中国证券报：扩大服务消费若干政策举措有望近日推出。为顺应居民消费结构升级的趋势，新政策举措将着力增加高品质服务供给，包括扩大入境消费，推出更多优质入境旅游线路和服务；推动互联网、文化等领域有序开放；推动将露营、民宿、物业服务、“互联网+医疗”等服务消费条目纳入鼓励外商投资产业目录等。 ...

"当前，我国服务消费的主要问题是优质服务供给不够。"商务部副部长盛秋平8月27日在国新办举行的 新闻发布会上表示，"我们将通过'对外开放、对内放开'，着力增加高品质服务供给。" 今年以来，支持服务消费的政策举措陆续推出。3月，中共中央办公厅、国务院办公厅印发《提振消费 行动方案》；4月，商务部会同相关部门围绕扩大服务消费联合印发《服务消费提质惠民行动2025年工 作方案》。 中国证券报·中证金牛座记者近日获悉，扩大服务消费若干政策举措有望近日推出。 为顺应居民消费结构升级的趋势，新政策举措将着力增加高品质服务供给，包括扩大入境消费，推出更 多优质入境旅游线路和服务；推动互联网、文化等领域有序开放；推动将露营、民宿、物业服务、"互 联网+医疗"等服务消费条目纳入鼓励外商投资产业目录等。 政策效果逐渐显现。商务部数据显示，今年1至7月，我国服务零售额同比增长5.2%，服务消费占比持 续提升。 （文章来源：中国证券报） ...

Group 1 - Milan Station (01150) saw a significant increase in stock price, rising over 40% to 0.33 HKD, with a trading volume of 12.34 million HKD [1] - The company reported a mid-year performance for 2025, with revenue of 50.06 million HKD, a year-on-year decrease of 20.7% [1] - Gross profit was reported at 5.74 million HKD, reflecting a year-on-year increase of 41.7% [1] - The net loss narrowed to 11.02 million HKD, a reduction of 48.8% compared to the previous year, primarily due to a decrease in losses from fair value changes of financial assets [1] Group 2 - According to the Ministry of Commerce, retail service revenue grew by 5.2% year-on-year from January to July this year, with an increasing share of service consumption [1] - The Ministry of Commerce plans to introduce several policy measures in September to expand service consumption, utilizing fiscal and financial tools to enhance service supply capacity and stimulate new growth in service consumption [1]

Group 1: Core Insights - The central viewpoint emphasizes the importance of service consumption as a key driver for economic growth and innovation in the context of China's broader consumption strategy [1] - The article highlights the transformation of traditional practices, such as the "flower pinning" custom in Xunpu Village, into a vibrant cultural tourism experience that attracts significant visitor numbers and boosts local economy [2][6] Group 2: Economic Impact - Xunpu Village is projected to receive over 8.5 million visitors in 2024, generating tourism revenue exceeding 1.8 billion yuan [7] - From January to July 2023, the village welcomed over 4.26 million visitors, contributing more than 860 million yuan in tourism consumption [7] Group 3: Cultural Heritage and Innovation - The "flower pinning" tradition, recognized as a national intangible cultural heritage, has been revitalized through modern tourism practices, enhancing cultural transmission and economic benefits [5][6] - The establishment of the Xunpu Flower Pinning Cultural Association aims to standardize services and preserve cultural heritage, reflecting a commitment to both tradition and innovation [8][9] Group 4: Tourism Development Strategies - The local government has initiated the "Ten Enhancement Projects" to diversify tourism offerings and improve visitor experiences, aiming to create a more sustainable tourism model [12] - The introduction of themed dining experiences, such as the "flower pin banquet," combines local culinary traditions with cultural elements, enhancing visitor engagement [12][13] Group 5: Community Engagement and Economic Growth - The rise of the "flower pinning" trend has led to a resurgence of local entrepreneurship, with many residents returning to the village to open businesses related to tourism [7][9] - The integration of night markets and cultural events has significantly increased visitor numbers and local spending, demonstrating the effectiveness of a multifaceted tourism approach [13]

Core Insights - The logistics industry in China showed a significant improvement in August, with the logistics prosperity index rising to 50.9%, an increase of 0.4 percentage points from the previous month, indicating a positive trend in supply and demand [1][2] Group 1: Logistics Industry Performance - The business volume index and new order index, which reflect supply and demand, continued to expand, with the business volume index remaining in the expansion zone for six consecutive months and the new order index for seven months [2] - The logistics service price index increased by 0.3 percentage points month-on-month, and the main business profit index rose by 0.2 percentage points [2] - The outdoor leisure, fitness, and seasonal produce e-commerce logistics orders saw a nearly 5% month-on-month growth in August [2] Group 2: Economic Indicators - Multiple economic indicators have shown positive improvements, including the manufacturing purchasing managers' index (PMI) rising to 49.4% in August, indicating a slight recovery in market demand [4] - The manufacturing production activity expectation index increased to 53.7%, reflecting improved market confidence [5] - The non-manufacturing business activity index was at 50.3%, indicating continued expansion in the non-manufacturing sector [5] Group 3: Government Policies and Initiatives - The National Development and Reform Commission (NDRC) plans to implement measures to stimulate consumption and enhance market vitality, focusing on potential growth points and expanding investment [8] - The "Artificial Intelligence+" initiative is being accelerated, with plans to develop specific implementation schemes to enhance service consumption and economic growth [9][10] - The government aims to support private investment in major projects and improve the participation of private enterprises in national infrastructure projects [8]

