Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: The MFAresponded to reports that British Prime Minister will visit China this week. Futures Prices: On Jan 26, equity index futures and CGB futures were mixed. Most Commodities rose, with Precious Metals leading the ri ...

来源：上海证券报·中国证券网 国 务 院 新 闻 x F 0 බ 上证报中国证券网讯（记者 白丽斐）商务部副部长鄢东26日在国新办新闻发布会上表示，培育服务消费新增长点。下一步，商务部将发挥促进服务消费发 展工作协调机制作用，持续推动扩大服务消费、促进服务消费高质量发展。包括培育服务消费新增长点。把握消费升级的趋势，加力培育交通服务、家政服 务、网络视听服务、旅居服务、汽车后市场服务、入境消费等服务消费新增长点，完善支持政策，推进先行先试，培育优质品牌，激发相关领域发展活力， 更好满足人民群众服务消费新需求。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 白丽斐）商务部副部长鄢东26日在国新办新闻发布会上表示，培育服务消费新增长点。下一步，商务部将发挥促进服务消费发 展工作协调机制作用，持续推动扩大服务消费、促进服务消费高质量发展。包括培育服务消费新增长点。把握消费升级的趋势，加力培育交通服务、家政服 务、网络视听服务、旅居服务、汽车后市场服务、入境消费等服务消费新增长点，完善支持政策，推进先行先试，培育优质品牌，激发相关领域发展活力， 更好满足人民群众服务消费新需求。 ...

Core Viewpoint - The Ministry of Commerce aims to cultivate new growth points in service consumption this year, focusing on various sectors to meet the evolving demands of consumers [1] Group 1: New Growth Points in Service Consumption - The government will emphasize the development of transportation services, domestic services, online audio-visual services, travel and residence services, automotive aftermarket services, and inbound consumption as new growth areas [1] - There will be a push to enhance support policies, promote pilot programs, and cultivate quality brands to invigorate development in these sectors [1] - The initiative aims to better satisfy the new service consumption needs of the public [1]

Core Viewpoint - The State Council's meeting emphasizes the need to accelerate the cultivation of new growth points in service consumption, which is crucial for economic growth and improving residents' quality of life [1] Group 1: Economic Impact - Service consumption has become a significant engine for economic growth, with a projected retail sales total exceeding 50 trillion yuan for the year [1] - In the first 11 months of 2025, China's total retail sales of consumer goods increased by 4.0% year-on-year, with service retail growth outpacing goods retail by 1.3 percentage points [1] Group 2: Strategic Recommendations - To foster new growth points in service consumption, a multi-dimensional approach is recommended, focusing on enhancing supply in areas like transportation, housekeeping, and cultural tourism [2] - Establishing a robust system for service standards, credit systems, and safety management is essential for supporting new business models [2] Group 3: Implementation Strategies - Expanding the coverage of pilot programs for new business models and summarizing successful experiences can lead to broader service consumption upgrades [3] - Improving service quality in key areas such as elderly care and childcare, while promoting personalized service offerings, is vital for meeting consumer demands [3] - Strengthening infrastructure for service consumption and ensuring that benefits reach a wider demographic, including rural and community areas, is necessary [3]

居民当下和预期收入的增长是提振消费、扩大内需的关键动力。 坚持内需主导、建设强大国内市场，是中央经济工作会议明确的今年经济工作的首要任务。新年以来的 两场国务院常务会议（下称"国常会"），都在聚焦扩内需，政策组合拳不断加力。 1月16日召开的国常会，听取提振消费专项行动进展情况汇报并研究加快培育服务消费新增长点等促消 费举措。会议强调，完善促消费长效机制，制定和实施好扩大消费"十五五"规划、城乡居民增收计划， 加快建设强大国内市场。 此前1月9日召开的国常会，部署了实施财政金融协同促内需一揽子政策，强调加强财政政策与金融政策 配合联动，充分发挥政策效应，引导社会资本参与促消费、扩投资。 国家发改委、央行、财政部、商务部、民政部等部门近期对促消费扩内需、稳就业促增收作出了一系列 部署，把短期政策和中长期结构性改革结合起来，不断增强中国经济增长的内生动能。 财信金控首席经济学家伍超明对第一财经记者分析，政策核心在于构建消费内生增长机制，将"十五 五"消费规划与增收计划联动，标志着政策从短期刺激转向系统性制度安排。清理不合理限制和落实带 薪休假，直击消费能力和时间约束两大瓶颈，触及劳动力市场制度变革。这种消费与产业 ...

