2025年五一假期期间，共享电单车凭借灵活便捷的特点，成为我省多地游客市内短途出行的热门选择。 据我省共享电单车品牌松果出行数据显示，五一假期骑行量较日常增长显著，夜间骑行比例大幅提升， 热门站点集中在商圈、小吃街、景点、火车站等区域，共享电单车成为游客解锁城市"微场景"的主力 军。 年轻用户占比领跑，00后成主力消费群体 据悉，五一期间，共享电单车用户结构呈现年轻化趋势。00后用户占比达40%以上，新增用户中该群体 比例同样领先，成为骑行主力军。 在常州街头，一位来自河南信阳的00后小伙告诉记者："共享电单车随扫随走，出行方式更自由灵活， 不用把时间花在等车叫车上，觉得挺方便的。"时下，共享电单车已经非常普及，成为大多城市市民出 行必备的代步工具，快捷、自由的出行特点，也推动共享电单车在不断融入生活的各个场景。 "微场景"消费点亮城市活力，夜间经济持续升温 为应对假期骑行高峰，松果出行通过动态调度、网格化运维等方式优化车辆分布。例如，在热门区域实 施"潮汐点位"管理，结合实时数据分析调整车辆投放，确保供需平衡。此外，多地政府与企业合作，通 过置换新车、升级智能头盔等措施提升骑行安全。 共享电单车正以绿色、高 ...

调整完成后，美国对中国商品的关税将由145%降至30%，中国对美国商品的关税则由125%变成10%。 这意味着，双方已经基本回到关税战升级之前。 此外，声明最后还强调，中美双方将建立机制，继续就经贸关系进行协商。 受该消息提振影响，美东时间周一，热门中概股全线大涨，纳指收涨5.4%，文远知行涨超27%，小马 智行涨近12%，小鹏汽车、哔哩哔哩涨近8%。 13日早盘，A股三大股指集体高开，沪指涨0.5％，深成指涨0.98％，创业板涨1.29％，消费电子、港口 航运等板块指数涨幅居前。同时，避险情绪也得到降温，纽约商品交易所5月交割的COMEX黄金期货 跌2.76%，报3240美元/盎司。 而此前美国滥施关税后，引发了消费者对商品减少和价格上涨的担忧，金融市场也遭到巨震，美股期货 开盘即熔断。但本次中美经贸高层会谈取得了实质性进展，虽然关税没有全部取消，但大幅降低了双边 关税水平，这就可以先恢复之前暂停的中美贸易，谈判的良好势头可以消减市场担忧。 方正证券也在研报中表示，5月谈判的关税下调幅度超市场预期，同时中美双方同意建立中美经贸磋商 机制，就经贸领域各自关切保持密切沟通，意味着后续双方谈判磋商的空间提升，4月 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating a positive outlook despite current challenges [1]. Core Insights - The consumer services industry is experiencing a slowdown in overall revenue growth, with total revenue reaching 237.785 billion yuan in 2024, a year-on-year increase of 1.9%. In the first quarter of 2025, revenue was 59.904 billion yuan, showing a minimal growth of 0.07% [4][11]. - The net profit for the industry is under pressure, with a significant decline of 23.24% year-on-year to 9.642 billion yuan in 2024, and a 7.1% decrease to 3.534 billion yuan in the first quarter of 2025. This is attributed to increased price sensitivity among domestic tourists [4][11]. - The report highlights that most sub-sectors within the consumer services industry are experiencing revenue growth without corresponding profit increases, particularly in the scenic spots and human resources service sectors [4][14]. Summary by Sections 1. Overall Industry Performance - The consumer services industry is seeing a stabilization in service consumption revenue, with a notable slowdown in growth compared to the explosive rebound in 2023. The overall revenue for 2024 is projected at 237.785 billion yuan, with a slight increase in the first quarter of 2025 [11][14]. - The report notes that tourists are becoming more price-sensitive, leading to a decline in net profits for tourism-related companies [11][14]. 2. Key Sub-Industry Performance 2.1 Scenic Spots - The scenic spots sector achieved a revenue of 22.866 billion yuan in 2024, a growth of 3.34%, with a net profit of 1.808 billion yuan, up 26.27% [15][24]. - In the first quarter of 2025, revenue was 4.792 billion yuan, a growth of 3.65%, but net profit decreased by 13.06% to 0.356 billion yuan [17][30]. 2.2 Education - The education sector's revenue reached 34.106 billion yuan in 2024, growing by 5.61%, while net profit was 0.843 billion yuan, down 20.68% [36][40]. - In the first quarter of 2025, revenue increased to 7.935 billion yuan, a growth of 8.65%, with net profit at 0.346 billion yuan, down 7.93% [36][42]. 2.3 Hotels - The hotel sector reported total revenue of 24.964 billion yuan in 2024, a decrease of 2.09%, with net profit at 1.595 billion yuan, down 9.76% [46][48]. - In the first quarter of 2025, hotel revenue was 5.435 billion yuan, a decline of 8.09%, and net profit fell to 0.125 billion yuan, down 54.87% [46][55]. 3. Investment Strategy - The report suggests that while profits are under pressure due to macroeconomic factors, the gradual recovery of the domestic economy post-September 2024 may boost demand. It recommends focusing on sectors like education and human resources services that are likely to benefit from policy support [4][14]. - Specific companies to watch include Xueda Education (000526) and Keri International (300662) in the education and human resources sectors, respectively [4][14]. In the tourism sector, companies like Songcheng Performance (300144) and Changbai Mountain (603099) are highlighted for their potential recovery [4][14].

