Core Viewpoint - The Chinese government aims to continue reducing restrictive measures in the service consumption sector during the "15th Five-Year Plan" period, building on the achievements of the "14th Five-Year Plan" [1][2] Group 1: Economic Growth and Consumer Market - China's retail sales of consumer goods increased from 39.2 trillion yuan in 2020 to 48.3 trillion yuan in 2022, with an average annual growth rate of 5.5% [1] - In absolute terms, China's retail sales in 2022 were approximately 80% of the United States; however, in terms of purchasing power, China's retail sales exceeded that of the U.S., being 1.6 times greater according to World Bank data [1] Group 2: Service Consumption Trends - During the "14th Five-Year Plan," service consumption in China entered a rapid growth phase, with annual growth in residents' service consumption expenditure projected at 9.6% from 2020 to 2024 [1] - The primary challenge during this phase is a supply-side shortage, particularly in high-quality service offerings [1] Group 3: Policy Initiatives - The Ministry of Commerce plans to address the shortage of high-quality services through both external and internal measures, including expanding pilot programs in sectors like healthcare and reducing restrictive measures in service consumption [1] - The government intends to convert effective and popular policies from the "14th Five-Year Plan" into long-term, sustainable policies while introducing targeted measures to stimulate commodity consumption and unleash service consumption potential [2]

| | | ETF涨幅 | TOP10 | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 涨幅 | 基金管理人 | 投资类型 | | 561800 | 稀有金属ETF基金 | 4.12% | 华富基金 | 被动指数型基金 | | 159608 | 稀有金属ETF | 3.98% | 广发基金 | 被动指数型基金 | | 159715 | 稀土ETF易方达 | 3.97% | 易方达基金 | 被动指数型基金 | | 159713 | 稀土ETF | 3.84% | 富国基金 | 被动指数型基金 | | 516150 | 稀土ETF嘉实 | 3.69% | 嘉实基金 | 被动指数型基金 | | 562800 | 稀有金属ETF | 3.68% | 嘉实基金 | 被动指数型基金 | | 159671 | 稀有金属ETF基金 | 3.66% | 工银瑞信基金 | 被动指数型基金 | | 516780 | 稀土ETF | 3.58% | 华泰柏瑞基金 | 被动指数型基金 | | 159690 | A VETF | 2. 79% | 招商基金 | 被动指数型基金 | ...

简评：本次政策为2025年2月《稳外资行动方案》的配套细则，与6月外汇局取消再投资登记、财政部税 收抵免政策形成"外汇便利+财税激励+用地支持"三维体系，旨在激活存量外资利润再投资，形成"以存 量引增量"的循环，为外资深耕中国进一步落实"制度红利"，或有助于稳定外资基本盘，对冲外部不确 定性扰动。 【博时市场点评7月18日】沪深两市上涨，成交再度放量 每日观点 今日沪深三大指数上涨，两市成交放量至1.59万亿。昨夜美国公布数据显示，美国6月零售销售环比增 长0.6%，其中核心零售销售环比增长0.55%，两者均超出市场预期，消费者支出数据在经历连续两个月 下滑后强势回升。同时公布的美国上周初请失业金人数为22.1万人，此数据连续第五周下降，且显著低 于市场预期，反映劳动力市场保持韧性。零售和就业数据的好转缓解了市场对经济放缓的预期，叠加此 前公布的美国6月通胀数据的反弹，经济和通胀数据均支持美联储维持当前利率不变的立场。后续关注 美国7-8月通胀反弹的斜率，以及关税政策变化对于降息预期的影响。 消息面 7月18日，商务部部长王文涛在国新办新闻发布会上回应"'十五五'期间还有哪些消费刺激政策"时表 示，"十五五" ...

