Core Insights - During the National Day and Mid-Autumn Festival holiday, key monitored retail and catering enterprises in Henan province achieved a total sales revenue of 30.99 billion yuan, representing a year-on-year growth of 2.8% [1] - Notably, key catering enterprises experienced a year-on-year sales increase of 14%, with major business districts in cities like Zhengzhou and Xinxiang achieving double-digit growth in total revenue [1]

Report Summary 1. Core Views - China takes a solid step in extraterritorial jurisdiction, with the Ministry of Commerce announcing export controls on relevant rare earth items and technologies, and adding 14 foreign entities to the unreliable entity list. It also implements export controls on items like superhard materials, some rare earth equipment and raw materials, some medium and heavy rare earths, lithium batteries, and artificial graphite anode materials [2]. - Three departments including the Ministry of Industry and Information Technology adjust the technical requirements for new - energy vehicle purchase tax exemptions from 2026 - 2027. The pure - electric driving range of plug - in hybrid and extended - range passenger cars is adjusted from 43 kilometers to no less than 100 kilometers [2]. - The consumer market shows good growth during the National Day and Mid - Autumn Festival holidays this year. Domestic tourism spending reaches 809.006 billion yuan, an increase of 108.189 billion yuan compared to the 7 - day National Day holiday in 2024. The average daily sales revenue of consumption - related industries nationwide increases by 4.5% year - on - year, with commodity consumption and service consumption increasing by 3.9% and 7.6% respectively [2]. - With the continuous advancement of environmental protection production restrictions, most steel mills' sintering machine production restriction ratio increases from 30% to 40% - 50%. Some steel mills' existing iron ore inventories may not last until the end of the production restriction on the 20th. If transportation restrictions continue, raw material supply shortages may lead to blast furnace shutdowns or reduced production loads, and the blast furnace capacity utilization rate is expected to decline slightly in the next 1 - 2 weeks [3]. - The National Development and Reform Commission formulates the application and allocation rules for grain import tariff quotas in 2026. The total cotton import tariff quota in 2026 is 894,000 tons, with 33% being state - trading quotas. The total grain import tariff quotas are 963,600 tons for wheat (90% state - trading quotas) and 720,000 tons for corn (60% state - trading quotas) [3]. 2. Industry Investment Rating No industry investment rating information is provided in the report. 3. Other Summaries 3.1 Plate Performance - Key focus: Urea, coking coal, live pigs, Shanghai copper, and crude oil [4]. - Night - session performance: The report presents the night - session price changes and position - increasing ratios of commodity futures main contracts [4]. - Capital proportion of each commodity plate: Non - metallic building materials account for 2.61%, precious metals 31.86%, oilseeds 10.16%, soft commodities 2.55%, non - ferrous metals 20.98%, coal - coking - steel - ore 12.52%, energy 2.93%, chemicals 11.80%, grains 1.11%, and agricultural and sideline products 3.48% [5]. - Plate positions: The report shows the position changes of commodity futures plates in the past five days [6]. 3.2 Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 1.32 | 1.32 | 17.37 | | | SSE 50 | 1.06 | 1.06 | 12.51 | | | CSI 300 | 1.48 | 1.48 | 19.68 | | | CSI 500 | 1.84 | 1.84 | 31.84 | | | S&P 500 | - 0.28 | 0.70 | | | | Hang Seng Index | - 0.29 | - 0.38 | 33.36 | | | German DAX | 0.06 | 3.06 | 23.62 | | | Nikkei 225 | 1.77 | 8.12 | 21.77 | | | FTSE 100 | - 0.41 | 1.70 | 16.35 | | | 10 - Year Treasury Bond Futures | 0.15 | 0.19 | - 0.81 | | Fixed - Income | 5 - Year Treasury Bond Futures | 0.07 | 0.09 | - 0.76 | | | 2 - Year Treasury Bond Futures | 0.02 | 0.02 | - 0.56 | | Commodity | CRB Commodity Index, WTI Crude Oil | - 0.92, - 1.68 | - 0.42, - 1.58 | 0.88, - 14.49 | | | London Spot Gold | - 1.60 | 3.06 | 51.51 | | | LME Copper | 1.01 | 4.67 | 22.72 | | | Wind Commodity Index | 2.92 | 2.92 | 33.88 | | Other | US Dollar Index | 0.56 | 1.62 | - 8.37 | | | CBOE Volatility Index | 0.00 | 0.12 | - 6.05 | [8]

