近日，各大城市今年前8个月外贸数据出炉。 2024年，深圳外贸进出口首次突破4万亿， 时隔9年重返中国（内地）外贸城第一城。不过，上海今年 的增速较快，目前与深圳的外贸差额仅272亿元，年底反超也是有可能的。 今年以来，东莞外贸复苏强劲， 尤其是机电产品出口活跃，此次反超宁波，重回外贸第五城。 东莞之外，另外一匹黑马是金华，此次反超厦门和青岛， 由外贸第十城升至第八。 从进出口额的整体增速来看，金华的增速达到19.3%，排名外贸十强城市中的第一。 单看出口数据的话，广州的出口增速达到22.2%，在十大外贸城市中排名第一。 | | | | 2025年前8个月外贸十强城市 制图:城市战争 来源:海关总署 | | | | --- | --- | --- | --- | --- | --- | | | 城市 | 1-8月进出口 (元元) | 1-8月出口 (万元) | 法治工 增速 | 增速 | | 1 | 深圳市 | 296257456 | 179595131 | 0.3 | -4.6 | | 2 | 上海市 | 293539488 | 130638975 | 4.5 | 11.6 | | 3 | 北京市 | 21 ...

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 ...

[Table_Title] 研究报告 Research Report 9 Oct 2025 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 大消费渠道脉搏：2025 双 11 美妆行业前瞻，抖音与淘天平台策略分化 Consumer Channel Pulse: 2025 Double 11 Beauty Industry Outlook, Divergent Strategies of Douyin and Taobao/Tmall yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 8 日，海通国际举办专家系列会，邀请美妆品牌操盘专家分享行业看法和趋势。 此次双 11 活动时间延长，核心时间段集中在 10.31 日之前，抖音和淘系平台目标积极。从此次双 11 活动的时间段 来看，抖音平台从 9.16 开 ...

受访者 供图 赢商大数据显示，广州塔广场在2025年8月的日均客流突破7.6万人，约为城市客流中位数（约1.8万人）的4.2倍。其中，他们多为19-29岁的年轻人，占比达 55.08%。与过去一代相比，该群体更偏好从游戏、音乐等方式中获取快乐。 相关负责人介绍，针对这一点，广州塔广场近些年来也将商场与音乐强绑定，举办广州塔音乐艺术季阿卡贝拉音乐会、定制版音乐剧《英歌》等，与当代消 费者建立音乐领域的沟通。BEAUTY CHOICE广州首店的设计创意，正是结合了这些地域环境特点，使"音乐"成为BEAUTY CHOICE广州首店成为核心客群 建立沟通的一个新媒介。 中导台的环形唱片设计从地面旋绕到天顶，变幻成黑白钢琴键盘；香水展桌变成了一台斯坦威钢琴…… 国庆期间，广州打卡地标——广州塔广场新开业的美妆集合店BEAUTY CHOICE，以音乐为设计主题，吸引不少消费者。 受访者 供图 品牌方表示，未来将结合城市在地文化，把"美妆+X"主题店拓展至艺术等更多领域，将在上海、北京、深圳、武汉、南京等城市推出更多新的主题店，未 来BEAUTY CHOICE将保持每年30家左右的新店开设计划。 南方+记者 李劼 ...

Core Insights - The live-streaming e-commerce industry is entering a downturn phase, marked by the departure of key influencers and a decline in overall engagement and revenue [1][2][9] Group 1: Industry Trends - The departure of prominent streamers like Dong Dong and Xin Ba indicates a significant shift in the industry landscape, revealing the struggles faced by both top and emerging talent [1][2] - The live-streaming sector has seen a decline in viewer engagement and revenue, with the ROI for live-streaming events dropping from 1:4.2 to as low as 1:3.5 [7][8] - The overall market for live-streaming e-commerce is projected to exceed 5 trillion yuan in 2024, but the growth rate of penetration has slowed significantly from nearly 100% to single-digit percentages [10] Group 2: Financial Implications - Many streamers have experienced a salary reduction of 30% to 40%, with average monthly incomes for over 80% of professional streamers now below 8,000 yuan [8][9] - The competitive landscape has intensified, leading to a decrease in compensation for new entrants, with initial hourly wages for streamers dropping significantly [6][8] - The financial strain is evident as many streamers are forced to downgrade their living conditions and lifestyle due to reduced earnings [8][11] Group 3: Career Transitions - Streamers like Yao Yangyang and Ren Qing have transitioned to new careers outside of live-streaming, reflecting a broader trend of professionals leaving the industry due to its unsustainable nature [12][14] - The shift in focus from live-streaming to other business ventures, such as selling fruits online, indicates a search for more stable and fulfilling career paths [12][14] - The industry is witnessing a high turnover rate, with many professionals opting for alternative careers that offer a better work-life balance and less pressure [15]

2025 年 09 月 28 日 平台备战双十一，各美护品牌积极参与 推荐(首次) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 5.3 | 23.6 | 59.1 | | 沪深 300 | 1.9 | 16.0 | 22.9 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：阿里提出 ASI 政策护航数字消费关注 AI 焕新应 用》2025-09-28 2、《传媒行业周报：迎国庆档双 11 抢跑华为《智能世界 2035》迎智能 体互联网》2025-09-21 3、《传媒行业周报：以 AI 为支点 撬动国产应用新增量可期》2025- 09-07 ▌ 2024 年双十一期间美妆市场表现强劲 2024 年双十一期间，2024 年双 11 线上渠道美妆 GMV 为 1267 亿元，同比综合平均增长 17.42%。其中，淘天平台 GMV ...

