部门合作、政策协同，凝聚服务消费培育的新合力。服务消费的"跨领域、强关联"特性，决定了其培育 必须依赖部门协同。一个地方能够成为某个服务消费的新高地，一定是政策协同与跨部门合作的结果， 如国内一些大城市形成二次元消费磁场的背后，是当地文化、商业、旅游、市场等多部门同向奔赴的结 果。在服务消费新增长点培育过程中，地方政府需通过机制搭建明确协同路径、分工清单压实部门责 任、场景落地检验协同成效、考核保障确保长效运行，将分散的部门力量拧成"一股绳"，形成跨部门协 作合力，消除政策差异和壁垒，以优质生态体系催生更多服务消费新增长点。 （文章来源：经济日报） 服务消费持续增长是我国经济发展阶段和居民收入水平同步提升的必然结果。2024年我国人均GDP超 1.3万美元，服务消费逐渐成为提振消费的一个显性驱动力和重要抓手，居民人均服务性消费支出占人 均消费支出的比重达46.1%，相较于发达国家60%以上的水平，我国服务消费增长依然潜力巨大。服务 消费持续增长是我国服务供给侧结构性改革和人民消费需求结构升级同向发力的必然结果。政府以"补 贴、规范、扩容"等方式，扩大养老、托育、家政、文旅、健康、数字服务等的有效供给，形成"需 ...

国家税务总局日前发布的统计数据显示，2025年国庆中秋假期，全国消费相关行业日均销售收入同比增 长4.5%，其中，服务消费同比增长7.6%。这延续了服务消费近年来的快速增长势头，显示出服务消费 的旺盛潜力。 为推动消费结构转型升级，今年以来相关政策不断加码。从3月份的《提振消费专项行动方案》到9月份 的《关于扩大服务消费的若干政策措施》，优质服务消费走进千家万户、服务多样化需求的路线日趋清 晰。 同时，一系列推动服务消费产业发展的措施也在加速落地。以国庆中秋假期为例，国庆文化和旅游消费 月将持续至10月下旬，在此期间，各地将结合国庆、中秋特点举办超2.9万场次文旅活动，发放超4.8亿 元消费补贴，以"真金白银"激活消费潜力。在政策推动与消费需求释放下，国庆中秋期间，游客寻味美 食，有的餐饮门店单天翻台高达13轮；中国网球公开赛、WTT中国大满贯、"苏超"等赛事人气高涨， 多家平台数据显示，体育旅游产品订单量同比增幅达120%；县域目的地旅游消费预订单量同比提升超 100%。 当下，服务消费发展势头正劲，要坚持优化供给和激发需求相结合，一方面提升基础型消费品质，积极 发展改善型消费，另一方面联动更多市场资源，创 ...

Core Viewpoints - The market may enter a phase of wide fluctuations, with major indices showing mixed performance in September. The current market still holds certain value based on equity risk premium, supported by a continuous "profit-making effect" that attracts short-term capital inflows. Individual investors are still in the process of entering the market, and there may be an increase in participation through funds and wealth management products in the future, although the inflow rate of medium to long-term capital may slow down, it remains a stabilizer for the market [4][5]. - Corporate earnings are still stabilizing, with the economic recovery in the third quarter progressing relatively slowly. However, some sectors have shown improvement, such as the cumulative year-on-year growth rate of industrial enterprise profits from January to August rebounding and a narrowing decline in the year-on-year PPI in August. Domestic exports are expected to remain resilient, and the sustainability of domestic demand improvement may exceed expectations. Overall, with policy support, A-share earnings are expected to see slight recovery in the fourth quarter, adding new momentum to the market [5][6]. - In a liquidity-driven market, TMT (Technology, Media, and Telecommunications) is likely to become a main line, with many catalysts present in this sector. If the market shifts to a fundamental-driven phase, advanced manufacturing should be a key focus. Additionally, if market fluctuations occur, attention should be paid to sectors that are lagging behind, such as high-dividend and consumer sectors [6][7]. Market Style and Industry Recommendations - The market is expected to rotate between "weak reality, strong sentiment" and "strong reality, strong sentiment," corresponding to the rotation of growth and balanced styles. In October, industry allocation should focus on electronics, power equipment, communications, media, and machinery equipment [7]. - Although the Hong Kong stock market has performed well this year, it still holds certain value. In addition to the inflow of southbound funds, a potential interest rate cut by the Federal Reserve may further enhance the external liquidity environment, leading to good performance of the index. Focus should be on Hong Kong stocks in the internet, automotive, and service consumption sectors [8].

