每经讯近日，第十四届全国政协委员尹艳林在接受《每日经济新闻》记者采访时表示，"十五五"规划建 议提到，我国就业和居民收入增长压力较大。在此背景下，要提振消费，通过提高个税起征点、降低边 际税率，让有关群体少缴点税、多拿点收入，是增加居民可支配收入的一个比较有效、直接的办法。 在他看来，个税起征点可提高到8000元至1万元，45%的最高边际税率可适度下调。起征点偏低导致中 等收入群体税负相对较重，且该群体受股市、楼市调整影响，财产性收入下降，房贷压力增加，提高其 可支配收入对提振消费的边际效应显著。 （文章来源：每日经济新闻） 因此，无论从必要性还是可行性看，再次上调起征点并优化税率结构都是需要及时推进的。 ...

Core Viewpoint - The Chinese economy is at a critical turning point, transitioning from reliance on external demand and real estate to a focus on domestic demand and structural optimization, with key tasks including debt cleanup, fiscal reform, and social security system improvement [1][2]. Group 1: Economic Performance - Over the past year, the Chinese stock market has shown strong performance, supported by government policies such as easing real estate purchase restrictions and a debt resolution plan worth 10 trillion yuan [2]. - Exports have maintained a robust annual growth rate of nearly 8% over the past five years, while new home sales have declined, indicating a separation of traditional growth paths [2]. Group 2: Structural Changes - The increasing competition between China and the U.S., changes in global demand structure, and rising trade barriers are expected to reduce export growth to an average of 3%-4% [2]. - The importance of domestic consumption is expected to rise significantly as the economy can no longer rely on external demand to offset the negative impacts of the real estate downturn [2]. Group 3: Consumer Dynamics - A key reason for insufficient consumer spending is the inadequacy of the social security system, which leads to low consumption capacity and confidence among low-income groups [3]. - Reforming the pension system is seen as a crucial step to boost consumption, with a proposal to increase the average monthly pension for 180 million retirees from 244 yuan to 500 yuan, requiring less than 0.4% of GDP [3]. Group 4: Real Estate Sector Challenges - The real estate sector poses significant challenges due to accumulated non-financial debts, including those between developers, construction companies, and homebuyers [4]. - The government is expected to focus on resolving legacy debts in the real estate sector during the "14th Five-Year Plan" period, advocating for a collaborative approach between central and local governments [4].

Core Viewpoint - The "China Purchase · 2025 Boutique Consumption Month (Heilongjiang Station)" event was launched to stimulate consumption and integrate into national strategies for boosting domestic demand and leveraging the spillover effects of the 8th China International Import Expo [1][3] Group 1 - The event is co-hosted by the Heilongjiang Provincial Department of Commerce and the Heihe Municipal Government, marking the beginning of a series of consumption promotion activities across the province [1][3] - The event aims to release the consumption potential of Heilongjiang by deeply integrating local resources with national consumption initiatives [1][3] Group 2 - Various consumer-friendly policies were announced by the Heilongjiang Provincial Household Appliances Association, the Amur Chamber of Commerce from Russia, and China UnionPay Heilongjiang Branch, aiming to create a consumption boom [3] - The event included signing agreements for trade and supply-demand procurement projects with Russia, showcasing the vitality and potential of the Heilongjiang consumption market [3] Group 3 - The "Boutique Consumption Month" is closely linked with ongoing provincial activities focused on "New Big Markets, New Services, New Consumption," creating a synergistic effect [3] - Local cities and counties are actively participating by integrating global perspectives with local quality resources, enhancing the consumption environment and service quality [3]

