夏某某薅政府餐饮补贴"羊毛"的个案，有两点教训值得警醒：一是政府部门发放消费券时，要加强对消费券发放平台和核销消费券商家的监管，采取更有效 的技术监测和风险防控手段，减少违法违规使用消费券行为的发生；二是公众领取、使用、核销消费券不能弄虚作假，抢到消费券后转卖给商家，可能是帮 助商家骗取补贴，这既违反诚实信用原则及用券规则，也面临犯罪的风险。 图源视觉中国 消费券这项拉动消费、施惠于民的政策善意里，也包含推动商家扩大经营、提高收入、走出经营困境的期望。2024年，上海市相关部门向公众发放"乐品上 海"餐饮消费券，据上海市商务委介绍，前两轮"乐品上海"消费券发放期间，每1元补贴便可以带动4.2元消费。政府部门发放消费券有重要作用，社会公众 应认真对待和使用消费券。像夏某某这样把心思放在薅政府餐饮补贴"羊毛"上的案例，十分罕见。 潮新闻客户端 特约评论员 卞广春 上海发放"乐品上海"餐饮消费券时已经明确，消费券发放及核销过程中，不得实施刷单套现、软件作弊、虚假交易等违法违规行为。夏某某应知道大量购买 消费券，虚构店内消费订单、骗取补贴款是违法行为，仍然在违法的路上肆意妄为，这不是聪明，而是打错了算盘的愚蠢无知。夏 ...

Core Insights - Zhengzhou's consumer market is experiencing a robust revival driven by well-structured consumption policies that stimulate economic activity [1][2][3] Policy Initiatives - Zhengzhou has implemented a series of consumption voucher programs that facilitate easy access for citizens, covering various sectors such as retail, dining, automotive, and home appliances [2] - The city is actively supporting the establishment of flagship stores for international brands, creating a favorable environment for new businesses [2] - Subsidies for large exhibitions and themed events have been introduced, significantly reducing participation costs for companies and enhancing consumer engagement [2] Market Response - The "breakfast economy" has seen a resurgence, with long queues at popular local eateries indicating increased consumer activity [3] - Traditional and modern dining experiences are merging, with local brands adopting innovative marketing strategies to attract younger consumers [3] - New business models, such as smart dining services, are gaining traction, providing convenience and efficiency for urban consumers [4] Consumer Experience - The impact of consumption vouchers is evident in everyday shopping experiences, with consumers feeling the financial relief and increased purchasing power [5] - Multiple layers of subsidies are encouraging significant purchases, such as electric vehicles, making them more affordable for consumers [5] - Night markets are thriving due to government support, reflecting a vibrant local economy and renewed consumer confidence [6] Conclusion - Zhengzhou's approach to boosting consumption illustrates the importance of sustained policy efforts and market responsiveness, ultimately revitalizing the city's economic landscape [6]

Group 1: Company Developments - Beijing Yiswei Computing Technology Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sponsor [1] - Xiaomi's CEO Lei Jun announced that the delivery volume of the Xiaomi SU7 is expected to exceed 28,000 units by May 2025, and preparations for mass production of the Xiaomi YU7 are underway [2][3] - JD.com plans to expand its delivery workforce to 150,000 full-time riders, having already surpassed 100,000 [5] Group 2: Industry Trends - The total box office for the 2025 Dragon Boat Festival holiday exceeded 400 million, with "Mission: Impossible 8" leading the box office [4] - The cross-regional movement of people during the Dragon Boat Festival holiday is expected to reach 657 million, with a daily average of 21.9 million, marking a 3.0% year-on-year increase [5] - Major Chinese new energy vehicle manufacturers reported their May sales figures, with BYD selling 382,476 units, a year-on-year increase of 15.26% [7][8] Group 3: Market Insights - The 2025 Fortune 500 list shows Walmart at the top for the 13th consecutive year, with total revenue for all companies on the list rising to $19.91 trillion, a 6% increase from the previous year [11][12] - Meta Platforms aims to fully automate ad creation using AI by the end of next year, which is crucial as advertising constitutes over 97% of its revenue [15] - The iPhone 17 base model is expected to have limited upgrades compared to the iPhone 16, maintaining the same A18 chip and 8GB RAM [17][18]

