Core Insights - The Chinese government is actively enhancing the construction of international consumption center cities to boost international influence and consumption capacity [1] - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% year-on-year increase, with 13.64 million entering visa-free, a 54% increase [1] - By the end of August, the number of tax refund shops for departing travelers exceeded 10,000, three times the number projected for the end of 2024 [1] - From January to August, the number of people enjoying tax refunds increased by 248%, and the tax refund sales amount grew by 98% [1] - The government aims to create a more convenient and enjoyable shopping experience for global consumers, emphasizing an open, inclusive, and innovative China [1]

Core Points - A new individual business named Shuyi Trading Co., Ltd. has been established in Mianyang Economic Development Zone, with a registered capital of 50,000 RMB [1] - The legal representative of the business is Chen Yangyang [1] - The business scope includes retail of tobacco products, food sales, and liquor sales, subject to necessary approvals [1] Business Scope - Licensed projects include: retail of tobacco products, food sales, and liquor sales, which require approval from relevant authorities [1] - General projects include: technical services, development, consulting, exchange, transfer, promotion; sales of health food (pre-packaged), electronic products, plastic products, hardware products, household appliances, tea sets, daily ceramic products, and home goods manufacturing [1] - The business also engages in wholesale of daily necessities, domestic trade agency, marketing planning, and internet sales (excluding goods that require licenses) [1]

Core Points - Chengdu government is launching a series of promotional activities for the National Day and Mid-Autumn Festival, including the distribution of 85 million yuan in consumer vouchers to attract tourists [1][3][4] - The theme "Thousands of Sceneries in Chengdu" will guide various cultural and consumption activities, including a 6-hour live promotional event and a detailed itinerary for visitors [3][5] Group 1: Promotional Activities - Chengdu will host over 50 offline events focusing on technology and unique IP themes, such as a 1-kilometer "Super IP Gathering" street and a robot interaction exhibition [3] - A special live-streaming event titled "Come to Chengdu and Celebrate the Double Festival" will take place on September 19, showcasing over 100 exciting activities and unique consumption scenes in the Chengdu-Chongqing economic circle [3] Group 2: Consumer Incentives - The "Food in Chengdu" dining vouchers will be upgraded, allowing consumers to access discounts at over 16,000 restaurants through platforms like Meituan, Douyin, and Alipay, including 6,000 special vouchers offering a 300 yuan discount on purchases over 301 yuan [4] - The government aims to enhance the overall consumer experience during the holiday period by providing diverse shopping, dining, and cultural activities [3][5]

Investment Rating - The report maintains a "Buy" rating for several companies in the service consumption sector, including Gu Ming, Mi Xue, Cha Bai Dao, Xiao Cai Yuan, Da Shi, and others [7][8]. Core Insights - The recent policy measures aimed at expanding service consumption are expected to boost the service sector, particularly in areas such as cultural tourism, IP consumption, and elderly care [1][2]. - The report highlights the potential for significant growth in China's service consumption, with the current contribution of service industry value added to GDP at 57%, compared to around 70% in developed countries, indicating room for expansion [1][2]. - The report emphasizes the importance of high-quality service supply and the integration of new technologies and business models to enhance the service sector [1][4]. Summary by Sections Policy Measures - The report outlines five key areas with 19 specific measures to promote service consumption, including the cultivation of service consumption platforms and the enhancement of high-quality service supply [3][4]. - Specific initiatives include optimizing cultural product offerings, extending operating hours for tourist attractions, and promoting long-term care insurance [3]. Market Performance - As of August 2025, retail and catering revenue reached 449.6 billion yuan, showing a year-on-year growth of 2.1%, indicating a recovery from previous lows [4]. - Domestic travel during the first half of 2025 saw 3.285 billion trips, a 20.6% increase year-on-year, with spending reaching 3.15 trillion yuan, up 15.2% [4]. Company Recommendations - The report suggests focusing on leading companies with growth potential and strong market positions, such as Gu Ming, Mi Xue, and others, which are expected to benefit from policy support and industry consolidation [5][8]. - Specific companies highlighted for their growth potential include Gu Ming (1364 HK), Mi Xue Group (2097 HK), and others, with target prices set for each [8][12]. Financial Performance - Gu Ming reported a 34.4% year-on-year increase in GMV to 14.1 billion yuan in the first half of 2025, with a net profit of 1.625 billion yuan, reflecting a 121.5% increase [13]. - Mi Xue Group's revenue for the first half of 2025 was 14.87 billion yuan, a 39.3% increase year-on-year, with a net profit of 2.69 billion yuan, up 42.9% [15]. Growth Outlook - The report anticipates that as the new measures are implemented, the service sector will experience a surge in high-quality supply and innovative business models, driving domestic demand growth [4][5].

