2025.07. 26 本文字数：2886，阅读时长大约5分钟 作者 | 第一财经 郑娜 《2024中国青年消费趋势报告》正揭示了这样的一种新变化：近三成受访年轻人会因为"情绪价值疗愈身心"而进行消费。这背后是一场深刻的消费转 型。 长于在各大城市打造地标性高端商业项目的恒隆地产，对此也有深刻的体会。恒隆地产第三代"掌门人"、董事长陈文博在2025年中期业绩报告中就提 及，受到经济形势等多方面影响，当前国人的消费方式有别于以往。消费模式正在转变，并形成了一种同时注重情绪价值和经济价值的"新消费"模式。 这一新趋势也让过去业内对高端、次高端的分类不再适应当下的行业形势，消费趋势正在模糊传统分类。 在恒隆地产CEO卢韦柏看来，中国消费市场已进入一个新阶段，高端与否不再是唯一标准，更重要的是品牌是否具有内容力、话题性和消费者认同，是 否能提供情绪价值，"一个设计出色的玻璃杯、一家适合打卡的面包店，都可能成为吸引客流的亮点。" 消费者在几年前或许无法想象，能在一个奢侈品牌云集的高端商场里看到售价百元上下的搪胶挂件或者毛绒玩具……如今，泡泡玛特、Jellycat都成了重 奢商场的"座上宾"。 是什么发生了变化？正在快速 ...

Core Viewpoint - The Beijing Friendship Store has officially reopened with a new look on the occasion of Wangfujing Group's 70th anniversary, highlighting the importance of its upgrade and transformation under the "one store, one strategy" approach of the group [1] Group 1: Store Transformation - The upgraded Friendship Store retains its original architectural style and historical elements while incorporating modern design and business concepts [1] - The store creates a unique sense of time, allowing visitors to experience historical warmth in a contemporary setting [1] Group 2: Business Model and Offerings - The Friendship Store features a diverse range of business formats, including dining, leisure, new lifestyle options, trendy culture, and health and beauty [1] - It boasts a lineup of 100% flagship and customized stores, aiming to build an immersive "urban free lifestyle circle" [1] Group 3: Market Impact - Since its trial operation began in May 2025, the Friendship Store has generated significant buzz on social media, becoming a popular destination for influencers and trendsetters [1] - The store offers a full-time operational lifestyle scene, catering to various activities from morning coffee to cultural experiences and social gatherings [1]

深圳商报·读创客户端首席记者 刘琼 此次发布的19家国际友好消费商圈包括深圳万象城、K11 ECOAST海滨文化艺术区、前海壹方城等。各标杆商圈以"外语服务、多语种指引、国际支付覆 盖、离境退税便捷"为核心，为境内外游客提供高品质国际化服务，助力深圳打造国际消费中心城市。 深圳，正以多样化的服务促进国际消费，为全球消费者提供高品质的国际化服务。近日，购在中国2025深圳之夏消费季——国际友好消费购正式启幕。活 动现场发布国际友好消费地图和国际友好消费商场名单。19家商圈脱颖而出，涵盖深圳前海、罗湖、南山、福田等核心区域，为深圳国际消费再添"新标 杆"。 今年以来，深圳地铁日均客运量、口岸通关旅客人数、机场客货吞吐量等频频刷新历史记录。境外来深人员尽享深圳消费便利：丝滑的国际支付体系、即 买即退的离境退税优惠，掀起跨境消费热潮，进一步激发深圳国际消费活力。 19家标杆商圈引领，国际友好消费地图发布 深圳推出的国际友好消费购以"深圳之夏，全球畅享"为主题，围绕"国际化、便利化、品质化"为核心，汇聚多重消费礼遇，为全球消费者打造独具深圳特 色的夏日消费狂欢。 国际友好消费地图覆盖范围更广。据深圳市零售商业行业协会介 ...