Group 1: CPI and PPI Trends - In April, the Consumer Price Index (CPI) shifted from a month-on-month decline of 0.4% to an increase of 0.1%, while the year-on-year CPI decreased by 0.1%, maintaining the same decline as the previous month [1] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, indicating stable growth [1][2] - The Producer Price Index (PPI) fell by 0.4% month-on-month and decreased by 2.7% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month [1][4] Group 2: Influencing Factors on Prices - The rise in CPI was primarily driven by increases in food and travel service prices, with food prices up by 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points [2] - International commodity price declines, particularly in oil and gas, have negatively impacted domestic prices, contributing to the PPI's downward trend [1][4] - The impact of U.S. tariff policies has led to a decrease in international crude oil and metal prices, which has been transmitted to domestic industries [4][5] Group 3: Future Outlook - Analysts expect PPI to remain under pressure due to tariff issues, while CPI may experience a mild recovery driven by demand rebound and seasonal food price stabilization [1][5] - The implementation of macroeconomic policies aimed at boosting consumption and investment is anticipated to positively influence certain sectors, leading to price increases in high-tech industries [5] - Despite external pressures, domestic policies are expected to support a reasonable price level, with a slight narrowing of PPI's year-on-year decline projected for the second quarter [5]

Group 1: Consumer Price Index (CPI) Analysis - In April, the Consumer Price Index (CPI) changed from a month-on-month decrease of 0.4% to an increase of 0.1%, while the core CPI increased by 0.2% month-on-month [1][2] - The year-on-year CPI decreased by 0.1%, with the core CPI showing a stable increase of 0.5% [2][3] - Food prices rose by 0.2% month-on-month, with notable increases in beef (3.9%), marine fish (2.6%), and fresh fruits (2.2%), while fresh vegetables and pork prices fell by 1.8% and 1.6%, respectively [2] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) decreased by 0.4% month-on-month, maintaining the same decline as the previous month, with some industrial prices showing positive trends [4] - The decline in PPI is attributed to international input factors and seasonal decreases in domestic energy prices [6][7] - Certain industries, such as high-tech sectors, are experiencing price increases due to improved supply-demand relationships and policy support for consumption [4][5] Group 3: Economic Policy and Market Dynamics - The Chinese government is actively promoting consumption and implementing macroeconomic policies to stabilize and improve price levels [4][6] - The international trade environment and the diversification of trade are contributing to price increases in some export sectors, such as integrated circuit packaging and testing [5] - The overall economic recovery and demand rebound are expected to continue influencing price stabilization efforts [6]

