Group 1 - The State Council of China, led by Premier Li Qiang, approved the draft of the "Regulations on Government Data Sharing," aiming to enhance public services and create a unified national government big data system [3] - The People's Bank of China announced a new loan program for service consumption and elderly care, with a total quota of 500 billion yuan and an interest rate of 1.5% [7] - The People's Bank of China released the first quarter monetary policy report for 2025, indicating a moderately loose monetary policy to support economic recovery [8] Group 2 - The G20 Trade and Investment Working Group held its second meeting, discussing global trade challenges and criticizing unilateral tariff policies by the U.S. government [6] - Panasonic announced plans to cut approximately 10,000 jobs globally, including 5,000 in Japan, as part of a strategy to terminate unprofitable businesses [18] - Tencent launched a new open-source video generation tool, indicating ongoing innovation in the multi-modal video technology sector [23] Group 3 - Alibaba's founder Jack Ma visited the company's headquarters to encourage employees to maintain their entrepreneurial spirit [17] - The Chinese government is intensifying efforts to combat the smuggling of strategic minerals, emphasizing the importance of resource export control for national security [12] - The China Securities Regulatory Commission and the Ministry of Finance are seeking public opinions on the revised draft of the "Securities Settlement Risk Fund Management Measures" [10]

Domestic News - The People's Bank of China released the monetary policy implementation report for the first quarter of 2025 [1] - Premier Li Qiang chaired a State Council executive meeting to study and implement President Xi Jinping's important speech on economic and social development during the "14th Five-Year Plan" period, and discussed measures to deepen the reform and innovation of national-level economic and technological development zones [1] - The central bank established a re-lending program for service consumption and elderly care with a quota of 500 billion yuan, aimed at encouraging financial institutions to increase support for key sectors such as accommodation, catering, cultural and sports entertainment, and education [1] - The China Securities Regulatory Commission issued the legislative work plan for 2025 to maintain stable and healthy market development and protect the legitimate rights and interests of small and medium investors [1] - The China Futures Association strengthened the management of futures intermediaries and standardized their behavior [1] - The Guangzhou Futures Exchange modified trading rules and published settlement rules for the first time [1] - The General Administration of Customs and six other departments adjusted management measures related to special customs supervision areas, bonded supervision places, and processing trade outside the zones [1] International News - ECB Governing Council member Simkus stated that a rate cut in June is necessary for the European Central Bank [2] - Japan is considering exporting next-generation jet fighters developed jointly with Australia, the UK, and Italy [2] - India requested the US to eliminate all current and future tariffs, proposing to reduce the tariff gap with the US from nearly 13% to less than 4% under a potential trade agreement [2] - Fed Governor Barr indicated that the Federal Reserve may face difficulties if inflation and unemployment rise simultaneously [2] - Fed Governor Kugler noted that the labor market may be approaching full employment [4] - Fed officials announced that regular operations of the Standing Repo Facility (SRF) are forthcoming [4] - Von der Leyen mentioned a potential visit to the US if a specific trade agreement is reached [4]

服务消费与养老再贷款额度5000亿元,年利率1.5%，期限1年，可展期2次，最长使用期限不超过3 年。发放对象包括国家开发银行、政策性银行、国有商业银行、中国邮政储蓄银行、股份制商业银行 等21家全国性金融机构和北京银行、上海银行、江苏银行、南京银行、宁波银行等5家属于系统重要 性金融机构的城市商业银行（以下简称26家金融机构）。政策执行至2027年末。 26家金融机构根据经营主体申请，按照风险自担的原则，自主决策是否发放贷款及贷款发放条件。 对于符合政策支持领域的贷款，26家金融机构可按照贷款本金的100%，按季向中国人民银行申请再 贷款，并对报送贷款信息的真实性负责。中国人民银行根据金融机构报送的申请，按照相关政策规定 向金融机构发放再贷款，加强事后核查和监督管理。 据央行消息，5月9日，中国人民银行印发《关于设立服务消费与养老再贷款有关事宜的通知》，设 立服务消费与养老再贷款,激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域 和养老产业的金融支持。 ...

金十数据5月9日讯，服务消费与养老再贷款额度5000亿元,年利率1.5%，期限1年，可展期2次，最长使 用期限不超过3年。发放对象包括国家开发银行、政策性银行、国有商业银行、中国邮政储蓄银行、股 份制商业银行等21家全国性金融机构和北京银行、上海银行、江苏银行、南京银行、宁波银行等5家属 于系统重要性金融机构的城市商业银行。政策执行至2027年末。 （中国人民银行） 相关链接 中国人民银行设立服务消费与养老再贷款 ...

Group 1 - The People's Bank of China has established a service consumption and elderly care relending program with a total quota of 500 billion yuan [1] - The relending program aims to boost service consumption in key areas such as accommodation, catering, cultural and entertainment, and education, as well as support the elderly care industry [1] - The relending has an annual interest rate of 1.5%, a term of one year, and can be extended up to two times, with a maximum usage period of three years [1] Group 2 - A total of 26 financial institutions, including national development banks, policy banks, state-owned commercial banks, and major city commercial banks, are eligible to apply for the relending [2] - These institutions can apply for relending at 100% of the loan principal for loans that meet the policy support criteria, and they are responsible for the authenticity of the loan information submitted [2] - The People's Bank of China will issue relending based on the applications submitted by financial institutions, with an emphasis on post-approval verification and supervision [2]

