Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand for consumer goods, promoting consumption through various measures and innovations in product development and market expansion [1]. Group 1: Consumer Goods Development - The plan emphasizes the integration of traditional toys and stationery with smart technology, focusing on safety and practicality in product design [2][3]. - There will be a push for the development of products catering to the elderly, such as service robots, adaptive clothing, and easy-to-swallow foods, alongside the establishment of a standard system for elderly products [3]. - The initiative supports the creation of culturally rich and fashionable products, including national trend clothing and designer collaborations, to meet the diverse needs of younger consumers [3]. Group 2: Market Performance and Trends - In the first ten months of the year, the trade-in program for consumer goods generated over 2.4 trillion yuan in sales, benefiting more than 360 million people [4]. - Retail sales of household appliances, furniture, and communication devices saw a year-on-year growth of approximately 20%, while retail sales of passenger vehicles increased by 7.9% [4]. - The plan anticipates the emergence of new consumption markets worth trillions of yuan by 2027, driven by supply-side structural reforms and the introduction of innovative products and services [5]. Group 3: Technological and Infrastructure Innovations - The plan includes the implementation of "Artificial Intelligence+" initiatives to promote intelligent development across industries, enhancing traditional industries and fostering smart product ecosystems [6]. - There is a focus on expanding parking facilities and electric vehicle charging infrastructure, with over 18.6 million charging points established nationwide, marking a 54% increase year-on-year [6]. - The initiative aims to support the development of high-quality outdoor sports destinations and enhance standards for outdoor sports products and services [7]. Group 4: Quality and Safety Regulations - The plan emphasizes the importance of consumer goods quality and safety, with ongoing actions to ensure the safety of children's and elderly products through comprehensive inspections and regulations [8][9]. - The market supervision authority has conducted extensive checks on various consumer goods, addressing quality issues in clothing, household appliances, and children's products [8]. - New national standards for energy consumption and safety for daily consumer goods are being established to promote green consumption and enhance consumer confidence [9].

Core Insights - The document outlines a plan to enhance the adaptability of supply and demand in consumer goods, aiming for significant structural optimization by 2027, with the creation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][5]. Group 1: Trillion-Level Consumption Sectors - The three trillion-level consumption sectors identified include elderly products, smart connected vehicles, and consumer electronics, reflecting a comprehensive assessment of consumption trends, industrial foundations, and technological changes [1][2]. Group 2: Hundred-Billion-Level Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass baby and children's products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national trend clothing, all showing strong growth momentum and significant development potential [2][4]. Group 3: Market Dynamics and Growth Potential - The elderly products market is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, with a compound annual growth rate of 7.3%, highlighting the importance of the silver economy [1][2]. - The implementation plan aims to stimulate the domestic consumption market's resilience and vitality, potentially generating several trillion yuan in new consumption markets by 2027 through supply-side structural reforms [5]. - The strategy includes optimizing existing products by enhancing quality and cultural elements, as well as creating new products and services to meet emerging consumer needs, such as smart home ecosystems and solutions for the elderly [5].

11月27日，国务院新闻办公室举行国务院政策例行吹风会，工业和信息化部副部长谢远生和国家发展改 革委、商务部、文化和旅游部、市场监管总局有关负责人介绍增强消费品供需适配性进一步促进消费政 策措施有关情况，并答记者问。 据工业和信息化部11月26日消息，日前，经国务院同意，工信部、国家发改委等六部门联合印发《关于 增强消费品供需适配性进一步促进消费的实施方案》（《实施方案》），以消费升级引领产业升级，以 优质供给更好满足多元需求，实现供需更高水平动态平衡。 目前我国消费品品种总量 已达到2.3亿种 谢远生介绍，目前我国消费品品种总量已达到2.3亿种，家电、家具、文体用品、服装家纺等100多个品 类产量全球第一。智能家居、可穿戴设备、人形机器人、无人机等创新型产品供给稳步提升，2025年前 三季度，智能无人机飞行器制造、智能车载设备制造增加值分别增长59.9%和25.1%。具备组合驾驶辅 助功能（L2）的乘用车新车销量同比增长21.2%，渗透率达64%。中国消费品企业能够以极快的速度响 应技术的升级和消费者需求的细微变化，不断对产品进行迭代创新。比如，柔性制造带动"小单快反"式 生产变革，服装等行业"两天打样、三 ...

