4 ---- 48 13 D LAC - 100-2015-01 71 T France gg Ci @ w sky Be = 2 2 2 2 2 2 2 = 1 胜爱SKY 藏眼体验馆 US (15) 撮影 l 藏服写真 藏服租赁 er to the 00 ----- 400 随着季节更迭，旅游景点周边的商铺正上演着一场无声的"变脸"。夏日里，旅拍服装、文创纪念品、网红饮 品占据橱窗，普通话与各地方言交织着快门声，迎接天南海北的游客；冬日里，藏装、珠串、风干肉、酥油 陆续登场，熟悉的藏语讨价还价声渐浓，服务着筹备年货的市民与农牧民。这场跨越商圈的"换季经济"，既 是游客经济与本土民生的温柔衔接，更是高原小商业者扎根生活的生存智慧，为西藏暖冬注入了最鲜活的烟 火气。 夏冬迭代 商圈里的客群与业态之变 七月的拉萨，被阳光与快门声包裹。八廓街的正午石板路被晒得发烫，空气中交织着防晒霜的清香、甜茶的 醇厚与此起彼伏的拍照指令；布达拉宫广场周边，旅拍团队带着游客打卡拍照，各式藏装格外惹眼。此时， 景点周边商铺清一色主打体验式消费与特色纪念品。旅拍店、文创店、异域特产店鳞次栉比，构成了游客心 中最鲜明的"藏地印象"。 ...

Core Viewpoint - The new consumption sector in the Hong Kong stock market is performing well, with "Pop Mart, Lao Pu Gold, and Mixue Group" being viewed as the three giants. Meanwhile, the A-share market is also seeing significant interest in new consumption leaders, with many companies experiencing stock price increases of over 30% since Q2 of this year [1]. Group 1: A-Share Market Performance - Several A-share new consumption companies, such as Mankalon (300945.SZ) and Zhou Dazheng (002867.SZ), have attracted over 10 institutional research visits since May, indicating strong institutional interest [1]. - Mankalon's stock price has increased nearly 50% in the last two months, reflecting the growing attention from institutions [2]. - In Q1, Mankalon reported revenue of 714 million yuan, a year-on-year increase of 42.87%, and a net profit of 43.01 million yuan, up 33.52% year-on-year [2]. Group 2: Institutional Research Focus - Institutions are particularly interested in sectors such as gold and jewelry, food and beverage, apparel, and pet products, with topics like gold prices, trendy IPs, and young consumer preferences being key areas of focus [2]. - Mankalon has been researched 16 times by 77 institutions, while Zhou Dazheng has been visited 14 times by 144 institutions, ranking among the top in the A-share market [2]. Group 3: Impact of Rising Gold Prices - The surge in gold prices has negatively impacted consumer willingness to purchase, particularly affecting mid-to-high weight gold jewelry [3]. - Zhou Dazheng's management acknowledged the significant disruption caused by rising gold prices and emphasized the need to adapt to changing consumer preferences [3]. - Companies like Mankalon and Zhou Dazheng are focusing on brand positioning and product innovation to capture market share amidst these challenges [3][4]. Group 4: Targeting Young Consumers - The focus on young consumer demographics is a common strategy among consumption companies, with Mankalon aiming to align product design with young consumers' cultural aesthetics [5]. - Zhou Dazheng is launching a new brand "Zhuan Zhu Ge" targeting young consumers with a focus on cultural and trendy products [6]. - Companies are also enhancing their presence in high-end shopping centers to attract younger customers [6]. Group 5: AI Empowerment Strategies - Institutions are increasingly interested in how companies are leveraging AI technology, with Zhou Dazheng establishing an AI project team to enhance operational efficiency [7]. - Mankalon plans to integrate AI into its design and customer service processes to better understand consumer needs [7]. - Other companies, such as Chuangyuan Co., are also adopting AI-driven strategies to improve customer insights and product development cycles [7]. Group 6: Market Resilience and Innovation - The consumer market is showing resilience, with a gradual recovery expected, prompting companies to innovate continuously to meet diverse consumer demands [8]. - Companies are encouraged to shift from traditional sales models to innovative product offerings and new distribution channels to thrive in a competitive environment [8].