国泰海通｜批零社服：服务产业迎政策利好，新消费景气持续

Group 1: Service Consumption Catalysts - The promotion of service consumption has a higher marginal increment, with the Ministry of Commerce and nine departments recently releasing policies to expand service consumption, highlighting structural focus [1] - Historically, the structural proportion of service consumption has increased, with the ability to sustain price increases; enhancing vacation markets and flexibility will lead to higher demand elasticity [1] - In service consumption, the education sector shows rigid demand with volume and price still benefiting; policies have expanded high school education, while leading tea and coffee brands have significant expansion space and competitive advantages [1] Group 2: Symbolic Consumption and Emotional Value - Emotional value and experiential consumption address demand pain points and are rapidly realizing commercial value; industries like IP toys essentially consume symbolic and content value [2] - Interesting retail has become a clear trend in offline business development; the Chinese IP toy industry is still in a high growth phase, with leading IPs breaking through demographics, regions, and scenarios [2] - The craftsmanship of gold products is enhancing their added value, driven by consumer attributes, with innovations like ancient gold meeting young consumers' aesthetic and preservation needs [2] Group 3: New Channels Reshaping the Industry Chain - The trend in China's distribution system transformation is shifting from manufacturer-led deep distribution to consumer-driven efficient retail, with core retail capabilities evolving from site selection to product selection [3] - Retail in China is diversifying across categories and scenarios, with positive competition expected among discount snacks, community retail, and hypermarket remodels [3] - Competition in food delivery and instant retail is ongoing, with changes in fulfillment systems and differing demand attributes leading to significant shifts in competitive dynamics [3] - AI technology is being applied to new physical devices, with advancements in efficiency and commercialization in sectors like human resources, e-commerce, and education [3]