Group 1 - The core viewpoint of the news is the introduction of favorable policies to boost consumption and enhance the urban convenience living circle, indicating a strong governmental focus on the consumption sector [1][2][5] - The Ministry of Commerce and eight other departments released a notification on September 19, outlining 20 specific measures to promote the construction of urban convenience living circles, aiming for a "hundred cities and ten thousand circles" goal by 2030 [2][3] - The notification emphasizes the integration of advanced technologies such as big data, artificial intelligence, and the Internet of Things to develop smart stores and self-service facilities, enhancing the digital management level of convenience living circles [2][3] Group 2 - Recent data from the National Bureau of Statistics shows that the total retail sales of consumer goods increased by 3.4% year-on-year in August, with a notable growth in the retail sales of products related to trade-in programs [1][6] - The service consumption sector is experiencing significant growth, with service retail sales increasing by 5.1% year-on-year in the first eight months, outpacing the growth of goods retail sales [6][7] - The government plans to introduce additional policies to support high-quality development in the accommodation industry and the integration of railways and tourism, forming a comprehensive policy framework to stimulate consumption [6][7]

Group 1 - The core viewpoint emphasizes that service consumption is a crucial internal driving force for high-quality economic development, characterized by high frequency, strong multiplier effects, and sustainable growth [1] - The Ministry of Commerce, along with other departments, has introduced 19 policy measures aimed at stimulating new service consumption, addressing bottlenecks in the sector [1][2] - Recent trends show a steady expansion of China's consumer market, with significant growth in inbound travelers to international consumption center cities and popular local events enhancing service consumption [1] Group 2 - Specific measures include the creation of well-known sports events and leagues, expansion of long-term care insurance coverage, and support for early childhood education services, all aimed at improving residents' quality of life and unlocking consumption potential [2] - The National Development and Reform Commission plans to enhance service supply quality by promoting innovation in enterprises, optimizing industry standards, and stimulating market activity [3] - The People's Bank of China has established a 500 billion yuan service consumption and elderly care relending program to encourage financial institutions to increase credit in key service sectors [4]

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued policies aimed at expanding service consumption, focusing on resolving barriers to service consumption development and enhancing the sense of gain for business entities [1][2]. Group 1: Policy Measures - The policy measures consist of five areas with 19 specific tasks aimed at promoting service consumption [1]. - The measures emphasize three principles: combining benefits for people's livelihoods with promoting consumption, optimizing supply while stimulating demand, and balancing domestic and foreign openness [1]. Group 2: Implementation Strategies - The Ministry of Commerce plans to select around 50 pilot cities for new consumption formats, models, and scenarios based on competitive reviews, focusing on cities with large populations and strong development potential [2]. - The National Development and Reform Commission will implement the "Artificial Intelligence +" initiative to accelerate AI applications in service consumption, encouraging the integration of various consumption formats [2]. Group 3: Financial Support - The Ministry of Finance has introduced interest subsidy policies for personal consumption loans and service industry loans, while the People's Bank of China is working to enhance credit support and optimize consumer financial products [2]. - As of the end of July, the balance of household consumption loans, excluding personal housing loans, reached 21.04 trillion yuan, with a year-on-year growth of 5.34% [2]. Group 4: Inbound Consumption Growth - In the first half of the year, over 19 million inbound foreign visitors were recorded, a 30% increase year-on-year, with visa-free entries growing by 54% [3]. - The number of tax refund stores has exceeded 10,000, three times the number at the end of 2024, with a 248% increase in tax refund beneficiaries and a 98% increase in tax refund sales in the first eight months [3]. - The Ministry of Commerce aims to enhance inbound consumption by improving policy support, enriching high-quality consumption supply, and creating diverse consumption scenarios [3].

