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、培育服务消费促进平台 （一）实施服务消费提质惠民行动。印发《服务消费提质惠民行动工作方案》，从加强政策支持、搭建 平台载体、扩大对外开放、强化标准引领、优化消费环境等方面提出工作举措。持续深化"购在中国"品 牌打造，开展"服务消费季"系列促消费活动，围绕贴近群众生活、需求潜力大、带动作用强的重点领域 开展服务消费促进活动，培育服务消费品牌，打造服务消费热点。（商务部牵头） （二）开展消费新业态新模式新场景试点城市建设。积极发展首发经济，推动创新和丰富服务消费场 景，支持优质消费资源与知名IP跨界合作，打造一批商旅文体健融合的消费新场景，培育一批新型消费 龙头企业。（财政部、商务部按职责分工负责） （九）有条件的地方可结合实际对普惠托育机构给予场地支持和适当运营补助。支持有条件的幼儿园招 收2—3岁幼儿，发展社区嵌入式托育、家庭托育点，鼓励用人单位提供托育服务，并按相关规定给予政 策支持。（发展改革、教育、财政、卫生健康主管部门，工 ...

Report Industry Investment Rating - The mid - term outlook for the black building materials sector is "oscillating bullishly" [6]. Core View of the Report - With the deepening of the traditional peak season, steel demand is expected to improve, driving the restocking demand from the bottom - up of the industrial chain. Coupled with the boost from overseas macro and domestic market sentiment, there is still room for the sector to oscillate upward before the holiday [6]. Summary by Related Catalogs 1. Overall Situation - The overall black building materials sector oscillated strongly during the day session and night session yesterday due to the approaching Fed rate cut and the introduction of domestic industry growth - stabilizing plans, which led to a resurgence of the "anti - involution" trading sentiment. The restocking logic before the National Day strengthened, benefiting furnace materials and plate products with strong demand, while building materials were still dragged down by poor demand [1][2]. 2. Iron Element - **Iron Ore**: Brazilian port maintenance impact weakened, and shipping volume returned to normal. Demand recovered to a high level, but the low inventory in factories and the need to verify the peak - season demand for rebar limited its upside. It is expected to oscillate in the short term [2]. - **Scrap Steel**: Its fundamental contradictions are not prominent. It follows the movement of finished products and is expected to maintain an oscillating trend in the short term [2]. 3. Carbon Element - **Coke**: With the approaching National Day, steel mills will start pre - holiday stockpiling. The cost support is strong due to the resurgence of the anti - involution sentiment, and the price is expected to oscillate in the short term [2]. - **Coking Coal**: After the coal mines resume production, they are expected to maintain a stable production rhythm. The mid - and downstream pre - holiday restocking has started in advance, and with the support of macro policies, the price is expected to oscillate strongly in the short term [2]. 4. Alloys - **Manganese Silicon**: In the short term, the cost and peak - season expectations support the futures price, but the long - term supply - demand outlook is pessimistic, and the price center is likely to decline [3]. - **Silicon Iron**: The stable prices of semi - coke and electricity costs support the price in the short term. However, the long - term supply - demand relationship will be looser, and the price is under downward pressure [3]. 5. Glass and Soda Ash - **Glass**: The current demand is weak, but there are peak - season and policy expectations. After the mid - stream destocking, there may be oscillations. In the long term, market - oriented capacity reduction is needed, and the price is expected to decline if it returns to fundamental trading [3]. - **Soda Ash**: The supply surplus situation remains unchanged. After the futures price decline, the spot trading volume increased slightly. It is expected to oscillate widely in the future, and the price center will decline in the long term [3]. 6. Individual Product Analysis - **Steel**: The cost support is strong, but the supply - demand situation is weak. The inventory is at a moderately high level, and the fundamental contradiction of rebar is more prominent than that of hot - rolled coils. It is recommended to consider the strategy of going long on hot - rolled coils and short on rebar [8]. - **Iron Ore**: The overseas shipping has recovered, and the port inventory has slightly decreased. The demand is at a high level, but the peak - season demand for rebar needs further verification. The price is expected to oscillate in the short term [9]. - **Scrap Steel**: The supply has slightly increased, and the demand has also increased slightly. The inventory is at a low level, and the price is expected to