Q&A 今年双十一的活动周期和核心销售时间节点有哪些变化？ 今年的双十一活动周期创下历史最长，抖音从 9 月中旬开始，持续约 57 天； 天猫预计从 10 月 9 日正式开始。整个周期分为五个阶段：预热期（9 月下旬至 10 月 19 日），主要进行领券和品牌预热种草；预售阶段（10 月 20 日至 30 日），美妆板块预计完成 45%左右的销售额；首轮爆发期（10 月 31 日至 11 月 10 日），各平台提供全品类优惠券和补贴；核心成交期（11 月 10 日至 11 日），预计占总成交额的 20%~30%；返场阶段可能延续 1~3 天。今年双十 一整体周期长达近 60 天。 今年双十一期间，各大平台对美妆品类的销售目标是什么？ 淘宝天猫平台内部预计 GMV 增长在 15%~20%左右，美妆品类希望达到 20%的增长。抖音全品类目标增长约 30%，美妆品类目标增长 35%~40%。 专家视角解读&双十一行情投资思路梳理 20250923 摘要 2025 年双十一周期长达近 60 天，淘宝天猫平台预计 GMV 增长 15%- 20%，美妆品类目标增长 20%；抖音全品类目标增长约 30%，美妆品 类目标增长 ...

Core Viewpoint - The controversy surrounding Jun Ji-hyun's new drama "The Storm Circle" has led to major luxury brands like Louis Vuitton, La Mer, and Piaget severing ties with her due to perceived cultural insensitivity and negative portrayal of China [2][4][5] Brand Impact - Jun Ji-hyun has built significant commercial value in the Chinese market, having been a brand ambassador for top luxury brands, including Piaget and La Mer, which have now removed her from their promotional materials [4] - The swift actions taken by brands to distance themselves from Jun Ji-hyun reflect the importance of maintaining a positive brand image in the Chinese market, which contributes significantly to global revenues [4][5] Cultural Sensitivity - The backlash against "The Storm Circle" highlights the critical need for cultural sensitivity in global media productions, as the portrayal of China in the series has been deemed offensive by Chinese audiences [3][5] - The incident underscores the broader implications of cultural, commercial, and political interactions in a globalized environment, where local sensitivities must be acknowledged by all stakeholders in the industry [5]

Group 1 - The core viewpoint is that in the era of user sovereignty, consumers shift from passive information acceptance to actively controlling their choices, making "word of mouth" a critical factor in consumer decision-making [1][4] - Companies must establish a comprehensive monitoring system to capture user feedback across all channels, moving from a "one-way output" to "full perception" of user needs and preferences [1][3] - The essence of listening is to adopt a humble approach to understand real user needs rather than trying to "educate users" [1] Group 2 - Companies need to create a rapid response mechanism to turn crises into opportunities for rebuilding trust, as negative word of mouth can spread quickly [3] - A key aspect of responding is not just problem-solving but also conveying a "user-first" value through the company's attitude, making consumers feel valued [3] - The ultimate goal of maintaining word of mouth is to elevate users from mere satisfaction to becoming brand advocates, establishing emotional connections beyond functional satisfaction [3][4] Group 3 - In the user sovereignty era, word of mouth represents the "trust vote" cast by consumers, and companies must integrate word of mouth maintenance into their strategic DNA to gain a competitive edge [4] - The best marketing is not about persuasion but about enabling users to genuinely recommend the brand [4]

Core Viewpoint - The beauty e-commerce industry is facing challenges as traditional platforms reach their growth limits, while new platforms like short videos and live streaming are becoming significant traffic sources. The performance of beauty third-party operators (TPs) varies widely, with only a few companies managing to thrive amidst the downturn [1][12]. Market Capitalization - Ruoyuchen leads the market with a market capitalization of 13.178 billion RMB, significantly surpassing the second-ranked Yiwang Yichuang by nearly 6 billion RMB [1]. - Yiwang Yichuang and Qingmu Technology are in the second tier with market capitalizations exceeding 5 billion RMB [1]. - Liren Lizhuang and Kaichun Co. have market capitalizations between 2 billion and 5 billion RMB, placing them in the third tier [1]. - Baozun E-commerce and Youquhui are in the fourth tier with market capitalizations below 2 billion RMB [1]. Financial Performance - Only Ruoyuchen among the seven beauty TPs achieved double-digit growth in both revenue and net profit, with revenue increasing by 67.55% to 1.319 billion RMB and net profit rising by 85.60% to 72.3 million RMB [8][12]. - Other companies, including Liren Lizhuang and Baozun E-commerce, reported significant declines in net profit, with Liren Lizhuang experiencing a four-digit percentage drop [8][12]. - Youquhui reported a 14.2% increase in beauty product sales, reaching 5.8 million RMB, but still faced overall revenue and profit declines [9]. Channel Strategy - Beauty TPs are increasingly focusing on emerging platforms like Douyin, Xiaohongshu, and Kuaishou, as traditional platforms like Taobao and Tmall show diminishing growth contributions [18][23]. - Ruoyuchen's sales from Douyin reached 490 million RMB, making it the largest sales channel, surpassing Tmall and Tmall International combined [27][28]. - Qingmu Technology reported a 144.58% increase in revenue from Douyin, indicating a successful channel transition [27]. Brand Development - Ruoyuchen and Liren Lizhuang are the only two TPs actively expanding their own brand portfolios, with Ruoyuchen's self-owned brand revenue growing by 242.42% to 603 million RMB [36][38]. - Liren Lizhuang's self-owned brand sales increased by over 80%, focusing on two main brands for future growth [38]. - Other TPs are exploring brand incubation and management to drive growth, with Qingmu Technology's brand management revenue increasing by 86.46% [40].