人民日报记者 齐志明 苏滨 王云娜 到超市"赶海"，鲜活水产品带来逛水族馆般的新鲜体验；去潮玩店"吃谷"，在追赶潮流中获得情绪 价值，满足社交需求；在母婴店"淘货"，"所见即所得"的同时，享受专业、细致的服务……凭借产品升 级、服务优化、场景创新，到店消费热度不减。逛实体店成为很多消费者，特别是年轻消费群体的选 择。 网络购物很便利，为何仍有不少消费者热衷打卡实体店？他们的购物袋里都有啥？近日，记者在多 地进行了探访。 数据来源：国家统计局 在生鲜超市 打捞水产 放松身心 下午5点半，贵州贵阳市合力惠民生鲜超市南浦路店逐渐热闹起来，下班来购物的顾客精挑细选心 仪的商品，工作人员忙着补货、整理。 来到水产区，宽大的鱼缸整齐排列，透明的玻璃映着蓝莹莹的水光。连串气泡从增氧泵里"嗡嗡"吐 出，翻腾出水面时"啵"的一声破裂，鱼儿在其中游弋。一旁的王丽丽静静看着，一天的疲惫也像气泡一 样冲出身体，消失得无影无踪。 30岁的王丽丽是贵阳人，工作5年了，"每天跟报表、材料打交道，工作强度大，一天下来身心疲 惫。"这段时间，生鲜超市成了她下班后的好去处，尤其是到水产区"赶海"，放松又解压，一周要去三 四次。 "平均每天客流超 ...

下午5点半，贵州贵阳市合力惠民生鲜超市南浦路店逐渐热闹起来，下班来购物的顾客精挑细选心 仪的商品，工作人员忙着补货、整理。 来到水产区，宽大的鱼缸整齐排列，透明的玻璃映着蓝莹莹的水光。连串气泡从增氧泵里"嗡嗡"吐 出，翻腾出水面时"啵"的一声破裂，鱼儿在其中游弋。一旁的王丽丽静静看着，一天的疲惫也像气泡一 样冲出身体，消失得无影无踪。 30岁的王丽丽是贵阳人，工作5年了，"每天跟报表、材料打交道，工作强度大，一天下来身心疲 惫。"这段时间，生鲜超市成了她下班后的好去处，尤其是到水产区"赶海"，放松又解压，一周要去三 四次。 打捞水产 放松身心 "平均每天客流超过1000人次，年轻人占八成，购物时间集中在下班以后，水产品占日销售额的 30%。"该店店长李中秀介绍，顺应年轻人看重便捷、品质的消费需求，超市在水产品供给上精准发 力。比如，活鲜和冰鲜配有直供基地，从源头上严把产品质量；现场能免费加工，提供烹饪服务， 让"赶海"的乐趣第一时间在舌尖绽放。 到超市"赶海"，鲜活水产品带来逛水族馆般的新鲜体验；去潮玩店"吃谷"，在追赶潮流中获得情绪 价值，满足社交需求；在母婴店"淘货"，"所见即所得"的同时，享受专业、细致 ...

2025 年 08 月 26 日 开源晨会 0826 ——晨会纪要 | 行业名称 | 涨跌幅(%) | | --- | --- | | 美容护理 | 0.010 | | 纺织服饰 | 0.169 | | 石油石化 | 0.391 | | 轻工制造 | 0.547 | | 汽车 | 0.706 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】机构关注度提升：电力设备、基础化工、食品饮料、钢铁——机构调研 周跟踪-20250825 晨 会 纪 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.852 | | 有色金属 | 4.634 | | 房地产 | 3.319 | | 综合 | 3.311 | | 钢铁 | 2.741 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 行业公司 【社服】潮玩龙头引领全球风潮，中餐关注到家场景增量——行业 ...

外国游客在安徽黄山黟县宏村景区游玩。 许家栋摄（人民视觉） 外国游客在海南三亚一家商店购物。 新华社记者 郭 程摄 入境旅客在北京首都国际机场填写入境登记卡。 新华社记者 李 欣摄 在位于重庆江北的星光68购物广场，工作人员（左）为一 名韩国游客办理离境退税"即买即退"业务。 郭 睿摄（新华社发） 爱尔兰游客在湖南张家界七十二奇楼景区挑选纪念品。 新华社记者 薛宇舸摄 浙江金华义乌国际商贸城，外国客商正在选购商品。 胡肖飞摄（人民视觉） 外国游客在陕西西安城墙上观光游览。 翁奇羽摄（人民视觉） 这个夏天，在免签"朋友圈"持续扩容以及离境退税"即买即退"政策的推动下，"China Travel"热度不 减，"中国购"也成为入境游新趋势，越来越多外国游客专程到中国"买买买"。 数据显示，今年上半年，国内离境退税商店数量成倍增加，已超过7200家，享受退税人数同比增长 186%，退税商品销售额及退税金额同比分别增长94.6%和93.2%。纪念品、潮玩、科技产品等成为深受 外国游客喜爱的热门消费品。 (责编：袁勃、赵欣悦) 一名留学生（左）带着父母在位于上海南京路步行街的一 家礼品店内品尝特色食品。 新华社记者 陈浩 ...

