卓悦控股(00653)涨超10%，截至发稿，涨13.68%，报0.108港元，成交额329.49万港元。 消息面上，香港零售管理协会主席谢邱安仪近日于线上会议表示，零售会员对9月正面，因9月没有长 假，港人会留港消费，零售商会加推优惠及新产品，有80%零售会员认为，9月生意会持平及录得升 幅，预计生意持平及录得升幅的比例较以往高，反映零售商对9月市道有期望。 香港特区政府统计处发表的零售业销货额数字显示，2025年七月的零售业总销货价值的临时估计为297 亿港元，较2024年同月上升1.8%。展望未来，香港特区政府发言人表示，本地消费气氛可望保持平 稳。港府积极推动旅游业和盛事项目，亦会有利零售业务。 ...

消息面上，香港零售管理协会主席谢邱安仪近日于线上会议表示，零售会员对9月正面，因9月没有长 假，港人会留港消费，零售商会加推优惠及新产品，有80%零售会员认为，9月生意会持平及录得升 幅，预计生意持平及录得升幅的比例较以往高，反映零售商对9月市道有期望。 香港特区政府统计处发表的零售业销货额数字显示，2025年七月的零售业总销货价值的临时估计为297 亿港元，较2024年同月上升1.8%。展望未来，香港特区政府发言人表示，本地消费气氛可望保持平 稳。港府积极推动旅游业和盛事项目，亦会有利零售业务。 智通财经APP获悉，卓悦控股(00653)涨超10%，截至发稿，涨13.68%，报0.108港元，成交额329.49万港 元。 ...

Group 1: Manufacturing Sector Insights - In August 2025, the manufacturing PMI increased by 0.1 percentage points to 49.4%, remaining below the expansion threshold, with a growth rate slightly lower than the average of 0.2% from 2016 to 2019[1] - The new orders index rose by 0.1 percentage points to 49.5%, contributing 0.03 percentage points to the PMI change[5] - The production index increased by 0.3 percentage points to 50.8%, marking the fourth consecutive month above the critical point[5] Group 2: Non-Manufacturing Sector Insights - The non-manufacturing PMI rose by 0.2 percentage points to 50.3%, indicating expansion, with the services index increasing by 0.5 percentage points to 50.5%[1] - The construction index fell by 1.5 percentage points to 49.1%, dropping into the contraction zone due to adverse weather conditions[1] - The business activity expectation index for services rose to 57.0%, indicating optimism among service sector enterprises[18] Group 3: Employment and Labor Market - The manufacturing employment index decreased by 0.1 percentage points to 47.9%, indicating a decline in employment conditions in the manufacturing sector[1] - The non-manufacturing employment index remained at 45.6%, with the services employment index dropping by 0.5 percentage points to 45.9%[23] - The construction employment index increased by 2.7 percentage points to 43.6%, supported by ongoing major infrastructure projects[23] Group 4: Risks and Economic Outlook - Risks include potential underperformance of domestic macroeconomic policies, delayed data extraction, and concentrated credit events[26] - The overall market demand remains weak, with external demand pressures still significant, indicating that the economic recovery foundation needs to be solidified[5]

随着"中国游"的热度持续攀升，外国游客不仅想来到这里观赏美景，还希望探索更多元的中国。通过购 买优质的中国产品、体验多元的消费场景等直观方式，他们能深入地了解中国，具象化地感受中国传统 文化、了解东方思想内涵。 当越来越多的外国游客在惊喜之余，感叹"爱上这里的'烟火气'，爱上中国"的时候，"中国购"便不只是 购物，而是一场跨越国界的双向奔赴。世界将重新发现中国，中国也将始终敞开怀抱，迎接全球宾客。 （中国经济网 臧梦雅） 在义乌淘创意，到杭州追潮流，去深圳享科技……今年以来，"China Shopping（中国购）"持续走红， 成为海外社交媒体热议的话题。 "中国购"有多火爆？先来看看几个亮眼的数据：今年上半年，外国人入出境数量达3805.3万人次，同比 上升30.2%，其中，免签入境外国人1364万人次，同比上升53.9%。那么，"中国购"为啥走红？为啥越 来越多的外国人选择跨越重洋来中国购物？ 在国外社交媒体平台上，不少外国网友表示，"带着空行李箱飞到中国逛街，这太疯狂了""我正在准备 带一个空箱子去中国"……"中国购"火爆的背后，是持续扩容的免签"朋友圈"、不断优化的境外游客支 付环境，以及越来越便利的 ...

