SHMET 网讯：国庆中秋假期，全国国内出游8.88亿人次，全国消费相关行业日均销售收入同比增 长4.5%…… 国家税务总局等有关部门公布的最新数据显示，国庆中秋假期消费市场增势较好；数码产品、汽车 消费增长较快，旅游、文化艺术体育服务需求强劲，食品及保健品消费平稳增长。专家认为，在多元需 求和优质供给双重驱动下，国庆中秋假期的消费市场展现出强劲活力。随着更多扩内需相关政策的落 地，消费潜力有望持续释放，为经济高质量发展不断注入动能。 商品消费结构优化 "今年的国庆中秋假期，我回老家和家人团聚。我给爸妈买了新手机，中秋赏月时拍的照片效果真 不错。"在北京工作的田先生说。 国家税务总局最新发布的增值税发票数据显示，国庆中秋假期，数码产品、汽车、金银珠宝等商品 消费快速增长。手机等通讯器材销售收入同比增长18.8%，汽车销售收入同比增长12.6%，黄金价格上 升带动珠宝首饰销售收入同比增长41.1%。 这幅自驾赏秋图景，是国庆中秋假期期间"流动的中国"的缩影。交通运输部数据显示，10月1日至8 日，累计全社会跨区域人员流动量约24.32亿人次，创历史同期新高。 深度体验成为游客心之所向。国庆中秋假期期间，在美团旅 ...

● 本报记者 熊彦莎 国庆中秋假期，全国国内出游8.88亿人次，全国消费相关行业日均销售收入同比增长4.5%…… 国家税务总局等有关部门公布的最新数据显示，国庆中秋假期消费市场增势较好；数码产品、汽车消费 增长较快，旅游、文化艺术体育服务需求强劲，食品及保健品消费平稳增长。专家认为，在多元需求和 优质供给双重驱动下，国庆中秋假期的消费市场展现出强劲活力。随着更多扩内需相关政策的落地，消 费潜力有望持续释放，为经济高质量发展不断注入动能。 商品消费结构优化 "今年的国庆中秋假期，我回老家和家人团聚。我给爸妈买了新手机，中秋赏月时拍的照片效果真不 错。"在北京工作的田先生说。 国家税务总局最新发布的增值税发票数据显示，国庆中秋假期，数码产品、汽车、金银珠宝等商品消费 快速增长。手机等通讯器材销售收入同比增长18.8%，汽车销售收入同比增长12.6%，黄金价格上升带 动珠宝首饰销售收入同比增长41.1%。 "国庆中秋假期商品消费绿色智能导向鲜明，数码产品因以旧换新补贴销量攀升。升级类消费表现突 出，适老化改造产品、高端家电等受青睐。场景融合加速，线上直播间下单与线下即时配送结合，提升 购物体验。"苏商银行特约研究员 ...

证券研究报告 可选消费 国庆出行活跃，远途游及情绪消费亮眼 华泰研究 2025 年 10 月 09 日│中国内地 动态点评 国庆中秋假期消费稳健增长，双节重叠带动文旅消费及出行数据向好 据商务部数据，国庆中秋假期前 4 天（10.1-10.4）全国重点零售和餐饮企 业销售额同增 3.3%，保持稳健增长。双节重叠+拼假潮催化出行意愿，交运 部数据显示 25 年国庆中秋假期（10.1-10.8）日均跨区域人员达 3.04 亿人 次/同比+6.2%/环比五一+3.7%，高基数下仍有增长。小城文旅、文化体验 等多元化娱乐愈发出圈。商品消费领域，各地促消费政策、国补持续提振消 费并推动品类升级，绿色健康、智能化品类增速领先，"悦己+体验"等情 绪消费需求高涨，引领品类创新及服务迭代。我们看好消费行业的结构性机 会，建议关注情绪消费、国货崛起、AI+消费等方向的投资机遇。 零售：旅游省市及中低线城市表现亮眼，绿色智能及情绪消费受青睐 1）分地区看，旅游热门省市及中低线城市表现亮眼，如青岛（+8.2%）、 南京（+5.9%）、天津（+5.0%）、广西（+11.3%）等，美团国庆县域旅游 消费订单同增 51%。线下消费稳健增 ...

国庆中秋"双节"假期，北京消费市场迎来新流量与增量，传统项目与新潮商圈在文商旅体融合带动下消 费全面开花。10月8日，北京市商务局发布的数据显示，8天假期，市商务局重点监测的百货、超市、专 业专卖店、餐饮和电商等业态企业实现销售额95.1亿元；全市60个重点商圈客流量5966.8万人次，同比 增长13.9%。同时，"双节"假期前多个新项目入市，成为消费者游玩打卡的新地标，传统商圈更是外地 游客来京的首站。在新旧项目的共同发力下，首都消费市场彰显强劲韧性与活力。 "双节"期间，北京各类赛事活跃，集聚文商旅体资源拉动商圈发展。其中，WTT中国大满贯、中国网 球公开赛两大赛事有效拉动消费，新首钢园商圈、北苑商圈客流量同比分别增长1.1倍、5.9%。石景山 区联动区内重点商圈推出"赛事票根惠享季"活动，凭赛事票根享受200余家商户优惠，涵盖餐饮、零 售、娱乐、体育等领域。通州区携手大运河博物馆发放"看·见殷商"票根消费券，适时延长观展时间， 跨界联动百余家商户延伸消费链条。"中网嘉年华Open Live第二现场"联合朝阳798艺术区、房山首创奥 莱等打造3个超现场，以票根串联百余家品牌商户，激发区域消费活力。 "夜游 ...

