Core Insights - The article discusses the transformation in the consumer industry, highlighting the shift from "channel-driven" to "emotion-driven" purchasing behavior, particularly in the context of new consumption trends [1][6][10] Group 1: New vs. Old Consumption - New consumption relies more on product strength, while old consumption is heavily dependent on channel strength [5][11] - New consumption encompasses categories like beauty care, trendy toys, and bulk snacks, along with certain companies from traditional and internet sectors [5][11] - The emergence of new consumption is a result of both changing consumer demands and rapid evolution in communication and sales channels [6][10] Group 2: Investment Framework - The core of consumer goods investment lies in brand power, which is defined as the combination of product and channel strength [2][5] - Companies with strong brand power typically exhibit higher net profit margins and faster turnover rates, contributing to high return on equity (ROE) [2] - Investment should focus on smaller companies that are in the process of building brand power, as this phase often correlates with the highest growth potential [2] Group 3: Changes in Consumer Behavior - The evolution of communication media has shifted consumer roles from passive recipients to active seekers of products that suit their preferences [8][9] - The rise of e-commerce has transformed sales channels, allowing consumers to directly access desired products without relying on local retailers [9][10] - New consumption products are characterized by distinct heterogeneity, appealing to specific audiences who appreciate their uniqueness [9][11] Group 4: Future Trends - The investment in new consumption is fundamentally a contest of aesthetic appreciation and understanding of lifestyle [11] - The beauty care industry is seen as a leading indicator for new consumption investment, with its marketing strategies and product approaches likely influencing other sectors in the future [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The domestic tourism market showed steady growth during the Dragon Boat Festival, with 119 million domestic trips made, a year-on-year increase of 5.7%, and total spending reaching 42.73 billion yuan, up 5.9% year-on-year [15][16] - TOPTOY acquired a 51% stake in Hi TOY to enhance its IP portfolio, while Quantum Song reported a net profit of 41.15 million yuan for FY2025 Q3, a year-on-year increase of 181.24% [18][26] - The beauty sector on Douyin saw a GMV of 23.497 billion yuan in May, reflecting an 18% year-on-year growth, with international brands gaining market share [37][38] Summary by Sections Travel and Tourism - Domestic travel during the Dragon Boat Festival reached 119 million trips, with total spending of 42.73 billion yuan, indicating a 5.7% and 5.9% year-on-year increase respectively [15] - Xiangyuan Holdings strategically invested in Haichang Ocean Park, acquiring a 38.6% stake for 22.95 billion HKD, enhancing its cultural tourism portfolio [16] Trendy Toys - TOPTOY's acquisition of Hi TOY aims to strengthen its IP matrix and enhance competitiveness in the trendy toy market [18] - Quantum Song's revenue for FY2025 Q3 was 571 million yuan, down 39.64% year-on-year, but net profit surged 181.24% to 41.15 million yuan [26] Beverage Industry - Tea Baidao launched a new peach series, selling 300,000 cups on the first day, while Luckin Coffee introduced a new fruit and vegetable tea priced at 9.9 yuan [34][36] Beauty and Personal Care - Douyin's beauty category GMV reached 23.497 billion yuan in May, with a significant increase in the number of brands exceeding 1 billion yuan in sales [37] - International brands dominated the top beauty rankings, with 7 out of the top 10 brands being foreign, reflecting a shift in market dynamics [38][44] Market Performance - The A-share social service sector outperformed the market, with a 2.09% increase, while the Hong Kong consumer services sector lagged behind the Hang Seng Index [7][25]

Group 1 - Chinese Vice Premier He Lifeng will visit the UK from June 8 to 13 and hold the first meeting of the China-US economic and trade consultation mechanism [2] - The Ministry of Commerce of China will continue to strengthen compliance application approval for the export of rare earths, considering the growing demand in civil sectors [3] - The US media reports that former President Trump is considering retaliation against Elon Musk, indicating a significant rift between them [4] Group 2 - Trump has declared a tactical alert in Los Angeles, citing illegal immigration and crime as major issues, and has instructed officials to take necessary actions [5] - The US State Department has ordered the resumption of visa processing for students planning to attend Harvard University, reversing a previous ban [7] - The People's Bank of China has increased its gold reserves for the seventh consecutive month, reaching 73.83 million ounces (approximately 2,296.37 tons) as of the end of May [8][9] Group 3 - Multiple economic stabilization policies are expected to be introduced soon, focusing on expanding domestic demand and stabilizing foreign trade [10] - The founder of Pop Mart, Wang Ning, has become the new richest person in Henan with a net worth of approximately 146 billion yuan, driven by the popularity of the Labubu brand [15] - The Atour Group has issued a statement regarding the "pillowcase incident," clarifying it was due to sorting errors and not related to mixed laundry with hospitals [16] Group 4 - Companies are actively entering the beauty and personal care market, indicating a trend of innovation driving industry upgrades [17] - The A-share market showed slight fluctuations, with the Shanghai Composite Index closing at 3,385.36 points, up 0.04% [18] - Analysts suggest that the expansion of domestic demand will be a key focus of future policies, with recommendations to invest in resilient sectors such as home goods and food processing [19]

