Core Viewpoint - The A-share market experienced a rebound on June 3, with broad-based gains across indices, indicating a positive market response to domestic demand and policy support despite external trade tensions [2][7]. Market Dynamics - The market is characterized by "domestic demand-driven and policy-supported" dynamics, with financials, pharmaceuticals, and new consumption sectors attracting significant capital [2][10]. - Recent developments in U.S. tariff issues have heightened market risk aversion, leading to a surge in gold prices and declines in Hong Kong stocks, but the A-share market showed resilience by recovering losses [2][3]. Sector Performance - The consumer sector, particularly in beauty care, maternal and infant care, and pet products, has become a safe haven for funds due to policy support and consumption recovery [3][9]. - The banking sector is favored for its "high dividend and low volatility" characteristics, with several banks reaching historical highs amid increased institutional investment [7][10]. - The precious metals sector is gaining traction as a hedge against geopolitical conflicts and U.S. debt risks, becoming a core tool for mitigating uncertainty [3][9]. Structural Trends - The innovation drug sector is witnessing a fundamental reversal, driven by significant advancements showcased at international conferences, boosting industry confidence [4][9]. - Conversely, sectors like home appliances and steel are experiencing declines due to tariff impacts and reduced earnings certainty, reflecting a market strategy of "avoiding external demand and protecting internal demand" [5][10]. Outlook - Looking ahead to June, the marginal impact of tariff issues is expected to weaken, with domestic policies and industry fundamentals remaining focal points [6]. - In the absence of major catalysts, broad indices are likely to maintain a sideways trend, with structural opportunities emerging in new consumption, defensive sectors, and performance reversals in pharmaceuticals and beauty care [6][9].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 结构亮点：传统民俗 & "新"消费并举 端午假期，消费结构呈现两大亮点：一是传统民俗体验；二是多个领域"新"消费实现较高增速 。 传统 民俗方面 ，龙舟赛事、民俗表演带动地区旅游热，粽子等民俗消费也实现较高增速。 "新"消费方面， 宠物经济、运动户外、演艺巡游、悦己消费维持高热度。如宠物经济方领域，携宠出行成新趋势，宠 物酒店呈"量价双升"。如运动户外领域，" 618 "开门红阶段，电商平台上，运动服饰及器材、户外装 备销售额实现 2-3 倍增长。 每周经济观察： （一）景气向上 核心观点 端午假期，整体出行增速偏低，不及预期。结构呈现两大亮点：一是传统民俗消费；二是"新"消费， 以演艺经济、运动户外、宠物经济、悦己消费为代表。 报告摘要 整体出行：不及预期，或受南方降雨影响 端午假期出行数据增速偏低，不及预期。 据央视新闻报道，端午假期三天，预计全社会跨区域人员流 动量同比增长 3.0% ，低于此前交通运输部预期的 7.7% 。出行数据或受 ...

6 月 3 日 A 股市场低开高走，宽基指数普涨，6月录得开门红。市场运行逻辑方面，"避险+消费"双轮驱 动的主线依然清晰，银行、新消费、创新药等板块持续获得资金青睐。 银行股的强势不仅源于其低估值和高股息属性对中长期资金的吸引力，部分个股入选重要指数样本也带 来增量资金预期。 消息面上，近期美国关税问题再生波澜，市场避险情绪升温，6月2日黄金大涨，港股全线收跌。就3日 表现看，港股收复昨日失地，A股也是低开高走，表明市场对关税不确定性已对贸易摩擦的边际影响逐 步脱敏 。 逻辑上，证监会此前明确表示，A 股上市公司近九成收入来自国内，且对美出口占比不足 10% 的企业 达 91%，叠加 "东升西落" 叙事下全球资本再平衡，美国金融市场波动反而凸显中国资产的稳定性。 题材热点方面呈现快速轮动态势。稳定币概念持续发酵，特别是数字货币与跨境支付方向表现强势，主 要受市场对相关领域潜在政策进展预期的推动。军工板块中无人机方向异军突起，多股涨停，行业前景 向好及潜在需求复苏预期成为重要驱动因素。受地方性足球赛事带动文旅消费等消息刺激，足球概念股 也出现明显拉升。此外，黄金概念股表现也较为抢眼。 这种分化折射出市场在不确 ...

