启动仪式上，第八届进博会主宾国推介了国别特色商品，国内大型商贸流通企业发布了进口商品采购意向，新消费、老字号代表企业推介了首发新品，服 务消费领域代表企业也发布了活动安排。 商务部深入学习贯彻党的二十届四中全会精神，认真贯彻落实党中央、国务院决策部署，组织开展"购在中国·2025精品消费月"活动，发挥国际消费中心 城市示范引领作用，联动全国100多个城市，打造"购在中国"年度重头戏。活动期间，各地将聚焦首发经济，围绕精品购物、精致美食、精彩旅游、精美 展演四大领域开展系列扩消费活动，扩大优质消费品和服务供给，打造一批带动面广、显示度高的消费新场景，持续释放消费潜力。 11月5日，"购在中国·2025精品消费月"启动仪式在上海举行。商务部副部长盛秋平、中央广播电视总台副台长王晓真出席并致辞。上海市委常委、常务副 市长吴伟，北京市副市长唐文弘，天津市副市长王秀峰，重庆市副市长徐建，广州市副市长胡浩出席并介绍本市重点活动及举措。 ...

十五五规划，提振消费将是系统性大工程 20251102 摘要 中国政府将提升居民消费率和水平作为十五规划的重要目标，通过促进 就业、增加工资性收入、稳预期及健全社会保障体系等措施，系统性地 增强消费者购买力，并扩大优质服务供给，重点发展文旅消费。 短期内，中央补贴是提振消费的有效措施，2025 年补贴规模达 3,000 亿，预计 2026 年仍有大规模国补，但可能扩大范围，避免过度依赖补 贴导致需求透支。关注补贴政策对家电、家居等行业的影响。 政府鼓励新兴科技与新型商品供应，而非过度强调传统商品。科技消费 领域，中国企业凭借技术优势在全球市场占据领先地位，如无人机、扫 地机等产品，类似于 80、90 年代日本电子产品。 家电行业受国补退坡预期影响，但美的和海尔等龙头企业通过国际竞争 力和渠道改革，有望实现业绩增长。彩电行业中，海信视像与 TCL 电子 受益于 Mini LED 渗透率提升，品牌定位和均价有望快速提升。 纺织服装行业正经历结构化升级，健康、高功能性、时尚属性服饰需求 增加。尽管海外需求波动，但中国企业国际化布局加强，预计 2026 年 订单情况将有所改善，关注高分红属性的品牌服饰。 Q&A 过去 ...

Group 1: Service Consumption Catalysts - The promotion of service consumption has a higher marginal increment, with the Ministry of Commerce and nine departments recently releasing policies to expand service consumption, highlighting structural focus [1] - Historically, the structural proportion of service consumption has increased, with the ability to sustain price increases; enhancing vacation markets and flexibility will lead to higher demand elasticity [1] - In service consumption, the education sector shows rigid demand with volume and price still benefiting; policies have expanded high school education, while leading tea and coffee brands have significant expansion space and competitive advantages [1] Group 2: Symbolic Consumption and Emotional Value - Emotional value and experiential consumption address demand pain points and are rapidly realizing commercial value; industries like IP toys essentially consume symbolic and content value [2] - Interesting retail has become a clear trend in offline business development; the Chinese IP toy industry is still in a high growth phase, with leading IPs breaking through demographics, regions, and scenarios [2] - The craftsmanship of gold products is enhancing their added value, driven by consumer attributes, with innovations like ancient gold meeting young consumers' aesthetic and preservation needs [2] Group 3: New Channels Reshaping the Industry Chain - The trend in China's distribution system transformation is shifting from manufacturer-led deep distribution to consumer-driven efficient retail, with core retail capabilities evolving from site selection to product selection [3] - Retail in China is diversifying across categories and scenarios, with positive competition expected among discount snacks, community retail, and hypermarket remodels [3] - Competition in food delivery and instant retail is ongoing, with changes in fulfillment systems and differing demand attributes leading to significant shifts in competitive dynamics [3] - AI technology is being applied to new physical devices, with advancements in efficiency and commercialization in sectors like human resources, e-commerce, and education [3]

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - Consumption will continue to be the core driver of China's economic growth during the 14th Five-Year Plan, with a focus on traditional industries, service sectors, consumption, and cultural industries as key investment areas [1][2][3] - The report emphasizes the importance of enhancing traditional industries through technological upgrades and digital transformation, particularly in sectors like textiles, light industry, and consumer goods [1] - The service sector is expected to expand with a focus on high-quality, diversified, and convenient services, benefiting areas such as elderly care, childcare, and community services [2] - The report highlights the need to stimulate consumer demand by addressing employment, income, and public service spending, which will positively impact sectors like automotive and real estate [2] - Cultural industries are seen as a means to empower consumption, with initiatives aimed at enhancing cultural enterprises and promoting international tourism [3] Summary by Sections Traditional Industries - Focus on upgrading traditional industries to enhance global competitiveness, particularly in mining, metallurgy, and textiles [1] - The report anticipates a new product cycle driven by AI and green technologies in consumer goods [1] Service Sector - Implementation of actions to enhance service quality and expand service sector capabilities [2] - The integration of modern services with advanced manufacturing is expected to create new consumption opportunities [2] Consumer Demand - The report outlines strategies to boost consumer spending, including the removal of unreasonable restrictions in automotive and housing markets [2] - Initiatives like paid staggered vacations are expected to expand consumption in tourism and leisure sectors [2] Cultural Industry - The establishment of a robust cultural industry system is crucial for attracting younger consumers and enhancing the conversion rates of cultural experiences in commercial settings [3] - The report suggests that improving the convenience of inbound tourism will benefit high-end retail and duty-free sectors [3] Investment Recommendations - Traditional consumer goods manufacturers that embrace digital and green transformations are likely to benefit from policy support and market share growth [3] - Leading companies in service sectors such as education, healthcare, and tourism are expected to gain from policy backing and expanding demand [3]

