多地发放消费券，有望提振终端消费

Investment Rating - The report maintains a positive outlook on sectors with short policy transmission and high marginal improvement, particularly in consumer sectors benefiting from government-issued vouchers [3][8]. Core Insights - Multiple regions are issuing consumer vouchers to stimulate consumption, with significant allocations in Shanghai, Sichuan, and Heilongjiang [7][8]. - Historical data indicates that consumer vouchers have effectively leveraged consumption, with notable examples from Shanghai and Anhui demonstrating high redemption rates and substantial consumption stimulation [7][8]. Summary by Sections Consumer Voucher Initiatives - Shanghai plans to issue RMB 500 million in vouchers, with RMB 360 million allocated for dining and RMB 90 million for accommodation [6][7]. - Sichuan is set to allocate over RMB 400 million for 2024 vouchers, focusing on home furnishings and local products [6][7]. - Heilongjiang will distribute RMB 54.30 million for a month-long promotion targeting autos, appliances, and dining [6][7]. Historical Effectiveness of Vouchers - In 2022, Shanghai's vouchers achieved a leverage ratio of 3.67 and a redemption rate of 97% [7][8]. - Anhui's 2023 vouchers worth RMB 1.87 billion stimulated over RMB 36 billion in consumption [7][8]. - Jiangsu's RMB 200 million in subsidies led to a RMB 2.72 billion increase in appliance sales [7][8]. Sector Recommendations - Dining and hotels are expected to benefit significantly from the voucher leverage, with a focus on high-quality service providers [3][8]. - Internet e-commerce, particularly Meituan-W and Alibaba Group, is recommended due to strong fundamentals and cyclical recovery potential [3][8]. - The beauty and care sector is highlighted for its resilience and potential for growth, with a focus on high cost-performance brands [3][8]. - Offline retail is advised to focus on regional leaders and valuable assets, with specific recommendations for companies like Chongqing Department Store and Wangfujing Group [3][8].