中新网黑河11月15日电(记者姜辉)15日，"购在中国·2025精品消费月(黑龙江站)"活动在黑河物流云谷·北 安国际陆港正式启动。 11月15日，"购在中国·2025精品消费月(黑龙江站)"活动在黑河物流云谷·北安国际陆港正式启动。黑龙 江省商务厅供图 "购在中国·2025精品消费月(黑龙江站)"活动现场举行签约仪式。黑龙江省商务厅供图 本次"购在中国·2025精品消费月"活动，与黑龙江省范围内已深入开展、持续升温的"新大集、新服务、 新消费"活动紧密结合、同频共振。黑龙江省内各市县正积极行动，将本次消费月的全球视野与"黑土优 品"、"九珍十八品"及"老字号"等优质资源，融入到本土特色的"新大集"促消费活动中。从线上线下融 合促消到商文旅跨界联动，全方位、多维度营造浓厚消费氛围，优化消费环境，提升服务品质，激发市 场内生动力，形成"全省联动、全域推进"的促消费热潮，推动黑龙江省消费市场向更高质量、更高水平 发展。(完) （文章来源：中国新闻网） 此次活动由黑龙江省商务厅与黑河市人民政府共同主办，标志着黑龙江省系列促消费活动拉开帷幕，旨 在深入落实国家"提振消费、扩大内需"战略部署，衔接"第八届进博会"溢出效 ...

Core Insights - The primary focus should be on expanding domestic demand, particularly consumer demand, as a priority for economic growth [1] - The main contradiction in China's economic operation has shifted from the supply side to the demand side, making effective demand expansion crucial for stable economic growth [1] - Current weak consumer demand is attributed to both short-term shocks and long-term structural issues, with insufficient social security and unstable consumer expectations being the main factors [1] Summary by Sections Economic Strategy - Zhang Jun's emphasis on prioritizing consumer demand is essential for achieving dynamic balance in total supply and demand at a higher level [1] - A stable and sustainable economic growth environment is necessary to address issues such as technological innovation, green transformation, and risk mitigation [1] Consumer Demand - The current state of consumer demand is weak due to various factors, including insufficient social security and low consumer confidence [1] - Service consumption is lacking, which is linked to both inadequate support levels and supply-side capabilities [1] Policy Recommendations - Policies to effectively release consumer potential should focus on three areas: counter-cyclical consumption policies, optimizing support for commodity consumption, and enhancing support for service consumption [2] - Increased subsidies in sectors like education, healthcare, elderly care, and childbirth are recommended to boost consumer willingness and capacity [2]

Group 1 - The core viewpoint is that China's GDP growth for the first three quarters of 2023 is 5.2%, and the annual target of 5% is achievable, with a similar target expected for 2024 [1] - Fiscal policy will play a leading role in 2024, maintaining a certain level of expansion, with a general public budget deficit projected at 4% of GDP and an increase in social spending [1] - The special bond quota for long-term projects is set at 1.6 trillion yuan, which is 300 billion yuan higher than in 2025, aimed at supporting major national strategies and key areas [1] Group 2 - The broad fiscal deficit for stabilizing the economy in 2026 is expected to reach approximately 11.8 trillion yuan, equivalent to 7.9% of GDP, an increase of 1 trillion yuan or 0.4% of GDP compared to 2025 [1] - Monetary policy is not expected to see a reduction in reserve requirement ratios or interest rates within the year, with a forecasted interest rate cut of 20 basis points and a reserve requirement cut of 50 basis points in 2026 [1] - In terms of boosting consumption, structural measures will be prioritized in 2026, with a potential subsidy scale for old-for-new programs maintained at 300 billion yuan [2] Group 3 - Support for "one old and one young" initiatives will be emphasized, with childcare subsidies likely remaining at 100 billion yuan and free preschool education expanding its coverage, resulting in an additional 64 billion yuan in spending [2] - Pilot programs for senior consumption vouchers have started, with potential nationwide expansion in 2026, requiring expenditures in the range of 100 billion yuan [2]

