Group 1: Policy Impact on Consumer Market - The "old-for-new" policy has significantly boosted consumer spending, with over 2.9 trillion yuan in sales generated and approximately 400 million people benefiting from subsidies as of mid-year [1][3] - The policy is part of a broader strategy to enhance domestic demand and promote green and intelligent consumption, leading to industry innovation and efficiency improvements [2][3] Group 2: Growth in Appliance Sales - Suning's report indicates a remarkable 81% year-on-year increase in "old-for-new" orders for home appliances, with high-end appliances priced over 8,000 yuan seeing a 96% sales increase [3] - The share of first and second-tier energy-efficient appliances in sales has exceeded 90%, with first-tier products accounting for 73.8% [3] Group 3: Service Consumption Trends - Service consumption in China has been growing rapidly, with per capita spending on services increasing by an average of 9.6% annually from 2020 to 2024 [4] - By 2024, service consumption is expected to account for 46.1% of total per capita consumption expenditure, contributing 63% to the growth of overall consumer spending [4] Group 4: Market Size and Economic Contribution - China's retail market is projected to exceed 50 trillion yuan this year, solidifying its position as the second-largest consumer market globally [6][7] - The final consumption's contribution to economic growth averaged 56.2% over the past four years, indicating a significant increase compared to the previous five-year period [6][7]

"为何美国可以通过关税对全球施压？"在近日举办的第九届财经发展论坛上，上海财经大学中国公共财政研究院 顾问刘小川开篇抛出这样一个问题。 刘小川表示，答案不言而喻，因为美国市场是全世界最大的主体市场，消费量大，世界上很多国家都希望和美国 做生意，特朗普抓住这样一个特点，通过关税来对其他国家施压。 据央视新闻，按美国劳动局数据，美国人2023年消费支出是18.8万亿美元，这一数据高于中国，且中美人均消费 相差更大。"当前扩大内需至关重要。如何扩大内需？中国的特点是政策力量强大，因此要实现这一目标，政策将 发挥重要作用，这就包括财政政策、货币政策和贸易政策。"刘小川说。 发挥政策效能，助力扩大内需，思路可谓千头万绪。着眼于民生关注的财政政策，南都N视频记者梳理了论坛现 场业内专家关于财政政策助力扩大内需的聚焦点。 第九届财经发展论坛。 中国人民大学财政金融学院贾俊雪认为，减税降费还有一定空间，需要考虑怎样更精准施策。原来以间接税为 主，现在可以考虑通过直接税（包括企业所得税、个人所得税等）的减免来有效拉动内需。 不过，在中央财经大学财政税务学院教授白彦锋看来，一提到扩大内需，就会想到减税降费，但结合现实情况的 变化 ...

Core Viewpoints - The A-share market is expected to continue a trend of oscillating upward, with no significant forces pushing for a large upward movement or deep adjustment in the short term [3][9] - The Chinese economy shows strong resilience, with clear trends in industrial structure upgrades and ongoing capital market reforms that continue to release dividends [3][9] Market Overview - On Tuesday, the A-share market displayed a mixed pattern, with bank stocks declining, leading to a weaker performance of the Shanghai Composite Index, while the ChiNext and Shenzhen Composite Indexes continued to trend towards new highs [5] - The market lacked a sustained mainline, with rapid rotation of hotspots and dispersed profit effects [5] - The total trading volume reached 23,414 billion, with the Shanghai Composite Index closing at 3,861.87 points, up 0.04%, and the Shenzhen Component Index at 13,063.97 points, up 0.45% [6] Sector Analysis - The robotics sector has shown significant growth, with the human-robot concept stocks rising sharply, reflecting a 60% increase since January 7, 2025 [7] - The unified market concept stocks also surged, driven by a key article emphasizing the importance of building a unified national market to enhance competitiveness [8] Future Market Outlook - The report maintains that the A-share market is likely to continue its oscillating upward trend, with no immediate factors for a deep adjustment [9] - The technology sector remains promising, although internal differentiation may occur after recent gains [4][9] - The renewable energy sector is also recommended for attention, particularly for leading companies with core technological reserves [4][9] Investment Strategy - Different strategies are suggested based on sector rotation: holding quality companies with clear industry prospects, reducing exposure to overvalued sectors, and focusing on second-tier technology leaders and cyclical stocks during pullbacks [10]

