作为一种新兴经济形态，首发经济符合消费升级趋势和高质量发展要求，是有效扩大内需、激活消费市 场的重要途径。 强化平台支撑，推进链式融合发展。通过技术研发、产品创新等手段，推动产业链向高端化、智能化、 绿色化方向迈进。建立健全投融资体系，吸引社会资本、政府资金等多元化资金投入。加强人才培养和 引进，培养研发、生产、营销等专业型人才和懂技术、懂市场、懂品牌的复合型人才，建立首发经济人 才信息库，强化智力支撑。发展完善的服务体系，包括技术转移、成果转化、创业孵化、法律咨询等， 为首发经济发展提供全方位服务支持。 聚焦消费引领，优化多元服务供给。充足的消费需求是首发经济蓬勃发展的基础。满足人民群众日益增 长的美好生活需要，呼唤更多新产品、新模式、新服务。超大规模市场也有助于形成规模经济优势，建 立强大的品牌效应。要提升城市公共交通、餐饮、购物、住宿等服务水平，改善消费体验。注重文化创 意产业首店发展，更多引入艺术文娱类新业态，活跃城市新生代文化。比如，国内首款3A游戏《黑神 话：悟空》、中国魔幻史诗电影《封神》等游戏与影视作品的推出，吸引了众多用户对新内容、消费电 子、IP周边等领域付费，充分满足了消费者多样化需求。 ...

4月24日，上海举行新闻发布会，介绍第六届上海"五五购物节"的相关安排。首发经济成为本次聚 焦的四大经济领域之一。 4月23日消息，为持续放大首发经济效应，在《关于进一步促进上海市首发经济高质量发展的若干 措施》基础上，上海市商务委员会、上海市财政局、上海海关印发《关于加力促进上海市首发经济高质 量发展的措施》，新增促进首发经济高质量发展的三项措施。 "真金白银"投入补贴 本次文件出台，将持续放大上海首发经济效应。《措施》明确，要提升展会新品首发能级。对在上 海举办的具有国内外影响力的消费品类展会上，举办全球首发新品活动的参展商，按照设计创新、发明 专利等维度进行评价，对其展位租赁、展台搭建与设计、宣传推广等实际投入总额，给予不超过30%、 最高50万元的补贴。 此外，《措施》提出，对3月至5月"首发上海"活动期间的展会新品首发活动上浮补贴金额，给予不 超过30%、最高60万元的补贴。 4月24日，记者从上海市政府新闻发布会上获悉，今年的"五五购物节"将是六年来消费补贴政策力 度最大、覆盖面最广的一届。超千家企业、数千个品牌，将开展1000余项特色活动。首发经济也是本次 聚焦的四大经济领域之一。 在政策助力下 ...

以汽车以旧换新补贴为例，一方面落实国家报废更新，即"国补"。参与活动的燃油车旧车从国三及以下 扩至部分国四及以下，进一步支持老旧车辆的报废更新。另一方，实施上海置换更新，即"地补"。将混 动车也纳入置换更新购买新能源汽车的支持范围，置换更新购买符合条件的燃油车的，补贴1.3万元， 较去年增加1000元。推出上海外牌置换更新便利措施，对符合条件的外牌车辆置换更新，参照沪牌政策 给予补贴。 以新车上市为契机，上海国际车展和"五五购物节"期间，上海多个区开展形式多样的汽车促消费活动。 其中，嘉定区结合"上海汽车文化节"开展汽车促消费活动，对3月21日至5月21日购车的，可最高享受 2000元区级补贴，范围覆盖至新购二手车。"通过国补、市补、区补等叠加，推动政策效能加速释 放。"刘敏说。 入境消费方面，刘敏透露，上海市商务委也将会同有关部门进一步优化离境退税消费环境，加快布局离 境退税网点，提升商圈离境退税服务便利度，优化"即买即退"服务，让境外旅客能够更便捷享受到服 务。 持续发放餐饮消费券、出台优化上海餐饮业发展环境的若干措施、公布汽车置换更新补贴政策实施细 则......连日来，上海多措并举促消费。4月24日， ...