Group 1 - The newly opened extension of the Baida Sky Bridge connects Hangzhou's Guoda City Square and Wulin Yintai Department Store, enhancing the shopping experience for citizens by providing seamless access between the two major shopping venues [3] - The Baida Sky Bridge was preserved during the 2012 renovation of Yan'an Road, with future connectivity in mind, and has now realized the vision of interconnecting the Wulin shopping district [3] - The bridge not only improves accessibility but also activates the three-dimensional space of the shopping district, with new facilities like a 400-square-meter resting area attracting visitors [3] Group 2 - The Gongshu District has been focused on developing a three-dimensional traffic system in the Wulin shopping area, connecting major shopping centers through aerial, ground, and underground pathways [4] - The extension of the Baida Sky Bridge and the ongoing construction of the Henglong underground passage are just the beginning of expanding the transportation network in the Wulin shopping area [4] - The latest urban planning in Gongshu District aims to create a vibrant central business district by enhancing connectivity and establishing a multi-dimensional commercial system [4]

Core Insights - The report titled "2025 Q2 Consumption Observation in East China" highlights Nanjing's Xinjiekou as the hottest commercial area in East China for Q2, attracting significant foot traffic and popularity among young consumers [1][12][30] Group 1: Commercial Landscape - Xinjiekou has evolved into a "Chinese First Commercial Circle," with a rich history dating back to its planning as a commercial district in 1929 and its rapid development into a financial center by the 1940s [4][6] - The area boasts over ten shopping malls and more than a hundred office buildings, with peak daily foot traffic reaching up to one million [6][12] - Nanjing Deji Plaza achieved a sales figure of 24.5 billion yuan, making it the top single-store shopping mall globally, featuring over 95% of international high-end brands [8][10] Group 2: Consumer Experience - The diverse shopping options range from high-end malls like Deji to street-side shops, catering to various consumer needs and preferences [10][30] - The integration of cultural elements into the commercial space enhances the shopping experience, attracting both local and international visitors [15][20] - Innovative retail experiences, such as self-service shopping machines and interactive technology, are being introduced to appeal to younger consumers [25][30] Group 3: Regional Influence - Xinjiekou's commercial success is supported by its strategic location within the Yangtze River Delta, with a consumer market of over 36 million people in the Nanjing metropolitan area [17][20] - The area has seen a 16.2% year-on-year increase in sales during events like the "Su Chao" basketball match, indicating its strong draw for external consumer traffic [18][30] - The convenience of transportation, including high-speed rail and extensive road networks, facilitates easy access for consumers from surrounding cities [17][20] Group 4: Future Prospects - The ongoing transformation of Xinjiekou into a multi-functional space that combines commerce, culture, and technology positions it as a key player in Nanjing's ambition to become an international consumption center [30]

Investment Rating - The report maintains a "Positive" outlook on the commercial retail industry for the second quarter of 2025, indicating expectations for industry performance to exceed overall market performance [3][4]. Core Insights - The retail sector showed a year-on-year growth of 5.0% in the first half of 2025, driven by consumption policies and strong online retail performance, which grew by 8.5% [4]. - Major e-commerce platforms are focusing on core businesses and AI-driven growth, with Alibaba, JD, Meituan, and Pinduoduo all increasing investments in instant retail and food delivery services [4]. - The jewelry sector is expected to see strong demand for gold bars and high-end products, with a year-on-year growth of 11.3% in jewelry retail sales in the first half of 2025 [4]. Summary by Sections E-commerce Sector - Alibaba's revenue for Q1 FY26 is projected to reach 249.2 billion yuan, a 2.4% increase year-on-year, while its net profit is expected to decline by 12% [4][6]. - JD's revenue is forecasted to grow by 15.2% to 335.7 billion yuan in Q2 2025, but its net profit is anticipated to drop by 70% [4][6]. - Meituan's revenue is expected to increase by 12.3% to 92.3 billion yuan, with a net profit decline of 20.2% [4][6]. - Pinduoduo's revenue is projected to grow by 8.3% to 105.1 billion yuan, with a net profit decrease of 29.3% [4][6]. Jewelry Sector - The report anticipates strong gold bar sales and a gradual recovery in gold jewelry demand, with several brands expected to outperform the market [4]. - Notable companies include Lao Pu Gold, which is expected to significantly outperform the industry, and Cai Bai Co., which is projected to see a revenue increase of 25%-35% in Q2 2025 [4]. Retail Commercial Sector - The report highlights various retail companies, including Miniso, which is expected to see a revenue increase of 19.8% in Q2 2025 [4]. - Yonghui Supermarket is projected to face short-term losses due to store adjustments, with a net loss forecasted at 388 million yuan [4]. - Chongqing Department Store is expected to see a net profit increase of 8.0% in Q2 2025 [4]. Investment Recommendations - The report suggests focusing on e-commerce companies that are committed to core businesses and investing in AI and instant retail, such as Alibaba, JD, Meituan, and Pinduoduo [4]. - It also recommends high-quality jewelry brands and retail companies undergoing digital transformation and upgrades [4].

