Core Insights - The data from the National Bureau of Statistics indicates a positive trend in China's consumption market, with a retail sales total of 20.32 trillion yuan in the first five months of the year, reflecting a year-on-year growth of 5% [1] - In May alone, retail sales reached 4.13 trillion yuan, marking a 6.4% increase compared to the previous year, with the growth rate accelerating by 1.3 percentage points from the previous month [1] - The government prioritizes boosting consumption as a key task to expand domestic demand and strengthen the domestic circulation [1] Consumption Trends - China's consumption is showing a robust development trend, with rapid growth in service consumption sectors such as dining, culture, tourism, sports, and health [2] - As of May 31, 2023, the five major categories of the consumption upgrade program have generated sales of 1.1 trillion yuan, with approximately 175 million subsidies issued directly to consumers [2] - New consumption highlights include inbound consumption, domestic "trendy" products, and digital consumption, with a notable increase in the popularity of high-quality, green, and smart products [2] Challenges and Opportunities - Despite the positive trends, there is still a need to expand consumption demand and further release consumption potential [3] - Key areas for focus include enhancing consumer capacity, improving consumption conditions, innovating consumption scenarios, and optimizing the consumption environment [3][4] Enhancing Consumer Capacity - Strategies to enhance consumer capacity include increasing the proportion of labor remuneration in primary distribution, improving wage growth mechanisms, and expanding the middle-income group [3] - Measures to increase income for low-income groups through tax, social security, and transfer payments are emphasized [3] Improving Consumption Conditions - The expansion of the middle-income group is leading to a growing demand for personalized, diverse, and high-quality consumption [4] - Policies to promote green, smart, and fashionable consumption, as well as the development of new consumption growth points, are essential [4] Innovating Consumption Scenarios - The creation of innovative consumption scenarios can better match the needs of different consumer groups and promote the integration of various consumption formats [4] - The use of technologies such as AI, virtual reality, and augmented reality is encouraged to create diverse and immersive consumption experiences [4] Optimizing Consumption Environment - A favorable consumption environment is crucial for sustained consumption growth, necessitating strengthened market regulation and consumer rights protection [5] - Efforts to create a friendly consumption environment for foreign tourists and improve service quality are also highlighted [5]

Group 1 - The core viewpoint of the article highlights the emergence of the silver economy in Foshan, driven by the aging population and the city's manufacturing strengths [1][3][6] - Foshan's silver economy development is supported by over a thousand companies in the elderly products sector, a favorable geographical location near Hong Kong and Macau, and a relatively affluent population that is open to aging-friendly products [1][6][7] - The city has initiated a systematic approach to develop the silver economy, transitioning from regional exploration to city-level planning, with the release of the "Action Plan for the Development of the Silver Economy" in June [1][5] Group 2 - The manufacturing base in Foshan is robust, particularly in home appliances, furniture, and machinery, which can be leveraged to create aging-friendly products [2][6] - The silver economy is recognized as a national strategy, with Foshan's proactive measures dating back to 2019, when it launched a three-year action plan for elderly services [3][4] - The city is witnessing a collaborative effort among its districts, with initiatives such as the establishment of a 5 billion yuan innovation fund and the creation of a silver economy industrial park [4][5] Group 3 - The aging population in China is projected to exceed 310 million by the end of 2024, with significant growth in the elderly demographic expected in the coming decade [6][10] - Foshan's silver economy is characterized by a strong manufacturing foundation, rich cultural resources, and a favorable location within the Guangdong-Hong Kong-Macau Greater Bay Area [6][9] - The city is facing challenges in matching the growing demand for elderly products and services, with a need for sustainable business models and a robust standard system for elderly care [10]

Group 1 - The People's Bank of China and six other departments issued guidelines to support consumption, signaling strong policy support for investment in the consumption sector [2][3] - The guidelines are expected to optimize investment and exit pathways in the consumption industry, potentially becoming a turning point for capital inflow [2] - The guidelines encourage quality enterprises in the consumption chain to raise funds through public listings and other means, enhancing investor confidence [2][3] Group 2 - The guidelines emphasize attracting social capital to invest in key service consumption areas, promoting long-term and patient capital to meet financing needs [3] - Government investment funds are encouraged to participate in new consumption sectors like health and wellness, cultural tourism, and digital and green consumption [3][4] - The introduction of a risk-sharing mechanism through government funds aims to activate social capital investment in new consumption areas [4] Group 3 - There is a clear signal of recovery in the consumption sector, driven by both policy support and capital reassessment of projects with strong cash flow [5] - Investors are shifting focus towards essential consumer goods and technology-enabled consumption, favoring companies with healthy profitability and robust supply chains [5] - The case of Banou International Holdings highlights the importance of supply chain integrity and product quality in achieving success in the competitive market [5] Group 4 - The popularity of outdoor sports and consumer technology is creating new investment opportunities, particularly in the context of the Jiangsu City Football League [6] - The establishment of the Hangzhou Conference City Fund aims to enhance the sports consumption ecosystem and leverage post-Asian Games market potential [6] - The fund has an initial scale of 100 million yuan, with plans to reach 500 million yuan, focusing on event operations and digital economy sectors [6]

