Core Insights - Beijing is accelerating the construction of an international consumption center city, with a focus on diversifying, digitizing, and greening the consumption market [1][2] - The city plans to introduce nearly 30 measures to boost consumption, aiming to become a global hub for new product launches and a benchmark for service consumption [1][2] - The establishment of the "2025 Beijing International Consumption Center City Think Tank" is expected to play a significant role in guiding research and practice in the consumption sector [3][4] Consumption Trends - The service consumption sector is becoming a crucial driver of economic growth, with a notable increase in service consumption growth rates surpassing overall retail sales [5][6] - Digital and green consumption are also emerging as significant contributors to consumption growth, with increasing consumer demand for sustainable products [5][6] - The integration of various consumption scenarios, such as sports and cultural events, is seen as a way to enhance the consumer experience and attract more visitors [7][12] Policy and Infrastructure Development - Beijing has established a comprehensive service guarantee mechanism for large events, significantly reducing processing times for permits [2][6] - The city has built 693 "quarter-hour" convenience living circles, achieving an 81% coverage rate, and plans to continue enhancing commercial infrastructure [1][2] - The introduction of policies like the "old for new" consumption initiative is expected to stimulate consumer spending in major categories [6][9] Brand and Market Dynamics - The number of traditional brands in Beijing is increasing, with 274 old brands, including 137 national-level brands, positioning the city as a leader in this sector [2][10] - There is a strong emphasis on brand innovation and the development of international brands to enhance Beijing's competitiveness in the global market [10][14] - The rise of new consumer trends, such as the pet economy and emotional spending, indicates a shift in consumer preferences that businesses need to address [9][10] Cultural and Tourism Integration - The integration of culture and tourism is identified as a key path for consumption upgrade, with a focus on leveraging cultural resources to drive economic growth [12][14] - The development of cultural IP and the promotion of traditional sports are seen as opportunities to enhance Beijing's international appeal [7][12] - The city aims to create a unique consumption aesthetic that reflects its cultural heritage, attracting global consumers [14]

Core Viewpoint - The recent "Consumption Promotion Special Action Plan" indicates a significant policy shift towards boosting consumption, with unprecedented support from fiscal, credit, and local government initiatives [1][5]. Group 1: Structural Consumption Upgrade - The structural consumption upgrade characterized by "new demographics, new technology, and new scenarios" is expected to experience explosive growth [2]. - Private consumption in China accounts for less than 40% of GDP, compared to over 50% in Japan and over 60% in the U.S., indicating substantial potential for growth [2]. - Emerging consumer groups such as Generation Z and the "silver economy" are expected to drive demand in sectors like trendy toys and pet products [2]. Group 2: Traditional Consumption Recovery - The consumption sector, particularly food and beverage, has faced declines due to weak demand and high valuations, but these factors may be reversing [4][6]. - The government has prioritized consumption recovery in its economic agenda, with specific measures to stimulate demand and improve the consumption environment [5]. - Traditional consumption is anticipated to recover as housing and stock markets stabilize, alongside innovations in products and distribution channels [7]. Group 3: Dairy Industry Insights - The dairy industry is at a potential turning point, with policy support and cost improvements creating a favorable environment for growth [8]. - Recent policies, such as tiered childbirth subsidies, are expected to enhance demand for infant formula, with projections indicating a 1.2%-1.8% increase in demand from 2025 to 2027 [8]. - The current low price of raw milk and the completion of capacity adjustments suggest a potential recovery in profit margins for dairy companies [9]. Group 4: High-End Brand Development - Chinese high-end brands are reshaping the market by focusing on product and experience value rather than brand premiums, appealing to a more rational consumer base [10]. - The shift towards local cultural elements and unique positioning has allowed these brands to thrive despite overall consumption slowdowns [10]. Group 5: Home Furnishing Sector - The home furnishing industry is entering a cyclical turning point, with government policies stimulating demand through trade-in programs [11]. - The sector is expected to benefit from long-term trends such as urbanization and rising demand for home renovations [11]. - Current valuations in the home furnishing sector are at historical lows, presenting attractive investment opportunities for high-dividend companies [11].

