9月17日，在国新办举行的新闻发布会上，商务部副部长盛秋平、国家发展改革委就业收入分配和消费 司司长吴越涛、商务部服务贸易和商贸服务业司司长孔德军、文化和旅游部产业发展司司长缪沐阳、中 国人民银行信贷市场司负责人杨虹介绍扩大服务消费有关政策措施。 商务部：将出台住宿业高质量发展、 铁路与旅游融合发展等系列政策文件 此外，孔德军透露，商务部还会出台住宿业高质量发展、铁路与旅游融合发展等一系列的政策文件，形 成政策"组合拳"。初步统计，围绕建立服务消费"1+N"政策体系，相关部门目前已经出台了30多项政策 文件。 国家发展改革委： 推动人工智能在服务消费等领域加快应用 吴越涛表示，国家发展改革委将重点从三方面促进服务供给提质扩容。 推动企业向"新"，激发创新动能。深入实施"人工智能+"行动，推动人工智能在服务消费等领域加快应 用，赋能大中小各类服务企业。深化线上线下（300959）、商旅文体健多业态消费融合，鼓励企业打造 消费新场景、拓展消费新体验、挖掘消费新需求。 推动市场向"活"，营造良好环境。扎实推进统一大市场建设，清理整治市场准入壁垒，为各类企业特别 是中小企业营造公平的市场准入环境。发挥好与民营企业常态 ...

Core Points - The Ministry of Commerce and nine other departments jointly issued policies to expand service consumption, outlining 19 specific measures across five areas [1][2] Group 1: Policy Measures - The policies include pilot city construction for new consumption formats and models, support for innovative service consumption scenarios, and collaboration between quality consumption resources and well-known IPs [2] - Measures to extend operating hours for popular cultural and tourism venues and encourage the introduction of high-level international sports events are also included [2][3] - The policies aim to enhance training for personnel in elderly care, domestic services, and long-term care, while also supporting the construction of inclusive childcare institutions [2][3] Group 2: Supply and Demand - The policies emphasize a dual approach of optimizing supply and stimulating demand, proposing to increase the supply of quality cultural, tourism, and sports consumption resources [4] - Support measures from the demand side include enhancing consumer credit support and organizing promotional activities to increase service consumption time [4] Group 3: Opening Up - The policies advocate for both external opening and internal deregulation, proposing to expand pilot openings in telecommunications, healthcare, and education sectors [5][6] - Measures to attract foreign investment and private capital by relaxing market restrictions in high-end medical and leisure sectors are also highlighted [6] Group 4: Technological Integration - The National Development and Reform Commission plans to promote the application of artificial intelligence in service consumption, encouraging innovation and the creation of new consumption scenarios [7] - The focus will also be on enhancing service quality through vocational training and establishing a credit-based incentive and penalty system in key sectors [7] Group 5: Financial Support - The Ministry of Finance announced a plan to distribute over 330 million yuan in consumption subsidies during the upcoming National Day cultural tourism consumption month [8] - The People's Bank of China has implemented various financial support policies to boost service consumption supply and meet residents' service consumption needs [9]

期货日报网讯（记者 杨美 见习记者 肖佳煊）9月17日，国新办举行新闻发布会，介绍扩大服务消费有 关政策措施。商务部服务贸易和商贸服务业司司长孔德军在会上表示，服务消费一头连着经济、一头连 着民生，具有消费频次高、乘数效应强、增长可持续等方面特点，是推动经济高质量发展的重要内生动 力，下一步，商务部将从六个方面发力，促进服务消费高质量发展。 第二，抓场景。将支持地方创新多元化服务消费场景，培育"旅游+""美食+""体育+"、"演艺+"等融合消 费场景，推动商旅文体健融合发展。 第六，抓机制。将发挥好促进服务消费发展工作协调机制的作用，开展服务消费提质惠民行动，解决服 务消费发展的堵点卡点，培育新增长点，促进服务消费高质量发展。 第一，抓政策。接下来会出台住宿业高质量发展、铁路与旅游融合发展等一系列的政策文件，形成政 策"组合拳"。 第四，抓平台。将加力推进城市一刻钟便民生活圈建设，增加多元服务，打造宜居宜业、宜游宜购、宜 老宜小的品质生活圈；加快国际消费中心城市培育建设，打造具有全球吸引力的消费环境。 第五，抓环境。将着眼于让广大老百姓放心消费，结合开展优化消费环境三年行动，强化跨部门联合监 管，引导诚信合规 ...

