Core Points - The Shanghai Municipal Committee held a special democratic supervision meeting focused on boosting consumption and expanding domestic demand, with an emphasis on building an international consumption center city [1][2] - Various representatives from democratic parties and non-partisan individuals provided suggestions on expanding consumption models, optimizing the consumption environment, and supporting both traditional and emerging businesses [1] - The Shanghai government aims to leverage policies and activities to stimulate consumption, enhance service quality, and promote new consumption trends, particularly in the context of the aging population and inbound tourism [2] Group 1 - The meeting was attended by key officials including the Deputy Secretary of the Municipal Committee and the Mayor, who acknowledged the contributions of various parties to the city's economic development [1][3] - The government plans to focus on key areas to enhance consumption capacity and quality, aiming to optimize the consumption structure and elevate consumption levels across the city [2] - Specific strategies include improving service supply quality, integrating cultural and tourism sectors, and enhancing the inbound tourism experience through better tax refund policies [2]

Group 1 - Sohu is transitioning from a traditional internet media platform to a social platform, focusing on "attention flow" where users can share, follow, and consume content, enhancing social interactions through video [1] - The dairy industry in China is shifting from quantity to quality, with a growing demand for precise, professional, and functional nutritional products, leading to a focus on deep processing as a key for industry upgrade [1] Group 2 - In the face of a downward cycle in the liquor industry, companies must innovate by creating competitive "super products" supported by "super channels, super communication, and super experiences" to achieve growth [2] - The long-term bullish trend for gold remains intact, but a short-term adjustment is expected due to rapid price increases, with recommendations for asset allocation in gold ranging from 5% to 30% [2] - The core logic for gold's price increase in 2025 remains unchanged, with expectations for further increases in gold allocation by global central banks and investors in 2026, despite current high valuations potentially leading to increased price volatility [2]

Core Viewpoint - The article emphasizes the need to boost consumer spending in China to address external uncertainties and enhance economic growth, with a target of increasing the resident consumption rate to around 40% by 2024, which is significantly lower than the global average of 55% and high-income economies' average of 60% [1] Group 1: Service Consumption - There is significant potential for increasing service consumption in China, with the service consumption share in per capita consumption projected at 46.1% in 2024, lower than Japan (57.7%) and the US (68.5%) [2] - Cultural and entertainment services account for only 3.2% of total service consumption, which is also below Japan's 9.9% and the US's 10% [2] - To activate service consumption, measures should be taken to increase residents' purchasing power, stabilize and expand employment, and improve income distribution [2][3] Group 2: Automotive Consumption - Automotive consumption is a significant component of overall consumption, with a projected retail sales total of 487,895 billion yuan in 2024, of which automotive consumption is 50,314 billion yuan, accounting for 10.3% [4] - There is a notable gap in car ownership between China and developed countries, with China having only 238 vehicles per 1,000 people compared to the US's 816 [4] - Strategies to boost automotive consumption include extending trade-in subsidies, financial support, and relaxing purchase restrictions in cities [5] Group 3: Housing Consumption - The real estate sector's contribution to GDP in China is 6.3% in 2024, significantly lower than the US's 12.6%, indicating room for growth [6] - There is a demand for improved living conditions, with only 387 housing units per 1,000 people in China compared to the US's 428 and Japan's 493 [7] - Stimulating housing consumption involves relaxing purchase restrictions, increasing financial support, and enhancing the quality and functionality of housing [7][8] Group 4: Comprehensive Approach - Boosting consumption is a systemic project that requires a comprehensive policy approach targeting both supply and demand sides to ensure steady increases in consumption rates and foster high-quality development [8]

Core Insights - The upcoming "14th Five-Year Plan" will focus on high-quality development, emphasizing technological self-reliance, boosting consumption, and building a unified national market [1][3] Group 1: Technological Self-Reliance - The first major highlight of the "14th Five-Year Plan" is to accelerate technological self-reliance, focusing on key areas such as integrated circuits, industrial mother machines, high-end instruments, and biomanufacturing [3] - The development of these industries is expected to provide substantial structural investment opportunities for investors [3] Group 2: Domestic Market and Consumption - The second highlight is the construction of a strong domestic market aimed at significantly boosting consumption [3] - New consumption sectors such as health and elderly care, as well as smart living, are projected to show immense potential due to changes in population structure and consumption habits [3] Group 3: Unified National Market - The third highlight involves the construction of a unified national market, which aims to eliminate barriers that hinder its development [3] - This initiative is expected to optimize the business environment and create favorable conditions for improving corporate profitability [3] Group 4: Economic Outlook - Looking ahead to the first year of the "14th Five-Year Plan," it is anticipated that proactive fiscal policies will continue to support stable economic operations [3] - The deep integration and application of emerging technologies like artificial intelligence are expected to inject new momentum into economic development [3] - Under the guidance of the new plan, China's economic development is expected to enter a phase characterized by higher quality, greater efficiency, and enhanced sustainability [3]