Core Viewpoint - The consumer sector has shown slight growth in early 2025, outperforming the overall market, with a 0.5% increase in the consumer index and a 1.4% increase in the broader consumer index, while the CSI 300 index has slightly declined by 0.5% [1][2]. Policy Support - The government has prioritized boosting consumption and investment efficiency, with a focus on expanding domestic demand, including a special bond issuance of 300 billion yuan to support the "old-for-new" consumption policy, doubling last year's amount [2][3]. - A comprehensive action plan has been introduced, outlining 30 key tasks across eight areas to stimulate consumption growth, emphasizing demand-side support [2][3]. Market Trends - The "old-for-new" policy has positively impacted sectors like home appliances and automobiles, with over 940 million consumers participating in the program, leading to the purchase of over 12 million appliances [3][4]. - Emerging consumption trends in areas such as parenting, aging population, and winter sports are gaining attention due to supportive policies [3]. Valuation and Investment Opportunities - The consumer sector's valuation remains historically low, with the consumer index PE (TTM) at 12.4x, below historical averages, indicating potential for recovery [4][5]. - Key sectors such as retail, home appliances, and food and beverage are highlighted as having significant valuation upside, with leading companies in these areas also showing low valuations [4]. Capital Market Dynamics - The potential return of foreign capital could benefit leading consumer companies, as foreign investment in China has decreased significantly over the past three years, with a shift towards rebalancing portfolios [5][6]. - The consumer sector, particularly leading firms, is expected to gain from foreign capital inflows due to their traditional attractiveness to foreign investors [5]. Economic Outlook - Current economic recovery appears moderate, with retail sales growth at 4% year-on-year for January-February, indicating room for improvement in consumer income and spending capacity [6]. - Investment in infrastructure and manufacturing remains high, but real estate investment continues to decline, affecting related consumer sectors [6]. Structural Opportunities - The focus on structural opportunities in the consumer sector is emphasized, with recommendations for investors to consider specific companies across various sub-sectors such as food and beverage, home appliances, and retail [6].

Group 1 - The Ministry of Transport, National Development and Reform Commission, and Ministry of Finance support the scrapping and updating of old commercial vehicles that meet National III and IV emission standards, providing differentiated subsidies for early scrapping and purchasing new vehicles [2] - Xiaomi Group has raised its 2025 annual delivery target for electric vehicles to 350,000 units from the previous target of 300,000 units, indicating progress in production capacity [5] - The new stock N Hongjing listed on the ChiNext surged 282% on its debut, making it the most profitable new stock of the year with a profit of 59,100 yuan per lot [6] Group 2 - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with total revenue of 389.59 billion yuan, a 4.6% increase [11] - Daodaoquan achieved a net profit growth of 133.5% year-on-year for 2024, despite a 15.12% decline in revenue, and plans to distribute a cash dividend of 1.28 yuan per 10 shares [12] - Fuyou Glass reported a 33.2% increase in net profit for 2024, with revenue of 39.252 billion yuan, a growth of 18.37%, and plans to distribute a cash dividend of 1.8 yuan per share [14]

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

市场研究部 2025 年 2 月 19 日 政策周报 本周发文 重点关注：工信部等八部门印发《新型储能制造业高质量发展行 动方案》提到，到 2027 年，我国新型储能制造业全链条国际竞 争优势凸显，优势企业梯队进一步壮大，产业创新力和综合竞争 力显著提升，实现高端化、智能化、绿色化发展。 重要会议 重点关注：上交所组织召开指数化投资高质量发展座谈会。上交 所相关负责人表示，将持续丰富指数基金产品体系和高质量供给， 不断优化 ETF 配套机制，与市场各方同题共答、增强合力，推 动指数化投资高质量发展各项举措落实落地，提升中长期资金 A 股投资比例与稳定性，更好服务实体经济和金融强国建设。 讲话批示 重点关注：习近平在民营企业座谈会上强调，党和国家对民营经 济发展的基本方针政策，已经纳入中国特色社会主义制度体系， 将一以贯之坚持和落实，不能变，也不会变。新时代新征程民营 经济发展前景广阔、大有可为，广大民营企业和民营企业家大显 身手正当其时。 分析师：易华强 登记编码：S1490513080001 邮箱：yihuaqiang@crsec.com.cn 未经授权引用或转发须承担法律责任及一切后果，请务必阅读文后的免 ...

挖掘机是基础设施建设的"标配"，是反映基础设施建设、观察固定资产投资等经济变化的风向标。 央视 财经与三一重工、树根互联联合打造的"央视财经挖掘机指数" 发布了最新相关数据。1月份，虽然受春节节假 日临近、企业员工集中返乡等因素影响，全国各项基建项目逐渐放缓，但受冰雪经济和外贸交易带动，多地和 多类机械设备开工率上涨。 春节不打烊！ 南方十省份开工率霸榜，领跑全国建设步伐！ 1月份，综合开工率排名前十的省份分别是：江西、安徽、福建、浙江、海南、湖北、广东、广西、四 川、云南。因春节前后南北方气温差异及返乡等因素影响，南方地区开工率更高。 1月份，东北地区的冰雪经济继续保持火热态势，旅游业持续繁荣，春节期间各项旅游业指标达到新的高 峰。另外，为筹备第九届亚冬会，冰雪运动场馆的升级改造、交通设施建设等基建项目在1月份都进入了收尾 阶段，这也进一步助力了东北经济的发展。 冰雪热潮+基建冲刺！ 东北1月开工率飙升，多项设备全国领跑！ 1月份，东北地区综合开工率为28.39%，同比 增 长7.41%，环比 增 长1.38%。其中，港口设备开工率为 64.88%，位居全国第一；履带式起重机开工率为58.26%，位居 全国 ...

