Core Viewpoint - The Shanghai Municipal Government has launched a "Special Action Plan to Boost Consumption" aimed at transforming the economic development model and enhancing the role of consumption in economic growth [1] Group 1: Enhancing Consumer Capacity - The plan prioritizes enhancing consumer capacity by focusing on stabilizing employment, improving skills, and increasing income to stimulate consumer willingness [5] - An employment-first strategy will be implemented, including support plans for key sectors and small businesses, as well as one-time job expansion subsidies [5] - Skills training will be improved in key industries such as AI and elderly care, with policies to enhance vocational skills and support for high-skilled talent development [5] - Measures will be taken to promote reasonable income growth, including collective wage negotiations and improved wage distribution mechanisms [5] Group 2: Targeting Potential Consumption - The plan aims to improve the quality of consumption supply, focusing on service consumption, bulk consumption, and new consumption types [7] - In service consumption, initiatives include developing cultural consumption, supporting major performance events, and enhancing tourism and sports event economies [7] - For bulk consumption, policies will support trade-in programs for vehicles and appliances, as well as new subsidies for digital products [8] - New consumption will be fostered through the application of advanced technologies like AI and VR, and by catering to the elderly demographic with tailored services [8] Group 3: Strengthening Policy Coordination - The plan emphasizes the coordination of consumption policies with macroeconomic policies to ensure consistency and effectiveness [10] - A three-year action plan will be implemented to optimize the consumption environment, including improved consumer rights protection and efficient complaint handling mechanisms [10] - Statistical monitoring will be established for service consumption, silver economy, and new consumption models to support data-driven policy adjustments [10]

5月21日，上海市人民政府办公厅正式发布《上海市提振消费专项行动方案》（以下简称：《行动方案》）， 推出提振消费六大行动，旨在切实转变经济发展方式，进一步增强消费对经济增长的拉动作用。 提振消费，上海行动! 《行动方案》还把提升消费供给质量作为主攻方向，推动服务消费、大宗消费、新型消费提质升级，让居民 既"拥有更多"，也"体验更好"。 激发居民消费意愿 《行动方案》把提升消费能力放在优先位置，着力稳就业、提技能、增收入，激发居民消费意愿。 一是实施就业优先战略。落实重点领域、重点行业、城乡基层和中小微企业就业支持计划，稳定和扩大就业规 模。实施一次性扩岗补助政策。统筹用好各类政策资金促进就业，将稳岗扩岗作为奖励、补贴的重要因素。统 筹优化高校毕业生等青年群体就业支持政策，加大就业、创业和安居支持力度。 二是推进技能培训教育提质增效。实施人工智能、智能制造、家政服务、养老护理等重点行业技能人才培养计 划。以促就业稳就业为导向，完善职业技能提升补贴政策。加强新职业标准开发，畅通高技能人才与专业技术 人才职业发展通道。加快优化高校学科布局，推进应用型人才培养改革试点等。 三是多措并举促进收入合理增长。积极推行工资集 ...

Core Insights - Chengdu's cultural tourism industry is currently in a crucial phase of high-quality development, emphasizing the need for innovative integration and the creation of new business models and experiences to attract visitors continuously [1] - The upcoming Chengdu Cultural Tourism Industry Chain Innovation Scene Supply and Demand Release Conference aims to provide a platform for innovative technologies and products, facilitating a two-way interaction between supply capabilities and market demand [1] - The rise of digital technology is reshaping content production and consumer experiences, leading to the emergence of new scenarios that enhance visitor engagement and drive the transformation of traditional experiences [1] Group 1: Industry Trends - The integration of "culture + technology" is driving a wave of innovation, resulting in immersive experiences that engage visitors emotionally and enhance their participation [8][10] - New scenarios in cultural tourism, such as the "Night Tour of Jinjiang," combine static art installations with dynamic light and sound displays, creating a poetic narrative for visitors [8] - The use of advanced technologies like VR and AI is becoming standard in enhancing visitor experiences, as seen in projects like the "Digital Dunhuang Immersive Exhibition," which allows deep engagement with cultural heritage [11][13] Group 2: Economic Impact - Large cultural events, such as concerts, have evolved into significant economic drivers, with a cross-city attendance rate exceeding 60% and generating over 200 billion yuan in related consumption [14] - The application of digital creativity in the exhibition industry is transforming complex cultural concepts into engaging, participatory experiences, enhancing the overall value of cultural events [16] - The sports industry is also benefiting from digital innovation, with trends like "Village BA" leveraging short video technology to create cultural phenomena and enhance community engagement [16][18] Group 3: Future Outlook - The upcoming release of the first batch of cultural tourism industry chain scenario lists is expected to showcase new dynamics from various fields, including digital cultural creativity, smart tourism, and intelligent exhibitions [18]

