鼓励金融机构围绕升级商品消费、扩大服务消费、培育新型消费、创新多元化消费场景、助力消费帮扶 五大重点领域，优化金融产品服务，推动供需两端强化对接，提高对商品和服务消费的适配性，因地制 宜推动新型消费发展，支持消费新业态新模式新场景建设，落实落细各项金融支持举措。 老厂房化身工业美学新空间，位于首钢园的融石广场于今年国庆节期间开业试运营 昨日，商务部网站挂出商务部、中国人民银行、金融监管总局联合印发的《关于加强商务和金融协同更 大力度提振消费的通知》（以下简称《通知》）。 《通知》围绕商品消费、服务消费、新型消费、消费场景、消费帮扶等重点领域和强机制、抓落实、促 合力等关键环节提出3方面11条政策措施。 深化商务和金融系统协作 《通知》明确推动地方有关部门加强沟通交流和分工协作，鼓励有条件的地方健全沟通合作机制，强化 财政资金、信贷资金与社会资本等合力，细化落实具体实施细则，共同打好政策"组合拳"。 鼓励地方商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持形成合力，更好激发 消费潜力。鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效。 结合地方实际探索运用融资担保、贷款贴息、风险 ...

专题：四大证券报精华 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！ 12月15日（星期一），今日报刊头条主要内容精华如下： 中国证券报 三部门出台11条政策措施 加强商务和金融协同 更大力度提振消费 商务部12月14日消息，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅近日联合印发的《关 于加强商务和金融协同更大力度提振消费的通知》提出，结合地方实际探索运用融资担保、贷款贴息、 风险补偿等多种方式，加强财政、商务、金融政策协同配合，引导信贷资金加大向消费重点领域投放。 中央财办：明年将根据形势出台实施增量政策 中央财办分管日常工作的副主任、中央农办主任韩文秀12月13日在中国国际经济交流中心主办的"2025- 2026中国经济年会"上表示，做好明年经济工作，要坚持稳中求进、提质增效，加大逆周期和跨周期调 节力度，切实提升宏观经济治理效能。去年9月26日中央政治局会议以来，我国先后出台实施了一系列 政策措施，明年还将根据形势变化出台实施增量政策。 全国发展和改革工作会议提出 适当增加中央预算内投资规模 记者12月13日从全国发展和改革工作会议上获悉，明年国家发展改革委将充分发挥 ...

Group 1 - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Authority jointly issued a notification to enhance collaboration between commerce and finance to boost consumption, including measures such as waiving penalties for early loan repayments during vehicle trade-ins and supporting loans for service and elderly care sectors [5] - China's marine economy is projected to exceed 10 trillion yuan in production value in 2024, with a year-on-year growth of 5.6% in the first three quarters of this year, highlighting its importance in stabilizing national economic growth [5] - Hong Kong's Financial Secretary announced the upcoming public consultation for the new fiscal budget, focusing on expanding economic development, fostering innovation, and optimizing industrial structure to create quality jobs [6] Group 2 - Dongfeng Motor and Leap Motor both announced their commitment to comply with the "Automotive Industry Price Behavior Compliance Guidelines," aiming to enhance price compliance management across the entire production and sales chain [13] - Yunda Holdings disclosed the nomination of a 24-year-old as a non-independent director candidate, indicating potential changes in corporate governance and strategic direction [14] - Texas Instruments and UBTECH Robotics have formed a strategic partnership, with Texas Instruments procuring UBTECH's industrial humanoid robots for application in semiconductor manufacturing, marking a significant step in industry upgrade [16] Group 3 - Fenbi and Huatu Shanding signed a strategic cooperation agreement to explore collaboration in equity investment and AI applications in the examination training industry, reflecting the trend of digital transformation in education [17] - The Brandt Group, a historic French appliance manufacturer, has entered judicial liquidation, affecting approximately 700 employees and highlighting challenges in traditional manufacturing sectors in Europe [19]

