消费行业行业专题报告：聚焦地方两会，年度头号任务转向提振消费

Investment Rating - The report indicates a positive investment outlook for the consumer sector, highlighting a potential turning point due to government stimulus measures aimed at boosting consumption [7][19]. Core Insights - The government has prioritized consumption as a key task for 2025, with local governments responding to central directives by implementing various consumption-boosting policies [10][14]. - Significant funding has been allocated for consumption incentives, with approximately 300 billion yuan earmarked for equipment upgrades and consumer goods replacement programs [19][20]. - The report identifies five major growth trends in the consumer industry, including the globalization of Chinese enterprises, rational consumption due to weakened purchasing power, and the rise of emotional value-related consumption [7]. Summary by Sections Local Government Policies - Local governments are aligning their consumption policies with central government directives, covering goods, services, and new economic sectors [2][10]. - Key areas of focus include the "new economy" initiatives, which emphasize digital, green, and health consumption [3][10]. Consumer Goods and Services - The report notes that the consumer goods sector has seen a significant impact from government subsidies, with a projected 5 billion yuan in consumer goods subsidies for 2025, expected to boost retail sales growth by approximately 1.7 percentage points [5][20]. - The service economy is also highlighted, with emphasis on sectors such as dining, tourism, and sports events, which are expected to drive consumption growth [2][15]. New Economic Trends - The report discusses the emergence of new consumption channels, such as live-streaming and social e-commerce, which are gaining traction among consumers [3][10]. - It also mentions the importance of technological innovation in creating new products and meeting evolving consumer demands [3][19]. Investment Recommendations - The report suggests a dual approach for investors: seeking high-dividend value stocks and identifying growth stocks within the consumer sector [7]. - Specific recommendations include companies in the home appliance sector, such as Midea Group and Haier, as well as emerging players in the pet industry and globalized brands [7][10].