Core Insights - The economic recovery in April 2025 is supported by the implementation of "two new" policies and special actions to boost consumption, leading to a stable growth in the consumption market [1][3] Group 1: Market Sales Performance - Market sales are steadily recovering, with a year-on-year growth of 4.7% in social retail sales from January to April, which is an acceleration of 0.1 percentage points compared to the first quarter [1] - Service retail sales also showed a year-on-year growth of 5.1%, similarly accelerating by 0.1 percentage points compared to the first quarter, marking two consecutive months of growth [1] Group 2: Impact of Trade-in Policies - Sales of goods related to the trade-in policy have significantly increased, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment growing by 38.8%, 33.5%, 26.9%, and 19.9% respectively in April [2] Group 3: Growth in Essential and Upgraded Goods - Retail sales of essential and upgraded goods have also seen rapid growth, with year-on-year increases of 14% for grain and oil products, 23.3% for sports and entertainment products, and 25.3% for gold and silver jewelry in April [2] Group 4: Growth in Service Consumption - Service consumption related to travel and outings has grown rapidly, driven by strong demand during holidays, with double-digit growth in retail sales for transportation, communication, tourism consulting, and rental services from January to April [2] Group 5: New Consumption Drivers - The growth of new consumption drivers is notable, with online retail sales of physical goods increasing by 5.8% year-on-year from January to April, continuing to outpace the overall growth of social retail sales [2] Group 6: Future Outlook - While the policy effects are continuing to show, there is a need to further enhance the endogenous growth momentum of consumption, with plans to implement special actions to boost consumption, improve consumer capacity, increase quality supply, and enhance the consumption environment [3]

Group 1 - The city is focusing on boosting consumer spending as a key strategy for economic growth, with local leaders conducting on-site research to understand market dynamics [1][3][6] - Sam's Club has seen continuous sales growth and an increase in registered members since its opening, highlighting the importance of brand strength and quality control in enhancing consumer experience [3][5] - The new energy vehicle sector is emerging as a significant driver of domestic demand, with a local brand's delivery center achieving sales of 1,500 vehicles and generating revenue of 80 million yuan since its opening [5] Group 2 - The JD Electronics flagship store in Jiangnan Nianhua Center is leveraging an "online + offline" business model to enhance market competitiveness, showcasing a wide range of consumer electronics [6] - Local government and departments are encouraged to implement policies that stimulate consumption, improve supply, and meet diverse consumer needs, aligning with national directives on promoting consumption [6] - The city’s political advisory bodies are urged to prioritize consumer spending initiatives, engage in frontline research, and provide practical suggestions to innovate consumption scenarios and optimize the shopping environment [6]

活动中，三地商务部门围绕"政策互通、资源互补、市场互促"的理念，达成十项联动倡议。倡议涵盖三城商务部门联动、政策赋能联动、首发经 济联动、精致美食联动、精美购物联动、经典旅游联动、非遗老字号联动、家政服务联动、重要展会联动、商会协会联动等领域，标志着三城消 费合作迈入实质性阶段。此次三城联动倡议，是基于各城市在消费市场上的独特优势和潜力，通过联动实现资源共享、优势互补，共同探索消费 提振的新路径。 记者获悉，未来，三城将持续在消费领域开展更多深入合作，共同为消费者带来更加丰富多元的消费体验。 活动现场，西安市商务局副局长郑炜表示，"西安作为古丝绸之路起点和国际消费中心城市，将以此次联动为契机，与杭州、昆明共享文化资源、 消费场景与政策红利，共同激发内需潜力，为全国消费市场注入新动能。" 为积极响应商务部2025年推进提振消费专项行动工作要求，5月16日，西安、杭州、昆明联动提振消费倡议活动在杭州湖滨步行街举行。活动旨在 通过"三城联动"，深化三地在消费领域的协同合作，打造跨区域消费新生态。 会场上，西安还通过一部精心制作的西安提振消费推介片，以"丝路新章·动脉""圈街共生·烟火""古今交响沉浸""惠聚长安·嗨 ...

