2024年政府工作报告解读之消费行业：着力扩大国内需求，培育消费新的增长点

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][10] Core Insights - The 2024 government work report emphasizes expanding domestic demand and fostering new consumption growth points, with a focus on increasing residents' income, optimizing supply, and reducing restrictive measures to stimulate consumption potential [3] - The report sets more aggressive targets for consumption promotion, highlighting new growth areas such as smart home products, cultural tourism, and domestic trendy goods, compared to the previous year's focus on recovery from the pandemic [3] - Key sectors to watch include the cultural tourism industry, which is expected to benefit from ongoing promotional policies, and the smart home sector, which is poised for growth due to its diverse supply chain and product categories [3][8] Summary by Sections Domestic Demand Expansion - The government aims to implement strategies to boost domestic demand, with specific measures to increase residents' income, stabilize traditional consumption, and promote new consumption types [3] New Consumption Growth Points - The report identifies new consumption growth areas, including smart home products and domestic trendy goods, indicating a shift towards more innovative and culturally relevant consumer products [3][8] Sector Focus - The cultural tourism sector is highlighted for its recovery potential, supported by local government initiatives and consumer incentives, while the smart home industry is recognized for its broad market opportunities across various product categories [3][8]