Core Viewpoint - Consumption is a crucial component of domestic demand and is essential for consolidating and enhancing the positive trend of economic recovery in China. The government emphasizes the need to boost consumption as a key focus for economic work in the coming year [1] Group 1: Economic Context - Consumption plays a decisive role in the national economic cycle, which includes production, distribution, exchange, and consumption. The current positive trend in China's economy underscores the foundational role of consumption [1] - The central economic work conference has identified "deeply implementing special actions to boost consumption" as a key part of maintaining domestic demand and building a strong domestic market, signaling the importance of consumption in the economic cycle [1] Group 2: Market Potential - China's retail sales of consumer goods are projected to increase from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5%, solidifying its position as the world's second-largest consumer market [2] - The country possesses a complete industrial system and strong production capacity, which can effectively meet consumer demand and respond to market changes, thereby enhancing the quality of supply [2] Group 3: Consumption Trends - There is a noticeable shift in consumer behavior from basic needs to quality-of-life and experiential consumption, driven by digital technology advancements such as mobile payments and e-commerce [3] - The central economic work conference has outlined eight key tasks for the coming year, with a focus on expanding domestic demand and optimizing supply to boost consumption [3] Group 4: Income and Consumption Capacity - Increasing residents' disposable income is fundamental to boosting consumption. Policies should aim to enhance income growth in line with economic growth and strengthen the social security system to reduce financial burdens on households [4] Group 5: Supply-Side Strategies - Expanding the supply of quality goods and services is crucial for stimulating consumer potential. The focus should be on enhancing the adaptability of supply to meet consumer demand and promoting high-quality service consumption [5] Group 6: Consumer Environment - A favorable consumption environment is essential for encouraging consumer spending. Efforts should be made to eliminate market barriers, unify market regulations, and enhance consumer protection to ensure a safe and enjoyable shopping experience [6]

系列报道之四 12月17日，第二十七届哈尔滨冰雪大世界开园，正式点燃哈尔滨冰雪旅游季。12月以来，哈尔滨冰雪大 世界相关搜索热度持续攀升，哈尔滨一度登上同程旅行平台冬季热门旅游目的地榜首。 除了东北地区，近年来冰雪旅游热正在越来越多的城市"上演"，文旅热带动消费热、产业热，撬动 了"冷资源"背后的冰雪经济。国务院办公厅此前印发的《关于以冰雪运动高质量发展激发冰雪经济活力 的若干意见》明确，到2027年冰雪经济总规模达到1.2万亿元，到2030年达到1.5万亿元。 哈尔滨索菲亚大教堂，游客正在旅拍。 冰天雪地带动的消费热潮恰恰彰显了我国扩内需的潜力。前不久召开的中央经济工作会议指出，明年经 济工作要坚持内需主导，建设强大国内市场，并对提振消费提出了多项具体举措。该如何理解中央经济 工作会议对明年坚持内需主导、提振消费的部署？南都N视频记者就此采访了同济大学特聘教授、中国 国家创新与发展战略研究会副会长刘兴华。 同济大学特聘教授、中国国家创新与发展战略研究会副会长刘兴华。 中央经济工作会议首提"内需主导"，"国补"政策将优化 南都：今年的中央经济工作会议将"坚持内需主导，建设强大国内市场"列为明年经济工作的"头号 ...

Group 1 - The core driver of the recent surge in the A-share consumer sector is the continuous release of supportive policy signals aimed at boosting domestic consumption [1][2] - The Ministry of Commerce and the Ministry of Finance have jointly issued a notice to implement "three new" pilot projects in 50 cities, emphasizing the importance of reform and innovation to stimulate market vitality [1][2] - The recent policy initiatives align with the central economic work conference's focus on expanding domestic demand and implementing actions to boost consumption [2] Group 2 - Analysts believe that the policy support for the consumer sector is likely to be sustained and may exceed expectations, with a focus on supply and demand policies by 2026 [4] - Specific sectors such as e-commerce integrated with AI, travel industry chains benefiting from policy stimulus, and new retail sectors advancing digital reforms are highlighted as promising investment opportunities [4][5] - The recent collective surge in the consumer sector is seen as a positive market response to the implementation of these policies, indicating a potential deep-seated change driven by policy guidance, technological advancement, and innovative business models [5]

Group 1 - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.4% [1] - The CSI 1000 ETF (159845) rose by 0.8%, with significant individual stock performances including Huicheng Environmental rising by 8.8% and Zexing Pharmaceutical-U by 3.83% [1] - The CSI 1000 ETF experienced a net inflow of 1.459 billion yuan over the last five trading days and a total net inflow of 1.506 billion yuan over the last ten days, with its latest scale reaching 46.043 billion yuan [1] Group 2 - Zhongyuan Securities indicated that the medium to long-term support for the current A-share rally remains unchanged, with expectations for the Shanghai Index to consolidate around the 4000-point mark [2] - The CSI 1000 Index, which the CSI 1000 ETF closely tracks, consists of 1000 small-cap stocks that reflect the price performance of a segment of the A-share market [2]

