Core Insights - The Ministry of Industry and Information Technology, along with five other departments, has issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for significant optimization of the supply structure by 2027 and a high-quality development pattern by 2030 [1][2] Group 1: Consumption Supply and Demand - The plan aims to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, focusing on high-quality consumer goods with cultural significance [1] - The initiative emphasizes the importance of new demand leading to new supply and vice versa, as highlighted in the recent Fourth Plenary Session of the 20th Central Committee [1][2] Group 2: Low-altitude Consumption - The plan encourages the expansion of low-altitude consumption supply, including areas such as low-altitude tourism, private flying, and consumer-grade drones, while ensuring safety [2] - Cities like Wuhan and Nanjing are already developing low-altitude consumption infrastructure, with Wuhan establishing over 220 low-altitude takeoff and landing points [3] Group 3: New Consumption Scenarios - The plan promotes the establishment of flagship stores and new concept stores, as well as the hosting of product launches and exhibitions to cultivate new consumption scenarios [4] - It also encourages the development of platform consumption, including live e-commerce and instant retail, leveraging digital technologies to enhance consumer experiences [4][5] Group 4: Financial and Policy Support - The plan emphasizes the need for financial support to enhance the quality of consumer goods, including policies for equipment upgrades and trade-in programs [6] - It highlights the importance of digital technology in empowering new consumption models, advocating for user-friendly implementations to facilitate broader adoption [6]

《方案》提出，到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热点，打造一批富有文化内 涵、享誉全球的高品质消费品；到2030年，供给与消费良性互动、相互促进的高质量发展格局基本形成，消费对经济增长的贡献率稳 步提升。 央视网消息：11月26日，工业和信息化部、国家发展改革委等六部门联合印发《关于增强消费品供需适配性 进一步促进消费的 实施方案》（以下简称《方案》）。《方案》提出到2027年，我国将形成3个万亿级消费领域和10个千亿级消费热点。 《方案》部署了5方面重点任务。一是拓展增量，加速新技术新模式创新应用；二是深挖存量，扩大特色和新型产品供给；三是 细分市场，精准匹配不同人群需求，包括丰富婴童产品供给、加强优质学生用品供给、扩大时尚"潮品"供给、优化适老化产品供给 等；四是场景赋能，培育消费新场景新业态，包括积极推动消费品首发、有序发展平台消费、规范发展共享消费等；五是优化环境， 营造良好发展环境，包括强化财政金融支持、举办特色活动、维护市场秩序等。 CCTV 13 CETN COM 0 反节直播 助 星 退伍不提色 争当乡村振兴排头兵 itt 木的废好 和其乡村 42 ...

工业和信息化部等六部门联合发文增强消费品供需适配性进一步促进消费 日前，经国务院同意，工业和信息化部、国家发展改革委、商务部、文化和旅游部、中国人民银行和市 场监管总局联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《方 案》），以消费升级引领产业升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡。这是 党的二十届四中全会召开后首个印发的关于促消费政策文件。 《方案》提出，到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热 点，打造一批富有文化内涵、享誉全球的高品质消费品；到2030年，供给与消费良性互动、相互促进的 高质量发展格局基本形成，消费对经济增长的贡献率稳步提升。 《方案》部署了5方面19项重点任务。一是拓展增量，加速新技术新模式创新应用，包括加快布局新领 域新赛道、推广高效响应制造新模式、强化人工智能融合赋能等。 全文详见：《关于增强消费品供需适配性进一步促进消费的实施方案》 为贯彻落实党中央、国务院关于大力 提振消费的决策部署,增强供给与需 求的适配性,进一步释放消费潜力, 经国务院同意,制定本实施方案。 二是深挖存量，扩大特色和新型产 ...

央视财经（记者 宁坤）日前，经国务院同意，工业和信息化部、国家发展改革委、商务部、文化和旅游部、中国人民银行和 市场监管总局联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《方案》），以消费升级引领产 业升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡。这是党的二十届四中全会召开后首个印发的关于促消费 政策文件。 《方案》提出，到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热点，打造一批富有文化内 涵、享誉全球的高品质消费品；到2030年，供给与消费良性互动、相互促进的高质量发展格局基本形成，消费对经济增长的贡 献率稳步提升。 《方案》部署了5方面19项重点任务。一是拓展增量，加速新技术新模式创新应用，包括加快布局新领域新赛道、推广高效响 应制造新模式、强化人工智能融合赋能等。二是深挖存量，扩大特色和新型产品供给，包括促进绿色产品扩容迭代、推动农村 消费品提质升级、大力发展休闲和运动产品、推动健康产品创新发展、扩大历史经典名品影响力、拓展多元兴趣消费供给等。 三是细分市场，精准匹配不同人群需求，包括丰富婴童产品供给、加强优质学生用品供给、扩大时尚 ...