Group 1: Consumer Market Performance - During the double festival period, Zhengzhou's consumer market showed vibrant activity with stable prices for essential goods, and major commercial complexes, large supermarkets, and dining establishments experienced steady growth in foot traffic and sales [1][3] - From September 30 to October 7, the 11 monitored large commercial complexes recorded a total foot traffic of 6.6504 million, a year-on-year increase of 5.34%, and total sales of 703.0856 million yuan, up 18.85% [1] - The five monitored large supermarket enterprises had a total foot traffic of 6.0038 million, reflecting a year-on-year increase of 19.94%, with total sales reaching 522.2458 million yuan, an increase of 16.99% [1] Group 2: Impact of Consumption Coupons - The issuance of general consumption coupons and e-commerce consumption coupons significantly boosted consumer spending, with a total of 10 million yuan in coupons distributed during the holiday [1] - By October 7, the general consumption coupons had been redeemed for 5.7521 million yuan, driving consumption of 40.5317 million yuan, while e-commerce coupons were redeemed for 5.0562 million yuan, leading to consumption of 43.0041 million yuan [1] Group 3: Vehicle Replacement Program - The "Green Car Replacement" subsidy program launched in Zhengzhou before the double festival provided 560 million yuan in subsidies, effectively attracting consumers [2] - From September 30 to October 7, the vehicle replacement projects completed sales of 5,878 units, generating a total sales revenue of 595 million yuan [2] Group 4: New Consumer Landmarks - The opening of new consumer landmarks, such as "Bo Du · New Image," has added significant appeal to Zhengzhou's consumer market, with 40% of the brands being new entries [4] - The unique experiences and fresh offerings at these new locations have attracted many residents and tourists, enhancing the overall consumer landscape in Zhengzhou [4]

Group 1 - The core viewpoint of the article highlights the expansion of service consumption policies in China, emphasizing the steady growth of the consumer market and the optimization of consumption structure [1] - The Vice Minister of Commerce, Sheng Qiuping, noted that service consumption has become a significant driving force for the growth of the consumer market in recent years [1]

Economic Overview - The provincial economy has maintained a stable and positive trend in the first eight months, with steady industrial production, effective investment growth, and a robust consumer market [1][2] Industrial Production - The industrial added value of enterprises above designated size increased by 8.4% year-on-year in the first eight months [2] - The equipment manufacturing industry saw significant growth, with an increase of 11.8% in added value, and specific sectors such as electrical machinery and equipment manufacturing growing by 41.8% [1] - Key products showed notable increases: coal production up by 2.2%, natural gas production up by 3.4%, and automobile production up by 16.6%, with new energy vehicles increasing by 17.6% [1] Fixed Asset Investment - Fixed asset investment grew by 4.1% year-on-year, with industrial investment showing a rapid increase of 19.4% [1] - Manufacturing investment rose by 23.2%, and industrial technological transformation investment surged by 31% [1] - Private investment also performed well, increasing by 11%, which is 6.9 percentage points higher than the overall investment growth rate [1] Consumer Market - Retail sales of consumer goods by enterprises above designated size increased by 7.9% year-on-year [2] - The "old for new" consumption policy showed effectiveness, with home appliances and audio-visual equipment retail sales rising by 33.7% [2] - Online retail remained active, with a 21.2% year-on-year increase in sales through public networks, accounting for 22.6% of total retail sales [2] Foreign Trade - The total import and export value reached 332.597 billion yuan, a year-on-year increase of 10.5% [2] - Exports amounted to 230.434 billion yuan, growing by 13.2%, while imports were 102.163 billion yuan, up by 4.8% [2] - The export of "new three samples" products, including lithium-ion batteries and electric vehicles, saw remarkable growth, with increases of 97.7% and 84.4% respectively [2]

