新年伊始，国家电影局的数据令人振奋：2025年，全国电影票房达518.32亿元，观影人次12.38亿，双双 实现超20％增长。 下沉市场代表中国电影市场的广度和深度。随着基础设施不断完善、商业业态加速下沉，下沉市场的观 影需求将进一步释放。未来，下沉市场不再是简单的票房"输血者"，更有望成为孕育新消费习惯、新运 营模式和新产业生态的"创新场"。 电影消费是典型的"体验式消费""情感消费"，其市场热度直接折射人民群众的消费热情与精神文化追 求。在当前整体消费环境面临诸多挑战的背景下，电影市场却能持续释放蓬勃活力，这不仅是一种文化 现象，更彰显出中国内需市场强大的韧性与广阔潜力。其中蕴藏的关键机遇，正体现在"一高一深"两大 市场的互补中。 要进一步释放消费潜力，需紧扣"一高一深"两大市场的特征，系统把握其内在需求。一方面，发达地区 观众对电影品质的高要求与高票房反馈，将持续倒逼电影工业升级制作水准、强化内容创新，推动产业 向高质量发展迈进；另一方面，广阔的下沉市场所展现出的观影热情，以及对本土叙事的情感共鸣，为 国产电影奠定了坚实的市场基础与创作底气，激励更多贴近生活、多元共融的作品涌现。二者相互促 进，共同构筑 ...

■冷翠华 中央经济工作会议将"坚持内需主导，建设强大国内市场"置于明年经济工作重点任务首位，叠加近期密 集出台的扩消费政策，彰显出扩消费政策的连续性与稳定性。笔者认为，在全球经济环境复杂严峻、我 国居民消费率与发达国家仍有差距的背景下，唯有以系统思维整合存量与增量政策，精准破解供需适配 性不足、居民消费能力不强、潜力释放不畅等痛点，才能进一步激活消费增长新动能。 扩大内需是立足长远的战略之举，消费则是内需的核心支柱。近年来，我国消费总规模稳步扩大，消费 新热点、新场景加速涌现，消费升级趋势显著，消费对经济增长的贡献率持续提升。但也要清醒地认识 到，当前我国消费领域仍面临内生动力不强的挑战。国家发展改革委数据显示，2024年我国居民消费率 为39.9%，与发达国家相比仍有10个至30个百分点的差距，特别是服务消费占比偏低。这意味着，提振 消费不能依赖单一政策刺激，必须构建多维度协同发力的长效机制。 其一，以优质供给对接消费升级，消除供需适配不足的痛点，提升供需适配性。新需求引领新供给，新 供给创造新需求。我国作为制造业大国，供给能力位居全球前列，但高品质、个性化、高端化供给不足 的结构性矛盾仍未根本解决。11月 ...

发布会预告。 据中国网消息， 国务院新闻办公室定于2025年12月15日（星期一）上午10时举行新闻发布会，请国家统计局新闻发言人、总经济师、国民经济综合统计司司长付 凌晖介绍2025年11月份国民经济运行情况，并答记者问。 此前发布的数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨幅扩大；扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 责编：万健祎 校对： 苏焕文 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 芯片巨头，盘后大跌！ 丨 深夜！科技巨头暴跌，发 生了什么？ 丨 5个必须、8项任务！中央重要会议细化明年经济工作，有何亮点？ 丨 摩尔线程，提示风险！ 丨 4000亿+！摩尔线程，再度大涨！ 丨 昨 夜，美股全线大涨！鲍威尔，重磅发声 丨 凌晨重磅！美联储降息25个基点，3 ...

