本文字数：2178，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 2026.01. 30 为优化和扩大服务供给，促进服务消费提质惠民，国务院办公厅印发《加快培育服务消费新增长点工 作方案》（下称《方案》），从激发重点领域发展活力、培育潜力领域发展动能、加强支持保障三方 面提出12条政策举措。 方案明确了交通、家政、网络视听、旅居、汽车后市场、入境消费、演出服务、体育赛事服务、情绪 式体验式服务等重点服务消费领域。 国务院发展研究中心市场经济研究所二级研究员王微表示，服务消费的扩大和持续升级，能够更好地 促进我们国家服务业优质高效发展，同时也能够更好地促进就业稳定和居民收入增加，实现从就业、 收入到消费的良性循环。 王微表示，"十五五"期间，服务消费的增长速度仍然会超过商品消费的增长速度。服务消费自身的结 构也会不断调整、升级和优化，特别是以文化、教育、体育、健康、出行等一些新兴消费领域为代表 的服务消费，会得到快速增长，成为拉动服务消费非常重要的内在动力。 激发重点领域发展活力 随着人民生活水平提升，居民消费正从商品消费为主向商品和服务消费并重转变，服务消费潜力不断 释放。2025年服务零售额比上年增长5. ...

Core Viewpoint - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on optimizing service supply and enhancing consumer experience across various sectors [1][2]. Group 1: Key Areas of Service Consumption - The plan identifies key service consumption areas including transportation, housekeeping, online audio-visual services, travel, automotive aftermarket, inbound consumption, performance services, sports event services, and emotional experience services [1][2]. - The growth rate of service consumption is expected to exceed that of goods consumption during the 14th Five-Year Plan period, with emerging sectors like culture, education, sports, health, and travel driving significant growth [1][2]. Group 2: Policy Measures to Stimulate Growth - The plan outlines 12 policy measures aimed at stimulating development in key areas, including the integration of railway and tourism services, enhancing cruise consumption, and improving the overall service quality in transportation [2][3]. - The Ministry of Commerce emphasizes the importance of service consumption in driving domestic demand and improving the quality of life, highlighting its high frequency, strong multiplier effect, and sustainable growth potential [2]. Group 3: Inbound Consumption and Tourism - The plan aims to boost inbound consumption by extending visa-free policies and enhancing the convenience of entry for foreign visitors, which is expected to significantly increase consumer spending [3]. - The focus on creating immersive consumption experiences and promoting high-quality international events and services is intended to attract more foreign tourists and enhance their spending in China [3]. Group 4: Sports Events and Economic Impact - The rise of sports events across the country is recognized as a key driver for upgrading local consumption, with initiatives to improve safety management and increase the supply of quality sports events [4][5]. - The economic impact of sports consumption is significant, contributing to growth in tourism, dining, accommodation, and retail sectors, thereby supporting sustainable economic development [5]. Group 5: Emotional Consumption Trends - Emotional consumption is emerging as a new trend, with the market expected to grow from 2.31 trillion yuan in 2024 to over 4.5 trillion yuan by 2029, indicating a shift towards personalized and quality-driven consumer demands [5][6]. - The plan encourages the development of emotional and experiential services while promoting a regulatory framework that supports innovation and protects consumer rights [5][6].

Core Viewpoint - The State Council of China has released a work plan to accelerate the cultivation of new growth points in service consumption, focusing on enhancing service supply and promoting quality improvements for consumer benefits [1][7] Group 1: Key Service Consumption Areas - The plan identifies key service consumption sectors including transportation, housekeeping, online audio-visual services, travel, automotive aftermarket, and inbound consumption [3] - Specific measures include developing policies to promote the integration of railways and tourism, enhancing the tourism transformation of train stations and trains, and improving yacht infrastructure and services [3][4] Group 2: Inbound Consumption Initiatives - The plan outlines initiatives for inbound consumption, such as extending the trial period for unilateral visa-free countries, expanding the scope of visa policies, and increasing the number of tax refund shops for departing tourists [4] - It aims to create a more convenient and comfortable consumption environment for foreign visitors [4] Group 3: Service Sector Development - The plan proposes actions for various sectors, including specialized training for housekeeping services, support for private capital in online audio-visual services, and the development of travel destination cities [4] - It emphasizes the importance of optimizing service supply, promoting pilot programs, innovating consumption scenarios, and enhancing talent cultivation [4] Group 4: Entertainment and Sports Services - In the entertainment sector, the plan suggests optimizing performance management, setting reasonable safety capacity limits, and exploring the adjustment of certain performance groups to public welfare units [4][5] - For sports events, it encourages the introduction of foreign sports events and supports local mass sports activities while ensuring safety management [5] Group 5: Experience Consumption Challenges - The plan acknowledges challenges in experience consumption, such as the wide range of involved fields, difficulty in quantifying standards, and complexities in consumer rights protection [6] - It proposes innovative regulatory approaches for new business models and supports the inclusion of relevant professions in the national occupational classification system [6] Group 6: Support and Guarantee Measures - The plan includes measures to improve standard systems, strengthen credit construction, and enhance financial support [7] - It aims to align consumer demands for service experiences with industrial transformation, thereby stimulating consumption and contributing to high-quality development [7]

