Investment Rating - Industry rating: Recommended [4] Core Views - The recent US-China Geneva talks have led to a positive consensus, with expectations for the export chain to recover as both sides agree to reduce tariffs significantly [1][19] - The 2025 "618" mid-year shopping festival has commenced, with major e-commerce platforms implementing strategies to stimulate consumer spending through simplified rules and increased subsidies [2][19] Summary by Sections Industry & Company Dynamics - The US has committed to canceling 91% of tariffs on Chinese goods and modifying 34% of reciprocal tariffs, while China will suspend or cancel corresponding tariffs on US goods [1][19] - The 618 shopping festival has seen platforms like Tmall and JD.com launching pre-sales and promotional strategies, with domestic brands showing strong growth [2][19] - Key investment themes include the return of offline traffic, AI technology upgrades, and the increasing willingness of consumers to pay for emotional value [3][58] Investment Recommendations - Focus on five investment themes: 1. Offline traffic recovery with beneficiaries including Yonghui Supermarket and Kidswant [3][58] 2. Continuous upgrades in AI technology with beneficiaries like Focus Technology and Aosheng Technology [3][58] 3. High-performing new retail sectors with beneficiaries such as Miniso and Pop Mart [3][58] 4. Recovery of cyclical sectors under domestic demand stimulation with beneficiaries like Mixue Group and Haidilao [3][58] 5. Expanding overseas consumption opportunities with beneficiaries including Miaow Exhibition and Anker Innovations [3][58] Macro & Industry Data - In March, the total retail sales of consumer goods increased by 5.9% year-on-year, indicating a stable and improving consumption market [35][36] - The online retail penetration rate increased by 0.7 percentage points year-on-year, with online retail sales of physical goods growing by 14.9% [36][40]

Group 1 - The State Council's Safety Committee Office issued a notice emphasizing the need for enhanced safety measures to prevent major accidents, highlighting the importance of political, ideological, and action awareness in safety production work [1][2] - The notice calls for strict supervision of safety in transportation, including rigorous checks on vehicles and vessels, and addressing violations such as overloading and illegal operations [1][2] - It stresses the importance of safety management in construction projects during adverse weather conditions and the need for effective monitoring and early warning systems [1][2] Group 2 - The notice mandates increased safety oversight in crowded venues, urging businesses to address potential hazards in tourist transport facilities and to implement emergency measures during extreme weather [2] - It highlights the need for comprehensive risk management in key industries, particularly in mining and chemical sectors, with a focus on enforcing strict safety regulations and addressing illegal activities [2] - The document emphasizes the importance of emergency response readiness, requiring 24-hour duty systems for key positions and ensuring that rescue teams are prepared for immediate action in case of emergencies [3]