Economic Overview - The economic performance of Huicheng District remains stable under pressure, with industrial output value reaching 35.128 billion yuan, a year-on-year increase of 11.7% [1] - The industrial production accelerated, with a monthly output value of 7.833 billion yuan, showing a year-on-year growth of 16.9% [1] Industrial Performance - The value added in the mining industry increased by 26.9% year-on-year, while the manufacturing sector grew by 13.2% [1] - The electricity, heat, gas, and water production and supply industry saw a decline of 1.8% year-on-year [1] Fixed Asset Investment - Fixed asset investment decreased by 14.7% year-on-year, with the decline slightly widening compared to the previous month [1] - Construction and installation investment fell by 19.5% year-on-year, but the decline narrowed by 0.8 percentage points [1] Trade and Consumption - The total foreign trade import and export value reached 16.97 billion yuan, growing by 43.8% [3] - Imports surged by 111.3% to 8.78 billion yuan, while exports increased by 7.1% to 8.18 billion yuan [3] Retail Sales - Total retail sales of consumer goods amounted to 35.619 billion yuan, with a year-on-year growth of 9.1% [2] - Online retail sales through public networks reached 7.145 billion yuan, marking a significant increase of 66.2% [2]

证 券 研 究 报 告 内需复苏加速窗口，新成长方向浮现 2025年纺织服装行业中期投资策略 证券分析师：王立平 A0230511040052 求佳峰 A0230523060001 刘佩 A0230523070002 联系人： 求佳峰 A0230523060001 2025.06.10 ◼ 美国关税博弈预期反复，但不改核心制造全球竞争力，同时推荐高景气新消费制造链 1. 复盘：弱市见高频回购，底部信号显现 2. 户外：低渗透、高成长赛道，空间广阔 3. 服装家纺：内需复苏加速，消费向新求变 4. 纺织制造：关税博弈反复，龙头壁垒不变 5. 投资分析意见：关注景气消费与核心制造 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 复盘25上半年（1/1~6/6），SW纺织服饰指数上涨5.5%，相对申万全A上涨3.6%，相对收益位居全 市场第11位。公司低位高频回购，彰显中长期发展信心，底部信号显现 ◼ 内需复苏重要做多线索，下半年将开启加速回升窗口，挖掘低位浮现的新成长方向 • 高性能运动户外，当前低渗透率，未来高空间：24年中国户外高性能服饰市场规模1027亿元（同比+17%），品 牌市占 ...

1. 6月4日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.15%，标普500指数期货涨0.17%，纳指期货涨0.14%。 | ■ US 30 | 42,582.00 | 42,636.50 | 42,494.00 | +62.40 | +0.15% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 5,980.60 | 5,987.30 | 5,965.60 | +10.20 | +0.17% | | ■ US Tech 100 | 21,693.60 | 21,719.80 | 21,629.10 | +31.00 | +0.14% | 2. 截至发稿，德国DAX指数涨0.59%，英国富时100指数涨0.12%，法国CAC40指数涨0.55%，欧洲斯托克50指数涨0.46%。 | 德國DAX30 | 24,225.31 | 24,347.03 | 24,207.77 | +142.45 | +0.59% | | --- | --- | --- | --- | --- | --- | | 英國富時100 | 8,797.50 | 8, ...

——增强"能消费"的底气。《方案》一方面在就业、分配等环节"开源"，促进城乡居民增收，提出"完善最低工资标准调整机制，与经济增长、社会平均工 资增长相适应，2025年最低工资标准增幅不低于5%"，让更多老百姓"有钱花"。另一方面，落实个人养老金递延纳税优惠政策，进一步扩大生育保险覆盖 面，减轻居民养育、教育、养老、医疗等方面负担，使居民在消费时没有后顾之忧。 消费，一头连着宏观经济，一头连着千家万户。 近日，省政府办公厅印发《河南省提振消费专项行动实施方案》（以下简称《方案》），聚焦消费能力提升、产品消费扩大、服务消费提质、新型消费拓展 等方面，实施八大行动26条措施，进一步扩消费、惠民生，稳增长、促发展。 《方案》有什么亮点？如何让居民能消费、敢消费、愿消费？记者进行了梳理和采访。 突出"民"：提升消费能力释放消费意愿 提振消费，前提是有消费能力。消费者"想买"并且"买得起"才算是有效需求。此次《方案》突出"民"字，把惠民生与促消费相结合，着力打通当前制约消费 的卡点堵点，进一步释放我省巨大的消费市场潜力。 业内专家表示，当前，消费形态正从实物型向服务性消费转型。支持和规范社会力量发展养老、托育等产业，有助 ...

