消费动能持续壮大 在一系列提振消费政策推动和消费创新驱动下，我国消费需求增长总体趋稳。2025年1月至11月， 社会消费品零售总额同比增长4.0%，超过2024年全年3.5%的水平，稳定增长的势头得到巩固；服务零 售额同比增长5.4%，增速比1月至10月加快0.1个百分点。 消费品以旧换新政策加力扩围，带动商品消费加快增长。安排超长期特别国债资金支持，为消费品 市场稳定运行提供了重要支撑。2025年，消费品以旧换新政策覆盖汽车、家电、计算机、通信和消费类 电子产品、家装等多个领域。前11个月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6 亿人次，其中汽车以旧换新超1120万辆，家电以旧换新超12844万台。 新型服务消费加快增长，出行度假、文化娱乐、体育健康成为消费热点。2025年，"五一"、端午假 期，全国国内出游人次同比分别增长6.4%、5.7%；国庆、中秋假期，8天假日全国国内出游8.88亿人 次，较2024年国庆节假日7天增加1.23亿人次。根据国家电影局统计，截至2025年12月13日14时30分， 全年电影总票房已达500.03亿元，观影总人次为11.94亿。截至2025年7月，我 ...

12月22日，港股新消费板块午后走强。据大智慧VIP显示，截至当日收盘，蜜雪集团（02097.HK）涨近 10%，老铺黄金（6181.HK）涨超6%，泡泡玛特（9992.HK）涨3.68%。 A股消费股方面，免税店、百货股大涨，其中海汽集团（603069.SH）、中国中免（601888.SH）、东百 集团（600693.SH）涨停；王府井（600859.SH）与百大集团（600865.SH）涨超5%；珠免集团 （600185.SH）涨4.78%，上海九百（600838.SH）涨3.7%。 政策和行业消息面上，12月20日，商务部党组扩大会议在京召开。会议强调，大力提振消费，扩大优质 商品和服务供给，释放服务消费潜力。 海南封关后对海南当地免税消费直接形成拉动。据三亚日报报道，12月18日，海南自由贸易港全岛封关 运作正式启动。封关首日，三亚免税市场展现出强劲活力，政策红利加速释放，为海南自贸港注入新动 能。当天，三亚免税销售成绩亮眼。据三亚市商务局统计，全市免税销售额达1.18亿元。其中，三亚国 际免税城进店客流超3.6万人次，同比增长逾60%；销售额同比增长85%，直观体现了封关政策对消费市 场的强劲带动效 ...

馆，三五好友举杯畅饮。 （受访单位供图） 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 转自：贵州日报 朱登芳 这是主体繁茂、底盘愈稳的五年——消费市场稳定增长，社会消费品零售总额近四年年均增长4.5%。 这是设施织网、民生升温的五年——140个商圈点亮城市夜空，116条步行街串联市井繁华。 这是流通提速、产销贯通的五年——大力推进贵阳陆港型国家物流枢纽建设，567.17万立方米冷库筑起"保鲜 屏障"。 从城市商圈到乡村集市，从线上云购到线下体验，从物流骨干网到冷链微循环，一幅基础设施更健全、市场 活力更充沛、流通效率更卓越的现代内贸体系画卷，正酣畅地挥毫泼墨。 当"十四五"的征程落下帷幕，消费，这驾承载民生福祉与经济循环的"主马车"，在贵州高质量发展的轨道 上，蹄疾步稳，动力沛然。 兮禾酒 城乡商业设施便民利民 2024年贵州白酒进景区活动现场。 （受访单位供图） 在安顺市马槽社区，居民张阿姨的生活半径发生了显著变化。步行15分钟范围内，菜摊、药店、超市等样样 不缺，下楼转一圈全妥。 商业基础设施的完善，是消费活力释放的前提。"十四五"期间，贵州致力于疏通城乡商业的"毛细血管"与"主 动脉"。 ...

"'分好蛋糕'有助于'做大蛋糕'，改善收入分配是打破当前消费需求制约、推动经济增长的关键。"12月18日，中国 社会科学院学部委员、原副院长蔡昉在"《财经》年会2026：预测与战略"上指出，改善收入分配是打破当前消费 需求制约、推动经济增长的关键。 2026年是"十五五"规划的开局之年，内需被赋予了前所未有的战略地位。不久前召开的中央经济工作会议，将"坚 持内需主导，建设强大国内市场"置于明年八大重点任务之首，并具体部署了"深入实施提振消费专项行动，制定 实施城乡居民增收计划"。这标志着，扩大内需已从宏观政策选项，升维为引领中长期发展的核心战略。 多位出席论坛的经济专家围绕这一战略转向展开了深入研讨。他们形成的核心共识是：中国经济的矛盾已转变为 内部供需失衡，而破解之道在于通过深刻的收入分配改革，提升居民的消费能力与意愿，完成从"做大蛋糕"到"分 好蛋糕"的一跃。 论坛现场。 中国经济运行呈现 "供强需弱""实际增速稳、体感偏弱"特征 当前中国经济运行呈现出鲜明的"供强需弱"特征，内需不足是制约高质量发展的突出短板。阳光保险集团首席经 济学家、国家统计局原局长邱晓华指出："目前我们国家经济运行中最突出的问题就 ...

