光影节期间，自行车维修、租赁订单量比去年同期上涨了两三成，迪卡侬荟聚店自行车部门经理黄 辉喜上眉梢："我们举办了几次夜骑活动，经过几处长宁区光影景观，之后微信群每天都会多几十个 粉。"国庆中秋假期，滨港商业中心里的沪语脱口秀也"爆"了，每天1000张票"手慢无"。 光影节的美好不会昙花一现，将长久造福城市。目前，已有多个分会场的光影秀、灯光艺术装置确 定保留。除气模装置外，本届光影节光影艺术装置延续使用率达53.6%。 长宁区上海荟聚的7个光影艺术装置将全部保留。其中，《触·光》已移至北翟路与福泉路路口的家 园绿地，夜里，造型像"LOVE"字样的"书页"透出湖蓝色的水波纹光，陪伴在绿地里散步休憩的市民。 展现城市魅力活力、增强商业繁荣信心，为期一个月的全城盛事"点亮"上海。 徐汇西岸大砼仓顶部的布朗石、长宁区上海荟聚五楼的一痕月、虹口区滨港商业中心三楼的品 庐……这三家看似毫无关联的餐厅，因为光影节有了共同点——光影节为他们带来源源不断的人气。 海派剪纸花瓣层层叠叠，螺旋上升，宛如岁月的留声机……光影艺术装置《夜来香留声》惊艳亮相 后，原本工作日稍显冷清的平台变得热闹起来，或被小红书种草，或被商场宣传吸引，天 ...

Core Insights - The third Western Consumer Expo opened in Xi'an, focusing on promoting high-quality consumption and regional economic collaboration [1][3] Group 1: Event Overview - The expo is themed "Select Good Products, Quality Consumption" and features a dual venue model, linking the main venue at Xi'an International Convention Center with the Xi'an International Marathon [3] - The event spans an exhibition area of 10,000 square meters, with over 200 participating companies showcasing more than a thousand products [6] Group 2: Economic and Industry Highlights - Key data on the "China First Release Economy" and "Xi'an First Release Economy" were presented, providing precise data support for consumption upgrades and industrial collaboration in the West [4] - The expo highlighted regional strengths, with companies like Zhongtian Bee Industry Group focusing on the bee industry, showcasing the diverse industrial endowments and competitive advantages of the Western regions [4] Group 3: Participating Companies and Products - Major industry leaders such as NIO, Xiaomi, Huawei, Gree, Siemens, DJI, and West Fen Liquor participated, covering sectors like home appliances, sports, retail, automotive, and energy [6] - The expo also included a "buy and refund" policy consultation point to promote the convenience of international consumer services in Xi'an [6] Group 4: Consumer Engagement and Benefits - The event features free gifts and lottery draws to enhance consumer engagement, aiming to provide diverse consumption benefits and promote resource sharing in the West [6]

Global Market Overview - The global markets experienced increased volatility this week, with most markets showing fluctuations. The US stock market rebounded after a significant drop last week, but faced volatility due to banking issues and tariff policy uncertainties, leading to a rise in the VIX index [1][2] - The TAMAMA Technology Index has a P/E ratio of 37.1, the Philadelphia Semiconductor Index at 51.5, and the Nasdaq Index at 42.9, indicating that US tech stocks remain historically overvalued [1][2] - The S&P 500 Shiller P/E ratio is at 39.79, close to the 40 high range, suggesting continued pressure for adjustment in the US market due to economic fundamentals and tariff uncertainties [1][2] US Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all saw gains this week, with increases of 1.7%, 2.14%, and 1.56% respectively [2][12] - Within the S&P 500, the communications sector had the highest increase at 3.64%, while the financial sector had the smallest gain at 0.02% [12][16] Hong Kong Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index both declined, with drops of 3.97% and 3.7% respectively. The Hang Seng Technology Index fell by 7.98% [24][30] - The utilities sector was the only sector to show a gain, increasing by 1.38%, while the information technology sector saw the largest decline at 8.21% [28][30] Economic Data - In September 2025, the Eurozone CPI year-on-year growth rate was 2.2%, up from the previous 2% [2][46] - The Eurozone ZEW Economic Sentiment Index for October 2025 was -31.8, lower than the previous -28.8, indicating a decline in economic sentiment [40][46] - Japan's industrial production index year-on-year growth rate for October 2025 was -1.64%, down from -0.37% previously [42][46]