Group 1: Consumer Promotion Initiatives - The company is actively responding to national policies aimed at expanding domestic demand and boosting consumption by launching diverse credit card promotional activities to invigorate the consumption engine in Guangxi [1] - The "CMB Consumption Season" brand has been extended to auto shows, featuring partnerships with well-known brands like BYD, Li Auto, BMW, and Audi, offering attractive financial incentives such as a maximum installment limit of 1 million yuan with 0 down payment [2] - The company has reported that the total installment transaction amount for car purchases has exceeded 600 million yuan, with a significant year-on-year growth of nearly 60% in transactions for new energy vehicles [2][4] Group 2: Home Renovation and Consumer Support - The company is capitalizing on the home renovation season by enhancing the influence of the "CMB Home Renovation Festival" and organizing various themed consumption activities, including partnerships with over 100 home decoration brands [3] - The total transaction amount for home renovation installments has approached 500 million yuan, with a month-on-month growth rate of nearly 40% [4] - Consumers can benefit from government subsidies for home appliance upgrades while enjoying additional discounts from the company, making home renovation more affordable [3] Group 3: Emerging Consumption Markets - The company is expanding into emerging consumption areas, such as the pet economy, by participating in the second China Nanning Pet Expo as the only financial institution [5] - The event featured interactive activities and special credit card offerings tailored for pet owners, enhancing the financial services embedded in the pet consumption scene [5] - This initiative aims to meet the personalized needs of pet lovers while demonstrating the financial sector's role in catalyzing new economic forms [5]

Core Points - The 2025 World Leisure Expo and the 27th Hangzhou West Lake International Expo will take place from May to July, focusing on boosting consumption with the theme "City of Competitions, Shopping Paradise" [1] - The expo will feature five distinctive consumption seasons and six consumption themes, including trendy products, exhibitions, culinary experiences, leisure activities, performing arts, and sports consumption [1] - A variety of promotional activities will be organized, such as Consumption Night, National Events, Trendy Animation, West Lake Cultural Exploration, Art Exhibitions, Cultural Tourism Performances, and Gourmet Festivals [1] Group 1 - The expo will include five main event locations: East (Global Cross-Border E-commerce Expo at Hangzhou Convention Center), South (Night Market and Sports Events at Xianghu), West (Dragon Boat Race and Cultural Performances at Xixi Wetland), North (Culinary Festival at Wulin Star), and Central (Exhibition at Lakeside Business District) [1] - The event will integrate domestic and foreign trade, offering innovative consumption scenarios and services like "buy and refund" for outbound tax refunds, aiming to enhance the city's consumption brand [1] Group 2 - From May 16 to May 18, the Hangzhou Consumption Season and "Foreign Trade Quality Products, Good Goods from Hangzhou" exhibition will feature 152 exhibitors showcasing thousands of foreign trade and technology products along a 600-meter stretch in Lakeside Pedestrian Street [2] - The event will also host a time-honored brand carnival and a trade-in event at Xianghu, featuring over 70 renowned time-honored brands from cities like Xi'an and Kunming [2]

Group 1 - The core viewpoint emphasizes the importance of domestic demand and internal circulation as unique advantages for the economy, aiming to enhance consumption and stimulate service consumption potential [1] - The recent meeting highlighted the need to strengthen domestic circulation and implement strategies to expand domestic demand while deepening supply-side structural reforms [1] - The Hong Kong stock market saw significant gains in consumer sectors, with notable increases in stocks such as Bilibili, Smoore International, Chow Tai Fook, and BYD, reflecting a positive response to consumption policies [1] Group 2 - According to CMB International Securities, the consumer sector demonstrates strong resilience and structural highlights, indicating investment value in the current economic environment [2] - Data from the recent "May Day" holiday shows a significant rebound in foot traffic in key commercial areas, supported by local government initiatives like tourism consumption vouchers, which have effectively boosted tourism and service consumption [2] - Retail sales in key monitored sectors experienced substantial year-on-year growth, with increases of 15.5%, 13.7%, and 10.5% for home appliances, automobiles, and communication devices, respectively, driven by trade-in policies and holiday effects [2]

Group 1 - Consumption is a crucial engine for economic growth and a key link in the domestic circulation, reflecting the people's pursuit of a better life [1][2][4] - The "Special Action Plan to Boost Consumption" released by the Central Committee and the State Council aims to implement precise measures to stimulate consumption [1][2] - The shift in consumer preferences from basic needs to quality and service experiences indicates an upgrade in living standards and a change in social contradictions [2][4] Group 2 - The scale of the new energy vehicle market in China is expected to exceed 11 million units in 2024, representing a year-on-year growth of 38.1%, driving the rapid development of over 20 related industries [2] - China's per capita GDP has surpassed $13,000, leading to a transition from survival-based consumption to development and enjoyment-based consumption [2] - The proportion of per capita service consumption expenditure is projected to reach 46.1% in 2024, indicating significant growth potential compared to developed countries [2] Group 3 - The focus on domestic consumption is essential for economic development, especially in the context of rising global protectionism and unilateralism [4][10] - Strengthening regulatory measures is necessary to create a fair and secure consumption environment, ensuring consumer rights and market stability [5][10] - Enhancing the interconnectivity of various consumption policies, including fiscal, financial, and industrial policies, is crucial for driving consumption growth [6][10] Group 4 - Achieving equal access to basic public services in urban and rural areas is vital for alleviating consumer confidence issues and enhancing social security levels [7] - The government aims to increase public education funding from 2.62% to over 3% of GDP and raise healthcare spending from around 3% to 6% by 2030 [7] - The focus on improving the consumption environment and fostering new growth points is essential for expanding and upgrading consumption [10][11] Group 5 - Innovation in consumption scenarios, including digital and smart services, is necessary to stimulate internal consumption dynamics [11][12] - Building strong service brands and enhancing brand value through quality and innovation will help meet diverse consumer needs [12] - The integration of traditional culture and modern branding strategies can enrich brand narratives and enhance market recognition [12]

