2026.02. 04 不过，虽然国货美妆近年来的发展势头迅猛，但也面临不少挑战。 在今年上海两会期间，上海市人大代表、自然堂集团公共事务总经理陈娟玲就提出，尽管上海入境消费市场潜力巨大，但当前消费结构存在明显短 板：购物消费占比偏低，国货品牌在入境消费中存在感弱、认知度低；缺乏标志性国货零售集聚区，品牌布局分散，难以提供一站式购物体验；入境 消费便利化服务衔接不畅，"即买即退"覆盖不全，多语种、跨境支付等配套集成度不足；国货品牌国际营销与旅游推广脱节，海外推广渠道单一，未 能与入境旅游形成有效联动。 本文字数：999，阅读时长大约2分钟 作者 | 第一财经 刘晓颖 上海作为国家首批培育建设的国际消费中心城市，持续推动消费升级与市场创新。市政府工作报告将"大力提振消费"列为核心任务，明确要求"加快打 造以国货潮牌为引领的消费自主品牌，优化入境消费服务体系，提升入境人士消费便利度，大力发展免退税经济"。 有美妆行业人士指出，在当前入境旅游市场快速复苏的背景下，聚焦国货化妆品品类，在沪规划建设世界级入境零售功能区，不仅能够有效承接并转 化入境客流红利，更能成为向世界展示"中国制造"品质与创新的重要窗口，助力上海建 ...

在当前入境旅游市场快速复苏的背景下，聚焦国货化妆品品类，在沪规划建设世界级入境零售功能区， 不仅能够有效承接并转化入境客流红利，更能成为向世界展示"中国制造"品质与创新的重要窗口。 上海作为国家首批培育建设的国际消费中心城市，持续推动消费升级与市场创新。市政府工作报告 将"大力提振消费"列为核心任务，明确要求"加快打造以国货潮牌为引领的消费自主品牌，优化入境消 费服务体系，提升入境人士消费便利度，大力发展免退税经济"。 有美妆行业人士指出，在当前入境旅游市场快速复苏的背景下，聚焦国货化妆品品类，在沪规划建设世 界级入境零售功能区，不仅能够有效承接并转化入境客流红利，更能成为向世界展示"中国制造"品质与 创新的重要窗口，助力上海建成更具全球影响力的消费地标。 对此，陈涓玲建议以"政府引导、市场运作、产业联动、便利优先"为原则，在上海核心地段规划建 设"世界级国货化妆品入境零售功能区"。 她建议，由市商务委牵头，会同市规划资源局、市文旅局等部门，在南京路、淮海路、陆家嘴、外滩或 虹桥国际开放枢纽等区域，规划建设总面积约3至5万平方米的专题功能区，打造"购物+观光+文化+休 闲"的一体化消费生态圈。推动功能区全面实 ...

本报（chinatimes.net.cn）记者方凤娇 上海报道 上海作为国家首批培育建设的国际消费中心城市，持续推动消费升级与市场创新，着力提升全球消费吸 引力与资源配置能力。上海市政府工作报告将"大力提振消费"列为核心任务，明确要求"加快打造以国 货潮牌为引领的消费自主品牌，优化入境消费服务体系，提升入境人士消费便利度，大力发展免退税经 济"。国货化妆品产业，特别是以上海"东方美谷"为代表的产业集群，兼具扎实的品牌基础、高度的产 业集聚和广阔的市场潜力，是链接入境消费、打响国货品牌、激活高端零售的优质突破口。 2月2日至3日，中国人民政治协商会议上海市第十四届委员会第四次会议和上海市第十六届人民代表大 会第四次会议相继在上海世博中心开幕，标志着2026年上海两会正式拉开帷幕。今年上海市人大代表、 自然堂集团公共事务总经理陈娟玲带来了《关于在上海建设面向全球入境人士的世界级国货化妆品零售 功能区，大力提振消费的建议》。陈娟玲对《华夏时报》记者表示，在当前入境旅游市场快速复苏的背 景下，聚焦国货化妆品品类，在沪规划建设世界级入境零售功能区，不仅能够有效承接并转化入境客流 红利，更能成为向世界展示"中国制造"品质 ...

