《实施方案》提出，实施分层级人才补贴政策，为来深就业的本科生、硕士研究生、博士研究生分别提供最高 3万元、5万元、10万元的补贴，其中深圳市人力资源保障局统一负责博士研究生补贴，由新引进博士所在单位 向市人力资源保障部门提出申请。同时，为提升技能劳动者综合素质，加大职业技能培训补贴力度，2025年计 划发放补贴超6万人次。 消费赛道迎来利好政策。 据最新消息，《深圳市提振消费专项行动实施方案》（以下简称《实施方案》）已正式印发，《实施方案》围 绕提升居民消费能力和意愿、加大优质多元消费供给，以及加强政策支持和配套保障三个方面提出了39条具体 措施，全方位扩大消费需求、繁荣消费市场。 《实施方案》特别提出，加力扩围消费品以旧换新。用好超长期特别国债资金，支持汽车报废更新、汽车置换 更新、家电以旧换新、数码产品购新、家装消费品换新、电动自行车以旧换新等，加快补贴资金审核发放，鼓 励商家、卖场、平台追加补贴。 今年以来，消费品以旧换新在促进消费升级方面取得显著成效。商务部数据显示，截至5月31日，2025年消费 品以旧换新五大品类合计带动销售额达1.1万亿元，发放直达消费者的补贴约1.75亿份。 深圳重磅发布 据" ...

Core Viewpoint - Shenzhen has launched a comprehensive plan consisting of 39 measures aimed at boosting consumer spending and revitalizing the market, focusing on enhancing residents' consumption capacity and willingness, increasing quality and diverse consumption supply, and strengthening policy support and guarantees [1][2][3]. Group 1: Enhancing Consumption Capacity and Willingness - The plan includes measures to increase residents' income through multiple channels, such as implementing national policies to stabilize the real estate and stock markets and raising the minimum wage based on economic conditions [1]. - It emphasizes improving childcare support, allowing eligible non-local residents' children to access basic medical insurance, and expanding educational facilities to accommodate 100,000 new primary and secondary school places by 2025 [1][2]. - The initiative aims to reduce medical and elderly care burdens by optimizing hospital services and implementing "no companion care" in public hospitals [1]. Group 2: Reducing Housing Costs - The plan proposes lowering rental and purchasing costs by expanding the use of housing provident funds, allowing eligible individuals to withdraw funds for down payments and rent payments [2]. - It introduces housing support policies for young talents and aims to enhance the supply of quality rental housing [2]. Group 3: Optimizing Consumption Restrictions - The plan seeks to reduce restrictions on car purchases and usage, including optimizing the lottery rules for car purchase permits and easing restrictions for residents from other regions on purchasing new energy vehicles [2]. - It encourages the replacement of fuel heavy trucks with new energy models and promotes discounts for advanced intelligent driving experiences [2]. Group 4: Increasing Quality and Diverse Consumption Supply - The plan aims to create a unique industrial consumer goods cluster in Shenzhen, promoting AI terminal consumption, smart home products, and outdoor equipment [3]. - It includes the establishment of duty-free shops and tax refund stores to enhance inbound consumption potential [3]. Group 5: Strengthening Policy Support and Financial Guarantees - The plan emphasizes financial support for consumption, including expanding subsidies for trade-in programs and utilizing long-term special government bond funds for various consumer goods [3][4]. - It encourages financial institutions to increase credit for sectors like retail, hospitality, and tourism, while also enhancing personal consumption loan offerings [4]. - The initiative aims to diversify insurance products to support new consumption scenarios, including tailored financial products for digital and green consumption [4].