Core Viewpoint - The 2023 Shanghai "May 5 Shopping Festival" is the largest in terms of consumer subsidy policies in six years, with extensive coverage across various sectors, aimed at stimulating consumption and supporting economic growth [1][8]. Group 1: Event Overview - The sixth edition of the "May 5 Shopping Festival" runs from late April to the end of June, emphasizing a dual approach of "policy + activities" to drive quality consumption and create demand [4]. - The festival aims to be a significant event for promoting consumption, stabilizing growth, and enhancing confidence, contributing to Shanghai's goal of becoming an international consumption center [4]. Group 2: Key Features - The festival features three main characteristics: extensive market mobilization, integrated discounts, and a fusion of consumption scenarios [5]. - Over a thousand enterprises and thousands of brands will participate, with more than 1,000 unique activities planned to create a vibrant consumption atmosphere [5]. - Multiple subsidies and discounts will be offered across products and services, both online and offline, leveraging existing policies for various sectors [5]. Group 3: Activity Framework - The festival will focus on four major consumption areas: service consumption, bulk consumption, inbound consumption, and new consumption, structured around the "1+15+16+X" activity framework [6]. - Key activities include the "Business Circle Boutique Promotion Festival" and 15 major IP events, with participation from 16 districts, featuring both online and offline activities [6]. Group 4: Subsidy Details - This year's festival has the most extensive subsidy policies, covering a wide range of products, including 12 categories of energy-efficient appliances and various digital products [8]. - For automotive trade-ins, the subsidy for eligible vehicles has increased, with a focus on supporting the replacement of older vehicles [8]. - Discounts on premium categories will be available through consumption vouchers, with potential savings of up to 45% [8]. Group 5: Consumer Engagement - The "Le Shanghai" service consumption vouchers will continue to be issued, focusing on sectors like dining, tourism, and entertainment to enhance service consumption [9]. - Efforts to improve the shopping experience for inbound tourists include optimizing the tax refund process and expanding the range of eligible products [9].

2025年，"首发经济"正式上升至国家战略层面，去年12月中央工作会议再次提出"积极发展首发经济"，并将其列2025年扩内需的重点举措之一。 深圳积极响应，于3月12日出台首店奖励政策，将对引入国内外知名品牌的运营企业，每个品牌将获得20万元奖励，累计最高可达500万元；在深设立独立 法人机构的知名品牌，则可获得最高50万元的奖励。 无疑，"首发经济"成为激发城市商业创新活力的重要引擎。在此背景下，深圳商业体争相布局首店经济生态圈，仅2022-2024年间全市已落地超1200家首 店品牌。 2025年首店经济持续释放强劲动能，据赢商大数据统计，深圳一季度重点监测商场新引入首店79家，虽较2024年同期减少了13家。但若剔除2024年同期有 前海壹方汇新开商业影响，存量商业首店引进量增长22家，同比增幅达38.5%。 01 首店分布分析 核心商业区、头部项目虹吸效应显著 从各行政区表现来看，首店经济结构性特征显现，核心商业区虹吸效应加剧。赢商大数据反馈，2025年在无新增商业项目背景下，85.7%的首店来源于福 田、南山、宝安等优质商业聚集区。其中南山区以24家首店领跑全市，福田、宝安分别以21家和20家形成第 ...

