烈火烹油的短剧行业，正在捧起一个又一个新晋顶流。 艺恩营销智库数据显示，短剧行业年播放量突破500亿次，用户规模超8亿，形成了独特的内容生态和受众群体。短剧造星的效率远超传统影视。DataEye 研究院估算，传统平台捧红一个影视明星需1、2亿的成本，而在微短剧产业，这一数字已压缩到百万量级。 不少知名品牌注意到了短剧演员的商业价值，以及超高的性价比。比如：羽西品牌采用"人海战术"，今年8月一口气邀请了何健麒、黄浩雯、王凯沐等7位 短剧男演员进入直播间。 今年10月，柯淳亮相十月稻田的官方直播间，同时在线人数高达4万人，直播间的粉丝可以通过抽奖获得柯淳的小卡、卡套，还有餐具等。作为上市公 司，十月稻田邀请柯淳作为新米季的醇香推荐官，并定制了联名款产品，可见短剧演员的人气和影响力今非昔比。据了解，这场直播的销售额突破百万， 创下该品牌近90天来的销售额最高纪录。 曾是高铁站售票员的何健麒，2023年因《当替身我月薪百万》中 "专一深情霸总" 角色崭露头角，2024年主演《深情诱引》，凭借霸总角色再度圈粉无 数，该剧也被部分观众称为精品短剧的标杆。 和柯淳一样，何健麒的日程很满：今年4月，现身吉承品牌举行的"春生花 ...

21世纪经济报道记者贺泓源、实习生韦怡琦 另据"FILA消费者体验官方服务号"在该网贴评论区回应称，为顾客在该店所经历的不快体验表示歉 意，已经第一时间与门店负责人了解情况，并对存在失当行为的员工进行了严肃的批评。 需要注意的是，眼下，FILA正在升级其门店体验。 该品牌对外披露，上半年品牌V6新形象门店覆盖率约达30%，显著带动店效增长。比如，5月，首家 FILA KIDS儿童美术馆店开业。8月，FILA GOLF的全新3.5店型"Master Club大师岭域"正式开业。 门店升级背后，可能有着市场压力。 就一门店备注顾客"买鞋子嫌贵"事件，FILA向消费者道歉。 据智通财经，一位消费者在郑州"FILA KIDS"(斐乐儿童)正弘城门店购鞋时，发现店员对其会员信息进 行不当备注，并发到了会员微信群，此事引发广泛关注。对此，FILA官方致歉，并称对涉事员工已经 进行了批评处理。 该品牌回应称，"相关门店员工的失当操作严重违反了我们的员工行为指南。"FILA斐乐中国表示正在 就此事与该消费者"进行深入沟通，希望竭尽全力消除因此带来的困扰。" 9月，匹克董事长许景南在内部会议上提到，匹克内销直营板块自年初以来持 ...

告别了"经济上行期的美"，"口红效应"开始奏效了吗？ 今年上半年，美国关税冲击下，马来西亚、新加坡、泰国、印尼、越南这五个东盟主要国家，经济增速 都出现明显放缓。但这似乎还不影响东南亚人买买买。电商服务平台TMO Group预测，2025年东南亚 化妆品市场将以4%～5%的增长率稳步扩张。 "口红效应"在东南亚的威力不减，不过，这里的消费者也摸索出了更精明的购物模式——自带补充装的 护肤品，还有售价更低的小样套装，都成为了新宠。Lazada、TikTok、Shopee在东南亚"混战"，当地人 也学会了跨平台比价，甚至找准购物节、打折促销的时机再下单。 这对国货美妆来说，则意味着机会来了。他们掌握性价比这一绝对优势，电商和流量的玩法已经在国内 实战了无数回。当然，当美妆企业真正走出去，他们也会遇到人、货、钱这些具体又现实的挑战。 近期，21世纪经济报道记者专访了美尚集团首席财务官兼海外业务负责人赵剑，透过他的讲述，来试图 摸清美妆出海的水温和潮水走向。 在东南亚卖美妆，难在哪？ 再者则是不少国产美妆都在努力翻越的"品牌化"这座大山。在赵剑看来，当企业走过本土化落地的阶 段，下一道坎就是把品牌落地、抢占用户心智， ...

