商业零售：从老铺黄金和毛戈平看新消费投资框架

长江证券股份有...2025-07-01

需求深度细分：消费需求深度分层，功能、情感和文化构成需求的三种底层属性，针对这三种需求属性的极致演绎，体现为：功能消费的质价比、情绪消费的高传播、文化消费的强溢价，催生出一批新兴消费品牌。供给格局裂变：分析完需求细分后，渠道变革、电商带来新品牌机遇，往往是细分新兴品牌崛起的重要先决条件，我们发现有一部分消费品类电商渠道在流通格局中的份额不断走高供给格局裂变：在需求细分、渠道变革的背景下，我们发现有...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2548459049?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-01 08:01","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2548459049","market":"hk","top_or_hot":-1,"title":"商业零售：从老铺黄金和毛戈平看新消费投资框架","media":"长江证券股份有...","content":"<div>\n<p>需求深度细分：消费需求深度分层，功能、情感和文化构成需求的三种底层属性，针对这三种需求属性的极致演绎，体现为：功能消费的质价比、情绪消费的高传播、文化消费的强溢价，催生出一批新兴消费品牌。供给格局裂变：分析完需求细分后，渠道变革、电商带来新品牌机遇，往往是细分新兴品牌崛起的重要先决条件，我们发现有一部分消费品类电商渠道在流通格局中的份额不断走高供给格局裂变：在需求细分、渠道变革的背景下，我们发现有...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507010801419795289c&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>商业零售：从老铺黄金和毛戈平看新消费投资框架</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n商业零售：从老铺黄金和毛戈平看新消费投资框架\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-01 08:01 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507010801419795289c&s=b><strong>长江证券股份有...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>需求深度细分：消费需求深度分层，功能、情感和文化构成需求的三种底层属性，针对这三种需求属性的极致演绎，体现为：功能消费的质价比、情绪消费的高传播、文化消费的强溢价，催生出一批新兴消费品牌。供给格局裂变：分析完需求细分后，渠道变革、电商带来新品牌机遇，往往是细分新兴品牌崛起的重要先决条件，我们发现有一部分消费品类电商渠道在流通格局中的份额不断走高供给格局裂变：在需求细分、渠道变革的背景下，我们发现有...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507010801419795289c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348766576.USD","symbol_name":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507010801419795289c&s=b","article_id":"2548459049","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202507010801419795289c&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2548459049","pubTimestamp":1751328094,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"供给格局裂变：动态来看，2024年较2015年CR10集中度出现下降、存新品牌崛起机遇的品类有家庭清洁、纸品、保健品等。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","06181":"老铺黄金","BK1207":"个人用品","BK1227":"服装、服饰与奢侈品","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","SG9999001051.SGD":"United Asia Fund SGD","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","01318":"毛戈平","BK1544":"黄金股"},"translate_title":"Commercial Retail: Looking at the New Consumption Investment Framework from Laopu Gold and Mao Geping","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06181":0.9,"01318":1},"content_text":"需求深度细分：消费需求深度分层，功能、情感和文化构成需求的三种底层属性，针对这三种需求属性的极致演绎，体现为：功能消费的质价比、情绪消费的高传播、文化消费的强溢价，催生出一批新兴消费品牌。供给格局裂变：分析完需求细分后，渠道变革、电商带来新品牌机遇，往往是细分新兴品牌崛起的重要先决条件，我们发现有一部分消费品类电商渠道在流通格局中的份额不断走高供给格局裂变：在需求细分、渠道变革的背景下，我们发现有一批“大行业、小公司”格局相对分散或者走向分散的行业，细分品牌崛起相对容易。静态来看，CR10集中度在30%或30%以内的品类包括美妆、保健品、零食、宠物、纸品等。供给格局裂变：动态来看，2024年较2015年CR10集中度出现下降、存新品牌崛起机遇的品类有家庭清洁、纸品、保健品等。1、居民收入恢复不及预期，消费支出意愿偏弱：线下客流持续恢复的情况下，消费转化至关重要，若居民收入水平提升较慢，可能影响其消费转化意愿。2、新技术或新业态引发行业格局变动：若技术或业态出现较大革新，而头部企业的经营战略未能有效应对，行业格局或迎来一定变化。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2548459049","isCrawlerRequest":true}