Core Viewpoint - The meeting focused on "Boosting Consumption and Serving People's Good Life," aiming to transform work styles, conduct in-depth research, and promote high-quality development in the light industry sector. Group 1: Light Industry Development - The China Light Industry Federation emphasizes the need for in-depth industry research to understand new market demands and trends, aiming to innovate and cultivate consumption growth points [1][2] - The China Sewing Machinery Association plans to implement seven major initiatives in 2024 to promote high-quality development, including policy advocacy, skill training, and international market expansion [1] - The China Household Electrical Appliances Association is actively promoting the "old for new" appliance replacement program, leveraging the AWE exhibition to stimulate consumer demand [3] Group 2: Challenges and Solutions - The China Toy and Juvenile Products Association is addressing industry challenges such as tariffs and standards, advocating for the inclusion of certain products in the "old for new" policy [5][6] - The China Sugar Association is focusing on technological empowerment and sustainable practices, with a projected sugar production increase to 11 million tons in the 2024/25 period [7][8] - The China Food Additives and Ingredients Association reported a stable growth in the food additives sector, with a production increase of 3.5% and sales growth of 2.0% in 2024 [9][10] Group 3: Consumer Trends and Innovations - The China Beverage Association reported a record beverage production of 188 million tons in 2024, with a focus on enhancing consumer experience and expanding market reach [15][16] - The China Biochemical Fermentation Industry Association is implementing six practical measures to support industry growth, emphasizing technology and safety [17][18] - The China Industrial Design Association is promoting design innovation to enhance product value and stimulate consumer demand [22][23] Group 4: Sector-Specific Insights - The China Musical Instruments Association identified trends such as the rise of electronic instruments and a growing interest in music among middle-class consumers [28][29] - The China Bicycle Association noted a stable production environment with a significant increase in electric bicycle sales due to the "old for new" policy [30][31]

凤凰网财经讯 5月6日，A股三大指数高开，沪指涨0.49％，深成指涨0.75％，创业板涨0.97％。黄金、 稀土永磁、消费电子、服务器、CPO、算力、机器人、6G、金融科技指数纷纷走强；PEEK材料、宠物 经济、零售概念股走弱。 外围市场： 中金公司研报指出，商务部数据显示，五一假期全国重点零售和餐饮企业销售额同比增长6.3%，增速 相较2024年国庆（4.5%）、2025年春节（5.4%）呈环比提速；各省市及线上平台发布的消费数据显 示，长线游、出入境游均有亮眼表现，同时品类上以旧换新备受欢迎，演唱会、潮玩等体验型消费亦表 现较好。展望后续，继续看好消费提振政策逐步显效，全年居民消费需求持续释放。 ②中信建投：短期重点关注科技成长与服务消费 中信建投研报指出，展望五月，市场中期或将继续处于震荡格局，但短期风险偏好呈现边际改善迹象， 或推动市场风格阶段性转向成长。市场或呈现"成长-避险-消费"阶段性轮动特征。中期建议重点关注具 备内需驱动和成长弹性特征的"新质内需成长"方向，短期重点关注科技成长与服务消费。包括：电子、 机械设备、计算机、汽车、家电、农林牧渔、商贸零售、美容护理、社会服务等。 ③中泰证券：红利 ...

中金研究 五一消费恢复环比提速，看好居民消费需求持续释放 据商务部，五一假期全国重点零售和餐饮企业销售额同比增长6.3%，增速相较24年国庆（4.5%）、25年春节（5.4%）呈环比提速；各省市及线上平台发 布的消费数据显示，长线游、出入境游均有亮眼表现，同时品类上以旧换新备受欢迎，演唱会、潮玩等体验型消费亦表现较好。展望后续，我们继续看好 消费提振政策逐步显效，全年居民消费需求持续释放。 1、五一期间商圈客流及消费延续回暖。 根据各省市数据，高线城市重点商圈客流较火热，北京60个重点商圈（+8.3%）、上海35个重点商圈 （+12.9%）、长沙五一商圈（峰值+22.2%）同比增幅明显，显示假期外出客流及消费意愿高涨。消费意愿方面，5月1至5日境内微信支付总消费订单同增 10%，显示出较好的消费热情。分地区看，根据各省市商务局披露，南京、上海、杭州等重点旅游城市消费数据（具体口径详见下方图表）分别同增 8.7%/13.1%/9.0%。 2、出入境游"双向奔赴"，品质游、长线游表现优。 交通运输部预计5月1日至5日全社会跨区域人员流动量约14.7亿人次，日均同比增长约8.0%，好于春 节及去年国庆；据飞猪统计， ...

