财政部、商务部近日发布关于开展国际化消费环境建设工作的通知（简称"通知1"）和关于开展消费新 业态新模式新场景试点工作的通知（简称"通知2"）。 通知1提出，按照党中央、国务院关于大力提振消费的决策部署，支持试点城市培育建设国际化消费环 境，强化"购在中国"品牌打造，进一步丰富优质商品和服务供给，创新国际化、多元化消费场景，提升 国际化服务水平，打造更加便捷、舒适的消费环境，吸引境外旅客入境消费，更好满足多样化、品质化 消费需求。 试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省会或首府城市，地 级市、州、盟）。支持15个左右试点城市，包括符合条件的国际消费中心城市及其他消费带动作用强、 发展潜力大、境外旅客较多的城市。政策实施期为两年。 根据通知1，中央财政对试点城市给予资金补助。实施期内，国际消费中心城市每个城市合计补助2亿 元，其他城市每个城市合计补助1亿元。补助资金分两批下达。试点启动第一年先下达部分资金，剩余 资金根据绩效评价情况下达。试点城市可按照市场化原则，对符合条件的经营主体，按规定采取补助、 奖励等方式予以支持。 通知1还提出，丰富高品质消费供给。围绕国际化消费环境 ...

财政部、商务部近日发布关于开展国际化消费环境建设工作的通知（简称"通知1"）和关于开展消费新业态新模式新场景试点工作的通知（简 称"通知2"）。 通知1提出，按照党中央、国务院关于大力提振消费的决策部署，支持试点城市培育建设国际化消费环境，强化"购在中国"品牌打造，进一步丰富优质商品和 服务供给，创新国际化、多元化消费场景，提升国际化服务水平，打造更加便捷、舒适的消费环境，吸引境外旅客入境消费，更好满足多样化、品质化消费 需求。 试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省会或首府城市，地级市、州、盟）。支持15个左右试点城市，包括符合 条件的国际消费中心城市及其他消费带动作用强、发展潜力大、境外旅客较多的城市。政策实施期为两年。 根据通知1， 中央财政对试点城市给予资金补助。实施期内，国际消费中心城市每个城市合计补助2亿元，其他城市每个城市合计补助1亿元。补助资金分两 批下达。 试点启动第一年先下达部分资金，剩余资金根据绩效评价情况下达。试点城市可按照市场化原则，对符合条件的经营主体，按规定采取补助、奖励 等方式予以支持。 通知1还提出，丰富高品质消费供给。围绕国际化消费环境建 ...

Core Insights - The city government has made significant progress on 40 livelihood projects, with 12 completed or exceeding annual targets and 5 ahead of schedule [1][2] - The overall implementation of these projects has been steady and organized, with various departments closely monitoring progress against annual goals [1] Summary by Categories Completed or Exceeded Projects - 12 projects have been completed or exceeded their annual targets, including the expansion of educational facilities, creation of youth employment positions, and public health screenings [1] - Specific achievements include the construction of 6,600 youth employment internship positions and the promotion of high-quality employment for 2,500 registered unemployed youth [1] Projects Ahead of Schedule - 5 projects are reported to be ahead of schedule, such as the downscaling of quality medical resources and the upgrade of rural roads, with significant completion rates [2] - For instance, the rural road upgrade has completed 54.2 kilometers ahead of the third-quarter target [2] Future Plans - The city development and reform commission will continue to analyze the status of these livelihood projects, ensuring that they meet community needs and are executed effectively [2] - Future projects for 2026 will be planned based on community feedback and financial feasibility, aiming to address the needs of the population [2]

Group 1 - Hainan Free Trade Zone sector is becoming active again, with Caesar Travel Industry (000796) hitting the daily limit and recording 4 out of 7 days of gains [1] - Kangzhi Pharmaceutical (300086) has increased by over 10%, indicating strong market interest [1] - Other stocks such as Gongxiao Daji (000564), Hainan Development (002163), Hainan Highway (000886), Roniu Mountain (000735), and HNA Holding (600221) are also experiencing upward movement [1] Group 2 - There is a notable influx of dark pool funds into these stocks, suggesting increased investment activity [1]

Investment Rating - Industry rating: Recommended [4] Core Views - The recent US-China Geneva talks have led to a positive consensus, with expectations for the export chain to recover as both sides agree to reduce tariffs significantly [1][19] - The 2025 "618" mid-year shopping festival has commenced, with major e-commerce platforms implementing strategies to stimulate consumer spending through simplified rules and increased subsidies [2][19] Summary by Sections Industry & Company Dynamics - The US has committed to canceling 91% of tariffs on Chinese goods and modifying 34% of reciprocal tariffs, while China will suspend or cancel corresponding tariffs on US goods [1][19] - The 618 shopping festival has seen platforms like Tmall and JD.com launching pre-sales and promotional strategies, with domestic brands showing strong growth [2][19] - Key investment themes include the return of offline traffic, AI technology upgrades, and the increasing willingness of consumers to pay for emotional value [3][58] Investment Recommendations - Focus on five investment themes: 1. Offline traffic recovery with beneficiaries including Yonghui Supermarket and Kidswant [3][58] 2. Continuous upgrades in AI technology with beneficiaries like Focus Technology and Aosheng Technology [3][58] 3. High-performing new retail sectors with beneficiaries such as Miniso and Pop Mart [3][58] 4. Recovery of cyclical sectors under domestic demand stimulation with beneficiaries like Mixue Group and Haidilao [3][58] 5. Expanding overseas consumption opportunities with beneficiaries including Miaow Exhibition and Anker Innovations [3][58] Macro & Industry Data - In March, the total retail sales of consumer goods increased by 5.9% year-on-year, indicating a stable and improving consumption market [35][36] - The online retail penetration rate increased by 0.7 percentage points year-on-year, with online retail sales of physical goods growing by 14.9% [36][40]

Group 1 - The State Council's Safety Committee Office issued a notice emphasizing the need for enhanced safety measures to prevent major accidents, highlighting the importance of political, ideological, and action awareness in safety production work [1][2] - The notice calls for strict supervision of safety in transportation, including rigorous checks on vehicles and vessels, and addressing violations such as overloading and illegal operations [1][2] - It stresses the importance of safety management in construction projects during adverse weather conditions and the need for effective monitoring and early warning systems [1][2] Group 2 - The notice mandates increased safety oversight in crowded venues, urging businesses to address potential hazards in tourist transport facilities and to implement emergency measures during extreme weather [2] - It highlights the need for comprehensive risk management in key industries, particularly in mining and chemical sectors, with a focus on enforcing strict safety regulations and addressing illegal activities [2] - The document emphasizes the importance of emergency response readiness, requiring 24-hour duty systems for key positions and ensuring that rescue teams are prepared for immediate action in case of emergencies [3]