Core Insights - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, targeting significant optimization of the supply structure by 2027, with the goal of creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][4]. Group 1: Trillion-Level Consumption Sectors - The three trillion-level consumption sectors identified include elderly products, intelligent connected vehicles, and consumer electronics, reflecting a comprehensive assessment of consumption trends, industrial foundations, and technological changes [1][2]. - The elderly products market is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, with a compound annual growth rate of 7.3%, highlighting the importance of the silver economy [1]. Group 2: Hundred-Billion-Level Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass baby and children's products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national trend clothing, all showing strong growth momentum and significant development potential [2][4]. - The rise of health-conscious lifestyles and the concept of national fitness have led to increased demand for outdoor products and fitness equipment, while the IP economy aligns with the consumption preferences of younger demographics, driving the popularity of trendy products globally [4]. Group 3: Market Dynamics and Growth Opportunities - The implementation plan focuses on supply-side structural reforms, accelerating brand leadership, standard upgrades, and the application of new technologies, which are expected to stimulate the multiplier effect and structural dividends of China's vast domestic market, potentially generating trillions of yuan in new consumption markets by 2027 [4][5]. - There are two main growth avenues: "stock optimization" through enhancing product quality and cultural elements, and "incremental creation" by developing new products and services tailored to emerging demographics and needs, such as smart home ecosystems and solutions for the elderly [5].

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in the consumer sector, promoting consumption potential and economic growth through structural reforms and targeted initiatives [1] Group 1: Key Tasks and Goals - The plan outlines 19 key tasks across five areas, focusing on balancing supply and demand while leading industrial upgrades through consumption upgrades [1] - By 2027, the supply structure of consumer goods is expected to be significantly optimized, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1] - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is anticipated, with a steady increase in consumption's contribution to economic growth [1] Group 2: Innovation and New Product Supply - The plan emphasizes accelerating the application of new technologies and models, particularly in sectors like smart connected vehicles, smart home products, and green building materials [2] - It promotes flexible and customized production models, establishing a digital system that integrates user demand, intelligent design, and flexible manufacturing [2] - Specific measures include enhancing the supply of green products, upgrading rural consumer goods, and expanding the influence of historical classic products [2] Group 3: Targeted Consumer Needs - The plan aims to enrich the supply of products for different demographics, including children, students, and the elderly, focusing on quality and intelligent development [3] - It encourages the development of new consumption scenarios and business models, such as flagship stores and live e-commerce, to stimulate consumer engagement [3] - The initiative also includes promoting shared consumption models in public spaces, enhancing accessibility for various consumer groups [3] Group 4: Supportive Environment - The plan calls for strengthened financial support and the organization of special events to foster a conducive environment for consumption growth [3] - It highlights the importance of utilizing policies for equipment upgrades and trade-in programs to stimulate consumer spending [3] - The initiative aims to leverage policy funding to support the quality upgrade of the consumer goods industry [3]

央视网消息：11月27日，国新办举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消 费政策措施有关情况。 会上，工业和信息化部副部长谢远生介绍，《关于增强消费品供需适配性进一步促进消费的实施方案》 通过聚焦供给侧结构性改革，加速品牌引领、标准升级和新技术应用，激发我国庞大内需市场的"乘数 效应"与"结构红利"，到2027年，有望在重点领域催生数万亿元规模的新增消费市场。一方面，是"存量 优化"带来的替代性空间。通过提升产品品质、增加文化内涵、注入智能绿色元素，推动传统消费品"价 值跃迁"。比如，近年来汉服、簪花、国风美妆、"新中式"家居等蕴含中国文化基因的国货潮品畅销海 内外，成为拉动消费的新动力。另一方面，是"增量创造"带来的新增长空间。围绕新人群、新场景、新 理念、新需求，创造全新的产品与服务，如智能家居生态、银发经济解决方案等，这些将开辟新的消费 蓝海。 《实施方案》目标中提出的"3个万亿级和10个千亿级消费热点"，是我们基于对消费趋势、产业基础和 技术变革的综合研判，提出未来一段时期着力培育和拓展的重点领域，其中万亿级消费领域包括老年用 品、智能网联汽车、消费电子等。以老年用品为例，在我国 ...

Core Viewpoint - The consumption industry in China needs to focus on the medium- and long-term goals outlined in the "14th Five-Year Plan," with short-term attention on policies related to consumption by 2026. The outlook for overseas business development in the consumption sector by 2026 is optimistic [1][2]. Group 1: Background and Policy Initiatives - On November 26, six departments issued a notice regarding the "Implementation Plan for Enhancing the Adaptability of Supply and Demand for Consumer Goods," aiming for a significant optimization of the supply structure by 2027, creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [2]. - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [2]. Group 2: Consumption Stimulus Measures - National subsidies are the fastest way to stimulate short-term demand, with significant policy support since July 2024, including a special bond fund of 150 billion yuan allocated for supporting the replacement of consumer goods. An additional 300 billion yuan is planned for 2025 [3]. - The Central Economic Work Conference in December 2024 prioritized boosting consumption as the main task for 2025, leading to various policies aimed at enhancing consumption [4]. Group 3: Implementation Plan Measures - The "Implementation Plan" outlines five major areas with nineteen initiatives, including accelerating the application of new technologies and models, expanding the supply of unique and new products, and accurately matching the needs of different consumer groups [5]. - It also emphasizes cultivating new consumption scenarios and business formats, as well as creating a favorable development environment through financial support and market order maintenance [5]. Group 4: Investment Recommendations - Investment focus includes high-dividend quality companies during market style shifts, with specific recommendations in various sectors such as new consumption in the social service sector (e.g., Gu Ming, Da Mai Entertainment, Mi Xue Group) and food and beverage (e.g., Dongpeng Beverage, Lihigh Food) [6]. - Other sectors of interest include agriculture (e.g., Zhongchong Co.), sportswear (e.g., Anta Sports, Xtep International), and technology consumption (e.g., TCL Electronics, Hisense Home Appliances) [6].

