Core Insights - The report titled "2025 Generative Marketing Industry Research: From AIGC to AIGD" highlights the evolution of generative AI in marketing, transitioning from AIGC (AI-Generated Content) focused on content creation to AIGD (AI-Generated Decision) centered on decision support, indicating a shift from AI as an "efficiency tool" to a "strategic partner" in marketing [2][4]. AIGC: Marketing Supply Explosion - By 2025, generative AI has matured in creating marketing content, including copy, images, videos, and digital personas, significantly enhancing content supply [3]. - The emergence of new models and products like DeepSeek and Manus has lowered technical barriers, evolving AI from a "creative assistant" to an "execution agent" [3]. - However, the explosion of content supply raises challenges for businesses in selecting optimal solutions and ensuring the authenticity and reliability of AI-generated content, as AIGC addresses production issues but not effectiveness [3]. AIGD: Systematic Upgrade in Marketing Decisions - AIGD aims to resolve decision-making challenges from the AIGC era by integrating classic marketing theories with AI tools, creating a complete loop from "insight—generation—validation—decision" [4]. - On the consumer side, over 68% of consumers are influenced by AI recommendations in their purchasing decisions, indicating a shift in decision-making power towards AI [4]. - On the enterprise side, AI is utilized for core marketing tasks such as environmental analysis, brand positioning, and demand exploration, enhancing the scientific and efficient nature of marketing decisions [4]. AI Practices: Deepening Industry Applications - Generative AI has been implemented across various industries: - **Food and Beverage**: Companies like Mengniu and Yili use AI for health models and ad testing [5]. - **Beauty and Personal Care**: L'Oréal optimizes formula development with AI, while Proya builds ROI-driven decision systems [5]. - **Automotive**: AI enhances lead management and user profiling [5]. - **Alcohol Industry**: AI integrates into brewing processes and enhances cultural experiences through digital personas and the metaverse [5]. - **Dining and Retail**: Smart ordering and AI-driven site selection are core to digital transformation [5]. - **Apparel, Home Appliances, and Digital Products**: AI assists in design, sales forecasting, virtual fitting, and customer service [5]. Future Outlook: Human-AI Collaboration with Decision Priority - The future of generative marketing emphasizes human-AI collaboration rather than AI replacing humans, necessitating organizations to build "AI-ready" structures that deeply integrate AI into strategy, operations, and innovation processes [6]. - The transition from AIGC to AIGD represents a shift from "content-driven" to "decision-driven" approaches, where effective use of AI for decision-making will determine market success [6].

政策发力加快地产去库存进程。房地产市场的平稳健康发展是经济持续回升向好的重要一环。去年以来 的多项利好政策正加速地产去库存进程。2024年5月保交房会议后，降低首付比例、取消房贷利率下限 等措施落地，有效稳定市场预期；2024年9月底以来，降低存量房贷利率等政策进一步释放需求。数据 显示，商品房待售面积已从2025年2月8亿平方米的高点降至9月末的7.6亿平方米，显示去库存取得积极 进展。预计政策引导将加快库存去化，为市场回归健康轨道创造空间。 化债持续推进下，基建投资有望边际改善。今年以来，受益于财政前置发力，基建投资在年初呈现出高 增长。随着化债推进，后续地方财力有望改善。此外，新型政策性金融工具的投放使用将带动基建增速 回升，虽其用途扩展至科技等领域，但对传统基建的提振仍可期待。总体而言，财政对基建的支持力度 不减，将为投资提供增量动力。 2025年前三季度，我国GDP同比增长5.2%，体现经济持续回升向好的强劲动能，为实现全年5.0%左右 的经济增长目标奠定良好基础。展望后续，随着我国经济的内生动能以及政策层面的持续发力，政策支 持经济的效应将进一步显现。 内需潜力存在释放空间。今年前三季度，最终消费 ...

