Core Insights - The Chinese medical aesthetics market is transitioning from "pragmatism" to "improvement-oriented consumption," reflecting an upgrade in consumer perception of beauty and marking a new phase of rational development in the industry [1] Trends - **Generational Shift in Consumer Motivation**: Early consumers focused on functional needs like scar removal, while current consumers prefer quality enhancement through non-surgical procedures, with over 60% of demand in cities like Chengdu centered on maintenance and anti-aging projects [3] - **Natural Aesthetic Standards**: There is a shift away from exaggerated "internet celebrity" looks towards natural aesthetics, with a preference for subtle enhancements that are less noticeable [4] - **Professionalization of Decision-Making**: The decision-making process has lengthened by 20%, with consumers now conducting thorough research on institutions and materials before making choices [5] Driving Factors - **Rise of Consumer Sovereignty**: Increased transparency in medical aesthetics has empowered consumers to demand customized solutions rather than standardized packages, aligning with the characteristics of the "fifth consumption era" [7] - **Regulatory Policies and Industry Standardization**: Stronger national regulations are accelerating industry cleanup, with standardized management of procedures like "photonic rejuvenation" and "ultrasound" expected to reduce consumer risk [8] - **Technological Advancements and Product Innovation**: New technologies such as polylactic acid (youthful injections) are projected to grow at a compound annual growth rate of 31.2% from 2025 to 2027, supporting the shift towards improvement-oriented consumption [9] Industry Impact - **Transformation of Institutional Operating Models**: Leading institutions are moving away from low-price strategies to build a "technology + service" moat, focusing on high-end clientele and professional service capabilities [11] - **Precision in Product Development**: Companies are increasingly targeting niche markets with specialized injection products, with the market for collagen-based projects expected to grow from 3.7 billion yuan in 2021 to 13.7 billion yuan by 2027 [12] - **Comprehensive Service Process Management**: There is a growing demand for post-operative tracking and complication management, with some institutions introducing "medical beauty insurance" to ensure safety and effectiveness [13] Future Outlook - **Market Segmentation and Demand Layering**: The trend of budget polarization is intensifying, with high-end markets focusing on expensive anti-aging and regenerative medicine projects, while the mass market centers on affordable light medical aesthetics [14] - **Experience Upgrade Driven by Technology**: The integration of AI and 5G technologies is expected to lead to smarter and more immersive medical aesthetic services, enhancing consumer experience [15] - **Ethical and Aesthetic Rebalancing**: The industry must be cautious of "over-medicalization" risks, emphasizing the importance of educating consumers on the medical essence of aesthetics to foster a healthier perception of beauty [16]

5月9日，中国人民银行印发《关于设立服务消费与养老再贷款有关事宜的通知》，设立服务消费与养老 再贷款,激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域和养老产业的金融支 持。服务消费与养老再贷款额度5000亿元，年利率1.5%，期限1年，可展期2次，最长使用期限不超过3 年。发放对象包括国家开发银行、政策性银行、国有商业银行、中国邮政储蓄银行、股份制商业银行等 21家全国性金融机构和北京银行、上海银行、江苏银行、南京银行、宁波银行等5家属于系统重要性金 融机构的城市商业银行。 日前，中国人民银行发布的《2025年第一季度中国货币政策执行报告》（下称《报告》）提出，下一阶 段在货币政策思路上要支持提振和扩大消费，引导金融机构从消费供给和需求两端，积极满足各类主体 多样化资金需求。 提振消费是扩内需、稳增长的关键点之一，金融支持消费也屡屡被强调，具体支持措施也在陆续出台。 比如设立5000亿元服务消费与养老再贷款，从而引导商业银行加大对服务消费与养老的信贷支持等。 目前我国消费金融服务体系已较为完善，金融机构围绕不同消费场景创新推出多元的消费信贷产品和服 务模式，有效激发了市场活力。可以说金融支持 ...

要采取多种措施推动社会综合融资成本下降，同时持续优化消费信贷产品和服务、增强消费金融机构资 金供给能力。 日前，中国人民银行发布的《2025年第一季度中国货币政策执行报告》（下称《报告》）提出，下一阶 段在货币政策思路上要支持提振和扩大消费，引导金融机构从消费供给和需求两端，积极满足各类主体 多样化资金需求。 首先，金融支持消费要持续降低居民的消费贷款成本。 人民银行设立的服务消费与养老再贷款给予国家开发银行、政策性银行、国有商业银行等21家金融机构 的年利率为1.5%。有数据表明，即使一些商业银行在消费信贷方面打价格战，平均利率也在3%左右， 中间的利率差显而易见。服务消费与养老再贷款的设立可能会促使商业银行、财政及其他行业政策协同 配合。 此前，在3月初十四届全国人大三次会议举行经济主题记者会上，央行行长潘功胜表示，在政策传导 上，进一步完善利率调控框架，持续强化利率政策的执行和监督，对于一些不合理的、容易消减货币政 策传导的市场行为加强规范，推动落实银行补充资本金等措施，畅通货币政策的传导机制，引导银行科 学评估风险，优化信贷结构，提升资源的配置效率。 其次，金融支持消费要突出重点，加强对改善型消费和新 ...