95后的叶子刚在苏宁易购入手一台美的可爱多空调，"最打动我的是那块能DIY的像素风屏幕——可以 显示自己设计的图案。当空调启动时，屏幕上亮起'叶子加油'，感觉连空气都在为我打气。"另一位热 爱生活的自媒体博主小吴，则用年终奖入手了一台大疆pocket 3。"以前总觉得生活重复单调，现在用它 记录晨跑时的阳光、阳台上的花开，甚至只是一个好看的侧影。看着那些被记录下来的瞬间，日常忽然 就变成了值得收藏的作品。" 情绪消费有多火热？根据艾媒咨询的报告，中国情绪经济市场规模持续飙升，从2022年的1.63万亿元增 长至2024年的2.31万亿元，预计2025年将达到2.72万亿元，并在2029年突破4.5万亿元。有近六成的年轻 消费者明确表示，愿意为"情绪价值"付费。衡量一件商品是否值得购买的关键，从"性价比"，转变 为"情价比"——即它能否带来情感上的满足、片刻的愉悦或内心的共鸣。 这股风潮正深度融入日常生活。以家电消费为例，过去，省电、耐用、容量大是选购家电的金科玉律； 如今，越来越多年轻消费者，走进卖场时问的是："这台咖啡机的设计，能让我厨房更有格调吗？""那 款音响的氛围灯，会不会让听歌更有感觉？""这个空气 ...

Core Viewpoint - Gravity Media (603598.SH) is expected to achieve a net profit attributable to shareholders of the parent company ranging from 14 million to 20 million yuan in 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses between 13.5 million and 19.5 million yuan for the year 2025 [1] - The revenue growth remains strong despite a challenging consumer environment, driven by robust demand from clients in the internet social, daily chemical beauty, and 3C industries [1] Business Strategy - The company is actively optimizing its client structure by reducing low-margin performance marketing services and focusing on integrated marketing services for major clients [1] - The launch of the self-developed AIGC creative platform "Jiuhe Creative" and the deep application of AI tools in content production, strategy planning, and operational management are key initiatives to enhance efficiency and reduce costs [1] Operational Efficiency - The company has improved its sales expense ratio and management expense ratio, leading to enhanced overall operational efficiency while maintaining steady revenue growth [1]

怡合达 20260127 摘要 怡合达公司的 3C 业务在过去一年表现如何？对今年（2026 年）的预期是什 么？ 2025 年锂电行业占比达 24%，同比增长 57%，为最大板块；3C 占比 20%，增长 10%；汽车占比 12%，增长 15%；半导体占比 6%，增长 29%；光伏占比 3%，负增长 46%。 预计 2026 年锂电池市场仍具持续性，但增速或不及 2025 年的 57%。 下游客户扩产节奏稳定，对锂电板块需求保持乐观。 2025 年怡合达 3C 业务增长约 10%，预计 2026 年受益于苹果折叠手 机等新机型资本开支，营收贡献显著，将重点关注 3C、锂电和半导体三 大战略板块。 预计 2026 年 3C 业务营收保持小两位数增速，盈利性与综合毛利率相 当，订单集中于头部客户如立讯、长盈等。 2025 年汽车业务正向增长，但下半年增幅减少。短期内不重点投资汽 车板块，但通过线上渠道拓展，有望维持小幅增长。 半导体行业渗透率若能加速提升至 50%，将显著贡献收入，甚至超越汽 车行业。目前渗透率提升缓慢，供应链导入周期长。 怡合达预计 2026 年 3C 和锂电板块贡献度可能互换，半导体板块贡献 ...

