去年8月，财政部等五部门联合印发《关于完善市内免税店政策的通知》提出，在全国首批新设8家市内 免税店，广州、深圳各占一席，加上此前已运营的市内免税店，我国市内免税店版图将拓展至27家，分 布在22个城市。而在广州和深圳新店开业之前，武汉首家市内免税店已于今年5月亮相。 当前，我国正通过多重举措大力推动"入境游"复苏，市内免税店被寄予将旅游流量转化为消费流量、挖 掘免税业务新增长极的重要期望。不过，在全球消费环境持续变化之下，当前市内免税店实际经营状况 如何？又该如何实现突围？围绕这些核心问题，证券时报记者展开了实地走访与深度采访。 "坐上跨境巴士半个钟左右，就可以来到这里买我喜欢的国产护肤品了，还可以直接办理退税，真的很 方便。"来自香港的黄女士表示。8月26日，深圳市内免税店正式开门迎客，同一天，广州的市内免税店 也正式落地。这是在新一轮市内免税店扩围之下，再"上新"的两家市内免税店。 广深市内免税店迎来新气象 探路新模式 据记者实地观察，广州与深圳同日亮相的两家市内免税店，在运营模式、商品布局与选址策略上呈现诸 多共性，同时又依托城市特色形成差异化亮点，为区域免税消费市场注入新活力。 从运营模式来看，两地 ...

Core Viewpoint - The article discusses the evolution of consumer behavior in China, emphasizing the shift from basic survival needs to emotional and experiential consumption, driven by economic development and demographic changes [4][5][15]. Group 1: New Consumption Trends - The concept of "new consumption" has gained traction, with examples like a rising cosmetics brand achieving a valuation exceeding $10 billion within four years of its establishment [3]. - Consumers are increasingly focused on emotional satisfaction and self-fulfillment, moving beyond mere product functionality [4]. - The 95 post-90s generation has become a significant consumer force, with annual spending reaching approximately 8-9 trillion yuan, accounting for nearly 50% of sales during major shopping events [5]. Group 2: Emotional Consumption Drivers - The transition to an "atomized" social structure has led to the rise of emotional consumption and the single economy, as traditional social ties weaken [5]. - The COVID-19 pandemic and geopolitical uncertainties have heightened the demand for emotional consumption, with the market for concerts expected to grow from 12 billion yuan in 2019 to 45 billion yuan by 2024 [15]. - Emotional consumption has shifted from being optional to essential, as consumers seek to maintain psychological well-being in uncertain times [15]. Group 3: Brand Power and Market Dynamics - The success of a consumption model relies on the ability of companies to manage brand power, which is increasingly influenced by product quality and distribution channels [10]. - The shift from traffic dividends to content dividends means that strong product quality is essential for gaining market share in a fragmented channel environment [12]. - The capital market views assets that can be priced based on emotional value as scarce growth opportunities, less affected by economic cycles and geopolitical risks [18]. Group 4: Challenges and Future Outlook - The core driver of new consumption is consumer passion, which translates into strong purchasing intent and high repurchase rates [19]. - However, sustaining this passion is challenging; only brands that can elevate their products to art and cultivate a loyal customer base will thrive in the long term [19].

Core Insights - The article discusses the phenomenon of consumption upgrade, highlighting its transformative impact on individual lifestyles and the broader economy [1][6]. Group 1: Changes in Consumer Behavior - The shift from basic needs to quality and emotional value in consumption is evident, with consumers increasingly prioritizing "how good" products are over mere availability [1][3]. - The middle-income group has expanded significantly, with over 400 million people now enjoying a per capita disposable income exceeding 40,000 yuan [1]. Group 2: Market Expansion and Trends - The retail sales of social consumer goods are projected to reach 48.3 trillion yuan in 2024, marking an increase of over 80% from 25.9 trillion yuan in 2014 [3]. - The "Z generation" and elderly consumers are key demographics driving consumption upgrades, with the market for "Guochao" (national trend) expected to reach 2.29 trillion yuan in 2024 [2]. - The rural retail market is also expanding, with a projected retail sales figure of 6.67 trillion yuan in 2024, growing at a rate of 4.3% year-on-year [2]. Group 3: Quality and Experience in Consumption - There is a notable increase in spending on education and entertainment, with a 13.9% growth in the first quarter of the year, outpacing the overall consumer spending growth of 8.7% [2]. - The knowledge payment industry is expected to grow from 2.65 billion yuan in 2016 to 280 billion yuan this year, indicating a strong demand for enriched experiences [4]. Group 4: Opportunities for High-Quality Development - The interaction between production and consumption is becoming more frequent, leading to a virtuous cycle where demand drives supply and vice versa [5]. - The implementation of policies promoting the replacement of old consumer goods is expected to significantly boost the sales of energy-efficient appliances and new energy vehicles [5]. - The service retail sector is projected to grow by 6.2% in 2024, with service consumption related to consumption structure upgrades maintaining double-digit growth [5].

