Core Insights - The consumption market during this year's Mid-Autumn Festival and National Day holiday showed strong vitality, with a notable increase in service consumption driven by autumn sightseeing and event-related travel [1][9]. Group 1: Service Consumption Trends - Service consumption has surged, with autumn sightseeing becoming increasingly popular, as seen in scenic spots like Songfeng Mountain in Heilongjiang, which introduced DIY experiences to attract visitors [1][3]. - New consumption scenarios integrating culture, sports, and tourism are emerging as key drivers of holiday consumption growth, exemplified by the Taohuadao area in Zhejiang, which offers a unique blend of tranquility and vibrant night scenes [5]. - Event-driven travel has gained traction, with Shanghai leveraging recent tennis events to promote tourism packages that boost retail and dining around event venues [9]. Group 2: Local Features and Market Dynamics - Various regions are emphasizing local characteristics to invigorate consumption in commercial districts, such as the "Food Mobilization" event in Shanghai's Yuyuan Garden, showcasing diverse local delicacies [10][12]. - The "Ziyang Night Alley" in Jiaxing has been revitalized with aesthetic enhancements and a lively atmosphere, attracting both locals and tourists [14][20]. - In Henan, commercial areas are introducing first-time stores and exhibitions to create differentiated shopping experiences, enhancing consumer engagement [22]. Group 3: Product Consumption and Market Supply - The product consumption landscape is evolving, with a growing preference for healthy food options, particularly low-oil and low-sugar mooncakes during the Mid-Autumn Festival [23][25]. - Sales of green and organic foods surged by 27.9% during the holiday, reflecting a shift towards health-conscious consumer behavior [27]. - The supply of essential goods remained stable, with prices for grains, pork, and chicken holding steady, while vegetable prices saw a slight increase [27].

中金发布研报称，据交通运输部数据，中秋国庆假期出行人次增幅环比"五一"-1.7ppt，或部分由于错峰 出行比例提升。国庆中秋假期出行人次增速环比五一略有回落但仍较良好，该行预计假期酒店行业 RevPAR增速有望延续9月的环比改善势头。建议关注海南离岛免税销售额后续同比趋势及海南自贸港政 策带来的潜在需求增量。同时建议关注有望迎来拐点、边际改善或受益于服务消费政策的公司。 中金主要观点如下： 旅游：国庆中秋假期出行人次增速环比五一假期略有回落但仍较良好;远途深度游与情绪体验付费并进; 出入境游双轮驱动 据交通运输部数据，中秋国庆假期(2025/10/1-2025/10/8)全社会跨区域人员流动量日均同比+6.2%(铁路/ 公路(自驾为主)/水路/民航客运量日均同比+2.6%/6.5%/4.2%/3.4%)，出行人次增幅环比"五一"-1.7ppt， 或部分由于错峰出行比例提升。远途深度游与情绪体验付费并进。分目的地来看，部分头部旅游目的地 游客人次增长(如长白山（603099）景区受益于沈白高铁的开通，假期前4日接待游客人次同比 +18.95%)。出入境方面，根据CADAS，10.1-10.7 日国际航线客流同比 ...

钱花哪了？来看假期居民消费单 随着中国城市化进程加速和消费结构升级，夜经济已成为衡量城市活力的重要指标。商务部发布的 《城市居民消费习惯调查报告》显示，60%的国内居民消费发生在夜间，大型商场每天18时至22时的消 费额占比超过全天的50%。 今年国庆假期，利用夜经济开展促消费活动，带动整个内需市场持续向好，成为山东促消费重要手 段。 比如，枣庄市推出了30余场大型文旅商体融合活动，形成了"白天赏景看赛事、夜晚品美食逛市 集"的全天候消费体验，有效激发了市民和游客的消费热情。 山东500家重点零售企业销售额较去年"国庆"增6.3% 餐饮营收增长11.1% 10月8日，国庆中秋双节叠加的8天"超级黄金周"收官。省商务厅的数据显示，今年国庆假期，全省 500家重点零售企业销售额较去年国庆假期增长6.3%，其中商品销售额增长6.2%；餐饮经营收入增长 11.1%。 "断舍离"消费热度不减 假期前夕，今年第四批690亿元超长期特别国债支持消费品以旧换新资金下达各地，推动"以旧换 新"等促消费政策持续加力。从北上广深到县城乡镇，这个假期，"绿色家电"（节能家电）消费成为"以 旧换新"最显著的特征之一。 商务部监测的主要 ...

