Group 1 - The overall consumption market in China shows a stable development trend, with both basic and upgraded goods sales performing well, and online retail reaching a new high for the year [1] - New consumption formats such as instant retail and live streaming sales have seen significant growth, with both categories experiencing double-digit growth in transaction volume from January to July [4] - Retail sales in physical stores above designated size increased by 4.2% year-on-year from January to July, while warehouse membership stores saw growth rates exceeding 30% [6] Group 2 - The service consumption market is expanding rapidly, with service retail sales increasing by 5.2% year-on-year, outpacing the growth rate of goods retail sales by 0.3 percentage points [8] - The cultural and tourism consumption sectors are thriving, with retail sales in tourism consulting, transportation services, and cultural and recreational services maintaining double-digit growth from January to July [10]

Economic Recovery and Growth - The State Council meeting emphasized consolidating and expanding the positive momentum of economic recovery, aiming to achieve annual economic and social development goals [1] - The meeting highlighted the importance of domestic circulation to counter international uncertainties, focusing on stimulating consumption and stabilizing the real estate market [1][7] Consumer Market Dynamics - The consumer market in China has shown a significant recovery, contributing 52% to the 5.3% GDP growth in the first half of the year, making consumption the leading driver of economic growth [2] - Policies such as trade-in incentives and potential nationwide birth subsidies are expected to further stimulate consumption, reflecting the government's commitment to boosting domestic demand [2][3] New Consumption Trends - The meeting called for the cultivation of service consumption and new consumption growth points, with innovative and competitive products driving growth in both goods and services [4] - New consumption trends, including pet and self-care markets, are emerging as significant contributors to economic activity, necessitating regulatory support for innovative consumption [4] Policy Measures for Consumption - The government plans to systematically eliminate restrictive measures in the consumption sector to enhance consumer freedom and stimulate demand [5][6] - Recommendations include reforming consumption taxes and optimizing personal income tax to increase disposable income and promote consumption [6] Real Estate Market Stabilization - The meeting underscored the need for strong measures to stabilize the real estate market, which plays a crucial role in driving consumption and economic stability [7][8] - Adjustments to housing policies, such as increasing loan limits and reducing down payment ratios, are expected to lower barriers for homebuyers and stimulate demand [8]

Group 1 - The core viewpoint emphasizes the importance of stimulating consumption potential and removing restrictive measures in the consumption sector to foster new growth points in service and new consumption [1] - The current consumption market in China shows a positive development trend, with accelerated updates in goods consumption and steady growth in service consumption such as culture, tourism, and health care [1][2] - New consumption represents the direction of consumption upgrading, effectively meeting diverse consumer needs and playing a significant role in stabilizing growth and improving people's livelihoods [1] Group 2 - The youth demographic has become the main force in new consumption, favoring digital, intelligent, and convenient products and services, necessitating an understanding of their evolving consumption concepts [2] - From January to July this year, online retail sales increased by 9.2% year-on-year, with physical goods online retail sales growing by 6.3%, outpacing the overall retail sales growth [2] - New consumption formats such as instant retail and live-streaming e-commerce have shown remarkable growth, with double-digit increases in transaction volumes [2] Group 3 - Various regions are actively promoting new consumption initiatives, with cities like Shanghai, Chongqing, and Beijing implementing plans to accelerate the development of new consumption models [3] - The removal of restrictive measures in the consumption market is essential for better stimulating consumption potential, requiring coordinated policies and cross-departmental collaboration [4] - Experts indicate that income is a key factor influencing consumption, and efforts to stabilize and expand employment and increase disposable income will enhance consumer capacity and willingness [4]

Group 1 - The State Council's ninth plenary meeting emphasized the need to consolidate and expand the economic recovery, focusing on key areas such as consumption stimulation, effective investment, and real estate stability [1][2] - The meeting highlighted the importance of "continuously stimulating consumption potential," with plans to systematically remove restrictive measures in the consumption sector and promote new growth points in service and new consumption [1][2] - Effective investment expansion was addressed, with a call to increase investment in human resources and services for people's livelihoods, while actively promoting private investment [2][3] Group 2 - Real estate market stability remains a key focus, with measures proposed to consolidate the market's recovery and promote urban renewal projects [2][3] - The meeting's language regarding "strong measures" indicates a more proactive policy approach compared to previous meetings, suggesting an increased intensity of policy implementation [3] - The overall real estate market has shown signs of stabilization, with improvements in transaction volumes and a narrowing decline in new housing sales, indicating a positive trend towards market recovery [3]