oscillate [10]. - **Coke**: The second round of price cuts has been implemented. The supply is still relatively loose, but the cost support is strong. The price is expected to oscillate in the short term [11]. - **Coking Coal**: The supply is relatively stable, and the downstream has started restocking. With the support of macro policies, the price is expected to oscillate strongly in the short term [11][12]. - **Glass**: The current demand is weak, but there are peak - season and policy expectations. After the mid - stream destocking, there may be oscillations. In the long term, it needs market - oriented capacity reduction, and the price is expected to decline [12]. - **Soda Ash**: The downstream restocking has driven the upstream destocking. The supply surplus situation remains unchanged. It is expected to oscillate widely in the future, and the price center will decline in the long term [15]. - **Manganese Silicon**: The cost and peak - season expectations support the price in the short term, but the long - term supply - demand outlook is pessimistic, and the price center is likely to decline [15][16]. - **Silicon Iron**: The cost supports the price in the short term, but the long - term supply - demand relationship will be looser, and the price is under downward pressure [17]. 7. Index Information - **Commodity Index**: The comprehensive index, special index (including commodity 20 index, industrial products index, PPI commodity index) all showed an upward trend on September 15, 2025 [99]. - **Plate Index**: The steel industry chain index rose by 0.87% on September 15, 2025, and the increase in the past 5 days was 1.17%, while the decrease in the past month was 0.62%, and the decrease from the beginning of the year was 3.87% [100].

中经记者 封莉 北京报道 五年来，北京市坚持以经济体制改革为牵引，强化重点领域和关键环节改革攻坚，市场环境更加公平、 企业经营更有活力。经营主体2021—2024年年均增长6.2%、总量达到268.6万户。 "十四五"期间，北京市面向民间资本推介重大项目达1030个，总投资超1.3万亿元。重大科技基础设施 向民营企业开放服务，2024年全市部署的超六成产业领域关键核心技术攻坚项目均有民营企业身影。 北京市发展改革委副主任林剑华给出一组数字，在北京，每天有300多家科技企业诞生，密度超越硅 谷。截至2024年年底，全市已拥有独角兽企业115家，专精特新"小巨人"企业1035家，均居全国城市首 位。 出台营商环境改革措施1700余项 2021—2024年，北京市经营主体年均增长6.2%、总量达到268.6万户。 杨秀玲介绍，五年来，北京市改革开放不断深化，要素配置更加高效，北京证券交易所开市，北京国际 大数据交易所备案交易金额近100亿元，全国温室气体自愿减排交易在绿交所启动，城市副中心获批要 素市场化配置综合改革试点。民营经济高质量发展，世界500强榜单北京上榜民营企业6家、居全国城市 首位。"北京服务"更加贴 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The economic growth in August continued to slow down, with industrial production, consumption, and investment all showing signs of weakness. Insufficient effective demand remains the core contradiction [1][8]. - Given the slowdown in economic growth, macro - policies need to play a role in promoting economic recovery. Fiscal, consumption, and real - estate policies are expected to be further adjusted [2][9]. - The bond market is supported by insufficient effective demand and weak fundamental recovery, but potential risks from subsequent policy efforts need to be noted. Bond market fluctuations may depend more on marginal changes in institutional behavior and capital flows [3][12]. 3. Summary by Directory 8 月经济数据：经济增长再放缓 - In August, industrial增加值 was 5.2% year - on - year (expected 5.7%, previous value 5.7%), social retail sales were 3.4% year - on - year (expected 3.8%, previous value 3.7%), and fixed - asset investment cumulative year - on - year was 0.5% (expected 1.3%, previous value 1.6%). Manufacturing, infrastructure, and real - estate investment all declined [8]. 工业生产韧性尚存，环比动能略降 - In August, the year - on - year growth of the added value of industrial enterprises above designated size was 5.2%, 0.5 percentage points lower than the previous month, and the cumulative growth from January to August was 6.2%. The growth of the service industry production index was 5.6%, slightly down 0.2 percentage points from the previous month [14]. - The year - on - year growth rates of the electrical machinery and chemical industries increased significantly, while those of the special equipment and transportation equipment industries declined. The added value of the equipment manufacturing and high - tech manufacturing industries was 8.1% and 9.3% respectively, 2.9 and 4.1 percentage points faster than the overall industrial added value [16][17]. - The output of emerging products such as robot reducers, industrial robots, 3D printing equipment, and industrial control computers and systems increased rapidly [17]. 