Core Insights - The report emphasizes "vitality" as the core trend for 2025, reflecting consumer pursuit of natural, healthy, and sustainable lifestyles [1][2] - The analysis covers various sectors including apparel, beauty, sports, food, and travel, based on data from July 1, 2024, to March 31, 2025 [1][5] Apparel Sector - Comfortable and functional athleisure wear and eco-friendly materials are gaining attention [1][2] - Light pastel colors are trending, with topics like "light spring outfits" and "marine style outfits" achieving over 19 billion and 380 million views respectively [9][10] - The return of maximalism in fashion is noted, with significant growth in related topics [13] Beauty Sector - The beauty trend focuses on "vitality makeup," highlighting natural ingredients and a healthy aesthetic [17][19] - Popular topics include "sweet girl makeup" and "wild makeup," with view counts exceeding 1 billion [18] - Key elements for vitality in makeup include base makeup, lip makeup, and hairstyles, emphasizing a natural and vibrant look [23] Sports Sector - Popular activities include hiking, cycling, and skating, with significant growth in related content [24][28] - Brands like Li Ning and Vaude are leveraging the vitality theme in their marketing strategies [24][25] - The report suggests that brands should create narratives around movement and exploration to engage consumers [24] Food and Health Sector - The concept of "clean eating" is prevalent, with discussions around fresh fruits and vegetables, achieving over 700 million views [32][33] - There is a growing interest in precise health maintenance practices, such as herbal remedies and dietary supplements [34] - Brands are encouraged to focus on product transparency and simplicity in their marketing [32][34] Travel Sector - Emerging trends include niche travel destinations and immersive experiences, with a focus on eco-friendly travel gear [1][2] - The report highlights the importance of community-driven content in shaping travel preferences on platforms like Xiaohongshu [2]

Investment Rating - The report maintains a "Buy" rating for Proya and a "Hold" rating for other companies in the beauty and personal care sector [5][9]. Core Insights - The beauty and personal care sector has shown mixed performance, with Proya launching new medical-grade collagen products and Lin Qingxuan preparing for an IPO in Hong Kong [2][20][23]. - The Tmall 618 pre-sale rankings for beauty products show Proya, Lancôme, and L'Oréal leading the market, indicating strong brand presence [20][21]. - The overall market performance for the week ending May 30, 2025, saw the retail sector increase by 0.69%, while the beauty care sector decreased by 0.72% [12][14]. Summary by Sections Market Performance - For the week of May 26 to May 30, 2025, the retail sector increased by 0.69%, social services by 0.18%, and beauty care decreased by 0.72%, ranking 12th, 14th, and 25th among 31 primary industries respectively [12][14]. - The professional chain, general retail, and professional services sectors saw the highest gains, with increases of 2.24%, 1.72%, and 0.92% respectively [14]. Key Industry Events and News - Proya launched a new medical-grade collagen patch, approved as a Class II medical device, aimed at treating superficial wounds and post-procedure care [23]. - Lin Qingxuan submitted its IPO application to the Hong Kong Stock Exchange, with significant sales figures for its signature camellia oil product [20]. - Tmall's 618 pre-sale rankings for beauty products remained stable, with Proya, Lancôme, and L'Oréal maintaining their top three positions [20][21]. Company Announcements - Proya's new medical product is priced at 198 yuan for a box of five patches, indicating a strategic move into the medical beauty segment [23]. - Ji Hong Technology announced its H-share listing, with a global offering of 67.91 million shares at a price of 7.68 HKD per share, aiming to raise approximately 420 million HKD [27].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week (May 26 - May 30, 2025), the A - share market first rose on high volume due to the easing of Sino - US trade negotiations and then entered a volatile adjustment. The sector rotation speed has accelerated recently, and the volatile market pattern remains unchanged [11]. - The innovation drug sector continued to rise last week, driven by multiple favorable events. However, the market heat may have reached a phased high, and the phased market of innovation drugs may end once the strong logical support weakens [12]. - The "new consumption" market has spread from the prosperity of leading stocks to a beta market, and has now entered the marginal spread stage, but its sustainability is uncertain [13]. - The technology sector has reached a stage where layout directions can be explored, as small - cap stocks show signs of peaking and the TMT trading volume as a proportion of the total A - share trading volume has fallen to a relatively low level [14]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - The A - share market first rose on high volume and then oscillated last week. The