Domestic News - The National Financial Supervision and Administration, along with eight other departments, issued measures to support small and micro enterprises in financing, allowing eligible companies to list on the New Third Board and subsequently on the Beijing Stock Exchange after standard growth [1] - The National Press and Publication Administration approved 130 domestic online games and 14 imported online games in May [1] - The Shanghai Municipal Government released a special action plan to boost consumption, promoting automobile sales and introducing new subsidies for digital products such as mobile phones, tablets, and smartwatches, while also supporting green home appliances and home decoration consumption [1] - A luxury residential project in Huangpu, Shanghai, achieved an average price of 185,000 yuan per square meter, becoming the first single project in the country to exceed 10 billion yuan this year [1] International News - OpenAI's largest data center secured $11.6 billion in financing, indicating strong investor confidence in AI infrastructure [2] - U.S. House Speaker Johnson announced an agreement on a $40,000 cap for state and local tax deductions, which may impact tax strategies for individuals and businesses [2] - Bitcoin surged to record levels driven by optimistic expectations regarding U.S. regulatory policies [3]

Core Viewpoint - The Shanghai Municipal Government has launched a "Special Action Plan to Boost Consumption" aimed at transforming the economic development model and enhancing the role of consumption in economic growth [1] Group 1: Enhancing Consumer Capacity - The plan prioritizes enhancing consumer capacity by focusing on stabilizing employment, improving skills, and increasing income to stimulate consumer willingness [5] - An employment-first strategy will be implemented, including support plans for key sectors and small businesses, as well as one-time job expansion subsidies [5] - Skills training will be improved in key industries such as AI and elderly care, with policies to enhance vocational skills and support for high-skilled talent development [5] - Measures will be taken to promote reasonable income growth, including collective wage negotiations and improved wage distribution mechanisms [5] Group 2: Targeting Potential Consumption - The plan aims to improve the quality of consumption supply, focusing on service consumption, bulk consumption, and new consumption types [7] - In service consumption, initiatives include developing cultural consumption, supporting major performance events, and enhancing tourism and sports event economies [7] - For bulk consumption, policies will support trade-in programs for vehicles and appliances, as well as new subsidies for digital products [8] - New consumption will be fostered through the application of advanced technologies like AI and VR, and by catering to the elderly demographic with tailored services [8] Group 3: Strengthening Policy Coordination - The plan emphasizes the coordination of consumption policies with macroeconomic policies to ensure consistency and effectiveness [10] - A three-year action plan will be implemented to optimize the consumption environment, including improved consumer rights protection and efficient complaint handling mechanisms [10] - Statistical monitoring will be established for service consumption, silver economy, and new consumption models to support data-driven policy adjustments [10]

5月21日，上海市人民政府办公厅正式发布《上海市提振消费专项行动方案》（以下简称：《行动方案》）， 推出提振消费六大行动，旨在切实转变经济发展方式，进一步增强消费对经济增长的拉动作用。 提振消费，上海行动! 《行动方案》还把提升消费供给质量作为主攻方向，推动服务消费、大宗消费、新型消费提质升级，让居民 既"拥有更多"，也"体验更好"。 激发居民消费意愿 《行动方案》把提升消费能力放在优先位置，着力稳就业、提技能、增收入，激发居民消费意愿。 一是实施就业优先战略。落实重点领域、重点行业、城乡基层和中小微企业就业支持计划，稳定和扩大就业规 模。实施一次性扩岗补助政策。统筹用好各类政策资金促进就业，将稳岗扩岗作为奖励、补贴的重要因素。统 筹优化高校毕业生等青年群体就业支持政策，加大就业、创业和安居支持力度。 二是推进技能培训教育提质增效。实施人工智能、智能制造、家政服务、养老护理等重点行业技能人才培养计 划。以促就业稳就业为导向，完善职业技能提升补贴政策。加强新职业标准开发，畅通高技能人才与专业技术 人才职业发展通道。加快优化高校学科布局，推进应用型人才培养改革试点等。 三是多措并举促进收入合理增长。积极推行工资集 ...

图：2024年618消费数据弱于2023年 5月13日，一年一度的"618"年中大促提前开始。作为二季度重要的刺激消费事件，"618"活动中各大电商平台的促消动作和 消费数据也成为了市场关注的焦点。 所谓"618"年中大促，就像一场全民参与的"网购狂欢节"，原本是某电商平台为庆祝成立日而发起的促销活动，后来逐渐演 变成全行业参与的消费盛典。它的核心逻辑很简单：用真金白银的优惠吸引大家集中消费，既让老百姓省钱买好货，又帮商 家清库存、冲销量，最终有望让整个消费市场热起来。 今年"618"尤其特殊，因为它被放在了"提振消费年"的大背景下（2025《政府工作报告》将"提振消费"列为九大重点任务之 首）。通过这类大促活动，有望拉动工厂生产、商家卖货、物流运转，形成"消费热带动生产旺"的良性循环。比如今年多个 平台推出"国家补贴+平台优惠"叠加政策，像手机、家电等大件商品最高可能降价上千元，让原本犹豫的消费者果断下单， 这就相当于用折扣撬动了消费潜力。 活动内容上，今年的"618"或许和往年也有一些差异： （1）时间提前到5月13日启动 2024年的"618"活动正式启动于5月20日，今年进一步提前。主要可能是因为三方 ...