Core Insights - The recent "10 Measures to Boost Consumption" initiative in the Xia Mountain area has generated significant excitement among locals, indicating a potential shift towards becoming a "value-for-money paradise" for consumers [1] Group 1: Policy Initiatives - The first major policy involves the distribution of consumption vouchers across various sectors, including dining, tourism, and retail, allowing even small vendors to participate [2] - A focus on enhancing the quality and safety of dining experiences is emphasized, alongside the promotion of local tourism and hospitality [4] - The initiative includes a push for new consumption models, such as the "first store economy" and the integration of local agricultural products into e-commerce platforms [9] Group 2: Consumer Engagement - The introduction of themed promotions in local markets, such as discounts for bargaining in local dialects, has been well-received, showcasing innovative marketing strategies [13] - The development of tourism packages at attractive prices, such as a comprehensive ticket for various local attractions, has proven popular among visitors [14] - Transportation incentives, including fuel rebates for out-of-town visitors and discounted travel options, are designed to encourage tourism [15] Group 3: Community and Cultural Initiatives - The transformation of local markets into vibrant cultural spots, featuring live demonstrations and unique products, has attracted both locals and tourists [16] - Training programs for local hospitality providers aim to enhance service quality and customer experience [17] - The establishment of a "non-heritage night market" offers unique cultural experiences, further enriching the local tourism landscape [18] Group 4: Regulatory and Support Measures - A commitment to rapid response for consumer complaints has been established, enhancing consumer trust and satisfaction [20] - The initiative includes efforts to promote local stories and culture through innovative marketing strategies, such as QR codes for audio guides [21]

Core Insights - New World Daimaru Department Store celebrated its 10th anniversary with record sales, achieving over 1 billion yuan in sales within the first four hours of the event and a total of 206 million yuan over the weekend, marking a 3% year-on-year increase [1][3] - The store attracted over 130,000 visitors during the anniversary celebration, a 6.8% increase compared to the same period last year [1] - The department store issued 50 million yuan in consumer vouchers, which successfully stimulated over 200 million yuan in sales [1] Sales Performance - In 2024, New World Daimaru Department Store reported a revenue of 2.303 billion yuan, reflecting a year-on-year growth of 2.01% [3] - The store's foot traffic reached 16.87 million, a 14.14% increase from the previous year [3] Consumer Engagement - The anniversary event saw significant consumer engagement, with many customers queuing for hours to obtain discount vouchers, highlighting the appeal of in-store shopping experiences over online alternatives [3][6] - The store's unique promotional strategies, such as offering substantial discounts and engaging shopping experiences, contributed to its popularity among consumers [3][6] Technological Integration - The department store has integrated technology into its operations, including the use of robots for customer service and interactive experiences, enhancing the shopping environment [6][5] - The introduction of a user-friendly tax refund self-service machine has improved the shopping experience for international visitors [6][9] Strategic Adjustments - The store has focused on enhancing its product offerings, particularly in beauty and luxury goods, by introducing high-end brands and optimizing store layouts to better meet consumer demands [7][8] - New World Daimaru has shifted its marketing strategy to target younger consumers, emphasizing lifestyle and experiential shopping [10][12] Market Positioning - The department store has positioned itself as a competitive player in the market, with 20% of its brands being national or regional sales champions, indicating strong market performance [12] - The store aims to continue attracting a vibrant, youthful customer base by filling market gaps and enhancing its overall shopping experience [12][13]

Infrastructure Investment - China's infrastructure development shows significant regional and structural differences, with the central and western regions needing to address gaps in transportation, energy, and new infrastructure like 5G and data centers, while eastern developed areas focus on upgrading traditional infrastructure [2] - The central government emphasizes "precise and effective investment" to avoid blind expansion, prioritizing major projects and new urbanization in the "14th Five-Year Plan" [2] Consumer Coupons - Consumer coupons have provided immediate boosts to specific sectors such as dining, retail, and tourism, alleviating pressure on small and medium enterprises, with notable sales recovery following their distribution in 2022 [4] - However, reliance on consumer coupons alone cannot address the fundamental issue of consumption decline, which is primarily driven by unstable income expectations [4] Industrial Innovation - Industrial innovation is crucial for China's economic transformation, particularly with the rise of the digital economy and emerging industries like AI, new energy, and biomedicine, which are key drivers of sustained economic growth [5] - The government is accelerating technological innovation through initiatives like "ranking and hanging banners," technology special funds, and industry-academia-research cooperation [6] Urbanization - As of 2023, China's urbanization rate is approximately 66.16%, transitioning from a "high-speed" to a "high-quality" development phase, focusing on coordinated development of urban clusters [8] - Despite claims of many cities becoming towns, data shows over 100 cities still possess strong development potential [8] Real Estate Market - The real estate market exhibits clear differentiation, with some third and fourth-tier cities experiencing price adjustments due to population outflow and inventory buildup, while first-tier and core second-tier cities maintain stable prices [11] - The central government adheres to the "housing is for living, not speculation" policy, promoting measures to support rigid and improved housing demand [11] Stock Market and Economy - The stock market reflects economic conditions, with long-term performance driven by economic fundamentals and corporate earnings, necessitating reforms to enhance market efficiency and direct funds towards innovation and green economy sectors [12] - To achieve sustainable growth similar to the US stock market, China must cultivate globally competitive enterprises, particularly in new energy and high-end manufacturing [12] Industry Upgrading - The growth of enterprises is a natural result of market competition rather than direct government intervention, which should focus on creating a fair competitive environment and supporting innovation [14] - Upgrading the manufacturing sector is essential, requiring technological innovation and digital transformation to increase added value, rather than over-reliance on short-term gains from real estate or financial markets [14]

2025 年 05 月 18 日 做强国内大循环 宏观研究团队 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  | 国内宏观政策：金融政策标志"以我为主"政策启幕 | 过去两周（5 月 4 日-5 月 18 日）国内宏观主要聚焦以下几个方面： 经济增长方面，国务院召开做强国内大循环工作推进会，国务院总理李强强调， 要深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循环 上，以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性。 基建与产业方面, 近两周政策聚焦加快提升农业科技创新体系整体效能；工信部 召开部分省份工业经济运行座谈会，以高质量发展的确定性应对外部环境急剧变 化的不确定性；科技部推动加快构建科技金融体制；中办、国办印发《关于持续 推进城市更新行动的意见》，提出八方面主要任务，其中包括：推进城镇老旧小 区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改 ...

