赋能"旅游+购物"，提振消费与人气。 入境免签更开放，购物退税很便利。 抓好两个大循环，行稳致远拓商机。 入境消费有潜力，提前谋划先手棋。 朱慧卿/漫画孙勇/诗 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes boosting consumption as a key driver for sustainable economic growth and improving the quality of life for citizens, especially in the context of a complex global economic environment and domestic economic transformation [1] Group 1: Implementation of Consumption Boosting Actions - The government will implement targeted actions to stimulate consumption through a combination of policies aimed at enhancing market vitality [2] - Focus on increasing employment and income, particularly for key groups such as recent graduates and migrant workers, to enhance consumer capacity [2] - Increase public service spending in areas like education and healthcare to reduce the financial burden on residents, encouraging them to spend more [2] Group 2: Development of International Consumption Centers - The plan includes cultivating international consumption center cities to attract global quality consumption resources and enhance the national image [3] - Improvement of urban consumption infrastructure and introduction of international brands to meet consumer demand for global products [3] - Expansion of inbound consumption by optimizing the environment for international tourists, including simplifying visa processes and enhancing payment options [3] Group 3: Direct Consumer Benefits through Inclusive Policies - The government will increase funding for consumer welfare initiatives, such as issuing consumption vouchers and providing subsidies for upgrading old products [4] - Policies will target high-demand sectors like dining and tourism to stimulate market recovery [4] - Removal of unreasonable restrictions on consumption, such as easing car purchase limits, to unleash consumer potential [4] Group 4: Strengthening Consumer Rights Protection - Enhancing consumer rights protection is crucial for boosting consumption, with plans to improve legislation and market regulation [5] - Establishing efficient complaint resolution mechanisms to lower the cost of consumer rights protection [6] - Promoting consumer education to foster informed and responsible consumption behaviors [6]

21世纪经济研究院 研究员 李果 截至2025年三季度末，免签入境我国的外国游客数量同比大幅度提升，这对于提升我国城市的国际影响力、增加旅游外汇收入有重要推动作 用。 韩国游客的持续增长是一大亮点。前三季度，上海、青岛、张家界等城市正在涌入越来越多的韩国人。 昆明也颇受南亚和东南亚游客的欢迎。在以"南亚东南亚入境消费第一城"为目标推动下，昆明前三季度的入境游客数量已经接近2024年全年水 平。 上海主抓"周末经济" 事实上，从较长的时间周期看（2000-2019年），排名上海第一入境游客源国的并非是韩国，且韩国游客的数据未出现在上海历年的《统计年 鉴》中。 但自2024年11月我国对韩国持普通护照人员试行免签政策以来，前往上海的韩国游客数量开始大幅度提升，并成为2024年来沪入境游最大客源 国——当年韩国籍过夜游客达到44.6余万人次。 有调查显示，与其他国家来上海的游客不同，韩国游客呈现周末短日游的特征，通常是"周五入住、周日退房"，且与陪父母去张家界"尽孝"的 家庭游不同，大量来上海的韩国游客是年轻群体。 2025年，周末来上海短日游的韩国游客数量继续上涨，据上海市统计局数据显示，截至2025年9月底，来 ...

11月14日，中国政府呼吁国民谨慎前往日本。日本首相高市早苗发表台湾有事相关言论后、中日两国间 的紧张局势也波及到了双方的旅游交流领域。此外，香港特区政府也呼吁市民前往日本时提高警惕。 大阪的道顿堀有很多外国游客 2025年1～9月，中国大陆游客在日消费额约为1.6443万亿日元。同期所有赴日游客总消费额为6.9156万 亿日元，据此计算，中国大陆游客消费占比约四分之一…… 受中国政府呼吁国民谨慎前往日本的影响，访日游客消费的增长态势亮起黄灯。2025年中国游客在日消 费额预计为2万亿日元左右，相关行业正严阵以待。超过一半的访日游客是回头客，日本作为旅游地很 受欢迎。但如果影响长期持续，将对日本国内经济造成影响。 与欧美国家游客相比，中国游客的人均消费额和平均住宿天数相对较少，但与韩国等东亚国家和地区的 游客相比，则呈现出人均消费更高、住宿时间更长的趋势。从7～9月的人均消费额构成来看，中国游客 的购物支出和餐饮费用占比较高…… 阅读后续内容请关注"日经中文网"官网 （ https://cn.nikkei.com ） ...

