培育钻石产业趋势长期向好，受益上游具备核心技术研发壁垒、良率有望持续优化的公司，及下游消费渠道积极布局的品牌商。

中秋假期消费数据受疫情影响有所承压。根据汇客云数据，2022 年中秋期间， 全国购物中心累计客流3.03 亿人次；场均日客流同比2021 年下降18.4%， 同比2019 年下降37.1%。同时，经文化和旅游部数据中心测算，假期国内旅 游出游7340.9 万人次，同比下降16.7%，按可比口径恢复至2019 年同期的 72.6%；整体来看，今年中秋假期在近期各地出现疫情散发，地方防控力度 有所加强的背景下，表现相对承压，但结构性亮点仍存，疫情影响相对有限 的地区，以及具备较强品牌力和全渠道运营水平的品牌企业仍有亮眼表现。

培育钻石渗透率5 年提升至15%，撬动逾800 亿增量市场需求。目前培育钻石渗透率为6.09%，对标实验室培育蓝宝石市场渗透提升曲线，我们预计培育钻石渗透率将在2025 年达到15%，对应每年提升1.8%。根据测算，我们预计2021-2025 年全球毛坯培育钻石产量分别达1,026/1,336/1,623/1,925/2,226 万克拉，对应全球培育钻石饰品市场规模分别为570/742/902/1,069/1,237 亿元，对应2021-2025 年复合增速达21.37%，行业享有是渗透快速提升的成长期红利。

生鲜电商行业竞争日趋激烈，用户规模增长放缓。同时，获客成本不断增加，平台拉新不易。用户方面，针对生鲜网购不同环节的投诉事件频发，对用户体验造成负面影响。生鲜到家平台可持续关注用户体验优化，通过精细化运营，实现提升客单价及复购率的经营目的，以此建立平台竞争壁垒。

Welcome to the eighth edition of Global Powers of Luxury Goods. FY2020 proved to be a challenging year and most luxury goods companies concentrated their efforts on managing their business through the pandemic. However, it was also a disruptive year in many positive ways and companies implemented genuine changes in their strategies. The commitment to a more environmentally friendly and inclusive fashion and luxury industry is real and there is increased focus on raising awareness among current and future consumers. As many parts of the world are opening up and consumers are returning to physical stores and live events, digitalization continues to be important. We are now seeing how technological evolution is accelerating the creation of parallel dimensions—where even garments are made of pixels and the communication between those who make fashion, and their consumers is immediate and direct. Luxury e-commerce went past the tipping point and became a vital part of the omnichannel distribution strategy for global luxury players.