Core Viewpoint - Tongcheng Travel (00780) has seen a significant increase in stock price, reaching a new high of 24.04 HKD, driven by favorable government policies aimed at boosting service consumption and tourism [1] Group 1: Company Performance - Tongcheng Travel's stock rose over 4%, currently trading at 23.94 HKD with a transaction volume of 240 million HKD [1] Group 2: Industry Insights - The Ministry of Commerce and nine other departments issued a notice on September 16, outlining measures to expand service consumption, including attracting more foreign visitors and optimizing student holiday arrangements [1] - The notice suggests exploring the establishment of spring and autumn breaks for primary and secondary schools, which would shorten winter and summer vacations, thereby increasing opportunities for travel and service consumption [1] - Citigroup anticipates that if these policies are implemented, there will be a significant increase in long-term family travel [1] - The upcoming Golden Week holiday will last for 8 days, one day longer than last year, leading Citigroup to predict strong tourism demand, particularly for long-distance and outbound travel [1]

同程旅行(00780)涨超4%，高见24.04港元创上市新高。截至发稿，涨4.18%，报23.94港元，成交额2.4亿 港元。 消息面上，商务部等9部门9月16日印发《关于扩大服务消费的若干政策措施》的通知。其中提到，吸引 更多境外人员入境消费，及优化学生假期安排，完善配套政策。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。对此，花旗认为，若政策落地实施，可显著增加长线家庭旅 游。花旗还指出，今年黄金周假期共有8日，较去年多1日，该行预计期间旅游需求将强劲，长线游及出 境游可更受惠。 ...

国家统计局日前发布的数据显示，8月份，社会消费品零售总额39668亿元，同比增长3.4%；环比 增长0.17%。从消费类型来看，商品零售额增长3.6%，同比增速有所放缓，餐饮收入增长2.1%，同比增 速相对6月、7月略有改善，但是也处于低位增长。 长江商报奔腾新闻记者 李璟 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。 9月16日，商务部等9个部门联合印发《关于扩大服务消费的若干政策措施》（简称《政策措 施》），全面贯彻落实党中央、国务院决策部署，更大力度提振消费、扩大内需，促进民生改善和消费 转型升级，积极培育服务消费新的增长点，为推动经济高质量发展提供有力支撑。 值得注意的是，服务消费保持较快增长，暑期服务消费热度较高。1-8月份，服务零售额同比增长 5.1%。扩大服务消费新举措的及时出台，或将对下个阶段的服务消费起到明显拉动作用。 《政策措施》从5方面19条具体任务措施，在培育服务消费促进平台方面，实施服务消费提质惠民 行动，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。开展消费新业态新模式新场景建设， ...

Core Viewpoint - The Ministry of Commerce and nine other departments issued policies on September 16 to boost consumption and expand domestic demand, presenting multiple investment opportunities in the social service industry [2]. Education Sector - Focus on K12 education and vocational training, with policies supporting the opening of more educational fields and encouraging foreign investment in non-academic training institutions [3]. - The approval process for K12 non-academic training licenses is expected to become smoother, benefiting employment-oriented vocational education [3]. - Recommended investment opportunities include K12 education companies like DouShen Education, Angli Education, and Zhuoyue Education Group, as well as vocational education firms like China Oriental Education and related training companies [3]. Tourism Sector - Emphasis on attracting more foreign visitors and expanding visa-free policies, along with encouraging travel agencies and online platforms to create unique travel routes for foreigners [4]. - Suggested investment opportunities include OTA companies like Ctrip Group, scenic spots such as Xiyu Tourism and Emei Mountain A, hotels like ShouLai Hotel and Junting Hotel, and tourism retail firms like China Duty Free Group and Wangfujing [4]. IP Sector - Focus on exploring the market value of traditional cultural IP and creating new service consumption scenarios through quality performances, animation, games, and films [5]. - Recommended investment opportunities include tourism performances like Songcheng Performance and trendy toys like Pop Mart [5]. Sports Sector - Encouragement to introduce foreign sports events and support local hosting of popular sports events, aiming to create well-known competitions and brands with independent intellectual property rights [6]. - Suggested investment opportunities include event operation companies like Lisheng Sports and Lansheng Co [6]. Exhibition Sector - Focus on cultivating international markets for medical and exhibition services [7]. - Recommended investment opportunities include exhibition companies like Lansheng Co and Miao Exhibition [7]. Nursing Sector - Emphasis on strengthening training for personnel in elderly care, domestic services, and long-term care [8]. - Suggested investment opportunity includes Saint Bella [8].

