可以想象，未来不排除继AI全面合作之后，阿里巴巴与汇通达进一步合作再将"即时零售"模式在下沉市 场广泛复制。 智通财经APP获悉，8月29日，阿里巴巴（09988）业绩电话会上，CEO吴泳铭明确表示"AI+云"为核心 的科技平台、购物与生活服务融合的大消费平台，是阿里面临的两大战略机遇。吴泳铭特别强调："阿 里巴巴在即时零售领域的布局，并不是着眼于单一消费品类的竞争，而是满足10亿消费者的一站式需 求，塑造AI时代大消费平台的商业形态。" 无独有偶，阿里巴巴战略投资的汇通达网络（09878）8月28日发布中期业绩，同样重点强调布 局"AI+"战略，以及"硬折扣""即时零售"等新消费赛道；而另一家主打零售量贩的万辰集团 （300972.SZ），更是在上周五迎来强势涨停。 科技叠加新消费，融合硬折扣、即时零售等元素的"新风口"呼之欲出。 阿里巴巴于2018年战略投资汇通达，是汇通达重要战略股东和第一大机构股东。今年8月，阿里云与汇 通达围绕下沉市场"AI+产业"签署了全栈AI全面合作，面向3亿农村家庭和470万家乡镇夫妻店的广袤市 场，双方将共同研发部署多款AI Agent，扩大双方的客户数量与交易规模，同步推动 ...

Group 1: Overview of Cultural Consumption in Beijing - The cultural consumption market in Beijing has shown a "dual increase" in both quantity and quality in 2023, with 180 million tourists received in the first half of the year, a year-on-year increase of 7.1%, and total tourism expenditure reaching 338.17 billion yuan, up 8.8% [1] - The integration of cultural and tourism sectors, urban renewal, and the emergence of new economic drivers have contributed to a vibrant cultural consumption landscape in Beijing [1] Group 2: New Business Models and Consumer Engagement - The "performance + tourism" model has become a highlight of cultural consumption in Beijing, with 102 large-scale performances held in the first half of the year, generating ticket sales of 1.5 billion yuan, representing year-on-year growth of approximately 13% and 35% respectively [2] - The deep integration of intangible cultural heritage (ICH) with tourism has created new experiences for visitors, with 365 ICH projects along the central axis of Beijing becoming a key attraction [2] - The launch of the "music map" and over 400 outdoor music events has extended music consumption into urban spaces, enhancing cultural engagement for both residents and tourists [2] Group 3: Diverse Cultural Tourism Products - Beijing has introduced a variety of cultural tourism products, including 105 themed travel routes and 25 rural tourism routes, enhancing the "Wander Beijing" brand [3] - The Beijing International Cultural Tourism Consumption Expo achieved sales of 211 million yuan, showcasing successful integration of culture, commerce, and tourism [3] Group 4: Urban Renewal Projects - Urban renewal projects like Zhonghai Dajixiang and Longfu Temple have transformed historical areas into cultural consumption landmarks, preserving historical context while injecting modern commercial vitality [4][6] - Zhonghai Dajixiang, a 360,000 square meter complex, has become a model for urban renewal, combining cultural preservation with commercial operations [4] - Longfu Temple, which has undergone extensive renovation since 2012, focuses on cultural heritage and innovation, featuring immersive experiences and unique retail offerings [6][7] Group 5: Consumer Engagement and Foot Traffic - Zhonghai Dajixiang attracted over 500 million visitors since its opening, with daily foot traffic exceeding 60,000, indicating strong market acceptance of this urban renewal model [5] - Longfu Temple is set to open on September 17, 2023, with plans for promotional events and collaborations with major platforms to enhance its role as a new cultural consumption landmark in Beijing [7]

从驶进市中心的"路易号"路易威登（LV）巨型游轮，到排起长队的二次元快闪店，上海正不断吸引全国乃至全球的首发、首展、首秀，致力于打造国际一 流的首发经济集聚地。据统计，今年1—5月，上海新增首店364家，其中全球及亚洲首店10家，全国及内地首店63家，高能级首店合计占比超20%。上 海首发、首店的数量和质量均居全国首位。 发展首发经济是扩大内需的重要举措。去年12月举行的中央经济工作会议明确，积极发展首发经济。记者近日在沪调研发现，上海首发经济"玩法"颇为亮眼。除了 不断吸引国际品牌外，上海也擅长将首发经济同历史空间、本土文化等传统元素融合，让经典焕新。上海首发经济的蓬勃生长，既源于开放的制度保障、高效的服 务供给与优良的生态氛围，更植根于上海建设国际消费中心城市的沉淀和奋进。 首店经济"领跑者" 走进上海南京路上的名创优品MINISOLAND全球壹号店，宛如来到一个色彩实验室。漫步其中，香芋紫的香薰区、薄荷绿的文具阵列和柠檬黄的潮玩墙形成强烈 的"多巴胺美学"。孩子们在追逐地板上的投影，情侣们举着联名薄荷杯与3D墙绘合影，收银台前的长队蜿蜒如彩带…… 作为全球首个场景式IP联名集合店，该店已成为上海南京路新 ...