Core Insights - The recent "10 Measures to Boost Consumption" initiative in the Xia Mountain area has generated significant excitement among locals, indicating a potential shift towards becoming a "value-for-money paradise" for consumers [1] Group 1: Policy Initiatives - The first major policy involves the distribution of consumption vouchers across various sectors, including dining, tourism, and retail, allowing even small vendors to participate [2] - A focus on enhancing the quality and safety of dining experiences is emphasized, alongside the promotion of local tourism and hospitality [4] - The initiative includes a push for new consumption models, such as the "first store economy" and the integration of local agricultural products into e-commerce platforms [9] Group 2: Consumer Engagement - The introduction of themed promotions in local markets, such as discounts for bargaining in local dialects, has been well-received, showcasing innovative marketing strategies [13] - The development of tourism packages at attractive prices, such as a comprehensive ticket for various local attractions, has proven popular among visitors [14] - Transportation incentives, including fuel rebates for out-of-town visitors and discounted travel options, are designed to encourage tourism [15] Group 3: Community and Cultural Initiatives - The transformation of local markets into vibrant cultural spots, featuring live demonstrations and unique products, has attracted both locals and tourists [16] - Training programs for local hospitality providers aim to enhance service quality and customer experience [17] - The establishment of a "non-heritage night market" offers unique cultural experiences, further enriching the local tourism landscape [18] Group 4: Regulatory and Support Measures - A commitment to rapid response for consumer complaints has been established, enhancing consumer trust and satisfaction [20] - The initiative includes efforts to promote local stories and culture through innovative marketing strategies, such as QR codes for audio guides [21]

Group 1 - The theme of the Pingshan exhibition area at the current Cultural Expo is "Art Box," focusing on the core concept of "Infinite Possibilities, Infinite Excitement," utilizing innovative design techniques such as "folded narrative" and "dynamic growth" to transform Pingshan's cultural, sports, and tourism resources into an interactive creative space [1] - The exhibition will feature a visual representation of "Pingshan Drama's Healthy Growth" and provide an immersive experience for visitors, showcasing the unique characteristics of Pingshan's cultural and creative industries [1] - International cooperation is highlighted, with a memorandum of friendship signed between Pingshan District and the eighth district of Rome, Italy, marking a new phase in cultural and artistic collaboration [1] Group 2 - The Pingshan exhibition area is divided into three core sections: urban promotion, cultural and sports tourism investment projects, and cultural and technology enterprise displays, showcasing five major cultural tourism consumption scenarios [2] - Three thematic investment promotion meetings will be held to explain measures for promoting cultural, sports, and tourism consumption, along with the introduction of 15 investment projects [2] - The newly added Pingshan Cultural Cluster will serve as a sub-venue for the first time, featuring creative experience activities and offering commemorative gifts to participants [2] Group 3 - The 2025 Shenzhen Cultural Expo Art Season has commenced, focusing on Sino-Russian cultural exchanges, with performances from the Moscow Bolshoi Ballet and other high-quality productions planned [3]

Core Insights - Xi'an is set to launch a series of new commercial complexes from May to the end of the year, aiming to boost consumer spending and enhance the shopping experience [4] - The city has initiated a "Three Cities Linkage" consumption promotion campaign involving Xi'an, Hangzhou, and Kunming, focusing on resource sharing and exploring new consumption pathways [4] - Various promotional activities and policies are being implemented to stimulate consumption, including the "Old for New" program, which has gained significant traction [6][8] Group 1: Consumption Initiatives - The "Old for New" consumption initiative has been reinforced, with businesses offering substantial discounts and government subsidies, resulting in 1.1 billion yuan in consumer subsidies during the "May Day" holiday, benefiting 180,000 consumers and driving 7.74 billion yuan in sales [8] - The city has organized over a hundred promotional events during the "May Day" holiday, showcasing innovative commercial promotions and maintaining high consumer engagement [6][8] - The "One Voucher for All" initiative in Beilin District aims to convert tourism traffic into consumption growth, with a total value exceeding 4.4 million yuan [8][9] Group 2: Diverse Consumer Experiences - Recent events in Xi'an, such as the "Non-Heritage Food Festival" and various themed markets, have attracted significant public interest, blending cultural experiences with shopping [11][12] - The city is focusing on creating multi-scenario consumption experiences, integrating dining, retail, and entertainment to enhance consumer engagement [11][12] - The "West Delight Shopping·Fun Chang'an" series of activities will continue to innovate consumption scenarios and enrich the market offerings throughout the year [4][13] Group 3: Economic Impact - The monitored 49 commercial enterprises in Xi'an reported a sales revenue of 936 million yuan, reflecting a year-on-year growth of 10.84%, with retail sales reaching 899 million yuan, up 11.16% [7] - The combination of government support and business initiatives is expected to inject strong momentum into the local economy, enhancing overall consumer confidence and spending [10][13] - The city's strategy includes a comprehensive framework for consumption promotion, targeting various sectors such as automotive, home appliances, and digital products, to foster a sustainable consumption ecosystem [14]

