10月27日，日本零售集团永旺发布声明，对近期有关代理销售比亚迪汽车的报道进行澄清。永旺表示， 据一些媒体报道，永旺株式会社与比亚迪日本公司合作，将为比亚迪汽车设立店内销售点，但公司提供 给媒体的部分信息不准确，特此发布以下更正：永旺仅会在11月的促销活动中在日本临时代理销售比亚 迪汽车，将作为购车协议的中介方，而不会作为主要销售方、不会设立常设销售网点，长期看也不会从 事汽车进口和销售业务。永旺表示，将检视公司内部的信息传播流程，以确保及时、准确对外发布信 息。 ...

Core Insights - The Chinese consumption market has shown steady growth in September 2023, with a retail sales total of 4.20 trillion yuan, reflecting a year-on-year increase of 3.0% [1] - The contribution of final consumption expenditure to economic growth reached 53.5%, indicating its significant role in driving the economy [1] Group 1: Consumption Trends - The retail sales of consumer goods increased by 3.3% in September, with notable growth in the sales of communication equipment, furniture, and cultural office supplies, each growing by 16.2% [1] - The retail volume of passenger cars reached 2.241 million units, marking a growth of 6.3% [1] - As of October 22, 2023, applications for the vehicle trade-in subsidy exceeded 10 million [1] Group 2: Service Consumption - Service retail sales grew by 5.2% in the first three quarters, outpacing goods retail sales by 0.6 percentage points [2] - Significant growth was observed in leisure services, communication services, tourism consulting, and transportation services, all achieving double-digit growth [2] - The share of service consumption in total household expenditure reached 46.8% [2] Group 3: New Consumption Patterns - Sales of smart wearable devices and robotic vacuum cleaners increased by over 15%, while energy-saving dishwashers and organic food sales grew by more than 10% [2] - The retail sales of new energy passenger vehicles reached 1.296 million units, with a growth rate of 15.5% and a market penetration rate of 57.8% [2] Group 4: Inbound Consumption - Policies such as expanding visa-free entry and optimizing tax refunds for outbound travelers have boosted inbound consumption, with 20.134 million foreign visitors recorded in the third quarter, a 22.3% increase [2] - Among these, the number of visa-free foreign visitors rose by 48.3% to 7.246 million [2] Group 5: Trade-in Policy Impact - Over 76 million consumers participated in the trade-in program for 12 categories of home appliances, resulting in the purchase of over 126 million units [3] - More than 81 million consumers bought mobile devices, totaling over 88 million units sold [3] - Approximately 87,000 retail stores engaged in the trade-in program for electric bicycles, leading to over 12 million new purchases [3]

央视网消息：购物出现纠纷，想要退货、换货、维权该怎么办？相信不少消费者都会说："按照七天无理由政策，直接在电商平台发起退 换货功能"，一旦发生纠纷，再通过平台客服进行调解。这是我们线上购物出现消费纠纷时的基本路径。 如果是线下购物想要退款，除了自己前往商家所在地当场协商，还有没有更便利的方式解决？近日，杭州、厦门、南宁、太原、兰州、成都等 地的市场监管部门在浙江省杭州市共同宣布，启动线下购物消费纠纷离店"一键和解"模式。"一键和解"指的是通过数字化手段，实现消费者与 商家直接线上沟通，减少中间环节的同时，更降低了消费维权的成本。"一键和解"具体是如何实现的？ 杭州5万多家门店开通 自行和解7000多件 打开互联网支付平台，找到相应的订单，选择"对此订单有疑问"，再点击"发起12315和解"按钮，提交投诉，王女士发起了一笔线下消费的投 诉。 数据显示，目前，杭州已有5万多家门店开通了"一键和解"功能，促成消费纠纷自行和解7000多件，成功率达85%。 不需要保留消费小票，不用记住商家名称，更不用前往商户所在地沟通，由杭州市市场监督管理局开启的这一探索，让线下消费维权便捷了很 多。 姜晓霞表示，如果沟通没成功，消 ...

