数字经济已经是经济发展中不可或缺的重要部分，数字经济产业已成为中国经济稳定增长的重要引擎。 中国信息通信技术研究院发布的报告显示，2023年，我国数字经济规模达到53.9万亿元，较上年增长3.7 万亿元，增幅扩张步入相对稳定区间。 中国数字经济规模持续扩大，占GDP比重显著提升，成为经济增长的重要支撑。根据国家数据局的数 据，2024年，我国数字经济核心产业增加值占GDP比重达10%左右，集成电路、人工智能、工业软件、 基础软件取得长足进步，实施数字化转型工程，中国"灯塔工厂"数量占全球比重超四成，智能产品、直 播电商等成为消费新热点。 我国数字经济提档加速，数字消费近年来发展迅猛。数字消费是推动中国数字经济发展的关键动力，也 是持续扩大内需、提振消费的重要力量，包括网络购物、网络直播、数字文化、在线医疗等，随着大数 据、AI产业的技术不断升级迭代，以及应用场景的不断扩大，数字消费不断得到新发展，为经济发展 注入了一股新的动能。 此次发布的指导意见从四个方面入手发展数字消费，一是丰富数字消费领域供给。扩大数字产品消费， 提升数字服务消费，创新数字内容消费，拓展数字消费渠道，以数字消费新供给激发消费新需求。二是 ...

Core Viewpoint - The recent guidance from the Ministry of Commerce and eight other departments emphasizes the development of digital consumption, encouraging companies to accelerate innovation in artificial intelligence (AI) products and enhance supply in various digital consumer sectors [1][4] Group 1: Characteristics of Digital Consumption - Digital consumption in the AI era exhibits three disruptive characteristics: - **Intelligent and Personalized**: AI enables precise and personalized consumption supply by analyzing user behavior data, overcoming traditional market limitations [1][2] - **Scenario-based and Immersive**: Integration of AI with VR, AR, and digital twin technologies creates immersive consumption experiences that transcend physical limitations [1][2] - **Integrative and Cross-industry**: AI fosters deep integration across industries, leading to new business models and applications, such as AI bartenders and smart delivery systems [2][3] Group 2: Economic Impact and Innovation - AI-driven digital consumption is expected to stimulate economic growth by: - Reducing decision-making costs and enhancing transparency, as evidenced by a significant reduction in return rates on e-commerce platforms [2][3] - Encouraging companies to increase technological innovation investments, leading to upgrades across the entire industry chain [3] Group 3: Future Outlook - The future of digital consumption will be characterized by: - A highly intelligent consumption ecosystem where AI permeates all aspects from product design to consumption, providing tailored services [3][4] - International expansion of digital consumption, with Chinese AI products gaining influence in global markets [3][4] - A transformation in public services such as education and healthcare, where AI enhances service quality and accessibility [3][4]

Core Viewpoint - The integration of AI into the consumer ecosystem is expected to create new economic growth opportunities and enhance high-quality economic development, making a better life in the digital age a reality [1][4]. Group 1: Characteristics of AI-Enabled Digital Consumption - The digital consumption landscape is characterized by three disruptive features: 1. **Intelligent and Personalized**: AI enables precise and personalized consumption supply by analyzing user behavior data, overcoming traditional market limitations [1][2]. 2. **Scenario-Based and Immersive**: The fusion of AI with VR, AR, and digital twin technologies creates consumption experiences that transcend physical limitations, forming a closed-loop ecosystem of online traffic, offline experiences, and cloud repurchases [2]. 3. **Integrative and Cross-Industry**: AI fosters deep integration across industries, leading to new business models and applications, such as humanoid robots in entertainment and AI-driven services in the food and beverage sector [2][3]. Group 2: Economic Impact of AI-Enabled Digital Consumption - AI-driven digital consumption is promoting economic growth from demand, supply, and governance perspectives, showcasing a strong multiplier effect: 1. AI reduces decision-making costs and enhances transparency, leading to new demand types; for instance, an e-commerce platform's AI guide reduced clothing return rates from 35% to 18% [3]. 2. The demand for digital consumption encourages companies to increase technological innovation investments, driving upgrades across the entire industry chain, including smart manufacturing and personalized online education [3]. Group 3: Future Outlook - The future requires the establishment of a highly intelligent consumption ecosystem, with AI as the core driving force throughout the product design, production, and consumption chain, providing precise and efficient services across various sectors [3][4]. - The international expansion of digital consumption is anticipated, with high-quality domestic AI products gaining influence in global markets, while AI enhances public services in education and healthcare [4].

