股票研究 /[Table_Date] 2026.01.03 二手经济龙头，飞轮驱动高增 万物新生(RERE.N) 万物新生（RERE.N）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | [当前价格 Table_CurPrice] (美元)： | 5.30 | 本报告导读： 二手交易平台仍处快速成长期，万物新生在优质供给获取和定价权方面竞争优势明 显，且通过渠道和品牌能力正探索品类拓展与稳步推进业务国际化。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

本报讯 12月18日海南自贸港启动全岛封关。数据显示，封关首周（12月18日至24日），三亚全市免税 销售额累计实现7.36亿元，同比增长48.2%，累计接待人数达63.5万人次，同比增长19%。尤为亮眼的 是，首周共有六日销售额突破"亿元关口"，实现"即封即热"的强劲开局。 面对即将到来的元旦、春节传统消费旺季，三亚市商务局已制定一系列促消费计划。一是以丑萌的"0税 天团"IP打出"到三亚，别税了"主题宣传口号，通过线上线下多渠道，加大离岛免税新政及消费活动的 推广力度。二是紧密联动三亚即将举办的大型演艺、文旅会展等活动，策划推出免税购物专属"宠粉"活 动，提升活动客流向免税消费的转化率，构建"免税+活动"相互赋能、双向增益的互促循环。三是持续 发放离岛免税消费券，借助消费券的杠杆效应，进一步撬动免税消费潜力，巩固扩大封关运作带来的消 费增长势头。 记者 沈丽焕 从消费结构看，首饰、腕表、高端化妆品、服装服饰及箱包等精品品类成为本轮消费热潮的核心增长 点。值得关注的是，自今年11月1日离岛免税新政实施以来，三亚各免税店积极响应，加速拓展新品 类，不仅引入"多特思""噜噜猫"等知名宠物用品品牌，还增加"拿火音 ...

北京商报讯（记者 吴其芸）12月25日，三亚市商务局发布的消息显示，海南自贸港封关首周（12月18 日—24日），三亚全市免税销售额累计实现7.36亿元，同比增长48.2%，累计接待人数达63.5万人次， 同比增长19%。同时，首周共有六日销售额突破"亿元关口"，实现"即封即热"的强劲开局。 从消费结构看，首饰、腕表、高端化妆品、服装服饰及箱包等精品品类成为本轮消费热潮的核心增长 点。此外，面对即将到来的元旦、春节传统消费旺季，三亚市商务局已制定一系列促消费计划。 ...

封面新闻记者 张越熙 当前，二手市场正步入政策与市场双轮驱动的发展机遇期。伴随循环经济理念推广与低碳消费意识普及，公众对闲置资源再利用的认同度持续提升，催生 强劲市场需求。同时，数字化技术深度赋能加速行业变革，线上线下融合模式蓬勃兴起，叠加质检、售后等服务体系的持续完善，有效破解了非标品交易 的信任壁垒，推动二手市场从零散化流通迈向产业化升级，成为支撑经济发展与绿色转型的重要力量。 王永良：2025年我们看到了更多的"确定性"，这体现在中国二手行业蓬勃发展的态势，二手产品回收渗透率的持续提升，以及政策端的支持。聚焦"场景 +供应链"的核心战略，我们通过回收基础设施建设、品牌认知提升、服务标准化等措施，引导更多的用户选择回收和以旧换新，这也与可持续消费趋势 高度契合。另外，我们今年作为行业标杆获评"为地球奋斗奖"（The Earthshot Prize）这一全球环保领域的重要奖项，标志着中国企业在二手产品循环利用 领域的创新实践已跻身世界前列。作为循环经济赛道的先行者，我们将持续在全球可持续发展议程中书写中国方案。 失去的是狭窄、安稳的业务边界。现在的爱回收不仅回收二手3C产品，我们的回收品类扩展到箱包、腕表、 ...