Core Viewpoint - The overall consumption market in China is stable, with a notable year-on-year growth in retail sales and a positive trend in various sectors, indicating a resilient consumer environment. Group 1: Retail Sales Performance - In July, the total retail sales of consumer goods reached 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1] - From January to July, the total retail sales amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8% [1] - The retail sales of goods grew steadily, with a 4.0% year-on-year increase in July, and a 4.9% increase from January to July [1] Group 2: Key Product Categories - The sales of home appliances, furniture, and mobile phones showed significant growth, with July retail sales for home appliances, furniture, communication equipment, and cultural office supplies increasing by 28.7%, 20.6%, 14.9%, and 13.8% respectively [1] - The retail volume of passenger cars in July increased by 6.3%, with new energy vehicles growing by 12.0%, achieving a penetration rate of 54% [1] - Upgraded products maintained rapid growth, with retail sales of sports and entertainment goods and gold and silver jewelry increasing by 13.7% and 8.2% respectively [1] Group 3: Service Sector Growth - The service retail sector saw double-digit growth in categories such as cultural, sports, leisure services, and travel consulting and rental services from January to July [2] - The popularity of summer tourism surged, with significant increases in searches for summer vacation destinations and a more than twofold increase in museum bookings year-on-year [2] - The film market thrived during the summer, with box office revenues surpassing 10 billion yuan, reflecting strong consumer interest in domestic films [2] Group 4: Online and Offline Retail Trends - Online retail sales grew by 9.2% year-on-year from January to July, with physical goods online retail sales increasing by 6.3%, outpacing the overall retail sales growth by 1.5 percentage points [2] - Physical retail enterprises are adapting to new consumption trends by optimizing product and service offerings and enhancing consumer experiences [2] - Retail sales in physical stores increased by 4.2% year-on-year, with warehouse membership stores seeing growth rates exceeding 30% and shopping centers growing by 6.4% [2]

Group 1 - The overall development of China's consumption market in July is stable, with total retail sales of consumer goods reaching 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1] - From January to July, total retail sales of consumer goods amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8%, and service retail sales increased by 5.2% [1] - The retail sales of goods showed steady growth, with home appliances, furniture, and mobile phones continuing to sell well. In July, retail sales of goods increased by 4.0%, with retail sales of home appliances, furniture, communication equipment, and cultural office supplies growing by 28.7%, 20.6%, 14.9%, and 13.8% respectively [1] Group 2 - The summer consumption highlights include a strong performance in cultural, sports, and tourism sectors, with double-digit growth in retail sales for leisure services, tourism consulting, and transportation services [2] - The popularity of summer vacation destinations surged, with a significant increase in searches for "summer cooling destinations." Museum bookings saw a year-on-year growth of over 200% [2] - The online retail sector experienced rapid growth, with online retail sales increasing by 9.2% year-on-year, and physical goods online retail sales growing by 6.3%, outpacing the overall retail sales growth by 1.5 percentage points [2]

Group 1 - The core viewpoint is that the stable growth of residents' income is a significant indicator of the improvement in people's livelihood, with the national per capita disposable income reaching 21,840 yuan, a nominal increase of 5.3% year-on-year, and a real increase of 5.4% after adjusting for price factors [1] - The main drivers of income growth include stable employment, a vibrant consumption market, and effective livelihood policies [1][2] - Employment stability is highlighted as a key factor, with the national urban survey unemployment rate averaging 5.2% in the first half of the year, down 0.1 percentage points from the first quarter [2] Group 2 - The average per capita wage income for residents in the first half of the year was 12,628 yuan, reflecting a growth of 5.7%, which constitutes 57.8% of the disposable income [2] - The per capita operating net income reached 3,407 yuan, growing by 5.3%, and accounting for 15.6% of the disposable income, driven by expanding domestic consumption and improved business environments [2] - In Jiangsu province, the per capita disposable income was 30,706 yuan, with operating net income growing by 5.6% [3] Group 3 - The per capita transfer net income was 3,980 yuan, a year-on-year increase of 5.6%, with urban and rural residents seeing increases of 4.7% and 7.0%, respectively [3] - The increase in transfer income is attributed to the rise in basic pension standards and the growing number of pension recipients, with an 8.5% increase in average pensions or retirement funds [3] - It is anticipated that macro policies will continue to support stable economic operations, contributing to ongoing growth in residents' income in the second half of the year [4]

