继贵州"村超"之后，江苏"苏超"再次点燃了国人的足球热情。 上周末，江苏省城市足球联赛热度持续爆表。8轮48场比赛累计进球124个，场均2.5个；据国家统计局 江苏调查总队调查数据，超九成江苏居民知晓"苏超"，关注"苏超"的人群中非传统球迷占比近八成；与 苏超一同起飞的是赛事经济效应，最新数据显示前六轮比赛带动五大场景实现服务营收近380亿元；商 业价值日益飙升，官方赞助商数量从赛季初的6家激增至32家，连"担架队"都"炙手可热"…… 据了解，用户登录App进入"跟着苏超去狂欢专区"，或进入"足球联赛专区"点击"更多福利"，即可每周 在"乐游、观剧、赢球、嗨购、畅饮、出行"六大专区各抽一次奖。奖品涵盖旅行优惠、饮品福利、加油 补贴及运动装备等。 后续活动将持续推进，随着商家扩容，为客户带来更多福利，让金融服务化作看得见的民生温度， 让"苏超流量"变为拉动经济的"消费能量"。 流量之上，价值深耕 在当前经济形势下，促消费、稳增长已成为撬动经济高质量发展的关键支点。 赛场之上，足球热潮涌动；赛场之外，足球更成为拉动消费的重要引擎。从"到扬州搓背、听苏州评 弹"，到"去淮安吃虾、在南京坐游船"……"苏超"所到之处， ...

活动现场，电子音浪响彻夜空，主舞台巨型LED屏瞬间迸发出炫光，无数双手高举啤酒随重低音节奏摆动身体，一起畅饮、畅 享、畅欢……值得一提的是，现场由一家科技企业在龙文区研发制造的无人机负责运输，将刚刚从生产线上完成灌装的啤酒第 一时间送到活动现场，在场嘉宾与观众叹服前沿科技带来的奇妙体验。 据悉，活动期间将分别推出7大主题之夜的演出，融合品牌特色与地域文化，从激情演出到多元互动，为市民游客打造了沉浸 式、多元化的狂欢盛宴。作为活动的重头戏，主办方在现场围绕不同啤酒风格，别出心裁地打造五大啤酒屋体验区，还配套推 出闽味美食专区，让市民在举杯狂欢中品味山海馈赠。 同时，在龙文区梧桥古厝开设分会场举办2025"全闽乐购·畅享龙文"美食嘉年华暨漳州·百威国际啤酒嘉年华促消费乐享活动，特 邀本土新星乐队及百姓大舞台优秀歌手倾情演唱。 活动现场。人民网 李昌乾摄 "百威在漳州投资设厂，与龙文同成长、共进步，为龙文经济社会高质量发展作出了卓越贡献。"漳州市龙文区人民政府区长洪 维椿在致辞时表示，龙文区致力于将百威国际啤酒嘉年华打造成为市民休闲聚会、游客感知漳州的重要窗口，进一步整合推广 闽南美食、提升漳州味道的知名度和影响力 ...

邢自强系摩根士丹利中国首席经济学家，中国首席经济学家论坛理事 8月经济似在放缓，但流动性、反内卷和促消费却支撑市场叙事。相比历史上的"水牛"，目前股市杠杆仍处合理区间，不至引发政策干预。我们列出了资 金和叙事方面值得关注的重要指标。 季度GDP同比增速或回落到4.5%左右：受高基数及抢出口退坡影响，8月份出口同比增速或将从7月份的7.2%放缓至5-6%的区间。本月高频数据显示中国 对美集装箱船只数量继续下滑，反映出口退坡正在进行时。内需方面，尽管中央已于7月底之前向地方政府下达了第三批690亿人民币的消费品以旧换新国 补资金，8月前10天汽车与线上家电销售同比在低基数的助力下依然大幅下跌。这或反映了部分地区对国补资金使用监管的加强，以及某些城市采取"每日 限额领券"的影响。同时，房地产持续下行所带来的负财富效应也可能继续拖累消费信心。另一方面，天气扰动减弱，及前期政府债券资金的拨付或有助 当月基建增速小幅回升。但考虑到未来几个月财政脉冲减弱，其回升态势或难以持续。 流动性和宏观叙事支撑市场情绪：我们股票策略团队编制的大摩自由流动性指数自今年6月起已由负转正，显示可用于金融投资的流动性有所改善。同 时，我们的中 ...

