标志性的涨停！ 港股新消费概念股亦出现普涨，沪上阿姨一度涨超10%，泡泡玛特一度涨超7%，巨子生物涨超5%，奈雪的茶涨超4.4%，毛戈平亦大涨超4%，达势股份、布鲁可、 古茗等集体爆发。 中信建投发研报指出，当前阶段，指数依然震荡上行但涨幅放缓，经济基本面改善或新兴产业/赛道业绩释放消化偏高的估值水平；这一阶段可能出现风格切换行 情，估值高企但增速预期下调，板块可能出现阶段性调整，基本面预期改善的品种领涨市场，景气投资风格占优。该机构表示，警惕科技板块结构性/阶段性回调风 险。建议寻找业绩弹性，把握结构性行情。 今早，中国中免A股触及涨停，其H股一度涨超12%。巨头涨停对于整个消费板块来说，本身就有很强的示范效应。欢乐家20%涨停，会稽山涨停，白酒板块亦全线 走强。 消息面上，有三大利好刺激消费板块： 首先，11月7日，财政部发布2025年上半年中国财政政策执行情况报告，将继续实施好提振消费专项行动； 其次，基本面出现积极信号，国家统计局公布，10月份，CPI环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月 扩大； 第三，12月18日，海南将迎来全岛封关重要 ...

财政部发布2025年上半年中国财政政策执行情况报告。下一步，财政部将继续实施好提振消费专项行 动，对重点领域的个人消费贷款和相关行业经营主体贷款给予财政贴息，激发养老、托育等服务消费潜 力。 | | | | | 食品板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | . | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 600429 | 三元股份 | | 10.06 | 82.16亿 | 24.59 | | 2 | 603536 | 惠发食品 | | 10.00 | 34.13亿 | 20.55 | | 3 | 605338 | 巴比食品 | 1 | 66.6 | 73.59亿 | 85.78 | | 4 | 002847 | 盐津铺子 | 1 | 8.86 | 212亿 | 25.86 | | 5 | 300973 | 立高食品 | | 8.33 | 74.00 乙 | 13.10 | | 6 | 300892 | 铝酒食品 | | 7.77 | 36.34亿 | 13.86 | | 7 | 60088 ...

报告指出，财政政策未来将从用好用足更加积极的财政政策，全力支持稳就业稳外贸，加快培育壮大发 展新动能，进一步保障和改善民生，持续用力防范化解重点领域风险，不断提升财政治理效能和水平等 6方面着手，更高质量谋划实施财政政策，更高效能加强财政宏观调控。 在财政政策的执行上，财政部将压实预算执行责任链条，将提高资金使用效益和保障资金安全有机结合 起来，推动资金和政策尽快落地见效。继续实施好提振消费专项行动，对重点领域的个人消费贷款和相 关行业经营主体贷款给予财政贴息，激发养老、托育等服务消费潜力。积极发挥地方政府专项债券、超 长期特别国债等作用，加强财政与金融协同配合，将更多公共服务纳入投资支持范围，积极鼓励民间投 资发展。 在稳就业稳外贸方面，财政部将加大稳就业政策实施力度，支持做好公共就业服务、职业技能培训、稳 岗扩岗等工作，千方百计稳定就业岗位，促进重点群体就业创业，保障好失业人员基本生活。支持企业 稳订单、转内销、拓市场、保运营，切实帮助解决实际问题。 财政部11月7日发布2025年上半年中国财政政策执行情况报告(下称报告)，报告显示，2025年上半年中 国经济展现强大活力和韧性，高质量发展取得新成效。财政 ...