近日，有广东的挪瓦咖啡加盟商在社交平台投诉称"加盟遭遇欺诈"。他告诉南都湾财社记者，企业招商 时曾承诺距离门店2公里范围内不会开同品牌门店，但近一个月他的门店两公里内开了两家直营店，他 向企业反馈此事，被告知负责招商的员工已被劝退，合同中并无相应承诺。 该加盟商提供的资料显示，其咨询加盟事宜时，品牌招商工作人员确实表示一两公里属于保护区域，但 合同无对应表述。南都湾财社记者从挪瓦咖啡招商处了解到，企业并无区域保护这一说法。 5月26日，挪瓦咖啡相关负责人回应南都湾财社记者称，公司的加盟政策章程及合同上不存在任何"2公 里之内不能有其他加盟店"的承诺，公司也从未授权任何员工做出这样的承诺。该负责人称，企业已经 启动法务流程核实追溯完整原件，并称愿意依法合规地解决加盟商的困难和问题。 投诉： 加盟商称投资超25万加盟挪瓦咖啡 近一个月门店两公里范围内开了两家直营店？ 该加盟商曾先生今年33岁，居住在广东汕尾，他告诉南都湾财社记者，他此前从未加盟过茶饮或咖啡品 牌，之前偶然喝过挪瓦咖啡，觉得蛮好喝，于是在网上搜索这个品牌，发现口碑不错，便有意加盟该品 牌。 2024年6月，曾先生开始向企业咨询加盟事宜，两个月后，他 ...

亚朵集团同步公告了股东回报计划。根据公告，亚朵集团2025年首次派息总额预计约为5800万美元，同 时还宣布了为期三年的回购计划，累计回购金额不超过4亿美元。 零售业务方面，一季度，亚朵集团零售业务GMV(商品交易总额)达到8.45亿元，同比增长70.9%，其 中，线上渠道占比超过90%。 亚朵集团持续完善会员体系，推动住宿业务与零售业务融合联动，促进交叉消费。截至今年3月31日， 亚朵集团注册会员数突破9600万人，同比增长35.4%。 基于零售业务的强劲表现以及对全年业绩稳健增长的预期，亚朵集团上调全年收入指引，预计2025年营 收同比增长25%-30%。 北京时间5月22日，亚朵集团(NASDAQ：ATAT)发布2025年第一季度财报。财报显示，一季度，亚朵集 团实现营收19.06亿元(人民币，下同)，同比增长29.8%；调整后净利润3.45亿元，同比增长32.3%；调整 后EBITDA(除利息、税项及折旧前盈利)为4.74亿元，同比增长33.8%。 一季度，亚朵集团平均可出租客房收入(RevPAR)为304元，为2024年同期水平92.8%；日均房价(ADR)为 418元，为2024年同期水平97.2 ...

Core Viewpoint - The article highlights the vision and strategies of Charoen Pokphand Group (CP Group) under the leadership of its chairman,谢国民, emphasizing the importance of technology in agriculture and the company's commitment to quality and local development in China [6][8][12]. Group 1: Company Overview - CP Group, founded by谢国民's father in 1921, has evolved into a multinational conglomerate with operations in agriculture, food, retail, telecommunications, and finance, employing over 460,000 people globally [10][11]. - The company was the first foreign investment in mainland China after the reform and opening-up policy, establishing its presence in 1979 [7][16]. Group 2: Technological Empowerment - CP Group believes that technology is the core of its agricultural chain, which spans from seeds and feed to food and retail [8]. - The company has successfully adapted agricultural practices from Brazil to Cambodia, achieving yields three times higher than the original [8]. - The use of big data and artificial intelligence is seen as essential for addressing modern challenges in food safety and consumer preferences [10]. Group 3: Commitment to Quality - Quality is a fundamental principle for CP Group, with谢国民 stating that any compromise on quality is considered a betrayal [12][13]. - The company has a strong focus on maintaining high standards throughout its production processes, ensuring that products are safe and reliable for consumers [13]. Group 4: Local Development and Partnerships - CP Group is actively involved in local agricultural modernization projects in China, such as the "Rural Revitalization Partner" initiative, which promotes collaboration among government, enterprises, banks, and farmers [13][14]. - The company aims to establish modern rice processing facilities to enhance local agricultural productivity and create job opportunities for farmers [14]. Group 5: Confidence in China's Future - Despite current international uncertainties, CP Group maintains a strong belief in the future of China's economy, citing the innovative capabilities of the younger generation [15][16]. - The company has significantly increased its investments in China, with expectations that its marketing revenue in China will surpass that of Thailand in the future [17]. Group 6: Talent Development - CP Group emphasizes the importance of talent cultivation, establishing the Charoen Pokphand Leadership Academy to train future leaders within the organization [18]. - The academy has trained over 10,000 emerging leaders since its inception in 2016, focusing on fostering entrepreneurial spirit and leadership skills [18][19].

