Group 1: Income Growth Discrepancy - There is a persistent income growth gap between first-tier cities and the national average, with first-tier cities' income growth lagging by approximately 0.8 percentage points in 2024[2] - In Q1 2024, the income growth rate for first-tier cities was 4.6%, nearly 1 percentage point lower than the national growth rate[7] - The income growth rate for first-tier cities has been consistently lower than the national average since 2020, indicating a widening gap[2] Group 2: Income Structure Differences - The primary source of disposable income for both first-tier cities and the national average is wage income, with growth rates for wage income being similar[10] - However, first-tier cities rely more on property income for growth, while the national average sees growth driven by net transfer income[10] - Property income accounts for 14% of disposable income in first-tier cities, compared to only 8.3% in the national average[18] Group 3: Dual Constraints on First-Tier Cities - First-tier cities face dual constraints on income growth: property income and net transfer income, with the latter being more significantly impacted by fiscal pressures[19] - The recovery of net transfer income in first-tier cities is expected to be slow due to high fiscal dependency, limiting the reduction of income disparity with the national average[26] - Positive changes in property income growth have been observed, particularly in Beijing, where property income growth reached 2.3% in Q1 2023, suggesting potential for narrowing the income gap[26] Group 4: Risks and Challenges - Consumer confidence recovery is slow, and policy implementation may not meet expectations, posing risks to income growth in first-tier cities[32]