Group 1: Evolution of Consumption Society in Japan and the U.S. - The generational shift has profoundly influenced the evolution of consumption societies in Japan and the U.S. [1] - In Japan, the Taisho and early Showa generations led the transition from the first to the second consumption society, followed by the New Human Generation and part of the Baby Boomer generation driving the third consumption society [1] - In the U.S., Baby Boomers focus on unique product advantages, Generation X prefers time-saving products, Generation Y is enthusiastic about energy-saving and green consumption, while Generation Z contributes significantly to digital and gaming consumption [1] Group 2: Current State and Potential of China's Consumption Society - The post-90s and post-95s generations in China have developed consumption concepts similar to Japan's New Human Generation and the U.S. Baby Boomers, emphasizing spiritual satisfaction and personalized consumption [2] - Compared to Japan and the U.S., China's service consumption currently stands at 46.1%, indicating significant room for growth in the service sector [2] Group 3: Characteristics of the Third Consumption Society and Self-Satisfaction Consumption Trends - In the third consumption society, consumers prioritize emotional and psychological factors over mere functionality when selecting products, leading to a shift in brand positioning from "leader" to "supporting role" [3][10] - Self-satisfaction consumption is emerging as a key trend, focusing on emotional resources, emotional resolution solutions, and legal emotional release [6][11] Group 4: Emotional Consumption Trends - Emotional resources include the pet economy, IP toys, and temple economy, catering to spiritual and emotional needs [6] - Emotional resolution solutions are found in beauty and personal care products, gold and jewelry, and new-style food and beverages that address appearance and safety anxieties [6] - Legal emotional release is represented by outdoor activities, light alcoholic beverages, and tobacco products, which help consumers manage stress [6]

Group 1 - The core viewpoint of the articles highlights the significant rise of Pop Mart's stock, attracting numerous fund managers who previously invested heavily in traditional consumer stocks like Kweichow Moutai, leading to a search for new consumer investment opportunities [2][3][4] - As of the end of Q1 2025, 207 funds were heavily invested in Pop Mart, a substantial increase from 62 funds six months prior, indicating a growing interest in the stock [3] - Pop Mart's stock price began to rise in early 2024, following the founder's announcement of plans to replicate the brand overseas, prompting fund managers to shift their investments from Kweichow Moutai to Pop Mart [3][4] Group 2 - The new consumer sector has shown remarkable performance in both A-share and Hong Kong markets, with several stocks doubling in value, such as Ruoyuchen and Wancheng Group, with some stocks increasing over four times [5] - Funds focused on new consumer stocks have reported impressive returns, with some achieving over 50% returns year-to-date as of May 28, 2025 [5][6] - The current consumer cycle is expected to last longer, driven by a younger demographic with higher consumption willingness and a focus on technological innovation [6] Group 3 - Institutions are increasingly interested in consumer companies, with many receiving significant attention from fund managers, as evidenced by the high number of institutional surveys conducted in May [7][8] - Notable consumer companies like Zhou Dashing and Reliable Co. have received over 130 and 50 institutional surveys respectively, indicating strong market interest [7] - Some fund managers express caution regarding the current valuation levels of new consumer stocks, suggesting potential short-term price adjustments while maintaining a positive long-term outlook [8]

Group 1 - Tianyuan Pet plans to acquire 89.71% equity of Taotong Technology for a total transaction price of 688 million yuan through a combination of issuing shares and cash payments [1][5] - The stock price of Tianyuan Pet has seen significant fluctuations, with a recent drop of 9.26% on May 28, closing at 35.16 yuan per share, despite a year-to-date increase of 56.27% [1][11] - The acquisition involves 17 counterparties, including Fosun Happy Purchase (Hainan) Technology Co., Ltd., and will result in Taotong Technology becoming a subsidiary of Tianyuan Pet [4][5] Group 2 - The company aims to raise up to 249 million yuan through the issuance of shares to no more than 35 specific investors, with a final issuance price set at 22.37 yuan per share, representing a discount of approximately 36% from the current market price [8] - Taotong Technology is a global e-commerce service provider, offering brand consulting, e-commerce operations, consumer insights, and supply chain management services, collaborating with major brands in the fast-moving consumer goods and pet food sectors [8][9] - Tianyuan Pet's financial projections indicate revenues of 2.037 billion yuan and 2.764 billion yuan for 2023 and 2024, respectively, with net profits of 76.77 million yuan and 45.96 million yuan [11]

Core Insights - The article discusses the innovative integration of culture, commerce, and lifestyle in Chengdu, highlighting how the city transforms traditional business models into immersive cultural experiences [1][4]. Group 1: Space Narrative and Experience - Chengdu showcases advanced "scene creation" wisdom, exemplified by the Chen Mapo Tofu restaurant, which transforms traditional dining into a cultural performance space through real-time cooking and folk performances [2][4]. - The concept of "experience value" is emphasized, where the physical space becomes a medium for emotional resonance, creating a new competitive edge for physical retail against e-commerce [4][11]. Group 2: Cultural Translation and Product Innovation - The article illustrates how cultural elements are reinterpreted in products, such as the Moxi Panda, which combines local cultural symbols with modern design, showcasing a strategy of "local elements global translation" [5][10]. - The nostalgic innovation of Jule Milk, which revives 90s glass milk bottles, reflects a strategy of "memory monetization," linking collective memory with contemporary consumption [10][12]. Group 3: Industry Evolution and Cultural Integration - The transformation of the Jiu Cheng Douban factory into a dynamic cultural workshop exemplifies the organic integration of manufacturing and cultural experiences, attracting over 100,000 tourists in 2023 [11][12]. - The He Ming Tea House represents a model of ecological integration, where traditional tea culture is interwoven with modern consumer experiences, creating a rich tapestry of local culture [12][13]. Group 4: Global Cultural Output - The article outlines a clear logic of "Cultural IP - Scene Empowerment - Global Output," emphasizing Chengdu's commercial innovation rooted in local cultural genes [13]. - The blending of traditional culinary experiences, such as the pairing of spicy dumplings with tea, illustrates the city's unique cultural fusion and its potential for global cultural dissemination [13].

