Core Viewpoint - The "Implementation Plan for Boosting Consumption in Guangdong Province" was released, outlining 31 measures aimed at expanding consumer demand and significantly boosting consumption across various sectors [1] Employment and Income Growth - The plan aims to promote stable growth in wage income and expand channels for property income, with a target of creating over 1.1 million new urban jobs by 2025 [2] - Initiatives include the "Million Talents Gather in South Guangdong" program to attract 1 million college graduates for employment and entrepreneurship in Guangdong [2] - The plan also emphasizes support for families with multiple children, enhancing educational resources and childcare facilities [2] Service Consumption Enhancement - The plan focuses on improving services for the elderly and children, including the establishment of senior dining halls and childcare centers [3] - It encourages inbound tourism and the development of international consumption centers in cities like Guangzhou and Shenzhen [3] - Measures include the establishment of duty-free shops and the promotion of high-quality life services [3] Large-scale Consumption Support - The plan continues to support vehicle replacement and expands the scope of subsidies for scrapping old cars, including those meeting National IV emission standards [4] - It promotes the replacement of 12 categories of household appliances and supports the purchase of digital products through subsidies [4] - Initiatives for the renovation of old residential communities and the optimization of housing fund policies are also included [4] New Consumption Development - The plan aims to foster new types of consumption, including low-altitude and cruise yacht consumption, and supports the development of the Nansha International Cruise Home Port [5] - It emphasizes the importance of paid annual leave and encourages flexible vacation arrangements to enhance worker rights [5] - The plan proposes to reduce restrictions on vehicle purchases and promote a shift from purchase management to usage management [5][6]

Group 1: Market Entry and Expansion - CHAGEE opened its first store in North America at Westfield Century City in Los Angeles, showcasing modern tea drinks and attracting long queues [1] - The new tea beverage industry in China is experiencing rapid growth, with brands like ChaPanda, MIXUE, HEYTEA, and CHAGEE expanding internationally [3] - Several tea companies, including MIXUE, have successfully listed in Hong Kong, indicating a trend of Chinese retail brands going global [4] Group 2: Factors Driving International Expansion - The global expansion of brands is driven by the need for internationalization, competitive domestic markets, and the growing overseas Chinese population [4][5][6] - Establishing physical stores abroad enhances brand visibility and can attract investment, which may lead to better domestic store locations in the future [5] - The increasing number of overseas Chinese consumers creates demand for Chinese products, which are often perceived as cost-effective [4] Group 3: Key Markets for Chinese Brands - Hong Kong is a significant market for brands due to its proximity to mainland China, making it easier for brands with established retail networks in southern China to enter [7] - Southeast Asia, particularly Singapore, is a competitive market for Chinese brands, driven by a large Chinese population [8] - European cities like London and Paris are viewed as essential for brands aiming for international recognition, although cultural differences pose challenges [9] Group 4: Challenges in International Markets - Chinese brands face challenges in gaining local consumer recognition and adapting to cultural differences, particularly in Europe [17] - Supply chain and logistics issues require careful planning before entering new markets [18] - High operational costs in markets like Singapore and Europe necessitate thorough financial planning [18] Group 5: Localization Strategies - Successful market entry requires understanding local consumer habits and preferences, with brands needing to adjust their offerings accordingly [19][20] - Brands should focus on high-traffic areas for store locations to maximize visibility and customer engagement [19] - The importance of local partnerships for smooth market entry and operations is emphasized, as they can help navigate local regulations and consumer preferences [18]

5月7日，南方财经全媒体记者获悉，广东省人民政府办公厅正式印发《广东省提振消费专项行动实施方 案》（下称《实施方案》），旨在贯彻落实党中央、国务院关于扩大内需、促进消费升级的战略部署， 全方位激发消费潜力，推动全省消费市场繁荣发展。 《实施方案》围绕居民就业增收、消费品质提升、消费环境优化等方面提出8方面31条具体举措，为广 东省消费市场的高质量发展注入强大动力。《实施方案》提出，广东省将通过实施"百万英才汇南粤"行 动计划，吸纳100万高校毕业生来粤就业创业，同时深入实施"粤菜师傅""广东技工""南粤家政"三项工 程，计划到2025年培训超78万人次，促进技能人才就业增收。 此外，还将延续实施阶段性降低失业保险费率政策，健全最低工资标准正常调整机制，确保劳动者劳有 所得。在拓展财产性收入渠道方面，鼓励上市公司推进员工持股计划，支持个人投资者投资交易所市场 政府债券，丰富个人养老金理财产品，进一步拓宽居民财产性收入来源。 南方财经全媒体记者魏彤 广州报道 此外，还将擦亮"食在广东"金字招牌，发布"广东美食地图"，培育名厨、名店、名品，推动预制菜产业 提质增效。在商旅文体融合消费方面，优化旅游景区和文化场馆服务 ...