Core Viewpoint - Shenzhen is implementing measures to enhance service consumption quality by upgrading traditional street communities and attracting domestic and international chain brands to establish flagship and experience stores [1] Group 1: Policy Measures - The Shenzhen government has issued measures to promote high-quality service consumption, focusing on the renovation and upgrade of traditional street communities [1] - Support will be provided to various districts for the enhancement of traditional street areas, aiming to attract chain brands and improve new business formats [1] Group 2: Community Development - The initiative aims to utilize idle storefronts along community streets to address the consumption needs of local residents [1] - The plan includes prioritizing the availability of services such as shopping, dining, delivery, repair, laundry, health care, fitness, and entertainment within communities [1]

第9届中国—南亚博览会暨第29届中国昆明进出口商品交易会于近日落下帷幕。云南省民政厅在首次设 立的"旅居云南"馆打造"康养胜地"展区，以"七彩云南·康养福地"为主题，汇聚26家行业领军企业及全省 多个地（州）特色展团，通过六大展区和论坛推介的深度呈现，全方位展现了云南康养产业从"资源禀 赋"向"产业动能"跃升的实践路径，成为此次南博会上汇聚行业目光、展示云南康养产业成果与前景的 核心平台。 现场人气见证产业热度 在为期6天的展程中，康养胜地展区吸引了超过5000名专业观众及26000余名普通参观者到场，通过政策 成果展示区、地（州）产业展团区等六大核心内容板块，呈现了云南省旅居康养产业的立体生态。各板 块紧密围绕产业核心要素，从资源禀赋到服务体系，从适老科技到文旅融合，为观众提供了直观了解产 业现状与未来趋势的窗口，充分彰显了"七彩云南·康养福地"的独特魅力。展区的系列互动活动极大地 调动了观众热情，拍照打卡、集章互动等活动持续火爆，吸引超过18000人次参与，为展区注入鲜活流 量。 展会期间，康养胜地展区还举办了"银发经济新机遇：老龄事业改革与创新"主题论坛与多场推介会，聚 焦云南省旅居康养产业的核心优势、 ...

Core Insights - The real estate industry is currently in a destocking cycle, with various segments seeking new models amid a transformation period and increasing market competition [1] - Non-residential asset values are influenced by operational efficiency, with significant differentiation observed across various segments [2] Non-Residential Asset Value Differentiation - Asset value changes are closely related to three factors: maturity of operational models, stability of operational efficiency, and clarity of exit channels [2] - Long-term rental apartments and commercial assets are favored due to mature operational models and stable returns, while office buildings and industrial parks are negatively impacted by economic downturns, leading to high vacancy rates and declining rents [2] Long-Term Rental Apartments Performance - Long-term rental apartments have emerged as one of the most stable segments in the real estate industry, with high occupancy rates [5] - In the past five years, the occupancy rate of concentrated apartments in core cities has remained above 85%, with cities like Guangzhou, Shenzhen, Wuhan, and Nanjing exceeding 93% [5] - REITs (Real Estate Investment Trusts) related to long-term rental apartments have shown strong performance, with underlying asset occupancy rates exceeding 91% [5][8] Policy and Market Trends - The government is promoting high-quality housing supply and integrating rental housing into the "good housing" system, which may impact the personal rental market [12] - Major cities are adopting various strategies to enhance rental housing quality, such as implementing green building standards and offering incentives for compliant projects [12] - The market is witnessing a dual-track development of market-oriented and guaranteed rental housing, particularly in cities like Shanghai and Shenzhen [15] Investment Landscape - The long-term rental apartment market is increasingly recognized for its stability, attracting diverse investors, including funds and insurance capital, which now account for 50% of the market, up from 40% in 2023 [15] - The market is entering a long cycle of asset value differentiation and revaluation, making it suitable for investors seeking stable long-term returns [15]

Group 1 - Nanjing has introduced the "2025 Measures to Stabilize Foreign Investment," which includes 13 initiatives aimed at attracting and utilizing foreign investment more effectively [1][2] - The measures focus on expanding the fields of foreign investment, enhancing the stability of investment, and strengthening enterprise service guarantees [1][2] - A key initiative is to create an industrial investment map to attract foreign enterprises to participate in the construction of the industrial system, thereby enhancing the competitiveness of industrial clusters [1] Group 2 - The measures emphasize the importance of enhancing brand building for investment promotion activities and participating in national events to attract quality resources to Nanjing [2] - There is a focus on expanding the methods of utilizing foreign investment, encouraging foreign investors to engage in strategic investments through various means such as issuing new shares and mergers [2] - The measures also support the establishment of investment companies and venture capital enterprises by foreign investors in Nanjing, promoting reinvestment in the city [2] Group 3 - Increased support for foreign-funded research and development is highlighted as a crucial step in stabilizing foreign investment, encouraging the establishment of R&D centers and collaboration with local institutions [3] - The measures aim to enhance services for major foreign investment projects, promoting early signing, commencement, and production of these projects [3] - Foreign enterprises are encouraged to upgrade technology and innovate products, with a focus on high-end, intelligent, and green development [3]