专题：第十二届全国售后服务大会暨标准宣贯活动 "第十二届全国售后服务大会"于2025年12月19日在北京举行。十一届全国政协经济委员会副主任、商务 部原副部长、中国商业联合会原会长张志刚出席并做主旨演讲。 张志刚回顾2025年时表示，我国在高质量发展上又取得了一些新成就，为扩大内需、提振消费奠定了坚 实的基础，也为现代服务业的发展营造了良好条件。农业丰收，为提振消费提供了基本保证。交通网是 商业网的支撑，又有新发展。数字经济等高科技建设迈出新步伐。能源革命取得新成就。海南自贸港封 关彰显高水平对外开放新气象。提振消费政策见成效，新消费方式不断涌现。 交通网是商业网的支撑，又有新发展。我国4.8万公里高铁网络占全球总里程的三分之二以上。最高时 速350公里正在向时速400公里冲击。目前样车已在作60万公里试运行，之后将正式投入使用。前不久落 成的"世界第一高桥"贵州花江峡谷大桥，创造了"横竖都是世界第一"的工程奇迹，625米的垂直高度刷 新桥梁建设史，以2分钟车程替代了2小时盘山路的时空压缩。"冰上丝绸之路"从宁波舟山港出发，经北 极到达英国费列克斯托港，仅用18天，比中欧班列约25天、苏伊士运河航线约40天、 ...

扩大产品供给 围绕金融促消费，丰富消费金融产品和服务，增强消费金融服务的适配性和便利度是此次《方案》的亮 点之一。 近日，《关于增强消费品供需适配性进一步促进消费的实施方案》(以下简称《方案》)提出，强化财政 金融支持。丰富消费金融产品和服务，增强消费金融服务的适配性和便利度。消费金融的快速发展与消 费市场需求高度契合。通过提供灵活多样的金融产品，消费金融有效降低了消费者的购买门槛，使更多 优质产品能够触达目标消费群体。 政策接续发力 消费金融作为连接消费需求与金融供给的关键纽带，是激发消费活力、有效提振内需的重要力量。 苏商银行特约研究员薛洪言认为，首先，消费金融能够降低消费门槛，将潜在需求转化为实际购买力， 帮助更多消费者获取优质产品与服务。其次，通过灵活的分期和信贷方式，消费金融释放了消费潜力， 使消费者得以提前提升生活品质。最后，消费金融促进了供需适配，作为连接生产与消费的桥梁，消费 金融助力实现以消费升级引领产业升级的政策目标。总的来看，消费金融已超越传统借贷功能，成为推 动供需对接、激活内需的重要金融力量。 今年以来，金融管理部门多次召开金融机构座谈会，引导金融机构充分满足实体经济有效信贷需求，尤 ...

（文章来源：中国新闻网） 山东、陕西、山西、江西，北京、上海、重庆、成都等8家省市发改研究院(所)，以及宏观院经济、投 资、产业、区域、能源、经济体制改革等7个研究所共15家单位代表在"推动形成由内需主导、消费拉 动、内生增长的经济发展模式""GDP过2万亿城市发展交流会"2个分论坛进行了交流发言。 与会专家认为，展望即将到来的2026年，我国发展机遇与挑战并存。外部环境的复杂性严峻性不确定性 不减，国内经济发展中面临的问题和挑战仍然不少，供强需弱矛盾突出，重点领域风险隐患较多。但同 时更要认识到，我国经济基础稳、优势多、韧性强、潜力大，经济长期向好的支撑条件和基本趋势没有 改变，要坚定信心，保持定力。 专家认为，面对新形势新任务，要深化对经济发展规律的认识，加强前瞻性思考、全局性谋划、穿透性 研究，多出高水平的研究成果，努力提出更多破解发展难题、厚植发展优势的新招实招硬招，为发展改 革中心工作提供更高水平的智力支撑，在扎实推进高质量发展和中国式现代化建设的进程中作出更大贡 献。(完) 中新网北京12月18日电 (记者王梦瑶)国家发展和改革委员会宏观经济研究院(以下简称"宏观院")近日在 北京举办第二十八次全 ...

