海南日报海口8月22日讯(海南日报全媒体记者 马珂)记者从省卫健委获悉，2025第八届海南国际健 康产业博览会(以下简称健博会)将于12月26日至29日在海南三亚保利国际博览中心举办。本届健博会 以"智领·健康新未来"为主题，将集中展示国际国内健康产业资源与科技创新成果，助力海南健康产业 高质量发展。 据介绍，本届健博会规划展览面积2万平方米、互动体验区域1万平方米。设有智慧医疗、创新药 械、高端康养和康复疗愈、特色中医、旅游与健康服务、保健美容等6大核心展区和1个特色活动区。同 时还将举办医疗人工智能与精准治疗发展论坛等10余场高端论坛。主办方将邀请超4000名专业买家、专 业观众、逾3万名社会观众参展参会。 本届健博会由海南省卫健委、省科技厅、农工党海南省委、省医保局、省药监局、博鳌乐城国际医 疗旅游先行区管理局、海南广播电视总台、海南日报社等8家单位主办。 本届健博会是国家批复允许政府机构参与主办的海南医疗健康领域唯一展会项目，也是海南自贸港 正式启动封关运作后的高端展览项目。 ...

截至收盘，道琼斯工业平均指数下跌152.81点，跌幅0.34%，收于44785.50点；标普500指数下 跌 25.61 点 ， 跌 幅 0.40% ， 至 6370.17 点 ； 纳 斯 达 克 综 合 指 数 下 跌 72.54 点 ， 跌 幅 0.34% ， 报 21100.31点。 2025.08. 22 本文字数：1221，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 周四，美国股市主要指数延续跌势， 标普500指数连续第五日下挫， 投资者担忧美联储主席鲍威尔 可能在杰克逊霍尔经济政策研讨会上释放鹰派信号。 大宗商品方面，国际油价21日上涨。截至当天收盘，纽约商品交易所10月交货的轻质原油期货价格 上涨81美分，收于每桶63.52美元，涨幅为1.29%；10月交货的伦敦布伦特原油期货价格上涨83美 分，收于每桶67.67美元，涨幅为1.24%。 科技股近期的调整势头仍在延续，大型科技股普遍走弱，特斯拉收跌 1.17%，Meta跌1.15%，亚 马逊跌0.83%，苹果跌0.49%，英伟达跌0.24%，微软跌0.13%，谷歌收涨0.22%。 热门中概股多数上涨，纳斯达克中国金龙指数收涨1.35%。小鹏 ...

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]

Summary of Conference Call Records Company/Industry Involved - A-share market Core Points and Arguments 1. A-share valuation has surpassed the 60th percentile, historically indicating a high probability of continued upward movement, driven by fundamental improvements, policy support, and liquidity easing [1][3][4] 2. July economic data was slightly below expectations, but exports showed an unexpected rebound, indicating a recovery trend in the economy and profits, with industrial profits likely entering a recovery cycle [1][6][14] 3. The A-share earnings cycle bottomed in August 2023, with mid-year performance growth improving compared to the first quarter, suggesting a better fundamental situation than indicated by economic data [1][14] 4. Key drivers for the A-share market's upward trend include improvements in fundamentals, positive policy impacts, and external events, alongside liquidity easing [4][19] 5. Historical data shows that when the Shanghai Composite Index's valuation exceeds the 60th percentile, it typically continues to rise, with only one significant downturn linked to external shocks [3][8] 6. The recent strong performance of the A-share market is attributed to significant inflows of funds, with trading volumes exceeding 2.2 trillion yuan and new fund issuance rebounding to approximately 50 billion yuan [18][19] Other Important but Possibly Overlooked Content 1. The impact of the delay in U.S. tariffs on Chinese exports is expected to maintain some resilience, although growth rates may slow down in the coming months [9] 2. Domestic demand factors, including consumption, manufacturing investment, and infrastructure investment, are projected to maintain high growth levels despite a slight decline in July [10] 3. Real estate investment remains weak, which could suppress overall economic performance, but the economy is still on a recovery path [11] 4. Industrial profits are closely linked to the Producer Price Index (PPI), with potential for profit recovery if PPI growth improves [12][13] 5. The current liquidity environment is favorable, with expectations of continued fund inflows into the A-share market, supported by a potential interest rate cut by the Federal Reserve [16][17] 6. Recommended sectors for investment include technology (robotics, semiconductors, consumer electronics, AI applications), and sectors showing potential for fundamental improvement or catch-up, such as batteries and non-ferrous metals [2][22]

