以下为晚报正文： 1、中办、国办：目标到2027年，碳排放权、用水权交易制度基本完善 重要程度：★★★★★ 当地时间5月28日，美国国际贸易法院阻止了美国总统特朗普依据《国际紧急经济权力法案》而宣布的关 税政策生效，并裁定特朗普越权。在裁决公布后不久，特朗普政府的律师已通知该法院他们将提起上诉。 中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，主要目标为到2027年，碳排放权、用 水权交易制度基本完善，排污权交易制度建立健全，节能市场化机制更加健全，资源环境要素交易市场更 加活跃。 意见提出完善资源环境要素配额分配制度、优化交易范围、健全交易制度、加强基础能力建设和组织实施 等措施。 2、商务部回应中美经贸磋商新动向：敦促美方停止对华歧视性限制措施 重要程度：★★★★ 市场人士普遍对短线市场风险偏好情绪的回暖感到欣喜。不过，由于特朗普政府已对此裁决提出上诉，且 已经在关税方面骑虎难下的白宫，也可能寻求通过其他法律启动替代性关税，因此不少业内人士也认为， 从长远来看，相关关税政策和全球贸易格局依然将面临着较为巨大的不确定性。 4、浙江发布智算云发展意见 2027年智算规模达 5月29日，商务部新闻发 ...

Core Viewpoint - The establishment of the DR Global Headquarters in Shenzhen marks a significant step in the company's global strategy, aiming to create a world-class fashion and creative industry hub in the Guangdong-Hong Kong-Macao Greater Bay Area [1][5]. Group 1: Company Vision and Strategy - The company aims to become a global leader in true love culture, with its high-end jewelry brand DR recognized as the world's number one brand for engagement rings [3]. - The DR Global Headquarters is designed to integrate various functions such as research, design, display, operation, and sales, positioning it as a global fashion source [1][5]. - The headquarters will serve as a platform to promote the company's commitment to love culture, emphasizing the importance of teaching future generations how to love [3][4]. Group 2: Architectural and Design Aspects - The headquarters features a unique architectural design that incorporates romantic aesthetics, developed by renowned international architectural firms [3][4]. - It includes various facilities aimed at enhancing the user experience, such as a romantic proposal hall and a love declaration screen, reinforcing the brand's commitment to love [4]. Group 3: Market Position and Growth - The location in Shenzhen Bay is strategic, as it is a core area of the Greater Bay Area, attracting major global companies and enhancing DR's international influence [5]. - The Greater Bay Area is recognized as a leading global economic zone, with an expected economic total of 14.5 trillion yuan by 2024, providing a robust market for DR's expansion [5]. - The company has accelerated its internationalization efforts, with overseas revenue increasing by 704.62% in 2024, and has established a presence in key international cities [6]. Group 4: Brand Recognition and Social Media Presence - DR has gained significant recognition in non-Asia-Pacific markets, with its brand philosophy widely discussed on major social media platforms [6]. - The company has over 30 million followers across global social media platforms, enhancing its brand visibility and market presence [6].

- The report does not contain any quantitative models or factors.

Group 1: Market Overview - The A-share market experienced a slight decline on May 28, with major indices showing minor drops, including the Shanghai Composite Index down 0.02% and the Shenzhen Component down 0.26% [4] - The food and beverage sector performed well, with a rise of over 1.5%, highlighted by stocks like Huanlejia and Xinruye reaching their daily limit [4][5] Group 2: BYD's Stock Performance - BYD's A-shares and H-shares both fell over 2%, with H-shares experiencing a drop of more than 3%, marking three consecutive days of decline [3][15] - The decline was attributed to rumors regarding financial issues faced by a BYD dealer group in Shandong, which the company later refuted, stating that the information was untrue [15] - BYD is actively supporting the dealer group and has launched significant promotional activities, offering discounts of up to 53,000 yuan on various models [15][16] Group 3: Individual Stock Movements - Several high-profile stocks experienced significant fluctuations, with some, like Zhongyida, dropping by 7.63% and hitting the limit down [8][12] - Conversely, stocks such as Huijishan and Yunnei Power saw consecutive daily limit increases, indicating strong market interest [12][14] Group 4: Hong Kong Market Dynamics - The Hong Kong market also faced declines, with the Hang Seng Index down 0.53% and the Hang Seng Tech Index down 0.15% [17][18] - Notably, stocks like Yaoshi Bang surged by 13.18% following a share buyback announcement, reflecting confidence in the company's long-term growth prospects [20]