风险 地缘政治风险（能源板块上行风险）；全球经济超预期下行（风险资产下行风险）；美联储超预期收紧（风险资产 下行风险）；海外流动性风险冲击（风险资产下行风险）。 FICC日报 | 2025-09-17 美国8月零售销售意外强劲，关注美联储利率决议 市场分析 国内政策预期升温。国内8月外部压力边际增加，一是中国8月出口有所转弱，尤其是对美出口，但非美出口的韧 性也对后续出口提供支撑；另一方面是外部关税压力有所增加，墨西哥拟对贸易伙伴加征关税，据英国《金融时 报》和路透社披露，特朗普鼓动欧盟对中国和印度加征"二级关税"；为了应对边际增加的外部压力，国内近期频 提稳增长政策。9月10日，财政部长明确表示，"持续发力、适时加力实施更加积极有为的宏观政策"；发改委也表 示"不断释放内需潜力""推进重点行业产能治理"。关注后续更具体的政策内容。商务部等9部门印发《关于扩大服 务消费的若干政策措施》，提出扩大服务业高水平对外开放，推动互联网、文化等领域有序开放，扩大电信、医疗、 教育等领域开放试点。商务部决定自2025年9月13日起对原产于美国的进口相关模拟芯片进行反倾销立案调查。中 美双方在西班牙马德里举行经贸会谈，就以 ...

Core Viewpoint - The Ministry of Commerce and nine other departments released policies to expand service consumption, emphasizing the importance of service consumption in improving livelihoods and driving economic growth [4]. Group 1: Policy Measures - The policies include 19 measures across five areas, such as launching "Service Consumption Season" activities and extending operating hours for popular cultural and tourist venues [1][4]. - There is a focus on optimizing student holiday arrangements and enhancing the supply of quality services to meet diverse consumer needs [1][4]. Group 2: Service Consumption Promotion - A plan for service consumption quality improvement will be implemented, including policy support and platform development to enhance consumer experiences [5]. - New pilot cities will be established to explore innovative service consumption models and scenarios, promoting collaboration between quality resources and well-known IPs [5]. Group 3: High-Quality Service Supply - The policies aim to expand high-level openness in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [5]. - There will be efforts to enhance cultural offerings by supporting the creation of high-quality artistic and cultural products, and optimizing the supply of cultural services [5]. Group 4: Stimulating New Service Consumption - Measures will be taken to attract more foreign visitors for consumption, including optimizing visa policies and promoting China's cultural resources [6]. - Digital service consumption will be expanded, encouraging e-commerce platforms to innovate in integrating online and offline services [7]. Group 5: Financial Support - The government will utilize various funding channels to support the construction of service facilities in culture, tourism, and healthcare sectors [6][7]. - Financial institutions will be encouraged to increase credit support for service consumption, with a focus on developing tailored financial products [7]. Group 6: Statistical Monitoring - The policies include optimizing service consumption statistics to better reflect regional developments and encourage the use of big data for monitoring [7].

