Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice on expanding service consumption, emphasizing the importance of service consumption in improving people's livelihoods and driving economic high-quality development [1] Group 1: Cultivating Service Consumption Promotion Platforms - Implementation of the Service Consumption Quality Improvement and Benefit Action, focusing on policy support, platform establishment, and optimizing the consumption environment [2] - Development of pilot cities for new consumption formats, supporting cross-industry collaborations to create new consumption scenarios [2] Group 2: Enriching High-Quality Service Supply - Expansion of high-level opening up in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [2] - Support for cultural and artistic sectors to create high-quality products and optimize cultural service supply [2] - Encouragement of introducing foreign sports events and supporting local mass sports events to enhance brand recognition [2] Group 3: Stimulating New Service Consumption Growth - Attraction of more foreign visitors through optimized visa policies and promotion of China's cultural resources [3] - Expansion of digital service consumption, encouraging e-commerce platforms to innovate in online and offline integration [3] - Adjustment of student holiday arrangements to increase service consumption opportunities [3] Group 4: Strengthening Financial Support - Utilization of various funding channels to support the construction of service facilities in culture, tourism, and sports [4] - Support for service trade innovation development funds to guide social capital investment in service consumption [4] - Enhancement of consumer credit support to stimulate service consumption market vitality [4] Group 5: Improving Statistical Monitoring Systems - Optimization of service consumption statistical methods to reflect regional development accurately [5][6] - Encouragement of the use of big data for monitoring and analyzing service consumption [6]

服务消费是促进民生改善的重要支撑，也是消费转型升级的重要方向，在推动经济高质量发展中发挥重 要作用。为贯彻落实党中央、国务院决策部署，更大力度提振消费、扩大内需，提出以下措施。 一、培育服务消费促进平台 （一）实施服务消费提质惠民行动。印发《服务消费提质惠民行动工作方案》，从加强政策支持、搭建 平台载体、扩大对外开放、强化标准引领、优化消费环境等方面提出工作举措。持续深化"购在中国"品 牌打造，开展"服务消费季"系列促消费活动，围绕贴近群众生活、需求潜力大、带动作用强的重点领域 开展服务消费促进活动，培育服务消费品牌，打造服务消费热点。（商务部牵头） （二）开展消费新业态新模式新场景试点城市建设。积极发展首发经济，推动创新和丰富服务消费场 景，支持优质消费资源与知名IP跨界合作，打造一批商旅文体健融合的消费新场景，培育一批新型消费 龙头企业。（财政部、商务部按职责分工负责） （九）有条件的地方可结合实际对普惠托育机构给予场地支持和适当运营补助。支持有条件的幼儿园招 收2—3岁幼儿，发展社区嵌入式托育、家庭托育点，鼓励用人单位提供托育服务，并按相关规定给予政 策支持。（发展改革、教育、财政、卫生健康主管部门，工 ...

Group 1 - The sports sector increased by 0.53% on September 16, with Lisheng Sports leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] - Lisheng Sports (002858) closed at 16.65, with a rise of 3.80%, and a trading volume of 231,200 shares, amounting to 378 million yuan [1] Group 2 - The net inflow of main funds in the sports sector was 3.6581 million yuan, while retail investors experienced a net outflow of 2.819 million yuan [1] - Lisheng Sports had a net inflow of 28.5409 million yuan from main funds, accounting for 7.55% of the total, while it saw a net outflow of 23.9031 million yuan from retail investors [1] - Zhongti Industry (600158) experienced a net outflow of 24.8828 million yuan from main funds, with a net inflow of 3.7987 million yuan from speculative funds [1]

Core Points - The 22nd Qi Culture Festival, themed "Yanyang Qifeng · Jixia New Chapter," opened on September 12 in Linzi District, Zibo City, showcasing a cultural feast that revitalizes the ancient city with new energy [2][3] - The festival features four major sections with 16 cultural activities, emphasizing innovation, practicality, sharing, development, and frugality [3] - The event includes the launch of educational travel products and partnerships with local educational service providers to enhance the learning experience for students [3][4] Group 1 - The opening ceremony featured a performance titled "Taigong Feng Qi," which reenacted historical moments of Jiang Taigong's enfeoffment, providing an immersive experience for the audience [2] - The festival has evolved over 22 years, becoming a cultural celebration for the local community, with activities designed to engage families and promote local heritage [3] - The event highlighted the progress of the application for UNESCO World Heritage status for the Zhou Dynasty city site, showcasing archaeological achievements and the importance of cultural preservation [3] Group 2 - The festival also included the unveiling of national key football training schools and youth rugby training bases, linking ancient sports culture with modern athletic development [4] - Visitors expressed excitement about the combination of cultural and sports activities, indicating a growing interest in integrating education, culture, and sports [4] - The festival aims to write a new chapter for Qi culture in the modern era, blending historical depth with contemporary relevance [4]