Policy Overview - In October 2025, the National Development and Reform Commission and the Ministry of Finance allocated the fourth batch of 69 billion yuan in special bonds to support the old-for-new consumption policy, completing the annual 300 billion yuan central funding plan[3] - The 2025 old-for-new subsidy policy has expanded in scale, duration, and coverage compared to the previous year, with a total funding of 300 billion yuan distributed in four batches throughout the year[4] Economic Impact - From January to September 2025, China's total retail sales of consumer goods reached 365,877 billion yuan, a year-on-year increase of 4.5%, with significant growth in categories affected by the old-for-new policy, such as home appliances and furniture[9] - Retail sales in the home appliance sector grew by 48.3% year-on-year, while furniture retail sales increased by 33.2% in the first three quarters of 2025[9] Consumer Behavior - The "Double Eleven" shopping festival in 2025 saw total e-commerce sales reach 16,950 billion yuan, a 14.2% increase year-on-year, with home appliances accounting for 2,668 billion yuan, or 16.5% of total sales[11] - The introduction of financial support measures, such as interest subsidies for consumer loans, has further stimulated consumption, particularly among middle and low-income groups[10] Industry Challenges - As the old-for-new policy enters its second year, the marginal effectiveness of policy incentives is decreasing, and the home appliance industry faces challenges from a sluggish real estate market and insufficient demand[13] - The home appliance sector's retail sales for the first three quarters of 2025 reached 670.1 billion yuan, reflecting a 5.2% year-on-year growth, but the growth rate has slowed down significantly in the third quarter[12] Future Outlook - The focus of the 14th Five-Year Plan emphasizes "boosting consumption," with coordinated efforts from national and local levels to implement targeted subsidy policies and ensure consumer confidence[14] - The transition from "subsidy-driven" to "endogenous growth" in the home appliance industry is anticipated, with potential adjustments in subsidy intensity and direction in the future[14]

Core Viewpoint - The importance of antitrust compliance for companies is emphasized, highlighting its role in ensuring fair competition, driving innovation, and supporting high-quality economic development [2][10]. Group 1: Antitrust Compliance as a Tool for Fair Competition - Antitrust compliance serves as a "pass" for ensuring equal competition among various market entities, preventing monopolistic practices that can harm small and medium enterprises [3][4]. - During the "14th Five-Year Plan" period, over 100 cases of monopolistic agreements and abuse of market dominance were addressed, resulting in fines exceeding 20 billion [3]. Group 2: Supporting Industrial Upgrading and High-Quality Development - Antitrust compliance acts as a catalyst for improving product quality and advancing industries towards higher-end development, preventing monopolistic entities from raising prices and stifling innovation [5]. - The enforcement of antitrust laws has led to significant actions in the pharmaceutical sector, where over 12% of all cases involved monopolistic behaviors that harmed consumer interests [5]. Group 3: Driving Innovation - Antitrust compliance is crucial for unleashing innovation and fostering economic growth, as a fair competitive environment encourages companies to innovate rather than rely on monopolistic advantages [6]. - Recent enforcement actions have targeted monopolistic practices in the data services market, promoting a more competitive landscape that stimulates innovation [6]. Group 4: Risk Management and Stable Operations - Antitrust compliance serves as an early warning system for companies to identify and manage risks within the supply chain, especially in a globally interconnected market [8]. - Investigations into major foreign companies have highlighted the importance of compliance in preventing monopolistic control over critical domestic industries [8]. Group 5: Expanding International Markets and Global Competitiveness - Antitrust compliance is essential for companies aiming to engage in international markets, as it helps mitigate legal risks associated with foreign antitrust laws [9]. - Historical cases illustrate the potential costs of non-compliance, emphasizing the need for a robust antitrust compliance framework to enhance global competitiveness [9]. Group 6: Regulatory Framework and Future Directions - The release of updated antitrust compliance guidelines by regulatory bodies aims to strengthen companies' risk management capabilities and promote a culture of fair competition [10]. - Companies are encouraged to integrate compliance into their operational frameworks to ensure sustainable growth and respect in the market [10].

