记者 张骏 市委季度工作会议昨天下午举行。市委书记陈吉宁主持会议并强调，要深入学习贯彻习近平总书记 考察上海重要讲话精神，强化大局意识，强化主动作为，强化整体推进，干字当头、奋力一跳，努力完 成全年经济社会发展目标任务，为"十四五"收官、"十五五"开局打下坚实基础。 陈吉宁结合国庆中秋假期城市服务保障和运行安全情况，三季度以来市委抓经济运行调度、招商引 资和企业服务以及各区、各部门落实推进情况，同与会同志作了深入分析，研判发展形势，明确工作重 点。陈吉宁指出，当前外部环境依然复杂严峻，完成全年目标任务需要倍加努力、加力冲刺。要进一步 提高经济运行调度的科学性、精准性，持续放大政策效应、改革效应，巩固经济回升势头。消费潜力要 充分释放，抓住进博会等契机，扩围实施"两新"等政策，强化政策和活动联动发力、融合发展。围绕落 实《关于扩大服务消费的若干政策措施》，加紧拿出行动方案，抓好服务业扩大开放综合试点，培育打 造服务消费新增长点。投资进度要紧抓不放，确保重大项目加快落地推进。外贸外资要保持韧性，密切 跟踪研判，及时动态优化政策，以政策的确定性、敏捷性更好对冲外部环境的不确定性。先行先试的改 革举措要强化复制推广， ...

近期，商务部等9部门对外发布《关于扩大服务消费的若干政策措施》，出台19条举措进一步扩大服务 消费。其中，在加强财政金融支持方面，特别提出"开展重点领域消费贷款贴息"。 记者了解到，随着9月《个人消费贷款财政贴息政策实施方案》落地，金融机构用好用足政策，加大信 贷投放力度，不断优化消费金融产品和服务。 "在一系列消费政策引导下，我们全面启动系统改造、产品服务流程优化等相关工作，认真推进政策落 地实施，在需求端进一步激发居民消费动能。"中国建设银行住房金融与个人信贷部消费信贷处处长杨 哲介绍，截至9月末，该行已签署财政贴息服务协议的客户超60万户。叠加国补、地方补贴等多种消费 政策助力，该行9月末消费贷款余额同比增长近三成。 新华社北京10月3日电支持提振和扩大消费，是金融服务实体经济的重要内容。近期，一系列金融政策 加速落地，持续撬动服务消费供给，更好满足居民服务消费需求，支持消费新生态。 近日，家住广东东莞的蔡先生贷款10万余元购置了家居家电，在享受财政贴息后，省下了1000多元利息 支出。他告诉记者："我全程一键操作，银行系统自动识别出交易为家居家装消费场景，当时就享受到 了政策红利。" 数据显示，截至7 ...

中国经济是韧性十足的，中国消费的韧性也是十足的，但是要让韧性变得持久，要让黄金周的黄金成色 也变得更加持续，还是有更多的工作需要去落实，把短期热闹转化为长期动能，还需要"手术刀式"的精 2025年的国庆中秋的"双节合体"，不仅拼出8天的法定假期，更因杭州等地率先落地3天"秋假"，让部分 家庭一口气连休11天。超长假期，像一只高倍聚光灯，把最新出台的《关于扩大服务消费的若干政策措 施》的落地成色，照得纤毫毕现。 文旅部节前预判"势必火爆"，资本市场旅游酒店板块提前躁动，预测国内出游人次、旅游收入、餐饮堂 食指标都会刷新纪录，可以预见的滚烫数据，既让人看见政策杠杆撬动的消费热潮，也让人思考结构性 短板还在"拖后腿"。 黄金周更像一场压力测试，检验《措施》的"含金量"，也考验中国经济的消费韧性。 首先要看到，政策的红利是迅速而明显的。《措施》发布仅半月就迎来黄金周，短期效应"肉眼可见"， 四条主线"立竿见影"。 第一是时间红利，《措施》首次把"优化学生假期"写进国家级扩消费文件，鼓励地方探索春秋假。杭州 9月28—30日3天秋假与国庆中秋无缝衔接，直接催生出了"11天超长黄金周"。时间变量放大，使长线 游、深度游需 ...

