高净值人群是支撑高端消费的主要来源之一，股市上涨带来的财富效应对高端消费复苏有重要贡献。根 据贝恩数据，24年全球高端奢侈品消费人数约3亿人，人群数量庞大，其中2%-3%的核心VIC用户贡献 40%+销售额且比例在持续提升。相比于楼市，股市的财富效应近年更为明显，2025年股市上行带动 2025年底A股/港股总市值达123万亿元/48万亿港币，较24年底净增24.5万亿元/12.7万亿港元。 高端消费正在复苏进行中的三个验证点。1)国际奢侈品品牌在24年走弱态势后25Q2起逐步恢复，25Q3 各集团(除开云)亚太地区收入增速均已回正增，中国本土市场亦在改善;2)我国高端零售物业也于2024年 底、2025年初开始复苏，以太古和恒隆地产为例，2024年承压后、2025年起进入温和复苏通道，出租率 逐步恢复、销售额改善趋势明显，其中顶奢商场表现更优。3)全球奢侈市场在25Q3开始亦进入到复苏 阶段。 如何看待高端消费各品类复苏节奏和投资机会：复盘全球奢侈品过去5年的情况，根据贝恩的数据， 2019-2025E年间全球奢侈品市场增速最快的是豪华游轮、私人飞机、高端餐饮 、个人奢侈品(皮具珠宝 鞋服美妆)、奢侈酒店、 ...

Core Viewpoint - The Hubei Province aims to enhance its shipbuilding industry by establishing a national industrial cluster for shipbuilding and marine engineering, targeting an industrial output value exceeding 130 billion yuan by 2027, with an annual growth rate of over 15% [1][4]. Group 1: Development Goals and Strategies - The "Hubei Province Work Plan for Promoting the Transformation and High-Quality Development of the Inland Shipbuilding Industry" outlines a target of over 130 billion yuan in industrial output by 2027, with a focus on maintaining a leading market share in electric ship core power systems [1][4]. - The plan emphasizes the development of high-value-added vessels such as direct river-sea ships, high-performance yachts, and luxury cruise ships, alongside the establishment of Wuhan as the "Ship and Marine Design Capital" [4][8]. - Hubei's shipbuilding industry is expected to benefit from a significant market opportunity due to the large-scale green upgrade of over 110,000 existing inland vessels in the Yangtze River basin, creating a trillion-yuan market [4][6]. Group 2: Challenges and Shortcomings - Hubei's shipbuilding industry faces challenges in industrial chain collaboration, infrastructure support, and market competition, including insufficient leadership from major enterprises and reliance on external suppliers [6][11]. - The promotion of green vessels is heavily dependent on the establishment of a comprehensive supply network for charging and refueling, which is crucial for market demand [6][11]. - The industry must address the need for stronger "chain master" cultivation, parallel development of application scenarios and infrastructure, and deepening regional and international cooperation [7][11]. Group 3: Collaborative Framework - The four key cities—Wuhan, Yichang, Jingzhou, and Huanggang—are expected to form a well-coordinated "fleet" with clearly defined roles to enhance Hubei's competitive advantage in the shipbuilding sector [11][15]. - Wuhan will serve as the design and innovation center, focusing on high-value vessels and core systems, while Yichang will act as a demonstration area for green vessels [11][12]. - Jingzhou will concentrate on standardized and mass-produced ship manufacturing, and Huanggang will focus on the green and intelligent transformation of traditional shipbuilding [12][15]. Group 4: Innovation and Market Integration - The establishment of a public information service platform for the shipbuilding supply chain in Hubei will facilitate collaboration among over 1,100 enterprises, enhancing procurement efficiency and reducing costs [14]. - The cities are encouraged to jointly develop green shipping demonstration routes along the Yangtze River, promoting a unified "Hubei Shipbuilding" brand that integrates design and manufacturing solutions [14][15]. - The strategic positioning of Wuhan as the "Ship and Marine Design Capital" aims to attract top talent and create a complete innovation loop from basic research to engineering validation [10][15].

Core Viewpoint - The Hubei Provincial Government has released a work plan aimed at transforming and upgrading the inland shipbuilding industry, targeting an industrial output value exceeding 130 billion yuan by 2027, with an average annual growth rate of over 15% [1][3]. Group 1: Development Goals - By 2027, the plan aims to cultivate two leading enterprises with a market value of over 10 billion yuan, establish three digital benchmark shipyards, and create six intelligent production lines [1][3]. - The plan also targets a leading market share for core power systems of electric ships nationwide and aims to establish or participate in the formulation of ten national and industry standards [3]. Group 2: Industry Characteristics - Hubei has rich water transport resources, with high-grade waterways spanning 2,090 kilometers and nearly 10,000 registered vessels, supported by 29 large-scale shipbuilding enterprises with an annual production capacity of 5.31 million deadweight tons [2]. - The province emphasizes the transformation of the inland shipbuilding industry towards "green, intelligent, standardized, high-end, and international" development [2][3]. Group 3: Work Tasks - The work plan outlines 14 tasks across three main areas: restructuring the shipbuilding supply system, enhancing the integration of five chains (industry, innovation, talent, capital, and service), and rebuilding a first-class shipbuilding industry ecosystem [4][5]. - Key tasks include accelerating the green transformation of ship power systems, advancing intelligent upgrades, improving standardization, enhancing high-end ship manufacturing capabilities, and expanding international market presence [4][5]. Group 4: Collaborative Mechanisms - A cross-departmental, cross-regional, and cross-sectoral work promotion mechanism will be established, with the Hubei Economic and Information Technology Department coordinating efforts [3]. - The plan emphasizes close collaboration among various responsible units to form a cohesive working force for the transformation and high-quality development of the inland shipbuilding industry [3].