扩大内需是战略之举，消费行情是不是要来了？

Core Viewpoint - The article discusses the current state of consumer spending in China, indicating that while there are signs of potential recovery, the actual consumer sentiment remains weak and requires more time for a significant turnaround [5][10][29]. Group 1: Consumer Sentiment and Policy - Recent discussions have emerged regarding whether consumer spending is set to rebound, particularly following Kweichow Moutai's decision to control supply, which has led to speculation about stock price recovery [6][10]. - The official article titled "Expanding Domestic Demand is a Strategic Move" has sparked excitement about consumer spending, but it is important to note that "domestic demand" encompasses both consumption and investment, not just consumer spending [11][12]. - The government's attitude towards consumer spending has shown a gradual improvement, as evidenced by the stronger language in the latest five-year plan compared to previous plans, indicating a renewed focus on increasing the consumption rate [14][15][18]. Group 2: Economic Indicators - The growth rate of social retail sales was only 1.3% in November, marking a significant low, with categories like home appliances seeing declines of nearly 20% due to the absence of old-for-new subsidies and a downturn in the real estate market [25][27]. - The continued decline in housing prices is negatively impacting residents' wealth, further suppressing consumer spending [27][29]. Group 3: Future Outlook - The current economic environment suggests that consumer spending remains in a low state, with macroeconomic factors and population dynamics creating uncertainty for investors regarding future recovery [29]. - There is anticipation for more concrete policies to emerge in March during the annual meetings, which could provide clearer guidance for consumer spending recovery [29].