日前，南方都市报联合广东省连锁经营协会共同评定的"2025高品质消费品牌TOP100"揭晓。滔搏与星 巴克中国、可口可乐中国、无印良品等各领域先锋企业共同上榜，并斩获"消费创新案例"殊荣。 作为国内最大的运动零售运营商，滔搏以创新为驱动，依托精准的市场和消费者洞察，持续升级以门店 为核心的全域一体化生态，并积极布局新业态、新场景、新模式，多措并举，全方位满足消费者多元 化、个性化的运动消费需求。 未来，滔搏将持续聚焦创新实践，以更前瞻的视野和更灵活的策略，不断拓展多元发展路径，为消费者 提供更多价值，为行业高质量发展贡献力量。 面对当前消费者对个性化、场景化消费的需求升级，滔搏对门店零售空间进行了全新的诠释与重塑，持 续推动门店成为集购物、体验、社交与运动文化传播于一体的综合性空间，并为其赋予更多的潮流与文 化内涵。过去一年，滔搏携手阿迪达斯打造了定位高端零售的全新门店形态——adidas HALO概念店， 选址城市核心商圈，为消费者提供顶级的产品与服务。同时，双方还共同打造了滔搏独家专属店型 Future of Style概念店，聚焦年轻消费者，提供极具未来感和城市机能风的创新户外产品。此外，滔搏还 携手J ...

Group 1: Market Overview - The Chinese snack food market is projected to exceed 1.8 trillion yuan by 2025 and reach 2.5 trillion yuan by 2030, showcasing significant growth potential amidst consumption upgrades and channel revolutions [1] - The industry faces challenges such as price wars and product homogeneity, prompting companies to seek transformation and upgrade strategies [1] Group 2: Company Strategy - Yake, a long-established player in the snack food sector, is leveraging four core strengths: premium product potential, quality channel potential, high-end brand potential, and efficient team potential to drive market effectiveness [1] - The company is focusing on brand rejuvenation by adopting a "full-domain marketing ecosystem" to enhance user engagement, particularly targeting Generation Z [1][3] Group 3: Marketing Innovations - Yake has shifted from traditional marketing to a "two-way penetration" strategy, utilizing new media, refined traffic operations, and festive scene marketing to create a comprehensive marketing ecosystem [3] - The company has engaged with 19 universities, conducting 23 offline events and reaching over 7,500 young students, thereby solidifying its brand experience touchpoints [3] Group 4: Product Development - Yake's strategic pivot includes a "salty-sweet drive" approach, focusing on a full-category matrix that addresses health and emotional experience demands [5] - The new product "Yake Konjac Money Belly" utilizes -25°C quick-freezing technology and is free from artificial preservatives, targeting the dual consumer needs for health and taste [5][7] Group 5: Emotional Consumption Trends - Current food consumption trends are evolving into "emotional consumption," characterized by an "internal-external dual drive" model, where snacks serve as a means for personal comfort and social connection [9] - Yake aims to address nutritional anxiety with a healthy product core while releasing emotional pressure through brand experiences [9] Group 6: Future Directions - In 2025, Yake will continue its collaboration with the Academy Awards, launching a creative campaign targeting college students to enhance product emotional value and social interaction [12] - The company is committed to solidifying its brand image as "happy, young, and light burden" while leading the value upgrade in the snack food industry through innovation [13]

Core Viewpoint - The announcement aims to adjust the consumption tax policy for ultra-luxury automobiles to guide reasonable consumption and includes specific changes to the tax structure for vehicles priced above 900,000 yuan excluding VAT [2][3]. Group 1: Tax Policy Adjustments - The scope of ultra-luxury automobiles subject to consumption tax is defined as passenger cars and light commercial vehicles with a retail price of 900,000 yuan or more, excluding VAT [2]. - For pure electric and fuel cell ultra-luxury automobiles, consumption tax will only be levied at the retail stage, as they do not have cylinder capacity [3]. - The sale of second-hand ultra-luxury automobiles will not incur consumption tax, defined as vehicles that have completed registration and are sold before reaching the national mandatory scrapping standard [3]. Group 2: Implementation Timeline - The new regulations outlined in the announcement will take effect on July 20, 2025 [3].

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines adjustments to the consumption tax policy for ultra-luxury automobiles, aiming to guide reasonable consumption and reflecting changes in the market environment [1][3]. Group 1: Tax Policy Adjustments - The scope of ultra-luxury automobiles subject to consumption tax is adjusted to include passenger cars and light commercial vehicles with a retail price of 900,000 yuan (excluding VAT) and above, regardless of the power type, including pure electric and fuel cell vehicles [1][2]. - For ultra-luxury automobiles that do not have cylinder capacity (such as pure electric and fuel cell vehicles), consumption tax will only be levied at the retail stage [1]. - The sale of second-hand ultra-luxury automobiles will not be subject to consumption tax, defined as vehicles that have completed registration and are sold before reaching the national mandatory scrapping standard [1][2]. Group 2: Implementation Timeline - The new regulations outlined in the announcement will take effect on July 20, 2025 [3].

