Core Viewpoint - The Chinese government is launching a pilot program to expand service consumption by selecting around 50 cities to innovate and diversify consumption scenarios, aiming to enhance quality supply and meet the evolving demands of consumers [1][3][4]. Group 1: Policy Measures - The Ministry of Commerce will support the establishment of a new service economy system, innovate diverse service consumption scenarios, and promote collaborations between quality consumption resources and well-known IPs [3]. - The initiative is a response to the current trend of consumption upgrading, focusing on addressing the shortfall in quality supply to better meet the needs of the populace [3][4]. Group 2: Market Dynamics - China's middle-income group is the largest and most dynamic globally, with consumer demand shifting from "availability" to "quality," leading to increased demand for high-quality, personalized, and experiential consumption [3]. - Traditional consumption models are insufficient to meet these new demands, necessitating the development of new consumption formats and scenarios as a key strategy for high-quality supply [3]. Group 3: Economic Impact - Successful consumption scenarios can stimulate local industries such as culture, tourism, transportation, and accommodation, thereby driving surrounding consumption [3]. - The pilot cities will utilize scenario innovation, model iteration, and business upgrading to promote regional consumption resource integration, creating a model of "one innovation, multiple linkages" to inject new momentum into high-quality economic development [3][4].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Policy continues to boost consumption, and the relevant document clearly proposes to carry out the construction of pilot cities for new consumption formats, models, and scenarios, bringing clear investment opportunities to the new consumption sector [3] - During the market oscillation phase, structural opportunities gradually emerge, the technology market continues to evolve, and the anti - involution theme investment is active in stages. It is advisable to pay attention to the opportunity of establishing long positions in IC and IM after adjustment [3] Summary by Directory 1. Market Analysis - **Policy to Promote Consumption**: Domestically, the Ministry of Commerce and eight other departments issued measures to expand service consumption, including 19 initiatives in five aspects, 8 of which are related to "high - quality service supply". Overseas, US retail sales in August increased by 0.6% month - on - month, and real retail sales increased by 2.1% year - on - year [1] - **Index Oscillation**: In the spot market, A - share indices closed slightly higher, with the Shanghai Composite Index up 0.04% and the ChiNext Index up 0.68%. Overseas, US stock indices closed slightly lower before the interest rate decision [1] - **Futures Market**: In the futures market, the basis of IH and IM contracts rebounded on the day of this Friday's contract delivery. The trading volume and open interest of stock index futures increased simultaneously [2] 2. Strategies - Pay attention to investment opportunities in the new consumption sector and consider establishing long positions in IC and IM after adjustment [3] 3. Macro - economic Charts - Include charts showing the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A - share trends, as well as the relationship between US Treasury yields and A - share styles [6][9][10] 4. Spot Market Tracking Charts - **Stock Index Performance**: The Shanghai Composite Index closed at 3861.87, up 0.04%; the Shenzhen Component Index closed at 13063.97, up 0.45%; the ChiNext Index closed at 3087.04, up 0.68% [12] - **Other Indicators**: Include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [6][13] 5. Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume and open interest of IF, IH, IC, and IM contracts all increased [14][15] - **Basis**: The basis of different contracts of IF, IH, IC, and IM showed different changes [38] - **Inter - delivery Spread**: The inter - delivery spreads of different contracts of IF, IH, IC, and IM also had different changes [42][43][44]

人民财讯9月17日电，9月17日，商务部服贸司司长孔德军在国新办新闻发布会上表示，下一步，商务部 将通过竞争性评审方式，在全国选择50个左右人口基数大、带动作用强、发展潜力好的消费新业态新模 式新场景试点城市，增加优质消费供给，创新和丰富多元化消费场景，推动新消费业态不断涌现，消费 活力进一步提升，更好满足人民群众多样化、差异化消费需求，为经济高质量发展提供有力支撑。 ...

Core Viewpoint - The Ministry of Commerce and nine other departments released policies on September 16 to expand service consumption through 19 measures across five areas [3] Group 1: Service Consumption Enhancement - Implementation of a quality improvement action for service consumption, continuing to deepen the "Buy in China" brand, and launching a series of promotional activities for "Service Consumption Season" [4] - Development of pilot cities for new business formats, models, and scenarios in consumption [4] - Promotion of the "first release economy" and support for innovative and diverse service consumption scenarios, including collaborations between quality consumption resources and well-known IPs [4] Group 2: Opening Up the Service Sector - Expansion of high-level openness in the service industry, with orderly opening in internet, culture, telecommunications, medical, and educational sectors [4] - Inclusion of more service consumption areas in the "Encouraged Foreign Investment Industry Catalog" to provide differentiated service supply [4] Group 3: Optimizing Consumer Experience - Extension of operating hours for popular cultural and tourist venues, optimization of reservation methods, and encouragement of no-reservation policies [4] - Support for the introduction of high-quality foreign sports events and local mass sports events, aiming to create well-known boutique events and professional leagues [4] Group 4: Educational Policy Adjustments - Optimization of student holiday arrangements while maintaining the total number of holiday days and teaching hours, encouraging local adaptations based on climate and production schedules [5] - Exploration of setting up spring and autumn breaks in primary and secondary schools, with a corresponding reduction in winter and summer vacation durations to increase service consumption time for tourism [5]