Group 1 - The core focus of the recent economic work deployment across various regions is to boost consumption and accelerate major project investments to achieve annual economic targets [1][2] - Experts indicate that the targeted and coordinated policy efforts in key areas such as consumption and effective investment are expected to support steady economic growth in the fourth quarter, aiming for a 5% annual growth target [2][3] Group 2 - Multiple regions have introduced measures to stimulate consumption, including the issuance of consumption vouchers and support for key consumption sectors, with a focus on the service industry [3][4] - Specific initiatives include Sichuan's distribution of consumption vouchers from October 1, 2025, to March 31, 2026, and Hunan's issuance of 100 million yuan in consumption vouchers, with 65% allocated to the catering sector [3][4] Group 3 - Local governments are prioritizing investment in key projects to bolster economic stability, with significant investments planned in transportation, water conservancy, energy, and industrial sectors [5][6] - For instance, Beijing plans to promote urban renewal projects with a total investment of no less than 200 billion yuan by the end of the year, while Hunan aims to exceed its annual investment targets for key projects [6][7] Group 4 - The introduction of new policy financial tools, amounting to 500 billion yuan, is aimed at supplementing project capital, particularly for projects that are about to start or are currently underway [6][7] - These financial tools are expected to play a significant role in stimulating infrastructure investment in the fourth quarter, enhancing the overall investment landscape [7]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The Ministry of Finance continues to implement measures to boost consumption, including providing financial subsidies for personal consumption loans and encouraging private investment [5] - The Consumer Price Index (CPI) showed a year-on-year increase of 0.2% in October 2025, indicating effective policies to expand domestic demand [5] - The demand for trendy toys is rapidly growing, driven by Generation Z and emotional value, with AI technology integration expected to enhance growth in the sector [6] - The long-term investment advantages of gold are highlighted, with expected growth in demand due to anticipated interest rate cuts and changing consumer preferences [7] - Recent tax policy adjustments for gold are expected to accelerate industry compliance and reshape market dynamics [8] - The sports and outdoor industry is seen as a significant contributor to economic growth, with ongoing government support for high-quality development [9] - The beauty and personal care industry is transitioning from penetration expansion to quality upgrades, with a focus on domestic brands and technological advantages [10] Summary by Sections Industry Overview - The retail industry index rose by 0.31% in the week of November 3-7, 2025, ranking 17th among 31 primary industries [4] Economic Policies - The Ministry of Finance's actions aim to stimulate consumption and enhance financial cooperation with local governments [5] Consumer Trends - The CPI and core CPI show positive trends, indicating a recovery in consumer spending [5] Sector-Specific Insights - Trendy toys are experiencing rapid demand growth, with AI integration expected to drive innovation [6] - The gold and jewelry sector is poised for growth due to changing consumer preferences and favorable tax policies [7][8] - The sports and outdoor sector is benefiting from government reforms and increased consumer confidence [9] - The beauty industry is shifting towards quality and brand loyalty, with a focus on domestic products [10] Investment Recommendations - Suggested companies to watch include: - Gold and jewelry: Laopuyin, Laofengxiang, Chaohongji [11] - Trendy toys: Pop Mart, Bluc, TOPTOY, Lezitiancheng [11] - Sports and outdoor: Anta, Li Ning, 361 Degrees, Bosideng [11] - Beauty and personal care: Proya, Mao Ge Ping, Jinbo Biological, Runben, Dengkang Oral, Baiya [11]

人民财讯11月12日电，【摘要】央行：实施好适度宽松的货币政策。商务部：在大力提振消费等方面出 台更多细化措施。金融监管总局：有效防范化解重点领域金融风险，全面加强金融监管。国家发改委： 鼓励地方按照中试特点，探索简化项目建设前置要件审批程序。抖音电商开展酒水虚假营销专项治理。 国内首条12寸硅光芯片流片平台投用。外交部：敦促欧盟为中国企业提供公平、透明、非歧视的营商环 境。商务部部长王文涛与德国联邦经济和能源部部长赖歇举行视频会谈。中央农办、农业农村部：要严 守农村宅基地管理法律政策底线红线，坚决落实"两个不允许"要求。 ...

Core Viewpoint - The Ministry of Commerce emphasizes the need for detailed measures to boost consumption, expand institutional openness, and promote high-quality development in trade and investment cooperation [1] Group 1: Key Measures - The meeting highlighted the importance of boosting consumption as a critical aspect of commerce work [1] - It called for steady expansion of institutional openness and proactive self-initiated openness [1] - The report stressed the need for innovative development in trade and the expansion of bilateral investment cooperation [1] Group 2: Strategic Initiatives - The Ministry aims to enhance the quality of the "Belt and Road" initiative through high-quality collaboration [1] - There is a focus on developing a series of specialized plans within the commerce sector [1]