Domestic Macro - The State Council discussed the "Banking Supervision Law (Revised Draft)" on September 19, 2025, emphasizing fair competition among various business entities [6][16] - On September 22, the National Development and Reform Commission held a press conference highlighting achievements in the financial sector during the "14th Five-Year Plan" period, with total banking assets nearing 470 trillion yuan, ranking first globally [6][16] - The People's Bank of China announced a 600 billion yuan MLF operation on September 24, marking a net injection of 300 billion yuan for the month, continuing a trend of increased liquidity for seven consecutive months [6][16] Industry Policy - The National Healthcare Security Administration released the 11th batch of drug procurement documents on September 20, 2025 [7][17] - The Ministry of Industry and Information Technology issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an average annual growth target of around 4% for the steel industry over the next two years [7][17] - The Ministry of Commerce and eight other departments jointly issued guidelines to promote digital consumption on September 23, proposing 14 specific measures, including trials for smart connected vehicles [7][18] Local Policy - Shanghai announced adjustments to its housing property tax policy on September 19, 2025, exempting first-time homebuyers and second homes under certain conditions for residents with residence permits [8][19] - Sanya implemented a plan for affordable rental housing on September 21, 2025, with rent prices guided by the government [8][19] - Tianjin will initiate a pilot program for real estate trust property registration on September 25, 2025, aimed at revitalizing existing assets [8][19] Overseas Dynamics - The Bank of Japan decided to maintain its benchmark interest rate at 0.5% on September 19, 2025, marking the fifth consecutive meeting without changes [9][20] - The European Commission approved a new round of sanctions against Russia on September 19, 2025, targeting energy, financial services, and trade restrictions [9][20] - The U.S. government announced a 15% tariff on EU automobiles and related products on September 24, 2025, as part of a trade agreement [9][20]

Core Insights - Digital consumption is becoming a significant driver of economic growth and is essential for consumption upgrades and industrial innovation [1][2] - The Ministry of Commerce and eight other departments have issued guidelines to promote the development of digital consumption, injecting new momentum into its growth [1] Group 1: Digital Consumption Growth - In the first eight months of this year, the national online retail sales increased by 9.6%, with physical goods online retail sales growing by 6.4% [1] - Sales of home appliances and digital products have seen rapid growth, particularly in smart wearables, computers, and mobile phones, which experienced double-digit growth [1] - The guidelines encourage companies to accelerate research and innovation in artificial intelligence terminal products to meet consumer demand for high-quality living [1] Group 2: Innovative Consumption Scenarios - The development of digital technology has expanded consumption scenarios beyond traditional offline models, promoting immersive and experiential consumption environments [2] - The guidelines advocate for the use of technologies like artificial intelligence and virtual reality in cultural and tourism venues to enhance consumer experiences [2] - A collaborative approach between supply and demand is emphasized, with companies launching new products and services while the government improves logistics and payment systems to create a better consumer environment [2] Group 3: Policy Support and Future Directions - The "Special Action Plan to Boost Consumption" issued in March highlights the need to implement digital consumption enhancement actions and promote the development and application of new technologies and products [2] - The aim is to elevate digital consumption to a new level, ensuring that its benefits reach a broader population [2]