来源：市场资讯 "刚落地运城盐湖国际机场，转高铁回临汾前，专程来逛逛早市！"从印尼回国的临汾游客曹先生，手里提着装满圈圈馍、麻花的袋子，脸上满是兴 奋，"在国外就刷到农贸市场的美食视频，早就惦记这口地道的晋南味。你看这圈圈馍，芝麻香混着面香，咬一口又酥又脆，和网上看到的一模一样！" （来源：运城新闻网） 东湖农贸市场：烟火气满溢 运城晚报讯 10月16日，运城东湖农贸市场的街巷里，蒸腾的热气裹挟着食物香气弥漫开来。即使假期余温渐散，这里的购销两旺景象依旧火热，来自各 地的游客仍络绎不绝，让早市的烟火气持续沸腾。 摊位前，"杂粮煎饼"摊主快速翻面，金黄的煎饼刚出锅就被游客捧在手中；"翟店烧饼"铺前，刚出炉的烧饼散发着麦香，食客们排着队争相选购；运城特 产区的麻花、传统糕点堆得像小山，摊主不停打包称重，"最近外地客人还是特别多，糕点一出炉就卖空，每天备的货都得比平时多一倍！" 东湖农贸市场已不仅是本地人的"早餐食堂"，更成为外地游客深度体验运城烟火气的"打卡地标"。这份持续升腾的烟火热度，正让运城的清晨活力，随着 南来北往的食客，传递向更远方。 "T 最 运城新闻网 yunchengdaily.com 1-18 ...

Report Information - Report Title: High - frequency Economic Weekly (2025.10.12 - 2025.10.18) [3] - Date: October 18, 2025 [1] - Analysts: Huang Weiping, Lv Qiang, Wang Zheyi [1] 1. Industry Investment Rating No information provided in the report. 2. Core View The report presents an analysis of the economic situation from multiple aspects during the period of 2025.10.12 - 2025.10.18, indicating that the industrial production shows a seasonal rebound, personnel flow increases while freight prices decline slightly, consumption has mixed performance, construction investment is weak but the real - estate market rebounds seasonally, and export port throughput decreases with differentiated shipping indices. Also, various major policy events have occurred during this period [3]. 3. Summary by Directory 3.1. Large - Scale Assets - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. The ChinaBond 7 - 10 - year China Development Bank Bond Index had the largest weekly increase of 0.33%. The STAR 50 Index had the largest weekly decline of 6.16%. The Nanhua Precious Metals Index had the largest increase of 10.76%, and the Nanhua Energy and Chemicals Index had the largest decline of 3.43%. The Japanese yen had the largest increase against the RMB with a weekly increase of 1.22%, and the US dollar appreciated against the RMB with a weekly increase of 0.05% [3]. 3.2. Industrial Production - Production showed a seasonal rebound. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week. The petroleum asphalt plant operation rate increased by 1.30 percentage points to 35.80% week - on - week, the blast furnace operation rate remained the same as last week at 84.25%, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the rebar operation rate increased by 1.35 percentage points to 41.33% week - on - week, the float glass operation rate increased by 0.34 percentage points to 76.65%, and the mill operation rate decreased by 0.49 percentage points to 37.89% week - on - week. In the consumer goods chain, the polyester filament operation rate decreased by 0.03 percentage points to 91.06% week - on - week, the PTA operation rate decreased by 1.92 percentage points to 75.56%, and the methanol operation rate increased by 4.00 percentage points to 84.38% week - on - week. In the automobile chain, the automobile semi - steel tire operation rate increased by 26.21 percentage points to 72.72% week - on - week, and the automobile all - steel tire operation rate increased by 20.56 percentage points to 64.52% week - on - week [3]. 3.3. People and Goods Flow - Personnel flow increased, and freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, and the total volume was higher than the same period in previous years [3]. 3.4. Consumption - Automobile retail sales declined, and prices showed a mixed performance. The previous - period automobile wholesale decreased by 1.00% year - on - year, and retail increased by 7.00% year - on - year. Both the 4WMA of the wholesale year - on - year growth rate and the 4WMA of the retail year - on - year growth rate declined. The weekly box office of movies decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices showed a mixed performance. The pork price decreased by 2.38% week - on - week, and the vegetable price increased by 0.13% week - on - week [3]. 3.5. Investment - Construction showed weak performance, and the real - estate market rebounded seasonally. The cement storage capacity ratio increased by 1.6 percentage points week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipment rate decreased by 2.1 percentage points week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 percentage points week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and shipping indices showed a mixed performance. The weekly port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The Baltic Dry Index (BDI) increased by 6.87% week - on - week, the Shanghai Containerized Freight Index (SCFI) increased by 12.92% week - on - week, and the China Containerized Freight Index (CCFI) decreased by 4.11% week - on - week [3]. 3.7. Major Policies/Events - On October 13, the year - on - year export in September 2025 was 8.3%, exceeding expectations. On October 14, China imposed countermeasures on 5 US subsidiaries of South Korea's Hwa Ocean Co., Ltd. On October 14, the central bank announced a 6 - month repurchase of 600 billion yuan on October 15. On October 15, the year - on - year growth rates of CPI and PPI improved moderately. On October 15, the year - on - year growth rate of the stock of social financing decreased. On October 17, the central government allocated 500 billion yuan from the local government debt balance limit to local governments [3].