宏观经济 | 动态跟踪 区域的视角系列（5）：如何看待北京消费 数据？ 研究结论 风险提示 报告发布日期 2025 年 05 月 07 日 | 陈至奕 | 021-63325888*6044 | | --- | --- | | | chenzhiyi@orientsec.com.cn | | | 执业证书编号：S0860519090001 香港证监会牌照：BUK982 | | 孙金霞 | 021-63325888*7590 | | | sunjinxia@orientsec.com.cn | | | 执业证书编号：S0860515070001 | | 曹靖楠 | 021-63325888*3046 | | | caojingnan@orientsec.com.cn | | | 执业证书编号：S0860520010001 | | 孙国翔 | sunguoxiang@orientsec.com.cn | | | 执业证书编号：S0860523080009 | | 消费增长的量价拆解——月度宏观经济回 | 2025-04-28 | | --- | --- | | 顾与展望 | | | 积极迎战外部风险——4 月政治 ...

Core Viewpoint - Guangdong Province is implementing a consumption stimulus plan that includes subsidies for replacing old durable consumer goods, focusing on a model of "fiscal subsidies + corporate benefits + financial empowerment" [1] Group 1: Policy Implementation - The government is enhancing the implementation of the old-for-new policy for consumer goods, with funding allocation favoring cities that perform well in the "two new" initiatives [1] - Continued support for automobile replacement and expansion of the scope for scrapping old vehicles, including those meeting the National IV emission standards [1] - Subsidies will be provided for 12 categories of household appliances, including refrigerators, washing machines, televisions, air conditioners, and more [1] Group 2: Digital Products and Home Renovation - New purchase subsidies will be implemented for digital products such as mobile phones, tablets, and smartwatches [1] - Increased support for home renovation, particularly in smart home consumption and elderly-friendly modifications, with material purchase subsidies [1] Group 3: Industry Participation and Innovation - The plan encourages leading companies in the home appliance and real estate sectors to establish smart home showrooms and experience centers [1] - The initiative aims to expand participation in the old-for-new program and improve processes for foreign participants [1]

节前最后一个交易日，沪指盘中延续震荡整理走势，深证成指、创业板指强势上扬，北证50指数大幅拉 升。截至收盘，沪指跌0.23%报3279.03点，深证成指涨0.51%报9899.82点，创业板指涨0.83%报1948.03 点，北证50指数涨2.96%，沪深北三市合计成交11933亿元，较此前一日增加逾1500亿元。行业方面， 保险、电力、银行、酿酒等板块集体走低，汽车、家电、半导体等板块拉升，人形机器人、AI应用、 算力、智能穿戴概念等活跃。 今日投资机会解析 假期文旅消费超预期 据交通运输部数据，五一假期前三日，全社会跨区域人员流动总量91524万人次，同比增长5.8%，结合 携程数据，相较清明假期，五一假期游客出行距离呈现显著延伸：五一期间跨市住宿订单占比已突破 80%，连住两日及以上的深度游用户比例预期将达到20%。 银河证券指出，考虑到提振消费已作为首要任务被纳入政府工作报告，服务消费成为继"两重"、"两 新"政策后政府下一个刺激要点，未来内需侧的政策支持有望进一步向服务消费扩散，建议全面关注社 服板块投资。 民航暑运表现可期 2025年"五一"假期出游需求旺盛，国家文旅部预计国内旅游人次有望突破3. ...

商务部4月25日发布的数据显示，截至4月24日24时，全国汽车以旧换新270.5万辆，12类家电以旧换新 4746.6万台，手机等数码产品购新3661万件，家装厨卫"焕新"3712.3万件，电动自行车以旧换新420万 台。政策实施以来，已有超过1.2亿人次享受到了真金白银补贴优惠，带动销售额超过7200亿元。 在构建新发展格局的背景下，以旧换新政策正成为撬动消费升级的重要支点。今年1月，国家发展改革 委、财政部印发《关于2025年加力扩围实施大规模设备更新和消费品以旧换新政策的通知》，进一步扩 围支持消费品以旧换新。3月，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，其中 提到今年超长期特别国债支持消费品以旧换新资金规模增加至3000亿元，相较2024年翻了一番。 在利好政策刺激下，人们的消费观念正在从"有没有"向"好不好"转变。 今年以来，辽宁省不断探索以旧换新工作流程优化。目前，家电、手机等补贴资格领取核销渠道由2个 拓展到10个；升级使用专用刷卡机后，消费者填报汽车补贴信息从17项缩减为4项。为减轻企业垫资压 力，辽宁省近日出台政策，可为参加消费品以旧换新企业提供最高10万元的信贷财政贴息， ...

