Core Viewpoint - The Ministry of Commerce and nine other departments have jointly released measures to expand service consumption, focusing on enhancing supply and addressing the shortage of high-quality services in the market [1][2]. Group 1: Policy Measures - The measures include promoting orderly opening in sectors like internet, culture, telecommunications, healthcare, and education, as well as supporting the inclusion of more service consumption areas in the encouraged foreign investment directory [2]. - There is an emphasis on extending operating hours for popular cultural and tourism venues, optimizing reservation methods, and encouraging the introduction of high-quality foreign sports events [2][3]. - The measures aim to cultivate a diversified education and training market and relax market access in high-end healthcare and leisure sectors to attract more foreign and private investment [2]. Group 2: Financial Support - The measures stress the need for enhanced financial support, including the establishment of a service trade innovation development fund to guide social capital investment in service consumption-related fields [2]. - There is a proposal for local governments to support consumption credit through risk compensation funds, creating a combination of government subsidies, financial support, and merchant discounts [3]. - The measures also suggest attracting more foreign visitors for consumption and expanding digital service consumption, alongside optimizing school holiday arrangements to increase service consumption time [3].

商务部9月16日消息，商务部等九部门近日联合印发《关于扩大服务消费的若干政策措施》，在培育服 务消费促进平台、丰富高品质服务供给、激发服务消费新增量、加强财政金融支持、健全统计监测制度 5方面提出19条举措。 在培育服务消费促进平台方面，政策措施明确，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。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。 在丰富高品质服务供给方面，政策措施提出，扩大服务业高水平对外开放。推动互联网、文化等领域有 序开放，扩大电信、医疗、教育等领域开放试点。加快推进服务业扩大开放综合试点示范。支持将更多 服务消费领域纳入《鼓励外商投资产业目录》，提供差异化服务供给。放宽中高端医疗、休闲度假等领 域市场准入，减少限制性措施，吸引更多外商投资、民营资本进入，增加优质服务供给。提升文化娱 乐、体育、家政、养老、托育等服务供给水平 ...

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued policies to expand service consumption, proposing 19 measures across five key areas to stimulate growth in the service sector [1][2]. Group 1: Promoting Service Consumption Platforms - The policies aim to deepen the "Buy in China" brand and launch a series of promotional activities called "Service Consumption Season" to enhance consumer engagement [1]. - Focus will be on key areas that closely relate to people's lives, have significant demand potential, and strong driving effects to cultivate service consumption brands and hotspots [1]. - The initiative includes the development of pilot cities for new business formats, models, and scenarios, promoting innovative and diverse service consumption experiences [1]. Group 2: Enriching High-Quality Service Supply - The measures propose to expand high-level opening of the service industry, particularly in internet, culture, telecommunications, healthcare, and education sectors [2]. - There will be a push to relax market access in high-end healthcare and leisure sectors, reducing restrictive measures to attract more foreign and private investment [2]. - The goal is to enhance the supply levels in cultural entertainment, sports, domestic services, elderly care, and childcare sectors [2]. Group 3: Stimulating New Service Consumption - The policies aim to attract more foreign visitors for consumption by expanding the list of countries eligible for visa exemptions and optimizing visa policies for foreigners [2]. - There is an emphasis on expanding digital service consumption, encouraging e-commerce platforms to innovate in online and offline integrated service consumption scenarios [2]. - Support will be provided for the digital transformation and operational promotion of life service enterprises [2]. Group 4: Strengthening Financial Support - The measures include utilizing various funding channels, such as central budget investments and local government bonds, to support the construction of service facilities in culture, tourism, elderly care, childcare, and sports [3]. - Financial institutions will be encouraged to increase credit support for service consumption sectors, with a focus on reasonable loan interest rates to sustainably support service consumption [3]. - Local governments may establish or incorporate existing risk compensation funds to share consumption credit risks and promote financial products tailored to service consumption characteristics [3].

