“融合消费”引爆假日市场，全链条激活内需引擎

Group 1 - The core viewpoint emphasizes the rise of "night consumption" as a new hallmark of urban vitality, with approximately 60% of consumer spending expected to occur at night by 2024, and large shopping malls generating over half of their daily revenue between 6 PM and 10 PM [1][3] - The integration of night consumption with sports events is anticipated to further stimulate consumer spending, supported by government initiatives to extend operating hours of sports facilities and promote night sports consumption [3][5] - The concept of "fusion" is highlighted as a key strategy for expanding domestic demand and promoting consumption during the Mid-Autumn Festival and National Day holidays, showcasing the interconnectedness of various consumption activities [5] Group 2 - The global economic environment is increasingly volatile, yet China's government is focused on stabilizing foreign investment and trade, with service trade projected to account for 19% of total foreign trade by mid-2025, up from 14% in 2020 [8][10] - The Chinese government is committed to creating a predictable and reliable investment environment, responding to foreign investors' calls for improvements in market conditions, particularly regarding price wars and market access challenges [8][10] - The Ministry of Science and Technology in China aims to strengthen the role of enterprises in technological innovation, fostering the development of internationally competitive emerging industries and promoting the integration of technological and industrial innovation [6]