建筑业在GDP中占比为7.5%，但行业总产值同比激增34.8%。建筑行业的高增长得益于融资的增加，今 年1月至8月，来自所有融资渠道的固定资本投资额达1661亿索姆，增长20.1%。资金投入以住房、资源 开发、交通物流、电力系统及城市基础建设为主，这些大型项目有效助力吉尔吉斯斯坦城市化和经济多 元化。政府大力推进"我的家园"住房计划、通信基础设施升级及教育、体育、旅游等民生项目，为行业 持续高速增长奠定了基础。 大项目延续发展趋势 吉尔吉斯斯坦国家统计委员会日前公布的数据显示，今年前8个月，吉尔吉斯斯坦国内生产总值 （GDP）为1.0421万亿索姆（约合119亿美元），同比增长11.0%，显著高于去年同期的8.3%，在中亚地 区独占鳌头。吉尔吉斯斯坦今年的经济高增长主要依靠工业、建筑和服务业多点发力。其中，工业和建 筑业贡献突出，成为拉动经济上扬的重要引擎，商品生产部门增速高达13.7%，而服务业和净产品税分 别增长9.5%和10.8%。 制造业转型升级 今年前8个月，吉尔吉斯斯坦工业总产值增至4371亿索姆，同比增幅达到11.5%，远高于去年同期的 0.7%。工业占GDP的比重为17.9%，工业生产对GDP ...

Group 1: Local Life and E-commerce - The competition in local life services is expected to continue in Q4 2025, with major platforms like Meituan, JD, and Alibaba intensifying their investments in delivery services and instant retail [2][3] - In Q2 2025, Meituan, JD, and Alibaba reported significant losses in local life services, but these losses are anticipated to peak in Q3 due to increased summer demand and promotional activities [2][3] - The e-commerce sector is experiencing reduced competitive pressure, with online retail sales reaching 1.02 trillion yuan in August 2025, reflecting a year-on-year growth of 7.1% [4] Group 2: Tourism and Hospitality - The tourism sector is witnessing a recovery, with a 7% year-on-year increase in cross-regional travel during the National Day holiday, indicating a shift in traveler preferences towards experiential travel [7][8] - Online Travel Agencies (OTAs) are benefiting from the overall growth in tourism, with major players maintaining stable performance despite increased competition from new entrants [7] - The hotel industry is expected to reach a bottoming out phase, with leading companies like Jinjiang and Huazhu showing resilience and potential for profit recovery in Q4 2025 [10][11] Group 3: Retail and Consumer Goods - The offline retail sector is undergoing significant transformations, with supermarkets like Yonghui Supermarket expected to complete major store renovations, leading to improved profitability [9] - The retail landscape is shifting towards quality retail, with community stores like convenience stores maintaining high growth rates, while traditional department stores face slower growth [9] - The mother and baby retail sector is benefiting from supportive government policies and adjustments in store formats, leading to a notable recovery in same-store sales [14] Group 4: Cross-border E-commerce - Cross-border e-commerce is experiencing profit differentiation due to external factors like tariffs, with platform-based companies showing stable performance while product-based companies seek innovative advantages [12][13] - The sales peak for cross-border e-commerce is anticipated in the second half of 2025, driven by promotional events like Amazon's Prime Day, which saw a 30.3% increase in online spending [12][13] Group 5: Recommendations - Key investment targets include Yonghui Supermarket, Alibaba, Meituan, and various hotel chains such as Jinjiang and Huazhu, reflecting a diversified approach across sectors [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The tourism sector is expected to experience high growth in 2025, with inbound travel demand surging. In H1 2025, tourism trips increased by 20.6% year-on-year, and travel spending grew by 15.2%. The trend of younger and more localized tourism continues, with 45% of travel orders during the "May Day" holiday coming from the post-95 generation [2] - Online Travel Agencies (OTAs) are benefiting from the overall growth in the tourism market, maintaining a stable market structure. Major OTAs like Tongcheng and Ctrip reported revenue growth of 10.0% and 16.2% respectively in Q2 2025, exceeding market expectations [2] - The offline retail sector is undergoing transformation, with supermarkets expected to accelerate profit release due to store renovations and supply chain improvements. The retail landscape is improving, with supermarkets showing better performance compared to department stores [4][5] - The restaurant sector is recovering faster than hotels, with a focus on wedding and niche markets. However, the overall restaurant market is under pressure, with a 3.8% year-on-year increase in retail sales from January to July 2025 [7] - The e-commerce sector is rebounding, with online retail sales reaching 3.12 trillion yuan in Q2 2025, a year-on-year increase of 6.29%. Instant retail is emerging as a new growth driver, with the market expected to reach 780 billion yuan by 2024 [10][11] Summary by Sections Tourism - Inbound tourism demand is accelerating, with a 15.8% increase in entry and exit trips in H1 2025, and a 30.2% increase in foreign visitors [2] - Major OTAs are performing well, with Tongcheng's revenue at 4.669 billion yuan (up 10.0%) and Ctrip's revenue at 14.843 billion yuan (up 16.2%) in Q2 2025 [2] Retail - The retail sector is seeing varied growth across formats, with supermarkets growing by 5.2% and convenience stores by 7.0% in the first seven months of 2025 [4] - Supermarket renovations are expected to enhance customer attraction and profitability [4] Restaurants and Hotels - The restaurant sector is under pressure, with a 3.8% increase in retail sales in the first half of 2025, while hotel RevPAR is facing challenges [7] - Major hotel chains are experiencing a decline in RevPAR, with some companies showing resilience through operational efficiency [7] E-commerce - E-commerce is recovering, with Q2 2025 online retail sales reaching 3.12 trillion yuan, a 6.29% year-on-year increase [10] - Instant retail is projected to grow significantly, with the market expected to reach 780 billion yuan by 2024 [10][11] Cross-border E-commerce - Platform-based companies are showing stable performance, with revenue growth for companies like Xiaoshangcheng and Jiaodian Technology at 14% and 16% respectively in H1 2025 [12] - Product-based companies are experiencing revenue resilience but face profit uncertainties due to external factors [12] Baby and Maternity Retail - The industry is being catalyzed by supportive policies, with steady recovery in same-store sales [16] - Companies like Haiziwang and Aiyingshi are optimizing store structures and launching new brands to enhance profitability [16]