Group 1: Shanghai Office Market - The Grade A office market in Shanghai is experiencing pressure on both volume and price, with a net absorption of only 85,300 square meters in Q2 2025, down 18.4% quarter-on-quarter and 67.6% year-on-year [4] - The vacancy rate for Grade A offices has risen to 23.6% by the end of the quarter, while average rental prices have decreased to 6.99 RMB/square meter/day, reflecting a 1.9% decline [4] - Four new projects added approximately 240,000 square meters of supply, intensifying market competition, with core and emerging business districts each contributing two new projects [4] Group 2: Leasing Demand Structure - Retail trade, manufacturing, and TMT sectors dominate leasing demand, accounting for 28% and 23% respectively, with the financial sector following at 15% [5] - The biopharmaceutical sector has seen a rise in leasing demand, reaching 10% due to significant relocations by well-known domestic and international pharmaceutical companies [5] - The market is expected to face significant supply pressure in the second half of the year, with approximately 1 million square meters of new supply anticipated [5] Group 3: Retail Market Dynamics - The retail market in Shanghai shows a clear distinction between core and non-core business districts, with core districts maintaining an average rental price of 1,877 RMB/month/square meter and an occupancy rate of 94.71% [7] - New projects are focusing on experiential retail, with innovative shopping centers emerging in non-core areas to attract younger consumers [8] - The commercial market is expected to evolve into a new phase of differentiation and upgrading, driven by policy support and market dynamics [11] Group 4: Bulk Property Market - The bulk property transaction market in Shanghai recorded a total transaction value of 15.8 billion RMB in the first half of 2025, with 37 transactions completed, reflecting a significant decline compared to previous years [11] - Domestic investors are showing strong resilience, while foreign investors are strategically withdrawing, leading to a bifurcation in the market [11] - The types of properties being transacted include office, commercial, and residential, with a notable increase in interest in long-term rental apartments and public REITs [12] Group 5: Foreign Investment in Manufacturing - The number of foreign manufacturing and R&D projects in the Yangtze River Delta has slightly decreased, with Europe remaining a key source of investment, particularly from Germany [14] - Automotive and healthcare sectors are the primary focus for foreign investments, with significant projects established in Shanghai [15] - The trend indicates a shift towards larger foreign projects, while smaller enterprises are increasingly setting up in Jiangsu [15] Group 6: Financial Institutions and Project Management - Financial institutions have played a crucial role in ensuring project delivery through various mechanisms, including special loans and asset restructuring [16] - The focus is shifting from risk management to value creation in post-investment management, highlighting the importance of collaboration among government, financial institutions, and developers [16] - The ongoing "guarantee delivery" initiative is expected to enhance the operational efficiency of projects, transitioning from policy-driven support to market-driven sustainability [16] Group 7: Overall Market Outlook - Shanghai is accelerating its development as an international economic, financial, trade, shipping, and innovation center, with policies aimed at optimizing the business environment [17] - The real estate market is expected to benefit from these policies, providing fertile ground for various enterprises to invest and grow in Shanghai [17] - The company aims to leverage its expertise to attract quality projects and resources while closely monitoring policy adjustments and market trends [17]

