荣海楼表示，下一步，税务部门将持续落实好支持消费的税费政策，不断优化办税缴费服务举措，促进 以政策红利和服务便利更好地激发内需潜力、提升消费活力。 （文章来源：21世纪经济报道） 国家税务总局副局长蔡自力在发布会上表示，今年以来，随着党中央、国务院部署的一系列增量和存量 政策持续显效，我国经济运行稳中有进。从发票等税收数据看，1—11月份，全国企业采购机械设备金 额同比增长10.7%，反映企业设备投资力度加大；纳入消费品以旧换新政策支持范围的家电、通信零售 业销售收入同比分别增长26.5%和20.3%，反映促消费政策效应持续释放；全国税务部门为企业办理出 口退税同比增长6.8%，反映我国企业出口韧性足，在错综复杂的国际贸易形势下，依然保持良好增 长。 三是体育和健康领域呈现较高消费热度。今年以来，各地体育赛事不断增多，由此带来的"赛事经济"产 出也随之增加，拉动消费的乘数效应明显。发票数据显示，1—11月份，体育会展服务、体育用品及器 材零售同比分别增长29.7%、6.6%。同时，健康类消费持续成为消费新热点。1—11月份，保健辅助治 疗器材零售、健康咨询服务销售收入同比分别增长14.1%、11.9%。 四是 ...

呈现较高消费热度 此外，体育和健康领域呈现较高消费热度。发票数据显示，今年前11个月，体育会展服务、体育用品及 器材零售同比分别增长29.7%、6.6%。同时，健康类消费持续成为消费新热点，保健辅助治疗器材零 售、健康咨询服务销售收入均保持两位数以上增长。 国家税务总局发布的最新税收数据显示，今年以来，在消费品以旧换新等政策带动下，消费需求持续释 放。家电、新能源汽车等产品销售保持较快增长，文旅、体育等领域也呈现较高消费热度。 发票数据显示，今年前11个月，手机等通信设备零售业、冰箱等日用家电零售业销售收入同比分别增长 20.3%、26.5%。新能源汽车消费也持续向好，新能源乘用车销售收入同比增长19.1%。 同时，文旅市场新业态新场景不断涌现，激发消费活力持续增强。 前11个月 体育与健康领域 （总台央视记者 朱继华 李厦） ...