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][28]. Core Insights - The report highlights significant market movements, with the retail trade, social services, and beauty care sectors showing varied performance, ranking 19th, 27th, and 25th respectively among 31 primary industries during the week of September 8-12, 2025 [14][16]. - Key events include Huaxi Biological's strategic investment in Saint Pharma, which focuses on small nucleic acid drugs, and Jinbo Biological's approval for a new injectable collagen product [3][23]. - The report notes a substantial increase in domestic and international flight searches ahead of the Mid-Autumn Festival and National Day holidays, indicating a recovery in travel demand [4][24]. Summary by Sections 1. Weekly Market Review - The retail trade sector increased by 0.85%, while social services and beauty care sectors decreased by 0.28% and 0.23% respectively, compared to the Shanghai Composite Index's increase of 1.52% [14][16]. 2. Key Industry Data and News - The Chinese government allocated 100 billion yuan for childcare subsidies and plans to gradually implement free preschool education [3][23]. - Huaxi Biological invested approximately 138 million HKD in Saint Pharma, acquiring a 9.44% stake, while Jinbo Biological's new collagen product is the first of its kind to enter the pharmaceutical excipient market [23][24]. 3. Key Company Announcements - Jinbo Biological announced management changes, with founder Yang Xia appointed as CEO, and plans for a cash acquisition by Langzi Co. for a controlling stake in a cosmetic surgery hospital [27][28]. 4. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Biological, and Marumi Biological, among others, as potential investment opportunities in the beauty care and new consumption sectors [5][28].

Core Insights - A new company, Lufeng Jiarui Trading Co., Ltd., has been established with a registered capital of 50,000 RMB [1] - The company’s business scope includes food sales, alcoholic beverage operations, tobacco retail, e-cigarette retail, and catering services [1] Business Scope - Licensed activities include food sales, alcoholic beverage operations, tobacco retail, e-cigarette retail, and catering services that do not produce smoke, odor, or waste gas [1] - General activities encompass the sale of pre-packaged food, internet sales of pre-packaged food, daily necessities sales, and retail of agricultural products [1] - Additional services include food delivery, vending machine sales, equipment leasing, and sales of various consumer goods [1]

Group 1 - A new company, Xiangtan Yandun Mushang Trading Co., Ltd., has been established with a registered capital of 20,000 RMB [1] - The legal representative of the company is Lin Jianquan [1] - The business scope includes a wide range of retail activities such as daily necessities, clothing, footwear, electronics, and various other consumer goods [1] Group 2 - The company is authorized to engage in internet sales, excluding items that require special permits [1] - The extensive list of products includes sports equipment, office supplies, home appliances, and personal hygiene products [1] - The company is permitted to conduct various retail activities as long as they do not violate legal regulations [1]

Core Insights - A new individual business named "Laiyang Chengjin Trading" has been established with a registered capital of 10,000 RMB [1] - The legal representative of the business is Pan Chengfeng [1] Business Scope - The business operates in various sectors including internet sales (excluding licensed goods), bag sales, daily wooden products sales, automotive decoration supplies sales, and retail of household appliances [1] - Additional retail activities include clothing and accessories, arts and crafts, sports equipment, photographic equipment, office supplies, musical instruments, daily necessities, and pet food and supplies [1] - The business is authorized to conduct operations autonomously based on its business license, except for projects that require legal approval [1]

Group 1: Retail Sales Performance - In August, China's retail sales grew by 3.4% year-on-year, with a month-on-month decline of 0.3 percentage points, continuing a slowdown since June [1] - The decline in national subsidy consumption categories is impacting retail sales growth, with various provinces controlling subsidy spending through measures like limiting daily subsidies and reducing eligible categories [1][2] - The overall expectation is for retail sales growth to continue to slow in the coming months, influenced by high base effects from the previous year [1] Group 2: Consumer Categories Analysis - The growth rates for various consumer categories in August were as follows: communication equipment +7.3%, furniture +18.6%, cultural and office supplies +14.2%, home appliances +14.3%, and daily necessities +7.7%, with future high base pressures anticipated [2] - The automotive sector showed weak demand, with traditional fuel vehicle prices declining, resulting in a year-on-year retail sales growth of only 0.8% for automobiles in August [2] - The food and beverage sector saw a year-on-year decline of 2.3% in tobacco and alcohol retail sales, while restaurant sales grew by 2.1% year-on-year, indicating a recovery in dining consumption [2] Group 3: Export Performance - In August, China's export scale reached $321.81 billion, with a year-on-year growth of 4.4% but a month-on-month decline of 2.8 percentage points [4] - The export growth to the United States continued to decline significantly, with a year-on-year decrease of 33.1% in August, which negatively impacted overall export growth by 5.1 percentage points [4]

近日，有消费者向澎湃公众互助平台服务湃反映，他在网购平台购物，发现一些标签含"胖东来""胖东来优选"等关键词的商品，想买却又心 存疑虑。 对此，有律师向智通财经指出，只要没有获得商标使用授权，无论这些商品是否在胖东来销售过，均构成侵权。 被各种商家营销套路侵害权益？买到的商品出故障投诉无门？ 黑猫投诉平台全天候帮您解决消费难题【消费遇纠纷，就上黑猫投诉】 智通财经记者 段彦超 这些标签含"胖东来"的商品是否获得胖东来商标使用授权？智通财经随机询问10家网店，均未获正面回应，更无一家表示获得授权。 9月16日晚，许昌胖东来生活广场值班店长向智通财经表示，对于这些线上商铺的侵权行为，胖东来一直在持续搜集证据。他表示，即使一些商品 曾在胖东来超市销售过，也不可以在线上销售中标注"胖东来"，具体的情况需要再进一步咨询法务，以法务的声明为主。 诸多网店卖货商品关键词含"胖东来" 例如商品为"胖东来官方旗舰店猴头菇猴菇饼干酥性小饼干代餐零食许昌超市"，显示"全网热销1万+"，店铺名为"货东来食品旗舰店"。该商品资料 页面包含胖东来商场门头照片。 智通财经以消费者名义咨询店铺客服，客服称，该款商品为胖东来商超同款的平替款， ...