Economic Overview - In Q1 2025, Liaoning's GDP reached 760.69 billion yuan, showing a year-on-year growth of 5.2% and rising from 18th to 16th in national rankings [1][3] - The province's economic growth is driven by industrial and consumer sectors, with the secondary industry increasing by 5.4% and high-tech manufacturing growing by 10.9% [2][3] Investment and Consumption - Fixed asset investment in Liaoning grew by 7.8%, retail sales of consumer goods increased by 6.7%, and exports rose by 10.5%, all surpassing national averages [3] - Manufacturing investment rose by 13.2%, accounting for 26.7% of total investment, with significant growth in aerospace and electronic equipment manufacturing [4] - Consumer spending was boosted by policies aimed at stimulating consumption, with notable increases in retail sales of new energy vehicles (22.5%) and smart wearable devices (13.1%) [4] Trade Performance - Liaoning's exports reached a record 95.11 billion yuan in Q1, growing by 10.5%, supported by a strong performance from private enterprises [5][6] - The province's trade with Belt and Road countries amounted to 102.65 billion yuan, marking a 5.9% increase, with significant growth in exports to ASEAN and Saudi Arabia [7] City Contributions - Shenyang and Dalian are key economic drivers, with Dalian's GDP at 228.03 billion yuan (6.2% growth) and Shenyang's at 212.18 billion yuan (4.6% growth) [8][11] - Dalian's industrial output increased by 10.9%, with strong growth in equipment manufacturing and high-tech sectors [9] - Shenyang's growth was bolstered by a significant increase in the cultural and tourism sectors, with revenues from cultural and entertainment industries rising by 19% [12][13]

Group 1: Consumer Incentives - Shenzhen's Nanshan District has launched a "Tuesday Enjoyment" campaign, distributing a total of 24 million yuan in restaurant and retail consumption vouchers in five rounds to stimulate consumption [13][14] - The consumption vouchers include various denominations, such as "spend 500 get 200 off," and are available for residents through specific WeChat mini-programs [14] Group 2: Transportation and Tourism - During the "May Day" holiday, Shenzhen's metro system saw a significant increase in passenger flow, with over 10 million trips recorded on April 30 and May 1, marking a 23% increase compared to the same period last year [9][6] - The K11 ECOAST cultural and artistic district attracted over 300,000 visitors since its soft opening, averaging over 150,000 daily visitors, showcasing its appeal as a new cultural hotspot in the Greater Bay Area [12] Group 3: Automotive Promotions - Longgang District organized an "Automobile Grand Gathering" event during the "May Day" holiday, offering substantial discounts and promotions from various car dealerships to boost car sales [15][16] - Discounts included significant savings on popular models, with some brands offering up to 96,000 yuan off through trade-ins and government subsidies [15] Group 4: Cultural and Recreational Activities - The Shenzhen Science and Technology Museum opened during the holiday, hosting over 200 educational activities, attracting large crowds and enhancing public interest in science [18] - Various cultural events and festivals were held in the Guangming District, including a flower-themed festival and a rabbit carnival, aimed at providing unique experiences for families and tourists [17][18]

Core Insights - The government work report emphasizes the importance of boosting consumption and enhancing investment efficiency as a top priority for the year [1] - Various sectors are collaborating to stimulate consumption, with a focus on releasing consumer potential [1] Group 1: New Commercial Centers - Shenzhen iN City Plaza has reopened with 29 new brands, over 40% of which are in the food and beverage sector, catering to diverse consumer needs [2] - The plaza aims to create a "young lifestyle emotional space," featuring a 30,000 square meter outdoor sports park [2] - The newly opened Yonghui Supermarket adopts a modified store model to enhance shopping comfort, focusing on family health needs with specialized sections for organic and safe food [4] Group 2: Cultural and Artistic Integration - K11ECOAST, a new cultural and artistic area in Shenzhen, aims to combine park, culture, and commerce, creating a multi-dimensional lifestyle space [5] - The area features various attractions, including a floating bookstore and creative retail spaces, targeting the exploratory consumption preferences of the younger generation [6] - K11ECOAST is positioned as a new urban landmark, promoting cultural activities to connect with the community and enhance economic development in the Greater Bay Area [6] Group 3: Cross-Border Consumption - The newly opened Luohu Yitian Holiday Plaza has attracted significant consumer interest, particularly from Hong Kong residents, with special payment discounts for cross-border shoppers [7] - The K11ECOAST area is enhancing connectivity between Shenzhen and Hong Kong through new transportation options, including cross-border buses and ferry services [8] - These developments are expected to facilitate seamless cross-border shopping experiences, making it easier for Hong Kong residents to access Shenzhen's retail offerings [8]