Group 1 - The core viewpoint of the article emphasizes the need for investors to adapt to the rapidly changing landscape of 2025, focusing on long-term investment strategies amidst uncertainty [2] - The investment philosophy of the company is to find "certainty cuts" in uncertainty, leveraging long-termism to hedge against short-term fluctuations [3][22] - The company has invested in over 600 enterprises, focusing on the integration of "people, events, time, and value" in its investment logic [3][22] Group 2 - The success of DeepSeek is attributed to the resonance between technological iteration and scene demand, highlighting the importance of focusing on specific verticals rather than general models [4][5] - The company is shifting its focus from general AI models to application-based companies that can encapsulate large model capabilities into SaaS tools and niche models trained with industry data [6] - The company emphasizes the need for local governments to move away from "policy following" thinking and instead foster an ecosystem that supports innovation and collaboration [7] Group 3 - The company identifies three key traits in young entrepreneurs: obsessive focus, technical originality from 0 to 1, and rapid error correction ability [8] - The company sees high certainty in three sectors for 2025: AI in the real economy, synthetic biology, and the silver economy [9] - The company advises entrepreneurs to focus on single-point breakthroughs, bind to industry chains, and prioritize cash flow management [10][11] Group 4 - The company is restructuring its fundraising strategy, with government-guided funds now accounting for over 70% of its LP structure, aiming for precise matching with strong industrial cities [12] - The exit strategy is evolving from "betting on IPOs" to a more diversified approach, including mergers and acquisitions [13][14] - The company predicts a strong year for hard tech IPOs, with over 10 companies in semiconductor, AI, and biomedicine expected to reach a market value of over 10 billion [25] Group 5 - The company believes that consumer investment is diversifying, focusing on new domestic products and aging population needs [17] - The company sees structural opportunities in cross-border investments, particularly in Southeast Asia and the Middle East [25][20] - The investment logic of the company is centered around identifying "unicorn" companies with high growth potential and ensuring exit strategies are in place [22]

Core Insights - The article highlights the significant increase in inbound tourism and consumer spending in China during the 2025 "May Day" holiday, driven by optimized policies such as 240-hour visa-free transit and immediate tax refunds for departing tourists [1][2]. Group 1: Inbound Tourism Growth - During the "May Day" holiday, a total of 10.896 million people entered and exited China, with foreign visitors accounting for 1.115 million, marking a 43.1% year-on-year increase [1]. - Chengdu emerged as a popular destination for foreign tourists, with a notable increase in tax refund transactions, particularly due to the "immediate refund" service [1][2]. Group 2: Tax Refund Policy Impact - The volume of tax refund transactions in Chengdu SKP increased by 450% compared to the previous year, with immediate refunds making up 41% of these transactions [2][3]. - Overall, Chengdu's tax refund processing volume grew by 160% and the refund amount increased by 121% during the holiday [2][3]. Group 3: Consumer Behavior and Preferences - Foreign tourists primarily purchased jewelry, clothing, and luggage, with these items accounting for 91% of tax refund goods [3]. - The tax refund policy has effectively lowered the psychological cost of high-priced items, stimulating impulsive purchases among tourists [3]. Group 4: Policy Optimization Suggestions - Experts suggest expanding the coverage of tax refund stores, lowering the threshold for refunds, and increasing cash refund limits to further stimulate consumption [4][5]. - The "immediate refund" model enhances the shopping experience by allowing tourists to receive refunds at the point of sale, thus facilitating additional spending [5]. Group 5: Future Directions for Tax Refund System - There is a call for establishing a regional tax refund alliance to enhance convenience for tourists across different shopping areas [6]. - Recommendations include expanding the physical coverage of the "immediate refund" system to include airports and key tourist sites, as well as creating a flexible product list to adapt to changing consumer preferences [7][8].