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Core Viewpoint - The release of the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" marks a strategic shift in China's economic vitality, focusing on optimizing supply, nurturing potential, and strengthening guarantees for service consumption growth [1][2]. Policy Background - Service consumption is becoming a key engine for China's economic transformation, with its contribution to consumption growth reaching significant levels. The Ministry of Commerce reported that service consumption's contribution rate has been notably increasing [2]. - In September 2025, the government introduced measures to expand service consumption, laying a solid foundation for the current work plan [2]. Key Areas - The work plan emphasizes six key areas: transportation services, housekeeping services, online audio-visual services, travel and accommodation services, automotive aftermarket services, and inbound consumption. Each area targets specific industry upgrades and innovative consumption scenarios [3]. - In transportation services, the plan proposes developing special policies for the integration of railways and tourism, promoting the transformation of train stations and trains into tourism-oriented experiences [3]. - Inbound consumption is identified as a significant growth point, with plans to expand visa-free policies and optimize international payment environments [3]. Potential Areas - The plan identifies three potential areas for future growth: performance services, sports event services, and emotional experience services, aiming to cultivate long-term development momentum [4]. - For performance services, the plan suggests establishing long-term mechanisms and regulating the ticketing market to combat scalping [4]. - Emotional and experiential services are recognized as emerging sectors, receiving support for inclusion in the national occupational classification system [4]. Implementation Path - The work plan outlines a clear implementation path characterized by "internal liberalization and external openness." This includes removing unreasonable restrictions that hinder consumption upgrades and enhancing high-level openness in the service industry [5]. - Specific pilot programs will be launched in select cities to explore graded management of automotive modifications and to stimulate market vitality [5]. Support System - A robust support system is essential for the effectiveness of the policy, focusing on standards, credit, and finance. The plan aims to guide financial institutions to increase credit investments and innovate financial products [6][7]. - The credit system will concentrate on key consumption areas such as elderly care, housekeeping, and tourism, enhancing information collection and public disclosure [7]. Local Implementation - The effectiveness of the policy will depend on local innovative implementation, with a requirement for regions to design specific support policies. A nationwide pilot program for new consumption formats is already underway [8]. Market Opportunities - The release of the work plan signifies a transition from spontaneous growth to a policy-driven phase for service consumption, presenting clear structural opportunities for various enterprises in the industry [9]. - Companies in housekeeping, online audio-visual content, cultural tourism, and automotive modification sectors are expected to benefit from a more favorable regulatory environment and expanded market space [9].

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]

强化财政金融支持，是服务消费扩容增长的"助推器"。服务消费领域的中小微经营主体居多，新业态的 培育、消费基础设施的完善，都需要金融活水的精准滴灌和财政资金的有效引导。《方案》打出的财政 金融"组合拳"，兼顾"输血"与"造血"，精准发力服务消费新增长点。例如，统筹利用现有资金渠道支持 服务消费发展，优化实施服务业经营主体贷款贴息政策，为市场主体降低融资成本；引导金融机构加大 信贷投放、创新特色金融产品，破解服务消费领域融资难、融资贵问题；支持符合条件的企业发行债 券、消费基础设施项目发行REITs，盘活存量资产，拓宽市场化融资渠道；加大消费信贷支持力度，推 动金融机构与商家合作开发适配服务消费特点的产品，从需求端撬动消费潜力。 一分部署，九分落实。服务消费的发展具有鲜明的个性化特征，不同地区的消费需求、产业基础、资源 禀赋差异显著，这就要求各地区、各有关部门跳出"一刀切"的政策思维，结合实际创新支持举措，细化 落实方案。既要聚焦本地特色培育服务消费新场景、新赛道，如文旅资源丰富的地区发力"旅游+"融合 消费，老龄化程度较高的地区完善养老家政服务供给，产业集聚的地区培育体育、教育等特色消费业 态，也要加强部门协同 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.16% to 4,157.98 points, while the Shenzhen Component Index fell by 0.30% to 14,300.08 points, and the ChiNext Index decreased by 0.57% to 3,304.51 points. The total trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 32 trillion yuan [10][5]. - In the Asia-Pacific market, the Hong Kong Hang Seng Index increased by 0.51% to 27,968.09 points, while the Hang Seng Tech Index dropped by 1% to 5,841.1 points. The Nikkei 225 Index rose by 0.03% to 53,375.60 points, and the KOSPI Index in South Korea increased by 0.98% to 5,221.25 points [10][5]. - In the European market, the German DAX Index fell by 1.92% to 24,347.16 points, while the French CAC40 Index rose by 0.06% to 8,071.36 points, and the UK FTSE 100 Index increased by 0.17% to 10,171.76 points [10][5]. - In the US market, the Dow Jones Industrial Average rose by 0.11% to 49,071.56 points, while the Nasdaq Composite Index fell by 0.72% to 23,685.12 points, and the S&P 500 Index decreased by 0.13% to 6,969.01 points [10][5]. International News - The US federal government is facing a partial shutdown crisis as the Senate failed to advance a government funding bill that had been passed by the House of Representatives. Funding for several federal departments is set to run out on January 30 [9]. - South Africa is considering imposing tariffs of up to 50% on vehicle imports from China and India to protect its domestic automotive industry from the surge of low-priced imports. In 2024, vehicles imported from China accounted for 53% of South Africa's total vehicle imports, while those from India made up 22% [9]. - OpenAI is seeking to raise up to $100 billion to support its growing AI business, with Nvidia negotiating a potential investment of up to $30 billion, Microsoft planning to invest less than $10 billion, and Amazon possibly investing up to $50 billion [9]. Domestic News - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, proposing 12 policy measures to stimulate development in key areas such as transportation, housekeeping, online audio-visual services, tourism, and the automotive aftermarket [11]. - The 2026 Spring Festival is expected to see a record high of 9.5 billion people in cross-regional movement, with nationwide highways waiving tolls for small passenger vehicles during the holiday [11]. - The Ministry of Industry and Information Technology held a meeting with photovoltaic industry entrepreneurs, emphasizing that "anti-involution" is the main contradiction in the regulation of the photovoltaic industry, advocating for market-oriented and legal measures to promote healthy competition and rational development [12]. Important Announcements - Jiangfeng Electronics plans to acquire control of Beijing Kaide Quartz Co., Ltd. through a cash purchase [13]. - Hoshine Silicon Industry has confirmed a high-end manufacturing industrial park project worth 11 billion yuan [13]. - Muxi Co., Ltd. intends to use no more than 200 million yuan of raised funds to provide loans to its wholly-owned subsidiary for the research and industrialization of new high-performance general-purpose GPUs [13].