Core Insights - The "super golden week" during the National Day and Mid-Autumn Festival saw a significant increase in consumer spending in Shandong, with key retail enterprises reporting a 6.3% sales growth compared to last year, and restaurant revenues increasing by 11.1% [1] Group 1: Consumer Trends - The "old for new" consumption trend continues to gain momentum, supported by a special bond fund of 690 billion yuan aimed at promoting consumption policies [2] - The popularity of "green appliances" is a notable feature of the "old for new" initiative, with energy-efficient appliances seeing a 19% increase in sales during the first four days of the holiday [4] - In Shandong, various local initiatives, such as issuing consumption vouchers and hosting events, effectively stimulated consumer demand during the holiday [4][5] Group 2: Night Economy - The night economy has emerged as a new focal point for consumption during the holiday, with 60% of domestic residents' spending occurring at night [6] - Activities promoting night economy, such as large-scale cultural and tourism events, have successfully engaged consumers and boosted spending [8] - The night economy is evolving beyond simple dining and shopping to encompass a variety of experiences, necessitating improved management and consumer engagement strategies [8] Group 3: Service Consumption - Domestic service consumption experienced a notable surge during the holiday, with total box office revenue exceeding 1.8 billion yuan and significant growth in tourism orders in Shandong [9][11] - Service consumption is characterized by high frequency, strong multiplier effects, and sustainable growth, making it a vital driver of high-quality economic development [11] - Despite the growth, there is a need for improved quality in service supply and consumer experience, with ongoing government measures aimed at enhancing service consumption in Shandong [11]

2025年10月8日 证券研究报告 | 社服行业10月投资策略： 双节出游韧性增长，Q 4兼顾高景气方向与周期预期修复 行业研究 · 行业投资策略 社会服务 投资评级：优于大市（维持评级） 证券分析师：曾光 证券分析师：张鲁 证券分析师：杨玉莹 联系人：周瑛皓 0755-82150809 010-88005377 zengguang@guosen.com.cn zhanglu5@guosen.com.cn yangyuying@guosen.com.cn zhouyinghao@guosen.com.cn S0980511040003 S0980521120002 S0980524070006 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 ◼ 行情回顾：9月板块跑输大盘，低估值且存在边际改善信号标的或区域题材相对领涨。2025.9.1-9.30 A股消费者服务板块涨2.69%，跑输沪 深300 5.89pct；2025.9.1-10.6港股消费者服务板块涨0.27%，跑输中信港股通指数6.68pct，其中国庆假期跌1.78%，跑输2.15pct。个股来 看，低估值且出现边际改善信号如行动教育、港股高 ...

Group 1 - The National Development and Reform Commission (NDRC) has allocated a total of 300 billion yuan in special bonds to support the consumption upgrade policy, with the latest batch being 69 billion yuan [1][2] - The government aims to boost consumption as a primary task this year, with the "old-for-new" policy playing a significant role in this initiative [2][3] - From January to August, 330 million people have claimed subsidies under the "old-for-new" policy, leading to over 2 trillion yuan in related sales, contributing to a 4.6% year-on-year growth in total retail sales of consumer goods [5][6] Group 2 - Analysts suggest that future consumption policies may expand the scope of subsidies from durable goods to general consumer goods and services [5] - The government has also introduced new policies to support service consumption, with 19 measures aimed at enhancing service supply in various sectors [6] - The expected growth rate of retail sales is projected to reach 4.5% this year, reflecting a 1.0 percentage point acceleration compared to the previous year [6]