Core Viewpoint - The recent Central Political Bureau meeting emphasized the need to implement actions to boost consumption, particularly focusing on cultivating new growth points in service consumption to meet the increasing demands of the population and stimulate economic growth [1] Group 1: Service Consumption Growth - The service consumption sector is gaining momentum, with a 5.2% year-on-year increase in service retail sales from January to July this year [1] - Key sectors such as dining, tourism, entertainment, sports, and elderly care are showing positive growth trends, with traditional festivals and intangible cultural heritage elements being integrated into the dining industry [1] - The "concert economy" and film market are thriving, driving the development of related industries like cultural tourism and creative industries [1] Group 2: Challenges and Solutions - Despite the broad market for service consumption, challenges such as insufficient quality service supply, suboptimal consumption environment, and low levels of service industry openness are hindering potential growth [2] - To address these issues, measures should be taken to enhance the supply of quality services, including increasing openness in the service industry and attracting foreign investment in sectors like culture, entertainment, and healthcare [2] - Improving the service consumption environment is crucial, which includes establishing quality standards, enforcing regulations, and promoting industry self-discipline [2] Group 3: Enhancing Inbound Consumption - The facilitation of inbound consumption can be improved by expanding the list of visa-free countries and extending the stay duration for transit visa-free travelers [3] - Encouraging the use of international electronic wallets and establishing cross-border payment mechanisms will enhance the mobile payment experience for foreign visitors [3] - Supporting duty-free shops to diversify their product offerings and attract more international brands will further stimulate consumption [3]

Core Viewpoint - The Chinese government is implementing more proactive macro policies to promote steady economic growth, with a focus on enhancing consumer demand and stabilizing the real estate market [1]. Economic Growth - The third batch of consumer goods replacement policies has been implemented, leading to a rapid increase in sales of related products. In August, retail sales of household appliances and furniture continued to grow at double-digit rates [2]. - Investment in equipment and tools increased by 14.4% year-on-year in the first eight months, contributing 2.1 percentage points to fixed asset investment growth [2]. Production and Supply Chain - The production efficiency is improving, with significant growth in the production of lithium-ion batteries for electric vehicles, charging piles, and electric bicycles in August [4]. - The value-added growth rate in the integrated circuit manufacturing and electronic materials sectors exceeded 20% in August, indicating strong performance in the digital economy [7]. Real Estate Market - The real estate market is showing signs of recovery, with a narrowing decline in new housing sales. From January to August, the sales area of new commercial housing decreased by 13.3 percentage points compared to the same period last year [8]. - By the end of August, the inventory of unsold commercial housing decreased by 3.17 million square meters, marking six consecutive months of reduction [9]. Consumer Spending - A comprehensive set of policies aimed at boosting consumption has led to a stable growth in retail sales, with a year-on-year increase of 3.6% in August [10]. - Service retail sales grew by 5.1% year-on-year from January to August, outpacing the growth of goods retail sales [10]. Online and New Consumption - Online retail sales increased by 9.6% year-on-year from January to August, indicating a positive trend in digital and new consumption [13]. - The integration of digital technology with new consumption scenarios is fostering growth in emerging fields such as digital, green, and health consumption [13].

