美妆区域的娇韵诗摊位前，摆放着三张白色化妆台，化妆台上整齐排列着粉底、眼影、口红等产品，专业美妆师正为入 场者打造妆容。坐在化妆台前的人身体微微前倾，看着镜子里的自己，任由美妆师用化妆刷在脸上细致涂抹，旁边等待 的人则围在展示架旁，拿起口红在手臂上试色，不时和身边人比对试色效果。 9 月 30 日天刚亮，广州珠江啤酒博物馆外的滨江步道就已陆续出现身影。有人背着双肩包，手里攥着打印好的市集导览 图；有人推着婴儿车，车兜里放着折叠购物袋，早早等候在入口附近，期待着李佳琦直播间 "所有女生的快乐市集・靓 靓派对" 开启。 上午 10 点，市集入口处的粉色拱门缓缓展开，工作人员身着统一的浅粉色工作服，手捧堆叠整齐的集章卡片，逐一递 到入场者手中。卡片上用彩色图标标注出 Olay、宝洁、娇韵诗等 30 余家品牌摊位的位置，还有互动打卡点的具体分 布，不少人刚接过卡片，就立刻低头用指尖在卡片上圈画，规划着首先前往的区域。 步入市集，各品牌摊位前迅速聚集起人群。Olay 摊位的展示台上，整齐摆放着即将在双 11 大促期间登陆李佳琦直播间 的新款护肤品，工作人员戴着白色手套，将面霜均匀涂抹在试用板上，旁边放着不同肤质的测试试 ...

（文章来源：证券日报） 证券日报网讯步步高10月9日在互动平台回答投资者提问时表示，步步高自有品牌同等条件下优先采用 胖东来系供应链，如部分果汁，洗衣液等爆款产品。 ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：1.步步高是否有即时零售业务？若有则请举例几家能在 京东美团淘宝任何一家能搜到的门店2.目前自有品牌商品是否有采用胖东来供应链？3.目前有几家门店 正在改造？改造后相比改造前的门店营业额提升大约百分之多少？ 步步高（002251.SZ）10月9日在投资者互动平台表示，1、目前公司还不成熟，暂时没有恢复即时零售 业务。未来成熟后即时零售业务希望能有机会和优秀平台及企业合作；2、步步高自有品牌同等条件下 优先采用胖东来系供应链，如部分果汁，洗衣液等爆款产品；3、最新调改门店长沙洋湖荟聚店已于9月 21日开业。 ...

国庆去超市囤货，结账时我愣了一下。 平时常买的 5L 装食用油，标签从 79 元涨到了 85 元；10 斤装的大米，贵了 6 块钱；就连最常用的洗衣液，容量从 2kg 悄悄缩到了 1.8kg，价格却没降。 最直观的感受是：大件在降价，刚需在涨价。 车子打折、家电买一送一，商场里冷冷清清；但米面油、水电煤、日用品，要么直接涨价，要么偷偷减量，躲都躲不开。这不是商家黑心，是 "生活型通 胀" 来了。 （1）粮油：每天都要花的钱，涨得最揪心 去超市对比下就清楚： 普通东北大米，上半年还是 2.8 元 / 斤，现在涨到 3.2 元 / 斤；5L 的大豆油，三个月内涨了 8 块钱；就连鸡蛋，批发价都从 3.8 元 / 斤涨到了 4.5 元 / 斤。 别嫌涨幅小，算笔账就懂了。一个三口之家，每月吃 10 斤米、5 斤油、20 斤鸡蛋，以前花 150 块够了，现在得 170 多块。一年下来，光吃饭就多花 240 块。 原因很实在：极端天气导致部分产区减产，全球供应链又不稳，进口粮成本涨了；加上运输、仓储费用居高不下，这些成本最后都摊到了消费者身上。 以为是个别超市调价？回家翻手机才发现，小区宝妈群早炸了锅："油价又涨了，加 ...