11月份居民消费持续恢复，综合整治"内卷式"竞争成效显现。 12月10日，国家统计局公布数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨幅扩大；扣除食品 和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 同期，工业生产者出厂价格指数（PPI）环比上涨0.1%，连续两个月上涨；同比下降2.2%，降幅比上月扩大0.1 个百分点。值得注意的是，综合整治"内卷式"竞争成效持续显现，如煤炭开采和洗选业、光伏设备及元器件制 造、锂离子电池制造等行业价格同比降幅均已连续多个月收窄。部分行业价格走势反映出新兴产业快速发展、 消费潜力有效释放。 鲜菜价格上涨明显，环比大超季节性 11月份，CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点。国家统计局城市司首席统计师董莉娟表示，CPI同 比涨幅为2024年3月份以来最高，同比涨幅扩大主要是食品价格由降转涨拉动。 数据显示，11月份，CPI的分项数据中，食品价格同比上涨0.2%，非食品价格上涨0.8%。"鲜菜价格由上月下 降7.3%转为上涨14.5%，为连续下降9个月后首次转涨，对CPI同比的上拉影响比上月增加约0.49个百分 点。"董莉娟 ...

Core Insights - The article emphasizes the importance of adapting supply and demand to enhance consumer satisfaction and activate the potential of the large-scale market [1][2][3] Group 1: Market Trends - The current consumer market is characterized by new trends such as deep application of new technologies, online and offline integration, and multi-channel development [1] - There is a growing demand for personalized, diversified, and high-quality consumption, particularly among younger generations like Generation Z, who prioritize trendiness, social attributes, and experiential consumption [1][2] Group 2: Supply and Demand Adaptation - There exists a structural contradiction of insufficient quality supply, which restricts the release of consumption potential and affects economic circulation efficiency [2] - Enhancing supply-demand adaptability is identified as a key strategy to unlock consumption potential [2] Group 3: Data-Driven Insights - Companies are encouraged to utilize data to accurately identify consumer trends, as demonstrated by successful collaborations like Fuguang and JD.com during this year's "Double 11" sales event [2] - Establishing regular research mechanisms and leveraging big data and artificial intelligence are essential for aligning supply with market demands [2] Group 4: Supply Innovation - Supply-side innovation is crucial for addressing adaptation challenges, with examples including the integration of cultural institutions into commercial spaces and the rise of domestic brands [2] - Future efforts should focus on accelerating the application of new technologies, enhancing high-quality supply, and developing flexible manufacturing to meet personalized demands [2] Group 5: Efficient Distribution Channels - Efficient circulation is vital for ensuring that quality supply meets demand, with significant progress made in modern trade circulation systems since the 14th Five-Year Plan [3] - By 2024, the wholesale and retail industry's added value is projected to reach 13.8 trillion yuan, a 40% increase from the end of the 13th Five-Year Plan [3] - Continued development of modern circulation systems is necessary to lower logistics costs and support supply-demand matching [3] Group 6: Economic Growth - The article highlights the immense potential of China's large-scale market and the need for a virtuous cycle of "consumption upgrade—industry upgrade—supply-demand balance" to better unleash consumption potential [3]

Core Insights - China's super-large market advantage is widely recognized, rooted not only in its 1.4 billion population but also in its deep economic potential [1][2] - The country has the world's largest middle-income group, which shows a strong willingness to upgrade consumption across various sectors such as education, healthcare, and cultural tourism [1] - The proportion of the middle-income group in China's total population is still significantly lower than that in developed countries, indicating substantial growth potential in the consumer market [1] Consumption Capacity - China's overall consumption capacity is robust, supported by a large and continuously upgrading middle-income demographic [1] - The diverse consumption habits and preferences across different regions of China contribute to a rich tapestry of consumer behavior [1][2] Consumption Diversity - The variety of consumption levels reflects the vast geographical and cultural differences within China, leading to unique consumer preferences [1] - The coexistence of different consumption cultures enhances the vibrancy of the market, as seen in the interactions between northern and southern consumer behaviors [1] Consumption Model Evolution - Recent years have seen rapid iterations in consumption models, introducing terms like "self-satisfaction consumption," "national trend consumption," and "green consumption," among others [2] - These new consumption models signify a shift in consumer values from material satisfaction to spiritual pursuits and from singular choices to diverse experiences [2] Market Dynamics - China's consumer market is characterized by its vastness and depth, accommodating differences while fostering integration [2] - The super-large market's true advantage lies in its potential, diversity, and innovative consumption models, which are vital sources of vitality for the Chinese economy [2]