以下文章来源于i黑马 ，作者创业认知 i黑马 . 让创业者不再孤独@i黑马 此前，在经济学家香帅与" 日本消费社会研究第一人 "三浦展的访谈中提到： 在日本银发经济赛道上，有没有特别成功的案例、品牌、商品或服务？ 对此， 三浦展老师是这样回答的： 香帅，著名金融学者 曾任北京大学金融系副教授、博士生导师 日本已经进入超老龄化社会，所有企业都需要面对银发经济或老年人。 即使是销售儿童服装的企业，也会在产品研发时，重点调研老年人需求。 因为给孩子买衣服的，往往是祖辈。 日本食品行业，正在集中精力解决老年人需求。 其中， 养乐多Y1000 ，就是这样的成功案例。 三浦展， " 日本消费社会研究第一人 " 著有《孤独经济》、《第五消费时代》 日本市场很少出现爆款商品，但这款产品因为有助眠效用而热销。 这反映出， 希望拥有好的睡眠，是老年人的共性需求。 以酒类企业为例， 三得利 在银发经济背景下，除了酒类产品以外，还重点研发健康食品与营养品。 我虽然不怎么喝酒，却会选择两款健康食品。 味之素 ，也推出了大量面向老年人的商品。 最后，香帅老师这样总结： 其实，没有所谓的"银发赛道"。 而是，所有商家都在自己原有的商品基础 ...

Core Insights - The "2025 Shandong Autumn Consumption Season and International Consumption Scene Global Promotion Event" was launched in Qingdao, aiming to boost consumption and upgrade consumption structure in Shandong Province, reflecting strategic thinking in activating domestic demand [1][4] - Shandong is implementing a multi-faceted approach to build a new consumption ecosystem, injecting sustainable momentum into high-quality economic development [1][4] Consumption Promotion Initiatives - Shandong plans to host over 110 themed consumption activities across various sectors, including retail, culture, tourism, and sports, showcasing a systematic approach to consumption promotion [4] - The provincial government has organized over 6,000 consumption promotion events this year, with a subsidy of 16 billion yuan for replacing old consumer goods, leading to a retail sales growth rate that consistently exceeds the national average [4][6] International Market Expansion - Shandong is focusing on attracting international tourists, particularly from Southeast Asia, by enhancing travel routes and offering customized tourism experiences [7] - In the first three quarters, Shandong welcomed 1.206 million inbound tourists, generating 820 million USD in tourism revenue, marking a year-on-year increase of 41% and 46.8% respectively [7] Domestic Market Strategies - The province is creating tiered consumption scenarios to cater to different consumer groups, including promotional activities targeting the Z generation and university students [9] - The "Good Guest Shandong Food Competition" has successfully driven over 100 million yuan in consumption across the restaurant, accommodation, and retail sectors [9] Structural Consumption Trends - Shandong's retail sales reached 2.686 trillion yuan in the first eight months, with a growth rate of 5.7%, indicating a clear trend of consumption upgrading [10] - The retail sales of cultural and office supplies increased by 24.2%, while online retail sales of physical goods grew by 15.5%, showcasing the acceleration of digital penetration [10] Agricultural Consumption Initiatives - The provincial government is facilitating agricultural product sales through various events and e-commerce platforms, enhancing the connection between supply and demand [11] Long-term Consumption Ecosystem Development - The autumn consumption season is viewed as a step towards building a long-term consumption ecosystem, with a focus on integrating sports and tourism to expand consumption opportunities [12] - Shandong has hosted 42 international sports events this year and plans to continue promoting sports consumption through various initiatives [12]