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - The consumer services industry index rose by 2.17% from October 24, 2025, to November 6, 2025, outperforming the CSI 300 index by approximately 0.28 percentage points during the same period [8][31]. - The report highlights the positive impact of the 2026 holiday arrangements, particularly the nine-day Spring Festival holiday, which is expected to stimulate domestic travel demand [31]. - Recent government policies, including the "14th Five-Year Plan" recommendations and improvements to duty-free shop policies, are anticipated to further support the recovery of inbound and domestic tourism [31][21][25]. Summary by Sections Market Review - The consumer services index continued its upward trend, outperforming the CSI 300 index [8]. - All sub-sectors within the consumer services industry experienced gains, with tourism and leisure leading at 3.44% [9]. - A total of 33 listed companies in the industry reported positive returns, with the top five performers being Fangzhitech, *ST Zhanggu, Caesar Travel, China Duty Free, and Chuangye Heima [12]. Industry News - The "14th Five-Year Plan" emphasizes expanding inbound consumption and implementing paid staggered vacations [23]. - The 2026 holiday schedule includes a nine-day Spring Festival break, leading to a threefold increase in flight searches on travel platforms [21]. - The Ministry of Finance announced improvements to duty-free shop policies effective November 1, 2025, aimed at boosting consumption [25]. Company Announcements - China Duty Free reported a revenue of 39.862 billion yuan for the first three quarters of 2025, a year-on-year decline of 7.34% [28]. - Long White Mountain announced a stock issuance to optimize its capital structure, raising approximately 236 million yuan [26]. - ST Zhangjiajie was accepted for reorganization by the court, leading to a temporary suspension of its stock [27]. Weekly Perspective - The report suggests focusing on companies such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand and supportive policies [31][32].

Core Viewpoint - Guangzhou is launching a "Warm Winter Consumption Season" from November to March, integrating major events like the National Games and the Spring Festival to create a city-wide consumption festival [1][4]. Group 1: Event Structure - The consumption season will be divided into three phases: 1. **November to December**: "Vibrant Guangzhou - Dynamic Scene," leveraging the National Games to stimulate consumption through various events and discounts [6]. 2. **December to January**: "Tidal Wave Guangzhou - Fashion Circle," focusing on social consumption and fashion shopping with events like the Fashion Industry Conference and Guangzhou Design Week [6]. 3. **January to March**: "Flavors of Guangzhou - Flower Street," centered around traditional celebrations with enhanced consumption experiences and various festive activities [6]. Group 2: New Consumption Experiences - The initiative will offer a comprehensive experience combining "food, accommodation, transportation, tourism, shopping, and entertainment," introducing new formats like "cruise + consumption" and themed events [5]. - The introduction of a 240-hour visa-free transit policy at the Pazhou Passenger Port aims to enhance inbound tourism and consumption [7]. Group 3: Promotional Activities - Starting in November, Guangzhou will initiate promotional activities across various sectors, including automobiles, home appliances, and local specialties, with subsidies available [8][10]. - The city will also distribute dining vouchers and implement discounts for inbound consumers using foreign-issued UnionPay cards, with over 8,000 participating stores [8][9]. Group 4: Collaborative Efforts - The city is collaborating with 11 districts and over 300 key commercial entities to host the Guangzhou International Shopping Festival, featuring more than 3,000 events and various promotional offers [9].

Core Insights - The recent surge in inbound consumption is supported by new policies aimed at enhancing the shopping experience and travel convenience, which are expected to stimulate domestic consumption and investment, injecting new momentum into economic growth [1][4]. Group 1: Inbound Consumption Data - In the third quarter of this year, the number of inbound and outbound foreigners reached 20.134 million, a year-on-year increase of 22.3%, with visa-free entries increasing by 48.3% to 7.246 million [2]. - From January to September, the number of foreign travelers applying for departure tax refunds increased by 229.8%, with the refund amount rising by 97.4% [2]. Group 2: Policy Measures - A series of policies have been introduced to enhance the convenience of inbound travel and shopping experiences, including the increase of visa-free entry ports from 60 to 65 and the online filling of entry cards for foreigners starting November 20 [4]. - New categories of duty-free goods have been added, including mobile phones, drones, sports goods, and health foods, effective November 1 [4]. Group 3: Future Outlook - Experts suggest further refining supporting measures to sustain the growth of inbound consumption, such as dynamically adjusting the duty-free list and enhancing the shopping experience through "shopping + tourism" initiatives [5]. - The overall outlook for inbound consumption is optimistic, with expectations that it will become a strong driver of economic growth as policies continue to evolve [5].

