随着居民收入水平提高和消费观念转变，服务消费在总消费中的占比不断提升，教育、医疗、养老、文 化、旅游等服务性消费正成为新的增长点。2024年全国居民家庭消费中服务消费的比重达到47%，这种 结构性变化使得传统以商品消费为主的社零额统计方式难以全面反映当前消费增长的全貌，亟须建立更 全面、更精准的消费统计指标体系。 消费市场的新趋势新变化 北京商报：近年来，消费在经济中的地位越来越重要。您能否先为我们介绍一下当前消费市场的新变 化？ 消费市场正在经历一场深刻的结构性变革。国务院发展研究中心市场经济研究所研究员王微在接受北京 商报记者采访时表示，随着经济发展阶段的演进，我国消费市场正从商品消费为主导向服务消费转型， 这一转变既带来了新的增长机遇，也面临着诸多挑战。在这一关键调整期，如何准确把握消费市场的新 特征、新趋势，并通过政策引导和市场机制的双重作用，推动消费持续健康发展，成为当前经济工作的 重要课题。 长期以来，社会消费品零售总额（以下简称"社零额"）是观察消费市场的主要指标，其增速曾长期高于 GDP增长。但近年来，伴随GDP增速放缓，我国社零额增速出现持续放缓趋势。今年1—5月，在以旧换 新等提振消费政策 ...

安正时尚公开发行新股的发行费用合计8,119.17万元，其中承销和保荐费用7,174.46万元。 安正时尚2017年1月23日发布的首次公开发行股票招股说明书显示，公司拟募集资金111,455.11万元，用 于供应链中心改扩建、营销网络建设、研发中心建设、信息系统建设、补充流动资金等其他与主营业务 相关的营运资金。 中国经济网北京8月5日讯安正时尚（603839）(603839.SH)今日收报7.67元，跌幅8.14%。该股目前处于 破发状态。 安正时尚于2017年2月14日在上海证券交易所上市，发行数量7,126万股，发行价格16.78元/股，保荐机 构(主承销商)是中信证券股份有限公司，保荐代表人是庄玲峰、李永柱。 安正时尚此次发行募集资金总额119,574.28万元，募集资金净额111,455.11万元。 2018年5月14日，安正时尚发布的2017年年度权益分派实施公告显示，本次利润分配及转增股本以方案 实施前的公司总股本289,041,642股为基数，每股派发现金红利0.5元(含税)，以资本公积金向全体股东每 股转增0.4股，共计派发现金红利144,520,821元，转增115,616,657股，本 ...

本次召回范围内的连体内衣，存在色牢度偏低，易造成产品染料脱落。染料分子等化学物质可能会被皮肤吸收或者引发过敏反应，对消费者身体健康造成危 害，存在安全隐患。 连云港眉奈儿服装有限公司将免费为客户免费更换符合安全要求的产品，采取网络召回，网店发布召回信息，如未能召回产品我司将退还客户费用，并指导 客户进行销毁处理，以消除安全隐患。 消费者可询问连云港眉奈儿服装有限公司客服人员查看持有的产品是否在受影响范围内。消费者可拨打连云港市市场监督管理局消费品召回管理工作联系电 话（0518-85681529），反映召回活动实施过程中的问题或提供缺陷线索。此外，用户也可登录国家市场监督管理总局缺陷产品召回技术中心网站 （www.samrdprc.org.cn）、中国产品安全与召回信息网（www.recall.org.cn），关注微信公众号（SAMRDPRC），了解更多信息，反映缺陷线索。 中国质量新闻网讯 据江苏省连云港市市场监督管理局网站消息，日前，连云港眉奈儿服装有限公司按照《消费品召回管理暂行规定》《江苏省缺陷消费品 召回管理办法》的要求，主动向连云港市市场监督管理局报告了召回计划，将自即日起，召回2025年1月1日 ...

| 连云港市市场监督管理局 连云港市知识产权局 | | | | 请输入需要查找的信息 | | | --- | --- | --- | --- | --- | --- | | 前页 | 新闻 | | HR2 | | | | 通知公告 | | | | | - 9 首页 » 通知公司 | | 索引号 : | | 信息分类： | | | | 消费者可询问连云港夜迷离服装有限公司客服人员查看持有的产品是否在受影响范围内。消费者可拨打连云港市市场监督管理局消费品召回管理工作联系电 话（0518-85681529），反映召回活动实施过程中的问题或提供缺陷线索。此外，用户也可登录国家市场监督管理总局缺陷产品召回技术中心网站 （www.samrdprc.org.cn）、中国产品安全与召回信息网（www.recall.org.cn），关注微信公众号（SAMRDPRC），了解更多信息，反映缺陷线索。 本次召回范围内的连体内衣，存在色牢度偏低，易造成产品染料脱落。染料分子等化学物质可能会被皮肤吸收或者引发过敏反应，对消费者身体健康造成危 害，存在安全隐患。 连云港夜迷离服装有限公司将免费为客户免费更换符合安全要求的产品，采取网络召回 ...