挖掘机是基础设施建设的"标配"，是反映、观察固定资产投资等经济变化的风向标。 央视财经与三 一重工、树根互联联合打造的"央视财经挖掘机指数" 发布了最新相关数据。2024年，全国工程机械数据 总体平稳，各项基础设施建设有序推进，展现出较强的韧性和活力。 "最强战队"霸榜三年！2024年TOP10名单来了！ 2024年全年有23个省份全年综合开工率超过50%。综合开工率排名前十的省份分别是：安徽、浙 江、江西、海南、湖北、四川、福建、重庆、广东、河南。 其中，均位于长江经济带的安徽、浙江、江西、湖北4省份开工率连续三年霸榜全国Top5。 72.91%！劳模出炉：吊装设备霸屏2024年 2024年在大类设备中，吊装设备开工率为72.91%，位居榜首。挖掘设备开工率为58.87%，位居第 二；工程设备开工率为54.21%，位居第三。 其中，吊装设备表现突出，全年有11个月开工率在60%以上，3到6月份更是超过70%。春夏两季其 开工率持续高位，进一步说明这两个季节全国范围内处于工程建设的高峰期。 内陆成外贸前沿！西部陆海新通道沿线省份集体发力 2024年，贵州、河南、宁夏、陕西、四川、重庆、广西、黑龙江、浙江、新疆 ...

以下文章来源于真故研究室 ，作者梁湘 真故研究室 . 真问题，更商业 动辄千元。 撰文 | 梁 湘 编辑 | 龚 正 来源 | 真故研究室 （ID：zhengulab） 雪季到来，"山顶见"已经成了滑雪爱好者的结队暗号。根据中国滑雪协会发布的数据，预计到2025年，中国的滑雪人口将达到3亿 人。携程有关负责人也表示，目前滑雪游客中预估80%为初学者，中国已经成为全球最大的 初级滑雪市场 。 滑雪新人里，95后居多，年轻人对这项高风险的极限运动又怕又爱，跃跃欲试的同时，却很少意识到，滑雪其实 极其烧钱 ：除去雪 01 周末滑雪，中产花掉千元 听闻"周六在冬奥村酒店住一晚，周日滑一天雪，只要400元"的消息后，北京工作的阿飞立刻答应了。 虽然阿飞是东北人，时不时会被调侃"你们东北人是不是滑着雪去上学"，但阿飞从没滑过雪。 局是一个有着3年滑雪经验的朋友组的，他在电商平台上团了一张" 1600元的4人住滑券 "。 "我没有滑雪装备怎么办？"阿飞疑惑。朋友回答，"都可以租。" 比起装备，首先要解决的是交通问题：北京延庆的这座雪场，离市区大约100公里。雪场大巴早上7点发车，并不适合阿飞的行程。商 量之后，朋友决定 租 ...

挖掘机是基础设施建设的"标配"，是反映基础设施建设、观察固定资产投资等经济变化的风向标。央视财经打 造的 "央视财经挖掘机指数" 12月16日发布了最新相关数据。11月份，存量政策与增量政策效果持续显现，带 动市场供需两端向好运行，基础民生工程入冬后仍火热推进。 冬季基建持续火热！ 工程机械开工率排名出炉 11月份，存量政策与增量政策效果持续显现，带动市场供需两端向好运行，基础民生工程入冬后仍火热推进。 11月份，全国工程机械开工率为51.72%。综合开工率排名前十的省份分别是：安徽、江西、湖北、浙江、福 建、河南、河北、海南、辽宁、北京，11月全国有12个省份的综合开工率当月实现环比增长。 45.25万个小时！港口设备"火力全开" 西部陆海新通道建设成效显著 11月份， 全国港口设备可统计样本总工作时长45.25万个小时 ，环比增长3.64%。其中正面吊总工作时长环比 增长3.92%，堆高机总工作时长环比增长3.15%。虽受季节影响，但外贸积极向好，港口设备"火力全开"。 在港口设备中，开工率前十名中，贵州、宁夏、陕西、广西、重庆、四川、新疆7省份均属于西部陆海新通道 沿线省（区、市）。这些省份的港口设备排 ...