银河证券：“十五五”时期文旅、养老、托育等消费领域有望迎来政策加码

Core Viewpoint - The report from Galaxy Securities highlights that insufficient effective demand remains a prominent constraint on domestic economic development during the "14th Five-Year Plan" period [1] Economic Structure and Investment - Traditional investment growth is slowing down due to structural adjustments in the economy, while external uncertainties are increasing, putting pressure on export-dependent enterprises [1] - The role and status of consumption in the "three drivers" of the economy are becoming more prominent [1] Consumer Spending - Compared to developed countries, China's household consumption rate is still relatively low, indicating a significant potential for growth in consumer spending [1] - Stimulating consumption is crucial for expanding domestic demand and strengthening the domestic circulation [1] Policy Implications - The "14th Five-Year Plan" may focus on reforms in income distribution, providing high-quality consumer supply, and improving long-term mechanisms to promote consumption [1] - A new wave of consumption is emerging, driven by coordinated efforts on both supply and demand sides [1] Service Consumption - Service consumption is identified as a key area for boosting overall consumption, with sectors such as cultural tourism, elderly care, and childcare expected to receive policy support [1]