提振消费，山东2026年这样干！以赛兴城、国际消费、深夜烟火、首店首发……全省16市最新规划出 炉，频频指向内需，处处涌动活力。大众新闻记者梳理今年各市政府工作报告，带你一探究竟—— 一、赛事经济：从"观赛"到"沉浸"，打造城市流量新入口 三、首店经济与消费生态：从"引进品牌"到"营造环境"，实现可持续消费驱动 在消费供给侧，首店经济依然是各地发力重点。济南、青岛预计各引进100家首店品牌，东营计划引入 30家。首店为城市带来新产品、新品牌，成为了城市魅力与商业活力的风向标。 环顾全国，一些先进城市的实践已超越单纯引进，这给我们带来启发。苏州、宁波等地正大力发展"四 首经济"（首店、首秀、首发、首展），通过多元业态聚集，构建沉浸式、个性化消费场景，让消费 从"交易"转向"体验"。相信，济南、青岛、东营的探索将走向深入。 济南计划组织国际网球公开赛等40场以上国际国内重要赛事；烟台将投用八角湾国际体育中心，全年举 办"齐鲁超赛"等260余场大中型体育活动，培育冰雪、水上等特色运动，目标直指"全国山海户外运动目 的地"；日照则瞄准第二届全国青少年田径运动会等超百场赛事承办；青岛、淄博、潍坊等地也纷纷布 局精品赛事 ...

Core Insights - The Wuhan Grade A office market is expected to experience a significant increase in supply, with approximately 1.12 million square meters set to be added over the next four years, primarily concentrated in the Hankou and Wuchang riverside areas [1][4]. Grade A Office Market Overview - In 2025, the Wuhan Grade A office market will see an addition of about 230,000 square meters, raising the total stock in the core business district to 3.433 million square meters [4]. - The TMT (Technology, Media, and Telecommunications) sector is projected to be the main driver of leasing activity, accounting for 35.9% of the new space leased in 2025 [4][6]. - Average rental rates for Grade A offices in Wuhan fell to 73.3 yuan per square meter per month, a decrease of 11.2% year-on-year, while the vacancy rate rose to 39.1%, an increase of 2.7 percentage points compared to the previous year [5]. Market Dynamics and Trends - The overall demand for Grade A office space in Wuhan is undergoing a phase of contraction due to cautious expansion attitudes among companies, with a net absorption of 59,000 square meters in 2025, reflecting a year-on-year decline of 33.4% [5][6]. - Operators are adopting diversified leasing strategies, including co-working spaces and customized services, to attract tenants amid rising competition and increased vacancy rates [5][6]. Sector-Specific Demand - The main sectors supporting the Grade A office leasing market in 2025 are TMT, finance, and healthcare, contributing 30.6%, 11.9%, and 11.1% respectively to the leasing activity [6]. - Cost control remains a core driver for relocations, accounting for 58.3% of demand, while new demand remains limited [6]. Future Outlook - The competition in the Grade A office market is expected to intensify, particularly along the Yangtze and Han rivers, challenging landlords to enhance operational efficiency and differentiate their offerings [6].

Core Insights - The retail market in Wuhan showed vitality in 2025, characterized by active adjustments from existing operators, impressive performance in new project leasing, and the restaurant industry becoming the main driver for new store openings [1][3]. Retail Market Overview - In 2025, three major projects opened in Wuhan's core commercial areas, adding approximately 328,000 square meters of quality retail space, increasing the total retail market stock to 4,839,000 square meters [1]. - The average rent for first-floor spaces was 389.6 yuan per square meter per month, a year-on-year decrease of 11.4%, while the vacancy rate decreased by 2 percentage points to 13.9% [3]. - The net absorption in the core commercial area reached 373,000 square meters, a year-on-year increase of 33.3%, indicating that existing operators were actively adjusting and filling vacancies [3]. Restaurant Industry Dynamics - The restaurant sector became the main force in new store openings, accounting for 41% of the total new openings in the core commercial area [3]. - Within the restaurant sector, specialty dining accounted for 44.9% of new openings, with strong expansion intentions from regional cuisine brands [3]. - The share of specialty dining has significantly decreased from 73.2% in 2021 to the current 44.9%, while the shares of snacks, desserts, and casual dining have rapidly increased, reflecting a shift towards more diverse consumer preferences [3]. Future Outlook - The structural transformation in the restaurant market reflects the broader upgrade in urban consumption, with a focus on enhancing consumer vitality as a key economic development strategy [4]. - Over the next four years, approximately 753,000 square meters of quality retail space is expected to be added in Wuhan, primarily in the Optics Valley area, which will enhance the regional commercial ecosystem [4]. - The ongoing release of new commercial supply and the deepening of the "Four First Economy" will further unlock consumer potential and optimize the commercial ecosystem in Wuhan [4].