Group 1 - The Ministry of Commerce will introduce several policy measures to expand service consumption in September, focusing on enhancing service supply capabilities and stimulating new service consumption [1] - The Ministry has already implemented various policies this year, including initiatives for elderly tourism, home services, health consumption, and green consumption [1] - The upcoming policies will utilize fiscal and financial tools to optimize service supply and drive actual results in service consumption [1] Group 2 - Li Ning has launched an immersive theater experience called "China Li Ning World" in Shanghai, featuring five themed theaters that blend drama, interaction, and product experience [4] - The experience showcases multiple co-branded series and introduces a new logo in a 3D format [4] Group 3 - The Nordic fragrance brand Yougift will open its first store in Nanjing on August 31, offering a range of products inspired by Nordic culture and nature [6] Group 4 - Anta Group has announced a joint venture with South Korea's Musinsa to establish "Musinsa China," with Anta holding 40% and Musinsa 60% of the shares [7][8] - Musinsa China will focus on developing its own brand "Musinsa STANDARD" and multi-brand stores in the Chinese market [8] Group 5 - Meituan has opened its first self-operated discount supermarket "Happy Monkey" in Hangzhou, marking its entry into the offline retail sector [11] - The company plans to open approximately 10 stores in major cities by 2025, with a long-term goal of reaching 1,000 stores nationwide [11][12] Group 6 - Hema's budget community supermarket Hema NB has been rebranded as "Super Box Calculation NB" to enhance its brand while maintaining its community budget positioning [15] Group 7 - Anta Group reported a 14.3% increase in revenue to 38.54 billion yuan for the first half of 2025, with operating profit rising 17% to 10.131 billion yuan [16] - FILA's revenue reached a record high, growing 8.6% to 14.18 billion yuan, driven by its "ONE FILA" strategy [16] Group 8 - Biyinlefen's revenue increased by 8.6% to 2.103 billion yuan in the first half of 2025, while net profit declined by 13.56% [17] Group 9 - Xiaocaiyuan plans to expand its store count to 1,000 by next year, with a goal of over 3,000 stores in the next decade [18] Group 10 - Mixue Ice City reported a 39.3% increase in revenue to 14.8748 billion yuan for the first half of 2025, with a profit of 2.718 billion yuan, up 44.1% [19][20] Group 11 - Gu Ming's revenue for the first half of 2025 reached 5.6629 billion yuan, a 41.2% increase, with net profit significantly rising [21][22] Group 12 - Tims Coffee reported a 4.9% decline in revenue to 349 million yuan for the second quarter, but food revenue reached a historical high of 35.2% [23] Group 13 - Nayuki's revenue decreased by 14.4% to 2.178 billion yuan in the first half of 2025, while adjusted net losses decreased by 73.1% [24][25] Group 14 - Aeon reported a 3.0% decrease in revenue to 3.931 billion HKD for the first half of 2025, with net losses widening to 226 million HKD [26] Group 15 - Anta and Bosideng have responded to reports of their interest in acquiring Canada Goose, clarifying that they are not potential buyers [27][29] Group 16 - Keurig Dr Pepper has agreed to acquire JDE Peet's for 57 billion euros, with the transaction expected to complete in the first half of 2026 [32] Group 17 - Coca-Cola is evaluating the sale of Costa Coffee, with initial discussions with private equity firms indicating a potential sale price of 2 billion pounds [33]