Group 1: Automotive Industry - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau jointly issued a notification to boost consumption, including measures to reduce penalties for early loan repayment during vehicle trade-ins and support for service and elderly care sectors [5] - Dongfeng Motor and Leap Motor announced their commitment to comply with the "Automotive Industry Price Behavior Compliance Guidelines," aiming to enhance price compliance management across the entire production and sales chain [14][15] Group 2: Economic Indicators - China's marine economy is projected to exceed 10 trillion yuan in production value in 2024, with a 5.6% year-on-year growth in the first three quarters of this year, highlighting its importance in national economic stability [5] - The Hong Kong government is set to launch public consultations for the upcoming fiscal budget, focusing on expanding economic development and fostering innovation and technology [6] Group 3: Corporate Developments - Yunda Holdings announced a board election, nominating a 24-year-old as a non-independent director candidate, indicating potential changes in corporate governance and strategy [16] - Texas Instruments has entered a strategic partnership with UBTECH Robotics to enhance the application of humanoid robots in semiconductor manufacturing [17] Group 4: Market Trends - The price of Feitian Moutai has seen a significant increase, with prices rising by 40 to 80 yuan per bottle recently, indicating a strong demand in the market [13] - The strategic cooperation between Fenbi and Huatu Shanding aims to explore AI applications in the examination training industry, reflecting a trend towards digital transformation in education [18]

● 本报记者 欧阳剑环 二是多措并举促进投资止跌回稳。充分发挥"两重"建设、新增地方政府专项债券等各类政府投资资金作 用，适当增加中央预算内投资规模，继续发挥新型政策性金融工具作用，不断提高投资效益。面向"十 五五"谋划实施重大工程项目。进一步明确投资规则，扎实做好前期工作，加强投资项目调度。深入实 施促进民间投资发展的若干措施，有效激发民间投资活力。 记者12月13日从全国发展和改革工作会议上获悉，明年国家发展改革委将充分发挥"两重"建设、新增地 方政府专项债券等各类政府投资资金作用，适当增加中央预算内投资规模，继续发挥新型政策性金融工 具作用，多措并举促进投资止跌回稳。 三是提振消费要出实招出新招。优化实施消费品以旧换新政策，积极扩大服务消费，加快清理消费领域 不合理限制性措施，推动消费供给提质升级。 会议明确，发展改革系统要准确把握明年经济工作的总体要求，结合职能扎扎实实做好明年发展改革重 点工作。一是编制实施好"十五五"规划。深入领会党中央战略意图，坚持因地制宜，提高规划质量，加 强规划内容审核衔接，把党的二十届四中全会《中共中央关于制定国民经济和社会发展第十五个五年规 划的建议》确定的各项决策部署和 ...

食品饮料 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 食品饮料 沪深300 相关研究报告 《白酒短期批价扰动，西麦新品值得 关注—行业周报》-2025.12.7 《茅台韧性凸显，建议长期配置布局 —行业周报》-2025.11.30 《乳制品供需拐点可期，三大机会驱 动行业成长—行业周报》-2025.11.23 中央经济工作会议积极定调，飞天批价或止跌触底 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：政策红利提振消费情绪，贵州茅台加码控价 12 月 8 日-12 月 12 日，食品饮料指数跌幅为 1.6%，一级子行业排名第 21，跑输 沪深 300 约 1.5pct，子行业中其他食品（+0.0%）、乳品（-1.1%）、啤酒（-1.3%） 表现相对领先。本周中央经济工作会议将"坚持内需主导，建设强大 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% within the next six months [28]. Core Insights - The Central Economic Work Conference emphasized the implementation of consumption-boosting actions and the development of urban and rural resident income plans, which are expected to enhance the performance and valuation recovery of the consumer sector [3][9]. - The tourism sector is anticipated to see continued growth, with leading companies like Trip.com Group and Huazhu Hotels responding quickly to consumer demand [3]. - The beauty industry is experiencing steady growth, with a focus on companies that can adapt to market changes and integrate products, brands, and channels effectively [3]. - The sports and outdoor apparel sector is expected to benefit from policy support, presenting investment opportunities in leading brands with market share growth potential [3]. - The media sector should focus on niche markets related to consumer sentiment, which may provide opportunities for companies with strong performance certainty [3]. - In the food and beverage sector, leading companies are expected to maintain market share through effective brand management, particularly in high-end and mid-range liquor segments [3]. - The snack segment, particularly konjac products, continues to show strong growth potential, while dairy companies may enter a profit recovery phase [3]. Summary by Sections Social Services - The industry is evolving, with a focus on companies that actively respond to changing consumer demands, particularly in tourism and beauty sectors [3][8]. Macro Dynamics - The Central Economic Work Conference outlined key tasks for 2026, emphasizing the importance of domestic demand and the implementation of consumption-boosting actions [9]. Industry Dynamics - Disney's investment in OpenAI and its strategy to control fan engagement through authorized channels reflects a significant trend in the media industry [10]. Food and Beverage - Alcohol - The majority of liquor companies reported a deeper decline in net profits in Q3 2025 compared to Q2 2025, indicating ongoing challenges in the sector [3][19]. - The high-end liquor segment remains resilient, with leading brands expected to enhance their market positions [3][20]. Food and Beverage - Consumer Goods - The snack segment, particularly konjac products, continues to show strong growth potential, while dairy companies may enter a profit recovery phase [3][25]. Home Appliances - The electric two-wheeler industry faced a significant decline in production and sales in November 2025, indicating challenges in consumer demand [26].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the importance of boosting consumption and expanding domestic demand as a primary focus for economic work in the coming year, indicating that consumption is a key engine for economic growth in the context of a new development pattern [1][3]. Group 1: Factors Affecting Consumption - Current weak consumption is attributed to a complex interplay of factors leading to a "confidence crisis," with rising household savings rates and declining consumption tendencies reflecting a state of "consumption hesitation" rather than mere "consumption downgrade" [3]. - Concerns about potential layoffs, housing prices, and rising costs in education and healthcare contribute to consumer anxiety, complicating spending decisions [3]. Group 2: Strategies for Boosting Consumption - The conference proposed a comprehensive "consumption boost package" that includes increasing income, optimizing supply, removing barriers, and stabilizing consumer confidence to encourage spending [3][5]. - Multi-channel strategies to increase urban and rural residents' income are highlighted, focusing on stabilizing employment, improving wage growth mechanisms, and expanding social security coverage to alleviate concerns in healthcare and housing [5]. Group 3: Evolving Consumer Demands - Consumer demands are becoming increasingly diverse and unique, with younger generations and older adults seeking experiences that provide emotional value, health assurance, and cultural engagement [5]. - The rise of new consumption patterns, such as green, smart, and health-oriented consumption, necessitates improved market regulation and consumer protection mechanisms to enhance the overall shopping experience [7]. Group 4: Economic Implications - Boosting consumption is seen as a critical support for economic circulation and a strong driver for high-quality economic development, reflecting the warmth and specificity of consumer spending beyond mere data [7].

