北交所消费服务产业跟踪第三期：中央经济工作会议将“提振消费”列在2025年任务之首，关注北交所新消费产业链

Investment Rating - The report does not provide a specific investment rating for the North Exchange consumption service industry [5] Core Insights - The central economic work conference has prioritized boosting consumption as the top task for 2025, indicating a strong governmental focus on expanding domestic demand [4][10] - The silver economy is rapidly developing, with the market size expected to reach approximately 7 trillion yuan in early 2024, accounting for about 6% of GDP, and projected to grow to 30 trillion yuan by 2035 [4][38][17] - The ice and snow economy is identified as a growing sector, with participation in ice sports events increasing significantly, reflecting a robust market potential [24][72] - The report highlights the ongoing exploration phase of the first-store economy, which is becoming an important force in urban brand building, despite facing challenges such as homogenization and sustainability [54][75] Summary by Sections Overall Market Performance - The median price change for consumption service stocks on the North Exchange was -8.67% for the week of December 13 to December 20, 2024, with a total market capitalization decrease to 79.491 billion yuan [1][63][87] - The median price-to-earnings (P/E) ratio for 35 companies in the consumption service sector dropped to 39.0X, down from 45.1X [1][64][85] Industry Analysis - The median TTM P/E ratio for the broader consumption industry decreased from 48.7X to 45.0X, indicating a general decline in valuation [90] - The food and beverage sector's median TTM P/E ratio fell from 35.2X to 30.4X, reflecting a downward trend in market sentiment [92] - The professional services sector also saw a decline in median TTM P/E from 22.6X to 20.5X, suggesting a broader market correction [96] Announcements - Companies such as Shandong Ruihua Technology are increasing their registered capital, indicating ongoing investment and expansion efforts within the industry [99][112]