与会专家建议，多措并举持续激发潜在消费，积极发展数字消费、绿色消费、健康消费等新型消费，培 育壮大文娱旅游、体育赛事、国货"潮品"等新消费增长点；同时加快构建房地产发展新模式，推动房地 产市场平稳健康发展。 2025年第四季度首席经济学家经济预测问卷调查结果显示，近六成的首席经济学家认为第四季度固定资 产投资同比增速将上升，对经济增长的拉动作用将有所增强。扩内需政策将继续拉动相关消费需求，超 八成的首席经济学家预计第四季度CPI、PPI将同比上升。 新京报贝壳财经讯日前，中国证券业协会(以下简称"中证协")组织召开2025年第三季度证券基金行业首 席经济学家例会，会议围绕2025年第四季度国内外经济形势展望、"反内卷"与新投资机遇两个主题进行 研讨。中银证券（601696）管涛、川财证券陈雳、银河证券章俊等14位首席经济学家参加会议。 ...

"十四五"这5年，可以说极不寻常、极不平凡，消费市场顶住压力，量质齐升——消费结构优化升 级、品质需求持续释放，消费场景日新月异、新业态蓬勃发展，中国大市场引力增强、与世界共享发展 机遇。消费"主引擎"动能澎湃，正驱动着中国经济巨轮在高质量发展的航道上踏浪前行。 "提质" 品质消费走进千家万户 消费市场规模稳居全球第二，过去4年社会消费品零售总额年均增长5.5%、今年有望突破50万亿元 人民币，消费对经济增长的年均贡献率达60%左右……这份亮眼的"十四五"消费成绩单，彰显了国内市 场的强大韧性与活力。 周末，山东日照市一家电动车旗舰店内，前来选购电动车的市民络绎不绝。"这辆高端电动自行车 原价4000元，现在政府补贴加上店铺优惠，您只需支付2800元。"店内销售员正向一位顾客详细介绍以 旧换新的优惠政策。 以旧换新政策实施以来，消费者的购买热情被点燃。"好些顾客原本还在观望，了解到能享受15% 的补贴后，立即就下单了。"该门店销售负责人告诉记者，以旧换新政策对销量的拉动效应十分明显。 正如商务部部长王文涛所说，消费品以旧换新，换出了智能，换出了绿色。截至2025年上半年，以 旧换新政策带动销售额2.9万亿元， ...

Group 1 - The municipal government emphasizes the importance of adapting to new trends and changes in consumer behavior to promote consumption transformation and upgrade, aiming to better meet the needs of the public for a better life [1] - The "New Dragon Gate Inn" project, a national phenomenon-level IP, is expanding into Taizhou, providing immersive performance services and enriching new consumption formats in the local area [3] - The local brand "Fire Little义" has won multiple awards for its cultural and creative products, and the government encourages the cultivation of new consumption types to unleash domestic demand potential [3] Group 2 - The innovative "Gold Medal Buyer" model and the "Automobile Space + Coffee Bar" concept at the "Car Home Space Station" transform car purchasing into a high-end leisure and social experience, which is positively acknowledged by the municipal government [3] - The government stresses the importance of food safety, especially with the upcoming National Day and Mid-Autumn Festival, urging businesses to ensure product quality and enhance service levels [4] - The government highlights that consumption is a crucial engine for economic growth, calling for collaboration among various departments and enterprises to drive consumption transformation and upgrade for high-quality economic development [4]

Core Insights - The new consumption model is empowering the economy beyond mere sales growth, showcasing multi-dimensional value through "consumption expansion, industrial upgrading, and vitality release" [1][2] - Experts believe that the vigorous development of new consumption will be a crucial driver for stimulating consumer demand and promoting economic growth in the coming period [2][3] Consumption Expansion and Economic Growth - New consumption activates existing potential while opening up new growth spaces, with policies like the upgrade of the old-for-new consumption scheme contributing significantly [2] - The central government has allocated 300 billion yuan in long-term special bonds to expand subsidies to 12 product categories, leading to sales exceeding 1.6 trillion yuan and benefiting 400 million people by June 2025 [2] Supply-Side Transformation - New consumption is driving industries towards green and intelligent transformation, with over 50% of new energy vehicle replacements and 90% of first-level energy-efficient appliances sold [3] - Emerging consumption forms such as instant retail and VR events are expected to grow rapidly, with the instant retail market projected to exceed 2 trillion yuan by 2030 [3] Diverse Consumer Demands - Innovations in retail and e-commerce are enhancing consumption efficiency and shopping experiences, while the rise of content creation and knowledge payment is expanding consumption into cultural and intellectual realms [4] - The growth of new consumption is supported by factors such as the widespread application of new information technologies, improved infrastructure, rising income levels, and an evolving consumer demographic [4] Emotional and Experiential Consumption - Modern consumers are shifting from purchasing goods to seeking emotional value, as seen in the rise of experiences like escape rooms and urban exploration [5] - The rapid growth of health and cultural consumption reflects new consumption's response to the demand for a better quality of life [5] Challenges and Development Gaps - Despite rapid growth, new consumption faces challenges such as regional imbalances, supply shortages, and regulatory lag [6] - The digital divide is evident, with rural internet penetration at 65.6%, significantly lower than the national average of 78.6%, hindering the potential of new consumption in rural areas [6] Recommendations for High-Quality Development - Experts suggest a multi-faceted approach to enhance new consumption, including innovative regulatory frameworks and improved digital infrastructure to bridge the digital divide [7] - The development of new consumption is seen as a pathway to expand domestic demand and transition towards high-quality economic growth, with a focus on meeting personalized consumer needs [7]

