sportswear at 13.4x (70% of the past 5-year average) [10][17].

Core Viewpoint - The company, Gongxiao Daji, disclosed its holding value in Hainan Airport, which is 117 million yuan, and confirmed the normal operation of its tax refund business for international travelers at Hainan Wanghai International [1] Group 1 - As of June 30, 2025, the company's book value of its holdings in Hainan Airport is 117 million yuan [1] - The company continuously discloses this information in its annual and semi-annual reports [1] - Hainan Wanghai International is one of the first designated shopping malls for tax refunds for outbound travelers in Hainan [1] Group 2 - The tax refund process allows international travelers to purchase goods, apply for tax refunds, and complete the refund process through customs verification [1] - The tax refund business at Wanghai International is operating normally [1]