Core Insights - The report highlights a positive outlook for the A-share market, driven by a shift in household savings towards capital markets and supportive monetary policies, with an expected recovery in corporate earnings growth in 2025 [7][8][10] - The gaming, publishing, and IP derivative sectors are identified as key investment opportunities, with strong performance expected due to favorable market conditions and technological advancements [12][13][14] - The automotive industry shows resilience with a significant increase in new energy vehicle exports, indicating robust demand and market share growth for domestic brands [16][17] - The software industry is experiencing growth, particularly in AI applications, with a notable increase in project bids and revenue, suggesting a strong future trajectory for domestic software companies [19][20][21] Domestic Market Performance - The A-share market has shown slight fluctuations, with the Shanghai Composite Index closing at 3,727.29, reflecting a minor decrease of 0.02% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 15.26 and 45.19 respectively, indicating a suitable environment for medium to long-term investments [7][10] Industry Analysis - The media sector has seen a 6.56% increase from July 21 to August 15, 2025, with a notable rise in public fund holdings, particularly in gaming and advertising [12][25] - The automotive sector's production and sales figures for July indicate a seasonal decline but maintain a year-on-year growth rate of over 10%, with new energy vehicles leading the charge [16][17] - The software industry reported a revenue increase of 11.9% in the first half of 2025, with AI-related projects significantly contributing to this growth [19][20] Investment Recommendations - The report suggests focusing on sectors such as gaming, publishing, and IP derivatives due to their strong performance and growth potential [13][14][25] - In the automotive sector, the recommendation is to monitor the impact of policies aimed at enhancing market competition and the adoption of smart driving technologies [16][17] - For the software industry, attention is drawn to the increasing demand for AI applications and the potential for domestic companies to capture market share [19][20][21]

Core Viewpoint - The willingness to pay for happiness has no ceiling, indicating a strong potential for companies that can create joy and emotional connections for consumers [1][6]. Group 1: Investment Philosophy - The investment philosophy emphasizes companies that enhance life quality and happiness, reflecting a personal value system [1]. - The manager has achieved a return of 39.86% since taking over the fund, with a significant increase of over 600% in a key holding [1]. - The investment strategy is built on a cross-industry perspective, particularly focusing on the intersection of consumer goods and technology, known as TMT (Technology, Media, and Telecommunications) [2]. Group 2: Market Trends - The trend towards "self-consumption" and emotional spending is seen as a significant industry trend, with potential for growth in various sectors such as toys, pets, and gaming [3]. - The manager draws parallels with Japan's 1990s experience, suggesting that as material wealth increases, emotional consumption will take precedence [3]. - The manager identified a leading toy company that continued to grow despite a general decline in retail sales, highlighting its unique emotional connection with consumers [3]. Group 3: Future Opportunities - The emergence of AI applications in emotional companionship is expected to create new market opportunities, enhancing consumer experiences in gaming and other sectors [4]. - The importance of the media sector in the A-share market is projected to increase, with notable successes in various cultural products indicating a cultural consumption boom [4]. - Companies that can consistently create joy for consumers may have limitless market potential, similar to Disney's historical market cap achievements [6]. Group 4: Valuation Perspective - The belief that industry trends are more critical than valuation metrics shapes the investment approach, allowing for tolerance of high absolute valuations if justified by growth potential [6]. - The manager highlights the disparity in valuation perceptions between traditional analysts and those focused on emerging technologies, suggesting that this difference can lead to excess returns [6].

Core Insights - The 2025 China (Guangzhou) Cross-Border E-Commerce Fair successfully concluded, attracting over 60,000 attendees and featuring more than 1,000 quality supply chain enterprises [1][3] - This year marks the 10th anniversary of the establishment of cross-border e-commerce comprehensive pilot zones in China, with the import and export scale of cross-border e-commerce growing rapidly [3][11] Group 1: Industry Growth and Trends - Cross-border e-commerce's share of China's total goods trade imports and exports increased from less than 1% in 2015 to 6.2% in 2024, highlighting its role as a key driver for the transformation and upgrading of China's foreign trade [3] - In the first half of this year, China's cross-border e-commerce imports and exports reached 1.32 trillion yuan, a year-on-year increase of 5.7%, outpacing the overall growth rate of national foreign trade [3][11] - The fair showcased new trends such as updated product designs, diverse brand styles, and more integrated industrial clusters, particularly in the toy and lighting sectors [3][6] Group 2: Collaborative Strategies - The "collective overseas expansion" strategy was evident, with various industrial alliances participating in the fair, enhancing sales channels and facilitating access to platforms like TikTok Shop and Amazon [6][9] - The Zhongshan Lighting Factory Cross-Border Stock Alliance utilized a model of stocking products in overseas warehouses to reduce order delivery times and mitigate market volatility risks [9] - The fair resulted in significant business opportunities, with some alliances reporting intention orders exceeding 6 million yuan and others achieving around 500 million yuan in potential transactions [9][10] Group 3: Market Expansion and New Opportunities - The fair attracted international buyers, with many expressing interest in exploring Chinese products and suppliers, indicating a growing global interest in cross-border e-commerce [11][14] - New emerging platforms participated in the fair, expanding the choices available for enterprises and enhancing the global e-commerce ecosystem [14][15] - The establishment of a compliance-themed area at the fair aimed to support high-quality industry development by providing services related to product certification and legal regulations for companies looking to expand internationally [15]