WanDe All - A Index fell 0.02% for the whole week. The environmental protection, pharmaceutical biology, national defense and military industry, agriculture, forestry, animal husbandry and fishery sectors led the gains, while the automobile, power equipment, non - ferrous metals, and comprehensive sectors underperformed [11]. - As of May 30, the trading volume proportions of the CSI 1000 and CSI 2000 indexes in the Shanghai and Shenzhen stock markets reached 19.59% and 33.26% respectively, both at 5 - year peak levels. Since 2020, the trading volume proportion of the CSI 2000 index has risen from less than 15% to over 30%, while that of the CSI 300 index has dropped from nearly 50% to less than 20%. The A - share market is a stock and shrinking market, and market participants are engaging in a stock game in small - and medium - cap stocks [11]. - The innovation drug sector continued to rise, driven by the approval of 11 innovative drugs from 8 Chinese companies on May 29 and important clinical data disclosed at the 2025 ASCO Annual Meeting from May 30 - June 3. However, the market heat may have reached a peak, and the phased market may end if strong logical support weakens [12]. - The "new consumption" market has spread from leading stocks to various directions such as new - listed Hong Kong - listed tea drinks, A - share pet and beauty care sectors. The market focus has shifted from pet food to non - liquor products, and the market has entered the marginal spread stage with uncertain sustainability [13]. - The technology sector has reached a stage for layout, as small - cap stocks show signs of peaking and the TMT trading volume proportion has declined. Upcoming industrial events in June may act as catalysts [14]. 3.1.2 Public Fund Market Dynamics - On May 30, 2025, the Shanghai Stock Exchange and China Securities Index Company optimized the compilation plan of the SSE 380 Index and launched the SSE 580 Index, forming a flagship broad - based index system of "SSE 50, SSE 180, SSE 380, and SSE 580". The index system covers 50% of the number of Shanghai - listed securities and nearly 90% of the market value [15]. - The SSE index system has established an "integrated two - wing" index brand of "flagship broad - based + science and technology innovation + dividend", which is an important part of promoting the entry of long - term funds into the market [16]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Preferred | - 0.12% | 1.45% | 4.59% | 5.44% | | Value Stock Fund Preferred | - 0.15% | 2.80% | 1.42% | 1.50% | | Balanced Stock Fund Preferred | 0.03% | 2.51% | 2.06% | - 0.17% | | Growth Stock Fund Preferred | - 0.01% | 0.94% | 9.74% | - 0.13% | | Pharmaceutical Stock Fund Preferred | 3.78% | 6.65% | 23.08% | 6.62% | | Consumption Stock Fund Preferred | - 0.93% | 3.15% | 7.37% | 0.46% | | Technology Stock Fund Preferred | - 0.01% | - 0.44% | 2.05% | 3.65% | | High - end Manufacturing Stock Fund Preferred | - 0.30% | - 0.95% | - 4.28% | - 8.90% | | Cyclical Stock Fund Preferred | - 0.81% | 3.01% | 4.22% | - 3.14% | [17] 3.2.1 Active Stock Fund Preferred - The portfolio selects 15 funds each period, with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and balance the style distribution according to the CSI Active Stock Fund Index [18]. 3.2.2 Value Stock Fund Preferred - The value style includes deep - value and quality - value styles. The index is composed of 10 funds selected from deep - value, quality - value, and balanced - value styles based on multi - period style classification [20]. 3.2.3 Balanced Stock Fund Preferred - Balanced - style fund managers balance stock valuation and growth, and switch to stocks with higher cost - performance. The index is composed of 10 funds selected from relatively balanced and value - growth styles based on multi - period style classification [21]. 3.2.4 Growth Stock Fund Preferred - The growth style aims to capture the double - click opportunity of performance and valuation during a company's high - growth stage. The index is composed of 10 funds selected from active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [24]. 3.2.5 Pharmaceutical Stock Fund Preferred - The index selects funds with an average purity of no less than 60% in the pharmaceutical industry based on the intersection market value of fund equity holdings and the representative index (CITIC Pharmaceutical). An evaluation system is established, and 15 funds are selected to form the index [24]. 3.2.6 Consumption Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the consumption industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Automobile, Home Appliances, etc.). An evaluation system is established, and 10 funds are selected to form the index [29]. 3.2.7 Technology Stock Fund Preferred - The index selects funds with an average purity of no less than 60% in the technology industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Electronics, etc.). An evaluation system is established, and 10 funds are selected to form the index [30]. 3.2.8 High - end Manufacturing Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the high - end manufacturing industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Construction, etc.). An evaluation system is established, and 10 funds are selected to form the index [34]. 3.2.9 Cyclical Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the cyclical industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Petroleum & Petrochemical, etc.). An evaluation system is established, and 5 funds are selected to form the index [36].

