Core Viewpoint - The development of county economies is a strategic pivot for promoting new urbanization and rural revitalization, addressing the urban-rural dual structure, and facilitating the flow of resources between urban and rural areas [1][2][3][4]. Group 1: Importance of County Economy - The county economy serves as a foundational carrier for constructing a new development pattern, enhancing domestic demand, and stabilizing the economic cycle [2]. - High-quality development of county economies can effectively promote the smooth flow of urban and rural production factors, leveraging rich natural and labor resources [2][3]. - County economies play a crucial role in stabilizing industrial and supply chains, ensuring their safe and stable operation through resource sharing and collaborative innovation [2][4]. Group 2: Role in Urbanization - The county economy acts as a key engine for new urbanization, transforming urban capital, technology, and management into rural development momentum [3]. - It is essential to build a coordinated development pattern among large, medium, and small cities while promoting urbanization centered around county towns [3]. Group 3: Pathway to Common Prosperity - High-quality development of county economies can generate unique economic and social benefits, contributing to equalization of basic public services and reducing the urban-rural income gap [4]. - Development of characteristic agriculture and rural tourism can increase farmers' income through various channels, including wage and property income [4]. Group 4: Strategies for Development - Emphasizing the growth of county wealth-generating industries that have clear comparative advantages and strong employment capacity is crucial [5]. - Digital economy empowerment is necessary to transform traditional industries and foster new ones, utilizing technologies like big data and cloud computing [5]. - Enhancing technological innovation capabilities is vital for activating the internal dynamics of county economies, including building innovation platforms and promoting technology transfer [6][7]. Group 5: Collaborative Development - Promoting collaborative development among counties is essential for enhancing regional economic openness, requiring resource sharing and infrastructure development [7]. - Establishing industry cooperation mechanisms among counties can drive collaborative industrial development and integrate county economies into the global trade network [7].

Group 1 - The scale of new employment forms, represented by delivery riders and ride-hailing drivers, is continuously expanding due to the acceleration of digital technology updates and the exploration of new business scenarios by platform companies since 2025 [1][6] - The latest data indicates that there are over 12 million ride-hailing delivery workers in China, with food delivery riders covering more than 2,000 county-level cities, making it a significant channel for job absorption [6] - In Yiyang, a delivery station plans to expand its workforce from 450 to over 500 riders due to rapid business growth, reflecting the increasing demand for delivery services in the county-level economy [4] Group 2 - The government has increased the number of pilot provinces for occupational injury protection for new employment forms to 17, and multiple platform companies are testing pension insurance for these workers [8] - Didi has recruited over 770,000 new drivers nationwide since April 2025, with significant recruitment in key regions such as Guangdong, Fujian, and Zhejiang, and has allocated 1 billion yuan for driver subsidies and rights protection [9]

Core Insights - The Dragon Boat Festival holiday saw a significant increase in consumer travel, with a total of 653.7 million trips made, averaging 21.79 million trips per day, representing a year-on-year growth of 2.5% [1][3][14] - The robust travel activity reflects the strong consumption vitality within the Chinese economy, indicating a resilient and expansive domestic market [3][14] Transportation and Travel Data - Daily railway passenger volume reached 16.01 million, while road travel averaged 19.91 million, and air travel averaged 1.88 million passengers per day [1] - The holiday period saw a notable increase in short-distance travel, with self-driving trips accounting for a high proportion of the traffic, particularly on highways [10][11] Regional Tourism Performance - In Henan, the province received 15.12 million tourists, generating a tourism revenue of 6.79 billion yuan, with year-on-year growth of 4.7% and 5.3% respectively [4] - Beijing welcomed 8.21 million tourists, achieving a total tourism expenditure of 10.77 billion yuan, reflecting a year-on-year increase of 5.4% and 6.7% [4] - Guangdong reported 23.21 million tourists and a tourism revenue of 11.44 billion yuan, with year-on-year growth of 20.6% and 25.6% respectively [5] Cultural and Experiential Trends - Traditional cultural elements like dragon boats and rice dumplings have transformed into significant drivers of local consumption and tourism [6] - Events such as concerts and sports matches have become major attractions, leading to increased travel across provinces and cities, highlighting a surge in consumer willingness to pay for experiences [7][9] Infrastructure and Connectivity - China's extensive high-speed rail and highway networks, along with an improving civil aviation system, have significantly reduced travel costs and time, enhancing people's willingness to travel [11][12] - The efficient transportation infrastructure supports the high volume of travel, making the 653.7 million trips possible and forming the backbone of a dynamic and mobile society [12][14]

