厅一角 梁傲男/摄 记者注意到，店内年轻人占了大半，几乎每桌都举着手机先拍照再动筷。一位从广东返乡的年轻人对记 者说："在老家也能吃到这种有特色的火锅，感觉县城越来越像城市了。" 不远处的一家奶茶店里，坐满了年轻人。一位返乡大学生对记者说，她现在每天和同学约着打卡不同的 新店，咖啡店、奶茶店、剧本杀店，县城里都有了，能玩的选择多了。 本报记者 梁傲男 2026年农历春节，9天超长假期让团圆与出游交织出别样年味，县域也迎来了一场热气腾腾的消费盛 宴。 春节期间，《证券日报》记者深入四川省南充市西充县，记录下返乡年轻人"老家游"与各地游客"奔县 游"共同点燃的县域消费热。 餐饮业排长队 大年初六晚七时，街巷里年味正浓。记者走进西充县的鸿木涯·现舂云南山野火锅店，店内人声鼎沸， 30张桌子全部坐满，门口塑料凳上坐着十几号等位的人。"我们从云南旅游回来后，一直想念这个味 道。没想到县城里现在也这么火，吃个饭还得排队。"正在排队的当地居民张大姐说。 "今年春节的生意格外红火，西充的所有饭馆都很忙。"该店经理梁伟对记者表示，"我们店初一至初五 的座位早早就订满了。不光本地人，还有外地车停在门口，有成都回来的、上海回来的， ...

Core Insights - The "village brand" sports events in Guizhou are significantly boosting local tourism and consumption, attracting thousands of visitors and generating substantial economic activity [3][5][7] Group 1: Event Impact - The 2026 Fourth Guizhou "Village Super" event attracted tens of thousands of spectators, with over 2,700 matches held since May 2023, bringing in more than 26 million visitors and generating nearly 30 billion RMB in tourism revenue [3][5] - The "Village GT" series is set to continue its growth, with plans for over 40 events in the first half of 2026, integrating sports with local tourism and agricultural promotion [7][8] Group 2: Economic Growth - The influx of visitors due to these events has led to a significant increase in local consumption, with a reported 13.59% rise in total tourist numbers and a 9.28% increase in tourism revenue during the New Year period [5] - Local businesses, such as restaurants and accommodations, are thriving, with a notable increase in overnight visitors by 10.15% [5] Group 3: Long-term Development - The "village brand" events are evolving from short-term attractions to sustainable economic drivers, fostering a continuous cycle of tourism and local business growth [7][8] - The integration of sports with local culture and tourism is creating new business opportunities, such as automotive services and outdoor equipment rentals, further enhancing the local economy [7]