Core Viewpoints - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index down 1.15%, the Shenzhen Component down 1.06%, and the ChiNext Index down 1.64%. The total trading volume in the Shanghai and Shenzhen markets was 31,347.7 billion yuan [2][8] - In the industry sectors, electronics, communications, and social services led the gains, while non-ferrous metals, comprehensive sectors, and non-bank financials lagged behind. Concept sectors such as FSG concept, co-packaged optics (CPO), and copper cable high-speed connections saw gains, while lead, zinc, and gold concepts declined [2][8] - The Hang Seng Index fell by 1.35%, and the Hang Seng Technology Index decreased by 0.99%. In overseas markets, the three major U.S. indices collectively rose, with the Dow Jones up 0.27%, S&P 500 up 0.48%, and Nasdaq up 0.94% [2][8] Market Performance - In August 2025, the total retail sales of consumer goods in China reached 396.68 billion yuan, showing a year-on-year increase of 3.4%, which is an improvement of 1.3 percentage points compared to the same period last year, although it decreased by 0.3 percentage points compared to July [10] - The retail sales growth of goods continued to decline, while the growth of catering revenue saw a slight rebound compared to the previous month. In August, the retail sales of goods increased by 3.6% year-on-year, while catering revenue increased by 2.1% [10][11] - Online retail sales from January to August 2025 totaled 998.28 billion yuan, with a year-on-year increase of 9.6%, accounting for 30.82% of the total retail sales of consumer goods [13] Investment Recommendations - The report suggests focusing on the food and beverage sector, particularly the liquor industry, which is expected to be in a bottoming phase with low valuations and high dividends providing strong support for stock prices [14] - In the social services sector, the report highlights the potential for growth in tourism, duty-free, hotels, catering, and education sectors due to favorable policies [14] - For the retail sector, the report recommends attention to gold and jewelry companies, which are expected to benefit from the rising attractiveness of gold as a safe-haven asset, and cosmetics companies that have shown strong growth despite industry demand weakness [14]

服务消费具有消费频次高、乘数效应强、增长可持续等方面特点，是推动经济高质量发展的重要内生动 力。近日，商务部会同国家发展改革委、文化和旅游部、中国人民银行等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》），提出19项任务举措激发服务消费新增量。9月17日， 在国新办举行的新闻发布会上，相关部门负责人就促进服务消费具体举措进行了介绍。 商务部副部长盛秋平说，近年来，中国消费市场规模稳步扩大，国际消费中心城市入境旅客成倍增 长，"苏超""村BA"等群众身边的赛事火爆"出圈"，服务消费已成为推动消费市场增长的重要力量。但 与此同时，服务消费领域供给质量仍需提高，一些领域消费体验有待提升，需要进一步发挥政策合力， 促进服务消费高质量发展。《措施》以推动扩大服务消费为主要目标，着力解决制约服务消费发展的堵 点卡点问题，提出了一些让经营主体有真切获得感的增量政策。 国家发展改革委就业收入分配和消费司司长吴越涛说，国家发展改革委将从推动企业向"新"、推动行业 向"优"、推动市场向"活"等方面，促进服务供给提质扩容。同时，坚持投资于人、服务民生，继续加力 支持养老托育、文旅体育等领域项目建设，大力发展社 ...

Core Viewpoint - The recent policy measures issued by the Ministry of Commerce and nine other departments aim to expand service consumption through 19 specific initiatives, signaling a new phase of financial empowerment in service consumption [1] Group 1: Policy Measures - The policy measures focus on five areas: cultivating service consumption promotion platforms, enriching high-quality service supply, stimulating new service consumption growth, enhancing financial support, and improving statistical monitoring systems [1] - The measures are designed to release the potential of service consumption, which has shown a significant role in economic stability, with service retail sales growing by 5.1% year-on-year in the first eight months of the year, outpacing goods retail sales by 0.3 percentage points [1] Group 2: Financial Innovations - Financial institutions are actively exploring innovative solutions, such as China Bank's expansion of financial support for consumption goods exchange programs and the introduction of region-specific products like "homestay loans" [2] - Construction Bank has achieved a dual increase in scale and quality through its consumer finance initiatives, with personal consumption loans reaching 614.2 billion yuan, an increase of 86.3 billion yuan from the previous year [2] Group 3: Challenges in Service Consumption - The unique characteristics of service consumption, including its intangible nature and long cycles, present challenges for financial innovation, such as product mismatches and an over-reliance on collateral rather than credit [3] - There is a significant imbalance in service consumption credit availability, with resources concentrated on high-quality enterprises and high-income individuals, leaving small businesses and new citizens underserved [3] Group 4: Systematic Deployment - The policy measures propose a systematic approach to financial services, emphasizing a support system that combines policy guidance, market operations, and shared risk [3] - Financial institutions are encouraged to develop combination products and establish risk compensation funds to lower financing costs, creating a win-win scenario for government, finance, and businesses [3] Group 5: Financial Innovation Strategies - Financial institutions are urged to deepen financial innovation by developing targeted products for specific scenarios, such as "bed loans" for elderly care facilities and "operational rights pledge loans" for sports venues [4] - The integration of financial services into consumption platforms is recommended, shifting from passive responses to proactive services [4] - The activation of "credit value" through credit cards and the introduction of a "service consumption points" system are suggested to create a positive cycle of consumption, credit, and discounts [4] Group 6: Economic Impact - Service consumption has surpassed 50% of total consumption, becoming the primary driver of economic growth, indicating a shift in consumer focus from quantity to quality [4]