11月6日，第八届虹桥国际经济论坛的"提振消费：世界共享中国市场机遇"分论坛在国家会展中心（上 海）举办。聚焦中国消费提振的"政策破障"与"开放共享"双轮驱动，全球政商学界领袖一起发出大力提 振消费的"虹桥声音"，共同探讨将中国超大规模市场潜力转化为全球经济增长亮色的共识与路径。 "十五五"时期经济社会发展的主要目标之一，是居民消费率明显提高，内需拉动经济增长主动力作用持 续增强，经济增长潜力得到充分释放。 上海财经大学校长刘元春指出，2020年中国最终消费率接近55%，远低于发达国家80%左右的水平，中 期战略是要解决消费率过低的问题，实现"十五五"期间居民消费率明显提高。 上 海财经大学校长刘元春 左宇/摄 其认为中国需要组合式扩消费的政策，并提出7大具体建议：一是关注短期消费不足的问题和消费修 复；二是消费修复关键在于收入、资产及其信心的修复；三是逆周期政策与中期结构性政策要兼顾，不 同阶段以不同主体为主；四是耐用品消费的促进和新型消费的促进有进一步修正的地方；五是收入分配 改革极其重要，社会安全网是核心；六是逆周期政策必须快速推进，结构性政策和体制性改革也需要重 点推出；七是消费政策难以与发达国家政策 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **Chinese consumer market** and various sectors including **home appliances**, **textiles and apparel**, **food and beverage**, and **high-end consumption** [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39]. Core Insights and Arguments Government Initiatives - The **15th Five-Year Plan** emphasizes enhancing consumer spending through measures such as promoting employment, increasing wage income, stabilizing expectations, and improving the social security system [1][4][6]. - Short-term measures include a **central subsidy** of **300 billion** in 2025, with expectations for continued large-scale subsidies in 2026, albeit with a broader scope to avoid over-reliance on subsidies [1][5][6]. Consumer Market Trends - The consumer market has shifted from a bull market post-2020 to a prolonged bear market starting in 2021, primarily due to weakened purchasing power and consumption downgrade [2]. - The **A-share** consumer sector has lagged, while the **Hong Kong stock market** saw a rise in new consumption sectors in late 2024 and early 2025 [2]. Sector-Specific Insights - **Home Appliances**: Companies like **Midea** and **Haier** are expected to grow due to international competitiveness and channel reforms, despite concerns over subsidy reductions [1][13]. - **Television Industry**: **Hisense** and **TCL** are positioned to benefit from increased Mini LED penetration, enhancing brand positioning and average pricing [1][14]. - **Textiles and Apparel**: The sector is undergoing structural upgrades with rising demand for health-oriented and fashionable clothing. Despite fluctuations in overseas demand, international expansion is expected to improve order situations by 2026 [1][22][24][25]. - **Food and Beverage**: Investment opportunities lie in new consumption channels and health-oriented products, with policy support expected to stimulate demand [3][37][38]. Long-term Market Outlook - The overall market outlook for 2026 is cautious, with expectations of improved overseas business due to China's efficiency in the supply chain and technological advancements [12]. - The **high-end consumption market** is anticipated to benefit from wealth improvements and policy optimizations, particularly in sectors like luxury goods and entertainment [32]. Additional Important Insights - The **service consumption sector** is highlighted as a crucial employment channel, with increased supply in events like concerts and sports benefiting from policy optimizations [3][31]. - The **internationalization of Chinese consumer industries** is progressing, with significant competitiveness in technology and manufacturing sectors, although challenges remain in textiles and apparel [11][24][27]. - The **outdoor apparel market** is emerging as a growth area, with traditional brands expanding their product lines [26]. - The **packaging industry** is experiencing consolidation, with major players like **Aoruijin** and **Baosteel** capturing significant market share [18]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the Chinese consumer market and related industries.

Group 1 - The core viewpoint of the article highlights the positive market reaction to the new policy supporting duty-free shops in China, which is expected to boost consumption and sales of domestic products [1] - As of the report, China Duty Free Group (中国中免) saw its stock price increase by 4.12%, reaching HKD 65.75, with a trading volume of HKD 130 million [1] - The new policy, effective from November 1, aims to optimize the management of domestic tax refund (exemption) policies and encourage duty-free shops to sell more high-quality domestic products that reflect Chinese traditional culture [1] Group 2 - For the first three quarters of 2025, China Duty Free Group reported a revenue of CNY 39.862 billion, a year-on-year decrease of 7.34% [1] - The net profit attributable to shareholders for the same period was CNY 3.052 billion, down 22.13% year-on-year [1] - The company announced its first interim dividend plan, proposing a cash dividend of CNY 0.25 per share (before tax), totaling CNY 517 million, which represents 16.95% of the net profit attributable to shareholders for the first three quarters of 2025 [1]