Core Viewpoint - The Shenzhen Municipal Bureau of Commerce announced the cessation of the 2025 automobile replacement subsidy policy due to the budget cap being reached, with the application platform closing on November 30, 2025 [3][5]. Group 1: Policy Details - The subsidy program was designed to encourage consumers to trade in their old vehicles for new energy vehicles or fuel vehicles that meet the National VI emission standards, offering subsidies of 12,000 RMB for fuel vehicles and 13,000 RMB for new energy vehicles priced between 150,000 RMB and 250,000 RMB [4]. - The policy aimed to promote the replacement of approximately 160,000 vehicles by the end of 2025, alongside significant sales in home appliances and digital products [5]. Group 2: Market Response - The subsidy policy received a strong market response, with the budget being quickly exhausted, leading to additional funding being allocated [5]. - As of October 22, 2025, over 10 million applications for the automobile replacement subsidy had been submitted nationwide, with more than 340,000 for scrapping and over 660,000 for replacement [5]. Group 3: Regional Developments - Several provinces and cities across China have suspended their long-term special bond subsidy policies for automobile replacement, including Hunan, Henan, and Jiangsu [5]. - In response to the withdrawal of national subsidies, some local governments, such as Lanzhou and Zhengzhou, have introduced supplementary measures to enhance subsidies and stimulate automobile consumption [5]. Group 4: Future Implications - Starting January 1, 2026, the long-standing full exemption from vehicle purchase tax for new energy vehicles will shift to a 50% reduction, increasing the cost of purchasing these vehicles and impacting market competition [6]. - This transition indicates that the Chinese new energy vehicle industry is moving from a policy-driven phase to one driven by market forces [6].

Core Insights - The Chinese consumption market has shown steady growth in September 2023, with a retail sales total of 4.20 trillion yuan, reflecting a year-on-year increase of 3.0% [1] - The contribution of final consumption expenditure to economic growth reached 53.5%, indicating its significant role in driving the economy [1] Group 1: Consumption Trends - The retail sales of consumer goods increased by 3.3% in September, with notable growth in the sales of communication equipment, furniture, and cultural office supplies, each growing by 16.2% [1] - The retail volume of passenger cars reached 2.241 million units, marking a growth of 6.3% [1] - As of October 22, 2023, applications for the vehicle trade-in subsidy exceeded 10 million [1] Group 2: Service Consumption - Service retail sales grew by 5.2% in the first three quarters, outpacing goods retail sales by 0.6 percentage points [2] - Significant growth was observed in leisure services, communication services, tourism consulting, and transportation services, all achieving double-digit growth [2] - The share of service consumption in total household expenditure reached 46.8% [2] Group 3: New Consumption Patterns - Sales of smart wearable devices and robotic vacuum cleaners increased by over 15%, while energy-saving dishwashers and organic food sales grew by more than 10% [2] - The retail sales of new energy passenger vehicles reached 1.296 million units, with a growth rate of 15.5% and a market penetration rate of 57.8% [2] Group 4: Inbound Consumption - Policies such as expanding visa-free entry and optimizing tax refunds for outbound travelers have boosted inbound consumption, with 20.134 million foreign visitors recorded in the third quarter, a 22.3% increase [2] - Among these, the number of visa-free foreign visitors rose by 48.3% to 7.246 million [2] Group 5: Trade-in Policy Impact - Over 76 million consumers participated in the trade-in program for 12 categories of home appliances, resulting in the purchase of over 126 million units [3] - More than 81 million consumers bought mobile devices, totaling over 88 million units sold [3] - Approximately 87,000 retail stores engaged in the trade-in program for electric bicycles, leading to over 12 million new purchases [3]