Core Insights - The overall consumption market in China remained stable in September 2023, with significant contributions from various sectors and initiatives aimed at boosting consumer spending [1][2]. Group 1: Consumption Market Performance - In September, the total retail sales of consumer goods reached 4.20 trillion yuan, showing a year-on-year growth of 3.0%. For the first three quarters, the total retail sales amounted to 36.59 trillion yuan, with a growth rate of 4.5%, which is 1.0 percentage point faster than the entire previous year [1]. - Per capita consumption expenditure for residents was 21,600 yuan, reflecting a growth of 4.6%. The contribution rate of final consumption expenditure to economic growth was 53.5% [1]. Group 2: Trade-in Programs and Retail Growth - The trade-in program for consumer goods continued to show positive results, with retail sales of related goods increasing by 3.3% in September. Notably, retail sales of communication equipment, furniture, and cultural office supplies from large enterprises grew by 16.2%, 16.2%, and 6.2%, respectively [2]. - The retail volume of passenger cars reached 2.241 million units, marking a growth of 6.3%. As of October 22, 2023, applications for the 2025 automobile trade-in subsidy exceeded 10 million [1]. Group 3: Service Consumption Trends - Service retail sales grew by 5.2% in the first three quarters, outpacing the growth of goods retail sales by 0.6 percentage points. Sectors such as cultural and recreational services, communication services, tourism consulting, and transportation services experienced double-digit growth [2]. - The proportion of residents' service consumption expenditure accounted for 46.8% of total consumption expenditure [2]. Group 4: Emerging Consumption Trends - New types of consumption, including smart and green products, continued to expand. In September, sales of smart wearable devices and robotic vacuum cleaners increased by over 15%, while sales of energy-efficient dishwashers and organic food grew by more than 10% [2]. - The retail volume of new energy passenger vehicles reached 1.296 million units, with a growth of 15.5% and a penetration rate of 57.8% [2]. Group 5: Inbound Consumption Growth - The scale of inbound consumption has been expanding, supported by policies such as the expansion of visa-free entry and optimized tax refund processes. The popularity of "China tours" and "China shopping" continues to rise [2]. - According to the National Immigration Administration, the number of inbound and outbound foreign visitors reached 20.134 million in the third quarter, a growth of 22.3%. Among them, visa-free foreign visitors numbered 7.246 million, increasing by 48.3% [2].

Core Insights - The event "Follow the Events to Tour Jiangbei" was held on October 25, 2025, at JD MALL Square, focusing on integrating sports, viewing, and consumption [1][3] - The event featured a three-on-three basketball tournament with 20 teams participating, alongside various sports activities attracting over 2000 participants [3] - The event successfully attracted nearly 5000 attendees, with a total customer flow of 50,000, marking a 300% year-on-year increase, and generated surrounding consumption of 700,000 yuan [5] Event Highlights - The event was guided by the Chongqing Sports Bureau and organized by the Jiangbei District Cultural Tourism Committee and Sports Bureau, emphasizing a high-quality and interactive sports experience [1][7] - JD MALL provided excellent venue and logistical support, facilitating promotional activities and setting up a viewing point for the 2025 League of Legends World Championship [3][5] - The event included a showcase of over 20 sports and cultural enterprises, promoting various products and services, which contributed to a vibrant atmosphere [3][5] Future Plans - Jiangbei District aims to continue promoting the deep integration of sports events and consumption, optimizing the event system, and innovating the "Sports+" development model [7] - The focus will be on expanding sports consumption scenarios and enhancing the economic benefits of events to support high-quality collaborative development in the region's sports, culture, and tourism sectors [7]

Core Insights - The consumption market in China is showing steady growth, with significant contributions from various sectors and initiatives aimed at boosting consumer spending [1][2] Group 1: Overall Consumption Trends - In September, the total retail sales of consumer goods reached 4.20 trillion yuan, marking a year-on-year growth of 3.0% [1] - For the first three quarters, the total retail sales amounted to 36.59 trillion yuan, with a growth rate of 4.5%, which is 1.0 percentage point faster than the entire previous year [1] - Per capita consumer spending reached 21,600 yuan, reflecting a growth of 4.6% [1] - The contribution rate of final consumption expenditure to economic growth stood at 53.5% [1] Group 2: Replacement Consumption - The retail sales of goods increased by 3.3% in September, with significant growth in sales related to the "old for new" consumption initiative [2] - Retail sales of communication equipment, furniture, and cultural office supplies saw increases of 16.2%, 16.2%, and 6.2% respectively [2] - Passenger car retail sales reached 2.241 million units, growing by 6.3% [2] - As of October 22, 2025, applications for the automobile replacement subsidy exceeded 10 million [2] Group 3: Service Consumption - Service retail sales grew by 5.2% in the first three quarters, outpacing goods retail sales by 0.6 percentage points [2] - Sectors such as cultural and recreational services, communication services, tourism consulting, and transportation services experienced double-digit growth [2] - Service consumption accounted for 46.8% of total household consumption expenditure [2] Group 4: New Consumption Trends - New types of consumption, including smart and green products, are expanding rapidly [2] - In September, sales of smart wearable devices and robotic vacuum cleaners increased by over 15%, while sales of energy-saving dishwashers and organic food grew by more than 10% [2] - Retail sales of new energy passenger vehicles reached 1.296 million units, growing by 15.5%, with a penetration rate of 57.8% [2] Group 5: Inbound Consumption - The scale of inbound consumption is expanding, supported by policies such as expanding visa-free entry and optimizing tax refund processes [2] - In the third quarter, the number of foreign visitors entering and exiting China reached 20.134 million, a growth of 22.3% [2] - Among these, the number of visa-free foreign visitors was 7.246 million, marking a growth of 48.3% [2]