Core Viewpoint - The company plans to sell 100% equity of Kensington Park School Limited (KPS) for £80,000 (approximately ¥760,100) to Hong Kong KS Education Group Limited (KSE), which has been approved by the board of directors and does not constitute a related party transaction or a major asset restructuring [1][9][11]. Group 1: Transaction Overview - The sale of KPS is part of the company's strategy to optimize its asset structure and resource allocation, aiming to improve asset operation efficiency [29]. - The company has received a deposit of $27,880 (approximately ¥199,300) from KSE for the transaction [9]. - The board of directors approved the sale with 10 votes in favor and 1 abstention, with no opposing votes [10][32]. Group 2: Background and Financial Context - KPS has faced significant operational challenges due to various factors, including the global pandemic, geopolitical crises, and changes in UK education policies, leading to substantial cumulative losses [17][18]. - The company acquired KPS in 2022 and attempted to improve its operations, but continued pressures have resulted in projected EBITDA losses from 2025 to 2027 [29]. - The decision to sell KPS is expected to generate approximately ¥20 million in investment income and increase the company's net assets by about ¥27 million [29]. Group 3: Valuation and Pricing - The valuation of KPS was assessed at £50,000 (approximately ¥480,000) based on an evaluation report, with a significant increase in value of £20,314.3 (102.42% increase) [11][21]. - The agreed transaction price of £80,000 reflects a negotiated amount above the assessed value, indicating a strategic decision to divest from a non-core asset [11][22]. Group 4: Impact on Company - The sale aligns with the company's strategic transformation post "double reduction" policy, focusing on core business areas such as quality education and international education [29]. - Following the sale, the company will no longer hold any shares in KPS, leading to changes in its consolidated financial statements [29].

Group 1 - The core viewpoint of the news is the issuance of a set of policies aimed at expanding service consumption to boost economic growth and improve living standards [1][2] - The measures include 19 specific tasks across five main areas, focusing on enhancing service consumption platforms and promoting new consumption models [1] - The initiative aims to enrich high-quality service supply in sectors such as culture, entertainment, and elderly care, while also expanding the openness of the service industry [1][2] Group 2 - The policies encourage the attraction of foreign consumers and the expansion of digital service consumption [1] - Financial support is emphasized, with plans to utilize various funding channels to enhance service infrastructure and provide credit support for service consumption [1][2] - The measures also call for the development of innovative financial products tailored to the needs of service consumption businesses [2]

Core Insights - The Ministry of Commerce and nine other departments released measures to expand service consumption, focusing on 19 specific initiatives to enhance service supply and stimulate demand [1][2] Group 1: Service Consumption Growth - Service retail sales increased by 5.1% year-on-year in the first eight months of the year, outpacing the 0.3 percentage point growth of goods retail sales [1] - The growth in service consumption is hindered by a shortage of high-quality service supply, which the Ministry aims to address through both domestic and international openings [1][2] Group 2: Specific Measures - Initiatives include promoting orderly openings in internet, culture, telecommunications, healthcare, and education sectors, and supporting the inclusion of more service areas in the encouraged foreign investment directory [2] - The measures also encourage the introduction of high-quality sports events and the development of a diversified education and training market [2] Group 3: Financial Support and Risk Mitigation - The measures emphasize strengthening financial support, including the establishment of funds to invest in qualifying service consumption enterprises and increasing credit support for service sectors [2][3] - A combination of government subsidies, financial support, and merchant discounts is proposed to mitigate consumer credit risks [3] Group 4: Stimulating New Consumption - Strategies to attract more foreign consumers, expand digital service consumption, and optimize student holiday arrangements are outlined to stimulate new service consumption [3] - The proposal includes exploring adjustments to school holiday schedules to increase opportunities for tourism and service consumption [3]

Core Viewpoint - The Chinese government is enhancing policy support for service consumption as a key measure to expand domestic demand, with 19 specific initiatives outlined in the recent policy measures [1][2]. Group 1: Policy Measures - The policy measures focus on five areas: cultivating service consumption promotion platforms, enriching high-quality service supply, and stimulating new service consumption growth [1][2]. - Specific initiatives include the implementation of a service consumption quality improvement action plan and the establishment of pilot cities for new consumption formats and models [2][3]. Group 2: Financial Support - The measures emphasize strengthening financial support through various funding channels, including central budget investments and local government bonds, to support the construction of cultural, tourism, and other service facilities [5]. - The People's Bank of China has set up a 500 billion yuan re-lending program to guide financial institutions in increasing support for high-quality service supply in sectors like accommodation, tourism, and education [4][5]. Group 3: Market Expansion - The policy encourages the opening up of sectors such as telecommunications, healthcare, and education to attract more foreign investment and enhance service supply [2][3]. - The government aims to optimize the supply of services by reducing restrictions in high-end medical and leisure sectors, thereby increasing the quality of service offerings [2][3].