Group 1: Market Sales Growth - In April, the retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, accelerating by 0.5 percentage points compared to the first quarter [3] - From January to April, the total retail sales of consumer goods amounted to 161,845 billion yuan, showing a year-on-year increase of 4.7%, which is 0.1 percentage points faster than the first quarter [3] Group 2: Urban vs Rural Consumption - In April, urban retail sales reached 32,376 billion yuan, growing by 5.2% year-on-year, with an acceleration of 0.7 percentage points compared to the first quarter; rural retail sales were 4,798 billion yuan, with a year-on-year growth of 4.7%, slowing down by 0.2 percentage points [5] - For the period of January to April, urban retail sales totaled 140,433 billion yuan, with a year-on-year increase of 4.7%, while rural retail sales reached 21,412 billion yuan, growing by 4.8%, which is a slowdown of 0.1 percentage points [5] Group 3: Retail Growth in Key Sectors - In April, retail sales of goods amounted to 33,007 billion yuan, with a year-on-year growth of 5.1%, accelerating by 0.5 percentage points compared to the first quarter; among these, retail sales of key enterprises reached 13,762 billion yuan, growing by 6.6%, which is 0.8 percentage points faster than the first quarter [7] - From January to April, retail sales of goods totaled 143,651 billion yuan, with a year-on-year increase of 4.7%, while key enterprises recorded 58,885 billion yuan, growing by 6.0%, which is 0.2 percentage points faster than the first quarter [7] Group 4: Online Retail Performance - In April, online retail sales of physical goods grew by 6.1% year-on-year, with an acceleration of 0.4 percentage points compared to the first quarter; from January to April, online retail sales reached 39,265 billion yuan, growing by 5.8%, which is faster than the first quarter by 0.1 percentage points [9] - Online retail sales accounted for 24.3% of the total retail sales of consumer goods [9] Group 5: Offline Retail Stability - In April, offline retail sales grew by 4.7% year-on-year, with an acceleration of 0.5 percentage points compared to the first quarter; from January to April, offline retail sales increased by 4.3%, which is 0.1 percentage points faster than the first quarter [10] - Among key retail enterprises, convenience stores, specialty stores, supermarkets, department stores, and brand specialty stores saw year-on-year growth of 9.1%, 6.4%, 5.2%, 1.7%, and 1.4% respectively [10] Group 6: Upgraded Product Sales - In April, nearly 90% of product categories in key enterprises saw retail sales growth, with significant increases in jewelry (25.3%), cosmetics (7.2%), and sports and entertainment products (23.3%) [13] - The sales of home appliances, cultural and office supplies, furniture, and building materials grew by 38.8%, 33.5%, 26.9%, and 9.7% respectively, with substantial acceleration compared to the first quarter [13] Group 7: Service Retail Growth - From January to April, service retail sales grew by 5.1% year-on-year, with an acceleration of 0.1 percentage points compared to the first quarter, driven by strong demand in travel and leisure services [14] - Service retail growth outpaced product retail growth by 0.4 percentage points [14] Group 8: Consumer Price Stability - In April, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, consistent with the first quarter; among eight categories, seven saw price increases, while transportation and communication prices fell by 3.9% [18] - The average CPI for January to April showed a decline of 0.1% compared to the same period last year, maintaining the same rate as the first quarter [18]