Group 1: A-Share Market Insights - The A-share market in 2025 is characterized by "structural differentiation and prominent main lines," with technology, non-ferrous metals, and new energy sectors standing out, particularly in AI computing power, semiconductor equipment, gold, and lithium resources [1] - The rise in these sectors is driven by the global explosion in AI demand, supportive new energy policies, and improved supply-demand relationships [1] - Challenges include slow recovery in traditional real estate and consumer sectors, as well as external factors like fluctuating Federal Reserve policies and geopolitical conflicts affecting market trends [1] Group 2: Global Economic Impact - Global macroeconomic events, such as Federal Reserve interest rate cuts and geopolitical tensions, have an indirect but significant impact on A-shares [2] - Interest rate cuts can attract foreign capital into A-shares, but expectations during the cut process may lead to short-term volatility [2] - Geopolitical conflicts may increase energy prices, affecting industry costs and enhancing the attractiveness of assets like gold [2] Group 3: Investment Opportunities - Three key areas to focus on include: 1. Technological innovation, such as AI, semiconductors, and biomanufacturing, benefiting from national policies and technological breakthroughs [3] 2. Consumption upgrades, including cultural tourism, health, and green consumption, showing strong demand resilience [3] 3. High-end manufacturing, like new energy equipment and industrial mother machines, aligning with global industrial chain restructuring trends [3] - Some sectors have seen valuation recoveries, suggesting a diversified approach through index or sector funds to mitigate risks associated with single-stock bets [3] Group 4: Bond Investment Risks - Key risks in bond investment include interest rate risk, where market rate changes can lead to bond price fluctuations, and credit risk, which refers to the possibility of the issuer failing to pay interest or principal [4] - Investors are advised to prioritize government bonds or high-credit-rated bonds to mitigate these risks [4] Group 5: Balanced Investment Strategy - The effectiveness of a balanced stock-bond strategy lies in the inverse relationship between stocks and bonds, where stocks provide returns during market upswings and bonds may appreciate during downturns, thus cushioning losses [5] - Historical data indicates that during significant A-share adjustments, the bond market often performs well, leading to lower drawdowns in balanced portfolios compared to pure equity investments [5] Group 6: Public Fund Benefits - Public funds address the high entry barriers of direct stock and bond investments by offering professional management, diversified investment, and low minimum investment thresholds [6] - Funds select a basket of stocks or bonds, automatically diversifying risk, and have flexible investment amounts starting as low as 10 yuan [6] Group 7: Risk Preference-Based Fund Allocation - Investors should assess their risk tolerance before determining stock-bond fund ratios, with suggested allocations for different risk profiles: 1. Defensive investors: Up to 30% in stock funds, at least 70% in bond funds, focusing on low-volatility assets [7] 2. Moderate investors: Approximately equal allocation (around 50% each) with potential inclusion of thematic or convertible bond funds [7] 3. Aggressive investors: 70%-80% in stock funds, 20%-30% in bond funds, focusing on growth-oriented stock funds [7] Group 8: Additional Considerations - Factors such as age and investment horizon should influence asset allocation, with younger investors leaning towards aggressive strategies and those nearing retirement shifting to defensive ones [8] - Regular review and adjustment of investment ratios are essential to align with life stages, market changes, and goals [8] - Diversification within the same asset class is crucial to further reduce non-systematic risks [8]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, targeting significant improvements in the supply structure by 2027, including the establishment of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][6][25]. Group 1: Enhancing Consumer Goods Supply - The plan focuses on optimizing the supply structure of consumer goods, with a goal to create high-quality products that are culturally rich and globally recognized by 2027 [6][22]. - It emphasizes the importance of integrating traditional craftsmanship with innovation, supporting the development of non-heritage workshops and promoting domestic products in duty-free shops [2][11]. Group 2: Expanding Consumption Areas - The plan outlines the expansion of cultural and tourism consumption by focusing on various sports and outdoor activities, including mountain, water, and ice sports, as well as promoting new consumption models like low-altitude tourism and RV camping [2][10]. - It aims to deepen the integration of tourism and health care, supporting customized services in traditional Chinese medicine and dietary therapy [3][11]. Group 3: Matching Diverse Consumer Needs - The initiative seeks to develop interest-based consumer products, such as those related to pets, anime, and trendy fashion, to cater to diverse consumer preferences [3][12]. - It also highlights the importance of enhancing the supply of quality products for children and students, as well as promoting fashionable "trendy" items [13][31]. Group 4: Fostering New Consumption Scenarios and Business Models - The plan encourages the establishment of flagship stores and new concept stores to promote product launches, integrating online and offline experiences [15][32]. - It supports the development of new business models such as live e-commerce and instant retail, while ensuring the quality and safety of shared consumption products [16][34]. Group 5: Creating a Supportive Environment - The plan emphasizes the need for financial support and policy measures to enhance the quality of consumer goods and stimulate consumption [17][21]. - It calls for the establishment of a robust regulatory framework to maintain market order and protect consumer rights, particularly in the context of online sales [18][34].

Core Viewpoint - The "14th Five-Year Plan" emphasizes boosting consumption as a key driver for sustainable economic growth and improving the quality of life for citizens, especially in the context of a complex global economic environment and domestic economic transformation [1] Group 1: Implementation of Consumption Boosting Actions - The government will implement targeted actions to stimulate consumption through a combination of policies aimed at enhancing market vitality [2] - Focus on increasing employment and income, particularly for key groups such as recent graduates and migrant workers, to enhance consumer capacity [2] - Increase public service spending in areas like education and healthcare to reduce the financial burden on residents, encouraging them to spend more [2] Group 2: Development of International Consumption Centers - The plan includes cultivating international consumption center cities to attract global quality consumption resources and enhance the national image [3] - Improvement of urban consumption infrastructure and introduction of international brands to meet consumer demand for global products [3] - Expansion of inbound consumption by optimizing the environment for international tourists, including simplifying visa processes and enhancing payment options [3] Group 3: Direct Consumer Benefits through Inclusive Policies - The government will increase funding for consumer welfare initiatives, such as issuing consumption vouchers and providing subsidies for upgrading old products [4] - Policies will target high-demand sectors like dining and tourism to stimulate market recovery [4] - Removal of unreasonable restrictions on consumption, such as easing car purchase limits, to unleash consumer potential [4] Group 4: Strengthening Consumer Rights Protection - Enhancing consumer rights protection is crucial for boosting consumption, with plans to improve legislation and market regulation [5] - Establishing efficient complaint resolution mechanisms to lower the cost of consumer rights protection [6] - Promoting consumer education to foster informed and responsible consumption behaviors [6]