编者按 徐州始终把扩大内需、提振消费 作为推动高质量发展的重要抓手 消费市场保持旺盛活力 11月26日 今年是"十四五"规划收官之年，为深入学习贯彻党的二十届四中全会精神和习近平总书记对江苏工作重要讲话精神，徐州市政府新闻办公室启动"辉煌'十 四五' '徐'写新篇章"系列主题新闻发布会，全方位展现徐州"十四五"发展成就，汇聚起推进中国式现代化徐州新实践的磅礴力量。 "十四五"时期 规模扩容提质 消费能级跃上新台阶 "消费是最终需求，是经济增长的持久动力。'十四五'时期，徐州消费促进工作成果丰硕，消费市场呈现规模扩大、结构优化、活力迸发的良好态势。"市 商务局党委委员、副局长单静静在发布会上说。 数据是最有力的证明： "十四五"以来，我市社会消费品零售总额增幅始终保持全省前列。2021年至2024年，增幅稳居全省前三位，总量居全省前列以及 苏皖鲁豫省际交界地区首位。2025年1—10月，全市社零总额完成3770.2亿元，增速5.9%，总量和增幅分别位居全省第3、第1位。发布会上，亮出的这份 亮眼的"成绩单"，彰显了徐州消费市场的强劲韧性。 消费市场的繁荣，离不开精准有效的促消费组合拳。徐州精心打造"淮海新消费" ...

Core Viewpoint - The consumption industry in China needs to focus on the medium- and long-term goals outlined in the "14th Five-Year Plan," with short-term attention on policies related to consumption by 2026. The outlook for overseas business development in the consumption sector by 2026 is optimistic [1][2]. Group 1: Background and Policy Initiatives - On November 26, six departments issued a notice regarding the "Implementation Plan for Enhancing the Adaptability of Supply and Demand for Consumer Goods," aiming for a significant optimization of the supply structure by 2027, creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [2]. - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [2]. Group 2: Consumption Stimulus Measures - National subsidies are the fastest way to stimulate short-term demand, with significant policy support since July 2024, including a special bond fund of 150 billion yuan allocated for supporting the replacement of consumer goods. An additional 300 billion yuan is planned for 2025 [3]. - The Central Economic Work Conference in December 2024 prioritized boosting consumption as the main task for 2025, leading to various policies aimed at enhancing consumption [4]. Group 3: Implementation Plan Measures - The "Implementation Plan" outlines five major areas with nineteen initiatives, including accelerating the application of new technologies and models, expanding the supply of unique and new products, and accurately matching the needs of different consumer groups [5]. - It also emphasizes cultivating new consumption scenarios and business formats, as well as creating a favorable development environment through financial support and market order maintenance [5]. Group 4: Investment Recommendations - Investment focus includes high-dividend quality companies during market style shifts, with specific recommendations in various sectors such as new consumption in the social service sector (e.g., Gu Ming, Da Mai Entertainment, Mi Xue Group) and food and beverage (e.g., Dongpeng Beverage, Lihigh Food) [6]. - Other sectors of interest include agriculture (e.g., Zhongchong Co.), sportswear (e.g., Anta Sports, Xtep International), and technology consumption (e.g., TCL Electronics, Hisense Home Appliances) [6].

Core Viewpoint - The Chinese government is implementing measures to enhance the adaptability of supply and demand in consumer goods, particularly focusing on the automotive sector to stimulate consumption and improve market efficiency [1][2]. Group 1: Automotive Market Overview - In 2024, China's new car sales are projected to reach 31.436 million units, representing a year-on-year growth of 4.5%, while the used car transaction volume is expected to hit 19.6142 million units, with a growth of 6.52% [2]. - The number of scrapped vehicles is anticipated to be 7.872 million, showing a significant increase of 70.7% year-on-year [2]. Group 2: Policy Initiatives - The Ministry of Commerce, along with eight other departments, has launched a notice to encourage localities to deepen reforms in new, used, and scrapped vehicle markets, aiming to create a unified, efficient, and green automotive consumption market [2]. - The "Special Action Plan to Boost Consumption" emphasizes extending the automotive consumption chain, including reforms in the automotive circulation and expansion of the automotive aftermarket [2][3]. Group 3: Market Potential and Innovations - The current vehicle ownership in China stands at 360 million, providing substantial growth potential for the used car market [3]. - Major used car dealers are evolving from mere resellers to offering enhanced after-sales services, including extended warranty periods, which help alleviate consumer concerns regarding used car quality [3]. - The implementation of automotive circulation reforms is expected to promote market prosperity, innovate the automotive circulation system, and meet diverse consumer needs [3].

