Core Viewpoint - The forum highlighted the unique advantages and future development prospects of consumption REITs, emphasizing their role in expanding domestic demand and promoting consumption in the context of economic recovery [1][3]. Group 1: Advantages of REITs - REITs provide a mandatory annual distribution of at least 90% of the distributable amount to investors, ensuring long-term and stable cash flow [3]. - Listed REITs offer liquidity and can be traded in the secondary market like stocks, making them accessible for investors [3]. - The investment threshold for REITs is low, typically starting from a few hundred yuan, allowing ordinary individuals to participate [3]. Group 2: Consumption REITs Potential - Consumption REITs are seen as investment tools with stable returns and asset appreciation potential, particularly relevant in the context of domestic consumption and policy support [3]. - These REITs primarily invest in shopping centers, department stores, outlet malls, farmers' markets, and community commercial infrastructures, directly linked to consumer demand [3]. - The potential market size for consumption REITs is significant, with expectations that they will become the largest and most market-oriented segment among property REITs in the future [3]. Group 3: Investment Considerations - Consumption REITs offer ordinary investors the opportunity to engage in core commercial real estate with small amounts of capital, emphasizing the importance of underlying asset quality and management capabilities over short-term trading [4]. - Investors are encouraged to adopt a rational investment approach, thoroughly understanding product risks and characteristics through disclosure documents like fund contracts and prospectuses [4].

江西国光商业连锁股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江西国光商业连锁股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日 （ 星 期 三 ） 13:45-14:45 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）通过视频直播和网络互动交流方式召开了 一、 业绩说明会召开情况 证券代码：605188 证券简称：国光连锁 公告编号：2025-028 答：尊敬的投资者，您好！2024 年营收同比增长 11.43%，2025 年 Q1 营收 同比增长 5.23%；2024 年净利润同比下降 81.62%，2025 年 Q1 净利润同比下降 问题 2、公司如何看待区域零售企业的竞争？是否面临市场份额挤压？ 答： 尊敬的投资者，您好！良性竞争有助于推动企业进步和可持续发展， 促使企业不断提升商品品质和服务，以满足消费者需求。公司扎根吉安市和 ...

投资和消费均属于内需，都是稳增长的利器。但投资和消费的功能有所不同，投资最终可以形成资本，增加供给或扩大产能，消费则是用来满足人 们的物质和精神的需求；尽管投资和消费都可以贡献GDP，但在财政资源有限的情况下，需要比较投资和消费的乘数效应来决定如何分配用于投资 或用于消费的财政支出比例。时至今日，在扩内需的大框架下，学界对于稳增长政策应该更侧重于投资，还是更侧重于消费存在一定争议。 笔者认为，不同的经济发展阶段、不同的外部环境、人均GDP水平、不同的居民收入结构、人口老龄化水平和城市化率等，决定了政策刺激的方向 和力度。当前形势下把促消费放在首位无可厚非，而且中央经济工作会议也明确要大力提振消费。以下从四个维度来论述促投资或促消费政策的孰 重孰轻及如何发力。 一、从经济大循环的角度看—— 应该促投资还是促消费 以下文章来源于中国宏观经济论坛 CMF ，作者李迅雷 中国宏观经济论坛 CMF . 创立于2006年，由中国人民大学国发院、经济学院、中诚信国际信用评级有限公司联合主办。依托人大经济学一级学科排名全国第一的优秀研究力量，诚 邀社会知名专家，集中从事中国宏观经济动态和重大经济问题研究，定期发布分析与预测报 ...

山东夏津农商银行聚焦"扩内需、促消费、惠民生、稳就业"，不断下沉服务重心、创新金融产品，将更 多优质金融服务向惠民生、促消费倾斜，为地方经济发展注入金融活水。2025年以来，该行累计发放各 类消费贷款3.56亿元。 金融甘霖润泽文旅繁华 夏津县香雪园的梨花因历史悠久、面积广阔而闻名，每到花期，千余亩梨花竞相绽放，吸引大批游客前 来踏春、打卡体验。乡村旅游的蓬勃发展带动了当地经济发展和农民增收。 前期，夏津县旅游产业发展迅速，张大姐想要抓住商机，开办一家民宿，但资金问题成了创业路上 的"拦路虎"。夏津农商银行驻村客户经理了解到张大姐的资金需求后，立即上门对接，为其推荐了"巾 帼创业贷"，不到2天时间，便成功将20万元资金发放到位。 "随着第十八届梨花节的开幕，前来旅游的人慢慢多了起来，我们民宿也要开始忙起来了。有了咱夏津 农商银行的资金支持，我们民宿肯定能越干越红火。"张大姐笑着说。 随着知名度的扩大，顾客与日俱增，郭大哥萌生了在县城开立一家分店的想法。说干就干，选址、签合 同、租房……每一步都是雷厉风行，但到了装修环节郭大哥犯了难。由于前期投资太大，资金出现了短 暂缺口，郭大哥想起在朋友圈看到的夏津农商银行贷 ...

央广网焦作5月26日消息（记者 夏莎 通讯员 张新雨）5月25日，为期三天的2025年沁阳市"沁心消费乐享生活"惠 民消费季大型促消费活动圆满落幕。活动整合房地产、新能源汽车、家装、金融、家电数码等行业资源，打造"政 府搭台、企业唱戏、全民参与"的促消费平台，推动消费提质升级。 除了群众得实惠，三天的促销活动，商家的订单量也是持续攀升。 今年以来，沁阳市依托"以旧换新"等政策资源，持续开展各类促消费活动。据统计，1月中旬至5月，沁阳市消费 品以旧换新参与商家已达232家，全市消费品以旧换新活动订单34655笔，带动消费1.1亿元，补贴金额1922万元。 同时，利用清明、五一等假日，组织怀府恐龙园联合加油站、餐饮和住宿企业开展促消费活动，不断探索"文化 +旅游+商业"的融合发展新模式；先后开展了"政企联动·家电促销""家电百业大联盟""百货超市大优惠"等活动，直 接带动消费3500余万元。今年1-4月份，社会消费品零售总额完成45.5亿元，累计同比增长9.1%。 "下一步，我们将持续优化消费环境，培育消费新热点，为全市经济高质量发展注入新动能。"沁阳市商务局相关 负责人说。 活动现场（央广网发 张文博 摄） 在 ...

