Group 1 - The "Private Economy Promotion Law" effective from May 20 aims to enhance the development of private enterprises by safeguarding their rights and encouraging investment and innovation [1][2] - The law is expected to create a stable and predictable macroeconomic environment, which is crucial for private enterprises to make informed decisions [2] - The government is encouraged to implement the law effectively and improve the expectations of private enterprises through supportive measures and supervision [2][3] Group 2 - The changing dynamics of US-China trade relations present both challenges and opportunities for China, which can leverage internal and external cycles to boost domestic demand [3][5] - Private enterprises are seen as key players in expanding overseas markets, particularly through digital platforms, and should be supported in their international endeavors [3][4] - The Chinese government is taking steps to enhance financial support for service consumption and the aging population, with a focus on promoting service consumption upgrades [4][6] Group 3 - The global economic uncertainty is rising, but China's commitment to stabilizing employment, enterprises, and market expectations is expected to inject certainty into the global economy [5][6] - China's ongoing reforms and development efforts are increasingly contributing to global economic growth and stability [6]

【研选】5000亿元服务消费与养老再贷款设立,机器人在居 养老等领域落地有望迎来提速,相关上市公司或列 益;分析师看好这家公司投资设立控股子公司,项目总投资 额约5亿元,进军丝杠领域 研选 2025.05.14 07:08 星期三 【研选·大事件 -- 读懂大市】 1、国务院关税税则委员会:调整对原产于美国的进口商品加征关税措施。 2、上市公司披露的拟申请股票回购增持贷款金额上限已超1100亿元。 3、新疆库尔勒富民村镇银行12日下午在官方微信公众号发文称，自当日起调整部分人民币个人存款挂牌利率，调整过后，其1 年期存款利率（2%）已经高于5年期利率（1.95%），这意味着，在年初招商银行出现"存5年不如存1年"现象后，利率极致倒挂 现象再度出现,且首度发生在中小银行身上。 4、美国和沙特签署上千亿美元军售协议;美国考虑允许阿联酋购买超过一百万个英伟达先进芯片。 5、印度拟采取反制举措,对美国部分输印商品征收关税。 【研选·行业】 机器人(5000亿元服务消费与养老再贷款设立,机器入在居家、养老等领域落地有望迎来提速,相关上市公司或充分受益 【研选·公司】 新坐标(分析师看好这家公司投资设立控股子公司,项目总 ...

Group 1 - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly announced a financial policy package aimed at stabilizing the market and expectations, including a new 500 billion yuan "service consumption and elderly care relending" program [1] - The "service consumption and elderly care relending" program is designed to guide financial institutions to increase support for key areas such as accommodation, catering, cultural and entertainment, education, and the elderly care industry, with a lending rate of 1.5% and a maximum term of 3 years [1] Group 2 - The demand for health and elderly care is expected to grow due to the aging population, with the World Health Organization projecting that the global population aged 60 and above will reach 2.1 billion by 2050 [2] - The development of intelligent robots is anticipated to accelerate in the fields of elderly care and home assistance, supported by the new financial policies, which may lead to increased investment in robotics within these sectors [2] Group 3 - Exoskeleton robots are being increasingly applied in medical, consumer, and industrial fields, with commercial applications accelerating; the market for exoskeleton robots is projected to reach nearly 48 billion yuan by 2030 [3] - The establishment of the "service consumption and elderly care relending" program is expected to support the development of consumption and elderly care sectors, potentially accelerating the deployment of robots in these areas, including home care and exoskeleton robots [3]