Core Viewpoint - The overall economic performance in September remained stable, with marginal recovery in domestic demand driven by the "Golden September and Silver October" peak season, but performance varied significantly across industries [1][4] Industry Summary - **Upstream Resource and Raw Material Industries**: - Upstream resource products benefited from "anti-involution" policies and supply constraints, leading to increased demand and rising prices during the peak season [1][3] - Upstream raw materials like steel and building materials showed limited improvement due to low investment chain sentiment [1][3] - **Midstream Manufacturing Sector**: - Emerging manufacturing and high-end equipment manufacturing sectors experienced significant expansion in peak season due to domestic industrial upgrades and recovery in overseas manufacturing and investment activities [1][2][3] - **Downstream Consumer Sector**: - The real estate market showed weak recovery in transaction volumes, with retail sales of major consumer goods continuing to slow down, indicating insufficient performance during the peak season [1][3] Logic Behind Industry Divergence - The shift in policy focus since July has contributed to the divergence in performance between upstream resource products and downstream consumer sectors, with more emphasis on supply-side optimization and less direct stimulus for demand [2] - Domestic industrial upgrades and economic transformation, along with accelerated recovery in overseas manufacturing and investment, have led to the performance divergence between emerging manufacturing and traditional investment chain-related industries [2] September Industry Information Review - **Energy and Resource Sector**: - Coal production checks improved supply-demand dynamics, leading to price increases; metal supply disruptions and seasonal demand recovery also contributed to price rises [3] - **Real Estate Sector**: - Weak recovery in commodity housing transactions, particularly in first-tier cities, with overall real estate investment remaining low [3] - **Financial Sector**: - A-share trading activity reached new highs, with insurance companies seeing continued growth in premium income [3] - **Midstream Manufacturing Sector**: - Mechanical equipment sales showed strong growth, with heavy truck sales increasing further [3] - **Consumer Sector**: - Service consumption showed slight decline, while overall commodity consumption momentum weakened [3] - **TMT Sector**: - Increased activity in domestic and international AI and humanoid robotics sectors [3] - **New Energy Sector**: - Strong demand for energy storage, positive production trends for lithium batteries, and potential early mass production of solid-state batteries [3]

新华社权威快报 国家税务总局 最新增值税发票数据显示 新华社国内部出品 国家税务总局最新增值税发票数据显示 国庆中秋假期 全国消费相关行业日均销售收入 国庆中秋假期 全国消费相关行业日均销售收入 司比增长4.5% 其中，商品消费和服务消费 同比分别增长3.9%和7.6% 数码产品、汽车消费增长较快 旅游、文化艺术体育服务需求强劲 食品及保健品消费平稳增长 记者：刘开雄 同比增长4.5% 【纠错】 【责任编辑:王雪】 海报制作：刘开雄 ...

央视网消息：今年中秋节叠加国庆假期，消费市场呈现人气旺、活力足态势。其中，服务消费热度 攀升，赏秋游、跟着赛事去旅行为假日经济注入活力。 ...

Core Insights - China's economy continues to maintain stable and healthy development, providing certainty and positive energy for global economic growth. Despite some perceptions that investment opportunities are diminishing, China's economic transformation and upgrading present unprecedented opportunities for countries worldwide [1] Group 1: Industry Transformation and Upgrading - China's manufacturing sector remains the largest globally for 15 consecutive years, with 80% of it comprising traditional industries such as metallurgy, chemicals, machinery, light industry, and textiles. The acceleration of high-end, intelligent, and green development will release investment opportunities in these areas [1] - New industries such as artificial intelligence, robotics, and biomedicine are rapidly emerging, with China leading in several AI models and maintaining the largest industrial robot market for 12 years. The country is fostering the development of future industries and is open to sharing investment opportunities with global partners [1] Group 2: Technological Innovation and Talent Dividend - China is quickly rising in the global technology innovation landscape, with R&D expenditure exceeding 3.6 trillion yuan in 2024, approaching the OECD average. The country leads in high-level international journal publications and invention patents [2] - The integration of technological and industrial innovation is accelerating, with increasing patent conversion rates and the transformation of cutting-edge technological achievements into new productive forces. China produces over 5 million STEM graduates annually, enhancing the talent dividend, particularly in engineering [2] Group 3: Consumption Expansion and Upgrade - China's per capita GDP exceeds $13,000, with a steadily expanding market size. The retail sales of consumer goods are expected to surpass 50 trillion yuan by 2025, solidifying China's position as the world's second-largest consumer market [3] - Online retail sales have ranked first globally for 12 consecutive years, with significant sales in automobiles and air conditioners. Service consumption is becoming a new growth engine, with the proportion of per capita service consumption expected to reach 46.1% in 2024 [3] Group 4: Infrastructure Development - China's vast territory necessitates significant infrastructure development, particularly in the central and western regions where railway and road density is lower than in the eastern coastal areas. Traditional infrastructure construction and upgrades will yield long-term economic and social benefits [3] - Investment demand remains high for intercity railways and cross-river, cross-sea bridges, which improve transportation logistics and regional economic development. Rapid growth in new infrastructure areas such as computing networks, mobile communications, and smart cities will create vast market opportunities [3] Group 5: Urbanization and Social Welfare - China's urbanization is transitioning from rapid growth to stable development, focusing on improving quality and spatial layout, developing urban clusters, and modernizing cities. Urban renewal projects will create significant investment opportunities [4] - The demand for social welfare services, including childcare, education, elderly care, and healthcare, is increasing. By 2025, China aims to provide 4.5 childcare spots per 1,000 children under three, addressing gaps compared to developed countries [4]