5月25日，2025(第九届)中国品牌博鳌峰会在海南隆重召开。本次峰会以"献礼510中国品牌日 共筑品牌 发展新未来"为主题，有关部委领导、各地政府代表、行业专家学者、产业园区代表、500强品牌以及各 地区优秀企业家共聚盛会。德诚珠宝集团作为珠宝行业优质企业品牌受邀参加本次大会，并凭借卓越的 品牌影响力斩获"2025年度(珠宝)最具市场竞争力品牌"。 作为专业性强、权威性高、示范性广、影响力大的品牌盛会，中国品牌博鳌峰会聚焦新时期品牌建设， 探讨品牌转型升级路径，助力中国经济高质量发展，自开展以来便受到政商学研各界的积极关注。这一 次，德诚珠宝集团获此殊荣，不仅是组委会对其在行业内、客户心中的品牌公信力的高度认可和充分肯 定，更给德诚进一步发挥企业实力和品牌影响力带来了信心和决心。 2025年度(珠宝)最具市场竞争力品牌 打响中国珠宝品牌 擦亮德诚企业名片 十年树企业，百年树品牌。德诚珠宝集团作为珠宝行业创新者，30余年来，始终聚焦黄金珠宝实业，从 区域深耕到全国渠道建设，从传统制造到全产业链布局，积极投身于市场浪潮和时代变革中，不断创新 突破、引领前行。经过多年的积累与发展，集团现已形成"一座珠宝文化创意产 ...

Core Insights - Recent reports indicate that the brand "胖东来" has launched its self-operated products in Australia, with 12 popular items available in Chinese supermarkets [1] - The company has denied any collaboration with overseas channels, stating that its products are only sold in its stores located in Xuchang and Xinxiang [4][5] - In April, "胖东来" achieved significant sales across its three main business segments, contributing to a total sales figure of 80.27 billion yuan for the year to date [7] Group 1 - "胖东来" has introduced its self-operated brand DL products in Australian markets, with reports of 12 items being sold in local Chinese supermarkets [1] - The company clarified that it has no overseas partnerships and that its products are only available in its domestic stores [4][5] - In April, the supermarket, jewelry, and department store segments generated sales of 9.47 billion yuan, 1.85 billion yuan, and 1.76 billion yuan respectively, accounting for over 70% of total sales [7] Group 2 - As of April, "胖东来" has recorded a cumulative sales figure of 80.27 billion yuan for the year, with supermarkets, department stores, and jewelry being the core business pillars [7] - The company aims for a total sales amount of nearly 170 billion yuan for 2024, with a projected profit of over 800 million yuan [9] - "胖东来" operates 13 stores in Xuchang and Xinxiang, including 5 comprehensive department stores and 7 medium-sized community supermarkets [9]

Core Viewpoint - The article discusses the rise of new consumption trends focusing on emotional value and self-satisfaction, highlighting the strong performance of related stocks and the emergence of multiple tenfold stocks in the market [1][3]. New Consumption Trends - New consumption is characterized by a shift from traditional needs to emotional and personalized experiences, with a focus on "self-satisfaction" rather than just material consumption [3][4]. - The new consumption sector includes emotional and spiritual consumption such as trendy toys, cultural tourism, IP, pets, and medical beauty, as well as a focus on high cost-performance ratio [3][4]. Market Performance - As of May 26, the new consumption index (995013) has seen a cumulative increase of 15.79% this year, outperforming the traditional consumption index (801273) [1]. - Recent strong performance in the new consumption sector includes beauty products, snacks, IP trendy toys, and the pet economy, which have attracted significant market attention [6]. Investment Opportunities - The new consumption sector is seen as having clear growth logic and strong performance, attracting both traditional and new funds [7]. - The current market environment, including government policies aimed at stimulating consumption, is expected to support the growth of new consumption companies [7][8]. Future Outlook - The article suggests that while the new consumption narrative is gaining traction, there may be risks of market volatility and potential bubbles in some newly listed companies [8]. - Investment strategies should balance traditional and new consumption opportunities, focusing on structural changes and consumer behavior shifts [10][11]. Key Focus Areas - Future investment in new consumption should target emotional consumption, cost-performance, and international expansion, with a focus on identifying quality companies in these segments [10][11]. - The article emphasizes the importance of adapting to generational changes in consumer preferences and the potential for new brands to emerge in the market [11].

Core Viewpoint - Huicuilou Jewelry Group was awarded the "2025 National Chain Recommended Brand Award" at the 9th China Brand Boao Summit, highlighting its strong brand influence and recognition in the jewelry industry [1][4][6] Group 1: Event Overview - The 9th China Brand Boao Summit took place on May 25, 2025, focusing on brand development in the new era [3] - The summit gathered government representatives, industry experts, and top brands to discuss brand transformation and upgrading paths [4] Group 2: Brand Recognition - Huicuilou Jewelry has received the "National Chain Recommended Brand Award" for two consecutive years, showcasing its significant impact in the industry [4][6] - The brand has a rich history dating back to 1855 and has evolved into a large-scale chain jewelry enterprise with over 600 stores nationwide [6] Group 3: Brand Values and Innovations - The company emphasizes core values of sincerity, excellence, and shared growth, along with a customer-centric service philosophy [6] - Huicuilou Jewelry has introduced innovative service models and maintenance services to enhance customer experience and brand reputation [6] Group 4: Product Development and Future Plans - The company is committed to long-term brand development through innovation, launching diverse product lines to meet consumer preferences [7] - A brand upgrade plan is set to begin in the second half of 2025, focusing on product innovation, store redesign, and enhancing customer experience [9]