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.27% and the Shenzhen Component Index increasing by 0.09%, while the ChiNext Index fell by 0.57%. The total trading volume in the Shanghai and Shenzhen markets reached 29,650.88 billion yuan [1][7] - In the industry sector, non-ferrous metals, oil and petrochemicals, and coal led the gains, while sectors such as comprehensive, media, and national defense and military industry lagged behind. Concept sectors like gold, lead, and zinc saw significant increases, while monkeypox, cell immunotherapy, and newly listed tech stocks experienced declines [1][7] Important News - The Federal Reserve maintained its benchmark interest rate at 3.50%-3.75%, following three consecutive rate cuts of 25 basis points. This decision aligns with market expectations. The Fed noted signs of stabilization in the unemployment rate, while inflation remains relatively high, and economic uncertainty persists [2][8] Industry Analysis - The media industry experienced a strong performance in 2025, with the Shenwan Media sector rising by 27.17%, ranking ninth among Shenwan's first-level industries and outperforming the CSI 300 Index. The industry valuation (PE-TTM) has shown fluctuations but remains above the average level of the past seven years. Revenue and net profit for the first three quarters of 2025 showed steady growth, with year-on-year increases in Q3 [9][10] - The dual focus on IP and AI is reshaping the media industry. As consumer preferences shift from "functional" to "emotional value," there is a growing market for IP content and its commercialization. AI is recognized as a transformative technology with vast potential across various media sub-industries, driving new market developments [9][12] Investment Highlights - IP is categorized into content-based and image-based types, both of which can interchange to explore higher value and enhance commercialization through derivative products. Content-based IP includes literary and film adaptations, while image-based IP focuses on recognizable visual symbols [10][11] - The market for IP derivatives is experiencing explosive growth, driven by the rise of Generation Z consumers and the popularity of "emotional value" economics. Key product categories include collectibles and toys, which resonate with younger audiences' social and entertainment needs [12] - AI applications are expanding across multiple media sectors, enhancing content production efficiency and reducing costs. In gaming, AI is revolutionizing narrative and gameplay experiences, while in advertising, traditional marketing models are being restructured to adapt to new consumer information-seeking behaviors [14][13]

Core Insights - The A-share market saw collective gains on Thursday, with the Shanghai Composite Index rising by 0.47%, the Shenzhen Component Index by 0.33%, and the ChiNext Index by 0.3%. The total trading volume in the Shanghai and Shenzhen markets reached 1,924.381 billion yuan [2][8]. Market Review - The leading sectors included defense and military, light industry manufacturing, and machinery equipment, while the comprehensive, non-ferrous metals, and commercial retail sectors lagged behind. Concept stocks such as Chengfei Concept, aviation engines, and commercial aerospace saw significant gains, whereas Hainan Free Trade Zone, lead metal, and zinc metal concepts experienced declines [2][8]. Important News - The National Development and Reform Commission and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," effective from February 1, 2026. Key changes include encouraging foreign investment in advanced manufacturing and modern service industries, as well as in the central and western regions, Northeast China, and Hainan Province [3][9]. - The People's Bank of China emphasized the need for robust monetary policy adjustments to maintain ample liquidity, suggesting a comprehensive use of various tools to manage policy implementation effectively [3][9]. Industry Analysis - The retail industry is shifting towards emotional consumption, with a focus on consumer sentiment driving demand for related sectors. The current consumption landscape in China has transitioned from "consumption upgrade" to "consumption stratification," where consumers are increasingly seeking value for money while also willing to pay a premium for certain new products or services [10]. Specific Sector Insights - **Trendy Toys**: The trendy toy market in China is rapidly expanding, with market size projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, reflecting a CAGR of 35.11%. The market is currently fragmented, and companies with comprehensive supply chains and strong IP resources are expected to thrive [11]. - **Gold and Jewelry**: The sector is transitioning from channel-driven to product-driven strategies. Despite rising gold prices suppressing consumer demand, some companies are achieving rapid growth through superior craftsmanship and marketing. The demand for gold jewelry is expected to increase as consumer preferences evolve [13]. - **Cosmetics**: The rise of domestic brands is evident, with local companies focusing on R&D and successfully capturing market share from foreign brands. The demand for domestic beauty products is increasing among younger consumers, suggesting a positive outlook for strong domestic brands [13].