英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 11 月 24 日 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 短期调整不改中期向好格局 观点： 总量视角 【A 股大势研判】 上周五沪深三大指数大幅低开后震荡走低，最终收出大阴线。近期 A 股的调 整，整体看是多方因素共振形成的。一是外部承压。美国 9 月非农就业增加 11.9 万，远远高于市场预估的增加 5.2 万；9 月失业率为 4.4%，前值为 4.3%。从数据 来看，美国劳动力市场正面临一种"割裂"的情景，一方面就业人数超预期增长， 另一方面，失业率意外升至四年新高。该数据为 12 月美联储议息会议前的最后 一份就业报告，滞后且自相矛盾的数据令利率路径存分歧。与此同时，近期美股 回调拖累 A 股，形成"美股下跌-亚太跟跌-A 股承压"的传导态势。叠加地缘政治 因素发酵，直接影响市场风险偏好；二是内部看，4000 点并非单纯的心理关口， 更沉淀了 2015 年后的大量历史套牢盘，形成坚实的技术阻力带。从近期走势看， 沪指多次冲击该点位后 ...

Core Viewpoint - The fiscal policy for 2026 will focus on promoting stable growth, improving people's livelihoods, and managing risks under the "15th Five-Year Plan," with a projected narrow fiscal deficit rate exceeding 4% and new local special bonds around 4.6 trillion yuan [1][5][43]. Group 1: Fiscal Policy Characteristics - The core feature of China's fiscal policy in 2025 is a shift towards a "people-oriented" expenditure structure, which is reflected in the resilience of consumption and the decline in infrastructure investment since July [1][5]. - On the revenue side, there is a weak recovery in the two accounts, with tight constraints still present. The income from individual income tax and securities transactions has improved, while land transfer income has seen a narrowing decline [5][11]. - On the expenditure side, there is a moderate expansion in total fiscal spending, with a structural shift towards social welfare. The central government's financial support is increasing, but the alignment of financial resources and responsibilities still needs optimization [1][11][15]. Group 2: Key Tasks for 2026 - The fiscal policy for 2026 will focus on three key tasks: promoting the synergy between social welfare and consumption incentives, addressing the slowdown in external demand, and resolving funding constraints for infrastructure investment [1][21][22]. - Policies such as trade-in programs and childbirth subsidies are expected to continue and be enhanced, with a focus on service consumption, projecting a retail sales growth rate of around 4.5% [2][25]. Group 3: Infrastructure Investment and Debt Management - For infrastructure investment and debt management, it is essential to clarify the scale and path of debt management funding, with an estimated need for around 3 trillion yuan in special bonds for debt management and clearing overdue accounts in 2026 [3][29]. - The pressure of interest payments after debt replacement is expected to be manageable due to a low-interest environment, which will help offset the visible interest payment pressure [3][37]. - The growth rate of infrastructure investment is projected to be around 3.5% in 2026, influenced by the constraints of debt management and the pursuit of effective investment [3][41]. Group 4: Fiscal Data Projections for 2026 - The growth rate of broad fiscal spending is expected to be around 4.6%, with a narrow fiscal deficit rate still needing to exceed 4%, and new local special bonds projected at approximately 4.6 trillion yuan [5][43][49]. - The general public budget revenue growth rate is estimated at about 1%, while government fund revenue is expected to decline by around 5% [43][46].

云上恩施报道（利川通联记者 姜曦 通讯员 谭维）发放电子消费券、发力夜间经济、推动以旧换新、联动线上线下促销……今年以来，利川市围绕零售、餐 饮、住宿、文旅等核心消费领域，密集推出一系列促消费举措，有效激发消费市场活力。数据显示，1-10月，利川市社会消费品零售额达132.18亿元，同比 增速8%，系全州第一。 近日，恩施州"寻味硒都"餐饮消费券发放活动在利川市火热开展，本次活动以"寻味硒都"为主题，创新采用"政府引导、平台支撑、商家让利、全民参与"运 营模式，通过政策红利与商家让利的叠加效应，精准撬动本地餐饮消费潜力，为中小餐饮商户注入发展活力。 为确保政策红利直达市场主体，利川市科学技术和经济信息化局牵头负责区域内消费券投放执行工作，通过全方位宣传推广、常态化监督管理、精准化形势 研判及精细化商户动员，构建起全流程保障体系，推动活动高效落地。 优摩品牌管理置地广场购物中心推广经理张海军也分享了活动带来的显著成效："接到活动通知后，我们第一时间组织商户召开宣讲会，详细解读活动规 则，并对操作不熟练的商家开展一对一帮助，助力商户快速融入活动体系。" 据介绍，此次活动中，该购物中心共组织50余家商户参与，不仅有 ...

