Core Viewpoint - The "14th Five-Year Plan" emphasizes boosting consumption as a key driver for sustainable economic growth and improving the quality of life for citizens, especially in the context of a complex global economic environment and domestic economic transformation [1] Group 1: Implementation of Consumption Boosting Actions - The government will implement targeted actions to stimulate consumption through a combination of policies aimed at enhancing market vitality [2] - Focus on increasing employment and income, particularly for key groups such as recent graduates and migrant workers, to enhance consumer capacity [2] - Increase public service spending in areas like education and healthcare to reduce the financial burden on residents, encouraging them to spend more [2] Group 2: Development of International Consumption Centers - The plan includes cultivating international consumption center cities to attract global quality consumption resources and enhance the national image [3] - Improvement of urban consumption infrastructure and introduction of international brands to meet consumer demand for global products [3] - Expansion of inbound consumption by optimizing the environment for international tourists, including simplifying visa processes and enhancing payment options [3] Group 3: Direct Consumer Benefits through Inclusive Policies - The government will increase funding for consumer welfare initiatives, such as issuing consumption vouchers and providing subsidies for upgrading old products [4] - Policies will target high-demand sectors like dining and tourism to stimulate market recovery [4] - Removal of unreasonable restrictions on consumption, such as easing car purchase limits, to unleash consumer potential [4] Group 4: Strengthening Consumer Rights Protection - Enhancing consumer rights protection is crucial for boosting consumption, with plans to improve legislation and market regulation [5] - Establishing efficient complaint resolution mechanisms to lower the cost of consumer rights protection [6] - Promoting consumer education to foster informed and responsible consumption behaviors [6]

2025年11月20日，市场全天震荡走弱，三大指数集体收跌。截至收盘，沪指跌0.40%，深成指跌 0.76%，创业板指跌1.12%。 题材方面，能源金属、水泥建材、银行等板块涨幅居前，美容护理、电池、船舶制造等板块跌幅居前。 主力资金上，银行、燃气、房地产等行业概念流入居前。 ETF方面，或受相关消息刺激，建材、地产、银行等相关ETF表现亮眼！ 【机构：水泥行业反内卷方向明确，海外市场表现强劲】 国泰海通表示，水泥行业当前处于政策执行与治理改善的关键阶段。反内卷政策方向明确，水泥协会已 推动限制超产的技术标准落地，行业对监督执法的信号保持关注。国内水泥需求疲软，但海外市场表现 强劲，华新水泥等企业海外吨毛利同比显著提升，中亚等区域修复明显。 中银证券表示，基本面承压+"十五五"规划建议表态偏向积极，未来地产优化政策落地的空间打开。对 未来地产行业的修复有一定信心。地产从标的来看，一方面，流动性安全、重仓高能级城市、产品力突 出的房企或更具备α属性；另一方面，在新消费时代下，提前布局新业态、新模式、新场景的商业地产 公司，有望率先走出重围。 华泰证券分析表示，10月底"十五五"规划建议发布，其中提到构建现代化基 ...

从而形成促就业、增收入、稳预期、增强居民消费能力的良性循环。 普惠政策滴灌民生基础 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出"大力提振消费"，并作出"加大直达消费者的普惠政策力度"等具体 部署。 消费提振夯实增长根基 《建议》提出扩大优质消费品和服务供给。以放宽准入、业态融合为重点扩大服务消费，强化品牌引领、标准升级、新技术应用，推动商品 消费扩容升级，打造一批带动面广、显示度高的消费新场景。培育国际消费中心城市，拓展入境消费。 近两年来，浙江省湖州市着力解决城市老旧小区"上下楼难"问题，优先将使用年限过长、故障率高、居民意见大的700余台老 旧电梯纳入更新改造库。截至10月31日，已有367台电梯全面完成"以旧换新"并投入使用。新华社发（伊凡摄） 编导：蔡志坚 包装：胡心懿 综合新华社记者报道 《建议》提出，加大直达消费者的普惠政策力度，增加政府资金用于民生保障支出。完善促进消费制度机制，清理汽车、住房等消费不合理 限制性措施，建立健全适应消费新业态新模式新场景的管理办法，落实带薪错峰休假。强化消费者权益保护。 天津市北辰区举行2025年消费品以旧换新惠民服务活动，现场汇聚了汽车、家 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

Core Insights - The article discusses the recent State Council meeting that focused on enhancing the adaptability of supply and demand in consumer goods to further promote consumption as part of a series of measures aimed at stimulating consumer spending [2][4] Group 1: Current Consumption Landscape - Consumption is identified as the main driver of economic growth and a key engine for revitalizing the economy, with a focus on increasing consumer spending [2] - In 2024, China's resident consumption rate is projected to be 39.9%, significantly lower than the 50%-70% range typical in developed countries, indicating room for improvement in consumer spending [2] - The average consumption rate in China stands at 68.3%, suggesting that while a large portion of disposable income is spent on consumption, there is still potential for increasing the overall consumption rate [2] Group 2: Government Policy and Local Government Role - The current economic structure in China leans more towards production rather than consumption, influenced by local governments' preference for quick-return investments like infrastructure over longer-term consumer environment improvements [3] - To boost consumption, it is suggested that local governments should incorporate consumption metrics into their performance evaluation systems, shifting focus from short-term GDP growth to sustainable long-term development [3][5] Group 3: Recommendations for Enhancing Consumption - Local governments are encouraged to increase investment in the consumption sector and change traditional mindsets to allow consumption to play a foundational role in economic development [5] - There is a call for measures to increase residents' income and enhance their consumption capacity, with suggestions to include indicators like consumption growth and wage increases in local government assessments [5] - Strengthening institutional frameworks and accountability mechanisms is essential for ensuring that policies aimed at boosting consumption are effectively implemented [6][7]

