中央财经大学中国互联网经济研究院副院长欧阳日辉表示，消费金融通过支持大规模设备更新和消 费品以旧换新，推动了产业结构的优化升级，实现了政策的长期目标。《通知》提出要推动金融机构与 平台、重点商户合作，走进商超卖场，消费金融已成为助力提振消费的重要金融力量，其业务规模的持 续增长为产业升级提供了稳定的资金来源。同时，消费金融引导消费者选择高品质、高性能的产品，形 成了对优质供给的市场激励机制。 经济日报记者 王宝会 近日，商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同 更大力度提振 消费的通知》（以下简称《通知》），围绕加大消费重点领域金融支持，从不同方面提出举措。 助力提振消费 近年来，多部门围绕提振消费精准施策，推动惠民生与促消费深度融合。银行机构以"提振消费扩 内需，消费金融在行动"专项行动为抓手，实现"信贷+场景+支付+衍生服务"全链条深度融合与全面升 级，以高质量消费金融服务促进国内需求全方位扩大，从多维度"助燃"消费市场。 在升级商品消费方面，《通知》提出，推动金融机构与平台、重点商户合作，走进商超卖场，完善 分期付款、信用卡、手机银行、数字人民币等产品服务模式，更好满足消费者换 ...

近日，商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同 更大力度提振消费 的通知》（以下简称《通知》），围绕加大消费重点领域金融支持，从不同方面提出举措。 助力提振消费 近年来，多部门围绕提振消费精准施策，推动惠民生与促消费深度融合。银行机构以"提振消费扩内 需，消费金融在行动"专项行动为抓手，实现"信贷+场景+支付+衍生服务"全链条深度融合与全面升 级，以高质量消费金融服务促进国内需求全方位扩大，从多维度"助燃"消费市场。 在升级商品消费方面，《通知》提出，推动金融机构与平台、重点商户合作，走进商超卖场，完善分期 付款、信用卡、手机银行、数字人民币等产品服务模式，更好满足消费者换新需求。 中央财经大学中国互联网经济研究院副院长欧阳日辉表示，消费金融通过支持大规模设备更新和消费品 以旧换新，推动了产业结构的优化升级，实现了政策的长期目标。《通知》提出要推动金融机构与平 台、重点商户合作，走进商超卖场，消费金融已成为助力提振消费的重要金融力量，其业务规模的持续 增长为产业升级提供了稳定的资金来源。同时，消费金融引导消费者选择高品质、高性能的产品，形成 了对优质供给的市场激励机制。 在创新多元化 ...

创新场景应用 近日，商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同 更大力度提振 消费的通知》（以下简称《通知》），围绕加大消费重点领域金融支持，从不同方面提出举措。 助力提振消费 近年来，多部门围绕提振消费精准施策，推动惠民生与促消费深度融合。银行机构以"提振消费扩 内需，消费金融在行动"专项行动为抓手，实现"信贷+场景+支付+衍生服务"全链条深度融合与全面升 级，以高质量消费金融服务促进国内需求全方位扩大，从多维度"助燃"消费市场。 在升级商品消费方面，《通知》提出，推动金融机构与平台、重点商户合作，走进商超卖场，完善 分期付款、信用卡、手机银行、数字人民币等产品服务模式，更好满足消费者换新需求。 在创新多元化消费场景方面，《通知》提出结合县域商业提质增效和农村电商高质量发展，探索开 发专属贷款产品。促进入境消费，持续提升入境人员支付便利性。素喜智研高级研究员苏筱芮指出，消 费金融精准匹配消费场景，有助于推动政策高效落地。促消费已经成为经济增长的重要引擎，完善消费 配套的金融产品与服务，能够通过扩大内需拉动千行百业的经济增长。目前来看，消费金融已嵌入购 物、文旅、家电、家装家居等多元场 ...

Core Viewpoint - The joint notice issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration aims to enhance financial support for key consumption areas to stimulate domestic demand and consumption [2] Group 1: Support for Consumption - Various departments have implemented targeted measures to boost consumption, integrating financial services with consumer needs through a comprehensive approach involving credit, payment, and derivative services [3] - The notice emphasizes collaboration between financial institutions and key merchants to enhance payment options like installment payments and digital currencies, addressing consumer demand for upgrading products [3] - Consumer finance is recognized as a crucial financial force in stimulating consumption, with its growth providing stable funding for industrial upgrades and encouraging consumers to choose high-quality products [3] Group 2: Innovation in Consumption Scenarios - The notice suggests developing specialized loan products to enhance rural e-commerce and improve payment convenience for inbound consumption [5] - Financial institutions are encouraged to create diverse financial products that cater to new consumption patterns, including green and digital consumption, and to support innovative consumption models [6] - The collaboration with Shanghai Lego Land to promote digital RMB usage exemplifies efforts to create convenient payment environments and enhance consumer experiences [5][6] Group 3: Strengthening Supply and Demand Connection - Financial institutions are urged to optimize their product offerings to better align with consumer needs and support new consumption scenarios [7] - The transition from standardized to personalized financial products is necessary to meet diverse consumer demands, with a focus on tailored solutions for specific consumption scenarios [7] - A collaborative approach among business, finance, and industrial policies is essential to foster a healthy consumer finance market, reducing financing costs and encouraging consumer spending [7]