Core Insights - The State Council's executive meeting on January 16 emphasized the importance of enhancing consumer spending and proposed measures to foster new growth points in service consumption [1][4] - The meeting highlighted the positive outcomes from the ongoing special actions to boost consumption, which have been in place since last year, and called for deeper implementation of these initiatives [1][3] Group 1: Policy Implementation - The meeting called for the establishment of a long-term mechanism to promote consumption and the removal of unreasonable restrictions in the consumption sector [1][4] - The central economic work conference in December outlined eight key tasks for 2026, with a focus on domestic demand and the implementation of the special actions to boost consumption [3][4] - Local governments, such as in Guizhou, are actively working to implement the central government's directives to ensure a strong start to the 14th Five-Year Plan [3] Group 2: Consumer Experience - Citizens have reported tangible benefits from the consumption-boosting policies, such as discounts on electronics, indicating a positive reception of the government's initiatives [1] - The promotion of new consumption scenarios is expected to stimulate related industries, including tourism and transportation, thereby enhancing overall consumer engagement [6] Group 3: Structural Improvements - The meeting stressed the need to cultivate new growth points in service consumption and improve the quality of service offerings [4][6] - The implementation of paid leave is seen as a crucial factor in creating more opportunities for consumer spending, particularly in leisure and tourism sectors [6]

Group 1 - The State Council is focusing on boosting consumer spending through various measures, emphasizing the integration of policies to enhance residents' consumption motivation and drive economic growth [1] - There is a strong push to cultivate new growth points in service consumption, supporting the emergence of new business models and increasing the supply of quality services while addressing issues related to credit, standards, and safety management [1] - The government aims to establish a long-term mechanism for promoting consumption, including the implementation of the "14th Five-Year" plan for expanding consumption and urban and rural residents' income plans [1] Group 2 - The meeting highlighted the importance of clearing overdue payments to enterprises and ensuring the payment of migrant workers' wages, emphasizing the need for increased efforts and responsibility at the local level [2] - Measures will be taken to accelerate the clearance of overdue payments, including the issuance of special bonds to support debt clearance and the establishment of a long-term mechanism to prevent new debts from accruing [2] - The government plans to amend certain provisions of nine administrative regulations and abolish two regulations, aiming to improve the quality and effectiveness of administrative legislation [2]

Group 1 - The State Council, led by Premier Li Qiang, is focusing on measures to boost consumption, including the implementation of a special action plan to enhance consumer spending and the cultivation of new growth points in service consumption [1][2] - The meeting emphasized the importance of cleaning up overdue enterprise payments and ensuring the payment of migrant workers' wages, highlighting the need for increased efforts and responsibility at the local level [2] - The government plans to modify and abolish certain administrative regulations to improve legislative quality and ensure the effective implementation of new and existing laws [2] Group 2 - The meeting outlined the necessity of integrating various policies to enhance consumer spending, aiming to strengthen the internal motivation for consumer spending and leverage consumption as a fundamental driver of economic growth [1] - There is a focus on supporting new business models and increasing the supply of quality services, while addressing issues related to credit, standards, and safety management to promote service consumption [1] - The government is committed to establishing a long-term mechanism for promoting consumption, including the development of a "14th Five-Year" plan for expanding consumption and a plan for increasing urban and rural residents' income [1]

Group 1 - The State Council, led by Premier Li Qiang, is focusing on measures to boost consumption, including the implementation of a special action plan to enhance service consumption and address overdue payments to enterprises and wage guarantees for migrant workers [1][2] - The meeting highlighted the positive outcomes from the ongoing special action to stimulate consumption, emphasizing the need to integrate various policies to enhance residents' consumption motivation and leverage consumption as a fundamental driver of economic growth [1] - There is a call to accelerate the cultivation of new growth points in service consumption, supporting the emergence of new business models and increasing the supply of quality services while addressing issues related to credit, standards, and safety management [1] Group 2 - The meeting underscored the importance of clearing overdue payments to enterprises and ensuring wage payments to migrant workers, stressing the need for heightened attention and increased efforts in these areas [2] - Specific actions include tightening oversight in key regions, expediting the issuance of special bonds to support debt clearance, and establishing a long-term mechanism to prevent the accumulation of overdue payments [2] - The meeting also decided to amend certain provisions of nine administrative regulations and abolish two regulations, aiming to enhance the quality and effectiveness of government legislation [2]

Group 1 - The State Council, led by Premier Li Qiang, is focusing on boosting consumption through various measures, including the implementation of a special action plan to enhance consumer spending and the cultivation of new growth points in service consumption [1][2] - The meeting emphasized the importance of cleaning up overdue payments to enterprises and ensuring the payment of wages to migrant workers, highlighting the need for increased efforts and a robust mechanism to address these issues [2] - The government plans to modify and abolish certain administrative regulations to improve legislative quality and ensure the effective implementation of new and existing laws [2] Group 2 - The meeting discussed the need to integrate policies that enhance consumer spending with measures that improve residents' living standards, aiming to stimulate internal consumption and economic growth [1] - There is a focus on supporting new business models and enhancing service quality to promote service consumption, addressing issues related to credit, standards, and safety management [1] - The government aims to establish a long-term mechanism for promoting consumption, including the development of a "14th Five-Year" plan for expanding consumption and increasing residents' income [1]