消费提振的线上入口：电商代运营缘何受关注？

Investment Rating - The report recommends focusing on leading e-commerce operation companies as key beneficiaries of consumption stimulus policies in 2025 [4]. Core Insights - The report emphasizes that consumption is becoming a crucial factor for stabilizing economic growth in China, with final consumption expenditure accounting for 56% of GDP in 2023, indicating significant growth potential compared to developed countries [4][14]. - It identifies two main pathways for boosting consumption: offline retail and online operation, highlighting the importance of established landing scenarios for investment opportunities [4][29]. - The report anticipates that various consumption stimulus policies will emerge in 2025, with a focus on new economic models and consumption scenarios, such as "first launch economy" and "millet economy" [4][50]. Summary by Sections 1. Policy Direction for 2025 - The report outlines that expanding consumption is a primary economic focus for 2025, with expectations for more consumption stimulus policies and measures to be introduced [4][26]. - It notes that China's final consumption expenditure as a percentage of GDP is lower than that of developed countries, suggesting substantial room for growth [14][17]. 2. Pathways for Consumption Boost - The report discusses two pathways for stimulating consumption: demand-side subsidies (e.g., consumption vouchers) and supply-side innovations [32][34]. - It highlights that offline retail will focus on experiential consumption, while online operations will leverage new consumption categories to attract consumers [36][42]. 3. Frequent Consumption Stimulus Measures - The report mentions that new concepts and channels, such as the "millet economy" and "first launch economy," are expected to play significant roles in promoting domestic demand [50][58]. - It emphasizes the importance of e-commerce operation companies as key players in implementing these consumption stimulus policies [4][74]. 4. Investment Recommendations - The report recommends focusing on leading e-commerce operation companies like Ruoyu Chen, Qingmu Technology, and others, which are well-positioned to benefit from the anticipated consumption boost in 2025 [4][74][78].