Group 1 - The core viewpoint emphasizes the potential of county-level consumption as a significant driver of China's economic growth, highlighting the transformation from survival-oriented to enjoyment-oriented consumption patterns [1] - Counties are experiencing a consumption upgrade with diverse offerings such as night markets, cafes, and entertainment venues, moving away from traditional retail models [1] - The article notes that the continuous improvement of commercial systems and innovative retail models like instant retail and community group buying are crucial for stimulating county-level consumption [1] Group 2 - The article stresses the importance of tailored strategies for county-level commercial development, advocating against a one-size-fits-all approach that leads to homogenization [2] - Successful examples of unique county-level initiatives demonstrate the effectiveness of understanding local resources and developing distinctive commercial identities [2] - The potential for over 2,800 county-level administrative regions to collectively boost domestic demand and embrace new consumption opportunities is highlighted as a pathway for vibrant county-level markets [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The county-level market shows stronger consumer resilience compared to first-tier cities, with spending growth significantly higher in counties [10] - Consumers are shifting from a focus on identity symbols to practical value and emotional companionship, indicating a more rational consumption approach [22][41] - The demand for "experience-based" consumption is expanding, while functional optional spending is contracting [61][70] Summary by Sections Section 1: Changes in Life and Consumption - Work is becoming busier, with expectations for income and spending rising simultaneously [17] - The demand for identity labels has decreased, leading to more rational consumer behavior [17] - Spending is diversifying, with functional optional spending giving way to experience-based consumption [17] - Interest e-commerce is growing, and offline channels driven by cost-effectiveness are gaining traction [17] - Consumers are experiencing a contraction in perceived income, driving a shift towards rational spending [17] Section 2: County-Level Consumer Dynamics - The county market is characterized by a stable consumer base with high home ownership and low debt levels [7] - The emotional and practical support provided by community life is significant [7] - Despite a tight income balance, there is no overall reduction in spending, indicating a stable lifestyle [7] Section 3: Spending Changes - Essential spending remains stable, while discretionary spending is being reallocated towards experiences that provide immediate joy and long-term health benefits [61][62] - The importance of basic consumption functions is declining, with consumers increasingly valuing emotional and experiential aspects of spending [64][70] Section 4: Channel Changes - There is a notable shift towards interest-driven e-commerce and local life platforms, with traditional retail channels losing appeal [73] - The rise of modern retail formats like snack collection stores and discount stores reflects a preference for convenience and high cost-effectiveness [73]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The county market shows strong consumer resilience, with spending growth significantly outpacing that of first-tier cities, prompting brands to target lower-tier markets as a strategic choice [8][9] - Consumers in county areas are shifting from a focus on external identity symbols to valuing practical benefits and emotional connections in their purchases, indicating a trend towards more rational consumption [25][36] - The overall satisfaction of county residents remains stable, with a cautious optimism regarding future income and spending, reflecting a balanced approach to financial management [27][34] Summary by Sections Introduction - The report outlines the changing landscape of consumer behavior in county areas, emphasizing the need for brands to adapt their strategies to local market dynamics [23] Consumer Behavior Changes - Life changes include increased work pace and a more cautious approach to spending, with consumers prioritizing practical and emotional value in their purchases [16][27] - Demand for identity-related products has decreased, with a growing emphasis on experiences and emotional connections [25][36] - Spending patterns are diversifying, with a shift from functional optional spending to experiential optional spending [16][25] Market Dynamics - The county market is characterized by a high degree of consumer satisfaction and a dynamic balance of diverse needs, which presents unique opportunities for growth [11][25] - The report highlights the importance of understanding the internal dynamics of county consumers, including their evolving preferences and spending habits [24][28] Future Outlook - The report anticipates that the county market will continue to evolve, with emerging trends in consumer preferences indicating a shift towards higher emotional and experiential value in products and services [25][36] - The potential for growth in the county market is significant, driven by a large consumer base and the emergence of new consumption trends [26][34]

Group 1 - The core viewpoint of the articles highlights the expected deepening development of China's consumer market in 2026, driven by macroeconomic improvements and targeted policies that emphasize quality and efficiency [1][2][8] - The "old-for-new" policy has shown significant results in 2025, with over 2.6 trillion yuan in sales benefiting more than 360 million consumers, indicating a successful expansion of consumption scale and structural upgrades [2][3] - The 2026 consumption policies will focus on "precise efforts and quality enhancement," optimizing support scope, subsidy standards, and implementation mechanisms to ensure effective resource allocation [2][3] Group 2 - The county-level market is emerging as a new growth engine for consumption, with the instant retail sector expected to exceed 1 trillion yuan in 2026, driven by improved digital infrastructure and consumption upgrades [4][5] - Well-known brands in the hotel, restaurant, and retail sectors are accelerating their entry into county markets, indicating a positive outlook for county-level consumption [5] - New consumption hotspots are reshaping the market, with seasonal tourism and emotional consumption gaining traction, reflecting profound changes in consumer demand and driving domestic demand and industrial innovation [6][7][8]