Core Viewpoint - The Ministry of Commerce has issued a notification to strengthen the collaboration between commerce and finance, aiming to boost consumption through 11 specific policy measures across three main areas [1][15]. Group 1: Strengthening Financial Support for Key Consumption Areas - Emphasis on enhancing financial services for durable goods and digital products to tap into consumption upgrade potential [1][6]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services like installment plans and digital currency [1][6]. - Support for cross-border supply chain financing and integration of domestic and foreign trade operations [1][6]. Group 2: Expanding Service Consumption Policies - A comprehensive policy framework ("1+N") is proposed to support service consumption in sectors like hospitality, entertainment, and education [1][7]. - Financial products and services will be innovated to better fit into consumption scenarios and ecosystems [1][7]. - Encouragement for financial institutions to provide loans to service sectors and elderly care businesses [1][7]. Group 3: Promoting New Consumption Models - Initiatives to foster new consumption types, including green and digital consumption, with tailored financial services [1][8]. - Financial institutions are urged to collaborate with e-commerce platforms to develop internet-adapted business models [1][8]. - Support for expanding consumer access and convenience through innovative financial solutions [1][8]. Group 4: Enhancing Government-Financial-Enterprise Cooperation - Encouragement for financial institutions to participate in local consumption promotion activities, offering specialized products and services [1][10]. - Development of a project list for key consumption areas to facilitate information sharing between local commerce departments and financial institutions [1][11]. - Promotion of consumer rights and rational borrowing through effective communication of financial policies [1][12].

商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布关于加强商务和金融协同，更大力度提 振消费的通知。其中提出，加大消费重点领域金融支持。加强大宗耐用消费品、数码产品等消费金融服 务，挖掘商品消费升级潜能。推动金融机构与平台、重点商户合作，走进商超卖场，完善分期付款、信 用卡、手机银行、数字人民币等产品服务模式，更好满足消费者换新需求。根据客户还款能力和信用情 况，合理确定贷款发放比例、期限和利率，落实好个人消费贷款额度、期限、利率差异化政策，加快推 动个人消费贷款业务发展。适当减免汽车以旧换新过程中提前结清贷款产生的违约金。加强金融机构与 内外贸一体化重点企业和平台对接，提供境内外交易撮合服务，完善跨境供应链融资模式，支持更多企 业内外贸一体化经营，扩大内贸险承保规模，支持更多优质外贸产品进入国内市场。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...