Group 1 - The National Development and Reform Commission (NDRC) has allocated a total of 300 billion yuan in special bonds to support the consumption upgrade policy, with the latest batch being 69 billion yuan [1][2] - The government aims to boost consumption as a primary task this year, with the "old-for-new" policy playing a significant role in this initiative [2][3] - From January to August, 330 million people have claimed subsidies under the "old-for-new" policy, leading to over 2 trillion yuan in related sales, contributing to a 4.6% year-on-year growth in total retail sales of consumer goods [5][6] Group 2 - Analysts suggest that future consumption policies may expand the scope of subsidies from durable goods to general consumer goods and services [5] - The government has also introduced new policies to support service consumption, with 19 measures aimed at enhancing service supply in various sectors [6] - The expected growth rate of retail sales is projected to reach 4.5% this year, reflecting a 1.0 percentage point acceleration compared to the previous year [6]

Core Viewpoint - The recent issuance of policies by the Ministry of Commerce and other departments aims to address bottlenecks in service consumption, promoting a shift towards service consumption as a dominant form of consumption in China [1] Group 1: Current State of Service Consumption - China's service consumption is characterized by multi-layered and diversified features, with a growing demand for quality in basic services such as education, healthcare, and elderly care [2] - There is a rapid increase in demand for improved services, with cultural, tourism, and sports services becoming key areas for consumption upgrades [2] - Emerging high-end services like premium healthcare and customized tourism are flourishing [2] Group 2: Challenges in Service Consumption - Service consumption faces challenges such as mismatched supply and demand, with a surplus of low-end services and a shortage of high-end services [2] - Quality standards in services are not well established, leading to high decision-making costs for consumers and inhibiting immediate consumption [2] - There is a notable shortfall in services for the elderly and childcare, alongside a lack of professional talent in critical areas like elderly care [2] Group 3: Solutions to Address Bottlenecks - Digital technology can play a crucial role in bridging gaps, with internet platforms efficiently matching supply and demand, and big data providing insights into consumer needs [3] - Standardization in service quality is essential, as services are inherently intangible and heterogeneous, necessitating a robust standard system to ensure quality [3] - Market-oriented reforms in the talent market are vital, focusing on innovative vocational education and the effective use of data as a new production factor [3] Group 4: Policy Recommendations - A differentiated approach is needed for various service categories, ensuring basic public services are equitable, while expanding supply for inclusive services through policy guidance [4] - For high-end personalized services, market vitality should be stimulated through deeper reforms, encouraging innovation and competitive differentiation [4] - Establishing a multi-layered and diversified service supply system is crucial to meet the growing needs of the population for a better quality of life [4]

新华社北京9月25日电 服务消费，一头连着经济的"增长极"，一头系着群众生活的"幸福线"。 激活消费，需提升服务暖意，精准对接更高的民生期待。当人们走进餐厅既能吃上有烟火气的菜品还能 体验特色文化，在家附近"一店一早""一菜一修""一老一小"等基本服务需求被满足，轻点手机引导代 厨、宠物服务等个性化需求被关照，更多消费意愿将不断转化为现实的消费行动。 激活消费，要改善服务环境，增加优质普惠的服务供给。针对服务消费中低端化、同质化供给过剩和专 业化、个性化供给不足等问题，近日推出的"鼓励引进国外优秀体育赛事，支持地方举办大众体育赛 事""放宽中高端医疗、休闲度假等领域市场准入""因地制宜延长热门文博场馆、景区营业时间""开展家 政服务职业技能专项培训行动"等一系列新举措，受到广泛期待。让大家敢消费、愿消费，市场才能愈 发兴旺。 激活消费，应发挥政策合力，挖掘更多消费潜力。今年以来，相关部门增开银发旅游列车、推动家政服 务消费扩容升级、促进健康消费，此外还设立5000亿元服务消费与养老再贷款，打出政策"组合拳"。抓 好已有政策落地见效，切实将"实惠"传导至服务消费经营主体和消费者，政策红利必将转化为提振消费 实效 ...