作为外贸"新春第一展"，第34届华东进出口商品交易会（以下简称"华交会"）3月1日至4日在上海新国 际博览中心举行。记者昨天下午从上海市商务委获悉，本届展会展览总面积达11.5万平方米、覆盖10个 展馆，展位、展商、境外展商数量全面增长，更汇聚数千家优质企业与海量创新产品，预计吸引超4.6 万名境内外专业采购商。 3325家境内外企业参展 本届华交会共设服装服饰展、纺织面料展、家庭用品展、装饰礼品展4大专业子展，以及跨境电商和境 外展区2大专业展区。参展规模实现全面提升，据统计，本届展会总展位数达5291个，吸引3325家境内 外企业参展，其中境外展商375家，覆盖14个国家和地区。与上届相比，展位总数、展商数量、境外展 商数量分别增长2.88%、2.31%、3.02%。采购商方面，华交会已连续两届实现快速增长，预计本届展会 将迎来超4.6万名境内外专业采购商，展会规模与行业影响力双双迈上新台阶。 作为展示我国外贸企业创新升级、品牌发展的"前沿窗口"，本届华交会持续优化参展企业与产品结构， 汇聚了一批国家级高新技术企业、专精特新"小巨人"企业及细分赛道龙头企业等优质主体。数据显示， 本届参展企业中，品牌企业占 ...

这意味着，由高潜力城市高密度门店网络、持续优化的单店模型、AI驱动的履约效率提升以及多元化 高毛利商品结构共同托底的进一步盈利值得期待。 据了解，叮当健康在"效率+密度"的基础上，不断拓宽营收边界。一方面升级AI智慧药房，打造集新特 药/专科药房、药师咨询室、患者教育区、临床研究招募点、智能医疗设备体验区于一体的专业健康服 务中心；另一方面优化商品结构，引入专业的创新药、慢病处方药、医疗器械，同时切入千亿元级宠物 市场，上线宠物用品，形成多元化盈利矩阵。 多维度的业务拓展，为叮当健康营收增长打开空间，数据显示，叮当健康已在北上深三地实现盈利，这 成为撬动公司整体盈利的关键支点。 本报讯 （记者陈潇）日前，叮当健康科技集团有限公司（以下简称"叮当健康"）发布公告，2025年度 亏损较上年收窄80%，实现Non-GAAP盈利。 作为医药即时零售赛道中稀缺的"准盈利标的"，随着AI技术深化落地、全国扩张持续推进及盈利全面兑 现，叮当健康的未来成长性值得期待。2025上半年末，叮当健康还手握超13.59亿元的现金及等价物、 定期存款等充沛资金，财务安全垫厚实。 近阶段，叮当健康用"真金白银"陆续完成多轮回购股票，向市 ...

"不容易。"丁言东告诉第一财经，从客户那儿想办法涨价太难了，当前竞争激烈的形势下，"价格多报 一点都很困难"。为此，与客户直接协商分担人民币升值带来利润的损失不现实，只能自己在供应链的 成本端继续默默压缩。 持续向内求、提效率，仍是坐拥强大制造业基础的中国外贸人脑海里最主流的思路。 2026年开端的外需"体感"没有想象的那么严峻，总体向好 2月25日，刚开工一天的浙江外贸企业负责人丁言东，一边与员工沟通包装的具体事宜，一边思考如何 应对人民币汇率继续大涨的挑战。 春节后，人民币对美元延续2025年12月以来的偏强走势。首个交易日，人民币汇率对美元再创阶段性新 高。根据2月24日的Wind数据，在岸人民币对美元汇率小幅高开，午后强势拉升，双双续创2023年4月 以来升值高点。当天，在岸人民币对美元汇率盘中最高升值至6.8804，离岸人民币对美元汇率盘中最高 升值至6.8760。2026年春节假期期间，在岸人民币市场休市，离岸人民币对美元汇率整体呈现上涨走 势。 出口企业涨价难 对于出口企业而言，人民币升值意味着利润遭受侵蚀。如何守住利润，是人民币升值背景下令中小微外 贸人头疼的话题。 短期而言，王青说，考虑到外 ...

证券研究报告 | 2026年02月24日 悦己消费产业链研究专题 优于大市 从刚需渗透到情感叙事，宠物消费下半场如何展开 情感叙事推动消费理念进阶，国内宠物消费升级进行时。目前国内年轻高知 养宠群体规模快速扩大，养宠理念正逐步从满足基础生存的"养活"进阶为 追求健康与情感共鸣的"养好"，未来其一方面将推动宠物食品等实物消费 升级，另一方面也将加速宠物医疗等服务消费潜力释放，进而驱动国内宠物 产业步入新发展阶段。 食品：情感叙事重构人货场，国牌升级与新渠道协同发力，强者愈强。在情 感化、拟人化驱动的新消费叙事下，信任建立与专业背书是品牌赢得消费者 心智、保持品牌势能的关键落脚点。同时电商渠道已经进入存量竞争、价值 营销时代，品牌商全域运营能力将成为决胜关键。因此我们认为无限货架虽 给国内市场终局带来未知数，但市场终将属于具备供应链自控能力、持续投 入研发并善于传递品牌价值的长期主义者。国内宠食行业或在后半场加速走 向"良币驱逐劣币"阶段，优质品牌商有望穿越周期成为胜者。 医疗：猫狗老龄化激发消费潜力，连锁化有望铸就龙头。1）医院端：国内 宠物医疗市场尚年轻，覆盖率、单店流水明显低于海外成熟市场水平。未来 在科学 ...