国庆中秋"双节"叠加，不少消费者趁着超长假期买家电、焕新家。抢抓消费旺季，苏宁易购国庆期间加 码家电"超级补"让利优惠，为双节消费市场再添一把火。苏宁易购国庆全程消费数据显示，Suning Max 店销售同比增长61%，万元以上家电销售同比增长73%，品质化、健康化、智能化、场景化趋势凸显。 从消费客群来看，新生代和银发客群涌入苏宁门店，成为线下销售增长新引擎。同时，县域家电消费加 速提档升级，洗碗机、净饮机、烘干机成最受欢迎的家电"新三大件"。 苏宁易购门店平台事业部负责人表示，国庆假期家电消费市场结构性升级趋势凸显，从"生活刚 需"到"新智体验"，消费者普遍愿意为更舒适的健康空气、更精细的食材管理、更便捷的衣物护理、更 沉浸的视听体验和更智能的厨房生活买单。国庆家电"超级补"加持下，更多主打智能健康、场景融合的 新趋势家电以普惠价格走进千家万户。 "这款冰箱太智能了，它能够根据食材新鲜度自动调整保鲜模式，还能通过手机提醒我购买即将用完的 食材。"趁着国庆假期，北京市民刘先生为家里添置了一台最新款的智能冰箱。北京中塔苏宁易购Max 店副店长马野表示，国庆假期门店智能家电销售占比超60%，交互式的家电产品市场 ...

北京超级转转门店客流也增幅明显，10月1日客流量，较前一周日均客流量增长270%，日均订单量增长 165%，服饰、音响、耳机成门店热卖前三的商品。 不仅如此，电商平台还借助地图工具为本地生活业务服务。今年国庆节，高德"扫街榜"服务用户数超过 4亿人，本地生活餐饮行业订单量同比增长150%，"烟火小店"客流整体增长达300%。成都、重庆和广州 进入"长假美食吸引力城市榜TOP10"前三名。 据了解，"双节"前夕，为招揽商家入驻，高德宣布为全国所有餐饮商家免一年入驻费，并提供一系列数 字化支持服务，9月23日当天吸引入驻商家量环比增长631%。 国庆出游消费也刺激着景区附近的快递网点业务增长。在江西南昌的滕王阁景区附近，中通快递南昌十 一部快递员袁鹏负责周边商户的收派工作。据了解，由于不少游客在夜游滕王阁时会购买纪念品，商户 国庆中秋"双节"迎来出游聚会高峰，电商线下场景升温迅猛。10月8日，北京商报记者从多家平台了解 到，电商线下业务在"双节"期间订单攀升，部分电商平台门店累计接待顾客超500万人次，将线上流量 转化为线下客流。与此同时，快递网点也被节日出游带动，一些景区附近的快递员日均揽件量能达400 件。 ...

Core Viewpoint - Hisense is strategically opening over 1,300 core patents related to three-color laser technology to strengthen its industry position and expand the market scale, while also aiming to influence industry standards [2][9][10] Market Trends - The smart projection market, excluding laser TVs, saw a decline in sales volume by 3.9% year-on-year to 2.778 million units in the first half of 2025, with sales revenue dropping by 2.9% to 4.68 billion yuan [3] - The decline in the market is primarily attributed to a significant drop in low-end projector sales, as the market is undergoing a phase of clearing out low-end capacity [4] Product Performance - Despite the overall market contraction, the high-end segment, particularly laser display products, is experiencing growth, with the global laser projection market expected to reach a compound annual growth rate of 23.4% from 2020 to 2025 [4][5] - In the first half of 2025, the shipment of laser TVs over 100 inches in China increased by 177% year-on-year, indicating a shift towards high-quality display products [6] Technological Advancements - The adoption of advanced technologies such as 8K ultra-high definition and HDR Pro is expected to enhance the penetration of laser sources in emerging fields like AR/VR and automotive HUDs [6] - Hisense's three-color laser technology offers superior brightness and color range compared to traditional LED projectors, covering over 90% of the Rec. 2020 color gamut [7][8] Strategic Implications - By opening its patents, Hisense aims to create a dual-driven model of "technology output + complete machine sales," which will stabilize revenue through patent licensing while increasing market share for its products [7][9] - The move is seen as a way to avoid the pitfalls of a "patent jungle," which could hinder technological commercialization and market growth [8][9]

