东吴证券芦哲：服务消费持续升温 政策助力释放潜力

Core Viewpoint - In 2025, service consumption in China is expected to significantly outperform goods consumption, with a projected annual growth rate of 5.5% for service retail, compared to 3.8% for total social retail sales, indicating a continuous improvement in service consumption [1] Group 1: Service Consumption Growth - The growth of service retail reflects a rising enthusiasm among residents for cultural and sports services, showcasing a trend of consumption upgrading and an increasing share of service consumption in overall spending [1] - The policy framework is supportive, as six ministries jointly released a document at the end of November aimed at enhancing supply-side adjustments to further unleash the potential of service consumption [1] Group 2: Economic Implications - The positive momentum in service consumption is seen as a crucial driver for optimizing economic structure and facilitating consumption upgrades, highlighting the significant future development space in this sector [1]