Core Points - The construction mobilization meeting for the ±800 kV UHVDC project from Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area was held on September 16, marking the start of the world's largest flexible DC transmission project [1][4] - The project will connect four converter stations in Tibet and Guangdong, aggregating over 20 million kW of clean energy, providing a strong green low-carbon energy guarantee for the region [1][4] - The total investment for the project is approximately 53.2 billion yuan, with an additional investment of over 150 billion yuan for supporting clean energy infrastructure [4] Energy Demand and Supply - In July, Guangdong's electricity consumption reached 531.52 billion kWh, a year-on-year increase of 4.3%, with the highest load reaching 165 million kW, accounting for 11% of the national load [2][4] - The total electricity consumption in China for the year reached 1.02 trillion kWh in July, marking an 8.6% year-on-year increase [1][2] Economic Impact - The project is expected to create over 100,000 direct jobs during peak construction and significantly boost the upstream and downstream equipment industries [4] - Since 2015, the cumulative electricity export from Tibet has reached 15.79 billion kWh, generating over 4.2 billion yuan in economic benefits for the region [2] Strategic Importance - The UHVDC project is seen as a key move in optimizing national energy resource allocation, breaking regional barriers, and achieving precise alignment between resources and markets [4] - The project will enable the delivery of over 43 billion kWh of clean energy annually to the Greater Bay Area, equivalent to half the annual output of the Three Gorges Dam [4]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the release of policies aimed at boosting service consumption and expanding domestic demand, with a focus on various sectors including education, tourism, IP, sports, exhibitions, and nursing [3] Summary by Relevant Sections Education - Focus on K12 education and vocational training, with expectations for smoother approval processes for non-academic training licenses and increased market opportunities for employment-oriented vocational education. Recommended companies include DouShen Education, Angli Education, and China Oriental Education [3] Tourism - Emphasis on attracting more foreign visitors and enhancing travel services. Investment opportunities are identified in OTA (Online Travel Agencies) such as Ctrip Group, scenic spots like Xiyu Tourism, hotels like ShouLi Hotel, and tourism retail companies like China Duty Free Group [3] Intellectual Property (IP) - Recommendations to explore traditional cultural IP markets and develop new service consumption scenarios. Companies to watch include Songcheng Performance and Pop Mart [3] Sports - Encouragement for introducing foreign sports events and supporting local sports competitions. Investment opportunities include event operations firms like Lisheng Sports and Lansheng Co [3] Exhibitions - Focus on cultivating international markets for medical and exhibition services, with recommended companies including Lansheng Co and Miao Exhibition [3] Nursing - Highlighting the importance of training personnel in elderly care and long-term care services, with a focus on Saint Bella [3]

Core Viewpoint - The announcement by nine departments aims to expand service consumption as a crucial support for improving people's livelihoods and upgrading consumption, thereby playing a significant role in promoting high-quality economic development [7][4]. Group 1: Policy Measures - The document outlines five areas with 19 specific measures to stimulate service consumption, including the launch of "service consumption seasons" and support for high-quality consumption resources collaborating with well-known IPs [5][6]. - It emphasizes the need to extend operating hours for popular cultural and tourist venues, optimize reservation methods, and encourage no-reservation policies [5][8]. - The policy encourages the introduction of high-quality sports events and leagues, as well as the development of sports competition brands with independent intellectual property rights [5][9]. Group 2: Enhancing Service Supply - The initiative includes expanding high-level openness in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [8][10]. - It aims to utilize existing funding channels to support the creation of high-quality cultural products and services, enhancing the supply of cultural offerings [8][10]. - The policy encourages localities to innovate exhibition methods in cultural venues and collaborate with social forces to develop cultural and digital products [8][10]. Group 3: Stimulating New Consumption - The measures propose attracting more foreign visitors for consumption by optimizing visa policies and promoting China's cultural resources [9][10]. - It encourages the expansion of digital service consumption and supports e-commerce platforms in creating integrated online and offline service scenarios [9][10]. - The policy suggests optimizing school holiday arrangements to increase travel and service consumption opportunities [9][10]. Group 4: Financial Support - The plan includes utilizing various funding sources to support the construction of service facilities in culture, tourism, and healthcare [10][11]. - It aims to enhance financial support for service consumption sectors, encouraging financial institutions to develop tailored financial products [10][11]. - The initiative focuses on providing fiscal interest subsidies to stimulate service consumption and reduce financing costs for service providers [10][11]. Group 5: Monitoring and Implementation - The document calls for optimizing service consumption statistics and innovating monitoring methods to reflect regional service consumption development accurately [11][12]. - It emphasizes the need for all relevant departments to implement the policies effectively and coordinate efforts to enhance service consumption [11][12].