Group 1: Industry Overview - In the first half of 2025, Nanjing's electromechanical product exports reached 95.44 billion yuan, a year-on-year increase of 7.8%, accounting for 52.2% of the city's total exports [1] - Electromechanical products are crucial high-tech components that stabilize foreign trade and illustrate Nanjing's innovative manufacturing capabilities [1] Group 2: Company Highlights - Hansan Technology, which recently went public, exported smart speakers worth several million yuan, achieving over 97% of its sales from exports [3][5] - Despite global tariff changes, Hansan Technology experienced growth due to its comprehensive core technology capabilities and strong partnerships with overseas clients [5][6] - Nanjing Lijin Panda Electric Co. saw an 8% increase in exports from January to August, with European and South American markets growing by 14% [6] - Skyworth Group's overseas market revenue reached 8.053 billion yuan in the first half of the year, a 7.1% increase, as it aims for a revenue target of 100 billion yuan within two years [8] - Sumida Energy's export revenue reached 2.93 billion USD in the first half of the year, a 14% increase, as it transitions from product export to integrated energy solutions [9] Group 3: Market Trends - The global consumer electronics market is witnessing innovative products like AI glasses and compact TV sticks, showcasing the technological strength of Chinese brands [6][8] - The demand for automotive transport ships is rising due to the expansion of the global automotive market and the rapid growth of new energy vehicles [12] - The Nanjing electromechanical industry benefits from a complete industrial system and strong cluster advantages, enhancing its competitiveness in international markets [12][13]

Core Viewpoint - The article highlights the increasing complexity of trademark infringement cases in China, emphasizing the need for collaboration between government and enterprises to effectively combat these violations and protect brand value [1][3]. Group 1: Trademark Infringement Trends - Trademark infringement cases are showing new trends characterized by chain-like, cross-regional, and digital behaviors [2]. - The "Jimi Nut" trademark infringement case involved a network of related companies selling counterfeit products across major e-commerce platforms, indicating a shift towards cross-regional operations [2]. - Digital transactions are complicating enforcement efforts, with infringers using social media and private channels to evade detection [2]. Group 2: Government-Enterprise Collaboration - The "Guarding Brands" collaboration mechanism between the market regulatory authority and enterprises is crucial for addressing the complex infringement landscape [3]. - This mechanism encourages companies to actively protect their trademark rights and report suspected infringements, while regulatory bodies respond promptly to these reports [3]. - The collaboration has already seen participation from 60 companies, demonstrating its effectiveness in early detection and rapid response to infringement cases [3]. Group 3: Equal Protection for Domestic and Foreign Brands - China's market regulatory authorities provide equal protection for both domestic and foreign trademark holders, fostering a favorable environment for foreign businesses [4]. - Recent enforcement actions have successfully targeted counterfeit products from well-known foreign brands, including Nike and Hilton, highlighting the importance of the collaboration mechanism in combating infringement [4]. Group 4: Technological Empowerment in Enforcement - The introduction of advanced technology is enhancing the precision of enforcement actions against trademark infringement [5][7]. - Regulatory bodies are utilizing cloud-based collaboration and big data analysis to track financial and logistical flows related to infringement cases [7]. - Companies like JD.com and Huawei are implementing AI and comprehensive brand protection systems to proactively identify and address infringement risks [6][7].

Core Insights - The article highlights the increasing complexity of trademark infringement cases in China, with a focus on the establishment of a collaborative mechanism between government and enterprises to enhance intellectual property protection [1][3]. Group 1: Trademark Infringement Trends - Trademark infringement cases are showing new trends characterized by chain-like, cross-regional, and digital behaviors [2]. - The "Jimi Nut" trademark infringement case involved a network of related companies selling counterfeit products across major e-commerce platforms, indicating a shift towards cross-regional operations [2]. - Digital transactions are complicating enforcement efforts, as infringers utilize social media and private channels to evade detection [2]. Group 2: Government-Enterprise Collaboration - The "Guarding Brands" collaborative mechanism has been established to empower enterprises to actively protect their trademark rights and assist regulatory bodies in evidence collection [3]. - The mechanism has already included 60 companies, emphasizing the need for a cooperative approach to effectively combat infringement [3]. - Successful cases, such as the "Jimi Nut" infringement, demonstrate the effectiveness of this collaboration in identifying and addressing trademark violations [3]. Group 3: Equal Protection for Foreign Brands - China's market regulatory authorities provide equal protection for both domestic and foreign trademark holders, fostering a favorable environment for foreign enterprises [4]. - Recent enforcement actions have targeted counterfeit products from well-known foreign brands, including Nike and Hilton, highlighting the commitment to protecting international trademarks [4]. Group 4: Technological Empowerment in Enforcement - The introduction of advanced technologies is enhancing the precision of enforcement actions against trademark infringement [5][7]. - Companies like JD.com and Huawei are implementing AI and comprehensive brand protection systems to proactively identify and manage risks associated with counterfeit products [6][7]. - Regulatory bodies are utilizing cloud collaboration and big data analysis to improve evidence collection and tracking of infringing activities, leading to more effective enforcement outcomes [7].