央视网消息（新闻联播）：各地不断扩大优质商品和服务供给，市场活力进一步释放，消费能级稳步提升。 各地重点商圈持续"上新"。在福建厦门中心城区，在老厂房上建起来的特色社区公园成为新晋热门打卡点，这里引进了近40个优质品牌，涵盖零售、娱 乐、运动等多个领域，受到市民游客青睐。在天津新打造的市集空间里，集文创展销、餐饮休闲和近百场文化演出活动于一体，成为市民游客假期休闲的新 选择。今年，天津推出为期三个月的新春消费季活动，打造展演、冰雪等一批消费新业态、新模式、新场景，释放消费活力。在辽宁辽阳，占地1200亩的室 内玻璃温控大棚中，打造出与冰雪季不一样的文旅新业态。游客在这里不仅能观花赏景，还能买当地特色农产品、看东北大秧歌。 今年，安徽启动新能源汽车2026新春消费季，合肥在发放消费券的同时，衔接国家2026年以旧换新新政，实施"国补+市补"联动，降低市民购车成本。 ...

本次盛会汇聚了来自国家安全风险评估中心、国家体育总局体育科学研究所、江南大学、中国农业大 学、北京体育大学、完美公司等超过450位知名品牌的代表来到上海，共襄盛举，围绕需求多元化与本 土化创新等议题，共同探讨行业前瞻性发展之路。 12月18—19日，由《食品万里行》主办的第三届运动、营养食品技术及应用创新大会在中国上海圆满落 幕。 在12月19日的创新论坛上，完美公司研发中心总经理李晓敏发表了《基于肌肉健康的干预策略与循证研 究》的主题演讲。她系统阐述了完美公司在该领域的科研成果，完整呈现了从基础研究、原料创新到组 方设计，直至动物与临床验证的全链条研发路径；详细解读了如何通过科学配方创新，有效促进肌肉蛋 白合成、延缓增龄性肌肉流失，并展示了一套贯穿"细胞-斑马鱼-动物-人体"的完整科学证据链，充分体 现了企业在健康食品研发中的科学严谨性与体系化能力。 一直以来，完美公司高度重视产品研发与创新，始终坚持以消费者需求为导向，不断加大研发投入，致 力于为消费者提供高品质的健康食品。此次完美牌时光葆固体饮料荣获年度产品领航者奖，正是对完美 大会现场还举行了《食品万里行》2025营养健康品&运动营养食品年度之星颁奖典 ...

智通财经记者 | 周芳颖 智通财经编辑 | 楼婍沁 Crybaby特展在上海"柔软"启幕 雅诗兰黛发布全新"胶原建模"精华 围绕全新智妍"胶原建模"精华的即将上市，雅诗兰黛于中国创新研发中心举办"胶原建模"精华上市峰会，从科研与机制层面系统阐释品牌对抗老路径的最新 理解。基于三十年胶原研究积累，雅诗兰黛提出"胶原建模"这一全新机制：通过多重信号肽协同作用，覆盖表皮层、表皮—真皮连接层及真皮层，参与不同 类型胶原的生成与稳定，从源头支撑肌肤紧致度与轮廓感。在这一逻辑下，全新智妍"胶原建模"精华被定位为"居家可持续的抗老方案"，以日常护理方式介 入胶原维养过程，强调长期使用带来的整体紧致与稳定感，而非短暂修饰。 由泡泡玛特携手艺术家工作室 Molly Factory 联合呈现的"Letting Go... Holding On..." Crybaby 特展·上海站，于2025年12月20日在上海西岸梦中心·梦工场正式 启幕。这不仅是Crybaby在中国的首次亮相，也是其迄今为止规模最大的一次展览。近2000平方米的空间被打造成一座情绪可被触摸的"柔软世界"，邀请观 众展开一场以眼泪为线索的情绪漫游之旅。 展览由艺 ...

今日（12.18），大消费板块回调，消费ETF（159928）收跌0.5%，全天成交额2.4亿元！资金再度逆市涌入，全天获1400万份净申购，近5日累计"吸金"超3 亿元！ 聚焦大消费板块，估值性价比仍极具吸引力。截至12月17日，消费ETF（159928）标的指数市盈率TTM为19.4，处于近10年3.17%分位点，比近10年历史上 近97%的时间便宜，估值性价比更高！ 年底将近，市场风格将如何演绎？信达证券指出，每年Q4存在基于投资者配置思路变化的季节性规律，容易成为风格变化的高发期，特别是12月市场风格 更容易偏向低估值。（来源：信达证券20251109《年底容易成为风格变化的高发期》） 【2026年新消费如何看？】 犒赏经济概念今日上涨。消息面上，12月17日，高层发表文章《何为"犒赏经济"》，所谓"犒赏经济"，是指消费者在面对工作生活压力或特定的心理需求 时，通过购买价格在承受范围内的非必需品或体验服务，以获取即时性愉悦感、自我确认感和心理疗愈的一种经济活动。例如，上班族在回家路上购买一份 精致的甜点、大学生考试结束后抢购一张演唱会门票，这种消费行为越来越成为时下年轻人的选择，也是观察当前我国消费市 ...