Core Viewpoint - The article highlights the vibrant cultural and commercial activities in Pudong, particularly focusing on the "First Release Economy" which aims to stimulate consumer spending through various events and exhibitions [9][12][23]. Group 1: Events and Activities - The "First Release Economy" is characterized by the launch of new products, services, and experiences, which is seen as a strategic move to enhance brand memory and connect global resources [9]. - The "Pudong Carnival - Shopping Festival" is currently ongoing, featuring a series of cultural, artistic, and sports events that link the "First Release Economy" with tourism and commerce [1][19]. - The first "Meizhuang Festival" is taking place at the Taikoo Li in Pudong, coinciding with the "International Museum Day," where 17 museums and 11 art galleries in Pudong are offering free admission [1][2]. Group 2: Notable Exhibitions - The Pudong Museum will host a special exhibition titled "Creating Modernity" in collaboration with the Musée d'Orsay, showcasing over a hundred European art treasures, including works by Van Gogh and Monet, starting June 19 [5][15]. - Recently, the Pudong Museum also held the global premiere exhibition of the Italian brand Loro Piana, marking a significant event in showcasing traditional craftsmanship and fashion [7]. Group 3: Consumer Engagement and Incentives - Various shopping districts in Pudong are offering discounts and incentives to attract consumers, including dining discounts and shopping subsidies during major events [17]. - The district has introduced policies to support the "First Release Economy," providing financial incentives for brands to establish their first stores and launch new products in Pudong [17]. Group 4: Future Developments - Pudong aims to continue enhancing its consumer ecosystem through policy innovation and service optimization, positioning itself as a global hub for new product launches and a leader in fashion consumption [23].

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 报告统计时间为2025.05.05-2025.05.09。 静观其变，谋而后动。关税下调之后，可适度控制仓位，静观其变，建议关注红利低波、银行、 公用事业等方向。待市场出现阶段性调整或政策发力紧迫性提高时再积极布局，可关注AI+、 TMT、电子等科技方向，以及旅游、文娱、体育等新型消费的逢低布局机会。 权益市场， 上周，市场风格方面，小盘及成长风格表现强势；风格波动方面，市场风格波动处于 低位，风格较为稳定。市场结构方面，上周，行业指数超额收益离散度继续下降，成分股上涨比 例先升后降，行业轮动速度快速上升；交易集中度方面，前100个股成交额占比及前5行业成交额 占比继续维持在低位，显示行业热点较为分散。市场活跃度方面，上周，市场波动率从高位迅速 下降，换手率亦快速下行。 商品市场方面， 上周，趋势强度表现分化，能化、黑色板块延续其较强的趋势性，有色、农产 品、贵金属板块趋势性较弱；基差动量方面，有色、农产品板块维持高位；波动率方面，各板块 波动率从高位大幅下降；流动性方面，各板块流动性表现 ...

2025 年 05 月 13 日 证券研究报告 | 金融工程周报 关税下调之后，市场分歧仍存 市场环境因子跟踪周报（2025.05.09） 分析师：柏逸凡 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 021-20515355 相关研究报告 向 — 市 场 环 境 因 子 跟 踪 周 报 （2025.04.30）》2025-05-07 2、《关税问题反复，大盘延续稳健—市场 中 观 因 子 跟 踪 周 报 （ 2025.04.27 ）》 2025-04-29 3、《市场进入降波阶段，风格稳定性上升 —量化数据看板跟踪周报（2025.04.20）》 2025-04-23 风 险 特 征 解 析 — 量 化 策 略 视 点 》 2024-12-17 投资要点 报告统计时间为 2025.05.05-2025.05.09。 分析师：程秉哲 静观其变，谋而后动。关税下调之后，可适度控制仓位，静观其变， ...

