方案提出，指导有奖发票试点城市精心设计方案，在春节期间加大奖金投放力度；鼓励其他地区整合各 方资源，因地制宜组织开展购物抽奖、消费补贴、消费返券等活动。鼓励各地增加春节期间消费品以旧 换新补贴数量，加大线下实体零售支持力度。聚焦重点场景，持续完善银行卡、移动支付、现金服务等 支付环境，便利入境游客支付。 【纠错】 【责任编辑:谷玥】 新华社北京2月2日电（记者谢希瑶）记者2日从商务部获悉，商务部等9单位日前印发《2026"乐购新 春"春节特别活动方案》，活动时间为2月15至23日春节9天假期，旨在繁荣节日市场、丰富群众文化生 活、激发假期消费活力，打造全域联动、全民乐享的春节消费盛宴。 根据方案，活动涵盖"好吃""好住""好行""好游""好购""好玩"六方面内容。结合开展中华美食荟、老字 号嘉年华活动，组织餐饮名店、老字号餐饮企业、地方特色小吃等，推出年夜饭套餐、新春团圆宴；联 动家居卖场、家电品牌、家装企业，推出"新春焕新家"惠民促销；民航、铁路部门增加运力，优化空铁 联运产品；开展全国春节文化和旅游消费月活动；指导重点商圈（步行街）、品牌门店、离境退税商店 等线下实体备足优质货源，联动开展惠民促销；鼓励各 ...

2日，商务部等9部门印发《2026"乐购新春"春节特别活动方案》。 其中提出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度， 动员企业春节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导企业打造智能 终端等产品体验专区，对到店体验消费者给予更多优惠，加大政策解读和线下体验式消费宣 传力度，营造浓厚换新氛围。 此外，方案还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消 费立减等优惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措 施，鼓励使用数字人民币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保 障。金融机构保障适量网点开门营业，满足群众金融服务需求。 全文如下： 2026"乐购新春"春节特别活动方案 2026年春节将迎来9天假期，为繁荣节日市场、丰富群众文化生活、激发假期消费活力，打造全域联 动、全民乐享的春节消费盛宴，结合农历马年文化内涵与春节消费特点，制定本方案。 一、工作思路 贯彻落实党中央、国务院关于扩大内需、提振消费系列决策部署，深入实施提振消费专项行动，打 造"购在中国"品牌，坚持政府引导、市场主导、全民参与， ...

商务部等9单位关于印发《2026"乐购新春"春节特别活动方案》的通知 来源：消费促进司 金融监管总局 广电总局 体育总局 中国民航局 中央宣传部、中央网信办、商务部、文化和旅游部、中国人民银行、金融监管总局、广电总局、体育总 局、中央广电总台、中国民航局、中国国家铁路集团有限公司，各省、自治区、直辖市及计划单列市、 新疆生产建设兵团党委宣传部门，网信、商务、文化和旅游、广播电视、体育主管部门，中国人民银行 上海总部，各省、自治区、直辖市及计划单列市分行，金融监管总局各监管局，民航各地区管理局，各 铁路局集团公司： 为贯彻落实党的二十届四中全会和中央经济工作会议精神，按照国务院部署，繁荣节日市场，激发消费 活力，更好满足人民美好生活需要，商务部会同有关部门研究制定了《2026"乐购新春"春节特别活动方 案》，现予以印发。请各地区各部门提高政治站位，加强组织领导，健全工作机制，强化协同联动，确 保活动取得实效；加强节日市场监测，综合利用大数据等各种手段，多维度分析评价活动成效，全方位 反映春节消费市场情况；统筹发展和安全，严格落实安全生产各项要求，确保各项活动安全有序开展。 商务部 中央宣传部 文化和旅游部 中国 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on transformation and growth opportunities in the home furnishing sector [1]. Core Insights - The company is expected to face significant pressure on its short-term performance, with a projected net profit loss of between 1.15 billion to 850 million yuan for 2025, compared to a profit of 769 million yuan in the previous year [1]. - The report highlights a strategic shift towards enhancing quality and efficiency, leveraging AI design to create new traffic channels, and focusing on digitalization and globalization to drive revenue growth [2][3]. - The company has accelerated its overseas expansion, with positive developments in Cambodia and Macau, and plans to continue deepening its core home furnishing business while exploring new consumer scenarios [3]. Financial Summary - Total revenue is projected to decline from 12.966 billion yuan in 2024 to 11.653 billion yuan in 2025, before recovering to 12.301 billion yuan in 2026 and 12.929 billion yuan in 2027, reflecting a growth rate of 5.6% and 5.1% in those years respectively [4]. - The net profit attributable to the parent company is expected to be -1.004 billion yuan in 2025, with a recovery to 606 million yuan in 2026 and 699 million yuan in 2027, indicating a significant turnaround [4]. - The gross margin is forecasted to decrease to 20.3% in 2025, with a gradual recovery to 23.3% in 2026 and 24.1% in 2027 [4]. Operational Performance - In the first half of 2025, the company's leasing and management business revenue was 23.83 billion yuan, down 21.3% year-on-year, while merchandise sales revenue increased by 29.5% to 36.31 billion yuan [2]. - The company is actively transforming its business model, with plans to operate shopping centers and modern department stores in key urban areas, which are expected to contribute to revenue recovery as the macroeconomic environment improves [2][3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on transformation and growth opportunities in the home furnishing sector [1]. Core Insights - The company is expected to face significant pressure on its short-term performance, with a projected net profit loss of between 1.15 billion to 850 million yuan for 2025, compared to a profit of 769 million yuan in the previous year [1]. - The report highlights a strategic shift towards enhancing quality and efficiency, leveraging AI design to create new traffic channels, and focusing on digitalization and globalization to drive revenue growth [2][3]. - The company has accelerated its overseas expansion, with positive developments in Cambodia and Macau, and plans to continue deepening its core home furnishing business while exploring new consumer scenarios [3]. Financial Summary - Total revenue is projected to decline from 12.966 billion yuan in 2024 to 11.653 billion yuan in 2025, before recovering to 12.301 billion yuan in 2026 and 12.929 billion yuan in 2027, reflecting a growth rate of -4.0%, -10.1%, 5.6%, and 5.1% respectively [4]. - The net profit attributable to the parent company is expected to be -1.004 billion yuan in 2025, with a recovery to 606 million yuan in 2026 and 699 million yuan in 2027, indicating a significant year-on-year decline of 230.5% in 2025 [4]. - The gross margin is forecasted to decrease to 20.3% in 2025, with a slight recovery to 23.3% in 2026 and 24.1% in 2027 [4]. Operational Performance - In the first half of 2025, the company's leasing and management business revenue was 23.83 billion yuan, down 21.3% year-on-year, while merchandise sales revenue increased by 29.5% to 36.31 billion yuan [2]. - The company is focusing on transforming its business model to adapt to market changes, with plans to enhance its core business and explore new consumer segments such as children's, pet, and elderly home products [3].