Core Insights - The article discusses the decline in sales of Durex, with a 50% drop in 2020 and a 40% industry-wide decline, alongside a 20% decrease in marriage rates, indicating a broader trend of reduced sexual desire in society [2][3]. Group 1: Changing Consumer Behavior - The decline in traditional sexual products is attributed to a "low-desire society," where consumer spending is shifting towards other areas [3]. - The overall e-commerce sales during the 618 shopping festival saw a negative growth of 7%, and the Double Eleven event has not reported results for four consecutive years [3]. Group 2: Emerging Growth Sectors - Five high-growth sectors are identified as alternatives to traditional sexual products: 1. **Pet Consumption Upgrade**: The pet market is projected to reach 302 billion in 2024, with one pet for every three young people [4]. 2. **Endorphin Economy**: An increase of 200 million new sports participants in the last decade, with a surge in outdoor activities and sports brands [8]. 3. **Aromatherapy**: The fragrance market is valued at 850 million USD in 2023, growing at a rate of 10% annually [8]. 4. **Emotional Fast-Moving Consumer Goods (FMCG)**: Products that provide immediate emotional satisfaction, such as colorful small items and emotional flower shops [11][12]. 5. **Self-Rescue Economy**: Health-focused products like probiotic cola and health teas are gaining popularity, reflecting a trend of anxiety rather than health consciousness [16][19]. Group 3: Underlying Consumer Needs - The five growth trends reflect the demands of a low-desire society, focusing on feelings of companionship, control, healing, ritual, and safety, which add extra value to products [20]. Group 4: Strategic Recommendations - For businesses to thrive by 2026, it is crucial to align their development with national strategies, technological trends, globalization perspectives, and user demands [21].

乱价销售的危害远超想象。某国产彩妆品牌曾因代购低价倾销，半年内线下专柜客流量下降30%，不少经销商因利润缩水选择解约。更 严重的是，低价产品往往伴随假货风险，某母婴品牌查获的仿冒纸尿裤，因原料劣质导致多名婴儿红屁屁，品牌口碑一落千丈。这些案 例印证了"价格是品牌的生命线"，放任乱价无异于品牌自毁长城。 "这款护肤品官网卖599，怎么某代购店才299？"消费者的疑问背后，藏着品牌控价维权的迫切性。在电商蓬勃发展的今天，品牌控价维 权已成为企业生存的必修课。所谓品牌控价维权，就是品牌方通过制定统一价格体系，依托法律手段与技术监测，打击线上线下低价窜 货、乱价销售等行为，维护市场价格秩序与品牌形象的系统性工作。 市场控价的关键在于"及时"。互联网传播的即时性让乱价信息几秒内就能扩散，某运动品牌曾因一款新品被网红低价带货，24小时内全 网出现上百个跟风低价链接，虽最终完成清理，但品牌溢价损失已超千万元。及时控价不仅能减少经济损失，更能向市场传递"品牌重视 价格秩序"的信号，增强经销商与消费者的信任。 对中小企业而言，不必因成本顾虑放弃控价。如今不少第三方服务机构可提供定制化方案，从监测到维权全程托管，成本仅为自营团队 ...

Group 1 - The proportion of single-person households increased from 8.30% in 2000 to 25.39% in 2020, while two-person households rose from 17.05% to 29.68%, indicating a shift towards childless families becoming the mainstream, with single populations reaching 240 million [1] - The traditional role of marriage is evolving from a necessity for survival to a financial burden, leading to a complete rewrite of ordinary people's financial logic influenced by income, employment, marriage, and family dynamics [1] - The old wealth paradigms have been disrupted, and new capital opportunities are emerging in the market [1] Group 2 - In 2025, Hangzhou experienced a significant decline in the real estate market, with the once-popular Regal International facing vacancies and landlords willing to accept lower rents and flexible payment options [2][4] - The hourly wage for e-commerce live streamers dropped from 160 yuan to 80 yuan, reflecting a shift in the job market as many graduates compete for these positions [2] Group 3 - The e-commerce penetration rate in China has declined from 27.6% in 2023 to 25%, marking the first continuous drop in the history of Chinese e-commerce [5] - The current economic climate indicates a transition from material consumption to emotional consumption, suggesting potential new opportunities for the real economy [5][6] - The decline in consumer interest in traditional e-commerce is attributed to the saturation of material goods in households, leading to a shift in purchasing behavior [8] Group 4 - The pet market in China is projected to reach 300 billion yuan, with the number of pets surpassing that of children under four years old, indicating a shift in consumer priorities [10] - The rise of emotional consumption is evident in various sectors, including outdoor sports and wellness products, which are gaining popularity among younger consumers [10][12] - The changing social structure, characterized by declining birth and marriage rates, is reshaping consumer behavior towards individual and emotional needs rather than traditional family-oriented spending [13][14] Group 5 - The elderly population in China is expected to exceed 300 million by 2024, leading to an increase in solitary living situations and a growing market for products catering to emotional well-being [15] - The shift from traditional family spending to individual consumption reflects a broader societal change where personal satisfaction takes precedence over collective family needs [15][16] - The evolution of consumer preferences indicates a move towards experiences and emotional fulfillment rather than mere material acquisition, highlighting a maturation of the Chinese consumer market [16][19]