Core Viewpoint - The article emphasizes the importance of boosting consumption as part of China's 14th Five-Year Plan, with Wuhan aiming to become a national economic and innovation center, supported by the efforts of Wushang Group to enhance local consumption and integrate into the international market [1][21]. Group 1: Economic Development and Strategic Goals - Wuhan's 14th Five-Year Plan aims for a regional GDP exceeding 3 trillion yuan by 2030, focusing on becoming a national economic, technological innovation, and trade logistics center [1]. - Wushang Group is positioned as a leader in Central China’s commerce, driving local consumption through brand aggregation, open empowerment, and innovative business models [1][3]. Group 2: Consumption Trends and Innovations - The "Four Firsts Economy" has emerged as a key strategy for revitalizing Wuhan's consumption market, with Wushang Group introducing numerous first stores and exhibitions to attract consumers [3][4]. - In 2025, Wushang Group introduced 267 first stores, 309 exhibitions, and 341 product launches, enhancing the local consumption landscape [4]. Group 3: Brand and Experience Enhancement - Wushang MALL has become a hub for over a thousand renowned brands, including luxury and high-end products, creating a comprehensive consumption matrix [6]. - The mall has undergone renovations to enhance experiential consumption, featuring a diverse range of dining options and local delicacies, transforming it into a lifestyle destination [7]. Group 4: Internationalization and Duty-Free Initiatives - Wushang Group is advancing its internationalization efforts by establishing the first city duty-free store in Hubei, enhancing its role as a commercial hub linking domestic and international markets [9][11]. - The duty-free store has signed contracts with over 100 international brands, ensuring a seamless shopping experience for foreign tourists [12]. Group 5: Technological and Business Model Innovations - Wushang Group is focusing on digital transformation and light asset operations, establishing the Wushang Jiangtun Fund to invest in new technologies and business models [17]. - The establishment of Jiangtun Digital Technology Company aims to enhance the group's digital capabilities and integrate technology into its core operations [18]. Group 6: Community Engagement and Future Outlook - Wushang Group has achieved commercial coverage across 12 cities in Hubei and expanded into Jiangxi, creating a network that supports regional economic development [21]. - The company plans to continue enhancing consumption supply and service capabilities, contributing to Wuhan's goal of becoming an international consumption center [21].

Core Viewpoint - The article emphasizes the importance of boosting consumption as part of China's 15th Five-Year Plan, with Wuhan aiming to become a national economic center and international consumption hub, supported by the efforts of Wushang Group to enhance local consumption through various strategies [1][23]. Group 1: Wushang Group's Strategic Initiatives - Wushang Group is focusing on the "Four Firsts Economy" to invigorate the consumption market, introducing 267 first stores, 309 first exhibitions, and 341 first product launches in 2025 [4][5]. - The company is leveraging high-end consumption trends by establishing a diverse brand matrix, including luxury brands like Louis Vuitton and Dior, to attract consumers [7][8]. - Wushang Group is enhancing experiential consumption by transforming shopping environments, such as creating a food corridor with popular local and international dining options [8][10]. Group 2: Internationalization and Tax-Free Shopping - Wushang Group is advancing its internationalization efforts by establishing the first city tax-free store in Hubei, which opened in May 2025, to cater to the needs of international travelers [11][13]. - The tax-free store is strategically located in Wushang Mall, which had over 32 million visitors in 2024, and aims to meet the consumption demands of over 200,000 international travelers annually [13][14]. Group 3: Innovation and Technology Integration - Wushang Group is innovating its business model by integrating cultural and technological elements, such as introducing AR technology and immersive entertainment experiences in its shopping centers [16][18]. - The company has launched the WS Dolphin membership store, focusing on unique local products and exclusive member services, enhancing customer engagement [19][20]. - Wushang Group is also investing in digital transformation and technology-driven initiatives, including the establishment of Jiangtun Digital Technology Co., which focuses on AI and IoT services [21][23]. Group 4: Future Growth and Development - Wushang Group aims to create a comprehensive commercial ecosystem by combining retail with technology and finance, ensuring sustainable growth and adaptation to market changes [20][21]. - The company is committed to expanding its influence beyond Wuhan, establishing a network that covers 12 cities in Hubei and extending into Jiangxi, thereby enhancing its regional presence [23].