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Core Viewpoint - The 2025 Chongqing Service Consumption Season and the 17th China (Chongqing) Hot Pot Food Culture Festival will be held from September 29 to December, aiming to boost local consumption by over 5 billion yuan through various service consumption activities [4][7]. Group 1: Event Overview - The event is organized by the Chongqing Municipal Commission of Commerce in collaboration with various departments and over 1,000 service consumption enterprises and financial institutions across 38 districts [3][6]. - The theme focuses on "service consumption," with over 500 themed activities planned across 11 key service consumption sectors, including dining, accommodation, and tourism [7][8]. Group 2: Key Highlights - The event will feature diverse consumption scenarios, integrating food, tourism, sports, and entertainment, with the Hot Pot Food Culture Festival being a major highlight [8][9]. - A rich array of cultural and entertainment activities will be offered, including over 200 artistic events and various tourism services to attract a wide audience [9]. - The initiative will leverage online and offline collaboration, utilizing internet platforms for convenient booking and payment, while also promoting on-site activities in commercial areas [9].

服务消费迎政策"礼包"，入境游、赛事经济、中高端医疗站上风口 关联内容 坚持对外开放和对内放开。 第一，抓政策。今年以来，商务部会同相关部门出台了增开银发旅游列车、家政服务消费扩容升级、促 进健康消费、服务消费提质惠民等政策文件，还有服务消费与养老再贷款、服务业经营主体贷款贴息和 个人消费贷款贴息等政策，这些政策社会反响都很好。 第二，抓场景。好的消费场景，能够为消费者提供情绪价值，带来更加愉悦、深度的消费体验。将支持 地方创新多元化服务消费场景，培育"旅游+""美食+""体育+"、"演艺+"等融合消费场景，推动商旅文体 健融合发展。结合各地服务消费场景打造工作，分批次发布若干影响力广、社交属性强、创意新颖的服 务消费场景创新实践案例。 第三，抓活动。商务部已经连续两年举办"服务消费季"活动，推出了280余项服务消费领域重点活动， 还与其他部门共同开展"中华美食荟""跟着电影品美食"等活动，受到经营主体的欢迎，也给消费者带来 了新的体验和实惠。 第四，抓平台。开展消费新业态新模式新场景试点城市建设，是很重要的一个平台载体和抓手。商务部 还将加力推进城市一刻钟便民生活圈建设，增加多元服务，打造宜居宜业、宜游宜购 ...

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a set of policy measures aimed at expanding service consumption, which includes 19 tasks across five areas, benefiting the general public [1] Group 1: Policy Measures - The policy measures support kindergartens to enroll children aged 2-3, explore spring and autumn breaks for primary and secondary schools, and extend operating hours for popular cultural and tourist venues [1] - The measures also encourage local governments to host public sports events and facilitate the issuance of five-year multiple-entry visas for eligible foreign visitors [1] - The Ministry of Commerce plans to select around 50 pilot cities with large populations and strong development potential to explore new consumption models through competitive evaluation [2] Group 2: Cultural and Tourism Consumption - Cultural and tourism consumption is highlighted as a significant component of service consumption, with initiatives to extend operating hours for popular venues and promote "no reservation" policies [3] - The Ministry of Culture and Tourism aims to enhance tourism service quality and consumer experience, focusing on industrial, red, and rural tourism, as well as developing new consumption hotspots [3] - The promotion of international tourism includes initiatives like "Hello! China" and "Happy Spring Festival" to attract more foreign tourists, along with the establishment of tax refund stores in tourist areas [4] Group 3: National Consumption Month - During the National Day and Mid-Autumn Festival, over 3.3 billion yuan in consumption subsidies will be distributed across various regions to stimulate cultural and tourism consumption [5] - The "Cultural and Tourism Consumption Month" will feature over 25,000 events, including concerts, music festivals, and exhibitions, to enhance consumer engagement [6] - Local governments will implement unique cultural and tourism activities, with initiatives like "Follow the Performance to Travel" and "Museum Night" to promote regional tourism [6]