Core Viewpoint - The Ministry of Commerce and nine other departments have released a set of policies aimed at expanding service consumption, highlighting 19 measures across five areas, with a focus on high-quality service supply [1] Group 1: Policy Measures - The document outlines initiatives such as launching a "Service Consumption Season" to promote consumption activities [1] - It supports collaboration between quality consumption resources and well-known IPs [1] - The plan includes expanding pilot programs in telecommunications, healthcare, and education sectors [1] - There is a proposal to gradually expand the list of countries with unilateral visa exemptions [1] - The document suggests optimizing student holiday arrangements and improving related policies [1] Group 2: New Consumption Models - The document introduces the concept of pilot cities for new consumption formats, models, and scenarios [1] - It emphasizes the importance of attracting more foreign visitors for consumption and encourages travel agencies and online platforms to create tailored travel routes for foreigners [1] - The proposal includes adjusting academic calendars to create more opportunities for service consumption, particularly in tourism [1] Group 3: Cultural and Entertainment Focus - The document highlights the potential of traditional cultural IP markets and the creation of new service consumption scenarios [3] - It supports local initiatives that leverage quality performances, animation, gaming, and film to drive innovation in offline experiences [3] - The report suggests focusing on tourism performance concepts such as Songcheng Performance and Fengshang Culture, as well as trendy toy concepts like Pop Mart [3]

Core Viewpoint - The Ministry of Commerce has released measures to expand service consumption, highlighting the stable growth of service retail sales, which increased by 5.1% year-on-year in the first eight months of this year, outpacing the growth of goods retail sales [1][3]. Group 1: Policy Measures - The document outlines 19 initiatives across five areas: fostering service consumption platforms, enriching high-quality service supply, stimulating new service consumption, enhancing financial support, and improving statistical monitoring systems [3]. - A new pilot program for innovative consumption models and scenarios in selected cities is introduced, aiming to explore and replicate successful local practices nationwide [3][5]. Group 2: High-Quality Service Supply - Eight of the 19 measures focus on enhancing high-quality service supply, addressing issues such as insufficient supply and weak innovation capabilities in service consumption [6]. - The policy encourages support for high-quality cultural consumption, including the promotion of film, animation, and extended hours for popular cultural venues [8]. Group 3: New Consumption Scenarios - The document emphasizes the importance of creating new consumption scenarios to stimulate additional service consumption, alongside improving high-quality supply [11]. - Measures include expanding the range of visa-free countries and promoting traditional cultural advantages to attract more foreign visitors [13][15]. Group 4: Digital Service Consumption - The policy aims to expand digital service consumption by creating new products, scenarios, and hotspots in the digital space, integrating artificial intelligence with consumption [17]. - Enhancements in the foreign currency payment system and the expansion of tax refund store coverage are also highlighted to facilitate inbound consumption [15].

消费领域迎来重磅利好政策。 据新华社消息，商务部等9部门9月16日对外发布《关于扩大服务消费的若干政策措施》（以下简称《政策措施》），提出五方面19条举措，包括：开展"服务消费 季"系列促消费活动；支持优质消费资源与知名IP跨界合作；因地制宜延长热门文博场馆、景区营业时间，优化预约方式，鼓励推行免预约；优化学生假期安排，完 善配套政策等。 在培育服务消费促进平台方面，《政策措施》提出，实施服务消费提质惠民行动。印发《服务消费提质惠民行动工作方案》，从加强政策支持、搭建平台载体、扩 大对外开放、强化标准引领、优化消费环境等方面提出工作举措。持续深化"购在中国"品牌打造，开展"服务消费季"系列促消费活动，围绕贴近群众生活、需求潜 力大、带动作用强的重点领域开展服务消费促进活动，培育服务消费品牌，打造服务消费热点。 《政策措施》指出，开展消费新业态新模式新场景试点城市建设。积极发展首发经济，推动创新和丰富服务消费场景，支持优质消费资源与知名IP跨界合作，打造 一批商旅文体健融合的消费新场景，培育一批新型消费龙头企业。 在丰富高品质服务供给方面，《政策措施》提到，扩大服务业高水平对外开放。推动互联网、文化等领域有序开 ...

