消费总量指标的变化固然重要，但结构性分化亦不容忽视。 去年9月中央政治局会议后，中国宏观政策出现两大转变，即财政政策明显加力和政策重心转向消费。 受此带动，去年四季度以来，中国消费市场明显回暖，以旧换新相关商品消费尤为亮眼。不过，今年7 月开始，由于补贴规模减少、透支效应显现以及基数抬升，消费下行压力已经开始显现。 在笔者看来，消费总量指标的变化固然重要，但结构性分化亦不容忽视。本文梳理总结了中国消费市场 呈现出的七大结构性分化，一方面提示当前消费增长面临的问题堵点，另一方面也展现了未来消费发展 的潜力所在。 分化一：商品消费改善，服务消费放缓 去年四季度以来，中国消费市场最为明显的一个趋势分化是，商品消费在以旧换新等政策带动下触底回 升，而服务消费增长步伐逐步放缓，两者之间的增速差距明显收敛。 今年1-8月，商品零售额同比增长4.8%，较去年全年3.2%的增速大幅提升，主要得益于家电、办公用 品、家具、通讯器材等以旧换新相关品类的拉动。居民人均商品性消费支出增速也从去年三季度的 2.2%一路攀升至今年二季度的5.9%，这也是2022年四季度以来的最快增速。 相比之下，服务消费虽然保持一定增长，却显得有些"后 ...

Core Viewpoint - The rise of the "i-person economy" reflects a shift in consumer behavior towards low-interaction, personalized experiences, driven by the increasing popularity of the MBTI personality test and the growing preference for solitude among consumers [4][6][37]. Group 1: One-Person Dining - The "one-person dining" model is gaining traction, with the market expected to exceed 18 trillion yuan by 2025, showing a compound annual growth rate of 15.3% [6][8]. - Restaurants designed for solo dining, such as "Ichiran Ramen" and "23 Seat Noodle House," cater to the need for independent spaces while minimizing social discomfort through private booths and call buttons [6][8]. - Unmanned restaurants are emerging as innovative alternatives, utilizing a "three-no" model (no ordering staff, no cooking chefs, no cashiers) to enhance efficiency and meet the demand for a quiet, autonomous dining experience [8][9]. Group 2: Unmanned Hotels - Unmanned hotels are transforming the hospitality industry by eliminating social interactions during check-in and stay, thus providing a truly "no-disturb" experience for introverted consumers [11][13]. - The global smart hotel market is projected to grow from approximately $5 billion in 2020 to $15 billion by 2027, with a compound annual growth rate of around 15% [13]. - These hotels leverage technology to enhance user experience, including soundproofing, high-quality entertainment systems, and personalized service options [11][13]. Group 3: Unmanned Supermarkets - Unmanned supermarkets address the social pressures faced by introverted consumers and the efficiency challenges encountered by busy professionals, minimizing unnecessary interactions and wait times [15][17]. - The operational model relies on digital technologies such as RFID and computer vision to streamline the shopping experience, allowing for 24-hour operation and improved supply chain management [17][18]. - Despite their potential, unmanned supermarkets face challenges in accurately identifying products and providing assistance to customers when needed [17][18]. Group 4: Unmanned Study Rooms - Unmanned study rooms are emerging to meet the growing demand for quiet, independent study spaces among students and professionals, offering flexible rental options [20][21]. - The market for study rooms is expanding rapidly, with over 85,300 related businesses currently operating in China [23]. - However, the industry faces challenges such as reliance on a single revenue stream and intense competition, which may impact profitability [23]. Group 5: Unmanned Pet Grooming Shops - Unmanned pet grooming shops cater to pet owners seeking convenience and cost-effectiveness, allowing for a stress-free grooming experience without social interactions [25][27]. - These shops utilize smart technology for precise service and pricing, ensuring that consumers only pay for the services they need [27]. - The growth of the pet economy and the integration of technology into pet services are expanding the market for unmanned grooming options [27]. Group 6: Self-Service Car Washes - Self-service car washes are becoming increasingly popular among car owners due to their affordability and convenience, allowing for a flexible and stress-free experience [28][30]. - The average cost for a self-service wash ranges from 10 to 20 yuan, significantly lower than traditional car wash services [28][30]. - The rise in vehicle ownership in China, with over 353 million cars by the end of 2024, presents a significant opportunity for the self-service car wash industry [30]. Group 7: Self-Service Clothing Stores - Self-service clothing stores are gaining popularity by offering a no-interaction shopping experience that appeals to younger consumers seeking value and a pleasant shopping environment [31][33]. - These stores fill a gap in the traditional retail experience by allowing customers to try on clothes without the pressure of sales staff, enhancing the overall shopping experience [33][36]. - However, challenges such as inventory management and maintaining store cleanliness need to be addressed for sustained success [35][36].