Group 1: SMCP and PUMA Developments - SMCP Group has initiated a process to sell up to 51.2% of its equity, aiming to stabilize its shareholder structure and focus on development strategies [3] - Anta Sports is listed as a potential buyer for PUMA, which has seen its stock price drop nearly 50% over the past year due to various market pressures [4] Group 2: Financial Performance of Luxury Brands - Golden Goose reported a 13% increase in net revenue to €517 million for the first nine months of the fiscal year, with a 21% growth in direct-to-consumer (DTC) sales [5][6] - The adjusted EBITDA for Golden Goose grew by 7% to €173.6 million, with an EBITDA margin of 33.6% [6] Group 3: Market Trends and Consumer Behavior - A report by Bain & Company indicates that global luxury goods spending is expected to reach €1.44 trillion by 2025, remaining stable compared to the previous year [8] - Chinese luxury consumption is projected to shrink by 3%-5% this year, with a shift towards more localized and accessible brands [8] Group 4: Leadership Changes in Luxury Brands - Ermenegildo Zegna Group announced a new leadership structure, with the fourth generation of the Zegna family taking over as co-CEOs [11] Group 5: Investments and Expansions - L'Oréal plans to invest €60 million to upgrade its perfume factory in France, aiming to double its annual production capacity to 200 million bottles [10] - Watsons is preparing for an IPO in Hong Kong and the UK, with a potential fundraising target of $2 billion [15] Group 6: Bankruptcy and Market Challenges - Parfümerie Pieper, Germany's largest family-owned perfume retailer, has filed for self-administration bankruptcy while maintaining normal operations [13] - Estée Lauder is considering selling its Korean skincare brand Dr.Jart+, which is expected to generate $150 million in revenue for 2025, significantly lower than initial expectations [14]

Group 1 - The core viewpoint of the article is that the decline in sales of Durex and the overall industry is indicative of a broader societal trend towards lower desires, rather than a complete loss of desire itself [2][3] - The article highlights a significant drop in Durex's sales, with a 50% decrease in 2020 and a 40% decline in the entire industry, alongside a 20% drop in marriage rates [2][3] - It suggests that consumer desires have shifted to new outlets, leading to the emergence of five high-growth sectors [4][8] Group 2 - The first high-growth sector identified is pet consumption, with the market expected to reach 302 billion in 2024, indicating that pet spending has surpassed that of the maternal and infant sector [4][5] - The second sector is the endorphin economy, driven by an increase of 200 million new sports participants in China over the past decade, with a surge in outdoor activities and sports brands [8] - The third sector is aromatherapy, with the fragrance market projected to grow to 850 million USD in 2023, expanding at a rate of 10% annually [8][9] - The fourth sector is emotional fast-moving consumer goods, characterized by products that provide immediate emotional satisfaction and are easy to share [11][12][14] - The fifth sector is the self-rescue economy, reflecting a trend where consumers seek comfort and security through health-oriented products amid rising anxiety levels [16][19] Group 3 - The article concludes that these five growth trends represent the needs of a low-desire society, including companionship, control, healing, ritual, and security, which add extra value to products [20] - It emphasizes the importance of aligning business development with national strategies, technological trends, globalization, and user demands to succeed in the coming years [21]

Core Insights - Entrepreneurs displaying certain personal flaws can elicit different responses from investors, impacting investment decisions positively or negatively [1][2] - The study suggests that deficiencies related to low agency, such as insecurity and disorganization, are more likely to attract investors compared to overconfidence and arrogance [1][5] - The traditional view of "playing to strengths" is being challenged, with a growing emphasis on authenticity and acknowledging weaknesses in professional settings [1][12] Group 1: Nature of Personal Flaws - Personal flaws can be categorized into two types: overabundance of agency (e.g., arrogance, control issues) and insufficient agency (e.g., insecurity, lack of organization) [3][4] - Entrepreneurs may intentionally reveal perceived negative traits to appear trustworthy, while others may use self-deprecation as a form of self-promotion [3][4] Group 2: Investor Perception and Decision-Making - Investors often interpret negative signals from entrepreneurs as a double-edged sword; a past failure attributed to bad luck may not deter investment [2][5] - Overconfident entrepreneurs may create a psychological barrier, making it difficult to establish a connection with investors, while those who show vulnerability can foster closer relationships [5][12] Group 3: Research Findings - Research conducted on crowdfunding platforms like Kickstarter revealed that entrepreneurs who disclosed personal flaws related to insufficient agency received more funding than those who did not exhibit such flaws [8][10] - Studies involving participants from Reddit showed that similarity in personal flaws between investors and entrepreneurs positively influenced investment amounts [9][10] Group 4: Implications for Entrepreneurs - Entrepreneurs should strategically choose when and how to present their flaws, particularly to investors who may resonate with their vulnerabilities [12][13] - The findings indicate that revealing a lack of confidence or organization can enhance the likelihood of receiving investment from empathetic investors, while showcasing arrogance can deter potential backers [12][13]