原标题：新兴动能加速累积服务消费保持活跃 工业经济是全省经济发展中的最大亮点。我省锚定工业强省战略目标，深化落实"1269"行动计划，工业 生产实现较快增长，在稳增长中发挥了顶梁柱作用。1至10月，全省规模以上工业增加值同比增长 7.7%，汽车制造业，计算机、通信和其他电子设备制造业，有色金属冶炼和压延加工业均实现两位数 增长，重点行业支撑有力；全省高技术制造业增加值同比增长12.5%，高于全省平均水平4.8个百分点， 服务机器人、新能源汽车、平板电脑、光电子器件产品产量保持快速增长，新兴动能加速累积。我省拿 出真金白银支持企业数字化转型，带动企业效益持续改善，1至9月，全省规模以上工业企业实现利润总 额1378.0亿元，同比增长7.6%。 我省积极推进提振消费专项行动，实体新业态新模式活力增强，进一步释放消费潜力，消费品市场延续 平稳发展态势。1至10月，全省社会消费品零售总额10701.3亿元，同比增长5.0%，增速比上年同期加快 0.1个百分点；商旅文体健深度融合发展，促进服务消费保持活跃，全省限额以上住宿业、餐饮业营业 额同比分别增长10.0%、10.7%；满足居民品质化、个性化、体验化消费需求的新兴 ...

两个重要文件印发。 为深入贯彻党中央、国务院关于大力提振消费的决策部署，落实《关于金融支持提振和扩大消费的指导意见》（银发〔2025〕122号）文件以及北京市委、市政府 工作要求，推动大力提振消费，中国人民银行北京市分行等12部门联合印发《金融支持北京市提振和扩大消费的实施方案》（简称《实施方案》）。 《实施方案》提出，不断完善金融服务体系，提升金融服务能力，聚焦消费重点领域和环节加大金融支持力度。力争到2030年北京市消费领域金融服务水平进一步 提升，北京市住宿餐饮、文旅体育、教育、居民服务等服务消费和养老产业贷款余额持续增长、信贷投放力度不断加大，个人消费金融服务质效不断提升，金融助 力北京国际消费中心城市建设取得积极进展，多元化消费金融服务体系基本建成。 《实施方案》提出，加大商品消费信贷支持力度。积极开展汽车贷款业务，合理确定贷款发放比例、期限和利率，适当减免汽车以旧换新过程中提前结清贷款产生 的违约金。 引导金融机构针对首次购买、以旧换新、二手车等不同购车场景优化创新金融产品，加大对汽车特别是新能源汽车消费的金融支持力度。 鼓励金融机 构积极满足家电以旧换新、绿色智能家居家装、电子产品等领域消费金融 ...

Core Points - The provincial government is focused on maintaining economic stability and achieving annual goals while addressing current challenges [1][2] - Emphasis on boosting consumption through targeted policies and activities, particularly in the restaurant and automotive sectors [2] - Investment stabilization efforts include attracting major enterprises and optimizing financing services [2] - The government aims to promote high-quality development in real estate and construction, with a focus on talent housing and urban renewal [2] - Strategies to support industrial and service sector operations, including innovation and financial support for enterprises [2] - Efforts to stabilize foreign trade and investment, enhancing cross-border e-commerce and digital trade [2] Group 1 - The provincial economy is generally stable but faces challenges that require focused strategies [1] - Continuous efforts to stimulate consumption through various initiatives and partnerships with leading platforms [2] - Investment strategies include a clear service approach for major projects and encouraging private capital participation [2] Group 2 - Real estate and construction sectors are targeted for high-quality growth through coordinated supply and demand measures [2] - Industrial and service sectors will receive support for innovation and financial assistance to improve operations [2] - Foreign trade and investment strategies include enhancing order acquisition and developing digital trade [2]

Group 1 - The provincial government emphasizes the need to focus on stabilizing and promoting consumption, particularly in the restaurant sector and automotive industry, while also enhancing cultural and creative products [2] - There is a strong push for investment recovery, with a focus on major project construction and attracting leading enterprises, especially in technology [2] - The government aims to support high-quality development in the real estate and construction sectors, implementing measures to improve housing quality and support construction companies in infrastructure projects [2] Group 2 - The government is committed to stabilizing industrial and service sector operations, focusing on key industry clusters and supporting innovation in product services [2] - Efforts are being made to maintain foreign trade and investment stability, including support for cross-border e-commerce and improving financial services for businesses [2] - Safety production measures are being reinforced, with a focus on preventing major accidents through comprehensive governance [2][3]

市场监管总局将指导各有关省区市市场监管部门推动有关政策尽快落地见效，持续加强保健食品质量安 全监管，督促企业落实质量安全主体责任，全力保障保健食品质量安全，推动保健食品行业实现高质量 发展和高水平安全良性互动。 根据我国有关法律法规规定，免税店销售的保健食品应当依法取得注册证书或者备案凭证。销售保健食 品等特殊食品，还应当依法取得食品经营许可或者仅销售预包装食品备案。 本报讯(记者寇佳丽)近期，为贯彻落实《中共中央国务院关于加快建设全国统一大市场的意见》以及中 共中央办公厅、国务院办公厅《提振消费专项行动方案》决策部署，国家市场监督管理总局(以下简 称"市场监管总局")坚持以高质量供给创造有效需求，积极与财政部等部门沟通，成功推动体现中华优 秀传统文化的特色优质保健食品纳入扩大口岸出境免税店、口岸进境免税店和市内免税店的经营品类， 拓展保健食品销售渠道，推动保健食品行业高质量发展。 ...