Group 1 - Shanghai has been surpassed by Chongqing in terms of total retail sales of consumer goods for the first time in seven years, with a gap of approximately 14.6 billion yuan [1][2] - The Shanghai government has introduced a comprehensive consumption promotion plan, which includes six major actions aimed at boosting consumer spending [1][3] - The plan emphasizes "increasing income for urban and rural residents" and "supporting consumption capacity," indicating a shift in focus towards income as a driver of consumption [1][3][5] Group 2 - Other provinces such as Hunan, Zhejiang, Guangdong, and Hubei have also launched similar consumption promotion policies, aligning with national strategies that prioritize income growth and consumption capacity [3][4] - Guangdong's approach focuses on attracting talent and supporting local employment, while Zhejiang emphasizes the role of enterprises in stabilizing employment [4][5] - Shanghai's strategy includes future-oriented initiatives like skill training in key industries, addressing structural employment issues, and enhancing family support measures [5][6] Group 3 - The shift in Shanghai's policy is crucial as consumer spending has been affected by stagnant income growth, with a notable decline in disposable income growth rates [6][12] - In 2022, Shanghai's per capita disposable income was 88,400 yuan, the highest in the country, but its growth rate was only 4.2%, marking a significant drop [6][12] - The relationship between income and consumption is highlighted, with a focus on increasing employment to enhance consumer spending capacity [13][14] Group 4 - The current consumption policies aim to bridge the gap between consumers' income and their spending capabilities, promoting a holistic approach to economic growth [14][16] - The transition from an investment-driven economy to a consumption-driven one is emphasized, with a need for structural reforms to stimulate consumer demand [17][18] - Shanghai's strengths in service consumption are noted, with rapid growth in this sector despite overall retail sales slowing down [18]

商务部：1-4月相关平台入境游人数和消费额同比分别增长54.8%和66.8% 智通财经5月23日电，商务部消费促进司负责人谈2025年4月我国消费市场情况：4月份，消费品以旧换 新政策持续显效，系列促消费活动有序开展，消费市场保持平稳增长。据国家统计局数据，当月社会消 费品零售总额3.72万亿元，同比增长5.1%。1-4月，社会消费品零售总额16.18万亿元，同比增长4.7%。 一是商品消费增速加快，汽车家电手机等商品热销。二是服务消费不断扩大，文娱旅游消费热度不减。 三是新型消费亮点纷呈，绿色、智能、健康产品销售较快增长。四是线上消费稳步增长，实体零售继续 回升向好。 ...

Group 1 - The consumption market is maintaining steady growth due to the effective implementation of the old-for-new policy and organized promotional activities [1] - In April, the total retail sales of consumer goods reached 3.72 trillion yuan, representing a year-on-year growth of 5.1% [1] - From January to April, the total retail sales of consumer goods amounted to 16.18 trillion yuan, with a year-on-year increase of 4.7% [1]

Core Insights - In April, the retail sales of consumer goods increased by 5.1% year-on-year, with the growth rate accelerating by 0.5 percentage points compared to the first quarter [1] - Retail sales of units above the designated size grew by 6.6%, with an acceleration of 0.8 percentage points from the first quarter [1] Group 1: Policy Impact - The "old-for-new" consumption policy has shown significant effectiveness, contributing to the stable growth of the consumption market [1] - Retail sales of home appliances, cultural and office supplies, furniture, and communication equipment for units above the designated size increased by 38.8%, 33.5%, 26.9%, and 19.9% year-on-year, respectively [1] Group 2: Automotive Sector - According to the Automotive Circulation Association, the retail volume of passenger cars in April increased by 14.5% year-on-year [1] Group 3: Upgraded Goods - Retail sales of upgraded goods such as gold, silver, and jewelry, as well as cosmetics for units above the designated size, increased by 25.3% and 7.2% year-on-year, respectively [1]

证券研究报告 | 宏观深度报告 | 中国宏观 4 月经济：生产增势偏强，经济逆风飞扬 ——2025 年 4 月宏观数据解读 核心观点 我们认为，4 月经济回稳势头较好，供给端修复斜率显著高于需求端核心在于 工业稳增长政策的发力，4 月全国规模以上工业增加值同比增长 6.1%，但 4 月以来关税政策调整或在中长期维度形成不确定性预期，也可能通过信心渠 道使得总需求有所放缓，量价总体延续背离。我们预计，二季度经济相较一 季度将有所回落，全年可能呈现前高中低后稳的 U 型走势，物价回升节奏相 对较慢且斜率或相对平坦。 大类资产方面，短期内权益市场以低波红利为代表的防御板块或相对占优。 债券市场方面，预计 2025 年货币政策维持宽松基调，与财政政策、产业政策 形成政策合力，在这一过程中利率或震荡向下，我们预计仍保留 50BP 降准， 以及 20BP 降息的空间。 ❑ 工业、服务业生产均保持积极态势 4 月份，全国规模以上工业增加值同比增长 6.1%，高于市场预期与我们预期。从 环比看，4 月份规模以上工业增加值比上月增长 0.22%。一方面，大规模设备更新 和消费品以旧换新等政策加力扩围实施，从内需侧带动相关行业生 ...