将首发、首店、首秀和历史空间改造焕新相结合，是黄浦区发展首发经济的一大特色。 从驶进市中心的"路易号"路易威登（LV）巨型游轮，到排起长队的二次元快闪店，上海正不断吸引全 国乃至全球的首发、首展、首秀，致力于打造国际一流的首发经济集聚地。据统计，今年1—5月，上海 新增首店364家，其中全球及亚洲首店10家，全国及内地首店63家，高能级首店合计占比超20%。上海 首发、首店的数量和质量均居全国首位。 发展首发经济是扩大内需的重要举措。去年12月举行的中央经济工作会议明确，要积极发展首发经济。 记者近日在沪调研发现，上海首发经济玩法颇有特色。除了不断吸引国际品牌外，上海也擅长将首发经 济同历史空间、本土文化等传统元素融合，让经典焕新。上海首发经济的蓬勃生长，既源于开放的制度 保障、高效的服务供给与优良的生态氛围，更植根于上海建设国际消费中心城市的沉淀和奋进。 首发经济领跑者 走进上海南京路上的名创优品MINISO LAND全球壹号店，宛如来到一个"多巴胺"色彩实验室。孩子们 追逐着地板上的七彩投影，情侣们举着联名薄荷杯与3D墙绘合影，收银台前长队蜿蜒…… 作为全球首个场景式IP联名集合店，该店已是上海南京路新地 ...

丨 2025年9月1日星期一丨 8月31日，据央视新闻，截至目前，2025年中国电影（600977）总票房(含海外)突破400亿元，其中，国 内市场总票房392.3亿元，观影人次超9.09亿，均超过去年同期。今年以来，在《哪吒之魔童闹海》《南 京照相馆》等影片带动下，中国电影海外市场票房折合人民币已超7.7亿元，创下多年新高。 点评：2025年中国电影成绩亮眼。截至目前，国内市场票房与观影人次双双超过去年同期，足见市场活 力。尤其《哪吒之魔童闹海》等佳作，不仅点燃国内观影热潮，更助力海外票房超7.7亿元创多年新 高。这彰显中国电影在内容创作与海外传播上的进步，未来潜力值得期待。 NO.3民航暑运旅客运输量预计1.47亿人次 NO.4上半年游戏、影视院线等代表性行业净利增速超70% 点评：胖东来此次调整营业时间，告别夏季模式，延长周末时长，还打破许昌部分门店周二闭店传统， 或是为更好贴合消费节奏、挖掘市场潜力。此前其周二闭店引发热议，被赞人性化。如今部分门店"破 例"，在保障员工权益与满足消费需求间寻新平衡，或为零售业经营策略提供新思路。 NO.22025年中国电影总票房突破400亿元 据央视新闻，为期两个月的 ...

Core Insights - The seventh China Smart Retail Conference was held in Shenzhen, focusing on the integration of AI technology with the retail industry and exploring new paths for high-quality development in smart retail [1][4]. Group 1: Event Highlights - The "Smart Retail Laboratory" was officially launched, aimed at exploring paths for digital, intelligent, and smart upgrades for enterprises, reducing trial and error costs, and building a collaborative ecosystem in smart retail [4]. - The "Smart Retail Ecosystem Launch Report" was released, analyzing the current state of smart retail development and predicting future trends, providing important references for enterprises [6]. - The conference recognized nearly 30 companies for their outstanding contributions in technology innovation and industry impact, showcasing the innovative vitality in the smart retail sector [6]. Group 2: AI Integration and Insights - Experts from academia and industry discussed the pathways for AI implementation in retail, emphasizing a shift from enterprise-centered to customer-centered approaches [9]. - Tencent's Vice President highlighted the company's ongoing investment in AI model development, which enhances efficiency and precision in various retail scenarios such as franchise review and marketing strategies [9]. - The need for value reconstruction and systematic integration around consumer-centric models was emphasized, suggesting a collaborative ecosystem among various enterprises [9]. Group 3: Practical Applications and Solutions - The conference focused on practical empowerment and growth strategies, with discussions on AI's role in breaking through challenges in the retail industry [10]. - Eight companies presented core solutions for digital upgrades, covering aspects like cloud platform construction and digital operations, providing diverse paths for enterprises [10]. - A resource docking area and application scenario exhibition hall were set up, showcasing innovative brands and solutions in smart retail and digital operations [12][13].