紧抓"五一"假期群众需求集中释放的有利时机，四川持续大力开展汽车、家电等消费品以旧换新。 省商务厅数据显示，截至5月4日，四川汽车报废更新申请量4.25万件，拉动消费44.65亿元；汽车置换更 新申请量11.41万件，拉动消费214.48亿元；家电以旧换新申请量381.17万件，拉动消费130.29亿元；数 码产品申请量256.66万件，拉动消费71.83亿元；家装厨卫"焕新"销售12.72万件，拉动消费3.68亿元。 "五一"假期，多地推出"演出+景区""高铁+景区"等组合优惠，激发消费热情。宜宾推出"三免三 游"政策，在提质"免费吃面、免费品酒、免费充电"等"三免"政策基础上，针对外地游客新增"夜游三 江、畅游两海、漫游翠屏"惊喜，随机抽奖赠送游船体验票、"两海"门票及翠屏索道体验券等。成都打 造"低空+文旅"消费场景，在景区等重点场所推出多条体验观光航线等。假日前三天，重点监测的5条特 色街区客流72.8万人次、同比增长8.1%，销售额1175.6万元、同比增长15.2%。（记者 陈碧红） "五一"假期前一天，全省商务系统组织开展"春启万象·购在天府"系列消费促进活动，带动节日商 品消费加速提振。其中， ...

Group 1: Policy and Market Impact - The government has intensified the promotion of the "trade-in" policy for consumer goods, including 3C digital products, electric bicycles, and washing machines, to stimulate green and intelligent consumption and drive industrial upgrades [1][2] - The retail sales of communication equipment and home appliances in the province saw significant growth in Q1, with increases of 76.2% and 33.0% year-on-year, respectively [2][8] - The "trade-in" policy has led to the sale of 2.59 million digital products and 335,000 home appliances in the province by April 30 [2][8] Group 2: Consumer Behavior and Trends - Young consumers are increasingly drawn to 3C digital products, with the inclusion of these items in the national subsidy program effectively meeting their demand [2][4] - The trend is shifting from price sensitivity to prioritizing quality and technology in consumer purchases, as seen in the growing popularity of smart home appliances [7][8] - The electric bicycle market is experiencing a surge in sales, with 28,000 units traded in under the "trade-in" policy from January to April [10][11] Group 3: Electric Bicycles and New Energy Vehicles - The "trade-in" policy for electric bicycles has been well-received, with government subsidies ranging from 300 to 500 yuan, leading to increased sales during the peak season [10][11] - The new national standards for electric bicycles, effective from September, aim to enhance safety and performance, further encouraging consumer purchases [11] - The new energy vehicle market is thriving, with significant sales growth attributed to government incentives and rising consumer awareness of environmental issues [15][16]

记者走访市场注意到，随着近期广州市家电"以旧换新"国补扩围至37类，不少高科技新品类成为店内新 晋热销款，也激发了包括我国港澳台和外籍人员到店消费的热情。 年轻人沉浸式体验体感游戏；店员现场演示空气炸锅烹饪美食；多台扫地机器人"比赛"清洁地面，广交 会外籍客商来扫货……这个五一小长假，广州以旧换新市场不仅人气旺，还更有"新"意。 科技品类受热捧，港澳居民掀起"反向代购"潮 天河城电器馆内，一款MR混合现实一体机吸引了不少年轻人跃跃欲试——戴上VR眼镜、拿起手柄、穿 戴上传感器，就能启动有趣的体感游戏。"目前这款产品也可以享受15%的国补了，我们今天上午刚卖 出一台，整个四月这个单品就卖出20多台。"天河城电器馆销售人员告诉记者。 "今年加力扩围以旧换新政策后，明显感受到港澳地区顾客带来了新的增量。"天河城电器馆梁主管告诉 记者，购买空调、冰箱、洗衣机等大家电的港澳顾客，通常是对自己在广州住所的家电进行以旧换新； 更多从港澳过来的顾客则是购买手机、平板、电脑等3C类小件产品，自己最近就做了5-6单这类生意。 正值五一，全新升级开业的苏宁易购达镖店现场氛围也热闹非凡，有外籍客户前来一次性选购了三台洗 地机。苏宁易 ...