重要信息点评 1、国家统计局公布数据显示，11月份，全国规模以上工业增加值同比增长4.8%，服务业生产指数同比 增长4.2%，社会消费品零售总额同比增长1.3%。1-11月份，全国固定资产投资同比下降2.6%，其中， 制造业投资增长1.9%，房地产开发投资下降15.9%。11月全国城镇调查失业率持平于5.1%。 2、美国劳工统计局公布数据显示，美国11月非农就业人口增加6.4万人，高于市场预期的5万人；但失 业率却意外升至4.6%，创下2021年9月以来的新高。另外，10月非农就业大幅减少10.5万人，远超预期 的下降2.5万人；8月和9月也合计下修3.3万人。11月平均时薪同比增长3.5%，为2021年5月以来最低增 速。 3、美国11月核心CPI同比上涨2.6%，创下2021年初以来最慢增速，低于市场预期的3%。整体CPI同比上 涨2.7%，低于预期的3.1%。不过，由于数据采集受到联邦政府停摆的严重干扰，这份通胀报告的可靠 性受到市场质疑。 4、商务部、央行、金融监管总局发布《关于加强商务和金融协同更大力度提振消费的通知》，针对深 化商务和金融系统协作、加大消费重点领域金融支持、扩大政金企对接合作三个方 ...

Core Viewpoint - The consumer sector in A-shares has experienced a significant rally, driven by favorable policies and market sentiment, with over 10 stocks hitting the daily limit up on December 19 [1][2]. Policy Support - The Ministry of Commerce and the Ministry of Finance have issued a notice to implement pilot programs for new consumption formats in 50 cities, aiming to boost consumption and enhance the supply of quality goods and services [2][3]. - The central economic work conference emphasized the importance of expanding domestic demand and implementing actions to stimulate consumption, including a plan for increasing residents' income and optimizing consumption policies [4][5]. Investment Opportunities - Analysts predict that the consumer sector will see significant policy support through 2026, with potential for unexpected growth in both supply and demand [5]. - The focus on new consumption areas is expected to shift towards sustainable business models and profitability, with trends in health, practicality, and emotional consumption emerging [5][6]. - Investment opportunities are identified in sectors such as e-commerce, instant retail, travel, and health-focused food products, which are likely to benefit from ongoing policy support and economic recovery [6].

Core Viewpoint - Recent policies from central and local governments aim to significantly boost consumption through financial tools and support, indicating a strong commitment to enhancing consumer spending [1] Group 1: Policy Focus Areas - The policies are driven by a dual approach of "commerce" and "finance," targeting the entire consumption chain [3] - The first key area is the upgrade of "physical goods," specifically mentioning durable consumer goods and digital products, with a strong emphasis on automobiles [3] - The second key area focuses on the expansion and quality enhancement of "service consumption," including sectors like home services, tourism, elderly care, education, and healthcare [3] - The third key area is the cultivation of "new consumption," highlighting green consumption, digital consumption, and the integration of technology with consumption [4] Group 2: Investment Opportunities - Long-term investment strategies should focus on sectors backed by national blueprints with significant market potential, such as smart connected vehicles, consumer electronics, and the silver economy [5] - Short-term investment opportunities include sectors directly benefiting from policies like the trade-in programs and financial support for durable goods, as well as those recovering from service consumption, such as tourism and offline retail [5] - Technology companies providing infrastructure for new consumption, such as digital payment and e-commerce service providers, are also highlighted as potential investment targets [5]