快过年了，置办年货可是一件大事。馈赠亲友，犒赏自己，每个人都有自己的"年货购物清单"。 0:00 一刀一剪刻春秋 指尖风华迎新春 剪纸，一直以来都是年货清单上的"吉祥符号"。有着200多年历史的国家级非物质文化遗产河北蔚县剪 纸最近特别"出圈"。 "潮"服装、婚纱、影视和动漫的周边都来自这座古城——河北蔚县，来自这里的一项古老技艺——蔚县 剪纸。 国家级非物质文化遗产蔚县剪纸省级代表性传承人 周利伟：每一个图案都是咱们传统吉祥寓意。蔚县 剪纸根据每个时代的审美需求变化，一直在做新的东西，所以能一直传承下来。 蔚县暖泉古镇的大集人山人海，在这里采买年货一定得买点啥？比较有特色就是用胡麻油做的点心，还 有窗花。 0:00 这几天，在江苏南京鼓楼区，各大商场内年味十足。在国补政策的带动下，除手机、平板电脑等持续热 销外，手持全景相机、智能眼镜、智能机器人玩具等新潮产品，也吸引了不少消费者前来体验。 据销售人员介绍，今年首次纳入国补消费补贴名录的智能眼镜，销售量不断增长。有的眼镜主打"第一 视角拍摄"，能实时录制眼前场景，适配旅行记录、短视频创作等需求。 还有的眼镜以"无感交互"为核心，可同步手机屏幕信息，用户无须低 ...

Core Viewpoint - The "Spring Flower Market" in Yangzhou's Head Bridge Town is a vibrant cultural event that combines flower sales, folk experiences, and community services, marking the celebration of the Year of the Horse [1][5]. Group 1: Event Highlights - The event features traditional performances such as lion dances and fortune god parades, engaging the audience and enhancing the festive atmosphere [2]. - A cultural showcase includes classic segments from Yang Opera and intangible cultural heritage performances, highlighting local artistic vitality [2]. - The market is organized into four themed experience areas, including a core flower area with various floral offerings, a local delicacies section, a pet-friendly zone, and a public welfare service area [2]. Group 2: Economic and Community Impact - The signing of projects related to smart agriculture and cold chain storage during the event signifies a boost in local agricultural innovation and industry upgrades [5]. - The successful hosting of the market reflects the achievements in industry innovation, cultural tourism integration, and public service in the region [5]. - Future plans for Head Bridge Town include further development of the pet economy, smart agriculture, and cultural tourism integration, aiming to contribute to modernized practices in China [5].

Core Viewpoint - Nanjing aims to become a national innovation source and high-quality development pioneer in the pet economy, targeting a pet industry scale of over 10 billion yuan by 2028 and 15 billion yuan by 2030 [1] Group 1: Development Strategies - Nanjing will develop "pet + cultural tourism" by creating over three pet consumption characteristic blocks and more than ten new pet consumption scenarios across the city [2] - The city plans to enhance "pet + services" by standardizing pet care and medical services, promoting chain and specialized operations in pet medical institutions, and encouraging pet insurance [2] - The initiative includes advancing "pet + retail" by establishing a pet retail system covering communities and malls, and integrating pet industry resources with cross-border e-commerce to boost export trade [2] - Nanjing will focus on cultivating over ten brand enterprises with core technologies and high market recognition in the "pet + brand" sector [2] Group 2: Industry Clusters - The plan emphasizes creating pet industry clusters in various districts, including health, pharmaceuticals, technology, and consumer goods, leveraging Nanjing's biopharmaceutical advantages [3] - The city aims to strengthen the pet food and medicine industry, targeting the approval of over three original innovative pet drugs and more than 20 new veterinary drug registration certificates [3] - Nanjing will support the establishment of a pet industry alliance led by Nanjing Agricultural University and promote innovation and entrepreneurship competitions in the sector [3] Group 3: Market Potential - Currently, Nanjing has approximately 1.5 million pets, with the pet industry valued at around 5 billion yuan, showcasing significant market potential and a solid industrial foundation [4] - The "Mao Hai Island" project in Jianye District, set to open in November 2024, will feature an 8,000 square meter area focused on pet socialization and interaction, attracting nearly 10,000 visitors monthly, with 70% being pet owners [4] Group 4: Infrastructure Development - The first pet industry park, G Park, will open in Jiangbei New District in December 2025, integrating ecological tourism and pet economy, and offering diverse services including medical care and social interaction [5] - The Qixia District has issued its own implementation opinions to promote the pet economy, focusing on innovation, cluster development, and a high-quality development system covering the entire supply chain [6]