Group 1 - Guangdong Province has issued a plan to boost consumption, focusing on enhancing consumption quality and developing low-altitude and cruise yacht consumption [2] - The plan includes improving urban and rural consumption facilities, with the addition of 10 new county-level commercial construction action counties [2] - Gansu Province has also released a plan to support high-quality industry development, emphasizing logistics and cold chain delivery services [3] Group 2 - Jiangxi Province has introduced a plan for the development and management of public welfare positions in village-level delivery logistics, aiming for comprehensive coverage and improved service quality [3] - Henan Province's government has issued an opinion to deepen the reform of supply and marketing cooperatives, supporting the construction of a rural logistics network [4] - The plan includes establishing county-level public delivery centers and enhancing the rural delivery service system [4] Group 3 - Chongqing has held a meeting to discuss the development of supercharging application scenarios in the postal and express delivery sector, focusing on the integration of electric vehicles and charging infrastructure [5] - The meeting emphasized the need for inter-departmental collaboration and the establishment of a regular communication mechanism [5] - Guizhou Province has recognized six individuals in the postal and express delivery industry as labor models, promoting the spirit of labor and craftsmanship [6] Group 4 - Xinjiang has conducted a training session on postal universal service supervision, focusing on the key tasks for 2025 [6] - Suzhou has issued work guidelines to enhance care for new employment groups, including delivery personnel, with a focus on improving service quality and creating friendly environments [6] - The guidelines aim to upgrade 3,000 service stations and develop an app for new employment groups [6]

提振消费是当前扩内需、稳增长的关键点。去年召开的中央经济工作会议将"大力提振消费、提高投资 效益，全方位扩大国内需求"列为今年工作的首要任务。 今年以来，新的政策信号不断释放，有效激活了消费市场的潜力。近日，中国人民银行发布《2025年第 一季度中国货币政策执行报告》（以下简称《报告》），在下阶段货币政策思路中，再度强调支持扩大 消费的重要作用。 "当前，消费已成为拉动经济的核心动力，是夯实高质量发展确定性的重要抓手，但居民收入增速放 缓、消费信心不足等结构性矛盾依然存在，刺激消费仍需政策发力。"星图金融研究院副院长薛洪言表 示，"货币政策强调从消费供给和需求两端协同发力，积极满足各类主体多样化资金需求，不仅有助于 释放消费潜力，也能通过金融创新推动消费结构升级。" 作为一项系统工程，消费活力的释放离不开政策与金融的协同发力。《金融时报》记者注意到，在各项 促消费政策的指引下，今年以来，银行业金融机构积极响应，将支持和提振消费作为今年重要的工作部 署之一，以多元举措激发消费潜力。 银行业多举措助燃消费 在政策指导下，近年来，我国银行业等金融机构构建了多层次消费金融服务体系，为消费市场稳定发展 提供了重要支撑。 ...

Group 1 - The "618" mid-year shopping festival commenced on May 13, earlier than previous years, and is seen as a key opportunity to stimulate consumer activity and support economic growth [1] - Major e-commerce platforms like Taobao, JD.com, Douyin E-commerce, and Suning have announced their promotional strategies for the "618" event, indicating a strong push to boost consumption [1] - The Hong Kong stock market showed significant recovery, with consumer sectors such as automotive, domestic fashion, and consumer electronics leading the gains, highlighting investor confidence in consumer recovery [1] Group 2 - High-frequency data indicates a rebound in subway passenger volume in April, reflecting sustained consumer activity and confidence [2] - Government policies promoting trade-in programs for old products have positively impacted sales in key categories like automobiles and home appliances, with over 270,000 vehicles and millions of appliances and mobile devices exchanged [2] - These policies have not only boosted short-term consumer confidence but also supported over 120 million people benefiting from subsidies, resulting in sales exceeding 720 billion yuan [2]