● 本报记者 马爽 12月19日，由中国证券报主办的"财富向善 智理未来"2025财富配置与资产管理大会在深圳举行。广发 证券首席经济学家郭磊在发表主旨演讲时表示，激活经济潜能的关键，在于精准把握蕴含的五大潜在空 间。此外，"十五五"规划建议的相关部署，也为上述潜能释放筑牢了坚实的政策支撑。未来5至10年， 中国经济有望依托三条核心路径，实现供需的动态匹配与均衡发展。 "日前召开的中央经济工作会议提出，'必须充分激活整个经济的潜能'，这一表述的背后是中央对当前 经济形势的深刻洞察与精准把握。"郭磊表示，当前经济"供强需弱"矛盾突出，缓解这一矛盾的关键在 于补齐需求短板，而补齐短板的核心抓手正是充分激活经济潜能。基于这一判断，郭磊分别从五个关键 领域详细剖析了经济增长的潜在空间。 "固定资产投资的止跌回升与长效机制构建，成为当前宏观经济调控的重要着力点。"郭磊表示，2025年 中央经济工作会议明确提出推动投资止跌回稳，这释放出强烈的稳投资政策信号。从政策落地节奏来 看，进入四季度后广义财政已率先发力，政策性金融工具重点向经济大省倾斜，这一举措将成为撬动 2026年投资回暖的关键抓手。着眼长远发展，郭磊进一步表示 ...

Core Insights - The article highlights the growing popularity of the Hongdaohezi Town in Heilongjiang Province, which has become a significant tourist destination due to its historical and cultural attractions, particularly related to the "Lin Hai Xue Yuan" and "Wei Hu Shan" narratives [1][2]. Group 1: Tourism Development - Hongdaohezi Town has hosted over 300 film and television productions, enhancing its appeal as a tourist destination [1]. - The town features more than 200 preserved Russian-style buildings, attracting visitors with its unique architectural charm and historical significance [1]. - The local government is focusing on enhancing the quality of tourist attractions and diversifying the tourism industry, particularly through winter sports and ice tourism [2]. Group 2: Local Entrepreneurship - Local entrepreneurs, such as Song Zhihui and Sun Guoxu, are capitalizing on the tourism boom by offering unique experiences and products, including themed cafes and creative cultural products [2][3]. - The town has seen a rise in various businesses, including 106 guesthouses, 86 restaurants, and 35 photography service providers, contributing to a vibrant local economy [3]. Group 3: Visitor Experience - Tourists are increasingly seeking immersive experiences, such as skiing, interacting with reindeer, and observing Siberian tigers in their natural habitat, which enhances the overall appeal of the destination [2][3]. - The shift from a single sightseeing model to a multi-faceted consumer destination is evident, with a focus on integrating cultural, ecological, and recreational activities [3].

Core Viewpoint - Beijing is set to implement a pilot program for an "international consumption environment," with a focus on enhancing consumer experiences and supporting new business models and scenarios over the next two years [1][2]. Group 1: Pilot Program Details - The pilot program will support 50 cities in new business models and scenarios, with Beijing approved for both "three new" and "international consumption environment" trials [1]. - The "three new" pilot policy focuses on three main areas: establishing a service system for first-release economies, innovating diverse service consumption scenarios, and fostering collaborations with well-known IPs [1][2]. Group 2: International Consumption Environment Support - Key support areas for the international consumption environment include enriching high-quality consumption supply, optimizing foreign payment services, and enhancing international service levels [2]. - Specific initiatives include developing international consumption clusters, improving tax refund services, and providing multilingual signage and smart translation devices in key commercial areas [2]. Group 3: Consumption Trends and Developments - Since the launch of the international consumption center city initiative in July 2021, Beijing has seen significant upgrades in consumer environments, with over 5,000 first stores established since 2019 [2][3]. - The city has also seen a surge in cultural, sports, and health service consumption, with various initiatives enhancing the overall consumer experience [3]. Group 4: Urban Service Innovations - Beijing has implemented a "no disturbance" regulatory model to streamline processes for businesses in sectors like dining and retail, significantly reducing unnecessary interventions [4]. - The city has developed a comprehensive foreign payment system, ensuring coverage for foreign card acceptance across 18,000 key merchants and facilitating currency exchange through numerous channels [5]. Group 5: Performance Metrics - The index for Beijing's international consumption center city initiative reached 109.9 in 2024, reflecting a 19.6 increase since the end of 2020, with various metrics indicating strong commercial activity and international recognition [5].

