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].

Group 1 - The consumer industry is undergoing a critical period of simultaneous iteration across three dimensions: retail efficiency revolution on the supply side, the rise of emotional consumption on the demand side, and content e-commerce innovation in communication media, each presenting unique investment opportunities [1] - Traditional retail is focusing on two core directions: quality enhancement and discount strategies, with large supermarket retailers acting as "consumer advocates" to reshape retail logic, while discount channels emphasize "consumer democratization" with a growing focus on price-performance ratio [1] - The primary consumer group aged 25-45 is characterized by cultural confidence and a willingness to pay for emotional value, prioritizing emotional experiences and psychological satisfaction over mere practicality in their shopping habits [1] Group 2 - The iteration of communication media is providing unprecedented opportunities for new consumer brands, particularly in the beauty and personal care sector, where domestic brands have advantages in price-performance ratio, consumer insights, and rapid product innovation [2] - The investment opportunities in new consumption are shifting from total volume to structural changes, indicating a transition from channel-driven to consumer-led and product-centric dynamics, with the interplay of supply, demand, and media forming a new consumer ecosystem [2] - The company aims to continuously seek new investment opportunities to capture prospects in the new consumption wave [2]