据参考消息网报道，匈牙利官员日前表示，不会削弱与中国之间的经济联系。这是迄今为止最明确的信号，显示由总理欧尔班领导的匈牙利政府不会屈服于 美国要求其疏远北京的压力。据路透社报道，匈牙利国家经济部长纳吉·马顿在布达佩斯告诉记者，截至目前，匈牙利还没看到能与中国投资规模相匹敌的 美国新项目进入该国，其中一个原因是美国尚未与匈牙利签订新的税收协定。他说："我们看不到美国具备能与中国相媲美的投资潜力。我们的立场非常务 实。" 特朗普（资料图） 冯德莱恩（资料图） 欧方与其执着于建立"贸易流动监管机制"，不如关注中国政府的政策措施动向及其积极影响。中国转向扩大内需和提振消费，同样将为欧洲等世界各国的优 质产品和服务提供更广阔的市场空间。特别是中国正大力推进的服务业扩大开放，聚焦居民消费升级需求，推动医疗健康、文化娱乐等优质生活性服务进 口。在刚刚结束的第五届中国国际消费品博览会上，斯洛伐克首次以国家馆形式参展，具有90年历史的法国联合制药首次进入中国市场。 与此同时，俄罗斯也加快了和中国的合作。如今，中俄贸易已经远远超出"资源换商品"的范畴。虽然能源在两国贸易中仍然占据一席之地，但合作重心已转 向农业、制造业、高科技、 ...

专题：深交所2025全球投资者大会：新质生产力 投资中国新机遇——开放创新的深圳市场 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月19日至20日，深交所举办2025年全球投资者大会。会上，深交所下属深圳证券信息有限公司（以下 简称深证信息）与恒生指数有限公司（以下简称恒生指数）合作编制并联名发布国证恒生大湾区数字经 济指数、国证恒生大湾区消费指数，旨在提供特色跨境投资标的，更好服务投资者跨境资产配置需求。 责任编辑：何俊熹 近年来，在全面推动经济数字化转型与提振消费大背景下，相关产业上市公司实现加速发展。深港两地 资本市场在数字经济、消费等领域具有共性优势，聚集了一批在粤港澳大湾区成长发展起来的核心领域 龙头企业，投资价值显著，为指数编制、产品开发提供了良好基础。 本次双方合作指数围绕国家重大战略和重点领域市场需求，以深港通标的范围内的粤港澳大湾区上市公 司作为选样空间。具体来看，国证恒生大湾区数字经济指数在电子零件、电讯设备、数码解决方案服 务、互联网服务及基础设施、半导体等数字经济相关领域，选取市值大、流动性好的50家公司作为指数 样本，汇聚腾讯控股、立讯精密、中兴通讯、 ...

Core Insights - Xi'an is set to launch a series of new commercial complexes from May to the end of the year, aiming to boost consumer spending and enhance the shopping experience [4] - The city has initiated a "Three Cities Linkage" consumption promotion campaign involving Xi'an, Hangzhou, and Kunming, focusing on resource sharing and exploring new consumption pathways [4] - Various promotional activities and policies are being implemented to stimulate consumption, including the "Old for New" program, which has gained significant traction [6][8] Group 1: Consumption Initiatives - The "Old for New" consumption initiative has been reinforced, with businesses offering substantial discounts and government subsidies, resulting in 1.1 billion yuan in consumer subsidies during the "May Day" holiday, benefiting 180,000 consumers and driving 7.74 billion yuan in sales [8] - The city has organized over a hundred promotional events during the "May Day" holiday, showcasing innovative commercial promotions and maintaining high consumer engagement [6][8] - The "One Voucher for All" initiative in Beilin District aims to convert tourism traffic into consumption growth, with a total value exceeding 4.4 million yuan [8][9] Group 2: Diverse Consumer Experiences - Recent events in Xi'an, such as the "Non-Heritage Food Festival" and various themed markets, have attracted significant public interest, blending cultural experiences with shopping [11][12] - The city is focusing on creating multi-scenario consumption experiences, integrating dining, retail, and entertainment to enhance consumer engagement [11][12] - The "West Delight Shopping·Fun Chang'an" series of activities will continue to innovate consumption scenarios and enrich the market offerings throughout the year [4][13] Group 3: Economic Impact - The monitored 49 commercial enterprises in Xi'an reported a sales revenue of 936 million yuan, reflecting a year-on-year growth of 10.84%, with retail sales reaching 899 million yuan, up 11.16% [7] - The combination of government support and business initiatives is expected to inject strong momentum into the local economy, enhancing overall consumer confidence and spending [10][13] - The city's strategy includes a comprehensive framework for consumption promotion, targeting various sectors such as automotive, home appliances, and digital products, to foster a sustainable consumption ecosystem [14]