Group 1 - The core viewpoint of the article highlights a shift in A-share listed companies towards more diversified shareholder return mechanisms, moving beyond traditional cash dividends and share buybacks to include physical gifts and experiences [1][3] - Nearly 40 listed companies have launched various shareholder return activities this year, covering multiple industries such as culture and tourism, food, film, and healthcare [1][3] - Physical rewards are seen as a complement to traditional dividend methods, allowing shareholders to become active participants and brand promoters, enhancing their sense of ownership and experience [1][4] Group 2 - Specific examples include Shenzhen Aoya Design Co., which announced a shareholder appreciation event where shareholders with at least 500 shares can receive corresponding IP products [1] - Zhengzhou Qianwei Central Kitchen announced that shareholders holding 100 shares or more can receive a product gift package valued at 200 yuan [2] - Tourism companies are enhancing shareholder engagement by offering benefits such as tickets, hotel stays, and wellness services, allowing shareholders to directly experience the company's operational success [3] Group 3 - Some companies are using lottery events to express gratitude to shareholders, such as Beijing Innotech Biotechnology, which is hosting a "Shareholder Day" with prizes including high-end electronics [3] - While cash dividends and share buybacks remain core methods for returning value to shareholders, these diversified approaches are seen as a positive addition reflecting changes in corporate governance philosophy [3] - The tangible nature of physical rewards allows minority shareholders to feel a stronger sense of entitlement compared to traditional cash dividends, which may be perceived as limited [3][4]

Core Viewpoint - The "Civilization Market" series of promotional activities in Guangzhou's Beijing Road aims to stimulate consumer spending and enhance economic vitality by leveraging the historical and cultural significance of the area [9][11][17]. Group 1: Event Overview - The "Civilization Market" series officially commenced on December 19, 2023, attracting large crowds and creating a vibrant atmosphere [5][6]. - Beijing Road, known as the "Thousand-Year Business Road," has undergone modernization while preserving its historical essence, making it a key showcase for consumer vitality in the Guangdong-Hong Kong-Macao Greater Bay Area [7][9]. Group 2: Economic Impact - The activities are designed to provide market space for county-level quality products, cultural tourism, and vocational school products, effectively activating year-end economic consumption potential [10][11][14]. - The initiative aims to enrich the product offerings in the Beijing Road business district, meeting diverse consumer demands for high-quality living and driving comprehensive supply-demand dynamics [16][17]. Group 3: Regional Development - The event highlights the achievements of the "Hundred Million Project," showcasing local products such as the popular Chen Village kumquat and Heshan red tea, which have benefited from this initiative [19][21][22][24]. - The series promotes a collaborative model involving government, social forces, and community participation to explore cultural treasures and expand new consumption spaces [26][30]. Group 4: Future Plans - The activities will continue until December 28, 2023, with plans for multiple sub-events to accelerate the cultivation of new and upgraded consumption patterns, promoting deep integration of online and offline shopping [33][34].