Core Viewpoint - The recent issuance of policies by the Ministry of Commerce and other departments aims to address bottlenecks in service consumption, promoting a shift towards service consumption as a dominant form of consumption in China [1] Group 1: Current State of Service Consumption - China's service consumption is characterized by multi-layered and diversified features, with a growing demand for quality in basic services such as education, healthcare, and elderly care [2] - There is a rapid increase in demand for improved services, with cultural, tourism, and sports services becoming key areas for consumption upgrades [2] - Emerging high-end services like premium healthcare and customized tourism are flourishing [2] Group 2: Challenges in Service Consumption - Service consumption faces challenges such as mismatched supply and demand, with a surplus of low-end services and a shortage of high-end services [2] - Quality standards in services are not well established, leading to high decision-making costs for consumers and inhibiting immediate consumption [2] - There is a notable shortfall in services for the elderly and childcare, alongside a lack of professional talent in critical areas like elderly care [2] Group 3: Solutions to Address Bottlenecks - Digital technology can play a crucial role in bridging gaps, with internet platforms efficiently matching supply and demand, and big data providing insights into consumer needs [3] - Standardization in service quality is essential, as services are inherently intangible and heterogeneous, necessitating a robust standard system to ensure quality [3] - Market-oriented reforms in the talent market are vital, focusing on innovative vocational education and the effective use of data as a new production factor [3] Group 4: Policy Recommendations - A differentiated approach is needed for various service categories, ensuring basic public services are equitable, while expanding supply for inclusive services through policy guidance [4] - For high-end personalized services, market vitality should be stimulated through deeper reforms, encouraging innovation and competitive differentiation [4] - Establishing a multi-layered and diversified service supply system is crucial to meet the growing needs of the population for a better quality of life [4]

Core Insights - The article highlights the transformation of Beijing's consumption market from a goods-centric model to a service-oriented one, emphasizing the growing importance of experience and service quality in consumer spending [8][9][10] Consumption Trends - From January to August 2025, Beijing's service consumption increased by 4.4%, significantly outpacing the overall retail sales growth [8] - The per capita disposable income in Beijing is projected to reach 85,000 yuan in 2024, reflecting a year-on-year growth of 5.6%, which supports the shift towards higher-quality services [9] - Service consumption accounted for 46.1% of per capita consumption expenditure, indicating a strong trend towards service-oriented spending [9] Entertainment and Cultural Events - The Bird's Nest stadium hosted 39 large-scale concerts in 2024, attracting over 2.16 million attendees, contributing to over 60% of Beijing's concert audience and ticket revenue [9] - By mid-August 2025, the Bird's Nest had already hosted 44 concerts, with expectations to exceed 50 by year-end, drawing nearly 2.4 million attendees [9] Service Sector Innovations - The rise of experience-based consumption is evident, with significant growth in cultural and entertainment services, including a double-digit increase in box office revenues and audience numbers for films and performances [9][10] - The integration of cultural themes into dining experiences, such as the "Journey to the West" themed food market, showcases the blending of culture and consumer experience [10] Policy Support and Market Dynamics - Recent policies from the Ministry of Commerce and Beijing's local government aim to stimulate service consumption and support the development of new consumption models [10] - The service sector is becoming a new engine for economic growth, driven by technological advancements and changing consumer demands [10]

宏观经济 | 专题报告 迈向"十五五"：迎接新政策风格 研究结论 报告发布日期 2025 年 09 月 28 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 王仲尧 | 执业证书编号：S0860518050001 | | | 香港证监会牌照：BQJ932 | | | wangzhongyao1@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | 增长放缓背后的原因是积极的：8 月经济 数据点评 2025-09-17 服务消费政策预期升温，获得感提升还在 路上 ...

编者按：近日，商务部等9部门发布《关于扩大服务消费的若干政策措施》，提出五方面19条举措。其 中，在"加大消费信贷支持力度"方面提及"支持金融机构扩大服务消费领域信贷投放，加大对服务消费 领域经营主体信贷投放力度""支持金融机构针对服务消费经营主体特点和融资需求，创新开发特色金融 产品和服务"等举措，为金融助力扩大服务消费指明了方向。 农信系统如何助力服务消费？形成了哪些好的措施和做法？近日，《农村金融时报》记者走访浙江农信 系统多家农商银行，探寻地方金融主力军如何引金融活水，精准赋能地方消费新生态。 ■本报记者 田耿文 王爱静 个体工商户在服务消费市场供给端扮演着重要角色，但这类经营主体往往具有经营规模小、抗风险能力 弱、缺少抵押物等特点，常常面临"融资难、融资贵"的困境。对此，平湖农商银行立足"支农支小"定 位，深入市场走进商户，对接其资金需求，助力解决个体工商户融资难题，让消费市场供给端的活力不 断涌现。 该行还联合平湖市市场监督管理局建立"政银融合"服务体系，成立"个体工商户发展服务联盟"，对 照"名特优新""放心消费商户"清单，根据企业经营发展特性，分型分类做好综合性金融服务。 为紧贴市民多元化的消 ...