Economic Recovery and Growth Strategy - The State Council meeting emphasized the need to consolidate and expand the positive momentum of economic recovery, aiming to achieve annual economic and social development goals [1] - The meeting highlighted the importance of domestic circulation to counter uncertainties in international circulation, focusing on stimulating consumption and stabilizing the real estate market [1] Consumer Market Dynamics - The consumer market in China has shown a positive recovery, contributing 52% to the 5.3% GDP growth in the first half of the year, making consumption the primary driver of economic growth [2] - Policies such as trade-in programs and potential nationwide birth subsidies are expected to further stimulate consumption, reflecting the central government's commitment to boosting domestic demand [2][3] - Experts suggest that enhancing consumer confidence and capability through financial support and social security improvements will be crucial for sustainable consumption recovery [2] Policy Measures for Consumption - Recent implementation of two interest subsidy policies in the consumption sector, along with existing trade-in policies, is expected to further invigorate the consumer market [3] - The meeting called for the development of new consumption sectors, such as the "silver economy" and "ice and snow economy," to meet diverse consumer needs and create new market dynamics [3] Removal of Consumption Restrictions - The meeting addressed the need to systematically eliminate restrictive measures in the consumption sector, which have been identified as barriers to domestic demand growth [4] - Experts advocate for a more consumer-friendly environment by removing administrative restrictions that hinder consumption and promoting equal participation in market activities [5] Real Estate Market Stabilization - The meeting underscored the importance of stabilizing the real estate market, which is seen as a significant component of consumer spending and economic stability [6] - Policies aimed at supporting the real estate market, such as optimizing purchase restrictions and increasing housing subsidies, are anticipated to be implemented in more cities [6][7] Urban Renewal Initiatives - The meeting reiterated the significance of urban renewal, particularly in improving living conditions in urban villages and old housing, to stimulate housing demand [7] - Measures to enhance housing affordability for families, including increased loan limits and subsidies for green buildings, are expected to lower barriers to homeownership [7]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable; the supply of nickel ore from the Philippines has recovered, but the domestic nickel ore port inventory has decreased, and the raw materials are in a tight situation [3]. - In July, the production rhythm of leading enterprises remained stable, the output of a few smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output [3]. - On the demand side, the profits of stainless - steel plants have improved, and the plants have increased production; the production and sales of new - energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, the nickel price has declined, but the downstream procurement demand is still weak, the spot premium has slightly decreased, and the domestic inventory has increased; the overseas LME inventory has increased [3]. - Technically, the price has fallen with an increase in positions, indicating a divergence between long and short positions. It is expected that the price will fluctuate widely in a range. It is recommended to wait and see for the time being or conduct range - bound operations, with a reference range of 119,500 - 124,000 yuan/ton [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,330 yuan/ton, a decrease of 10 yuan; the price difference between the September - October contracts of Shanghai nickel is - 120 yuan/ton, unchanged [3]. - The price of LME 3 - month nickel is 15,170 US dollars/ton, a decrease of 25 US dollars; the position of the main contract of Shanghai nickel is 55,967 lots, a decrease of 6,540 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 30,724 lots, a decrease of 200 lots; the LME nickel inventory is 210,414 tons, a decrease of 1,248 tons [3]. - The inventory of nickel in the Shanghai Futures Exchange is 26,962 tons, an increase of 768 tons; the total cancelled warrants of LME nickel is 11,094 tons, a decrease of 1,248 tons [3]. - The warehouse receipt quantity of Shanghai nickel is 22,841 tons, a decrease of 210 tons [3]. 3.2现货市场 - The spot price of SMM 1 nickel is 121,650 yuan/ton, unchanged; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 121,750 yuan/ton, an increase of 200 yuan [3]. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged [3]. - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the main NI contract is 1,320 yuan/ton, an increase of 10 yuan [3]. - The LME nickel (spot/3 - month) premium is - 194.65 US dollars/ton, an increase of 13.23 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 434.66 million tons, an increase of 41.94 million tons; the total port inventory of nickel ore is 1,095.16 million tons, an increase of 61.82 million tons [3]. - The average monthly import unit price of nickel ore is 65.84 US dollars/ton, a decrease of 7.57 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4产业情况 - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of nickel iron is 22,200 metal tons, a decrease of 400 metal tons [3]. - The monthly import volume of refined nickel and alloys is 17,215.27 tons, a decrease of 472.3 tons; the monthly import volume of nickel iron is 1.0414 billion tons, an increase of 193,200 tons [3]. 3.5下游情况 - The monthly output of 300 - series stainless steel is 1.6981 billion tons, a decrease of 459,000 tons; the total weekly inventory of 300 - series stainless steel is 582,700 tons, a decrease of 10,200 tons [3].

Group 1 - The total market consumption in Beijing from January to July increased by 0.7% year-on-year, driven by active service consumption in transportation, information, and cultural entertainment sectors, which grew by 4.6% [1] - The total retail sales of social consumer goods (referred to as social retail total) reached 767.43 billion yuan, a decrease of 4.2% year-on-year, influenced by the weakening advantages in key consumption areas [1] - Retail sales of fashion and entertainment goods such as gold and silver jewelry, cosmetics, and sports and entertainment products increased by 32.7%, 8.2%, and 6.1% respectively [1] Group 2 - The retail sales of household appliances and audio-visual equipment grew by 6.9% due to the "old-for-new" policy, while basic living goods like grain and oil food and daily necessities saw increases of 12.1% and 3.1% respectively [1] - The retail sales of communication equipment decreased by 24.4%, primarily due to changes in business models and the establishment of cross-regional operating entities [1] - The automotive retail sales fell by 19%, mainly due to insufficient demand for fuel vehicles, which also affected related petroleum and product sales [1] Group 3 - The social retail total reflects the retail situation of consumer goods and does not fully represent the overall consumption demand [2] - The consumption market in Beijing remains on a growth trajectory, with an ongoing trend of consumption structure upgrading [2] - Future policies aimed at expanding domestic demand and stabilizing growth are expected to boost confidence on both supply and demand sides, enhancing new consumption vitality [2]