Core Insights - Nanjing has been recognized as a "New Consumption Pilot City" and an "International Consumption Environment Construction Pilot City" due to its strong consumer vitality and innovative capabilities [1][3] Policy and Economic Development - Nanjing's government has implemented policies to support consumption upgrades, including the "Three-Year Action Plan for Creating an International Consumption Center City" initiated in 2021, and measures to promote the first-store economy [3][4] - The city has allocated over 10 million yuan in support funds and has hosted annual conferences to foster the development of first stores, resulting in the introduction of approximately 1,500 first stores with a monthly growth rate exceeding 50% [3][4] High-End Consumption Landscape - Nanjing has attracted over 95% of international first-tier brands, including the world's first stores for LV and Valentino, and has seen significant sales growth in high-end retail spaces like Deji Plaza, which reported sales exceeding 24.5 billion yuan [4][6] - Local brands are also thriving, supported by government policies, creating a dual consumption landscape of international brands and local innovations [4][6] Innovative Consumption Scenarios - The city integrates urban renewal with commercial development, creating diverse consumption spaces that appeal to both international and local consumers [6][7] - New business districts are designed to attract younger consumers with trendy offerings such as esports, themed camping, and immersive experiences, while historical areas are revitalized to enhance cultural consumption [6][7] International Consumer Environment - Nanjing is enhancing its international consumer environment by improving customs services and expanding tax refund points to 155 locations, facilitating a smoother experience for inbound travelers [9][12] - The city has also implemented international payment solutions and multilingual services to cater to foreign consumers, positioning itself as a top destination for international spending in China [12][9] Conclusion - Nanjing is making comprehensive efforts to unlock the potential of consumption upgrades, combining policy support, market dynamics, innovative scenarios, and enhanced services to establish itself as a leading international consumption center [12]

12月18日，记者从省商务厅获悉，2025年12月至2026年2月，全省各地将频频联动，开展超千场覆盖全域、贯穿线上线下、融合文旅商体的跨年促消费活 动，燃动岁末年初消费热情。全省各地跨年灯光次第点亮，湖北的夜晚也将变成消费新蓝海。 从都市到县城，从光影交织的沉浸式夜演，到热汗挥洒的夜间运动，从激情澎湃的音乐节，到创意纷呈的市集体验，湖北夜经济遍地开花，业态丰富多 元。每个城市和县域都有独具特色的夜经济项目，形成"各美其美、美美与共"的夜间格局。 这个冬天，湖北的夜晚继续精彩无限。 武汉SKP打造闪亮奇境·圣诞童话市集，举办圣诞双日狂欢夜、环球风味嘉年华，冬日氛围拉满；襄阳借助"戏精江湖"活动，招募百名COSER玩转跨年 夜，结合唐风国潮打造沉浸式文化体验；宜昌昭君国际滑雪场特别推出"焕新开板+夜滑启幕"项目，让冰雪经济成为湖北冬季夜间消费的新热点；荆州举 办吾悦超级跨年盛典，万人金曲大合唱、DJ/MC狂欢、k-pop狂欢夜、万人倒计时气球放飞邀你一起嗨翻天。 今年夏季，"乐购湖北 潮玩一夏"消费季活动就推出了"潮动夜荆楚"十大主题活动，发布了50个"湖北省夜间消费集聚商圈商街"名单。夜经济的形态早已超 越了 ...

Core Insights - The "Sunshine Hainan · Vacation Paradise" tourism promotion event was successfully held in Rome, Italy, highlighting Hainan's tourism resources and the opportunities presented by the Hainan Free Trade Port policy [1][5] - The event emphasized the importance of the Hainan Airlines route from Chongqing to Rome, which has facilitated cultural and economic exchanges between China and Italy over the past ten years [1][2] Group 1: Event Overview - The promotion event was organized by the Hainan Provincial Department of Tourism, Culture, Radio, Film and Sports, and hosted by Hainan Airlines, focusing on the advantages of Hainan's tourism resources and the potential for Sino-Italian cultural cooperation [1][2] - A promotional video showcased Hainan's tropical island scenery and cultural diversity, enhancing attendees' understanding of Hainan's tourism development potential [1][2] Group 2: Hainan Airlines Development - Hainan Airlines' Italy office manager detailed the airline's recent developments in Italy, including the operation of major routes and service advantages [2] - The airline aims to continuously improve its route network between China and Italy to facilitate easier travel and enhance cultural exchanges [2] Group 3: Future Prospects - The event included a lottery for attendees to win tickets to China, fostering interest in experiencing Hainan's unique natural beauty and diverse tourism resources [2] - The "Sunshine Hainan · Vacation Paradise" series has been successfully held in multiple countries, including Belgium, Germany, Australia, New Zealand, the UK, and Austria, showcasing Hainan's tourism appeal [2]