值得注意的是，自4月起公立高中学费全面减免政策开始显现效果，导致教育服务价格同比下降，单月 拉低CPI约0.2个百分点，在一定程度上缓解了整体物价上涨的压力。 然而，政策＂输血＂难掩经济＂失血＂隐忧。经济学家警告，当前日本面临的一个重大问题是工资增长 长期滞后于物价上涨，这加剧了普通消费者对于生活成本上升的担忧，并可能进一步抑制民间消费。目 前，工资增速连续四季度落后于CPI（当前平均工资涨幅仅1.8%），实际收入缩水导致家庭消费意愿降 至冰点，可能加剧＂通胀-紧缩＂恶性循环。 除结构性通胀外，日本经济还面临两大不确定性：企业利润增长未转化为民生薪资，零售业数据显示， 超六成家庭削减非必需品消费；关税争议导致汽车、机械等行业投资观望情绪浓厚，5月设备订单同比 骤降12%，拖累经济复苏步伐。 新华财经北京7月18日电（崔凯）日本去除生鲜食品后的核心消费价格指数（CPI）在6月份同比上升 3.3%，达到111.4。这是连续第七个月通胀率保持在3%以上的高位，显示出物价压力的持续存在。尽管 能源价格涨幅收窄及教育服务成本下降部分缓解通胀，但食品价格飙升仍是推高通胀的主因，叠加工资 增长长期滞后，日本经济面临＂通胀高 ...

证券研究报告 | 宏观经济研究*专题报告 2025 年 07 月 18 日 宏观经济研究 财政政策与居民消费的关系（下） 本文继续研究在债务融资的基础上实施财政政策对居民消费的影响。分为无 资本情况下（纯消费经济）和有资本情况下两种情况，在无资本情况下又比 较了财政冲击和技术冲击带来的影响，结果显示技术冲击对各个经济指标都 带来了改善，而财政冲击只带来产出的增加。 在有资本情况下我们又比较了不同生产函数、不同劳动供给弹性、不同财政 反应系数下财政冲击的影响，结果显示 C-D 生产函数在挤出效应和债务累积 上的影响小于内生增长模型，但增产效果还是内生增长模型更快。不过着眼 长期利益来看，仍然是 C-D 生产函数更胜一筹；劳动供给弹性的变化对 居民消费的影响几乎消失了，这与财政平衡准则下的反应明显不同；最后 就是财政反应系数的高低对财政可持续性有着非常明显的作用，系数越高 财政效率越高，债务压力越小。 请仔细阅读本报告末页声明 1、《财政政策与居民消费的关系（上）》2025-07-08 2、《反内卷与市场化竞争》2025-07-11 3、《为什么要转型为消费驱动型社会？》2025-06-11 鉴于此，本文测算中国 ...

新时代的安全感：中国年轻人储蓄行为深度解析 当社交媒体上"3成95后存款超50万，每8个00后就有1人存款超30万"的数据甚嚣尘上时，人们惊叹之余，更应冷静地审视这组数字背后隐藏的真相。这并非 一夜暴富的神话，而是当代年轻人在低薪与高房价的双重夹击下，以精打细算的"抠门"智慧，为自己开辟出的一条生存之路。他们不再追求即时享乐，而是 将曾经挥霍在奶茶咖啡上的金钱，转化为应对失业风险的"救命金"和掌握人生主动权的资本。 不妨将视线拉回现实。26岁的李阳，在广州凌晨的办公室里加班，疲惫地刷着手机。当他看到存款报告上醒目的数字时，默默关掉了银行APP，三年辛勤工 作攒下的21万存款，与"存款50万"的目标相去甚远。 这份引发热议的《2025年轻人存钱报告》，宣称30%的受访者存款突破50万元，00后中12.3%的人存款超过30万。然而，这份报告的样本选择却颇具"小心 机"——84.5%的受访者来自一线和新一线城市，互联网、金融等高薪行业从业者占据了绝大多数。与之形成鲜明对比的是央行的数据：全国仅有1.5%的人 存款超过30万，而现实中70%的年轻人仍背负着沉重的债务。有网友一针见血地指出："这就像在清华校门口统计学历 ...