Core Insights - The Ministry of Finance and four other departments issued a notification to enhance the duty-free shop policy to boost consumption, effective from November 1, 2025 [1][2] - The notification encourages duty-free shops to increase the sale of domestic products and expand the range of goods sold, including mobile phones and micro-drones [1] - The policy aims to attract foreign consumers and promote the return of overseas consumption [1] Group 1: Policy Enhancements - The notification optimizes the management of domestic goods tax refund (exemption) policies, encouraging qualified enterprises to increase the procurement of quality domestic products [1] - Duty-free shops will be allowed to treat the sale of domestic products as exports, thus benefiting from tax refunds [1] - The notification aims to streamline the tax refund supervision and operational procedures for domestic goods sold in duty-free shops [1] Group 2: Expansion of Product Categories - The notification expands the categories of goods that can be sold in duty-free shops, including portable consumer goods such as mobile phones, micro-drones, sports goods, health foods, over-the-counter drugs, and pet foods [1] - This expansion is intended to enrich the shopping options available to travelers [1] Group 3: Approval and Operational Improvements - The notification relaxes approval authority for duty-free shops, allowing local authorities to optimize the layout of duty-free shops based on local conditions [2] - It also enhances convenience and regulatory measures for duty-free shops, including online booking services for travelers [2] - Travelers will be able to reserve items at city duty-free shops and pick them up at port duty-free shops, improving the shopping experience [2]

Group 1 - The US will cancel the 10% "fentanyl tariff" on Chinese goods and continue to suspend the 24% equivalent tariff for one year, with China adjusting its countermeasures accordingly [2][3] - The US will suspend the implementation of its 50% export control rule for one year, while China will also suspend its related export control measures for the same duration [2][3] - The US will pause its 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year, with China reciprocating by suspending its countermeasures [2][3] Group 2 - The new duty-free shop policy will be upgraded starting November 1, 2025, to enhance consumption and attract foreign spending [2][3] - The policy improvements include optimizing tax refund management, expanding product categories, relaxing approval processes, and enhancing shopping experiences for travelers [2][3] Group 3 - The HPV vaccine will be included in the national immunization program, offering free vaccinations to eligible girls starting November 10, 2025 [5] Group 4 - Memory prices have surged significantly, with reports indicating a 100% increase in just one month, affecting various price points [7] Group 5 - Global gold demand reached a record high of 1,313 tons in Q3 2025, with a total value of $1,460 billion, driven by increased central bank purchases [8] Group 6 - Over 99.9% of South Korea's imported kimchi ingredients come from China, highlighting the reliance on Chinese agricultural products [10] Group 7 - The Federal Reserve announced a 25 basis point rate cut, marking the fifth reduction since September 2024 [10] Group 8 - Nvidia has become the first company to reach a market capitalization of $5 trillion, achieving this milestone just four months after surpassing $4 trillion [10]

Domestic News - The U.S. will cancel the 10% "fentanyl tariff" on Chinese goods, while the 24% reciprocal tariff will remain suspended for another year [1] - China's foreign trade imports continue to expand steadily, with agricultural product imports reaching $57.1 billion, a year-on-year increase of 2.6%, and imports of electromechanical products and high-tech products growing by 5% and 8.6% respectively [1] - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration issued a notice to enhance the duty-free shop policy starting November 1, 2025, to boost consumption and attract foreign spending [2] - The National Bureau of Statistics reported that cultural enterprises achieved operating income of 1,095.89 billion yuan in the first three quarters, a year-on-year increase of 7.9%, with 16 sub-sectors showing a 14.1% growth [3] International News - The Bank of Japan maintained its benchmark interest rate at 0.5%, marking the sixth consecutive meeting without change, aligning with market expectations [4] - Singapore's labor market is performing better than expected, with total employment increasing and unemployment rates remaining stable at low levels [4] - Microsoft reported a quarterly revenue of approximately $77.7 billion, driven by significant growth in its cloud computing business, reflecting an 18% year-on-year increase [4]

Core Viewpoint - China is enhancing its duty-free shop policies to stimulate domestic consumption, attract foreign visitors, and promote the healthy development of the duty-free retail business [1][2]. Group 1: Policy Enhancements - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration announced a notification to optimize the management of domestic goods tax refund (exemption) policies [1]. - The policy aims to support the sales of domestic products in both port exit duty-free shops and city duty-free shops, expanding the range of products available for travelers [1][2]. Group 2: Product and Operational Changes - The notification will allow for the expansion of product categories in duty-free shops, including mobile phones, mini drones, sports goods, health foods, over-the-counter drugs, and pet foods [1][2]. - There will be a simplification of the regulatory and operational procedures for tax refunds (exemptions) on domestic goods sold in duty-free shops, facilitating the entry of domestic products [2]. Group 3: Approval and Service Improvements - Starting from November 1, the notification will delegate approval authority for establishing port exit duty-free shops and determining the operating entities of these shops [2]. - The policy encourages online reservation services for duty-free shops, allowing travelers to reserve items in city duty-free shops and pick them up at port entry duty-free shops [2].