消费增速延续回落，增量政策箭在弦上 - In August, the total retail sales of consumer goods were 39668 billion yuan, a year - on - year increase of 3.4%, 0.3 percentage points lower than in July, the lowest increase this year. The growth rate of commodity retail sales decreased by 0.4 percentage points, and the growth rate of catering revenue increased by 1.0 percentage point but remained at a relatively low level [19]. - The effect of the "trade - in" policy weakened, and the subsidy method adjustment in some areas affected the policy's immediate pulling effect. The weak performance of commodity sales, especially the sluggish automobile consumption, also dragged down the overall retail sales [21][22]. - The Ministry of Finance and other departments issued the "Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans", and the State Council Information Office will hold a press conference on expanding service consumption policies [10][24]. 投资增速出现下行，继续低位磨底 - From January to August, the year - on - year growth rate of fixed - asset investment was 0.5%, 1.1 percentage points lower than from January to July, showing a downward trend. The investment structure was characterized by "slowing manufacturing, declining infrastructure, and real - estate drag" [25]. - Manufacturing investment cumulative year - on - year was 5.1%. The policy effect of large - scale equipment renewal continued to be released, with equipment purchase investment growing rapidly. However, in the short term, corporate investment motivation may decline, and corporate medium - and long - term loans increased less year - on - year [28]. - Infrastructure investment (excluding electricity) cumulative year - on - year was 2.0%, with the construction progress of major traditional infrastructure projects slowing down. The high - temperature and rainy weather in August affected construction, and the capital in - place situation of some projects may not meet expectations due to local government debt - resolution pressure [28][29]. - Real - estate investment cumulative year - on - year was - 12.9%. The decline in sales area and sales volume of new commercial housing widened, and real - estate development investment reached the largest decline this year. The real - estate market was still in the stage of "trading price for volume", and real - estate relaxation policies may need to be actively implemented in the second half of the year [29].

Core Viewpoint - The article emphasizes the importance of boosting consumption and expanding domestic demand as key priorities for economic work in 2023, highlighting innovative practices in Fujian province to enhance consumer confidence and improve living standards [1][3]. Economic Growth - Fujian's GDP grew by 5.7% year-on-year in the first half of the year, marking the highest growth rate for the same period since 2022, driven by a focus on expanding domestic demand [1][3]. Consumption Strategies - The provincial government has prioritized expanding domestic demand as the main task for economic work, aiming to stabilize employment, businesses, markets, and expectations [3]. - Fujian has implemented a "three products" strategy in the consumer goods manufacturing sector, focusing on increasing variety, improving quality, and creating brands to lead industrial transformation [3]. Retail and Tourism Performance - The total retail sales of consumer goods in Fujian increased by 6% year-on-year in the first half of the year, reflecting a positive trend in consumer spending [5]. - Tourism in Fujian saw significant growth, with the total number of tourists and total tourism expenditure increasing by 12.5% and 15.7% year-on-year, respectively [6]. Infrastructure and Services - The province is enhancing consumption infrastructure and promoting urban-rural commercial system construction, including the establishment of 121 provincial-level convenient living circles to improve residents' quality of life [6]. - The integration of culture and tourism is being promoted to create world-renowned tourist destinations, with specific projects aimed at enhancing the consumer experience [6]. Focus on People's Well-being - The government is committed to prioritizing people's well-being, focusing on reforms in key areas such as employment, education, social security, and healthcare, with 37 key reform projects underway [6].