Group 1 - The report highlights that the new consumption market has a rotation and rebound configuration opportunity, driven by three main logics: fundamental, financial, and style rotation [9][10][12] - The fundamental aspect indicates that under the backdrop of US-China trade friction, there is a strong expectation for policies to boost domestic demand, which catalyzes the consumption style market [9][10] - Financially, global capital reallocation and valuation recovery in Hong Kong stocks are noted, with A-shares and Hong Kong stocks showing a resonance in consumer sectors [10][12] Group 2 - The report discusses structural changes in the Chinese consumption market driven by demographic shifts and weakening consumer confidence, with the middle-income group expanding and the "Z generation" becoming the main consumer force [28][29] - It emphasizes that the economic transformation and declining real estate cycle have led to a cautious consumer sentiment, affecting spending behavior [38][40] Group 3 - The report identifies three key trends in new consumption: "emotional consumption," "value-for-money consumption," and "service and experience consumption," each with distinct growth drivers and investment opportunities [48][59][68] - "Emotional consumption" is characterized by high margins and resilience to economic cycles, with significant growth in IP economy and pet economy sectors [48][51] - "Value-for-money consumption" is driven by rational consumption tendencies and supply chain optimization, leading to the rise of discount retail and bulk snack industries [59][62] Group 4 - The report notes that the service and experience consumption sector is expected to grow rapidly, particularly in outdoor sports, as GDP per capita surpasses 10,000 USD, influenced by the "single economy" and changing consumption preferences [68][71] - It highlights that outdoor apparel and footwear sales are projected to see significant growth, with a year-on-year increase of 87.3% expected in 2024 [68][71]

Industry Overview - In 2025, social consumption and retail enterprises are slowly recovering, with segments like gold jewelry benefiting from high gold prices, while cosmetics and medical aesthetics face intense competition and the rise of domestic brands. Notably, "emotional consumption" remains a key indicator of market vitality [2][8]. Segment Analysis Gold Jewelry - The industry has undergone significant changes, with high gold prices and declining wedding demand affecting traditional brand competitiveness. The rise of emotional consumption and social media marketing has led to the emergence of new brands with differentiated products and consumer insights. Opportunities are seen in high-end Chinese gold and trendy gold segments [3][25]. Retail E-commerce - Offline retailers are transforming from selling "goods" to offering "services and experiences," leveraging their advantages to attract traffic back. Online cross-border e-commerce is expected to enter a demand improvement phase with the easing of interest rates, further enhanced by AI integration [3][19]. Cosmetics - Domestic brands are capitalizing on cultural roots and emotional value to increase market share. Innovations in product safety and emotional value are key, with opportunities in regional and technological narratives, sensitive skin anti-aging, and domestic color cosmetics [3][85]. Medical Aesthetics - High-end consumers show resilience, with a focus on differentiated products from upstream manufacturers and mergers and acquisitions among downstream medical institutions to drive growth [3][5]. Investment Recommendations - Gold Jewelry: Favor brands with differentiated product strength and consumer insights, recommending Chao Hong Ji, Lao Pu Gold, and Chow Tai Fook, with beneficiaries including Chow Sang Sang [3][52]. - Retail E-commerce: Support offline retailers adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket, Ai Ying Shi, Ji Hong Co., and Sai Wei Times [3][82]. - Cosmetics: Highlight domestic brands that meet emotional value and safety innovation, recommending Mao Ge Ping, Pechoin, Shangmei Co., Juzi Biological, Wanmei Biological, and Runben Co. [3][52]. - Medical Aesthetics: Focus on differentiated medical aesthetic product manufacturers and expanding chain medical institutions, recommending Ai Mei Ke and Ke Di-B, with beneficiaries including Mei Li Tian Yuan Medical Health [3][52].