国泰海通｜食饮：政策加码、资本赋能，新消费与服务消费迎双重利好——评十四届全国人大四次会议经济主题记者会

Core Viewpoint - The article emphasizes a dual signal of policy enhancement and capital empowerment for the consumer industry, marking a golden window period for demand expansion and supply-side capitalization, with a focus on new consumption and service consumption [1][2]. Group 1: Policy Signals - The recent press conference highlighted key topics such as expanding domestic demand, boosting consumption, and deepening capital market reforms, signaling a clear policy direction to activate both domestic and international markets through a combination of consumption policies [2][3]. - The Ministry of Commerce plans to continuously develop the "Buy in China" brand through activities, policies, and optimized scenarios, introducing new policies for product consumption expansion and an upgraded version of the outbound tax refund policy [2][3]. Group 2: Capital Market Reforms - The reform of the ChiNext board is expected to reshape the supply structure of the consumer sector, accelerating the capitalization of light-asset, high-growth new consumption enterprises [3]. - Traditional listing standards have primarily focused on heavy assets and profit scale, which may not adequately support new consumption brands and service-oriented enterprises; the new reforms aim to enhance the inclusivity for these types of companies [3]. Group 3: Consumer Market Potential - The combination of "Buy in China" and the outbound tax refund 2.0 policy is expected to resonate with both domestic and international demand, enhancing the attractiveness of China's consumer market and increasing the willingness of foreign travelers to spend in China [3]. - The outbound tax refund 2.0 policy is likely to focus on lowering shopping thresholds for foreign travelers, improving the conversion efficiency of inbound consumption, which will benefit service consumption sectors such as duty-free, cultural tourism, dining, and specialty retail [3].