Core Insights - Consumption is identified as the main engine driving economic growth, with a strong emphasis on boosting consumption in the 15th Five-Year Plan by the Central Committee of the Communist Party of China [1] - The report by KPMG highlights successful practices in the consumption retail sector of Qingdao's Shinan District, aiming to provide a reference for regional consumption stimulation [1] Economic Performance - In 2024, Qingdao's total retail sales reached a record high of over 650 billion yuan, marking a 4.2% year-on-year increase, surpassing Tianjin and ranking second in Northern China [3] - Shinan District, as the political and cultural center of Qingdao, plays a crucial role in the city's economic and social development, with the tertiary industry contributing approximately 90% to its GDP [3][5] Income and Consumption - Shinan District boasts the highest per capita disposable income in Shandong Province at 21,827 yuan in Q1 2025, significantly above the national average [5] - The steady growth in per capita disposable income supports the continuous increase in retail sales in Shinan District [5] Retail Market Trends - The retail sales in Shinan District have shown a consistent upward trend over the past three years, with total retail sales reaching 79.2 billion yuan in 2024, and per capita retail sales approximately 161,000 yuan, which is 4.6 times the national average [9] - The district's vibrant consumption market is driven by a well-developed cultural tourism industry that attracts numerous visitors [9] Consumption Structure - Shinan District has established a comprehensive consumption matrix, including core business circles and community commercial centers, catering to diverse consumer needs [12][13] - The district is focusing on various consumption sectors such as fashion, dining, marine leisure, wedding services, and senior care, promoting a diversified consumption landscape [18] Brand Development - The "Four Firsts" economy is thriving in Shinan District, with 54 new brand stores opened in 2024, accounting for 67.5% of the city's total, and over 380 first stores established [22] - The district is home to 24 time-honored brands, representing 20% of the city's total, and has become a key area for high-end brands, housing over 1,000 first-tier brands [22] Future Outlook - Shinan District is leveraging policies to enhance consumption quality through investment attraction, business circle upgrades, and new consumption models [24] - The district aims to develop new consumption patterns, including night economy and event economy, with night consumption accounting for 65% of total sales in key business areas [24] - Shinan District is also a hub for foreign trade, with over 3,000 foreign trade entities and a total export value of 51.79 billion yuan in 2024, reflecting a 3.6% year-on-year increase [24]

Core Insights - Chongqing has been recognized as a dual national-level pilot city for both new consumption formats and international consumption environment construction, marking a significant breakthrough in consumption upgrading and internationalization [1][6] Policy Insights - The consumption breakthrough in Chongqing is driven by national strategic support, with the city having been designated as an international consumption center since 2021 and implementing a five-year action plan for 2023-2027 [1][6] - The city aims to establish itself as a hub for international consumption resources, services, and fashion innovation, laying a solid institutional foundation for consumption upgrading [1][3] Economic Insights - Chongqing has accelerated the introduction of international brands through a "policy + activity" dual-drive approach, with nearly a thousand brands launching during the recent National Day holiday [2][3] - The city has attracted over 2,200 international and domestic brands, ranking among the top four in the country for the number of new brand openings in the first half of the year [2][3] Spatial Insights - Chongqing's unique geographical features provide a natural stage for innovative consumption scenarios, transforming its urban structure into a competitive advantage [4][5] - The city is actively developing 100 distinctive consumption scenes, utilizing its terrain to create diverse consumer experiences and enhance local consumption enthusiasm [5][6] Open Environment Insights - Chongqing's recognition as a dual national-level pilot city is closely linked to its long-term open development strategy, building a global consumption ecosystem through improvements in transportation, payment systems, and brand supply [6][7] - The introduction of convenient tax refund services and widespread acceptance of international payment methods has significantly increased consumer engagement, with a 518% year-on-year growth in the number of foreign travelers benefiting from tax refunds [6][7]