- The report covers the period from 2025.05.05 to 2025.05.09[10] Quantitative Factors and Construction Methods Stock Market Factors 1. **Factor Name**: Market Style Factors - **Construction Idea**: Track the performance and volatility of different market styles such as small-cap vs. large-cap and growth vs. value[11] - **Construction Process**: - Measure the performance of small-cap and large-cap stocks - Measure the performance of growth and value stocks - Calculate the volatility of these styles - **Evaluation**: The market style factors showed a strong performance for small-cap and growth styles, with low volatility[11][13] 2. **Factor Name**: Market Structure Factors - **Construction Idea**: Analyze the dispersion of excess returns among industry indices and the concentration of trading volume[11] - **Construction Process**: - Calculate the dispersion of excess returns among industry indices - Measure the proportion of trading volume of the top 100 stocks and the top 5 industries - **Evaluation**: The market structure factors indicated a decrease in the dispersion of excess returns and low concentration of trading volume[11][13] 3. **Factor Name**: Market Activity Factors - **Construction Idea**: Track the market's volatility and turnover rate[12] - **Construction Process**: - Measure the market's volatility - Calculate the turnover rate - **Evaluation**: The market activity factors showed a rapid decline in both volatility and turnover rate[12][13] Commodity Market Factors 1. **Factor Name**: Commodity Trend Strength - **Construction Idea**: Measure the trend strength of different commodity sectors[25] - **Construction Process**: - Calculate the trend strength for energy, black metals, non-ferrous metals, agricultural products, and precious metals - **Evaluation**: The trend strength was strong for energy and black metals, while weak for non-ferrous metals, agricultural products, and precious metals[25][28] 2. **Factor Name**: Basis Momentum - **Construction Idea**: Track the basis momentum of different commodity sectors[25] - **Construction Process**: - Measure the basis momentum for non-ferrous metals and agricultural products - **Evaluation**: The basis momentum remained high for non-ferrous metals and agricultural products[25][28] 3. **Factor Name**: Commodity Volatility - **Construction Idea**: Measure the volatility of different commodity sectors[25] - **Construction Process**: - Calculate the volatility for energy, black metals, non-ferrous metals, agricultural products, and precious metals - **Evaluation**: The volatility significantly decreased from high levels across all sectors[25][28] 4. **Factor Name**: Commodity Liquidity - **Construction Idea**: Track the liquidity of different commodity sectors[25] - **Construction Process**: - Measure the liquidity for energy, black metals, non-ferrous metals, agricultural products, and precious metals - **Evaluation**: The liquidity showed mixed performance across different sectors[25][28] Option Market Factors 1. **Factor Name**: Implied Volatility - **Construction Idea**: Measure the implied volatility of options on different indices[33] - **Construction Process**: - Calculate the implied volatility for options on the SSE 50 and CSI 1000 indices - **Evaluation**: The implied volatility for SSE 50 and CSI 1000 options significantly decreased, indicating a divergence in market views on small-cap stocks[33][34] Convertible Bond Market Factors 1. **Factor Name**: Convertible Bond Premium - **Construction Idea**: Measure the premium of convertible bonds[35] - **Construction Process**: - Calculate the premium for convertible bonds priced around 100 yuan - **Evaluation**: The premium showed a slight adjustment, with the market valuation at a moderately high level[35][37] Factor Backtesting Results 1. **Market Style Factors**: - Small-cap and growth styles showed strong performance with low volatility[11][13] 2. **Market Structure Factors**: - Decrease in excess return dispersion and low trading volume concentration[11][13] 3. **Market Activity Factors**: - Rapid decline in market volatility and turnover rate[12][13] 4. **Commodity Trend Strength**: - Strong trend for energy and black metals, weak for others[25][28] 5. **Basis Momentum**: - High basis momentum for non-ferrous metals and agricultural products[25][28] 6. **Commodity Volatility**: - Significant decrease in volatility across all sectors[25][28] 7. **Commodity Liquidity**: - Mixed liquidity performance across sectors[25][28] 8. **Implied Volatility**: - Significant decrease in implied volatility for SSE 50 and CSI 1000 options[33][34] 9. **Convertible Bond Premium**: - Slight adjustment in premium, moderately high market valuation[35][37]