5月7日，国家金融部门推出一揽子金融政策，其中，央行设立5000亿元服务消费与养老再贷款引发关 注。服务消费与养老为何成政策"靶心"？5000亿再贷款预计产生多大效力？面对外部关税压力，如何通 过投资消费对冲影响？ 就相关话题，南都湾财社记者专访中国首席经济学家论坛理事长、广开首席产研院院长连平。 连平表示，5000亿再贷款，瞄准住宿餐饮、文体娱乐、教育等市场化服务业及养老领域，兼具扩内需与 惠民生的双重功能，长期或额外推动社会消费品零售总额增长超10个百分点。他测算，若今年完成2500 亿元再贷款投放，叠加"以旧换新"政策，预计撬动居民消费超9000亿元。 面对美国关税施压等外部冲击，连平建议以扩大内需为"压舱石"，通过投资消费双轮驱动对冲外需收 缩，并依托完整产业链优势争取贸易谈判主动权。 连平。 5000亿再贷款，长期可能额外带动社零增长超10% 南都·湾财社：你如何看待央行此次专门针对服务消费和养老领域，创设再贷款工具的战略考量？ 连平：此次5000亿元额度的服务消费与养老再贷款，与此前已设立的400亿额度普惠养老专项再贷款的 投向领域有所不同。前者侧重投向对扩大内需有较大贡献的住宿餐饮、文体娱乐、教 ...

服务消费与商品消费最显著的区别在于无形性，其生产与消费同时发生、不可分离，这意味着体验感是 影响服务消费的重要因素，更意味着扩大服务消费要从供需两端同时发力，以消费者为中心，提升供需 适配度。 今年"五一"假期，消费市场热力十足。5天假期，全社会跨区域人员流动量14.66亿人次，同比增长 7.9%。全国国内出游3.14亿人次，同比增长6.4%；国内游客出游总花费1802.69亿元，同比增长8%。以 文旅消费为代表的服务消费持续升温，映照出我国消费扩容提质的广阔空间。 服务消费与商品消费最显著的区别在于无形性，其生产与消费同时发生、不可分离，这意味着体验感是 影响服务消费的重要因素，更意味着扩大服务消费要从供需两端同时发力，以消费者为中心，提升供需 适配度。 扩大优质服务供给。高品质服务供给不足，是当前制约服务消费发展的主要矛盾。要顺应居民消费结构 升级趋势，改革、开放、创新齐头并进，增加高品质服务供给。深化重点领域和关键环节改革，扩大服 务业对外开放，鼓励更多民间资本和外资进入服务领域，在创新发展中更好满足消费需求。还有一类供 给不容忽视，那就是"时间"供给。"有钱"和"有闲"是扩大服务消费的基础，既要千方百 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 增速环比回升，国补品类及服务消费延续亮眼表现 商务部商务大数据显示， 2025年劳动节期间，全国重点零售和餐饮企业销售额（下称"2025五一销售额"） 比去年同期提升6.3%。2025五一销售额的同比增速相较2024年同期的6.8%下降0.5pct，但环比2025年春节 的同比增速4.1%提升2.2pct，环比有所转暖。 离岛免税销售额跌幅收窄，人均消费延续升势 在 2025年劳动节假期期间，三亚市商务局联合市内离岛免税经营主体推出系列离岛免税消费券，同时各免 税店亦推出多种活动吸引游客参与体验。例如三亚国际免税城旅游区在"五一"期间联合雅诗兰黛集团打 造"主角之夜"快闪店，推出热带主题激光秀、限定派对演出及"一夜店长"等多 ...

Core Viewpoint - The article emphasizes the importance of expanding service consumption to stimulate domestic demand and promote economic recovery [1] Group 1: Service Consumption Expansion - The capacity for service consumption is large and growing rapidly, but there is a lack of high-quality service supply in areas such as livelihood [1] - A series of practical measures will be proposed to optimize service supply and better meet diverse consumer needs [1] Group 2: Policy Initiatives - The government plans to implement a "Service Consumption Quality Improvement and Benefit the People" initiative [1] - Activities such as "Service Consumption Season" will be launched to create new hotspots for service consumption [1] Group 3: Strengthening Service Supply - The focus will be on expanding the opening up of the service industry, including orderly opening in sectors like telecommunications, healthcare, and education [1] - There will be an emphasis on expanding diversified service supply in key areas such as health, elderly care, and childcare [1] Group 4: Specific Initiatives - Initiatives will include skill upgrade actions for domestic service workers and promotional activities for the catering industry [1] - The introduction of "Silver Travel Trains" aims to cater to the elderly population, enhancing travel services to meet their needs [1]

提振消费，促进服务消费是重点。其中，"一老一小"值得关注，《方案》提出，用足用好"两新"政策资 金，加力推进交通出行、商场超市、酒店住宿、旅游景区等场所适老化改造。为缓解年轻父母带娃问 题，将推进公立医疗机构开展托育服务试点工作，积极推动社区、家庭互助等托育服务新模式。 5月7日，广东省政府官方网站发布《广东省提振消费专项行动实施方案》（以下简称《方案》），推出 8个方面、31条举措，部署实施居民就业增收促进行动、居民保障支持行动、服务消费提质惠民行动、 大宗消费更新升级行动等七大行动，多方面综合施策，千方百计提振消费。 消费是收入的函数，老百姓敢不敢消费，首先会看钱包鼓不鼓。为此，《方案》把"实施居民就业增收 促进行动"列为第一项，广东除了实施"百万英才汇南粤"行动计划，吸纳100万高校毕业生来粤就业创 业，还将深入实施"粤菜师傅""广东技工""南粤家政"三项工程，拟2025年培训超78万人次，促进技能人 才就业增收。《方案》提出，2025年城镇新增就业110万人以上。 就业的稳定、工资性收入的合理增长，都离不开广大企业的稳健发展。《方案》还专门提出"加快加力 清理拖欠企业账款"，要求加强审计监督，健全失信 ...