Core Insights - The economic recovery in April 2025 is supported by the implementation of "two new" policies and special actions to boost consumption, leading to a stable growth in the consumption market [1][3] Group 1: Market Sales Performance - Market sales are steadily recovering, with a year-on-year growth of 4.7% in social retail sales from January to April, which is an acceleration of 0.1 percentage points compared to the first quarter [1] - Service retail sales also showed a year-on-year growth of 5.1%, similarly accelerating by 0.1 percentage points compared to the first quarter, marking two consecutive months of growth [1] Group 2: Impact of Trade-in Policies - Sales of goods related to the trade-in policy have significantly increased, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment growing by 38.8%, 33.5%, 26.9%, and 19.9% respectively in April [2] Group 3: Growth in Essential and Upgraded Goods - Retail sales of essential and upgraded goods have also seen rapid growth, with year-on-year increases of 14% for grain and oil products, 23.3% for sports and entertainment products, and 25.3% for gold and silver jewelry in April [2] Group 4: Growth in Service Consumption - Service consumption related to travel and outings has grown rapidly, driven by strong demand during holidays, with double-digit growth in retail sales for transportation, communication, tourism consulting, and rental services from January to April [2] Group 5: New Consumption Drivers - The growth of new consumption drivers is notable, with online retail sales of physical goods increasing by 5.8% year-on-year from January to April, continuing to outpace the overall growth of social retail sales [2] Group 6: Future Outlook - While the policy effects are continuing to show, there is a need to further enhance the endogenous growth momentum of consumption, with plans to implement special actions to boost consumption, improve consumer capacity, increase quality supply, and enhance the consumption environment [3]

Group 1 - The city is focusing on boosting consumer spending as a key strategy for economic growth, with local leaders conducting on-site research to understand market dynamics [1][3][6] - Sam's Club has seen continuous sales growth and an increase in registered members since its opening, highlighting the importance of brand strength and quality control in enhancing consumer experience [3][5] - The new energy vehicle sector is emerging as a significant driver of domestic demand, with a local brand's delivery center achieving sales of 1,500 vehicles and generating revenue of 80 million yuan since its opening [5] Group 2 - The JD Electronics flagship store in Jiangnan Nianhua Center is leveraging an "online + offline" business model to enhance market competitiveness, showcasing a wide range of consumer electronics [6] - Local government and departments are encouraged to implement policies that stimulate consumption, improve supply, and meet diverse consumer needs, aligning with national directives on promoting consumption [6] - The city’s political advisory bodies are urged to prioritize consumer spending initiatives, engage in frontline research, and provide practical suggestions to innovate consumption scenarios and optimize the shopping environment [6]

活动中，三地商务部门围绕"政策互通、资源互补、市场互促"的理念，达成十项联动倡议。倡议涵盖三城商务部门联动、政策赋能联动、首发经 济联动、精致美食联动、精美购物联动、经典旅游联动、非遗老字号联动、家政服务联动、重要展会联动、商会协会联动等领域，标志着三城消 费合作迈入实质性阶段。此次三城联动倡议，是基于各城市在消费市场上的独特优势和潜力，通过联动实现资源共享、优势互补，共同探索消费 提振的新路径。 记者获悉，未来，三城将持续在消费领域开展更多深入合作，共同为消费者带来更加丰富多元的消费体验。 活动现场，西安市商务局副局长郑炜表示，"西安作为古丝绸之路起点和国际消费中心城市，将以此次联动为契机，与杭州、昆明共享文化资源、 消费场景与政策红利，共同激发内需潜力，为全国消费市场注入新动能。" 为积极响应商务部2025年推进提振消费专项行动工作要求，5月16日，西安、杭州、昆明联动提振消费倡议活动在杭州湖滨步行街举行。活动旨在 通过"三城联动"，深化三地在消费领域的协同合作，打造跨区域消费新生态。 会场上，西安还通过一部精心制作的西安提振消费推介片，以"丝路新章·动脉""圈街共生·烟火""古今交响沉浸""惠聚长安·嗨 ...