1 ）外部形势判断： "十五五"时期相较于以往的五年规划期， 最突出的特征就是外部环境的不确定性。 2 ）经济增速要求： 大国战略竞争的核心是综合实力的较量 ，必须着力提升自身经济实力、科技实力和综 合国力，才能赢得战略主动。在这样的背景下， 要把经济较快增长放在更为重要的位置，设定明确的经济 增长目标， 以此引导市场、增强信心，也为高质量发展创造条件。 3 ）安全 ： 统筹发展与安全，加强粮食、能源、金融等领域风险防控；修改国家安全法。 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 袁玲玲（微信 Yuen43） 报告摘要 近一周，主要关注"十五五"规划相关的新信号。 9 月 12 日，全国人民代表大会常务委员会办公厅关于"十 五五"规划纲要编制工作若干重要问题专题调研工作情况的报告（以下简称调研报告），要点如下： 4 ）科技与产业 ： 科技创新和产业创新是发展新质生产力、实现高质量发展的战略基点，也是有效应对国 际竞争新形势和美西方国家围堵打压的根本途径……我国未来发展的潜在增长率取决于全要素生产率的提 升…… 建议"十五五"规划中构建全要素生产率 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][49]. Core Insights - The social services sector saw a 1.40% increase in the last two trading weeks, ranking 15th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 0.47 percentage points [2][13]. - The upcoming National Day and Mid-Autumn Festival holidays are expected to boost travel and consumption, with a notable increase in travel demand and consumption policies aimed at stimulating domestic demand [5][42]. - The report highlights a stable economic environment with August retail sales showing a year-on-year increase of 3.4%, indicating a steady recovery in consumer spending [5][3]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was positive, with notable increases in sub-sectors such as tourism retail (+4.94%) and tourism and scenic spots (+4.88%) [17][21]. - The overall consumer spending data reflects a stable trend, with service consumption categories like cultural and recreational services showing double-digit growth [5][3]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands benefiting from business travel recovery and employment policies [5][42]. - The recovery of cross-border travel is expected to accelerate the introduction of new tax-free policies, with recommendations to monitor companies like China Duty Free and Wangfujing [5][42]. Company News & Announcements - The report notes significant developments such as the opening of a new city duty-free store in Changsha and the launch of a new hotel development plan by JD.com, indicating ongoing innovation and expansion in the sector [29][30]. - The report also mentions the increasing popularity of domestic travel destinations and the rise of AI tools in travel planning, reflecting changing consumer preferences [30][31].

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes various policies from September 5th to September 20th, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It aims to provide an overview of the current economic policy environment and potential impacts on different sectors [1][2][3]. 3. Summary by Directory 3.1 Macro - economic Tone - The government is promoting the construction of a unified national market and expanding service consumption. Measures include rectifying disorderly competition, boosting consumer spending with about 420 billion yuan in fiscal support driving over 2.9 trillion yuan in sales, and promoting private investment [1][11][12] - The State Council has deployed measures to promote private investment, aiming to expand investment space, ensure fair competition, and support private capital in new areas [13][16] 3.2 Fiscal Policy - The fiscal policy is more active, with a focus on using special bonds to repay government arrears to enterprises. As of September 19th, 2025, 1.1506 trillion yuan of special bonds have been issued, exceeding the annual limit of 800 billion yuan [17] - Over 60% of financing platforms have exited, and 4 trillion yuan of the 6 - trillion - yuan special debt quota has been issued. The government debt risk is under control, and it plans to issue part of the 2026 local government debt quota in advance [18][19] 3.3 Monetary Policy - The central bank has optimized and simplified the evaluation indicators for primary dealers, which helps to improve the transmission of interest rates and strengthen the benchmark nature of the Treasury yield curve [21] - The 14 - day reverse repurchase operation has been adjusted to a fixed - quantity, interest - rate tender, and multiple - price winning bid method, further strengthening the policy interest rate status of the 7 - day reverse repurchase [22] - The global financial stability system faces challenges such as fragmented regulatory frameworks, insufficient regulation in digital finance, and weak regulation of non - bank intermediaries [23] 3.4 Financial Supervision - A draft for public comments on the management regulations of public fund sales fees has been released, and the second batch of science and technology innovation bond ETFs will be listed on September 24th [26] - New regulations for insurance, trust, and securities industries have been introduced, including the "Insurance Company Capital Guarantee Management Measures", the "Trust Company Management Measures", and the start of the self - evaluation of securities company classification [27][28] - The controlling rights of three AMC companies have been transferred to Central Huijin. There are concerns about the liquidity risk of funds concentrated in the technology sector, and the proportion of cash wealth management in August reached a new low for the year [29] 3.5 Real Estate Policy - Shenzhen has relaxed purchase restrictions in multiple districts, and Shanghai has exempted first - home buyers from property tax under certain conditions [32] - Shenzhen has released a draft for public comments on the housing provident fund management measures, and Beijing and Shanghai have adjusted the upper and lower limits of the monthly housing provident fund payment base [33] 3.6 Tariff Policy - Chinese and US leaders had a phone call, and the two sides reached a basic framework on issues such as TikTok. China opposes the politicization of technology and economic and trade issues [36][37]

接受中国经济时报记者采访的专家表示，五项任务举措环环相扣，建立了从供给端到需求端的全链条推进机制，最受益行业包括文化旅游与休闲娱乐、体 育健康、医疗康养、"数字+服务"融合业态。政策真正落地，则能切实提升居民消费能力和信心，激励企业端提供真正让人心动的高品质服务。 图片来源/摄图网授权 ■ 中国经济时报记者 刘慧 2025年9月，商务部等9部门联合印发《关于扩大服务消费的若干政策措施》的通知，提出五项任务举措，包括培育服务消费促进平台、丰富高品质服务供 给、激发服务消费新增量、加强财政金融支持、健全统计监测制度。 五项任务举措形成了一个内在驱动的增强回路 中国宏观经济研究院高级顾问专家、市场与价格研究所原所长杨宜勇对中国经济时报记者表示："五项任务举措环环相扣，形成了一个内在驱动的增强回 路。" 杨宜勇称，培育服务消费促进平台作为基础载体，是服务消费的"舞台"和"枢纽"。政策旨在支持和升级各类消费平台，包括线上平台和线下平台。好的平 台能降低交易成本、提升消费体验、汇聚商业流量，是一切消费活动的基础。丰富高品质服务供给作为核心引擎，是解决"消费什么"的问题。政策着力于 增加高质量、多样化的服务产品。只有供给端 ...