题图｜AI生成 2025 年，"窝囊消费"这个词，扎了 多少人的心。 省吃俭用买的低配电脑，卡成PPT；精打细算修的旧手机，费用够买台新的……钱没少花，但还是窝窝囊囊地受了很多委屈。 当信息过载，选择泛滥，我们到底该如何花钱，才能不被消费，而是消费生活？ 一份真正有洞察的榜单，必须捕捉到这种变化。 2025年，我们不再只为生存买单，更为情感共振、为生活方式投票、为精神认同充值。 历时数月，「2025向上向新产品榜」终于发布。我们从上百款产品中精选出32款，它们共同回应了一个问题：在今天，我们该如何"向上"生 长，"向新"而行？ 味蕾艺术家 吃饱？那已经是上个时代的需求了。 调研数据显示，生存类支出占比超180%，近九成消费者将饮食作为首要支出，消费结构从"吃饱"转向"吃好"。在食物触手可得的今天，我们与 食物的关系正悄然改变。 体验型消费在食品领域正深度渗透。"吃什么"早已超越饱腹，进阶为一种自我表达和探索世界的方式。比起味道，更重要的也许是好奇心—— 把每一餐当作一场未知领域 的探索，做一个勇敢的味觉探险家。 当 外部世界 充满了 不确定性 ， 使得 消费者转而向内寻求安稳与治愈 。 据行业研报，57.1% ...

2025双十一期间电商零售额近2.4万亿元，同比增长超10%。天猫、京东、抖音位列综合平台前三 甲，淘宝天猫以37%的市场份额占比保持显著领先优势。美妆个护跻身抖音一级行业份额第二名，护肤 品类、彩妆品类分别在京东、淘天成为核心增长极。该行认为，2025美妆双十一大促呈现"总量稳增、 高增长集中于细分品类与核心渠道"的鲜明特征。 智通财经APP获悉，天风证券发布研报称，2025美妆双十一大促呈现"总量稳增、高增长集中于细 分品类与核心渠道"的鲜明特征。从市场趋势来看：国产升级外资发力，国货以及高端外资品牌排名向 前，高端美护表现回暖；淘天渠道回温，头部国货美妆加大投入；头部企业积极寻求转型，从流量驱动 到品牌驱动。 天风证券主要观点如下： 双十一大促表现优异，美妆品类稳健增长 趋势二：淘天渠道回温，头部国货美妆加大投入 双十一美护市场中，淘宝天猫渠道以61.3%的GMV占比领跑。2025年10月以上美股份(02145)、毛 戈平、水羊股份、上海家化、贝泰妮为代表的美护企业，在淘天平台的渠道增速分别达65.5%、 86.2%、13.0%、21.1%、42.7%，凸显头部国货品牌对淘天渠道的投入倾斜。 趋势三：头 ...

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

Group 1: Market Performance - The consumer sector is experiencing a rebound, with the Consumer ETF (159928) rising by 0.47% and achieving a trading volume exceeding 660 million yuan [1] - The Hong Kong Stock Connect Consumer 50 ETF (159268) also saw a slight increase of 0.2%, with trading volume surpassing 126 million yuan, indicating strong capital inflow [2] - Notable stocks include Samsonite, which surged over 17% with a 11% year-on-year profit growth and a gross margin increase to 59.6% [4] Group 2: Economic Indicators - The core CPI, excluding food and energy, rose by 1.2% year-on-year in October, marking the sixth consecutive month of growth, which has drawn attention to the recovery of consumer spending [5] - The government plans to continue implementing measures to boost consumption, including financial subsidies for personal consumption loans and support for key sectors like elderly care and childcare [15] Group 3: Valuation and Investment Opportunities - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 20.55, which is at the 7.45% percentile over the past decade, indicating it is cheaper than 92% of the historical time frame [5] - Despite a strong performance in technology and cyclical sectors, the consumer sector has shown relatively weaker growth of only 10.85% year-to-date, suggesting potential for catch-up [8] Group 4: Sector Analysis - The consumer sector is expected to see a rotation and rebound, with specific segments like healthcare, aviation, home appliances, personal care, and non-white liquor showing strong earnings growth while remaining at historically low valuations [12] - The new consumption trends are driven by the Z generation, with sectors like trendy toys and jewelry expected to grow due to changing consumer preferences and technological integration [16][17] Group 5: Company Innovations - Anta Group has launched the first AI design model in the sports goods industry, which has already generated over 2.5 billion yuan in orders, indicating a significant boost in sales conversion rates [18] - Upbeauty Co. has introduced a new baby care brand, expanding its IP strategy to capture the growing demand in the baby personal care market [19]