Group 1 - The Ministry of Commerce and nine other departments released policies to expand service consumption, proposing five areas with 19 measures [1] - Key measures include developing pilot cities for new consumption formats, promoting orderly opening in internet and cultural sectors, and relaxing market access in high-end medical and leisure sectors [1] - The introduction of spring and autumn breaks for primary and secondary schools aims to increase travel and service consumption time, while maintaining total holiday days and teaching hours [1] Group 2 - In 2024, China is expected to see 5.615 billion tourist visits and tourism revenue reaching 57,543.20 million yuan, with family and parent-child travel concentrated during summer and winter vacations [2] - The establishment of spring and autumn breaks is anticipated to help tourist attractions better manage visitor flow and improve resource utilization in the hotel and transportation sectors [2] - The tourism and scenic area sector achieved revenue of 16.610 billion yuan in the first half of 2025, reflecting a year-on-year growth of 4.39% due to recovering travel demand and supportive policies [2]

《措施》提出5方面19条具体任务措施：一是培育服务消费促进平台，实施服务消费提质惠民行 动，开展"服务消费季"活动，打造服务消费热点。开展消费新业态新模式新场景建设，促进商旅文体健 融合发展。二是丰富高品质服务供给，提升文化娱乐、体育、家政、养老、托育等服务供给水平，扩大 服务业高水平对外开放。三是激发服务消费新增量，吸引更多境外人员入境消费，扩展数字服务消费。 四是加强财政金融支持，统筹利用中央预算内投资、地方政府专项债券等各类资金渠道支持服务设施建 设，加大服务消费信贷支持力度，实施服务业经营主体贷款贴息，激发服务消费市场活力。五是健全统 计监测制度，优化服务消费统计方法，创新开展服务消费监测分析。 人民日报海外版北京9月16日电（记者王俊岭）近日，商务部等9部门联合印发《关于扩大服务消费 的若干政策措施》（以下简称《措施》），更大力度提振消费、扩大内需，促进民生改善和消费转型升 级，积极培育服务消费新的增长点，为推动经济高质量发展提供有力支撑。 ...

Core Viewpoint - The Ministry of Commerce and nine other departments released policies on September 16 to expand service consumption through 19 measures across five areas [3] Group 1: Service Consumption Enhancement - Implementation of a quality improvement action for service consumption, continuing to deepen the "Buy in China" brand, and launching a series of promotional activities for "Service Consumption Season" [4] - Development of pilot cities for new business formats, models, and scenarios in consumption [4] - Promotion of the "first release economy" and support for innovative and diverse service consumption scenarios, including collaborations between quality consumption resources and well-known IPs [4] Group 2: Opening Up the Service Sector - Expansion of high-level openness in the service industry, with orderly opening in internet, culture, telecommunications, medical, and educational sectors [4] - Inclusion of more service consumption areas in the "Encouraged Foreign Investment Industry Catalog" to provide differentiated service supply [4] Group 3: Optimizing Consumer Experience - Extension of operating hours for popular cultural and tourist venues, optimization of reservation methods, and encouragement of no-reservation policies [4] - Support for the introduction of high-quality foreign sports events and local mass sports events, aiming to create well-known boutique events and professional leagues [4] Group 4: Educational Policy Adjustments - Optimization of student holiday arrangements while maintaining the total number of holiday days and teaching hours, encouraging local adaptations based on climate and production schedules [5] - Exploration of setting up spring and autumn breaks in primary and secondary schools, with a corresponding reduction in winter and summer vacation durations to increase service consumption time for tourism [5]

商务部等9部门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条举措进一步扩大服务消费。 提出 ·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 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 文件提出，实施服务消费提质惠民行动，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。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。 新华社权威快报 此外，扩大服务业高水平对外开放。推动互联网、文化等领域有序开放，扩大电信、医疗、教育等领域开放试点。支持 将更多服务消费领域纳入《鼓励外商投资产业目录》，提供差异化服务供给。 文件要求，结合实际、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。鼓励引进国外优 秀体育赛事，支持地方举办大众体育赛事，打造一批具有较高知名度的精品赛事、职业联赛以及具有 ...