Core Insights - Beijing's consumer enthusiasm is rising as year-end approaches, with multiple new commercial landmarks opening to attract shoppers [1] Group 1: New Commercial Developments - The Louis Vuitton House opened in Beijing's Sanlitun Taikoo Li, designed by renowned architect Jun Aoki, featuring a four-story retail space with a restaurant [2] - Sanlitun Taikoo Li has seen significant upgrades with the introduction of high-end luxury stores like Tiffany, Dior, and Louis Vuitton, along with various dining options [3] - The Zhongguancun ART PARK Dazhongcheng East District opened recently, featuring over 60 new stores, including 11 first stores in Beijing, enhancing the area's brand offerings [4][5] Group 2: Diverse Offerings and Experiences - Zhongguancun ART PARK Dazhongcheng incorporates high-end dining and lifestyle supermarkets, along with immersive art installations and events to enhance consumer experience [5] - The Bay Area project combines multiple business formats, including hotels and contemporary art centers, aiming to attract visitors from nearby Universal Studios [6] - The Bay Area features several first stores and flagship locations, enhancing its appeal to consumers and diversifying the shopping experience [6] Group 3: Market Trends and Strategies - Beijing's commercial landscape is evolving with a focus on differentiation, as highlighted by the introduction of over 5,000 first stores since 2019 [7] - Since 2021, over 5 million square meters of new commercial space has been added, with policies supporting the transition from single-function to multi-experience spaces [8] - The concentration of new openings before the holiday season is a strategic move to boost foot traffic and brand visibility, showcasing the city's upgraded commercial landmarks [8]

北京商报讯（记者 刘卓澜）12月19日，路易威登之家于北京三里屯太古里启幕。北京商报记者在现场看到，路易威登零售内容主要分布于四层空间内，涵 盖男士和女士皮具、成衣、鞋履、珠宝、腕表、香氛、美妆及配饰等。值得关注的是，该门店引入了Le Café Louis Vuitton餐厅，提供午餐、下午茶及晚餐体 验。 据介绍，路易威登之家由著名建筑师青木淳设计，他曾负责多家路易威登专卖店的设计工作。针对北京门店的外立面设计，青木淳的设计灵感汲取中国传统 园林造景的典型元素，运用于立面，从而打造出精工玻璃幕墙。同时，建筑立面被构想为一件优雅、透光而若隐若现的服饰，从而形成光影与动感的交织。 ...

Core Insights - China's foreign trade provinces have made significant progress in diversifying trade markets, with notable achievements in regions like Zhejiang, Guangdong, and Sichuan, enhancing the resilience of foreign trade development [1] Group 1: Zhejiang Province - Zhejiang's total import and export value exceeded 5 trillion yuan, reaching 5.06 trillion yuan, marking a historical high for the same period [1] - Taizhou's sewing machinery exports are a key foreign trade industry, with exports surpassing 5 billion yuan, a year-on-year increase of 8.7%, primarily driven by markets in India, Brazil, Vietnam, and Egypt [4] - A Taizhou sewing machinery company reported that foreign trade accounts for 80% of its business, with two products experiencing sales growth exceeding 70% [3][4] Group 2: Yongkang City - Yongkang's exports to Africa have surged, with one electric tool company reporting a 20% increase in exports to the region [6] - The demand for electric tools in Africa is rising due to urbanization and industrialization, prompting Yongkang's foreign trade enterprises to intensify market development efforts [10] - Over 600 companies in Yongkang are engaged in trade with Africa, with exports of hand and machine tools increasing by 24.2% [12] Group 3: Guangdong Province - Guangdong's trade with emerging markets has shown remarkable growth, with exports to ASEAN, Hong Kong, and the EU surpassing 1 trillion yuan each [14] - Dongguan's exports of electromechanical products accounted for nearly 70% of its total exports, with significant growth in markets such as Singapore, Argentina, and Ethiopia [18] - A Dongguan watch company has successfully launched a new product line that incorporates traditional Chinese elements, achieving sales in over 30 countries [15] Group 4: Sichuan Province - Sichuan's export scale exceeded 550 billion yuan, with a significant increase in the volume of goods transported via the Chengdu to Central Asia freight train [19] - The introduction of cross-border cold chain trains has enabled Sichuan apples to enter new markets in Central Asia and Europe, with a 20% increase in household income for local farmers [22][24] - Exports to Central Asia from Sichuan reached over 6 billion yuan, with a year-on-year growth of nearly 30% [25]

