点击蓝字，关注我们 今日上午港股 1. 中国黄金国际(02099)涨近7% 再创新高 核心产品产量进度超年度指引一半 甲玛矿未来扩产潜力较 大。 2. 泡泡玛特(09992)涨近2% ， 公司新品瞬间售罄 上半年业绩持续高增。 3 .美图公司(01357)涨超7% 今日盘后正式进入MSCI中国指数 大摩看好公司长期增长潜力。 4. 中烟香港(06055)涨近6.5% 股价刷新上市新高 上半年业绩延续稳健增长，此外，作为中烟国际在资 本市场运作和国际业务拓展的指定境外平台，外延拓展空间可期。 5. 中海石油化学(03983)跌超1% 中期股东应占溢利同比减少6.74% 尿素销售价格同比较大幅度降低。 6. 中国智能交通(01900)盈喜后涨超42% 预计中期取得股东应占溢利约3.61亿元。 7. Keep(03650)绩后跌近5% 上半年成功实现扭亏为盈 公司战略转型全面聚焦AI。 8. 西部水泥(02233)绩后涨近6.5% 中期股东应占溢利同比增加93.4% 海外市场销量高增。 10. 双登股份(06960)首挂上市 高开33% 集团在全球通信及数据中心储能电池供应商中出货量排名第 一。 昨日美股 1. 蔚 ...

Core Viewpoint - The expansion of service consumption is crucial for both the economy and people's livelihoods, with significant potential for growth as household spending on services surpasses that on goods [1] Group 1: Service Consumption Growth - In the first seven months of the year, retail sales in tourism consulting, transportation services, and cultural and recreational services maintained double-digit growth [3][4] - Retail sales in communication and information services grew by over 10%, with an acceleration of 0.2 percentage points compared to the first half of the year [5] - From 2020 to 2024, China's service consumption has shown rapid growth, with per capita service consumption expenditure increasing by 9.46% annually [6] Group 2: Contribution to Overall Consumption - By 2024, per capita service consumption expenditure is expected to account for 46.1% of total per capita consumption expenditure [8] - The contribution rate of service consumption to the growth of household consumption expenditure is significant [9] Group 3: Employment Impact - In 2024, the service industry is projected to play a unique role in job creation, with service sector employment accounting for 3,896 million of the total workforce [11] - Employment in sectors such as resident services, catering, accommodation, and cultural entertainment has shown notable growth compared to the previous year [11] Group 4: Financial Support for Service Consumption - The People's Bank of China has established a 500 billion yuan loan for service consumption and elderly care, encouraging financial institutions to increase credit supply in the consumption sector [13] - The balance of household consumption loans, excluding personal housing loans, reached 2.2 trillion yuan [14] - The loan balance for key service consumption sectors, including accommodation, catering, cultural entertainment, education, and resident services, stands at 8 trillion yuan [15]

Group 1 - The core idea of the articles revolves around the transformation of the elderly consumer market, highlighting a shift from basic survival consumption to a focus on personalized, self-satisfying experiences, termed "悦己银发" [1][2][49] - The emergence of retirement clubs catering to the elderly's new social and entertainment needs, offering activities like DJing, dancing, and games, indicates a significant market opportunity [4][5][49] - The trend of "情怀消费" (emotional consumption) is exemplified by the growing interest of the elderly in attending concerts, such as those of the artist 刀郎, which serve as a nostalgic experience and a way to connect with their past [25][49] Group 2 - Four new consumption trends for the elderly have been identified: social clubs beyond traditional activities, emotional consumption through concert tickets, tailored fitness products for the elderly, and beauty services aimed at enhancing their appearance [2][31][49] - The business models of retirement clubs vary, with some operating on a membership basis and others offering pay-per-activity options, reflecting the diverse preferences of the elderly [6][8] - The beauty industry is responding to the elderly's desire to maintain their appearance, with brands launching products specifically designed for older consumers, indicating a growing market segment [35][36][49]

Group 1 - The positive changes in the consumption market will benefit the valuation recovery of the consumption sector, enhancing performance growth expectations for companies supported by policy and market demand [1] - The investment attractiveness of the consumption sector is expected to increase further, boosting investor confidence and attracting more capital inflow [1] Group 2 - In July, the PPI decline in industries such as coal, steel, cement, photovoltaic, and lithium batteries has narrowed, while CPI for fuel and new energy vehicles has stabilized after several months of decline [2] - To consolidate the foundation for moderate price recovery, it is necessary to strengthen policy coordination on both supply and demand sides, promoting industrial upgrades and demand creation [2] - On the supply side, improving standards for technology, energy consumption, and emissions is essential to phase out outdated capacity and replace it with high-quality capacity [2] Group 3 - The new consumption sector is expected to further contribute to domestic demand, particularly through the acceleration of service consumption potential, innovation in consumption scenarios and channels, and the emergence of the emotional economy [3] - The "self-care economy" trend is driving growth in new sectors such as light luxury, trendy toys, pet care, and fitness, becoming new engines for industrial upgrades and economic growth [3] Group 4 - The implementation of policies like "old for new" has led to positive changes in the consumption market, with suggestions to expand subsidy coverage to essential goods and services [4] - The focus should also be on balancing the pace of subsidy distribution to ensure policy continuity and optimize financial support and tax incentives [4] - The emotional economy-related sectors in the A-share market have shown active performance, indicating high market recognition of their growth potential [4] Group 5 - The younger consumer group increasingly values "emotional value" and "cultural identity," making "emotional price ratio" a significant factor in their purchasing decisions [5] - The rise of national brands and cultural exports is driving high growth in sectors like trendy toys and IP derivatives, with companies that possess brand advantages and innovation capabilities standing out [5]

