据泰媒报道，泰商业部新闻发言人蓬蓬表示，8月份泰国出口额277亿美元，增长5.8%，连续14个月增 长，1-8月增长13.3%，不包括石油、黄金和军事装备。美国实施对等关税后，增速放缓，大多数进口商 放缓进口。但电子和电器仍增长。大米、橡胶和木薯等农产品面临价格竞争压力。 其中，农产品及加工农产品下降11%，工业产品增长11%。对美出口增长13%，连续23个月增长，主要 是计算机及相关设备、电话通讯设备及零部件、电力变压器及零部件。下降的主要有半导体、橡胶制 品、珠宝。1-8月对美出口增长28%。 对华增长6%，增长的主要产品有计算机及相关设备、电路板、铜及铜产品。下滑的主要有水果、化学 品、塑料颗粒。1-8月对华出口增长18%。 预计全年出口仍保持增长。美国与多个国家达成了低于原先水平的对等关税税率，人们对关税的担忧有 所缓解。泰国关税水平与本地区其他国家相近。但此前的预防性进口和目前的需求疲软，预计将减缓出 口速度。持续的边境贸易障碍、印度大米出口加速、美国经济放缓、泰铢快速增值将继续给泰国今年出 口造成压力。泰商业部将加快推进贸易协议谈判、拓展新的出口市场，确保出口增长。 ...

Investment Rating - The industry rating is "Recommended" [5] Core Viewpoints - The State Council's executive meeting emphasized the need to stimulate sports consumption demand and enhance the quality of the sports industry, indicating significant growth potential in sports consumption [1][2] - The retail sales of sports goods on major e-commerce platforms are projected to reach 218.17 billion yuan in the first half of 2025, reflecting a growth rate of 17.5%, which is significantly higher than the overall online retail growth rate of 6.0% [1] - The spillover effects of sports events are notable, with events like "Su Super" driving substantial related consumption, estimated at over 38 billion yuan [2] Summary by Sections Investment Suggestions - Five investment themes are highlighted: 1. Continuous upgrades in AI technology with beneficiaries including Keri International, Focus Technology, and others [3] 2. Increased consumer willingness to pay for emotional value, benefiting high-growth new retail sectors like Miniso and Pop Mart [3] 3. Recovery of cyclical sectors under domestic demand promotion, with beneficiaries including Mixue Group and Haidilao [3] 4. Broad prospects for overseas consumption, with a focus on service providers and strong product brands [3] 5. Return of offline traffic revitalizing traditional formats, with beneficiaries including Yonghui Supermarket and Kidswant [3] Industry & Company Dynamics - The report discusses various industry dynamics, including the opening of Lucky Coffee's first overseas store in Malaysia and the expansion plans of Pandora in China [21][22] - It also covers significant financing events, such as Topline Pro's $27 million B round and the strategic investment in Qubaobao [24] Macro & Industry Data - Retail sales in July reached 3.88 trillion yuan, growing by 3.7% year-on-year, with a notable increase in sports and entertainment goods retail sales by 13.7% [40][41] - The online retail sales of physical goods accounted for 24.9% of total retail sales, indicating a stable trend despite a decline in growth rates [41][52]