Core Viewpoint - The Chinese government, through the Liaoning Provincial Finance Department, is implementing a series of measures to boost consumer spending and stimulate economic recovery, emphasizing the importance of consumption as a primary economic task [1][2]. Group 1: Policy Initiatives - Liaoning Province has developed several policies aimed at enhancing consumption, including the "Several Measures to Vigorously Boost Consumption" and specific initiatives for the silver economy [2]. - The province is expanding the scope of the "old-for-new" consumption policy, increasing the number of supported appliance categories from 12 to 20, and including products for home modifications for the elderly [2]. - The province has set a target to improve the support standards for subsidies related to new energy buses and battery replacements, raising the subsidy cap for home modifications from 5,000 yuan to 10,000 yuan [2]. Group 2: Financial Support and Consumer Engagement - Liaoning Province has allocated 4 billion yuan for the "old-for-new" subsidy program and has encouraged local governments to issue consumption vouchers to further stimulate consumer spending [3]. - The province has mobilized 2.4 billion yuan to support promotional activities during key holiday periods, aiming to create immersive and interactive shopping experiences [3]. - Approximately 200 million consumers have participated in the "old-for-new" program this year, generating over 15 billion yuan in direct consumption and achieving total sales of 26 billion yuan [3]. Group 3: Optimizing Consumption Environment - The government is working to streamline the approval process for consumer subsidies, aiming for a "zero-run, zero-material, zero-wait" experience for market participants [4]. - Financial incentives are being provided to encourage businesses to engage with government subsidy programs, alleviating financial pressures on enterprises [4]. - There is a strong emphasis on monitoring and managing funds allocated for consumption support to prevent misuse and ensure effective utilization [4]. Group 4: Future Directions - The Liaoning Provincial Finance Department plans to continue innovating fiscal measures, focusing on both goods and services consumption, and exploring new consumption models to enhance consumer willingness [5]. - The government aims to stimulate nighttime and digital consumption, aligning with trends in consumption upgrades to support economic growth [5].

Economic Overview - The economy of Tai'an City is showing a stable and improving trend, with continuous efforts to implement various policies aimed at production, consumption, and growth [5] Industrial Production - The industrial production has slightly rebounded, with the added value of industrial enterprises above designated size increasing by 8.3% year-on-year from January to April, an increase of 0.3 percentage points compared to the first quarter [1] - The manufacturing sector leads with an added value growth of 10.8%, contributing 98.5% to the growth of industrial enterprises [1] - Among 37 major industrial categories, 25 achieved year-on-year growth, resulting in a growth coverage of 67.6% [1] - Out of 154 major industrial products, 79 saw an increase in production, with a growth coverage of 51.3% [1] Investment Trends - Fixed asset investment in Tai'an City grew by 5.8% year-on-year from January to April, with the primary industry increasing by 3.5%, the secondary industry by 26.7%, and the tertiary industry decreasing by 6.8% [1] - Industrial investment accelerated with a year-on-year increase of 26.6%, and manufacturing investment grew by 19.6% [2] - New momentum investments, particularly in high-tech industries, saw significant growth, with "Four New" investments increasing by 17.1% and high-tech industry investments rising by 47.6% [2] Consumer Market - The retail market showed positive growth, with retail sales of units above designated size reaching 16.92 billion yuan, a year-on-year increase of 13.2% [2] - Categories such as household appliances, food, and clothing saw substantial retail sales growth, contributing significantly to the overall retail sales increase [2] - The "old-for-new" policy has effectively boosted sales in sectors like automobiles and household appliances, with respective year-on-year growth rates of 8.9% and 45.2% [2] - Online retail sales also accelerated, achieving a year-on-year growth of 25.2%, contributing 13.7% to the overall retail growth [2] Service Sector - The service sector showed stable growth, with revenue from large-scale service enterprises reaching 8.99 billion yuan, a year-on-year increase of 7.0% [3] - Among 615 large-scale service enterprises, 379 reported positive revenue growth, resulting in a growth coverage of 61.6% [3] - The top 30 enterprises contributed significantly to the overall revenue growth of the service sector, accounting for 55.1% of total revenue [3] Fiscal and Financial Indicators - The general public budget revenue reached 10.63 billion yuan from January to April, a year-on-year increase of 5.5% [3] - Financial institutions reported a total deposit balance of 723.8 billion yuan, growing by 10.5%, and a loan balance of 519.53 billion yuan, increasing by 9.9% [3] - Total electricity consumption reached 95.0 billion kilowatt-hours, a year-on-year increase of 2.8%, with industrial and tertiary sector electricity consumption growing by 3.7% and 7.1%, respectively [3] Consumer Price Index - The Consumer Price Index (CPI) remained stable at 99.7, with a year-on-year decrease of 0.3% [4] - Among eight major categories, five saw price increases while three experienced declines [4]