9月24日，商务部等8部门联合发布《关于大力发展数字消费共创数字时代美好生活的指导意见》（以下简称《意见》），从丰富数字消费领域供给、培育壮 大数字消费经营主体、优化数字消费支撑体系等方面提出举措。围绕丰富数字消费领域供给，《意见》指出，扩大数字产品消费。鼓励企业加速研发创新， 增加人工智能终端产品有效供给，释放智能机器人等新产品消费潜力。 企查查数据显示，截至9月下旬，国内智能机器人相关企业现存量达63.51万家，主要分布在新一线城市、一线城市，分别占比31.92%、24.21%。从国标行业 分布来看，超3成相关企业归属于科学研究和技术服务业，其次为批发和零售业，信息传输、软件和信息技术服务业。注册量方面，近十年相关企业年注册 量呈上升趋势，2023年注册量首次突破10万家，同比增长29.99%至12.56万家，2024年注册量达13.6万家，截至目前今年已注册14.02万家，超去年全年注册 水平。 1、主要分布在新一线城市、一线城市 企查查数据显示，截至9月下旬，国内智能机器人相关企业现存量达63.51万家，主要分布在新一线城市、一线城市，分别占比31.92%、24.21%。此后依次为 二线城市、三线城市 ...

Core Insights - The "Super Golden Week" provides an opportunity to reshape holiday consumption experiences, emphasizing the importance of service consumption as consumer demand for quality, personalization, and experiential products grows [1][4] - The holiday economy is a crucial internal driving force for high-quality economic development and enhancing people's well-being, serving as a significant window to observe economic vitality [2] Group 1: Holiday Consumption Trends - Domestic tourism is steadily increasing, with per capita spending reaching historical highs, necessitating the development of new business models and scenarios to meet emerging demands such as "special forces tourism," healing tourism, and night tourism [1][4] - The scale of holiday consumption in China has been expanding, with diverse consumption methods and an increase in spending on various sectors, including traditional travel, dining, and new digital consumption [2][3] Group 2: Economic Impact and Activities - The upcoming 2024 National Day holiday is expected to see 765 million domestic trips, a year-on-year increase of 5.9%, with total spending projected at approximately 700.82 billion yuan, reflecting a 6.3% increase [3] - Various regions are launching numerous cultural and tourism activities, such as Beijing's 2,400 unique cultural events and Sichuan's 100,000 consumption vouchers for self-driving tourists, to fully unleash the consumption potential of the Super Golden Week [3][4] Group 3: Digital Consumption and Innovation - The Super Golden Week also serves as a testing ground for digital consumption innovations, with many regions enhancing the digital application of cultural heritage and scenic spots through platforms like virtual tourism and immersive experiences [4] - The integration of technology in holiday consumption is expected to better align with consumer demands for high-quality experiences, injecting more vitality into the market [4][5]

Group 1: Trade Agreements and Economic Impact - The U.S. has reduced tariffs on EU imported cars to 15% as part of a trade agreement, previously facing an additional 25% industry tariff [2] - The EU has committed to eliminating tariffs on all U.S. industrial products and increasing market access for U.S. seafood and agricultural products [2] - The trade agreement is seen as a necessary concession by the EU to protect its automotive industry, which has faced declining exports due to previous tariffs [2][3] Group 2: Digital Consumption Development - The Ministry of Commerce and eight other departments have issued guidelines to promote digital consumption, focusing on supply, business growth, and support systems [4] - The guidelines emphasize the need for effective supply of new digital products, including AI devices and smart retail solutions [4][5] - The government aims to stimulate consumption as a key strategy for economic stability, with potential direct subsidies to consumers being considered [5] Group 3: School Food Safety Regulations - New guidelines for the procurement and inspection of bulk food supplies in school cafeterias have been released to enhance food safety [6] - Schools are required to procure from suppliers with valid qualifications and a clean safety record over the past three years [6][7] - The guidelines aim to address public concerns over food safety in schools, particularly in light of recent incidents [6][7] Group 4: Electric Vehicle Design Standards - A draft national standard for automotive door handles has been released, potentially phasing out electric hidden door handles due to safety concerns [8] - The new standard requires door handles to provide adequate space for hand operation, addressing issues of accessibility and safety during emergencies [8][9] - The shift away from electric hidden door handles reflects a prioritization of safety over aesthetic design in the automotive industry [8][9] Group 5: Tax Reporting Regulations for Platform Enterprises - New tax reporting regulations for internet platform enterprises will be implemented to enhance tax compliance and oversight [10] - The regulations require platform operators to report comprehensive income and identity information of their workers, aiming to close tax loopholes [10][11] - While the new rules may not increase tax burdens for compliant businesses, they could impact pricing and revenue models within the platform economy [11] Group 6: Global AI Investment Trends - Global AI investment is projected to reach $1.26 trillion by 2029, with a compound annual growth rate of 31.9% [13] - The U.S. is expected to dominate the AI market, holding over 55% of the market share by 2025, while China is also a significant player with a projected investment of over $111 billion by 2029 [13][14] - The competition in AI investment is intensifying, with governments and tech companies worldwide increasing their funding and resources [13][14] Group 7: Future of Flying Cars - Xiaopeng Motors plans to mass-produce the world's first flying car by 2026, having invested significantly in prototype development [15] - The flying car is expected to revolutionize urban commuting, although safety and regulatory challenges remain [15][16] - The commercial viability of flying cars is uncertain, as operational limitations and pilot training requirements could restrict their use [16]

