央视网消息（新闻联播）：这个假期，各地"首发经济"热力十足，首店、首秀、首展成为各地消费市场 的热点，点燃居民消费热情，加速释放消费潜力。 这几天，在深圳刚刚开业的首家人工智能生态旗舰店里人头攒动，店内不仅首发了AI影音、AI教育、 AI办公等200余种新品，还设置了互动体验区，让消费者一站式体验人工智能技术的最新产品。 在江西，首家"家电3C首发中心"在南昌开业，引入了超50家品牌首发旗舰体验馆，163寸巨幕电视、智 能洗烘一体机、AR智能眼镜等首发新品吸引来大批消费者。 假期里，各地围绕"首发经济"打造消费新场景、新业态。 四川自贡举办国际恐龙文化旅游节，全球首批智能仿真恐龙机器人首发亮相。 在上海新开业的这家机器人剧场全国首店，与仿生机器人互动、和科学家机器人聊聊天，一项项体验感 拉满的互动项目让消费者兴趣十足。 在长沙，130余家首发店铺开门迎客，举办英歌舞、蒸汽旅行家等文娱节目湖南首秀，持续激发假日消 费活力。 销售平台数据显示，假期前四天，全国门店客流同比增长41%，新品预约量同比增长87%。江苏、上 海、北京成为假期最热消费地区。 ...

"成都，这座中国最具活力的城市之一，正生动演绎品牌的经典隽永风格。"Ralph Lauren亚太区首席执 行官Shin Hwee Chua表示，"我们正在全国范围内积极拓展消费生态圈，以悦动人心的沉浸式体验，邀 请全渠道消费者深入拉夫劳伦打造的梦想之境。" 漫步成都街头，惊喜扑面而来。 国庆中秋"双节"假期前夕，记者走访成都多个商圈，对话多个地标商业体，探访成都为迎接"双节"假 期"端"出的"消费大餐"—— 时尚艺术潮流"涌"现成都街头 9月30日，Ralph Lauren拉夫劳伦中国内地首家旗舰店及西部首家Ralph's Coffee于成都IFS启幕。 Barbour在成都落地Tartan经典格新主题快闪店。 "快看，韩东君也来成都逛街了！"9月26日下午，成都太古里马家巷人头攒动。青年演员韩东君作为特 邀嘉宾与英国品牌Barbour一道揭幕品牌在此落地的Tartan经典格新主题快闪店，共赴一场历史与现代交 融的沉浸式新体验。 在漫广场，10米高的"大风车"正在水景之上旋转。这是由成都太古里特邀英国艺术家组合伊莎贝尔+海 伦，从成都太古里的保留古建"字库塔"的六边形结构中汲取灵感创作的艺术装置"乘风"。现场 ...

Core Viewpoint - The recent announcements from the Ministry of Finance and the Ministry of Commerce aim to stimulate consumption through new policies, focusing on innovative consumption scenarios and enhancing the international consumption environment [1][5]. Group 1: New Consumption Models and Scenarios - The Ministry of Finance and the Ministry of Commerce issued a notification to support around 50 cities in exploring new consumption models, particularly targeting large cities with significant population and development potential [2][6]. - The policy implementation period is set for two years, with a focus on enhancing the service system for new consumption models, including the establishment of launch centers and platforms for product releases [3][4]. - The initiative encourages innovation in service consumption scenarios, integrating digital technologies like AI and the metaverse into various sectors such as entertainment, tourism, and health [3][4]. Group 2: Financial Support and Incentives - Central financial support will be provided to pilot cities, with major cities receiving up to 4 billion yuan and other cities receiving 2 billion yuan during the implementation period [4][5]. - The funding will be distributed in two batches, with initial funds allocated based on performance evaluations [4][5]. Group 3: International Consumption Environment - A separate notification focuses on building an international consumption environment, with financial support for international consumption center cities and other cities with strong consumption potential [5][6]. - The initiative aims to enhance the quality of consumption supply, focusing on themes like digital, green, and cultural tourism, while also promoting local brands with international influence [6][7]. - Measures will be taken to optimize foreign payment services and improve the overall service level for international visitors, including multilingual support and enhanced payment facilities [7].

21世纪经济报道记者贺泓源、实习生李音桦 光明乳业在大本营上海越来越被动了。 该公司财报显示，在2025年上半年，光明营收同比下滑1.9%至124.7亿元；归母净利润同比下滑22.5%至 2.2亿元。 其中，液态奶、其他乳制品、牧业产品的营收分别为66.1亿元、44.5亿元、5.2亿元，同比增速分别为下 滑8.6%、增长8.8%、下滑13.8%。 分地区看，上半年光明在上海、外地、境外区域营收分别为 34.9亿元、49.9亿元、39.4 亿元，同比增速 分别为下滑6.9%、下滑1.5%、增长1.9% 。 甚至，光明在上海的营收下滑幅度大于其总体营收下滑幅度。 背后是，乳业需求整体性收缩。 尼尔森IQ数据披露显示，在2025年6月，乳品全渠道销售额同比下滑9.6%。具体到乳业巨头，在上半 年，蒙牛营收同比下滑6.9%至 415.7亿元；伊利关键的液体乳收入同比下滑2.1%至361.3亿元。 回到巨头必争之地的上海，伊利、蒙牛乃至新乳业，都投入颇多。比如，在2024年，新乳业靠着"唯 品"等品牌，在华东区域营收同比增长1.52%至30.66亿元。 作为对比，新乳业在大本营成都就要主动得多。据21世纪经济报道记者了 ...

