《提振消费专项行动方案》解读：消费潜力释放指引投资方向

Core Insights - The issuance of the "Consumption Promotion Special Action Plan" marks a significant step in China's strategy to expand domestic demand, transitioning into a phase of quality improvement and efficiency enhancement [2][6] - The plan aims to create a virtuous cycle of "income growth - supply upgrade - confidence boosting," injecting sustained momentum into high-quality economic development [2][6] Group 1: Enhancing Consumption Capacity - The plan employs a three-pronged policy approach of "increasing income, reducing burdens, and ensuring security" to address core obstacles in releasing consumer potential [7][9] - Measures include improving wage growth mechanisms, broadening channels for property income, and enhancing income security for farmers, establishing a diversified growth system covering wage, property, and operational income [7][9] - The plan emphasizes stabilizing the stock market and facilitating the entry of long-term capital from commercial insurance and social security funds, which is expected to enhance the proportion of property income for residents [7][9] Group 2: Optimizing Consumption Supply - The plan focuses on expanding high-quality supply through three main policies: service consumption enhancement, bulk consumption upgrade, and consumption quality improvement [10][12] - In service consumption, six key tasks are outlined, reflecting strong encouragement and guidance from policymakers, aimed at stimulating demand in areas like elderly care, childcare, dining, and cultural activities [11][12] - The plan also highlights the importance of the silver economy and the development of industries catering to aging populations, alongside promoting life service consumption and cultural tourism [11][12] Group 3: Shaping the Consumption Environment - The plan proposes actions to improve the consumption environment, including safeguarding rest and vacation rights and regulating online sales and live-streaming commerce [15][19] - It emphasizes the need to gradually reduce consumption restrictions and shift from purchase management to usage management for automobiles, which will help eliminate institutional barriers and better meet residents' vehicle needs [15][19] Group 4: Coordinating Multi-Policy Measures - The plan establishes a four-dimensional linkage mechanism involving fiscal, financial, industrial, and investment policies [17][20] - Fiscal policies aim to lower consumption thresholds through subsidies and loan interest discounts, while financial policies focus on increasing personal consumption loan availability [17][20] - The investment policy emphasizes a virtuous cycle of "investment into consumption," supporting projects in consumption and cultural tourism sectors through market-oriented means [17][20] Group 5: Investment Implications - The current valuation of the consumption sector is relatively low, and with the implementation of various consumption-boosting actions, the performance of the consumption sector is expected to improve, boosting investor confidence [21][30] - Key areas of focus include the silver economy, dining services, home services, tourism, entertainment, and digital consumption, among others [30]