Core Insights - The consumer market in China is experiencing steady expansion and improvement, driven by various consumption promotion policies, with a notable resilience in service consumption and growth in new consumption patterns [1] Group 1: Product Consumption - In August, the retail sales of goods increased by 3.6% year-on-year, with key retail enterprises showing an 8.2% growth [3] - Mobile phone sales surged by 17.7%, while smart air conditioner sales rose by 20.7%, and tablet computer sales increased by 8.2% [3] - The retail volume of passenger cars in August saw a year-on-year growth of 4.6% [3] Group 2: Service Consumption - Service consumption maintained rapid growth, driven by concentrated demand for tourism and recreational activities during the summer [5] - The service retail sales increased by 5.1% year-on-year [7] - Popularity in red tourism and summer vacation trips, along with high attendance at well-known IP theme parks, contributed to this growth [8] Group 3: New Consumption Trends - New consumption categories such as digital, green, and health-related consumption are rapidly developing, with online retail sales reaching 9.6 trillion yuan, marking a 10.0% year-on-year increase [11] - Sales of new energy passenger vehicles grew by 55.2%, with a year-on-year increase of 7.5% in retail volume [11] - Sales of sports and entertainment products in large-scale retail units increased by 16.9% [11] Group 4: Inbound Consumption - The expansion of inbound consumption is evident, with the number of tax refund stores exceeding 10,000 by the end of August [17] - The sales of tax refund goods increased by 97.5% in the first eight months, and the number of individuals benefiting from tax refunds grew by 2.5 times [17]

Group 1 - The overall consumption market in China remained stable in August, with steady growth in commodity consumption and a notable increase in sales of trade-in related products [1] - Retail sales of passenger cars in August increased by 4.6% year-on-year, indicating a positive trend in the automotive sector [1] - New types of consumption, including digital, green, and health-related consumption, continued to grow, with retail sales of new energy passenger cars rising by 7.5% year-on-year and a penetration rate of 55.2% [1]

Group 1 - The overall consumption market in China remained stable in August 2025, with total retail sales of consumer goods reaching 3.97 trillion yuan, a year-on-year increase of 3.4%, which is 1.3 percentage points higher than the same period last year [1] - Cumulative retail sales from January to August reached 32.39 trillion yuan, with a year-on-year growth of 4.6%, which is 1.2 percentage points higher than the same period last year [1] Group 2 - Goods consumption showed steady growth, with retail sales in August increasing by 3.6%. Sales of home appliances, furniture, and communication equipment saw significant increases of 18.6%, 14.3%, 14.2%, and 7.3% respectively [1] - Key retail enterprises reported year-on-year sales growth of 20.7% for tablets, 17.7% for smart air conditioners, and 8.2% for mobile phones in August [1] - Passenger car retail sales increased by 4.6% year-on-year in August [1] Group 3 - Service consumption experienced rapid growth, driven by increased demand for tourism and leisure activities during the summer. Service retail sales grew by 5.1% year-on-year from January to August [1] - The total box office for summer movies reached 11.97 billion yuan, a year-on-year increase of 2.8% [1] Group 4 - New types of consumption, including digital, green, and health-related consumption, continued to grow rapidly, with online retail sales reaching 10 trillion yuan, a year-on-year increase of 9.6% [2] - Retail sales of physical goods online reached 8.1 trillion yuan, growing by 6.4% [2] - Retail sales of new energy passenger vehicles increased by 7.5% year-on-year, with a penetration rate of 55.2% [2] Group 5 - Inbound consumption continued to expand, with the "Purchase in China" initiative gaining momentum. The number of tax refund stores exceeded 10,000 by the end of August, and sales of tax refund goods increased by 97.5% year-on-year [2] - The number of individuals enjoying tax refunds increased by 2.5 times year-on-year [2]

