（网络配图） 1. 获取渠道较为单一 ■ 台盟陕西省委会 投放消费券作为短期刺激消费的有效经济政策工具，发挥着提振消费信心、激活市场需求、促进经济复 苏的重要作用。一年来，我省充分发挥"两重""两新"政策对消费的撬动作用，统筹发放家电、汽车、餐 饮等领域消费券，消费市场呈现出蓬勃活力。2024年前三季度，我省社会消费品零售额同比增长 4.4%，居全国第十位，新能源汽车零售额同比增长61.8%，一级二级能效家电零售额同比增长10.4%。 但在消费券投放过程中，发现以下问题亟需改进： 消费券投放主要惠及规模大、信息化程度高的连锁企业，数量众多的中小微企业和个体商户无法享受政 策红利。如2025年西安市家电以旧换新补贴线下活动消费券仅限在全市25家苏宁门店使用，其他企业和 商户则被排除在外。 "6·18"期间某电商平台的抢券页面。 为此，建议： 当前消费券多依托线上平台发放，由于信息不对称、数字鸿沟等因素，轻度使用网络群体、老年群体等 较难享受政策红利。如我省消费券主要在云闪付APP发放，用户群体主要为占总用户65.3%的18-40岁中 青年，难以触达老年、低收入等群体。 2. 获取方式存在异议 我省消费券发放多采 ...

政策的生命力在于执行。广东系列提振消费政策"组合拳"从就业增收、消费能力保障、服务消费提质、大宗消费升级等方面作出了相关部署，对有效提升居 民消费信心、释放消费潜力有着重大的意义。当然，政策的落地实施还需要各部门协同配合、加强监管，确保政策不走样、落到实处。这样才能真正让消费 者受益、让消费市场持续升温，为广东经济社会发展注入源源不断的动力。 消费是经济增长的重要引擎。今年政府工作报告将"大力提振消费、提高投资效益，全方位扩大国内需求"摆在政府工作任务之首，足见其对于经济发展的重 要性。今年以来，为大力提振消费，国家层面出台了《关于2025年加力扩围实施大规模设备更新和消费品以旧换新政策的通知》《手机、平板、智能手表 （手环）购新补贴实施方案》《提振消费专项行动方案》等，并且安排了大规模国债资金支持"两新"政策；广东省也不断丰富政策工具箱，出台了《广东省 提振消费专项行动实施方案》；广东多个地市也发布了提振消费专项行动方案，包括推出文旅、餐饮消费券，举办购物节、嘉年华等促销活动，推动汽车、 电动车、家电、数码产品以旧换新，加大对个人消费者开展旧房装修、厨卫等局部改造、居家适老化改造的物料购置补贴力度等多项举措 ...

Core Viewpoint - The recent suspension of national subsidies has raised concerns about its impact on consumer spending and the overall economy, prompting discussions on whether this is a short-term adjustment or a long-term shift in policy [3][10]. Group 1: Reasons for Suspension - The immediate reason for the suspension is the rapid depletion of funds, with 1.5 trillion yuan of the 3 trillion yuan budget already consumed by the end of May [3][6]. - Regional financial disparities complicate the subsidy model, as wealthier areas can contribute more, leading to policy tightening in those regions [4][6]. - The subsidy system faces significant "losses" due to issues such as arbitrage, price manipulation, and regional disparities in consumer purchasing power [8][11]. Group 2: Implications for Businesses - The subsidy program has intensified market concentration, disadvantaging small and medium-sized enterprises (SMEs) as larger companies leverage scale to reduce prices [13][15]. - SMEs face cash flow challenges due to the "pay first, reimburse later" mechanism of the subsidy, creating a dilemma between participating in the program or losing market access [15][17]. - Despite challenges, the rapid consumption of vouchers indicates strong market potential, suggesting that businesses with competitive products can still thrive [17][19]. Group 3: Future Directions - The focus of future policies is expected to shift from broad subsidies to more targeted support, emphasizing quality and innovation over price competition [19]. - Companies are encouraged to enhance their understanding of economic policies and improve their online presence to capitalize on future subsidy opportunities [17][19]. - The current pause in subsidies may serve as a precursor to a more sustainable and high-quality consumer market in China [19].

夏某某薅政府餐饮补贴"羊毛"的个案，有两点教训值得警醒：一是政府部门发放消费券时，要加强对消费券发放平台和核销消费券商家的监管，采取更有效 的技术监测和风险防控手段，减少违法违规使用消费券行为的发生；二是公众领取、使用、核销消费券不能弄虚作假，抢到消费券后转卖给商家，可能是帮 助商家骗取补贴，这既违反诚实信用原则及用券规则，也面临犯罪的风险。 图源视觉中国 消费券这项拉动消费、施惠于民的政策善意里，也包含推动商家扩大经营、提高收入、走出经营困境的期望。2024年，上海市相关部门向公众发放"乐品上 海"餐饮消费券，据上海市商务委介绍，前两轮"乐品上海"消费券发放期间，每1元补贴便可以带动4.2元消费。政府部门发放消费券有重要作用，社会公众 应认真对待和使用消费券。像夏某某这样把心思放在薅政府餐饮补贴"羊毛"上的案例，十分罕见。 潮新闻客户端 特约评论员 卞广春 上海发放"乐品上海"餐饮消费券时已经明确，消费券发放及核销过程中，不得实施刷单套现、软件作弊、虚假交易等违法违规行为。夏某某应知道大量购买 消费券，虚构店内消费订单、骗取补贴款是违法行为，仍然在违法的路上肆意妄为，这不是聪明，而是打错了算盘的愚蠢无知。夏 ...