Market Overview - The three major indices in the A-share market experienced fluctuations and closed higher, with the Shanghai Composite Index at 3828.58 points, up 0.22% [4] - The total market turnover decreased to 2.1 trillion yuan, indicating cautious trading behavior as the holiday approaches [1] - Margin trading balances decreased by 4.2 billion yuan, reflecting a marginal contraction in leveraged fund sentiment [1] Economic Policy and Monetary Environment - The People's Bank of China announced that the Loan Prime Rate (LPR) remained unchanged at 3.0% for the one-year term and 3.5% for the five-year term, consistent with market expectations [2] - The stability of the LPR is intended to maintain continuity in the interest rate environment, as the macroeconomic policy is currently in an observation phase [2] - The central bank conducted a 240.5 billion yuan reverse repurchase operation at a rate of 1.40%, indicating efforts to manage liquidity ahead of the quarter-end and holiday [3] Steel Industry Developments - The Ministry of Industry and Information Technology released a plan for the steel industry aiming for an average annual growth of around 4% in value-added output from 2025 to 2026 [3] - The plan addresses the imbalance of excessive supply and insufficient effective demand, focusing on precise capacity control and enhancing high-end product supply capabilities [3] - The initiative aims to stabilize the industrial base and promote the transformation and upgrading of traditional industries, potentially benefiting leading steel enterprises through resource concentration and industry consolidation [3] Sector Performance - In the stock market, sectors such as electronics, computers, and non-ferrous metals showed strong performance, with increases of 3.71%, 1.70%, and 0.98% respectively [4] - Conversely, sectors like social services, beauty care, and retail experienced declines, with drops of 2.04%, 1.36%, and 1.31% respectively [4] - A total of 2132 stocks rose while 2990 stocks fell, indicating a mixed market sentiment [4]

苏超火热进行中,带动观赛经济 近年来,文旅消费的爆发式增长就是相关印证。从 "村BA"点燃基层体育消费热情,到"苏超"带动观赛经济,再到城市新兴消费IP持续涌现,这些鲜活的案例背后, 正是服务消费蕴藏的巨大市场空间。今年1至8月,文体休闲服务类、旅游咨询租赁服务类、交通出行服务类零售额等均实现两位数增长,说明服务消费是全方 位扩大内需的重要支撑。 近日,商务部等9部门联合印发《关于扩大服务消费的若干政策措施》,从培育服务消费促进平台、丰富高品质服务供给等五大方向推出19条具体举措。这些举 措与今年3月中办、国办印发的《提振消费专项行动方案》精准衔接,清晰呈现出我国促消费政策"从整体提振到重点突破、从供给侧调整到需求侧挖掘"的扩 围脉络。一揽子增量政策和存量政策协同发力,为筑牢经济增长根基注入强劲动能。 当前,我国消费市场正从"物质型消费"向"服务型消费"转型升级。服务消费是连接经济发展与民生福祉的"双纽带":一头连着产业升级的"增长极",一头系着群 众生活的"幸福线",这种双重属性,让扩大服务消费成为推动经济与民生协同发展的重要抓手。 相关数据显示,我国居民服务消费支出占人均消费支出比重已达46.1%,预计2 ...

苏超火热进行中，带动观赛经济 近日，商务部等9部门联合印发《关于扩大服务消费的若干政策措施》，从培育服务消费促进平台、丰富高品质服务供给等五大方向推出19条具体举措。这 些举措与今年3月中办、国办印发的《提振消费专项行动方案》精准衔接，清晰呈现出我国促消费政策"从整体提振到重点突破、从供给侧调整到需求侧挖 掘"的扩围脉络。一揽子增量政策和存量政策协同发力，为筑牢经济增长根基注入强劲动能。 当前，我国消费市场正从"物质型消费"向"服务型消费"转型升级。服务消费是连接经济发展与民生福祉的"双纽带"：一头连着产业升级的"增长极"，一头系 着群众生活的"幸福线"，这种双重属性，让扩大服务消费成为推动经济与民生协同发展的重要抓手。 相关数据显示，我国居民服务消费支出占人均消费支出比重已达46.1%，预计2030年占比将突破50%，迈入服务型消费社会。服务消费不仅覆盖餐饮、旅 游、家政等劳动密集型传统行业，更与数字经济、绿色经济等新经济形态深度融合。扩大服务消费，既能直接带动传统服务业复苏升级，又能催生智慧养 老、在线文娱、沉浸式旅游等新业态，为经济增长开辟新空间、培育新动能。 近年来，文旅消费的爆发式增长就是相关印证。 ...