Group 1 - The core objective of the recent government meeting is to enhance the adaptability of supply and demand in consumer goods, aiming to unleash consumption potential and lay a solid foundation for high-quality economic development [1] - The central government has introduced multiple policies to boost consumption, including a 300 billion yuan special long-term bond to support the replacement of old consumer goods, injecting strong momentum into the consumption market [1][2] - The final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the previous year, continuing to serve as the "main engine" for economic growth [3] Group 2 - The trend of consumption is shifting towards personalization, quality, and scenario-based experiences, necessitating support for traditional sectors to innovate and transform while nurturing emerging industries [3][4] - Financial institutions, such as credit card companies, are actively participating in boosting consumption by launching promotional activities that align with government policies, thereby enhancing the multiplier effect of consumption vouchers [3][5] - The upcoming New Year period is seen as a golden opportunity for consumption, with consumers eager to purchase products that symbolize good fortune and positive expectations for the coming year [4][8]

Core Viewpoint - The retail sector in the A-share market has shown signs of recovery after a prolonged period of decline, driven by recent favorable policies and a shift in consumer behavior towards increased domestic demand [6][9][30]. Group 1: Market Performance - The leading retail company, Yonghui Supermarket, has seen its stock price drop nearly 70% since April 2020, prior to the recent market rally [1]. - Other retail companies, such as Dongbai Group, have also experienced stagnant performance, with many retail stocks recently showing significant gains, including multiple trading halts due to price increases [3][9]. Group 2: Policy Support - Recent government policies emphasize the importance of domestic demand and consumer spending, with the central economic work conference prioritizing the construction of a strong domestic market [7]. - The National Development and Reform Commission has reiterated its commitment to expanding domestic demand and enhancing consumer capacity, indicating a clear intention to boost consumption [7][8]. Group 3: Economic Indicators - In the first nine months of 2025, the value added by wholesale and retail industries grew by 5.6%, maintaining a stable GDP contribution of 10.3% [11]. - Retail sales increased by 4.6%, with physical retail formats like convenience stores and supermarkets showing growth [12][13]. Group 4: Industry Challenges - The retail industry has faced unprecedented challenges, particularly from e-commerce, which has permanently shifted consumer behavior towards online shopping [18]. - Traditional retailers are experiencing rising operational costs, which are squeezing profit margins, leading to significant performance disparities among companies [18][20]. Group 5: Transformation and New Trends - The retail sector is undergoing a transformation from a focus on scale expansion to high-quality development, emphasizing customer experience over mere product sales [20][28]. - New retail formats are emerging, with companies like Hema and discount stores expanding rapidly, indicating a shift in competitive dynamics within the industry [25][27]. Group 6: Future Outlook - Despite recent positive signals, the retail sector's fundamental challenges remain, with ongoing adjustments and potential for further differentiation among companies based on their ability to adapt [30].

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of the medium- to long-term consumption goals outlined in the "14th Five-Year Plan" and highlights the need for specific consumption policies to be implemented by 2026 [1] Group 1: Consumption Industry Outlook - The global consumption recovery is slow, with high tariffs pushing up prices and high interest rates suppressing credit demand, leading to weakened consumer confidence in Europe and the US [1] - The Central Economic Work Conference has proposed a focus on domestic demand, aiming to build a strong domestic market and implement actions to boost consumption, including plans to increase urban and rural residents' income [1] - The report expresses a more optimistic view on service consumption compared to goods consumption, noting recent policies that enhance the focus on service consumption and the removal of unreasonable restrictions in the consumption sector [1] Group 2: Domestic Demand and Retail Performance - In November, the retail sales growth rate was +1.3% year-on-year, with a month-on-month decline of 1.6 percentage points, marking a continuous decrease since May [2] - The reduction in national subsidies is reflected in the retail sales of household appliances and audio-visual equipment, which saw declines of -14.6% and -19.4% year-on-year in October and November, respectively [2] - Retail sales in the furniture category showed a year-on-year increase of +9.6% in October, while daily necessities experienced a growth of +7.4%, indicating a weakening trend [2] Group 3: Category-Specific Insights - The gold and jewelry category saw significant growth of +37.6% and +8.5% year-on-year in October and November, influenced by new tax policies affecting gold jewelry [3] - The clothing, footwear, and textile categories maintained stable growth rates of +6.3% and +3.5% year-on-year, supported by seasonal changes [3] - The cosmetics sector also showed improvement, with year-on-year growth rates of +9.6% and +6.1% in October and November, aided by promotional activities [3] Group 4: Global Consumer Sentiment - Consumer confidence in Europe and the US remains weak, with the US consumer confidence index at 53.3, close to historical lows, and the EU consumer confidence index at -13.6, indicating a relatively low level of optimism [4] - Overall retail performance in the US has been subdued, with a year-on-year increase of +3.9% in September, reflecting a decline from August [4] - Online sales during the holiday shopping week showed modest growth, with Black Friday and Cyber Monday experiencing increases of +9.3% and +7.1% year-on-year, respectively, amidst intense competition [4]