the state and B 27 f i .. a 11 and program and 文 | 赵伟 来源 | 上海证券报 提要： 理解今年经济需把握"夯实基础、全面发力、战略主动"三重导向。 "2026年是'十五五'开局之年，理解这一年的经济与政策，首先要看规划建议的一些重要表述。"赵伟表示，其中"夯实基础"和"全面发力"八个字，尤其值得关 注。 赵伟表示，"夯实基础"指的是对"十四五"以来所构建的产业体系、市场基础和制度框架的巩固与深化。而"全面发力"意味着在发展与改革相关领域，政策推进 与落实的速度将会加快。 此外，赵伟表示还要高度重视"战略主动"这一导向。国家在政策层面的主动性将显著增强，主要体现在两个方面：一是统筹国内经济工作与国际经贸斗争的主 动性将显著提高；二是开放相关领域的主动性也将明显提升。 展望2026年，赵伟认为，内需将从"信心筑底"逐步迈向"非典型复苏"。这一过程具有三个特征：物价水平逐步从螺旋式下行回归正常区间；宏观指标呈现显著 的结构性分化；复苏本身将是一个伴随结构转型的渐进过程。 在投资端有三个关键方向：首先 是与未来新兴产业相关的持续投入，有望带来新的增长点； 其次 是" ...

Core Viewpoint - The State Council of China is promoting a new plan to accelerate the cultivation of new growth points in service consumption, focusing on innovative regulatory methods, healthy development environments, and new consumption scenarios [6][15]. Group 1: Service Consumption Growth Points - The plan emphasizes the importance of the "Three New" pilot projects to synergize and cultivate new growth points in consumption [8][9]. - Key areas of focus include emotional and experiential services, with support for innovative regulatory approaches and the creation of favorable conditions for new business models [6][9]. Group 2: Transportation Service Consumption - The Ministry of Transport aims to develop new growth points in transportation service consumption, including self-driving tour services, high-quality development of small vehicle rentals, and expansion of cruise consumption [12][15]. - Specific measures include enhancing highway support capabilities and improving self-driving travel services [25]. Group 3: Micro-Short Drama and Media Consumption - The National Radio and Television Administration plans to promote micro-short dramas to stimulate service consumption and economic development through policy support and creative guidance [18]. - The initiative includes the implementation of a "micro-short drama+" action plan to foster innovation and quality content [18]. Group 4: Household Service Consumption - The Ministry of Commerce is focusing on expanding household service consumption by increasing policy support, enhancing credit platforms, and improving service quality through training [31].

国务院办公厅日前印发《加快培育服务消费新增长点工作方案》，对促进服务消费提质惠民作出系 统部署。在6日举行的国务院政策例行吹风会上，商务部等部门有关负责人详细介绍了工作方案相关情 况。 新华社记者谢希瑶 新华社北京2月6日电 题：加快发展自驾游、家政、体育赛事等服务消费 多部门详解支持举措 家政服务是很多家庭的刚需，也是服务消费的重要增长点。商务部服务贸易和商贸服务业司司长孔 德军说，将进一步加大政策支持力度，让家政企业享受更多实惠。商务部积极配合财政等部门，推动增 值税、企业所得税等税费优惠政策及时延期。会同相关部门加快构建涵盖"家政信用查+部门权威数据 +地方政务信息+企业应用评价"的信用信息平台体系，让消费者放心消费。 随着免签国家范围扩大、离境退税优化升级，"中国游""中国购"持续火热。鄢东说，商务部将牵头 制定促进旅行服务出口、扩大入境消费相关政策措施。从扩大入境旅游消费、便利入境商务活动、激活 入境赛事消费、繁荣入境文娱消费、拓展入境健康消费、发展入境教育培训消费、完善保障措施等方面 提出若干具体举措。 近两年微短剧蓬勃兴起，呈现爆发式发展。广电总局网络视听节目管理司司长王小亮说，2025年我 国 ...