Core Insights - The article highlights the transformation of China's consumption landscape, emphasizing the shift towards quality, cultural identity, and technological innovation as key drivers of market dynamics [1][2][3] Group 1: Consumer Trends - The Chinese market is witnessing a significant upgrade in consumer goods, with a focus on quality and smart technology, as evidenced by the rise in sales of high-end appliances [2] - Data from Taobao and Tmall indicates that during this year's "Double 11" shopping festival, 80 brands achieved over 100 million yuan in sales within the first hour, showcasing the demand for premium products [2] - The trend is shifting from basic functionality to enhanced user experience, with consumers increasingly favoring high-quality and branded products [2][3] Group 2: Service Consumption - Service retail sales in China grew by 5.2% year-on-year in the first nine months of the year, outpacing the growth of goods retail sales, indicating a shift towards service-oriented consumption [3] - The growth in service consumption is driven by demographic changes and technological advancements, with sectors like elderly care and experiential services gaining traction [3][4] Group 3: Emotional and Cultural Consumption - New consumption scenarios centered around emotional connections and cultural identity are emerging, reflecting a shift in younger consumers' motivations from functional satisfaction to emotional resonance [5][6] - Products that incorporate unique designs and humor are gaining popularity, as they provide emotional comfort and reflect the identity and expression of the younger generation [5][6] - The integration of traditional aesthetics with modern design is enhancing product differentiation and driving the growth of domestic brands, showcasing a blend of cultural confidence and commercial value [6]

Core Insights - The consumption market in China is showing steady growth, with significant contributions from various sectors and initiatives aimed at boosting consumer spending [1][2] Group 1: Overall Consumption Trends - In September, the total retail sales of consumer goods reached 4.20 trillion yuan, marking a year-on-year growth of 3.0% [1] - For the first three quarters, the total retail sales amounted to 36.59 trillion yuan, with a growth rate of 4.5%, which is 1.0 percentage point faster than the entire previous year [1] - Per capita consumer spending reached 21,600 yuan, reflecting a growth of 4.6% [1] - The contribution rate of final consumption expenditure to economic growth stood at 53.5% [1] Group 2: Replacement Consumption - The retail sales of goods increased by 3.3% in September, with significant growth in sales related to the "old for new" consumption initiative [2] - Retail sales of communication equipment, furniture, and cultural office supplies saw increases of 16.2%, 16.2%, and 6.2% respectively [2] - Passenger car retail sales reached 2.241 million units, growing by 6.3% [2] - As of October 22, 2025, applications for the automobile replacement subsidy exceeded 10 million [2] Group 3: Service Consumption - Service retail sales grew by 5.2% in the first three quarters, outpacing goods retail sales by 0.6 percentage points [2] - Sectors such as cultural and recreational services, communication services, tourism consulting, and transportation services experienced double-digit growth [2] - Service consumption accounted for 46.8% of total household consumption expenditure [2] Group 4: New Consumption Trends - New types of consumption, including smart and green products, are expanding rapidly [2] - In September, sales of smart wearable devices and robotic vacuum cleaners increased by over 15%, while sales of energy-saving dishwashers and organic food grew by more than 10% [2] - Retail sales of new energy passenger vehicles reached 1.296 million units, growing by 15.5%, with a penetration rate of 57.8% [2] Group 5: Inbound Consumption - The scale of inbound consumption is expanding, supported by policies such as expanding visa-free entry and optimizing tax refund processes [2] - In the third quarter, the number of foreign visitors entering and exiting China reached 20.134 million, a growth of 22.3% [2] - Among these, the number of visa-free foreign visitors was 7.246 million, marking a growth of 48.3% [2]