Core Viewpoint - The recent issuance of the "Several Policy Measures to Expand Service Consumption" by the Ministry of Commerce and nine other departments aims to boost consumption and expand domestic demand through 19 specific measures across five areas, indicating a comprehensive, innovative, and forward-looking approach to enhance the service consumption market in China [1][2]. Group 1: Policy Measures - The policy measures include initiatives such as launching "Service Consumption Seasons" to promote consumption activities and supporting collaborations between quality consumption resources and well-known IPs [1]. - The measures also focus on extending operating hours for popular cultural and tourist venues, optimizing reservation methods, and encouraging the implementation of no-reservation policies [1]. - Adjustments to student holiday arrangements and the improvement of supporting policies are also part of the measures [1]. Group 2: Market Trends - The service consumption market in China is expected to experience a new wave of growth, with service retail sales increasing by 5.1% year-on-year in the first eight months of this year, outpacing the growth of goods retail sales [1]. - There is a notable increase in demand for integrated consumption scenarios such as "tourism+" and "sports+", with retail sales in tourism and related services maintaining double-digit growth [1]. Group 3: Focus Areas - The policy measures target key areas such as culture, sports, and education, aiming to enhance service quality and variety in response to evolving consumer demands [2][3]. - Specific initiatives include exploring the market value of traditional cultural IPs, encouraging the introduction of international sports events, and fostering a diverse education and training market [2]. Group 4: Financial Support - The measures emphasize the need for enhanced financial support, including the use of various funding channels to support the construction of service facilities in culture, tourism, elderly care, childcare, and sports [3]. - There is a focus on guiding social capital to invest in service consumption-related sectors and increasing credit support for service consumption enterprises [3]. Group 5: Technological Integration - The integration of technology, such as artificial intelligence and big data, is identified as a key trend in transforming service consumption, leading to more efficient and personalized services [4]. - The emergence of cross-industry business models, such as "cultural tourism + sports" and "healthcare + medical services," is expected to create new consumption scenarios and growth opportunities [4].

Core Viewpoint - The Chinese government is enhancing policy support for service consumption as a key measure to expand domestic demand, with 19 specific initiatives outlined in the recent policy measures [1][2]. Group 1: Policy Measures - The policy measures focus on five areas: cultivating service consumption promotion platforms, enriching high-quality service supply, and stimulating new service consumption growth [1][2]. - Specific initiatives include the implementation of a service consumption quality improvement action plan and the establishment of pilot cities for new consumption formats and models [2][3]. Group 2: Financial Support - The measures emphasize strengthening financial support through various funding channels, including central budget investments and local government bonds, to support the construction of cultural, tourism, and other service facilities [5]. - The People's Bank of China has set up a 500 billion yuan re-lending program to guide financial institutions in increasing support for high-quality service supply in sectors like accommodation, tourism, and education [4][5]. Group 3: Market Expansion - The policy encourages the opening up of sectors such as telecommunications, healthcare, and education to attract more foreign investment and enhance service supply [2][3]. - The government aims to optimize the supply of services by reducing restrictions in high-end medical and leisure sectors, thereby increasing the quality of service offerings [2][3].

新华社权威快报 | 扩大服务消费！9部门发文 要点速览 支持优质消费资源与知名IP跨界合作 支持有条件的地方以优质演艺、动漫、游戏、影视作品等线上流量带动线下场景创新 因地制宜延长热门文博场馆、景区营业时间，优化预约方式，鼓励推行免预约 打造一批具有较高知名度的精品赛事、职业联赛以及具有自主知识产权的体育竞赛表演品牌 放宽中高端医疗、休闲度假等领域市场准入 探索设置中小学春秋假，相应缩短寒暑假时间，增加旅游出行等服务消费时间 增加优质服务供给 更好满足人民群众多样化服务消费需求 新闻多一点 商务部等9部门印发《关于扩大服务消费的若干政策措施》的通知 商务部等9部门9月16日对外发布 《关于扩大服务消费的若干政策措施》 提出五方面19条举措，包括 开展"服务消费季"系列促消费活动 支持优质消费资源与知名IP跨界合作 因地制宜延长热门文博场馆、景区营业时间，优化预约方式，鼓励推行免预约 优化学生假期安排，完善配套政策等 服务消费是促进民生改善的重要支撑，也是消费转型升级的重要方向，在推动经济高质量发展中发挥重要作用。为贯彻 落实党中央、国务院决策部署，更大力度提振消费、扩大内需，提出以下措施。 一、培育服务消费促 ...

Core Viewpoint - The Chinese government is implementing strong policy support to expand service consumption as a key strategy for boosting domestic demand, with specific measures outlined in the recent policy document [2][3]. Group 1: Policy Measures - The policy document includes 19 specific measures across five areas to enhance service consumption, focusing on financial support, quality service supply, and stimulating new consumption growth [2][3]. - Financial institutions are encouraged to increase credit allocation for service consumption, utilizing various funding channels such as central budget investments and local government bonds [2][6]. Group 2: Service Consumption Growth - Service consumption has become a significant aspect of domestic demand expansion, with service retail sales growing by 5.1% year-on-year from January to August, outpacing the growth of goods retail sales [3]. - The government aims to cultivate new consumption formats and scenarios, promoting innovative service consumption experiences and supporting the development of new consumption leaders [3][4]. Group 3: Supply Optimization - The policy emphasizes the need to open up sectors like telecommunications, healthcare, and education to enhance service supply, attracting foreign investment and private capital [4][8]. - Since 2015, China has expanded its pilot programs for service industry openness, with new cities added to the list of trial areas [4]. Group 4: Financial Support - The People's Bank of China has established a 500 billion yuan fund to support service consumption and elderly care, aiming to enhance the quality of service supply in sectors like hospitality, tourism, and education [7]. - The policy encourages financial institutions to develop tailored financial products for service consumption businesses, addressing their unique financing needs [6][7].