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for financial institutions to enhance support for expanding domestic demand, leading to the issuance of a notification aimed at boosting consumption through 11 policy measures [1][3]. Group 1: Policy Measures - The notification outlines 11 policy measures focusing on key areas such as commodity consumption, service consumption, new consumption types, consumption scenarios, and consumer assistance [1][3]. - It encourages local business departments to collaborate with financial management departments to establish effective coordination mechanisms to address challenges in implementing financial support for consumption [3][7]. Group 2: Financial Support - The notification highlights the importance of enhancing financial services for durable goods and digital products, aiming to unlock the potential for upgrading commodity consumption [5]. - It proposes innovative financial products and services tailored to various service consumption sectors, including home services, hospitality, entertainment, education, tourism, and elder care [5][6]. Group 3: Consumption Scenarios and Assistance - The notification calls for the development of diverse consumption scenarios and assistance measures, including specialized loan products for rural e-commerce and county-level commercial improvements [6]. - It emphasizes the integration of financing, settlement, and insurance services to support the construction of international consumption centers and convenient living circles [6]. Group 4: Cooperation and Information Sharing - The notification encourages a collaborative approach among government, financial institutions, and enterprises to conduct diverse consumption promotion activities and share information effectively [7]. - It suggests establishing a regular "government-finance-enterprise" platform to facilitate information sharing and risk-sharing, addressing the issue of short-term credit withdrawal after promotional activities [7][8].

Core Viewpoint - The joint issuance of the "Notice on Strengthening Business and Financial Coordination to Boost Consumption" by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to enhance consumer spending through 11 policy measures, focusing on the integration of business and finance to stimulate domestic demand [1][6]. Mechanism Coordination - The "Notice" establishes a regular cooperation framework between business and finance at the ministerial level, aiming to break down departmental barriers and achieve a synergistic effect [1][6]. - Local governments are encouraged to create coordination mechanisms to promote policy alignment and information sharing, and to explore combined financial strategies [1][6]. Key Areas of Support - The policies cover the entire consumption chain and new business models, including measures such as waiving penalties for car trade-in loans and supporting the integration of domestic and foreign trade [2][7]. - In the service consumption sector, a "1+N" policy system is introduced, utilizing targeted incentives through service consumption and pension refinancing tools [2][7]. - The focus on new consumption models includes support for "AI + consumption" and "IP + consumption" strategies, as well as expanding the application of consumer points [2][7]. Financial Product and Service Innovation - Financial institutions are encouraged to develop internet and social e-commerce-compatible business models, expanding online channels [2][7]. - There is a push for tailored loan products for rural markets and enhancements in payment services, including installment payments and digital currency options [2][7]. Implementation and Execution - The "Notice" emphasizes efficient collaboration among government, financial institutions, and businesses to ensure effective policy implementation [2][8]. - Local business departments are tasked with creating lists of key consumption projects to share with financial institutions, facilitating information exchange [2][8]. Role of Local Governments - Local governments are expected to act as integrators and protectors, coordinating various policies and establishing risk compensation funds to amplify the effects of financial policies [4][9]. - There is a focus on creating replicable financial consumption demonstration projects and strengthening departmental assessments to ensure policy effectiveness [4][9]. Overall Strategy - The core principles of "coordination" and "downward service" are emphasized, urging departments to break conventional thinking and deliver policy benefits through specific financial products and services to meet the needs of businesses and consumers [5][9].

Core Viewpoint - The joint issuance of the "Notice on Strengthening Business and Financial Coordination to Boost Consumption" by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to enhance consumer spending through 11 policy measures, aligning with the central economic work meeting's focus on domestic demand and market expansion [1][2]. Group 1: Policy Framework - The "Notice" establishes a collaborative framework at the ministerial level to break down departmental barriers, aiming for a synergistic effect in promoting consumption [1]. - It emphasizes the need for local governments to create coordination mechanisms to ensure policy alignment and information sharing, encouraging the development of special plans that combine fiscal, business, and financial strategies [1][2]. Group 2: Focus Areas for Support - The policies target the entire consumption chain and new business models, including support for trade-in programs for automobiles and the integration of domestic and foreign trade [2]. - In the service consumption sector, a "1+N" policy system is introduced, utilizing targeted incentives through service consumption and elderly care refinancing tools [2]. - The new consumption models, particularly those integrating artificial intelligence and intellectual property, are prioritized to expand consumer engagement [2]. Group 3: Financial Product and Service Innovation - The "Notice" encourages financial institutions to develop digital, inclusive, and convenient business models, particularly for online channels and rural markets [2][3]. - It promotes the optimization of payment services, including installment payments and digital currency options, to enhance consumer convenience [2]. Group 4: Implementation and Coordination - The "Notice" stresses the importance of efficient collaboration among government, financial institutions, and businesses to ensure effective policy execution [3][4]. - Local business departments are tasked with creating lists of key consumption projects to share with financial institutions, facilitating better communication and support [3][4]. Group 5: Role of Local Governments and Financial Institutions - Local governments are encouraged to integrate various policies, establish risk compensation funds, and amplify the effects of financial policies [4]. - Financial institutions are expected to take a leading role in innovation and service delivery, developing tailored products for specific sectors like automotive and home appliances [3][4]. Group 6: Overall Strategy - The core themes of "coordination" and "downward penetration" are highlighted as essential for delivering policy benefits through specific financial products and services to meet the needs of businesses and consumers [5].