Core Viewpoint - The Central Economic Work Conference emphasizes expanding domestic demand as the primary task for economic work in the coming year, with a focus on boosting consumer spending as a critical component of this strategy [1]. Group 1: Economic Policies and Consumer Spending - The conference highlights the importance of enhancing consumer spending to meet the public's aspirations for a better life and to mitigate the impacts of external shocks and declining external demand [1]. - Policies such as the trade-in program for consumer goods, increased fiscal investment in people's livelihoods, and financial incentives for loans are seen as significant supports for boosting consumer spending [1]. - To fundamentally enhance consumer spending, it is essential to promote continuous growth in residents' income, thereby solidifying their consumption capacity and confidence [1]. Group 2: Employment and Income Growth - Employment stability is crucial for income stability, with wage income being the largest component of residents' income [2]. - The government plans to implement a broader income growth strategy that includes policies aimed at increasing employment, particularly in the service sector, by removing unnecessary barriers [2]. - Investments in human capital, such as early childhood education and lifelong learning programs, are necessary to improve residents' skills and enable them to seek higher-paying jobs [2]. Group 3: Income Distribution and Public Services - Improving income distribution can be achieved through tax adjustments and transfer payments to enhance the basic public service supply system, thereby reducing quality of life disparities [3]. - Specific public policies, such as cash subsidies for children and waiving fees for public kindergarten, are aimed at directly benefiting residents and enhancing their consumption confidence [3][4]. - The social security system, particularly the pension system, requires further reform to bridge the gaps in funding and benefits between different demographics [4]. Group 4: Long-term Economic Development - The expectation for the "Urban and Rural Residents' Income Growth Plan" reflects a long-term vision for investing in people and promoting comprehensive development for all citizens [4].

"'分好蛋糕'有助于'做大蛋糕'，改善收入分配是打破当前消费需求制约、推动经济增长的关键。"12月18日，中国 社会科学院学部委员、原副院长蔡昉在"《财经》年会2026：预测与战略"上指出，改善收入分配是打破当前消费 需求制约、推动经济增长的关键。 论坛现场。 中国经济运行呈现"供强需弱""实际增速稳、体感偏弱"特征 2026年是"十五五"规划的开局之年，内需被赋予了前所未有的战略地位。不久前召开的中央经济工作会议，将"坚 持内需主导，建设强大国内市场"置于明年八大重点任务之首，并具体部署了"深入实施提振消费专项行动，制定 实施城乡居民增收计划"。这标志着，扩大内需已从宏观政策选项，升维为引领中长期发展的核心战略。 多位出席论坛的经济专家围绕这一战略转向展开了深入研讨。他们形成的核心共识是：中国经济的矛盾已转变为 内部供需失衡，而破解之道在于通过深刻的收入分配改革，提升居民的消费能力与意愿，完成从"做大蛋糕"到"分 好蛋糕"的一跃。 当前中国经济运行呈现出鲜明的"供强需弱"特征，内需不足是制约高质量发展的突出短板。阳光保险集团首席经 济学家、国家统计局原局长邱晓华指出："目前我们国家经济运行中最突出的问题就是 ...

记者 刘颖 2025年12月18日，在"《财经》年会2026：预测与战略暨2025全球财富管理论坛"上，多位券商首席经济学家、学者聚焦消费提振路径，从扩大投资、提升居 民收入、改善居民收入分配等多个维度，为破解消费疲软建言。 当下，国内消费需求不足成为经济增长的关键制约。国家发改委党组近日在《求是》杂志刊文称，内需不足是当前经济运行面临的主要挑战，突出表现为居 民消费率偏低，2024年中国居民消费率为39.9%，与发达国家相比仍有约10—30个百分点差距，特别是服务消费占比偏低。 投资于人 "回到中国经济本身，如何解决有效需求不足，似乎成了一个长期的题目。需求不足是一个复杂的问题，从需求的不同类型来看，第一个就是消费需求不 足。"中信证券首席经济学家明明说。 明明表示，11月的社零数据较预期低，2025年下半年社零数据较上半年低，重要原因是下半年"以旧换新"政策额度规模相对小，消费下降。 "过去我们不断增加以旧换新的规模，方向肯定是对的，但从结构上看未必是对的。"明明表示，从消费品以旧换新的发展特点来看，由于不同产品消费周期 不同，补贴产品的体积及单价由大变小，即从汽车等大件商品，到家用电器、消费电子等小件类 ...