Group 1: Guangzhou Real Estate Market - The Guangzhou real estate market is showing signs of recovery driven by policy guidance, industrial innovation, and consumption upgrades, creating significant opportunities for global enterprises and investors [1] - In the first half of 2025, the Guangzhou Grade A office market is expected to see an increase of 98,000 square meters in new supply, raising total stock to 7.603 million square meters [1][3] - The retail sector anticipates an additional 398,000 square meters of supply in the second half of the year, with experiential consumption and leisure brands expected to drive growth [1][5] Group 2: Corporate Expansion and Investment Trends - Chinese enterprises are actively expanding overseas, particularly in the manufacturing sector, marking a shift from product exports to a more systematic industrial layout [2] - Key drivers for this trend include excess capacity, rising costs, trade barriers, policy support, and diverse market demands [2] - Southeast Asia is emerging as a focal point for Chinese manufacturing investments due to its strong economic growth, youthful population, and rising middle-class consumption [2] Group 3: Office Market Dynamics - In the first half of 2025, Guangzhou's Grade A office market saw a total supply increase of 323,000 square meters, with total stock reaching 7.506 million square meters, a year-on-year growth of 6.1% [3] - The International Financial City and Pazhou areas are leading in absorption, with a combined net absorption of 54,000 square meters [3] - The financial, media, entertainment, retail, and trade sectors are performing well, contributing over half of the market transactions [3] Group 4: Retail Market Developments - The retail market in Guangzhou experienced a slight expansion of 1.0% in total stock, reaching 7.632 million square meters in the first half of 2025 [5] - Brand expansion has slowed, with a focus on optimizing existing projects and introducing new brands through diverse promotional activities [5] - By the end of 2025, total retail stock is expected to exceed 8 million square meters, driven by consumer preferences for quality and experiential value [5]

Core Insights - The retail market in China is under pressure, with approximately 40% of retail companies facing challenges in revenue growth during the first four months of 2024 [1][2] - Shanghai and Chengdu have notably high vacancy rates of 8.5% and 8.3%, respectively, indicating a struggle in the retail sector [2][3] - The report highlights a complex market environment for retail, driven by insufficient consumer demand and a slow economic recovery, leading to a trend of price competition [2][3] Market Analysis - The report focuses on shopping centers, analyzing various factors such as project positioning, rental income, turnover, occupancy rates, tenant composition, and customer flow [2] - Despite a slight decrease in overall vacancy rates in core commercial markets, rental prices are declining, reflecting the economic challenges and uncertainty affecting retail and dining performance [3] - The first quarter of 2024 saw 71 major commercial real estate transactions in China, totaling 448 billion yuan, with office properties being the most favored [4] Company Performance - Approximately 60% of sample retail companies reported year-on-year revenue growth, although most of this growth was below 10%, with about 40% experiencing slight declines [5] - New business directions are being explored by companies, with a focus on inventory and non-standard offerings as potential growth areas [5] - The report notes that the leasing activity in the restaurant sector has been particularly vibrant, with a trend towards integrating popular dining concepts in mid-range shopping centers [5] Investment Trends - Since 2024, eight consumer infrastructure REITs have emerged in the C-REITS market, covering various asset types including shopping centers and supermarkets, with occupancy rates above 95% [6] - Notably, the highest occupancy rate recorded was 99.17% for Wuhan's first creative outlet, while Shanghai's Bai Lian You Yi City had the lowest at over 95% [6]

Core Viewpoint - Hangzhou is experiencing a paradox where it has high per capita consumption but relatively low total retail sales, indicating that residents earn money but spend it elsewhere [1][3][9]. Retail Sales and Consumption Data - In Q1 2024, Hangzhou's total retail sales reached 207.5 billion yuan, a year-on-year increase of 6.3%, ranking it tenth among major cities in China [2]. - In 2024, Hangzhou's per capita consumption expenditure was 52,996 yuan, surpassing Shanghai and making it the city with the highest per capita consumption in the country [3][7]. Reasons for Consumption Discrepancy - Hangzhou's residents have a lower consumption willingness compared to other regions, with high-end consumption often flowing to Shanghai [3][9]. - The city lacks sufficient high-end consumption venues, which contributes to the disparity between high per capita consumption and lower total retail sales [9]. Future Consumption Strategies - Experts suggest that Hangzhou should leverage its strengths in digital economy and artificial intelligence to attract young consumers and enhance local consumption potential [3][10]. - The city aims to become an international consumption center by 2027, targeting a total retail sales figure of 900 billion yuan and aligning growth with GDP [9][10]. Urban Renewal and Commercial Revitalization - Hangzhou is actively promoting the renovation of commercial districts, integrating elements that appeal to younger consumers, such as digital and two-dimensional culture [4][11]. - The city is focusing on creating a vibrant shopping environment, with initiatives to enhance the consumer experience and attract more visitors [16]. Emerging Consumption Trends - Recent developments in Hangzhou's retail market include the rise of new business models and themed stores, particularly in the two-dimensional culture sector [11][12]. - Events and exhibitions related to popular culture are being organized to engage consumers and enhance the shopping experience [12][14].