2025 年 05 月 19 日 策 略 研 究 两会"爆款"主题面面观，兼论深海科技与具身 智能（人形机器人）的投资前景 投资要点： 策 略 专 题 区别于市场的主流观点，我们认为两会产业主题投资并非是一次 性脉冲机会。两会中的产业政策具有高屋建瓴之效，不仅对短期产业 主题投资有提振效果，还能够指引中长期产业发展方向，带来更持续 的超额行情。此处对全文的分析结论进行总结，以要点的形式展示主 要启示。 （一）短期特征：重视低估值与小市值 1、两会召开后的短期内，低估值主题更易获得估值的抬升。 2、市值分布与累计超额收益率的相关性，随时间推移减弱。两会 召开后的短期内小市值（<100 亿）成分股占比越高的指数，越易获得 超额收益（相对 Wind 全 A），但拉长时间看，这种相关性在减弱。 （二）持续特征：累计超额收益、业绩增速 3、在两会结束后的 T+15 个交易日短期区间，行情有短期的提振。 4、从长维度看，在两会结束后的 T+360 个交易日区间，两会产业 主题往往能跑出超额收益。仅 17、19、23 年表现不佳，或侧面反映出 "新提法"的重要性。 5、平均累计超额收益并不一定在两会当年跑出。也反映出两会主 ...

Core Insights - JD.com has launched an upgraded "Spring Dawn Plan" and introduced the "New Merchant Three-Step Method" to support the growth of small and medium-sized businesses in Anhui province [1][4][9] - The "2025 Merchant Growth White Paper" was released, providing systematic guidance for new merchants, outlining three key stages of growth: product launch, sales activation, and volume increase [6][9] Group 1: Business Growth Initiatives - JD.com reported a nearly 100% year-on-year growth in the number of small and medium-sized merchants in Anhui's industrial belt, with Hefei merchants playing a crucial role in driving regional e-commerce growth [1][3] - The company is investing over 1 billion yuan in advertising subsidies to assist new merchants in quickly establishing their stores and achieving sales [4][8] Group 2: New Merchant Support Programs - The "New Merchant Three-Step Method" allows merchants to open stores in as little as one minute with a "0 yuan trial operation" offer, eliminating the need for a security deposit during the trial period [4][6] - JD.com has tailored a local support plan for Anhui merchants, offering various incentives such as low security deposits and advertising rebates, along with a zero-commission period for qualifying new merchants [7][8] Group 3: Infrastructure and Investment - JD.com has invested in smart industrial parks and modern warehouses in Hefei, which are expected to serve as comprehensive industrial complexes for smart manufacturing and e-commerce [3][9] - The company aims to enhance operational efficiency and growth quality for Anhui's small and medium-sized businesses, contributing to the region's economic development [9]

电子商务平台交易保持稳定。截至3月底，河南监测的本省电子商务平台共计80个，在本省电商平台上 实现的交易额为770.1亿元。从地区分布来看，电子商务平台数量最多的为郑州市，拥有30个，一季度 实现交易额567.6亿元，占全省电商平台交易额的73.7%。 跨境电商交易平稳增长。省跨境电子商务综合试验区建设工作办公室监测数据显示，一季度全省跨境电 商进出口交易额632.1亿元(含快递包裹业务)，其中出口交易额为480.1亿元。 服务类交易与对个人交易持续较快增长。从交易对象看，一季度服务类交易额为890.3亿元，同比增长 13.6%。从交易主体看，对个人交易额为1487.4亿元，同比增长10.0%。 近年来，河南省电子商务网络建设速度加快、内河航运网络日益完善、中欧班列正常运行等，为电子商 务发展提供了强大的平台支持和物流保障。未来，随着电子商务与实体经济深度融合、数据要素价值充 分挖掘，河南省电子商务发展将在刺激消费、激发市场活力方面发挥更大作用。(记者胡舒彤) 网上零售增长势头良好。一季度，全省网上零售额为1194.5亿元，同比增长14.7%，高出全省社会消费 品零售总额增速7.7个百分点。其中实物商品网上零 ...