Core Viewpoint - The fitness industry, particularly gyms, is facing significant challenges leading to a high rate of closures, primarily due to the mismatch between consumer demand and the operational realities of gym businesses [5][17][34]. Group 1: Industry Challenges - Many established gym brands, such as 威尔仕, are struggling to survive in the current market [5][7]. - The phenomenon of gyms going bankrupt is common, with many consumers experiencing multiple gym closures [14][16]. - The fundamental issue is that the gym model is counterintuitive to human nature, as most people lack the self-discipline to maintain a consistent workout routine [19][21]. Group 2: Consumer Behavior - A significant portion of the population does not require gym memberships to achieve fitness goals, as resources for self-guided workouts are widely available [21][22]. - The demographic of hardcore gym users is very small, with many opting for free public spaces to exercise instead [23][25]. - The high costs associated with gym memberships and personal training deter many potential customers, leading to a reliance on cheaper alternatives [26][27]. Group 3: Financial Viability - The operational costs of running a gym are substantial, including high rent, equipment costs, and utilities, making it difficult to sustain profitability [45][46]. - The reliance on selling personal training sessions for revenue is problematic, as many gym members do not attend regularly, limiting sales opportunities [49][50]. - The cash flow issues in gyms are exacerbated by the fact that many members do not utilize their memberships, leading to a lack of recurring revenue [36][38]. Group 4: Sales Practices - The pressure to sell personal training sessions has led to questionable sales tactics, where some trainers may exaggerate the necessity of their services [56][63]. - The disconnect between skilled trainers and sales ability results in a market where less qualified individuals may succeed in selling services over more knowledgeable trainers [58][62]. - The prevalence of negative experiences with personal trainers has tarnished the reputation of the industry, leading to a general distrust among consumers [67]. Group 5: Business Models - Some gym owners have adopted a "pump and dump" strategy, where they quickly sell memberships and then close down, leaving customers with unused services [70][72]. - The industry is characterized by a high turnover of new gyms, with many failing within the first few years of operation [72][73]. - The operational model of gyms is increasingly viewed as unsustainable, with many owners recognizing that long-term viability is unlikely [69][68].

这是半佛仙人的第1854篇原创 1 后台有人发我一图，说威尔仕这么多年的健身房老牌子，也顶不住了。 我一搜，确实好像不太行了。 (新闻截图来自济南日报新黄河) 我办过5张健身房的卡，他们唯一的共同之处就是都跑路了。 跑路，证明人家确实日常有练，不然还跑不动呢。 健身房跑路是非常正常的一件事情。 就算是乐刻，也经常出现具体门店不行了关了，只不过是由于他们门店多，且会员基本通用，显得好像没事儿一样。 但底色都是一回事儿。 问题来了，为啥健身房的归宿是跑路？ 因为这东西反人性啊。 我很认可健身的价值，也很认可人类可贵的品质就是对抗本能，但这里就出现了非常尴尬的两件事。 第一，绝大多数人是没有能力对抗本能的。 第二，假如你是这万里挑一的自控力强劲的人，你想让自己变得更健康，想有一个好身材，你并不一定需要去健身房呀，更不一定需要 请私教。 食谱各大网站都烂大街了，锻炼方法从书籍到视频应有尽有，只要你能坚持，一样可以起到效果，因为重点在于毅力不在于方法。 你努力，和健身房有啥关系？ 2 你不需要掏钱啊。 而当你坚持到一定程度之后，或许会有进一步被专业指导的需求，这时候，你才算是一个典型的硬核健身用户。 而这样的人，数量太 ...