市商务委一级巡视员张国华表示，打造世界级商圈是上海的重要战略目标。当前，"上海之夏"国际 消费季正如火如荼地展开，上海将打造一批标杆性、示范性消费场景，更大力度吸引国内外流量。 据了解，自"上海之夏"国际消费季启动以来，上海各大商圈"政策+活动"双轮驱动，延续上半年的 发展势头，消费增长喜人。如，豫园商圈举办豫园·夏日奇幻夜，主打"国创内容+传统技艺"组合。其 间，豫园多家老字号与国创动画IP联名，整体关联销售额预计破4000万元。其中，老庙黄金《天官赐 福》联名金饰将动漫符号转化为金饰品中的文创元素，天猫预售的1000套联名产品秒罄，线下销售也十 分火爆。宁波汤团店、松月楼打造IP主题餐厅，联名套餐几乎日日售罄。 上海各大重点商圈的繁华，是促消费、稳增长的"压舱石"。以豫园商圈为例，上半年社零增长 41.6%，客流超2000万人次，年轻客群、海外客群占比显著上升，海外客群约占总体客群的20%。 市统计局的最新数据显示，今年1月至7月，上海实现社会消费品零售总额9551.79亿元，同比增长 2.5%。与商圈相关的零售类别，如服装、鞋帽、针纺织品类增长3.3%；化妆品类增长5.0%；金银珠宝 类增长1.5%；通 ...

Core Viewpoint - The stock price of Zhenjiu Lidu (06979) has increased over 50% this month, with a current rise of 6.56% to HKD 10.4, driven by positive consumer policies and strategic product launches [1] Group 1: Market Performance - Zhenjiu Lidu's stock has seen a significant increase, with a rise of over 6% today and a cumulative increase of over 50% this month [1] - The trading volume reached HKD 184 million, indicating strong market interest [1] Group 2: Industry Trends - Multiple rounds of consumer stimulus policies have been released this year, emphasizing the importance of domestic consumption [1] - The State Council has highlighted the need to stimulate consumption potential and remove restrictive measures in the consumer sector [1] - CITIC Securities believes the liquor industry is rapidly bottoming out, with leading companies likely to benefit from channel adjustments and market expansion [1] Group 3: Product Strategy - In June, Zhenjiu Lidu launched a strategic product, "Da Zhen·Zhenjiu," priced at HKD 888 per bottle, targeting the high-end market [1] - In August, the company introduced its first high-end craft beer, "Niu Shi News," priced at HKD 88 per bottle, marking its entry into the beer sector [1] - Guotai Junan Securities anticipates that the new products will contribute to incremental growth and improve growth margins for the company [1]

Economic Development and Consumer Growth - Fujian province has shown strong economic vitality and quality development, with social retail sales growing at an average annual rate of 6.3% during the 14th Five-Year Plan period [2] - The province ranks sixth in online retail and third in rural online retail nationwide, indicating robust consumer engagement [2] - Key strategies to enhance consumer spending include stimulating market vitality, supporting small and medium enterprises, and improving employment opportunities for low-income groups [2] Tourism and Cultural Consumption - In 2024, Fujian is expected to receive 650 million tourists, with total tourism expenditure surpassing 835 billion yuan, reflecting year-on-year growth of 13.5% and 19.6% respectively [4] - The cultural and tourism sector has become a new growth driver for the economy, contributing 10.5% to the province's GDP [4] - Over 1,000 cultural tourism initiatives have been launched this year, with more than 6,000 events held to enhance public engagement [5] Financial Support for Economic Growth - The financial sector plays a crucial role in supporting the development of Fujian's cultural and tourism industries, with over 81.1 billion yuan in net loan growth in related fields [6] - A collaborative mechanism involving government, banks, and enterprises has been established to promote financial support for the tourism economy [6] Social Welfare and Public Services - By mid-2025, nearly 80% of Fujian's public budget will be allocated to social welfare, focusing on healthcare, elderly care, and childcare services [8] - The province has established eight national medical centers and 13 provincial medical centers to improve healthcare accessibility [8] - Fujian has developed 94,000 public childcare spaces to support working parents, enhancing the quality of early childhood education [8] Social Security Innovations - Fujian has implemented a "15-minute social security service circle" to improve accessibility and efficiency in social security services [9] - Collaborations with major banks have led to the establishment of dedicated social security service windows in 451 bank branches [9] - The province is exploring innovative service models to further enhance the convenience of social security services for the public [9]

Core Viewpoint - The newly introduced personal consumption loan interest subsidy policy aims to stimulate consumption, reduce credit costs for residents, and promote economic growth through government financial support [1][2]. Group 1: Policy Overview - The policy provides financial subsidies for eligible personal consumption loans, marking the first time the central government has implemented such a subsidy in this sector, referred to as a "national subsidy" for consumption loans [1]. - The support covers a wide range of consumption areas, including daily necessities, education, culture, tourism, electronics, and healthcare, addressing both essential needs and emerging consumption trends [1]. - The policy encompasses both goods and service consumption, with a simultaneous implementation of loan subsidies for service industry operators to enhance the convenience and quality of consumer spending [1]. Group 2: Financial Impact - The policy is designed to lower credit costs significantly, with a subsidy rate of 1%, which is approximately one-third of the current personal consumption loan interest rates offered by commercial banks, thereby reducing the interest burden on residents [2]. - The streamlined process for applying for subsidies is managed by lending institutions and local government departments, making it easier for borrowers to access financial support [2]. Group 3: Economic Strategy - The policy aims to expand domestic demand and promote consumption by breaking away from traditional practices of blanket loan subsidies, focusing instead on targeted support for consumer spending [2]. - It emphasizes collaboration among various stakeholders, including central and local governments, financial regulators, and lending institutions, to ensure that public funds effectively channel into the consumption sector [2]. Group 4: Social Considerations - The initiative reflects the government's commitment to enhancing the well-being of citizens by investing in consumer spending, which is seen as essential for improving quality of life and ensuring happiness [3]. - The policy is part of a broader strategy to release consumption potential and improve living standards, aligning with ongoing efforts to boost domestic demand [3].

