作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 近期来，A股市场情绪明显回落，持续横盘波动行情反映进入洗牌时间。 尽管全天成交1.03万亿元，较前一交易日增量98亿元，全市场近3500股上涨，但三大指数依旧翻绿收市，均录得5连跌。 盘面上，黄金珠宝、光模块、食品饮料、核电、无人驾驶、能源等热门概念涨幅靠前，但今日大涨的电池、机器人、创新药等板块出现明显分 化并拖累行情走弱。 不过，其中依然有不乏让人眼前一亮的题材，成为了市场中拉动人气的新主力。 01 热门赛道大爆发！ 具体来看，今天黄金珠宝概念涨幅整体靠前，菜百股份午后涨停，周大生此前封板，老凤祥涨超9%，明牌珠宝、萃华珠宝、潮宏基等涨幅居 前。 近期，全球地缘政治局势的不确定性再次引发市场避险情绪。例如，特朗普在社交媒体上再次喊话将欧盟商品征收50%关税的计划，尽管该计 划后来又被推迟至7月9日，但鉴于特朗普越来越飘忽不定的关税喊话，给市场带来了更多不确定性， 在这种背景下，黄金作为传统避险资 产，其吸引力上升，带动了黄金珠宝板块的整体走强。 尽管近日国际金价开始小幅回调，国内金饰价格出现显著回调，周生生、老庙、周六福等品 ...

Core Viewpoint - CITIC Securities initiated coverage on Fosun International (00656.HK) with a "Buy" rating, highlighting the company's diversified asset portfolio and robust growth in asset quality, which warrants market attention [1] Group 1: Health Sector - Fosun's health sector encompasses pharmaceuticals, medical devices, diagnostics, and healthcare services, with key products including Hanlikang, Hanquyou, Hanshuang, and Yikaida [2] - Hanlikang is the first domestically produced rituximab approved for treating lymphoma, leukemia, and rheumatoid arthritis; Hanquyou is a trastuzumab approved in over 50 countries for HER2-positive breast and gastric cancer; Hanshuang is the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer in over 30 countries; Yikaida is the first CAR-T product in China for relapsed/refractory large B-cell lymphoma [2] Group 2: Happiness Sector - The happiness sector is undergoing brand optimization, with Yuyuan Holdings enhancing its financial stability and multi-brand strategy, including upgrading jewelry stores to create a cohesive brand image [2] - Club Med, under Fosun Tourism, achieved record revenue by focusing on high-end all-inclusive offerings, while Atlantis Sanya reached new occupancy highs, maintaining brand competitiveness [2] Group 3: Wealth Sector - The asset quality of Fosun's wealth sector is steadily improving, with Fosun Portugal Insurance projected to achieve approximately €6.17 billion in gross premium income in 2024, increasing international business share from about 5% in 2014 to 29.8% [3] - Domestic insurance companies, including Fosun's P&C and health insurance, are experiencing significant growth, with Fosun P&C's total premium income expected to rise from RMB 4.35 billion in 2023 to RMB 9.25 billion in 2024, both companies achieving profitability [3] - The ongoing growth of these companies is expected to lay a solid foundation for the group's future development [3]

就业是当前经济工作的重点，面对高校毕业生等重点群体，各地正积极搭建均等普惠的公共就业服务平台，为求职者和各类企业就近就地提供精准服务。 深圳：服务下沉社区 "就业驿站"开在家门口 正在深圳市水贝社区党群服务中心进行的民营企业服务月直播带岗招聘活动，一共有31家企业提供了1444个岗位，企业和人才在这里可以享受一站式服务。 深圳市罗湖区翠竹街道水贝社区党委书记朱梅英：从职业技能培训，到职业规划，再到就业推荐、创业孵化，再到跟踪帮扶这五个步骤，一个全链条的跟踪 服务。目前已经成功推荐了290多名学员实现了就业创业，240多名学员实现了灵活就业。 水贝社区附近是黄金珠宝产业集聚区，对专业人才有着旺盛需求。为此，当地人社部门在党群服务中心设立了就业驿站，针对企业招聘需求，为求职者提供 技能培训、创业指导、权益维护等服务。 在创业会客厅，记者遇见了正在培训的孟雨辰夫妇。通过一对一服务，他们现在创办了自己的珠宝品牌。 创业者孟雨辰：下周或者下个月，就有新的业务链合作起来了。我们由原来一个2米4的小柜台，到现在有一个25平方米的店铺加上一个办公室。 晚上六点，二楼的水贝夜校人气正旺。在这间大教室里记者看到，一堂名为《AI短 ...