Core Viewpoint - The Ministry of Commerce and nine other departments have released a set of 19 measures aimed at expanding service consumption to boost economic growth and meet diverse consumer needs [4][5][8]. Group 1: Promotion of Service Consumption - Implementation of a "Service Consumption Season" to stimulate consumer spending [5][6]. - Support for high-quality consumption resources to collaborate with well-known IPs [5][6]. - Development of pilot cities for new service consumption models and scenarios [5][6]. Group 2: Enhancement of Service Supply - Expansion of high-level opening-up in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [5][6]. - Encouragement of cultural and artistic creation, optimizing the supply of cultural products and services [5][6]. - Extension of operating hours for popular cultural and historical venues, and promotion of reservation-free access [5][6]. Group 3: Financial and Policy Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [7][8]. - Encouragement of financial institutions to increase credit support for service consumption sectors [7][8]. - Implementation of fiscal interest subsidies to stimulate service consumption [7][8]. Group 4: Statistical Monitoring - Optimization of service consumption statistical methods to reflect regional development accurately [8]. - Encouragement of the use of big data and information technology for monitoring and analysis of service consumption [8].

Core Viewpoint - The article emphasizes the importance of expanding service consumption as a key driver for improving people's livelihoods and upgrading consumption patterns, which plays a significant role in promoting high-quality economic development [2]. Group 1: Cultivating Service Consumption Promotion Platforms - Implementation of the "Service Consumption Quality Improvement and Benefit to the People Action" with measures including policy support, platform development, and enhancing the consumption environment [3]. - Development of pilot cities for new service consumption formats and scenarios, promoting innovative service consumption landscapes [3]. Group 2: Enriching High-Quality Service Supply - Expansion of high-level openness in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [4]. - Support for cultural and artistic sectors through funding for quality creations and enhancing cultural product supply [4]. - Encouragement of diverse education and training markets, including non-academic training and community education [4]. Group 3: Stimulating New Service Consumption Growth - Attraction of more foreign visitors for consumption through optimized visa policies and promotion of cultural resources [5]. - Expansion of digital service consumption, encouraging e-commerce platforms to innovate in online and offline integration [5]. - Adjustment of student holiday arrangements to increase service consumption opportunities [5]. Group 4: Strengthening Financial Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [6]. - Promotion of innovative financial products tailored to service consumption needs [7]. - Enhancement of consumer credit support through risk-sharing mechanisms and financial institution collaboration [7]. Group 5: Improving Statistical Monitoring Systems - Optimization of service consumption statistical methods to reflect regional development accurately [8]. - Encouragement of the use of big data for monitoring and analyzing service consumption trends [8].

Core Viewpoint - The article discusses the recent policy measures announced by the Chinese government aimed at expanding service consumption to boost economic growth and improve people's livelihoods [1][7]. Group 1: Service Consumption Promotion - A series of "Service Consumption Season" activities will be launched to promote consumption in key areas that are closely related to people's lives and have strong demand potential [3][8]. - New pilot cities will be established to develop innovative service consumption scenarios, encouraging collaboration between quality consumption resources and well-known IPs [3][8]. - The government aims to enhance the high-level opening of the service industry, particularly in sectors like internet, culture, telecommunications, healthcare, and education [4][8]. Group 2: Cultural and Sports Development - There will be efforts to extend operating hours for popular cultural and heritage venues and optimize reservation methods to encourage more visitors [4][9]. - The introduction of foreign sports events and support for local mass sports events will be encouraged to create well-known sports brands [4][9]. - The government will promote diverse education and training markets, particularly in non-academic fields like culture, arts, and technology [4][9]. Group 3: Financial and Policy Support - The government will utilize various funding channels to support the construction of cultural, tourism, elderly care, childcare, and sports facilities [10][10]. - Financial institutions will be encouraged to expand credit support for service consumption sectors, with a focus on innovative financial products tailored to service consumption characteristics [10][10]. - There will be an emphasis on providing fiscal interest subsidies to service industry operators to lower their financing costs and stimulate market activity [10][10]. Group 4: Digital and International Consumption - The article highlights the importance of expanding digital service consumption, encouraging e-commerce platforms to innovate in online and offline integration [5][9]. - Measures will be taken to attract more foreign visitors for consumption, including optimizing visa policies and promoting China's cultural resources [5][9]. - Adjustments to school holiday schedules will be explored to increase tourism and service consumption opportunities [5][9].