Core Viewpoint - The article emphasizes the importance of service consumption as a driver of economic growth and a means to enhance the quality of life for citizens, particularly in the context of upcoming holidays and recent policy initiatives aimed at stimulating this sector [1][2]. Group 1: Policy Initiatives - Various government departments have introduced measures to expand service consumption and upgrade urban convenience services, aiming to boost consumer confidence and spending [1]. - New initiatives include encouraging the introduction of international sports events, relaxing market access in high-end medical and leisure sectors, extending operating hours for popular cultural venues, and launching vocational training for domestic service workers [2]. Group 2: Consumer Engagement - To activate consumption, it is crucial to improve the service environment and increase the supply of quality, inclusive services, addressing issues of oversupply in low-end and homogeneous services while enhancing specialized and personalized offerings [2]. - The government has implemented a series of policies, including the introduction of silver tourism trains and a 500 billion yuan service consumption and elderly care relending program, to stimulate consumer spending [2]. Group 3: Focus on Public Needs - The article highlights the necessity of aligning service supply with the real needs and expectations of the public, ensuring that consumer demands are met to effectively ignite the service consumption engine [2].

Group 1 - The article highlights the vibrant consumer activity at Beijing Road, showcasing the successful integration of traditional culture with modern commercial practices, particularly through the MINISO LAND store attracting young consumers [1][2] - The Ministry of Commerce and other departments have issued policies to expand service consumption, focusing on new business models and enhancing the cultural and commercial synergy in historical areas like Beijing Road [1][2] - Beijing Road has become a hub for international brands, with 1,224 total brands and 124 international brands, including flagship stores and innovative retail formats [2] Group 2 - The MINISO LAND store features 5,500 SKUs with over 100 IP products, achieving significant foot traffic and becoming a model for revitalizing old properties in the area [5] - A new 5,500 square meter anime museum has been established, utilizing a unique operational model that combines curation with retail, significantly increasing foot traffic and engagement [6] - The musical theater "Apollonia" has become a cultural landmark in the area, attracting a young audience and contributing to the local entertainment economy [8] Group 3 - The New Xing Restaurant, a century-old brand, has opened a flagship store that combines dining with cultural performances, enhancing the culinary experience [10] - The introduction of a "one package" tax refund service for international travelers at the Guangzhou Baiyun International Airport has streamlined the shopping experience for tourists [11][13] - The collaboration with Ant Group to implement cross-border payment solutions has improved the shopping experience for international visitors, making Beijing Road a more attractive destination [13] Group 4 - The development of a food market that incorporates trendy and niche brands aims to attract younger consumers and enhance social interaction [14]

Core Viewpoint - Morgan Stanley believes that the "14th Five-Year Plan" will bring two main upward opportunities for the A-share market: the cyclical recovery driven by anti-involution measures and structural growth opportunities from service consumption upgrades [1] Group 1: Anti-Involution Measures - Anti-involution measures are expected to be a major focus of the "14th Five-Year Plan," aiming to reduce production capacity and promote price recovery, which will help more industries achieve cyclical improvement [1][3] - This theme is anticipated to create an investment opportunity lasting 18-24 months, restoring prices and investment returns to normal levels, thereby significantly increasing household wealth through stock appreciation [1][3] Group 2: Service Consumption Growth - The Chinese government aims to increase residents' income during the new five-year plan, which will benefit service consumption [1][4] - Currently, China's per capita income is projected to be $5,660 by the end of 2024, with service consumption accounting for approximately 46%, similar to the U.S. levels in 1973 [5] - There is significant potential for growth in service consumption, particularly in healthcare, financial services, and cultural entertainment sectors, where spending is notably lower than in the U.S. [6] Group 3: Market Outlook - Morgan Stanley maintains a mid-term optimistic outlook for the A-share market, expecting a shift in household asset allocation towards the stock market to support the future P/E ratio increase of the CSI 300 index [7] - The expected growth rate of earnings per share for the CSI 300 index in the first half of 2025 is 5.9%, with a projected increase of 14.1% for the entire year, indicating considerable growth potential [7]

