零售行业：伴随中等收入群体数量的稳步上升，会员制零售业态崛起显著－2025年中国会员制零售行业

FMCG stands for fast-moving consumer goods. These are products that are sold quickly and at relatively low cost. FMCGs typically have a short shelf life due to high consumer demand or because they are perishable. Examples include packaged foods, beverages, toiletries, over-the-counter drugs, and other consumables such as cleaning and laundry products. FMCGs are characterized by high turnover and are often sold in large quantities.

2025年社会消费和零售企业经营缓慢复苏，具体分板块看：黄金珠宝受金价高涨影响，高端中式黄金和时尚黄金赛道呈现更高景气，化妆品医美竞争激烈、国货品牌崛起，线下零售企业则持续推进模式变革探索。值得注意的是，“情绪消费”仍是景气度重要密码。

2024年，中国出海营销市场规模达420亿美元，其中跨境电商营销需求占据30%+份额，游戏及APP出海营销需求分别占据20%+份额。未来，受跨境电商快速发展、数字技术深度赋能和全球新兴市场强劲需求等因素影响，预计到2029年，中国出海营销市场有望增至1,237亿美元，2025-2029年CAGR为24.3%。

Grocery stores offer non-perishable food products, which are packaged in cans, bottles, and boxes, as well as fresh produce food products, such as fruits, vegetables, and herbs, provides essential nutrients and flavors for daily meals. The economic indicators that have a major impact on the sales of grocery products from online retail channels are the growing global population, internet penetration, urbanization, per capita income, and mobile subscription in developing countries.

The retailing of different types of baby products through online or e-commerce channels is referred to as online baby product retailing. Online retail provides the convenience of purchasing products online by availing of payment options such as cash-on-delivery (COD), credit and debit cards, and Internet banking transactions. The market includes sales through online retailing of baby care products to users globally. The market does not include the sales of baby products through offline stores.

消费行业：9月社零可选品增速回暖，高基数下家电类增速边际放缓－事件点评

消费品行业：风格切换助力消费－10月港股消费行业观察

自2024Q2以来，吉利、零跑、小鹏、小米等销量和份额持续上涨，龙头企业份额被蚕食，尾部企业出清。吉利、零跑、小鹏定位大众市场，通过极致性价比车型吉利星愿、吉利银河E5、零跑C10、小鹏MONA M03等带动销量持续增长，小米则依靠强大的品牌力获得增长，新 势力企业零跑、小鹏、小米的销量持续稳定在单季度8—12万辆之间。从份额角度看，这些企业的增长主要是蚕食了龙头企业的份额，比如比亚迪、特斯拉份额同比去年减少了5.1%、2.3%。

海外下半年促销旺季即将到来，面板采购呈现积极信号:面板采购量是电视需求的前瞻指标。上半年韩国品牌销售较差，面板一度大力去库存，影响面部采购需求，当前去库存结束迎来转机。奥维睿沃数据，25年8月全球电视面板出货量达22.3百万片，同比+7.6%、环比+4.9%，延续了7月以来的积极态势，反应了市场周期性的库存回补需求，全球电视品牌商正为下半年海外黑五、圣诞促销旺季积极备货。从全球角度看，下半年海外电视需求走向短期高峰，或将平抑国内国补退坡的部分影响。