Group 1 - The Hong Kong stock market has attracted global capital due to its valuation advantages and quality Chinese assets, with the Hang Seng Index and Hang Seng Tech Index rising 27.70% and 29.79% respectively year-to-date as of September 1 [1] - Foreign capital inflow into the Hong Kong market has been significant, with long-term stable foreign institutional funds totaling approximately 67.7 billion HKD and short-term flexible funds around 16.2 billion HKD from May to July, exceeding 80 billion HKD in total [2] - Major international investment banks have increased their holdings in leading Hong Kong stocks, with Goldman Sachs raising its stake in BYD H-shares from 2.3% to 3.51% and Citibank increasing its holdings in CATL H-shares from 7.01% to 7.97% [2] Group 2 - Foreign investment is primarily focused on technology and consumer sectors, with foreign capital holding a dominant position in most sub-sectors, particularly in technology, retail, and insurance, where foreign institutions hold 77% of retail sector funds [3] - The improvement in the fundamentals of Chinese assets has attracted foreign investors, who are increasing their exposure through passive funds and "low allocation replenishment" in active funds [3] Group 3 - The technology and consumer sectors are expected to remain attractive to foreign investors, with Hong Kong's tech leaders benefiting from the AI industry trend, leading to greater upward potential [4] - Despite significant gains in the Hong Kong market, many foreign institutions believe there is still ample room for growth, with Goldman Sachs projecting an 8% to 9% earnings growth for H-shares by 2025, above the market average [4] - Experts from Morgan Asset Management and UBS Investment Bank also see structural investment opportunities in the technology, internet, consumer, and pharmaceutical sectors in Hong Kong [4]

Group 1 - The Hong Kong stock market opened lower on September 2, with the Hong Kong Consumption ETF (513230) showing a slight increase and a trading volume exceeding 28 million yuan [1] - Key stocks in the ETF include Zhongsheng Holdings, which rose nearly 6%, and Midea Group, which increased over 3%, while several other stocks like BYD, Laopuhuangjin, Pop Mart, and Galaxy Entertainment rose over 1% [1] - The Hong Kong Consumption ETF has seen continuous net inflows of funds over the past two days, indicating strong investor interest [1] Group 2 - The "Mini LABUBU" from Pop Mart sold out within 60 seconds after its online launch on August 28, reflecting the growing popularity of new consumption concepts [1] - A report from Huafu Securities highlights that consumers are increasingly favoring products with "relatively high premiums and lower unit prices," driving the popularity of small trendy toys, pet games, and gold jewelry [1] - Foreign institutional investors have been actively purchasing quality potential Hong Kong stocks, with the Hang Seng Index and Hang Seng Tech Index rising 27.70% and 29.79% year-to-date, respectively [1] Group 3 - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing major players in both internet e-commerce and new consumption sectors [2] - The ETF includes leading companies such as Alibaba, Tencent, Xiaomi, and Meituan, as well as new consumption leaders like Pop Mart and Laopuhuangjin, highlighting its strong technology and consumption attributes [2]

8月27日下午，江汉区工商联、民权街道举办环民众乐园商圈企业座谈会，商圈联盟重点企业及辖区周边商会共40余家齐聚一堂，围绕协同发展、资源共 享、业态融合等议题展开深入交流。 会上。发布了《环民众乐园商圈联席会议制度》，重点推介了"'权'新巷荣 时尚消费"文商旅融合发展系列活动。在政企交流环节，武汉工艺大楼、世纪金 诚公司、武汉城市风貌资产管理集团等企业代表，结合自身实际，就传统商业转型、消费场景创新、产业布局优化等议题建言献策。大家一致认为，商圈 未来发展必须打破行业壁垒，通过"抱团融合、资源共享、优势互补"，实现整体竞争力的提升。 本次活动系统梳理了商圈发展现状与机遇，聚焦业态融合、创新驱动、资源共享的发展定位，深化"政企社"合作，推动文化、餐饮、旅游等多要素精准对 接，形成"以文促商、以商带旅、以旅兴文"的良性循环，促进民营经济融合创新发展，为江汉区加快建设"三个示范区"贡献力量。 会前，与会代表集体参观京东奥莱（武汉工艺大楼店），详细了解其经营情况、运营模式及创新做法。 来源：江汉区工商联 ...