Core Insights - The 2025 China (Guangzhou) Cross-Border E-Commerce Fair highlights the growing trend of "collective overseas expansion" among various industries, with numerous industry alliances forming to enhance bargaining power and adapt to new sales channels [1][3][5] - Despite complex foreign trade conditions, cross-border e-commerce is seen as having long-term growth potential, particularly in emerging markets like the Middle East and South America, where demand for various products is increasing [3][4][12] Industry Trends - The fair showcased 18 advantageous industrial clusters, including beauty products from Guangzhou and home appliances from Foshan, which have formed alliances to create themed exhibition areas [1][3] - Companies like Paofu Media are leveraging their influence in social media to help Chinese brands and factories expand internationally through a model termed "overseas alliances" [4][5] - The development of cross-border e-commerce is viewed as evolving through three stages: from a seller's market to product-driven strategies, and now towards a more integrated approach combining manufacturing and sales capabilities [5][7] Market Opportunities - The beauty industry is increasingly focusing on brand awareness and international market expansion, with initiatives to help companies establish their brands overseas [7][12] - SHEIN's "500 City Industrial Belt Overseas Expansion Plan" aims to cover nearly 400 cities by mid-2025, promoting participation in cross-border e-commerce through numerous activities [8] - Emerging markets, particularly in Southeast Asia and Latin America, are becoming key areas for growth, with companies like Aiqishi targeting these regions for product penetration [11][12][14] Challenges and Adaptations - The ongoing U.S.-China tariff disputes and the potential end of the "small package exemption" policy pose challenges for cross-border e-commerce platforms like Temu and SHEIN [9][11] - Companies are increasingly focusing on enhancing product innovation and adapting to new market demands to maintain competitiveness in the face of changing trade policies [11][12] - The overall cost advantage of Chinese beauty products is becoming more pronounced, as global economic downturns highlight their value proposition compared to Western brands [12]

图为参展商通过直播推介产品。中新社记者 陈楚红 摄 图为一机器人产品展位吸引参会人员参观咨询。中新社记者 陈楚红 摄 图为泡芙潮玩产业联盟展示的潮玩。中新社记者 陈楚红 摄 8月15日，2025中国（广州）跨境电商交易会在广州市广交会展馆A区举办。本次交易会以"外贸新动能· 数字新未来"为主题，吸引了1000多家优质供应链企业，42家跨境电商平台参展。图为展会现场人流如 织。中新社记者 陈楚红 摄 图为亚马逊全球开店展位吸引参会人员咨询。中新社记者 陈楚红 摄 ...

Core Viewpoint - The long-term outlook for Hong Kong stocks remains bullish, with expectations of a prolonged bull market driven by increasing confidence among global and Chinese investors in the Chinese stock market [1][4]. Group 1: Market Performance Overview - In July, the Chinese stock market outperformed globally, with the Shanghai Composite Index, Hang Seng Index, and Hang Seng Tech Index showing significant gains [2]. - The Hang Seng Index rose by 2.9% and the Hang Seng Tech Index by 2.8% in July, with the healthcare sector leading with a 22.8% increase [2]. - As of July 31, the forecasted PE for the Hang Seng Index was 11.3 times, close to the 10-year average, while the PB was 1.18 times, also near the historical average [2]. Group 2: Fund Flows and Market Dynamics - In July, net inflows from southbound funds reached 1356.48 million HKD (approximately 1241.04 million RMB), marking a record high since the launch of the mutual market access mechanism [3]. - The proportion of international intermediaries' holdings increased to 43.8% as of July 31, up by 0.5 percentage points from June [3]. - Short selling accounted for 16.0% of total trading volume on the main board as of July 31, a decrease from June [3]. Group 3: Short-term Market Outlook - The short-term outlook for August indicates a potential for market fluctuations, focusing on interim report performances and price-to-earnings ratios [5]. - 54.1% of companies that released interim earnings forecasts reported positive surprises, particularly in finance, materials, and information technology sectors [5]. - The forecasted net profit growth for Hang Seng Index constituents is 6.8% year-on-year, remaining stable compared to June [5]. Group 4: Investment Opportunities - The technology sector is highlighted as a promising area for investment, particularly in AI-related industries, with expectations of a rebound post-earnings season [6][7]. - New consumption trends are emerging, with a focus on sectors such as trendy retail, outdoor activities, and innovative dining [7]. - The innovative pharmaceutical sector is expected to maintain a positive medium-term outlook, although short-term volatility may present entry opportunities [7]. Group 5: Value Stock Dynamics - High-dividend central state-owned enterprises in sectors like finance, utilities, and energy remain attractive for allocation [8]. - The upcoming interim reports are anticipated to reveal opportunities in sectors likely to exceed expectations, particularly in gold and brokerage firms [8].