Core Insights - Chongqing's retail sales of consumer goods reached 538.54 billion yuan in the first four months of the year, marking a year-on-year growth of 4.4% and leading among five international consumption center cities for five consecutive quarters [1] Group 1: Consumption Policies and Impact - The "old-for-new" subsidy policy has significantly boosted consumption, directly driving over 30 billion yuan in sales [2][6] - The implementation of the subsidy policy led to a 70%-80% increase in daily sales at the JD Mall in Yangjiaqing, with average daily sales exceeding 20 million yuan [2][6] - The city has secured 3.0 billion yuan in central government funding for consumption subsidies, which has supported various programs including automobile and home appliance replacements [7] Group 2: Night Economy and Tourism - Chongqing has been recognized as the top city in China's "Top Ten Night Economy Influential Cities," with significant increases in foot traffic and revenue in tourist areas like Longmenhao Old Street [8][10] - Longmenhao Old Street saw a 187% increase in visitor numbers and a 272% increase in revenue compared to the previous year, with daily visitor peaks reaching 58,000 [10][11] Group 3: County Economic Development - Rongchang district achieved 2.0 billion yuan in retail sales over five days during the May Day holiday, driven by local specialties and effective marketing strategies [13] - The district's initiatives, including a 5 million yuan investment in non-heritage crafts and a 1 million yuan fund for the local goose industry, have significantly enhanced local economic activity [14]

Group 1 - The provincial government emphasizes the need for high-quality development of county economies by leveraging local advantages and strengthening industrial support [1][3] - In Dalian, the focus is on enhancing marine resource utilization, promoting green development in marine industries, and improving port management for smarter and greener operations [1][2] - In Xiuyan, the government aims to enhance the value of local jade culture, develop e-commerce platforms, and integrate various sectors to expand market reach [2][3] Group 2 - In Haicheng, the government highlights the importance of leveraging transportation advantages and industry characteristics to innovate and transform trade markets [2][3] - The emphasis is placed on project construction, effective investment expansion, and boosting consumption to support economic growth [3] - The government is committed to enhancing safety production and governance efficiency to ensure public safety and social stability [3]

Core Viewpoint - The economic landscape of Northern Jiangsu is rapidly evolving, with the region emerging as a new growth pole in Jiangsu province and the Yangtze River Delta, driven by the competitive dynamics among its counties aiming for significant GDP milestones [1][3]. Group 1: Economic Growth and Competition - Since the start of the 14th Five-Year Plan, Northern Jiangsu has accelerated its economic development, with counties competing fiercely for the title of "First County in Northern Jiangsu" [1][2]. - The "First Tier" counties, including Shuyang County, Tongshan District, and others, have GDPs ranging from 119 billion to 156 billion yuan, while the "Second Tier" counties are targeting GDPs between 70 billion and 102.7 billion yuan [2][3]. - The "Sixteen Heroes" of Northern Jiangsu, representing nearly half of the region's counties, have historically relied on agriculture but are now showing significant economic growth potential [2][3]. Group 2: New Industrialization in Xinyi - Xinyi, as a representative of the shift in Northern Jiangsu's economic model, has achieved a GDP of 102.7 billion yuan in 2024, marking its entry into the national billion-yuan county rankings [4][5]. - The city has seen its industrial revenue grow from 55.1 billion yuan in 2020 to 115.9 billion yuan in 2024, indicating a robust industrial development trajectory [4][5]. - Xinyi's strategic location as a transportation hub has facilitated its industrial growth, supported by a comprehensive transportation network that includes railways, highways, and ports [6][8]. Group 3: Industrial and Technological Advancements - Xinyi is focusing on upgrading traditional industries and fostering emerging sectors, with significant investments in high-end textiles and new materials [6][7]. - The city has attracted substantial industrial investments, with a 13.5% increase in manufacturing investment and a 23.1% rise in high-tech industry investment in 2024 [7][8]. - Xinyi's innovation-driven policies have led to a 10.2% increase in R&D investment, with a total of 213 high-tech enterprises established [7][8]. Group 4: Economic Development in Huai'an - Huai'an District, another key player among the "Sixteen Heroes," has achieved a GDP of approximately 85.3 billion yuan in 2024, with an annual growth rate of nearly 8% [10][11]. - The district has seen a 30% increase in industrial investment, reflecting its ongoing industrialization efforts [10][11]. - Huai'an is leveraging its historical significance and location to attract investments, particularly from Taiwanese businesses, enhancing its electronic and semiconductor industries [10][12].