Core Viewpoint - China is accelerating the construction of a new development pattern, gradually forming a "consumer society" model that is shared by all, emphasizing consumer-driven growth through continuous consumption upgrades [1][8]. Group 1: Consumer Demand and Supply - Consumer demand is inherently linked to individual choices and purchasing power, which is related to sustainable income levels. Short-term stimulus policies may temporarily improve purchasing power but do not lead to lasting improvements [2][3]. - The shift in consumption structure indicates that residents are moving from a focus on goods to a balanced consumption of goods and services, with service consumption projected to reach 46.1% of per capita consumption expenditure by 2024 [4][8]. Group 2: Government Role and Economic Policy - The government can enhance consumer choice by improving the institutional environment and optimizing the supply of goods and services. Employment-focused macro policies can stabilize income and expectations, which are crucial for consumer confidence [3][5]. - Economic policies should shift towards supply-side strategies, reducing macro tax burdens and investing more resources in human capital to stabilize consumption and achieve consumption upgrades [3][6]. Group 3: Investment in Human Capital - Social investment is essential for enhancing human capital, which is increasingly important as China transitions to a high-quality development phase. Investment in education, healthcare, and community services will be vital for fostering new consumption patterns [7][8]. - The focus on improving labor quality through continuous training and education will help expand the middle-income group, laying the foundation for a consumption-driven society [7][8].

作者 | 私募通 来源 | 决策投资圈 （ID：PEDATAMAX） 清科创业（0194 5 .HK）旗下私募通统计：5月1日至本周五下午，募资、投资、上市和 并购共11 5起事件，涉及总金额182.71亿人民币。从交易金额来看，金额较大事件是： 2 0 25年5月9日，不公开的投资者投资上海赛可出行科技服务有限公司超1 3亿人民币。从 交 易 事 件 地 域 分 布 看 ， 目 前 主 要 分 布 在 浙 江 省 、 江 苏 省 和 辽 宁 省 ， 占 比 为 浙 江 省 1 6 .5%，江苏省1 3 . 9%，辽宁省占12.2%。 更多信息请登录：h tt p s://ma x.pe da t a . c n/ 本周募资情况 4月30日至本周五下午新登记股权投资基金管理人共计6家，取消备案登记1家，全年截 至 目 前 累 计 股 权 投 资 基 金 管 理 人 数 量 为 3 3 家 。 新 增 备 案 基 金 数 量 为 49 只 ， 规 模 总 计 11 3.67亿元，备案基金募资最多的为宁波越秀甬元股权投资合伙企业（有限合伙），募 集 15.00 亿 人 民 币 。 全 年 截 至 目 前 累 计 ...