消费是拉动经济增长的重要引擎，连接宏观经济与千家万户。四川作为经济大省和消费大省，去年以来，贯彻落实总书记关于提振消费、扩大 内需的指示，坚持把扩大内需作为战略之举、提振消费作为重中之重。今年上半年，四川社会消费品零售总额增长5.6%，比全国高0.6个百分 点，消费提质增效成效显著。 四川省委书记 王晓晖：我们认真落实中央存量政策和一揽子增量政策，及时出台支持政策，给予真金白银激励，以丰富多样的消费"大礼 包"点燃市井"烟火气"。我们出台稳增长21条政策措施。举办中国（四川）国际熊猫消费节、糖酒会、"天府消费季"等特色活动，着力打造四 季皆有、全民共享的消费环境。 今年1—7月，四川A级旅游景区门票收入增加8.4%、旅游综合收入增加23.3%。暑期文旅火爆，九寨沟、三星堆、大熊猫基地游客持续爆满。 三星堆通过文创美食、数字体验馆等多层次、沉浸式场景，将文化资源转化为吸引力。 四川顺应消费新趋势，发展首发、冰雪、夜间、假日、银发经济，推动消费新时尚。随着"跟着演艺、影视、赛事去旅行"项目的推广落地，去 年四川举办演出3.2万场，票房29亿元，拉动消费130亿元。 成都都江堰依托岷江打造"蓝眼泪"夜景，形成"夜食 ...

Core Viewpoint - The overall economic performance in August shows stability and progress, with macro policies continuing to exert positive effects on domestic demand expansion, supply optimization, circulation promotion, and momentum increase [1][6][7] Economic Indicators - Major economic indicators remain stable, with steady growth in production, employment, and prices. In August, the industrial added value for large-scale enterprises grew by 5.2% year-on-year, while the service production index increased by 5.6% [2][3] - Social retail sales in August rose by 3.4% year-on-year, indicating a continuous release of service consumption potential, particularly in tourism and leisure [2] - Fixed asset investment from January to August increased by 0.5% year-on-year, with manufacturing investment growing by 5.1%, significantly outpacing overall investment [2] Employment and Prices - The urban unemployment rate in August was 5.3%, slightly up due to seasonal factors, but overall employment remains stable compared to the previous year [3] - The unemployment rate for the 30-59 age group was 3.9%, indicating stability in the main labor demographic [3] Policy Effects and New Momentum - Policies aimed at boosting consumption and investment are showing positive results, with significant growth in retail sales of home appliances and furniture, both exceeding double-digit growth [4] - Equipment investment saw a year-on-year increase of 14.4% in the first eight months, contributing to a 2.1 percentage point rise in fixed asset investment [4] Economic Circulation and Market Activity - The logistics industry showed expansion, with increased railway freight volume and rapid growth in express delivery services, indicating improved circulation of production factors [5] - The manufacturing sectors for integrated circuits and electronic materials experienced growth rates exceeding 20% in August, reflecting enhanced economic momentum [5] Future Outlook - Despite external challenges, the long-term supportive conditions for economic growth remain intact, with ongoing macro policy effectiveness and deepening reforms expected to sustain stable economic performance [6][7] - Upcoming holidays are anticipated to further boost consumer spending, with policies aimed at enhancing consumer capacity and willingness being implemented [6]

Economic Growth Overview - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year, while the total retail sales of consumer goods grew by 3.4% year-on-year. From January to August, fixed asset investment (excluding rural households) rose by 0.5% year-on-year [1] - The spokesperson from the National Bureau of Statistics indicated that the economic growth remains stable, and macro policies will focus on stabilizing employment, enterprises, markets, and expectations, while promoting steady and healthy economic development [1] Domestic Demand Expansion - The effects of policies aimed at expanding domestic demand continue to manifest, with the third batch of consumption upgrade policies being implemented, leading to a rapid increase in sales of related goods [2] - In August, retail sales of household appliances, furniture, and cultural office supplies maintained double-digit growth [2] - The production sector is also benefiting from these policies, with significant year-on-year increases in the manufacturing of boilers and electric motors at 11.9% and 14.8%, respectively [2] Innovation and New Growth Drivers - Policies promoting