Core Viewpoint - The Ministry of Finance and the Ministry of Commerce have initiated a pilot program to stimulate consumption potential and expand domestic demand, with 50 cities selected for the trial [1][3]. Funding and Support - The pilot program will last for two years, with a maximum financial subsidy of 400 million yuan per city based on city size, aimed at enhancing the service system for new consumption [3][4]. - The funding will be distributed in two batches, with remaining funds allocated based on performance evaluations [4]. Focus Areas - The program emphasizes three main areas: 1. Supporting the establishment of a service system for new consumption, including the creation of launch centers and platforms for new product releases [4][5]. 2. Promoting innovative and diverse service consumption scenarios, enhancing cultural, health, and entertainment offerings in key commercial areas [5][6]. 3. Encouraging collaboration between quality consumption resources and well-known IPs to create engaging and innovative consumption experiences [5][6]. Economic Impact - The pilot aims to enrich consumption supply and stimulate industry innovation while stabilizing employment, with expectations to create numerous job opportunities across various service sectors [6][7]. - The program is designed to meet the differentiated and quality demands of consumers, fostering new growth points in service consumption [7].

Core Viewpoint - The article discusses the significant progress in the pilot program for new consumption formats, models, and scenarios initiated by the Ministry of Finance and the Ministry of Commerce to stimulate domestic demand and unleash consumer potential [1][2]. Group 1: Pilot Program Details - On November 20, 50 cities were officially announced as candidates for the pilot program, including all four direct-controlled municipalities and five cities with independent planning, covering major provinces [2]. - The pilot program will last for two years, with the central government providing up to 400 million yuan per city in financial subsidies based on city size, aimed at enhancing the consumption market [4][6]. - The funding will be allocated in two batches, with remaining funds distributed based on performance evaluations [6]. Group 2: Focus Areas of Support - The program emphasizes three main areas for support: 1. Establishing a robust first-release economic service system, including the creation of first-release centers and platforms for product launches in key commercial areas [7]. 2. Innovating diverse service consumption scenarios, promoting the transformation of traditional shopping areas into multi-functional consumption hubs [7]. 3. Supporting collaborations between quality consumption resources and well-known intellectual properties (IPs) to create engaging consumption experiences [8]. Group 3: Economic and Employment Impact - The pilot program aims to enrich consumption supply while activating industry innovation and stabilizing employment, with expectations to create numerous job opportunities across various service sectors [10][11]. - The initiative will focus on high-quality, innovative consumption offerings to meet diverse consumer demands and promote typical experiences to stimulate innovation in the consumption sector [11].