Investment Rating - The report indicates a focus on the service consumption sector, with potential investment opportunities in companies listed on the Beijing Stock Exchange related to this industry [1]. Core Insights - The report highlights that several policy measures aimed at expanding service consumption are expected to be introduced in September 2025, which could significantly enhance the supply of high-quality services and stimulate new consumption scenarios [2][5][12]. - In 2024, China's service retail sales are projected to grow by 6.2% year-on-year, outpacing the growth of goods retail sales by 3 percentage points, indicating a robust demand for service consumption [6][8]. - The report identifies a substantial growth potential in service consumption in China, particularly in areas such as culture, leisure, tourism, and healthcare, as the country transitions towards a service-oriented economy [6][12]. Summary by Sections Policy Measures - The Ministry of Commerce plans to introduce new policies to boost service consumption, focusing on enhancing service supply and promoting investment in sectors like internet services, culture, and healthcare [2][5][12]. - Specific measures include encouraging foreign investment in sectors such as camping, homestays, and "Internet + healthcare" [2][5]. Market Performance - The median price change for companies in the service consumption sector on the Beijing Stock Exchange was -3.12% from September 8 to September 12, 2025, with 9 companies (23%) experiencing gains [15][16]. - The total market capitalization of the service consumption sector decreased from 132.17 billion to 128.91 billion yuan, with the median market capitalization dropping from 2.35 billion to 2.29 billion yuan [22][24]. Valuation Metrics - The median price-to-earnings (P/E) ratio for companies in the service consumption sector decreased from 57.9X to 52.5X [18][19]. - The broader consumer sector's median P/E ratio fell from 66.9X to 61.3X, indicating a general decline in valuations across the sector [28][29]. Company Analysis - The report lists several companies in the service consumption sector, including those in sports, tourism, healthcare, and education, highlighting their revenue and profit metrics for 2024 [13][14]. - Notable companies include Meizhigao, Guoyi Tendering, and Jinbo Biological, which showed significant price increases during the reporting period [25][26].

Group 1 - The sports sector increased by 1.52% on September 15, with Lisheng Sports leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Lisheng Sports (code: 002858) closed at 16.04, with a rise of 4.22%, and Zhongti Industry (code: 600158) closed at 9.50, with an increase of 0.85% [1] Group 2 - The net inflow of main funds in the sports sector was 24.27 million yuan, while retail investors experienced a net outflow of 29.09 million yuan [1] - Main fund inflow for Zhongti Industry was 14.90 million yuan, with a net retail outflow of 11.24 million yuan [1] - Main fund inflow for Lisheng Sports was 9.37 million yuan, with a net retail outflow of 17.85 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the stable growth of service consumption in China, with service retail sales increasing by 5.1% year-on-year, outpacing the growth of goods retail sales [1] - The integration of tourism and sports is fostering new consumption scenarios, with significant growth in retail sales related to travel and cultural sports services [1] - Local events, such as the kayaking competition in Jiangxi, are driving tourism and cultural consumption, with over 200 participants and various promotional measures to attract visitors [2][4] Group 2 - The kayaking event in Jiangxi led to the issuance of approximately 100,000 yuan in cultural tourism consumption vouchers, with local attractions and businesses offering discounts and new travel routes to maintain the event's momentum [7] - In Guizhou, a unique agricultural event attracted numerous visitors, allowing them to experience traditional farming activities and celebrate the harvest season [8] - The agricultural activities in Guizhou, including fishing contests and traditional grain processing, have successfully engaged tourists and promoted local cultural heritage [11]

Group 1 - Brazil's participation in the 2025 China International Service Trade Fair highlighted its unique products such as coffee, chocolate, and wine, attracting significant attention from visitors [2] - The theme of the fair, "Digital Intelligence Leading, Service Trade Renewed," emphasizes the growing importance of digital economy as a connection between China and Brazil [2] - Meituan's introduction of its latest delivery robot, "Meituan Xiaohuangfeng," showcases advancements in supply chain and business services, enhancing efficiency in delivery [2] Group 2 - Meituan signed an agreement with the Brazilian Export and Investment Promotion Agency to invest $1 billion in Brazil over five years, establishing a nationwide instant delivery network [3] - Kuaishou's AI platform, Kuailing, has gained approximately 44 million global users, enhancing China's AI influence and promoting the international version of Kuaishou [3] - Kuaishou launched the e-commerce platform KuaishouShop in Brazil, providing diverse services to local users and supporting small and medium enterprises [4] Group 3 - The fair showcased health services, with a focus on traditional Chinese medicine, including successful training programs for Brazilian professionals [4] - The fair facilitated collaboration in the fragrance industry, with companies sourcing raw materials from Brazil to produce essential oils for international markets [6] - Sports cooperation was highlighted, with initiatives to promote cultural exchanges between Brazil and China, particularly in football [6] Group 4 - Traditional trade between China and Brazil is thriving, with Brazilian products like coffee and wine gaining popularity among Chinese consumers [6] - The fair's sales and experiential activities increased awareness of Brazilian brands among Chinese consumers, enhancing cultural understanding [6] - The ongoing expansion of service trade cooperation between China and Brazil is expected to drive growth in global service trade [7]