央视网消息：稳就业是当前经济工作的重点。面对高校毕业生等重点群体，各地正积极搭建均等普惠的公共就业服务平台，为求职者和各类企 业就近就地提供精准服务。在深圳，就业服务就下沉到社区。 水贝夜校开办以来，结合黄金珠宝产业集群优势，已开展AI系列类、珠宝及手工类、互联网营销类、就业创业类等各类技能培训216期。 像这样的标准化就业服务驿站，目前，深圳已经建成了80家。2025年，已举办600多场就业服务活动，发布30多万个次岗位信息，提供公共就 业服务超100万人次。 许欣怡现在在一家珠宝公司做直播运营工作。上个月，她就是在参加了水贝夜校的技能培训后，找到了心仪的工作。 就业屋场会"零距离"对接乡村就业需求 面对返乡就业创业农民工群体，江西把招聘活动和就业服务下沉到村庄，也就是当地俗称的"屋场"。招聘对接、政策宣讲、进厂观摩等一系列 服务，打通老乡们就地就近就业"最后一公里"。 在深圳市水贝社区党群服务中心，举办民营企业服务月直播带岗招聘活动，一共有31家企业提供了1444个岗位。有不少求职者进行"一对一"职 业指导、政策咨询，企业和人才在这里可以享受到"一站式"服务。 据了解，水贝社区附近是黄金珠宝产业集聚区，对 ...

Group 1 - The cultural and creative industry is experiencing significant growth, driven by trends such as the popularity of cultural relics, intangible cultural heritage, and museums, leading to a surge in derivative cultural products [1][2] - The introduction of the "Cultural Product Planning and Operation Specialist" as a new profession reflects the increasing demand for skilled professionals in the cultural industry, combining cultural heritage with commercial innovation [2][4] - The establishment of training programs and partnerships, such as the collaboration between Shenzhen Jinsheng Yuzhen Gold and the Chinese Cultural Promotion Association, aims to cultivate talent in the cultural creative sector [5][6] Group 2 - The integration of AI in the gold and jewelry industry is enhancing production efficiency and enabling personalized consumer experiences, marking a new phase in the sector [6][7] - Strategic collaborations between educational institutions and industry associations are crucial for advancing the digital and intelligent transformation of the jewelry industry [8] - The demand for professionals who can navigate the intersection of culture, creativity, and commerce is growing, as evidenced by numerous job openings in the cultural creative field [4][6]

Core Insights - The article discusses a significant shift in the Chinese consumer market, emphasizing that traditional beliefs about targeting core consumer groups in first and second-tier cities are being challenged by emerging brands that are gaining traction in lower-tier markets [2][5][15]. Group 1: New Consumption Trends - New retail companies, such as Miming Hen Mang and others, are achieving remarkable growth and performance, indicating a shift in consumer preferences and market dynamics [2][3]. - The success of these new brands, often founded by younger entrepreneurs, highlights a departure from traditional consumer behavior and brand loyalty [2][5]. - The article suggests that the so-called "new consumption" is not truly new but rather a reflection of outdated thinking among traditional brands and investors [6][11]. Group 2: Market Dynamics and Consumer Behavior - The rise of brands like Miming Hen Mang, which plans to submit IPO materials by April 2025, showcases the potential of lower-tier markets, with 58% of its 14,000 stores located in counties and towns [3][5]. - The article notes that consumer behavior is evolving, with younger generations prioritizing emotional value over traditional brand prestige, leading to a decline in loyalty to established brands [9][21]. - The shift in consumer preferences is evident in the growing demand for value-driven products, as consumers increasingly seek quality at lower prices, challenging the traditional brand and channel strategies [22][23]. Group 3: Future Trends in Consumption - The article identifies three key trends that will dominate the consumer market in the next decade: the empowerment of the silent majority, the rise of self-oriented consumption, and the pursuit of value for money [15][21][22]. - The Z generation is becoming a significant consumer force, with their preferences and spending habits diverging from those of previous generations, emphasizing personal interests and experiences [16][18]. - The article predicts that the focus on self-satisfaction and emotional fulfillment will reshape consumption patterns, moving away from social status-driven purchases [21][22].