Group 1 - The core conclusion of the report explores investment opportunities in the "14th Five-Year Plan" from two dimensions: strategic directions indicated by planning suggestions and historical focus industries from previous five-year plans [1] - The three main policy lines of the "14th Five-Year Plan" are summarized as "Development," "Livelihood," and "Security," with "Development" focusing on advanced manufacturing and new productivity, "Livelihood" emphasizing domestic demand expansion, and "Security" reinforcing national defense and key technology areas [1][2] - The report indicates that while certain industry themes may create long-term excess returns if performance continues to validate, the likelihood of sustained excess returns throughout the entire five-year planning cycle is low [3] Group 2 - The "14th Five-Year Plan" emphasizes high-quality development, breaking down economic and social development goals into three main lines: "Development," "Livelihood," and "Security," with 12 key tasks identified [2][8] - The "Development" line focuses on enhancing traditional industries, scaling new pillar industries, and ensuring supportive industries for high-quality growth, with a strong emphasis on technological self-reliance [9][10] - The "Livelihood" line aims to address issues related to population structure changes and economic development, focusing on expanding domestic demand and improving residents' income levels to boost consumption in health, education, and elderly care sectors [11][12] - The "Security" line highlights the importance of national defense and ecological safety, with a focus on military modernization, key resource security, and the development of critical technologies [14][17] Group 3 - The investment guidance indicates that key themes and newly emphasized industries may not achieve significant excess returns over the entire five-year cycle, citing examples from previous plans where certain sectors underperformed [15][16] - The report notes that while industries like new energy vehicles have shown potential for long-term excess returns, the possibility of sustained excess returns throughout the five-year planning cycle remains limited due to over-optimistic pricing and cyclical nature of industries [15]

Group 1 - The core viewpoint of the article emphasizes the importance of a modern industrial system as the material and technological foundation for Chinese-style modernization and high-quality revitalization and development [1] - The "15th Five-Year Plan" proposed by the Heilongjiang Provincial Committee aims to accelerate the development of digital economy, bio-economy, ice and snow economy, and creative design industries, targeting a total scale of 1 trillion yuan for these four new engine industries [1] - Heilongjiang has a strong industrial foundation, with the revitalization and development rooted in the real economy and focused on industrial upgrading [1] Group 2 - The plan aims to create emerging pillar industries and expand high-end equipment, aerospace, and new materials into billion-level industrial clusters, with a goal of achieving a total scale of 500 billion yuan for strategic emerging industries such as aerospace, electronic information, new materials, high-end equipment, and intelligent agricultural machinery [1] - The proposal also emphasizes the need to promote traditional industries from primary processing to deep processing, developing intelligent and green manufacturing, and strengthening the national energy and raw materials base, with a target of exceeding 1 trillion yuan for traditional advantageous industries like energy, chemicals, food, pharmaceuticals, automobiles, and light industry [2] - The plan includes actions to enhance the capacity and quality of the service industry, promoting specialized and high-value-added production services such as technology services, software and information technology services, and e-commerce, aiming for a total scale of 800 billion yuan for service industries like information services, modern logistics, and modern finance [2]

Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, representing a year-on-year growth of 14.9%, exceeding expectations [1] - However, net profit attributable to ordinary shareholders decreased significantly to 5.3 billion yuan from 11.7 billion yuan in the same period last year, primarily due to increased marketing expenses [3] Financial Performance - Q3 2025 revenue: 299.1 billion yuan, up 14.9% year-on-year [1] - Net profit attributable to ordinary shareholders: 5.3 billion yuan, down from 11.7 billion yuan year-on-year [3] - Non-GAAP net profit: 5.8 billion yuan, down from 13.2 billion yuan year-on-year [3] - Marketing expenses increased by 110.5% to 21.1 billion yuan, accounting for 7.0% of revenue compared to 3.8% in Q3 2024 [3] Business Growth - Core retail business strengthened, with daily necessities revenue growing by 18.8%, approximately four times the industry average [3] - Supermarket category revenue achieved double-digit growth for seven consecutive quarters [3] - New business revenue, including food delivery, surged by 214% year-on-year [3] - Service revenue grew by 30.8%, reaching a historical high of 24.4% of total revenue [3] User Engagement - Annual active user count surpassed 700 million in October 2025, marking a new milestone [4] - The number of customized heavy-duty new products increased fivefold compared to last year [5] Supply Chain and Logistics - Supply chain infrastructure asset scale reached 174.3 billion yuan [9] - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years [9] - JD's self-developed logistics system has been successfully implemented in multiple cities [9] AI and Technology Initiatives - JD is deepening AI applications across retail, health, logistics, and industrial sectors [10] - The company has invested nearly 160 billion yuan in R&D since 2017 [9] Employment Practices - JD is the first in the industry to sign formal labor contracts with all frontline employees and cover social insurance for full-time delivery riders [11]