Core Insights - Zhengzhou's consumer market is experiencing a robust revival driven by well-structured consumption policies that stimulate economic activity [1][2][3] Policy Initiatives - Zhengzhou has implemented a series of consumption voucher programs that facilitate easy access for citizens, covering various sectors such as retail, dining, automotive, and home appliances [2] - The city is actively supporting the establishment of flagship stores for international brands, creating a favorable environment for new businesses [2] - Subsidies for large exhibitions and themed events have been introduced, significantly reducing participation costs for companies and enhancing consumer engagement [2] Market Response - The "breakfast economy" has seen a resurgence, with long queues at popular local eateries indicating increased consumer activity [3] - Traditional and modern dining experiences are merging, with local brands adopting innovative marketing strategies to attract younger consumers [3] - New business models, such as smart dining services, are gaining traction, providing convenience and efficiency for urban consumers [4] Consumer Experience - The impact of consumption vouchers is evident in everyday shopping experiences, with consumers feeling the financial relief and increased purchasing power [5] - Multiple layers of subsidies are encouraging significant purchases, such as electric vehicles, making them more affordable for consumers [5] - Night markets are thriving due to government support, reflecting a vibrant local economy and renewed consumer confidence [6] Conclusion - Zhengzhou's approach to boosting consumption illustrates the importance of sustained policy efforts and market responsiveness, ultimately revitalizing the city's economic landscape [6]

Group 1: Company Developments - Beijing Yiswei Computing Technology Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sponsor [1] - Xiaomi's CEO Lei Jun announced that the delivery volume of the Xiaomi SU7 is expected to exceed 28,000 units by May 2025, and preparations for mass production of the Xiaomi YU7 are underway [2][3] - JD.com plans to expand its delivery workforce to 150,000 full-time riders, having already surpassed 100,000 [5] Group 2: Industry Trends - The total box office for the 2025 Dragon Boat Festival holiday exceeded 400 million, with "Mission: Impossible 8" leading the box office [4] - The cross-regional movement of people during the Dragon Boat Festival holiday is expected to reach 657 million, with a daily average of 21.9 million, marking a 3.0% year-on-year increase [5] - Major Chinese new energy vehicle manufacturers reported their May sales figures, with BYD selling 382,476 units, a year-on-year increase of 15.26% [7][8] Group 3: Market Insights - The 2025 Fortune 500 list shows Walmart at the top for the 13th consecutive year, with total revenue for all companies on the list rising to $19.91 trillion, a 6% increase from the previous year [11][12] - Meta Platforms aims to fully automate ad creation using AI by the end of next year, which is crucial as advertising constitutes over 97% of its revenue [15] - The iPhone 17 base model is expected to have limited upgrades compared to the iPhone 16, maintaining the same A18 chip and 8GB RAM [17][18]

Core Insights - The recent "10 Measures to Boost Consumption" initiative in the Xia Mountain area has generated significant excitement among locals, indicating a potential shift towards becoming a "value-for-money paradise" for consumers [1] Group 1: Policy Initiatives - The first major policy involves the distribution of consumption vouchers across various sectors, including dining, tourism, and retail, allowing even small vendors to participate [2] - A focus on enhancing the quality and safety of dining experiences is emphasized, alongside the promotion of local tourism and hospitality [4] - The initiative includes a push for new consumption models, such as the "first store economy" and the integration of local agricultural products into e-commerce platforms [9] Group 2: Consumer Engagement - The introduction of themed promotions in local markets, such as discounts for bargaining in local dialects, has been well-received, showcasing innovative marketing strategies [13] - The development of tourism packages at attractive prices, such as a comprehensive ticket for various local attractions, has proven popular among visitors [14] - Transportation incentives, including fuel rebates for out-of-town visitors and discounted travel options, are designed to encourage tourism [15] Group 3: Community and Cultural Initiatives - The transformation of local markets into vibrant cultural spots, featuring live demonstrations and unique products, has attracted both locals and tourists [16] - Training programs for local hospitality providers aim to enhance service quality and customer experience [17] - The establishment of a "non-heritage night market" offers unique cultural experiences, further enriching the local tourism landscape [18] Group 4: Regulatory and Support Measures - A commitment to rapid response for consumer complaints has been established, enhancing consumer trust and satisfaction [20] - The initiative includes efforts to promote local stories and culture through innovative marketing strategies, such as QR codes for audio guides [21]