日前召开的中央政治局会议提出，"深入实施提振消费专项行动，在扩大商品消费的同时，培育服务消 费新的增长点。"培育服务消费新的增长点，正成为促进消费、扩大内需的重要引擎。 多位受访专家表示，我国服务消费进入快速增长阶段，消费者更愿意在满足自身精神需要的服务消费领 域增加支出，文化、休闲、健康等发展型享受型消费存在巨大空间，成为培育服务消费新的增长点。 形势总体向好 国家统计局数据显示，上半年，服务零售额同比增长5.3%，比同期商品零售额增速高0.2个百分点；全 国居民人均服务性消费支出同比增长4.9%，占居民人均消费支出比重为45.5%。服务消费展现出良好势 头。 国务院发展研究中心市场经济研究所市场流通研究室主任、研究员陈丽芬表示，中央和地方将服务消费 作为扩内需的主要抓手，通过丰富消费供给、拓展消费场景、优化消费环境等措施释放消费潜力。同 时，技术变革加速服务消费业态创新，数字消费、绿色消费等新型消费快速增长，为培育新增长点提供 动能。 扩大服务消费，有利于带动生产和投资，打通供需衔接的堵点，形成供需互促、产销并进的良性循环， 为产业结构优化和经济高质量发展提供不竭动力。数据显示，今年上半年，服务业增加值占 ...

Core Insights - The article highlights the vibrant consumer activity in Liaoning province, driven by various promotional events and initiatives aimed at boosting consumption and enhancing the overall economic environment [1][2][7] Demand Side: New Consumption Provides Growth Support - The rapid growth of instant retail reflects the diverse consumer demands, with significant increases in spending on education, culture, and entertainment, which rose by 21.3%, and on daily necessities, which increased by 13.4% year-on-year [3] - Spending on durable goods, particularly home appliances like refrigerators and air conditioners, surged by 49.5% [3] - The retail sales of new energy vehicles grew by 22.7%, while energy-efficient appliances saw a remarkable increase of 55.8% [3] Service Consumption Growth - Urban residents in Liaoning spent an average of 7,495 yuan on service consumption, marking a year-on-year increase of 7.5%, outpacing the growth of goods consumption by 5.1 percentage points [4] - Rural residents' service consumption reached 3,146 yuan, with a year-on-year growth of 6.7% [4] - The tourism market in Liaoning has been thriving, contributing to the overall increase in service consumption [4] Supply Side: New Scenarios Ignite Consumption Dynamics - The opening of the Shenyang Global Harbor and other innovative venues has attracted significant consumer traffic, with nearly 100,000 visitors on the opening day [5][6] - Shenyang has introduced over 950 new commercial brands, focusing on first-store economies to enhance consumer experiences [6] - The province has implemented measures to promote first-store economies, aiming to attract domestic and international brands and create a vibrant consumption ecosystem [6][7]

Core Insights - China's position as the world's second-largest consumer market remains solid, with the penetration rate of the new energy vehicle market exceeding 50% and significant growth in various sectors, indicating vast opportunities and potential for investment [1] - The Ministry of Commerce's report on consumption during the 14th Five-Year Plan highlights four key themes: expansion, quality improvement, renewal, and openness, with an average annual growth of 5.5% in retail sales of consumer goods over the past four years, expected to surpass 50 trillion yuan this year [1] - The average annual contribution of consumption to economic growth is around 60%, with a notable increase in service consumption, which is projected to be a major driver of consumption upgrade during the 15th Five-Year Plan [2] Group 1 - The retail sales of consumer goods are projected to exceed 50 trillion yuan this year, with an average annual growth rate of 5.5% over the past four years [1] - The average annual growth rate of residents' service consumption expenditure is 9.6%, with its share in total consumption expenditure rising by 3.5 percentage points to 46.1% [1] - The per capita disposable income and per capita consumption expenditure of residents have increased from 32,000 yuan and 21,000 yuan to 41,000 yuan and 28,000 yuan, respectively, over the past four years [2] Group 2 - The shift from goods consumption to service consumption is expected to be a primary development direction for consumption upgrade during the 15th Five-Year Plan [2] - Improving the consumption environment is a systematic project that involves infrastructure construction, market regulation, consumer rights protection, and credit system development [2] - Enhancing consumer willingness to spend requires multi-faceted collaboration and measures, including market order regulation and the establishment of efficient consumer rights protection channels [2]