Group 1 - The article discusses the recent policy measures introduced by the Ministry of Commerce to expand service consumption, which includes 19 initiatives aimed at enhancing service supply and meeting diverse consumer needs [4][6] - The focus is shifting from durable goods, like home appliances, to service consumption and non-durable goods, as the previous subsidies have improved demand for physical goods but face limitations in repeat purchases [4][6] - Key areas identified for potential growth in service consumption include tourism, film and gaming, and healthcare services, particularly in the context of aging populations [6][7] Group 2 - The tourism sector is highlighted as having significant potential for growth, as it involves single purchases (like tickets) that can lead to additional spending on various services [6] - The gaming industry is characterized as optional consumption, while healthcare services, especially related to elderly care, are expected to transition into essential consumption [6] - The article suggests that sectors encouraged by the new policies, such as tourism ETFs, gaming ETFs, and film ETFs, may present investment opportunities due to their relatively lower cumulative growth compared to the technology sector [7][8]

Group 1: Market Interest Rates - DROO1 closed at 1.49 with a 4.43bp increase, DR007 closed at 1.54 with a 4.26bp increase [3] - GC001 closed at 1.63 with an 8.50bp decrease, GC007 closed at 1.56 with a 3.00bp decrease [3] - SHBOR 3M closed at 1.55 with a 0.10bp increase, LPR 5 - year remained at 3.50 [3] - 1 - year treasury bond closed at 1.40 with a 0.25bp decrease, 5 - year treasury bond closed at 1.53 with a 2.15bp decrease [3] - 10 - year treasury bond closed at 1.76 with a 1.75bp decrease, 10 - year US treasury bond closed at 4.04 with a 1.00bp decrease [3] Group 2: Central Bank Operations and Liquidity - The central bank conducted 4185 billion yuan of 7 - day reverse repurchase operations, with 3040 billion yuan of reverse repurchases maturing, resulting in a net injection of 1145 billion yuan [3] - Due to tax period, inter - bank liquidity tightened, overnight weighted average rate rose to 1.43%, 7 - day weighted average rate rose to 1.54% [3] - This week, 12645 billion yuan of central bank's open - market reverse repurchases will mature, and 1200 billion yuan of treasury cash fixed - deposit will mature on Monday [3] Group 3: Stock Index Performance - CSI 300 closed at 4551 with a 0.61% increase, IF current - month contract closed at 4553 with a 0.8% increase [4] - SSE 50 closed at 2953 with a 0.17% increase, IH current - month contract closed at 2956 with a 0.2% increase [4] - CSI 500 closed at 7260 with a 0.96% increase, IC current - month contract closed at 7252 with a 1.2% increase [4] - CSI 1000 closed at 7555 with a 0.95% increase, IM current - month contract closed at 7547 with a 1.1% increase [4] - IF trading volume was 162499 with a 5.9% increase, IF open interest was 273912 with a 1.0% decrease [4] - IH trading volume was 64759 with an 8.8% increase, IH open interest was 104771 with a 4.0% increase [4] - IC trading volume was 163824 with a 1.4% increase, IC open interest was 252071 with a 4.1% decrease [4] - IM trading volume was 285903 with a 9.1% increase, IM open interest was 379348 with a 0.2% decrease [4] Group 4: Market Review and Outlook - The previous day, CSI 300 fell 0.21% to 4523.3, SSE 50 fell 0.5% to 2947.8, CSI 500 rose 0.75% to 7191, CSI 1000 rose 0.92% to 7483.6 [4] - Most industry sectors rose, with diversified finance, wind power equipment, etc. leading the gains, and precious metals, commercial department stores, etc. leading the losses [4] - The trading volume of the Shanghai and Shenzhen stock markets was 23767 billion yuan, a slight increase of 353 billion yuan from the previous day [4] - Policies are guiding the further growth of service consumption, and the Ministry of Commerce will introduce more targeted policies [5] - The stock index fluctuated and rose, market sentiment remained good, mid - and small - cap stocks performed better, and the strategy is to go long on dips [5] Group 5: Futures Contract Premium and Discount - IF premium/discount rates were - 8.73% for the current - month contract, 2.47% for the next - month contract, 2.83% for the current - quarter contract, and 2.54% for the next - quarter contract [6] - IH premium/discount rates were - 21.15% for the current - month contract, - 1.16% for the next - month contract, - 0.40% for the current - quarter contract, and - 0.38% for the next - quarter contract [6] - IC premium/discount rates were 19.19% for the current - month contract, 10.56% for the next - month contract, 9.68% for the current - quarter contract, and 9.40% for the next - quarter contract [6] - IM premium/discount rates were 18.87% for the current - month contract, 12.02% for the next - month contract, 11.60% for the current - quarter contract, and 11.25% for the next - quarter contract [6]