Core Insights - The company reported a revenue of 1.331 billion yuan for the first half of 2025, representing a year-on-year growth of 4.67% [1] - The net profit attributable to shareholders was 71.9986 million yuan, with a non-recurring net profit of 67.163 million yuan [1] Business Overview - The company's main business segments include catering services, hotel accommodation, and food operations [1] - As of the end of the reporting period, the company operated 133 directly-owned stores across various regions including Anhui, Jiangsu, Beijing, Shanghai, and Hangzhou [1] - The breakdown of stores includes 58 catering outlets, 11 hotels under the Fumao brand, and 64 new brand outlets [1] Product Development - The company leveraged its culinary expertise to create new product lines such as "one dumpling one dish" and "one shao mai one dish" [1] - During the Dragon Boat Festival, the sales of the "famous chef dumplings" exceeded 42 million yuan [1] - The chain operation of fresh meat buns also showed steady growth during the reporting period [1] Shareholder Returns - The company is committed to enhancing shareholder returns through improved business competitiveness, cash dividends, share buybacks, and effective communication with the capital market [1] - Since its listing in 2020, the company has conducted cash dividends five times [1]

当地时间7月28日，美媒报道称，今年春夏毕业的大学生正遭遇十余年来（新冠疫情特殊时期除外）最 严峻的就业市场，22岁至27岁的学位持有者的失业率已攀升至近十年来的峰值。 美国大学生群体的失业率不仅超过整体失业率水平，两者间的差距更是创下三十多年来的新高。 大学生就业遇冷的背后，当下火热的人工智能（AI）正愈发受到关注，它是否是造成这一困境的罪魁 祸首？ 形势恶化 美国劳工部最新数据显示，6月非农部门新增就业14.7万人，失业率环比微降0.1个百分点至4.1%。这一 数据已连续多月稳定在4.0%至4.2%的窄幅区间，劳动力市场总体保持稳定。 美国失业率维持低位主要得益于裁员相对较少，然而实际招聘率已回落至2014年的水平。此外，新增就 业主要集中在医疗保健、政府部门及餐饮酒店行业，过去12个月里，在信息技术、法律服务、会计等大 学毕业生密集就业的行业，就业增长始终处于停滞状态。 纽约联邦储备银行警告称，大学毕业生的就业状况"明显恶化"。数据显示，2025年一季度，22岁至27岁 的大学毕业生平均失业率为5.8%，除新冠疫情特殊时期外，这是自2012年以来的最高水平，且显著高 于美国失业率水平。 另有数据显示，在 ...