innovation are enhancing new growth drivers, with the "Artificial Intelligence+" initiative gaining traction and digital economy development showing positive trends [3] - The stock market in August saw increased activity, which is beneficial for improving market expectations and enhancing development vitality [3] Private Investment Growth - A series of supportive measures for the development of the private economy are optimizing the environment for private investment, leading to significant growth in high-tech industries [4] - From January to August, private investment in the information service industry grew by 26.7%, while professional technical services saw a 17.6% increase [4] - Private capital is steadily participating in major national infrastructure projects, with private investment in infrastructure rising by 7.5%, outpacing overall infrastructure investment growth by 5.5 percentage points [4] Future Outlook - Despite challenges faced by some private enterprises, the future development space for the economy remains broad, supported by the growth in green industries and the implementation of the Private Economy Promotion Law [5] - The continuous implementation of macro policies is expected to maintain a steady and progressive economic trend in the third quarter [6]

Core Viewpoint - The economic data for August indicates a stable and improving trend in China's economy, with significant growth in industrial output and service sectors, driven by effective macroeconomic policies and expanding domestic demand [4][5][7]. Economic Performance - The industrial added value for large-scale enterprises increased by 5.2% year-on-year in August, maintaining a rapid growth rate [5][6]. - The service sector production index grew by 5.6% year-on-year, outperforming the industrial sector [5][6]. - The total retail sales of consumer goods rose by 3.4% year-on-year, with significant growth in the sales of home appliances and furniture [5][7]. Investment Trends - Fixed asset investment increased by 0.5% year-on-year from January to August, with manufacturing investment growing by 5.1%, indicating strong support for manufacturing upgrades [5][6]. - Equipment and tool investment rose by 14.4% year-on-year, contributing to a 2.1 percentage point increase in fixed asset investment [7]. Foreign Trade and Reserves - The total goods import and export value increased by 3.5% year-on-year in August, with both exports and imports achieving three consecutive months of growth [6][9]. - The export value of electromechanical products grew by 9.2% year-on-year from January to August [6]. Employment and Inflation - The urban surveyed unemployment rate was 5.3% in August, reflecting a slight increase due to the influx of new graduates into the labor market [9][10]. - The core Consumer Price Index (CPI), excluding food and energy, rose by 0.9% year-on-year, marking a continuous expansion in the inflation rate over four months [6][9]. Policy Impact - The government's policies aimed at boosting consumption and investment are showing positive effects, contributing to a virtuous cycle of stable demand and production [7][8]. - The third batch of consumption upgrade policies has been implemented, further stimulating consumer demand and related sales [7][8]. Long-term Outlook - The long-term supportive conditions for China's economy remain intact, with effective macroeconomic policies and ongoing reforms expected to sustain stable growth [9][11].

业内人士认为，财政政策将加大在科技、消费、投资以及教育、卫生等领域投入 "财政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。"财政部部长蓝 佛安日前在国务院新闻办公室举行的"高质量完成'十四五'规划"系列主题新闻发布会（以下简称"发布 会"）上表示。 今年我国实施更加积极的财政政策。统筹安排收入、债券等各类财政资金，确保财政政策持续有力、更 加高效。那么，未来财政政策的发力方向可能有哪些？ "后续财政政策可以通过加强与货币政策的协同配合，运用政府债券、财政贴息、专项资金等工具进行 协调发力。加大财政支持力度，着力提升科技投入效能，推动科技强国加快建设。"陕西巨丰投资资讯 有限责任公司高级投资顾问朱华雷在接受《证券日报》记者采访时表示。 宋向清认为，财政政策后续也可以在"激发消费与投资"方面进一步发力。创新运用财税政策工具，激发 潜在消费，扩大有效投资，开发好内需这座"富矿"，发挥好牵引力作用。 "与此同时，财政政策还可以继续在教育、社会保障和就业、卫生健康、住房保障等方面加大投入，以 改善民生需求。"朱华雷表示。 "十四五"时期，财政部门认真落实扩大内需战略，从供需两侧协同发力，打出 ...