Core Viewpoint - The Ministry of Commerce plans to introduce several policies to expand service consumption this month, reflecting a shift in macroeconomic policy focus towards balancing goods and service consumption [1] Group 1: Service Consumption Trends - There is a high income elasticity in service consumption, meaning changes in residents' income expectations and growth significantly impact this sector [1] - Recent consumption trends indicate that demand and spending in the service sector are not lacking; rather, there is a need to match evolving consumer preferences with appropriate scenarios and quality supply [1] - The youth consumer group, particularly Generation Z, is willing to spend on interests and emotional value, as seen in the phenomenon of "LABUBU," while also seeking high cost-performance ratios, demonstrating a preference for spending wisely [1] Group 2: Policy Recommendations - To address the shortage of quality service supply, the focus should be on "opening up externally and loosening restrictions internally," which includes expanding pilot programs in telecommunications, healthcare, and education to attract mature and high-quality services [1] - Additionally, reducing domestic market restrictions, such as easing market access and optimizing regulatory models, is essential to stimulate market competition and enrich service supply [1] Group 3: Short-term and Long-term Measures - The proposed measures for "opening up externally and loosening restrictions internally" are more aligned with long-term reforms aimed at fundamentally improving the service consumption cycle [2] - Short-term counter-cyclical adjustment policies are also necessary to provide immediate visibility of the government's commitment to boosting consumption, exemplified by the recent "dual subsidy" policy from the Ministry of Finance, which aims to lower financing costs for consumers and operators [2] - Both long-term reforms and short-term adjustments must continuously address real consumer needs to translate policy effectiveness into tangible benefits for consumers [2]

Group 1 - The implementation of the "Personal Consumption Loan Interest Subsidy Policy" on September 1 includes a wide range of consumer areas, such as household appliances, education, and healthcare, aiming to boost service consumption [1] - Shenzhen is actively promoting the expansion and upgrading of service consumption, particularly in sectors like dining, accommodation, and elderly care, to enhance the quality and efficiency of basic service consumption [2][3] - The city has introduced numerous international and domestic dining brands, with 109 new restaurant openings and various promotional events to attract consumers, including the 2025 Shenzhen Futian Coffee Life Week [2] Group 2 - In the home service sector, Shenzhen has organized recruitment events and training programs, attracting over 1,800 participants and providing more than 5,000 job opportunities [3] - The city is enhancing elderly care services by organizing international expos, building experience centers, and expanding community services, with 83 elderly care institutions and over 14,000 beds available [3] - The government recognizes service consumption as a key driver for economic growth, employment stability, and improved living standards, with a focus on high-quality development and new consumption patterns [4]

Core Viewpoint - The People's Bank of China (PBOC) highlights a significant growth in consumer spending, particularly in service consumption, which is expected to drive economic growth and improve living standards in the coming years [1][2]. Group 1: Consumer Market Trends - In the first half of the year, retail sales in various sectors showed substantial growth: home appliances (30.7%), cultural and office supplies (25.4%), communication equipment (24.1%), and furniture (22.9%) [1]. - The total retail sales of consumer goods are steadily increasing, supported by consumption policies that are gradually taking effect [1]. Group 2: Service Consumption Growth - Service retail sales grew by 5.3% year-on-year, outpacing the growth of goods retail sales, indicating a shift towards service consumption [2]. - Currently, service consumption accounts for less than 50% of per capita consumption expenditure in China, suggesting significant room for growth [2]. Group 3: Challenges in Service Consumption - There are notable challenges in service consumption, including insufficient supply in high-demand areas such as elderly care and childcare, with the current childcare enrollment rate for children under three being less than 10% [2][3]. - The quality of service supply is also a concern, with an oversupply of low-end, homogeneous services and a lack of specialized, personalized offerings [3]. Group 4: Policy Support for Consumption - Recent policies, including the introduction of service consumption and elderly care refinancing tools, indicate a stronger focus on enhancing consumer welfare and stimulating consumption [4]. - The PBOC's report emphasizes the need for financial policies to improve the supply of high-quality services, thereby creating effective demand and unlocking consumption growth potential [4].

Core Viewpoint - The Ministry of Commerce plans to introduce policies to expand service consumption this month, reflecting a shift in macroeconomic policy focus towards balancing goods and service consumption [1] Group 1: Service Consumption Trends - Service consumption has higher income elasticity, meaning changes in residents' income expectations and growth rates significantly impact it [1] - Recent consumption trends indicate that there is demand in the service sector, but it requires appropriate scenarios and high-quality supply to match evolving consumer concepts [1] - The youth consumer group, particularly Generation Z, is willing to spend on interests and emotional value, as seen in the popularity of the phenomenon "LABUBU" [1] Group 2: Policy Recommendations - To address the shortage of high-quality service supply, the focus should be on "opening up externally and loosening restrictions internally," which includes expanding pilot programs in telecommunications, healthcare, and education [1] - Reducing domestic market restrictions, such as easing market access and optimizing regulatory models, is essential to stimulate market competition and enrich service supply [1] Group 3: Short-term and Long-term Policy Measures - The "opening up externally and loosening restrictions internally" measures are more aligned with long-term reforms aimed at fundamentally improving the service consumption cycle [2] - Short-term counter-cyclical adjustment policies are also necessary to demonstrate the government's commitment to boosting consumption, such as the recent "dual interest subsidy" policy [2] - The coordination between fiscal resources and financial resources is crucial to lower financing costs for consumers and operators, guiding financial resources towards the consumption sector [2]