凯度集团大中华区CEO暨凯度BrandZ全球主席王幸表示："我们看到，强品牌不仅为股东带来更丰厚的 回报，在应对挑战时，也展现出远超市场平均水平的韧性。事实上，过去20年间最具价值全球品牌的整 体表现始终优于标准普尔500指数和MSCI全球指数，这无疑证明了品牌是企业最宝贵的资产。二十载风 雨兼程，品牌在繁荣与低谷的交替中跋涉，在自我革新的阵痛里蜕变，更在突发事件的冲击下重塑再出 发。如今，我们踏入充满易变性、不确定性、复杂性和模糊性（VUCA）的时代，看似迷雾重重的市场 环境，实则暗涌着破局机遇。那些极具商业远见的行业引领者深刻认识到品牌在消费者心智中的无形价 值，始终坚持投资品牌建设，通过有意义的差异化策略，构筑起坚不可摧的品牌护城河。这种强大的品 牌韧性，正是企业抵御外部风险、捍卫利润空间的核心竞争力。" 本报记者 钟楚涵 蒋政 上海报道 近日，《2025凯度BrandZ最具价值全球品牌100强》榜单及分析报告正式发布，该分析报告深入剖析了 过去20年间品牌营销的变迁历程，详细阐述了品牌价值在市场竞争、消费者认知及企业长远发展等多方 面的重要性，为行业提供了极具价值的洞察与参考。 2025年，全球百强品 ...

Group 1 - The total e-commerce transaction volume in the province for Q1 reached 324.16 billion yuan, indicating a stable overall operational trend [1] - Service-related transactions grew rapidly, with a transaction volume of 89.03 billion yuan, a year-on-year increase of 13.6% [1] - Online retail sales amounted to 119.45 billion yuan, up 14.7% year-on-year, surpassing the overall retail sales growth rate by 7.7 percentage points [1] Group 2 - The number of e-commerce platforms in the province reached 80, with a total transaction volume of 77.01 billion yuan [1] - Zhengzhou had the highest number of e-commerce platforms at 30, contributing 56.76 billion yuan, which is 73.7% of the total e-commerce platform transaction volume [1] - Cross-border e-commerce transactions showed steady growth, with a total import and export transaction volume of 63.21 billion yuan, including 48.01 billion yuan in exports [1] Group 3 - The province's e-commerce development is supported by accelerated network construction, improved inland shipping networks, and the normal operation of China-Europe freight trains [2] - Future e-commerce growth is expected to stimulate consumption and enhance market vitality through deeper integration with the real economy and full exploitation of data value [2]

因为口罩时期大家都没法出去挣钱，自己在家自给自足，也没法出去消费。 然后等放开之后很多人牟足了劲想努力拼一把，结果发现经过三年的宅家生活，一切似乎和自己想的不 一样了。 其实从口罩放开之后，消费降级这个词就已经开始预热了。 有的人因为公司倒闭直接成为无业游民，收入从几千、一万直接归零； 有的人因为公司效益降低，自己的收入也跟着降低，说实话这批人还算是好的。 有些实体生意的小老板是最惨的，基本都是自己打工给员工挣工资去了…… 国家统计局最新数据显示，3月全国社会消费品零售总额同比增长5.9%，达到4.09万亿元，展现出整体 回暖趋势。 但在这片暖意中，北京、上海两大超级城市却遭遇"倒春寒"——北京3月社零同比暴跌9.9%，上海预估 下降14.1%，形成鲜明反差。 这种反常现象像一面多棱镜一样，折射出中国经济转型期的深层阵痛。 作为外来人口占比超过40%的超大城市，京沪消费市场的冷暖变化，本质上是一场关于就业、信心与生 存选择的现实寓言。 "北漂""沪漂"群体的去留，正在重塑消费版图。2024年末数据显示，北京常住人口连续第三年负增长， 上海人口流入速度也降至十年最低。 这个看似微观的人口流动，却引发消费市场的宏 ...