Core Viewpoint - Consumption is identified as the main engine driving economic growth and is crucial for facilitating domestic circulation. The Bank of Communications is actively implementing measures to boost consumption through various promotional activities [1] Group 1: Financial Support for Consumption - The People's Bank of China and six other departments have issued guidelines to enhance financial support for key consumption areas, encouraging innovation in financial products tailored to consumption scenarios [2] - The Bank of Communications has launched the "Hundred Counties and Ten Thousand Stores" initiative, targeting county markets to improve financial service accessibility [2] Group 2: Three-Tiered Consumption Activation - The Bank of Communications has established a three-tier upgrade system focusing on basic, improved, and new consumption to stimulate county-level consumer activity [3] - For basic consumption, the bank is creating a network of inclusive services that integrates high-frequency consumption scenarios like dining and home services [3] - To enhance improved consumption, the bank is leveraging government subsidies and credit card advantages to meet the demand for quality upgrades in appliances, home decor, and automobiles [3] - The bank is fostering new consumption through a dual empowerment system combining digital and scenario-based approaches, utilizing the "Buy Now" app and various promotional events [3] Group 3: Local Economic Revitalization - In regions like Yiwu, local businesses embodying cultural heritage are becoming key consumer attractions, supported by the bank's initiatives [4] - The "Cultural Tourism + Consumption" strategy is revitalizing local merchants, allowing residents to enjoy affordable local cuisine while accessing financial services [4] - The bank aims to continue stimulating consumption through events like "Most Popular Friday" and "Year-End Celebration," while enhancing its network of inclusive services [4]

Group 1 - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration have issued a notice to strengthen the collaboration between commerce and finance to boost consumption [1] - The notice emphasizes expanding county-level consumption and upgrading rural consumption, highlighting the importance of these sectors in China's consumption system [1] - The retail sales of consumer goods in rural areas are projected to reach 66,729 billion yuan in 2024, with a growth rate of 4.3%, outpacing urban growth [1] Group 2 - The county and rural consumption market is expanding, with the retail sales in these areas accounting for 38.8% of the total retail sales of consumer goods, an increase of 0.4 percentage points from the previous year [1] - Counties serve as a crucial link between urban and rural areas, facilitating supply chain optimization, logistics, and the upward movement of agricultural products [1] - Relevant A-share concept stocks include companies like Gongxiao Daji and agricultural product firms [2]

Group 1 - The core viewpoint of the articles highlights the continuous improvement of county-level infrastructure and the upgrading of the commercial system in China, leading to sustained consumer vitality [1][6] Group 2 - Over 400 county-level logistics distribution centers have been constructed or renovated this year, with a total of over 2,100 centers planned for the "14th Five-Year Plan" period, achieving near-complete coverage in county areas [3] - More than 340,000 village-level comprehensive logistics service stations have been established, with 100% delivery rate in eligible townships [3] Group 3 - The transformation of traditional township wholesale markets into multifunctional commercial complexes is accelerating, exemplified by a ten-story commercial complex in Zhejiang's Wenling, which attracts over 10,000 visitors daily [4] Group 4 - The implementation of the "County Commercial Three-Year Action Plan" has resulted in the construction and renovation of over 2,600 county-level comprehensive commercial service centers, approximately 13,000 township commercial centers, and 138,000 village convenience stores, achieving near-complete coverage in eligible areas [6] - The retail sales growth of consumer goods in rural areas has outpaced or remained on par with urban areas for 46 consecutive months as of October this year [6]

Group 1 - The core viewpoint highlights the robust consumer activity during the recent "super golden week," with over 2.4 billion cross-regional movements and a film box office exceeding 1.8 billion yuan, indicating strong economic momentum [1][4] - The retail and home sectors saw significant technological integration, with smart appliances like dialect-recognizing vacuum cleaners and self-evacuating air conditioners gaining popularity among consumers [1] - The tourism market is shifting from mere sightseeing to cultural experiences, with an increasing demand for in-depth cultural tourism, such as museum visits and industrial tourism [2] Group 2 - The county-level consumption is rising, with urban-rural connectivity becoming more evident, as high-speed rail and logistics networks facilitate consumer movement [3] - The government's policy measures, including subsidies and consumption vouchers, have effectively lowered consumption barriers and expanded consumer choices [3] - The ongoing expansion of the middle-income group and the increasing demand for a better quality of life are driving long-term consumption upgrades, supporting market growth [3][4]