Group 1: Digital Consumption Promotion - The Ministry of Commerce and eight other departments have jointly issued 14 measures to promote digital consumption, focusing on enhancing supply, nurturing business entities, optimizing support systems, and creating a favorable environment for digital consumption [1] Group 2: Consumer Electronics and Smart Hardware - Luxshare Precision (002475) is a global leader in consumer electronics manufacturing, benefiting from the growth in demand for VR/AR devices and AI terminals [3] - Midea Group (000333) is a leader in the smart home ecosystem with over 40% penetration of smart appliances and a 25% growth rate in overseas markets [3] - GoerTek (002241) is a global leader in VR/AR manufacturing, directly benefiting from the proliferation of AI terminal hardware [3] Group 3: Digital Payment and Fintech - Hengbao Co., Ltd. (002104) is a core participant in the digital RMB pilot, covering over 100 banks and deeply involved in the development of the central bank's digital currency wallet [3] - The expansion of digital payment scenarios is expected to benefit third-party payment leaders [4] Group 4: AI and Digital Technology Applications - iFlytek (002230) is expected to benefit from policy support for AI terminal proliferation, with the government AI market projected to exceed 200 billion yuan [4] - Hikvision (002415) is a global leader in smart security, with an AI camera penetration rate exceeding 80% and expansion into industrial and retail sectors [5] Group 5: Intelligent Logistics and Supply Chain - SF Holding (002352) is a leader in drone delivery trials, with significant advancements in smart logistics technology [6] Group 6: Semiconductor and Computing Infrastructure - A leading company in high-performance computing and servers is expected to benefit from the expansion of AI infrastructure and domestic substitution [8] - A rare AI chip design company is supported by policies favoring AI terminals and computing infrastructure [9]

Market Performance - The Shenzhen Component Index and the ChiNext Index both reached new short-term highs, rising by 1.14% and 2.22% respectively by midday, while the Shanghai Composite Index saw a slight increase of 0.16% due to pressure from banking, precious metals, and real estate sectors [1] - Over 3,300 stocks declined across the two markets, with a total trading volume of 1.54 trillion [1] Sector Performance - Precious metals experienced a decline, dropping by 2.43% at midday, with companies like Shandong Gold and Xiaocheng Technology seeing average declines exceeding 4% [3] - The port and shipping sector collectively fell, with Ningbo Port dropping over 8% and Nanjing Port down 7.93% [3] - Other sectors such as jewelry, real estate, banking, and automotive services also followed suit with declines [3] Emerging Trends - AI hardware and application sectors saw a collective surge, with Inspur Information hitting a historical high and Huqin Technology reaching its limit up [3] - Non-ferrous metal stocks were active, with companies like Northern Copper achieving limit up [3] - Controlled nuclear fusion concept stocks experienced fluctuations, with Hezhan Intelligent achieving two limit ups in four days and Hahuan Huaton hitting limit up [3] News Highlights - China Fusion Company plans to build a high-temperature superconducting fusion device named Circulation No. 4 in Shanghai [3] - The world's largest coal-fired carbon capture demonstration project at Huaneng Gansu Zhengning Power Plant has completed a 72-hour trial run and is officially operational [3] - In September, 156 games were approved, including 145 domestic and 11 imported titles [3] - The Ministry of Commerce and seven other departments jointly issued guidelines to promote digital consumption and create a better life in the digital age [3]