Core Insights - New World Daimaru Department Store celebrated its 10th anniversary with record sales, achieving over 1 billion yuan in sales within the first four hours of the event and a total of 206 million yuan over the weekend, marking a 3% year-on-year increase [1][3] - The store attracted over 130,000 visitors during the anniversary celebration, a 6.8% increase compared to the same period last year [1] - The department store issued 50 million yuan in consumer vouchers, which successfully stimulated over 200 million yuan in sales [1] Sales Performance - In 2024, New World Daimaru Department Store reported a revenue of 2.303 billion yuan, reflecting a year-on-year growth of 2.01% [3] - The store's foot traffic reached 16.87 million, a 14.14% increase from the previous year [3] Consumer Engagement - The anniversary event saw significant consumer engagement, with many customers queuing for hours to obtain discount vouchers, highlighting the appeal of in-store shopping experiences over online alternatives [3][6] - The store's unique promotional strategies, such as offering substantial discounts and engaging shopping experiences, contributed to its popularity among consumers [3][6] Technological Integration - The department store has integrated technology into its operations, including the use of robots for customer service and interactive experiences, enhancing the shopping environment [6][5] - The introduction of a user-friendly tax refund self-service machine has improved the shopping experience for international visitors [6][9] Strategic Adjustments - The store has focused on enhancing its product offerings, particularly in beauty and luxury goods, by introducing high-end brands and optimizing store layouts to better meet consumer demands [7][8] - New World Daimaru has shifted its marketing strategy to target younger consumers, emphasizing lifestyle and experiential shopping [10][12] Market Positioning - The department store has positioned itself as a competitive player in the market, with 20% of its brands being national or regional sales champions, indicating strong market performance [12] - The store aims to continue attracting a vibrant, youthful customer base by filling market gaps and enhancing its overall shopping experience [12][13]

Infrastructure Investment - China's infrastructure development shows significant regional and structural differences, with the central and western regions needing to address gaps in transportation, energy, and new infrastructure like 5G and data centers, while eastern developed areas focus on upgrading traditional infrastructure [2] - The central government emphasizes "precise and effective investment" to avoid blind expansion, prioritizing major projects and new urbanization in the "14th Five-Year Plan" [2] Consumer Coupons - Consumer coupons have provided immediate boosts to specific sectors such as dining, retail, and tourism, alleviating pressure on small and medium enterprises, with notable sales recovery following their distribution in 2022 [4] - However, reliance on consumer coupons alone cannot address the fundamental issue of consumption decline, which is primarily driven by unstable income expectations [4] Industrial Innovation - Industrial innovation is crucial for China's economic transformation, particularly with the rise of the digital economy and emerging industries like AI, new energy, and biomedicine, which are key drivers of sustained economic growth [5] - The government is accelerating technological innovation through initiatives like "ranking and hanging banners," technology special funds, and industry-academia-research cooperation [6] Urbanization - As of 2023, China's urbanization rate is approximately 66.16%, transitioning from a "high-speed" to a "high-quality" development phase, focusing on coordinated development of urban clusters [8] - Despite claims of many cities becoming towns, data shows over 100 cities still possess strong development potential [8] Real Estate Market - The real estate market exhibits clear differentiation, with some third and fourth-tier cities experiencing price adjustments due to population outflow and inventory buildup, while first-tier and core second-tier cities maintain stable prices [11] - The central government adheres to the "housing is for living, not speculation" policy, promoting measures to support rigid and improved housing demand [11] Stock Market and Economy - The stock market reflects economic conditions, with long-term performance driven by economic fundamentals and corporate earnings, necessitating reforms to enhance market efficiency and direct funds towards innovation and green economy sectors [12] - To achieve sustainable growth similar to the US stock market, China must cultivate globally competitive enterprises, particularly in new energy and high-end manufacturing [12] Industry Upgrading - The growth of enterprises is a natural result of market competition rather than direct government intervention, which should focus on creating a fair competitive environment and supporting innovation [14] - Upgrading the manufacturing sector is essential, requiring technological innovation and digital transformation to increase added value, rather than over-reliance on short-term gains from real estate or financial markets [14]

2025 年 05 月 18 日 做强国内大循环 宏观研究团队 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  | 国内宏观政策：金融政策标志"以我为主"政策启幕 | 过去两周（5 月 4 日-5 月 18 日）国内宏观主要聚焦以下几个方面： 经济增长方面，国务院召开做强国内大循环工作推进会，国务院总理李强强调， 要深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循环 上，以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性。 基建与产业方面, 近两周政策聚焦加快提升农业科技创新体系整体效能；工信部 召开部分省份工业经济运行座谈会，以高质量发展的确定性应对外部环境急剧变 化的不确定性；科技部推动加快构建科技金融体制；中办、国办印发《关于持续 推进城市更新行动的意见》，提出八方面主要任务，其中包括：推进城镇老旧小 区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改 ...