5月26日周一，A股低开，早盘沪指震荡走高，创业板走低，核电、黄金板块活跃，汽车股下跌，港股恒指、恒科指 双双低开，恒科指跌超1%，美团跌超4%，新能源汽车股领跌。债市方面，国债期货小幅走高。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3355.54 | 7.17 | 0.21% | | 399001 | 深证成指 | | 10111.06 | -21.36 | -0.21% | | 399006 | 创业板指 | | 2006.57 | -14.93 | -0.74% | | 000300 | 沪深300 | | 3874.71 | -7.56 | -0.19% | | 000016 | FiF50 | | 2712.07 | 0.22 | 0.01% | | 000680 | 科创综指 | | 1156.37 | 1.15 | 0.10% | | 000688 | 科创20 | | 981.18 | 0.61 | 0.06% | | 899050 | ...

Core Insights - The 21st China (Shenzhen) International Cultural Industries Fair (CICIF) opened with the theme "AI Outbound Industry Leap," showcasing new AI products, overseas practices, and talent projects, injecting new momentum into the cultural and technological integration in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3] Group 1: Event Overview - The event was hosted by the Deep Ao International Cultural Technology Park and supported by various associations, including the Shenzhen Longgang District Jewelry Industry Association and the China Cultural Promotion Association [1] - The opening ceremony featured the "AI Innovation Project Achievement Exhibition," highlighting applications of AI in the gold jewelry and photovoltaic sectors [1][2] Group 2: Industry Trends and Innovations - The CEO of Runjihao Machinery Equipment Co., Ltd. shared insights on "AI + 3D Printing Technology," emphasizing the enhancement of jewelry design efficiency and creative space through intelligent algorithms [2] - A roundtable discussion titled "AI · Intelligent Manufacturing to Enable Outbound" explored innovative paths and practical experiences for gold jewelry companies in the AI era [2] Group 3: Talent Development and Collaborations - The event facilitated multiple cooperation agreements focused on talent cultivation, including the establishment of a "Cultural Creative Talent Training Project Training Base" [2] - Collaborations were formed between Shenzhen Jinsheng Yuzhen Research Institute and the Longgang District Jewelry Industry Association for a "Cultural Creative Planning and Operation Specialized Training" project [2] Group 4: Cultural Consumption and Future Directions - The event featured over a thousand pieces of gold jewelry national products, creating a cultural consumption feast [3] - The Deep Ao International Cultural Technology Park aims to continue promoting the deep integration of cultural technology and finance, supporting enterprises in their outbound efforts and contributing to the development of the cultural industry in the Greater Bay Area [3]

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The report highlights the resilience of the sportswear sector, projecting a revenue growth of 15% to 17% for Amer Sports in 2025, with specific segments expected to outperform [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, a significant increase from $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - Direct-to-consumer sales increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in Greater China and Asia-Pacific [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquets, golf products, and apparel [4][29]. - Long-term revenue growth is expected to be low to mid-single digits [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation improvement in 2025 [5][34]. - The sportswear sector is expected to benefit from government policy support and increased participation in sports activities [5][34].

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 5月23日，三大股指集体低开，上证指数开盘报3376.87点， 跌0.1% ，深成指开盘报 10210.62点， 跌0.09% ，创业板指开盘报2043.2点， 跌0.12% 。NMN概念、跨境支 付、燃气板块表现活跃，兵装重组、港口航运、贵金属、互联网电商板块跌幅居前。 今日嘉宾观点 金元证券首席投资顾问徐传豹认为， 当前,中美关系已由前期的对抗态势进入阶段性缓和期 然而，在此缓和阶段，双方能否达成实质性且互利共赢的协议仍存在不确定性。 受此影响， 市场多空双方均持谨慎态度，短期内难以形成明确方向性突破，预计市场 * * * * * * 。 针对当 前市场环境，我们对投资者的操作建议如下:建议重点配置 * * * * * * 标的。 所 谓 " 强 " ， 不 仅 体现在技术面上处于上升通道，更需关注其基本面特质-- * * * * * * 品种。 对于符合上述标准 且技术形态保持完好的个股，投资者可考虑继续持有;反之，对于缺乏基本面支撑的题材炒作 个股，或已呈现技术性走弱的标的，建议 * * * * * * ， * * * * * * 。 【解锁隐 ...