Core Viewpoint - The Chinese government emphasizes the importance of boosting consumption as a long-term strategic choice for economic security, industrial upgrading, and improving people's livelihoods, especially in the context of a complex global environment [1] Group 1: Consumption as Economic Driver - Consumption is identified as the most fundamental and stable pillar of economic growth, providing solid support for long-term development [1] - The current structural issues in China include insufficient consumption and low industrial prices, necessitating a shift from investment and export-driven growth to a consumption-driven model [1][2] - The transformation towards a strong domestic consumption market is crucial for enhancing economic quality and resilience against external shocks [1] Group 2: Structural Upgrades in Consumption - Chinese consumer behavior is shifting from quantity to quality, with increasing demand for high-quality goods and services, particularly in sectors like culture, tourism, education, and healthcare [2] - This structural upgrade in consumption is driving supply-side responses, prompting companies to innovate in technology, business models, and resource allocation towards high-value sectors [2][3] - The goal of boosting consumption is to improve the actual living standards of families, reflecting a country's economic development and social progress [2] Group 3: Potential of the Chinese Consumption Market - China's consumption market has significant growth potential, supported by a large population base, despite challenges like an aging population [3][4] - The current consumption as a percentage of GDP is around 40%, which is lower than that of major developed countries, indicating room for optimization [3] - Service consumption in China is also lagging behind, with only 46.1% of per capita consumption in 2024 being service-related, compared to higher levels in Japan and the U.S. [3] Group 4: Systematic Solutions for Consumption Activation - The core issues in the consumption market stem from both demand and supply constraints, necessitating a comprehensive approach to stimulate consumption [5] - Strategies include stabilizing and increasing household income, improving the consumption environment, and enhancing the quality of supply [6][7] - Infrastructure investment is crucial for creating a favorable consumption environment, promoting a cycle of "infrastructure boosting consumption" [8]

消费规模有望突破50万亿元 （上接1版） 当前，服务消费已成为拉动消费增长的重要引擎，相关政策发力明显。商务部新闻发言人何咏前近期在 例行新闻发布会上表示，将通过培育服务消费新增长点、创新多元化消费场景、持续优化服务供给等三 方面发力，推动服务消费稳步扩大。 "2024年，全国居民人均服务性消费支出占居民人均消费支出比重为46.1%。面向未来，应扩大多元化 服务供给，创新和丰富消费场景，促进服务消费发展潜力进一步释放。"国务院发展研究中心市场经济 研究所市场流通研究室主任、研究员陈丽芬对上海证券报记者表示。 陈丽芬认为，未来一个时期，国内市场主导国民经济循环特征会更加明显，经济增长的内需潜力会不断 释放。政策的着力点要更多转向惠民生、促消费，形成消费可持续增长的动力机制，让居民能消费、敢 消费、愿消费。 展望四季度，我国消费将继续增长，消费市场规模有望稳步扩大。商务部部长王文涛此前在国新办举行 的高质量完成"十四五"规划系列主题新闻发布会上表示，我国消费市场规模稳居全球第二，过去四年社 零总额年均增长5.5%，今年有望突破50万亿元。 受访专家建议，出台针对性政策，进一步激发商品消费发展动能，释放服务消费潜力 ...

Core Insights - Since 2025, the consumption market has shown stable growth due to the implementation of policies aimed at boosting consumption, leading to the continuous release of consumption potential [1] - The retail sales of consumer goods in the first three quarters of 2025 increased by 4.5% year-on-year, reflecting a steady growth in market sales compared to the same period last year [3] - The contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year, continuing to serve as a main engine for economic growth [16] Consumption Trends - The growth of service consumption has accelerated, with service retail sales increasing by 5.2% year-on-year in the first three quarters, outpacing the growth of goods retail sales by 0.6 percentage points [9] - The "old-for-new" policy has driven significant growth in related retail categories, with furniture retail sales increasing by 21.3% year-on-year, and home appliances and cultural office supplies seeing increases of 25.3% and 19.9%, respectively [12] - Online consumption has continued to thrive, with online retail sales growing by 9.8% year-on-year in the first three quarters, indicating a sustained acceleration in growth since May [14] Policy Impact - The macroeconomic research department of the National Information Center indicates that the policy dividends are continuously being released, and innovations in business models are effectively stimulating consumer enthusiasm and meeting the demand for quality and diversified consumption upgrades [6]

Core Insights - The consumer market in China has shown stable growth this year, driven by effective consumption-boosting policies and the expansion of new consumption formats, models, and scenarios [1] Group 1: Retail Performance - The total retail sales of consumer goods in the first three quarters increased by 4.5% year-on-year, which is an acceleration of 1.2 percentage points compared to the same period last year and 1.0 percentage point compared to the entire last year [3] - Service consumption has accelerated, with retail sales in the service sector growing by 5.2% year-on-year in the first three quarters, outpacing the growth of goods retail sales by 0.6 percentage points [3] - Specific service categories such as cultural, sports, and leisure services, communication and information services, and transportation services have all achieved double-digit growth [3] Group 2: Specific Product Categories - The "trade-in" policy has significantly boosted retail sales in related categories, with furniture retail sales increasing by 21.3% year-on-year in the first three quarters [5] - Retail sales of household appliances and audio-visual equipment, as well as cultural and office supplies, grew by 25.3% and 19.9% year-on-year, respectively, showing a marked acceleration compared to the previous year [5] Group 3: Online Consumption - Online retail sales increased by 9.8% year-on-year in the first three quarters, with growth accelerating since May, indicating a strengthening role of online consumption in driving total retail sales [5] Group 4: Economic Contribution - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the entire last year, reinforcing its role as the main engine of economic growth [6]