Core Insights - The shared charging treasure market in first- and second-tier cities has become saturated, while third- and fourth-tier cities present untapped opportunities for growth [1][3] - Kunpeng Shared Technology aims to leverage county-level economic support policies to penetrate these lower-tier markets with a unique operational strategy [1][6] Market Potential - The spending growth rate for residents in third- and fourth-tier cities on local life services is 18% annually, significantly outpacing that of first- and second-tier cities [3] - The penetration rate of shared charging treasures in county towns is below 30%, indicating a substantial market opportunity as 70% of potential users may not find available devices [3][8] Strategic Approach - Kunpeng's strategy involves positioning itself as a "digital economic infrastructure" provider in counties, utilizing a dual structure of "city agents + regional partners" to expand its reach [6][15] - The company employs dynamic pricing to balance user experience and revenue, charging 1 yuan per hour during off-peak times and 2 yuan during peak times [8] Collaboration and Local Engagement - Partnerships with local governments to build "convenient charging networks" allow Kunpeng to apply for subsidies of 50,000 yuan for every 100 devices installed [8] - The company utilizes local knowledge through regional partners, who are small business owners responsible for device maintenance and customer service, sharing 70% of the revenue [8] Case Studies - A case in a county-level city in Sichuan shows a local partner successfully installed 80 devices within three months, generating over 60,000 yuan in monthly revenue, significantly above the local average [11] - The operational strategy reflects an understanding of the "human economy" prevalent in lower-tier cities, focusing on community relationships and local engagement [11] Solutions to Challenges - To address operational costs in dispersed locations, Kunpeng implements a grid management system, assigning a "charging steward" to each 500m x 500m area for device maintenance and user support [12] - The company has developed customized devices with local cultural elements to enhance user familiarity and acceptance [12] Future Vision - By 2025, Kunpeng plans to establish a network effect across 1,000 county towns, enabling a potential return to first- and second-tier cities to capture niche markets [14] - The company's approach combines risk mitigation through an agent model, localized operations, and technology to convert policy advantages into business momentum [15]

去年，他的碾茶生产线产茶11吨，纯利润50多万元。今年，杨茂华又投资198万元，新上第二条生产 线。 选做碾茶，既避开了竞争激烈的春茶市场，又解决了采茶季难找人手、人工成本高的问题。不过，杨茂 华最看重的是，"一点都不愁销路，碾茶直接卖给贵茶集团，进入深加工环节。" 今年3月，习近平总书记在贵州考察时强调："要因地制宜发展现代山地特色高效农业，培育具有持久市 场竞争力的特色主导产业。" 抹茶产业是江口县着力培育的特色主导产业。江口县位于梵净山脚下，种茶条件得天独厚，茶园面积近 16万亩。当地顺应健康、时尚消费新趋势，看准新茶饮、烘焙等巨大市场潜力，全力进军抹茶市场。 龙头企业引领，产业走向规模化。 初夏时节，当贵州各地春茶采摘陆续收尾时，在铜仁市江口县怒溪镇骆象村，郁郁葱葱的茶园里却是一 派热火朝天，茶农们正忙着采收着翠绿的鲜叶。 "过了季才开采，不怕卖不出去吗？" 种茶大户杨茂华淡定自若："不着急，让茶叶在遮阳网下多长7厘米，机械收割，去梗去脉，低温研磨， 就变成了制作抹茶的原料茶碾茶。" 骆象村已发展起5家碾茶企业，村民人均收入从2018年的7000余元增长到去年的1.65万元。 抹茶闯出了名气，也带旺了 ...