Group 1: Core Opportunities from the 14th Five-Year Plan - Morgan Stanley identifies two main upward opportunities for the A-share market from the upcoming 14th Five-Year Plan: the anti-involution theme and the structural growth opportunities from service consumption [1][2] - The anti-involution measures are expected to be a major focus of the 14th Five-Year Plan, aiming to reduce capacity and promote price recovery, which will help various industries achieve cyclical improvement [1][2] - The service consumption sector is projected to benefit from the government's goal of increasing residents' income during the new five-year plan, with significant growth potential in healthcare, financial services, and cultural entertainment [1][3] Group 2: Anti-Involution Theme - The anti-involution theme is anticipated to create an investment opportunity lasting 18-24 months, aiming to normalize prices and investment returns across affected industries [2] - The "local government corporatization" mechanism has led to severe overcapacity and low investment returns, which may face stricter limitations during the 14th Five-Year Plan period (2026-2030), potentially leading to mergers and acquisitions [2] - Key sectors identified for the anti-involution measures include automotive, batteries, lithium, photovoltaics, cement, chemicals, coal, steel, dairy, pork, liquor, and logistics, with notable companies like BYD, CATL, and Kweichow Moutai highlighted [2] Group 3: Service Consumption Growth Potential - Compared to developed markets, China's service consumption has significant growth potential, with current per capita income and service consumption share resembling the U.S. levels in the early 1970s [3] - By 2035, with a projected compound annual growth rate of about 5%, China's per capita income is expected to reach $7,655, and the service consumption share could rise to 51% [3] - Specific sectors such as healthcare, finance, and cultural entertainment show considerable room for growth, with selected stocks in these areas including Aier Eye Hospital, Tongce Medical, and Light Media [3] Group 4: Market Outlook - The overall outlook for the A-share market remains optimistic in the medium term, supported by a shift in residents' asset allocation towards the stock market [4][5] - However, the short-term market may experience fluctuations due to the current high price-to-earnings ratio of the CSI 300 index, which stands at 14.4 times, exceeding the median since 2016 [5] - Effective implementation of anti-involution measures and moderate fiscal support are expected to sustain market expectations for earnings growth in the coming year [5]

Core Viewpoint - Morgan Stanley believes that the "14th Five-Year Plan" will bring two main upward opportunities for the A-share market: the cyclical recovery driven by anti-involution and structural growth opportunities from service consumption upgrades [1][2]. Group 1: Anti-Involution Theme - The anti-involution measures are expected to be a major focus of the "14th Five-Year Plan," potentially leading to an 18-24 month investment theme aimed at normalizing prices and investment returns across various industries [2][3]. - The "local government corporatization" mechanism established since the late 1970s has led to severe overcapacity and low investment returns, which may face stricter limitations during the "14th Five-Year Plan" period (2026-2030), prompting mergers and consolidations [3]. - Key sectors identified for anti-involution measures include automotive, batteries, lithium, photovoltaics, cement, chemicals, coal, steel, dairy, pork, liquor, and logistics, with leading companies like BYD, CATL, and Kweichow Moutai highlighted [3]. Group 2: Service Consumption Growth - Compared to developed markets, China's service consumption still has significant growth potential [4]. - Current per capita income in China is projected to reach $5,660 by the end of 2024, with service consumption accounting for approximately 46%, similar to the U.S. levels in 1973 [5]. - By 2035, the compound annual growth rate for per capita income is expected to be around 5%, with projections indicating that per capita income will reach $7,655 and service consumption share may rise to 51% [6]. - Specific sectors with investment opportunities in service consumption include healthcare, financial services, and cultural entertainment, with selected stocks such as Aier Eye Hospital, Tongce Medical, and Light Media identified as potential growth investments [6]. Group 3: Market Outlook - Morgan Stanley maintains a mid-term optimistic outlook for the A-share market, suggesting that the shift in residents' asset allocation towards the stock market will support a rebound [7]. - The projected price-to-earnings ratio for the CSI 300 index over the next 12 months is 14.4 times, indicating a potential short-term consolidation due to its high valuation compared to historical medians [7]. - Earnings per share for the CSI 300 index is expected to grow by 5.9% year-on-year in the first half of 2025, with a more substantial increase of 14.1% anticipated for the entire year [7].

Group 1: Anti-Corruption Measures - Anta Group is enhancing its anti-corruption system, focusing on high-risk areas through internal audits and multiple measures to combat corruption by 2025 [1] - A "career tracing mechanism" has been established, ensuring that any employee's misconduct during their tenure will be pursued legally, regardless of their employment status [1] - As of August 2025, 74 employees have been dismissed for serious misconduct, and 46 individuals have been referred to judicial authorities, including one at the presidential level [1] Group 2: Financial Performance - In the first half of the year, Anta's revenue increased by 14.3% to 38.54 billion yuan, while net profit attributable to shareholders decreased by 8.94% to 7.031 billion yuan [3][4] - Excluding the dilution effects from AmerSports' listing, the net profit attributable to shareholders increased by 14.5% [3] - The gross profit margin declined by 0.7 percentage points to 63.4% [4] Group 3: Operational Strategies - Anta has established a collaborative anti-corruption system, including a whistleblower reward program that offers up to 1 million yuan for verified reports [3] - The operational authority within Anta appears to be consolidating, with marketing activities being centralized at the brand headquarters to improve efficiency [3] Group 4: Market Response - On September 16, Anta Sports shares closed at 96.3 HKD per share, reflecting a 2.56% increase [6] - The Shanghai Consumer 80 Index closed at 5379.11 points, with a 0.23% increase on the same day [7]