Group 1 - Shanghai is implementing multiple measures to assist foreign trade enterprises in expanding into the domestic market, focusing on "stabilizing foreign trade and promoting domestic sales" [1] - The Shanghai Municipal Commission of Commerce is providing policy consultation, standard formulation, product inspection, and certification services to reduce costs for foreign trade enterprises entering the domestic market [1] - Financial support for foreign trade enterprises is being enhanced, encouraging banks to innovate financial support methods for integrated domestic and foreign trade [1] Group 2 - The private e-commerce platform "Ai Kucun" under DreamXiang Technology is collaborating with foreign trade-focused companies like OMASKA to enhance domestic sales capabilities [2] - OMASKA reported that nearly 70% of its annual sales revenue, exceeding 100 million yuan, comes from foreign trade, prompting a shift towards domestic e-commerce platforms due to increased logistics costs [2] - DreamXiang Technology is offering incentives such as fee waivers and expedited registration processes to facilitate the entry of foreign trade businesses into the domestic market [2] Group 3 - Foreign trade enterprises are focusing on product quality and innovation to tap into the domestic market, with companies like Shanghai Silede Stainless Steel Products Co., Ltd. developing automated production lines for their products [3] - The emphasis on research and development is crucial for foreign trade enterprises as they seek to explore product potential while expanding into domestic markets [3]

Core Viewpoint - The "2025 Opening Consumption Voucher Joy Enjoyment 520 Pet Fan Festival" aims to stimulate consumption among the elderly in Changsha by providing dual subsidies from the government and the company, enhancing the shopping experience for senior consumers [1][7]. Group 1: Event Overview - The event is organized by the Kaifu District government and aims to provide discounts to senior consumers through a combination of government and company subsidies [1]. - The activity will run until May 23, with limited daily distribution of consumption vouchers via the Kuai Le Gou app [5]. Group 2: Voucher Details - Three types of consumption vouchers are available: "300 yuan off 100 yuan," "200 yuan off 60 yuan," and "100 yuan off 30 yuan," applicable to senior products on the Kuai Le Gou platform [6]. - The vouchers cover a wide range of products that cater to the daily needs of seniors, including health, nutrition, clothing, smart home devices, and essential living items [6]. Group 3: Service Enhancement - The Kuai Le Gou platform has optimized its user interface to facilitate easy access for seniors, allowing them to receive home delivery services in three simple steps [6]. - Offline activities will also be organized to provide hands-on experiences and direct benefits to the elderly, ensuring a warm and personalized service [6]. Group 4: Economic Impact - The initiative is part of a broader strategy by the Kaifu District to boost consumption and address the needs of various demographic groups, particularly the elderly [7]. - This program is expected to activate the consumption potential of the elderly, creating a multi-layered consumption ecosystem and promoting a positive consumption cycle [7].

- 在美国交易所上市的中国最有价值的公司是阿里巴巴，也是本世纪最大的IPO之一。 在因地缘政治紧张局势加剧和安全问题而沉寂了两年之后，中国在美国的IPO正在复苏。自2024年1月以来，已有48家新上市的中国公司，其中大多数是 小型公司，平均IPO为5000万美元。 * TOP 30 *: These 30 companies have a combined market cap of $873B, less than half of Apple's market cap. NIO SAB Li Auto $26B Pinduoduc $5.68 4 8 8 3 1 a 113 ID.COM $17.58 SHIR 2 7 1 1 部门 $7B $31.1B $7.7B on $3.68 te the H $11.3B E Alibaba BeiGene 網 > NETEASE SPHOB STATE $66.6B $12B $15.58 BOS Lalil -- ill $198 voronoi Where Data Tells the Story - 网易于2000年上市，是按市值排名前30的美国上市中国公 ...

Group 1 - The seventh Double Product Online Shopping Festival in Shenzhen achieved an online retail sales of 69.63 billion yuan, a year-on-year increase of 14.5% during the event period from April 28 to May 12, 2025 [1] - The festival focused on five main themes, including quality e-commerce, foreign trade products, innovative scenarios, global sourcing, and digital commerce, featuring over 20 leading companies and e-commerce platforms [1] - Various promotional strategies such as government subsidies, platform discounts, and brand concessions were implemented to stimulate consumer spending [1] Group 2 - Home appliance consumption saw a significant increase, with Gree's "Old for New" campaign leading to over 5,000 core model sales, and JD's green initiative boosting 3C appliance sales by 50% year-on-year [1] - Foreign trade products linked to global markets experienced growth, with sales of staple food products increasing by over 10% and self-owned brand sales rising by over 40% [1] - Innovative scenarios reshaped the consumer ecosystem, with smart home product sales increasing by 80% and foot traffic in shopping malls rising by 35% due to interactive AI shows [2] Group 3 - The "Digital Commerce Promotes Industry" initiative supported industrial transformation, with sales of digital accessories and smart hardware increasing by 40% through live-streaming training [2] - Special live-streaming events promoted local agricultural products, achieving over 100,000 online orders and contributing to rural revitalization [2]