Core Insights - The event "Wanda Special Night" is a key activity of the 2025 (6th) Hebei Sports Consumption Season, promoting both sports participation and consumer engagement [1][10] - The event aims to activate the night economy in the city while promoting the concept of "New Sports, New Life" through interactive experiences [1][10] Event Highlights - The event commenced with a dynamic fitness class, attracting over 150 fitness enthusiasts and media representatives [3][10] - More than 20 brands participated, offering exclusive discounts, with some promotions reaching nearly 50% off, valid until August 31 [3][5] Discounts and Offers - Sports equipment discounts included 59% off on new products from Hongxing Erke, and significant savings on children's apparel from Jordan [5] - Food and beverage discounts featured items like a signature watermelon ice for 12.9 yuan, and various tea brands offering up to 8.8% off [6] Leisure and Lifestyle Promotions - The event also included lifestyle discounts, such as 150 yuan off on jewelry repairs and various promotions on home goods and entertainment [7] - Fitness services were offered at low prices, including a 9.9 yuan trial class and 30% off summer training courses [8] Overall Impact - The "Wanda Special Night" created a consumption chain linking sports activities with shopping, enhancing the synergy between exercise and consumer spending [10] - The Hebei Sports Consumption Season has introduced over 782 promotional measures across more than 300 sports enterprises, focusing on benefiting the public [10]

Core Insights - The domestic fitness industry in 2025 shows positive signs of growth, with companies like LeKe proposing new strategies and expanding their store count to over 2000 [1] - The rise of comprehensive training methods is transforming the fitness landscape, moving from niche to mainstream, as evidenced by the growth of events like HYROX [1][2] - A significant shift in the exercise mindset among younger generations is driving this growth, with Gen Z showing a preference for competitive training and quantifiable performance [2] Group 1: Industry Trends - Comprehensive training is becoming a bridge between professional sports and everyday fitness, with brands like lululemon and alo blurring the lines between workout and casual wear [7] - Market segmentation is accelerating, with major brands targeting hardcore players through event IPs, while smaller brands focus on specific communities [7] - Brand competition is evolving beyond products to encompass the entire experience, including equipment, content, and community engagement [8] Group 2: Company Strategies - Adidas is actively engaging in the fitness market by partnering with major events and signing prominent athletes to establish authority in the professional domain [4] - Puma is focusing on the emerging HYROX event, planning to expand its presence in China and solidifying its position in the comprehensive training sector [4] - Nike maintains a subtle yet effective strategy, with its Mecton series products gaining traction in comprehensive training venues [4] Group 3: Market Dynamics - Li Ning reported that running, basketball, and comprehensive training contributed to 64% of its revenue, highlighting the importance of these categories [5] - Smaller brands are finding niches in the market, with collaborations and targeted products catering to specific audiences, indicating a diversification in the comprehensive training market [5] - The competitive landscape is characterized by a mix of established brands and emerging players, each vying for a share of the growing comprehensive training market [9]

Core Insights - Lekker Sports has surpassed 2000 stores nationwide, becoming the first gym brand in China to achieve this milestone [2][4] - The company is narrowing the scale gap with international brands like Anytime Fitness and Planet Fitness, which have over 5000 and 2700 stores respectively [6] - Lekker's innovative business model, including 24-hour access, monthly payment options, and digital operations, has driven rapid user acceptance and expansion since its establishment in 2015 [6][10] Brand Matrix - Lekker has launched a multi-scenario brand matrix, with its core brand being the "National Gym" Lekker Fitness, and several sub-brands catering to various fitness needs [8] - The sub-brands include high-standard personal training centers (FEELINGME), large gyms (RECORE), specialized fitness centers (LOVEFITT), yoga studios (YOGA POD), and community training spaces (FitTribe) [8] - This strategic move aims to address the increasingly segmented user demands in the fitness market [8] Digital Infrastructure - The foundation for Lekker's multi-brand operation is its "industrial middle platform," which includes a digital system, standardized coach training, and a validated store partner model [10] - The company positions itself as an "industrial internet company," leveraging digitalization for precise supply-demand matching and standardized service delivery [10] - User data and feedback are continuously utilized to optimize service quality, contributing to Lekker's growth [10] Consumer Demographics - The primary consumer demographic for Lekker's fitness memberships is individuals aged 25-35, accounting for 56.8% of total personal training spending [10] - The fastest-growing segment is the Z generation (under 25), with personal training consumption increasing by 35.7% year-on-year, indicating a vibrant growth trend in China's fitness industry [10]

Core Viewpoint - The article discusses the societal obsession with "skinny beauty" and contrasts it with the previous trend of promoting strong and healthy body images, highlighting the negative impact of this shift on mental and physical health [1] Group 1: Societal Trends - The article notes a shift from the "strong is the new beautiful" mantra that gained popularity around 2010 to a current environment filled with weight loss drugs and extreme dieting [1] - It emphasizes that social media often praises individuals for their appearance, even when they are struggling with health issues, indicating a disconnect between societal perceptions of beauty and actual well-being [1] Group 2: Personal Experience - The author shares a personal experience of losing 5 kilograms in two weeks due to health issues, contrasting the compliments received on social media with the reality of their deteriorating health [1] - The narrative reflects on the psychological impact of societal beauty standards, where being thin is celebrated despite the potential underlying health problems [1]