那么，新消费究竟"新"在哪里？它能否成为长期的投资风口？今天，我们跟随汇添富基金经理乐无穹的 视角，一起拆解这场消费革命的底层逻辑。 Q：什么是新消费？与传统消费相比有哪些核心区别？ 乐无穹：新消费的本质是新一代消费群体需求变化的直接体现。我们可以从几个维度来理解： 首先，需求出发点不同。传统消费更注重产品的功能性，而新消费的消费者愿意为设计、情感代入甚至 开盲盒的惊喜感付费。这种满足感成为了消费需求的一部分。 其次，消费场景扩展。新消费往往自带社交属性，比如潮玩开箱视频的传播、国潮服装在时装周的亮 相，都让消费行为能够拓展到社交领域，形成情感链接。 最后是性价比观念的转变。传统观念中，商品价值极大程度上取决于功能；而新消费的"性价比"是综合 维度，可以买得贵，但必须买得值。这种对"价值"的重新定义，也是新消费的逻辑之一。 Q：像潮玩等新消费品类，会不会只是昙花一现？新消费的崛起背后是否有长期的驱动因素支撑？ 乐无穹：这个问题需要分两个层面看： 深夜的直播间里，一群年轻人正为抽中隐藏款潮玩盲盒欢呼；写字楼下的奶茶店，顾客为了一杯季节限 定甘愿排队半小时；互联网上，国潮运动鞋从"平价替代"变成社交平台晒单标配… ...

截至目前，集团已在中国大陆深圳、北京、上海、武汉、福州、重庆、沈阳、西安等中心城市开设实体 店，为消费者提供优质的服务及产品，满足他们对美好生活的追求。 智通财经APP讯，中国网成(01920)发布公告，随着全中国乃至全球消费者对美的追求及健康意识的提 升，美容行业涌现庞大的商机。集团迅速调整其战略方针，在营运原有业务同时，在全国范围开展美容 养生新业务，促进多元化发展，实现公司股东的最佳利益。集团亦计划推出全新的线上美容产品品牌， 以促进美容服务电子商业化。 ...

截至目前，集团已在中国大陆深圳、北京、上海、武汉、福州、重庆、沈阳、西安等中心城市开设实体 店，为消费者提供优质的服务及产品，满足他们对美好生活的追求。 中国网成(01920)发布公告，随着全中国乃至全球消费者对美的追求及健康意识的提升，美容行业涌现 庞大的商机。集团迅速调整其战略方针，在营运原有业务同时，在全国范围开展美容养生新业务，促进 多元化发展，实现公司股东的最佳利益。集团亦计划推出全新的线上美容产品品牌，以促进美容服务电 子商业化。 ...

Group 1 - European stock markets showed stability on a busy earnings day, with investors awaiting the Federal Reserve's policy decision [1] - The Stoxx Europe 600 index closed nearly flat, with L'Oréal rising 4.0% due to better-than-expected sales growth in North America [1] - The banking sector had mixed earnings results, with HSBC's disappointing quarterly profit leading to a 4.5% drop in its stock, while UBS rose 1.1% on better-than-expected earnings [1] - Automotive stocks led the decline, with Mercedes-Benz and Aston Martin Lagonda Global Holdings Plc falling after lowering their earnings outlook [1] - Disappointing earnings reports weakened the gains in European stocks for July, with the Stoxx 600 index currently about 2% lower than its historical high set in March [1] Group 2 - Adidas saw a 12% drop in stock price due to revenue growth falling short of expectations [3] - Danone's stock rose 7.4% as its sales exceeded expectations [3]