作为干了20年财经记者、一直扎在中长线投资里的人，帮主我倒觉得这波动静不是"一阵风"。被动基金持续进场，加上主动基金盯着半导体这类有硬逻辑的 赛道，其实是给咱们透了个信号：市场里的"真需求"和"硬底子"，才是外资长期盯着的核心。后续咱们不用慌着追热点，多看看这些长期资金的动向，比啥 都靠谱——毕竟做投资这事儿，稳着来才能走得远。 说具体点，9月净流入中国股市的外资到了46亿美元，这数可不是随便来的，是打去年11月以来单月最高。不过这里头得掰开揉碎了说：主要是被动型基 金"拎包猛冲"，一下就砸了52亿；反观主动型基金，倒小幅流出6亿，算是个小插曲，不算大问题。 还有个有意思的细节，之前7月中旬开始，是美国基金带头往咱们这儿冲，到了9月，连欧盟的被动基金也跟上了节奏。咱们再算笔实在账，截至9月底，今 年外资被动型基金累计流入已经180亿美元，早把去年全年70亿的数甩在身后了，这劲头看得出来是真认咱们市场。 当然，大伙儿最关心的肯定是"外资在买啥、卖啥"。帮主我特意盯了主动基金的动向：他们增持最多的是资本货物和半导体，看来对硬科技这条赛道，机构 心里门儿清；减持的则是保险、耐用消费品和服装这些板块。个股上也挺明确， ...

Core Viewpoint - Mousse International (stock code: 00130) announced a temporary suspension of its shares on the Hong Kong Stock Exchange starting from October 3, 2025, at 10:38 AM, pending the release of an announcement regarding the company's fundraising and compliance with the listing rules of the exchange [1] Group 1 - The company's shares will be temporarily suspended on the Hong Kong Stock Exchange [1] - The suspension is set to begin on October 3, 2025, at 10:38 AM [1] - The reason for the suspension is to await an announcement related to fundraising activities [1]

Core Viewpoint - Mousse International (stock code: 00130) announced a temporary suspension of its shares on the Hong Kong Stock Exchange starting from October 3, 2025, at 10:38 AM, pending the release of an announcement regarding the company's fundraising and compliance with the listing rules of the exchange [1] Group 1 - The company's shares will be temporarily suspended for a specific duration [1] - The suspension is related to an upcoming announcement concerning fundraising activities [1] - The announcement is also tied to compliance with the Hong Kong Stock Exchange's listing rules [1]

Core Insights - The "2025 Chenshan Nature Life Festival" is being held from October 1 to 8, coinciding with the National Day and Mid-Autumn Festival, featuring various performances and activities aimed at enhancing community engagement and cultural appreciation [1][2] Event Overview - The festival includes 27 performances across four major sections, showcasing genres such as choral music, folk music, jazz, and dance, along with over 60 food and cultural creative stalls [1] - The event aims to create an immersive experience for visitors, integrating music, art, and consumption in a natural setting [2] Market Trends - The festival is described as the largest natural market to date, emphasizing experiential consumption with a variety of food, music, and cultural crafts [2] - The collaboration with Shanghai Fashion Group's young brand "This Week" highlights the trend of integrating fitness activities like Zumba and yoga into the festival, expecting to attract over 5,000 participants [2] Cultural Engagement - The festival features traditional crafts and cultural practices, such as chopstick customs and Shanghai paper-cutting, aiming to educate visitors about local heritage [3] - The event promotes a sustainable approach by utilizing leftover materials from clothing production to create accessories, aligning with contemporary consumer values [2][3] Economic Impact - The festival leverages a "ticket root economy," offering discounts and benefits across over 20 local businesses and attractions, enhancing the overall visitor experience [4] - Various promotional activities and events in the region during the holiday period aim to boost local tourism and consumption, creating a vibrant festive atmosphere [4]