Core Insights - The article highlights the emergence of numerous flagship stores and brands in Chongqing during the recent National Day and Mid-Autumn Festival holiday, indicating a growing trend in consumer engagement and retail expansion [2][3][7]. Group 1: Retail Expansion - Several international and domestic brands have opened their first stores in Chongqing, including KWL, a South Korean fast fashion brand, and various high-end dining establishments, contributing to the city's retail landscape [3][7]. - The "Four Firsts" (首店、首牌、首秀、首发) strategy has led to the establishment of nearly 1,000 flagship stores in Chongqing during the 14th Five-Year Plan period, positioning the city among the top ten cities favored for new store openings [3][6]. Group 2: Consumer Trends - The consumer spending during the holiday period showed significant growth, with service retail sales increasing by 11.35% and commodity retail sales by 4.93% year-on-year [6]. - The shift in consumer demand reflects a transition from basic needs to a focus on quality and experience, indicating a more diverse and personalized consumption trend [7]. Group 3: Economic Development - The development of the "Four Firsts" economy is part of Chongqing's strategy to enhance its status as an international consumption center, which is expected to boost the city's commercial influence [7][8]. - The local government has introduced policies to support the growth of flagship stores, including financial incentives for commercial operators and third-party institutions [8]. Group 4: Innovative Consumer Experiences - The integration of cultural and commercial elements in shopping areas has created unique consumer experiences, such as the "World Tree" installation and various themed districts that combine retail with social and cultural activities [5][7]. - The focus on creating immersive and scene-based consumption spaces is aimed at enhancing the overall shopping experience, which cannot be replicated online [5].

Group 1 - The city is implementing a more proactive fiscal policy to stimulate consumption and promote high-quality development, focusing on expanding domestic demand [1] - By 2025, the city plans to expand its consumption upgrade initiatives to include mobile and 3C digital products, in addition to existing categories like automobiles and home appliances [1] - In the first half of the year, the city secured 8.81 billion yuan in special long-term bonds and provincial matching funds, with 7.25 billion yuan already disbursed in subsidies, leading to significant increases in sales across various sectors [1] Group 2 - A budget of 46.6 million yuan has been allocated for the "Car Purchase Hongcheng" and "Shopping Hongcheng" initiatives, resulting in a notable increase in foot traffic in key commercial areas [2] - An additional 13 million yuan has been set aside to support local dining events, enhancing the visibility of local restaurant brands [2] - The city is fostering the "Four First Economy" by attracting 50 new stores and developing 30 "quarter-hour convenient living circles," with a focus on integrating urban and rural commerce [2]

Investment Rating - The report maintains a "Buy" rating for Chongqing Department Store (600729) [6] Core Views - The company reported Q1 2025 results that met expectations, with a revenue of 4.276 billion yuan, down 11.85% year-on-year, and a net profit of 475 million yuan, up 9.23% year-on-year [6] - The company is benefiting from the "old-for-new" policy, which has driven growth in the appliance sector, with appliance sales increasing by 76.8% year-on-year during the 3.15 shopping festival [6] - The company is actively upgrading its business formats, with significant improvements in gross margin and net profit margin in Q1 2025 [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 18.075 billion yuan, with a year-on-year growth rate of 5.5% [5] - The net profit attributable to the parent company is projected to be 1.406 billion yuan in 2025, reflecting a year-on-year growth of 7.0% [5] - The earnings per share (EPS) for 2025 is expected to be 3.19 yuan, with a price-to-earnings (PE) ratio of 10 [5] Business Operations - As of Q1 2025, the company operates 50 department stores, 149 supermarkets, 42 appliance stores, and 34 automotive trade stores, with a total store area of 2.1783 million square meters [6] - The company is focusing on transforming its supermarket format to enhance customer experience, with plans to upgrade 36 stores in 2025 [6] - The automotive trade segment has seen over 60% of its stores adopting a multi-product approach, with a 59% year-on-year increase in new energy vehicle sales in early 2025 [6]