Core Viewpoint - The article discusses the shift from liquid laundry detergent to powder detergent due to cost-effectiveness and better cleaning performance, highlighting various alternative uses for laundry powder beyond washing clothes [1][3][5]. Group 1: Cost-Effectiveness - Powder detergent is significantly cheaper than liquid detergent, with a 10 kg pack costing around 30-40 yuan, while the same weight of liquid detergent can cost several times more [5]. - Switching to powder detergent has resulted in substantial savings, with a 30 yuan pack lasting over three months [5]. Group 2: Cleaning Effectiveness - Powder detergent is reported to clean clothes more effectively than liquid detergent, with faster dissolution in washing machines than previously thought [7][9]. - The article emphasizes that powder detergent can outperform liquid detergent in terms of cleaning results during machine washing [9]. Group 3: Alternative Uses of Powder Detergent - **Cleaning Water Stains**: Powder detergent can effectively clean water stains on glass surfaces without the need for specialized cleaners [11][13]. - **Toilet Cleaning**: It can be used to clean toilets by dissolving stubborn stains and odors when left to sit for a while [20][23]. - **Tile Cleaning**: Powder detergent can clean yellowed or blackened tile surfaces and grout without needing specialized stone cleaners [26][30]. - **Mopping Floors**: It can be used in water for mopping floors, effectively removing stubborn dirt at a lower cost compared to commercial cleaning agents [33][35].

Core Viewpoint - The article discusses the rise of hard discount supermarkets in China, highlighting their aggressive pricing strategies and questioning their profitability given the extremely low prices of essential goods like eggs and bottled water [2][4][8]. Group 1: Market Dynamics - Since late August, hard discount supermarkets have gained significant traction, with major players like JD, Meituan, and Alibaba rapidly opening new stores [2][4]. - These supermarkets attract consumers with extremely low prices, such as 30-pack eggs priced at 9.9 yuan and bottled water at 7.9 yuan [2][4]. Group 2: Pricing Comparison - A comparison of egg prices shows that hard discount supermarkets offer significantly lower prices than traditional retailers, with prices ranging from 9.9 yuan at JD to 19.9 yuan at Sam's Club [5][6]. - For soy sauce, the hard discount prices are also lower, with JD's 750ml soy sauce priced at 9.9 yuan compared to higher prices at other retailers [7]. Group 3: Cost Structure and Profitability - Industry insiders indicate that the cost of producing eggs is around 10.2 yuan for 1.5 kg, suggesting that hard discount prices may lead to losses when accounting for logistics and packaging [8]. - The profit margins on bottled water are minimal, with production costs estimated between 0.36 yuan to 0.60 yuan per bottle, making it challenging for supermarkets to achieve profitability [9]. Group 4: Business Model and Strategy - Hard discount supermarkets primarily use low-priced items to drive foot traffic, with the expectation that higher-margin products will compensate for losses on loss leaders like eggs and water [10]. - The operational model emphasizes efficiency through streamlined supply chains, reduced SKU counts, and a focus on private label products to enhance profitability [12][14]. Group 5: Competitive Landscape - Different players in the hard discount space have unique strategies, with Alibaba focusing on first-tier cities and JD targeting lower-tier markets with larger store formats [13][14]. - The success of hard discount supermarkets hinges on balancing extreme price competitiveness with operational efficiency to achieve sustainable profitability in a market projected to be worth 200 billion yuan [14].

Core Viewpoint - The hard discount supermarket sector is experiencing significant competition among major internet companies, with aggressive pricing strategies aimed at attracting consumers [2][3][9]. Group 1: Market Activity - Since late August, major players like JD, Meituan, and Alibaba have rapidly expanded their hard discount supermarket presence, opening multiple stores in a short time [2]. - JD's discount supermarket has opened five stores in Hebei and Jiangsu, while Meituan's "Happy Monkey" opened its second store in Hangzhou within two weeks of the first [2]. - Alibaba's Hema NB has rebranded to "Super Box Count NB" and opened 17 new stores across ten cities in Jiangsu and Zhejiang, bringing its total to nearly 300 stores by the end of August [2]. Group 2: Pricing Strategy - The primary selling point of these hard discount supermarkets is the extremely low prices of fresh and fast-moving consumer goods (FMCG) [3][4]. - For example, a 30-pack of eggs is priced at 9.9 yuan at JD's discount supermarket, significantly lower than prices at other retailers, which range from 16.9 to 19.9 yuan [5][6]. - Similarly, the price of Hai Tian soy sauce at JD's discount supermarket is 9.9 yuan for 750ml, compared to 12.9 yuan and 15.99 yuan at other platforms [4][6]. Group 3: Profitability Concerns - Industry insiders indicate that the pricing strategy may lead to losses, as the cost of producing a 1.5 kg pack of eggs is around 10.2 yuan, not including logistics and packaging [7]. - The profit margins on bottled water are also minimal, with production costs estimated between 0.36 to 0.6 yuan per bottle, while retail prices are set at 7.9 yuan for a pack of 12 [8]. - The low-priced items are primarily used to attract customers, with the expectation that higher-margin products will drive overall profitability [8][11]. Group 4: Operational Efficiency - Hard discount supermarkets focus on operational efficiency, requiring precise product selection and supply chain optimization [9][11]. - These supermarkets typically reduce SKU counts, connect directly with suppliers, and emphasize private label products to enhance profit margins [9][10]. - Each major player has a distinct strategy: Hema NB targets first and new-tier cities with a focus on private labels, while JD aims at lower-tier markets with larger store formats and a broader product range [10][11]. Group 5: Market Dynamics - The hard discount sector is characterized by a "daily low price" model, contrasting with traditional retail that often relies on clearance sales [9]. - The competition is intense, with companies needing to balance extreme cost efficiency with effective operations to achieve sustainable profitability in a market valued at 200 billion yuan [11].