Economic Trends - Industrial production is expected to slow down, with recent supply-side indicators showing signs of weakening, particularly in capacity utilization rates which have declined across various sectors[1] - October's industrial added value growth rate is likely to decelerate, correlating with a drop in exports and port cargo throughput[1] Price Dynamics - October inflation data exceeded expectations, with CPI turning positive year-on-year and PPI showing its first positive growth of the year, indicating a stabilization in prices[1] - However, CPI is expected to remain low due to a significant year-on-year decline in pork prices, which have dropped over 25%[1] Investment and Consumption - Investment demand remains weak, with real estate sales data returning to levels seen before last year's peak, suggesting further slowdown in real estate investment growth[1] - Despite weak investment, consumer spending shows potential for improvement, driven by seasonal increases in service and food prices, alongside e-commerce promotions and consumption subsidies[1] Risks and Challenges - Risks include geopolitical tensions, domestic policy implementation falling short of expectations, and potential global recession impacts[1]

Core Insights - The Consumer Price Index (CPI) increased by 0.2% year-on-year and month-on-month in October, marking a shift from a 0.3% decline in the previous month [1][2] - The Producer Price Index (PPI) decreased by 2.1% year-on-year, but the decline narrowed by 0.2 percentage points compared to the previous month, continuing a trend of narrowing for three consecutive months [1][6] CPI Analysis - The CPI's year-on-year increase of 0.2% is attributed to effective domestic demand policies and the impact of the National Day and Mid-Autumn Festival holidays [1] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the sixth consecutive month of growth [1] - Service prices increased by 0.8%, with a notable rise in accommodation, airfare, and tourism prices due to heightened travel demand during the holidays [2][3] PPI Analysis - The PPI experienced its first month-on-month increase of 0.1% this year, driven by improved supply-demand dynamics in certain industries [5] - Year-on-year, the PPI's decline of 2.1% reflects a narrowing trend, with specific industries like coal mining and photovoltaic equipment manufacturing showing reduced price declines [6] - Prices in sectors such as art and craft manufacturing and sports equipment manufacturing saw significant increases, indicating a positive response to consumption-boosting policies [6]

Core Insights - The express delivery industry in China has shown significant market vitality and consumer potential, with daily business volume exceeding 600 million packages since November [1] Industry Summary - The State Post Bureau of China highlights the important role of the express delivery sector in ensuring livelihoods and promoting consumption [1] - The bureau plans to enhance industry regulation and improve the quality and efficiency of express services to meet the growing needs of the population for a better life [1]

Core Viewpoint - The China National Railway Group has optimized and upgraded the "Railway Smooth Travel" frequent traveler membership service, enhancing benefits for young members aged 14 to 28, which is expected to stimulate consumption and promote economic development along railway lines [1][3]. Membership Benefits - Starting from October 20, frequent traveler members aged 14 to 28 will earn 10 times the ticket price in points, while regular members earn 5 times, and senior members aged 60 and above earn 15 times [3][4]. - For example, a regular member spending 1,000 yuan will receive 5,000 points (equivalent to 50 yuan), while a member aged 14 to 28 will receive 10,000 points (equivalent to 100 yuan) [4]. Points Redemption and New Features - Points can be redeemed for train tickets, with 100 points equating to 1 yuan. Members can also use points for a new seat upgrade feature during their journey [5]. - Members can request seat upgrades by scanning a QR code on the seat armrest or contacting train staff, with upgrades subject to seat availability [5]. Future Developments - The railway department plans to continuously gather feedback from travelers to further enhance the "Railway Smooth Travel" membership service, aiming to improve the travel experience [6].