Market Overview - The major indices experienced a decline, with the Shanghai Composite Index down 0.33%, the Shenzhen Component down 0.87%, and the ChiNext Index down 0.98% as of midday trading, indicating a significant drop in market sentiment [3] - The total market turnover was 626 billion yuan, a decrease of 34.9 billion yuan from the previous day, reflecting a cautious attitude among investors [3] New Consumption Sector - The new consumption concept emerged as a standout performer, with sectors such as health drinks, snacks, jewelry, and IP economy witnessing significant gains, leading to multiple stocks hitting the daily limit up [4] - Recent policy initiatives, such as the launch of "pet buses" in Hefei and the distribution of "childcare vouchers" in Guangdong, have stimulated interest in pet and childcare consumption, with the pet market projected to exceed 300 billion yuan by Q1 2025 [4] Logistics and Pharmaceutical Sectors - The unmanned logistics vehicle sector showed notable activity, with stocks like KJ Intelligent and Yunnei Power hitting the daily limit up, driven by policy breakthroughs and technological advancements [5] - In the pharmaceutical sector, stocks like Huawen Pharmaceutical saw a limit up, while others like Haichen Pharmaceutical faced declines, indicating mixed investor sentiment amid expectations of eased pressure from innovative drug procurement [5] Robotics Sector Decline - The robotics sector faced a significant downturn, with stocks like Jiangsu Leili and Green Harmonic experiencing substantial losses, attributed to a Goldman Sachs report questioning the clarity of humanoid robot technology's future [6] - The previous excessive speculation in this sector led to inflated valuations, resulting in profit-taking and subsequent sell-offs [6] Capital Flow Trends - There was a net outflow of 15.8 billion yuan from major funds, with the automotive and pharmaceutical sectors being the hardest hit, while sectors like power equipment and cultural media saw increased investment [7] - The shift in capital from high-risk technology stocks to more stable consumer sectors suggests a cautious approach among investors, likely influenced by delayed expectations for interest rate cuts by the Federal Reserve [7] Investment Strategy - Investors are advised to monitor volume changes closely, as continued low turnover may indicate ongoing weakness in indices, prompting a defensive stance [8] - Attention should be given to the return of northbound capital, as its inflow could potentially uplift market sentiment, while further outflows may signal additional declines [8]

Core Viewpoints - The company has a diversified portfolio across health, happiness, and wealth sectors, with notable subsidiaries including Fosun Pharma, Fosun Hani, and Club Med, indicating a comprehensive strategy in the pharmaceutical and insurance industries [1][2][3] - The company is actively implementing a strategy focused on core businesses and optimizing asset quality, which is expected to improve as the price-to-book ratio is currently low [1][4] Health Sector Summary - The health sector encompasses pharmaceuticals, medical devices, diagnostics, and healthcare services, with a focus on innovative drugs, mature products, and vaccines [1] - Key products include Hanlikang, Hanquyou, Hanshuang, and Yikaida, targeting various cancers and autoimmune diseases, showcasing a strong pipeline in oncology and immunology [1] - The medical device segment includes aesthetic, respiratory, and professional medical products, while diagnostics extend from biochemical to molecular and home testing [1] Happiness Sector Summary - The happiness sector is optimizing brand positioning, with a focus on upgrading gold and jewelry stores and enhancing the overall brand image of the Yuyuan shopping district [2] - Club Med has achieved record revenue through exclusive all-inclusive offerings, and Atlantis Sanya has reached new occupancy highs, maintaining brand competitiveness [2] Wealth Sector Summary - The wealth sector's asset quality is improving, with insurance operations including Fosun Portugal Insurance and Dingrui Reinsurance, contributing significantly to revenue growth [2] - In 2024, the insurance business generated revenue of 39.31 billion yuan, a 5% increase year-on-year, with a notable rise in net profit by 117.2% to 1.72 billion yuan [2] - Fosun Portugal Insurance reported gross premium income of approximately 6.17 billion euros, reflecting the company's global operational capabilities [2] Asset Management Summary - The asset management business generated revenue of 15.8 billion yuan in 2024, a 10.3% increase, with a net loss of 4.37 billion yuan primarily due to a one-time non-cash loss from the valuation adjustment of the Cainiao project [3] - The asset management segment accounts for 29% of the wealth sector's total revenue, with investment and hive management contributing 17% and 12%, respectively [3] - Total assets in the asset management business reached 268.12 billion yuan, representing 33% of the company's total assets [3]