Core Viewpoint - The recent policy changes in China aim to boost inbound consumption, which is expected to drive domestic consumption and investment demand, injecting new momentum into economic growth [1][4]. Policy Support - New policies effective from November 1 include enhancements to duty-free shopping and adjustments to the Hainan duty-free shopping policy, aimed at increasing the variety of goods available [4]. - The number of entry ports eligible for 240-hour visa-free transit will increase from 60 to 65 starting November 5 [1]. Inbound Consumption Growth - Inbound consumption is experiencing significant growth, with 13.4 million foreign visitors recorded in Q3, a 22.3% increase year-on-year, and 7.25 million of these visitors entered under visa-free policies, marking a 48.3% increase [2]. - From January to September, the number of foreign travelers benefiting from departure tax refunds surged by 229.8%, with the refund amount increasing by 97.4% [2]. Recommendations for Future Measures - Experts suggest refining regional strategies, enhancing international recognition of domestic brands, and improving cross-border after-sales support to sustain the growth of inbound consumption [5]. - There is a call for dynamic adjustments to the duty-free product list, including the addition of new categories such as green smart appliances and domestic beauty products [5]. Enhancements in Consumer Experience - Recommendations include establishing city-based duty-free stores in popular tourist cities, promoting a "city booking, port pickup" model, and expanding the "immediate refund" service nationwide [6]. - The development of a multilingual duty-free shopping app that integrates tax refund and logistics tracking features is also suggested to enhance the shopping experience for foreign visitors [6].

Core Insights - Inbound consumption is expected to drive domestic consumption and investment demand, injecting new momentum into economic growth [1] - Continuous policy enhancements are anticipated to further stimulate inbound consumption [1] Group 1: Current Trends in Inbound Consumption - Inbound consumption is experiencing significant growth, with a 22.3% increase in foreign visitors in Q3, totaling 20.134 million [2] - The number of foreign tourists eligible for tax refunds has surged by 229.8% year-on-year, with refund amounts increasing by 97.4% [2] - Tourists are increasingly attracted to both international brands and local products, benefiting from tax refund policies [2] Group 2: Policy Support and Innovations - The government has implemented measures to expand visa-free entry and optimize tax refund policies, contributing to the rapid growth of inbound consumption [3] - New policies have been introduced to enhance the shopping experience, including the expansion of duty-free shop categories and the introduction of new products [4] - The integration of shopping and tourism is being promoted to enhance the appeal of inbound consumption [4] Group 3: Future Recommendations - Experts suggest refining regional strategies and enhancing international recognition of domestic brands to support the ongoing growth of inbound consumption [5] - Recommendations include expanding the duty-free product list and improving the shopping experience for foreign tourists [5] - The outlook for inbound consumption remains positive, with expectations of continued growth in tourist numbers due to supportive policies [5]

Core Insights - The recent policies implemented to support duty-free shopping and enhance inbound tourism are expected to significantly boost domestic consumption and investment demand, providing new momentum for economic growth [1][3][4] Policy Enhancements - Starting from November 1, new policies have been enacted to improve the duty-free shopping experience, including the expansion of product categories in duty-free stores and the adjustment of duty-free shopping policies for travelers in Hainan [3] - The number of entry ports eligible for a 240-hour visa-free transit will increase from 60 to 65, effective November 5 [1] - The implementation of online entry card filling for foreigners will begin on November 20 [1] Consumption Trends - Inbound consumption is experiencing a notable increase, with data showing that in Q3, the number of inbound and outbound foreign travelers reached 20.134 million, a growth of 22.3% year-on-year, and visa-free inbound travelers numbered 7.246 million, up 48.3% [2] - From January to September, the number of foreign travelers who processed departure tax refunds surged by 229.8%, with the refund amount increasing by 97.4% [2] Future Recommendations - Experts suggest further refining policies to enhance regional layouts, increase international recognition of domestic brands, and improve cross-border after-sales support to sustain the growth of inbound consumption [4] - Recommendations include dynamically adjusting the duty-free product list to include emerging categories, enhancing the integration of duty-free shopping with cultural and tourism resources, and expanding the coverage of departure tax refund stores [4]