杨虹表示，今年以来，人民银行出台多项政策，指导金融机构完善内部业务流程，创新支持消费的产品 和服务，聚焦食、住、行、游、购、娱等重点消费领域，从供需两端特别是从供给端发力，扩大高质量 信贷供给，加大对消费行业经营主体的首贷、续贷、信用贷、中长期贷款支持力度，强化金融支持提振 和扩大消费的促进作用。 人民网北京9月17日电 (记者罗知之)国务院新闻办公室于今日举行新闻发布会，介绍扩大服务消费有关 政策措施。 中国人民银行信贷市场司负责人杨虹在会上介绍，截至7月末，全国服务消费重点领域贷款 余额2.79万亿元，同比增长5.3%，比年初新增1642亿元，前7个月的新增贷款比去年全年新增贷款还要 多630亿元。 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The A - share major indices closed generally higher. The market is in the macro - data verification stage during the performance and policy vacuum period. Although the economic data in August was still under pressure, the previous financial data showed that residents were shifting from excess savings to increased consumption. With the expected reflection of this in subsequent economic data and the Fed's potential interest - rate cut providing room for domestic policy easing, stock indices still have long - term upward potential. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Quotes - **Contract Prices**: IF (2509) closed at 4553.2, up 36.2; IH (2509) at 2956.2, up 5.8; IC (2509) at 7252.4, up 90.4; IM (2509) at 7547.0, up 93.0. The prices of the corresponding next - main contracts also showed increases or decreases [2]. - **Contract Spreads**: The spreads between different contracts such as IF - IH, IC - IF, etc. showed various changes, with some increasing and some decreasing [2]. - **Seasonal - to - Current Spreads**: The spreads between current - season and current - month contracts, and next - season and current - month contracts also had different trends [2]. - **Futures Positions**: The net positions of the top 20 in IF, IH, IC, and IM showed different changes, with some increasing and some decreasing [2]. 3.2 Spot Prices - The spot prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all increased, and the basis of the corresponding futures contracts also changed [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume was 24,029.24 billion yuan, up 358.55 billion yuan; margin trading balance was 23,926.52 billion yuan, up 226.53 billion yuan; north - bound trading volume was 2876.22 billion yuan, up 3.16 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks decreased, Shibor increased, and the closing prices and implied volatilities of call and put options of the Shanghai - Shenzhen 300 index showed different trends [2]. 3.4 Market Strength - Weakness Analysis - The overall strength - weakness analysis of the A - share market showed that the technical aspect weakened, while the capital aspect strengthened [2]. 3.5 Industry News - The nine - department policy on expanding service consumption proposed 19 measures in five aspects, including promoting service - consumption seasons and expanding opening - up in certain fields [2]. - US retail sales in August increased by 0.6% month - on - month, with real retail sales growing by 2.1% year - on - year after inflation adjustment [2]. 3.6 Key Events - The Fed, Bank of England, and Bank of Japan will announce their interest - rate decisions on September 18 and 19 [3].

Core Insights - The report highlights the impact of price competition on the profitability of the company, with a significant decline in net profit in Q2 2025 compared to the previous year [6][7] - The company has adjusted its annual business volume guidance downwards due to a new economic and competitive landscape, indicating a focus on quality over quantity [6][9] - The report projects a gradual recovery in profitability in the second half of 2025 as the competitive environment stabilizes [8][9] Company Performance - In Q2 2025, the company achieved a business volume of 9.847 billion pieces, a year-on-year increase of 16.5%, but its market share decreased by 0.1 percentage points to 19.5% [6] - The adjusted net profit for Q2 2025 was 2.053 billion yuan, reflecting a year-on-year decline of 26.8% [6] - The average revenue per package decreased from 1.24 yuan to 1.18 yuan, primarily due to increased competitive pricing pressures [7][8] Cost Structure - The company's core cost per package increased by 8.6% year-on-year to 0.89 yuan, with transportation costs decreasing slightly while other costs rose significantly [7][8] - The report notes that the increase in costs is largely attributed to a higher proportion of key account (KA) customers, which also contributed to a slight increase in revenue per package [8] Future Outlook - The company expects a recovery in profitability in the second half of 2025 as it shifts its strategic focus to quality and adjusts its incentive structures [8][9] - Profit forecasts for 2025-2027 are projected at 8.85 billion, 10.22 billion, and 11.53 billion yuan, with corresponding price-to-earnings ratios of 13.0X, 11.2X, and 10.0X [9]