一方面，是"存量优化"带来的替代性空间。通过提升产品品质、增加文化内涵、注入智能绿色元素，推 动传统消费品"价值跃迁"。比如，近年来汉服、簪花、国风美妆、"新中式"家居等蕴含中国文化基因的 国货潮品畅销海内外，成为拉动消费的新动力。 千亿级消费热点包括婴童用品、智能穿戴产品、化妆品、健身器材、户外用品、宠物食品用品、民用无 人机、潮玩、珠宝首饰与国潮服饰等，这些领域已展现出强劲的增长势头和巨大的发展潜力，让消费市 场呈现出多元化、活力化等重要特征。比如，伴随健康生活、全民健身理念兴起，户外用品、健身器材 需求更加旺盛，IP经济契合年轻群体消费偏好，各类潮玩产品快速火爆全球。 新京报讯（记者陈琳）工业和信息化部会同五部门近日联合印发了《关于增强消费品供需适配性进一步 促进消费的实施方案》。11月27日，工业和信息化部副部长谢远生在国新办举行的政策例行吹风会上表 示，实施方案通过聚焦供给侧结构性改革，加速品牌引领、标准升级和新技术应用，激发我国庞大内需 市场的"乘数效应"与"结构红利"，到2027年，有望在重点领域催生数万亿元规模的新增消费市场。 实施方案提出，到2027年，形成3个万亿级消费领域和10个千亿级消 ...

Core Viewpoint - The Chinese government has introduced a new implementation plan aimed at enhancing the adaptability of supply and demand in consumer goods, which is expected to stimulate consumption and promote economic growth [1][2]. Group 1: Implementation Plan Overview - The implementation plan was jointly issued by the Ministry of Industry and Information Technology and five other departments, with the goal of addressing mismatches in supply and demand in key areas [1][2]. - The plan sets two main development goals: to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, and to create a high-quality development pattern of mutual promotion between supply and consumption by 2030 [2]. Group 2: Key Measures - The plan outlines five key measures to tackle supply-demand mismatches: 1. Expand new increments by accelerating the application of new technologies and innovative models, including the promotion of flexible production and user participation in design [3]. 2. Deepen existing stock by enhancing the supply of specialized and new products, focusing on areas such as green and health products [3]. 3. Segment the market to precisely match the diverse needs of different demographic groups, including initiatives for children's and elderly products [3]. 4. Empower new consumption scenarios and business formats by fostering platforms for product launches and developing new retail formats [3]. 5. Optimize the environment to create favorable development conditions, including financial support and the establishment of quality standards [3]. Group 3: Future Actions - The Ministry of Industry and Information Technology will collaborate with relevant departments to implement the plan, enhance resource investment, and provide policy support to contribute to consumption expansion and economic stability [4].

2025.11. 27 本文字数：982，阅读时长大约1.5分钟 作者 | 第一财经 祝嫣然 中银证券全球首席经济学家管涛11月26日在2025年度资产管理高峰论坛上表示，"十五五"时期是战 略机遇和风险挑战并存、不可预测性增多的时期。应对发展环境的挑战，重要的一招是以改革开放为 根本动力。 "深化改革不仅仅是财政货币政策的松和紧，根本上是聚焦高质量发展的体制机制障碍，推进深层次 改革，扩大高水平开放，推动生产关系和生产力、上层建筑和经济基础、国家治理和社会发展更好相 适应，持续增强发展动力和社会活力，推进供给侧结构性改革，建设现代化经济体系，构建新发展格 局，提升宏观治理效能，推动高水平的科技自立自强，扩大高水平开放。"管涛说。 管涛认为，未来中国市场的机遇来自经济的转型升级。未来五年权益类核心资产的配置方向主要有四 类：自主可控与新潮消费、龙头企业的并购重组、传统行业的创新发展和优质企业的产业外迁。 "长期来看，经济转型孕育了资本市场发展的机会。"管涛分析，一方面，应对大国博弈更加复杂激烈 的外部环境，重要的是因地制宜发展新质生产力，加快构建新发展格局，培育壮大新兴产业、未来产 业。国内将持续用新技术新模 ...