Core Viewpoint - The "2025 Shandong Autumn Consumption Season and Global Promotion of International Consumption Scenarios" event was launched in Qingdao, aiming to enhance consumer engagement and promote international consumption in the region [1][3]. Group 1: Economic Growth and Consumer Engagement - Consumption is highlighted as a key driver of economic growth, reflecting the public's pursuit of a better life. Qingdao has been actively promoting itself as an international consumption center, with retail sales ranking second among northern cities [3]. - In the first nine months of the year, Qingdao welcomed 442,000 foreign tourists, marking a 43.5% year-on-year increase, showcasing the city's growing appeal as a tourist destination [3]. Group 2: International Consumption Environment - Qingdao plans to leverage the event to optimize its international consumption environment, attracting global quality consumption resources and enhancing the "Shop Qingdao" brand image [3]. - The city aims to create high-quality consumption scenarios that integrate its unique coastal and urban characteristics, promoting local cultural and tourism experiences [3]. Group 3: Consumer Experience Optimization - Qingdao has introduced 42 new duty-free shops, doubling the number available, and has implemented a 240-hour visa-free transit policy to enhance the shopping experience for international visitors [4]. - The city has established seven malls as "Quality Service Malls for Payment Convenience," and is upgrading the duty-free process to offer a "one-stop service" at the airport [4]. Group 4: Consumption Potential and Events - Qingdao plans to organize over 1,000 promotional activities throughout the year to stimulate inbound tourism and consumption, including a "Consumption Week" during the multinational leaders' summit that generated 310 million yuan in sales [4]. - The 35th Qingdao International Beer Festival attracted 6.97 million visitors, with beer consumption reaching over 2,900 tons, demonstrating the effectiveness of themed events in driving consumer engagement [4].

Core Viewpoint - The "2025 Shandong Golden Autumn Consumption Season" and the global promotion of international consumption scenarios were launched in Qingdao, aiming to enhance consumer engagement and attract international visitors to Shandong [2][3][6]. Group 1: Event Overview - The event was co-hosted by the Shandong Provincial Department of Commerce and other departments, featuring the release of the 2025 Shandong Golden Autumn Consumption Season activity schedule and the recommendation of the Shandong International Consumption Scenario List [3]. - Qingdao introduced measures to create an international consumption center city, highlighting unique consumption scenarios characterized by "internationalization, Qingdao flavor, and fashion trends" [3]. Group 2: Economic Impact - The Shandong Provincial Department of Commerce reported that over 6,000 consumer promotion events have been held this year, with a total of 16 billion yuan allocated for subsidies related to the replacement of old consumer goods [6]. - The total retail sales of social consumer goods in Shandong have consistently outpaced the national average growth rate [6]. Group 3: Future Initiatives - The 2025 Shandong Golden Autumn Consumption Season plans to host over 110 themed consumption activities, aiming to create a more diverse and international shopping environment [6]. - The global promotion of international consumption scenarios is seen as an innovative step for Shandong to integrate into the global consumption network, enhancing the supply of quality goods and services [6].

Core Insights - The transformation of the Jiefang Road business district in Xi'an has led to a significant recovery, with the occupancy rate exceeding 80% after years of decline and a vacancy rate that once approached 70% [1][3][7] Group 1: Business Recovery - After seven consecutive years of losses, the Minsheng Department Store on Jiefang Road has finally turned a profit this year [1] - The store's manager noted that the business faced severe challenges, including an inability to pay employee salaries at one point [1] - The revitalization efforts began in 2022, aligning with the overall transformation of the business district [3] Group 2: Structural Changes - The renovated Minsheng Department Store has adopted a mixed-use model, with commercial spaces on the first four floors and office spaces on the fifth to seventh floors, while the upper floors are designated for hotel-style apartments [3][6] - The Jiefang Road business district, once a bustling hub, saw a decline in popularity due to aging infrastructure and changing consumer behaviors, leading to a high vacancy rate in its 1.18 million square meters of commercial space [3][4] Group 3: Strategic Initiatives - The local government has implemented a series of measures to revitalize the area, including "building activation, enterprise attraction, industry introduction, support enhancement, and talent return" [4] - The district has successfully revitalized 714,000 square meters of space, with over 200 enterprises now operating in the area, creating more than 21,000 new jobs [7] - The focus has shifted from merely attracting businesses to fostering an ecosystem that supports sustainable growth [7] Group 4: Economic Impact - The revitalization has attracted numerous startups and small to medium-sized enterprises, benefiting from the area's convenient living conditions [6] - The introduction of leading companies has created a ripple effect, enhancing the overall business environment and economic activity in the district [6][7] - The transformation of the Jiefang Road business district serves as a model for urban renewal, demonstrating that older urban areas can thrive with the right strategies in place [10]