今日导读 1. 1、 国际货币基金组织22日发布最新一期《世界经济展望报告》， 预计2025年美国经济增速将放缓至1.8%，较1月预测值低0.9个百分点，在发达经济体中下调幅度最大 。报告认为，政策不确定性加剧、贸易紧张局势以及需求势头减弱为预期目标下调主要原因。 2、第二十一届上海国际汽车工业展览会（2025上海车展）于2025年4月23日至5月2日在国家会展中心（上海）举行。 2025上海车展共邀请到来自 26个国家和地区的近1000家中外知名企业参展 ，展出总面积超过36万平方米，参展国别范围更广，规模再创新高。世界百强零部件供应商如博世、 采埃孚等超过半数悉数参展，全面展示汽车科技与关键技术创新产品和发展趋势。国内重点零部件供应商如华为智能汽车解决方案BU及华为数字能 源、宝钢等带来汽车相关的最新产品和技术。 3、 虚拟货币市场全线大涨。4月23日，比特币持续拉升，一度突破94000美元，24小时内涨幅超过5%。除了比特币，其他虚拟货币 亦暴涨，其中，以太坊、狗狗币涨13%，特朗普币涨近11%，艾达币涨超10%，索拉纳币涨近7%。据Coinglass统计，这一波行情，又导 致不少人爆仓。 2. 4月2 ...

类型：市场 情绪影响：正面 虽然对特朗普政策的持续性仍有疑虑，但周三美股市场冲高回落后依然录得集体收涨。周三中概股依然 表现亮眼，纳斯达克中国金龙指数收涨 2.93%，阿里巴巴涨 2.67%。受市场情绪回暖影响，此前涨势如 虹的避险资产黄金大幅回调。 盘前要闻 1、白宫称特朗普打算豁免汽车制造商部分关税，包括对钢铝征收的关税 类型：行业 情绪影响：正面 有媒体称，特朗普打算豁免汽车零部件的部分关税，其中包括对进口钢铁和铝产品征收的关税。后另一 媒体称，白宫已向其证实，特朗普打算豁免汽车制造商部分关税。分析认为，这是特朗普在贸易战中的 又一次让步。 2、特朗普口风反转带动美股连续两日上涨，中国资产跑赢美股大盘 3、1.3万亿超长期特别国债今起发行，专家预计财政促消费政策力度将加大 类型：宏观 情绪影响：正面 根据财政部的安排，20 年期和 30 年期超长期特别国债将于 4 月 24 日首发，今年我国发行超长期特别 国债 1.3 万亿元，这比上年要增加 3000 亿元。具体投向上，8000 亿元用于更大力度支持 "两重" 项目， 5000 亿元用于加力扩围实施 "两新" 政策。专家预计接下来财政促消费政策力度会进 ...

Core Viewpoint - The emerging "first-release economy," characterized by new products, new business formats, and new models, is a crucial initiative for expanding domestic demand and boosting consumption, currently serving as a new engine for consumption upgrades and high-quality development [1][6] Group 1: Government Initiatives - The Ministry of Commerce is supporting the establishment of flagship stores and hosting first-release events to enhance the consumption landscape, with the 2025 National Boutique First-Release Season launched in Shanghai [1][6] - Shanghai is offering financial incentives for high-level flagship stores, with rewards up to 1.2 million yuan for stores opening from March to May [1][3] - The "First-Release Shanghai 3.0" policy aims to facilitate the inspection and customs clearance of imported consumer goods, optimizing the environment for global product launches [1][3] Group 2: New Business Formats - The 2025 Shanghai Fashion Week showcased African fashion brands for the first time, indicating a growing interest in diverse global markets [3][6] - Local governments are implementing comprehensive strategies to promote the first-release economy, such as Zhejiang Province's initiatives to establish a long-term mechanism for high-quality development [3][4] - The opening of the largest capsule toy store in Hangzhou, featuring a significant number of unique products, exemplifies the innovative retail formats emerging in the first-release economy [4][5] Group 3: Consumer Experience and Demand - The JD Mall in Tianjin has become a preferred venue for product launches, attracting over 10,000 daily visitors, which supports brands in gathering consumer feedback and enhancing product competitiveness [6][7] - The first-release economy is recognized as a key measure for expanding domestic demand by providing consumers with diverse and intelligent shopping options, thereby stimulating consumption [6][7] - The growth of various flagship stores and first-release events is reshaping the consumer market, creating a broader consumption landscape [7]