Investment Rating - The report maintains an "Overweight" rating for the Chinese discretionary consumption sector [2] Core Insights - The overall consumption in China has received some support from national policies and e-commerce platform subsidies, but competition among brands and retailers has intensified, leading to potential risks of underperformance in earnings for many companies [2][3] - The report anticipates that the recovery of the current consumption cycle may take longer compared to the 2010s, which could result in faster capital rotation and less patience from investors [2] - Chinese companies are becoming increasingly competitive overseas, with international expansion seen as a significant growth driver for profitability [2] Summary by Sections Overall Consumption Performance - In the first half of 2025, China's total retail sales increased by 5.0% year-on-year, but there was a slowdown in sales data during the second quarter [5][6] - The home appliance sector showed strong performance with a year-on-year growth of 30.7% due to trade-in subsidies, supporting overall retail data [5][6] E-commerce and Competitive Landscape - The 618 shopping festival saw a total GMV of 855.6 billion RMB, a 15.2% increase year-on-year, but the competition was tougher than in 2024, leading to challenges for brands [5][6] - The report predicts that the upcoming Double 11 shopping festival will continue this trend of intense competition, potentially leading to downward adjustments in earnings guidance for many companies [5][6] Sector-Specific Insights Home Appliances - The report expects the central government's trade-in subsidies for durable goods to be extended into the second half of 2025, but the marginal benefits may decline due to previously released demand [5][6] - A potential price war is anticipated in the fourth quarter of 2025 due to demand slowdown and competition from emerging brands [5][6] Tourism - The tourism sector is expected to benefit from continued consumer demand for experiential consumption, although domestic air travel has slowed down in 2025 [5][6] - The report is optimistic about leading companies in the hotel sector outperforming the industry, with expectations of moderate year-on-year recovery in RevPAR metrics [5][6] Toys and Jewelry - The toy and jewelry sectors are currently performing strongly, with expectations for continued momentum into the second half of 2025 [5][6] - The overseas market is seen as a bright spot for toy companies, despite tariff threats, with new product launches anticipated in the fourth quarter [5][6] Apparel - The apparel sector's performance in the second quarter of 2025 was below expectations, leading to increased competition among brands in the Chinese market [5][6] - High-end brands are expected to accelerate their overseas expansion, albeit at the cost of some profit margins [5][6] Valuation and Market Outlook - The report notes that the consumption sector's valuations remain at historically low levels, with only a few leading companies showing higher valuations due to market concentration [9][10] - Without significant economic stimulus, the recovery of the consumption sector's profitability may take longer than previous cycles, limiting the upward movement of valuation multiples [9][10] Stock Selection Logic - The report highlights specific companies such as Anta, Tongcheng Travel, Pop Mart, and Blokus as having strong potential for growth both domestically and internationally [2][5]

据美国消费者与商业频道(CNBC)报道，根据耶鲁大学预算实验室的最新估计，美国消费者将面临的平 均有效关税率为18.3%，这是自1934年以来的最高水平。 中新网8月5日电综合报道，特朗普政府破坏性贸易战的恶果正在显现，美国人正为此付出代价。根据最 新估计，美国消费者将面临自1934年以来最高的平均有效关税率。 分析称，随着美国仓库库存逐渐耗尽，未来的道路可能充满波折。 （文章来源：中国新闻网） 报道称，预计关税将使美国家庭2025年的平均花费达到2400美元，这些关税将以不成比例的方式影响服 装行业。 根据预测，在短期内，美国消费者可能会看到鞋子价格上涨40%，衣服价格上涨38%。从长远来看，鞋 子的价格可能会比现在高19%，而衣服的价格可能会比现在高17%。 美国参议院民主党领袖舒默日前警告称，令人失望的美国就业数据，是特朗普关税政策造成的不确定性 和潜在经济放缓的结果。 舒默表示，"虽然这样说很令人不安，但特朗普破坏性贸易战的恶果正在显现，美国人民正在为此付出 代价。" 美国全国公共广播电台(NPR)称，美国关税的影响可能会越来越大。特朗普长期以来一直声称，关税将 由希望向美国出口的国家支付。事实上，大 ...