Group 1 - Luckin Coffee is actively working towards relisting on the US main board, which is seen as a significant event with international influence [1][7] - The company has not set a specific timeline for the relisting, focusing instead on executing its business strategy and development [2] - Luckin Coffee's past included a successful IPO on NASDAQ in May 2019, followed by a financial scandal that led to its delisting in June 2020 [3][4] Group 2 - The company has undergone significant changes, including a complete exit of the original shareholders and management team, and the establishment of a new management team under Dazhong Capital [5] - Luckin Coffee reported a revenue increase of 47.1% year-on-year to 12.36 billion yuan and a net profit increase of 43.6% to 1.25 billion yuan in the second quarter [5][6] - The total number of Luckin Coffee stores reached 26,206, with ongoing expansion into overseas markets [5] Group 3 - The company's performance indicates that a relisting on the main board would attract market interest [6] - Luckin Coffee's association with Xiamen highlights its confidence in returning to the US main board [7]

Core Insights - The article highlights the significant growth and transformation in brand operations during the 17th edition of the Double 11 shopping festival, emphasizing the role of instant retail and flash sales in driving consumer engagement and sales growth [1][2][9]. Group 1: Performance Metrics - On the first day of Double 11, 80 brands achieved sales exceeding 100 million yuan, and 30,516 brands saw their sales double compared to the previous year [1]. - The Tmall platform maintained a leading position in the beauty category, capturing 46.2% of the total sales across major platforms during the first cycle of Double 11 [1]. - The instant retail sector saw a remarkable increase, with 19,958 restaurant brands and 863 non-restaurant brands experiencing over 100% growth in sales compared to the pre-Double 11 period [4]. Group 2: Brand Growth Strategies - Domestic designer brands experienced explosive growth, with some achieving over 10 million yuan in sales within the first 10 minutes of the event [2]. - The integration of instant retail across various scenarios is reshaping brand growth strategies, providing new avenues for efficiency and expansion [2][4]. - Tmall's "扶优" strategy aims to support brands that demonstrate originality and long-term value, with increased resources allocated to these brands [14][15]. Group 3: Consumer Engagement and Technology - The introduction of AI technology significantly improved the efficiency of product recommendations, leading to a double-digit increase in traffic distribution efficiency [12]. - The user engagement metrics showed a rise in monthly active users and increased frequency of app usage, enhancing the platform's commercial value [9]. - Flash sales not only drive immediate sales but also help brands gain deeper insights into consumer needs and preferences [6][13]. Group 4: Future Growth Pathways - Tmall is constructing a new growth pathway for brands by integrating multi-scenario consumption, leveraging AI for operational improvements, and utilizing membership systems to enhance customer retention [16]. - The strategies implemented during Double 11 are expected to pave the way for brands to evolve their growth trajectories in the future [16].

Core Viewpoint - The article highlights the significant advancements and innovations presented by Unilever's beauty and personal care brands at the 20th China Dermatology Association (CDA) conference, emphasizing the importance of scientific research in product development and market positioning [3][4][5]. Group 1: Clear® and Vaseline® Innovations - Clear® launched the "Scalp Health Scientific Research Encyclopedia," which integrates insights from 1,100 dermatology experts and aims to establish a consensus on scalp care standards [5][6]. - Vaseline® introduced the "China Consumer Body Skin Repair Insights and Research Report," focusing on the unique physiological structure of body skin and the need for specialized care solutions [9][10]. - Both brands are positioning themselves as leaders in their respective markets, with Clear® shifting from a "cleansing" to a "repair" focus, and Vaseline® emphasizing its expertise in body care [12][21]. Group 2: AHC® and New Whitening Technology - AHC® unveiled the PICrush® technology, a multi-pathway approach to skin whitening that targets melanin production and metabolism [17][19]. - This technology is inspired by clinical laser treatments and aims to provide a gentle yet effective solution for consumers seeking to address pigmentation issues at home [20][21]. - AHC®'s strategy aligns with the growing demand for professional-grade skincare solutions in the Chinese market, reflecting a shift towards more sophisticated consumer needs [20][21]. Group 3: Market Trends and Consumer Insights - The article notes that the Chinese market is increasingly favoring specialized and scientifically-backed products, with consumers seeking transparency and expert validation in their purchasing decisions [24][27]. - Unilever's investment in local R&D, with nearly 400 researchers in China, positions the company to leverage the unique market dynamics and consumer preferences in the region [24][26]. - The emphasis on scientific research and innovation is seen as a key driver for growth in the beauty and personal care sector, with potential for double-digit growth in body care categories [12][21].