Group 1 - The core point of the article highlights that on October 2, shareholders of Mousse International (00130) deposited stocks into Citibank, with a market value of HKD 20.16 million, accounting for 55.57% of the total [1] - For the fiscal year ending March 31, 2025, Mousse International reported revenues of approximately HKD 103 million, representing a year-on-year decrease of about 25% [1] - The company recorded a loss attributable to shareholders of HKD 56.546 million, which is a year-on-year increase of 17.56%, resulting in a loss per share of HKD 0.2 [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while also launching new branding initiatives to enhance market competitiveness and consumer engagement [1][2][3][4][5]. Financial Performance - In Q2 2025, the company achieved revenue of 600 million, a decrease of 1% year-on-year, with a net profit attributable to shareholders of 88 million, down 22%. The net profit after excluding non-recurring items was 70 million, a decline of 37% [1]. - For the first half of 2025, the company reported revenue of 1.1 billion, a decrease of 6%, with a net profit attributable to shareholders of 170 million, down 24%. The net profit after excluding non-recurring items was 130 million, a decline of 28% [2]. Brand Development - The company introduced a new brand identity "Clock Flower" for its DAZZLE brand, aiming to innovate its visual image and launch a new series of clothing and accessories inspired by this identity [2]. - The d'zzit brand has undergone a comprehensive upgrade in brand positioning and visual identity, appointing a new spokesperson to better align with the aesthetic trends and lifestyles of younger consumers [3]. - The launch of the new flagship store Maison DAZZLE represents a significant milestone for the DAZZLE brand, emphasizing its commitment to delivering quality and fashionable products [4]. Digital Transformation - The company is actively pursuing digital transformation, focusing on enhancing operational efficiency and market competitiveness through innovative digital initiatives [5]. - A new membership points lottery mini-program has been successfully launched as part of the company's consumer digital operation system [5]. Profit Forecast Adjustment - The company has adjusted its profit forecasts due to changes in the consumer environment and increased market competition, projecting revenues of 2.2 billion, 2.4 billion, and 2.5 billion for 2025-2027, with net profits of 300 million, 330 million, and 380 million respectively [6].

银河证券指出，申洲国际客户群体覆盖运动、休闲服装品牌，2024年NIKE、ADIDAS、UNIQLO、 PUMA四大客户合计贡献年度总营收的80.7%，稳固核心业务基本盘。近年公司持续拓展新客户，与 lululemon、Lacoste新达成合作。同时，公司通过专用工厂模式与研发协同深度绑定客户，为客户提供 采用涵盖面料研发至成衣制造的全产业链ODM"一站式"服务模式。 申洲国际(02313)涨超6%，截至发稿，涨6.08%，报65.4港元，成交额3.29亿港元。 消息面上，北京时间2025年10月1日凌晨，耐克公布2026财年第一季度财报。财报显示，耐克本季度营 收达到117亿美元，高于市场预期的110.2亿美元，在报告基础上较去年同期增长1%，毛利率为42.2%， 高出市场预期的41.7%。每股收益为0.49美元，高出市场预期的0.27美元。北美、欧洲、中东和非洲市 场营收同比全面增长，大中华区库存同比下降了11%，调整库存已经有所成效。 ...

肯尼亚一家服装工厂 路透社 美国民主、共和两党议员正敦促特朗普政府延长这项法案，他们称这是美国外交关系的"支柱"，也 是"制衡"中国在非洲影响力的手段。美国众议院筹款委员会成员、共和党籍众议员阿德里安·史密斯 说，该法案"表明了美国对非洲年轻、不断增长的人口的承诺"。 【文/观察者网 陈思佳】美国实施了25年的《非洲增长与机遇法案》（AGOA）已于今年9月底到期，使 非洲数十万个工作岗位面临风险。据路透社10月1日报道，美国民主、共和两党正敦促白宫续签这项对 非贸易法案，他们担心，如果再不采取措施，美国在非洲的影响力将被中国取代。 美国克林顿政府在2000年通过了《非洲增长与机遇法案》，旨在深化美国与撒哈拉以南非洲国家的贸易 联系。法案覆盖32个非洲国家，允许符合条件的数千种商品免税进入美国，其中包括机动车辆和零部 件、纺织品和服装、矿物和金属、农产品以及化学品等产品。 在2023年，即有数据可查的最后一年，非洲根据该法案向美国出口97亿美元的商品。路透社称，非洲数 十万个工作岗位依赖这项法案。 法案到期已引起一些企业和投资者的担忧，特别是一些为了利用免税准入而在非洲进行投资的公司表 示，即使是暂时的中断，也 ...