Core Insights - The total retail sales of consumer goods in Tibet reached 89.317 billion RMB from January to October this year, with a growth rate of 4.3% [1] - In October alone, the retail sales amounted to 12.47 billion RMB, showing a year-on-year increase of 3.4%, which is 0.5 percentage points higher than the national average [1] Group 1: Policy Measures - The Tibet Autonomous Region's Commerce Department, in collaboration with relevant departments, has introduced five support policies aimed at boosting consumption, including measures for e-commerce and night economy [1] - A comprehensive policy system has been established with 43 detailed measures to guide local governments in implementing various consumption promotion policies [1] Group 2: Consumption Promotion Activities - The government has optimized the "old for new" policy for consumer goods, expanding the categories eligible for subsidies to 22, including items like fans and electric hot pots [1] - A combination of online and offline strategies has been employed to promote the "old for new" policy across enterprises, communities, and rural areas, resulting in 4.3 billion RMB in subsidies and 580,000 transactions, driving a consumption increase of 2.61 billion RMB [1] Group 3: Event Initiatives - The Commerce Department has organized a series of promotional activities under the theme "Happy Tibet, Enjoy Life," including food competitions and product exhibitions, achieving a multiplier effect with over 61 billion RMB in direct consumption stimulation [2] - More than 230 million people have benefited from government subsidies through these activities, enhancing the sense of gain among various ethnic groups [2]

人民财讯11月26日电，中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议发 布。其中提出，大力提振消费。坚持惠民生和促消费相结合，统筹促就业、增收入、稳预期，增强居民 消费能力。实施提振消费专项行动，深化国际消费中心城市建设。扩大高品质服务消费，强化品牌引 领、标准升级、新技术应用。促进商品消费扩容提质，丰富绿色化、智能化消费品供给。推进重点商圈 改造，织密便民商业网点，培育更多休闲、时尚、滨水、健康、夜间消费等带动面广、显示度高的新场 景。拓展入境消费。创新数字消费，激活文化消费，鼓励首店首发首映首展首秀，发展冰雪经济，放大 新型消费带动效应。优化消费环境，健全直达消费者的普惠政策体系，做好消费新业态新模式新场景管 理，落实带薪错峰休假，强化消费者权益保护。 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of expanding domestic demand as a strategic foundation for economic growth, with a focus on enhancing consumption and investment to stimulate economic activity [1] Group 1: Economic Contribution and Strategy - During the 14th Five-Year Plan period, consumption is expected to contribute approximately 63% to economic growth, highlighting its increasing role as a key driver of China's economic expansion [1] - China Construction Bank (CCB) aims to support the enhancement and expansion of consumption as a critical aspect of its service to national development, launching a "Consumption Finance Special Action" to better meet financial needs in the consumption sector [1][2] Group 2: Implementation of Policies - CCB actively implements national policies to amplify their effects, launching a comprehensive consumption finance service system that integrates credit, payment, and derivative services to optimize financial supply [2] - The bank has utilized structural monetary policy tools, such as service consumption and pension re-loans, to increase credit support, with over 100 billion yuan allocated to service consumption and pension sectors since the policy's introduction [2] Group 3: Financial Support and Infrastructure - CCB has effectively utilized fiscal support policies, managing to distribute over 20.9 billion yuan in consumer vouchers across 309 cities, which has directly stimulated consumption by approximately 151.1 billion yuan [3] - The bank has focused on key consumption sectors, increasing loan support for tourism, culture, sports, health, education, and elderly care, with loans in these areas growing over 60% since the end of 2022 [4] Group 4: Enhancing Consumer Services - CCB has expanded personal consumer loans, serving around 35 million customers with a loan balance of 652.7 billion yuan, positioning itself as a leader in the industry [6] - The bank has introduced innovative payment solutions, such as quick payment functions for consumer loans, enhancing the integration of credit products with payment services [7] Group 5: Integration into Consumer Ecosystem - CCB is leveraging its comprehensive financial services to actively engage in the consumer ecosystem, collaborating with major e-commerce platforms to create a seamless consumer experience [8] - The bank is focusing on deepening services for group chain customers, integrating financial and non-financial services to support the consumption ecosystem [9] Group 6: Future Directions - CCB plans to continue implementing national policies aimed at expanding domestic demand and boosting consumption, with a focus on new consumption trends such as green and digital consumption [9]