Core Insights - The consumer market in Tonglu has shown signs of recovery in Q1, with a total retail sales of social consumer goods reaching 3.744 billion yuan, a year-on-year increase of 3.9% [1] - The implementation of 17 new policies, including a trade-in program, has significantly stimulated local consumption, leading to a 10.7% growth in retail sales for large enterprises [2] - The "Tonglu Flavor" brand has played a crucial role in driving the growth of the local dining economy, with a 3.8% increase in the restaurant sector, ranking fourth in the city [6] Policy Initiatives - The local government has introduced various initiatives to boost consumption, including the "Tong" shopping, dining, and entertainment series, which have collectively enhanced the consumption atmosphere [2] - The trade-in policy has led to a total of 19.8372 million yuan in trade-ins, driving an additional 132 million yuan in consumption [2] - The 3C digital product subsidy program has resulted in 2.42 million yuan in subsidies, generating over 20 million yuan in consumption [5] Dining Sector Performance - The dining sector in Tonglu has experienced a vibrant growth, with significant events like the Spring Festival contributing to high demand and sales [6][8] - The "Tonglu Flavor" brand has expanded its reach, with over 120 enterprises authorized to use the brand, covering various local specialties and cultural tourism [8] - Promotional activities during the Spring Festival, such as dining discounts and extended operating hours, have further stimulated consumer engagement [8] Market Trends - Creative markets and night markets have emerged as new consumption hotspots, attracting over 300,000 visitors and generating sales exceeding 3 million yuan in Q1 [11] - The integration of traditional markets with modern retail experiences has enhanced consumer engagement, with a 30% increase in foot traffic and nearly 50% growth in overall sales at key shopping centers compared to the previous year [12] - The overall positive trend in the consumer market reflects strong local economic vitality and the public's pursuit of a better quality of life [15]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Stock Index**: The A-share market showed a mixed performance with most indices closing higher. The TMT sector recovered while the consumer sector declined. The internal policy drive is the main theme for the stock index in 2025. Various policy measures are expected to help companies repair their balance sheets, promote stable economic development, and gradually increase stock market valuations. The overall view is that the stock index will be in a volatile state [1]. - **Treasury Bonds**: Treasury bond futures showed different trends, with some contracts rising and others falling. The central bank's operations affected the bond market, and after macro - disturbances, the bond market followed changes in the capital market and economic fundamentals. The bond market is expected to remain in a sideways volatile pattern in the short term [2]. 3. Summary by Directory 3.1 Research Views - **Stock Index**: On June 5, 2025, most A-share market indices closed higher. The Wind All - A index rose 0.42% with a trading volume of 1.32 trillion yuan. The CSI 1000 index rose 0.72%, the CSI 500 index rose 0.54%, the SSE 50 index rose 0.05%, and the SSE 300 index rose 0.23%. The TMT sector recovered while the consumer sector declined. April economic data showed a slight decline compared to March but remained resilient. Social retail sales increased by 5.1% year - on - year, supported by the "trade - in" policy. Social credit demand was weak in April, with a cumulative new RMB loan of 10.06 trillion yuan, a year - on - year increase of 2.86%, and M2 growth of 8% year - on - year. The Sino - US joint statement and domestic policies such as RRR and interest rate cuts, and measures to encourage long - term funds to enter the market are expected to boost the stock market [1]. - **Treasury Bonds**: On June 5, 2025, the 30 - year Treasury bond futures main contract fell 0.16%, the 10 - year main contract fell 0.01%, the 5 - year main contract rose 0.02%, and the 2 - year main contract rose 0.04%. The central bank conducted 1265 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1395 billion yuan. The capital market was generally loose. The central bank's upcoming 10000 - billion - yuan outright reverse repurchase operation led to a slight decline in Treasury bond yields. After adjustments, the bond market is in a sideways volatile pattern [2]. 3.2 Daily Price Changes - **Stock Index Futures**: On June 5, 2025, compared with June 4, IH rose 0.01%, IF rose 0.25%, IC rose 0.61%, and IM rose 0.79% [3]. - **Stock Indices**: The SSE 50 index rose 0.05%, the SSE 300 index rose 0.23%, the CSI 500 index rose 0.54%, and the CSI 1000 index rose 0.72% [3]. - **Treasury Bond Futures**: TS rose 0.03%, TF remained unchanged, T fell 0.04%, and TL remained unchanged [3]. - **Treasury Bond Yields**: The yields of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bonds changed by - 1.45bp, - 0.46bp, 0.59bp, and 0.7bp respectively [3]. 