Table_First|Table_Summary 华福证券 固定收益专题 2025 年 5 月 12 日 【华福固收】财税视角看县域经济 投资要点： 24 年县域社会消费增速高于全国，比重也有近三成，对全国的消 费拉动作用明显。县域消费更加具备活力，与城镇化、区域财力适当 下沉、区域内体制内职工就业与工资的相对稳定、网络普及消费观念 改变（个性化、悦己型）、供给端日益丰富和完善（包含电商下沉、 "最后一公里"的完善、《县域商业三年行动计划（2023—2025 年）》 政策）、大城市年轻人口回流、生育政策的改善、县域旅游热度提升等 密切相关。 政策端，如 23 年印发的《县域商业三年行动计划（2023—2025 年）》明确，到 2025 年，在全国打造 500 个左右的县域商业"领跑 县"，建设改造一批县级物流配送中心、乡镇商贸中心（大中型超市、 集贸市场）和农村新型便民商店。 观察近年各县及县级市税收及增速，近四年复合增速较高的县域 包括巴里坤哈萨克自治县、房县、枝江市、沙雅县、蒲县、西乌珠穆 沁旗、宜都市、达拉特旗、习水县、汾阳市、舞阳县、山阴县、应城 市、景宁畲族自治县、临颍县、中阳县等，税收增速高的县 ...

Group 1: Domestic Tourism Market - The domestic tourism market during the "May Day" holiday showed a structural differentiation with a total of 314 million trips, a year-on-year increase of 6.4%, and total consumption reaching 180.27 billion yuan, up 8% year-on-year [1][2] - The average spending per person was 574 yuan, which, while higher than last year, remains below the 2019 level, indicating a shift from "scale expansion" to "quality upgrade" in consumer behavior [2] - High-star hotels saw significant growth, with four-star bookings increasing by 54% and five-star bookings by 28%, outperforming lower-star hotels [2] Group 2: Hotel Industry Performance - The overall hotel occupancy rate during the holiday was 64.93%, with RevPAR reaching 184 yuan, a year-on-year increase of 7.5% [2] - High-star hotels showed particularly strong performance, with a notable increase in bookings from residents in third-tier cities, which rose by 50% [2] - The hotel industry in cities like Bengbu, Huaihua, and Yangjiang reported occupancy rates exceeding 100%, indicating robust demand in lower-tier cities [6] Group 3: Outbound Tourism and Global Market Activation - The outbound tourism market experienced a "dual-direction" surge, with 10.896 million inbound and outbound trips during the "May Day" holiday, a 28.7% increase year-on-year [7] - The implementation of visa-free policies significantly boosted inbound tourism, with 380,000 foreign visitors entering under these policies, a 72.7% increase [7] - The cruise economy emerged as a major highlight, with international cruise bookings increasing by over 60%, and popular destinations including Japan, Hong Kong, Thailand, and South Korea [8] Group 4: Cruise Industry Innovations - Domestic cruise brands like Aida Cruises showcased strong market penetration, with their first large cruise ship achieving a capacity of 4,900 passengers during the holiday [8] - Royal Caribbean International emphasized its commitment to the Chinese market by introducing innovative cruise products and services tailored to local consumer preferences [9] - The shift in tourism consumption from "niche enjoyment" to "mass demand" is evident, driven by rational pricing and upgraded experiences [9]