Market Overview - A-shares experienced a significant trading volume of 10.414 trillion, with all three major indices closing in the green, indicating a continued bullish trend [1] - The consumer sector showed strong performance, with retail, e-commerce, film, and pet-related stocks leading the gains [1] - Gold stocks surged due to the continuous rise in international gold prices, while AI concepts also rebounded, particularly in AI agents and computing power [1] Economic Insights - Liu Yuhui's analysis highlighted three unexpected factors affecting the U.S.: the trade war reaching its peak, the debt crisis undermining U.S. financial stability, and a lack of cooperation from Western allies, suggesting limited impact on China [1] - China’s economic resilience is supported by three key factors: the strength of RMB assets, dominance in global supply chains (35% market share), and advancements in technology, particularly in AI [1][2] Consumer Sector Performance - The consumer sector remains active, with Alibaba's international platform surpassing Walmart in app downloads in the U.S., indicating strong competition from Chinese e-commerce [2] - Retail sector growth is evident, with a reported 5.8% year-on-year increase in wholesale and retail value added, contributing significantly to GDP [2][3] Policy Impact - Recent promotional policies and initiatives aimed at boosting consumption are expected to enhance market activity and consumer willingness to spend [3] - The government's focus on expanding consumption through various measures is likely to create a synergistic effect, further stimulating the retail market [3] Gold Market Dynamics - Gold stocks have seen a resurgence, with spot gold prices exceeding $3,380 per ounce, driven by increased demand for safe-haven assets amid trade policy uncertainties [4] - The weakening of the U.S. dollar and rising inflation pressures are anticipated to favor gold in the medium term [4] Future Market Outlook - The outlook for A-shares remains cautiously optimistic, with expectations of modest gains indicating a healthier market rhythm [5]

Group 1: Business Strategies and Initiatives - The company launched the "Foreign Trade Quality Products Revitalization Plan" to support foreign trade enterprises in expanding into the domestic market, providing a fast online store setup process and operational training [3][9][30] - The focus on community services includes the "Renewal Service Station" and "Convenient Service Station," aiming to create a 15-minute service circle for consumers [3][32] - The company plans to enhance its self-operated capabilities by optimizing product supply chains and focusing on high-quality, cost-effective products [27][20] Group 2: Financial Performance and Market Position - By the end of 2024, the sales proportion of JSAV exclusive products reached 22.6%, contributing to an increase in gross margin and profitability [5] - In 2024, the company achieved a net profit of 6.1 billion yuan, with a year-on-year revenue growth of 34.35% in the fourth quarter [15][26] - The company aims to leverage the expansion of the old-for-new policy, increasing the number of supported product categories from 8 to 12, including digital products [26][15] Group 3: Customer Engagement and Services - The introduction of the "Bee Card" offers various consumer benefits, including a 365-day return policy and free maintenance services [11][30] - The company emphasizes transparent service pricing through its platforms, ensuring consumers are informed about service costs [8] - The "Super Member" program provides exclusive discounts and benefits, enhancing customer loyalty and engagement [30][42] Group 4: Technological Integration and Innovation - The company is investing in AI and digital technologies to improve management efficiency and reduce operational costs [9][22] - The implementation of AI assistants and digital guide screens in stores aims to enhance customer experience and operational efficiency [22] - The company is actively collaborating with brands to launch innovative products, responding to market trends and consumer demands [24][29] Group 5: Challenges and Future Outlook - The company faces challenges such as insufficient internal growth momentum and increasing competition in the home appliance market [12] - To address debt issues, the company is focusing on restoring partnerships with suppliers and negotiating payment terms [14][24] - The strategic direction for the next five years includes strengthening retail service capabilities and enhancing brand reputation [33][40]