Market Overview - The market experienced fluctuations with the Shanghai Composite Index reaching a new high for the year, while the ChiNext Index adjusted downwards. The total trading volume in the Shanghai and Shenzhen markets was 1.83 trillion, an increase of 91.4 billion compared to the previous trading day. The Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index fell by 0.18%, and the ChiNext Index decreased by 0.68% [1]. Solid-State Battery Industry - The solid-state battery industry is at a critical point of industrialization, driven by policy support, technological advancements, and increasing downstream demand. This sector is characterized by rapid market growth, focused technological routes, and expanding application scenarios. Solid-state battery equipment, as a crucial upstream segment of the industry chain, is expected to benefit first from the industry's development [2]. Outdoor Sports and Jewelry Industry - The outdoor sports sector is benefiting from a shift in lifestyle, with consumer enthusiasm driving demand for outdoor apparel. Leading manufacturers are innovating in functionality, providing consumers with more reasons to purchase outdoor gear. The jewelry sector is seeing growth through brands that emphasize product and channel innovation, particularly in the fast-growing fixed-price gold category. Companies with global production layouts and superior efficiency are likely to gain market share in the current trade environment [3]. Refining and Chemical Industry - Future refining enterprises need to adjust their product structure to increase the yield of chemical raw materials like ethylene and propylene, which can reduce carbon emissions and enhance product value. Building a complete integrated refining and chemical industry chain is essential for optimizing resource allocation and improving production efficiency. Attention is recommended for refining and chemical leaders with comprehensive integrated projects and significant scale advantages [4].

Core Viewpoint - The report from CICC expresses a continued optimism towards investment opportunities in the outdoor sports and gold jewelry industries, driven by lifestyle changes and consumer preferences [1] Group 1: Outdoor Sports Industry - The demand for outdoor sports apparel is being sustained by consumers' love for outdoor activities, which is further supported by leading manufacturers continuously innovating in functionality [1] - The head manufacturers are providing more incentives for consumers to purchase outdoor gear through product innovation [1] Group 2: Gold Jewelry Industry - The gold jewelry sector is seeing promising prospects for brands that focus on product and channel innovation [1] - An increasing number of excellent brands are entering the rapidly growing fixed-price gold category, enhancing their competitive edge through high-end and innovative products [1] Group 3: Apparel Industry - Within the apparel sector, leading companies in niche markets continue to exhibit stable market positions and strong cash flows [1] - Companies with global production layouts and superior efficiency are expected to gain market share in the current trade environment [1]

Core Insights - Wuhan government emphasizes boosting consumption and expanding domestic demand, with a focus on developing the "first store economy" [1] - In Q1 2025, Wuhan introduced 49 first stores across various sectors, marking a significant growth in the "first store economy" [1] - The majority of new stores are localized, with 63.3% being city-level first stores [1] Group 1: Restaurant Sector - The restaurant sector remains a dominant player, accounting for 53.1% of new first stores with 26 brands introduced [4][6] - There is a notable rise in niche dining experiences, with 9 international cuisine restaurants and various local specialties opening [6][8] - Popular dining trends include "mountain wild hot pot" and "sour soup hot pot," indicating a shift towards unique culinary experiences [8] Group 2: Retail Sector - The retail sector saw the introduction of 14 first stores, with clothing brands leading the charge [9][11] - Outdoor sports apparel is gaining traction, with brands like The North Face and Decathlon opening new stores [11] - Emerging trends in beauty and accessories include the launch of niche brands like Côte Noire and CASETiFY, reflecting a shift towards personalized shopping experiences [11][20] Group 3: Commercial Districts - Jianghan and Jiang'an districts lead in first store openings, each with 11 new stores, as part of a broader strategy to enhance commercial activity [12][16] - Street corner and CBD districts are becoming key areas for new store introductions, with a focus on improving consumer experiences [12][16] - The overall strategy aims to establish Wuhan as an international consumption center by enhancing the quality and diversity of shopping experiences [12][16]