Core Viewpoint - The article emphasizes the importance of boosting consumption and enhancing investment efficiency as key tasks for the year, with a focus on expanding domestic demand in Shenzhen, a core consumption engine in the Guangdong-Hong Kong-Macao Greater Bay Area [1]. Group 1: New Commercial Centers and Consumer Experience - The newly reopened Shenzhen iN City Plaza features 29 brands, with over 40% being dining options, catering to diverse consumer needs and focusing on a youthful lifestyle [3]. - The new Yonghui Supermarket, replacing the former JUSCO, adopts a modern layout with wide aisles and a focus on family health, offering organic and safe food options [5]. - K11 ECOAST, a flagship project in Shenzhen, integrates culture and commerce, aiming to create a multi-dimensional lifestyle space that resonates with the younger generation and cultural middle class [6]. Group 2: Cross-Border Consumption and Connectivity - The newly opened Luohu Yitian Holiday Plaza has become a popular destination for Hong Kong residents, featuring a variety of retail and dining options, and offering exclusive payment discounts for cross-border shoppers [7]. - The K11 ECOAST is enhancing connectivity between Shenzhen and Hong Kong, with new transportation options like cross-border buses and ferries, facilitating easier access for consumers [8].

月度策略/A 股市场 2025 年 4 月 30 日 继续企稳修复 2025 年 5 月份投资策略报告 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn 分析师：尹炜祺 SAC 执业证书编号： S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 SAC 执业证书编号： S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn | 市场主要指数 | 4 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3279.03 | -1.70% | | 深证成指 | 9899.82 | -5.75% | | 沪深 300 | 3770.57 | -3.00% | | 创业板指 | 1948.03 | -7.40% | | 北证 50 | 1331.13 | 4.72% | | 科创 50 | 1012.42 | -1.01% | 资料来源：东莞 ...

Group 1 - The core viewpoint of the report indicates that China's economy achieved a "good start" in Q1 2025, with a GDP growth of 5.4% year-on-year, supported by macro policies [1] - The report highlights three main drivers of economic performance: proactive fiscal policy with special bonds boosting infrastructure investment, a continuous rise in PMI with the construction sector reaching a 9-month high, and financial data exceeding expectations with M2, RMB loans, and social financing growth rates surpassing nominal GDP growth [1] - The report identifies two major contradictions: insufficient demand leading to a decline in prices, with Q1 CPI down 0.1% and PPI still in negative growth, and uncertainties in future exports despite a 6.9% growth in Q1 exports [1] Group 2 - In response to the complex economic situation, the Chinese Academy of Social Sciences proposed targeted strategies, including accelerating the issuance of special bonds and suggesting an additional 2-3 trillion yuan in special bonds to stimulate the economy [2] - For consumption stimulation, short-term measures include issuing consumption vouchers and developing a comprehensive policy to support service consumption, while mid-term focus is on enhancing the vitality of the private economy and long-term strategies involve revitalizing existing assets to support sustainable consumption growth [2] - To stabilize the market, recommendations include developing a "dual rental and purchase" model in the housing market, introducing long-term funds to stabilize the stock market, maintaining a reasonable range for RMB exchange rates, and providing financial support for foreign trade enterprises to explore new markets and assist struggling companies with tax reductions [2]

"五一"假期的首波河南5000万元消费券福利已被抢光。4月30日，在"奋战'二季度'确保'双过半'"系列政 策措施新闻发布会上，记者获悉，今年一季度，全省社会消费品零售总额约7401亿元、同比增长约 7%，总额居全国第五位，增速位列全国第三位。二季度，河南全省将继续扩大提振消费，已安排1.5亿 元资金，分三期发放消费券。今日是第一期。(大河财立方) ...