保持现金流优势，成长性转向红利性。行业调整期，头部品牌虽韧性强，但成长性也有所减弱，腰部品牌更是面临业绩下滑。在未走出调整前，白酒行业的成长性暂告一段落。由于商业模式的优越性，白酒上市公司的现金流依旧稳定，且账面货币资金充裕，加大分红比例、 提高股东回报是当前的主旋律。

睡眠健康行业致力于改善和维护个体睡眠质量，满足消费者对优质睡眠的追求。随着睡眠问题日益严峻，政策持续优化，消费者注重效果与安全，对智能化、个性化产品接受度高。行业规模持续扩大，科技创新推动从单一产品制造向智能化解决方案转变。未来，消费者对睡眠质量的重视、科技的深度融入、防病理念的普及、银发经济的崛起以及线上线下融合的销售模式，将进一步推动睡眠健康行业市场规模的攀升。

Jewelry, watches and accessories retail market includes gold jewelry, silver jewelry and other precious jewelry like diamonds, platinum, precious stones (sapphires, emeralds, and rubies), pearls (natural and cultured), semi￾precious stones (e.g. quartz, opal, topaz, amethyst, coral etc.), precious charms, brooches, cufflinks, body jewelry, precious hair accessories/headwear (tiaras) and fine watches. Market value represents retail sales.

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