从生产端价格来看，新质生产力的培育壮大对工业品价格形成了结构性拉动，成为PPI降幅持续收窄的 重要支撑。具体而言，数字经济产业发展势头强劲，推动外存储设备及部件价格同比上涨15.3%；绿色 转型持续赋能，带动生物质液体燃料价格上涨9%；新材料等前沿领域快速增长，石墨及碳素制品制造 价格上涨5.5%。这些高技术、高附加值以及绿色行业价格的普遍上涨，反映出以创新为主导的产业升 级正在成为驱动工业领域供需改善和价格修复的重要动力。 治理"内卷式"竞争、建设全国统一大市场的效果逐步显现，对推动PPI回升起到积极作用。随着相关政 策部署的纵深推进，煤炭、锂离子电池、光伏设备等部分前期因过度竞争而价格承压的重点行业，价格 同比降幅呈现出持续、连贯的收窄态势。此外，下游消费潜力的有效释放，逐渐向上游生产端传导，带 动相关行业价格同比上涨。随着提振消费专项行动的深入实施，居民对文体休闲、健康营养、国潮精品 等品质类消费需求实现较快增长，促进工业领域相关生产者价格指数上升。 特约评论员 谷喻 1月9日，国家统计局发布的2025年12月物价数据显示，我国物价运行呈现出明确的企稳回升态势。在扩 内需政策持续显效与元旦假期消费需求增 ...

特约评论员谷喻 1月9日，国家统计局发布的2025年12月物价数据显示，我国物价运行呈现出明确的企稳回升态势。在扩 内需政策持续显效与元旦假期消费需求增加的共同作用下，居民消费价格指数同比上涨0.8%，涨幅创 下自2023年3月以来的新高。在国际大宗商品价格传导及国内重点行业产能治理政策的推动下，工业生 产者出厂价格指数实现环比上涨，同比降幅进一步收窄。纵观2025年全年，物价整体温和回升，特别是 下半年以来多项积极因素共同推动价格整体趋于改善。 从消费端价格来看，一系列扩内需、促消费政策持续显效，有效促进了内需恢复，带动CPI结构性回 升。扣除食品和能源价格的核心CPI同比上涨1.2%，已连续4个月运行在1%以上的区间，反映出消费修 复动能正在持续增强。与此同时，扣除能源的工业消费品价格同比涨幅上升到2.5%，反映出制造业产 品消费需求改善较为明显。消费价格的结构性改善，表明市场内部的需求基础正在稳步夯实，消费对经 济增长的基础性作用得到了进一步巩固。 随着消费市场的扩容与升级，服务类与品质消费品价格呈现稳步上涨态势。近年来现代服务业快速发 展，居民对文化娱乐、旅游、家庭服务等领域的消费持续扩容，推动服务价 ...

Core Insights - The cosmetics industry is a key focus for Shanghai, representing one of the six major industries aimed at enhancing the city's industrial capabilities and soft power [1][2] - The industry is undergoing structural adjustments and upgrades, facing both opportunities and challenges due to evolving regulations and rapid technological advancements [1] Industry Development Measures - Shanghai's measures to promote high-quality development in the cosmetics sector include branding "Shanghai-made" cosmetics and supporting the development of functional skincare products, fragrances, and domestic brands in the Qingpu District [2] - Qingpu District is leveraging its advantages as a gateway and exhibition hub, gathering a diverse range of leading and specialized enterprises to foster innovation and create a more efficient development environment [2] Innovation and Collaboration - The Qingpu cosmetics industry aims to enhance its innovation capabilities, intelligent manufacturing, and promote cross-industry integration and international cooperation [2][3] - The release of the "White Paper on the Cosmetics Industry in the Core Area of the Yangtze River Delta Integration Demonstration Zone" highlights the establishment of a closed-loop ecosystem encompassing R&D, production, marketing, and logistics [3] Industry Initiatives - A collective industry initiative was launched by eight cosmetics companies in Qingpu, emphasizing the commitment to mutual growth and the principles of openness, innovation, and sharing [3]

Core Viewpoint - The "Beijing Deepening Reform to Boost Consumption Special Action Plan" aims to achieve an average annual growth of around 5% in total market consumption by 2030, establishing 2-3 new consumption landmarks worth over 100 billion yuan, and enhancing Beijing's role as an international consumption center [1] Group 1: Promoting Income Growth and Reducing Burdens - The plan emphasizes implementing an employment-first strategy to drive income growth for urban and rural residents, particularly focusing on supporting college graduates and flexible employment [2] - Measures will be taken to improve the minimum wage standards and promote agricultural income through modern agriculture and rural tourism [2] - A public service guarantee mechanism will be established to enhance elderly care services and support for child-rearing, alongside improving financial services for the elderly [2] Group 2: Optimizing Service Consumption Experience - The plan aims to explore new cultural and entertainment consumption by revitalizing historical cultural sites and supporting online performances and exhibitions [3] - It includes initiatives to develop new tourism consumption scenarios and promote major projects like the second phase of Universal Studios [3] - The focus will also be on enhancing sports consumption by cultivating high-value international and local events [3] Group 3: Enhancing Product Consumption Momentum - The plan seeks to elevate the "Jingcai Four Seasons" city consumption brand and promote themed consumption activities monthly [5] - It encourages the development of international food brands and supports the establishment of flagship restaurants in Beijing [5] - The initiative includes creating unique dining experiences and promoting the integration of dining with various public spaces [5] Group 4: Creating Diverse and Integrated Spaces - The plan emphasizes revitalizing commercial spaces through innovative operational models and mixed-use developments [7] - It aims to enhance the consumption capacity of the "dual hubs" by leveraging airport resources and expanding international passenger services [7] - Support will be provided for the expansion of duty-free shops and cross-border e-commerce initiatives [7]

Core Insights - The new consumption wave is significantly impacting the Z generation's emotional spending habits, leading to a hot performance in the secondary market [1] - Two main driving forces behind the rise of new consumption are the generational shift in consumer demographics and the transformation of consumption concepts [1] Group 1: Market Dynamics - The main consumer group is shifting from the 70s and 80s generations to the Z generation, who prioritize emotional value and personalized experiences in their spending [1] - There is a transition from blindly pursuing brand premiums to prioritizing quality-price ratios, which has directly contributed to the rise of domestic brands [1] Group 2: Characteristics of New Consumption - New consumption focuses on personalized needs of niche markets rather than the mass market [1] - Growth in new consumption is less affected by macroeconomic fluctuations compared to traditional consumption [1] - Traditional consumption emphasizes "stock optimization," while new consumption focuses on "incremental creation," suggesting a potential for independent market performance [1] Group 3: Investment Research Framework - The investment research framework includes micro-observation, logical validation, and value assessment, starting with online data tracking for high-growth products [2] - Identifying common patterns among high-growth products and conducting in-depth research on relevant targets is essential [2] - Channel and grassroots research are conducted to understand consumer perceptions of products, followed by financial analysis including profit forecasts [2] Group 4: Valuation Perspectives - There is a need for a balanced view on the valuation of new consumption companies, as some have seen significant stock price increases while maintaining high growth rates [2] - Conversely, some companies that have recently gone public may experience price fluctuations due to market sentiment, potentially leading to bubble risks [2] Group 5: Risk Management Strategies - The company employs a dual approach to manage portfolio risks by selecting stocks with sustainable performance and adjusting positions based on market risk preferences [2]