Core Viewpoint - The "Guo Huo Hang Tian Xia: Zhongshan Department Store Enters Shanghai" event showcases Zhongshan's unique living charm and quality of life, emphasizing its manufacturing strength and strategic location within the Guangdong-Hong Kong-Macao Greater Bay Area [1][3]. Group 1: Geographic Advantage - Zhongshan is strategically located in the central southern part of Guangdong Province, serving as a key node in the Guangdong-Hong Kong-Macao Greater Bay Area, connecting major cities like Guangzhou, Shenzhen, and Hong Kong [3]. - The opening of the Shenzhen-Zhongshan Bridge in 2024 will significantly enhance transportation, reducing travel time between Shenzhen and Zhongshan to just 30 minutes [3]. Group 2: Living Environment and Recognition - Zhongshan has received multiple honors, including the "Best Practice Award for the Habitat" from the United Nations, and has been recognized as a "National Civilized City" and "National Environmental Protection City," reflecting its commitment to ecological preservation [5]. - The city boasts an ecological coverage rate exceeding 45%, with a blend of natural landscapes and urban amenities, making it an attractive place for residents [5]. Group 3: Industrial Development and Branding - The "Zhongshan Meiju" initiative aims to consolidate the home furnishing industry under a unified regional brand, transitioning towards a high-value model focused on design and service [6]. - The Zhongshan Meiju E-commerce Park, established in 2014, has evolved into a national-level e-commerce demonstration base, housing around 400 enterprises and contributing significantly to the city's export growth [8]. Group 4: Future Prospects - The "Zhongshan Meiju" brand is expanding into the "smart manufacturing" sector, leveraging its strong manufacturing foundation and innovative capabilities to support the "宜居中山" (Livable Zhongshan) concept [8].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco products, home furnishings, paper packaging, personal care, AI glasses, pet food, and 3D printing, indicating a mixed outlook across these industries with some showing signs of recovery while others face challenges Trendy Toys - MINISO has entered the AI companionship market with the development of a humanoid robot named "YOYO" aimed at emotional companionship, with a future price set in the tens of thousands of yuan range [2] - The collaboration between MINISO and the Central Radio and Television Station for the 2026 Spring Festival Gala is expected to boost sales of their co-branded products [2] - Bubble Mart's new product releases and collaborations with popular IPs have generated positive responses on social media, indicating strong market engagement [2][11] New Tobacco Products - Japan Tobacco plans to raise the retail price of heated tobacco products by 20-30 yen (approximately $0.13-$0.19) starting April 1, 2026, in response to tax adjustments [2] - Philip Morris International has submitted evidence to the FDA to support its ZYN nicotine pouch for modified risk tobacco product designation, indicating a growing regulatory framework for new tobacco products [2] Home Furnishings - The domestic real estate market remains weak, with a year-on-year decrease of 29.23% in new home sales and a 7.05% decrease in second-hand home sales as of January 23 [3] - The report notes a significant decline in furniture exports from China, down 8.7% year-on-year in December, while Vietnam's furniture exports increased by 20.5% [3][18] Paper Packaging - As of January 29, prices for various paper products have shown mixed trends, with some prices decreasing significantly due to seasonal demand fluctuations [3][19] - The report indicates that rising aluminum prices may lead packaging companies to adjust their pricing strategies to pass on costs to consumers [3][20] Personal Care and AI Glasses - The export volume of disposable hygiene products from China is expected to grow by 10.43% year-on-year in 2025, with baby diapers being a key export category [4][21] - The global market for AI glasses is projected to reach 16 million units by 2026, indicating a strong growth trajectory for this emerging technology [4][24] Pet Food - Zhongchong Co. plans to repurchase shares worth 100-200 million yuan at a premium, reflecting management's confidence in the company's undervalued stock [5][29] - The pet food industry is experiencing increased competition, leading to higher sales expense ratios, but established brands are expected to maintain their market positions [5][28] AI and 3D Printing - Tuozhu Technology is collaborating with a listed company to develop consumer-grade 3D scanners, enhancing its product matrix in the personal manufacturing sector [5][40] - The report emphasizes the importance of technological advancements and market acceptance for the success of new 3D printing products [5][41]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco products, home furnishings, paper packaging, personal care, AI glasses, pet food, and 3D printing, indicating a mixed outlook across these industries with some showing signs of recovery while others face challenges Trendy Toys - MINISO has entered the AI companionship market with the development of a humanoid robot named "YOYO" aimed at emotional companionship, with a future price set in the tens of thousands range; the company also announced a partnership with CCTV for the 2026 Spring Festival Gala [2][10] - Bubble Mart's collaboration with SKULLPANDA and My Little Pony has received positive responses on social media, indicating strong consumer interest [11] - LABUBU's 10th anniversary series has shown strong sales, demonstrating the brand's operational capabilities [12] New Tobacco - Japan Tobacco plans to raise the retail price of heated tobacco products by 20-30 yen (approximately $0.13-$0.19) starting April 1, 2026, in response to tax adjustments [2][15] - Philip Morris International has submitted evidence to the FDA to support its ZYN nicotine pouch for modified risk tobacco product designation, indicating a growing regulatory framework for new tobacco products [15] Home Furnishings - The domestic real estate market remains weak, with a year-on-year decline of 35.8% in new home sales in major cities as of January 30 [3][16] - The furniture export from China decreased by 8.7% year-on-year in December, while Vietnam's furniture exports increased by 20.5% [3][18] - The report suggests that the home furnishings sector is in a bottoming phase but may recover with supportive consumption policies [16][18] Paper Packaging - As of January 29, prices for various paper products have shown mixed trends, with some experiencing declines due to seasonal demand fluctuations [3][19] - The report notes that the packaging sector is expected to recover as downstream demand stabilizes [19][20] Personal Care and AI Glasses - The export volume of disposable hygiene products in China is projected to grow by 10.43% year-on-year in 2025, with baby diapers being a key category [4][21] - The global AI glasses market is expected to reach 16 million units by 2026, indicating significant growth potential in this sector [4][24] Pet Food - The pet food industry is facing increased competition, leading to higher sales expense ratios; however, leading companies are expected to maintain their market positions [5][28] - Zhongchong Co. plans to repurchase shares, indicating management's confidence in the company's undervalued stock [5][29] AI and 3D Printing - Tuozhu Technology has partnered with a listed company to develop consumer-grade 3D scanners, enhancing its product matrix in the personal manufacturing space [5][40] - The report emphasizes the importance of tracking the technological advancements and market acceptance of new products in the 3D printing sector [40][41]

项目引进方面，2025年12月，里水镇一宗占地超210亩、总价超3.2亿元的工业用地成功出让。同月，南 方丽谷（南海园）在里水启动，聚焦化妆品与大健康产业。湾区和顺健康食品智造中心项目也已落地里 水。 产业升级方面，2025年11月，里水镇发布"科创林立"三年投入计划，承诺每年从土地出让收益中拿出 6%用于支持科技创新。部分企业研发投入出现增长，例如展逸包装研发投入同比增长928%，固特家居 增长545%，水晶岛健康增长367%。 2025年，里水镇国家级专精特新"小巨人"企业数量较上年增加75%，总量达9家。省级专精特新企业超 过百家，储备库企业64家。战略性新兴产业产值占规上工业总产值比重为43.1%。同年，里水新增3家 广东省工程中心、1家省企业技术中心及多家市、区级中试平台。 1月31日，"偶爱你特约·贤鲁跑・跑1314"活动在佛山市南海区里水镇贤鲁岛举行。同日，广东万顷园艺 世界开启2026广佛蝴蝶兰迎春花市。活动期间，沿线餐饮和民宿需求上升。 这背后，是里水GDP突破500亿元的独特路径——工农互促、三产融合。2025年，里水镇地区生产总值 突破500亿元。该镇拥有超过8000家工业企业，工业总产 ...

Core Insights - Qinghai Province is implementing a "trade-in" policy for consumer goods as a key measure to boost consumption, stabilize growth, and improve livelihoods, with significant support from the provincial government and the Ministry of Commerce [1] Group 1: Policy Implementation and Impact - The province has invested a total of 1.69 billion yuan in central and provincial funds, benefiting over 1.52 million people and stimulating consumption worth 19.7 billion yuan [1] - The policy has led to the purchase of 92,000 new vehicles, 496,000 home appliances, 615,000 digital products, 319,000 home and decoration items, and 4,000 electric bicycles [1] Group 2: Operational Framework - A comprehensive policy implementation system has been established, with a single department overseeing the entire process and a unified platform for managing subsidy applications and data [2] - A mechanism for regular reporting and analysis has been put in place to ensure effective policy execution and resource allocation [2] Group 3: Strategic Adjustments - The policy includes measures to stabilize expectations by temporarily pausing certain subsidies and adjusting the pace of fund consumption [2] - Efforts are being made to enhance market participation by encouraging retail companies and financial institutions to collaborate [2] - The frequency of subsidy distribution has been increased from weekly to daily to better support consumer demand [2]