Investment Rating - The investment rating for the social services industry is optimistic (maintained) [1] Core Insights - The report highlights the emergence of "spiritual sanctuaries" by trendy brands aimed at healing young people, with a focus on the scent economy and the rising trend of oral beauty products [1] - The domestic travel sector shows steady growth during the Dragon Boat Festival, with a significant increase in family and theme park visits [14][16] - The global trendy brand market has surpassed 1 trillion, with China's trendy clothing market expected to exceed 250 billion by 2025 [36][39] - The oral beauty market in China is projected to exceed 240 billion by 2024, with a compound annual growth rate of 3.8% from 2022 to 2025 [5][19] Summary by Sections 1. Travel and Tourism - Domestic travel during the Dragon Boat Festival saw approximately 444 million cross-regional movements, a year-on-year increase of 8.5% [14] - The travel and tourism sector is benefiting from policies like free or discounted entry to attractions, leading to significant increases in visitor numbers in provinces like Sichuan and Hunan [16] - Shaanxi Tourism has submitted an IPO application, showcasing strong profitability in its core performance arts business [18][21] 2. Trendy Brands - The global trendy brand apparel market reached 195.5 billion USD in 2023, with expectations to grow to 251.4 billion USD by 2030 [36][39] - The Chinese trendy clothing market is projected to exceed 220 billion RMB in 2024, with a growth rate of 13.64% [37][42] - Brands like Pop Mart are expanding their reach into the trendy brand sector, particularly targeting male consumers [40] 3. Tea and Beverage - Bawang Chaji reported a GMV of 82.3 billion RMB in Q1 2025, with a net income of 33.9 billion RMB, reflecting a growth of over 35% [44][46] - The company plans to open 1,000 new stores in mainland China in 2025, accelerating its overseas expansion [45] 4. Beauty and Wellness - The oral beauty market in China is expected to surpass 240 billion RMB by 2024, with key ingredients like collagen and ergothioneine leading the trend [5][19] - The scent economy is growing, with the fragrance market in China projected to reach around 300 billion RMB by 2027, reflecting a compound annual growth rate of approximately 38% [5][19] - Major beauty brands are increasingly entering the oral beauty segment, indicating a shift from niche to mainstream consumption [53]

Investment Rating - The investment rating for the social services industry is optimistic (maintained) [1] Core Insights - The report highlights the emergence of "spiritual sanctuaries" by trendy brands aimed at healing young people, with a focus on the scent economy and the rising trend of oral beauty products [1] - The domestic travel sector shows steady growth during the Dragon Boat Festival, with a significant increase in family and theme park visits [14][16] - The global trendy brand market has surpassed 1 trillion, with China's trendy clothing market expected to exceed 250 billion by 2025 [36][39] - The oral beauty market in China is projected to exceed 240 billion by 2024, with a compound annual growth rate of 3.8% from 2022 to 2025 [5][19] Summary by Sections 1. Travel and Tourism - Domestic travel during the Dragon Boat Festival saw approximately 444 million people traveling, a year-on-year increase of 8.5% [14] - The travel segment is bolstered by family-oriented activities, with theme parks experiencing a notable increase in visitor numbers [16] - Shaanxi Tourism has submitted an IPO application, showcasing strong profitability in its core performance arts business [18][21] 2. Trendy Brands - The global trendy brand apparel market reached 195.5 billion USD in 2023, with expectations to grow to 251.4 billion USD by 2030 [36][39] - The Chinese trendy apparel market is projected to exceed 250 billion RMB by 2025, with a year-on-year growth of 