3.3 Market News - The central bank announced that on June 6, 2025, it will conduct a 10000 - billion - yuan outright reverse repurchase operation with a 3 - month term using a fixed - quantity, interest - rate tender, and multiple - price winning method [5]. 3.4 Chart Analysis - **Stock Index Futures**: The report presents the trends of IH, IF, IM, IC main contracts, and the corresponding basis trends [7][8][11]. - **Treasury Bond Futures**: It shows the trends of Treasury bond futures main contracts, Treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][16][18]. - **Exchange Rates**: Charts display the trends of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and cross - currency exchange rates [21][22][25].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 42.96 [8][9]. Core Views - The company is expected to benefit from the resilience of the retail market due to the expansion of home decoration subsidies and the improving channel structure, leading to a potential recovery in profit margins and operational flexibility [1]. - The "Immediate Living" and "Beautiful Countryside" initiatives are anticipated to accelerate the company's presence in the stock renovation and third- and fourth-tier markets, with a projected demand for stock renovation of approximately 11 to 12 million units per year from 2024 to 2026, reflecting a CAGR of 5% [2]. - The company is undergoing a channel transformation towards engineering distribution, maintaining a leading market share despite a decline in direct sales revenue, which is expected to stabilize in the coming years [3]. - The retail sales of construction and decoration materials reached RMB 53 billion in the first four months of 2025, showing a year-on-year increase of 2.3%, with a significant monthly increase of 9.7% in April [4]. Summary by Sections Financial Forecasts and Valuation - The company’s net profit forecasts for 2025 to 2027 are RMB 651.4 million, RMB 847.05 million, and RMB 1.09 billion respectively, indicating a CAGR of 48.7% [5]. - The company is assigned a PEG ratio of 0.75x for 2025, with a target price based on a PEG of 1.0x, reflecting the expected growth in the "Immediate Living" business and stable market share in engineering [5]. - The projected revenue for 2025 is RMB 13.203 billion, with a year-on-year growth of 9.07% [7]. Market Position and Competitive Landscape - The company is positioned to capture growth opportunities in the renovation market, with its brand strength gradually being validated against competitors like Nippon Paint [2]. - The engineering business is expected to maintain its leading market share while reducing impairment risks, with accounts receivable turnover improving to 3.6 in 2024 [3]. Operational Insights - The company is actively managing costs and improving operational efficiency, with expectations for continued profit elasticity due to effective expense control measures [4]. - The average price of titanium dioxide, a key raw material, has decreased by 9.6% year-on-year, which may limit further price declines in products [4].

Core Viewpoint - The Hong Kong stock market's new consumption sector is experiencing significant growth, driven by the emotional spending trends of the younger generation, particularly the Z generation, leading to high performance in stocks like Pop Mart and Lao Pu Gold [1][2]. Group 1: Market Performance - The new consumption sector in the Hong Kong stock market has seen leading stocks like Pop Mart and Lao Pu Gold achieving year-to-date increases of over 160% and 300%, respectively [1]. - The emotional consumption trend among the younger demographic is reshaping the market, with over 40% of their purchasing behavior driven by emotional satisfaction [2]. Group 2: Investment Opportunities - The Hong Kong Stock Connect Consumption ETF (fund code: 159245) is currently being issued, providing investors with a convenient tool to invest in the new consumption sector [1][4]. - The ETF tracks the National Index for Hong Kong Stock Connect Consumption Theme, which captures high-growth trends in the new consumption sector [4]. Group 3: Policy and Capital Flow - Strong underlying consumer demand is complemented by policy incentives and inflows of southbound capital, which are driving the consumption sector's strength [3]. - The "old-for-new" policy has significantly boosted sales, with over 1.1 trillion yuan in sales generated from five major categories by May 31 [3]. - Southbound capital has accelerated its inflow into Hong Kong stocks, with net purchases exceeding 610 billion yuan by June 3, focusing on non-essential consumption and technology sectors [3]. Group 4: Future Outlook - The current period is seen as an optimal time to invest in the Hong Kong new consumption sector, with clear signs of consumption recovery and improving liquidity in the market [4]. - The leading new consumption companies are still in the early stages of overseas expansion, indicating substantial growth potential [4].