Core Viewpoint - The core argument presented by Gao Peiyong emphasizes the necessity of integrating "investment in people" with "investment in material" to address current economic challenges and support the goal of achieving basic socialist modernization by 2035 [1] Group 1: Economic Context and Goals - The 20th Central Committee's Fourth Plenary Session highlights the need for decisive progress in achieving socialist modernization during the 14th Five-Year Plan, with specific quantitative indicators linked to per capita GDP reaching the level of moderately developed countries [1] - Current per capita GDP in China is approximately $13,500, while the target for moderately developed countries is between $25,000 and $26,000, indicating a need to double per capita GDP within the next decade [1] Group 2: Investment Strategy - Gao stresses that relying solely on traditional material capital investment is insufficient for sustained growth, advocating for a shift towards investing in human development to stimulate domestic demand and drive economic structural upgrades [1] - The current economic challenge of weak domestic demand and pessimistic expectations is identified, with weak expectations being the root cause of the observed decline in consumption growth [2] Group 3: Government Spending and Structural Adjustment - A systematic adjustment in government spending is necessary, which involves reducing expenditures on material investments while increasing those on human investments, thereby enhancing public service spending and optimizing the overall consumption investment structure [2] - The transition from a material-focused fiscal system to a public finance model is highlighted as a critical phase, necessitating proactive measures to drive this profound change in resource allocation [2] Group 4: Social Security and Transfer Payment System - The urgency of modernizing the social security and transfer payment system is emphasized, with current shortcomings including selective coverage, varying benefits, insufficient public service funding, and a lack of significant redistributive function [3] - The establishment of a modern social security system aims to eliminate urban-rural disparities and identity differences, ensuring universal applicability of the protection system to all citizens [3] Group 5: Proposed Reforms - Three specific reform measures are proposed: 1. Accelerate the adjustment of fiscal expenditure structure by significantly increasing the proportion of social welfare spending while reducing economic construction spending [4] 2. Improve the social security system by promoting nationwide coordination of basic pension insurance to achieve full coverage of the legally defined population [4] 3. Enhance the transfer payment system by establishing a demand-oriented precise transfer payment system to equalize social assistance within provincial administrative regions [4] - The establishment of a modern social security and transfer payment system, along with enhancing the equity and accessibility of basic public services, is deemed essential for the effective functioning of a proactive government [4]

Group 1 - The core viewpoint emphasizes the importance of a strong domestic market as a strategic foundation for China's modernization, with the central economic work conference prioritizing "domestic demand-led growth" as the top task for the upcoming year [1] - Over the past four years, despite various challenges, China's economy has maintained an average growth rate of 5.5%, with domestic demand contributing 86.4% to this growth, highlighting the critical role of a robust domestic market [1] - China's large population and complete industrial system position it as the world's largest and most potential consumer market, with a per capita GDP exceeding $10,000 [3] Group 2 - The government has implemented special actions to boost consumption, including a vehicle trade-in policy that has led to over 10 million applications for subsidies, reflecting the vibrant activity in the consumer market [6] - In the first eleven months of the year, retail sales of consumer goods increased by 4% year-on-year, with service retail sales growing at a faster rate of 5.4%, indicating a shift towards service-oriented consumption [8] - The ice and snow industry in China is projected to exceed 1 trillion yuan, showcasing the potential for growth in this sector and the importance of balancing supply and demand [13] Group 3 - Recent policies aim to enhance the adaptability of supply and demand in consumer goods, promoting a virtuous cycle between consumption and investment, which is expected to improve the efficiency of the domestic market [17] - The focus on expanding employment and increasing household income is crucial for driving demand, while technological innovation is essential for upgrading industries and creating new demand [14] - The commitment to transforming the advantages of a large-scale market into competitive advantages will continuously release the growth potential of the Chinese economy [19]

中央财办：明年中国完全有条件推动内需实现持续增长 编辑：姜莹 中新社北京12月16日电 中央财办有关负责人表示，明年中国完全有条件推动内需实现持续增长。 中央经济工作会议12月10日至11日在北京举行。上述负责人在会后接受媒体采访时指出，明年要把握消 费的结构性变化，从供需两侧发力提振消费。当前，中国正在从以商品消费为主转向商品消费和服务消 费并重，一些领域商品消费增速放缓，但文旅、养老、托育等服务消费需求旺盛。 负责人称，要以新需求引领新供给、以新供给创造新需求，促进供需更加适配。要制定实施城乡居民增 收计划，促进高质量充分就业，继续提高城乡居民基础养老金，持续提升居民消费能力。要扩大优质商 品和服务供给，大力发展消费新业态新模式新场景，培育壮大家政、旅居康养等万亿级消费新增长点。 要有效释放消费需求潜力，持续清理不合理限制措施，支持有条件地区推广中小学春秋假，把职工带薪 错峰休假落实到位。打造"购在中国"品牌，释放入境消费巨大增量空间。 负责人还表示，明年要着眼惠民生增后劲，推动投资止跌回稳。当前投资出现下滑，但中国在科技创 新、产业升级、基础设施、改善民生等方面还有不少短板弱项。 为此，要把投资于物和投 ...