Core Insights - The wholesale and retail sectors in China have shown significant growth in 2023, with over 76 million consumers participating in the trade-in program for 12 categories of home appliances, resulting in the purchase of over 126 million units [1] - The retail sales of household appliances and audio-visual equipment increased by 25.3% year-on-year, while the retail sales of communication equipment rose by 20.5% during the first nine months of 2023 [1] - The "Old Brand Carnival" initiative has revitalized traditional brands, with over 220 events held, generating direct sales of 3.8 billion yuan and boosting online and offline sales to 16.9 billion yuan [1] Retail Sector Performance - More than 81 million consumers purchased digital products, totaling over 88 million units sold [1] - The trade-in program for electric bicycles has seen over 12 million new bikes purchased through the exchange [1] Traditional Brands Revitalization - The dining revenue of time-honored restaurant brands increased by 23% year-on-year in the first nine months of 2023 [1]

Core Viewpoint - The Hunan Provincial Department of Commerce has modified the rules for the 2025 old-for-new appliance, digital product, and home improvement program to enhance the efficiency of consumption voucher usage and accelerate the realization of policy benefits [1] Group 1: Policy Adjustments - The validity period for consumption vouchers has been shortened from 30 days to 3 days, requiring vouchers obtained on November 1 to be used by November 3, and those obtained on December 1 to be used by December 3 [1] - Consumers and merchants must complete the delivery or pickup process within 30 days after placing an order, with all final deliveries to be completed by January 10, 2026 [1] Group 2: Objectives and Implementation - This policy adjustment is a specific measure by Hunan Province to respond to national initiatives aimed at expanding domestic demand and promoting consumption upgrades [1] - Consumers and partner merchants are advised to pay close attention to the timing changes and plan their voucher collection, ordering, and pickup accordingly to fully benefit from the policy [1]

Core Points - Hunan Province has adjusted its old-for-new policy for consumer goods, reducing the validity period of consumption vouchers from 30 days to 3 days [1] - The new policy aims to enhance the efficiency of voucher usage and accelerate the realization of policy benefits [1] - Consumers must complete the delivery or pickup process within 30 days after placing an order, with all goods to be delivered by January 10, 2026 [1] Summary by Category - **Policy Changes** - The validity of consumption vouchers is now limited to 3 days, requiring prompt usage [1] - Vouchers received on November 1 must be used by November 3, and those received on December 1 must be used by December 3 [1] - **Implementation Guidelines** - Consumers and merchants are required to complete the delivery or pickup within 30 days of order placement [1] - Final delivery of all products must occur by January 10, 2026 [1] - **Objectives** - The adjustment is part of Hunan's response to national initiatives aimed at expanding domestic demand and promoting consumption upgrades [1] - Consumers are advised to plan their voucher usage and order timing carefully to maximize benefits [1]

Core Insights - The city of Liaocheng has implemented a robust "renewal" program supported by special long-term government bonds to stimulate consumer spending through trade-in initiatives for various products [1][2] Group 1: Economic Impact - In 2024, the city issued a total of 606.53 million yuan in subsidies, benefiting 207,000 consumers and directly driving 4.1 billion yuan in large-scale consumption [1] - The total retail sales of consumer goods reached 108.53 billion yuan in 2024, marking a year-on-year growth of 7.1%, with automotive retail sales increasing by 18.5% and home appliance sales by 11.8% [1] Group 2: Policy Expansion - The "renewal" policy will be optimized and expanded in 2025, increasing the categories of home appliances from 8 to 12 and home renovation from 3 to 5, while also adding subsidies for mobile digital products and including vehicles meeting National IV emission standards in the trade-in program [2] - The expanded policy has already driven 5.1 billion yuan in consumption, indicating a sustained increase in market activity [2] Group 3: Digital Innovation - Liaocheng has launched the "Hui Xun Huan" digital platform, the first of its kind in the province, to facilitate the trade-in process across multiple product categories, enhancing efficiency in subsidy verification by over 80% [2] - Since 2024, the platform has facilitated the recycling of 533,800 home appliances and the purchase of 769,400 new items, achieving a trade-in conversion rate of 79% and directly promoting 3.04 billion yuan in green and smart appliance consumption [2]