Group 1: Service Consumption Growth Initiatives - The Ministry of Commerce will lead the formulation of policies to promote travel service exports and expand inbound consumption [1][2] - The Ministry of Commerce is accelerating the development of a service consumption quality improvement action plan, which includes over 60 specific measures [1][2] - The Ministry of Transport is working on measures to expand yacht consumption and promote high-quality development of night cruise services [1][4][5] Group 2: Automotive and Transportation Services - The Ministry of Commerce will develop policies to promote high-quality development in the car rental sector, optimizing service networks and fostering collaboration with tourism [3] - The Ministry of Transport plans to enhance self-driving travel services and improve the rental service network for small and micro vehicles [4][5] Group 3: Cultural and Entertainment Services - The National Radio and Television Administration will implement the "Micro Short Drama Development Management Measures" to promote micro short dramas as a means to boost service consumption [6] - The State Sports General Administration is focusing on developing the sports event economy and will create a document to facilitate high-quality development in this area [7] Group 4: International Consumption Environment - The Ministry of Commerce is supporting pilot cities to enhance high-quality consumption offerings and create international consumption clusters [2] - Efforts will be made to improve tax refund services for outbound tourists, increasing the number of tax refund stores to attract foreign visitors [2]

Core Viewpoint - The article discusses the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption," which aims to enhance service supply and adapt to consumer demand, highlighting the importance of service consumption in China's economic development [1][3]. Group 1: Policy Framework - The "1+N" policy system will be established to support the cultivation of new growth points in service consumption, with a focus on specific sectors such as home services, automotive aftermarket, and inbound consumption [4]. - The plan includes over 60 specific measures to improve service quality and meet consumer demands in areas like cultural entertainment, tourism, and sports events [4]. Group 2: Service Consumption Trends - From 2020 to 2025, China's per capita service consumption expenditure is expected to grow at an annual rate of 8.5%, with the share of service consumption in total household expenditure rising by 3.5 percentage points to 46.1% by 2025 [3]. - The article emphasizes the shift in consumer behavior towards a balanced focus on both goods and services, marking service consumption as a key driver of high-quality economic growth [3]. Group 3: Inbound Consumption and Travel Services - Measures will be introduced to promote travel service exports and expand inbound consumption, including optimizing tax refund services and enhancing the "Shopping in China" brand [6]. - By 2025, it is projected that 82.035 million inbound travelers will visit China, representing a 26.4% year-on-year increase, with tax refund sales expected to grow by 95.9% [6]. Group 4: Emerging Sectors - The night cruise economy and yacht consumption are identified as new growth points in the transportation service sector, with plans to develop these areas further [8]. - The sports sector is also highlighted for its potential to drive consumption, with significant events planned to enhance the sports economy and integrate it with tourism and cultural activities [9].

Investment Rating - The industry investment rating is "Hold" [9] Core Insights - The total retail sales of social consumer goods in 2025 surpassed 50 trillion yuan, with a growth rate of 3.7% compared to the previous year. Online retail sales reached 15.97 trillion yuan, growing by 8.6%, while service retail sales increased by 5.5%. The contribution rate of final consumption expenditure to economic growth was 52.0%, an increase of 5 percentage points from the previous year [3][9] - The 2026 CES showcased a strong embrace of AI technology, focusing on practical applications. Major chip companies like NVIDIA, AMD, and Intel are shifting their attention to physical AI and edge AI, indicating a significant trend in AI hardware development [12][9] - The popularity of collectible toys is rising, with products from Pop Mart, such as the PUCKY series, gaining significant attention and selling out quickly. This trend suggests a potential new focus in the collectible toy market [14][15] Summary by Sections Macro Consumption - In 2025, the retail sales of social consumer goods reached 50.12 trillion yuan, with online retail and service retail sales growing by 8.6% and 5.5%, respectively. The contribution of final consumption to economic growth was 52.0% [3][9] - Service consumption is becoming more vibrant, with a projected 46.1% of per capita consumption expenditure dedicated to service-related spending in 2025. Various sectors like tourism, entertainment, and sports are expected to see double-digit growth [3][11] AI + Consumption - The CES 2026 highlighted the integration of AI in consumer products, with a focus on AI hardware that is becoming more mature and applicable. The emergence of AI glasses and other smart devices indicates a shift towards consumer-grade AI products [12][9] - Companies such as Luxshare Precision, GoerTek, and KANAT Optical are recommended for investment in the AI hardware sector [16] Collectible Toys - Pop Mart's new product lines, including the "Starry Person" series, have quickly sold out, indicating a strong market interest. The resale prices of these products have seen significant increases, suggesting a robust demand in the collectible toy market [15][16]