Core Viewpoint - Guo Hai Securities report indicates that Ru Yuchen achieved a net profit attributable to shareholders of 72 million yuan in the first half of the year, representing a year-on-year increase of 85.60% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 45 million yuan, with a year-on-year growth of 71.72% [1] Business Growth - The company's proprietary brand revenue is experiencing rapid growth, while brand management business is steadily increasing [1] Marketing Strategy - The marketing approach involves leveraging celebrity endorsements to accurately reach target demographics [1] Channel Development - Zhenjia continues to enhance its omnichannel capabilities, with significant growth on platforms such as Tmall, Douyin, Xiaohongshu, and JD.com [1] - During the 618 shopping festival, the overall GMV across channels increased by over 160% year-on-year [1] Product Popularity - According to data from Xingtu, Douyin's top 10 best-selling brands for clothing disinfectants, laundry liquids, and underwear detergents in June 2025 were highlighted [1] Strategic Partnerships - The company is deepening its strategic cooperation with Sam's Club and entering high-quality channels such as Yonghui Bravo [1] Future Outlook - As a leading operator, the company has validated its ability to incubate proprietary brands and is optimistic about the further development of its proprietary brands [1] - The report maintains a "Buy" rating for the company [1]

Core Viewpoint - Liu Qiangdong's acquisition of Hong Kong's Jia Bao Supermarket for HKD 4 billion marks a significant shift in the retail landscape, with 90 stores rebranded under JD's name and aggressive promotional pricing attracting consumers [1] Company Summary - JD has rapidly rebranded 90 Jia Bao Supermarket locations, indicating a strong commitment to expanding its presence in the Hong Kong retail market [1] - The promotional strategy includes a three-day 20% discount across all products, with specific items like grapes priced at HKD 8 per pound and laundry detergent prices halved, showcasing JD's competitive pricing approach [1] Industry Summary - This acquisition poses a direct challenge to Li Ka-shing's long-established retail empire in Hong Kong, suggesting a potential transformation in the local retail sector [1] - The immediate consumer response, characterized by long queues and high demand, indicates a shift in shopping behavior and preferences among Hong Kong residents [1]

Core Viewpoint - The stock market reflects the steady recovery of the real economy, with the new consumption trend gaining momentum, driven by policy support and evolving consumer behavior [1] Group 1: Market Trends - Since August, the new consumption trend has shown a resurgence, with certain trendy toy IP companies experiencing a maximum increase of over 30% [2] - The macroeconomic environment indicates a moderate recovery, with a consensus on expanding domestic demand, suggesting that the consumer sector is in a phase of stabilization and potential growth [2] - The current consumption landscape differs from the 2019-2020 period, characterized by a shift towards emotional spending and cultural confidence, requiring fund managers to adopt a bottom-up stock selection approach [2][3] Group 2: Investment Opportunities - Three main investment themes in new consumption are identified: spiritual consumption products like trendy gold jewelry, cost-effective mass consumer goods, and domestic beauty and personal care products [2][3] - The demand for trendy gold jewelry is shifting from traditional wedding uses to self-indulgence, with brands offering affordable, aesthetically pleasing products that appeal to younger consumers [3] - Cost-effective consumer goods are gaining traction as consumers prioritize value over brand loyalty, with strategies like bulk purchasing and reduced distribution costs enhancing market penetration [3] Group 3: Performance and Strategy - The funds managed by the company have shown significant growth, with net value growth rates of 29.50% and 23.84% for two products, outperforming their respective benchmarks [4] - The company aims to continue selecting companies with strong competitive advantages and barriers to entry in thriving industries to drive portfolio returns [4]