Core Viewpoint - The expansion of the "old-for-new" vehicle replacement policy in Shanghai, which now includes vehicles registered outside the city, is driving significant consumer interest and sales in the automotive market, particularly for new energy vehicles. Policy Expansion - The new policy allows for a one-time subsidy of 15,000 yuan for consumers purchasing new energy vehicles priced over 100,000 yuan, and 13,000 yuan for fuel vehicles, provided they trade in their vehicles registered outside Shanghai [2][3] - The policy aims to activate potential replacement demand by broadening the subsidy eligibility from local to out-of-province vehicles [3] Market Response - Sales inquiries have surged at various dealerships, with significant increases in customer traffic noted, especially from owners of out-of-province vehicles looking to take advantage of the new policy [5][6] - The policy has led to a notable increase in sales of new energy vehicles, with manufacturers reporting substantial growth in sales figures [8][9] Consumer Behavior - Consumers are actively calculating the financial benefits of the new policy, with many finding the subsidies and trade-in values to be significant incentives for upgrading to new energy vehicles [5][6] - The overall vehicle population in Shanghai is projected to reach approximately 6.13 million by the end of 2024, with around 1.05 million being long-term out-of-province vehicles [6] Industry Impact - The "old-for-new" policy has stimulated the automotive market nationwide, with the Ministry of Commerce reporting that the automotive sector accounted for a significant portion of the 1.1 trillion yuan in sales driven by the policy [8] - Major automotive companies are responding to the increased demand by launching new models and enhancing their offerings, which has been reflected in strong pre-order numbers for new vehicles [9][10] Future Outlook - The government continues to support the automotive market through various initiatives, including tax reductions and additional subsidies, aimed at further encouraging vehicle replacement and enhancing consumer choice [9][10] - Companies in the automotive supply chain are also benefiting from the policy, with some focusing on expanding their vehicle recycling and dismantling operations to align with the new market dynamics [10][11]

Core Insights - The 618 shopping festival is evolving with new players like Meituan joining, indicating a need for fresh energy in a market that has become more rational and competitive [1] - Instant retail has transformed from an optional convenience to a baseline expectation for consumers, with major e-commerce platforms increasing investments in this area [2] - AI technology is increasingly integrated into the e-commerce supply chain, enhancing efficiency and enabling new marketing tools for merchants [4][5] - Consumer decision-making is shifting towards a balance of rational cost-benefit analysis and emotional value, indicating a deeper engagement with brands [7] - The "trade-in" policy and the activation of lower-tier markets are driving new growth opportunities for e-commerce platforms [8][10] - The competition landscape is evolving, focusing on customer experience, emotional resonance, and effective management of existing assets [11] Group 1: Instant Retail - Instant retail has become a critical component of consumer experience, with platforms like Meituan and JD.com enhancing their delivery capabilities [2] - Major platforms are launching features like "1-hour delivery" to meet consumer demands for speed and convenience [2] Group 2: AI Integration - AI tools are being deployed across the e-commerce chain, with Alibaba and JD.com offering new AI-driven marketing solutions to help merchants reduce costs and improve efficiency [4][5] - The introduction of AI-generated video content is significantly reducing production costs and time for merchants [5] Group 3: Consumer Behavior - Consumers are increasingly acting as "calculators," seeking maximum value while also being influenced by emotional factors such as brand stories and sustainability [7] - The rise of niche brands that resonate emotionally with consumers indicates a shift in purchasing motivations [7] Group 4: Market Growth Drivers - The "trade-in" policy is being leveraged by platforms to stimulate demand for durable goods, with significant subsidies being offered [8][10] - Lower-tier markets are showing strong purchasing power, prompting brands to refine their strategies to cater to these consumers [10] Group 5: Competitive Landscape - The focus of competition is shifting from price wars to enhancing fulfillment experiences and emotional connections with consumers [11] - Companies must develop sharper consumer insights and more flexible supply chains to thrive in this evolving market [11]