Core Viewpoint - A comprehensive set of financial policies has been introduced, indicating that the country has sufficient policy reserves and will flexibly adjust according to internal and external conditions to stabilize the market and maintain confidence [1][10]. Policy Implementation - The first interest rate cut and reserve requirement ratio reduction of the year have been implemented, along with the establishment of a service consumption and pension refinancing tool, and reforms in the Sci-Tech Innovation Board and ChiNext [2][3]. - The new financial policies are characterized by rapid implementation, with the interest rate cut announced on May 7 and executed the next day, while the reserve requirement ratio was adjusted shortly thereafter [2][4]. Focus Areas - The policies target five key areas: real estate, stock market, service consumption, technological innovation, and corporate relief, shifting the focus from merely supporting to building a solid foundation for growth [2][3][8]. - The emphasis is on preventing economic downturns while also boosting consumption, stabilizing foreign trade, and supporting technological innovation [3][4]. Structural Monetary Policy Tools - The introduction of structural monetary policy tools aims to enhance the effectiveness of financial support for key sectors, with five out of ten new monetary policies being structural in nature [8][9]. - The new refinancing tools include a focus on service consumption and pension sectors, with a total of 500 billion yuan allocated to stimulate these areas [7][9]. Economic Circulation - The policies aim to improve the circulation between residents and enterprises by lowering financing costs and increasing bank credit supply capabilities [7][8]. - The reduction in the reserve requirement ratio by 0.5 percentage points is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [4][5]. Future Policy Space - There is potential for further policy tools to be introduced if internal and external conditions necessitate, with a focus on enhancing fiscal and monetary policy coordination [10][11]. - The government is expected to accelerate the issuance of special bonds and adjust high-risk debt areas to stimulate local investment [11].

Core Viewpoint - The recent financial policies introduced by the Chinese government are expected to significantly boost the medical industry, providing much-needed capital and support for innovation and development [2][10][16]. Group 1: Impact on Primary Market - The new financial policies are set to revitalize the primary market, facilitating funding for innovative medical projects and addressing the capital shortage that has plagued the industry [4][10]. - Data indicates that the total financing in the domestic healthcare sector has shrunk by nearly 70% from its peak in 2021, leading to a rapid decline in innovative medical enterprises [5][10]. - The peak financing years of 2020 and 2021 saw 997 cases totaling 135 billion and 2,520 cases totaling 223 billion respectively, while in 2023, these figures dropped to 705 cases and 68 billion [5][10]. Group 2: Impact on Secondary Market - The secondary market for medical enterprises has also faced challenges, with the number of newly listed medical companies on the A-share market dropping from 63 in 2021 to just 5 in 2024 [12][14]. - The total market capitalization of the healthcare sector fell by nearly 900 billion, marking a 12.64% decline, with many companies facing significant financial difficulties [12][13]. - The recent financial policies aim to restore confidence in the secondary market, providing mechanisms to support capital market activities and enhance the growth of listed medical companies [14][15]. Group 3: Industry Ecosystem - The introduction of a 500 billion yuan "service consumption and elderly care re-loan" is designed to promote the development of the medical and elderly care sectors [16][17]. - This policy is expected to stimulate service consumption and support the elderly care industry, thereby enhancing the overall medical ecosystem [18][19]. - Continuous positive signals from the government, including reforms in drug and medical device regulation, are aimed at fostering high-quality development in the medical industry [20][22]. Group 4: Future Outlook - Despite the current challenges, the medical industry is viewed as a long-term investment opportunity due to its persistent market demand [22]. - Recent measures in various regions, such as Beijing's 32 new initiatives to support the innovative pharmaceutical industry, indicate ongoing governmental support for the sector [24]. - The industry is anticipated to require time to recover fully from the impacts of previous challenges, necessitating strategic financial management from both companies and investors [24].

服务消费需求持续升温 提振消费是当前扩内需、稳增长的关键点。专家表示，我国经济正加速向以内需为主导的增长模式转 型，消费对拉动国民经济增长具有重要作用。当前，金融支持消费已有较好基础，仍有进一步发力空 间。 ● 本报记者彭扬 专家表示，我国最终消费支出占GDP的比重相比美日等国家还较低，提升消费对经济增长的贡献度有较 大潜力。面对外需的不利冲击，有必要将提振内需特别是消费置于更加优先的地位。 中国人民银行日前发布的2025年第一季度中国货币政策执行报告以专栏形式对金融支持提振和扩大消费 作了详细阐述，表明宏观政策更加注重提振消费。 结构性货币政策工具将是货币政策支持消费的重要方式。中国银河（601881）证券首席宏观分析师张迪 表示，人民银行通过结构性货币政策工具，将引导信贷重点支持服务消费的供给端。可以使用的工具除 了新创设的服务消费与养老再贷款，未来还可能推出新型政策性金融工具，用于解决消费基础设施建设 和物流配送体系建设项目的资本金问题。 浙商证券（601878）首席经济学家李超认为，人民银行对消费领域的支持将重点聚焦加大和优化消费供 给，而非直接对需求端"输血"。从消费基础设施建设和商贸流通体系看，预 ...