Group 1 - The Hong Kong stock market opened lower on September 2, with the Hong Kong Consumption ETF (159735) rising by 0.23% and a trading volume exceeding 15 million yuan, indicating a premium trading trend [1] - Notable stocks within the ETF include Zhongsheng Holdings and Midea Group, both rising over 4%, while Galaxy Entertainment, BYD, Pop Mart, and Miniso saw increases of over 1% [1] - The Hong Kong Consumption ETF has experienced net inflows in 8 out of the last 10 days, totaling over 110 million yuan [1] Group 2 - According to Huatai Securities, the consumption sector is witnessing structural opportunities driven by new demands, scenarios, and models, with significant growth in emotional and personalized products like trendy toys and cosmetics [2] - The integration of services and products is reshaping the "people-goods-scene" relationship, expanding consumption boundaries [2] - Domestic brands are rapidly rising due to innovative business models and channel efficiency, with a focus on categories that show potential for penetration, supply-side capabilities, and policy support [2]

Group 1 - The manufacturing sector shows marginal recovery in supply and demand, with PMI production rising by 0.3 percentage points to 50.8% [2] - The "anti-involution" policy is driving a rebound in commodity prices, with August PPI expected to narrow its year-on-year decline to -2.8% [2] - The BCI index for private enterprises has dropped to 46.9%, indicating ongoing operational pressures for small and medium-sized enterprises [2] Group 2 - Infrastructure investment is likely to continue slowing down, but the launch of 500 billion yuan in policy financial tools may stimulate total investment by approximately 400 billion yuan in Q4 [3] - The service sector has shown slight improvement, with the capital market's strength boosting service PMI above 70.0% for two consecutive months [3] Group 3 - Q4 policies are expected to be timely enhanced, focusing on expanding service consumption, with nationwide service consumption vouchers estimated to be between 300-500 billion yuan [4] - Shanghai plans to allocate over 40 billion yuan for consumption upgrades from September to December 2024, suggesting a national scale of approximately 375 billion yuan for service consumption vouchers [4]

Core Insights - The McKinsey report highlights five unexpected positive signals in the Chinese consumer market, indicating resilience and vitality despite challenging economic conditions [2][4]. Consumer Trends - China has become the world's largest automobile exporter, with electric vehicle (EV) exports accounting for 40% of the total, and BYD surpassing Tesla as the largest EV manufacturer globally [4][16]. - The tourism industry is experiencing a remarkable recovery, with inbound tourist numbers exceeding 35 million in the first quarter, marking a 22% increase year-on-year [4][10]. - The capital market is showing signs of recovery, with Hong Kong's IPO financing reaching 107.1 billion HKD in the first half of the year, an eightfold increase compared to the previous year [4][17]. - Cultural exports are gaining momentum, with the game "Black Myth: Wukong" selling 28 million copies globally, 30% of which are from overseas players, showcasing the international appeal of Chinese culture [4][19]. Retail Dynamics - Retail sales in China grew by 5% year-on-year in the first half of the year, with May seeing a peak growth of 6.4%, indicating consumers are spending more wisely [5][7]. - The rise of snack specialty stores like Hotmaxx reflects a trend towards affordable and diverse options that cater to consumers' desire for small pleasures [7]. - Membership retail, exemplified by Sam's Club, is thriving due to its focus on high-quality products and a curated shopping experience [7]. Automotive Market - The automotive market is witnessing a shift towards electric vehicles, with overall sales increasing by 11.2% and EV sales soaring by 37.2% [7][11]. - The growth in EV sales is driven by rising environmental awareness and a preference for smart, tech-driven, and personalized transportation options [7]. Cultural Influence - Chinese pop culture is gaining global traction, with products like the Labubu series from Pop Mart seeing a 726% revenue increase, highlighting the international appeal of Chinese design [19][20]. - The report emphasizes the importance of cultural confidence as a driver of economic competitiveness, with various cultural products becoming new growth engines [22][23].