Core Insights - The article highlights the competitive landscape of express delivery services in China, particularly during the "Double Eleven" shopping festival, with a focus on the performance of various cities and provinces in terms of express delivery volume and growth potential [1][3][8]. Express Delivery Volume and Growth - In October 2025, the national express delivery volume reached 17.6 billion pieces, marking a year-on-year increase of 7.9% [3][4]. - Guangdong and Zhejiang provinces led the country with express delivery volumes of 3.704 billion and 3.191 billion pieces, respectively [3][4]. - The city of Jinhua achieved the highest express delivery volume in October at 1.924 billion pieces, closely followed by Guangzhou and Shanghai with 1.709 billion and 1.035 billion pieces [1][8]. Regional Performance - The eastern provinces continue to dominate in total express delivery volume, with Guangdong, Zhejiang, Jiangsu, Henan, and Hebei all exceeding 1 billion pieces in October [3][5]. - Notably, the central and western provinces, such as Shaanxi and Ningxia, reported impressive growth rates exceeding 40% in express delivery volume from January to October [6][7]. City Competition - The competition among cities for the title of "Express Delivery City" is intensifying, with the Yangtze River Delta and Pearl River Delta regions securing multiple spots in the top ten cities for express delivery volume [1][8]. - Cities like Hangzhou, Suzhou, Beijing, and Dongguan also showed significant express delivery volumes, all within the range of 700 million pieces in October [9]. Policy and Future Outlook - As the extended shopping season concludes, various cities are implementing new policies to boost consumption and achieve annual growth targets, such as the financial support plan for Beijing [10][11]. - The "14th Five-Year Plan" emphasizes the importance of consumption and logistics efficiency, aiming to lower logistics costs and enhance market connectivity [11].

Core Viewpoint - The article emphasizes the importance of consumer spending as a key driver of economic growth, highlighting the proactive measures taken by the government and financial institutions like Bank of Communications to stimulate consumption through retail credit initiatives [4][5][6]. Group 1: Government Policies and Economic Context - The Chinese government has been actively promoting consumption and expanding domestic demand through various policies, including subsidies, tax incentives, and the issuance of consumption vouchers [5]. - Since 2014, consumption has consistently been one of the three main drivers of economic growth, with a projected retail sales total of 48.8 trillion yuan in 2024, reflecting a 3.5% increase from the previous year [4][5]. - The contribution rate of consumption to economic growth is expected to be 44.5%, underscoring its critical role in the national strategy for expanding domestic demand [4]. Group 2: Bank of Communications' Strategy - Bank of Communications is aligning its retail credit business with national strategies to enhance consumer spending and improve living standards, focusing on integrating supply and demand through institutional frameworks [6][11]. - The bank has launched the "Jiao Yin Hui Dai" personal loan brand, which combines consumer and business loans to meet diverse financial needs, emphasizing a one-stop service model [8][9]. - The bank's retail loan growth has outpaced the market, driven by a commitment to high-quality development and effective risk management [11][12]. Group 3: Digital Transformation and Innovation - The bank is leveraging digital technology to enhance its retail loan services, implementing an integrated credit approval process that simplifies customer interactions [13][14]. - Advanced technologies, including artificial intelligence, are being utilized to improve operational efficiency and risk management across the loan lifecycle [13][14]. - The bank aims to create a digital operating model that enhances customer experience and expands service coverage, particularly for new consumer segments [16][19]. Group 4: Risk Management and Talent Development - Bank of Communications is focusing on intelligent risk management, enhancing its fraud prevention systems and developing a dynamic monitoring and early warning system [20]. - The bank is committed to cultivating a workforce skilled in digital and data analysis to support its evolving business needs and improve frontline operational capabilities [19][20]. - The bank's risk management strategy includes a comprehensive collection and recovery system to maintain asset quality while expanding its loan portfolio [20].

Market Overview - The recent adjustment in the A-share market is attributed to multiple factors, including external pressures from the Federal Reserve's stance against recent interest rate cuts and geopolitical tensions affecting market risk appetite [2][12] - The 4000-point level is not just a psychological barrier but also a significant technical resistance due to historical trapped positions since 2015, leading to market confidence issues [2][12] - The market is experiencing structural differentiation, with a rapid rotation between sectors resulting in a general lack of profit-making opportunities [2][12] Short-term Market Sentiment - Despite the recent three-day decline, the market's risk is gradually being released, indicating that the short-term adjustment may be nearing its end [3][13] - There is no sign of panic selling, suggesting a healthy adjustment rather than a trend reversal [3][13] - Anticipation for two important meetings in December, which will set the economic policy for the next year, is high, potentially serving as a catalyst for market recovery [3][13] Economic Indicators - The October CPI stabilization indicates a recovery in economic momentum [3][13] - The overall monetary policy remains accommodative, with potential for further easing measures such as reserve requirement ratio cuts or interest rate reductions, which could provide ample liquidity support for the market [3][13] Sector Performance - AI application concept stocks have shown resilience, with significant gains in related sectors such as software development and semiconductor industries [8][11] - The cultural media sector, including gaming and entertainment, has also performed well, with a notable increase in stock prices despite broader market declines [9][10] Investment Strategy - The report suggests a balanced approach to investment, focusing on sectors with strong performance indicators, including technology growth areas (semiconductors, AI themes) and cyclical industries (solar energy, batteries, chemicals) [4][14] - Emphasis is placed on selecting stocks with solid earnings support during market dips to optimize investment returns [4][14]