Core Viewpoint - The article emphasizes the importance of boosting consumption as a primary task for expanding domestic demand, highlighting the need for reform in the current tax system to incentivize local governments to promote consumption effectively [2][3][4]. Group 1: Current Challenges - Local governments face significant financial constraints due to accumulated debt and a downturn in the real estate market, which hampers their enthusiasm for promoting consumption [3][4]. - The existing value-added tax (VAT) and consumption tax systems primarily based on the production location create a misalignment between tax revenue and consumption potential, limiting the release of consumption capacity [2][7]. Group 2: Tax Revenue Structure - In 2024, China's total tax revenue is projected to be 17.5 trillion yuan, with VAT contributing 6.67 trillion yuan (38%) and consumption tax contributing 1.65 trillion yuan (9%) [4]. - VAT is the largest contributor to local tax revenue, shared equally between central and local governments, while the consumption tax is expected to become a new source of incremental revenue for local governments as reforms progress [4][5]. Group 3: Recommendations for Reform - The article suggests reforming the VAT distribution mechanism to focus more on the consumption location, enhancing the precision of transfer payments to local governments [5][12]. - It advocates for accelerating the shift of consumption tax collection to the retail stage, promoting the development of emerging consumption sectors such as green, smart, and health-related industries [5][12]. Group 4: International Experience - The article draws lessons from international practices, particularly the EU's shift from a production-based to a consumption-based VAT system, which was driven by the need for a unified market and the evolution of cross-border trade [10][11]. - The U.S. sales tax system, which relies on state-level taxation and does not have a unified VAT, provides insights into how differentiated tax rates can guide consumer behavior and link tax revenues to public services [13][14]. Group 5: Enhancing Local Government Incentives - To improve local government incentives for promoting consumption, the article recommends optimizing the VAT distribution mechanism to ensure more accurate compensation for consumption areas [16][17]. - It also suggests adjusting consumption tax rates to encourage healthy and environmentally friendly consumption, while considering transitional measures to balance local interests during the reform process [17][18].

Core Insights - The automotive industry is a key driver for consumer market growth, heavily supported by automotive finance, with China's new car finance penetration rate nearing 70% [1] - Toyota Financial Services is actively responding to national policies aimed at boosting consumption and local car purchase subsidies by launching customized financial solutions [1][2] - The introduction of "0 interest" financing options aims to reduce the financial burden on consumers, making car purchases more accessible [2] Group 1: Financial Products and Consumer Benefits - Toyota Financial Services has launched a "Cool Financial Plan" that includes low down payments, low interest rates, and flexible payment options tailored to various consumer needs [1] - The "0 interest" financing plan covers popular models from FAW Toyota and GAC Toyota, allowing for zero down payment and flexible repayment terms of 12 to 36 months [2] - All Toyota and Lexus models are eligible for a zero down payment and low-interest financing option, with annual interest rates starting at 3.82% [3] Group 2: Market Strategy and Consumer Engagement - Toyota Financial Services emphasizes a customer-centric approach, providing a range of financial products and services to meet diverse consumer needs [4] - The company collaborates with professional insurance brokers to offer insurance services alongside car loans, enhancing convenience for consumers [4] - The integration of financial solutions with consumer demands is seen as a way to stimulate sustained growth in the automotive market [4]

Group 1: Economic Indicators and Consumer Behavior - The Consumer Price Index (CPI) has shifted from decline to increase, indicating a need to further stimulate consumer activity in the economy [1] - Consumer spending is a major component of GDP, and its growth is essential for economic development [1] - The government has introduced policies such as "trade-in" and "consumer loan interest subsidies" to boost consumption [1] Group 2: Trends in Consumption - There is a significant trend towards increasing the proportion of consumption in GDP, which is currently lower compared to developed countries [2] - Enhancing consumer income through industrial upgrades is crucial for boosting consumption [2] - The demand for sports events and related products indicates untapped consumer potential [2] Group 3: Competition and Market Dynamics - "Involution" or excessive competition in certain industries is detrimental to consumer welfare and market health [3] - The need to improve industry concentration and profitability is emphasized to combat "involution" [5] - The manufacturing sector's upgrade is essential for increasing residents' income and overcoming the middle-income trap [4][5] Group 4: Policy Utilization and Consumer Opportunities - Consumers are encouraged to take advantage of government subsidies for various sectors, including home appliances and automobiles [6] - The limited nature of subsidies means consumers should act quickly to benefit from available policies [6] - Traditional and new consumption sectors hold significant potential for growth, and consumers should embrace digital economic opportunities [7]