Core Insights - The consumption market in China has shown stable performance in September, with a notable increase in retail sales and consumer spending [1] Group 1: Consumption Market Performance - In September, the total retail sales of consumer goods reached 4.20 trillion yuan, reflecting a year-on-year growth of 3.0% [1] - For the first three quarters, the total retail sales amounted to 36.59 trillion yuan, with a growth rate of 4.5%, accelerating by 1.0 percentage points compared to the previous year [1] - Per capita consumer spending reached 21,600 yuan, marking a growth of 4.6% [1] - The contribution rate of final consumption expenditure to economic growth was 53.5% [1] Group 2: Trade-in Programs and Service Consumption - The trade-in program for consumer goods has shown significant results, with retail sales of related products growing rapidly [1] - In September, retail sales of goods increased by 3.3%, with notable growth in communication equipment, furniture, and cultural office supplies, each growing by 16.2% and 6.2% respectively [1] - Passenger car retail sales reached 2.241 million units, growing by 6.3% [1] - As of October 22, applications for the 2025 automobile trade-in subsidy exceeded 10 million [1] - Service retail sales grew by 5.2% in the first three quarters, outpacing goods retail sales by 0.6 percentage points [1] Group 3: Emerging Consumption Trends - New types of consumption, such as smart and green products, are expanding, with sales of smart wearable devices and robotic vacuum cleaners increasing by over 15% [1] - Sales of energy-saving dishwashers and organic food grew by more than 10% [1] - Retail sales of new energy passenger vehicles reached 1.296 million units, growing by 15.5%, with a penetration rate of 57.8% [1] Group 4: Inbound Consumption Growth - The scale of inbound consumption is continuously expanding, supported by policies like expanding visa-free entry and optimizing tax refunds for outbound travelers [1] - In the third quarter, the number of foreign visitors entering and exiting China reached 20.134 million, a growth of 22.3%, with visa-free entrants increasing by 48.3% to 7.246 million [1]

Group 1: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 61 billion yuan in Q3, a year-on-year increase of 30.4%, and a net profit of 13.9 billion yuan, up 41.9% [1] - For the first three quarters, the total revenue reached 168.4 billion yuan, growing by 34%, with a net profit of 37.6 billion yuan, an increase of 38.9% [1] - The company anticipates achieving an annual revenue of 158.4 billion yuan in 2024, representing a 40.6% growth, and a net profit of 33.3 billion yuan [1] - Energy drinks generated 4.2 billion yuan in revenue, a 15% increase, while electrolyte drinks saw a significant 84% growth, reaching 1.35 billion yuan [1] Group 2: Coca-Cola - Coca-Cola's Q3 revenue reached 12.455 billion USD, a 5% increase, surpassing market expectations [3] - The net profit for the quarter was 3.683 billion USD, reflecting a 29% growth [3] - Global single-serve sales increased by 1%, with flagship Coca-Cola brand sales growing by 1% driven by markets in Europe, the Middle East, Africa, and Asia-Pacific [3] - The company reaffirmed its 2025 earnings guidance, expecting an 8% growth in comparable currency-neutral earnings per share [4] Group 3: Deckers Brands - Deckers Brands reported a net sales increase of 9.1% in Q2, reaching 1.431 billion USD [4] - HOKA brand sales grew by 11.1% to 630 million USD, while UGG brand sales increased by 10.1% to 760 million USD [5] - The company expects full-year net sales to be around 5.35 billion USD, slightly below analyst expectations [5] Group 4: Adidas - Adidas reported a 12% revenue growth in Q3, reaching 6.63 billion euros, driven by double-digit growth across markets and product categories [7] - The gross margin improved by 0.5 percentage points to 51.8%, with operating profit significantly increasing to 736 million euros [7] - The company raised its full-year operating profit forecast to approximately 2 billion euros [7] Group 5: Wanchen Group - Wanchen Group announced a revenue of 36.562 billion yuan for the first three quarters, a 77.37% year-on-year increase, with a net profit of 855 million yuan, up 917.04% [16] - The growth was attributed to the continuous development of the bulk snack business [16] Group 6: Baima Tea - Baima Tea's IPO was oversubscribed nearly 1900 times, with subscription amounts reaching at least 853 billion yuan [17] Group 7: Wumart Group - Wumart Group's founder expressed optimism about the development of the hard discount model, aiming to adjust AI new retail to 100 stores by year-end [18] Group 8: Jinzhai Food - Jinzhai Food reported a Q3 revenue of 685 million yuan, a 6.55% increase, but a net profit decline of 14.77% [19] Group 9: Sushi Industry - Japan's largest conveyor sushi manufacturer plans to invest approximately 300 million yen to expand its factory, increasing production capacity by 20% [20]