Summary of Bosideng Conference Call Company Overview - **Company**: Bosideng - **Industry**: Down Jacket Market in China Key Points and Arguments Brand and Market Positioning - Bosideng has successfully upgraded its brand and improved supply chain quality, allowing it to enter the mid-to-high-end market through price increases, achieving high turnover, high gross margins, and low inventory levels [2][4][10] - The main brand's gross margin is higher than that of Canada Goose, and inventory turnover days are faster than Uniqlo, indicating superior operational efficiency [2][5] - The company aims to increase its market share from the current 11% over the next five years, with a focus on brand upgrades and supply chain optimization [6][12] Financial Projections - For the fiscal year 2025, Bosideng's revenue is expected to reach 25.9 billion yuan, with the down jacket business accounting for 84% and the main brand contributing 85% [2][8] - The company is projected to maintain a revenue growth rate of over 10% annually for the next three years [6][16] Growth Opportunities - Bosideng's future growth points include replacing international brands, increasing market share, opening seasonal stores, and implementing a multi-brand strategy [12] - The Chinese down jacket market has a low penetration rate, with per capita consumption significantly lower than in the U.S., indicating substantial growth potential [6][13] Supply Chain and Pricing Strategy - The key to Bosideng's successful price increases lies in product quality, channel management, and supply chain collaboration [2][10] - The company has a flexible supply chain that allows for quick responses to market demand, reducing the risk of unsold inventory and improving gross margins [11] Competitive Landscape - Bosideng's valuation is currently underestimated, with a dividend yield exceeding 6.5% and a price-to-earnings ratio of 11-12 times, compared to competitors like Li Ning, which has a higher valuation despite stagnant growth [3][7][17] - The company has a competitive advantage due to its unique supply chain and the growing demand for outdoor products [17] Product Diversification - Bosideng is expanding its product offerings beyond down jackets, including lightweight down jackets and sun protection clothing, which have seen rapid growth [6][14] - The sun protection clothing market is projected to reach 8.3 billion yuan by 2024, with Bosideng's online average price higher than the industry average [14] International Expansion - The acquisition of a stake in the luxury brand Mutinac is part of Bosideng's strategy to enhance its brand matrix, targeting both high-end and mass-market segments [15] Online and Offline Channel Development - Revenue and profit growth for the fiscal years 2025 to 2026 are expected to be 10% and 12%, respectively, with a focus on online sales through platforms like Douyin [16] Conclusion - Bosideng's strategic focus on brand enhancement, supply chain efficiency, and market expansion positions it well for future growth, despite current undervaluation in the market [3][17]

Core Insights - As of August 4, a total of 130 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Everbright Bank, which has seen net purchases for 11 consecutive trading days [1] - Other notable stocks with significant net buying days include Red Dragonfly, Huitong Group, Hongsheng Huayuan, Haikong Air Conditioning, Zhengtai Electric, Ningbo Port, Qingsong Jianhua, and Daimai Co., each with 9 to 10 days of net buying [1]

Core Viewpoint - The stock price of American Eagle Outfitters surged 24% following President Trump's praise of the company's advertising campaign featuring actress Sydney Sweeney, marking the largest single-day increase since 2000 and entering the "Meme stock" category [1]. Group 1: Stock Performance - The stock's significant rise on Monday reduced its year-to-date decline to 20%, after previously struggling due to weak demand and a $75 million impairment charge for spring and summer merchandise [1]. - The surge in stock price is attributed to the hype generated by Trump's comments, which did not provide new information about the company's performance but fueled speculative trading [1][2]. Group 2: Market Dynamics - Analysts suggest that the true test for American Eagle Outfitters will come during the back-to-school season, as consumer purchasing behavior will ultimately determine sales performance [1]. - The phenomenon of "Meme stocks" is characterized by retail investors chasing popular stocks, as noted by market strategist Matt Maley [1]. - Short-term traders are likely to pursue market momentum, but the actual impact on product sales from the increased attention may take time to manifest [3]. Group 3: Strategic Recommendations - It is recommended that company executives consider actions such as issuing new shares to capitalize on the current market interest, similar to strategies employed by other Meme stock favorites like AMC and GameStop [2]. - Despite the initial boost from celebrity endorsements, the sustainability of such effects on stock prices remains uncertain, as evidenced by past performance of brands like Crocs [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 宁波泛美投资管理有限公司及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ■ 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 3.一致行动人信息 二、权益变动触及1%刻度的基本情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）于近日收到宁波泛美投资管理有限公司（以下简 称"宁波泛美"）发来的函告，基于对公司未来发展前景的信心及中长期价值的认可，宁波泛美于2025年 8月1日通过上海证券交易所以大宗交易方式增持公司股份1,213,700股，占公司总股本的0.26%，增持金 额1,805.99万元；自宁波泛美权益变动至今，其持有公司股份比例增加至9.21%，权益变动触及1%刻 度。 ■ 注：本次权益变动前数据详见公司于2025年5月15日披露的《关于控股股东增持公司股份结果的公告》 （公告编号：2025-040）；本次权益变动期间存在股权激励回购注销、可转债转股等导致持股比例变动 的情形。 ...