实际上，京东与德赛的合作由来已久。双方自2022年6月建立合作关系，三年时间，德赛在京东的销售 实现了高增长。2025年，基于"转销一体化"解决方案，京东将持续助力德赛实现转型突破。 红星新闻网（记者 覃霞）5月16日报道15日，"京东618惊喜开放日"在北京京东MALL南三环店举行，16 日，在温州内外贸一体化产业带分会场，京东服饰带领媒体深入探访内外贸一体化产业带，并参观德赛 集团有限公司（以下简称"德赛"），展现了内外贸一体化趋势下中国制造企业的创新路径，以及京东助 力企业开拓国内市场的转型实践。 作为深耕鞋业领域三十余年的传统外贸企业，德赛凭借自主研发和智能制造实力，年产皮鞋达800万 双，2024年生产总值达10.98亿。随着国际市场需求的调整，德赛积极调整战略方向，借助京东加速布 局国内市场，探索内外贸一体化发展新路径。 在内外贸一体化背景下，京东针对外贸企业推出2000亿专属扶持计划，帮助销售困难的外贸企业打开国 内市场，也为德赛的转型升级提供了重要契机。京东从"转"与"销"两方面为德赛等优质外贸企业提供系 统性支持，一方面梳理外贸企业的优势货品，针对性优化产品结构；另一方面在站内开设专属流量入 ...

Core Viewpoint - Chinese brands are shifting from "brand recognition" to "brand building," which is redefining the underlying logic of global competition [3][19]. Trade Data - In Q1 2025, China's total goods trade import and export value reached 10.3 trillion yuan (approximately 1.43 trillion USD), with a year-on-year growth of 1.3%. Exports amounted to 6.13 trillion yuan (853.67 billion USD), achieving a robust year-on-year growth of 6.9% [2]. Brand Building Strategies - The transition from simply printing logos to comprehensive brand strategies is becoming essential for global brand positioning. Companies like Anker and Xiaomi are leveraging innovative advertising strategies on platforms like Amazon Prime Video to enhance brand visibility and engagement [3][7]. - Anker's interactive creative short film on Amazon Prime Video led to a nearly 50% increase in new consumers, demonstrating the effectiveness of engaging content in driving brand awareness and sales [7]. AI and Advertising Innovation - Amazon's AI-driven advertising tools are revolutionizing the creative process, allowing brands to generate customized video ads quickly and efficiently, thus lowering barriers for small and medium-sized enterprises [8][10]. - Brands using AI-generated images in their advertising campaigns achieved a 6% higher return on ad spend (ROAS) compared to those that did not, indicating the effectiveness of AI in enhancing marketing performance [12]. Data-Driven Marketing - The integration of data, creativity, and advertising is evolving from experience-driven to algorithm-driven approaches, enabling brands to gain targeted market insights and optimize ad campaigns effectively [11][13]. - Amazon's enhanced Performance+ feature utilizes first-party signals and predictive AI to improve audience relevance and ad campaign optimization, thereby increasing conversion rates [13]. Global Brand Expansion - The "World Brand Public Screen" initiative by Amazon Advertising illustrates the potential for brands to engage with global audiences through innovative advertising strategies, making international expansion more accessible for entrepreneurs [5][19]. - The event highlighted the importance of establishing a strong brand presence on global platforms, as brands that capture consumer attention can define the commercial landscape for the next decade [19].

Core Insights - The 2025 "JD 618 Surprise Open Day" is being held for the first time at JD MALL, marking a shift in the company's promotional strategy [1][3] - JD MALL aims to revitalize previously underutilized spaces, attracting a diverse consumer base beyond its target demographic [3][4] - The shopping center features over 200 brands and 200,000 products, offering a one-stop shopping experience with immersive thematic areas [5][6] JD MALL Overview - JD MALL is a large-scale immersive commercial entity under JD Group, with over 20 locations nationwide [3] - The South Third Ring Road location in Beijing has been revitalized after years of inactivity, attracting over 140,000 consumers during its trial operation [4] - The shopping center includes various categories such as home appliances, digital products, and dining, enhancing the shopping experience [5] 618 Shopping Festival Highlights - The 2025 JD 618 event will officially start at the end of May, with early promotional activities already underway [9][10] - This year's festival emphasizes simplicity in promotions, offering substantial daily subsidies to consumers [10][11] - The event will also feature offline expansions, with multiple new stores opening in major cities [12][13] Consumer Engagement Strategies - JD is transforming the 618 event from a shopping festival to a lifestyle and entertainment festival, incorporating various entertainment elements [14][19] - The festival will include targeted promotions for specific consumer segments, enhancing user engagement through celebrity collaborations [19][20] - The focus has shifted from merely increasing transaction volume to improving user experience and long-term value [19][21] Economic Context - The current economic environment has prompted a focus on stimulating consumer spending through various subsidies and promotional strategies [18][21] - JD's approach reflects a broader industry trend towards sustainable growth and ecosystem collaboration rather than price wars [20][21] - The integration of national and platform-level subsidies aims to create a healthier consumption environment, benefiting both consumers and merchants [18][21]