1. Overnight Night Market Trends - INTERNATIONAL PRECIOUS METALS: COMEX gold futures fell 0.45% to $4126.90 per ounce, down 2.05% for the week; COMEX silver futures dropped 0.60% to $48.41 per ounce, down 3.38% for the week [4] - CRUDE OIL: The U.S. oil main contract fell 0.57% to $61.44 per barrel, up 7.51% for the week; Brent crude's main contract declined 0.57% to $64.92 per barrel, up 7.06% for the week [5] - LONDON BASE METALS: LME copper rose 0.85% to $10947 per ton, up 3.23% for the week; LME lead increased 0.30% to $2016.50 per ton, up 2.36% for the week; LME zinc edged up 0.07% to $3019.50 per ton, up 2.93% for the week; LME aluminum dropped 0.21% to $2856.50 per ton, up 2.84% for the week; LME nickel fell 0.25% to $15325 per ton, up 1.32% for the week; LME tin declined 0.34% to $35650 per ton, up 1.75% for the week [5] - DOMESTIC FUTURES: As of the close on October 24 at 23:00, domestic futures' main contracts mostly rose. Low - sulfur fuel oil, LPG, and fuel oil rose over 1%, while asphalt, coking coal, and rapeseed meal had small increases. Synthetic rubber, caustic soda, corn, and sugar slightly declined [5] 2. Important Information Macroeconomic Information - President Xi Jinping will visit South Korea from October 30 to November 1 to attend the 32nd APEC Economic Leaders' Meeting and conduct a state visit [8] - The "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" aims to break market barriers [8] - The central bank will conduct 900 billion yuan of MLF operations on October 27 [8] - The China Securities Regulatory Commission emphasizes enhancing the resilience and risk - resistance of the capital market [8] - Shipping indices show an increase in export container freight rates [9] - The central bank will adjust monetary policy according to economic and financial conditions and maintain the stability of the RMB exchange rate [9][10] - U.S. September CPI is slightly lower than expected, paving the way for a rate cut [10] - U.S. October PMI data shows improvement [10] - China and the U.S. held economic and trade consultations in Kuala Lumpur, reaching preliminary consensus on multiple issues [10][11] Energy and Chemical Futures - Russia's central bank forecasts average oil prices for 2025 and 2026 [12] - India's Reliance Industries bought hundreds of thousands of barrels of crude oil due to concerns about supply disruptions [14] Metal Futures - China's non - ferrous metal industry had a good performance in the first three quarters [16] - Last week, copper, aluminum, zinc, and lead inventories decreased, while nickel and tin inventories increased [17] - This month's estimated retail sales of narrow - sense passenger cars are about 2.2 million, with a decline in both month - on - month and year - on - year terms, and the penetration rate of new energy vehicles may reach 60% [17] Black - Series Futures - In mid - October, steel production of key enterprises had different trends in daily output [19] - The Ministry of Industry and Information Technology solicits opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry", with specific replacement ratios and restrictions [19][21] - Some steel mills in Tangshan and Xingtai plan to raise coke prices [21] - This week's total urban inventory of steel decreased [22] - Shanxi is increasing coal production to meet winter demand, with a 3.7% year - on - year increase in the first three quarters [22] Agricultural Futures - Pig - farming losses have decreased [24] - Pig and pork prices are expected to stop falling and rise slightly in the second half of the fourth quarter [25] - In the 43rd week, soybean crushing volume in oil mills exceeded expectations [25] - Imported cotton port inventory increased slightly [26] - The domestic edible vegetable oil market is expected to have stable prices, while palm oil prices may rise slightly [28] - Malaysia's October 1 - 25 palm oil exports are expected to decline 0.4% [29] 3. Financial Markets Finance - Many A - share companies released positive third - quarter reports, with some having significant profit growth [31] - Fund managers will adjust investment strategies based on third - quarter reports, focusing on technology stocks [31] - As of the end of the third quarter, social security funds held shares in 135 stocks, with new entries, increases, and decreases in positions, and increased investment in technology sectors [32] - Many A - share companies were surveyed by institutions, with technology stocks being popular [34] - Many companies distributed dividends, and some will distribute more in the future [34] - Nearly 2000 public funds' third - quarter reports show that innovation - related assets are the main allocation [34] - The market sentiment has stabilized, and the subsequent adjustment space may be limited [34] - Hong Kong stocks' "B - series" varieties are being sold by pharmaceutical fund managers, and innovation - drug funds are entering the stock - selection stage [35] Industry - A draft regulatory guideline for public fund performance comparison benchmarks may be released soon, and many funds have adjusted their benchmarks this year [36] - Banks have raised the minimum investment threshold for gold accumulation, and short - term gold price fluctuations may be normal [38] - Gold jewelry brands have raised prices, mainly to increase processing fees and maintain stable margins [38] - Many real - estate companies have made breakthroughs in debt restructuring [38] - As of September, China's power generation installed capacity increased, with significant growth in solar and wind power [39] - The flu vaccine vaccination season has arrived, with different price trends for different vaccines [39] - Multiple paper companies will raise the price of white cardboard from November 1 [39] Overseas - The U.S. and Vietnam, Thailand, Malaysia, and Cambodia reached trade - related agreements [41][42] - The U.S. Treasury Secretary believes inflation will continue to decline, and the government shutdown is eroding the economy [42] - The U.S. government shutdown may last until the end of November [43] - The IMF President suggests that ASEAN economies strengthen their fundamentals and predicts that AI will affect a large proportion of jobs [43] International Stock Markets - European countries will implement winter time starting Monday, adjusting trading and data - release times [45] Bonds - As of October 24, the issuance scale of securities firms' science and technology innovation bonds this year reached 59.17 billion yuan, and it is expected to continue growing [46] 4. Upcoming Economic Data and Events Economic Data - Various economic data will be released on October 27, including Japan's September corporate service price index, China's September industrial enterprise profits, etc. [48] Events - The central bank has 7000 billion yuan of 1 - year MLF and 189 billion yuan of 7 - day reverse repurchases maturing [50] - The governor of the Reserve Bank of Australia will participate in a talk [50] - There are new stock subscriptions and company earnings reports [50] - Multiple important events are scheduled, such as the East Asia Cooperation Leaders' Series Meetings, the 2025 Financial Street Forum Annual Conference, etc. [50]