为强化政策保障，《工作方案》提出加强财政金融支持。支持符合条件的文化、旅游、教育、体育、家 政等服务消费领域企业发行债券，拓宽融资渠道；同时，支持符合条件的消费基础设施项目发行基础设 施领域不动产投资信托基金（REITs），盘活存量资产，为服务消费发展提供有力资金支持。 1月29日，国务院办公厅印发《加快培育服务消费新增长点工作方案》（以下简称《工作方案》）的通 知，旨在通过优化和扩大服务供给，聚焦重点领域、潜力领域，促进服务消费提质惠民，为经济高质量 发展注入新动能。 《工作方案》明确优化大型群众性活动安全管理，合理核定赛场安全容量，为体育赛事服务提供安全保 障。同时，增加优质赛事供给，鼓励引进国外优秀赛事，支持地方举办群众性赛事，打造知名精品赛 事、职业联赛等多元化品牌，并推动高质量户外运动目的地建设。《工作方案》还提出加快重点赛事市 场化、商业化运作，促进赛事消费发展。针对冰雪服务消费，《工作方案》支持相关载体建设，鼓励地 方创新打造多元化冰雪消费场景，满足消费者多样化需求。 ...

Focus Events - President Trump announced he will reveal the nomination for the next Federal Reserve Chair next week, criticizing current Chair Powell for not lowering interest rates [1] Oil Market - WTI crude oil prices surged by 5% to $66.3 per barrel, while Brent crude rose by 4.25% to $70.23 per barrel [2][4] Company Updates - Guizhou Moutai's stock price increased by 8.61%, with investor Duan Yongping stating he did not purchase shares on that day but had exchanged some shares of China Shenhua for Moutai earlier [3] - Sichuan Gold expects a net profit of 420 million to 480 million yuan for 2025, representing a year-on-year increase of 69.23% to 93.40% due to higher sales volume and rising gold prices [16] - Hanwei Technology forecasts a net profit of 125 million to 175 million yuan for 2025, indicating a growth of 63.01% to 128.22% [17] - Transsion Holdings anticipates a revenue of approximately 65.568 billion yuan for 2025, a decrease of about 4.58%, with a net profit drop of 54.11% due to rising supply chain costs [17] - Jiangfeng Electronics plans to acquire control of Kaide Quartz for cash, leading to a temporary suspension of its stock [19] - Aote Xun expects a net loss of 63.6 million to 72.1 million yuan for 2025, with potential delisting risks due to negative financial indicators [20] - Mu Xi Co. plans to use up to 200 million yuan of raised funds to provide loans to its wholly-owned subsidiary for a new GPU project [21] Industry Dynamics - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on various sectors including transportation and online services [9] - The Ministry of Industry and Information Technology held a meeting to address the "anti-involution" issue in the photovoltaic industry, emphasizing the need for coordinated governance and market regulation [12] - China aims to expand its "space+" future industries, focusing on commercial space applications and infrastructure development [11] - New regulations were issued to support wind power projects, encouraging development in less ecologically sensitive areas [14]