Group 1 - The core viewpoint emphasizes the need for extraordinary macroeconomic policies, particularly expansionary fiscal policies, to achieve the 5% growth target, suggesting a new large-scale stimulus plan similar to the previous "4 trillion" initiative [1] - The implementation of a new "4 trillion" investment stimulus policy raises questions about its effectiveness and whether it can address current economic challenges and ensure the targeted growth rate [3][5] - Critics argue that the previous "4 trillion" policy led to rapid increases in housing prices and local government debt, which now limit the effectiveness of government stimulus measures [5][6] Group 2 - The current focus should be on effective investment and consumer spending rather than solely on infrastructure investment, as consumer confidence and purchasing power are crucial for economic stability [6][8] - A proposed solution includes distributing 5 trillion yuan in consumption vouchers, particularly targeting low- and middle-income groups to stimulate direct consumption and market activity [8] - The past experience with the "4 trillion" stimulus should serve as a lesson rather than a model, indicating that without addressing consumer confidence, further investment may not yield positive results [8]

Core Points - The Henan Provincial Government is implementing a series of policies to ensure economic stability and growth in the second quarter, aiming for a "double over half" achievement in fiscal performance [1] - The provincial fiscal system is focused on increasing financial support for consumption and investment, with specific allocations for consumer vouchers and infrastructure projects [2] - Measures are being taken to stabilize foreign trade and support key industries affected by international trade tensions [3] - Incentives are provided for key enterprises with significant revenue growth, alongside efforts to clear government debts owed to businesses [4] - The government is committed to maintaining a strong financial foundation and managing local government debt risks effectively [5] Group 1: Fiscal Performance - In the first quarter, Henan's general public budget revenue grew by 0.2%, while expenditures increased by 3.3%, with 72.3% of expenditures allocated to social welfare [1] - The government has introduced a "1+7" policy framework to ensure adequate financial resources for the second quarter [1] Group 2: Consumption and Investment Support - The provincial government has allocated 1.5 billion yuan for consumer vouchers, with 1.1 billion yuan for retail and dining, and 400 million yuan for tourism and accommodation [2] - A total of 113.8 billion yuan in new special bond limits has been issued for infrastructure projects, with 36.45 billion yuan already allocated in the first quarter [2] Group 3: Foreign Trade and Industry Support - The government is enhancing support for foreign trade enterprises facing challenges due to international sanctions, including financial incentives for participation in international exhibitions [3] - Key industries such as automotive and specialty agricultural products are receiving support for export growth [3] Group 4: Enterprise Incentives - A one-time subsidy of 100,000 yuan will be provided to key enterprises with a revenue growth of over 10% in the second quarter of 2025 [4] - Efforts are being made to clear outstanding debts owed to businesses to improve their financial health [4] Group 5: Risk Management - The government is ensuring that all counties can meet their "three guarantees" budget requirements, with a first-quarter execution rate of 27.8% [5] - Measures are in place to manage local government debt risks, including the issuance of replacement bonds totaling 59.402 billion yuan [5]

Group 1 - The core observation of this year's May Day holiday is the significant increase in travel activity, reminiscent of pre-pandemic times, but with notable changes in consumer behavior [1] - Long-distance travel has surged, with routes over 1200 kilometers accounting for nearly 70% of bookings, a 3 percentage point increase from last year, indicating a shift towards longer trips [2] - The average price of air tickets has decreased by 11% year-on-year, contributing to a more value-conscious consumer approach to travel spending [2] Group 2 - There has been a dramatic increase in homestay bookings, with a 138% year-on-year growth, suggesting that accommodation is now a key part of the travel experience rather than just a place to sleep [3] - The trend of "homestay as a destination" is driving operators to invest more in unique experiences and aesthetics, as seen in various successful examples [3] Group 3 - The restaurant industry is innovating with new concepts, such as themed hotpot restaurants that cater to families, indicating a shift towards experiential dining [5][6] - The rise of family dining needs is evident, with significant demand for restaurants that offer child-friendly environments and family meal packages [11] Group 4 - There is a growing preference for in-depth travel experiences over traditional sightseeing, with a notable increase in interest for activities that require longer stays, such as cultural workshops [10] - The tourism market is evolving, with consumers increasingly willing to pay for unique and authentic experiences, suggesting a maturation of the market [12]