Core Viewpoint - The article emphasizes the importance of service consumption in improving people's livelihoods and driving economic transformation, proposing various measures to boost consumption and expand domestic demand [1] Group 1: Cultivating Service Consumption Promotion Platforms - Implementation of a service consumption quality improvement action plan, focusing on policy support, platform development, and enhancing the consumption environment [2] - Development of pilot cities for new service consumption formats and scenarios, promoting innovative service consumption landscapes [2] Group 2: Enriching High-Quality Service Supply - Expansion of high-level openness in the service industry, particularly in telecommunications, healthcare, and education [3] - Support for cultural and artistic sectors through funding and resource utilization to enhance service offerings [3] - Encouragement of foreign sports events and local sports competitions to create well-known sporting brands [3] - Development of a diversified education and training market, including vocational skills training [3] - Promotion of long-term care insurance and training for caregivers in the elderly care sector [3] - Support for community-based childcare services and flexible operational models for kindergartens [3] Group 3: Stimulating New Service Consumption Growth - Attraction of foreign visitors for consumption through visa policy optimization and international promotion of cultural resources [4] - Expansion of digital service consumption, encouraging e-commerce platforms to innovate [4] - Adjustment of school holiday schedules to increase service consumption opportunities [4] Group 4: Strengthening Financial Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [5] - Encouragement of financial institutions to increase credit support for service consumption sectors [5] - Implementation of consumer credit support measures to reduce financing costs for service providers [5] Group 5: Improving Statistical Monitoring Systems - Optimization of service consumption statistical methods to reflect regional development accurately [6]

Core Viewpoint - The article emphasizes the importance of service consumption in improving people's livelihoods and driving economic transformation, proposing measures to boost consumption and expand domestic demand [1] Group 1: Cultivating Service Consumption Promotion Platforms - Implementation of the "Service Consumption Quality Improvement and Benefit Action" to enhance policy support, build platforms, and optimize the consumption environment [2] - Development of pilot cities for new service consumption formats and scenarios, promoting innovative service consumption landscapes [2] Group 2: Enriching High-Quality Service Supply - Expansion of high-level opening up in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [3] - Support for cultural and artistic sectors through funding and resource utilization to enhance cultural product supply [3] - Encouragement of foreign sports events and local mass sports events to create well-known sports brands [3] Group 3: Stimulating New Service Consumption Growth - Attraction of more foreign visitors for consumption through visa policy optimization and promotion of cultural resources [4] - Expansion of digital service consumption and support for e-commerce platforms to innovate online and offline integration [4] - Adjustment of student holiday arrangements to increase service consumption opportunities [4] Group 4: Strengthening Financial Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [5] - Encouragement of financial institutions to increase credit support for service consumption sectors [5] - Implementation of consumption credit support measures to reduce financing costs for service industry operators [5] Group 5: Improving Statistical Monitoring Systems - Optimization of service consumption statistical methods to reflect regional development accurately [6] - Encouragement of the use of big data for monitoring and analysis of service consumption [6]

Core Viewpoint - The article emphasizes the importance of service consumption in improving people's livelihoods and driving economic transformation, proposing measures to boost consumption and expand domestic demand [1]. Group 1: Cultivating Service Consumption Promotion Platforms - Implementation of the "Service Consumption Quality Improvement and Benefit Action" to enhance policy support, build platforms, and optimize the consumption environment [2]. - Development of pilot cities for new service consumption formats and scenarios, promoting innovative service consumption landscapes [2]. Group 2: Enriching High-Quality Service Supply - Expansion of high-level opening up in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [3]. - Support for cultural and artistic sectors through funding and resource utilization to create impactful cultural events and exhibitions [3]. - Encouragement of foreign sports events and local mass sports events to enhance service consumption through sports tourism [3]. Group 3: Stimulating New Service Consumption Growth - Attraction of more foreign visitors through optimized visa policies and promotion of cultural resources [4]. - Expansion of digital service consumption by encouraging e-commerce platforms to innovate in online and offline integration [4]. - Adjustment of school holiday schedules to increase opportunities for tourism and service consumption [4]. Group 4: Strengthening Financial Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [5]. - Promotion of service trade innovation through market-oriented investment in service consumption enterprises [5]. - Enhancement of consumer credit support to stimulate service consumption through government and financial institution collaboration [5]. Group 5: Improving Statistical Monitoring Systems - Optimization of service consumption statistical methods to reflect regional development accurately [6]. - Encouragement of the use of big data for monitoring and analyzing service consumption trends [6].