Core Insights - The overall consumption market in China remains stable, with a retail sales total of 3.97 trillion yuan in August, reflecting a year-on-year growth of 3.4%, which is 1.3 percentage points higher than the same month last year [1] - Cumulative retail sales from January to August reached 32.39 trillion yuan, showing a year-on-year increase of 4.6%, which is 1.2 percentage points higher than the previous year [1] Group 1: Goods Consumption - Goods retail sales in August increased by 3.6%, with significant growth in sales of old-for-new related products, particularly in furniture (18.6%), home appliances (14.3%), cultural and office supplies (14.2%), and communication equipment (7.3%) [1] - Key retail enterprises reported year-on-year sales growth in tablets (20.7%), smart air conditioners (17.7%), and mobile phones (8.2%) in August [1] - Passenger car retail volume also saw a year-on-year increase of 4.6% in August [1] Group 2: Service Consumption - Service consumption experienced rapid growth, driven by increased demand for tourism and leisure activities during the summer [1] - From January to August, service retail sales grew by 5.1%, with notable increases in cultural and recreational services, tourism consulting and leasing, and transportation services [1] - The film market thrived during the summer, with total box office revenue reaching 11.97 billion yuan, a year-on-year increase of 2.8% [1] Group 3: New Consumption Trends - New types of consumption, including digital, green, and health-related consumption, are rapidly developing, with online retail sales reaching 1 trillion yuan in the first eight months, a year-on-year growth of 9.6% [2] - Physical goods online retail sales amounted to 810 billion yuan, reflecting a growth of 6.4% [2] - In August, retail sales of new energy passenger vehicles increased by 7.5%, with a penetration rate of 55.2% [2] Group 4: Inbound Consumption - Inbound consumption is expanding, supported by effective tax refund policies and the "Buy in China" initiative [2] - As of the end of August, the number of tax refund stores exceeded 10,000, with sales of tax refund goods increasing by 97.5% year-on-year in the first eight months [2] - The number of individuals benefiting from tax refunds has increased by 2.5 times year-on-year [2]

Group 1 - The overall consumption market in China remained stable in August 2025, with a total retail sales of social consumer goods reaching 3.97 trillion yuan, a year-on-year increase of 3.4%, which is 1.3 percentage points higher than the same period last year [3][4] - From January to August, the cumulative retail sales amounted to 32.39 trillion yuan, showing a year-on-year growth of 4.6%, which is 1.2 percentage points higher than the same period last year [3][4] Group 2 - In August, commodity retail sales grew by 3.6% year-on-year, with significant growth in sales of home appliances, furniture, and communication equipment, which increased by 18.6%, 14.3%, 14.2%, and 7.3% respectively [3][4] - The sales of key retail enterprises for tablets, smart air conditioners, and mobile phones increased by 20.7%, 17.7%, and 8.2% year-on-year [3][4] - The retail volume of passenger cars in August increased by 4.6% year-on-year [3][4] Group 3 - Service consumption showed strong growth, driven by increased demand for tourism and leisure activities during the summer, with service retail sales growing by 5.1% year-on-year from January to August [4] - The total box office for summer movies reached 11.97 billion yuan, a year-on-year increase of 2.8% [4] Group 4 - New types of consumption, including digital, green, and health consumption, continued to grow rapidly, with online retail sales reaching 10 trillion yuan, a year-on-year increase of 9.6% [4] - The retail volume of new energy passenger vehicles increased by 7.5% year-on-year, with a penetration rate of 55.2% [4] Group 5 - The inbound consumption continued to expand, with the number of tax refund stores exceeding 10,000 by the end of August, and the sales of tax refund goods increasing by 97.5% year-on-year [4]

Group 1 - The core viewpoint of the article is the announcement of 19 measures by the Ministry of Commerce and nine other departments to expand service consumption in China [1] - The measures include the implementation of a service consumption quality improvement action and the continuous development of the "Buy in China" brand [1] - There is a focus on developing new consumption scenarios and supporting the integration of various sectors such as travel, culture, and sports to create innovative consumption experiences [1] Group 2 - The document emphasizes the need for high-level opening of the service industry, particularly in sectors like telecommunications, healthcare, and education [1] - It encourages the introduction of foreign sports events and supports local governments in hosting popular sports events to enhance service consumption [2] - The document also outlines the optimization of student holiday arrangements to increase service consumption opportunities during travel seasons [2]