Core Insights - China's foreign trade provinces have made significant progress in diversifying trade markets since 2025, with Zhejiang and Guangdong leading the way in expanding into emerging markets such as ASEAN, Africa, the Middle East, and Central Asia [1] Group 1: Trade Performance - Zhejiang's total import and export value exceeded 5 trillion yuan, reaching 5.06 trillion yuan in the first 11 months of 2025, marking a historical high for the same period [1] - In Taizhou, the export value of sewing machinery and parts surpassed 5 billion yuan, with an 8.7% increase compared to the same period in 2024 [5] - Guangdong's trade with emerging markets showed remarkable growth, with exports to the Middle East, Africa, and Central Asia increasing by 7.8%, 10.4%, and 26% respectively, all outpacing the overall foreign trade growth rate of 4.2% [12] Group 2: Sector-Specific Developments - Taizhou's sewing machinery has become a "hot item" in foreign trade, with orders extending into June 2026 [4] - Yongkang's hardware products have seen a strong increase in exports to Africa, with a 20% growth in the first 11 months of 2025 [5][9] - The demand for electric tools in Africa has surged due to rapid urbanization and industrialization, prompting Yongkang's foreign trade enterprises to intensify market development efforts [7] Group 3: Logistics and Infrastructure - Sichuan's export scale exceeded 550 billion yuan in the first 11 months of 2025, with the Chengdu to Central Asia freight volume increasing by 2.8 times [24] - The establishment of a cold chain logistics center in Chengdu is expected to enhance the efficiency of high-value fresh and pharmaceutical product exports [31] - The integration of international transport, warehousing logistics, and supply chain finance through the China-Europe Railway Express has facilitated the export of Sichuan apples to Central Asia and Europe [26][28]

Core Insights - Dior has opened its largest boutique in China, located in Beijing's Sanlitun Taikoo Li, showcasing the brand's deep connection with the Chinese market [1] - The new boutique, designed by renowned architect Christian de Portzamparc, features a sculptural design that reflects Dior's elegance and modern aesthetics [1] - The boutique includes a dedicated art space displaying works from various artists, including Chinese artists Wang Qianyao and Xu Zhen, as well as furniture designs by notable European designers [2] - A French restaurant named "Monsieur Dior," led by Michelin-starred chef Anne-Sophie Pic, adds a culinary experience to the boutique, blending gastronomy with fashion [3] Summary by Sections Boutique Design and Features - The Beijing Dior House is a five-story structure, the largest of its kind in China, featuring a blend of classic and modern elements [1] - The exterior design includes flowing lines and handcrafted glass bricks, symbolizing luxury in Chinese culture [1] - Inside, the boutique showcases a variety of products, including women's and men's ready-to-wear, accessories, jewelry, watches, home goods, and exclusive limited-edition items [1] Art and Cultural Integration - The boutique serves as an art space, featuring works from both Chinese and international artists, celebrating the connection between Dior and contemporary art [2] - Special artworks created by Chinese artist Hong Hao commemorate the opening of the Beijing Dior House [2] - An art installation designed by OMA showcases Dior's craftsmanship through white fabric dresses, enhancing the boutique's artistic ambiance [2] Culinary Experience - The "Monsieur Dior" restaurant offers a unique dining experience, inspired by the life and legacy of Christian Dior, merging culinary art with fashion [3] - Chef Anne-Sophie Pic's menu reflects a poetic interpretation of French cuisine, providing a multi-sensory experience for visitors [3]

Core Insights - The acquisition of Versace by Prada marks a significant turning point for both brands, with the deal valued at €1.25 billion (approximately ¥10.278 billion), representing Prada's largest acquisition in its 112-year history [1][6]. Group 1: Versace's Historical Context - Founded by Gianni Versace in 1978, the brand became a major player in the fashion industry, achieving over $1 billion in annual revenue by 1990 and gaining recognition alongside Italian fashion giants like Armani and Gucci [3]. - The brand faced a major setback with the assassination of its founder in 1997, leading to a decline in its market position despite efforts by his sister Donatella to revitalize the brand [3][4]. - Versace's financial struggles continued, with revenues dropping from over $1.1 billion to below $830 million by the fiscal year 2025, prompting the need for a sale [3][4]. Group 2: Acquisition Details - The acquisition process began when Capri Holdings, the parent company of Versace, sought to sell the brand to alleviate financial pressures, initially considering a sale to Tapestry, Inc. for $8.5 billion, which ultimately fell through [5][6]. - Following this, Prada expressed interest in acquiring Versace, culminating in the announcement of the €1.25 billion deal on December 2 [1][6]. - This acquisition is part of Prada's strategy to diversify its brand portfolio, with expectations that Versace will contribute approximately 13% to the group's projected revenue, while Prada and Miu Miu are expected to account for 64% and 22%, respectively [7]. Group 3: Future Outlook - Prada has secured a €1.5 billion financing agreement to support the acquisition and has stated that it will focus on integrating Versace into its operations for at least the next three years [7]. - The appointment of Lorenzo Bertelli as the executive chairman of Versace indicates a commitment to leveraging the brand's unique aesthetic to enhance Prada's overall brand synergy and growth potential [7].