创造情绪价值成为零售创新的重要方向。 从路易威登"路易号"在兴业太古汇启航，到多个恒隆广场大手笔扩大经营面积，高端商业之战方兴未艾，以更大的投资力度抢占市场高地；上海静安大悦 城、蟠龙天地等众多综合性商业体则深耕二次元、宠物经济等多元情绪消费"新经济"形态，以各种创新业态焕发新活力。 事实上，无论是开发商加大力度推动商业体的变革，迎合各种新趋势，还是各个品牌落地更多活动，丰富消费者购物体验，背后都是新消费时代下越发多元 和个性化的市场需求。 仲量联行中国区零售地产及消费研究负责人朱建辉表示，在市场深度变革的浪潮中，多元情绪消费"新经济"形态正蓬勃兴起，成为消费市场的核心驱动力， 这种从物质消费向"情绪买单"的转变，正逐步成为改变中国消费市场走势的重要力量，催生全新消费需求，孕育新生消费市场。 如今，"路易号"的落地被认为是兴业太古汇品牌调改升级的重要节点。兴业太古汇方面也向记者表示，"路易号"的落成标志着项目的商业空间与整体能级迎 来进一步跃升。 业内预计，未来线下零售将更注重情感联结、社群运营和混合场景构建，从交易场所转向聚焦圈层的交流空间。 重奢商场加码升级 自6月底路易威登"路易号"启幕，兴业太古汇的客 ...

E-commerce and New Retail - Taobao Tmall and Xiaohongshu signed a strategic cooperation agreement to create the "Red Cat Plan," aiming to enhance the integration from "grass planting" to purchase, boosting merchant business growth [1] - The collaboration allows for the opening of effect advertising links, enabling content on Xiaohongshu to directly redirect to Taobao Tmall for participating brands [1] - This partnership enhances Taobao Tmall's user engagement and conversion rates while allowing Xiaohongshu to achieve a closed loop from content to transaction [1] Logistics and Supply Chain - During the 2025 May Day holiday, the national express delivery business volume exceeded 4.8 billion packages, marking a year-on-year growth of over 20%, setting a historical record for the same period [4] - Zhejiang Daniao Logistics increased its registered capital from approximately 98.39 million to about 498 million, a growth of approximately 407%, enhancing its market competitiveness [6] - The JD Logistics (Xuchang) Supply Chain Industrial Base, in collaboration with Pang Donglai, is expected to achieve an annual output value of about 2.5 billion, contributing 50 million in taxes [7] Life Services - The online operation of "Mivillage Mixed Rice" saw nearly a 100% increase in orders on Ele.me since the full launch of Taobao Flash Purchase, indicating strong synergy between the two platforms [8] - The partnership between Taobao Flash Purchase and Ele.me enhances Taobao's competitiveness in the instant retail sector, responding to competition from Meituan and JD [8] Innovation and Investment - "Qianjue Robotics" completed several million yuan in financing, with funds allocated for R&D, product iteration, and accelerating mass production delivery [12] - The company focuses on multi-modal tactile perception and operation technology for robots, indicating strong innovation potential in the robotics field [12]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [2] Core Views - Domestic demand remains a crucial driver for economic growth, with a positive outlook on leading consumer companies and a focus on AI+ consumption investment opportunities [2] - The Chinese government is expected to have more room for fiscal and monetary policy adjustments, which will further support domestic demand as a key growth driver [2] - As the economy gradually recovers and market expectations for stable growth policies increase, discretionary consumption is anticipated to see improvements in performance and valuation [2] Summary by Sections Industry Performance - The social service index fell by 2.82% from February 24 to February 28, 2025, ranking 25th among 31 industry indices [5] - The retail index increased by 1.55% during the same period, ranking 13th, with a cumulative increase of 8.15% since the beginning of 2024 [5] - The beauty care index rose by 1.67%, ranking 12th, but has seen a cumulative decline of 11.66% since the start of 2024 [5] Sub-Industry Dynamics Restaurant and Tourism - Greenland Group aims to achieve over 10 billion yuan in tourism revenue within five years [13] - Tongcheng Travel integrates AI technology to enhance user experience in travel solutions [13] Retail - The duty-free sector shows strong growth, with a significant increase in visitor numbers during the Spring Festival [16] - Major retail players like Yonghui Supermarket are expanding their presence through strategic partnerships [17] Beauty and Personal Care - The rise of private label brands is notable, with significant sales achievements in the cosmetics sector [19] - New product launches and technological advancements are driving growth in the beauty industry [20] Company Updates - Key companies in the social service sector, such as Kerui International, reported a revenue increase of 20.60% for 2024 [23] - Beijing Renli announced a strategic transfer of its subsidiary, reflecting ongoing adjustments in corporate structure [25] - Focus on digital transformation is evident in companies like Lianhua Supermarket, which raised funds for business ecosystem upgrades [18]