Core Viewpoint - The company, Meili Tianyuan, is actively expanding its business through acquisitions, reporting significant revenue and profit growth in the first half of 2025, with a year-on-year revenue increase of at least 27% and a net profit increase of at least 35% [1][3]. Group 1: Financial Performance - Meili Tianyuan's revenue for the first half of 2025 is projected to reach a new high, potentially approaching 3 billion yuan for the full year [1]. - The company's revenue growth is attributed to its "Double Beauty + Double Health" business model, which has increased the proportion of high-margin business revenue [1][3]. - The company has maintained a dual strategy of "internal growth + external expansion," leading to increased scale and market share [1][3]. Group 2: Business Model and Strategy - The "Double Beauty + Double Health" model focuses on acquiring customers through beauty services and smart beauty maintenance, then offering medical beauty and sub-health medical services, with gross margins exceeding 50% for the latter [1][3]. - Following the acquisition of Nai Rui Er in 2024, the company has expanded its store count to over 554, with Nai Rui Er providing differentiated services such as acupuncture and traditional Chinese medicine [3][6]. - The company is actively working on converting beauty service customers to medical beauty and health services, with 24.9% of beauty and health members having consumed medical beauty or sub-health services by 2024 [8]. Group 3: Market Trends and Challenges - The overall growth rate of the beauty industry is showing signs of fatigue, prompting Meili Tianyuan to invest more in higher-margin medical beauty and health management services [6]. - The beauty industry remains highly fragmented, with the top five companies holding only 0.7% market share, indicating significant room for consolidation [10]. - The industry is trending towards specialization and segmentation, with emerging vertical brands focusing on specific technologies potentially threatening traditional large-scale beauty institutions [10]. Group 4: Operational Management - To ensure service quality across its expanding franchise network, Meili Tianyuan implements a "one-year contract" system for franchisees, with regular evaluations and quality control measures [11]. - The company faces challenges in maintaining consistent service quality across its franchise locations, as the nature of offline beauty services emphasizes service quality over product offerings [11].

Core Insights - The health consumption market is transitioning from a passive "treatment" mindset to an active "prevention" approach, driven by policy, technology, and consumer upgrades [1][28] - The report identifies five consumer segments, each with distinct health management preferences and behaviors [1][49] Group 1: Consumer Trends - Health is becoming a core aspect of beauty, with non-prescription drugs and oral beauty products gaining popularity [2] - Weight management is a key focus, with scientific weight loss principles and innovative food products emerging [2] - The concept of "preventive health" is gaining traction, emphasizing dietary and lifestyle habits [2] - Emotional well-being is increasingly recognized, with consumers using purchases as a means to cope with emotions [2] Group 2: Market Dynamics - The health consumption market is experiencing a supply-demand restructuring, with a shift towards personalized health solutions [33] - The market is expanding across various categories, including "health + home," "health + pets," and "health + beauty" [35] - The pharmaceutical market in China reached approximately 14,480 billion yuan in 2020, with a projected compound annual growth rate of 9.6% over the next five years [35] Group 3: Consumer Segmentation - The report categorizes consumers into five segments: 1. High-intelligence action-oriented individuals who prioritize authoritative endorsements and transparent efficacy [1][49] 2. Passive followers who respond to external health trends and are influenced by social media [1][49] 3. Family health managers focused on disease prevention and safety of ingredients [1][49] 4. Relaxed wellness enthusiasts who practice balanced diets and prefer traditional health products [1][49] 5. Emotionally healing individuals who seek professional psychological support and smart companionship devices [1][49] Group 4: Challenges and Solutions - The industry faces challenges such as information overload, brand trust crises, and the need for clearer health narratives [40] - The TRUTH principle proposed by CBNData aims to address these challenges by establishing a cognitive benchmark and rebuilding trust mechanisms [40]