[Table_Main] 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 05 月 11 日 4 月 CPI 环比转增，五一出行消费表现亮眼 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 本周（2025.05.06-2025.05.09），申万商贸零售/社会服务/美容护理分 别+0.88%/+1.12%/+1.71%，在 31 个一级行业中排名第 29/25/22；同 期上证综指+1.92%，深证成指+2.29%，沪深 300 指数+2.00%。 细分子板块来看，本周商贸零售/社会服务/美容护理多数子版块均实 现 上 涨 。 化 妆 品 / 专 业 服 务 / 个 护 用 品 分 别 同 比 +2.79%/+2.47%/+2.30%，旅游及景区板块回调 1.30%。 本周行业重点事件及资讯 2025 年 4 月，全国居民消费价格指数（CPI）环比由上月下降 0.4% 转为上涨 0.1%；同比下降 0.1%，降幅与上月相同。其中，城市上 涨 0.2%，农村持平；食品价格上涨 0.2%，非食品价格上涨 0.1%； 消费品价格持平，服务价格上涨 0.3%。核心 ...

以下文章来源于申万宏源宏观 ，作者宏观团队 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 4 . 2 7 - 5 . 9 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、 深度专题 | 提振消费的"关键"？ 热点思考 高频跟踪 电话会议 1、"周见"系列会议第29期 《聚焦"政治局会议"》 《美债，风险"解除"了吗？——关税"压力测试"系列之四》 4、"洞见"系列会议第59期 《美国经济：滞涨困境、金融脆弱性与美联储对策——关税"压力测试"系列之五》 深度专题 热 点 思 考 1 热点思考 | 美债，风险"解除"了吗？——关税"压力测试"系列之四 热点思考 2025.4.28 1 深度专题 | 提振消费的"关键"？ 深度专题 2025.5.7 4月中央政治局会议提出"设立服务消费与养老再贷款"，促消费工具箱再"上新"。提振消费的"关键"何在，后续 还有哪些期待？ 1、 热点思考 | 美债，风险"解除"了吗？——关税"压力测试"系列之四 2、 热点思考 | 美国经济：滞胀困境、金融脆弱性与美联储对策——关税"压力测试"系列之五 3、 3分钟看清五一全球要闻 1、 ...

4 . 2 7 - 5 . 9 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 深度专题 1、 深度专题 | 提振消费的"关键"？ 热点思考 高频跟踪 电话会议 1、"周见"系列会议第29期 《聚焦"政治局会议"》 《美债，风险"解除"了吗？——关税"压力测试"系列之四》 4、"洞见"系列会议第59期 《美国经济：滞涨困境、金融脆弱性与美联储对策——关税"压力测试"系列之五》 目录 1、 热点思考 | 美债，风险"解除"了吗？——关税"压力测试"系列之四 2、 热点思考 | 美国经济：滞胀困境、金融脆弱性与美联储对策——关税"压力测试"系列之五 3、 3分钟看清五一全球要闻 1、 海外高频 | 海外风险资产集体修复，黄金新高后获利回吐 2、 政策高频 | 加快建成具有全球影响力的科技创新高地 3、 利润正增能否延续？——工业企业效益数据点评（25.03） 4、 打好稳就业"组合拳"——稳就业稳经济新闻发布会学习理解 5、 4月PMI：内外开始分化 6、 "增量政策"序幕拉开——稳市场稳预期新闻发布会学习理解 7、 Top Charts | "五一"假期消费图鉴 8、 Top Charts ...

Group 1 - Xi Jinping met with the President of Serbia, the leader of Myanmar, the President of Cuba, the President of Venezuela, and the Prime Minister of Slovakia during his visit to Moscow for the 80th anniversary of the victory in the Great Patriotic War [1][4][5][6][7][8] - Xi Jinping concluded his state visit to Russia and attended the 80th anniversary celebration of the victory in the Great Patriotic War, returning to Beijing on May 10 [2][9][21] - Brazilian President Lula will visit China from May 10 to 14 at the invitation of Xi Jinping [3][10] Group 2 - The summer grain production is entering a critical period, with various regions enhancing field management to ensure stable grain production [5][12] - The People's Bank of China established a service consumption and elderly re-loan program with a total amount of 500 billion yuan, aimed at boosting financial support for key service consumption sectors and the elderly industry [16] - The new policies continue to support local consumption and stabilize growth, with improvements in service processes enhancing market vitality [11]