Core Insights - The new duty-free policy in Hainan has led to a significant increase in duty-free shopping, with total spending reaching 12.11 billion yuan, a year-on-year growth of 13.9% [1] Group 1: Policy Impact - The new duty-free policy, effective from November 1, 2025, extends benefits to departing travelers and expands the range of duty-free products [1] - Island residents with departure records within a calendar year can purchase 15 categories of "immediate purchase and pick-up" items without the previous limit of one purchase per trip [1] Group 2: Product Range Expansion - The number of duty-free product categories has increased from 45 to 47, adding items such as pet supplies and portable musical instruments [3] - Six categories of domestic products, including clothing, scarves, and tea, are now available in duty-free stores, offering high-quality domestic goods at more favorable prices [3] Group 3: Market Response - There has been a notable increase in customer traffic, with a reported rise of over 50% compared to the same period last year, and on-site sales have surged by over 40% [3]

Core Viewpoint - The "乐购新春" (Happy Shopping Spring Festival) initiative aims to stimulate consumer spending during the Spring Festival by organizing various festive activities and promotions across different regions in China, enhancing the overall shopping experience and boosting local economies [6][15]. Group 1: Event Organization and Activities - The "乐购新春" initiative includes a series of activities designed to create a festive atmosphere, such as themed markets, cultural performances, and interactive experiences [6][8][12]. - In Beijing, the "乐购新春" activities feature vibrant decorations and local food markets, attracting consumers to participate in various events [7]. - Guangzhou is introducing innovative experiences like robot calligraphy and themed flower markets to engage consumers in new ways [8]. Group 2: Consumer Engagement and Promotions - Various regions are offering substantial discounts and promotional activities, such as "满减" (discounts based on spending thresholds) and "满赠" (gifts with purchases), to attract shoppers [10][11]. - The Ningbo Second Department Store is implementing a range of promotional strategies, including electronic coupons and prize draws, to enhance consumer participation [10]. - In Fujian's Quanzhou, traditional dining experiences like "流水席" (flowing banquet) are being highlighted to attract both local and visiting consumers [9]. Group 3: Collaboration and Support - Local governments and businesses are collaborating to create a unified approach to promote the "乐购新春" activities, enhancing the overall consumer experience [12][14]. - The initiative includes online and offline integration, with platforms like Douyin (TikTok) facilitating live broadcasts and interactive events to drive foot traffic to physical stores [13]. - The "购在中国，乐在湖北" (Shop in China, Enjoy in Hubei) campaign showcases international products, enhancing the shopping experience for both local and international consumers [14]. Group 4: Market Impact and Future Outlook - The "乐购新春" initiative is expected to create a significant surge in consumer spending at the beginning of 2026, contributing to the overall growth of the retail market [15]. - Data indicates that the retail sales of consumer goods reached over 50 trillion yuan in 2025, with a growth rate of 3.7%, suggesting a positive trend in consumer spending [12].

Core Insights - The report titled "2026-2032 China Pet Industry Panorama Survey and Market Assessment" provides essential reference for decision-makers and investors in the pet industry, based on comprehensive analysis and interviews with industry experts and executives [1][4]. Industry Overview - The pet industry in China is transitioning from "rapid growth" to "high-quality development," with a shift in the role of pets from mere companions to emotional partners [8][10]. - The market for exotic pets (reptiles and aquatic pets) is rising, with a significant increase in the population of amphibians and reptiles expected [8]. - By 2026, the number of pets in China is projected to grow by 5.5% year-on-year, while the overall market size is expected to increase by 9.5% [10]. Market Dynamics - The pet industry has entered an era of "refined pet-keeping," characterized by an expanding market size and a shift towards high-end and emotional consumption [10]. - Challenges such as standardization, talent shortages, and economic fluctuations are present, but opportunities arise from technological empowerment, globalization, and policy support [10]. Historical Context - The development of the pet industry in China began in the early 1990s and has undergone various phases, including an enlightenment phase, a nurturing phase, and is now entering a high-speed development phase starting from 2025 [13][14]. - Changes in family structures, such as the increase in empty-nest and DINK families, along with rising income levels and improved consumption structures, are driving the growing demand for pets [13]. Data Collection Methodology - The report's data accuracy is ensured through multiple channels, including annual reports from listed companies, manufacturer surveys, dealer discussions, and expert validations, utilizing a proprietary industry analysis model [4][10]. Future Trends - The report anticipates that pets will increasingly be viewed as family members and emotional companions, driving the industry towards high-quality development [10]. - The pet industry is expected to see a rise in the variety of pet species and a flourishing pet services sector, with a trend towards down-market consumption [27].