Market Overview - The market experienced a high of 3899 points before a decline, with all three major indices dropping over 1% [1] - The Consumption ETF (159928) fell by 1.61%, marking a three-day downward trend, with a total trading volume of 1 billion yuan, slightly higher than the previous day [1] - The Consumption ETF (159928) attracted nearly 800 million yuan in two days, with a total size exceeding 19.7 billion yuan, leading its peers [1] Hong Kong Market - The Hong Kong Consumption 50 ETF (159268) also saw a decline of 1.43%, with a trading volume exceeding 33 million yuan [3] - Over the past five days, there were net inflows on four days, accumulating over 32 million yuan [3] - Notable stocks included Pop Mart rising over 4% and China Duty Free increasing over 2%, while stocks like Anta Sports and Midea Group fell over 2% [3] Policy Measures - The State Council introduced policies to expand service consumption, selecting around 50 pilot cities for new consumption models [5] - A series of policy documents will be released to promote high-quality development in the accommodation industry and integrate railways with tourism [5] - The government plans to conduct over 25,000 cultural and tourism consumption activities during the consumption month, distributing over 330 million yuan in consumption subsidies [5] Service Consumption Policies - The recent policies are seen as a refinement of the 2024 guidelines for promoting high-quality service consumption, emphasizing cross-department collaboration [6][7] - The measures cover 19 specific actions across key service sectors, including culture, tourism, sports, education, and health, aiming to enhance service consumption from multiple dimensions [7] - The policies focus on practical execution and operational feasibility, introducing innovative and implementable measures [7] Key Highlights of the Measures - The policies include initiatives for service consumption seasons, targeting areas with high demand potential [8] - Supply-side measures aim to expand openness and reduce restrictions in various sectors, enhancing service product offerings [8] - Demand-side strategies focus on attracting inbound consumption and exploring new consumption forms through AI and digital services [8] - Financial support will be provided through various tools to inject liquidity into the service consumption market [8] Industry Insights - The policies are expected to boost sectors like IP economy, maternal and infant care, and AI-driven consumption [9][10] - The IP economy is encouraged to innovate and create new consumption scenarios, with strong growth in domestic IP industries [9] - Maternal and infant care will benefit from supportive policies, reducing costs and stimulating demand in related industries [9] - AI technology is anticipated to enhance consumer experiences and create new products and scenarios in the market [10] Consumption ETF Insights - The Consumption ETF (159928) is characterized by its resilience across economic cycles, with top ten holdings accounting for over 68% of its weight [11] - Key holdings include leading liquor brands and major players in the agricultural sector, indicating a strong focus on essential consumer goods [11] - The Hong Kong Consumption 50 ETF (159268) is positioned as an efficient choice for investing in the Hong Kong consumption sector, supporting T+0 trading and not occupying QDII quotas [12]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [10]. Core Insights - The report highlights that service consumption in China is set to rebound, with service consumption expenditure expected to reach 46% of total consumption in 2024, returning to pre-pandemic levels and approaching the critical 50% mark [2][4]. - The joint policy measures introduced by nine government departments aim to enhance service consumption, showcasing a strong commitment from the government to boost service consumption quality and quantity [2][3]. Summary by Sections Policy Measures - The new policy measures include 19 specific actions across various sectors such as culture, tourism, sports, education, and health, focusing on enhancing service consumption through platform construction, supply-side improvements, demand-side stimulation, and financial support [2][3]. - Key highlights include the launch of "Service Consumption Seasons" to promote activities in high-demand service areas, and measures to expand supply by relaxing restrictions and attracting external capital [3]. Investment Recommendations - The report suggests focusing on specific sectors that will benefit from the policy measures, including: - **Cultural Tourism**: Emphasizing inbound tourism and youth travel, with recommendations to monitor leading travel agencies and scenic spots [4][9]. - **Trendy Toys**: Noting the rapid growth of the trendy toy market, with a focus on companies with strong IP resources and broad channel layouts [9]. - **Sports**: Highlighting the significant potential in event-driven consumption, recommending attention to companies involved in event operations and related services [9]. - **Education**: Encouraging investment in non-academic training and vocational education sectors, particularly those positioned to benefit from supportive policies [9].