Group 1 - The last Hema X membership store in China, located in Shanghai, has officially closed, marking a significant adjustment for Hema Group in its membership store segment [1] - The store had begun clearance sales with discounts ranging from 10% to 30%, attracting many customers looking for last-minute shopping opportunities [1] - Hema X membership stores were launched as a domestic competitor in the warehouse-style membership market, directly competing with international giants like Costco and Sam's Club [4] Group 2 - Several Hema X membership stores have closed this year, including locations in Shanghai, Beijing, Suzhou, and Nanjing, raising speculation about the company's strategy [6] - The closure of these stores is part of a proactive business adjustment by Hema Group, reflecting strategic considerations in the current market environment [6]

每经AI快讯，8月31日，胖东来发布营业时间调整公告，夏季营业时间结束，自2025年9月1日起，许昌 地区、新乡地区胖东来所有门店营业时间调整为：周日至周四09:30-21:00，周五至周六09:30-21:30，周 二正常闭店。此次调整后，许昌地区部分门店周二正常营业。 （文章来源：每日经济新闻） ...

Macro Analysis - The increase in tariffs has only raised the average U.S. import tax rate by 6.6 percentage points as of June 2024, which is lower than market expectations. The low proportion of taxable goods and changes in import structure are key reasons for this outcome [2][3] - U.S. companies are currently bearing approximately 63% of the tariff costs, while consumers are responsible for less than 40%. This cost distribution may change as inventory is depleted and trade policy uncertainties decrease [3] - If the average U.S. import tax rate rises by 10% within the year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4%, assuming stable demand [3] Market Strategy - The Chinese stock market is expected to continue rising, with the index likely to reach new highs. Factors supporting this outlook include accelerated economic transformation, declining risk-free interest rates, and capital market reforms [6][7] - There is an anticipated expansion in market trends, with increased allocations towards mid-cap stocks and undervalued blue-chip stocks. The improvement in traditional industries and a focus on domestic demand are also contributing to this positive outlook [8][9] Industry Comparison - Emerging technology is seen as a primary investment focus, while cyclical financial sectors are viewed as potential dark horses. The Hong Kong stock market is expected to rebound [9][10] - Recommendations include sectors such as AI applications, consumer goods, and high-end equipment, with a particular emphasis on companies benefiting from technological upgrades and policy support [10] Foreign Investment Trends - Following the Fed's shift towards rate cuts, foreign capital may return to Hong Kong stocks, which have seen a historical low in foreign investment allocation. Recent signs indicate a potential stabilization in foreign capital flows [13][14] - Foreign investment preferences in Hong Kong are heavily weighted towards technology and financial sectors, with a notable focus on companies with strong fundamentals and profitability [14][15] Investment Recommendations - The beauty and personal care sector is expected to see significant growth, with a recommendation for selective investment in companies demonstrating product and channel innovation [17][18] - The first half of 2025 showed a revenue increase of 7.2% and a net profit growth of 1.9% in the beauty sector, with personal care outperforming cosmetics and medical aesthetics [18][19]

Listing Dynamics - Proya plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business development, aiming to improve its overall competitiveness [3] - The company is currently discussing the details of the issuance with relevant intermediaries, and the issuance will not change the control of the major shareholders [3] Mergers & Acquisitions - Apollo Global Management is one of the few potential buyers in preliminary talks with Coca-Cola regarding the sale of Costa Coffee, although a formal bid may not be submitted [5] - Coca-Cola's decision to sell Costa Coffee is seen as a move to offload heavy assets and recover cash, potentially sparking a new wave of mergers in the coffee sector [5] Brand Dynamics - Tims China reported Q2 2025 revenue of 349 million yuan, with system sales up 1.4% to 409.5 million yuan, driven by stable cash flow from franchise and retail operations [11] - The company’s franchise business continues to grow rapidly, with the number of franchise stores increasing to 449, up from 333 year-on-year [11] - Meituan's Q2 2025 revenue reached 91.84 billion yuan, a year-on-year increase of 11.7%, but operating profit fell significantly, indicating intense competition in the food delivery market [12][14] Corporate Governance - The control of Wahaha has been solidified with Zong Fuli inheriting 29.4% of the shares from Zong Qinghou, resulting in a new governance structure combining state-owned and family interests [8][9] - Yum! Brands appointed Chris Turner as a board member and future CEO, marking the beginning of a new leadership era [29]