Core Viewpoint - Zhongxing Commercial reported a significant increase in net profit for the first three quarters of 2025, achieving a non-GAAP net profit of 57.33 million yuan, a year-on-year growth of 29.28%, indicating a notable improvement in profitability [2]. Group 1: Business Strategy and Performance - The "first-store economy" has become a key indicator of the core competitiveness of commercial entities and urban consumption vitality, with Zhongxing Commercial focusing on expanding its first-store matrix and innovating consumption scenarios to create a differentiated competitive advantage [3][4]. - The operation of the Shenyang Zhongxing Dinosaur Museum, the first dinosaur-themed museum located within a commercial complex in China, has successfully integrated cultural tourism and retail, becoming a popular landmark that drives family consumer traffic [3]. - Zhongxing Commercial has introduced a variety of first-store brands, including the first eco-friendly flagship store of Diconi and the first store of Elizabeth Arden in Liaoning, enhancing its product structure and aligning with consumer demands for quality and individuality [4][5]. Group 2: Marketing and Service Innovation - The company has shifted its retail identity from merely selling products to providing experiential scenarios, employing innovative marketing strategies to attract diverse consumer groups and enhance service experiences [6][7]. - The implementation of various themed events, such as music concerts and sports competitions, has effectively captured the interest of younger consumers, transforming shopping habits from "buying to browse" into "browsing to buy" [8]. Group 3: Digital Transformation and Efficiency - During the "14th Five-Year Plan" period, Zhongxing Commercial has made steady progress in digital transformation, enhancing operational efficiency and consumer experience through the integration of technology [9][10]. - The launch of the "Zhongxing Building+" mini-program and the first Douyin e-commerce live broadcast in the Shenyang business circle has created a new social ecosystem that effectively connects online and offline consumer experiences [9]. Group 4: Financial Performance and Future Outlook - In 2023, Zhongxing Commercial achieved a total merchandise sales volume of 3.243 billion yuan, a year-on-year increase of 28.13%, with net profit reaching 134 million yuan, marking a 56.90% growth [11]. - The company aims to solidify its leading position in Northeast retail by continuing to promote the first-store economy, digital transformation, and service system upgrades, contributing to the vitality of the regional consumer market [12].