Group 1: Core Economic Focus - The central economic work conference prioritizes "boosting consumption, improving investment efficiency, and expanding domestic demand" as the main focus for 2025 [1] - Financial institutions are expected to play a crucial role in supporting consumption through innovative solutions [1] Group 2: Silver Economy - By 2030, the population aged 60 and above in China is projected to exceed 400 million, with the pension industry market size expected to reach 13 trillion yuan [3] - The silver economy is becoming a core battleground for consumer finance, driven by the high education level, net assets, and internet penetration of the "60s" generation [3] - Health management services are a key consumption target for the elderly, with personalized health records and one-stop services being developed [3] Group 3: Green Health - The dual drivers of "dual carbon" goals and public health awareness are leading to a growing emphasis on green, low-carbon, and healthy consumption [4] - The transportation sector is experiencing a green transformation, with increasing sales and ownership of electric vehicles and the rise of battery swap services [4] - The food consumption sector is also embracing green trends, with organic products and low-carbon menus becoming popular among consumers [5] Group 4: Emotional Consumption - Emotional value is becoming a new focus in consumer spending, particularly among the younger generation, especially Generation Z [6] - The market for two-dimensional culture has evolved into a trillion-yuan market, with blind box economy gaining popularity among young consumers [6] - The pet economy is significant, with new business models like pet cafes and theme parks emerging to cater to pet lovers [6] Group 5: Artificial Intelligence - The integration of artificial intelligence in consumer sectors is accelerating, particularly in smart home technology [7] - AI is transforming entertainment consumption, with virtual idols and immersive experiences becoming more prevalent [7] Group 6: New Consumption Opportunities - The silver economy, green health consumption, emotional value consumption, and AI-driven consumption present significant market potential [8] - Insurance companies are exploring long-term care insurance and innovative pension products to cater to the elderly [8] - Financial institutions are increasingly engaging with Generation Z through co-branded credit cards and tailored financial services [8] Group 7: Future Consumption Trends - Future consumption scenarios will diversify based on the characteristics of different demographic groups, with education and cultural products being key for youth [9] - The demand for high-quality medical services and wellness products is expected to grow among middle-aged and elderly consumers [9] - Financial institutions are encouraged to develop services for rapidly evolving smart technology products to meet the increasing demand for personalized cultural experiences [9]

Market Overview - On May 27, A-shares experienced a collective pullback, with the Shanghai Composite Index down 0.18% to 3340.69 points, the Shenzhen Component down 0.61% to 10029.11 points, and the ChiNext Index down 0.68% to 1991.64 points [1] - The trading volume in the Shanghai and Shenzhen markets was 998.9 billion yuan, a decrease of 11 billion yuan compared to the previous day [1] - The market showed mixed performance across sectors, with the pesticide and veterinary medicine sector seeing significant gains, while precious metals, consumer electronics, and semiconductor sectors faced declines [1] Sector Performance - The pesticide sector's rise is attributed to market rotation, as it is currently the preparation phase for the traditional "double harvest" in southern agriculture, attracting capital attention [1] - The pet economy sector, categorized as a new consumption concept, saw strong performance with 65 out of 97 stocks rising on the same day, driven by significant gains in related A-share stocks [2] - Notable companies in the pet economy include Chuangyuan Co., which reported a 218.33% year-on-year increase in net profit, and Yinglian Co., which saw a staggering 723.54% increase in net profit [2] Company Highlights - Kaimete Gas, a leading stock in Hunan, achieved a 10% increase, marking its second consecutive trading day of gains [3] - Kaimete Gas reported a net profit of 31.75 million yuan for Q1 2025, reflecting a 142.00% year-on-year growth, and has established a full industry chain advantage in the specialty gas sector [3]

5月27日，A股三大指数集体调整，且均录得4连跌。截至收盘，沪指跌0.18%报3340点，深成指跌0.61%，创业板指跌 0.68%下破2000点。全市场成交额10241亿元，较上日缩量97亿元；超2500只个股飘绿。 | 代码 | 名称 | 涨幅 | 涨跌 | 现价 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | -0.18% | -6.15 | 3340.69 | | 399001 | 深证成指 | -0.61% | -62.05 | 10029.11 | | 399006 | 创业板指 | -0.68% | -13.62 | 1991.64 | | 000688 | 科创50 | -0.95% | -9.34 | 972.92 | 盘面上，新消费概念领涨，饮料、乳业、休闲食品等方向等方向领涨；医药股活跃，华森制药涨停；培育钻石板块走 强，黄河旋风涨停；草甘膦、CRO、代糖概念等涨幅居前。另一方面，贵金属板块走低，赤峰黄金、西部黄金领跌； 小金属板块集体调整，东方钽业跌幅居前；消费电子、PEEK材料、CPO等板块下跌。 具体来看： 草甘膦板块领涨，中 ...