Group 1 - The "National Subsidy" policy has been implemented at the beginning of the year, stimulating consumer activity in sectors such as automotive, home appliances, and digital products, leading to a shift towards greener and smarter consumption [1][2] - Consumers are benefiting from significant savings, with reports of individuals saving up to 1,000 yuan on purchases by combining the "National Subsidy" with store discounts [2] - Sales data indicates a substantial increase in consumer traffic and sales volume, with a 110% increase in foot traffic at stores and a notable rise in sales of energy-efficient appliances and smart devices [2][3] Group 2 - The automotive subsidy policy has been upgraded, allowing for higher subsidies based on the price of new vehicles, with maximum subsidies of 20,000 yuan for scrapping old cars and 15,000 yuan for trade-ins [4][5] - The proportion of consumers opting for scrapping or trading in vehicles has increased from 10% to 30%, indicating a growing enthusiasm for new car purchases [5] - The "National Subsidy" policy is expected to drive further growth in the automotive market, with dealers reporting a 50% increase in customer traffic following the policy's implementation [5] Group 3 - The "National Subsidy" policy is aligned with the central government's focus on boosting domestic demand and upgrading industries, with over 2.6 trillion yuan in sales related to the trade-in program benefiting over 360 million people in the previous year [5][6] - The policy emphasizes quality upgrades and the adoption of new technologies, promoting energy-efficient and environmentally friendly products, which is expected to enhance consumer experience and drive long-term industry upgrades [6] - Retailers are adapting to the new policy by enhancing their service offerings, including integrated services for old product recycling and new product activation, to improve customer satisfaction [3][6]

Core Insights - Sichuan Province's tax refund sales have increased by over 142% year-on-year from January to November, ranking fourth in the country behind Shanghai, Beijing, and Guangdong [1] - The number of outbound tourists applying for tax refunds has surged by 284% [1] Group 1: Sales Performance - The sales scale of tax refund goods in Sichuan is significant, with a notable increase in inbound tourism contributing to this growth [1] - Tourists from 122 countries and regions have participated in the tax refund program, an increase of 56 compared to last year [1] - Tourists from Hong Kong and Macau lead in consumption, accounting for 41% of total spending [1] Group 2: Consumer Trends - Southeast Asian and South Asian tourists represent the largest number of consumers, with their total participation increasing by nearly four times and spending rising by over 2.5 times [1] - Sales of international brands such as luxury bags and jewelry are prominent, while "Made in China" and "Sichuan-made" products have also shown remarkable performance [1] - Sales of Xiaomi phones, smartwatches, and DJI drones have increased by 728% in quantity and 176% in sales value, making up 62% of total sales in the 3C product category [1] Group 3: Retail Environment - Chengdu is the core consumption area, with over 99% of tax refund participants and sales coming from the city [2] - The adjustment of the tax refund threshold and the rapid expansion of tax refund stores have positively impacted small and medium-sized businesses [2] - There are currently 662 tax refund stores in Sichuan, doubling the number since the beginning of the year, with a significant increase in stores selling domestic brands [2] Group 4: Innovative Measures - Sichuan has introduced innovative measures such as "immediate refund" online services and cross-province recognition to enhance the tax refund process [2] - Two major tax refund points have been established in key shopping areas to facilitate the consumption of foreign tourists [2] - The number of stores offering "immediate refund" services has increased nearly threefold since the beginning of the year, with a 16-fold increase in the number of participants and a 19-fold increase in sales [2]

Core Insights - The 3C supply chain is benefiting from the cyclical recovery of its industry and the accelerated penetration of AI at the edge, presenting growth opportunities [1][2] - The compatibility of the 3C supply chain with humanoid robots is high, and its specialized manufacturing model is expected to adapt well to the mass production phase of humanoid robots [1][2] Group 1 - The 3C supply chain is fully embracing humanoid robots due to rapid innovation and scalable manufacturing capabilities [2] - The development of humanoid robots is still in its early stages, but the ability of 3C manufacturers to innovate with new materials, processes, and structures allows for quick integration into the humanoid robot supply chain [2] - As humanoid robots enter mass production, the industry is expected to shift to a specialized manufacturing model of "components-modules-finished products," maintaining a strong competitive advantage for the 3C supply chain [2] Group 2 - The acceleration of AI at the edge injects new growth vitality into the 3C industry [2] - The overall 3C terminal market, represented by smartphones, is entering a recovery cycle, laying the foundation for industry growth [2] - Major industry players are driving the acceleration of AI at the edge, with Apple set to launch its edge AI assistant, Apple Intelligence, in October 2024, potentially triggering a new replacement cycle for its extensive terminal products [2] Group 3 - Companies like Meta are collaborating with Qualcomm to optimize the Llama model for Snapdragon chips, enabling smooth operation of 3B parameter models on smartphones [3] - Domestic company ByteDance has launched the Doubao AI smartphone assistant, showcasing smooth cross-app operation capabilities [3] - Major AI companies are competing for dominance in the smartphone edge market, while also pushing for rapid iterations of AI glasses and other wearable devices, which could bring additional growth to the overall industry [3] Group 4 - Catalysts for growth include the large-scale production of robots and the accelerated implementation of AI at the edge [4]