Core Viewpoint - The Central Economic Work Conference has announced structural adjustments in policies related to domestic demand, consumption, and "anti-involution," which may lead to a rotation of market hotspots [1] Group 1: Policy Adjustments - The conference emphasized "optimizing drug centralized procurement," which is expected to enhance profit margins for pharmaceutical companies with intellectual property and patent reserves [1] - The shift in focus towards service consumption, particularly in cultural tourism and sports, is anticipated to benefit from the transition of "national subsidies" [1] - "Domestic demand as the main driver" has been highlighted as the top policy priority for the coming year, with a strong emphasis on "releasing the potential of service consumption" [1] Group 2: Market Performance - The ChiNext 50 ETF (159375) rose over 1.1%, reflecting the potential impact of the policy adjustments on market performance [1] - The ChiNext 50 Index (399673), which the ETF tracks, includes 50 securities selected for their liquidity and market capitalization, focusing on strategic emerging industries such as power equipment, new energy, and pharmaceuticals [1] - The index has a daily fluctuation limit of 20%, indicating high volatility and growth potential within the ChiNext market [1] Group 3: Industry Implications - The policy changes are expected to lead to valuation recovery in innovative pharmaceuticals and medical devices due to shifts in centralized procurement and support for an aging population [1] - The "anti-involution" policy will also focus on "platform enterprises" and the deepening of quality improvement in small and medium financial institutions, which may accelerate the consolidation of brokerage firms [1]

Core Viewpoint - The consumption market in China is experiencing significant growth, driven by a combination of policy guidance, financial empowerment, and market collaboration, solidifying consumption's role as a stabilizing force for economic growth [1] Group 1: Policy Framework - By 2025, China's consumption promotion policy framework has evolved from broad stimulation to precise support, establishing a comprehensive policy structure that includes top-level design and collaborative guarantees [2] - The core policies introduced in March 2025 focus on a "fiscal + financial" incentive mechanism, including key measures such as interest subsidies for personal and business consumption loans [2] - The People's Bank of China has allocated 500 billion yuan for service consumption and pension refinancing, providing low-cost funding for key sectors [2] Group 2: Local Initiatives - Local governments are implementing supportive measures tailored to regional consumption characteristics, with cities like Beijing enhancing financial support in sectors such as cultural tourism and new energy vehicles [3] - The collaboration between central and local policies has clarified the direction for financial support in promoting consumption, providing clear guidance for commercial banks [3] Group 3: Market Impact - The policies have led to a notable increase in social retail sales, with consumption contributing more significantly to economic growth, particularly in the service sector [3] - The scale of consumer credit has shown robust growth, boosting market confidence and playing a crucial role in stabilizing the economy [3] Group 4: Financial Tools and Innovations - The 500 billion yuan refinancing policy has been effectively implemented, with commercial banks actively responding to the call, ensuring that financial resources are directed to the consumption sector [4][5] - Financial institutions are innovating various credit products to support local cultural tourism and pension service upgrades, effectively reducing financing burdens for related enterprises [4][5] Group 5: Future Outlook - Looking ahead to 2026, the policy direction is clear, focusing on enhancing domestic demand and optimizing the implementation of new policies to unlock service consumption potential [6] - Financial support for consumption will increasingly target resident income growth, service consumption upgrades, and the cultivation of new consumption patterns [6][7] - Financial institutions are advised to innovate products, enhance service coverage, and leverage technology to optimize service processes and risk management [7]