Core Viewpoint - The enhancement of consumer capacity relies on the increase of per capita disposable income, necessitating a positive cycle of "employment - income - consumption - investment" [1] Group 1: Policy Framework - The Ministry of Commerce announced a "1+N" policy system to cultivate new growth points in service consumption, guided by the recently issued "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" [1][2] - The "Work Plan" outlines 12 measures focusing on stimulating key areas, nurturing potential sectors, and strengthening support, aiming to optimize supply and cultivate new growth drivers for future domestic demand [1][3] Group 2: Focus Areas - The plan targets six mature sectors: transportation, housekeeping, online audio-visual, travel, automotive aftermarket, and inbound consumption, aiming to optimize supply and unlock existing consumption scale [2] - It also identifies potential sectors such as performance, sports events, and experiential services, promoting institutional innovation to unlock new growth spaces [2] Group 3: Support Systems - The "Work Plan" establishes a support system from three aspects: standards, credit, and financial support, to solidify the foundation for service consumption development [3] - Financial support includes increasing single household loan limits to 10 million yuan and providing interest subsidies, alongside facilitating corporate bond issuance and REITs to alleviate financing challenges [3] Group 4: Long-term Implications - The implementation of the "Work Plan" is expected to optimize economic structure, directly stimulate consumption growth, and promote production investment, creating a virtuous cycle of supply and demand [3] - It aims to better meet the needs of residents for a better quality of life, enhancing employment and income while fostering globally competitive service enterprises [3] Group 5: Challenges Ahead - The plan faces challenges such as breaking down systemic barriers in the service industry and addressing consumer capacity and time constraints, which are essential for enhancing service consumption [4][5] - There is a need to ensure the availability of high-end service industry talent and infrastructure to support the quality, personalization, and internationalization of service consumption [5]

【纠错】 【责任编辑:邱丽芳】 新华社音视频部制作 2月6日，国务院新闻办公室举行国务院政策例行吹风会，介绍《加快培育服务消费新增长点工作方 案》有关情况，并答记者问。商务部服务贸易和商贸服务业司司长孔德军表示，2020年至2025年中国居 民人均服务性消费支出年均增长8.5%，展现出强大的增长动能。 ...

如何促进微短剧有序竞争、创新发展？王小亮介绍，广电总局将从三个维度发力，进一步推动微短剧拉动服务消 费、助力经济社会发展。首先是强化政策保障。制定实施《微短剧发展管理办法》，做到既"放得活"又"管得 好"，在守好内容安全底线的同时，大力促进市场公平竞争，激发行业创新创造活力，营造健康向上、规范有序的 良好环境。 其次是加强创作引导。引导创作者从人民群众创造美好生活的奋斗中，从中华优秀传统文化的传承中，从新时代 中国式现代化的火热实践中，找准选题、讲好故事，不断推出更多精品力作，持续扩大优质内容供给。 第三是深化融合创新。深入实施"微短剧+"行动计划，赋能文旅、体育、"三农"等各行各业发展，以业态融合为重 点，扩大服务消费。推动科技创新与产业创新融合，运用人工智能等新技术打造新型服务消费场景，释放服务消 费潜能。鼓励服务出口，推动优秀微短剧"走出去"，开拓国际市场。 广电总局网络视听节目管理司司长王小亮6日在国务院政策例行吹风会上表示，广电总局出台了一系列政策措施， 微短剧呈现健康繁荣的勃勃生机。2025年有3.3万部微短剧上线播出，国内用户近7亿。去年微短剧的市场规模破 千亿元，较2024年翻番。 王小亮表示 ...

Group 1 - The core viewpoint of the article is the release of the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption," which highlights the increasing importance of service consumption in China's economy [1][2] - In 2022, the proportion of per capita service consumption expenditure to per capita total consumption expenditure reached 46.1%, indicating that service consumption is becoming a significant part of residents' overall consumption [1][2] - The average annual growth rate of per capita service consumption expenditure in China is projected to be 8.5% from 2020 to 2025, showcasing strong growth momentum [2] Group 2 - The shift in consumer focus from "availability" to "quality" is leading to a rising demand for personalized, diverse, and high-quality service consumption products [2] - Emotional and experiential services are emerging trends, with activities like writing Spring Festival couplets and immersive performances gaining popularity [2] - The "Work Plan" aims to support and guide the development of new business models through innovative regulatory methods, creating a healthy development environment, and innovating consumption scenarios [2]