近日，Snapchat携手凯度发布首个"Z世代最喜爱的中国全球化品牌50强"榜单，腾讯、小米与SHEIN(希 音)位列前三。其中，SHEIN(希音)在电商品类中排名第一，显示出其对年轻消费群体的强大吸引力。 | | Z世代最喜爱的 1 中国全球化品牌 | | | | --- | --- | --- | --- | | 排名 | 品牌 | 品类 | Z 世代品牌力 | | | Tencent | 游戏 | 1391 | | 2 | Xiaomi | 3C | 1241 | | 3 | SHEIN | 电商 | 1197 | | 4 | Huawei | 3C | 1187 | | 5 | miHoYo | 游戏 | 1144 | | 6 | Hisense | 3C | 1118 | | 7 | Lenovo | 3C | 1113 | | 8 | Century Games | 游戏 | 1107 | | 9 | TCL | 3C | 1104 | | 10 | Habby | 游戏 | 1088 | 游供应商的赋能，SHEIN(希音)带动传统行业向数字化、智能化、绿色化迈进，助力更多中国制造高效 拓展全球市 ...

证券日报网讯12月2日，中石科技（300684）在互动平台回答投资者提问时表示，公司坚持大客户市场 战略，基本实现3C行业头部客户全覆盖，长期服务于北美大客户、三星、微软、谷歌、亚马逊、H客 户、荣耀、大疆、菲尼萨等客户。 ...

Company Overview - Yihua Da (SZ 301029) announced an investor research meeting scheduled from October 28 to November 28, 2025, with participation from key representatives including the board secretary and investor relations personnel [1] - As of the report, Yihua Da has a market capitalization of 16.5 billion yuan [1] Revenue Composition - For the first half of 2025, Yihua Da's revenue composition is as follows: Other businesses account for 41.94%, the 3C industry for 24.12%, new energy for 21.98%, and the automotive industry for 11.96% [1]

Core Insights - Generation Z has become a dominant force in the global consumer market, accounting for 25% of the global population and holding a spending power of $9.8 trillion, projected to rise to $12.6 trillion by 2030 [3][12] - Their consumption logic challenges traditional views, favoring brands that communicate authenticity, equality, and emotional connection over established luxury brands [3][8] Consumer Behavior - Unlike Millennials, Generation Z's purchasing decisions resemble a "trust vote" within their social circles, showing skepticism towards traditional advertising while valuing content shared by influencers [8] - This generation prioritizes brands that align with their values and integrate into their daily lives, reflecting a shift towards user-driven market dynamics [12][31] Brand Preferences - Generation Z exhibits a strong preference for local Chinese brands, demonstrating an openness to innovation and high cost-performance ratios, which presents opportunities for Chinese brands to expand internationally [12][15] - The top Chinese global brands favored by Generation Z include Tencent, Xiaomi, and SHEIN, with 26 3C brands recognized for their quality, innovation, and integration into local ecosystems [13][20] Brand Strategy - Chinese brands are transitioning from merely exporting products to establishing a global brand presence, leveraging a combination of hard strengths (quality and innovation) and soft communication strategies [15][17] - Effective communication involves engaging local communities through relatable content and influencers, transforming them into trust intermediaries rather than just sales channels [17][31] Technological Integration - The use of technology, such as AR, enhances user experience and engagement, with examples including Tencent's immersive gaming experiences and SHEIN's virtual fitting rooms [19][27] - AIGC technology is expected to play a crucial role in future brand strategies, enabling personalized experiences and localized communication without the need for large teams [23][25] Future Trends - The competition for Generation Z's loyalty will hinge on brands' abilities to provide ongoing engagement and personalized experiences, shifting from traditional advertising to deeper emotional connections [27][29] - The perception of Chinese brands is evolving from being seen as cost-effective to being recognized as innovative partners in trends, reflecting a cultural exchange that benefits both parties [29][31]