社会服务：两会经济主题记者会快评报告-促消费政策聚焦商品以旧换新与服务提质扩容

Investment Rating - The industry investment rating is "Outperform the Market" with an expected relative increase of over 10% in the industry index compared to the market over the next six months [12]. Core Insights - Consumption is recognized as the primary driving force for economic development, with the government emphasizing the continuation and enhancement of consumption policies from the previous year [2]. - The government plans to implement a "Special Action Plan to Boost Consumption," focusing on enhancing consumer capacity, increasing quality supply, and improving the consumption environment to stimulate domestic demand [2][3]. - The policy will particularly target two areas: expanding the "trade-in" policy and enhancing service quality, with a significant increase in subsidy funds from 150 billion to 300 billion yuan [3]. Summary by Sections Consumption Policy Focus - The government aims to address insufficient effective demand for goods and inadequate quality supply for services through enhanced policies [3]. - The subsidy categories for the trade-in policy will expand from 8+N to 12+N, directly stimulating consumer purchasing desire [3]. Service Sector Expansion - The policy will promote the opening of sectors such as telecommunications, healthcare, and education, while also supporting inbound tourism development [3]. - Continued support for service sectors like elderly care, childcare, and cultural tourism is expected, with 18 policy documents already issued last year [3]. Investment Recommendations - In the goods consumption sector, the trade-in policy is anticipated to stimulate consumer purchasing and promote industry growth [3]. - In the service consumption sector, opening up will attract foreign quality consumption power, while internal relaxation will encourage diverse service supply [3]. - Key sectors to focus on include: 1. Food and Beverage: The liquor industry is expected to face increased tax burdens but high-end brands may show resilience [9]. 2. Social Services: The tourism and hospitality sectors are expected to benefit from improved vacation policies and inbound consumption [9]. 3. Retail: The gold market is projected to benefit from increased demand as a safe-haven asset [9]. 4. Light Industry Manufacturing: The home appliance sector is expected to see demand growth due to supportive policies [9].