Group 1: Investment and Financing Activities - Baiyiyuan Biotechnology received several million RMB in financing from Kangzhe Pharmaceutical, aimed at new product development, market expansion, and production line upgrades [2] - Shanghai Natu Intelligent Technology completed 10 million RMB in angel round financing to develop an intelligent perception cloud platform [2] - SAIC Group's mobility brand, Xiangdao Travel, announced over 1.3 billion RMB in Series C financing, marking the largest single financing in the domestic travel industry in three years [3] - Shandong Future Robotics secured several hundred million RMB in strategic investment from PetroChina Kunlun Capital to expand production capacity and optimize operations [3] - Fanlian Information raised funds to focus on distributed storage product development and sales system upgrades [4] - Zhitong Technology completed over 100 million RMB in Series B financing to build an intelligent product manufacturing center [5] - Chuan Yuan Technology announced several million RMB in Series A financing to enhance product iteration and global brand development [5] - Xingkeyuan completed several million RMB in angel plus round financing to develop next-generation products [7] - Cloud Saint Intelligent completed 500 million RMB in Series D financing to support new product development and automated manufacturing strategies [8] - White Rhino secured 200 million RMB in Series B financing to enhance product development and supply chain optimization [8] Group 2: Company Profiles and Market Focus - Baiyiyuan Biotechnology specializes in developing and producing new biomedical materials for tissue repair and regenerative medicine [2] - Shanghai Natu Intelligent Technology focuses on intelligent perception cloud platforms, collaborating with multiple robotics manufacturers [2] - Xiangdao Travel is an internet-based ride-hailing service platform established by SAIC Group [3] - Shandong Future Robotics is a high-tech company focusing on deep-sea operation equipment and has achieved full domestic production [3] - Fanlian Information operates in the trillion-level intelligent computing center market, offering a technology ecosystem centered around high-performance distributed file systems [4] - Zhitong Technology, founded by FAW Liberation, focuses on autonomous driving technology and integrated solutions for various scenarios [5] - Chuan Yuan Technology specializes in battery lifecycle detection technology and has established a global service network [6] - Xingkeyuan is focused on the production and research of silicon-carbon anodes for lithium batteries [7] - Cloud Saint Intelligent integrates low-altitude technology and AI to promote the development of the low-altitude economy [8] - White Rhino is an L4-level autonomous driving company focusing on urban unmanned delivery [8]

Group 1 - In April, the Consumer Price Index (CPI) turned from a decrease of 0.4% in the previous month to an increase of 0.1%, driven by a rebound in food and travel services [1] - Food prices increased by 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points, with significant price hikes in air tickets (13.5%), transportation rentals (7.3%), hotel accommodations (4.5%), and tourism (3.1%) [1] - The core CPI also showed improvement, rising 0.2% month-on-month and 0.5% year-on-year, indicating a steady enhancement in the overall economic environment [1] Group 2 - The Producer Price Index (PPI) decreased by 0.4% month-on-month, maintaining the same decline rate as the previous month, primarily influenced by external factors such as U.S. tariffs and falling prices of international commodities like crude oil and iron ore [2] - Domestic policies aimed at boosting consumption and investment are showing positive effects, with high-tech industries experiencing growth and some sectors witnessing price increases [2] - Prices in specific sectors such as wearable smart devices and integrated circuit packaging have risen by 3.0% and 2.7% respectively, reflecting the impact of policies promoting consumption and equipment upgrades [2]

华夏时报（www.chinatimes.net.cn）记者 张智 北京报道 从环比看，CPI由降转升，涨幅高于季节性水平0.2个百分点，主要是食品、出行服务回升带动。 5月10日，国家统计局发布的物价数据显示，4月份，全国居民消费价格指数（CPI）环比由上月下降0.4%转为上 涨0.1%，同比下降0.1%，降幅与上月相同；扣除食品和能源价格的核心CPI同比上涨0.5%。 "4月CPI同比增速大致符合市场预期，环比增速由降转升至0.1%，涨幅高于季节性水平0.2个百分点，主要是食 品、出行服务回升带动。4月PPI同比增速录得-2.7%，略好于市场预期，环比下降0.4%，主要受4月国际定价的大 宗商品价格下行等输入性因素影响，关税等国际经贸环境变化对PPI的影响暂未充分显现。"浙商证券首席经济学 家李超对《华夏时报》记者分析表示。 "虽然国际输入性因素对部分行业价格产生一定下拉影响，但我国经济基础稳、韧性强，各项宏观政策协同发力， 高质量发展扎实推进，部分领域价格呈现积极变化。"国家统计局城市司首席统计师董莉娟解读数据时表示。 按照预测，二季度经济相较一季度将有所回落，全年可能呈现前高中低后稳的U型走势，物价回升 ...