昨天（6月24日），"技能照亮前程"暑期技能大培训启动，相关推进会举行。苏州抢抓暑期时间， 按照"产业发展需要什么就培训什么"导向，整合资源，聚焦重点人群，实施十大培训专项计划，大规模 开展职业技能培训，支持引导更多劳动者实现技能成才、技能就业、技能增收，促进劳动者高质量充分 就业，加快构建就业友好型城市。 推进会上，苏州承接开发的今年省级技能人才评价技术资源发布，"技能大师、技能冠军进校园"活 动启动，全市行业协会培训大联盟成立，苏州市高技能人才公共实训基地、市乡村培训中心获授牌。现 场，在苏高校、职业院校与企业开展社会化培训签约和产教融合校企合作签约。 会上，省常熟中等专业学校与小米集团进行社会化培训签约。该校校长徐丽娟说，学校联合小米集 团产教融合基地，挖掘企业在人工智能、工业视觉等方面的优势，结合自身硬件、师资、场地等资源， 帮助学员系统掌握人工智能场景应用开发技能。这种产学研深度融合的人才培养模式，有助于为学生提 供更多就业机会，为企业输送更多人才。 本次暑期技能大培训，苏州统筹调动人社、教育、商务、应急、住建、工会、妇联等20多个部门， 构建政府主导、企业主体、校企贯通、多方参与的职业技能培训新格 ...

Core Viewpoint - The Chengdu County Economic Development Conference emphasizes the importance of county-level economies in driving high-quality urban development, with a focus on leveraging local resources and strengths to enhance industrial and tourism sectors [1][3]. Group 1: Industrial Development - Dali County aims to strengthen its industrial park by focusing on key industries such as smart equipment and terminal manufacturing, targeting the establishment of 30 industrial projects each year with investments exceeding 100 million yuan [3]. - The county plans to create three industrial clusters with a total output value of 100 billion yuan by 2029, specifically in the automotive parts sector [3]. Group 2: Tourism and Cultural Development - Dali County is set to enhance its cultural tourism sector by developing over 40 new consumption scenarios, including winter sports and hot spring tourism, and aims to double the comprehensive tourism revenue by 2029 [3][4]. - The county will also focus on cultivating a museum headquarters economy and implement two major cultural tourism projects annually [3]. Group 3: Agricultural Development - The county is prioritizing the development of green agriculture, with plans to establish 24 high-yield demonstration areas and cultivate two billion-level industrial clusters by 2029, targeting an annual growth of over 20% in agricultural processing output [4]. Group 4: Urbanization and Infrastructure - Dali County will optimize public service resources and enhance education and healthcare levels, aiming to improve the quality of life and attract population growth [4]. - The county plans to implement urban organic renewal and develop five large commercial complexes and three characteristic blocks to create a high-quality living environment [4]. Group 5: Talent Development and Services - The county will establish a talent development hub, aiming to attract 220 political talents, 300 technical professionals, and 2,000 enterprise talents annually by 2029 [4]. - A specialized service mechanism for industrial parks will be introduced to enhance operational efficiency and support local enterprises [4].

为贯彻落实党中央、国务院决策部署，完善扩大消费长效机制，更好满足消费领域金融服务需 求，近日中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六 部门联合印发《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》） 。 值得关注的是， 《意见》指出，积极发展股权融资。 支持生产、渠道、终端等消费产业链上 符合条件的优质企业通过发行上市、 "新三板"挂牌等方式融资 。 引导社会资本加大对服务消 费重点领域投资，通过 "长期资本" "耐心资本"满足长周期消费产业融资需求。 积极发挥私募 股权投资基金和创业投资基金作用，加大对处于种子期、初创期企业的股权投资 。鼓励有条件 的地方利用政府投资基金，以市场化方式参与康养、文旅等消费重点项目和数字、绿色等新型 消费领域。 点击文末链接：" 阅读原文 "获取 《关于金融支持提振和扩大消费的指导意见》全文。 2025母基金研究中心专项榜单评选正式开启 2025 40U40优秀青年投资人榜单揭晓 欢迎有意者扫描以下二维码，联系咨询母基金研究中心进行申报（ 请备注姓名 +机构名称， 以便通过验证 ）。 母基金研究中心（ www. china -f o ...