13.64% [37][42] - Brands like Pop Mart are expanding their reach into the trendy brand sector, particularly targeting male consumers [40] 3. Tea and Beverage - Bawang Chaji reported a GMV of 82.3 billion RMB in Q1 2025, with a net income of 33.9 billion RMB, reflecting a growth of over 35% [44][46] - The company plans to open 1,000 new stores in mainland China in 2025, accelerating its overseas expansion [45] 4. Beauty and Wellness - The oral beauty market is gaining traction, with a projected market size of over 240 billion RMB by 2024 [5][19] - The scent economy is also on the rise, with the fragrance market in China expected to grow from 50 billion RMB in 2018 to around 300 billion RMB by 2027 [5][19] - Major beauty brands are increasingly entering the oral beauty segment, indicating a shift from niche to mainstream consumption [53]

社会服务 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 社会服务 沪深300 相关研究报告 《果茶、果咖引领健康新风尚，蜜雪 集 团 加 速 副 牌 拓 展 — 行 业 周 报 》 -2025.5.11 《五一假期旅游供需两旺，国货美妆 加码掘金高端线 — 行 业 周 报 》 -2025.4.20 《生态重构与消费边界突围，IP 潮玩 步入历史机遇期—行业深度报告》 -2025.4.18 蜜雪冰城、古茗 4 月加速开店，618 国货品牌势能向上 推荐标的：（1）旅游：长白山；（2）教育：好未来、科德教育；（3）餐饮/会展： 特海国际、米奥会展；（4）美护：科思股份、水羊股份、康冠科技、倍加洁。 ——行业周报 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（联系人） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S07905220 ...

Group 1: Consumption Strategy and Investment Recommendations - The report recommends focusing on high-growth new consumption sectors, dividend defensive stocks, and traditional companies transitioning to new consumption [3][13] - High-growth new consumption opportunities include new tobacco products, beauty care, trendy toys, pet products, and tea beverages [3][13] - Dividend defensive stocks are prioritized due to unclear policy signals and ongoing domestic demand impacts, with a focus on white goods [3][13] Group 2: Macroeconomic and Midstream Consumption Tracking - In April, the domestic CPI remained stable with a slight decrease of 0.1% year-on-year, while core CPI increased by 0.5% [4][14] - April's export growth reached 8.1% year-on-year, marking the highest since 2022, although it showed signs of slowing due to a decrease in home appliance exports [4][16] Group 3: Home Appliances - In April, the overall retail sales of home appliances increased by 21.8% online and 18.6% offline, with the national subsidy for 11 major categories growing by 18.2% [7][28] - Specific categories showed varied performance: air conditioners up 34.8%, refrigerators up 1.0%, and washing machines up 10.8% online [7][28][29] Group 4: Light Industry Manufacturing - The new tobacco sector is experiencing upward momentum, with clear growth trends in the HNB industry and potential market share gains for companies like Smoore International [7][30] - The trendy toy market remains robust, with GMV growth of 109% in April year-on-year, driven by new company entries and innovative operational strategies [7][30] Group 5: Textile and Apparel - The easing of US tariffs is expected to boost export and domestic demand, with a focus on new consumption and brands with unique advantages [7][33][37] - The textile manufacturing sector is seeing a recovery in client confidence following tariff reductions, which may lead to increased orders and improved domestic factory utilization [7][37] Group 6: Social Services - The tea beverage sector is benefiting from improved same-store sales and competitive dynamics in the takeaway market, with expectations for further growth [7][35] - Hotel performance showed strong leisure demand during the May holiday, although business travel remains weak [7][35] Group 7: Retail and E-commerce - The competitive landscape in the takeaway market is evolving, with regulatory pressures on major platforms like Meituan and JD, although the overall competition remains intense [7][36] - Meituan's initiatives in instant retail and national subsidies are expected to impact JD's core categories significantly [7][38]